TMS Network (TMSN), MAGIC (MAGIC), and Filecoin (FIL) Look to Capitalize the Crypto Recovery
2023 has been good for crypto. Well, at least so far. With all the bad news that made headlines in the crypto market in 2022, it feels like the light at the end of the tunnel is finally here. The beginning of 2023 has been encouraging for crypto traders, and the momentum seems to continue for now. Some cryptocurrencies have been able to capitalize on this recovery. These include the TMS Network (TMSN), MAGIC, and Filecoin. How have they managed to do it better than other cryptos in the market? Here’s the lowdown.
TMS Network (TMSN)
The TMS Network (TMSN) is attracting both new and existing crypto traders to its platform. The use case of TMS Network (TMSN) is innovative and utility-driven. They have built a decentralized trading platform for traders across the market, not just a crypto trader.
A trader can sign in on the platform and trade in Forex, equities, CFDs, and cryptocurrencies. They can do all of this while enjoying the benefits of decentralized trading, like low transaction fees, quick transactions, transparent functioning, tamper-proof trades, easy withdrawals, and more.
The TMS Network (TMSN) has also succeeded in building a thriving community of traders on its platform. It doesn’t just provide a platform for trading but a hub for financial education through videos, blogs, and other resources. It is truly capitalizing on crypto recovery by offering a great product and marketing it right.
MAGIC is the utility token for the Trove Marketplace built on Arbitrum. Trove marketplace has become a brand among gamers who play, trade, and collect NFTs on the platform. MAGIC is primarily used in this ecosystem to buy and sell those NFTs.
With the recovery in the crypto market, the NFT market is gathering steam again. The value of NFTs and MAGIC go hand in hand. Trove is an incredibly popular marketplace. With the market booming and gamers trading in NFTs again, the demand for MAGIC will increase. It will serve as a currency to trade as well as a currency to stake.
MAGIC is already witnessing a rise in value thanks to a renewed interest in NFTs. The trading volume, as well as the price of MAGIC, is slowly going up, and it will continue to do so in the near future.
Filecoin is a decentralized platform based on blockchain where users can share their unused cloud storage space. The native token FIL is used to encourage and reward users on the Filecoin network. Filecoin does not necessarily work as a store of value or a platform to build dApps but as a service offering unused cloud space.
In the current crypto recovery phase, Filecoin has positioned itself as a rather stable cryptocurrency. It offers a use case, unlike meme coins. It is completely decentralized as well. Given the increasing demand for decentralized storage space, Filecoin is certainly a worthy contender in the market.
While it will not be easy to determine the capital appreciation Filecoin can provide, Filecoin does offer a unique service for which there is ample demand.
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Prominent Analyst Peter Brandt Debunks ‘Magic Line’ Crypto Market Theory
Peter L. Brandt is the founder and CEO of Factor LLC, a global trading company where he trades proprietary capital, foreign exchange, futures, fixed income, and equities markets. He has authored books and is always one of the active members who make predictions in the crypto industry.
He spoke out about those who have recently placed their hopes and formed their market views based on the S&P500 index’s trend line.
Brandt Explains About Magic Line
According to Brandt, the “magic line” investors have drawn on numerous charts has been making the rounds in the cryptocurrency and trading communities for the past few weeks. If this line were to break, it would indicate that the entire market—clearly including cryptocurrencies, given that their correlation with the majority of stocks has been at an extremely high level since 2021—would be in the process of turning around.
Brandt, on the other hand, does not appear to share the same enthusiasm as other traders and believes that the breakthrough of that line will result in nothing, in contrast to other traders who are eager to witness the firm breakout and acceleration of the rally.
The well-known analyst does not elaborate on why, in his opinion, the trendline that virtually every trader and investor emphasizes in their analysis is irrelevant or does not give the market momentum.
Some people have expressed agreement and remarked that while he is not recommending that this fractal plays out, it does demonstrate the fact that occasionally the market can finish a decline and reach a greater high without following the trend that has been in place since the 1970s.
He received praise from one user for stating it. Some individuals have inquired about it and urged him to clarify whether it is due to fundamentals or macro.
Currently, the global market cap of crypto is at about $1.05T. The market seems to have started recovering since the FTX fiasco.
Magic Eden’s NFT Marketplace Switches to an Optional Royalty Model
The post Magic Eden’s NFT Marketplace Switches to an Optional Royalty Model appeared first on Coinpedia Fintech News
Magic Eden, a Solana non-fungible token (NFT) mainstay, is switching to an optional royalty model, according to a Friday night Twitter thread.
The business also announced that it will waive its 2% platform charge, beginning later Friday.
The move follows in the footsteps of other prominent NFT marketplaces, such as X2Y2, which have made royalty payments optional in order to attract more users, much to the chagrin of most creators.
“We hope that this is not permanent,” Magic Eden added in the release.
Magic Eden’s thread provoked quick outrage almost immediately on Twitter. Thirty minutes following the announcement, the business organized a Twitter Space to answer questions from its users.