Monat: Juli 2022

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Ethereum vs Ethereum Classic: Which should you trade?

Ethereum and Ethereum Classic are two similar blockchains, yet they carry a stark contrast. Ethereum is ranked the second largest cryptocurrency, with a market cap of $185.4 billion. Ethereum Classic is ranked at position 22 with a market cap of $3.4 billion. So what distinguishes them?

Ethereum Classic is a hard fork of Ethereum

Ethereum classic was founded in 2016 as a hard fork of the Ethereum blockchain. That was after a major hacking incident on Ethereum. Ethereum Classic relies on ETC, its native cryptocurrency, to run transactions. Both Ethereum and Ethereum Classic carry smart contract functionalities. They are decentralized, and privacy protection comes on top for both blockchains. 

Nonetheless, as with most hard forks, the forked blockchains carry some unique attributes. Ethereum Classic is a Proof-of-Work blockchain. Miners have to crack mathematical problems to validate transactions. They subsequently get rewarded with ETC tokens. While Ethereum runs on the PoW consensus mechanism, it is transitioning to Proof-of-Stake. Users will need to stake ETH to become validators, a less energy-intensive process. The shift to PoS or merge is expected from September.

Another major difference is that there is no capped supply for Ethereum. Nonetheless, developers have set a base 4.5% increase every year. A burning mechanism helps to keep the supply in check. Contrary, Ethereum Classic has a fixed supply. The maximum supply in the market is 230 million, and tokens cannot exceed the limit. 

Which should you invest in?

Ethereum ranks ahead of its hard fork with its market valuation. It is already dominant in the NFT and DeFi sectors. For PoS lovers, Ethereum comes top due to the upcoming merge. However, Ethereum Classic comes on top when considering a cheaper ETH alternative. We find both tokens have similar price trends. Investing in either token depends on the interests of the investor.

The post Ethereum vs Ethereum Classic: Which should you trade? appeared first on CoinJournal.

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Aave correction to continue at it breaks below $86 support

  • Aave is one of the largest DeFi platforms

  • The token has been gaining as cryptocurrencies rose on hopes of DeFi recoveries.

  • AAVE token has breached a support zone and eyes new lows in a market correction

Aave AAVE/USD is one of the cryptocurrencies to stage recoveries in the recent crypto surge. The cryptocurrency traded at a low of $53 at the beginning of July. It almost doubled in value to a price of $102 on July 19. The token currently trades at $85 as most cryptocurrencies edge lower. 

Aave gained on renewed hopes of the growth of DeFi. The platform is already one of the largest in the decentralized lending and borrowing sector. Aave also lets users earn passive income through staking the token. That has the potential to attract users and facilitate the growth of the DeFi platform. 

The latest above-market returns for AAVE underline trust in the platform and the utility of its token. However, the token now faces a decline, and investors should watch key levels.

AAVE set to correct more as price slides below $86 support

Source – TradingView

In the shorter 4-hour time frame, AAVE is bearish. The MACD line crossed below the moving average as the token slipped below $86 support. The 14-day and 21-day moving averages remain above the price and offer resistance. 

From the technical outlook, AAVE will continue to slide unless it reclaims the $86 support. There is currently no bull trigger, while crypto sentiment remains weak. We expect the cryptocurrency to fall and find support at $75. If the level fails to hold, the next support zone for AAVE is $68. Short-term focused investors should sell now to buy lower. 

Summary

AAVE remains under bear pressure after the recent gains. The cryptocurrency has broken below $86 support. The token could find support at $75 or potentially at $68. 

The post Aave correction to continue at it breaks below $86 support appeared first on CoinJournal.

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Analyst: Bitcoin and Ethereum could lead crypto market’s ‘minor pullback’

Bitcoin is trading near $21,900 while Ethereum has dipped below $1,520.

The crypto market was largely green over the past week, with gains for Bitcoin and Ethereum pushing the top two cryptocurrencies to prices above $24,000 and $1,600 respectively.

As of writing, BTC is holding around the $21,900 mark while ETH/USD has dipped slightly to trade near $1,515. Both are in the green over the weekly chart, with most of the altcoin market also showing signs of holding onto recent gains.

However, the market remains beleaguered despite forecasts of a bottom looking like it’s in amid recent deleveraging. 

And analysts are also watching the equities market ahead of this week’s US Federal Reserve meeting. Given, a dump in the stock market could see risk appetite across crypto fade, with potential downsides for BTC and ETH reflected across the broader altcoin market.

Pro says BTC, ETH could fall to support levels

Crypto analyst Rekt Capital said on Monday that it is possible the market could be heading lower after last week’s sharp bounce.

“After a strong week last week, the crypto market looks set for a minor pullback. BTC, ETH and many altcoins appear to be positioned for healthy dips, which could figure as key retests of previous resistances into new supports,” he tweeted.

Glassnode notes that although momentum looks favourable for Bitcoin after the upside above $20,000, the long term outlook suggests otherwise. According to the platform, bulls might have to bear some pressure before establishing a “firm foundation.”

While analysts see $20k as a crucial support level for Bitcoin, Ethereum could dip to support in the $1.4-$1.3k zone.

The post Analyst: Bitcoin and Ethereum could lead crypto market’s ‘minor pullback’ appeared first on CoinJournal.

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MotoGP signs sponsorship deal with Romania blockchain security firm CryptoDATA

The three-year deal sponsorship deal will run from 2022 to 2024 and will have CryptoDATA Tech, which develops blockchain-based cybersecurity solutions for various clients, as the title sponsor for the Austrian Grand Prix.

Dorna Sports, the commercial rights holder of MotoGP, has sealed a multi-year sports partnership with Romanian crypto company Cryptodata Tech, the firms announced on Monday.

Per the companies, CryptoDATA will be the Austrian Grand Prix MotoGP title sponsor over the next three racing seasons – from 2022 to 2024. The blockchain security firm will also take the top billing at the upcoming Red Bull Ring-Spielberg Grand Prix, according to details in the press release.

The partnership will also see the Red Bull Ring – Spielberg Grand Prix renamed the CryptoDATA Motorrad Grand Prix von Österreich.

“We’re delighted to announce CryptoDATA as the title sponsor of the Austrian Grand Prix for the next three editions. MotoGP is grounded in innovation and invention, making this the perfect partnership. It’s fantastic to sign a three-event deal with CryptoDATA and we look forward to seeing them take top billing at the Red Bull Ring; one of the most spectacular backdrops on the calendar,” said Manel Arroyo, the Chief Commercial Officer at Dorna Sports. 

In a comment, CryptoDATA Tech co-founder and CEO Ovidiu Toma said the collaboration will help it show how blockchain technology initiatives can benefit the environment and the broader community, including on and off the track.

The partnership will result in great experiences for everyone, he added.

The 2022 CryptoDATA Motorrad Grand Prix von Österreich will take place from 19-21 August.

The post MotoGP signs sponsorship deal with Romania blockchain security firm CryptoDATA appeared first on CoinJournal.