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Algorand rallies on news of exciting partnership

The crypto market as a whole is bearish with most top 100 coins in the red at the time of writing. This daily recap will cover some notable exceptions.  

Top cryptos

Bitcoin is down around 1% in the last 24 hours, trading just below $38,500 at the time of writing. Its losses over the past week amount to around 5% with predictions of an even greater dip coming.

Ethereum was relatively flat in the last 24 h, and has also lost around 5% this week. The rest of the top 20 coins sustained slight losses with the exceptions of Terra and Avalanche. Terra is up around 2%, and AVAX – 3.66%.

Cronos continues to fall and might drop out of the top 20 soon if it keeps doing so at this rate. Crypto.com’s coin lost 15% yesterday after the exchange slashed card interest rates. Today, it’s down another 8%.    

Top movers

Outside the top 20, most coins are also in the red. At #24, UNUS SED LEO is up 4% and Cosmos is up 3%. 

The biggest winner by far is Algorand, which announced it would become the official blockchain of FIFA. Its token rallied on the news and has added 21% to its value so far. 

Another big gainer is Helium with 9%. This is owed to a number of positive news: The Helium 5G ecosystem grew rapidly in a year, Dish joined as the first major carrier, GigSky launched the first cell plan, and new Hotspots were unveiled.

Rounding out the winners’ list is OKB with +6%.

Among the losers, KNC is again the biggest, down 14% today. Kava is down 7%, also reversing recent gains. ApeCoin continues to shed value with losses of 8% in the last 24 hours.   

Trending

The biggest winner today is SafeFloki. Its SFK play-to-win token has gained 677%. The game revolves around a hero trying to get richer, collecting loot, and fighting dangerous enemies. 

The post Algorand rallies on news of exciting partnership appeared first on Coin Journal.

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1.9M BTC could fall into unrealized loss if Bitcoin dips to $33K: Glassnode

Bitcoin is trading around $38,385 on Monday, 2 May, still struggling against the bearish pressure seen over the past several months. The flagship cryptocurrency, which rose to prices near $70K last November, is down 44% since its peak. 

This past week, the BTC/USD pair touched lows of $37,614 for its lowest price level in a month.

With markets largely negative, the 70% of Bitcoin supply that is profitable could decrease significantly and see a large group of Bitcoiners see unrealized losses. That is the outlook from an on-chain analysis report analytics platform Glassnode published on Monday.

At the edge of unprofitability

According to the report, the danger of a downside remains given Bitcoin’s recent high correlation with the S&P 500 and Nasdaq. This is even as there is continued roiling of markets amid concerns over inflation, higher interest rates and geopolitical uncertainties.

The result of a steep downside for equities could thus likely cascade into the crypto market and see a large group of BTC holders edge towards “the abyss of holding unprofitable positions,” Glassnode said in the newsletter.

Per on-chain data, the cost basis of short-term holders (STHs) is $46,910. This means the average coin currently held by short-term holders is at unrealized loss of -17.9%.  The Market Value Realized Value (MVRV) metric for STHs is also pointing to significant pain, with the oscillator off the mean at -0.75 standard deviations.

“With prices trading at $38.5k at the time of writing, the market would need to fall to $33.6k in order to plunge an additional 1.9M BTC into an unrealized loss (10% of supply),” the Glassnode team wrote.

Chart showing 10% of BTC supply could fall into loss. Source: Glassnode

In 2018-2019 and in March 2020, profitability fell to between 45% and 57%, which means the worst could yet happen for short-term holders. If 40% or more of wallets fall into unrealized loss, it would increase the probability of a capitulation event, with a cascade of panic selling hitting the market.

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Zilliqa price prediction for May 2022: Will it rebound?

The Zilliqa price crashed to the lowest level since March 26th this year as demand for the coin retreated. The coin is trading at $0.676, which is about 70% below the highest level this year. As a result, the coin’s market cap has dropped to about $972 million, making it the 91st biggest cryptocurrency in the world.

Zilliqa demand has waned

Zilliqa is a blockchain project that helps developers build decentralized applications. It is well-known for introducing the sharding technology, which supercharges its speed by breaking blocks into smaller pieces known as shards. 

Zilliqa has been used widely by developers seeking to build fast, safe, and highly reliable decentralized applications. Some of the most notable apps using its network are Atomic Wallet, Autofarm, and Carbon, among others. 

However, unlike other popular platforms like Solana and Ethereum, most of its applications are relatively small. In fact, according to DeFi Llama, the ecosystem has seen its total value locked (TVL) crash to just $20 million. In contrast, other popular platforms like Ethereum have a TVL of over $100 billion. However, statistics by Zilliqa places the TVL at $363 million, which is a substantial figure.

Zilliqa used to be a fallen angel as competition in its industry escalated. It saw its ranking among the biggest cryptocurrencies in the world. Its popularity waned and it moved out of the top 100.

Zilliqa made headlines in March when it announced its entry to the metaverse by partnering with Metopolis. At the time, the coin’s price surged to a high of $0.2300, pushing it into the top 50.

Recently, however, the coin’s hype has faded while the number of activity has declined sharply. For example, the number of smart contracts has been in a major decline after peaking in March. The number of new addresses in the network has also declined.

Zilliqa price prediction

The four-hour chart shows that the ZIL price has been in a strong bearish trend in the past few weeks. The decline accelerated after the pair crossed the key support level at $0.1010, which was the lowest level on April 17th. It has also moved below the 25-day and 50-day moving averages while the Stochastic Oscillator has moved below the oversold level. 

The Relative Strength Index has also moved to the oversold level. Therefore, the Zilliqa price will likely continue dropping as bears target the key support level at $0.05 in May. Learn how to trade cryptocurrency here.

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