Kategorie: Altcoin News

• Optimism token has surged by almost 100% in one week
• Positive developments in July have been boosting the token
• Investors should buy on a retracement

Investor interest is back on Ethereum Layer-2 scaling solution Optimism. Over the past one week, the token has gained more than 98%. That, of course, underlines the gains other Ethereum-based tokens have been experiencing. Cryptocurrencies such as Ethereum Classic have also been top gainers. Nonetheless, a further scrutiny of Optimism reveals underlying fundamentals driving the surge.

On July 26, Optimism announced the launch of Drippie. Drippie is a trust-minimized conditional transaction system of Ethereum. It will let users conduct transactions following set conditions. Optimism expects the system to solve automation issues that will increase the performance of the blockchain.

The integration follows another positive development on July 24. Curve Finance had announced a grant proposal that would raise liquidity on Optimism. The move is expected to allow one million Optimism tokens to be distributed on the Curve pool. Liquidity providers will be incentivized with the OP tokens.

OP token has been getting boosts from the July developments. But to an investor, is the token now attractive or a bubble burst is about to happen?

Optimism trades at a high level but faces immediate resistance

Source – TradingView

While the recent developments are positive for OP, the current price could be unsustainable. The RSI points to overbought conditions, and a correction is more probable. We recommend investors buy on a retracement. The token could potentially slide to $1.45 as it already faces resistance at $1.88.

Concluding thoughts

The latest developments increase the utility of the Optimism token. At the current valuation, investors should consider buying lower as corrections are more imminent. The potential support zone is at $1.45.

The post Optimism adds 98% in a week – Is the rally driven by fundamentals? appeared first on CoinJournal.

Analysts agree that Web 3.0 will transform the web as we know it. It is a transformation likely to be as revolutionary as Web 1.0, which completely changed how people interact and do business for good. With the prospects for growth in this market, it is an excellent time to start shopping for high-potential Web 3.0 cryptocurrencies to invest in, now that prices are still at record lows. 

Polkadot (DOT)

Polkadot (DOT) is one of the best Web 3.0 cryptocurrencies today for its scaling capabilities. Polkadot can scale thanks to its use of sidechains called parachains. Polkadot also prides itself in interoperability in that Dapps can seamlessly send data from Polkadot to other chains.

It is these capabilities that are driving the adoption of the Polkadot blockchain. The latest wave of adoptions comes from the Web 3 Foundation, which has approved 400 projects that will build on Polkadot. Web 3 Foundation noted that the nature of the projects that have received approval ranges from those creating the entire Web 3.0 stack to those building Dapps for everyday use. 

With such growing demand for Polkadot in the Web 3.0 space, the odds are that DOT’s value will also increase. That’s because you need DOT tokens to transact in the Polkadot ecosystem. 

Filecoin (FIL)

Filecoin (FIL) is one of the top Web 3.0 cryptocurrencies looking to decentralize data storage. In the past week, Filecoin has been one of the best-performing cryptocurrencies, rallying by over 80%.

The rally was triggered by news that the Filecoin Foundation for the Decentralized Web had partnered with Harvard’s Library Innovation Lab. The working relationship is geared towards helping libraries use technology to spread knowledge. This is a big deal as it anchors Filecoin as one of the cryptocurrencies that could lead the way in pushing academia and the book publishing market into Web 3.0.

Given that Filecoin is also growing in adoption in other markets, there is no doubt that Filecoin has a promising future in Web 3.0. It’s a cryptocurrency worth keeping an eye on now that prices are still pretty low.

Theta Network (THETA)

The video streaming market is ripe for disruption by blockchain technology. As currently structured, censorship has become a significant issue affecting content creators and consumers. Web 3.0 can take away the middleman and solve this problem. 

One of the cryptocurrencies leading the way on this front is Theta Network (THETA). Theta aims to decentralize video streaming and has gained traction over the past year. 

Besides growing adoption, the Theta team is working hard to ensure that the Theta blockchain works as it should. For instance, they recently released Theta Metachain. This aims to give Web 3.0 businesses an edge over their more traditional competitors.

With all these factors at play, there is no doubt that Theta is one of the best Web 3.0 cryptocurrencies to buy in 2022.

The post Betting big on Web 3.0? Here are three cryptocurrencies to watch appeared first on CoinJournal.

• BNB, FTT, and CRO are exchange related tokens

• Crypto-exchange-related tokens have an added security protection

• All the tokens are bullish and offer opportunities in August

Tokens backed by crypto exchanges are some of the best to own due to their added security. While the list for exchange-related tokens is inexhaustible, we bring you the best 3 selections. They are tokens with huge potential in August if the current bull market remains. 

Binance Coin (BNB)

BNB/USD ranks as the largest crypto-exchange-related token. It comes at position five overall in crypto markets, with a market cap of around $46.6 billion. The cryptocurrency is backed by the world’s largest crypto exchange Binance.

BNB ranks as a crypto to watch in August as most cryptocurrencies show up. With increased trading volumes, Binance will attract more users, and BNB will get a boost. 

Source – TradingView

BNB has recaptured the $288 level after the latest gains. That puts it at the next level of $326 in August.

FTX Token (FTT)

FTX token FTT/USD may not be among the top 20 tokens. Ranked 22nd with a market cap of $4.23 billion, the FTT token is one to watch in August. While markets crashed and most crypto exchanges faced liquidity issues, FTX remained strong. FTX CEO SAM Bankman-Fried even went ahead to help struggling firms. FTT will grow as cryptocurrencies recover.

Source – TradingView

FTT has hit resistance at $32 after recent gains. A breakout past the resistance or retracement opens buy trades next month.

Cronos token (CRO)

Cronos token CRO/USD is ranked at position 24 with a market cap of $3.497 billion. Crypto.com exchange seemed to succumb to the bear market by announcing reduced rewards on its cards. However, it backtracked, and its token is one to watch.

Crypto.com has been top in clinching sports deals and in an expansion spree. If indeed the deals are to materialize into something big, it is when cryptos start to surge.

Source – TradingView

CRO has broken above the $0.12 resistance. The token is a buy in August with a target of $0.168.

The post 3 exchange related coins you should consider in August appeared first on CoinJournal.

Ethereum is in the process of an upgrade that will help it scale better. However, Ethereum is still far off from achieving this goal. As Vitalik Buterin recently put it, Ethereum is 40% complete even after the merge. 

This slow development in Ethereum has opened the way for new, more efficient blockchains to gain adoption. While there are many Ethereum competitors in the market today, below are some of the best and most competitive. These two could be heavily undervalued now that the cryptocurrency bear market has pushed them to record lows. 

Solana (SOL)

Solana (SOL) remains one of the top platform blockchains in the market. This is all thanks to its scaling capabilities and the fact that it has some of the lowest transaction costs of all major platform blockchains today. 

While Solana has been bearish for the last couple of months, many analysts are optimistic that Solana has the potential to do well going into the future. One of the key factors likely to drive Solana’s growth is NFTs, and the potential is beginning to take shape.

One of the positive pointers to Solana’s potential is SolSea, a Solana-based NFTs platform. While SolSea has been around for a while, it recently rebranded and has many big plans for the future. Among the plans for the relaunched SolSea is to turn it into a YouTube for NFTs. That’s according to SolSea CEO Vitomir Jevrermovic.

Since Solana has low fees, which makes it favorable for anyone looking to launch an NFT, this dream can easily be achieved. That’s because there is a strong chance that most people looking to launch NFTs will look to Solana going into the future. 

Avalanche (AVAX)

Avalanche (AVAX) remains one of the best platform blockchains today, driven by its high speeds and security. Avalanche can handle up to 4500 transactions per second and has never had any real security issues. 

Besides, the Avalanche team is working hard to drive adoption, which is a plus for its long-term adoption. For instance, in August 2022, the Avalanche team will be in South Korea to help drive the adoption of Web 3.0. 

Given that Web 3.0 has the potential to reimagine the web as we know it, Avalanche’s adoption on this front could give it an edge over other blockchains. Besides, Avalanche is positioning itself for infinite scalability by introducing subnets. 

The post Top undervalued Ethereum competitors to watch in 2022 appeared first on CoinJournal.

After several days in the green, the cryptocurrency market has turned bearish again. This follows news that the Federal Reserve could be about to raise interest rates. However, if recent rate hikes are anything to go by, it is clear that the markets are increasingly pricing interest rates pretty fast. 

The more important news on crypto is that Bitcoin is becoming illiquid. Data shows that 76% of all Bitcoin in supply is currently illiquid. This means just a few big orders on exchanges can trigger a massive price spike. 

This is a double-edged sword because Bitcoin can easily test extreme price lows, as low as $10k, or easily test prices above $40k or more. Since Bitcoin already has massive support at $20k, there is a good chance that a spike could be to the upside.

With such potential for a spike, it could be time to start shopping for altcoins that could follow the Bitcoin lead. Below are three of those that hold the most potential.

Ethereum (ETH)

The number two altcoin stands out as one of the top altcoins with the potential to do well if Bitcoin rallies. That’s because Ethereum (ETH) is amid big news besides its status as the largest altcoin. 

Recently, the Ethereum merge was done on a testnet, which turned out to be a big success. During the recent EthCC, it was announced that the merge would be done by September and push Ethereum to the next step in the goal of becoming the most secure and scalable platform blockchain ever created. 

If Bitcoin happens to spike amid this news, the odds are that Ethereum could outperform many other altcoins. 

Shiba Inu (SHIB)

Meme coins have shown to do pretty well in times of market rallies. Shiba Inu (SHIB), being one of the most famous and best-performing altcoins, stands tall among them. As such, if Bitcoin happens to pull off another rally, Shiba Inu could do well. However, it is not just about speculation about its past performance. A lot is going on within the Shiba Inu ecosystem at the moment.

For instance, the Shiba Inu team recently announced a SHIB-burning Visa Card. With this card, users will be burning SHIB when making payments. It means SHIB is on course to an accelerated drop in total supply, driven by real-world usages. That’s a pretty strong reason to believe in SHIB. 

ApeCoin (APE)

Despite the weak market performance for crypto in 2022, the appetite for NFTs remains strong. If Bitcoin spikes and FOMO kicks in, NFT cryptocurrencies could get a boost. ApeCoin (APE), one of the better-known NFT cryptocurrencies, could see a massive increase in value in such a scenario. 

Besides, with many large corporations taking an interest in the Metaverse, APE could get a boost if the Otherside Metaverse gains in adoption by a large corporation. Overall, the odds are in favor of ApeCoin doing well.

The post Bitcoin is illiquid and likely to spike – 3 Cryptos to watch in case of a sudden rally appeared first on CoinJournal.