Category Archives: Altcoin
3 Coins To Buy As Altcoin Season Begins – Seeking Alpha
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Last weekend Bitcoin (BTC-USD) broke past a key resistance level, and bullishness returned to the market. However, many altcoins, Ethereum (ETH-USD) included, had already shown a lot of promising signs of reversal.
In this article, I discuss why I believe altseason, a period where altcoins outperform Bitcoin, has begun, and recommend 3 Altcoins you should own.
Since crypto markets began to gain popularity, investors and traders have been looking at optimum strategies to maximize returns. One such strategy relates to understanding the different market cycles, and one of them is altseason. While generally crypto moves together, there are some periods where Bitcoin leads the pack, but also others where altcoins outperform Bitcoin. There are a few charts that can give us some insight into this dynamic, and help us determine if altseason is upon us.
BTC Dominance (Author's work)
The chart above shows the percentage of the total crypto market cap that is made up of Bitcoin. This has been in a clear downtrend since 2016, which is understandable given that more altcoins are appearing every week. However, we see that altcoin dominance peaked in 2018. Bitcoin recovered ground until 2021 when we saw another altseason take place.
What we could identify here is an inverted cup and handle pattern, which would suggest that Bitcoin dominance should be heading further down in the future. But this is only one of many indicators we can use.
ETH/BTC (Author's work)
The ETH/BTC chart shows the price of Ethereum in terms of Bitcoin. When the chart goes up, it means Ethereum is outperforming Bitcoin. In the past, big moves in Ethereum have been a warning trigger for the beginning of the altseason.
Lastly, Id like to talk about a chart that you can see here. It was made by Twitter user @BTCFuel. What we see is an overlay of Altcoins today vs. Bitcoin in 2010-14. The theory is simple. Because altcoins can be thought of as a newer Bitcoin, its price today is more correlated to that of Bitcoin in its earlier stages. This means that we should see altcoins price rise more exponentially as Bitcoin did back in the earlier stages of its cycle.
The first alt you need to own is Ethereum. Ethereum is the most important alt, and it is the leader of the pack. Though Ethereum has had its issues, we have seen some very bullish news come out in recent weeks. The London fork upgrade, combined with the upcoming move to PoS, means that Ethereum will be much more deflationary. The blockchain should be moving to PoS by the end of Q2 or Q3. I talked about this more extensively in my last ETH piece.
This is where Im expecting Ethereum to go in the next few months.
ETH price (Author's work)
If we measure the move from 1900 to 4680 as wave i, then the target for wave iii would be around $6800-$8000. This is where the 1.618 and 2 Fibonacci extensions land.
Fantom (FTM-USD) is a layer 2 solution that holds a lot of potential. Even with ETH becoming more scalable, L2 solutions will still be needed, and Fantom has some of the best technology out there. Fantom blockchain can handle around 20,000 tps, and it is designed so that each application in it exists as a separate blockchain within the blockchain.
FTM Price (Author's work)
Using EWT, I believe Fantom could reach a target price of $5.6-$7 in the next move up. Thats 4-5x from todays price.
LUNA (LUNA-USD) is the native coin of the Terra blockchain and was created in conjunction with CHAI, the South Korean e-wallet application. The main use of Terra is to support algorithmic stablecoins, like UST, a dollar stablecoin. This is done by providing arbitrage opportunities between said stablecoins and Terra, which ensures that supply and demand balance out at the established peg.
Stablecoins have become incredibly popular, and Terras algorithmic coins are solving real-world problems, especially in Korea where the CHAI app is used by merchants to accept payments. To maintain the peg, algorithmic coins require LUNA, which is burned or minted. What is certain though, is that as these stablecoins become more used, demand for LUNA will increase, and so will its price.
LUNA price (Author's work)
Looking at LUNAs chart, we have clear evidence that a bottom is in, and the target for the next wave up should be at least $126-$156. This is not a great return from todays price, but I still recommend owning LUNA based on its strong fundamentals and use case. Also, we should see some more attractive buying levels in the next few weeks.
I see strong evidence that we have entered another bull phase in crypto, especially for altcoins. Cryptocurrencies have put in convincing bottoms and rallied strongly, but there is still plenty of juice left to squeeze in this rally. We may see more attractive adding levels for a lot of altcoins in the coming weeks, which I would consider the last chance to add before the big rally.
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3 Coins To Buy As Altcoin Season Begins - Seeking Alpha
Solana-Based Altcoin Explodes 20,000% in One Month As Project Teases Partnership With Crypto Giant – The Daily Hodl
A lifestyle crypto project built on the Solana (SOL) blockchain is hinting that it has a big announcement coming down the pipeline.
In a recent interview, an unnamed STEPN (GMT) crypto platform representative says they have an upcoming announcement relating to sportswear giants Adidas and Nike.
Big sports brands like Nike and Adidas are known for shaping the market regarding walking and running. Do you see these players as a threat in the future?
You will see we have an announcement about this very soon.
STEPN is a lifestyle app that incentivizes a healthy and active lifestyle by rewarding users with tokens for participating in outdoor activities such as walking and running.
Earlier this week, STEPN had teased on Twitter that it was planning an undisclosed partnership with the Binance cryptocurrency exchange.
The native governance token of STEPN, GMT, is trading at $2.03 at time of writing. GMTs token sale occurred on Binance on March 9th at an initial exchange offering price of $0.01. The token has recorded a 20,200% rally in a little over three weeks.
STEPN has a dual-token system with GMTs use case being voting and staking while the Green Satoshi Token (GST) being a user reward for walking or running.
In the Solar Eco Fund interview, the move-to-earn crypto project says that maintaining a high return on investment (ROI) on the GMT token is one of the methods it will employ to maintain a competitive edge.
People are chasing high sustainable ROI, we believe we will be on the top of the list by providing long-lasting use cases and burning scenarios of GMT to maintain the high demand of GMT.
STEPN also says that its strategy for attracting more users includes converting the [STEPN] app into an [non-fungible token] and social platform.
Featured Image: Shutterstock/Art Furnace/Natalia Siiatovskaia
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Solana-Based Altcoin Explodes 20,000% in One Month As Project Teases Partnership With Crypto Giant - The Daily Hodl
Crypto Trader Says One Ethereum Challenger Looks Super Bullish, Predicts Rallies for Solana and Two M… – The Daily Hodl
A popular crypto strategist and trader is predicting strong rallies for three Ethereum (ETH) competitors and one low-cap altcoin.
Pseudonymous crypto analyst Altcoin Sherpa tells his 171,400 Twitter followersthat hes super bullish on Ethereum rival and smart contract platform Near (NEAR).
According to the crypto strategist, NEAR hit his initial target at $16, but hes holding on to his stack as he believes the altcoin will likely hit $20.
NEAR: decided not to sell at low $16s despite that being my plan for weeks. Going to HODL (hold on for dear life) this a bit longer for higher targets.
Next up is high-performance blockchain Solana (SOL), which Altcoin Sherpa predicts will soar in the coming weeks.
SOL: still strongly feel this goes to $150-$200 before its run is over. The next few weeks should be bullish for this.
Solana is trading for $135 at time of writing.
Another coin on the traders watchlist is fellow Ethereum rival Avalanche (AVAX). According to Altcoin Sherpa, he sees AVAX rallying in the coming weeks as it follows the footsteps of Solana.
AVAX: with SOL doing really well, what do you think AVAX does? In my opinion, we see this go to $115.
At time of writing, Avalanche is exchanging hands for $100.
The last coin on the traders list is Alpha (ALPHA), the governance, utility, and work token of Alpha Finance Labs, a cross-chain decentralized finance (DeFi) platform.
Altcoin Sherpa says the recent surge in ALPHAs volume suggests that the altcoin is primed for an explosion.
ALPHA: Remember this coin? Maybe DeFi 1.0 is going to rise hard here. Insane amount of volume coming in now. Would target low $0.80s at a minimum before the run is over (and likely higher).
ALPHA is currently valued at $0.57.
Featured Image: Shutterstock/Sergey Nivens/WhiteBarbie
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Crypto Trader Says One Ethereum Challenger Looks Super Bullish, Predicts Rallies for Solana and Two M... - The Daily Hodl
Low-Cap Altcoin that Surged 300% in Past 12 Months Could Soon Jump to Top 25, Analyst Says – CryptoGlobe
A popular cryptocurrency trader and analyst, Kevin Svenson, has recently looked at the native cryptocurrency of the popular trading platform KuCoin, $KCS, suggesting the cryptocurrency could soon jump to become a top 25 cryptoasset by market capitalization.
In a tweet shared with his nearly 100,000 followers on the microblogging platform Twitter, Svenson noted that KuCoin Token was one of the strongest assets during the entire downtrend since November 2021 and even went up against the flagship cryptocurrency Bitcoin ($BTC) while holding its value.
Per his words, he now expects KCS to be a top 25 coin following the footsteps of other cryptocurrency exchange tokens including Crypto.coms $CRO, FTXs $FTT, and Binances $BNB.
KuCoin token, according to the cryptocurrency exchanges website, was launched back in 2017 as a utility token that allows traders to share the growth benefit of the exchange. Its currently issued as an ERC-20 token on top of the Ethereum network.
The exchange adds that KuCoin will be the native asset of KuCoins decentralized financial services as well as the governance token of the KuCoin community in the future. Its initial supply was 200 million tokens, but its set to drop to 100 million through a buyback and burn program.
KCS can be used to pay for trading fees on KuCoin at a discount, and for larger holders it allows them to receive a share of the cryptocurrency trading platforms revenues through the KuCoin bonus program.
Over the last 12 months, available data shows the price of $KCS has moved up over 300% as it outperformed most of the cryptocurrency market. The cryptocurrency is, at the time of writing, trading at $21.3.
As reported, KuCoins CEO Johnny Lyu has recently weighed in on meme-inspired cryptocurrencies including Shiba Inu, saying SHIB is worth holding over the long-term. Speaking to CryptoGlobe Xinlu Yu, head of KuCoin Labs, noted SHIB is a community-driven token that can do anything thanks to its token holders.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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Altcoin Built on Ethereum Is Perfectly Positioned As ETHs Big Upgrade Nears, According to Coin Bureau – The Daily Hodl
A closely followed crypto analyst says that the layer-2 scaling solution Polygon (MATIC) is poised to rally as Ethereum (ETH) shifts to proof-of-stake.
In a new video, pseudonymous Coin Bureau host Guy tells his 2 million YouTube subscribers that the much-anticipated Ethereum upgrade will spur demand for blockchain scaling platforms like Polygon.
As Ethereums transition to proof-of-stake approaches, many have wondered whether there will be a need for layer- 2 scaling solutions like Polygon. It looks like the merge will have minimal effect on Ethereums scalability.
Its also likely to increase the demand for Ethereum which will make it even harder to use. This means layer-2s might soon be needed more than ever and Polygon is perfectly positioned to profit.
The analyst says MATICs price has not increased much despite its developments, updates and partnerships because of supply issues.
MATIC hasnt gone up much in percentage terms over the last year though it is in an uptrend. This means something is suppressing MATICs price and the answer seems to be supply.
Historical data from CoinMarketCap suggests that MATICs circulating supply has increased by around 600 million over the last four months. Coingeckos historical data suggests MATICs circulating supply hasnt changed at all, but this is very unlikely given MATICs vesting schedule.
As it so happens, the vesting contract for the Polygon Foundation released 600 million MATIC during the same period The fact that the MATIC balances of the other vesting contracts have barely changed or even stayed the same suggests that most of the sell pressure is coming from the Polygon foundation.
Speculation that the Polygon foundation selling is suppressing MATICs price recently made the crypto headlines and it makes sense if you do the maths.
Guy says that Polygon is lagging behind similar platforms such as Avalanche (AVAX) in terms of wallet and transaction growth, but future developments will influence MATICs upside potential.
MATIC seems to be on the decline. As you can see, the number of new wallet addresses on Polygons POS chain seems to have plateaued. Whats worse is the number of daily transactions on Polygons
This paints a pretty grim picture for MATICs price potential but this ultimately depends on the demand that can be created by the upcoming milestones on the Polygon roadmap.
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With WAVES skyrocketing to a new ATH, is altcoin season around the corner – AMBCrypto News
Disclaimer:The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice
In a single hourly session the previous day, Waves had traded a million tokens on Binance. This has been a relatively common occurrence for Waves in the past month, as there have been multiple hourly sessions with 1m+ of the token traded. Each time, there had been further upside before an eventual pullback. This could be the case once more in the hours to come. Bitcoin has also seen strength in the past few days as it rose past $45k once again, and Bitcoins bullishness sometimes nourishes altcoins and their USD pairs.
Source: WAVES/USDT on TradingView
On the 22 March, WAVES formed a high at $34.9, which was also the same level that the asset stalled at in mid-September last year. The past few hours of trading saw this level broken on high trading volume, a sign of conviction from market participants.
A set of Fibonacci extension levels (yellow) were plotted based on the prices move from $16.73 to $34.9 this month. The 100% extension level lay at $53.07, marking it as a near-term take-profit level. However, WAVES could still have plenty of strength, so partial profit-taking might be advisable as well.
Source: WAVES/USDT on TradingView
On the hourly chart, the RSI was on the verge of making a lower high even as the price made a higher high- a bearish divergence. This could see the token pullback to the $38-$40 area. On the other hand, higher timeframes showed strong bullish momentum and no divergence yet, which meant further gains were still very likely.
The OBV has surged alongside the price which meant the rally was backed by genuine demand.
Continued gains were still a likelihood for WAVES, and taking partial profit and reloading on a pullback could keep FOMO away. Such a pullback could be as deep as $40, while to the north, the $50 psychological level and the $53 extension level were likely to act as resistance.
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With WAVES skyrocketing to a new ATH, is altcoin season around the corner - AMBCrypto News
Small Cap Altcoins Beat Bitcoin And Other Crypto Assets 10 To 1, But Why? – NewsBTC
The Small Cap altcoins index has been outperforming the larger coins. As NewsBTC has been reporting, smaller caps have been looking like the best investment in the past months. Now that the larger Caps found relief recording gains once more during March, the Smaller Cap is still crushing the numbers.
According to data from the latest Weekly Report fromArcane Research, the whole crypto market has seen relief during March. However, even with recent gains, the Small Cap Index still has completely outperformed the other indexes.
As seen in the chart below, Bitcoin, the Large Cap, and Mid Cap indexes have all seen relevant gains during March in the 8-11% increase range. But compared to the Small Cap Index, the larger indexes are lagging behind its massive 40% gains.
The massive gains have a few lead characters. Primarily, the Waves token is outshining all top 50 coins by market cap. It has seen surprising growth in the past month with a 300% increase in price.
Waves is a global open-source platform for decentralized applications. Their native token just rallied 50% in 24 hours, which might have been a result of the Wave Labs launch, a U.S. venture that intends to headquarters in Miami. As the data points out, the token came out of the past week as the best performer of all top 50 coins by market cap.
As per Wave Labs press release, the venture aims to integrate Waves with leading blockchain protocols, form an Ecosystem fund, support projects building on Waves, and other strategic international plans aimed to become the growth engine for the Waves ecosystem so it can reach mass adoption.
With the founding of Waves Labs, the ecosystem fund, and the extremely talented team in place, I do not doubt that Waves will reach mass adoption in 2022 and beyond, saysSasha Ivanov, Founder of Waves.
The Waves 2.0, the new version of Waves Consensus based on Practical Proof-of-Stake Sharding (PPOSS), has been gaining new attention as it promises a highly scalable and EVM-compatible network set to start this spring.
Still unknown in the U.S. compared to other Small Cap altcoins, Waves has a lot of room to grow into. This incentivizes investors as they might see a potential for the digital asset to deliver larger returns.
Even though smaller coins and projects are riskier and more likely to fail, their higher volatility and size can also mean that they can grow exponentially and show greater returns than much larger coins like Bitcoin and Ethereum over the same period of time. Plus, the communities that are formed around Small Cap altcoins projects are often committed to its trajectory and seeing a boost in the price.
However, even though they can turn into greater returns, smaller altcoins can also crash the hardest.
Related Reading |Small Cap Altcoins Continue To March Ahead Of Bitcoin And Ether Gains
More on the Waves token, the pair WAVESBTC just hit a new high, breaking through previous peaks. Traders have been long expecting an alt season to happen soon and Waves movements could be seen as a bullish sign.
Many investors have been expecting an altcoin season to happen this year. This dominance of altcoins over Bitcoin could happen after a BTC bull run as other digital tokens make breakthroughs and gain dominance over the market.
Bitcoin seems to be making big moves this week as it broke its 3-month consolidation. A bullish ascending triangle pattern is on the lookout along with a possible around-$51k target. In the crypto market, coins usually follow other coins moves. This means that Ethereum can follow Bitcoins price movements, and then other altcoins as well.
It can be similar for the smaller coins. If some altcoins are greatly outperforming, others can follow. The movement in question seems to be whether BTC can truly go above its $48k latest high. And as the report noted the bitcoin dominance has been sitting at its highest levels since November, and the time for altcoins might be around the corner if optimistic market sentiment continues.
Related Reading |Bitcoin Dominates Altcoins During War-Torn Month Of February
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Small Cap Altcoins Beat Bitcoin And Other Crypto Assets 10 To 1, But Why? - NewsBTC
Three reasons why an Altseason may be around the corner – AMBCrypto News
Altseason is a crypto-market cycle phase investors absolutely love. This is a period where altcoins tend to rally, offering gains in the multiples. However, an altseason has a lot of components working together and each of these parts needs to be in the right place to kick-start an altseason.
The cycle for cryptocurrencies, like stock markets, comprises of a bull run and a bear run. However, these distinctions get blurred when taking a nuanced approach. For example, the typical bull run includes Bitcoin and altcoins rallying together. However, in actuality, when BTC starts pumping heavily, altcoins take a backseat and only rally when the big crypto cools down for the next leg-up.
However, as the bull run matures, both asset classes rally in tandem.
The leading factor behind an altseason is capital rotation from investors trying to maximize their profits. Now that Bitcoin has established its presence and moved past the $45,000-hurdle, there is a good chance altcoins will rally. In fact, many altcoins are already rallying by >20% in a single day.
Another observation is that the dominance of Bitcoin reduces during an altseason. Currently, the dominance of BTC is hovering around 42% after a rejection at 44%. From the looks of it, this retracement will extend, pushing BTC dominance to 39% or 40%.
Such a southbound move is a sign that capital is flowing from BTC to altcoins.
Source: BTC Dominance, TradingView
Another factor that backs the assertion that an altseason is starting is Bitcoins price. Although there is a good chance BTC might hit $53,000, there is no proof or supporting arguments that indicate that the rally will extend beyond this level.
As seen in the chart attached below, Bitcoins price has three major areas of support
The first area is a major hurdle and clearing it is unlikely. The second one is the immediate support level and the third area is the last line of defense. Breaching the last support area could trigger a crash to $30,000 or lower.
The recent run-up shattered the $45,000 resistance barrier and has also moved above the yearly open, suggesting a resurgence of buyers. However, due to the presence of overhead barriers, Bitcoins price action will be limited. Also, it likely to bracket between these areas.
Source: BTC/USDT, TradingView
Finally, the altcoin index also suggested that flipping the 4,146 hurdle will eliminate any and all immediate hurdles, allowing altcoins to rally.
Source: Altcoin Index
Thanks to Bitcoins sideways movement, the reduction in its dominance, and the altcoin indexs current reading, the altseason seems more than likely to kick-start itself. All in all, the three aspects reveal the possibility of an altseason and work perfectly well in helping each other.
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Three reasons why an Altseason may be around the corner - AMBCrypto News
ApeCoin losing sleep over BAYC’s Discord hack that cost it a missing Mutant – AMBCrypto News
While NFT hacks have been observed mainly on the NFT marketplaces in the past, the Bored Ape Yacht Club (BAYC) on 1 April witnessed the same on its Discord. The incident created a panic within the community.
Surprisingly, the hacker managed to steal a Mutant Ape Yacht Club (MAYC) NFT. At the time, MAYC was priced at 20 ETH ($69k). The NFT has since left the address. And, reportedly, it was resold for 23.64 ETH ($82k).
While the actual reason behind the hack has not been revealed, the BAYC team simply sent out a precautionary message saying,
STAY SAFE. Do not mint anything from any Discord right now. A webhook in our Discord was briefly compromised. We caught it immediately but please know: we are not doing any April Fools stealth mints / airdrops etc. Other Discords are also being attacked right now.
This incident wasnt the best thing for ApeCoin holders. Since its launch, both the token and network have had a lackluster performance.
Usually, when a development such as the launch of the native token of the second biggest NFT collection in the world occurs, the crypto community goes berserk. They buy hundreds of thousands of dollars worth of monkeys and pixels.
Unfortunately, that was not the case with APE.
The altcoins price action has seen no spectacular changes over the last couple of days. Any rise since its launch has been countered with a drop. Consequently, at the moment, the NFT token is trading at $13.12- slightly above its inception level.
Secondly, on-chain metrics show that in the two weeks following ApeCoins launch, the altcoin adoption rate has plunged significantly.
Notably, the lack of network growth can keep APE from noting high figures of unique addresses.
Furthermore, since the price levels have remained unchanged post 17 March, the current supply held by investors is neither in profit nor in a loss. Although it was in profit two days ago, the 10.62% drop reverted it.
But the most surprising factor of all is the descent of its social presence. As mentioned above, this is the second biggest NFT collection with NFTs with holders such as Justin Bieber. However, its domination over social channels, which was at about 8% on the day of its launch, is currently at 1.47%.
For low social dominance, transaction volume does not look to be the primary reason. In fact, it seems that ApeCoins appeal to the investors is pretty low at the moment which could be acting as a hindrance to the tokens growth. Undeniably, it is difficult to assess if APE could get its hype back.
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ApeCoin losing sleep over BAYC's Discord hack that cost it a missing Mutant - AMBCrypto News
Altcoins Primed for Heavy Rallies As Crypto Markets Target $2 Trillion Valuation: Analyst Justin Bennett – The Daily Hodl
A popular crypto strategist is predicting heavy rallies for altcoins as the broader crypto markets show signs of strength.
Analyst Justin Bennett tells his 98,600 Twitter followers that hes looking at the total valuation of all crypto assets (TOTAL).
According to Bennett, the TOTAL chart has broken out of its diagonal resistance that has kept the market bearish for about four months.
Thats more like it. TOTAL.
Based on the analysts chart, the breakout could send the valuation of all crypto assets above the $2 trillion level.
As the TOTAL chart breaks out, Bennett highlights that the market cap of all altcoins appears to be bouncing from its diagonal support.
Probably not the best time to be bearish.
Altcoin market cap linear view The bottom line is that it makes zero sense to be bearish while markets are above macro support.
Bennett also highlights that the Bitcoin Dominance index (BTC.D), which tracks the percentage of BTCs market cap relative to all other crypto assets, has broken down from its diagonal support.
According to Bennett, the move signals the beginning of a fresh altcoin season or a period where altcoins significantly outperform Bitcoin.
BTC.D (Bitcoin dominance) is starting to break down.
Likely back to 39.5% in the next few weeks.
Enter AltSeason2022.
Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
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Altcoins Primed for Heavy Rallies As Crypto Markets Target $2 Trillion Valuation: Analyst Justin Bennett - The Daily Hodl