Monat: Juni 2022

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Highlights June 21: Celsius up almost 50%, rest of cryptos also in the green

The crypto market is bullish today, with all top 100 cryptos in the green at the time of writing.  

Top cryptos

Solana stood out, gaining more than 15%, followed by Cardano, Ethereum, and BNB, all gaining more than 7% over the past 24 hours. Bitcoin was trading above $21,000 at the time of writing, up more than 4% over the past 24 hours. 

Cryptos outside the top 10 also fared well. Polkadot jumped more than 7%, but the standout is Polygon with 14%.  

Top movers

Outside the top 20, the tendency was similar, with most coins adding 5-9% to their value. Notable standouts include Chainlink, up 12%, Aave with 14%, and Waves with 18%.

Elrond gained another 15% today. It has been rallying since announcing a major partnership with an institution of the Romanian government. 

Stacks is up 16% and 1inch Network gained 17%. Atomic swaps on 1inch and CurveFinance registered an average of 100 million in daily volume recently. 

Zilliqa is one of the biggest winners, up 22% in the last 24 h. This is likely due to its affiliation with XCAD, which launched the first single-asset staking farm with a static APR on Zilliqa in January this year. 

XCAD Network is an NFT and fan token platform for YouTubers. It allows Youtubers to issue their own fan tokens. Zilliqa’s rally is supported by XCAD’s participation in a very successful, recent live event in NYC. 

The big winner is Celsius with gains of 49%. Although Celsius Network is struggling, efforts to stabilize the system are apparently effective or are at least (evidently) having a bearing on the coin’s value.  

Compound rounds out the winners’ list at #100 with gains of 26%. The Compound III alpha version app is now available for the community to explore.  

Trending

The biggest winner today is PetSneakers, a virtual world where you can train pets and work out yourself. The platform records workout results and converts them to PSC tokens, which you can stake to get more profit. PSC is up 363% today. 

The post Highlights June 21: Celsius up almost 50%, rest of cryptos also in the green appeared first on CoinJournal.

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Investors lost over $7 billion as Bitcoin crashed: Glassnode

Realized loss for Bitcoin investors hit a historic $7.3 billion over just three days last week, according to data from analytics firm Glassnode.

Per the firm’s data, investors reeling from sustained sell-off pressure exited positions they had taken at much higher prices, leading to the huge realized loss. In terms of definition, Glassnode looks at realized loss based on when a coin moves and what price it moves – basically it tells the difference in last price versus current price.

Long-term holders selling

As Bitcoin price crashed, investors quickly sold off roughly 555,000 BTC in the $23,000-$18,000 price range.

Notably, this included 178,000 BTC held by Long Term Holders, with some of the coins sold acquired at $69,000 – the price that marked Bitcoin’s all-time high in November 2021. The group of sellers took a -75% hit to their investment.

On average, LTH sold 1.31% of their total holdings, with aggregate long term investor balances shrinking to levels last registered in September last year.

“If we assess the damage, we can see that almost all wallet cohorts, from Shrimp to Whales, now hold massive unrealized losses, worse than March 2020. The least profitable wallet cohort holds 1-100 $BTC, and have unrealized losses equal to 30% of the Market Cap,” Glassnode wrote.

Bitcoin was trading around $20,190 on Monday evening, with intraday lows of $19,700 and intraday highs of $20,900 making the $21,000-$23,000 level a potentially new resistance zone.

The post Investors lost over $7 billion as Bitcoin crashed: Glassnode appeared first on CoinJournal.

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USDC could replace Tether despite skeptics

For a long time, Tether has been the biggest stablecoin in the market. Its market cap has sent it among the top 10 crypto assets. The importance of Tether also became even more underscored with the fall of Terra’s UST. But USDC, another major stablecoin is starting to make some progress. In fact, data shows that it could replace Tether despite growing skepticism about it. Here are some important points:

  • The total supply of USDC has been growing month after month

  • USDC has also seen a 1000% jump in its market cap since January

  • USDT on the other hand saw the largest number of redemptions in May

Data Source: TradingView 

Is USDC taking over?

Well, so far, USDC has not yet reached the same level as Tether. But it seems the fall of UST has accelerated the adoption of USDC in a huge way. Take this for example. At the start of the year, USDC had a market cap of around $4.1 billion. Today, the stablecoin has a market cap of above $55 billion. It’s almost 10 times higher than it was. 

Also, as USDC reported this growth, USDT on the other hand saw record numbers of redemptions over the past few weeks. In fact, redemptions for USDT hit -$13 billion in May alone. Now, these signs indicate that investor appetite for USDC is rising. If this trend continues, the coin will be much closer to USDT by the end of the year.

Are there risks of USDC de-pegging?

When Terra’s UST de-pegged from the dollar, it was largely the beginning of the end for the stablecoin. There are also fears that other dollar-pegged coins including USDC could follow the same fate. 

However, right now we do not see any immediate risks of USDC de-pegging. As a matter of fact, even during the most difficult months in crypto, USDC has maintained its peg quite impressively.

The post USDC could replace Tether despite skeptics appeared first on CoinJournal.