Crypto News Ethereum

Shiba Inu Rises Despite The Imminent Update

The SHIB (Shiba Inu) token is the offspring of the Ethereum network – an alternative to DOGE (Dogecoin). SHIB is more or less the opposite of Bitcoin in terms of availability. While BTC intends to make it scarce on the crypto market, the SHIB token flows in abundance. This is evident in its total supply of 1 quadrillion, even though its community plans to drop this figure. Also, its ecosystem is a good ground for different projects. Some of these projects are the creation of a decentralized exchange known as Shibaswap and storing NFT art. Related Reading: Can WAVES Flow Back From Its Low Ebb And Reclaim $4.6? The SHIB team recently launched its game, referred to as Shiba Eternity. However, more updates on the game from the developers are still pending. The developers have revealed that they’ll release more updates on the newly launched Shiba Eternity on Thursday. An event will accompany the announcement according to the community. But the awaited update from the developers is already becoming a discussion subject on Twitter. This is due to the already slated Twitter Spaces. The community members will share their thoughts on the Shiba Eternity project there. More updates will come from the founder and lead developer of the SHIB token, Shytoshi Kusama, and William Volk. They intend to release these updates on the SHIB official Twitter page. Briefing On Shibarium Development A layer-2 blockchain network from the SHIB developers is currently in the pipeline. This blockchain is known as Shibarium, and it’s intended to reduce the workload of building blockchain ecosystem applications. The primary beneficiaries of this new development are developers and users. The idea of the Shibarium layer-2 network is similar to that of the Ethereum blockchain network. The reason is that both networks support developers of decentralized applications (DApps). The notion behind the project is to cut down transaction costs for gaming. This is possible because the project will serve as the premium layer-2 for the community and the SHIB token. A Quick Look At Shiba Inu Price Considering the current bearish state of the crypto market, it’s no surprise that the SHIB token is dropping in value. This is evident from the market watch in the last four weeks. The token is now down to its value dating from three months back. There’s no indication pointing to the possibility of a rise anytime soon. The same can be said about the general crypto market. Related Reading: Maker DAO Shows Bullish Sentiment After A While, Eyes $800? But the update of the community’s upcoming project from Shytoshi Kusama seems to raise the hopes of many fans of the SHIB token. As a result, several investors are watching the SHIB token’s price. The digital token currently trades on a bullish trend. Featured image from UnSplash, Chart: TradingView.com

Crypto News

Algorand (ALGO) Undermines Crypto Bloodbath, Adds Over 27% In A Week

This week has been eventful in the crypto market. Many cryptocurrencies have recorded massive losses since Monday, September 19. The Merge on September 15 kickstarted another downtrend for crypto prices. Afterward, CPI data made the feds hike the interest rate by 75 basis points, sending assets price downwards.  Related Reading: Bitcoin aSOPR Profit-Loss Junction Continues To Act As Resistance But as these macroeconomic factors push many digital assets down, others resist the pressure and move forward instead.  Algorand ALGO is one of these assets, recording price gains in its 24 hours movements. But BTC and ETH haven’t fared well. For instance, on September 20 and 21, Bitcoin lost its grip on $19K, falling to $18K.  On September 22, BTC climbed again to $19K, an intraday high, and did not hold on to that level till press time. Currently, the BTC price is again bounced to $18,914, representing a 1.91% loss in 24 hours.  Algorand’s ALGO Not Affected By Macros While many cryptocurrencies bleed, ALGO is recording positive price movements. Currently, the ALGO price is $0.3761 on TradingView, and CoinMarketCap shows a 2.48% growth in 24 hours while 27.98% in the last week. So far, ALGO price movements are all green, as seen in the chart above. The coin started an upward climb since the close of the market on September 17. It jumped from $0.2973 to $0.3109 the same day.  On September 18, ALGO lost some of its gains to close the market at $0.2925. But a few hours later, the coin jumped again and closed the market at $0.3172 on September 19. Since then, to press time, ALGO has continued its upward movement.  It climbed to $0.698 on September 22 and is today trading at $0.3767. So far, the ALGO price movement shows a continuous price gain for three consecutive days.  Analysts have also pointed out that ALGO’s moving average convergence divergence is positive. Also, the coin’s RSI (Relative Strength Index) is at 58.18, showing that ALGO is closing to the overbought region.  Why Is ALGO Surging  Even though the crypto market is negative, a lot is happening in the ALGO ecosystem. Currently, the total volume locked on the ecosystem has grown considerably. The DeFi blockchain is recording massive interest, evidenced by the $244 million worth of TVL.  This figure was its data as of September 22 after adding 4.09% growth in its TVL. Data also reveals that $100 million out of this liquidity came from AlgoFi.  Apart from growing TVL, Algorand has made partnerships. The prominent one recently is the FIFA& Algorand partnership enabling the crypto network to FIFA+ Collect. This platform is where users will buy NFT items of many types.  Related Reading: Compound Prepares For A Major Rally To $80, Here Is Why According to the details of FIFA+ Connect, the platform will operate like NBA Top Shot. Its users can purchase artwork, highlights, images, etc., from prestigious soccer competitions. The platform will launch before the World Cup, slated for November.  Featured image from Pixabay and chart from TradingView.com

Altcoins

Massive Cardano (ADA) Rally in Play Heading Into Vasil Upgrade, According to Analyst Michaël van de Poppe

A popular crypto analyst thinks there’s a gap between Cardano’s (ADA) struggling price performance and the project’s fundamentals. In a new YouTube video, crypto trader Michaël van de Poppe tells his 165,000 subscribers that there are “massive opportunities” surrounding Cardano’s Vasil hard fork, which is slated to occur on September 22nd. The upgrade aims to increase the […]

The post Massive Cardano (ADA) Rally in Play Heading Into Vasil Upgrade, According to Analyst Michaël van de Poppe appeared first on The Daily Hodl.

Altcoins

Charles Hoskinson Says There’s No Going Back on Cardano Upgrade, Details Project Outlook for Next Three to Six Months

Cardano (ADA) co-creator Charles Hoskinson says that the next three to six months look really good for the smart contract platform. In a new video update, Hoskinson tells his 315,000 YouTube subscribers that all systems are go for Cardano’s Vasil hard fork upgrade, which is slated to launch this week. “We don’t anticipate there will […]

The post Charles Hoskinson Says There’s No Going Back on Cardano Upgrade, Details Project Outlook for Next Three to Six Months appeared first on The Daily Hodl.

Crypto News

Ethereum Classic (ETC) Leads Weekly Gains Amidst Crypto Market Reversal

The overall crypto market shows signs of price reversal from the downtrend, boosting investors’ confidence. To start with, the week started well for BTC as the market saw its price above $22K. Bitcoin had traded below the $20K price mark until the close of the market on September 9, when it hit $21,381.15. BTC managed to hold down its fort at that price until Monday, September 12, when the market opened with impressive rallies.  Related Reading: SEBA Bank To Include Ethereum Staking In Services Currently, BTC and many altcoins are trading in the greens. Bitcoin price has added by 3.32% at the time of writing and now stands at $22,342.67. Other cryptos with commendable increases in 24 hours include Golem GLM with 52.43%, NEAR with 10.10%, Solana with 8.84%, Ravencoin RVN with 6.42%, and AVAX with 5.52%.   Uniswap, Quant, eCash, AAVE, BTC, GRT, and others have gained between 3 to 5% in the past 24 hours. But what about the weekly price gains? How are the cryptos comparing in their seven days price growth?  ETC Leads Others in Weekly Gains  Currently, the ETC price stands at $38.68, indicating a 0.22% increase in 24 hours. While this daily price increase is seemingly lower than others ETC has taken the lead in weekly increases. Its seven days growth surpassed many cryptos in the market.  ETC recorded a 20.47% growth in the past seven days, while others still struggle to add value. For instance, Bitcoin added 3.36% in the last 24 hours, but its weekly price increase is still at 13.13%. Ethereum has gained nothing in 24 hours. Instead, it lost 0.18% today, September 12, even though the slated merge date is fast approaching. But there’s still hope since ETH’s price is $1,744.66, and its weekly gain is 10.93%.  Ripple XRP has shown some price gain today and is currently trading at $0.3559 representing a 0.28%. Also, its weekly gain stands at 9.36%, meaning the past week’s rallies for the coin were significant.  Other cryptos with high weekly gains include Solana, Avalanche, Wrapped Bitcoin, Cosmos Atom, Near Protocol, Chainlink, Stellar XLM, Bitcoin Cash, terra Classic LUNC, ApeCoin, etc. Some cryptos haven’t recorded notable price gains in 24 hours, but their weekly growth is impressive. Will The Merge push Ethereum Classic? The upcoming Ethereum ETH Merge is expected to bring more recognition to Ethereum Classic. Since the ETH network will migrate to proof-of-stake, it will use staking as its transaction validation mechanism. Ethereum Classic still operates with the proof-of-work mechanism making it an option for the miners. Related Reading: Why Ethereum Price Is Unlikely To Dump After “The Merge” But analysts are still not sure about the effect of the Merge on ETC. The expectation is that if ETC price increases and miners see profitability in it, they could stay on the network. But if not, they might stick with ETH1 and ignore ETC and ETH2.  Featured image from Pixabay and chart from TradingView.com

Bitcoin Crypto News

Bitcoin Price Drops 6% While Bond Yields Spike

The world’s top cryptocurrency by market cap, Bitcoin, has hit the $18,000 mark and is still dropping. The crypto has dipped by 6% within the last 24 hours and more in the previous week. BTC/USD breached the $19,000 triple bottom support when it crashed from $20,000 to $18,000, signaling a major selling sentiment among Investors. Bitcoin Hits $18,000 There are several reasons for Bitcoin’s bearish run, but most refer back to the Federal Reserve’s aggressive approach to inflation.  Rising Bond Yields: the US 10-year bond yield has risen 3.25% since June, as sell-offs continue to increase. Investors are playing it safe as a result. Thus they are avoiding the more volatile assets like Bitcoin, which is putting more downward pressure on the digital asset’s price. Fed’s Hawkish Policies: Jerome Powell, head of the Federal Reserves, is staying true to his predecessor’s aggressive approach to inflation, raising interest rates. It appears he is not about to slack off as he reiterated his goal of strengthening the dollar to fight inflation. At writing, the dollar has hit a 20-year high, adversely affecting the price of Bitcoin as well. And finally: Nord Stream 1 Shutdown: Since Russia closed off the Nord Stream 1 pipeline, gas flow to Europe is on hold. This has scared the market and is causing Bitcoin trading to the tank. Tech Equities Are Equally Dropping As the Fed continues to increase interest rates in hopes of building the dollar’s strength, tech equities are equally affected.  Both NASDAQ 100 and S&P 500 are dropping in this general bear market. All stock options and Bitcoin are becoming off-limits as investors prepare to weather the interest rate spike by opting out of riskier investments. Bitcoin’s Bearish Trend is likely to Continue There is a question of whether Bitcoin can recover to $20,000. At this rate, it would have to break across the $19,500 mark, which might be difficult. Analysts believe it is possible if demand for the coin soars. However, crypto influencer Richard Heart is of a different opinion. According to him, Bitcoin still has a long way to drop before rallying. He predicts that the top crypto will at least hit $11,000 before it begins to climb back. At the time of writing, the price of Bitcoin is hovering around $19,000, up 1.31%.  Meanwhile, anticipation continues to increase from the inflation report scheduled for publication on September 13th and the Ethereum mainnet merge slated for the same day. Featured image from Pixabay and chart from TradingView.com

Crypto News Ethereum

Binance US introduces Ethereum staking ahead of The Merge

binance-us-introduces-ethereum-staking-ahead-of-the-merge

The US subsidiary of Binance has today announced that it will introduce an Ethereum (ETH) staking program ahead of the upcoming Merge upgrade. The staking program will have an annual percentage yield (APY) of up to 6.0%. Unlike direct staking on the Ethereum blockchain which normally requires one to have at least 32 ETH to More

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Analysis Crypto News Ethereum

Ethereum gathers steam for Merge, ENS domains rise and stakers patiently wait

ethereum-gathers-steam-for-merge,-ens-domains-rise-and-stakers-patiently-wait

As we get closer and closer to one of the biggest events in the brief history of cryptocurrency – the Ethereum Merge – there are a number of metrics which are suggesting activity is picking up across the space. Ethereum Name Service The first is the Ethereum Name Service (ENS), which saw its third highest More

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Bitcoin Crypto News Ethereum

This Indicator Predicts Probable Bearish Trend Ahead For Ethereum

The crypto market started climbing downhill after the Federal Reserve August 26 meeting many coins plummeted, including the top two, Bitcoin and Ethereum. As of August 28 and 29, ETH was losing and trading in the reds. But it seems everything is bouncing back to normal. Ethereum started an uphill climb at the close of the market on August 29. The coin recorded an intraday high of $1,556.31 and closed the market at $`1,553,04. The lowest point on August 29 was $1,427.73. At the time of writing, stands at $1,571. Related Reading: WATCH: Bitcoin Versus DXY And The Dangerous TD9 Setup | Daily TA August 30, 2022 The price jump has pushed the market cap to $194,421,528,423 by adding 9.74%. But then, analysts have presented a chart indicating that ETH price might still plummet to $1,000 again. Ethereum Chart Indicates A Possible Bearish Trend According to Fairlead Strategies, Kate Stockton, the chart above shows that Ethereum has broken under its initial support from the 50-day MA, increasing downside risks with short-term momentum is negative. Also, the weekly stochastics have taken a downturn, which hasn’t happened since April. These signs indicate that ETH might retest support at $1,000 Ethereum prices have continued to fluctuate uncontrollably. The Merge in September was supposed to push it positively. But things are not turning out well as the crypto shows volatile price swings. In early August, ETH went as high as $2,000. But currently, the price shows a loss of almost 25% from that time till now. Unfortunately, Fed Jackson Hole annual meeting didn’t help matters. After the gathering, cryptos, including Ethereum, fell. In addition, many people started selling off their ETH holdings because Jerome Powell decided to be hawkish. Macros Have Seemingly Won There was a lot of optimism following the upcoming Merge. The upgrade is supposed to make the Ethereum network more scalable and accommodate more transactions. Many investors expected a price increase after the Merge for the entire crypto market. So, the downward trend has discouraged many people. As a top analyst told his followers on Twitter, the Merge may have been Priced In. Rager stated that when Ethereum skyrocketed by 2x 100%+ in one month was when the hype around the upgrade played its role. Right now, the macro factors, such as the continuing inflation, are causing havoc on asset prices. Note that after the Feds meeting, even stocks plummeted too. Related Reading: Bitcoin aSOPR Rebounds From “1” As Weakness Remains In Market But there might still be a positive movement for ETH after the first network fork slated for September 6. Many analysts believe that if everything works well, the coin might show strength and climb to $2,200. It is climbing now, and if the strength continues, the prediction might play out. Featured image from Pixabay, chart from TradingView.com