Centralized Exchange Volume Hits Rock Bottom, Decentralization Gains Prominence
In a noteworthy development for the cryptocurrency market, the trading volume of centralized exchanges experienced a substantial decline in May 2023, reaching its lowest point since October 2020. According to data from The Block, this decline amounted to a staggering $440 billion, reflecting a notable 27% decrease from the previous month.
What is the reason? How is this going to impact you, the investor? We’ve covered it all. Read on!
Growing Trust Issues
One of the primary factors contributing to this decline is the mounting concern surrounding trust issues associated with centralized exchanges.
The market was shaken when FTX, the second-largest and fastest-growing crypto exchange, suddenly collapsed due to a takeover by its rival Binance. This development followed a pattern seen earlier with the abrupt closures of other prominent crypto firms, including Celsius and Voyager. These struggling companies even resorted to tapping into customer accounts in an effort to stay afloat, further eroding trust in centralized exchanges.
Large Firms Withdraw from Centralized Exchanges
In addition, to trust issues, the withdrawal of large firms from centralized exchanges has also played a role in the overall decline in trading volume. According to a recent report, Binance, the largest cryptocurrency exchange by trading volume, witnessed a significant drop in monthly exchange volume during May, falling by approximately 26% compared to the previous month.
Decentralized Exchanges on the Rise
Amidst the decline in centralized exchanges, a notable trend has emerged: the rise of decentralized exchanges (DEXs) as a viable and attractive option for traders.
Operating on blockchain networks, DEX platforms offer increased security, privacy, and control over funds by enabling users to trade directly with each other, bypassing intermediaries. Data from Dune, an on-chain analytics firm, reveals a surge in the number of users across various DeFi platforms in May 2023, reminiscent of the peak levels witnessed during the bullish phase in 2021.
Memecoins Steal The Spotlight
While the user base of decentralized exchanges expanded, the trading volume on DEXs experienced a slight dip in May. Settlements of trades on non-custodial exchanges amounted to $72.4 billion, reflecting a 2% decline from the previous month, as reported by Dune.
It’s important to note, however, that this decline in trading volumes was partially attributed to a higher proportion of low-value transactions, particularly driven by meme-coin trading.
The Future of Centralized Exchanges
As the market adapts to these changing dynamics, it remains to be seen how centralized exchanges will respond to the growing demand for decentralized alternatives and restore faith among traders and investors.
The decline in centralized exchange volume raises important questions about the future direction of the cryptocurrency market and the role that trust, security, and decentralization will play.
Whales Are Taking Profits As Ethereum Hits $1.9k And Tradecurve Surges 25%
Even though the Ethereum cryptocurrency faced numerous challenges, it has begun to display a continuous green trend and could soon reach the $2K price point. The recent market trends have seen Ethereum face a rejection above its $1.9K mark, causing long-term holders and investors to look elsewhere for significant gains.
However, another altcoin managed to spike in value by 25%, and that’s TCRV, Tradecurve’s native utility token. We will go over how both of these price movements have affected the broader crypto space.
Ethereum Climbs to $1.9K as Whales Begin Taking Profits
One key element that has contributed to the selling pressure of Ethereum is the profit that has occurred across whales of the cryptocurrency. One notable Ethereum holder transferred a total of 23,080 ETH, which is equivalent to $44 million. This move indicates that a large number of stakeholders have begun to capitalize on the gains due to the recent price surge of the cryptocurrency. The average price at which the whale withdrew Ethereum is around $1,820, and this is much lower than the most recent price spike, indicating that there is a cautious strategy toward risk management.
As of May 30, 2023, the Ethereum cryptocurrency trades at $1,911.62. Within the last two weeks, Ethereum spiked by 5.4%. In the last three days alone, it has neeb up by 3.3%. Its weekly low was at $1,775.66, while its weekly high was at $1,917.62. But Ethereum isn’t the only cryptocurrency to surge, as another altcoin saw a 25% increase, and that altcoin is TCRV.
Tradecurve to Surge by 25%, Leading to Much Higher Gains
TCRV is the utility token used across the Tradecurve exchange, and it has seen a significant level of attention and growth throughout the previous week as it increased by 25%. A week ago, 1 TCRV token was worth $0.012. Now, each TCRV cryptocurrency is worth $0.015 as it transitions to Stage 3 of its presale. 9,929,843 tokens have already been sold, and at Stage 4, the price will increase to $0.018.
The key reason why TCRV gained such a high level of momentum is that the exchange aims to democratize the DeFi space for anyone and enable anyone globally access not to just cryptocurrencies, but to any derivative as well, without the need to complete a KYC procedure.
Anyone from anywhere can just deposit crypto on top of Tradecurve and begin trading. The platform features high leverage from 500:1, a VIP account system, negative balance protection, and the exchange innovates by implementing AI-trading bots that allow users to engage in algorithmic trading and optimize their portfolios. All of this, coupled with the future Proof of Reserves (PoR) implementation and dedicated Trading Academy, analysts are predicting that TCRV can spike by 100x at launch.
Access more resources surrounding Tradecurve and the TCRV cryptocurrency below:
Website | Buy TCRV Presale Tokens | Twitter | Join Community on Telegram
Liquidity Crisis Hits Crypto Markets Hard; Can Bitcoin & Ethereum Recover?
As Bitcoin and Ethereum prices grapple with maintaining their bullish momentum this year, the overall crypto trading volume has experienced a decline in recent weeks. Despite earlier reports of trading volume solely in the Bitcoin segment reaching $37.1 billion, the total crypto market trading volume has now reached this figure, highlighting the drop in liquidity for risky assets.
This decrease in volume can be attributed to multiple factors, including the United States Treasury’s plan to refill its depleted Treasury General Account (TGA) and the impending monetary tightening policies of the Federal Reserve.
Crypto Trading Volume Takes a Hit
The dwindling crypto trading volume is a cause for concern in the digital asset market. Analysts anticipate the United States Treasury’s move to replenish the cash reserves, leading to a period of condensed liquidity. The riskier assets, such as Bitcoin and Ethereum, which are more sensitive to liquidity conditions, are likely to be affected the most. Macroeconomic analyst Noelle Acheson explained that these assets tend to be more impacted by liquidity than safer investment options like bonds and certain equities.
Also Read: On-Chain Data Shows Most Bitcoin Holders are Selling at a Loss – Coinpedia Fintech News
Impact of Treasury Account Replenishment
The drawdown of funds from the Treasury General Account at the Federal Reserve had previously provided a boost to the market by injecting money into the economy through government expenditures. However, as the Treasury aims to refill its almost empty TGA, a sizable amount of cash, estimated at $500 billion, will be withdrawn from the financial system. This move, coupled with the potential resumption of the Federal Reserve’s monetary tightening policies, is expected to have a substantial impact on risk assets.
“This is likely to especially hit risk assets as they tend to be more sensitive to liquidity conditions than safer plays such as bonds and many groups of equities,” macro analyst Noelle Acheson said.
“The Treasury drawing down its account at the Fed was one of the tailwinds for the market earlier this year, as money that would normally just sit there was put into the economy in the form of government expenditures,” Acheson explained.
Regulatory Crackdown Adds to the Woes
In addition to the liquidity challenges, the ongoing regulatory crackdown by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) has led to the closure of several crypto firms in the United States. These regulatory actions have created further uncertainty and a challenging operating environment for cryptocurrency businesses.
3/4 Implications: Liquidity going to be very net negative. We have to refill roughly $500B in the TGA this means issuing bnds. With mkts purchasing bnds it means less $ for risk assets. Clawbacks on Covid19 funds+restarting student loan pmts means less $ on the consumer side also pic.twitter.com/ohHJiF7W6O
— Tom Dunleavy (@dunleavy89) May 28, 2023
XRP Ledger Hits Watershed Milestone Closing 80 Million Ledgers
The XRP Ledger’s origins may be traced back to 2012, when Arthur Britto, david schwartz david schwartz CTO at ripple David Schwartz, known as JoelKatz, is an esteemed voice in the digital currency ecosystem, serving as the Chief Technology Officer at Ripple, which provides global financial institutions, businesses, governments, and developers the ability to manage, move, and tokenize value through blockchain technology. David is an expert in cryptography, software development, and computer security, especially for startups as well as rapidly growing and tiny companies, and is a native of San Francisco, California.
David is among the original architects, including Arthur Britto and Jed McCaleb, who was inspired by Bitcoin to create the XRP Ledger, a decentralized open blockchain founded in 2013. Before joining Ripple, he was Chief Technical Officer at WebMaster Incorporated, a Santa Clara software developer. In addition, David has developed enterprise messaging systems and encrypted cloud storage for companies such as CNN and the National Security Agency. Developer/ProgrammerCrypto and Blockchain Expert , and Ryan Fugger first developed it. The XRP Ledger has undergone a number of updates and enhancements throughout time to increase its utility and security.
Now, according to the latest announcements by XRPScan, an XRP Legder explorer and network analysis platform, the XRP Legder has hit a noteworthy milestone.
XRP Ledger Closed 80 Million Ledgers in 10.5 Years
According to XRPScan, the XRP Ledger has achieved the milestone of closing 80 million ledgers over a span of around 10.5 years. In the context of blockchain technology, a ledger signifies a record of transactions within the network. This accomplishment highlights the efficiency, dependability, and growing acceptance of the XRP Ledger as a transaction processing technology within the Ripple network.
In September 2019, the XRP Ledger achieved a milestone of 50 million ledgers, and it took slightly over a year to add an additional 10 million.
This pace of growth highlights the expanding acceptance and utilization of the XRP Ledger, demonstrating the increasing capacity of the Ripple network to handle a significant volume of transactions.
Nevertheless, alongside the recognition for its swiftness and cost-effectiveness, the XRP Ledger has encountered criticism regarding its level of centralization. While it is technically a decentralized network, the close association between the XRP Ledger and Ripple Labs, coupled with the substantial amount of XRP held by the company, has led some to argue that the ledger exhibits more centralization compared to other blockchain systems.
The monumental milestone achievement also comes at a time when the ongoing lawsuit between Ripple and the SEC is poised to come to a conclusion soon. With the community anticipating that the SEC will likely lose the battle, it could be another magnificent victory for Ripple if the lawsuit concludes positively for them.
Also Read: Ripple Price Prediction 2023, 2024, 2025: Will XRP Price Reach $1 By The End Of 2023?
BTC & ETH Drops as UK CPI Hits after Ages
The post BTC & ETH Drops as UK CPI Hits after Ages appeared first on Coinpedia Fintech News
Bitcoin and other major cryptocurrencies fell due to poor UK performance in broader equity markets. With Bitcoin dropping below $27k during Asia trading and markets reacted to poor UK inflation figures. UK surprises as CPI (Customer Price Index) rose to 6.8% since 1992, surpassing the forecast of 6.2%. UK banks ongoing pressure in an interest rate hike, Bitcoin drops 2% in the past 24 hours, trading below the $27k resistance level and reversing earlier gains. Ether traded around $1,800 while SOL & BNB tokens show a loss.
Bitcoin and Ether Prices Slide as UK Core CPI Hits Highest Level in Three Decades
Bitcoin plummeted below the $27,000 level during the Asian trading day, resulting in a general decline in major cryptocurrency prices. This decline coincided with traders in broader equity markets responding to the release of higher-than-anticipated UK core Consumer Prices Index (CPI) figures.
The latest data revealed that the UK’s core CPI rate reached 6.8%, surpassing expectations and marking the highest level since 1992. The core prices, excluding food, energy, and tobacco, recorded a month-on-month acceleration from 6.2% in March to 6.8% last month.
UK CPI figures higher than expected
The latest figures indicate that UK inflation has exceeded expectations for the third consecutive month, casting doubt on hopes of an economic recovery. This development is likely to increase pressure on the Bank of England to continue raising interest rates in the upcoming months.
However, there was a significant drop in UK inflation during April due to the decline in energy prices and the diminishing impact of Russia’s invasion of Ukraine on the annual consumer price comparison.
According to the Office for National Statistics, headline CPI inflation stood at 8.7% year-on-year, a decrease from 10.1% in March but still higher than the consensus estimate of 8.2% from a Reuters poll of economists.
CoinMarketCap data suggests that Bitcoin has slipped from its 24-hour high of $27,386 and is tading at $26,729 at press time. BTC is down by 2% as per the latest data. Ethereum follows suit with a 2% drop and is trading at $1,816 from a 24-hour high of $1,859. The slump has triggered a whole market bleed, as the majority of the coins are trading in the red.
The global cryptocurrency market cap has also decreased by 1.82% in the last 24 hours and stands at $1.12 trillion at press time. The top 100 altcoins have also experienced single-digit losses amidst the bearish slump.
Litecoin’s Daily Active Address hits ATH; Why LTC Price is Surging High?
The crypto space is witnessing a roller coaster ride ever since the Bitcoin price marked an interim high close to $31,000. The majority of tokens, including the star crypto, have been trading in a bearish trend, with multiple attempts to rise to fail. Amid mounting bearish market sentiments, the lite version of Bitcoin, Litecoin, is displaying immense bullish momentum as the network’s strength has soared.
What caused such a drastic change ahead of the Litecoin halving?
As per the new update, the network has released new LRC-20 standards using the ordinal theory following the rising attention and adoption of Bitcoin’s BRC-20 standard tokens. Here, the user can mint new tokens and also transfer them. Although the LRC-20 standard is in its early stages, it is believed to represent a significant step in the network’s evolution.
Within no time, the LTC daily active address, which records the number of addresses interacting with the network, surged magnificently, reaching highs close to 900K.
The DAA levels which maintained a steady trend around 300K for quite a long time, surged heavily as the transaction count also leaped heavily. The transaction count also marked new highs to close to 585K which had maintained a closed trend of around 100K for over a year.
Alongside, the social dominance also witnessed a steady growth that indicates that the LTC’s dominance has soared compared to the other top 100 tokens according to the market cap. Therefore, with the rising dominance, the LTC price is expected to maintain a fine upswing in the coming days.
The LTC price has been trading along the rising trend line, which has been acting as a major support since the start of 2023. The price is currently approaching the crucial resistance at $91, which may pave the way for the token to achieve the interim milestone of $100.
Pepecoin (PEPE) Price Hits New ATH With More than 77% Short Trades Liquidated
Pepe ($PEPE) price rallied to a new ATH on Thursday as more buyers went all in on the meme coin. According to on-chain data from etherscan, Pepe had more than 83.5k holders as of today, who have facilitated over 557k token transfers. As Pepe whales continued to hold amid the latest dip, the token’s market capitalization spiked above $680 million on Thursday. Additionally, the total trading volume jumped more than 27 percent to about $330 million as of reporting time.
Pepe Market Outlook
According to market data provided by Coinglass OKX, and Huobi are the largest centralized exchanges supporting Pepe trades. In the past 24 hours, approximately $6.48 million in the Pepe market was liquidated, whereby 77 percent constituted short traders. As short traders transform into quick buyers, Pepe’s short squeeze is anticipated to push the meme coin even higher in the coming days.
Pepe Price Action
Although the meme coin is a few weeks old, crypto analysts have been looking at the lower time frames to identify key changes that may indicate future trends. On the hourly time frame, Pepe’s price was retesting on the logarithmic downtrend in the past few hours before the breakout.
Now that Pepe is in price discovery mode, the meme coin is now tied to psychological thresholds including 10X and 100X. In that regard, Pepe’s price could be looking at more upsides to hit a solid 10x. According to market data provided by Coingecko, Pepe’s price has gained about 640 percent in the past seven days.
CPI Inflation Hits 15-Month Low, Falling to 5.6%
The post CPI Inflation Hits 15-Month Low, Falling to 5.6% appeared first on Coinpedia Fintech News
The Bureau of Labor Statistics has recently released new data indicating that prices increased by 5% over the course of the year ending in March. While this rate is slightly lower than the 6% reported in February, it is still a significant figure. Moreover, when compared to February, March saw a marginal increase in prices of just 0.1%. These figures suggest a degree of stability in the economy but also highlight ongoing concerns about inflation.
BTC Hits $30,000 with an 80% YTD Gain – Is $40K a Realistic Target in April?
Bitcoin has gained 47% in the last thirty days, breaking past the year-to-date high of the $30,000 mark and colouring most of the market green. Despite the macro-market downturns, BTC has surpassed expectations. It strengthens the speculation that an increasing number of investors are finding a haven in cryptocurrencies as the traditional market disappoints time and again.
Most of them dip their toes in the market with BTC, the cryptocurrency worth a $580B market cap, being the most reliable choice. As BTC acquires new investors and existing investors diversify their portfolios, where is BTC headed? Let’s take a look.
BTC YTD price chart, 11 April 2023, Source: CoinMarketCap
Bitcoin Price: An Analysis
Bitcoin started this year at $16.5K and the price stands at $30,078 now. That is an 81% jump in a matter of a little more than three months. The growing confidence among investors in BTC has also taken an impact on the broader market, which boasts a total market cap of $1.24T.
Stepping into April, BTC hit resistance at $28,100. It oscillated between $27,900 for a few days, before rising to $28,390 on April 10 and $30,200 on April 11. $30,200 is not only the highest price BTC has managed to secure this year, but also since June 2022.
While BTC looks bullish now, that was not the case a month back when it was taking the brunt of a series of bank collapses. The Crypto Fear and Greed Index has remained firmly within the “Greed” territory since last week. And BTC has set new expectations now.
Crypto fear and greed index, 11 April 2023
The Crypto Fear and Greed Index numerically presents the latest emotions and sentiments toward cryptocurrencies. If it moves towards the right in the coming days, we can expect a rapid increase in BTC price. On the other hand, remaining within 55 and 60 would be a sign of slow but healthy value accrual.
It is interesting to note that the BTC Fear and Greed Index hit a score of above 66 on Nov. 16, 2021. That was just days after Bitcoin reached its all-time high of over $69,000 on Nov. 10, 2021.
Where is Bitcoin Price Headed?
If Bitcoin manages to rise above the $30,500 resistance, it has the potential to go further up, possibly reaching the $31,200 level in a few days. The next resistance would be met around the $32,000 mark. Soon, an inevitable price correction will follow. In the event the price falls below $30,500, it will oscillate between $29,200 and $28,800. But a drop further below is highly unlikely this month unless the market falls victim to damaging news or events.
For example, the collapse of Silicon Valley Bank took the BTC price down to $20K in March. But eventually, it led investors to question the stability of the centralized monetary system and rekindled their appetite for decentralized assets like BTC. The macroeconomic conditions in major markets like the U.S. and the UK can take a toll on the price of BTC. The threat of a banking meltdown, inflationary pressures, and other macroeconomic uncertainties are still looming. Whether that is a good thing or a bad thing is susceptible to investor sentiments.
For example, MicroStrategy has acquired an additional 1,045 Bitcoin for $29.3M at an average price of $28,016 per piece. As of 4 April 2023, MicroStrategy holds 140,000 BTC acquired for close to $4.17 billion at an average price of $29,803 per Bitcoin. MicroStrategy is one of the world’s leading enterprise analytics platforms and the largest public company holder of BTC. Michael Saylor, the founder of MicroStrategy has long been an advocate of Bitcoin, urging companies to embrace it as a strategic asset.
Can BTC Hit $40,000 in April?
$40,000 is an ambitious shot for BTC in April, although the token has gained 47% in the last thirty days. It will need a stronger investor rush and whale action to mimic the price action this month, as the resistance at $30,500 will be harder to break.
This is because the release of CPI (Consumer Price Index) reports on April 12 and ongoing debates around whether the Federal Reserve will pivot have also contributed to the recent rally. It is widely predicted to show inflation down to 5.1% from 6.0% year-over-year previously. Whether BTC can retain the gains and capitalize on the shift will depend on the inflation data and how investors respond to it.
The U.S. 2-Year Treasury note has fallen as traders rapidly lowered their expectations of future Fed rate hikes. It will inject more liquidity into the market, which BTC can take advantage of heavily. It has a history of aggressively reacting to similar monetary shifts. BTC is increasingly seen as a reliable store of value, as it does away with the issues that usually come with storing your money with intermediaries like the bank. Many high-profile investors perceived it as a risk-off asset.
A modest, yet optimistic BTC price prediction for April is $34,800, as the coin can soon give way for a price correction.
Another narrative that has helped the Bitcoin price this year is de-dollarization, which fuels BTC adoption, especially among the younger generation. The increasing adoption of blockchain across small and large-scale institutions has also strengthened the momentum. Although 2020-2021 is considered the golden period for digital assets and BTC in particular, 2023 would see the mainstream penetration of blockchain technology and cryptocurrencies. Geopolitical instabilities and reckless banking policies would force many to find refuge in digital assets. So, $40,000 is a realistic aim for BTC this quarter, although it may not necessarily secure the price this month.
Is Bitcoin a Good Investment this Month?
BTC is a good investment this month, whether you’re looking for short-term or long-term returns. If BTC crosses $40,000 this quarter, we’re looking at more than 30% potential returns, which makes it a steal at the current price. The possibility of a downturn can’t be ruled out either, as a temporary price correction will follow the rally.
If you’re looking for a blue-chip crypto to buy this month, the best option is BTC. But blue-chip assets have limited room for growth, and BTC is no exception. The world’s largest cryptocurrency has a market cap of $581B. Even if the coin manages to break past its all-time high of $68,789, the return will be close to 130%. That’s definitely not a bad deal. But there are emerging and underrated cryptocurrencies that can do much better. It is important to fill at least 20% of your portfolio with promising new cryptocurrencies with low market caps to take advantage of crypto market volatility.
Listed below are two cryptocurrencies that make excellent investments this quarter. They are widely predicted to give 10X-20X returns by the end of this year, thanks to their solid foundation and market-relevant use cases.
DeeLance – The Best Utility Token to Buy in April 2023
There was a time when the crypto market was largely driven by speculation. While it’s true that a tweet from Elon Musk is all it takes to pump or dump some coins, the market can’t rely on speculation anymore. Investors learned it the hard way in 2022 when most cryptocurrencies tumbled down. And some to a point of no return. To give you a better perspective, Shiba Inu has fallen 87.06% from its all-time high since Oct 2021.
The market is inevitably moving in a utility-first direction. Only projects that explore market-relevant blockchain use cases can survive in the market now. A good example is DeeLance, a freelancing and recruitment platform that changes the way freelancers connect with potential employers using blockchain technology.
- The first fully decentralized freelance network
- Lowest commission (2%) in the industry
- Instant withdrawal recruitment platform
DeeLance has managed to win a large community in a short space of time since the project announcement, owing to the transparency and decentralization it brings to the freelancing market. To give you better insight into the rich market that DeeLance is stepping into, take a look:
The global gig economy is projected to surpass $450 billion in 2023 and the freelancing industry to exceed $12 billion by 2028. Moreover, 70% of small businesses worldwide hire freelancers for their daily operations, thanks to the impressive flexibility they offer along with cost-effective solutions. For similar reasons, over 65% of job holders have expressed a desire to work full-time as remote employees, according to a report.
In essence, the industry is growing at a rapid pace. Web2 platforms like LinkedIn, Upwork, and Toptal dominate the freelancing market. Features like pre-screened gigs, 24/7 customer support, and payment protection systems make them a favourite among users. But that is not to say they are without shortcomings.
- They offer little to no control over data ownership and use.
- Some freelancing platforms allegedly turn user data into a commodity for centralized Web2 freelancing platforms.
- Their prominent sources of revenue are high commission fees on escrow, advertising low-ranked services, and using personalized data of users.
- They have long payment cycles
- They operate within a centralized system
- Long paperwork
- Lack of transparent which lets bad actors penetrate
DeeLance aims to reinvigorate the freelancing market with a fast, efficient, and easy solution. How?
- No browser plugins, third-party apps, credit card details, or wallets-linking.
- Blockchain smart contracts throw out predatory middlemen from the equation and the high cost that comes with them. It charges the lowest commission in the market.
- Gives you full control over your data, in an approach unparalleled in the traditional market.
- Allows employers to convert the work they paid for into NFTs. It gives them full rights to the work and prevents copyright violations.
- Stores all buyer and seller reputations on the public blockchain using an automated dispute system. Escrow accounts implement trustlessness into the ecosystem, ensuring the utmost safety. Mitigates scams or manipulation.
There is one more reason why DeeLance is an excellent buy now. The platform is hosting the presale of its native token DLANCE. Grab them early to make the best use of the discounts, as the token price increases with each new stage. Money secured from the presale will go towards the development of the DeeLance NFT marketplace and the Metaverse app. A good share of the funds will also be used to strengthen the project’s industry foothold and network.
DeeLance has all the right ingredients to be at the forefront of the global freelancing revolution, making DLANCE one of the most promising new cryptocurrencies to buy now.
|Presale Started||30 March 2023|
|Purchase Methods||ETH, USDT, Credit Card|
Ecoterra – The Best Green Token to Buy in April 2023
Green cryptocurrencies are another lucrative digital asset category. Blockchain can bring a new wave of interest and engagement to climate action. The decentralized makeup of blockchain solutions makes them a better tool for global coordination when compared to traditional initiatives. So, the next best cryptocurrency to invest in now is Ecoterra, the first-of-its-kind Recycle2Earn token.
It uses crypto incentivization as a tool to encourage individuals, organizations, and governments to join the fight against climate change.
There are four pillars of the Ecoterra ecosystem:
The Ecoterra Recycle2Earn Application offers a great way to earn Ecoterra tokens for each item you recycle.
- It tracks your recycling activities
- Lists them on your user profile
- Mints your achievements as NFTs.
The second pillar is the Ecoterra Carbon Offset Marketplace, which simplifies carbon offsetting in a Web 3.0 set-up.
- It uses the most trusted standards for project verification.
- Each ton of carbon you offset is added to your impact profile as an achievement, which you can mint as an NFT once a target is hit.
The third pillar is the Recycled Materials Marketplace, which is a great place to find recycled items like plastic, aluminium, or glass on the platform.
- It bridges the gap between companies and recyclers.
- Buyers can reach out to recyclers, place orders, and make payments.
Finally, the Impact Trackable Profile allows companies and individuals to track and publish their contributions to environmental initiatives. You can scale your profile by accruing more achievements. If you’re a company, your Impact Trackable Profile will help you reach a large user base and procure valuable data on user profiles and behaviour.
Ecoterra’s unparalleled path to strengthening climate action solidifies its place among the top cryptocurrencies to watch out for this year. The fact that the app will be supported in all crypto-friendly countries that make use of reverse vending machines reveals that it is stepping into a rich market. Ecoterra presale is an excellent crypto investment gateway now.
|Total Supply||2 Billion|
|Buy with||ETH, USDT, Card|
Altseason May Begin in April-May 2023 If Bitcoin Hits These Levels!
The year 2021 witnessed a massive breakout from the consolidation which further ignited the iconic bull run wherein most of the tokens secured the highest value. Bitcoin, soared more than 85% from the bottom to trigger a break out in 2020.
Meanwhile, a similar pattern is in work, that may trigger yet another bull run if validated at the right time. Besides, the altcoins appear to be preparing for the next move that may spark a strong Altseason.
The altcoin market cap has been consolidating within a falling wedge, while the recent price action offered a break above the bearish captivity. Currently, the altcoin market cap is consolidating within a narrow range as Bitcoin price is accumulating strength to experience a breakout very soon.
When Can We Expect a Fine Altseason? Will it occur in 2023?
A popular analyst believes that the Altseason is pre-programmed in April-May 2023, provided the Bitcoin price breaks above $29,000 and the dominance fails to clear 48%.
However, the analyst here specifies it as a ‘mini-altseason’, hence no massive price action may be expected but a minor upswing may lift the price above the bearish influence. In other words, the Bitcoin price is required to rise notably and consolidate a little while the dominance slashes a bit. This indicates the growing strength within the altcoins, while they are preparing for a massive upswing ahead.
Bitcoin’s Market Cap Dominance Hits Critical Resistance, Altcoin Pump Ahead
After scaling to a high of around $29,159 in the past two weeks, Bitcoin bulls have struggled to reach the long-awaited $30k. As a result, investors have begun pulling their money out of Bitcoin’s ecosystem towards the altcoin market.
For instance, Cardano (ADA) traded around $0.393 on Friday, up approximately 3.3 percent in the past 24 hours. Additionally, Hedera (HBAR) and Baby DogeCoin (BABYDOGE) have spiked 6 and 25 percent, respectively, in the past 24 hours.
Bitcoin price, on the other hand, traded around $27,943 on Friday, down approximately 2.6 percent in the past 24 hours. The crypto money flow will move from the Bitcoin market to top altcoins to small-cap alts.
Meanwhile, all eyes are on the Ethereum (ETH) price ahead of the April 12 Shanghai upgrade, enabling validators to withdraw staked ethers.
Closer Look at Bitcoin Dominance
Every time the altcoin market rallies, Bitcoin’s dominance is shaken to lower margins. The 2017 crypto rally, which has been described as the largest crypto bubble, saw Bitcoin’s dominance shaken from above 90 percent to below 50 percent. Ever since Bitcoin’s dominance has held firmly above 39 percent, but analysts forecast it will not be that way for long.
According to a famous Twitter crypto analyst @Cryptowoetoe, the altcoin season will kickstart if Bitcoin’s dominance falls from its current resistance of around 48 percent.
“I see the BTC.D as the main indicator for starting a potential alt season. We are up against a big resistance there so the dominance might come down. Also, ETH is very strong against BTC in lower time frames. Will definitely be looking more into some alts from here,” the analyst stated through a telegram channel group.
The analyst indicated that the Ethereum price has been going up in the lower time frame, which is bullish for altcoins.
Bitcoin Dominance Hits Critical Level- When Can Traders Expect Altcoin Season?
Bitcoin has been the dominant cryptocurrency since its inception in 2009. Its market capitalization has grown exponentially, reaching an all-time high of $1.2 trillion in early 2021. However, other cryptocurrencies are now challenging their dominance.
Ethereum, Binance Coin, Cardano, and Dogecoin have all seen significant growth in market capitalization recently, and some analysts predict that Bitcoin’s dominance could be eroded in the coming years.
Bitcoin Dominance Index
Bitcoin dominance is measured by the Bitcoin Dominance Index (BDI), which compares the market capitalization of Bitcoin to the total market capitalization of all cryptocurrencies. As of March 31, 2023, Bitcoin’s dominance is 43%, down from a high of 70% in 2017. Ethereum is the second-largest cryptocurrency by market capitalization, with a dominance of 21%.
Gareth Soloway, a cryptocurrency analyst, believes that Bitcoin’s dominance will continue to decline as other cryptocurrencies gain ground. He cites several factors contributing to this trend, including the rise of decentralized finance (DeFi) and non-fungible tokens (NFTs), which are primarily built on the Ethereum blockchain.
Gareth pointed out that DeFi has created new opportunities for investors because the protocols allow them to lend, borrow, and trade cryptocurrencies without intermediaries, making the process more efficient and cost-effective, and soon people might start to abandon the king in favor of the alternatives.
Gareth also noted that some cryptocurrencies are focusing on solving specific problems, such as scalability and sustainability. Ethereum, for instance, ditched the proof-of-work consensus mechanism for the proof-of-stake consensus mechanism last year, which is more energy-efficient than Bitcoin’s proof-of-work system. This focus on sustainability could attract environmentally conscious investors and users, further reducing Bitcoin’s dominance.
According to Gareth, Bitcoin’s price movement has been characterized by a series of higher highs and higher lows, indicating the start of a bullish trend. He also noted that Bitcoin’s recent price correction has found support at the 50-day moving average, a key technical indicator for traders.
However, Gareth warns that the price could be vulnerable to a major correction if it fails to maintain its current support levels. He suggests that investors closely monitor Bitcoin’s price movements and consider taking profits if the price starts to show signs of weakness. At press time, Bitcoin was hovering around $27,900 with a market capitalization of $539.5 billion.
Vote-to-Earn Token Love Hate Inu Hits $2M Funding and Moves to Phase 3 of Presale
In recent years, meme-inspired cryptos have experienced a surge in popularity within the web 3.0 landscape, particularly since the industry’s boom in 2021.
Love Hate Inu (LHINU) is a standout newcomer in this space, a platform that introduces an innovative Web3 concept poised to transform the $3 billion poll and survey industry.
The Love Hate Inu platform uses a vote-to-earn approach, encouraging people to participate in polls and surveys. As a reward for their involvement, participants receive $LHINU tokens. While this concept resembles governance structures commonly utilized in decentralized blockchain initiatives, it surpasses them by granting users the freedom to create any survey they wish to.
Leveraging blockchain for conducting polls, Love Hate Inu offers a voting mechanism that is demonstrably fair, immutable, and resistant to tampering. This ensures that the outcomes of the votes are accessible and free from manipulation.
The platform has witnessed significant excitement within the cryptocurrency sphere. As a testament to this enthusiasm, Love Hate Inu secured over $2 million in just a few weeks of its presale phase launch.
Love Hate Inu’s Presale Advances to the Third Phase
The Love Hate Inu project has completed its 2nd presale stage and is now entering the third stage of its ICO. With this transition, investors have shown increased interest in securing the tokens alongside an increase in $LHINU’s price.
Within only six days of the token sale’s commencement, Love Hate Inu hit its first achievement by raising $500,000 USDT. The utility meme coin has garnered the attention of many, who realize its prospects and the earning opportunity it presents through voicing opinions on polls and surveys.
Upon the conclusion of the second phase, the platform has raised over $2 million in funds. At press time, the project’s presale page indicates that 1 $LHINU is priced at $0.000095 USDT. Love Hate Inu has secured nearly $2,065,733 USDT and aims to achieve the $3,037,500 USDT target next.
$LHINU’s price is set to rise to $0.000105 USDT per token in the next stage in slightly over 6 days as it rushes through its third presale stage. Every successive phase will introduce additional price increases. The ICO comprises eight stages, with the final stage setting the $LHINU price at $0.000145 USDT per token. Upon its Initial Exchange Offering (IEO) debut, $LHINU will maintain this price, with 90 billion units circulating.
Each stage will release 12.5% of the total tokens during the eight stages, targeting a cumulative amount of $10,068,750 by the offering’s conclusion. The entire token supply consists of 100 billion tokens, with the presale constituting 90% of that amount. The remaining 10% will be allocated for liquidity support, exchange listings, and incentive-based rewards.
|Presale Stage||Token Price||Amount of Tokens||Token Percent||Total Price||Stage End Date|
|1||$0.000085||11,250,000,000||12.5%||$956,250||(Soft launch) + 7.5 days|
How Does Stake-to-Vote Work?
To participate in voting, users must stake $LHINU for 30 days. This method has been implemented to prevent potential interference from spam bots and “brigading activists” who might try to manipulate the voting outcome.
Consequently, the platform adopts this innovative tactic to boost security and preserve the integrity of the votes.
As users stake more $LHINU tokens for extended periods, their voting influence increases. As a result, Love Hate Inu offers significant benefits to Web3 initiatives and brands in search of genuine insights on a range of topics and questions.
Love Hate Inu is committed to creating multiple partnerships to deliver sponsored content, which could lead to unique rewards for the project through collaboration with these partners.
Embracing its identity as a meme coin project, the platform aims to create an enjoyable and shareable experience, creating viral content when possible. This strategy enables the online community to participate in lively discussions and obtain authentic outcomes from votes on various popular subjects.
Love Hate Inu’s Decentralized Future: Expanding Horizons
Initially, Love Hate Inu, a wholly decentralized endeavor, will produce the first batch of polls. Their primary objective is to empower users and external parties to create their polls and questions by the fourth quarter of this year.
With the onset of 2024, Love Hate Inu intends to integrate a voting system into various leading metaverse platforms within Ethereum’s network. This calculated approach will lay the foundation for prospective partnerships with numerous pre-existing projects, ultimately enhancing its presence and influence in the digital landscape.
Social Channels: Twitter | Telegram | Telegram Announcement | Instagram | Discord
Cardano’s Tvl Hits 20% Growth – Could This Be the Catalyst for Ada’s Bullish Run?
Cardano, one of the most popular blockchain networks, is seeing significant growth in its Total Value Locked (TVL) metrics. Data from DeFi Llama shows that TVL of the Cardano network has seen an increase of 20% almost every month, highlighting the increasing popularity of the network’s DeFi ecosystem.
The rising popularity of ADA among institutional investors
ADA’s rising popularity among institutional investors and large wallet holders could emerge as one of the drivers of the altcoin’s price rally. Based on data from crypto intelligence tracker IntoTheBlock, the volume of large Cardano transactions exceeding $100,000 is on the rise. The trend indicates that institutional investors and Cardano whales are increasing their engagement with the Ethereum-killer token.
While a spike in whale activity is typically considered indicative of a correction in the asset’s price, large volume transactions on ADA network are accompanied by a steady increase in the asset’s price. Over the past week, ADA yielded nearly 8% gains for holders.
TVL grows, but ATH remains far away
While the total value locked on Cardano experienced a 20% jump this year, its previous all-time high remains afar. When ADA reached its ATH of $3.09 in September 2021, the TVL stood at a staggering $3 billion. Therefore, if ADA needs to aim for $1, the TVL requires a dramatic push similar to the market rally of 2021.
Only a bull run could pave the way for the possibility of a push and the current conditions don’t favor it. ADA is hovering around the $0.33 mark unable to break its resistance level of $0.40 for more than two months.
While an increase of 20% in TVL is a positive development, it only shows a brief recovery. The development alone might not take ADA to the finish line. Touching its previous TVL highs of $3 billion might take years, as the global economy is not in the right shape.
Cardano network showing significant improvement
However, the Cardano network is showing significant improvement despite a financial downturn. Therefore, when the bull run begins, ADA could kick-start a price run and surprise investors with its efficiency.
Cardano hit an important milestone in its developmental journey going full peer-to-peer with node 1.35.6. Developers called all Staking Pool Operators (SPOs) to get on the testnet and test the speed and efficiency of the Ethereum-killer blockchain network.
Bitcoin Price To Flip If It Hits This Level Forming A Sell Zone!
In recent days Bitcoin has been intriguing both investors and traders due to its price action. In the month of February, Bitcoin has had a roller coaster ride in terms of price movement. In the last few days the flagship currency was pulled back to $21K after hitting the $24K area. However, Bitcoin price has once again regained the $24,000 level.
At the time of writing, Bitcoin is selling at $24,728 after a fall of 0.76% over the last 24hrs.
Now the question of Bitcoin’s further price action has left market participants in a confusing state whether to sell or hold on. However, a renowned crypto analyst and trader known as DonAlt claims that the crypto market is currently mirroring the 2020 pattern where Bitcoin is flashing strength and recovery.
Bitcoin Price To Enter A Bearish Trade ?
DonAlt is among the analysts who had purchased Bitcoin in November during its bottom and now he has come up with a strategy to when and how to sell BTC. Moreover, as per his analysis Bitcoin will enter a consolidation zone near $30,000 and this is the area where he considers BTC to sell.
On the contrary, DonAlt states that if Bitcoin manages to surpass the $32,000 area the next move can be either bullish or bearish. Hence, he is of the opinion that $30,000 is the area where one can sell and claim some profits.
Before the strategist winds up his analysis, he talks about Litecoin (LTC) which he had purchased in November when it hit as low as $60. Even though Litceoin is currently on a bullish momentum, DonAlt plans to hold onto his LTC even if Bitcoin makes a move above $32,000.
Currently, Litecoin is changing hands at $94.01 with a loss of 3.62% over the last 24hrs.
CPI Data Hits 6.4%, But Bitcoin Price Might Soon Hit $25K
Recently, during the FOMC meeting, the Federal Reserve had a soft approach towards interest rate hike as there was only 0.25% interest rate hike instead of 0.50%. Today the traders and investors had hoped that there will be a decreased inflation rate in January.
This positive anticipation had resulted in a slight market recovery as the world’s first cryptocurrency, Bitcoin price had regained its lost $22,000 area. Hence, Bitcoin’s reverse price action influenced other cryptocurrencies as well.
On the contrary, as per the reports, the CPI data for January has hit 6.4% whereas the expected data was 6.2%. Also the JP Morgan analyst had claimed that even if the crypto market rallies after positive CPI data the rally won’t last for a long time. If the market turns out to be as per JP Morgan analysis, it will most probably be another buy the news event.
Bitcoin Trend Reversal Ahead ?
Just before the Consumer Price Index (CPI) data for January month was yet to be released, the crypto market was slightly on an upward movement. Furthermore, due to the expected positive inflation data, even the US Dollar Index (DXY) along with S&P 500 and Nasdaq are trading positive.
Now, the higher than expected CPI data has resulted in Bitcoin fluttering between $21,900 and $22,000 area. However, as per the data Bitcoin is now making an effort to form a bear trap pattern. A bear trap pattern is nothing but a downward movement with an overall bullish move. If this turns out to be true then Bitcoin might soon move towards the $25,000 mark.
Overall, the inflation data is still positive which could result in Bitcoin’s reverse action. If Bitcoin has to move towards its positive trend, then the Bitcoin price has to cross its first major resistance of $22,500 and then $23,000 level. At the time of writing, Bitcoin is selling at $21,994 after a surge of 2.16% in the last 24hrs.
Matic Surges In Price As Polygon’s DeFi TVL Hits $1.44 Billion
The Polygon DeFi ecosystem has been making waves in the cryptocurrency world, with its total value locked (TVL) hitting $1.44 billion. This impressive milestone has been largely driven by the surge in the value of the Matic token, which has seen unprecedented growth in recent months.
Recently, the Polygon network has also seen a 90-day high NFT trading volume on OpenSea, reaching $12 million in just one day. Furthermore, the network has launched its highly anticipated ZkEVM, a production-ready zk-rollup solution for Ethereum.
One of the main factors driving the growth of Polygon’s DeFi ecosystem is the increasing demand for low-cost, fast, and secure transactions. DeFi has been one of the hottest trends in cryptocurrency, with more and more people looking to participate in decentralized financial applications.
Covo, a Leverage Trading Platform on Polygon, Surges 80% This Week
The Matic price has been experiencing significant growth in recent weeks, with many tokens built on Polygon also seeing significant price increases. According to crypto price trackers, Matic has increased over 20% in the past 30 days. Covo Token, the native utility and governance token of COVO Finance, a Leverage Trading Platform built on Polygon, has also seen its value surge by 80% in recent weeks, attracting the attention of the MATIC’s community.
COVO Finance is a decentralized spot and perpetual exchange that enables users to trade popular cryptocurrencies such as BTC, ETH, MATIC, and others directly from their cryptocurrency wallets. The platform offers a better trading experience with low swap fees, zero-price impact trades, and the ability to trade perpetual futures with up to 50x leverage, similar to how it’s done on centralized exchanges. However, users keep custody of their assets using a cryptocurrency wallet, unlike centralized exchanges.
The Covo Token is the native utility and governance token of COVO Finance. Token holders can use it to vote on proposals to help decide the exchange’s future direction. Staking Covo Tokens provides several rewards, including 30% of all generated protocol fees, esCovo tokens, and Multiplier Points. The fees are collected from market making, swap fees, and leverage trading and are paid in MATIC. The esCovo tokens can be either staked for rewards or vested, and the Multiplier Points boost the yield and reward long-term holders without contributing to token inflation.
Polygon Launches Zero-Knowledge Proofs for Smart Contracts Execution
The launch of the recent ZkEVM is considered to be a significant milestone for the Polygon network. At the time of writing, MATIC was trading at $1.18 with a market cap of $10B. The ZkEVM provides a fast, secure, cost-effective solution for executing smart contracts on the Ethereum network. The solution leverages the power of zero-knowledge proofs to provide a high level of security without sacrificing speed or efficiency. According to a developer tweet, the ZkEVM prover’s results have been awe-inspiring, with batch proofs of 2:30 minutes and the ability to handle ~500 or ~250 ERC20 transactions per batch. The prover cost is $0.064 per proof ($0.0001 per transaction), making it the fastest and most affordable ZK technology.
The launch of the ZkEVM is a major step forward for the Polygon network and is expected to drive significant growth and adoption. The ZkEVM offers a fast, secure, and cost-effective solution that is well-suited for decentralized applications and DeFi platforms. The solution provides a much-needed alternative to the Ethereum network, which needs to improve with high gas fees and slow transaction times.
The Polygon network is doing incredibly well, with the launch of its ZkEVM and the surge in NFT trading volume on OpenSea due to Reddit collectibles. Polygon and its native token MATIC are well-positioned to capture the growing demand for fast, secure, and cost-effective solutions in the blockchain and cryptocurrency world. With its commitment to innovation and progress, the Polygon network is a promising investment opportunity for those looking to participate in the growth of the blockchain and cryptocurrency markets.
Litecoin Price Hits 9-Month high
As Bitcoin, Ethereum and most other cryptocurrencies opened the year on a bullish note, a few of the altcoins couldn’t enter the race immediately. One such altcoin is Litecoin, a decentralized peer-to-peer cryptocurrency which failed to ignite a rally immediately. However, that bear moment was short lived as just after a week of 2023, Litecoin began its bullish momentum. Now, within a month, the Litecoin bulls have managed to push the altcoin from $75 to $100 level.
Currently, Litecoin is selling at $100.14 after a surge of 4.05% over the last 24hrs.
Meanwhile even the industry experts portray a bullish stance towards Litecoin and one among them is a closely followed crypto analyst anonymously known as CryptoDonAlt. The analyst claims that Litecoin has gained 150% against Bitcoin since June 2022. He also predicts a breakout target of 50% more.
Why Litecoin Price Is Surging ?
Further, the reason for Litecoin showing such a bullish trade could be for two reasons – increasing adoption and the upcoming halving. One of the main causes for increased Litecoin adoption is due to its low transaction cost with less time. As per the Santiment data, Litecoin addresses have added nearly 1.15 million LTC tokens in the last seven months. This has pushed Litecoins’ total supply by 0.5%.
The next is Litecoin’s halving which is set to happen in August 2023. Halving is basically done to reduce the currency’s supply and increase the demand. Another analyst and trader known as Satoshi Flipper claims that after Litecoin’s halving, the LTC price will surge between $180 and $200 area.
Hence, the next six months are very crucial for Litecoin price which will decide its further price action.
Bitcoin’s Hash Rate Hits New Records; What Next For BTC Price ?
As the 2023 bull rally drives Bitcoin (BTC)’s price movement to new five-month highs, the largest cryptocurrency’s network is experiencing new records in activity. Data from MiningPoolStats, show that on January 26th, Bitcoin’s hash rate reached a new record high.
The entire amount of computer power that is linked to the Bitcoin network is referred to as the hash rate. If the current rate of increase in BTC prices is maintained, then it is likely that a new level will be registered.
According to the findings of on-chain analyst CryptoQuant, an increase in Bitcoin values would prompt a greater number of users and mining farms to turn on their rigs, which would lead to an even higher hash rate.
CryptoQuant added that the increasing hash rate would be a sign that strong liquidations were about to occur, which may lead to a reduction in mining activity and a subsequent decline in price.
The expert believes that the opposite is true, citing data that is stored on the blockchain. This is despite the fact that there seems to be a direct correlation between the spot price of Bitcoin and the hash rate. He is confident that prices and the peaking hash rate of bitcoin can move in opposite directions, which will affect the coin’s valuation.
Furthermore, the expert pointed up instances in the years 2021 and 2022 in which increasing hash rates led to major price retracements after strong gains in price. The average price drop during the selloff was 19.5%, with the steepest drop being 37%. There were seven events that caused the selloff. He goes on to say that prior to this downturn, the coin’s valuation had a tendency to report a maximum increase of 11%.
BTC is currently valued $22,968 as of the time of this writing, which represents an increase of over 10% in the past seven days but a decrease of 0.06% in the past twenty-four hours.
Solana Tide Up 58%, Polkadot Nomination Pool Hits Milestone, Snowfall Protocol Keeps Rising
The world of cryptocurrency is constantly evolving with new players entering the market and established ones experiencing fluctuations in value. Among the most exciting developments in recent months are the trio of blockchain projects known as Solana (SOL), Polkadot (DOT), and Snowfall Protocol (SNW).
These three projects have been making waves in the crypto space, with each offering unique features and benefits to users. In this article, we will take a closer look at these three projects, and explore their potential impact on the world of blockchain and cryptocurrency.
Solana’s (SOL) history of volatility raises concerns for investors
Despite its recent surge in price, Solana (SOL) is not without its disadvantages. One of the biggest concerns about Solana (SOL) is its history of dramatic price fluctuations. Last year, the price of Solana (SOL) collapsed by more than 80%, which has recently begun to recover. This volatility can make it difficult for investors to make accurate predictions about the future value of the coin.
Additionally, Solana’s (SOL) position as an “Ethereum killer” may be overstated. While the project has some unique features, it still faces stiff competition from other blockchain platforms. The current price of Solana (SOL) is $23.01, with a 24-hour trading volume of over $1.5 billion. However, Solana (SOL) has seen a 1.07% decrease in value in the last 24 hours.
Polkadot’s (DOT) lack of transparency raises questions about Nomination Pool functionality
Polkadot (DOT) has made significant progress with its new Nomination Pool feature, but it is not without drawbacks. The platform has been cautious in providing details about how the Nomination Pool works, which can make it difficult for users to fully understand its capabilities. Additionally, Polkadot’s (DOT) decision to double the maximum number of pools to 128 may lead to a higher level of centralization. Moreover, Polkadot’s (DOT) recent ranking as the number one cryptocurrency with the highest Nakamoto Coefficient metric may be misleading as it is not a measure of decentralization. As of now, the value of Polkadot (DOT) is $5.76, with a 24-hour trading volume of over $308 million. However, Polkadot (DOT) has seen a decrease of 3.63% in the last 24 hours.
Investors take notice of Snowfall Protocol’s (SNW) potential for long-term success
The multi-chain communication mechanism was difficult and immature until Snowfall Protocol (SNW) was introduced. However, Snowfall Protocol’s (SNW) dApp enables the easy and secure transfer of both fungible and non-fungible assets. It is the first cross-chain platform to allow asset transfers across EVM and non-EVM chains. While still in its early stages, Snowfall Protocol’s (SNW) excellent performance during its presale phase has piqued the interest of both investors and industry experts.
The initiative is expected to grow rapidly, with potential profits of up to 1000x. Leading investors are starting to realize Snowfall Protocol’s (SNW) long-term potential, making it an excellent moment to participate in the project because the price is still relatively low compared to where it will be once the presale phase concludes on February 3rd. Snowfall Protocol (SNW) is currently trading at $0.191, and is predicted to rise higher in value.
Solana (SOL), Polkadot (DOT), and Snowfall Protocol (SNW) are all exciting projects with unique features and benefits. While Solana and Polkadot (DOT) have their drawbacks, Snowfall Protocol (SNW) stands out as a revolutionary project with the potential to change the way we think about blockchain and cryptocurrency. With its innovative dApp and strong investor interest, Snowfall Protocol (SNW) is a project to watch in the coming months.
Get in while you can and invest in Snowfall Protocol (SNW) today!!!
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Snowfall Protocol Expected To Reach $5 By 2030, As Chain (XCN) Hits All-Time Low
Chain (XCN) has been affected by the bearish market conditions. XCN, which is built on the Ethereum network, has reached its all-time low of $0.012 after reaching its all-time high of $0.184. Despite the red candlesticks on major coins in the crypto market, smart investors are seriously looking forward to the next bull run and subsequently looking for unique and innovative projects that will shock the entire crypto space to invest their money in.
However, some influential crypto market analysts have been very bullish on the new crypto project, Snowfall Protocol (SNW). Some analysts have predicted that it will soar as high as $5 by the year 2030, even though it is currently trading at $0.17.
This article aims to delve into the root causes of the bear market’s impact on Chain (XCN) and assess the potential for the Snowfall Protocol (SNW) bull run.
Chain(XCN) Use Cases and Market Analyses
Chain (XCN) was founded in 2014 and provides a cloud-based infrastructure solution to support the Web3 economy. The goal of Chain is to promote the growth and development of the Web3 economy through its infrastructure platform.
Despite this, Chain (XCN) continues to struggle in the crypto market due to a lack of community adoption. During the past year, the price of Chain (XCN) has fluctuated greatly in value, reaching both its highest and lowest points ever recorded. At present, the token is trading at its lowest point, having dropped from its previous record high of $0.184 to its current value of $0.012.
All these reasons and more are the reasons why seasoned crypto analysts and investors are bullish on a project with real-life use cases like the Snowfall Protocol (SNW).
Snowfall Protocol(SNW)-Expected to Reach $5 by 2030
The entire cryptocurrency market is displaying red candlesticks. Investors and traders are losing money and are currently looking for ways to recover and make more money than they have lost. Assets like Chain (XCN) do not even have the capacity to give a 100X, but analysts are already predicting Snowfall Protocol (SNW) to hit $5 in 2030, even if it’s currently trading at $0.17. These are not just mere assumptions. The predictions are based on the facts of what the project has in store for smart investors.
One of the many reasons Snowfall Protocol (SNW) has significant potential is because it offers a unique feature in the Web 3.0 space: the ability to perform cross-chain swaps for both fungible and non-fungible tokens. This capability has not been previously available in this space, making Snowfall Protocol (SNW) a highly valuable tool for those looking to trade and exchange a variety of digital assets.
It’s worth noting that the Snowfall Protocol (SNW) has already raised more than $3 million in its Stage 2 presale round. Since it gained traction with members of the crypto community, the project has been one of the most searched for crypto projects.
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Cardano And Solana Shed 4%, Snowfall Protocol Hits All-Time High Of $0.17
Both once-trendy crypto projects, Cardano (ADA) and Solana (SOL), have been plagued by several setbacks this year. Understandably, investors of these crypto assets are now concerned and have grown weary of the assets’ consistent decline. These investors are now in search of new investments to put their money into.
Projects such as Snowfall Protocol (SNW) allow investors to make huge returns. Unlike Solana and Cardano, Snowfall Protocol (SNW) has provided good yields to its early investors even under bearish pressure.
Cardano (ADA) Falls To Negative Pressure
Cardano (ADA) had a stellar year in 2021. The bulls were able to pull a 691% price increase in the calendar year, demonstrating their power. With such momentum, Cardano (ADA) reached a market capitalization of $97.52 billion and an all-time high of $3.03 in September 2021. But, since the bears seized control of the crypto market, Cardano has underperformed, taking a huge knock and nearing the $0.3 support level.
Cardano (ADA) has broken the $0.3 support level and currently trades at $0.243 – $0.257. Cardano (ADA) has been chastised recently, particularly for its poor development rate. This gradual progress continues to have a negative impact on the market, and no price rise is foreseen anytime soon.
No End In Sight To Solana (SOL) Decline
Aside from the market’s bearish pressure on Solana (SOL), a significant attack on its lending protocol has influenced a massive decline in value. An attacker stole $100 million from Mango Markets, a DeFi platform, and is currently holding it hostage until the network covers its liabilities. This announcement comes on the heels of yet another network glitch, and Solana will have a difficult time in the coming months.
Given all these negative pressures, Solana’s value has gradually declined. Solana (SOL) has dropped around 4% to $9.52 – $10.78 as of this writing, representing a drop of 96.30% from its peak. Following their dissatisfaction with Solana (SOL), investors are now motivated to invest in Snowfall Protocol (SNW).
Snowfall Protocol (SNW) Surges from $0.005 to $0.17
Snowfall Protocol (SNW) has launched its dApp prototype after experiencing tremendous success in recent months. The Snowfall Protocol (SNW) dApp enables users to transfer and receive tokens between wallets on several blockchains in a secure and timely manner. Likewise, Snowfall Protocol (SNW) includes smart contract features that allow token swaps and many other activities that necessitate token exchange.
Snowfall Protocol (SNW) promises to be the only platform investors require for asset transfer, eliminating the requirement for a trusted third party or middleman. The Snowfall Protocol (SNW) dApp functionality has assisted it in raising $3 million in just two months of the presale.
The current and final Snowfall Protocol (SNW) presale round will likely be more profitable than the last ones. Snowfall Protocol (SNW) distributed more than half of this round’s tokens in less than two weeks. As a result, the price of Snowfall Protocol (SNW) has risen from $0.05 to $0.17 in the last week, with more expected ahead of its January debut.
Get in while you can and invest in Snowfall Protocol (SNW) today!!!
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Tron’s Stablecoin USDD De-Pegs, Hits June Lows
The post Tron’s Stablecoin USDD De-Pegs, Hits June Lows appeared first on Coinpedia Fintech News
On Monday, the algorithmic decentralized USD (USDD) stablecoin on the Tron network dropped to $0.9695, its lowest level since June. A few hours ago, Curve Finance had almost $4 million USDD in liquidity taken from it, accounting for approximately 12.83% of the pool’s entire stake. Tron’s USDD on Curve has a drastically skewed USDD/3CRV liquidity pool, with USDD accounting for 86.1% of the total.
Justin Sun tweeted that he is deploying more capital to support USDD and emphasized that the algorithmic stablecoin has a 200% collateral ratio in an effort to calm the market.
Bitcoin Futures Market Is On The Verge Of A Bullish Signal While Mining Revenue Hits The Lowest!
It is reported that the Bitcoin futures market has reached its historical market bottom while the two-year low mining revenue becomes a barrier for a BTC bull run.
The last few weeks have become a nightmare for the entire crypto space due to FTX’s collapse that dragged down the global market cap from the $1 trillion mark.
The impact of FTX’s demise is not only limited to the crypto market and investors, as it has affected the trading and mining industry hard.
It is reported that the Bitcoin futures market has entered the historically bottom zone while the BTC mining revenue dropped to its two-year low with a declining hash rate.
BTC Futures Market Slips To Backwardation
Since the crypto winter accelerated by FTX’s bankruptcy filing, traders have faced ample difficulties in following the flow of the BTC market.
An analytics firm, IntoTheBlock, revealed that the Bitcoin futures market had entered such a bottom zone that was previously marked as a final capitulation region before a bull market.
IntoTheBlock further states that the BTC futures market is currently experiencing a sharp backwardation, which signifies a lower value of the BTC futures contract than the spot value.
The high selling pressure from long-term holders and whale investors of Bitcoin has created a backwardation zone in the last two weeks.
However, it is believed that excessive negative funding rates may lead to a short squeeze for BTC price as short-sellers will be forced to exit their positions if BTC makes a slight upward reversal.
The firm noted, “Times where futures contracts are in backwardation tend to align with market bottoms, as happened in March 2020 and May 2021. A similar trend can be observed with highly negative funding rates. Is Bitcoin bottoming?”
Bitcoin Mining Revenue Reaches The Lowest Since 2020
This year has not been fruitful enough for BTC miners as the crypto failed to fulfil their expectations and mining revenue. Due to several macro conditions and drastic bearish events in the crypto space, the revenue of Bitcoin miners has touched a low since 2 November 2020.
Additionally, the mining difficulty has also peaked within the Bitcoin network; however, miners were able to recover some portion of their losses as the hash rate moved on a declining road.
The BTC mining revenue, including transaction fees and block rewards, has dropped to a low of $11.67 million today, which was previously recorded on 2 November 2020 when the BTC price was roaming around $13,500.
However, the current range-bound area of $16,500 for Bitcoin suggests a better-than-expected mining revenue; major factors like increasing demand in computational power, inflation and mining difficulty have lowered the mining revenue this year.
Digging further, the mining difficulty of BTC has jumped to an all-time whooping high of 37 trillion, forcing miners to increase computational power to meet expected mining revenue. Thus, it compels traditional Bitcoin miners to give up their mining rigs to wound their losses.
However, the BTC hash rate has dropped rapidly over the last three months, and now it stands near 225.9 exahash per second (EH/s), with a fall of 28.6% from its all-time high of 316,7 EH/s.
The Bitcoin mining industry has been shaken by FTX’s effects as the miners and traders have been severely compressed due to the turmoil. As the hash price experiences new lows every month, it has become a challenging situation for BTC miners’ survival.
However, the crypto market has received bullish reactions from its community as investors continue to make a stable support zone by investing in the dip and attempting to pull the market from its ongoing downtrend.
Bitcoin Dominance Hits 4 Years Low, What Does This Mean For Altcoins?
Bitcoin has been the crypto king and is known as the most dominant cryptocurrency in the crypto industry since its inception in 2011. It has grabbed the attention of investors to become the first choice for bringing overwhelming ROI (return on investment) during the bull run. However, it now seems that the dominance of bitcoin is fading away as it reaches the bottom line in four years due to the recent crypto winter.
Crypto Winter Brings Lowest Market Dominance
Bitcoin is currently the leading flagship digital asset due to its attractive price action and the market’s favorability. However, the current market crash has led several crypto projects to plummet, resulting in lower market dominance than before.
According to CoinMarketCap, Bitcoin’s market dominance is trading near 41.69%, the lowest since March 2018, with a market cap of $388 million. The market cap of Bitcoin also dropped from $1.23 trillion to $388 million since the crypto winter that began in 2021.
Bitcoin is not the only one that has been affected by the bearish market, as Ethereum’s market dominance has significantly dropped by 4% and is currently trading near 18.07% despite its revolutionizing merge event. ETH’s market cap also dropped from $569 billion to $167 billion due to the market crash.
The crypto winter has not spared popular altcoins and meme coins, as Dogecoin’s market cap has touched the lowest ($8.5 billion) since 2021 when it was $88.68 billion. The market dominance has also been affected as it has dropped from 4% to 0.93% within a year.
Similarly, ADA’s market dominance also fell despite its much-anticipated Vasil hard fork upgrade. ADA’s market dominance is 1.59%, dropping over 3% since 2021.
Next Phase For The Crypto Market
The decline in the market dominance of several leading crypto coins, including altcoins, is obvious as the interest hike and inflation report acted as macroeconomic factors to bring negative sentiments in the crypto market.
The low market cap and dominance indicate less interest from investors to invest in the market now, as the volatility can eat up all the funds. However, if we look at the past, Bitcoin’s drop in dominance enables other altcoins to skyrocket as investors look for other investment opportunities to generate fruitful returns. But this time, it is not happening anymore, as other altcoins are also trading near the bottom line in market dominance and capitalization.
However, bitcoin has gained significant positive momentum as it has been trading upward for the last two weeks, and recently it broke a crucial price level of $20K. Bitcoin is trading near $20,122 with an uptrend of 0.62%.
Other crypto projects, including Ethereum and several altcoins, have seen significant growth, and it seems that the crypto market is currently in a recovery phase. It is expected that the crypto market may touch new highs with a plan of revival in the upcoming months.
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Binance (BNB) Price Hits $340! How long will it sustain at this level?
Binance’s native token had a sharp fall on June 7 due to the US SEC opening an inquiry into potential violations of US securities law. A 7.3% decline in pricing brought the price to $275, which was the lowest point. Prices are expected to decrease by 25% to 40% in 2022 due to Binance’s alleged role in laundering millions of dollars worth of illegal money for criminals.
BNB Surpasses USD
With a change of 0.33% over the previous 24 hours, the BNB is presently trading at $294.73. The market cap of the Binance currency is now $47,550,805,775, following the most recent price movement. A study claims that in 2021–2022, the BNB was the third- or fourth-largest cryptocurrency in the world by market cap. It currently outranks the US Dollar Coin and is the fourth-largest cryptocurrency after Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).
Bearish Pressure To Dominate BNB
The Binance coin price has been highly volatile for a few months. After a significant price decline in June, the prices stabilized within the ascending parallel channel for around two months before crossing over.
BNB prices surpassed the parallel channel’s upper trend line and reached their peak at $340.0 before quickly re-entering the channel and dropping below the target of $297.5, reaching the lower trend line.
As apparent in the chart, the bulls attempted a rebound rally and raised the prices just a little bit above the target, but the bearish dominance caused the prices to fall below the target, generating waves that eventually led to the creation of a wedge.
The bulls attempted a rise again, and when prices hit their goal of $297.5, they flipped it to a resistance level. Prices fell to point ‘b’ due to the bearish dominance, and eventually, the BNB prices are anticipated to hit the target level at point “c”, which happens to be on the same level as “a”.
The prices may retest the target level and decline below it, making a flat pattern and roughly reaching the bottom at $234.5, according to il Capo Of Crypto- a cryptocurrency analyst, swing trader, and long-term investor.