Category Archives: Altcoin
3 key indicators traders use to determine when altcoin season begins – Cointelegraph
It's widely accepted that the fate of the cryptocurrency market depends largely on the performance of Bitcoin (BTC), which makes times like these for crypto traders who prefer to invest in altcoins.
When BTC price is down, altcoins tend to follow, but as a bottoming process begins, altcoins tend to perk up during Bitcoin's consolidation phases and this typically leads to a call for an altcoin season. While Bitcoin's current dip below $30,000 shows that it's a bit premature to call for an altseason, analysts are still charting a variety of different outcomes that point to an altcoin season. Let's have a look.
Insight into the possibility of an altcoin season using the ETH/BTC chart as an indicator was discussed by analyst and pseudonymous Twitter user PlanDeFi, who posted the following chart comparing the 2016 to 2017 performance of ETH/BTC against the pair's performance in 20212022.
PlanDeFi said,
Based on the projection provided, the next altseason could kick off sometime after the start of July and it has the potential to extend through the end of 2022.
Further evidence that the market may be approaching an inflection point was provided by El_Crypto_Prof, who posted the following chart looking at the history of the altcoin market capitalization.
El_Crypto_Prof said,
Related: Fed money printer goes into reverse: What does it mean for crypto?
While fractals are pleasing to the eye and give hope to disillusioned traders, most fail to materialize and they are not accurate analysis methods to rely on when trading.
The Altseason Indicator provides a more metrics-based method for predicting when the market is in "Bitcoin season" and "altcoin season."
According to the chart above, it does not appear as though an altseason is likely to happen anytime soon because the metric is currently providing a readout of 24, while the level needed to signify an altseason is 75.
Based on the past performance of the index, it has taken a minimum of two to three months for it to climb from the area indicating that it is Bitcoin season to the altcoin season level. Current projections, according the the indicator, suggest that an altcoin season might not start until August or September 2022.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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3 key indicators traders use to determine when altcoin season begins - Cointelegraph
Crypto Bill Will Be Introduced on June 7TH, Could Be Horrendous for Altcoins – Coinpedia Fintech News
U.S. Senator Cynthia Lummis (R-Wyoming) has been working on an action plan for months. Lummis, a long-time proponent of cryptocurrencies, has been working on a proposal that would fully integrate digital assets into the US financial system.
Weve been teasing it for months, but the time is almost here a proposal to fully integrate digital assets into our financial system. Excited to finally unveil this effort next week. Stay tuned
The legislation will be introduced on Tuesday, June 7th, and it is significant because it includes definitions of which coins are commodities, which coins are securities, stable coins, the CBDC framework, and the NFT direction. This legislation will most likely be ideal for bitcoin, but it could also be beneficial to crypto in general.
The much-heated topic is analyzed by Altcoin daily on their channel as to why you should care about this. First and foremost, Cynthia Lummis is the one who is initiating and spearheading this bill.
On June 7th, Cynthia Lummis will introduce legislation to integrate cryptocurrency into the financial system. She has been a strong supporter of bitcoin and cryptocurrencies.
If passed, it would impose a two-year freeze on new and renewed air permits for fossil-fuel power plants that are used for energy-intensive proof-of-work cryptocurrency mining the computing process that records and secures bitcoin and other forms of digital money. Bitcoin and other cryptocurrencies use a blockchain-based mechanism called proof-of-work.
The first member on the panel who is everyones favorite is Michael Saylor. Michaels stance on crypto is unmistakable: securities and bitcoin are the most ethical and most transparent, as he stated during the panel discussion.
The second set of eyes is on Ted Cruz, a Republican from Texas. Cruz has been very positive about bitcoin and crypto, despite the fact that he himself doesnt understand it and is trying to get other politicians to understand it. All in all, he doesnt want to over-regulate it, which is good but is he more biased toward bitcoin? Time will tell.
According to other reports, Cruz now has large crypto donors who run a proof of work network in his state, keeping bitcoin strong and altcoins weak directly benefits Texas, and some of his largest new donors also take benefit. Cruz claims to own bitcoin and everything else is outside his risk profile.
Caitlyn Long blockchain consultant from Wyoming. She is hoping to work with Fed to create a custodial and Slowing Defi momentum that is in her best interest according to the reports.
Now again much like Caitlyn Long, Cynthia Lummis in their opinion has a little libertarian agenda and doesnt want to over-regulate the crypto space so is it in her best interest to slow defi that remains to be seen.
There arent many pro-defi, pro-Ethereum, pro-crypto folks working on this bill, and of course, Cynthia Lummis is spearheading it and has her own interests to pump bitcoin over any other L1s or altcoins. She stated that altcoins will rise from the ashes, reinforcing her belief in bitcoin.
she states burn it all down bitcoin will be the phoenix that rises quick
Bitcoin holders are in great difficulty this week, and the first thing they point out is that commodities vs securities are being resolved by legislation, and Ethereum L1 will fall within the securities umbrella.
So the lesson from all of this is that the folks who worked on this legislation are all very bitcoin oriented and bitcoin-centric, with a small number of Ethereum maximalists, and no defi or NFT types. Bitcoin users, on the whole, have a more libertarian attitude about crypto. Even though this isnt a final bill, it wouldnt be good if ETH, NFT, and crypto were classed as the riskiest securities.
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Crypto Bill Will Be Introduced on June 7TH, Could Be Horrendous for Altcoins - Coinpedia Fintech News
Ethereum-Based Altcoin Skyrockets 70% in Just 10 Days, Thwarting Crypto Market Trend – The Daily Hodl
One surging Ethereum-based altcoin is defying the bear market as it trends higher while the broader crypto markets struggle.
XCN, the governance and utility token for cloud blockchain protocol Chain, has surged by more than 70% in the past 10 days while most other crypto assets have moved sideways.
XCN was trading around $0.10 on May 25th and is now priced at $0.174 at time of writing. The asset has also climbed up the crypto market cap rankings, going from 51st in mid-May to 28th this week.
The company has also announced that it is continuing to hire new employees despite widespread stagnation in the crypto markets.
XCN also became available on BNB Chain last month, the blockchain network of Binance, the worlds largest crypto exchange platform by volume. Via BNB Chain, the crypto asset can now also be deposited using the Huobi, Gate.io and KuCoin crypto exchanges platforms.
On Friday, Chain announced it had burned a staggering $2.6 billion worth of XCN, more than 22% of the tokens total supply, under a new governance shift.
As stated by Chain CEO Deepak Thapliyal,
The XCN token burn signifies the shift toward Chains decentralized DAO [decentralized autonomous organization] governance. This milestone recognizes both XCNs impact on Web 3.0 development and the innovators who have used it to build on Chain.
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The Next Big Cryptocurrency Altcoins Ethereum (ETH), Solana (SOL) and Mushe (XMU) – The Portugal News
Altcoins are a type of cryptocurrency that came into the crypto market after Bitcoin started to gain traction, and innovators saw that cryptocurrency had potential.
Alternative coins, or altcoins as we all know them, are cryptocurrency coins listed on the crypto market and are not bitcoin. Bitcoin is in a world of its own as it is the leading cryptocurrency coin in the world with the highest price and users.
Other crypto innovators decided to develop other coins that will serve as investments and help other prospective and existing investors go into the cryptocurrency world without going directly into Bitcoin.
The cryptocurrency world is wide, and Altcoins are one of the biggest sectors in the crypto market. Altcoins are one of the reasons that we have multiple investors in different parts of the world interested in and investing in cryptocurrency. There are thousands of altcoins listed on the cryptocurrency market.
These altcoins were created in different ecosystems, and they serve different purposes. However, all of the purposes still come down to being an investment token for users worldwide. There are certain Altcoins already topping the charts.
Some of them are Solana (SOL), Ethereum (ETH), Ripple (XRP), and so on. On the other hand, Mushe (XRM) is one of the altcoins still coming up. In this article, we'll be talking about three of these altcoins; Ethereum (ETH), Solana (SOL) and Mushe (XMU).
Ethereum (ETH) is the biggest altcoin in the cryptocurrency market. Second, right after Bitcoin, Ethereum (ETH) is one of the world's most popular and most used cryptocurrency platforms and tokens.
The original creator of smart contracts, Ethereum (ETH) is a decentralised blockchain platform that uses a peer-to-peer network that executes and verifies the application odes of smart contracts securely.
These smart contracts allow the users to trade assets without needing a central authority, enforcing the decentralisation of cryptocurrency.
The cryptocurrency token of this network is Ether (ETH). ETH is the native crypto of Ethereum that is used as a cost of processing transactions on the network.
Owners of ETH can store their Ether in their wallets. However, the ETH isn't directly stored in the wallet. But, a private key to access each Ether is stored in this wallet. Ethereum (ETH) is moving to an operational protocol that provides rewards and transaction incentives to users who stake their ETH.
Due to the accessibility and vastness of the Ethereum (ETH) network, many emerging crypto projects and tech advances are built on it.
Solana (SOL) is another top altcoin that is a strong competitor of Ethereum.
Solana (SOL) is an open-source platform that's highly functional and implements the new high-speed and permissionless layer-1 blockchain.
Created in 2017, Solana (SOL) uses an innovative hybrid consensus that uses a unique proof-of-history (PoH) algorithm and the lightning-fast synchronisation engine, which is a better version of the proof-of-stake (PoS) system.
Solana (SOL) was created to do the same things that major popular blockchains do, but costing less and working at a higher speed. Solana (SOL) is a peer-to-peer platform that uses smart contracts, just like Ethereum (ETH).
It also facilitates the creation of decentralised apps (DApps). The native token of this platform is SOL. This token, SOL, is used for the major exchange transactions in the system.
Mushe (XMU) is a new altcoin crypto token just added to the crypto world. It is a platform created to support peer-to-peer interactions and worldwide blockchain adoption by providing digital asset access for its users all over.
The Mushe ecosystem utilises the smart contact feature on the Ethereum (ETH) network.
The utility token of the Mushe (XMU) ecosystem is XMU. This XMU is a decentralised token used as an exchange medium in the Mushe ecosystem. It can also be staked, rewarding users who stake them and giving governance rights to users who hold these tokens.
The XMU token is designed to provide more opportunities as the system grows.
The presale of the Mushe (XMU) network and ecosystem has started. If you would like to join or have questions about it, use any links below.
Official Website: https://www.mushe.world/
Presale Registration: https://portal.mushe.world/sign-up
Telegram: https://t.me/MusheWorldXMU
Twitter: https://twitter.com/Mushe_World
Instagram: https://www.instagram.com/mushe_world/
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The Next Big Cryptocurrency Altcoins Ethereum (ETH), Solana (SOL) and Mushe (XMU) - The Portugal News
Altcoins At Risk? Bitcoins Growing Dominance is the Current Focus of Attention! – Coinpedia Fintech News
It is a known fact that Bitcoin is the most dominant crypto in the market, sharing nearly 50% of the global market capitalization. The asset surged more than 6% in the past 24 hours, regaining the lost positions above $31,000. However, when the BTC prices were cemented around $30,000 for almost a month now, will the current spike be held or it is just a short-term bounce?
The BTC price holding $31,000 and the dominance of over 46% are extremely important for the other altcoins to shine. No doubt the altcoins do possess their own independent rallies, yet follow the primitive token.
It is quite evident with Ethereum, as despite huge short liquidations, the asset remained restricted below $1900. Therefore, the recent couple of pullbacks and crashes have not impacted the dominance at the peak, and hence it indicates a strong rally is still in place.
The past year displayed a massive bull rally not once but twice. Each time just before a huge altcoin rally, the dominance had peaked with the BTC price also hitting a new ATH each time. High BTC dominance usually indicates the altcoins have been heavily undervalued and hence its the time when the funds may flow into them from Bitcoin.
However, the current scenario is a little distinct from the 2021 rally as the liquidity has dried up in the market with reduced activity. Previously, while Bitcoin was ranging high, altcoins appeared weak. However, currently, despite the BTC price showing some signs of upswing along with most of the altcoins, the rallies of Bitcoin & altcoins are extremely weak. And hence any bounce appears to be just a short-lived dead cat bounce, which is primed to tank down massively.
On the other hand, external factors like the FED interest rate, stablecoin regulation, ban on mining in some regions, etc may deeply impact the Bitcoin (BTC) price and its dominance. And hence the altcoins may also find it a tedious job to maintain the strength to ignite a significant upswing.
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Is Tezos’ [XTZ] 11% rally a bullish initiation or a one-time wonder – AMBCrypto News
Over the last 24 hours, several cryptocurrencies have observed recovery, with Bitcoin itself trading 4% above its 5 Junes closing price.
Tezos is one token that has also made significant progress in correcting the losses that the token witnessed from the Terra crash of 9 May.
The altcoin is currently among the cohort of assets leading the green bars on the charts, having risen by 11.42% at the time of writing. Trading at $2.11, XTZ is performing better than most of the other cryptocurrencies trading at the moment.
This rally has also brought the coin closer to breaching the eight-month-long downtrend, which can also be considered as an opportunity to reclaim lost profits.
Although the downswing in the case of Tezos has been attempted to be invalidated in the past, things seem different this time around. At the time of writing, the bullish support seems sustained.
The downtrend indication of the Parabolic SAR is on the verge of being flipped into an uptrend, XTZ, which will be critical in pushing the altcoin above $2.4, critical support.
And this is backed by the fact that there are rising bullish hints on the Squeeze Momentum indicator. Since the asset is in an active squeeze, a squeeze release in bullish circumstances will further the rise.
Furthermore, 6 June also happens to be the first instance in almost two months that the Relative Strength Index (RSI) has reached the bullish zone. The last time XTZ was here, the altcoin marked a 31.88% rally in 10 days.
Naturally, investors are looking to invest in the altcoin currently, and they might actually find this to be a better time since the on-chain data indicates that Tezos state has improved significantly in terms of investment.
The risk-adjusted returns on the asset have grown from negative 7.31 at the beginning of May to negative 0.84 at the time of writing.
In addition to this, the volatility of Tezos further stands at a low of 1.43 despite the month-long rise during which it increased by more than 27%.
This indicates that price swings will be well under control going forward, which is necessary for reclaiming recent losses.
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Is Tezos' [XTZ] 11% rally a bullish initiation or a one-time wonder - AMBCrypto News
ETH 2.0 is coming and $950M worth of inflows suggest…. – AMBCrypto News
Ethereum, the worlds largest altcoin, has seen unprecedented traction since its inception. Fair to say, the upcoming Merge has played a significant role in upping the associated interest in the crypto. ETH 2.0 is a multi-stage shift of the Ethereum network from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism. The transition would enhance the networks scalability, efficiency, and speed.
Just like the way PoW blockchains rely on miners to validate transactions, the PoS consensus mechanism relies on stakers to validate transactions by running nodes. Staking equates to depositing 32 ETH to activate validator software, and heres the latest fact sheet.
According to data from Glassnode, the total number of Ether (ETH) locked in Ethereums ETH 2.0 hit an ATH. The total value in the ETH 2.0 deposit contract touched an ATH of 12,789,829 ETH. That equates to more than 10.73% of the circulating supply and is worth roughly $23.2 billion at todays prices.
Another important attribute relating to the in-transit Merge is the gas fee. The current PoW network sees a few shortcomings with the worst of them all being high gas fees. ETH 2.0 would lower the networks carbon footprint as well as the gas fee (This shift is meant to hugely drop transaction fees by killing off all the parallel chains feeding off the crumbs).
Furthermore, the total gas used by the network hit a 10-month low of 3,903,190,662.429.
While, yes, this indeed would come off as a positive development across the board, there might be a twist in the tale. One reason remains the sustained decline in DeFi usage. The total value locked in DeFi smart contracts went down to $56 billion from $98.4 billion in February 2022.
According to DeFi Llama, the DeFi dominance of the ETH blockchain is waning. Another reason could be the decline in NFT sales.
Mainly because users moved transactions to other blockchains with cheaper fees.
Now, ETH did bleed profusely in 2022 Theres no denying that. But at press time, ETH had witnessed a fresh 5% surge as it traded above the $1.8k-mark. Indeed, aiming for the next stop $2k. But, the given surge could also be a result of altcoins dependence on the largest crypto- BTC. The king coin saw a 5% surge, hence elevating the mood of the entire market.
In fact, at press time, Ether balances on crypto-exchanges globally had also increased by 550,459 ETH since May $950 million worth of inflows into the exchanges hot wallets.
Could this be the sole reason for ETHs price correction? Well, maybe or maybe not. A short correction could be in play, but one needs to focus on the long run as well.
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ETH 2.0 is coming and $950M worth of inflows suggest.... - AMBCrypto News
Theta Price Analysis: Inverted H&S Pattern Foretells THETA to Hit $1.6 – CoinGape
Published 15 hours ago
The three-week consolidation in THETA price revealed an inverted head and shoulder pattern. Furthermore, the price nearing the $1.4 neckline could soon provide a breakout opportunity. The resulting rally would drive the price 11% higher to $1.5.
Source- tradingview
For the first four months of the THETA price consolidated within two fixed values of $4.3 and $2.6. On April 1st, altcoin turned down from the overhead resistance($4.3) and fell down 40.5% to revisit the bottom support.
However, the buyers couldnt sustain above this support this time as the wide spread selling in crypto market bolstered $2.6 fallout. With a successful retest, the more sellers poured into the market triggered a stepper downfall.
As a result, the downtrend reached a low of $1.03 registering a post-retest fall of 60.43%. furthermore, the THETA price started to hover above the $1 support indicating a minor consolidation phase.
The THETA chart shows the formation of inverted cup and handle pattern in the 4-hour time frame chart. Today, the altcoin has surged 9% and approaches the patterns neckline($1.4) to break above it.
A daily-candlestick closing above $1.4 would encourage buyers to escape the range-bound rally with $1.6 resistance.
Conversely, any failed attempts to surpass these overhead barriers would continue the ongoing consolidation for a few more sessions.
Todays price pierced the 20, 50, and 100 EMA altogether and bullish crossover among 50 and 100 EMA encouraged the triangle breakout. However, the 200 EMA guarinding the $1.4 suggest the buyers would need extra efforts to break it.
The MACD indicator slope wavering near the midline shares a neutral bias.
From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Theta Price Analysis: Inverted H&S Pattern Foretells THETA to Hit $1.6 - CoinGape
According To A Top Trader One Under The Radar Altcoin Will Arise As The Winner Of The Terra (LUNA) Crash – The Coin Republic
Following the collapse of Terra (LUNA) and its algorithmic stablecoin TerraUSD, a closely followed trader has named one cryptocurrency that he believes will emerge as a huge winner (UST). Pseudonymous trader Light claims that Tron (TRX) and its algorithmic stablecoin Decentralized USD (USDD) are prepared to fill the void left by Terras collapse to his 160,600 Twitter followers.
Due to Trons new drive into the algorithmic stable region and a 30% yield on USDD, TRX has shown critical relative strength, getting back to its March highs in a climate where 99 percent of alts are down 50% or more. Winners win in bear markets. Tron, a cryptographic money that was made fully intent on filling in as a decentralized stockpiling and circulation network for virtual entertainment and computerized diversion content, has as of late moved concentration to imitate the relationship existed among LUNA and UST before their end.
According to Justin Sun, the founder of Tron, USDD will be issued in a decentralized manner, tethered to the underlying asset, TRX. Users and arbitrageurs can send one USDD to the system and receive one US dollar worth of TRX when the USD price is lower than one US dollar.
Clients and arbitrageurs can contribute one US dollar worth of TRX to the decentralized framework and get one USDD when the USDD cost is higher than one US dollar. Regardless of market volatility, the USDD protocol will use correct algorithms to keep USDD stable at 1:1 versus the US dollar in a decentralized manner.
Because the algorithmic stablecoin has a market valuation of only $534 million, Light believes the current status of TRX and USDD gives chances to traders and investors. The crypto dealer likewise cites a tweet from Tron maker Justin Sun, who guarantees that the USDD has a $10 billion screen at the Tron DAO Reserve.
ALSO READ How do Silent Payments increase more privacy in Bitcoin blockchain transactions?
Traders have initiated the process of transferring their TRX to the system, according to Light. Dealers have started moving their TRX to the framework to coin USDD, as per Light. USDD mining resumed this weekend after the market-wide capitulation, sparking a significant drop in centralised exchange balances of TRX as it is withdrawn to mint USDD.
TRX has a history of outperforming other crypto assets during bear markets, according to the prominent trader. During periods of bad market circumstances, when a few names soak up the lions share of speculative flows, Tron has a history of pumping. The risk/reward ratio of backing a resurgent Justin Sun, who sees potential in the Do Kwon void, is favorable. Tron is currently trading at $0.08, up more than 14% from its seven-day low of $0.07.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Crypto Analyst Says Bitcoin Capitulation Imminent, Updates Outlook on Ethereum, Solana and One More Altcoin – The Daily Hodl
A closely tracked crypto strategist who continues to build a following with his bearish calls says it is almost time for leading digital asset Bitcoin (BTC) to ignite another huge sell-off event.
Pseudonymous trader Capo tells his 323,500 Twitter followers that demand for Bitcoin at $28,000 is nearly exhausted as BTC bears continue to stack massive sell orders above $29,000.
Thats 5,000 BTC there. Demand is gone. When $28,000 is tested again, we could see bulls capitulation.
Capo also highlights that Bitcoin has now tested support around $28,000 seven times in a little over two weeks, suggesting that the key level is poised to collapse.
BTC. Its time.
Capo previously predicted that Bitcoin will likely bottom out between $23,000 and $21,000.
At time of writing, Bitcoin is changing hands for $28,988.
Looking at top altcoin Ethereum, Capo warns that should ETH take out support at $1,700, it can plummet to as low as $1,000.
ETH.
At time of writing, ETH is valued at $1,779.
Next up is fellow smart contract platform Solana, which Capo says is at risk of losing half of its value if it takes out support at $40.
SOL. $20-$25 key support.
Solana is currently valued at $42.08.
Capo is also keeping a close eye on THORChain (RUNE), a decentralized exchange protocol. According to the crypto strategist, RUNE has broken below its diagonal support and is now en route to his target at $1.79, which is nearly 30% below its current price of $2.50.
RUNE.
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Crypto Analyst Says Bitcoin Capitulation Imminent, Updates Outlook on Ethereum, Solana and One More Altcoin - The Daily Hodl