Monat: Januar 2023

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Opportunity, or trap? Glassnode on Bitcoin price outlook

  • Bitcoin’s rally from December lows after the FTX collapse surprised many investors, Glassnode says in its weekly report.
  • Bitcoin could see further upside but a fresh buy signal is likely at prices around $28.3k.
  • Selling pressure above $23.3k is more likely given short-term holders and miner push for exit liquidity.

Bitcoin price remains poised near $23,000 after a breakout pushed the leading cryptocurrency’s value above the psychological $20k level.

As highlighted ove the weekend, Bitcoin’s surge to prices above $23,000 did surprise many people, and while optimism is high among bulls, a potential liquidity exit from profit booking is likely. Particularly, this could be the outlook given how brutal the 2022 bear market was for short term holders and miners.

On-chain data platform Glassnode has highlighted this possibility.

Glassnode’s outlook after latest BTC price action

According to on-chain data firm Glassnode, Bitcoin looks “almost out of the woods,” but the price action to levels in the $21k to $23k region also reclaimed several on-chain pricing models.

A look at the Investor Price (currently at $17.4k) and Delta Price ($11.4k), signifies a similar price action at the bear market bottom of 2018-2019. Investor Price is the average price at which investors acquired all the spent and miner distributed coins, while Delta Price is derived from Realized Cap minus Bitcoin’s all-time Average Cap to get a technical pricing model.

At the base of this outlook is the price discovery phase, which during that 2018 bear market bottom lasted 78 days. The current market is at a similar level, with BTC above the Realized Price of $19.7k.

“This suggests an equivalency in durational pain across the darkest phase of both bear markets,” Glassnode wrote in its weekly market report.

Still on the Investor Price/Delta Price metrics, the on-chain platform points to a measure called compression, which takes into account the spot price to determine the intensity of the market’s undervaluation.  The metric also correlates with the scale of change in an asset’s Realized Cap or capital inflow volume, with a threshold zone of 0.15-0.2.

Given the current BTC price and compression value, Glassnode estimates a bullish confirmation signal could be triggered if Bitcoin bulls reclaim $28.3k.

More optimism for bulls

Also helping the bull case is the Supply in Profit measure, which spiked 12% in the last two weeks to rise from 55% to 67%. The spike in percent of coins in profit is “the sharpest” of all prior bear markets, suggesting a lot more coins changed hands below the $23.3k level.

Key to bulls’ case is also the fact that Bitcoin price at current levels is above all the three cost basis of long-term holder, short-term holder and BTC Realized Price. This is the first time spot price has pierced the three Realized Prices and sustained momentum above the levels would be positive.

A bull trap case

While Glassnode points to potential bull case scenarios, its report also highlights probable cases of fresh sell-off pressure.

According to the on-chain data report, one of these is the “substantial spike in profitability,” which the platform says raises the possibility of selling pressure triggered by short-term holders. 

Miners are also likely to be motivated by the price action and might look to liquidate some of their holdings, adding to a potential retreat for BTC price.

The post Opportunity, or trap? Glassnode on Bitcoin price outlook appeared first on CoinJournal.

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Cardano bullish sentiment as Bitrue plans to list DJED and SHEN

  • DJED is Cardano’s over-collateralized algorithmic stablecoin.
  • DJED will use SHEN as its reserve coin.
  • The launch of DJED on the mainnet is expected to take place this month.

Cardano (ADA) price has risen by 7.7% over the last week and by 45% over the last month as the overall crypto market recovery gains momentum. It is among those cryptocurrencies that have gained the most in the wake of the market recovery since the start of 2023.

However, in addition to the general market recovery, the bullish Cardano market sentiment is also supported by the much-awaited launch of the DJED stablecoin on the mainnet which is scheduled for this month. And just before the launch takes place, Bitrue, a popular Singapore-based crypto exchange, has announced plans to list the DJED stablecoin together with SHEN, its reserve coin.

Bitrue to list DJED stablecoin

Bitrue disclosed its plans to list DJED via an official blog release on its website followed by a tweet from COTI Network about the same.

This will make Bitrue the first cryptocurrency exchange to list the much-anticipated stablecoin once it is launched. However, since the stablecoin is yet to be launched, the exchange will announce the listing soon after the launch of the stablecoin.

Bitrue has had a long-standing relationship with the Cardano network as well as with the Cardano community which could be the reason behind the plan to list DJED and SHEN. The exchange announced ADA as one of its base currencies last February and a few months after it contributed 1 million ADA to several ADA staking pools to support the decentralization of the Cardano network.

Besides listing the two coins, Bitrue also plans to introduce DJED and SHEN staking in future.

The post Cardano bullish sentiment as Bitrue plans to list DJED and SHEN appeared first on CoinJournal.

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Over 340,000 NFT buyers hit the market amid last week’s crypto rally

  • NFT buyers last week rose to 348,426, about 41% up on the previuos week.
  • NFT sales volume also rose, with more than $244 million in sales last week representing a 5.4% increase.
  • Sales (USD) volume and buyers increased in tandem with Bitcoin price hitting levels above $23,000.

Non-fungible token (NFT) data from last week shows the market attracted 348,426 buyers, roughly 41% higher than the previous week.

According to NFT data platform CryptoSlam, the buyer count of nearly 350,000 corresponds to a 40.99% this past week. 

As of Tuesday morning, 24 January, 2023, there had been over 419,000 unique buyers year-to-date. The uptick coincides with a rally across crypto, with volatility pushing Bitcoin price above $23,000 and Ethereum above $1,600 for the first time since early November 2022.

Indeed, as data from CoinGecko shows, Bitcoin’s price is currently up more than 7% this past week. Over the last two weeks, the flagship cryptocurrency’s value has soared 35%. 

Among top blockchains with most buyers on the 7-day timeframe, Ethereum leads with 146,380 (36% increase) and Solana is second with over 89,800 NFT buyers at 73% increase this past week. Cardano is third while BNB Chain ranks 7th but with a 74% spike in buyer participation.

NFT sales jumped 5% last week

At the same time, the global NFT sales volume in the past seven days indicates a 5.4% increase, with more than $244 million worth of NFTs traded in that time. 

The most sales volume was on Ethereum at almost $200 million, while Solana, Cardano, Immutable X and Polygon complete the top five as of 24 January.

Among the top 10, the WAX blockchain saw the most increase in NFT sales with 82%. Meanwhile, Solana and BNB Chain recorded the largest decline over the past week as NFT sales on these blockchains fell 20% and 33% respectively.

NFTs sales stood at $623,439,866 for the month, data from CryptoSlam showed ( as of 24 January 2023), with total NFT transactions year-to-date at nearly 4.2 million (it was 4.7 million for December 2022).

While there has been a slight decline in the metric compared to the previous week, the statistics suggest the NFTs market has seen trading volume and buyer participation swing alongside movements in the broader crypto market.

The post Over 340,000 NFT buyers hit the market amid last week’s crypto rally appeared first on CoinJournal.

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The Best Cryptos to Buy Now based on 2023 Potential

Blockchain technology is revolutionary, seen by many as the vehicle for progress in the 21st century, as it could change the landscape of the global economy for good. This is exactly why there are so many high-potential investment opportunities in Web3, as the blockchain ecosystem is home to world-changing technologies such as virtual reality metaverses, play-to-earn mechanics, and decentralized financial applications.

For investors looking to capitalize on the cryptocurrency movement, and get in on the crypto industry, here are the 6 best cryptocurrencies to buy right now:

  • Metacade (MCADE)
  • Dogecoin (DOGE)
  • The Sandbox (SAND)
  • Ethereum (ETH)
  • ChainLink (LINK)
  • Illuvium (ILV)

1. Metacade (MCADE)

Metacade is the biggest on-chain arcade, offering a broader range of play-to-earn experiences than can be found anywhere else. The crypto project aims to become a hub for the GameFi community, as it will display the latest trends, best alpha, and a range of additional features designed to serve blockchain gamers directly.

The metaverse arcade itself will be home to many different games that each have integrated financial rewards for players. These games can be played both casually and competitively, as gamers can join paid entry tournaments to go head-to-head against other arcade gamers. Thus far those participating in the presale launch have been able to have the chance to win real world rewards, like mini arcade machines

As well as this, Metacade will create new jobs for Web3 users. Its Work2Earn feature will connect users to paid job opportunities and facilitate a growing workforce for blockchain technology. Users can get paid to test out new play-to-earn games, as well as land part-time or full-time roles at Metacade’s partner projects.

The Create2Earn mechanic will incentivize knowledge-sharing in the Metacade. It will reward content creators with cryptocurrency for providing value to the ecosystem, whether by posting game reviews, sharing insights, or interacting with other members of the Metacade community.

To help boost the overall level of innovation in blockchain gaming, Metacade is introducing a fundraising program called Metagrants. This will allow gamers to vote for the best new play-to-earn arcade games before Metacade provides the developers with funding to help turn the idea into a reality, which kind of makes it like a governance token.

Why buy MCADE?

The MCADE token recently launched its presale event and sold out during its beta phase in a short space of time. The project is highly in-demand and looks set to grow substantially over the coming years. 

Metacade could become a leading GameFi platform due to its unique capabilities and useful services that will appeal to many millions of users around the world. With that in mind, Metacade is the best crypto asset to buy right now, with the chance to make major gains in 2023 and beyond.

>>> You can participate in the Metacade presale here <<<

2. Dogecoin (DOGE)

Dogecoin (DOGE) is the second-best crypto to buy right now. It was created in 2013, with its origin being based on a lighthearted joke and creating the term meme coin. However, Dogecoin has gained serious attention due to its popularity as a digital asset, and the dedication of the people in the DOGE crypto space.

The Dogecoin blockchain can process cross-border transactions in a secure way, as it was created as a fork, of a fork, of a fork, of the Bitcoin blockchain – that is, it was forked from LuckyCoin, which was forked from Litecoin, which was forked from Bitcoin.

DOGE has grown in stature and has now become a top ten cryptocurrency by market capitalization. It has a large and dedicated online crypto community that can often be seen posting dog-inspired memes on social media.

Why buy DOGE?

DOGE has been widely promoted by Elon Musk on social media, which has led to an increasing number of users holding the DOGE token. A key result of this is that Dogecoin is now developing more utility, and has some real world utility as it is being accepted as a valid form of payment by an increasing number of merchants – both online and offline.

DOGE could grow substantially from the current price level, which makes it one of the best crypto assets to buy right now. The token is currently worth $0.08, with its long-term price target being $1.

3. The Sandbox (SAND)

The Sandbox (with its native cryptocurrency SAND) is the third-best crypto to buy right now. It is an Ethereum-based gaming platform that enables users to monetize content, build communities, and play user-generated video games. To do this, The Sandbox has released an in-game toolkit that allows anyone to build gaming experiences and mint gaming assets.

The virtual world of The Sandbox uses blockchain technology to provide players with a secure environment to own their data, create assets and trade them as NFTs (non-fungible tokens). The game provides an accessible way to create metaverse-based experiences with little to no programming experience.

SAND is used as a medium of exchange in The Sandbox’s integrated marketplace. The process of buying and selling NFTs has resulted in a full-fledged in-game economy, where users can earn crypto rewards for the time and effort spent building and creating in the virtual world.

Why buy SAND?

The Sandbox is helping to drive progress in virtual reality metaverse gaming. More and more users are flocking to GameFi to take advantage of the innate benefits – namely, integrated financial rewards and self-custody over in-game assets.

The Sandbox also delivers a high level of freedom to its players to create anything that can be imagined. This element of gameplay is reminiscent of Minecraft, which is the highest-selling PC game of all time. This shows the long-term potential The Sandbox could have, which is why it’s one of the best cryptos to buy right now.

4. Ethereum (ETH)

Ethereum (ETH) is the fourth-best crypto to buy right now. ETH is the second-biggest cryptocurrency by market capitalization, owing to the fact that it was the first Turing complete blockchain solution. This means that developers could create software applications on the blockchain for the first time, which has led to the development of what users now call ‘Web3’.

Developers can create smart contracts on the Ethereum blockchain, which enables automatically executing blockchain transactions. This was a ground-breaking innovation that enabled decentralized applications (dApps) to be developed. These applications can be run without the need for any third-party involvement, which is a revolutionary new way to create and maintain online services.

Ethereum is now the biggest ecosystem of dApps in Web3, supporting over 2000 independent blockchain projects. ETH is used to pay transaction fees on the network and to reward block validators for securing the infrastructure. The ecosystem has expanded the scope and scale of blockchain technology and has pushed businesses and users alike toward a greater level of decentralization.

Why buy ETH?

The Ethereum blockchain recently migrated from a proof-of-work consensus protocol to a proof-of-stake mechanism. This allows the ecosystem to run at a much lower cost to the environment. It can also process a higher number of transactions at the same relative energy cost, which makes it considerably more efficient than in the past.

ETH has the potential to grow significantly from the current price level of $1,200. It is expected to form new all-time highs over time and could break the $10,000 mark in the next crypto bull market. For this reason, it is one of the best cryptos to buy right now.

5. ChainLink (LINK)

ChainLink (with its native token LINK) is the fifth-best crypto to buy right now, with a market cap of 3.2 billion. It is a decentralized open-source oracle network that provides real-world data and events to be used by smart contracts. ChainLink enables the blockchain to interact with off-chain resources in a secure, reliable, and privacy-preserving manner.

By connecting existing infrastructure, ChainLink enables developers to easily build applications on Ethereum and other blockchains, allowing users to benefit from access to automated, trusted services across different networks.

ChainLink’s secure, reliable and interoperable digital infrastructure supports the development of innovative DeFi (Decentralized Finance) tools. It is a unique solution that can be used across the entire Web3 ecosystem, as the project has the ability to connect external systems at scale and provide permissionless security guarantees that other options cannot match.

Why buy LINK?

LINK is one of the most widely-used solutions in the world of Web3. As an oracle, its ability to record off-chain data on the blockchain for use by independent projects and applications is extremely valuable.

The LINK crypto token looks likely to increase significantly from its current price of $6. This makes it one of the best cryptos to buy right now.

6. Illuvium (ILV)

Illuvium (ILV) is the sixth-best crypto to buy right now. It is a play-to-earn game that places users in an awe-inspiring landscape within virtual worlds. The metaverse world utilizes virtual reality technology to improve immersion. As well as this, the game has photorealistic graphics that add to the overall experience.

In terms of gameplay, Illuvium has a complex storyline that gamers can follow and a sprawling open-world map that can be explored. Within the open world can be found unique collectible items which are minted as NFTs.

Users can collect NFTs, buy them, sell them, or battle with them against other players in PvP matches. At the foundation of the game is also play-to-earn mechanics, in which users earn rewards like ILV tokens for completing quests, winning battles, and progressing through the story.

Why buy ILV?

Illuvium has been described as the first AAA-quality game built on the blockchain. It is an advanced gaming experience that combines elements of traditional gaming with blockchain technology.

The ILV token could grow to a value of over $1000 – which would be a 20x gain from the current price level. This makes ILV one of the best cryptos to buy right now.

Metacade: The number one best crypto to buy right now

Metacade’s presale event is a prime investment opportunity. The game could grow to become one of the leading metaverse crypto projects around, which gives it huge upside potential from the current price level. Metacade can’t be purchased through a decentralized cryptocurrency exchange or centralized exchanges, it can only be acquired directly through a presale launch. It can be purchased with both USDT (which is attached to real world fiat currencies) or Ethereum (ETH)

MCADE was launched at just $0.008 per token and is set to rise by $0.02 before the end of their crypto presales. This gives early investors a limited time only to get involved before the inevitable explosion occurs.

You can participate in the Metacade presale here.

The post The Best Cryptos to Buy Now based on 2023 Potential appeared first on CoinJournal.