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December 7, 2021 Coin Telegraph

Bitcoin is struggling to hold $50,000, but that’s not stopping SUPER, PBR and BTT from tacking down double-digit gains.

The cryptocurrency market is back in high spirits on Dec. 7 after the wider market bounced back from the Dec. 3 downturn in Bitcoin (BTC) price. Currently, bulls are aiming to send the price of BTC above the $52,000 support/resistance level and Ether (ETH) is trying to reclaim $4,400 but both assets are encountering push back at overhead resistance.

Even with BTC and ETH consolidating, traders' change of sentiment has been a boon for altcoins and many have seen gains in excess of 50% within the past 24-hours.

*Top 7 coins with the highest 24-hour price change. Source:* *Cointelegraph Markets Pro*

Data from Cointelegraph Markets Pro and TradingView shows that a few of the biggest gainers over the past 24 hours were SuperFarm (SUPER), PolkaBridge (PBR) and BitTorrent (BTT).

SuperFarm lists on Coinbase

SuperFarm is a cross-chain protocol that combines decentralized finance (DeFi) and nonfungible tokens (NFTs) to create an ecosystem where NFT creators, collectors and traders can interact in an open marketplace.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $1.02 on Dec. 6, the price of SUPER surged 81% to a daily high at $1.81 on Dec. 7 as its 24-hour trading volume spiked 500% to $323 million.

*SUPER/USDT 4-hour chart. Source: TradingView*

The run-up in the price of SUPER comes after the token listed on Coinbase alongside PolkaStarter (POLS) and Spell Token (SPELL).

PolkaBridge opens registration for IDOs

PolkaBridge is a decentralized multichain protocol designed to work as the primary bridge between Polkadot and other networks. The platform also supports an all-in-one platform that includes an automated market maker (AMM) with farming, lending, token launchpads, prediction markets and an NFT marketplace.

Data from Cointelegraph Markets Pro and TradingView shows that after reaching a low of $0.85 on Dec. 6, the price of PBR catapulted 99.4% to reach a daily high of $1.71 on Dec. 7 as its 24-hour trading volume increased 80% to $10.2 million.

The quick turnaround in PBR price comes as the platform opened registration for several upcoming initial decentralized exchange offerings that require users to stake at least 10,000 PBR tokens to qualify for an allocation.

BitTorrent prepares for its mainnet launch

BitTorrent is an established peer-to-peer file sharing and torrent platform that has been making a shift toward a more decentralized design over the past couple of years after being integrated with the Tron ecosystem.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for BTT on Dec. 4, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

*VORTECS™ Score (green) vs. BTT price. Source:* *Cointelegraph Markets Pro*

As seen in the chart above, the VORTECS™ Score for BTT climbed into the green zone on Dec. 4 and reached a high of 82 around 29 hours before the price increased 75% over the next day.

The building momentum for BTT comes as the project is making its final preparations for the launch of the BitTorrent Chain mainnet, which will include a token redenomination plan where current BTT holders will receive 1,000 new BTT tokens for each old BTT held in their wallet.

The overall cryptocurrency market cap now stands at $2.384 trillion and Bitcoin’s dominance rate is 40.7%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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May 25, 2021 Coin Telegraph

Chia raises M for ‘eco-friendly’ crypto despite critics

bittorrent

Chia Network has raised $61 million in funding from leading tech investors including Andreesen Horowitz and Naval Ravikant for its supposedly eco-friendly crypto network.

Blockchain startup “Chia Network” has raised $61 million in a funding round which included investment from top venture capital firms Andreessen Horowitz and Richmond Global Ventures.

The decentralized smart contract platform was valued at around $500 million in the funding round, according to an anonymous source cited by Bloomberg. The funding round was also backed by the CEO and co-founder of AngelList Naval Ravikant, Breyer Capital, and True Ventures.

Chia’s president and CFO, Gene Hoffman, told Bloomberg the firm hopes to go public through an initial public offering, or IPO, this year:

Blockchain startup “Chia Network” has raised $61 million in a funding round which included investment from top venture capital firms Andreessen Horowitz and Richmond Global Ventures.

“Our goal has always been to go public relatively quickly as that will significantly clarify our regulatory environment and allow customers to use currency to hedge public market volatility, which is different from other coins.”

The Chia Network was founded in 2017 by the creator of BitTorrent, Bram Cohen, and raised more than $3.3 million in a seed round led by Ravikant and Andreessen Horowitz in 2018. The firm describes its Chia token (XCH) as “green money for a digital world.”

The Chia Network’s principal value proposition is its unique consensus mechanism, “Proof of Space and Time.” The consensus method purports to offer far greater energy efficiency than Proof-of-Work mining, seeking to identify unutilized computing power on validators’ hard drives.

To create or “farm” XCH, users install Chia’s software that writes cryptographic data known as “plots” to the their hard drive. The blockchain broadcasts a problem for each new block approximately every 18 seconds — with the likelihood of an individual winning the block determined by the availability of unused computational resources provided by farmers.

Despite the firm touting XCH as a green alternative to Bitcoin and other cryptocurrencies, some have questioned the network’s eco-friendly claims.

In a May 23 article titled Chia Is a New Way to Waste Resources for Cryptocurrency, David Gerard, the author of Attack of the 50 Foot Blockchain, slammed Chia for being “heavy on electricity” and requiring “multiple CPU threads running continuously at close to 100 percent” for farming.

Gerard emphasized that Chia’s plotting process typically uses a computer’s solid-state drive, or SSD, and can burn out an SSD in less than six weeks. By comparison, SSDs subjected to regular usage typically have a lifespan lasting more than a decade.

“Instead of carbon dioxide, Chia produces vast quantities of e-waste—rare metals, assembled into expensive computing components, turned into toxic near-unrecyclable landfill within weeks.”

Gerrard’s prediction that Chia will drive an increase in computing landfill already appears to have weight, with Fortune reporting hard drive shortages throughout the South-East Asia region in anticipation of XCH’s launch.

"In recent weeks the demand and pricing for high capacity [hard disk drives] has seen a material step higher [...] and enterprise [SSD] prices have also moved higher,” stated an analyst from Bank of America.

“[The] sustainability of this trajectory of Chia's popularity remains unclear,” they added.

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Altcoins notch triple-digit gains as Bitcoin price pushes toward $60K

April 6, 2021 Coin Telegraph

Bitcoin Price

Traders say the multi-year highs seen from many tokens prove that an altcoin season is at hand.

If this past weekend is any indication of the current bull market cycle, then an altcoin season may be well underway.

Similar to previous cycles, after (BTC) makes a significant run-up in price and then enters a consolidation period, funds begin to migrate into large and small market cap altcoins.

*WRX/USDT, WIN/USDT, BTT/USDT, STX/USDT and HOT/USDT 4-hour chart. Source:* *TradingView*

Data from Cointelegraph Markets and TradingView shows that while Bitcoin traded in a range between $57,000 and $60,200 over the past week, multiple altcoins saw double-digit gains as exchange listings and protocol developments brought a new wave of enthusiasm and trading volume for select projects.

Tron ecosystem leads the altcoin rally

Tokens in the Tron (TRX) ecosystem saw a noticeable uptick in their trading volumes over the past 2 days with the gambling-focused WINk token experiencing the biggest growth as it surged 325% from $0.00059 on April 3 to a new all-time high of $0.0025 on April 5.

*WIN/USDT 4-hour chart. Source:* *TradingView*

BitTorrent (BTT) also saw an influx of buying beginning on April 4 which lifted the price more than 100% from a low of $0.0067 to a new record high of $0.0136 on April 5. The price of TRX grew by 48% during the same period, climbing from $0.0997 to its current price near $0.147.

It wasn’t just Tron-based projects that caught traders’ attention over the weekend and on Monday.

The India-based crypto exchange WazirX saw its native (WRX) token grow by more than 350% over the past two days, catapulting from a low of $1.47 to a new all-time high of $5.88 on Monday thanks to a record 2 billion in trading volume.

*WRX/USDT 4-hour chart. Source:* *TradingView*

Holochain (HOT), a decentralized peer-to-peer platform for dApps, has seen its price rally 350% since the March 25 announcement that Holo Limited was granted a US patent for its rrDHT networking innovations. Since the announcement, HOT rallied from $0.21 to $0.31.

A new listing on Upbit Global also sparked a 150% rally in the price of Stacks (STX) as it moved from $1.13 on Sunday to an intraday high of $2.85 on April before profit-taking dropped the price down to $2.20.

Bitcoin gathers strength for its next run-up

According to analysis from Jarvis Labs co-founder Ben Lilly, on-chain metrics indicate a solid base of support for Bitcoin’s price with the only headwinds coming as a result of volatility in funding rates “as soon as there is any sort of pump.”

*BTC/USDT 4-hour chart. Source:* *TradingView*

Due to this reaction, Lilly sees a possible retest of the $54,000 level to "grind away some of the FOMO” still found at that level but he doesn’t see the price dropping any lower due to solid on-chain support at this level.

Lilly said:

“Either way, we are setting up for a strong later half for April and beyond especially with the Grayscale Effect kicking in around that time.”

At the time of writing, BTC is trading at a price of $59,200 with the Bitcoin dominance rate at 55.7%.