Altcoins

Ethereum Whales Are Jumping Into Several Altcoins As Bitcoin Fights To Break Above $40,000

New data reveals that the world’s biggest Ethereum (ETH) whales on record are gobbling up stablecoins and other altcoins as Bitcoin (BTC) struggles below $40,000. According to whale-monitoring bot WhaleStats, the top 1,000 non-exchange Ethereum wallets snapped hundreds of thousands of dollars worth of stablecoins USD Coin (USDC), Tether (USDT) and Binance USD (BUSD) as […]

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Altcoins Analysis Bitcoin Blockchain

El Salvador Just Bought 410 Bitcoin At A Huge Discount As BTC Extends Losses Into The Weekend

El Salvador: Millions Of People Move to "Buy $30 Of Bitcoin" - But This Could Backfire

Friday’s flash dump which saw Bitcoin plunge by over 13%, falling under $36,000 seems to have extended into the weekend. At press time, the cryptocurrency is trading at $35,770 after a 48% drop from its all-time high. El Salvador Buys The Dip Despite the descent which has engulfed virtually the entire crypto and stock markets, […]

Bitcoin Crypto News

Cardano Price Up And Down Amidst SundaeSwap Launch

The price of Cardano (ADA) surged and plunged on the same day, starting with the excitement around the launch of its first decentralized exchange, the DEX SundaeSwap, then following the downtrend of Bitcoin. SundaeSwap’s Wins And Failures ADA’s price had been up around 10% in the last week tied to the launch of Cardano’s beta version of its first decentralized app (DApp) SundaeSwap, a decentralized exchange (DEX) that allows token staking and aims to “decentralize not just the access to financial services, but also the core business model itself.” “We are launching with a Beta label because, while the DEX’s smart contracts have been fully audited and the DEX will meet all industry standards for security, the implementation of fully decentralized governance will not be immediately possible due to existing transaction size limits on the Cardano blockchain.” SundaeSwap’s launch entails the inclusion of its utility token SUNDAE, which offers holders the availability to vote on the governance protocol, plus trade, strake and lend coins. The token’s price will be determined by the community as prove of its goals towards decentralization. “The Sundae Token is a utility token central to the healthy operation of the SundaeSwap DEX. We are focused on building the most useful decentralized exchange protocol we can, in line with the decentralized ethos that we all believe in. As part of that, we strongly believe that this protocol doesn’t belong to us, the company who wrote the software, but to us, the whole SundaeSwap community.” They explained that at the protocol’s launch, 7% of the community supply of the token would be “locked by the DAO into a smart contract called The Taste Test,” and added that at the end ten days, “all of these tokens will be used to create the ADA/Sundae liquidity pool, establishing the initial price for the token.” Not long after trading on the DEX started, users were dissatisfied about congestion on the net, orders pending over hours, and failing transactions. SundaeSwap’s team had already warned about this possibility ahead of the launch. CEO Mateen Motavaf addressed the complaints in a bolds and cap message that said “IF YOUR ORDER IS ON-CHAIN, IT WILL BE PROCESSED ORDERS ARE FAILING DUE TO CONGESTION, PLEASE BE PATIENT”. The team had written on January 8 “We want to inform you all that while orders may take days to process, everybody’s orders will be processed fairly and in the order they were received.” They remain confident that “the protocol can meet the normal day-to-day load once things settle down.” Cardano’s Scalability The Cardano roadmap is currently focusing on several updates to optimize and scale the network, hoping to achieve faster transaction and adopt the layer 2 Hydra solution. Its partner company Input Output just announced a promising scaling update that is supposed to increase Plutus script memory units per transaction to 12,5 million. The first change is supposed to take effect on January 25. “Improvements in Memory/CPU parameters for Plutus remain one of 11 ways that Cardano intends to scale in 2022. Other paths include block size increase, Pipelining, Input Endorsers, Node enhancements, on-disk storage, sidechains, Layer 2 Hydra scaling solution, Offloading computation and the Mithril solution.” – Input Output Issues aside, Cardano has already grown stronger in its competition with Ethereum, recording a higher trading volume at times and lower fees. Related Reading | Cardano Enters The Basho Stage: How It Improves Performance Bitcoin Behind Cardano Crash? Today, Bitcoin fell around 10% to under $38,000. At the same time, the total market cap fell bellow $2 trillion. Analysts have alleged before that Bitcoin rules over the health of the crypto market, thus its downtrend could affect other coins like ADA. Many enthusiasts were expecting a bullish trend for the Cardano coin hoping for its price to reach $2 amidst future optimizations and SundaeSwap’s launch, but this setup has been spoiled. The SundaeSwap launch pushed Cardano toward a surge of 7.5% from its day-low price of $1.32 to $1.42, then stabilizing at $1,40. Then, following the crypto market’s downtrend, ADA decreased to around $1,20. The general downtrend of the market followed the general worry over a more hawkish Federal Reserve, expecting higher interest rates. It also happened in parallel to Russia’s announce of a crypto ban. Related Reading | Cardano Hits Bottom? What You Should Consider Before Rushing Into ADA

Altcoins

Brand Engagement Cryptocurrency Surges in Price After Coinbase Pro Listing

An altcoin that rewards consumers for interacting with their favorite brands is soaring after a surprise listing by top US crypto exchange Coinbase. Coinbase says in a tweet that Shping Coin (SHPING) will start trading on Coinbase Pro once appropriate liquidity conditions are met. SHPING is an Ethereum token that powers the Shping App, which […]

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Bitcoin Crypto News Ethereum

Market May Be Suffering But Bitcoin And Ethereum Will Pull Back Stronger, Bloomberg Analyst

Bitcoin and Ethereum have led the market in the recent downturns that have rocked the market. These two digital assets are no doubt market movers in their own right and as such, uptrends or downtrends begin with them. It has raised concern among investors who believe that the market is finally heading into a stretched-out bear market. However, not everyone believes this as some believe the current downtrend is only temporary. Mike McGlone On Bitcoin And Ethereum Mike McGlone is one of the leading Bloomberg analysts. Focused on the financial market, he authors a newsletter that shares his thoughts around various markets, including stocks and the crypto market. McGlone is currently one of the people with the most optimistic view of the market despite the various dips that have rocked the space. Most especially on the top digital assets in the crypto market. Related Reading | Solo Ethereum Miner Hits The Jackpot With 170 ETH For Mining A Block McGlone who was on The Wolf of all Streets podcast shared some interesting thoughts on the market, putting the analyst at an overall bullish position for bitcoin and ethereum. BTC down to $38K | Source: BTCUSD on TradingView.com The analysts point to the correlation with the stock market. This, he explains, is getting ready for a pullback and when this happens, bitcoin and by extension, ethereum, would benefit from this correction. “Here’s my prediction: the markets pull back,” said Mike McGlone. “We finally get a 10%, maybe 20%, correction in the stock market. All correlations are one, which is usually the way it works. Bitcoin comes out better off for it. Ethereum, potentially too.” This pullback though is only reflected on the top two cryptos which McGlone expects to recover after this. Other Cryptos May Not Fare Well Talking about other cryptocurrencies, the analyst took a more bearish stance on them. The positivity displayed in the podcast towards top coins bitcoin and ethereum did not translate to the rest of the market which he does not expect to fare well despite the pullback. Related Reading | Ethereum Fee Averages Remain Above $30 Despite 35% Drop. Price Pump Incoming? McGlone especially focused on dog coins which were arguably the winners of 2021. The craze which saw various meme tokens with no utility whatsoever soar to billions of dollars in valuation was referred to as “stupid” by the Bloomberg analyst. “The rest of the space, we do have to admit, the speculation you saw in the dog coins last year was indicative of this. It’s just stupid and we’re going to tell the story to our grandkids,” he said. Even for a digital asset like Solana which had a largely successful year, McGlone did not seem excited about it. He lumped SOL in with the dog coins, which he said were the riskiest of assets. “The bottom line is they are the riskiest of assets,” said McGlone. “There’s massive speculation. I mean the dog coins and even in things like Solana,” he added. Featured image from Bitcoin news, chart from TradingView.com