Altcoins

Here’s What’s Next for XRP, Binance Coin, Cosmos and One Low-Cap Altcoin, According to Popular Analyst

Popular crypto strategist Michaël van de Poppe is outlining what he thinks is in store for four altcoins including XRP, Binance Coin (BNB) and Cosmos (ATOM) after a weekend that witnessed a bounce across the crypto markets. Van de Poppe tells his 613,700 Twitter followers that he believes XRP appears poised for a brief pullback […]

The post Here’s What’s Next for XRP, Binance Coin, Cosmos and One Low-Cap Altcoin, According to Popular Analyst appeared first on The Daily Hodl.

Bitcoin Crypto News

Crypto Payment Channel Banxa Reduces Its Staff By 30% To Survive Crypto Winter

The cryptocurrency market has been facing a second bloodbath without any gap for the first time in history, disrupting the blockchain industry to a vast extent. Consequently, crypto-oriented businesses, including exchanges and payment channels, reduce their workforce due to decreased crypto trading volume affecting the revenue. Similarly, the Australian crypto payment channel, Banxa, used to […]

Bitcoin Crypto News

Crypto Liquidations Settle As Bitcoin Recovers Above $21,000

Crypto liquidations had ramped up following the market crash. Even with the recovery had come more liquidations as short calls had also taken a hit. However, with the recovery moving over the last week, the market has begun to regain some semblance of balance and so the liquidations have begun to settle. Crypto Market Liquidations Relaxes Although liquidations cannot entirely stop, the liquidations have begun to subside. It had fallen from over $1 billion in liquidations at the height of the market crash and has slowly but surely returned to normal levels. This is obvious in liquidations for the past 24 hours which continue to trend at around $150 million liquidated. Mostly, it has skewed towards long traders given that the market had recorded a dramatic dip in the early hours of Monday morning. Related Reading | Market Wallows In Extreme Fear As Bitcoin Struggles To Hold $20,000 As expected, bitcoin and Ethereum take the lead for the digital asset with the most liquidations in this time period. Bitcoin alone has recorded more than $43 million in liquidations while Ethereum liquidations have come out to more than 24K ETH liquidated, amounting to more than $29 million in liquidations in the past 24 hours.  Total market cap below $1 trillion | Crypto Total Market Cap on TradingView.com More than 74,000 traders have been liquidated in this time though, of which 69.73% were long trades. Okex and Binance exchanges have seen the highest liquidations. However, the largest single liquidation for the last day came from the Bitmex exchange on the XBTUSD with the trade coming out to $2.48 million. Market Takes A Nosedive Just as feared, the crypto market has lost most of the gains that it made last week. The swift decline in price had come following the return of faith in the market, indicating that the recent recovery had been a bull trap. Related Reading | Bitcoin May Not Reclaim All-Time High For Another Two Years, Binance CEO In this decline, Bitcoin had fallen sharply from above $21,000 where it had trended for the better part of the week and had fallen back to the $20,000 territory once more. The dip resulted in more than $500 lost from bitcoin’s value in a matter of minutes. As expected, this has triggered liquidations across various exchanges which brings the total value to $156 million liquidated. Bitcoin liquidations are ramping up on the one-hour chart with $28 million recorded over the same time period, coming out to 1,360 BTC liquidated. Featured image from Business Today, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Crypto News

ApeCoin Climbs 22% After Snoop Dogg-Eminem Bored Ape Video Launch

ApeCoin (APE), the native Ethereum currency of the famous NFT collection, is one of the fastest-growing NFT and Metaverse crypto projects in the blockchain ecosystem today. Upon its March 18, 2022 launch, ApeCoin instantly began a parabolic climb. The rally’s apex allowed Apecoin’s market capitalization to reach $7.45 billion. The APE token was valued at $4.92 at the time of writing, down marginally from its morning high of $5.26. In the past week, ApeCoin has increased by more than 35%. As of Friday, intraday trading volume for APE has plummeted by 43%. This indicates that APE is receiving peer selling pressure and is approaching the consolidation phase’s bottom trendline. The volume to market cap ratio of the coin is 0.3129. Suggested Reading – Uniswap Slingshots 45% – Can UNI Blaze Past Its 7-Day Rally? ApeCoin Getting Some Lift From Rappers The price of ApeCoin reached an all-time high of over $27 in late April ahead of virtual land NFT sales for the Bored Ape Yacht Club’s Otherside metaverse game. ApeCoin holders can vote on ApeCoin DAO governance proposals using ApeCoin. The recent price increase of APE may have been partially prompted by the release of a new music video featuring Snoop Dogg and Eminem as animated versions of their Bored Ape avatars. In the music video for their new single “From The D 2 The LBC,” Snoop Dogg and Eminem get stoned and transform into animated versions of their BAYC avatars. The song debuted at the conclusion of this year’s ApeFest, an annual New York event for BAYC NFT holders. At the end of last year, Eminem purchased his Bored Ape for 123.45 ETH (USD $452,000). His OpenSea account, Shady Holdings, displays 26 additional NFT purchases. APE total market cap at $1.47 billion on the daily chart | Source: TradingView.com Snoop Dogg & Eminem Video Fly High Snoop Dogg possesses numerous NFTs and has long been steeped in cryptoculture. He exposed himself to be the popular NFT Twitter user Cozomo di Medici a year ago. In February, he declared his intention to transform Death Row Records into an NFT label. The duo’s music video, which was trending on YouTube over the weekend, has received more than 7.5 million views. ApeFest, which occurred in New York the same week as NFT NYC, featured performances by, among others, Haim, LCD Soundsystem, Lil Wayne, Future, and Lil Baby. Over the past 24 hours, the price of ApeCoin has climbed by 12.68 percent because of strong positive momentum. Despite the fact that APE has produced its second consecutive green weekly candle on the price charts, it is still 82 percent below its all-time high reached in April 2022. Suggested Reading | Sandbox (SAND) Blows Up 20% Over Last 24 Hours Following ‘Takeover’ Rumors Featured image from SouthPawer, chart from TradingView.com

Crypto News

Cardano Formed This Pattern On Its Chart, Where Is The Coin Headed?

Cardano was bullish on the chart, as market movers picked up optimistic price movement, so did ADA. Over the last 24 hours, the coin rose close to 6% and in the last week, and in the past week ADA secured a 12% gain. The coin has been trading between the range of $0.46 and $0.51 over the last few days. Price of Cardano has steadied itself at the $0.51 price level. Both Bitcoin and Ethereum also logged double digit gains in the past week. Technical of ADA pointed towards bullishness, however, it is crucial that the coin moves past its rigid resistance of $0.51. A move above the $0.51 mark can help Cardano secure another 6% appreciation. Buying strength had grown over the past few trading sessions, however, if ADA continues to remain at the current price mark then buyers can exit the market. The coin noted a slight fall in buying strength on the four hour chart. Cardano Price Analysis: Four Hour Chart ADA was trading at $0.51 on the four hour chart. The coin has been facing considerable resistance at the $0.51 mark and it hasn’t been able to move past it despite daily gains. The next price ceiling for the coin stood at $0.53, if ADA manages to trade above that then the bulls could stick around for long. A fall from the current price level will push ADA to trade near the $0.48 level. Cardano portrayed bullishness and it formed an ascending triangle pattern in agreement with the same. Trading volume of the coin has remained low indicating that there has been a fall in buying pressure. Technical Analysis ADA formed an ascending triangle but it also noted a fall in buyers in the market. If there is continued fall in buying strength then the altcoin’s price can soon walk on a bearish trajectory. The Relative Strength Index was parked above the half-line which is a sign of increased buying strength, however, there was a small downtick on the indicator. Despite the downtick, Cardano was above the 20-SMA line, which meant that there was significant buying strength and buyers were driving the price momentum in the market. Related Reading | Why Pain May Not Be Over For Bitcoin Holders Just Yet ADA’s buying strength fell but the coin displayed a buy signal. The Awesome Oscillator portray the price direction and the trend of the coin. AO depicted green histograms which can be construed as buying signal for the coin. Directional Movement Index outline the price direction of the altcoin and also highlights the change in the same. DMI was positive as the +DI was above the -DI line which indicates bullishness on the chart. Suggested Reading | Sandbox (SAND) Blows Up 20% Over Last 24 Hours Following ‘Takeover’ Rumors Featured image from Unsplash.com, chart from TradingView.com

Altcoins Ethereum

Top Analyst Bullish on Ethereum and Its Rival Solana, Says Both ETH and SOL Could Ignite Huge Rallies in Coming Months

A widely tracked crypto strategist says he’s keeping an eye on smart contract platforms Ethereum (ETH) and Solana (SOL) as he sees the potential for both assets to rally big depending on how they close the month. Pseudonymous analyst DonAlt tells his 411,100 Twitter followers that he expects Ethereum to launch a nearly 80% rally […]

The post Top Analyst Bullish on Ethereum and Its Rival Solana, Says Both ETH and SOL Could Ignite Huge Rallies in Coming Months appeared first on The Daily Hodl.

Bitcoin Crypto News

Why Pain May Not Be Over For Bitcoin Holders Just Yet

Past trend of the Bitcoin long-term holder SOPR (EMA 30) may suggest that BTC holders may face more pain in the coming months. Bitcoin Long-Term Holder SOPR Has Dropped Below “One” Recently As explained by an analyst in a CryptoQuant post, BTC investors may be in for a frustrating few months if history is anything to go by. The “spent output profit ratio” (or SOPR in short) is an indicator that tells us whether Bitcoin investors are selling at a profit or at a loss right now. The metric works by going through the transaction history of each coin being sold on the chain, to see what price it was last moved at. If the previous selling price of any coin was less than the current value of BTC, then the coin has just been sold for a profit. On the other hand, the past value being more than the latest price of the crypto would imply the coin has moved at a loss. When the value of the SOPR is greater than one, it means the overall Bitcoin market is selling at a profit right now. Related Reading | Bitcoin Coinbase Premium Gap Approaches Zero, Selloff Ending? On the other hand, values of the indicator less than one imply investors as a whole are realizing some loss at the moment. Now, the “long-term holder” (LTH) group includes any Bitcoin investor who has been holding their coins since at least 155 days ago without moving or selling. The below chart shows the trend in the SOPR over the history of the crypto specifically for these LTHs. Looks like the 30-day exponential-MA value of the indicator has gone down recently | Source: CryptoQuant In the above graph, the quant has highlighted all the regions of relevant trend for the Bitcoin long-term holder SOPR. It seems like during past bottoms, the indicator’s EMA-30 value has gone below one and trended sideways there for a while (except for the COVID-19 crash, where the metric didn’t stay in the zone for too long). Related Reading | Bitcoin Whale Presence On Derivatives Still High, More Volatility Ahead? Recently, the LTH SOPR’s value has once again gone below one, suggesting long-term holders are realizing losses right now. The analyst notes that while such capitulation events have historically lead to bottom formations, it may still be a while, even months, before a low is actually found. BTC Price At the time of writing, Bitcoin’s price floats around $21.4k, up 11% in the past week. Here is a chart that shows the trend in the value of the coin over the last five days: The price of the coin seems to have surged up over the last few days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com