Monat: Juni 2022

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Highlights June 14: Cardano soars, Bitcoin down 25% in 7 days

The crypto market as a whole is mixed today. Leading cryptos continue to decline with a few exceptions.  

Top cryptos

Bitcoin lost another 7% in the last 24 hours, trading for around $22,000 at the time of writing. Ethereum, the second crypto, remained relatively flat. 

Cardano added around 10% to its value after deploying the Ethereum Virtual Machine (EVM) sidechain on its testnet. Solana is another big winner today with gains of around 8%.  

Cryptos outside the top 10 were also mixed. Tron’s agony continues. It’s down another 6% today, rendering its weekly losses comparable to Bitcoin’s. Avalanche is reversing losses. Its token AVAX is up around 9% today. 

Top movers

The biggest winner in the top 100 is Helium. Its gains today amount to 24%. Helium House was considered one of the highlights of Consensus 2022, the leading crypto event. 

Theta Network demonstrates a strong performance with +17%. Fantom is rapidly reversing losses, adding 16% to its value today. 

Quant also added 17% to its value. Enjin Coin is up 18% and Gala 17%, reflecting a bullish trend for metaverse and gaming tokens. 

Kadena is finally reversing losses too. Despite slumping to #93 on CoinMarketCap, it’s having a strong day with +13%. IoTeX, down to #100, added 18%. On the losing side, Klaytn shed 9%, and Monero – 11%. 

Trending

The biggest winner today is METAXA, a platform on Binance Smart Chain. The Metaxa metaverse is in the works. The token will be used for purchases within it, more specifically 3D buildings. It added 187% in the last 24 h.  

The post Highlights June 14: Cardano soars, Bitcoin down 25% in 7 days appeared first on CoinJournal.

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Cardano deploys EVM sidechain on its Testnet: ADA price shoots by more than 8% today

Cardano (ADA) is defying the general crypto market trend and it is up by more than 8% today. The price hike is pegged on Cardano’s deployment of Ethereum Virtual Machine (EVM) on its testnet.

At the time of writing, ADA was trading at $0.494; up 8.37% over the past 24 hours.

IOHK, the company behind the Cardano ecosystem, announced the launch of its Ethereum Virtual Machine (EVM) sidechain alpha on its testnet, however, they did not specify if one day the EMV compatibility will be directly installed on its mainnet.

EVM is a decentralized computation engine that enables different smart contracts to interact with each another.

According to the IOHK tweet, the initiative will allow developers to create solidity-based applications on the Cardano network as well as enable other dApps build on Ethereum to be transferred seamlessly to Cardano.

The interoperable future of blockchains

Input-Output Global (IOG) senior content editor, Eric Czuleger, claimed that the community believes in “an interoperable future” where different blockchains will be able to communicate with each other.

Besides the latest EVM sidechain deployment, Czuleger regarded this as a great opportunity to add more new users to the Cardano community without adding more complexity to the mainnet.

Quite a great number of growing layer-one blockchains have shown the importance of cross-chain communication. Apart from Cardano, main Ethereum competitors like BSC, Avalanche, and Fantom already have EVM-compatible networks.

In a blog post titled “Interoperability is key to blockchain growth” that was published weeks before Cardano launched the EVM sidechain, IGO noted that the sidechain will also allow developers to build compatible ERC-20 tokens for users to enjoy faster settlement times and lower fees.

The post also noted that Milkomeda, a sidechain protocol backing up Cardano, will allow EVM that is compatible with smart contracts to be launched on its C1 sidechain that is connected to the Cardano main chain, besides, the sidechain aim is to increase interoperability between Cardano and other blockchains like Solana before the year ends.

The post Cardano deploys EVM sidechain on its Testnet: ADA price shoots by more than 8% today appeared first on CoinJournal.

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Here’s why the Unifi Protocol (UNFI) price is defying gravity

The Unifi Protocol price has gone parabolic as it defies the ongoing gravity in the crypto industry. The coin has jumped to a high of $7.08, which is about 75% above the lowest level this week. This makes it the best-performing coin in Binance.

What is UNFI and why is it rising?

Unifi Protocol is a relatively small blockchain project whose governance token is valued at over $40 million. It is a platform that owns a number of products like uTrade, uStake, and Bridge.

uTrade is a decentralized exchange that enables people to swap tokens built by most blockchains. For example, you can easily swap a token like BTT to BNB and pay a small fee. Its fees are significantly smaller than those of other DeFi platforms.

Meanwhile, uStake is a platform that enables people to put their coins to work by just holding them. According to its platform, it has a total value locked of over $6.2 million with an average APR of 14%. The most popular staked tokens in the platform are TRX and UNFI.

The Unifi price has been defying gravity in the past few days since the developers announced that they will upgrade the V2 soon. In the note, they said that while they love UP, the platform had reached a stagnation point.

This upgrade is happening in phases. The first phase will be on the UP token migration. It will then be followed by a situation where idle UNFI tokens will join a liquidity pool and start earning a return. The third phase will be the ability of arbitrage trades to increase the redeem value, with these profits moving t the UP contract. The final stage will be on the Bonded UP, which will supercharge the APR.

Unifi Protocol price prediction

The four-hour chart shows that the UNFI price declined just as the other digital tokens crashed this week. It moved to a low of $4.04 but its recovery has been swifter than other coins. That has seen it move above the 25-day moving average while the Relative Strength Index (RSI) has moved above the neutral point. 

Therefore, there is a likelihood that the Unifi price will keep rising as bulls target the key resistance level at $10. A drop below the support at $5 will invalidate the bullish view.

The post Here’s why the Unifi Protocol (UNFI) price is defying gravity appeared first on CoinJournal.

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Here is why Chainlink is up by more than 11% today

The cryptocurrency market has continued its poor start to the week, with some of the major coins and tokens recording losses over the past 24 hours.

The cryptocurrency market has had a poor start to the week. The market lost more than 4% of its value in the last 24 hours and the total cryptocurrency market cap now stands above $950 billion.

Bitcoin is defending the $22k support level after dropping below the $23k psychological level in the last few hours. Ether, on the other hand, was able to bounce back from Monday’s low of $1,165.

Despite the bearish sentiment in the market, some cryptocurrencies have been performing well. LINK, the native token of the Chainlink ecosystem, is one of the top performers amongst the top 30 cryptocurrencies by market cap.

At press time, LINK is trading at $6.31 per coin, up by more than 11% in the last 24 hours.

LINK’s ongoing rally can be attributed to Chainlink’s partnership with Elwood, one of the leading digital assets infrastructure providers in the world.

Elwood announced via a blog post on Monday that it would be contributing its broad asset pricing data to Chainlink decentralized oracle networks (DONs) to generate tamper-resistant oracle reports.

Key levels to watch 

The LINK/USD 4-hour chart is bearish despite the cryptocurrency performing well in the last 24 hours. 

The MACD line remains below the neutral zone as Chainlink has been underperforming in recent weeks. The 14-day RSI of 42 shows that LINK is no longer in the oversold region. If the rally continues, LINK could surge past the first major resistance level at $6.675 before the end of the day.

However, it would need the support of the broader market to move past the $7.1 resistance level.

With the bears still in control, LINK could decline below the $6 psychological level in the short term. Unless there is an extended bearish performance, LINK should comfortably defend its support level at $5.78

The post Here is why Chainlink is up by more than 11% today appeared first on CoinJournal.