Category Archives: Altcoin
The next Altcoin bottom will be painful, but the gains will be massive – FXStreet
While Bitcoin continues dominating, the altcoin market has lost around $23 billion in market cap during the past two months. The trading volume has declined significantly after a significant spike on September 12.
There seems to be an inverse correlation between Bitcoins dominance and the market capitalization of altcoins. The chart below shows that when BTCs dominance goes down significantly, the market cap of altcoins rises and vice versa.
BTC dominance vs. altcoin market capitalization
For the past two years, Ethereum has been trying to find a clear bottom. After the all-time high at $1,400 in January 2018, the digital asset plummeted down to $81, the first bottom. The digital asset then saw a massive 361% rally towards $364.
ETH/USD weekly chart
The weekly chart shows three bottoms, and significant follow up moves. The MACD has been quite accurate at predicting reversals in the past. Every time it turns bullish, the price of Ethereum rallies. Similarly, when it goes red, the price is likely to retrace, just like its happening now.
However, its important to notice that the last time the MACD turned bearish in March 2020, the pullback didnt last longer than four weeks. The current pullback is already two months old, which means the bottom could have been established already at $300. If not, the likely price target would be $144.
XRP/BTC weekly chart
XRP had a clear example of its bottom in September 2018 after an extended period of consolidation. After establishing several lows, close to each other, the digital asset saw a breakout of a descending triangle with increasing trading volume, which seems to be one of the most significant indicators.
XRP/BTC weekly chart
Currently, the digital asset is bounded inside a descending wedge pattern formed on the weekly chart. So far, a few spikes in volume can be seen in March 2020 and July 27. A breakout of this pattern with increasing trading volume would most likely confirm the bottom for XRP, as it happened in the past.
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The next Altcoin bottom will be painful, but the gains will be massive - FXStreet
Little-Known Altcoin Project Will Be Utilized by Germanys Central Bank – The Daily Hodl
Deutsche Bundesbank, the German central bank, has tapped a small-cap altcoin protocol for a decentralized network project.
Ocean Protocol is a big data blockchain platform designed to help developers construct applications that can securely publish, transfer, and/or consume public and private data.
The German bank hired Ocean for software integration consultancy services, according to a translated public notice on the Supplement to the Official Journal of the European Union.
The aim of the procurement project is to set up a decentralized network approach, which allows equal participants a permanent, symmetrical data access for the realization of real-time updates of statistics while preserving the data sovereignty.
The German bank says that Ocean Protocol was the only possible contractor for the job.
[The] reasons for this are, in addition to the lack of comparable competitors, above all the technical unique selling points that exist for the company due to the Ocean Protocol and the underlying patented database technology.
The protocol combines the elements of a distributed database with the characteristics of a DLT and is therefore the ideal starting point for the bank to develop a prototype of the network model.
A Singapore based non-profit foundation governs Ocean Protocol.
The platforms token, OCEAN, is designed to reward people and organizations who help power the network, govern community funding, and buy and sell data.
Featured image: Shutterstock/ArtStudio29
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Little-Known Altcoin Project Will Be Utilized by Germanys Central Bank - The Daily Hodl
Exploring the Borrow Feature of MakerDAO – Bitcoin & Crypto Guide – Altcoin Buzz
MakerDAO is a decentralized organization based upon Ethereum that allows the users to lend and borrow cryptocurrencies without any involvement of a third party.
The MakerDAO platform supports two native currencies:
The MakerDAO community manages the Maker protocol. The protocol consists of a set of smart contracts that allow the users to generate DAI by using collateral assets. This protocol is managed by the users who hold the MKR platform governance token. The community also monitors the different risk parameters of DAI to ensure its stability and transparency.
Users can generate DAI by depositing collateral in Maker Vaults. The generated DAI can be used in other crypto transactions.
The MakerDao borrow and lend features are supported by the Oasis interface. The Oasis application allows the users to interact with Maker protocol. The application offers three major features:
In this article, we will mainly focus on the MakerDAO borrow feature supported by the Oasis application.
Go to the Oasis page.
Click on Borrow, and it will redirect you to the MakerDAO borrow page in the Oasis interface.
Oasis supports multiple wallets, including hardware wallets like Ledger and Trezor. Choose as per your requirement.
Connect your MetaMask Wallet.
You Oasis landing page looks like this.
To start with, users will open a vault. It involves a few steps.
Once you click on Get Started, it will display a list of collateral types along with various parameters like stability fee, liquidity ratio, liquidity fee, your available balance, and DAI balance available to that particular collateral type.
We have selected ETH-A.
Click on Setup and confirm the transaction of vault creation in MetaMask.
Once vault creation approval is done, you can now select how much collateral (ETH in our case) you want to give to generate DAI.
Important: MakerDao allows us to generate a minimum of 100 DAI.
The application shows you the max amount of DAI you can generate with the given ETH. You can also check your collateralization ratio. (Always try to maintain your collateralization ratio above threshold, i.e., in case of MakerDAO above 150%.) It is suggested not to generate the max amount of DAI which is showing by the application, otherwise your vault will be at the risk of liquidation.
Important: The Liquidation Ratio is the collateralization ratio of DAI to ETH for each vault that a user needs to maintain in order to prevent liquidation. Maker protocols Oracle keeps track of the collateral price and notifies the system once the ratio crosses the threshold value and makes the vault available for liquidation.
After providing all the necessary details for vault creation, click on the Open Vault button.
You will now receive a confirmation message like this.
Your vault is created. You can see the vault details like vault ID, your collateralization ration, DAI balance, deposited ETH, etc.) from the Overview tab.
A more detailed view of the vault properties can be seen from the ETH-A tab.
You will receive the generated DAI in your MetaMask wallet.
The Oasis trade option provides flexibility to the users to trade tokens ranging from simple swap to market trade. Users need to unlock these tokens before starting any transaction activity.
The Oasis Market tab contains various trading related details like order book, price chart, trade history, etc. You can create a buy/sell limit order here.
Users need to select the type of trading, i.e., buy or sell, and a token which they want to trade. Submit the order request. See the order history from the bottom of the page.
Through this option, you can easily buy/sell tokens without providing much detail. You just need to fill in the input token type, input token value, and the output token, and the application then automatically calculates the values of the output token.
Click on Start transaction and confirm the transaction in MetaMask. Once the transaction is successful, you will see the token in your wallet.
With Multiply, use ETH as a collateral to borrow DAI. Use the generated DAI to buy more ETH, and so on, creating multiples of up to 2x. This way, it allows the users to create long multiplied positions without the need to borrow funds from a counter-party.
Users can unlock tokens through the Balance tab. Before using any tokens, each token needs to be unlocked. The unlocking process will trigger a transaction in MetaMask and after confirmation, you will be able to use the token.
Users can check their outstanding debt and pay it back easily.
Note that your DAI debt will always be greater than the outstanding debt.
Approve transactions in MetaMask. Now you can check zero outstanding debt in your vault.
Withdraw the locked ETH after paying the debt.
Just click on the Withdraw button and fill in the amount you would like to withdraw and confirm your transaction.
Your MetaMask wallet will now have the ETH amount.
Maker is one of the first decentralized finance (DeFi) applications that have earned significant adoption. DAI is the most popular decentralized stablecoin. The project has gained trust over the years and has significant TVL. However, with the introduction of competitors like Synthetix and Linear Finance, MakerDAO has a task in hand to keep up with the lot in the coming days.
Resouces: MakerDAO Official Website
Read More: Exploring Linear Testnet For Buildr
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Exploring the Borrow Feature of MakerDAO - Bitcoin & Crypto Guide - Altcoin Buzz
Polkadot (DOT) Jumps 9% as Altcoins Bleed; Whats Driving This Rally? – NewsBTC
Polkadots native cryptocurrency DOT was among the biggest gainers in the last 24 hours even as other top altcoin projects reported losses.
The DOT/USD exchange rate rose about 9 percent, hitting $4.93 as its intraday high during the European trading session Tuesday. The rally emerged out of nowhere, with no concrete fundamentals backing it as catalysts, leaving traders focusing on the pairs technical prospects.
One pseudonymous analyst on Twitter called it a breakout above a crucial technical resistance level at $4.50. He stated that he would open fresh Long positions at the flipped support, iterating his short-term bullish outlook on the DOT market.
I didnt buy on the initial break out as price action wasnt exactly clean, the analyst noted. Now that the $4.50 resistance has been broken, things are looking much better. [I am] looking for a retest of the level as support to enter.
Meanwhile, a TradingView contributor saw the latest DOT move as a breakout above a medium-term Descending Trendline resistance. He placed the price action on a Fibonacci retracement graph, churning out a set of ideal supports and resistances as DOT continues its ascent.
Dot is still performing a good come back as you can see by his multiple bounces on a forming uptrend Line, the contributor said. Like always the King is controlling those coins by his dominance so you always have to check BTCbefore entering a trade and exit fast if a dip happens.
Market analyst Scott Melker also iterated his DOT price target against BTC about 15 percent higher from where it was trading at the time of this writing. In his outlook published 22 hours ago, the trader said that he is waiting for DOT/BTC to break above its Descending Trendline to target 49,553 sats.
As of now, the pair was trading at 35,871 sats, above the said Trendline resistance.
As a standalone blockchain project, DOTs parent protocol Polkadot stands among the tallest Ethereum rivals in business. They started earlier in 2017 with a much larger investor base and has since earned a dedicated supporter base.
More recently, a total of five decentralized projects running atop the Polkadot blockchain raised about $18.5 million. While the sum is way lesser than that procured by average Ethereum-based projects, it shows that Polkadot is growing in the right direction, albeit slowly.
Theres ample opportunity outside of Ethereum, and new Layer-1s can stand out by targeting niche sectors (think Flow and gaming) and bringing radically different designs to the table (the unparalleled flexibility afforded by modular frameworks like Polkadot and Cosmos, said Messari in its October 2020 report on smart contract platforms.
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Polkadot (DOT) Jumps 9% as Altcoins Bleed; Whats Driving This Rally? - NewsBTC
Analyst Who Nailed Bitcoin Crash Says One Altcoin Set to Erupt As Analysts Refresh Bitcoin, Ethereum and XRP Forecasts – The Daily Hodl
A trader who predicted Bitcoins deep plunge to $4,000 in March says one of the years most talked-about altcoins is now ready to erupt.
The pseudonymous analyst known in the cryptoverse as Capo tells his 20,000 Twitter followers that Chainlinks (LINK) correction, which saw the coins value crash from its all-time high of $19.85 to below $9.00 from mid-August to September, might be coming to an end. According to the trader, the decentralized oracle network is in a position to parabolically rise to $31 before 2020 expires.
If you are surprised by the BTC breakout, wait for LINK to take off.
As for Bitcoin, the analyst is bullish on the leading cryptocurrency but he believes that BTC must push through a few resistance levels at around $13,000, $15,000, and $17,000 before skyrocketing.
Looking at Ethereum, Capo is extremely bullish on the leading smart contract platform.
Id buy the entire ETH supply if I could.
The crypto trader expects ETH to ignite a steep upwards movement and outperform BTC.
I have no doubt that ETH will perform better than BTC in the next bull cycle.
Capo is also keeping a close eye on the ETH/BTC pair. In a new tweet, the trader implies that ETH/BTC may have pulled off a big bear trap.
Oh boy.
Other analysts are also bullish on the worlds dominant cryptocurrency. Prominent trader Smart Contracter tells his crew of 65,000 that BTC is ready to explode to $16,000.
Still just under 2 hours to go but looks like were going to get another ripper daily close on BTC. Looking like a double extension of the wave three of this leg up is forming instead of a single extension, kind of feeling $14,000 wont prove as much of a resistance as we think.
The crypto analyst is also bullish on XRP. He says that Ripples native token is poised to follow ETHs bullish footsteps and surge close to $0.29.
Basically, XRP looks exactly like ETH did before it broke out yesterday.
Featured Image: Shutterstock/IM_VISUALS
Should Ethereum no longer be classified as an altcoin? – AMBCrypto English
For all its maturity over the last few years, the crypto-market, on many levels, continues to be divided along very primitive and tribal levels. Statements like Bitcoin is the best and Ethereum is the future all reek of how many see the market not as a collective whole, but as a sum of its parts. Yet another one of these petty debates was at the fore recently after Ethereums Vitalik Buterin tweeted,
As expected, most of the responses the tweet received werent very kind. In fact, any proper discourse associated with the tweet soon spilled over to become a cussing match between Bitcoin maximalists, Ethereans, and everybody else. Now, while the level of discourse might have petered out, it should be noted that Buterin raised an interesting point there. Should Ethereum no longer be classified as an alt?
Now, both of these camps often have a long list of points to shout out when such a question is posed. We shall not go there. Instead, lets keep the focus on Ethereum and its newfound and to-be-expected functionality.
Emergence as a Crypto-capital Asset
Ethereum is many things to many people, and one can argue that all of these descriptions are well-contended among many. However, one feature that doesnt get a lot of limelight is Ethers emergence as a crypto-capital asset. While this may be because Ether isnt one yet, the fact of the matter is that it can, and thats worth considering.
Think about it What is a crypto-capital asset? Well, they are tokenized assets that represent both (1) economic rights and (2) governance rights over a network or protocol. Sounds neat enough, right? Well, juxtapose that definition against our case study and everything is a little hazier.
As highlighted by Banklesss Q3 Token Report, the much-anticipated ETH2 upgrade is key to Ethers emergence as a crypto-capital asset since it will guarantee future rights to cash flows on Ethereum as holders will be able to earn transaction fees by becoming a validator and staking on the ETH network. Thats not all as under EIP1559, ETH holders will earn some margin of the revenue via fee burns whenever the network usage is high.
Now, on the face of it, the aforementioned paragraph would satisfy the economic rights aspect of a crypto-capital asset. However, it doesnt truly satisfy the governance rights aspect of the same definition. This is the reason why this section was prefaced by something along the lines of Ether is getting there
As highlighted by the aforementioned report, the fact of the matter is that even with ETH2, validators will only have soft-fork governance rights, and not actual governance rights like the ones enjoyed by MKRs token holders.
So yes, Ether may not be a crypto-capital asset yet. But, it has the potential to get there. And, recognition of that fact, recognition of its potential and multi-functionality, is crucial to understanding how an asset should be classified. Ergo, its not hard to see why Buterin feels Ethereum is more than just an ordinary alt. His sentiments were shared by Ryan Sean Adams too, who tweeted,
In fact, Buterin found an unexpected supporter in his corner a few days ago after CFTC Chair Heath Tabert commented,
If Bitcoin is email, a one-trick ponybut obviously revolutionary, Ethereum goes far beyond that, its more like the Internet.
Much ado about nothing?
No word is absolutely wrong or dirty or insulting. It all depends upon context and intention Janet Jackson
While highlighting an assets utility is well and good, doing so is often at the expense of providing an incomplete picture. What also matters, ergo, is perspective and context. Think about it How many times have our words and thoughts been misinterpreted because of a lack of perspective and context?
Buterin, it can be argued, is right in objecting to Ethereums classification as just an alt. On the other hand, it can also be contended that he isnt getting the connotations attached to the term alt/altcoin, when used in association with Ethereum.
Think about it in the most literal sense, Alt stands for Alternatives. What kind of alternatives? Well, alternative cryptocurrencies that emerged post-genesis aka post-Bitcoin. As simple as that. Contrary to what Buterin might think, most (excluding a small subset) use the terms alt and altcoins in this sense alone. There is nothing derogatory or nefarious here, and neither is the use of these terms a dig at Ethereum.
Simply put, this debate may just have been a case of much ado about nothing. Even so, perhaps, there is a lot Ethereum can cheer for, especially in light of its growing institutional adoption. Now, if only ETH 2.0 can get going sometime soon
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Should Ethereum no longer be classified as an altcoin? - AMBCrypto English
High-Profile Crypto Trader Says Ethereum, XRP and Three Small-Cap Altcoins Set to Break Out After Bitcoins Big Move – The Daily Hodl
Top crypto strategist and trader Crypto Rand says a select number of altcoins including Ethereum (ETH) and XRP are poised to ignite bullish breakouts.
Rand tells his 220,000 Twitter followers that Ethereum, which he refers to as the money printer, is ready to launch the next leg up as it breaches the resistance of a bullish continuation pattern.
ETH wants to catch up with BTC. Bull pennant breaking out.
The trader is also looking at Ripples native asset XRP, which he thinks is primed to go above resistance at $0.28 first and then $0.33.
XRP wants to join the party. Bullish breakout.
Rand is also bullish on blockchain-based digital advertising platform Basic Attention Token (BAT). The trader expects the crypto token to surge nearly 30% to above $0.28 as BAT breaks out from a bullish reversal pattern.
BAT | Wonderful setup.
As for blockchain scalability solution Matic Network (MATIC), Rand believes that the stage is set for the low-cap altcoin to catalyze a bullish rally after MATIC took out the diagonal resistance that has kept the coin bearish since August.
MATIC | What an amazing setup!
Rand is also keeping a close watch on the decentralized finance (DeFi) darling yearn.finance (YFI).
The trader implies that the brutal correction, which sent YFI from an all-time high of $43,873 in mid-September to around $12,260 earlier this month, may have come to an end. The trader highlights the price levels of around $16,000, $20,000, and $34,000 as areas of interest for bulls.
Looks like $YFI wants to fly.
Featured Image: Shutterstock/Art Furnace
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High-Profile Crypto Trader Says Ethereum, XRP and Three Small-Cap Altcoins Set to Break Out After Bitcoins Big Move - The Daily Hodl
Top 3 altcoin events to happen this week – Somag News
In the coming days, there will be important developments on Wanchain (WAN), from the hard fork to the listing of Chainlink (LINK) on Bitstamp.
Bitcoin has had a good start this week as well as last week. The leading crypto currency with its market value reached $ 11,840 on the first day of the week. In addition to the rise in price, the market share of cryptocurrency has also approached 60 percent from 58 percent in the past week. As the money moved from altcoins to Bitcoin, there was a decrease in the prices of altcoins. Ether lost 2.5 percent compared to last week, while Binance Coin dropped below $ 30. The biggest decrease in the top 10 compared to last week is in Polkadot with 8.5 percent.
While the situation of the Bitcoin and altcoin markets is generally like this, it is possible to see more mobility in the prices of some altcoins with the developments that will occur in the coming days. So whats up this week? Heres what weve compiled:
Wanchain, which aims to be an infrastructure that connects the decentralized financial world, has a hard fork on Thursday. The hard fork, called Mars and will take place at 03:00 on October 22, is seen as the most important update after the Mercury hard fork in December 2019.
Zcoin (XZC), a privacy-focused crypto currency launched in 2016, experienced its first block prize halving last month, with block rewards dropping from 25 XZC to 12.5 XZC. After this big milestone, an important update is now getting closer to Zcoin.
A new privacy protocol called Lelantus to Zcoin is moving to the testnet stage today. It is stated that when Lelantus is activated in Zcoin, a high degree of anonymity, better performance will be offered in the crypto currency, and transaction sizes will decrease.
Bitstamp announced last month that it was reviewing 25 cryptocurrencies to list. One of those featured here was Chainlink (LINK). LINK, one of the biggest cryptocurrencies, will be listed on Bitstamp today. Yesterday, deposits and withdrawals for LINK were launched.
Bitstamp is a well-established cryptocurrency exchange that started operations in 2011. The Luxembourg-based exchange has reached a trading volume of $ 125 million in the last 24 hours.
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Top 3 altcoin events to happen this week - Somag News
Top 3 Gainers of The Week Litecoin, Chainlink, Wrapped Bitcoin: More gains ahead for these altcoins – FXStreet
The cryptocurrency market has been on fire recently. Bitcoin broke above the critical resistance of $12,000 and tested a new high of 2020, with all major altcoins following the lead.
The total capitalization of all digital assets in circulation increased to $394 billion, having gained over $40 billion in the last seven days. The market has mostly recovered from the previous week's losses incurred by the news that one of the most popular cryptocurrency exchanges, OKEx, suspended all digital assets/cryptocurrency withdrawals.
The best performers of the week are Litecoin, Chainlink, and Wrapped Bitcoin. These altcoins managed to capitalize on the crypto market recovery.
At the time of writing, LTC/USD is changing hands at $56.9. The 8th largest digital asset, with the current market capitalization of $3.2 billion, has gained over 18% in the last seven days to become the best-performing altcoin of the week out of top-50.
On the intraday charts, LTC/USD is trying to move above the local resistance line at $56.8. Once it is out of the way, the upside is likely to gain traction with the next focus on$64. This barrier limited the coin's recovery during the August consolidation pattern. A move higher will bring $69 (the highest level of 2020) and $70 into focus.
On the upside, the initial support comes at $51. This level served as a formidable resistance during the best part of September and October until it was broken on October 21 amid the strong rally across the board. A sustainable move below this area will invalidate the short-term bullish scenario and allow for a deeper decline to $45.5, followed by $41.5.
The on-chain data shows that an important resistance area is located on the approach to $60, as over 74,000 addresses holding over 2.6 million coins have their breakeven point there.
However, on the downside, the first supply area comes on approach to $54, as over 3.7 million coins were bought around this price. The next supply wall is seen around $51, which coincides with the technical barrier mentioned above.
Chainlink (LINK) is another top-performer of the week. The 6th largest digital asset has gained over 16% in the last seven days to trade at $12.30 by press time. LINK's market capitalization is registered at $4.8 billion, while its average daily trading volume is 1.47 billion, in line with the long-term figures.
On the intraday chart, LINK/USD broke above the resistance of $11.6 with the next bullish target created by a psychological $13. This barrier limited the recovery at the beginning of September andmay trigger the downside correction if the LINK's bullish trend fails to gain momentum. Once it is out of the way, the upside is likely to gain traction with the next focus on$15.6.
On the downside, the initial barrier is created by the above-mentioned $11.6 that served as channel support in September. A sustainable move below this area will trigger more sell-off to the psychological $10 and $9.70.
The data on In and Out of the Money Positioning (IOMP) confirms that there is s a strong barrier located on the approach to $13 as over 4,000 addresses holding nearly 17 million coins have their breakeven point there. Notably, there are no significant barriers above this area.
On the downside, the strongest supply zone comes on approach to $10.00.
Wrapped Bitcoins (WBTC) is a tokenized version of Bitcoin that runs on the Ethereum blockchain. Basically, it is backed by BTC, and its price is following the price of BTC, which makes it similar to a stablecoin. Currently, there are over 110 095 WBTC in circulation, while their average daily trading volume amounts to $29 billion. For the sake of comparison, Bitcoin's average trading volume comes at $27 billion.
Source: CoinMarketCap
The DeFi boom explains the growing popularity of tokenized Bitcoins as it allows BTC holders to participate in the new lucrative industry without converting their tokens into ETH or other coins.
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Top 3 Gainers of The Week Litecoin, Chainlink, Wrapped Bitcoin: More gains ahead for these altcoins - FXStreet
Altcoin Season! Will the Gains Soar or Swing Within Same Range? – Digital Market News
More money will be made in the Alt-Season that follows
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The altcoin season is when the maximum number of altcoins rally with significant gains. The top 100 cryptos are considered and more than 50 percent of the coins are required to have a bull run for a successful Altcoin Season.
In the past Altcoin season, cryptos like Maker, VeChian, Chainlink, Cardano, etc and many other rallied with an average of more than 50 percent. However, Bitcoin price was not impacted much as it was during the altcoin season, Bitcoin crossed $10000 and never looked back till now.
However, it is speculated that the crypto space may have yet another altcoin season by the end of 2020 and would be more profitable than before. One of the crypto influencer, The Crypto Dog, has predicted a probable altcoin season in the month of November 2020.
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The testnet of ETH 2.0 is successfully launched and the working is been closely monitored. Once the testnet is successfully completed, ETH 2.0 phase 0 would be ready for the launch which is expected by end of 2020.
The main issue with the current Ethereum blockchain is the high gas-fees. Hence, this issue is speculated to be addressed in ETH 2.0. If in case the issue is resolved as per the expectation, then the ERC-20 tokens are expected to boom yet again with intensified growth in the DeFi space.
With the bull rally of ERC-20 tokens, Ethereum price also is expected to touch to great heights with the success of ETH2.0. Hence many predict a possible Altcoin season by the end of 2020 which can continue in early 2021 also.
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Altcoin Season! Will the Gains Soar or Swing Within Same Range? - Digital Market News