Autor: dot-traders

Veröffentlicht am

Polkadot Price: DOT/USD on edge amid contagion risks

Polkadot price has been in a strong bearish trend in the past few days as the crypto sell-off gains steam. DOT/USD was trading at $5.631, which was slightly below this week’s high of $6. This price is also about 25% below the highest point this month.

Polkadot ecosystem challenges

Polkadot is one of the biggest blockchain networks in the world. DOT, its coin, has a total market cap of over $6 billion, making it a top-ten cryptocurrency. At its peak, it was valued at over $30 billion.

Polkadot was created by Gavin Wood, a co-founder of Ethereum, one of the biggest blockchains in the world. The two networks have a similar goal of making it possible for people to build decentralized platforms.

Polkadot’s goal is to unite networks of heterogeneous blockchain shards called parachains. A parachain is a sovereign blockchain that can have its own token. Some of the most popular parachains are Kusama, Acala, and Litentry.

The heart of Polkadot’s ecosystem is a product known as a relay chain. It is an important technology that is responsible for the network’s security, consensus and cross-chain interoperability. Bridges are also important in Polkadot’s ecosystem. They enable Polkadot shards to connect to and communicate with external networks like Ethereum and Solana.

Polkadot price has been in a strong bearish trend in the past few months. The most recent reason for the crash is the ongoing collapse of FTX, the second-biggest exchange in the world after Binance. The collapse of the company has led to fears of contagion in the industry. As a result, the crypto fear and greed index has dropped to the extreme fear level.

At the same time, there are concerns about Polkadot’s ecosystem. In the past few months, the total value locked in key parachains like MoonRiver, MoonBeam, and Acala has been falling.

Polkadot price forecast

                        DOT/USD chart by TradingView

Is it safe to buy Polkadot? The Renko chart above shows that the Polkadot price has been in a strong bearish trend in the past few months. It managed to drop below the important support level at $6.27, which was the lowest level on July 12. This price was also the neckline of the head and shoulders pattern.

DOT/USD price has moved below all moving averages while the Awesome Oscillator has moved below the neutral level. Therefore, the coin will likely continue falling as sellers target the next key support level at $5.0.

How to buy Polkadot

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy DOT with eToro today

Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

Buy DOT with Capital.com today

The post Polkadot Price: DOT/USD on edge amid contagion risks appeared first on CoinJournal.

Veröffentlicht am

Is Cardano a good investment?

Cardano price has not been left behind in the ongoing cryptocurrency meltdown. ADA plunged to a low of $0.32, which was much lower than the all-time high of over $3. With a market cap of $11 billion, it means that its valuation has plunged by almost $80 billion in the past few months. So, is ADA a good investment or is it a value trap?

The rise and fall of Cardano

Cardano is a leading blockchain network that grew incredibly popular in 2021. It was launched by Charles Hoskinson, a co-founder of Ethereum. 

Cardano became popular as investors sought for cleaner alternatives to Ethereum, which used a proof-of-work (PoW) mechanism at the time. It was also billed as a faster alternative to Cardano since it can hande thousands of transactions per second (tps).

However, at the time, Cardano did not have an ecosystem since it did not have smart contract capabilities. This changed in August 2021 when the developers launched the Alonzo hard fork.

Since then, thousands of developers have embraced Cardano. However, it is struggling in Decentralised Finance (DeFi), which is one of the top use cases for blockchain networks. It has a total value locked (TVL) of about $70 million, making it the 34th biggest chain in the world. 

It is even smaller than relatively unknown projects like Ultron, Canto, and Velas. At the same time, key DeFi apps in its ecosystem have struggled to compete with the likes of Uniswap, Maker, and Aave. 

It is, nonetheless, finding some success in the NFT industry. Data compiled by CryptoSlam shows that the total volume of NFTs traded in the network has been growing. In the past 24 hours, it has handled over $237k NFTs. Similarly, in the past 30 days, it has handled NFTs worth over $25 million. However, as shown below, the volume has been dropping.

Cardano price prediction

                ADA/USD chart by TradingView

The renko chart above shows that the Cardano price has been in a strong bearish trend in the past few months. In this period, the coin has moved below all moving averages. It has also moved below the important support level at $0.3341, the lowest point on October 23. 

Cardano’s awesome oscillator has moved below the neutral level. Therefore, the path of the least resistance for the coin is lower. As such, at this moment, it is a bit risky to buy Cardano will continue falling as sellers target the key support at $0.300.

How to buy Cardano

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy ADA with eToro today

Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

Buy ADA with Capital.com today

The post Is Cardano a good investment? appeared first on CoinJournal.

Veröffentlicht am

Bitcoin differs from other cryptocurrencies, says Jack Mallers

Bitcoin remains the dominant cryptocurrency and differs from the other coins and tokens currently available in the market.

Jack Mallers, the CEO of Strike, a company that allows users to buy and sell Bitcoin, said Bitcoin differs from other cryptocurrencies. He mentioned this during a recent interview with CNBC.

When asked about the recent FTX collapse and whether his company had exposure in the crypto exchange, Mallers said;

“No. Strike, myself, and Bitcoin at large have nothing to do with Sam Bankman-Fried (SBF) and FTX. It is nothing other than an absolutely disgusting and malicious crime, in the same way, that someone a car down the street from my house. It has nothing to do with Bitcoin, either. However, an important point to note is that the world is finally starting to realise that there is Bitcoin, and then there is everything else.”

Maller pointed out that many people have taken advantage of Bitcoin’s innovation to develop other coins like Orange Coin, Pink Coin, and FTX. According to Maller, most of these coins are used for crimes and have nothing to do with Bitcoin.

The use of blockchain technology to create other cryptocurrencies and use them to scam people need to stop, Maller added. He highlighted that FTX’s collapse is an expensive lesson that shows that there is Bitcoin and there is everything else. He said;

“It doesn’t surprise me that FTX owned zero Bitcoin. Because if you want to commit crime and fraud, you don’t use Bitcoin.”

Maller added that although FTX’s collapse affected the broader cryptocurrency market, it is a good thing that it happened. The bad actors in the crypto space need to be washed out, and it is best that FTX is eliminated from the cryptocurrency market. 

Bitcoin is down by more than 1% in the last 24 hours and is currently trading above the $16,500 mark. 

The post Bitcoin differs from other cryptocurrencies, says Jack Mallers appeared first on CoinJournal.