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This metric shows Bitcoin is at its ‘4th most oversold’ level in history,’ says analyst

The entity-adjusted dormancy flow has historically been used to mark potential price bottoms in the Bitcoin market.

Bitcoin continues to struggle with sell-off pressure since its dip below $40,000, with a recent bounce fading off near $39k and then Thursday’s downturn pushing it below $37k once again.

Will Clemente, a popular analyst who hosts the Bitcoin Intelligence podcast and writes a newsletter to over 70,000 investors, believes the current price levels put BTC in a position of a potentially huge bounceback move.

According to the analyst, the benchmark digital asset is trading at its fourth most oversold level in history.

And what metric does he look to as an indicator of a possible bullish reversal? He points to Bitcoin’s entity-adjusted dormancy flow.

„Bitcoin is currently the 4th most oversold in its history according to dormancy flow. Dollar-cost averaging more heavily into this area is probably the best approach for the long-term investor,“ he tweeted.

What’s entity-adjusted dormancy flow?

The dormancy flow basically relates to a measure of whether it’s old coins or new coins that are being moved on-chain every other day. High figures indicate its old coins moving while low figures suggest it’s mostly new coins.

To get the entity-adjusted dormancy flow, the coin destroyed value (dormancy flow) is divided by the market capitalisation.

BTC bottoming

According to the chart, dormancy flow has fallen significantly since the November peak as has the entity adjusted values. Currently, the indicator is below 200,000, with values this low having only been recorded on three other occasions- 2011, 2015, and 2019.

Historically, the market has rallied after the entity adjusted dormancy values fell below 250,000, the latest being in March 2020 and January 2022.

Bitcoin rallied to new highs in each of the previous cases and a similar trajectory would mean the bottom is in around current price ranges. 

The post This metric shows Bitcoin is at its ‘4th most oversold’ level in history,’ says analyst appeared first on Coin Journal.

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Lohnen sich SOL, ADA und ETH am 3. Februar 2022?

  • Solana (SOL), Cardano (ADA) und Ethereum (ETH) sind allesamt Blockchain-Netzwerke, die über Smart Contracts verfügen und die Blockchain-Skalierung angehen.

  • Jedes Projekt zielt darauf ab, Skalierungsprobleme zu lösen und sein dApp-Ökosystem zu verbessern.

  • Alle diese Token haben Wachstumspotenzial.

Solana (SOL), Cardano (ADA) und Ethereum (ETH) sind alles solide Blockchain-Projekte, die in Bezug auf die Funktionalität miteinander konkurrieren.

Wir werden prüfen, ob es sich lohnt, jeden Token am 3. Februar 2022 zu kaufen.

Sollten Sie Solana (SOL) kaufen?

Am 3. Februar 2022 hatte Solana (SOL) einen Wert von 94,89 USD.

Der Allzeithochwert des Solana (SOL)-Tokens war am 6. November 2021, als der Token einen Wert von 259,96 USD erreichte.

Das bedeutet, dass der SOL-Token bei seinem ATH-Wert um 165,07 USD oder um 173 % höher war als heute.

In Bezug auf die Performance im Januar erlebte Solana (SOL) am 2. Januar seinen höchsten Wertpunkt, als es einen Wert von 178,74 USD erreichte.

Sein Tiefpunkt war jedoch am 24. Januar, als der Wert auf 82,5 USD fiel.

Das bedeutet, dass der Token um 96,24 USD oder 53 % an Wert verloren hat.

Vom 24. Januar bis zum 3. Februar verzeichnete der SOL-Token jedoch einen Wertzuwachs von 12,39 USD oder 15 %.

Vor diesem Hintergrund ist SOL ein solider Kauf, da es bis Ende März 2022 110 USD erreichen kann.

Sollten Sie Cardano (ADA) kaufen?

Am 3. Februar 2022 hatte Cardano (ADA) einen Wert von 1,0215 USD.

Der Allzeithochwert des Cardano (ADA)-Tokens war am 2. September 2021, als der Token einen Wert von 3,09 USD erreichte. Dementsprechend war der Wert des Tokens an seinem ATH-Punkt um 2,0685 USD oder um 202 % höher als heute.

In Bezug auf die Performance im Januar sah Cardano (ADA) seinen höchsten Wert am 18. Januar, als es einen Wert von 1,6245 USD erreichte.

Sein niedrigster Wert war jedoch am 24. Januar, als der Wert des Tokens auf 0,9668 USD fiel.

Dies ist ein Wertverlust von 0,6577 USD oder 40 %.

Vom 24. Januar bis zum 3. Februar stieg der Wert des ADA-Tokens jedoch um 0,0547 USD oder um 5 %.

Vor diesem Hintergrund kann ADA bis Ende März 2022 1,5 USD erreichen, was es zu einem soliden Kaufobjekt macht.

Sollten Sie Ethereum (ETH) kaufen?

Am 3. Februar 2022 hatte Ethereum (ETH) einen Wert von 2.595,76 USD.

Der Allzeithochwert des Ethereum (ETH)-Tokens war am 10. November 2021, als der Token einen Wert von 4.878,26 USD erreichte. Das bedeutet, dass der Wert des Tokens bei seinem ATH um 2.282,5 USD oder um 88 % höher war als heute.

In Bezug auf die Performance im Januar war der höchste Wert von Ethereum am 4. Januar, als der Wert des Tokens auf 3.874,34 USD stieg.

Sein niedrigster Wert war jedoch am 24. Januar, als der Token auf 2.199,92 USD fiel. Dies bedeutete einen Wertverlust von 1.674,42 USD oder 43 %.

Vom 24. Januar bis zum 3. Februar stieg der Wert von ETH jedoch um 395,84 USD oder um 18 %.

Vor diesem Hintergrund kann ETH bis Ende März 2022 2.750 USD erreichen, was es zu einem soliden Kauf macht.

The post Lohnen sich SOL, ADA und ETH am 3. Februar 2022? appeared first on BitcoinMag.de.

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Market highlights February 3: Cryptos in the red, Alphabet tops SPX500 on strong earnings

The crypto markets were in the red this morning, with the majority of the top 10 cryptos registering losses over the past 24 hours.

Google owner Alphabet drove US markets up yesterday as the firm posted a surge in profits. The stock topped the SPX500 rising 7.33%.

Investors will be following several releases coming out of the Bank of England today, including the Monetary Policy Report and votes on Asset Purchase Facility and MPC official bank rate at 12:00 GMT.

These will be followed by a press conference held by BOE Governor Andrew Bailey at 12:30 GMT.

Top cryptos

Bitcoin was around 4% lower, trading below $37,000 at time of writing. Ethereum, Cardano and XRP were also down around 4%, while Solana was trading around 14% lower.

Top movers

Outside the top 20, Chainlink and Enjin Coin lost 10%, Fantom, Elrond, Aave, The Graph, and VeChain each lost 9%, The Sandbox shed 11% of its value, and Flow and Kadena were down by 12%. Convex Finance and Render Token shed 14% and Arweave was down 15%.

Quant was the biggest winner in the top 100 biggest coins by market cap yesterday. Today, its rally continues. It’s one of the few coins in the green. It has added 19% to its value and is currently trading for $128. 

Trending

Strike, the token of a DeFi lending protocol that allows users to earn interest on their cryptocurrencies by depositing them into one of several markets supported by the platform, is up 50% today.

Ooki is the token of a decentralized protocol for margin trading, borrowing, lending and staking. It gained 85% on news of a Binance listing.

The post Market highlights February 3: Cryptos in the red, Alphabet tops SPX500 on strong earnings appeared first on Coin Journal.

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Solana price drops by 9%: all you need to know about the Wormhole Bridge hack

Solana’s price has taken a hit again after attempting to correct the recent drop. This time the price is dropping after a bridge between Solana and Ethereum, called Wormhole Bridge, was hacked resulting in a loss of 120000 wrapped ETH with an estimated worth of $320 million.

Solana is currently trading at $98.45 with a drop of 9.42% in the last 24 hours. It is now trading 62.15% down from its November 6, 2021, all-time high of $260.06.

SOL’s current market cap stands at $30.9 billion. It has a circulating supply of 314.8 million SOL coins and a 24 hours trading volume of $3.2 billion.

Wormhole Bridge hack

According to emerging reports, the Wormhole Bridge was hacked in the early hours of February 3

According to reports and Twitter posts made by Solana Team, the hack resulted in a loss of about 120,000 wrapped ETH coins worth a whopping $320 million. After the hack, the team said that Ethereum (ETH) will be added to the bridge to ensure that any wrapped ETH on the Bridge is fully backed.

On the other hand, Wormhole has already confirmed that the issue had been sorted out and the vulnerability has been patched. They are currently working on getting the entire network up again.

Wormhole developers went ahead to offer a bug bounty for the exploit details. They said:

“We noticed that you were able to exploit the Solana VAA verification and mint tokens. We would like to offer you a whitehat agreement, and present you a bug bounty of $10 million for exploit details, and returning the wETH you have minted.”

This hack, brings to light again the vulnerability of DeFi protocols, and the co-founder of blockchain analysis firm Elliptic Tom Robinson, said:

“This demonstrates once again that the security of DeFi services has not reached a level that is appropriate for the huge sums being stored within them. The transparency of the blockchain is allowing attackers to identify and exploit major bugs.”

Solana’s unending woes

The bridge hack is the latest in the growing list of Solana’s unending problems. First, it was four consecutive network outages on the Solana network in January and then this hack.

The hack came at a time when Solana was prepared to correct the market price fall of SOL that had resulted from the network congestions. It now complicates issues for the network taunted as an “Ethereum Killer.”

Samczsun, a paradigm security researcher, started by first determining if the hack started on Ethereum or Solana.

From Samczsun’s research, there were only two possible routes that the hacker(s) could have used. They either exploited the bridge or got the private keys. In addition, he said that there was a corresponding transaction on Solana where the hacker bridged out the ETH without depositing them by exploiting a vulnerability to mint wETH. The encoded VM that the attacker submitted showed that it contained valid signatures from the guardians

The post Solana price drops by 9%: all you need to know about the Wormhole Bridge hack appeared first on Coin Journal.