Category Archives: Altcoin
Top 10 Reasons Why Ordinals Can Boost Bitcoin’s Adoption – Altcoin Buzz
To remain relevant and adapt to the ever-evolving blockchain space, it must continually reinvent itself. The introduction of Bitcoin ordinals has brought about a series of significant changes and improvements to the Bitcoin network.
In this article, we will delve into the top ten reasons why ordinals are good for Bitcoin.
Ethereums Web3 functionality, which allows decentralized applications (DApps) to interact with blockchain networks, was a distinguishing feature. However, Bitcoin ordinals have now brought this functionality to the Bitcoin network.
This enhancement opens up new possibilities, enabling developers to create DApps, enabling Bitcoin to compete directly with Ethereum, while also retaining its position as the most secure and decentralized blockchain network.
Ordinals have introduced a novel mechanism that pays Bitcoin miners a substantial amount of money to secure the Bitcoin network.
This financial incentive not only rewards miners for their contribution but also enhances network security by increasing miner participation and reducing the risk of potential attacks.
One of Bitcoins long-standing criticisms was its limited functionality as a currency. With the advent of ordinals, Bitcoin can be used as a practical means of exchange, rather than just a store of value.
The new features enable faster and cheaper transactions, making Bitcoin a more viable option for everyday transactions.
The cryptocurrency space has had its fair share of toxic maximalism, where followers of one blockchain disparage all others. Bitcoin ordinals have ushered in a new era of cooperation. Bitcoin enthusiasts and developers are more open to exploring and integrating with other blockchain projects.
This cultural shift promotes collaboration, innovation, and the overall growth of the cryptocurrency ecosystem.
Ordinals have sparked a renewed interest in Bitcoin development. Developers are increasingly drawn to the possibilities offered by Bitcoins evolving capabilities.
This influx of talent and creativity will likely result in a surge of innovation and improvements to the Bitcoin ecosystem.
The introduction of ordinals has not only attracted developers but also a large influx of new users. As Bitcoin becomes more versatile and user-friendly, more people are entering the cryptocurrency space.
This heightened user activity strengthens the network and contributes to its long-term sustainability.
For the past six years, Bitcoin has been criticized for its lack of significant updates. The introduction of ordinals marks the end of this stagnation, breathing new life into the network.
With a roadmap for future upgrades, Bitcoin is poised for continued growth and development.
Bitcoins scalability issues have been a long-standing concern. Ordinals are pushing the adoption of Layer 2 (L2) solutions to address these issues.
As a result, the L2 ecosystem is maturing rapidly, providing users with more efficient and cost-effective ways to transact on the Bitcoin network.
The introduction of rare sats, a new concept where unique, limited edition satoshis are distributed to Bitcoin holders, has created excitement and an added layer of value to holding Bitcoin.
This airdrop mechanism rewards long-term supporters of the network and encourages new users to get involved, creating a more vibrant and loyal community.
Ordinals have caught the attention of the NFT (Non-Fungible Token) community. By incorporating NFT-like functionalities, Bitcoin is educating NFT enthusiasts about how Bitcoin works, emphasizing the fundamental principles of blockchain technology.
This crossover between Bitcoin and NFT communities has the potential to increase awareness and understanding of both technologies.
Bitcoin ordinals have brought about a wave of positive changes to the cryptocurrency world. Theyve expanded Bitcoins capabilities, improved its functionality, and attracted a new wave of users and developers.
This innovation has ushered in an era of collaboration and transformation, ending years of stagnation and revitalizing the cryptocurrencys future. As Bitcoin continues to evolve, it remains at the forefront of the blockchain space, setting new standards and paving the way for a more inclusive and sustainable future.
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Top 10 Reasons Why Ordinals Can Boost Bitcoin's Adoption - Altcoin Buzz
#1 Crypto AI Project? EARLY BUYING OPPORTUNITY – Altcoin Buzz
One of the biggest IDOs of the season is coming this week. Its a project we are bullish on for lots of reasons. It might just be the perfect blend of AI and crypto together.
And you can be VERY early. Like I said, IDO type early. Who do I mean? Openfabric. Lets check them out.
Weve reviewed Openfabric already but we know some of you are hearing of them for the first time. We think it has the best of many of our favorite crypto AI projects. Like Fetch.ai, you can build and sell an AI agent. You can build one, plus you have a marketplace of buyers and sellers of AI agents.
In fact, Openfabrics own goal is to be the Apple app store of crypto AI. Like Singularity, Openfabric is building out an ecosystem too. Some of Openfabrics projects already available are:
And on trading bots for a second, weve seen them get so popular because the UI of a bot is much better than most exchanges. The idea of AI helping to make a user experience better is something we are all only starting to discover now.
For research, its got huge potential in avoiding errors and pattern recognition. And thats not all for Openfabric. They do have similarities to these 2 projects we like.
But they are like Akash as well. Thats another AI project we like. Like Akash, Openfabric has infrastructure including GPU storage that it can sell or rent out to projects building out their own AI apps.
So we have 3 great projects already out there. Openfabric takes the best of them all. And they can also build out your AI protocol for you as a custom app if thats what you need. Then we have the price and value difference.
Of the total 500 million in total supply of the $OFN token, the IDO will issue 20 million tokens at 6c each for a total of $1.2 million. This puts the initial Fully Diluted Market Value at $30 million. Compare that to the market value of the 3 above AI projects:
Now we dont know if Openfabric will be as successful as these projects. But we can also see it takes the best of what these have to offer. Then they offer more. And now they are offering it for a fraction of the price.
1/6th of the price of Akash right now. And Akash is the cheapest of the 3 bigger AI projects right now. $186 million vs $30 million. This brings the risk part of the risk/reward ratio down a lot for us. We see how Openfabric can grow from here. And only 6 cents of downside so far.
By the way, we think you should get Akash too if you have room in your portfolio.
As I said, this is a highly anticipated IDO. Its happening on 4 different platforms. You can access it on:
So you have lots of choices based on the platforms you prefer or where you can more easily whitelist yourself and get your allocation. Again, its 6 cents per token for 20 million tokens total.
To us, this feels like getting Polygon at its all-time low of 3/10s of a cent before it went to earn a 16,000% ROI. You know and we know that AI is not going anywhere. Its only going to grow from here. Risk is lower on this project and the potential is huge.
When it comes down to it, you are likely going to add some crypto AI to your portfolio. We believe you should too. So then why pick between GPU for rendering images like Akash does OR building AI agents like Fetch does?
When you can have both. Why have a big ecosystem of projects like Singularity or AI trading bots like Telegrams TON? When you can have both. We have nothing against these projects. In fact, we like them all.
But,If the idea of having access to the best of what AI and crypto have to offer together and not just one cool part of the market, then check out Openfabric. Their IDO is this week and you can sign up here.
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#1 Crypto AI Project? EARLY BUYING OPPORTUNITY - Altcoin Buzz
Cardano, Solana, And Ethereum Under Heat, Data Points To More Trouble For Altcoins – NewsBTC
Bulls pushed back and momentarily halted the increasing selling pressure impacting Cardano, Solana, and Ethereum. The altcoin market has been stabilizing over the last day, but fresh data points to potential issues in the short term.
As of this writing, Cardano (ADA) trades at $0.23 with sideways movement in the past day. Solana and Ethereum recorded similar price action over this period, but these assets have been slowly bleeding into support on the weekly chart.
Data shared by the Co-Founders of crypto analysis firm Glassnode via social media platform X indicates a rise in Bitcoin Dominance (BTC.D). The metric was slowly trending to the downside, but it found some support yesterday and could be poised to regain previously lost territory.
The metric measures the percentage of the total crypto market capitalization comprised of Bitcoin. In addition, whenever BTC.D reaches a certain point, it often leads to mini altcoin bull or bear markets.
The metric could hint at further losses for Cardano, Solana, and other tokens in the current scenario. The Glassnode Co-Founders stated:
Its not just ETH feeling the heat; other major altcoins like Solana, Cardano, Dogecoin, Tron, Polkadot, and Polygon are also deep in the red. With Bitcoins dominance climbing past 51%, inching closer to its 2021 peak, altcoins are indeed feeling the pressure. To see the resurgence of the much-awaited Altcoins Season, a significant recovery will be essential.
As seen in the chart below, the Bitcoin Altcoin Cycle chart is moving closer to a Bitcoin Season, as indicated by the blue line. As Bitcoin Dominance trends upwards into the 50% territory, altcoins will likely keep seeing losses in the short time frame.
However, the Bitcoin Altcoin Cycle chart shows that the BTC.D stands at a critical zone. The metric has bounced back into the Altcoin Season Territory in the past.
In particular, Cardano, Solana, XRP, Ethereum, and other altcoins enjoyed a substantial rally in July. If Bitcoin cant produce a catalyzer, something to push it above the 50% area in dominance, then Altcoins can see some profits.
Ethereum could potentially hold the key to propel altcoins into a hot season. On this cryptocurrencys price action, the Glassnode co-founder stated:
From its weekly resistance at $1,744, ETH has tumbled, marking an 8% decline in just two weeks, landing it at $1,574. While the price seems to be consolidating, the upward slope of the RSI suggests buyers are vying for higher levels. Yet, with sellers resisting this advance, they might ().
Cover image from Unsplash, chart from Tradingview
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Cardano, Solana, And Ethereum Under Heat, Data Points To More Trouble For Altcoins - NewsBTC
Why JP Morgan and BlackRock are All In on Bitcoin Mining? – Altcoin Buzz
These giants of the financial world have recently displayed a significant interest in investing in Bitcoin mining.
This article explores the reasons behind their fascination with Bitcoin mining, the potential benefits. And the implications for the cryptocurrency market.
Before delving into the motivations of JP Morgan and BlackRock, its crucial to understand the essence of Bitcoin mining. In the simplest terms, Bitcoin mining is the process through which new bitcoins are created and transactions are added to the blockchain.
Miners use powerful computers to solve complex mathematical puzzles, and in return, they are rewarded with newly minted bitcoins and transaction fees. This process also secures the Bitcoin network, making it resistant to attacks and ensuring the integrity of the cryptocurrency.
The involvement of financial giants like JP Morgan and BlackRock in Bitcoin mining carries several implications for the cryptocurrency market. Here are some influences:
While the interest of JP Morgan and BlackRock in Bitcoin mining holds great promise, it is not without its challenges and risks. Here are some challenges and risks:
The interest of JP Morgan and BlackRock in Bitcoin mining marks a significant turning point in the cryptocurrency landscape. These financial giants are not merely dipping their toes into the crypto waters; they are diving in headfirst. Their involvement signals growing institutional acceptance and interest in cryptocurrencies, providing a potential path for the broader adoption of digital assets in the financial world.
While their participation in Bitcoin mining is not without challenges and risks, it carries the promise of enhancing the credibility and stability of the cryptocurrency market. Additionally, it can lead to increased network security and promote the continued evolution of the cryptocurrency industry.
As JP Morgan and BlackRock navigate the complexities of cryptocurrency mining, they join a growing cohort of institutions venturing into the digital realm, signaling a profound shift in how the world views and interacts with cryptocurrencies. It remains to be seen how their investments will shape the future of Bitcoin and the broader cryptocurrency market, but one thing is certain: the tides are changing, and the financial giants are embracing the era of digital finance.
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Why JP Morgan and BlackRock are All In on Bitcoin Mining? - Altcoin Buzz
Trader Predicts Year-End Rally for Ethereum, Updates Outlook on Bitcoin and One Low-Cap Altcoin – The Daily Hodl
A closely followed crypto strategist thinks that the leading smart contract protocol Ethereum (ETH) is positioning for a year-end surge.
Pseudonymous analyst Inmortal tells his 199,000 followers on the social media platform X that Ethereum will likely see significantly higher prices before 2023 expires.
In the coming weeks, however, the analyst says that ETH could correct to as low as $1,300 before starting its ascent.
Expecting something like this on ETH. My strategy is the same, no matter if $1,500 or $1,300, I keep accumulating. Simple plan, simple life.
Looking at the traders chart, he appears to predict that Ethereum could climb to as high as $2,000 by the end of the year. The chart also shows Ethereum surging above $2,500 in the first quarter of 2024.
At time of writing, Ethereum is worth $1,590.
Looking at Bitcoin (BTC), Inmortal predicts that the crypto king will revisit support at $25,800 before rallying back to its resistance at $27,300.
$25,800 is the only level I would long.
At time of writing, BTC is trading for $26,286.
The trader is also keeping a close watch on Radix (XRD), a decentralized finance (DeFi) programming environment. According to Inmortal, RDX looks poised for another leg up toward the $0.086 level as the project gears up for the mainnet launch of its Babylon upgrade.
According to the projects website, the Babylon update will enable powerful smart contract functionalities for Radix and kickstart a live DeFi ecosystem.
Says Inmortal,
Textbook retest, +30% since then. Mainnet launch in 3 days. Babylon.
At time of writing, RDX is worth $0.061.
Generated Image: Midjourney
Cardano Prepares For A Big Move As Whales Shift $3 Billion! Heres The Next ADA Price Level – Coinpedia Fintech News
Cardanos ADA has witnessed a downward trajectory for the past week, with buyers unable to turn the trend. As Bitcoin struggles to maintain its momentum above $26K, leading altcoins, including Cardano, are feeling the pressure, leading to a bearish outlook among traders. Yet, hope emerges as theres a surge in large transactions near ADAs price drop, hinting at potential accumulation and an upcoming big move.
Whales often see a dip in trending altcoins as a profitable chance to hop in. Consequently, they amass massive quantities of the altcoin, generating buying momentum on the chart, which can lead to a price surge. Cardano is currently in such a scenario.
Data from IntoTheBlock indicates a significant increase in large transactions on September 25th. The figures show that whales shifted close to $3 billion, with the metric rising from $4.7 billion to $7.4 billion. Interestingly, this activity emerged following ADAs price drop to a low of $0.24. This seemed to be an accumulation as it created a strong support level for ADA price, preventing it from dropping further.
However, there remains a bearish undertone as the Open Interest (OI) metric has seen a significant decline over the past week, plummeting by more than $8 million. This indicates a declining interest in ADAs trading, given its inability to induce notable price volatility.
With Cardanos volatility dropping to 24.3%, potential buyers might be deterred. Additionally, the long/short ratio for Cardano has been trending negatively. The current ratio stands at 0.76, with 56.5% of positions leaning towards short-traders. Conversely, bullish traders hold 43.5% in long positions, eliminating the upward momentum for ADAs price. This could lead to increased selling pressure at resistance points.
Cardanos ADA recently touched a crucial support level at $0.24, suggesting that bearish momentum continues to dominate the altcoin. However, buyers are aggressively defending an immediate decline as the ADA price reversed its trend from the dip, suggesting buying demand near lower levels. As of writing, Cardano price trades at $0.2454, surging over 0.5% in the last 24 hours.
Currently, theres a glimmer of hope for the bulls as the RSI displays a bullish divergence below the midline. For a positive shift, the bulls need to push the ADA price past the descending trendline quickly. Achieving this could invalidate a bearish possibility, potentially sending the price to $0.28.
Conversely, if the bears pull ADAs price below $0.23, it will solidify the short positions. This could lead to a decline towards $0.22 and possibly even to a target of $0.189.
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Cardano Prepares For A Big Move As Whales Shift $3 Billion! Heres The Next ADA Price Level - Coinpedia Fintech News
Benjamin Cowen Forecasts Altcoin Collapse and 2024 Recovery – CryptoGlobe
Prominent cryptocurrency analyst Benjamin Cowen has issued a cautionary note, suggesting that numerous altcoins are headed for another downturn within this year, with little hope for recovery. In a recent video update, Cowen shared these insights with his 787K YouTube subscribers, warning of an altcoin reckoning that many digital assets may not survive.
Cowen expressed a nuanced view on the future of the altcoin market. While he acknowledged that the market could eventually rebound, he emphasized that many of the current altcoins might not be part of that resurgence. He speculated that some might reach new highs, but a significant number are likely to stagnate or decline. Cowen painted a scenario where the altcoin market could hover around the $323.5 billion mark for some time, possibly retreating to the $290 billion range, before experiencing a more severe downturn, which he referred to as the depression phase. This phase, according to Cowen, could last until 2024.
The analyst also touched upon the role of the Federal Reserves monetary policies in the altcoin markets future. He anticipates a renaissance for altcoins, but only after the Federal Reserve changes its current stance on monetary policies. Cowen expects this policy shift to occur next year, although he did not rule out the possibility of it happening this year. However, he was skeptical that any immediate change in Federal Reserve policies would lead to a quick recovery for the altcoin market. Even if the Federal Reserve were to adjust its policies this year, Cowen believes the impact would be minimal, as the change would likely be very small.
Last month, in a recent conversation with Crypto Banters Ran Neuner, Benjamin Cowen posited that the ETH/BTC trading pair might see a decline of more than half from its present value of 0.063 BTC, which is approximately $1,828. Cowens forecast stems from his analysis that the ETH/BTC pair is displaying a bearish double-top formation on its monthly chart. This technical indicator implies that traders are likely to exchange their Ethereum for Bitcoin during market upswings. Cowen characterized the ongoing trend as a significant redistribution phase, akin to trends seen in past market cycles.
Historical data reveals that the ETH/BTC pair often experiences a downward trend from June to December. Cowen foresees the pair potentially plummeting to a low of 0.03 BTC, or around $871. He speculated that once the ETH/BTC value reaches this point, it could signal the conclusion of the altcoin downturn.
Cowen also pointed out that a pullback in the stock market could catalyze this sharp decline in the ETH/BTC pair. He drew a comparison with the situation in late 2017 when the ETH/BTC value fell to 0.022 BTC. A subsequent decline to this level in 2018 signaled the end of the downturn for many altcoins. Cowen indicated that a similar sequence of events might be in the works, with a possible secondary drop to 0.049 BTC.
Additionally, Cowen warned that even after hitting this low, the ETH/BTC pair might not have reached its bottom and could decline further. He suggested that a seasonal adjustment in the S&P 500 index might serve as the catalyst for this continued downturn.
Featured Image viaMidjourney
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Benjamin Cowen Forecasts Altcoin Collapse and 2024 Recovery - CryptoGlobe
Many Altcoins Wont Recover After Massive Collapse, Says Crypto Analyst Benjamin Cowen Heres His Forecast – The Daily Hodl
Widely followed crypto analyst Benjamin Cowen says that a lot of altcoins are being primed for another collapse some time this year without a recovery.
In a new video update, Cowen tells his 787,000 YouTube subscribers that an altcoin reckoning is on the horizon one that many crypto assets wont ever come back from.
While I would agree the altcoin market as a whole will eventually go back up, theres a good chance that a lot of the altcoins today are not part of that. Some of them probably will be, and some of them probably will see new highs, eventually.
Unfortunately, many of them will likely not see new highs and so you could have sort of a scenario where the altcoin market just sort of spends some time in [$323.5 billion] range, maybe eventually comes back down to [$290 billion range], and then just capitulates and [falls even further] into the depression phase before coming out of it in 2024.
According to the strategist, altcoins will have a renaissance after their depression phase when the Federal Reserve pivots on its monetary policies. Cowen says he expects the Fed to reverse course sometime next year.
I do think [the depression phase] is coming, and then I think what comes after is the altcoin Renaissance, but that doesnt come until the Fed pivots, more than likely. I dont think the Fed is going to pivot this year. Theres a chance that they pivot this year, but I just dont think theyre going to.
If they do pivot this year, that doesnt mean the altcoin market is going to immediately go back up. It could take a little while because if they do pivot this year, they would only cut a very, very small amount.
I
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Terra Luna Classic Price Prediction As LUNC Pumps 5% in 7 Days – Here’s Why The Altcoin Is Outperforming – Cryptonews
LUNC Chart / Source: TradingView
Terra Luna Classic (LUNC), the cryptocurrency that powers the original Terra blockchain that faced disaster last May, has been outperforming the broader cryptocurrency market in the last seven days, rising more than 5.0% during this time.
By contrast, Bitcoin (BTC) is down close to 2% and Ether (ETH) is down around 3% over the same time period.
LUNC was last trading just above $0.00006 per token, just to the north of its 21DMA at $0.0000595, though is still stuck below its 50DMA at $0.000064.
The cryptocurrency is likely outperforming the broader market because of a recent vote by the Terra Classic community to halt all minting of new LUNC tokens.
LUNC lost nearly all of its value last May when the Terra Classic blockchains associated algorithmic stablecoin UST lost its 1:1 peg to the US dollar, triggering a $28 billion Decentralized Finance (DeFi) capital flight from the ecosystem.
Still, Terra Classic loyalists hope to revive the ecosystem, and a key part of that plan is to reduce the number of tokens and raise LUNCs value once again.
LUNC remains 90% lower versus its highs from last September.
While LUNC has done well in recent weeks despite broader market underperformance, it remains stuck in a long-term downtrend, meaning price predictions remain pessimistic.
Indeed, the cryptocurrency has been stuck in a downward trend channel since its peak last September, and has continually found resistance at its key moving averages (like the 21, 50 and 100DMAs).
An eventual retest of the all-time lows hit last June in the $0.00003s remains a distinct possibility, despite the best efforts of the Terra Classic community to boost the cryptocurrencys value proposition.
A near-term spike to the $0.00007/8 area is possible, but many traders would likely see this as an opportunity to add to short positions.
LUNC is a risky bet right now.
For those looking for a better probability of near-term gains, an alternative high-risk-high-reward investment strategy to consider is getting involved in crypto presales.
This is where investors buy the tokens of up-start crypto projects to help fund their development.
These tokens are nearly always sold very cheap and there is a long history of presales delivering huge exponential gains to early investors.
Many of these projects have fantastic teams behind them and a great vision to deliver a revolutionary crypto application/platform.
If an investor can identify such projects, the risk/reward of their presale investment is very good.
The team at Cryptonews spends a lot of time combing through presale projects to help investors out.
Here is a list of 15 of what the project deems as the best crypto presales of 2023.
See the 15 Cryptocurrencies
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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Terra Luna Classic Price Prediction As LUNC Pumps 5% in 7 Days - Here's Why The Altcoin Is Outperforming - Cryptonews
Chainlink (LINK) sees reduced selling pressure, outperforming the … – Invezz
Chainlink (LINK) gained 25% within the last two weeks, outperforming many tokens in the altcoin market. That comes as investors continue to pull out LINK tokens from exchanges, reducing selling momentum on the alt. That has seen the alt flourishing in September.
Chainlink has flourished over the past two weeks despite other digital assets struggling with bearish tendencies. LINK price climbed from $5.46 on 11 September to $7.232 on Monday (25 September), translating to a 25% uptick.
Meanwhile, LINKs price surges matched the tokens plummeting supply on centralized exchanges (CEXs). Santiment data shows Chainlink supply declined by 16.4% within the last ten days. Generally, reduced token supply lessens selling momentum, supporting an upside narrative.
Santiment added that Chainlink tokens flew from exchanges to cold wallets (offline physical wallets). That removes the assets from circulation, leading to a bullish case for the digital coin.
Analysts are highly optimistic about Chainlink. For instance, Altcoin Sherpa posted on X that LINK is among the few cryptos he might consider purchasing and holding for the longer term (more than six months).
The expert believes that Chainlink has all it takes to skyrocket in the next bull rally, citing the assets vital role in supporting many projects and its few rivals.
Are you looking for fast-news, hot-tips and market analysis?Sign-up for the Invezz newsletter, today.
Technical indicators also support upside price movement for the crypto. The 24-hour chart displayed a bullish flag, while the 20d EMA crossed above the 50d EMA over the last two days. That shows LINK bulls dominated within the past twenty days in the 50-day timeframe.
Moreover, the EMA crossing indicated that LINKs medium-term stance favored bulls. Validating the mentioned flag might see the token flipping $7.331 into the support floor. Such a development will welcome price surges to $7.920.
Nonetheless, failure to close beyond $7.311 in the coming two days might trigger dips to $6.48. magnified selling momentum may see LINK plunging beneath this foothold towards the $5.706 benchmark.
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Chainlink (LINK) sees reduced selling pressure, outperforming the ... - Invezz