Arman Shirinyan

Monero suddenly gets first place in altcoin rally with an impressive price increase

Private cryptocurrency Monero is leading the altcoin rally on the market with an approximately 9% price increase in the last 24 hours as more people return to the "old classic" tier of cryptocurrencies. XRP also follows the trend with a 4% price increase, according to CoinMarketCap.

As the coin tracker suggests, Monero's capitalization has faced a 5.5% increase in the last few hours in addition to a 2% volume increase. As for BTC valuation, the market saw an even greater price increase.

At the beginning of March, Monero also faced a sudden volume and price increase as market players turned their heads toward "private" cryptocurrency solutions. The price of the asset reached $178 at the local peak.

We observed the highest price for the asseton Feb. 10, when XMR was trading at $187.

Though the asset shows short-term gains, Monero trades in a sharp downtrend along with most of the assets on the market. According to TradingView, XMR has lost almost 70% of its value in the last 300 days of trading. Monero reached its ATH in May and has been trading at approximately $480.

While Monero reaches another local high, other altcoinslike XRP and WAVES are also following the recovery with an average 5% price increase. Despite the questionable performance of both assets in the long-term, they have both shown decent performance in February, with an average 20% profit.

At press time, Monero trades at $168 with a 9% price increase in the last 24 hours. XRP follows with 4% growth.

Read more:
Monero Leads Altcoin Rally on Market with 9% Price Increase, As XRP Follows - U.Today

A top crypto analyst is predicting that the overall altcoin market share against Bitcoin (BTC) will surge in the coming months.

In a new video, Nicholas Mertentellshis 511,000 YouTube subscribers that the measure of the valuation of the altcoins market relative to that of BTC, or altcoin dominance, is forming a pre-rally pattern.

All the while altcoin dominance has been pulling back here a little bit, were still holding up this consistent resistance range.

The question here remains whether or not we are able to establish a higher low here around 55.5%, which is higher than the significant low we had in October and the one back in July.

Further solidifying the previous line of resistance is now support and if we get that, I think were going to get a spring up into May and July, not just where Bitcoin is doing well but where Ethereum and many other players in the market could start to do just as well and continue climbing against Bitcoin in their ratios.

As for Bitcoin, Merten says that the king coin is pushing for a $4 trillion market cap. The analyst is also optimistic that the flagship crypto asset will rise by over 200%.

From the previous highs like we did back from the lows to the relative high we had in June of 2019 and also when we revisited that range, we had a 392% price expansion. All were asking for is not only for a longer period of time but a 220% return over a more expanded period of time.

Merten says that the projected increase of Bitcoin is conservative given the historical performance of the digital asset.

This is quite conservative considering that in most cycles we have effectively whats known as a blowoff top and thats where price is moving incredibly fast to the upside, and it could still play out like that, but were giving time here for price to consolidate and make this green line support once again.

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Featured Image: Shutterstock/sweet kiwi/Natalia Siiatovskaia

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Heres Why Altcoin Markets Could See a Spring Up This May, According to Crypto Analyst Nicholas Merten - The Daily Hodl

A low-cap altcoin built on the Ethereum (ETH) blockchain is in the middle of a parabolic rally even as Bitcoin (BTC), ETH, and most other major crypto assets go through corrections.

Universal Market Access (UMA), founded by ex-Goldman Sachs traders, is an Ethereum-based protocol that lets users create their own collateral-backed tokens that represent and track the price of any real-life asset.

UMAs oracle network feeds real-time market data to smart contracts. Some of the bigger projects currently utilizing Universal Market Access include decentralized betting platform Polymarket, decentralized exchange (DEX) Domination Finance, and smart contract security firm Sherlock.

UMA, the projects native token, is currently up 104% in the last seven days. Between February 28 and March 1, UMA suddenly exploded from a low of $4.89 to a high of $11.52, a gain of more than 130%. It has held onto most of its gains so far, stabilizing at $9.81 at time of writing.

The coins big move appears to come amid a steady wave of adoption. According to bridging protocol Across, which partially relies on UMAs oracle, several Ethereum whales were spotted using their platform.

In the same timeframe that UMA recorded its big gains, Ethereum has traded mostly flat, currently up 3% on the week and down 5% over the last 24 hours. Bitcoin, the crypto markets flagship asset, is currently hovering above the $40,000 mark, correcting after the strong bounce it recently saw to the $45,000 level.

Featured Image: Shutterstock/bestfoto77/Sensvector

Read more:
Oracle Altcoin Built on Ethereum Skyrockets 135% in Less Than a Day As Bitcoin and ETH Correct - The Daily Hodl

Key Insights

Multinational eCommerce giant eBay is reportedly looking into accepting cryptocurrency as a means of payment, said CEO Jamie Iannone in a recent interview.

The e-commerce marketplace, which aims to be a place for Gen-Z and millennials, is studying the possibility of adding cryptocurrencies as possible means of payment. In a recent interview, Iannone said that the firm could announce on March 10 during its day dedicated to investors.

Iannone said:

Were just completing our transition to manage payments where were now managing $85 billion of volume on our platform directly. This gives us the ability to open up new forms of payment.

Interestingly, over the last few months, quite a few surveys have highlighted that millennials tend to be the most crypto-friendly demographic, which explains eBays upcoming venture into the crypto-verse.

Until now, the e-commerce platform had shied away from fully embracing cryptocurrencies even though it embraced non-fungible tokens (NFTs) last year May. Without making any official announcement, Iannone pointed out the growing popularity of NFT trading on its platform.

Furthermore, talking about eBays stance on emerging technology such as blockchain and cryptocurrencies, Iannone said that the company altered its policies last year to make the e-commerce platform a place to buy and sell anything.

He added that the firm has been looking to integrate crypto payment options for quite some time, owing to the growing demand of the asset class.

While eBays decision to integrate cryptos would be much appreciated in the market, this wouldnt be the companys first dabble with cryptos. Notably, eBay first tried integrating BTC payments back in 2014, when BTC was still in its nascent stages.

Last year in May, there were speculations that eBay was exploring Bitcoin payment integration and NFT trading. Seemingly, the crypto payment integration plan could now see the light of the day as crypto adoption becomes mainstream.

eBay accepting cryptocurrencies like Bitcoin and Ethereum could further aid mainstream adoption. In the recent interview, when Iannone was asked whether eBay will add digital currencies such as BTC and ETH to the means of payment, he pointed out highlighting the platforms goals that:

eBay will be the place where people trade goods, whether they be physical or digital. So over time, you know, we want this to be the marketplace for sustainability.

Read more from the original source:
eBay Could Soon Permit Bitcoin, Ethereum, and Altcoin Payments - FX Empire

Cardano and its fundamentals continue to be a major attraction for investors and developers despite its lukewarm performance over the last six months. Now, unlike other altcoins, Cardanos downfall began three months prior to the rest of the market. Even so, investors are hoping that it could come to an end soon.

Project Catalyst is a quarterly innovation fund campaign initiative used to support projects proposed by developers. The Cardano Treasury will be setting aside $16 million for Fund eight. Interestingly, Fund seven has seen 269 projects funded with $8 million. And, this quarter could see double the number of projects receiving funding.

Since its inception, Project Catalyst has been doubling its funding every quarter, making it the worlds largest decentralized innovation fund.

Project Catalyst history | Source: IOHK

The proposals coming in for Fund 8 have a deadline of 17 March. It is being anticipated that after the proposals come in, Cardano would make impressive moves on the price charts. Development and the community have for long been Cardanos strongest suits. Building upon them would reflect well on the price action. It might as well boost investors interest too.

Such recovery would be crucial for Cardano since the altcoin has not recorded any major hikes since September. While there had been a couple of recovery attempts, they failed to sustain themselves. In the last four days, the markets bearishness has invalidated 28 Februarys rally of 12.49%. ADA, especially, has dropped by 13.29% over the same period.

Trading at $0.834, Cardano is already at its yearly low. If, after 17 March, a rally comes into the picture, ADAs immediate goal would be to test $1.02 as support.

Furthermore, a recent spike of $42.64 billion in transaction volume indicates that people still have hopes for Cardano. Notably, addresses with balances havent come down recently. This means people arent exiting on the back of market losses.

The increase in the volume, combined with investors conviction, is proof that investors are active.

Worth pointing out though that they are looking for a concrete recovery signal. This will be very beneficial once actual recovery begins.

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The unknown reason why Cardano is looking forward to 17 March - AMBCrypto News