Monat: August 2022

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Why is EOS performing positively in the middle of a bear run?

The cryptocurrency market has started the week in a poor fashion, but EOS is currently the best performer amongst the top 100 cryptocurrencies by market cap.

EOS, the native token of the EOSIO ecosystem, is the best performer amongst the top 100 cryptocurrencies by market cap. EOS is up by more than 4% in the last 24 hours, outperforming the other major coins and tokens in the process. 

The cryptocurrency market has lost more than 2% of its value today, resulting in the total market cap dropping below $1 trillion for the first time this month.

Bitcoin is down by more than 1% in the last 24 hours and is struggling to maintain its price above the $21k resistance level. Ether, the second-largest cryptocurrency by market cap, is down by more than 3% today and could drop below the $1,500 resistance level soon.

EOS’s rally comes as the community continues to prepare for the cryptocurrency’s rebrand. 

The EOSIO rebrand would also lead to the fork of the EOS coin. According to the team, the EOS Network Foundation would soon be in charge of the EOS blockchain. 

Key levels to watch

The EOS/USD 4-hour chart continues to be bullish despite the broader cryptocurrency market underperforming at the moment. The technical indicators show that EOS is outperforming the broader crypto market at the moment.

The MACD line remains above the neutral zone, indicating EOS’s bullish momentum at the moment. The 14-day relative strength index of 57 shows that EOS could be heading towards the overbought region if the rally can be sustained.

At press time, EOS is trading at $1.480 per coin. If the positive momentum is maintained, EOS could surge past the $1.585 resistance level. In the event of extended bullish momentum, EOS could surpass last week’s high of $1.671 over the next few hours or days.

The bears are still in control of the broader market, and that could affect EOS’s performance in the short term. If that happens, EOS could drop below the $1.362 support level before the end of the day.

The post Why is EOS performing positively in the middle of a bear run? appeared first on CoinJournal.

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Bitcoin isn’t going away, says Bakk’t CEO

Bitcoin is down by more than 60% from its all-time high, but Bakkt’s CEO says the leading cryptocurrency isn’t going away.

Gavin Michael, the CEO of ICE-owned Bakkt, told Yahoo Finance in an interview on Friday that Bitcoin isn’t going away. He made this statement at a time when Bitcoin and the broader cryptocurrency market are underperforming. 

Michael said institutional interest in cryptocurrencies is growing despite the ongoing bear market. He said;

“There’s still strong interest and momentum with our partners, many of whom are multinational companies… They understand the peaks and troughs that we’re seeing. [But] we are anticipating that the partners may move at a slightly more conservative pace. They’re being more thoughtful about how they enter the crypto economy.”

The crypto market has seen its total market cap drop from $2.2 trillion at the start of the year to currently stand around $1 trillion. Despite that, Michael said he expects Bakkt to remain engaged with its crypto services in the second half of the year, and expects a massive ramp-up through 2023. He said;

“We’re seeing this change in narrative, if you like, from crypto being viewed simply as an investable asset to a more widespread utility across consumers, across businesses, and across institutions. So our work is about working with our partners to really unleash [crypto’s] functionality and its full utility.”

The bear market is a time to grow, and Bakkt has been doing just that. The company, which operates a crypto trading platform for institutional investors, announced a new partnership with Visa earlier this month and has an existing partnership with Mastercard. 

The partnership with Visa will see Bakkt offer crypto debit and credit cards, making it easier for consumers to pay using cryptocurrencies. 

Bakkt’s partnership with Mastercard empowers companies to offer crypto as part of their loyalty reward programs. Michael said;

“We’re seeing consumers who value their loyalty points even more in this challenging economic environment. They see it as a way to offset rising costs.”

Bakkt’s revenue increased by 60% in the second half of the year, thanks to the sales growth from consumers redeeming loyalty points for crypto.

The post Bitcoin isn’t going away, says Bakk’t CEO appeared first on CoinJournal.

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SSV Network price prediction as it defies gravity. Is it a buy?

The SSV Network price has defied gravity in the past few weeks even as other cryptocurrencies recoil. The token’s price jumped to a high of $17.50, which was the highest level since April 20th. It has jumped by over 276% above the lowest level in July, bringing its total market cap to about $103 million.

What is SSV and why is it rising?

SSV Network is a relatively small blockchain project that enables developers to build ETH staking applications. Some of those applications are staking pools, staking services, and solo stakers. Some of the top projects building on SSV’s infrastructure are Stader, Ankr, Swell Network, and Blockscape among others.

SSV Network price has jumped sharply in the past few weeks as investors wait for the upcoming Ethereum merge event. Merge is an important process that will transition Ethereum from a proof-of-work (PoW) to a proof-of-stake (PoS) platform.

As a result, Ethereum will become a substantially fast and cost-effective blockchain platform. Transactions per second (TPS) will rise from about 20 to over 1,000. At the same time, the average transaction cost will drop to just cents. This transition also explains why ETH price has jumped sharply in the past few days.

SSV price has also risen because of the growing adoption of the platform. Some of the top companies that have partnered with the network are Coinbase Ventures, Delight Labs, Everstake, and Huobi Pool among others.

SSV Network price prediction

The daily chart shows that the SSV Network price has been in a strong bullish trend in the past few months. The uptrend started when the coin dropped to a low of $3.67 on June 18. As it rose, it managed to move above the important resistance level at $5.50, which was the lowest level on June 22nd.

The coin has managed to move above the 25-day and 50-day moving averages. It also rose above the 61.8% Fibonacci Retracement level. The Relative Strength Index (RSI) has rallied above the neutral level of 50.

Therefore, the coin will likely continue rising as bulls target the next key resistance level at $20. A move below the support at $11 will invalidate the bullish view.

The post SSV Network price prediction as it defies gravity. Is it a buy? appeared first on CoinJournal.