Monat: September 2022

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HBAR is up by more than 6% on Tuesday following Coinbase’s integration

HBAR, the native token of the Hedera ecosystem, is one of the best-performing cryptocurrencies over the past 24 hours.

HBAR is outperforming the broader cryptocurrency market after adding more than 6% to its value so far today. 

The broader crypto market is retracing after starting the week in a positive fashion. The total cryptocurrency market remains above $1 trillion despite losing less than 1% of its value in the last 24 hours.

Bitcoin remains in the green zone and is trading above $22k per coin. The world’s leading cryptocurrency by market cap has added less than 1% to its value today. 

Ether continues to underperform despite the Merge getting closer. ETH is down by more than 2% today and is trading around $1,720 per coin. 

HBAR, the native token of the Hedera ecosystem, is one of the best performers amongst the top 100 cryptocurrencies by market cap. HBAR has added more than 6% to its value in the last 24 hours, outperforming the broader crypto market. 

The positive performance comes after Coinbase, one of the leading crypto exchanges in the world, announced its support of HBAR. 

Key levels to watch

The HBAR/USD 4-hour chart is bullish as Hedera’s native coin has been performing well over the past 24 hours. The technical indicators show that HBAR is outperforming the broader crypto market at the moment.

The MACD line crossed into the positive line over the weekend and has remained there, indicating bullish momentum for HBAR.

The 14-day relative strength index of 62 shows that HBAR is moving closer to the overbought region of the market.

At press time, HBAR is trading at $0.0683 per coin. If the bulls remain in control, HBAR could rally past the first major resistance level at $0.0735 before the end of the day.

If the broader market recovers, it could push HBAR past the $0.081 resistance point for the first time since August. 

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The post HBAR is up by more than 6% on Tuesday following Coinbase’s integration appeared first on CoinJournal.

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Horizen Labs’ ApeCoin staking hype sets $APE on a bullish trajectory

ApeCoin (APE) has been on a slow but sure bullish trend in the past seven days and it appears set to pump more in the coming days and weeks ahead of Horizen Labs’ ApeCoin staking launch.

The price of APE has increased by 19.2% over the past seven days according to Coingecko. At press time, the coin was trading at $5.67 and has moved up 4.92% over the past 24 hours.

Besides, the much-awaited ApeCoin staking launch, Horizen Labs also indicated that it would hold a Twitter space on the subject on September 22, something that is also expected to foster further price growth.

When will the ApeCoin staking go live?

It remains unclear exactly when the ApeCoin staking will be launched and some APE holders have started expressing their dissatisfaction and disappointment on social media for its delayed launch.

However, the general sentiment on APE is very bullish, pointing to a possibility of the staking going live very soon. Investors are already rushing to buy the coin.

Horizen Labs, which is the firm that is developing the staking system for ApeCoin (APE) recently released a “sneak peek” video of what the staking will look like. The firm describes itself as a leader in Web3 tool and it has already set up a website called ApeStake.io where it says users will stake their APE coins.

What is ApeCoin?

ApeCoin is a decentralized project built by Yuga Labs’ Bored Ape Yacht Club (BAYC) project. The project uses a native token called ApeCoin (APE) that was created to be used within the burgeoning APE Ecosystem, which is supported by the APE Foundation and the ApeCoin decentralized autonomous organization (ApeCoin DAO).

The ApeCoin DAO is a community-driven initiative that allows APE holders to vote on ideas, projects and other proposals within the APE ecosystem. The ApeCoin (APE) token on the other hand is an ERC20 token and it acts as a governance token within the ApeCoin DAO.

The APE token reached an all-time high of $25 in May this year and although its price has significantly dropped, it still remains among the top 40 coins by market cap despite its general lack of utility compared to other cryptocurrencies.

What the ApeCoin Staking will entail

According to details released by the ApeCoin DAO, the ApeCoin staking will in summary be open to all Bored Ape (BAYC) and Mutant Ape (MAYC) holders that stake their NFTs plus APE coin.

But for holders to generate more revenue, they have to hold a particular set of APE, which is 10,094 for BAYC holders and 2,042 for MAYC holders.

The post Horizen Labs’ ApeCoin staking hype sets $APE on a bullish trajectory appeared first on CoinJournal.

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ETH Merge: Is ‘complex technical event’ underrated or priced in?

  • GlobalBlock analyst Marcus Sotiriou talks about the Ethereum merge, its benefits and potential risks to the event.
  • He says the yield factor and a 99.95% reduction in energy use could see DeFi flourish and catalyse investor interest.
  • But it’s a ‘complex technical event’ that one.

Is the merge underrated or is it priced in? It could be a crucial question for investors as crypto enters what could be a pivotal week for crypto, according to crypto analyst Marcus Sotiriou.

The countdown to Ethereum (ETH)’s most anticipated event – the Merge – is down to hours. And despite the price hovering below $1,750 after last week’s downside, optimism is still high that the major event will succeed.

Or will it…

Is it underrated or priced in?

We saw ETH price rally in the days after the merge date announcement before the momentum fizzled out alongside the rest of the crypto market.

But price continues to struggle, currently around $1,730 since last week’s dip. For investors, one of the questions to consider going into the event is whether the ETH merge is already priced in or if the market has underrated its potential impact.

Here is something to remember about the merge.

The benefits

Sotiriou, an analyst with digital asset broker GlobalBlock, says the merge is no doubt “the most impactful event that has happened in the crypto industry thus far.”

The advantages of the changes are there. For instance, reduction in network energy usage by 99.95% is great for the ESG narrative. Basically, it helps remove one of the hurdles to increased institutional interest in ETH and the broader ecosystem – concerns over crypto mining and its energy consumption.

Another long-term implication the analyst sees is around the 5% yield for ETH investors and its impact on wider DeFi space. Knowing how to price in risk based on the yield will not just benefit retail DeFi, but institutional investors too.

“Institutional investors love cash flow,” he pointed out in the note, “so being able to receive a lucrative yield is another enticing benefit which could make ETH more investable for them.”

A ‘complex technical event’ – beneficial but with risks

Many investors see Ethereum’s transition from a proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS) mechanism as a positive event bound to happen this time round after several delays. 

However, Sotiriou warns it might not be smooth sailing all at once when the Beacon Chain merges with Ethereum mainnet.

Some observers say that an unforeseen delay, or some other technical hurdle that makes the switch messy could still pop up and frustrate investors. Issues could also arise if many validators fail to update their software in time and therefore be unprepared for the new chain, or if some APIs “break in ways which many people cannot predict.”

Sotiriou sums up the risks thus:

“The Merge is such a complex technical event, which is not surrounding just one big company, but a whole decentralised network, so there are reasons why it may not play out so smoothly.”

The post ETH Merge: Is ‘complex technical event’ underrated or priced in? appeared first on CoinJournal.