Monat: April 2022

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Why has the price of Monero (XMR) jumped by more than 3% today?

Monero coin has been in the limelight for the better part of this year as the crypto market continued to trade sideways.

At the time of writing, XRM was trading at $282.49, up 3.36% after hitting a high of $288.82 in the past 24 hours before pulling back.

But why is the coin rallying? In this article, we will discuss why Monero price rising.

Why is the price of Monero (XRM) soaring?

Before we take a deep dive into what is influencing the current Monero price hike, it’s important for us to first explain what Monero (XRM) is.

In a nutshell, Monero (XRM) is the native token of the Monero blockchain, which allows private transactions using advanced cryptography. Monero was launched in 2014.

Now let’s look at the reasons behind the rally.

“Fluorine Fermi” Upgrade that will introduce new features

One of the main reasons for the surge is the announcement made via a post by one of the maintainers that they will upgrade the network (Fluorine Fermi) that will come with new features on July 16 at a height of block 2.6 million.

Besides, Monero will also increase its ring size (total number of signers during an XRM transaction) from 11 to 16 as well as provide users with base privacy.

Additionally, the network will also execute the upgraded version of its bulletproof algorithm to lower the transaction size by 7% to improve its scalability with a faster and lighter transaction.

According to the post, the network will also reduce the wallet sync time by around 40%.

Users to update their software

There will be a new release announcement about updates before the network upgrades around June 16. Users will be required to update their software before the network upgrade on July 16.

The update will be deployed through a Hard Fork, node operators and users will have to update their software. This will be a simple update for end users.

The post Why has the price of Monero (XMR) jumped by more than 3% today? appeared first on Coin Journal.

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Why is Decred up by more than 20% in the last 24 hours?

The broader cryptocurrency market has been underperforming over the last 24 hours.

The crypto market has been underperforming since Thursday, losing more than 1% of its value. The total cryptocurrency market cap has dropped below the $1.9 trillion mark once again, with some of the gains recorded earlier this week now erased. 

Bitcoin, the world’s largest cryptocurrency by market cap, is down by more than 2% in the last 24 hours and could drop below $40k if the bearish trend continues. 

Ether has also lost more than 2% of its value in the last 24 hours but continues to trade above the $3,000 psychological level.

DCR, the native token of the Decred ecosystem, is up by more than 21% over the past 24 hours. Thus, making it the best performer amongst the top 100 cryptocurrencies by market cap.

At press time, DCR is trading at $71.20 per coin. There is no major catalyst behind DCR’s ongoing rally. However, the cryptocurrency has added more than 30% to its value in the last seven days. 

Key levels to watch

The DCR/USD 4-hour chart is the most bullish amongst the top 100 cryptocurrencies by market cap, thanks to the coin’s positive performance over the past week. The technical indicators show that it could rally higher in the coming hours and days.

The MACD line is above the neutral zone, indicating a sustained bullish momentum. The 14-day relative strength index of 60 shows that DCR could enter the overbought region if the rally continues.

In the event of an extended rally, DCR could surpass the first major resistance level at $73.54 over the next few hours. However, it would need the support of the broader market to comfortably move past the $75 psychological level.

The post Why is Decred up by more than 20% in the last 24 hours? appeared first on Coin Journal.

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Highlights April 22: Cryptos lower, Decred and Tron surge

The crypto market as a whole was lower with most cryptocurrencies in the red at the time of writing. Decred and Tron are notable exceptions with gains of 8% resp. 17%. 

Top cryptos

Bitcoin lost around 2% of its value and was trading for around $40,700. It’s still in the green if we look at the last seven days. 

Most top 20 coins lost 1-3% today. Polkadot and NEAR Protocol’s NEAR, which has been on a downtrend since yesterday, are both down around 4%. 

Polygon’s MATIC is the only gainer among top cryptos, up 3% in the last 24 h.  

Top movers

Most top 100 coins are also in the red, shedding 2-4% of their value today. Notable exceptions are Tron and Decred. At #22, Tron has been rallying over the past few days. It was up 15% and added another 8% today. 

There are numerous reasons for the upswing. On May 5, Decentralized USD (USDD) will be introduced on the Tron blockchain. This is a fully decentralized stablecoin, which makes finance accessible to all by applying mathematics and algorithms.

The Tron ecosystem recently celebrated one year of stablecoin TUSD’s deployment. Another announcement contributing to the price surge was the official establishment of Tron DAO Reserve.

Decred is the biggest top 100 winner by far with gains of 17%. Today, the official Twitter channel announced the current supply of Decred’s DCR token was approaching 14 million of the 21 million max supply, with a total of approximately 7 million DCR left to mine.

Other coins registering slight gains include Theta Fuel, Loopring, STEPN, Theta Network, and Monero.

Today’s biggest losers are Zilliqa (-11%), Kava and EOS (each -9%), and Audius (-7%). As all of these coins saw recent rallies, it may be time to buy the dip.  

Yesterday, 0x gained almost 50% after announcing a partnership with leading crypto exchange Coinbase to power the latter’s new social NFT marketplace. 0x has lost 16% today, but it’s still up 22% for the week.  

Trending

The biggest gainer of the day is MOVE Network’s token MOVD, currently trading for $0.047 and fast approaching $0.10 with price growth of 1,115% in the last 24 hours. 

MOVE Network describes itself as a leading NFT aggregator covering a wide spectrum of NFT products. MOVE Network allows enterprises and start-ups to integrate blockchain technologies to enhance their existing businesses. 

Users can utilize MOVE Network to create, own and trade NFTs across various sectors including entertainment, music, artwork, and esports. 

The post Highlights April 22: Cryptos lower, Decred and Tron surge appeared first on Coin Journal.

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Here is why TRX is up by nearly 10% today

The cryptocurrency market has been underperforming over the last 24 hours.

The crypto market has been underperforming over the past few hours, losing more than 1% of its value. The total cryptocurrency market cap has dropped below the $1.9 trillion mark again, erasing some of the gains recorded earlier this week. 

Bitcoin, the world’s largest cryptocurrency by market cap, is down by more than 2% in the last 24 hours and risks dropping below $40k again.

Ether has also lost more than 2% of its value in the last 24 hours but continues to trade above the $3,000 psychological level.

TRX, the native token of the TronDAO ecosystem, is the best performer amongst the top 30 cryptocurrencies by market cap. TRX is up by nearly 10% in the past few hours and currently trades at $0.06808.

The primary catalysts behind TRX’s ongoing rally are the launch of the Decentralized USD (USDD) stablecoin and the launch of the TronDAO Reserve.

TronDAO said USDD is the most decentralized stablecoin in human history and revealed it would be issued on May 5, 2022. 

The team also said TronDAO Reserve is the first decentralized reserve in the industry and is designed to guard the broad blockchain market and industry. 

Key levels to watch

The TRX/USDT 4-hour chart is currently bullish, thanks to Tron’s ongoing rally. The MACD line is deep within the positive region, signifying strong bullish momentum.

The 14-day RSI of 70 shows that TRX could soon enter the overbought zone if the rally continues.

TRX could surpass the first major resistance level at $0.07204 over the next few hours if the bulls remain in control. However, with the broader market currently in a bearish trend, TRX could lose its support at $0.0670 before the end of the day.

The second major support level at $0.06406 should cap further downward movement in the short term.

The post Here is why TRX is up by nearly 10% today appeared first on Coin Journal.