Category Archives: Cryptocurrency
Tom DeMark identified the bitcoin downside in March. Here’s the good and bad news the technical strategist now has for the cryptocurrency. -…
Technical strategist Tom DeMark in March said bitcoin could fall as low as $18,418 back when the cryptocurrency was trading as high as $48,000.
A volatile weekend had bitcoin BTCUSD, +2.43% briefly trading below $18,000, as it traded around $20,000 on Monday, down some 70% from its Nov. 10 peak of $68,924. Bitcoin has collapsed in value as the Federal Reserve began lifting interest rates.
DeMarks indicators place great importance on the number of days, which dont have to be consecutive, in which there was a close lower than the close two days ago. Subject to various conditions, when the countdown reaches 13, a buy signal is triggered. (The opposite applies to sell signals.) Put more simply, his analysis looks for both overbought and oversold signals.
In an analysis provided exclusively to MarketWatch, DeMark says lasting damage has been done because bitcoin has fallen more than 50% from its peak. In prior declines, bitcoin held the 50% retracement levels.
See earlier story: The technician who called the 2020 market bottom says a shocking rally is in store
Typically, structural long term damage is done to an uptrend when a retracement exceeds 56%, says DeMark, the founder and CEO of DeMark Analytics and a consultant to hedge-fund manager Steven A. Cohen. Such breakdowns bespeak a high probability recovery to the all-time bitcoin highs will require many years, if not decades, to accomplish.
As a comparison, it took 25 years for stocks to exceed the prior September 1929 high.
But like the stock market after 1929, there could be a rally. This does not negate the prospect of up to 50-56% recovery over upcoming months which implies bitcoin rally back to $40,000-$45,000.
Depending on which timing model is applied, bitcoin recorded buy countdown 12 or 13 on Saturday morning. Since this was accomplished over a weekend and a 7 day chart there remains modest risk of two lower lows and closes than Saturday levels next week. Regardless once there is a close above the close 4 days prior followed the next trading day with a higher high and close, the trend should reverse upside, he says.
DELHI has moved to the top of the numerous cryptocurrency trading platforms – Pulse Nigeria
Bitcoin has a high level of intraday volatility. Yesterday's European session was the most exciting, with the price touching a low of $20,090 and just missing breaking through the barrier. The session in the United States was solid, as U.S. equities continued to increase in gains, re-powering the coin's upward momentum. At the same time, the primary force and the US stock connection are strengthening, so the market will be more resistant to downside concerns. The long and short bailout forces will emerge gradually; there is no need to be overly negative and bearish in operation; possibly the bottom of this period has arrived.
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DELHI has moved to the top of the numerous cryptocurrency trading platforms - Pulse Nigeria
U.S. senators unveil bill to regulate cryptocurrency – Reuters
WASHINGTON, June 7 (Reuters) - A bipartisan pair of U.S. senators unveiled a bill on Tuesday that would establish new rules for cryptocurrency, and hand the bulk of their oversight to the Commodity Futures Trading Commission (CFTC).
The bill, introduced by Republican Senator Cynthia Lummis, one of Congress' most vocal cryptocurrency advocates, and Democratic Senator Kirsten Gillibrand, marks one of the most ambitious efforts yet by lawmakers to place clear guard rails around rapidly growing and controversial cryptocurrency markets.
The measure would stipulate that the CFTC, not the Securities and Exchange Commission, play the primary role in regulating crypto products, most of which the senators said operate more like commodities than securities. The smaller CFTC is generally seen as a friendlier regulator for cryptocurrency, as the SEC has typically found that crypto products must adhere to a host of securities requirements.
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The bill is not expected to become law in the current session of Congress, with the midterm elections just months away, but its framework could serve as a starting point for future debates about how best to oversee those markets.
"We expect this bill will be the starting point for debate next year regardless of which party controls the House or the Senate," wrote Jaret Seiberg, an analyst with Cowen Washington Research Group. "What does matter is that there is a bipartisan effort to bring crypto into the existing regulatory regime even if the details are likely to change."
The senators said the bill is aimed at providing certainty and clarity to crypto markets, alongside consumer protections.
Among other items, the bill would establish new rules for "stablecoins," which are tokens intended to have their value pegged to a traditional asset like the U.S. dollar. Those products have been under significant pressure lately after a crash in the value of a high-profile stablecoin, TerraUSD. read more
The new bill would require stablecoin issuers to maintain high-quality liquid assets equal to the value of all outstanding stablecoins, and public disclosures of those holdings.
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Reporting by Pete Schroeder in WashingtonEditing by Matthew Lewis
Our Standards: The Thomson Reuters Trust Principles.
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U.S. senators unveil bill to regulate cryptocurrency - Reuters
Seems To Be Vitalik Buterin The Very first Cryptocurrency Market Victim – The Coin Republic
Vitalik Buterin, who co-founded Ethereum and recently tweeted about it, is no longer a millionaire, making him one of the first victims of the crypto market fall. The coin has declined by 59 percent from reaching a peak of $4,800 in November 2021. As a result, the billionaires holdings dropped significantly in value, to around $1.5 billion. The millionaire, however, showed his enthusiasm for the blockchain he helped design, in addition to highlighting the contrasts between open-mindedness and passion. TerraUSD and LUNA tokens value plunged in May, taking $40 billion off the market in just two days.
TerraUSD, a so-called stablecoin whose value is said to be fixed to the dollar, was valued about 6 cents on May 20. According to market capitalization, Ether is the second most popular cryptocurrency. Only Bitcoin has lost more than half of its value in the last six months. The price of one Ether coin topped $3,300 on May 3rd, making Vitalik Buterin, co-creator of the Ethereum blockchain network, a billionaire. When Ethers price reached $4,300 on May 12th, it was estimated to be worth $1.4 billion. According to Forbes, Vitalik Buterins current net worth is $850 million, following the recent crypto market slump.
After reaching a high of $59,423 per coin at midnight on May 10th, the cryptocurrencys value began to plummet, plummeting by 36% in the following nine days. As a result, the value of most crypto millionaires assets has decreased. For example, 12 billionaires whose fortunes were built on cryptocurrency lost $62.3 billion to $46.8 billion at 3 p.m. E.T. on May 18, according to Forbes estimates. These crashes have claimed the lives of a number of millionaires.
ALSO READ The Graph Price Analysis: Will GRT ever reach $1.00 Level again or Not?
The greatest major loss belongs to Sam Bankman Fried (in terms of dollars). He launched Alameda Research, a Quantitative Crypto Trading business, at the age of 29. When Bitcoin peaked in May, Bankman-Fried, a former Wall Street trader, owned crypto worth $16.7 billion, but his net worth plummeted to $11.5 billion by mid-May. On Forbes list of billionaires, he was one of the most recent self-made billionaires. In 2019, he grew his fortune by creating FTX, a cryptocurrency derivatives exchange. The majority of his fortune is made up of FTX stock and tokens. However, since May 10th, the value of FTX coins has decreased by 37% due to the crypto crisis.
A portion of the Winklevoss Twins fortune was also lost. Earlier this month, their net worth plummeted by about $900 million. As a result, their net worth is estimated to be at $2.9 billion, after losing up to 24% due to the crypto crisis. The twins bought Bitcoin with a share of the $65 million settlement from the Facebook lawsuit in 2012, and they created the cryptocurrency exchange Gemini in 2014. Gemini currently conducts trades of up to $200 million each day.
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
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Seems To Be Vitalik Buterin The Very first Cryptocurrency Market Victim - The Coin Republic
‘Cryptocurrency A Threat To The Safety Of Global Payment Systems,’ Starling CEO Says – Benzinga – Benzinga
The CEO ofGoldman SachsGS backed digital bank Starling has stepped up her criticism of cryptocurrency, calling it a threat to the security of payment infrastructure,reported CNBC.
It is very dangerous, Anne Boden, who established Starling in 2014, cautioned at the Money 20/20 fintech conference in Amsterdam on Tuesday.
A lot of crypto wallets are being connected directly to payment schemes, Boden stated. This is a threat to the safety of our payment schemes around the world.
Starling, based in the United Kingdom, provides fee-free checking accounts and loans via an app.
Major payment processors are adopting cryptocurrencies; for example, PayPal now allows customers to exchange bitcoin and other cryptocurrencies.
Related:PayPal Gets A Full Virtual Currency License In Crypto Push
Regulators are concerned that the banking system is getting more intertwined with the unpredictable world of cryptocurrency.
Customers are being scammed, the Starling chief said Tuesday. Were spending far more of our time protecting customers from the scammers than we are trying to promote crypto.
Messaging Apps: Where Cryptocurrency And Conversation Collide – NewsBTC
The global financial landscape is changing. Every day, more and more people start using cryptocurrency. But as the popularity of crypto rises, so does the number of adversaries hunting for unsuspecting victims in hope of stealing the tokens right out of their wallets. In a world where the privacy and security needs of users have evolved, major messaging apps are stuck in the past.
A large portion of the messaging app market is cornered by Meta Platforms (previously Facebook). It owns both WhatsApp, with 2 billion users, and Facebook Messenger, with 1 billion users. WhatsApp drew in much of its base through the promise of security via end-to-end encryption, and Facebook Messenger promises robust privacy through user controls. However, industry experts question either apps ability to deliver on its claims Meta Platforms is known for its involvement in a myriad of user data scandals. Given the companys track record, its irresponsible to claim that either of its messaging apps is safe.
The next-popular messaging app is Telegram, with about half a billion users. While Telegram does offer end-to-end encryption for private chats, this alone is not enough protection. Telegram is popular among cryptocurrency enthusiasts, who commonly congregate in large chat groups to discuss various tokens and investment strategies. Anyone that has participated in one of these groups knows that they are heavily polluted by scammers and bots. With real money on the line, this is incredibly dangerous, especially for those who are new to cryptocurrency.
So far, no major messaging app has broken into the cryptocurrency space. Without catering to the cryptocurrency enthusiasts, these apps are turning their backs on the cryptocurrency community that turned two-cent Bitcoin into one of the best-performing assets of all time. Millions, or even billions, of users worldwide could be waiting to sign-up for a messenger that takes cryptocurrency seriously.
Thats exactly what were doing with TokLok, the worlds first secure messenger to utilize cryptocurrency tokens. With the needs of cryptocurrency investors in mind, we have pioneered advanced security features that make it the most secure messenger in the world.
First a standard TokLok offers encryption but goes far beyond that to ensure private correspondence. What makes TokLok unique is that it is a non-public messenger, meaning that users decide who can communicate with them. This is achieved using private chat rooms that give their hosts total control only they can invite other users. As such, neither scammers nor bots can send unwelcomed messages, and hosts can limit who has access to their conversations.
Furthermore, TokLok guarantees total anonymity. Encrypted message content is automatically deleted, and TokLok does not collect or store any information about users or their correspondence. All together, these features enforce that only intended audiences are able to read messages and be involved in conversations. Whether messages are on the way to their recipients or being read, they are safeguarded.
We are also working on a feature that will enable users to connect directly, without going through cellular or internet networks. This feature will leverage secure Bluetooth technology to create long-distance connectivity meshes while preserving TokLoks current security features.
Though our app is already developed, we have decided to go public via an Initial Coin Offering, or ICO. The sale of our TOL token (ERC20) will be used to fund the development of new features, such as our secure Bluetooth mesh, and to provide continuous security updates. In total, there will be three token sale rounds, each selling the TOL token for a higher price than the last. The first round is off to a good start, selling nearly 10% of its supply in the last few days. By providing what cryptocurrency users actually need, TokLok is set to become not just the most secure, but also the largest, messaging app in the world.
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Messaging Apps: Where Cryptocurrency And Conversation Collide - NewsBTC
Four Good Reasons to Be Optimistic About Bitcoin: Is Bitcoin the cryptocurrency of the future? – Benzinga – Benzinga
So far in 2022, the entire crypto market has been impacted by wider economic and political uncertainties, led by Bitcoin (CRYPTO: BTC), with prices down more than 50% over the past six months and the price heading for the ninth consecutive red weekly candle. And while Terraform Labs successfully airdropped new Luna tokens to previous holders, the market sentiment continues to be bearish, with the Fear and Greed Index remaining in the doldrums.
One way to avoid panic selling when the price of cryptocurrencies drop significantly is to remind yourself of the essentials, to stick to your plan and dont invest more than you can afford to lose. Of course, thats easy to say when youve lost money in Luna and seen your Bitcoin investments go down in value. However, theres also an upside to the current market conditions as users can now buy Bitcoin at the new low price around the $30,000 mark. But no matter what level your holdings in the current market, you should be optimistic about the long term viability of Bitcoin. Here are four key reasons to consider, to help re-frame your mindset and support your belief in Bitcoin going forward.
Mass adoption of crypto assets
According to relevant data, cryptocurrencies have reached a tipping point in 2021. It has evolved from what many consider a niche investment to be a global, established asset class. Venture capitalists are pouring money into the cryptocurrency market. Among them, venture capital invested more than $30 billion in crypto assets and blockchain startups, with more than $10.5 billion in investment in the fourth quarter of 2021 alone. With an estimated $10 globally in the first quarter of 2022, reportedly the largest amount to date, and double the level for the same quarter in 2021. In fact, investment in crypto has continued to grow despite this years decline in Bitcoin price. "This decoupling is demonstrative of investors' disbelief that a prolonged bear market in digital assets is forthcoming, as well as the significant amount of dry powder held by funds seeking to allocate to the sector," said Alex Thorn, head of firmwide research at blockchain-focused bank Galaxy Digital in New York earlier this month.
Many major financial institutions are also exploring cryptocurrencies. Recently, Fidelity, the largest retirement plan provider in the US with over $4.2 trillion in assets under management, said it would allow investors to deposit up to 20% of their retirement savings in the form of Bitcoin into their accounts. While banking giant JPMorgan recently said that despite the crypto crash, its estimate of Bitcoin's fair value is $38,000. The past month's crypto market correction looks more like capitulation relative to last January/February and going forward we see upside for bitcoin and crypto markets more generally," the banks strategists said. In addition, both Visa and Mastercard have launched their own crypto cards. And as the regulatory environment is catching up, ironically thanks in part due to the Terra collapse, there is reason to believe that cryptoassets will enjoy mainstream adoption in the future.
Countries adopting Bitcoin as legal tender
El Salvador was the first country to adopt Bitcoin as legal tender, led by President Nayib Bukele, but so far it remains uncertain whether the bold initiative will succeed. As reported in the Wall Street Journal on May 14, there are no indications that Mr. Bukele plans to change course. On Monday, he said on Twitter that El Salvador bought 500 bitcoin at an average price of $30,744. El Salvador just bought the dip! he added. Its not just El Salvador, the Central African Republic also recently approved Bitcoin as its national legal tender. No one could have imagined that this cryptocurrency, which was only invented some 13 years ago, could become the legal tender of a country today. If these experiments succeed other countries may adopt Bitcoin or other cryptocurrencies as their legal tender in the future.
Is Bitcoin the cryptocurrency of the future?
One of the appeals of Bitcoin and other cryptocurrencies is that it removes friction in terms of costs and transaction speeds from payments, especially international transfers. Indeed, according to Ark Invest, cumulative Bitcoin transfers have grown by more than 463% in the last year. ARK analyst Yassine Elmandjra wrote in the report Big Ideas 2022 that Bitcoin will settle $13.1 trillion in 2021, a figure that even exceeds Visas payment volume.
Ark Invests research also highlighted several areas where Bitcoin could take market share from traditional activities. These include international remittances, emerging market currencies, institutional investment and acting as a form of digital gold. Some experts predict that if Bitcoin can make significant progress in advancing these use cases, its price could exceed $1 million by 2030.
Source: ARK Invests Yassine Elmandjra tweet, Jan 25, 2022
Bitcoin's innovation continues apace
Although Bitcoin is not run by a centralized organization, it continues to grow along decentralized lines. There is a small core group of developers working on improving the network, fixing bugs and security issues, and improving functionality. For example, last year Bitcoin implemented a major upgrade called Taproot to improve privacy, scalability, and security. Another potentially significant move is the development of the Lightning Network, a layer 2 solution to Bitcoin that reduces costs and increases speed. As reported in Cointelegraph on May 30, Bitcoin Lightning Network capacity attained an all-time high of 3915.776 BTC, as evidenced by data from Bitcoin Visuals, displaying a commitment to the cause of improving BTC transaction speeds and reducing fees over the layer-2 protocol. This follows news from CEO of Strike, Jack Mallers, at the Bitcoin 2022 conference, that the companys plans to collaborate with point-of-sale behemoths Shopify, NCR, and Blackhawk Network to revolutionize the payments industry. As a result, online retailers that support Shopify can now accept payments via the Lightning Network, in turn allowing US merchants to receive payments from customers globally as US dollars. As the integration of the Strike wallet is with major online players in the US economy, this could potentially do a lot for the broader adoption of Bitcoin in the retail industry.
While there are good reasons to remain optimistic about Bitcoin, there are also still many things that investors and traders need to be careful about when investing in Bitcoin and cryptocurrencies. Data in recent months confirms once again that cryptocurrencies are a highly speculative and volatile asset. Cryptocurrencies are still a relatively new sector compared to traditional investments like stocks and funds, and while we dont have certainty exactly how it will develop in the long term the potential is clear to see. I believe Bitcoin is a viable long term investment both as a store of value looking to the future, with the price trending significantly upwards after each halving event. But also, Im excited about the rapid development of the Lightning Network, for both retail players but also for financial inclusion across the globe, said BigONE Chairman Anndy Lian.
This article was submitted by an external contributor and may not represent the views and opinions of Benzinga.
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Four Good Reasons to Be Optimistic About Bitcoin: Is Bitcoin the cryptocurrency of the future? - Benzinga - Benzinga
After the crypto crash, here’s what industry experts are waiting for next – CNBC
A visual representation of Bitcoin cryptocurrency.
Edward Smith | Getty Images
Cryptocurrency companies dominated the main street at the World Economic Forum in Davos this year, a notable difference between this edition and the last one in 2020.
The high-profile presence from the industry came even as the cryptocurrency market crashed. It was sparked by the collapse of the so-called algorithmic stablecoin called terraUSD or UST, which saw its sister token luna drop to $0 in May.
Meanwhile, global regulators are setting their sights on the cryptocurrency industry.
WEF is the annual gathering of global business leaders and politicians that aims to set the agenda for the year.
Against that backdrop, it was the perfect time to catch up with some of the big players in the cryptocurrency industry. Here's what I learned.
There are currently over 19,000 cryptocurrencies and dozens of blockchain platforms in existence.
Blockchain is the technology that underpins these digital currencies and platforms include Ethereum, Solana and many others.
Many of the industry executives see the current state of the market as unsustainable.
Brad Garlinghouse, CEO of cross-border blockchain firm Ripple, predicted there may only be "scores" of cryptocurrencies left in the future. He said there are around 180 fiat currencies in the world and there is not really a need for that many cryptocurrencies.
Betrand Perez, CEO of the Web3 Foundation, likened the current state of the market to the early internet era, and said there were lots of "scams" and many "were not bringing any value."
Brett Harrison, CEO of cryptocurrency exchange FTX U.S., said there are "a couple of clear winners" when it comes to blockchain platforms.
You may have heard of stablecoins. They're a type of cryptocurrencies which are supposed to be pegged to a real world asset.
In practice, stablecoins like tether or USD Coin, which aim to mirror the U.S. dollar one-to-one, are backed by real assets such as currencies or bonds. They hold a reserve of these assets in order to maintain a dollar peg.
You may have also heard about the debacle surrounding a terraUSD or UST. This is a so-called algorithmic stablecoin. Instead of maintaining its peg by having a reserve of assets, it aims to mimic the U.S. dollar and maintain stability through a complex algorithm.
But that algorithm failed and caused terraUSD to lose its peg and collapse.
The crypto industry tried to warn users to make sure they know the difference between an algorithmic stablecoin, like terraUSD, and others that are backed by assets.
Everyone wants to be more more involved with crypto now, no one is ignoring the industry anymore.
Mihailo Bjelic
CEO of Polygon
The terraUSD collapse "made it very clear to people that not all stablecoins are created equal," said Jeremy Allaire, CEO of Circle, one of the companies behind the issuance of USDC.
"And it's helping people differentiate between a well-regulated, fully reserved, asset-backed dollar digital currency, like USDC, and something like that (terraUSD)."
Reeve Collins, co-founder of BLOCKv and co-founder of another stablecoin tether, said the terraUSD saga will "probably be the end" of most algorithmic stablecoins.
Believe it or not, the cryptocurrency industry welcomed the recent market crash, which saw major tokens like bitcoin fall more than 50% from their all-time highs.
"We're in a bear market. And I think that's good. It's good, because it's going to clear the people who were there for the bad reasons," said the Web3 Foundation's Perez.
This sentiment was echoed by other executives too, who say the massive rally in prices caused people to focus on speculation rather than building products.
[The] market, in my personal opinion, became maybe a little bit irrational, or maybe a little reckless to a certain extent. And when the times like that come, [a] correction is normally needed, and at the end of the day [is] healthy," said Mihailo Bjelic, CEO of Polygon.
Ahead of the World Economic Forum, European Central BankPresidentChristine Lagardesaid she thinks cryptocurrencies are "worth nothing."
It appeared to me like regulators and authorities were still antagonistic to cryptocurrencies, much like they had been over the past few years at Davos.
But executives said the thinking from regulators, for the most part, has shifted to something slightly more constructive.
"I think we've come a long way from three or four years ago when when I literally had just arrived here in the snowy version of Davos and someone said, you know, crypto is still a bad word here. That is no longer the case. So I definitely don't think 'antagonism' would be the right descriptor. I think 'curiosity,'" Ripple's Garlinghouse said.
"I think it's constantly changing both regulators, big enterprises. Everyone wants to be more more involved with crypto now, no one is ignoring the industry anymore," Polygon's Bjelic said.
In March, U.S. President Joe Biden signed an executive order calling on the government to examine the risks and benefits of cryptocurrencies. Still, there is no major cryptocurrency regulation in the U.S. and other major economies.
Garlinghouse said that he wants "clarity and certainty" from regulators.
BLOCKv's Collins, meanwhile, called Lagarde's comments "ignorant." He highlighted the tension that still exists between the cryptocurrency industry and some authorities in traditional finance.
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After the crypto crash, here's what industry experts are waiting for next - CNBC
Top cryptocurrency prices 6/6; Crypto market in India trends and analysis you need to know today – The Financial Express
Top Cryptocurrency Prices Today in India (6th June): Prices of many top cryptos have increased in the last 24 hours while the global crypto market cap has risen to $1.28 trillion, up 3.89 percent over the last day, according to CoinMarketCap data at the time of writing (12.01 pm).Bitcoin (BTC) price is once again in the green and above the $31,000 level, up 4.28 percent in the last 24 hours. At the time of writing, Bitcoin price on global exchanges was $31,197.
The total cryptocurrency market volume over the last 24 hours increased by 32 percent to $56.47 billion. The total volume in DeFi was $5 billion, which is 8.86 percent of the total crypto market 24-hour volume. Stable coins volume was $47.9 billion, which is 84.83 percent of the total crypto market 24-hour volume.
Meanwhile, Bitcoins dominance as the number one crypto asset has increased marginally by 0.35 percent over the day to 46.51 percent.
Commenting on the market trends over the weekend, Darshan Bathija, CEO and Co-Founder of crypto exchange Vauld, said, Buyers remained on the sidelines, as BTC dropped near the 30,000 level. The crypto fear and greed index, which gauges market sentiment, showed that investors were by and large still bearish about the market.
Over the past weeks, we have also seen bitcoin dominance increase. Usually, in bearish markets, alts underperform compared to BTC as they have a higher risk profile. The risk-off approach means that investors will stay away from high-risk investments at the moment, he added.
Bitcoin has witnessed a spike of over 4% in the past 24 hours, taking the trading volume to green.
Edul Patel Co-Founder and CEO of crypto investment platform Mudrex said, BTC has been trading in a tight range between US$29,500 and US$31,000 since mid of May. If bulls could attempt to break above US$31,000 this week, BTC will likely move towards its resistance at US$34,000 in the coming days.
Analysts at WazirX Trade Desk shared in a note through email that Bitcoin finally ended the week in green after closing lower for 9 consecutive weeks. The hourly trend for Bitcoin has broken above the triangle pattern. The next resistance for BTC is expected at $40,000 and an immediate support is expected at $26,800. The market sentiment, however, continues to remain grim hovering in the extreme fear zone, they said.
The Crypto Rupee Index (CRE8), which tracks crypto market performance in INR, has increased by Rs 162.47 in the last 24 hours. At the time of writing, the index was at Rs 3237. CRE8 is an Indian Rupee denominated crypto index reflecting Indian marketing conditions. Read more about CRE8 here)
Ethereum (ETH): Ethereum price increased by 4.44 percent to $1874 in the last 24 hours. In the last 7 days, ETH price has decreased by 1.72 percent. It is currently ranked second largest crypto asset in terms of market capitalisation.
Binance (BNB): Binance Chain coins price increased by 3.08 percent to $306.8 in the last 24 hours. In the last 7 days, BNB price has decreased by 3.99 percent. It is currently ranked as fifth biggest crypto asset in terms of market capitalisation.
ALSO READ | Crypto tax filing guide 2022
XRP: XRP coins price increased by 2.13 percent to $0.4005 in the last 24 hours. In the last 7 days, XRP price has decreased by 0.31 percent. It is currently ranked as 7th biggest crypto in terms of market capitalisation.
Solana (SOL): Solana price jumped 7.64 percent to $41.6 in the last 24 hours. In the last 7 days, SOL price has decreased by 10.44 percent. It is currently ranked as 9th biggest crypto asset in terms of market capitalisation.
Cardano (ADA): Cardano tokens price increased by 10.21 percent to $0.6216 In the last 24 hours. In the last 7 days, ADA price has increased by 19.7 percent. It is currently ranked as 6th biggest crypto asset in terms of market capitalisation.
Popular memecoin Dogecoins (DOGE) price increased by 1.8 percent in the last 24 hours. DOGE is currently ranked 10th in terms of market capitalisation. The price of DOGE at the time of this report was $0.08262.
Prices of Polkadot (DOT) increased by 3.67 percent to $9.71 while Avalanche (AVAX) increased by 9 percent to $26.49. Both DOT and AVAX are currently ranked 11th and 14th respectively on CoinMarketCap. Polygon (Matic) price increased by 4.66 percent to $0.61971 in the last 24 hours. It is currently ranked 18th on CoinMarketCap.
Meanwhile, Tron (TRX) price has increased by 3.84 percent in the last 24 hours to $0.0832. It is currently ranked 13th on CoinMarketCap.
(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)
Trends That Show the Cryptocurrency Market Is on the Rise By CoinQuora – Investing.com
The cryptocurrency market has been on top of the headlines in the past few years with the rise of and . Despite the volatility of the market, several indicators show that the cryptocurrency market is on the rise.
First, increased mainstream adoption has been one of the most important indicators that show that the cryptocurrency market is on the rise.
In the past few years, major corporations, such as Microsoft (NASDAQ:) and Overstock.com (NASDAQ:), have started accepting Bitcoin as a form of payment. Financial institutions, too, have announced plans to start adopting cryptocurrencies. For example, prior reports in the past few years indicate that JPMorgan Chase (NYSE:) has created its cryptocurrency called JPM Coin.
In addition, there now exist dozens of ATMs around the world that allow people to convert their fiat currency into Bitcoin. As cryptocurrencies become more mainstream, their popularity will continue to grow.
Second, the rise of altcoins is predictably one of the big trends in the cryptocurrency market growth. While Bitcoin has received the majority of the attention in the cryptocurrency world, other coins, such as Ethereum, , and Monero, are beginning to rise in popularity.
These altcoins could often be seen as more innovative than Bitcoin and have the potential to disrupt several industries. As more people become aware of these coins, their prices are likely to continue to rise.
Third, infrastructure has been mentioned as one of the biggest problems in the cryptocurrency market. However, this has reportedly slowly changed as several new platforms are being created that make it easier to buy, sell, and store cryptocurrencies.
One example of this is the Lightning Network, which is a protocol that allows for instant Bitcoin transactions. This could potentially solve the problem of slow transaction speeds that have been holding the cryptocurrency back.
Disclaimer: The views and opinions expressed in this article are solely the authors and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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Trends That Show the Cryptocurrency Market Is on the Rise By CoinQuora - Investing.com