Forget Dogecoin – a new meme coin has joined the market and is quickly becoming a hot topic. PlayDoge (PLAY) has raised over .5 million in just the first 10 days of its presale. With analysts now betting this “Tamagotchi x Doge” hybrid could be a potential breakout hit, let’s take a closer look at […]
Bitcoin News
Uniswap Shoots Past $10 On 15% Price Explosion – Here’s The Trigger
In a week marked by consolidation across the cryptocurrency market, the native token of Uniswap, UNI, has defied the trend, surging over 15%, and surpassing the mark. This bullish run comes amid positive developments within the Ethereum ecosystem and Uniswap’s ongoing legal battle with the US Securities and Exchange Commission (SEC).
Riding The Ethereum Wave
Beyond the legal battle, the current momentum within the Ethereum ecosystem is also propelling UNI’s price upwards. On-chain data reveals significant whale withdrawals from crypto exchanges following news of a potential spot Ethereum ETF.
Another fresh wallet withdrew 213,166 UNI(.96M) from #Binance just now.https://t.co/u15CE864hm pic.twitter.com/kyOBv0TB5G
— Lookonchain (@lookonchain) May 24, 2024
This flight to safety, coupled with the overall bullish sentiment surrounding Ethereum, is creating a ripple effect that benefits UNI, a key player within the Ethereum DeFi landscape.
From a technical standpoint, UNI’s breakout from a monthly consolidation phase paints a promising picture. Both technical indicators and on-chain data suggest a potential 25% price increase for UNI.
The token’s recent surge indicates a potential bull run, with analysts eyeing a price target of .80 if the current momentum continues.
Adding fuel to the fire is Santiment’s Age Consumed index, which measures the movement of dormant tokens. Spikes in this index often precede price rallies, and the latest uptick by the latter part of April seems to have foreshadowed UNI’s current uptrend.
This on-chain metric reinforces the bullish outlook for UNI, suggesting that investors are awakening to its potential.
Short Sellers Get Burned As Bulls Take Charge
The recent price rally has also been accompanied by a significant rise in trading activity. Data from Coinalyze reveals over million in Uniswap liquidations in the last day.
The majority of these liquidations (over 0,000) were short positions, indicating that traders betting against UNI are feeling the heat. This surge in open interest, with more traders going long on UNI, further strengthens the bullish control over the token’s price.
Uniswap Takes A Stand Against The SEC
This display of defiance has instilled confidence among investors, who view it as a positive sign for Uniswap’s future. The popular decentralized exchange (DEX) recently received a Wells notice from the regulatory body, alleging that UNI is a security. However, Uniswap has vowed to challenge this claim, asserting that the SEC’s case is weak.
The SEC case against Uniswap remains unresolved, and a negative outcome could dampen investor sentiment. A broader market correction could still impact UNI’s price.
Featured image from Wallpapers, chart from TradingView
STX Brushes Off Sluggish Crypto Market As It Shoots Up By 30%
With a broader slowdown in the broader market, some altcoins continue to push forward with minimal resistance; STX is one of those, with the token up nearly 30% in the weekly timeframe.
The market, as of the moment, is up less than a percent. This movement is minute compared to the huge swings noted in the last few months. However, Stacks’s internal growth goes against the slowing trend in the market.
April Prospects Grow by The Day
Next month is expected to be the biggest month for STX as internal developments sweep across the ecosystem. The official Stacks X account recently posted about the ecosystem’s recent wins. Most notable of these is the feature done by digital asset investment firm Frank Templeton on Stacks’s upcoming Nakamoto Upgrade.
Another big week for the Stacks ecosystem
Congratulations to @VelarBTC @ArkadikoFinance & @StackingDao for their latest wins
Check out all the Stacks ecosystem wins in the new Stacks Snacks newsletter edition
pic.twitter.com/vr6hPdTWUM
— stacks.btc (@Stacks) March 23, 2024
On Velar’s Dharma Automated Market Maker (AMM), the stSTX/aeUSDC pair has been added, giving investors more staking options on Velar’s platform. This development might’ve had an effect on the growth of StackingDAO which recently breached the 0 million mark. This means investor confidence in Stacks is gradually growing, grabbing the attention of people who are hesitant about DeFi on the Bitcoin blockchain.
Another confidence booster for investors is the announced partnership of Xlink, Bifrost, and ALEX Labs to bridge Stacks with other blockchains outside the realm of Bitcoin DeFi.
“Our collaboration with XLink and ALEX represents a significant step towards achieving true interoperability across blockchain networks, including that of Stacks and Bifrost. We are proud to contribute our capabilities to this partnership, unlocking new possibilities for BTC enthusiasts,” Dohyun Park, founder of the Bifrost Foundation, said in a statement on Bifrost’s official blog post about the partnership.
These events singlehandedly helped STX gain ground against the bears in the short to medium term. But with April at the corner, can the token stand on solid ground?
Bears Might Gain Ground In The Coming Days
STX’s recent price movements have attracted investors with the fear of missing out on previous gains. In the short to medium term, we might see STX slow down to a halt, following the broader market trend.
At the moment, the fresh breach on .28 might be able to hold any bearishness once bulls solidify their current position above this price level. If they fail to do this, however, we might see a fall towards .91 before the start of April.
Featured image from Pexels, chart from TradingView
Cardano (ADA): Green Shoots Emerge – Is A 30% Price Growth Next?
Cardano (ADA), the eighth largest cryptocurrency by market capitalization, is experiencing a surge of excitement among investors. A 10% price increase within the past 24 hours has fuelled optimism, further amplified by crypto analyst Ali Martinez’s prediction of a potential 32% jump to .68. Martinez’s prediction is based on both technical analysis and recent positive price movements.
Cardano: No More Downtrend – For Now
One key technical indicator identified by Martinez is the descending triangle pattern on the daily chart. This pattern often foreshadows the end of a downtrend, offering hope for Cardano’s future trajectory. However, for the bullish scenario to materialize, Cardano needs to maintain its price above .53, acting as a crucial support level.
#Cardano shows signs of a descending triangle formation on its daily chart. A sustained daily close above .53 could lead to the start of a 32% rally, potentially pushing $ADA up to .68! pic.twitter.com/DoizuVPiRI
— Ali (@ali_charts) February 8, 2024
Adding to the positive sentiment, Cardano’s recent performance has been stellar, outperforming its top 10 cryptocurrency peers. While Bitcoin (BTC) saw a 2.48% increase, Ethereum (ETH) gained 3.15%, and Binance Coin (BNB) climbed 4.04%, Cardano managed a noteworthy 10% surge.
This impressive performance was accompanied by a staggering 121% increase in trading volume within a single day, reaching 599.29 million. Such a significant rise in volume suggests strong buyer interest and potentially indicates a shift in momentum.
However, not everyone is fully convinced about Cardano’s upward trajectory. The Social Dominance metric, which measures the relative amount of discussion surrounding a cryptocurrency compared to the overall crypto market, has dropped to nearly 0.60%.
ADA’s Potential Growth Faces Challenges
This could imply that ADA might not have reached its local peak yet, suggesting room for further growth. Additionally, the Cumulative Value Delta (CVD), a measure of buying and selling pressure, remains negative, indicating the presence of aggressive sellers who could pose a challenge to the predicted price increase.
Despite these potential headwinds, another key metric offers encouragement. Open Interest (OI), which reflects the total amount of outstanding contracts in futures markets, has seen a significant increase. This suggests that buyers are positioning themselves for further price appreciation, potentially indicating their confidence in Cardano’s future.
Furthermore, NewsBTC highlights Cardano’s ongoing development activity with numerous projects in the pipeline. The Alonzo hard fork, which enabled smart contracts on the Cardano blockchain, is considered a significant milestone that could attract developers and drive future adoption, potentially impacting the value of ADA tokens.
While it’s still too early to definitively say whether Cardano will reach the predicted .68, the recent upswing, technical indicators, and strong buyer interest suggest a potential breakout. However, investors should exercise caution, as the cryptocurrency market remains volatile and susceptible to sudden shifts.
Featured image from Adobe Stock, chart from TradingView
Bitcoin NVT Golden Cross Shoots Bullish Signal, Rally To Restart?
Data shows the Bitcoin NVT Golden Cross indicator has recently dipped inside the undervalued zone, a sign that could be bullish for the price.
Bitcoin NVT Golden Cross Has Entered The Bullish Territory
An analyst in a CryptoQuant Quicktake post explained that the NVT Golden Cross has recently indicated upside potential. The “Network Value to Transactions” (NVT) is an indicator that keeps track of the ratio between the Bitcoin market cap and transaction volume.
This metric is often used to determine whether the current price is fair. When the NVT has a high value, it means that the value of the cryptocurrency (the market cap) is high compared to its ability to transact coins (the transaction volume). Thus, the coin’s spot price may be considered overvalued in such conditions.
On the other hand, the ratio having a low value implies the asset may be underpriced right now as the market cap isn’t too high when compared to the transfer volume.
In the context of the current discussion, the NVT itself isn’t of interest, but rather a modified form called the “NVT Golden Cross” is. This metric compares the NVT’s short-term trend (10-day moving average) with its long-term trend (30-day MA).
Now, here is a chart that shows the trend in the NVT Golden Cross over the last few years:
Historically, the Bitcoin NVT Golden Cross has had two major zones relevant to the cryptocurrency’s price, as the quant has highlighted in the graph. A higher indicator value than 2.2 suggests the asset is overvalued and may be prone to forming at least a local top.
Similarly, its being under the -1.6 level can indicate that the coin may be undervalued and thus more likely to show some turnaround. The major lows in 2023 occurred near when the metric dipped inside this territory.
The chart shows that the indicator’s value has plummeted recently and has dived inside this latter zone. At the peak of this negative spike, the NVT Golden Cross had touched -2.5, which meant that it had notably fallen below the -1.6 threshold.
As is visible in the graph, this latest negative peak of the NVT Golden Cross exceeds what was observed during August, but it’s still below the levels seen around the bottom of June.
If the historical pattern is anything to go by, the latest low NVT Golden Cross values could indicate that a bottom is near for the cryptocurrency, if not already behind it.
BTC Price
Bitcoin has been stuck in sideways movement during the last few days as the coin has been unable to pick any direction. At present, the asset is floating around the ,600 level.
Bitcoin Exchange Reserve Shoots Up, Pain Not Over Yet?
On-chain data shows the Bitcoin exchange reserve has shot up during the past day, indicating that more drawdown may be coming for the price.
Bitcoin Exchange Reserve Has Registered A Large Increase
A few days back, a crash shook both Bitcoin and the wider cryptocurrency market, as the BTC price plummeted from above ,000 to below ,000 instantly.
In the days since then, the asset has failed to show any signs of recovery, either, as its value has only continued to move sideways, as the chart below displays.
Bitcoin is trading around ,800, suggesting a decline of 11% during the past week. This weekly performance of the number one asset in the sector is worse than some of the other top coins, like Ethereum (ETH) and Cardano (ADA).
It’s currently unclear whether the asset has hit its bottom, or if more decline is on the horizon, but if on-chain data is anything to go by, the latter may be more likely. As pointed out by an analyst in a CryptoQuant post, the exchange reserve has risen during the past few hours.
The “exchange reserve” here refers to a measure of the total amount of Bitcoin currently being stored inside the wallets of all centralized exchange platforms.
When the value of this metric goes up, the investors are depositing a net amount of the asset to these platforms right now. As one of the main reasons holders may transfer their coins to the exchanges is for selling-related purposes, this trend can cause bearish implications for the cryptocurrency’s price.
On the other hand, decreases in the indicator’s value imply the holders are taking their BTC off these central entities. Such a trend may be a sign that the investors are accumulating currently, which can naturally be bullish for the cryptocurrency in the long term.
Now, here is a chart that shows the trend in the Bitcoin exchange reserve over the past week or so:
The graph shows that the Bitcoin exchange reserve has registered a sharp uptick in the last few hours, implying that investors have been depositing big to these platforms.
The chart shows that the indicator also rose during the buildup to the crash, but the sharpness of the growth being observed this time is on another level.
In the lower graph, the quant has attached the data for the individual reserves of Coinbase and Binance, as well as for all spot and derivative platforms. It’s apparent that most of the rise has come from the derivative side of the market, with Binance seeing the largest spike.
Investors use spot exchanges for selling, so the fact that most of the deposits have been towards derivative platforms may imply that investors are just looking to open up new positions on the futures market, which can also lead to more volatility. Still, the direction of it could go either way.
Nonetheless, the spot exchange reserve has also observed a rise (although much smaller in scale), suggesting that a selloff might still be possible.
Conflux (CFX) Shows Mettle, Shoots Up Over 87% Despite Crypto Market Pressures
Although Bitcoin is far and away the most popular cryptocurrency, there are other digital currencies like Conflux (CFX) that are doing rather well. In order to achieve even greater levels of success than its rivals, Conflux is constantly innovating and expanding its business.
Conflux is building a system with real-world companies to make its currency more important in the cryptoverse. While some other digital currencies are not performing up to par anymore, Conflux is on the rise and could be a major player in the future.
Proof of this is how the Conflux network’s governance token, CFX, has been putting up a solid performance of late. At the time of writing, CFX is trading at .3134, up an impressive 87.2% in the last seven days as the rest of the major cryptocurrencies shed a great deal of their value.
Based on data by crypto market tracker Coingecko, CFX has registered a solid 456% increase in the last month. In the final week of February, the token reached a high of .3690 before retracing to a low of .3145. Its price is around 130% higher than its lowest level this month. I ts value has increased this year by more than 1,300%, making it one of the top gaining coins.
Conflux network (CFX), also known as China’s MATIC, is undeniably a high-growth token whose price movement has captivated the majority of industry analysts since the beginning of the year.
The sudden failure of three major banks – Silvergate Capital, Silicon Valley Bank, and Signature Bank – has raised concerns about the future of the digital asset industry and whether it will continue to have access to traditional finance in the U.S.
Despite the recent banking collapse in the United States that has become a source of worry for those in the crypto industry, some cryptocurrency projects emerge unscathed, and CFX is one of them.
Meanwhile, a cursory examination of the platform’s on-chain stats reveals that the number of new accounts has reached its highest level for 2023. The overall number of new accounts on the network reached an all-time high of 18,000. This indicates that investors are increasing interest in the network.
Also, Conflux has maintained a solid ecosystem pattern of development, which has also contributed to its price spike. The CFX token is also deemed and labeled as one of the Binance Smart Chain ecosystem’s top projects with the most social connection.
Conflux’s trading volume grew in response to the increasing demand for China-related blockchains and tokens. The Conflux is the only blockchain in China that complies with legal requirements and utilizes the Tree-Graph consensus mechanism for increased throughput and scalability.
-Featured image from Inside Bodybuilding
This Little-Known Altcoin Shoots Up 180% In Single Week After Series Of Updates
The price of little-known altcoin Alchemy Pay (ACH) continues to defy expectations as it grows into one of the best-performing cryptocurrencies. ACH was trading at .0498 at the time of writing, an increase of 181% in the previous week, data from Coingecko shows.
Currently, the price of one coin is higher than it has been since April of 2022. It has been one of the best tokens, having increased by more than 400% from its December low.
Alchemy: Bullish Momentum For The Altcoin
ACH has quadrupled in price in less than a week. ACH saw a 200% gain from its seven-day low of .0160 to its current price. Since then, the asset has retraced and is trading at .0498.
The market capitalization and trading volume of the Alchemy Pay coin have increased by 63.40% and 202.02%, respectively, over the past 24 hours, based on the latest data.
ACH is the native cryptocurrency of the Alchemy Pay platform, which is a global cryptocurrency payment gateway that allows merchants to accept payments in various cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
The altcoin serves as a utility token that powers the platform’s payment network, enabling instant and secure cross-border transactions without the need for traditional financial intermediaries.
On FOMO And Major Integrations
Alchemy’s native coin is surging mostly due to bullish sentiment and the fact that many investors have adopted FOMO, or fear of missing out. FOMO has strengthened once Visa, the world’s largest financial services corporation, recognized it as a payment provider.
Alchemy, the industry’s premier fiat-to-cryptocurrency payment gateway, has partnered with other companies, not just Visa. On Monday, the company announced its support for Google Pay, enabling Android phone users to buy cryptocurrencies directly with credit cards.
The increase in ACH price is related to Alchemy’s decision to broaden its mobile wallet market reach by adding support for Google Pay, according to a release made on February 20.
Alchemy Pay had previously added support for Apple Pay, so the addition of Google Pay will let iOS and Android customers to acquire cryptocurrency via the app using their credit cards.
Alchemy is also forming a cooperation with Binance, the largest cryptocurrency exchange by trading volume in the world. Binance has announced the implementation of perpetual contracts with up to 20x leverage on the ACH platform.
The profitability of cryptocurrencies such as Bitcoin and Ethereum has resulted in industry influx. Yet as regulatory concerns persist, companies like Coinbase and Binance have witnessed billions in inflows this year.
Crypto Adoption Grows
Consensus holds that Alchemy Pay will profit as more people begin or continue to pay with cryptocurrencies, as the number of crypto holders grows. In addition, it will profit as demand for its on-ramp services recovers strongly.
Meanwhile, Alchemy stated that it will transition from a centralized authority to a committee-based approach.
“As of January 1st, 2023, Alchemy Pay has transitioned from a centralized management system to a committee-based management system. Following a successful trial period, this change is now official and is hereby announced,” Alchemy said.
-Featured image from Coinlib
AI Crypto Fetch.ai Shoots Up 250%, Catches More Investors’ Attention
Artificial intelligence, or AI, is a technology that has seen a momentous rise in utility ever since the idea of machine learning went mainstream. According to 2021 statistics, global funding for AI ballooned to .8 billion. With major companies like Google pouring big money into AI projects, there is merit for AI and the world of crypto to merge, bringing value to the space.
Fetch.ai, a Binance-based blockchain project, is doing exactly that; bringing the power of both AI and blockchain technology together. FET, the project’s utility token, has reacted to recent developments on-chain positively. According to Coingecko, the token grew 250% in the monthly time frame which is in line with the crypto market boom that started last month.
How Does Fetch.ai Work?
According to their website, the network works through the use of a Multi-Agent System. This is a method of using multiple independent AI agents to solve a single problem which, in the case of Fetch, is the automation of a blockchain ecosystem.
They claim that because of their use of AI, the machine-to-machine ecosystem has reduced fees which makes it more efficient compared to other networks. With machine learning and AI being a big part of today’s technology, Fetch’s rise is inevitable.
Just this week, the network surpassed 5 million transitions in their mainnet which signifies a strong use of Fetch’s infrastructure. This attracted the attention of whales, making the platform’s smart contracts the most used by the whales, according to WhaleStat’s recent tweets.
JUST IN: $FET @fetch_ai one of the MOST USED smart contracts among top 100 #ETH whales in the last 24hrs
Check the top 100 whales here: https://t.co/N5qqsCAH8j
(and hodl $BBW to see data for the top 5000!)#FET #whalestats #babywhale #BBW pic.twitter.com/j1tGtq1IYi
— WhaleStats (tracking crypto whales) (@WhaleStats) February 4, 2023
Is AI Crypto FET A Great Investment Right Now?
The network’s native token is currently at .5705 with support at .4746 and .2592 price ranges. FET bulls seem to be exhausted as the token hit resistance at .4746 which might place the token in a precarious situation. With FET’s current support being weak, we might see the token revert back to its .3187 support range.
However, with the whales entering the scene, we might be able to see more demand for the token in the long term. Its use of AI tech should also draw attention from outside the crypto space.
In the long term, bulls should be able to target the token’s .6482 resistance to regain December 2021 levels. However, this comes at the cost of short term pain in the form of temporarily reverting back to .3187 support with a slight possibility for the bears to claw back to .2592 support.
Investors and traders should then be careful of the short to medium term prospect of the token.
Featured image from MEXC Blog
Aptos (APT) Price Snowballs 147% As On-Chain Development Shoots Up
The Aptos Mainnet was only launched in full back in October 2022 in the midst of last year’s tumultuous bear market. Since then, the developmbnt team of Aptos has been busy. According to Santiment, development on-chain has been nearly consistent even as it is a far cry from all-time-high levels.
Because of this, CoinGecko noted a strong bullish push as the native token of Aptos, APT, soared 147% in the weekly time frame. Adding on to the bullishness is the current sentiment surrounding cryptocurrencies.
According to recent news, the market might continue its bullish run as the derivatives market of Bitcoin sends buy signals to bulls.
What’s Going On In Aptos?
The naming and identity arm of Aptos, Aptos Names, has been on a roll lately as they make their smart contract code open source. According to the thread, this would make the contracts much more secure as individuals can customize their contracts.
This would also make the code more decentralized, allowing the community to have more input and authority on what can be implemented in the future for Aptos Names.
PancakeSwap also continued with its multi-chain deployment on Aptos. Since the proposal, the decentralized exchange has deployed over 14 farms on the blockchain with four APT pairs available.
Investors Should Watch These Levels
The ongoing rally for APT is something the bulls relish on, making APT among the top gainers in almost all time frames, according to CoinGecko data.
Since January 1st, Aptos found three price levels in case the token faces a strong rejection in the coming days or weeks.
As it currently stands, the rally is being supported at .32. If the token faces rejection, investors and traders can rely on this crucial support if the .01 support is broken.
Right now, the token is able to reach these new highs as a result of on-chain developments that give investors confidence.
At the time of writing, January 26th, long buyers outnumber the short sellers by a very small margin.
This may be a sign that investor confidence in the long-term prospect of the token is still optimistic. For now, investors and traders can cash in some gains to hedge against potential downturns in APT’s market.
Watching the overall situation in the crypto market is also a must as market movements by major cryptos can have an effect on APT’s price trajectory.
Featured image by New Scientist