Source: Crypto Briefing Go to Source Author: Financial Insane
Popular crypto analyst Michaël van de Poppe thinks altcoins will demonstrate a variety of responses to the market’s recent price momentum. Van de Poppe tells his 578,600 Twitter followers that proof-of-stake blockchain Cardano (ADA) is taking liquidity and running upwards into resistance. The trader says the Ethereum (ETH) competitor might continue to move up towards […]
The post Here’s What’s Next for Cardano (ADA) and Fantom (FTM) After Latest Crypto Rally: Analyst Michaël van de Poppe appeared first on The Daily Hodl.
BTC and ETH prices are in a clear bull trend, but derivatives data shows pro traders haven’t turned into bulls just yet.
As Bitcoin (BTC) finally broke out of the $46,000 resistance on March 27, traders were quick to conclude that the bearish trend was gone for good. Even as the price hit its highest level in 84 days, derivatives metrics and Asia’s Tether premium still show a lack of bullish sentiment.
While analysts will struggle to find a rationale for the modest 5.8% 24-hour gain that pushed Bitcoin above $48,500, we still have to account for the daily 3.8% average volatility.
For instance, over the past 12 months, BTC presented a daily swing higher than 5.8% in 44 instances, ranging from a negative 14.4% on May 19, to a 14.6% price increase on Feb. 28.
Bitcoin’s rally caused the broader crypto market capitalization to hike 15.3% over the past week, reaching $2.2 trillion. Curiously, Bitcoin gained 15.7% and Ether (ETH) 15.8%, pretty much in line with the altcoin’s average.
Still, they were no match for the altcoin rally that followed. Below are the top gainers and losers among the 80 largest cryptocurrencies by market capitalization.
Zilliqa (ZIL) announced a partnership with payments infrastructure provider Ramp, and is expected to release its metaverse project called Metapolis which will be built on unreal gaming engine, the same 3D technology behind Fortnite and PlayerUnkown’s Battlegrounds, or PUBG.
Loopring (LRC) price surged by 51% after GameStop’s upcoming NFT marketplace integrated the Loopring network on March 23 and Axie Infinity (AXS) rallied 41% as the team outlined plans to progressively give control over the project’s treasury and governance control.
Axie is also expected to launch the Origin game over the next couple of weeks, which includes a reimagined storyline and the addition of active cards for eye and ear body parts.
The OKX Tether (USDT) premium is a good gauge of China-based retail trader demand for crypto. It measures the difference between China-based USDT peer-to-peer trades and the official U.S. dollar currency.
Excessive buying demand tends to pressure the indicator above fair value, which is 100%. On the other hand, Tether‘s market offer is flooded during bearish markets, causing a 4% or higher discount.
Currently, the Tether premium stands at 99.9%, which is neutral. Thus, data shows retail demand is not picking up despite the price improvement, which is odd considering that the total cryptocurrency capitalization jumped 15.3%.
Perpetual contracts, also known as inverse swaps, have an embedded rate that is usually charged every eight hours. Perpetual futures are retail traders‘ preferred derivatives because their price tends to track regular spot markets perfectly.
Exchanges use this fee to avoid exchange risk imbalances. A positive funding rate indicates that longs (buyers) demand more leverage. However, the opposite situation occurs when shorts (sellers) require additional leverage, causing the funding rate to turn negative.
Notice how the accumulated seven-day funding rate is uneventful in most cases. This data indicates a balanced leverage demand between longs (buyers) and sellers (shorts).
For example, Solana’s (SOL) positive 0.20% weekly rate equals 0.8% per month, which is not a burden for traders building futures positions. Typically, when there‘s an imbalance caused by excessive optimism, that rate can easily surpass 5% per month.
Some might say that the Bitcoin price hike above $47,000 was the nail in the coffin for the bears because the cryptocurrency displayed strength during global macroeconomic uncertainty.
At the moment, there are no signs of bullishness from Asian retail traders, as measured by the CNY Tether premium and there is no indication of pressure from leverage longs (buyers) on futures markets. Therefore, the overall crypto market sentiment is neutral.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
A select group of low-cap crypto assets is vastly outperforming the rest of the markets as altcoins continue to show signs of strength. StormX (STMX), a project designed to allow users to earn rewards and cashback while shopping online, skyrocketed 54% in a 24-hour time frame on Sunday. STMX is currently ranked as the 227th-biggest […]
The post Three Low-Cap Altcoins Explode Over 52% or More in Just One Day As Bitcoin (BTC) and Ethereum (ETH) Build Strength appeared first on The Daily Hodl.
A popular crypto strategist and trader is mapping out what’s next for Ethereum challenger Fantom (FTM), Polygon (MATIC) and three other altcoins. Michaël van de Poppe tells his 555,100 Twitter followers that Fantom, a highly scalable blockchain for enterprises, is currently trading at a key support level against Bitcoin (FTM/BTC). “Very simple, it’s seen a […]
The post Here’s What’s Next for Ethereum Rival Fantom (FTM), Polygon (MATIC) and Three Additional Altcoins: Analyst Michaël van de Poppe appeared first on The Daily Hodl.
A rapidly expanding ecosystem, lucrative staking opportunities and support for NFTs back the strong rebound in ZIL price.
One of the most important factors in the long-term success of a blockchain platform is having an active community of supporters and developers that work to showcase the capabilities of the network by creating new products and interacting with projects on the protocol.
Zilliqa (ZIL) is one project that saw its price surge throughout August as developers built out its ecosystem and made improvements to the protocol.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.05 on July 20, the price of ZIL proceeded to rally 145% to an swing high at $0.1244 on Aug. 24
Three reasons for the bullish momentum seen in ZIL include a rapidly growing ecosystem that is attracting new participants, the launch of nonfungible token (NFT) projects on the network,and attractive staking and decentralized finance opportunities that remove tokens from the circulating supply.
The most recent quarterly report from Zilliqa shows that the project's ecosystem now has more than 180 partners and projects building on the network and this shows that there is significant interest in the capabilities of the protocol.
As the ecosystem grows, the number of new users as determined by new wallet addresses has continued to increase by an average of 150,000 addresses per month.
Every token holder a user
— Zilliqa (@zilliqa) August 16, 2021
Based on address growth stats, it seems we're on track to do this! This year alone, we've seen parabolic growth in April and a steady 150k+ new addresses each month since.
Utility
The 12% with ZIL on a CEX, why aren't you using your ZIL yet?
- KT pic.twitter.com/H2s2xz9BJr
A second reason for the uptick in ZIL price is the launch of NFT projects on the network.
#Zilliqa #zil #unicutes #NFT pic.twitter.com/eGNbYcN7DZ
— Unicutes (@unicutes) September 1, 2021
The NFT sector dominated headlines all throughout August and transaction volumes on platforms like OpenSea surged to a record $3 billion.
High fees on the Ethereum network also have forced crypto users to migrate to competing networks that offer decentralized finance (DeFi) and NFT trading in a lower-cost environment.
Some of the existing and soon-to-be-launched NFT and gaming protocols on Zilliqa include Unicuties, DeMons, Heroes of Lowhelm and Blox.
Related: Evrynet's $7M raise highlights institutional appetite for DeFi
Another reason for the rising strength seen in Zilliqa is its growing DeFi ecosystem and attractive staking rewards that offer high yield returns for users.
ZilSwap, the network’s dominant decentralized exchange, has more than $61 million locked in its protocol and it regularly engages the community through governance votes aimed at improving the reward structure, liquidity and volumes.
1/ LIP-9 PASSED It was a tight race to the very end, but we greatly appreciate all our community members for participating in this vote!
— ZilSwap (@ZilSwap) August 23, 2021
The formula proposed in LIP-9 was designed to benefit $ZWAP holders long-term. ⬆️Liquidity and volume = ⬆️ Fees earned for $ZWAP holders pic.twitter.com/SypQbOaI9G
ZIL token holders can also stake their tokens on the network and earn 12.79% APY and according to Zilliqa, 34.22% of the circulating supply is currently being staked on the network.
According to the most recent quarterly report, 14% of 'tradable' ZIL is locked up in DeFi, leaving 51.2% of the available supply in circulation.
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.