Category Archives: Altcoin
Institutional Crypto Giant Set to Surpass $10 Billion in Bitcoin, Ethereum, XRP and Altcoin Holdings – The Daily Hodl
The leading digital asset manager Grayscale is on the cusp of a major milestone.
New numbers on Grayscales crypto products show the company now has $9.8 billion in assets under management (AUM), rapidly approaching the $10 billion mark.
Grayscales suite of investment products give institutional investors a simple and regulatory compliant way to gain exposure to Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH), Litecoin (LTC), Stellar (XLM), Horizon (ZEN), Zcash (ZEC), and Ethereum Classic (ETC).
The companys new Q3 report shows just how fast the space is growing in 2020.
Grayscale says investors bought $1.05 billion in Grayscale Trusts throughout the quarter, higher than its previous record of $906 million in the second quarter of this year.
With an average weekly investment of $80.5 million, it wont be long until the firm crosses that $10 billion mark.
More institutions invested in 3Q20 than ever before and have increased their average allocation from $2.2 million in 3Q19 to $2.9 million in 3Q20. Institutions that are comfortable with multiple products within the Grayscale suite of products, have averaged nearly double the commitments of single-product investors during 3Q20
Consistent and significant growth in the demand for digital assets shown through the lens of Grayscale asset raising continues to corroborate our view that digital assets are an emergent market that should not be ignored. This persistent demand has allowed Grayscale Bitcoin Trust to become one of the fastest-growing investment products in the world.
And as investors grow more comfortable with digital assets, we are seeing increased appetite among Grayscales products. Grayscales Bitcoin Cash, Litecoin, and Digital Large Cap products have all seen over 10x growth in inflows quarter-over-quarter.
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Institutional Crypto Giant Set to Surpass $10 Billion in Bitcoin, Ethereum, XRP and Altcoin Holdings - The Daily Hodl
The Next 20x to 50x Crypto Trend Is Coming, Says Influential Altcoin Trader Heres His Strategy for Spotting Top Projects – The Daily Hodl
A group of altcoins are gearing up for exponential gains, according to crypto trader and influencer Aaron Arnold.
The host of the popular YouTube channel Altcoin Daily says he believes anyone that has written off the decentralize finance (DeFi) sector is underestimating the strength of the nascent market.
Arnold points to data from Ethereum insights platform Dune Analytics that shows the total number of DeFi users over time remains in a parabolic rise amidst an overall price correction in the DeFi market.
Whats most interesting to me was in early to mid-September, when all the prices started going down, the metrics only continued to increase This is total DeFi users over time, but you can go to individual projects and see the same thing.
Arnold says the data from Dune is a key indicator of which DeFi projects are the most popular, with Uniswap (UNI), Compound (COMP), Kyber (KNC), Aave (AAVE), yearn.finance (YFI), Maker Dao (MKR), and Curve (CRV) all continuing to grow in user adoption.
The trader says hes specifically watching yearn.finance, Synethetix (SNX), Compound and Aave as DeFi projects with significant upside potential.
Im here to postulate that the next big alt trend will still be DeFi. DeFi is still in a bull trend, and the trend is your friend. Anybody who says DeFi is dead simply has not been paying attention. Yes, we have seen the degen DeFi food coins flushed out, the tacos, the hot dogs. They are dead Its very common in cryptocurrency to go through bubbly periods. Once the bubble pops, then the degen coins get flushed out and the more legit coins, the coins with more staying power, prevail for longer
While total value locked for individual projects did have a period of going down, for the last 30 days you can look at individual projects Compound trending up, Aave trending up, Synthetix for about the last 15 days trending up
I think with all these metrics, theyre pointing to higher prices. While I dont know if its possible to still get a 100x in these projects, I think getting a 5x, 10x, 20x is possible. Hell, maybe even a 50x, because I think if you look at the back end metrics, these are all trending up. I talk to people who work at exchanges; they are super interested in DeFi. People in the traditional finance world are super interested in DeFi. Thats really where I see the next six months, possibly 2021 heading.
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Check This If You Are Looking For Altcoin That Will Explode – Somag News
Popular altcoin Yearn.finances YFI token has dropped to $ 7,500 before seeing one of the busiest short squeezes ever.
The cryptocurrency has experienced a tremendous surge in the past few days. Within hours of touching these lows, YFI faced sudden buying pressure and its price climbed up to $ 18,000. These figures point to an increase of more than 100% from altcoins daily lows. This bullish move has revitalized the DeFi industry and caused DEX trading volumes to skyrocket as investors begin to return to the industry.
As DeFis blue chips altcoins have gained sustained momentum in the past few days, its likely that this is just the beginning of a rally, according to analysts. According to analysts, the enormous power of Bitcoin and Ethereum could enable more capital flows into cryptocurrencies like Yearn.finances YFI. As long as BTC remains stable, investors will undoubtedly switch to higher-risk assets to increase their profitability, analysts say. One famous economist now points to three factors that point to the bullish trend at Yearn.finance. According to the economist, the altcoin could rise further.
At the time of writing, Yearn.finances YFI token is trading more than 3 percent at its current price of $ 14,400. These levels indicate a notable recovery from lows below $ 13,000 daily. These lows were set shortly after the cryptocurrency surged to the $ 18,000 highs, and this decline was due to aggressive profit-taking sales in the market. This is a sign that the final move is more than a dead cat splash or a short squeeze, according to analysts.
Alex, a cryptocurrency-focused economist, highlights three factors that suggest altcoins, such as Yearn.finances YFI, may rise higher next week. The intersection of these trends will undoubtedly support YFI and other blue chip DeFi altcoins, according to the analyst. The famous economist adds the following to his statements on the subject:
LOGIC SIMPLE. 1st RISK WEEK. 2. BTC FOR RISK TRADE. 3. ALTCOINS TO MAKE HIGH BETS AGAINST BITCOIN. THEN WE WILL GROW IN THE WEEK NEXT. YFI IS IN PLACE AND NO STATION. THE SIZE IS LARGE. THE GRAPHIC IS FOR BITCOIN TERM TRANSACTIONS.
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Check This If You Are Looking For Altcoin That Will Explode - Somag News
Altcoins Invested by Ripple CTO Lost $ 300 Thousand – Somag News
Ripple CTO David Swartz made important statements about some of the altcoins he invested in. When Swartz saw the bottom of these altcoins that he bought early, he lost 300 thousand dollars.
Ripple chief technology officer David Schwartz announced that he lost $ 300k after investing in some alternative cryptocurrencies. Have you lost your investments in Bitcoin and other cryptocurrencies? On Schwartz Quora. He answered his question and admitted that he made investments that did not end well.
David Schwartz, one of the chief executives of XRP, the 4th most valuable crypto money by market value, also explained some of the projects that lost $ 300,000 in total.
Most of these cryptocurrencies performed quite well in 2017-2018, but now almost all of them have bottomed out. According to CoinGecko data, TIX is trading at $ 0.001, while DICE is trading at $ 0.0002. FLASH and AMP are bought and sold for $ 0.003. Among these altcoins, Kudos, Pryze and Vezt are not even included in CoinGecko; this confirms that they have been at zero for a long time.
For Ripple CTO, this is not the first time for bad altcoin investments. Schwartz has previously made statements about wrong investment decisions. David Schwartz admitted on Twitter last October that he acted early, selling 40,000 ETH at $ 1 each in 2012. The current value of 40,000 ETH is about $ 18.5 million, and in another tweets, Schwartz said that he sold quite a lot of Bitcoin for $ 750 and a lot of XRP for $ 0.10.
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Altcoins Invested by Ripple CTO Lost $ 300 Thousand - Somag News
Bulls Are Forced In Altcoin! The Rally Might Be Unfinished – Somag News
Ethereum (ETH) rose above the $ 465 resistance against the US dollar. ETH price surged to a new monthly high near $ 477 and recently initiated a downside correction.
Ethereum is still following a nice bullish path above the $ 450 and $ 455 support levels, according to analyst Aayush Jindal. The price surged to a new monthly high near $ 477 and moved above the 100 hourly simple moving average. There is a crucial bullish trend line formed with support near $ 452 on the hourly chart of ETH / USD. The pair remains well supported near $ 450 and could continue its rise above $ 470.
There was a steady rise above the $ 455 and $ 460 resistance levels in Ethereum. ETH price even broke the $ 465 resistance level and settled well above the 100 hourly simple moving average.
It even traded to a new monthly high around $ 477 and recently started a downside correction. Ether price corrected below the $ 465 level. The initial key support is near the $ 454 level. There is also an important bullish trend line formed with support near $ 452 on the hourly chart of ETH / USD. On the upside, the $ 467 level is a short-term resistance for the bulls. The first major hurdle is near the $ 475 level, where the price could rise above $ 477 and $ 480. The next major resistance is near the $ 488 level, where ETH price could visit the $ 500 resistance.
If more losses occur below the $ 458 level, Ethereum could find strong buying interest near the $ 454 and $ 452 support levels. The 100 hourly simple moving average is also placed just above the $ 450 support level. Therefore, a break below the $ 450 support zone could trigger a sharp bearish move. The next major support below the $ 450 zone could be near the $ 432 level.
Hourly MACD: The MACD for ETH / USD is slowly losing momentum in the bearish zone.Hourly RSI: The RSI for ETH / USD is currently just below the 50 level.Major Support Level $ 452Major Resistance Level: $ 467
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Bulls Are Forced In Altcoin! The Rally Might Be Unfinished - Somag News
Why Are These Three Altcoins Rising As Bitcoin Shakes? – Somag News
While Bitcoin (BTC) price has seen some decline in the last 24 hours, it has been noted that some altcoin prices have increased significantly. Among these subcoins were Aave, Civic and Yearn.Finance. So why are these three altcoins suddenly on the rise? Lets examine the reasons.
Bitcoin (BTC) has seen a 1.5% decrease in the last 24 hours, according to CoinGecko data, while some altcoin prices have increased. Its weekly performance is shared as 12.5% increase. After the news that the coronavirus vaccine studies were successful yesterday, the Bitcoin price approached the level of $ 15,800. However, within a short time, Bitcoin was in a slightly bearish trend. Currently, Bitcoin is trading at $ 15,258.
According to the data, the Aave price has increased 5.7% in the last 24 hours and 101.3% in the last week. Aave announced that the admin key on Medium has been transferred for user security. Then the Independent Reserve announced that it will start listing some altcoins, including Aave. The Aave price, which may have been affected by these releases, continued to rise.
According to the analysis of Cryptobriefings Ali Martinez, Aave saw high demand on November 5th. The DeFi token went from $ 26.4 to $ 59. This price increase seen in a short time may result in a pullback, according to Martinez. The analyst stated that the selling pressure seen in Aave recently could be prevented to some extent, but investors will continue to buy in order to prevent prices from falling. Otherwise, he underlined that the price of Aave may decline to $ 31.6. Aave, currently $ 59.94.
According to data from CoinGecko, Civic has increased by 102.1% in the last 24 hours and 523.8% in the last week. Coinbase announced on November 5 that it will start supporting some altcoins, including Civic. After this announcement made on November 5, the price of the Civic appears to have increased gradually. Civic, which is likely to have been affected by this news feed, is currently trading at $ 0.14.
According to the shared Civic price chart, Yearn.Finance has climbed 19.9% in the last 24 hours and 77.3% in the last week. YFI was one of the most popular coins of October, according to ICO Analytics. Yearn.Finances developers, Bantegs announcement that the Keep3r network is ready to be integrated into YFI has seen an upward movement in the YFI price.
In his analysis for YFI, Ali Martinez suggests that Yearn.Finance may have entered consolidation with the increase it has seen in the past few days. He said that an increase in buying pressure could raise YFI up to $ 19,000. The analyst said that if the uptrend reverses, it may decline to the support point at $ 14,000, adding the possibility of a 20% drop, adding that the YFI price may decline to the support point at $ 11,000. Currently, YFI is trading at $ 17,630.
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Why Are These Three Altcoins Rising As Bitcoin Shakes? - Somag News
The oracle shares the levels of 3 altcoins that will explode – Somag News
World-renowned crypto analyst Michal van de Poppe explains a group of altcoins that he believes has the potential to spark strong rallies if Bitcoin continues to consolidate.
In his latest analysis of cryptocurrencies, veteran analyst Michal van de Poppe explains where BTC might go next if Bitcoins failure to close above $ 16,000 triggers a healthy correction. Michal van de Poppe adds the following to his comments on the subject:
WEEKLY CLOSING GOOD, BUT UNDER 16,000 DOLLARS. LEVELS TO FOLLOW: IF THE MARKET BEGINS TO CORRECT: $ 13,700 $ 14,100. THEN 12,800 DOLLAR 13,200 DOLLAR AND 11,500 DOLLAR 12,000 DOLLAR RANGE
As for the altcoin market, the famous analyst says that if Ethereum stays above $ 390, it will make a big breakthrough. Michal van de Poppe adds the following to his comments on the subject:
ETHEREUM STILL MOVES WITH RESISTANCE. IT MADE A BEAUTIFUL SUPPORT RESISTANCE IN 360 DOLLARS, IT HAS RISE HIGHLY. IF THIS DOES NOT FALL BELOW 390 DOLLARS IN THIS RESISTANCE ZONE NOW IN 460 DOLLARS, WE ARE ON THE WAY TO A MASSIVE BREAKING TO 600 DOLLARS AND EVEN TO 800 USD.
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The oracle shares the levels of 3 altcoins that will explode - Somag News
Bitcoin price nears $16K, but it’s Ethereum that may shine in November – Cointelegraph
The price of Bitcoin (BTC) is nearing $16,000 after achieving $15,960 on Binance. Following the dominant cryptocurrency's rally, analysts are now looking toward Ether (ETH). The Ethereum blockchain's native token has seen heightened momentum in the past week. After underperforming against BTC in October, the probability of a new ETH rally is beginning to increase.
There are two key reasons why analysts expect Ether to perform strongly in the near term. First, the capital in the Bitcoin market could move into ETH following the announcement of Ethereum 2.0. Second, ETH recently tested a critical resistance level, raising the chances of a broader rally. Given that the altcoin market has historically rallied after an initial Bitcoin upsurge, the timing of an ETH uptrend is ideal.
Since Oct. 21, the price of Bitcoin has increased by around 33%. It broke out of important resistance areas, one after another, starting with $13,000. When Bitcoin initially surpassed $13,000, large whale clusters formed at that level. It showed that whales began to actively accumulate BTC, causing $13,000 to evolve into a support zone.
After BTC reclaimed $13,000 as a support level for the first time since July 2019, it continued to surge upward. Over time, it confirmed $13,500 as the next support level, followed by $14,000 and, most recently, $15,000. When Bitcoin started climbing upward, analysts said it was negative for altcoins, as it began to suck most of the volume from the crypto market. Consequently, as Bitcoin rallied, many altcoins declined in value against both Bitcoin and the U.S. dollar.
The overwhelming strength of Bitcoin from October to early November took a hard toll on the altcoin market, but Bitcoin's price action has shown that the bullish market sentiment around crypto has returned. As such, a clean breakout above $15,000 could trigger more capital to diverge into higher-risk plays, which include Ether.
Denis Vinokourov, head of research at crypto exchange and broker Bequant, told Cointelegraph that capital from Bitcoin could cycle into Ether and theEthereum ecosystem. In the last 48 hours, the decentralized finance market has performed particularly strong after stagnating since early September.
DeFi tokens, such as Yearn.finance's YFI and Uniswap's UNI surged by almost 30% after Ethers abrupt recovery. Hence, Vinokourov emphasized that the broader Ethereum ecosystem could soon benefit from Bitcoin's rally:
Atop the historical tendency of Ether to soar following a Bitcoin rally, crypto traders have said that ETH could soon rise against Bitcoin. Michal van de Poppe, a full-time trader at the Amsterdam Stock Exchange, said the ETH/BTC trading pair has hit a major support area. Van de Poppe stated, It took ages, but $ETH reached the 0.026 area we've been discussing a lot, referring to it as a big support zone for ETH.
The release of Ethereum 2.0 in the imminent future is critical for the momentum of Ether, as the network upgrade would significantly increase the transaction capacity of ETH. This would allow the new DeFi cycle, if it emerges, to last for a long period because it would reduce the risk of network clogs and high transaction fees. Since Ethereum 2.0 supports staking, allowing users to allocate 32 ETH to the network in return for incentives, it could decrease the circulating supply of ETH across exchanges.
According to Ethereum co-founder Vitalik Buterin's blog post titled "Why Proof of Stake," staking on Ethereum will reward users with a 15% return. Because the rate of return is based on ETH holdings and not the U.S. dollar, if the price of ETH continues to increase, then the staking incentives increase with it. As such, analysts expect more investors to accumulate ETH to stake it, which would decrease the sell-side pressure on it.
The market and the community have anticipated Ethereum 2.0 for several years, but challenges have delayed its release. Ethereum 2.0 has required several testnets with an immense amount of testing due to the complexity of the upgrade. Developers behind Ethereum 2.0 wrote on the Medalla testnet's Github page:
The sentiment around Ether has become increasingly bullish because the launch of Ethereum 2.0 coincides with various favorable catalysts for ETH. A pseudonymous cryptocurrency trader known as Loma pinpointed the fact that Ethereum 2.0 will remove about $1 billion from the market. While supply drops, the rally of Bitcoin is bringing significant capital back into the cryptocurrency as the ETH/BTC trading pair is forming a bottom formation.
The excitement around Ethereum 2.0 has intensified after Buterin's personal wallet sent 3,200 ETH to an Ethereum 2.0 deposit address. According to the official Ethereum 2.0 release notes by coordinator Danny Ryan, if there are 16,384 deposits of 32 ETH seven days prior to Dec. 1, the Ethereum 2.0 upgrade can commence. After years of research, testing and implementation, there is finally a hard date for the release.
The confluence of Ethereum 2.0 nearing, which would benefit the entire Ethereum and DeFi ecosystem in terms of scaling, and the strength of the ETH/BTC trading pair makes a rally in November and December more likely. There is also the narrative that ETH surged significantly in January 2018 to its all-time high of $1,419, almost a month after BTC reached its record-high at $20,000.
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Bitcoin price nears $16K, but it's Ethereum that may shine in November - Cointelegraph
Crypto Analytics Firm Warns Bitcoin Overbought, With One Altcoin Showing Biggest Bullish Divergence Since September – The Daily Hodl
The crypto intelligence firm Santiment says Bitcoin is starting to show signals that a sell-off event is on the horizon.
Santiment says BTC is overbought based on three metrics. The first, Daily Active Addresses (DAA) vs. Price Divergence,compares an assets price movement to the number of unique crypto addresses interacting with that particular coin on a daily timeframe. The metric views price action that outperforms DAA as a bearish signal, and vice versa.
The second, MVRV Opportunity/Danger Zones, relies on average trader returns from various timeframes to determine danger zones or sell points and opportunity zones or buy points. When average trader returns surge too fast, the metric views it as a bearish signal and vice versa.
The third is Weighted Social Sentiment, which tracks the sentiment of market participants on Twitter.
According to the Daily Active Addresses (DAA) vs. Price Divergence metric, Santiment believes that BTC could be ripe for a significant correction.
The nine consecutive days of neon red territory on the DAA Divergence model indicates that prices are WAY inflated compared to the growth that unique addresses have seen as the price rose to above $14,000 to end October. Now, with a decline quickly back to $13,400, this could be just the beginning of the bleed. November 2nd marked the single most bearish divergence in over a year.
Its the same case for MVRV Opportunity/Danger Zones as Santiment says those who bought BTC recently may succumb to profit-taking.
Right now, at -79.6%, Bitcoin is looking a lot like an asset that is about to make a lot of BTC FOMOers have a bad time.
As for BTCs Weighted Social Sentiment, the crypto analytics platform says that the metric is postive which is a bearish signal.
While BTC may be showing signs of bullish exhaustion, Santiment is highlighting one altcoin that looks primed to ignite a bounce.
The crypto insights company says Synthetix Token (SNX) has the potential to rally as the coins address activity is showing signs of life.
Yesterday marked the biggest bullish divergence for SNX since September 25th, and if and when altcoins are finally able to have their moment in the sun again, expect this project to see some isolated pumps.
Santiment also gave SNX a bullish rating on the MVRV Opportunity/Danger Zones metric even after the coin lost 30% of its value over the past week.
And with so many SNX traders bleeding big right now, its +68% bullish divergence on this model indicates it could be a great time to take a chance if Bitcoin can stay propped up for a while.
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Why Bitcoin price and volume rising together is bad news for Ethereum, altseason – Cointelegraph
Bitcoin (BTC) is sucking up the volume from the entire cryptocurrency market as it continues to rally. This is causing the alternative cryptocurrency (altcoin) market to pullback, which has seen rising selling pressure and low buyer demand.
On Oct. 30, researchers at Santiment pinpointed the growing volume and dominance of Bitcoin, while Chainlink (LINK), Ether (ETH) and Binance Coin (BNB) struggled. They wrote:
At least in the foreseeable future, traders believe the so-called altseason is not returning, especially as Bitcoin outperforms altcoins.
Historically, during bull markets, the cryptocurrency market saw Bitcoin experience a rapid uptrend first. Then, altcoins followed, after BTC surged to a local peak or an all-time high.
Traders foresee a similar pattern playing out in the current price cycle, generally expecting altcoins to recover in 2021. But until BTC stabilizes and completes its rally, traders do not see a proper altcoin uptrend happening.
Since Sept. 13 lows, the Bitcoin dominance index has increased from 56% to 63.4%, recording a 7.4% increase within two months.
However, Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, said an altseason in the first quarter of 2021 is possible. He said:
The problem with altcoins is the current dynamic of the cryptocurrency market. When Bitcoin rises quickly, altcoins fall as capital cycles back into BTC. If BTC drops, then altcoins drop in tandem, putting altcoins in a precarious position.
A pseudonymous trader known as DonAlt said he has been short Ether for several days. He said that if ETH does not recover against Bitcoin, then a broader altcoin market pullback is a possibility. The trader noted:
Similarly, a trader recognized as "CryptoCapo" said that the technical structure of altcoins is not compelling in the near term. For traders, that makes Bitcoin more attractive, given that it has portrayed strong momentum throughout October. He emphasized:
As long as the price of Bitcoin continues to surge rapidly and Ether lags behind, an altseason is highly unlikely in the near term.
A strong sign of an altseason would be a consolidation of the ongoing Bitcoin rally followed by a breakout in the price of ETH.
Considering that BTC/USD broke out of the $13,000 resistance level merely a week ago, technically, an Ether and altcoin market uptrend could still potentially be several months out.
So far, the capital in the altcoin market still seems to be shifting towards Bitcoin, however. As Cointelegraph reported, decentralized exchanges, or DEXs, have continued to bleed volume in October. This indicates that the demand for DeFi tokens is slowing down likely due to Bitcoin's curren momentum.
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Why Bitcoin price and volume rising together is bad news for Ethereum, altseason - Cointelegraph