Kategorie: Crypto Analysis

In the wake of the Bitcoin halving on April 19, the price of BTC has failed to maintain its upward trajectory, but the network has continued to generate headlines and transactions in equal measure. Much of this activity has been thanks to Bitcoin Runes, the protocol created by Ordinals imagineer Casey Rodarmor which went live post-halving.

Runes have been responsible for $135M in miner fees in the wake of the halving, proving their ability to subsidize reduced block rewards moving forwards. While it remains to be seen whether the robust interest in Runes can be maintained, the signs are promising so far. One figure who’s predicting a bright future for Bitcoin Runes is Alvin Kan. The Bitget Wallet COO has been following the sector closely due to its integration into the wallet’s dapp browser.

Making Sense of Runes

Runes were designed to support fungible tokens on Bitcoin without clogging up the network. They’re a more efficient and natively integrated solution than BRC20, which has been the dominant fungible token standard up until now. Runes have the potential to do for tokens on Bitcoin what Ordinals did for NFTs.

Unlike other Bitcoin token standards, Rune uses the same UTXO model as BTC itself. This results in more efficient transaction ordering and UTXO management. As a result, bitcoiners can enjoy experimenting with memecoins and other tokens without congesting the network in the process.

Bitget Wallet has long been a supporter of Bitcoin innovation, having been quick to endorse Ordinals and BRC20s. It’s one of the first wallets to have integrated Runes, allowing users of the non-custodial wallet to buy and sell Runes assets using the built-in dapp browser.

According to COO Alvin Kan, there are several reasons why Runes have proven so popular straight out the gate, racking up 300 BTC in trading volume within the protocol’s first 24 hours. He points to Runes’ status as the leading Bitcoin tokenization protocol, prompting a string of platforms and wallets to quickly roll out support. The fact that many Runes projects have airdropped tokens to existing Ordinals holders has also helped onboard bitcoiners in their droves.

Putting a Price on Bitcoin Fees

While the uptick in network activity has been good for miners, who’ve pocketed tens of millions of dollars in additional fees, users have been obliged to pay over the odds to have transactions processed. Alvin notes that fees spiked to as high as 2,000 sats/byte as Runes interest reached fever pitch. The activity was particularly intense due to developers competing to mint inscriptions in the first block published following the halving. Nevertheless, the Bitget Wallet COO believes that these teething problems can be overcome as fees subside and developers take full advantage of Runes’ ability to deliver efficient UTXO usage.

“​​I’m confident of the future of the Runes Protocol,” said Alvin. “This is just the beginning of a global phenomenon that will surely be a prominent sector in web3 for innovation.”

The post Bitget Wallet COO Alvin Kan Is Confident Bitcoin Runes Are Here to Stay appeared first on CoinJournal.

A sense of fear is creeping up in the cryptocurrency market as investors focused on the upcoming Federal Reserve decision. The closely-watched crypto fear and greed index has crashed from the extreme greed zone of over 80 to the neutral phase of 58. 

This price action happened as the price of Bitcoin remained in a tight range between $70,000 and $60,000 and other altcoins like Solana, Avalanche (AVAX), and Cronos (CRO) have all plunged hard recently. Still, there are some positive signs, with BitBot raising over $3 million in its token sale.

Federal Reserve decision ahead

Bitcoin and other altcoins have retreated sharply ahead of this week’s interest rate decision. Economists expect that the bank will continue with its hawkish tone in this meeting since inflation has remained stubbornly high.

Data released this month revealed that the headline Consumer Price Index (CPI) rose to 3.5% in March while core CPI jumped to 3.8%. A separate report released last week showed that the Personal Consumption Expenditure (PCE) rose to 2.5% while core PCE jumped to 2.8%.

These numbers mean that inflation has remained stubbornly high and is above the Federal Reserve’s target of 2.0%. There are signs that inflation will remain higher for longer now that the price of crude oil and industrial metals continued rising.

Further, the prices of key services like rent and insurance have continued to rise in the past few months. Therefore, there is a likelihood that the Federal Reserve will point to higher rates for longer. 

In most cases, risky assets like Bitcoin, Solana, and Avalanche tend to retreat when the Fed has embraced a hawkish tone. For one, such tone, when other central banks are thinking of cutting interest rates, will push to a higher US dollar. 

BitBot token sale continues

Meanwhile, BitBot has continued its token sale, raising over $3 million, signaling that there is strong demand for newer coins. 

BitBot is a platform that seeks to disrupt the trading and investing industry. It is building a trading bot that will help traders profitably execute trades. BitBot’s technology is based on technical analysis and artificial intelligence (AI).

The bot will be distributed in Telegram, an app that is used by more than 900 million users a month. This is a big industry that is growing at a fast pace as it has helped to facilitate over $19 billion in trades. These trades have led to over $100 million in revenues for their developers.

BitBot aims to solve some of the top challenges in the trading bot market. In the first place, the developers aim to make it more profitable than other bots in the market by using artificial intelligence and other technologies. 

It also aims to be faster than other bots by leveraging its custom RPC node and institutional infrastructure. The network also ensures strong security features by being non-custodial. You can buy the BitBot token here.

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Cryptocurrency prices drifted upwards this week as investors reacted to the risk-on sentiment in the market. That view is supported by the performance of US equities like the Dow Jones, Nasdaq 100, and S&P 500. The US dollar index (DXY) has also pulled back as geopolitical risks have faded.

Bitcoin price has remained above $66,000 while altcoins like Pepe, Algorand, and Hedera Hashgraph (HBAR) have continued rising. BitBot ($BITBOT), on the other hand, has continued thriving as it raised over $2.8 million.

Pepe price forecast

The price of Pepe token bottomed at $0.0000039 earlier this month and then bounced back to a high of $0.0000080, its highest point since April 1st. It has soared by more than 100% from its lowest point this month.

The token has remained above the 50-day and 100-day Exponential Moving Averages (EMA). It has also risen in the past seven straight days, the longest winning streak in months. Pepe has also jumped above the strong pivot reverse point of the Murrey Math Lines. 

Meanwhile, the Relative Strength Index (RSI) and the Stochastic Oscillator have all pointed upwards, meaning that it has momentum. The Average Directional Index (ADX) has remained above 20. Therefore, the outlook for the token is bullish, with the next point to watch being at $0.00010, which is about 26% above the current level.

Algorand price prediction

The Algorand price bottomed at $0.1490 this month and then bounced back as the crypto rally resumed. It has rebounded to $0.2616, its highest swing since April 1st of this year. The token has now pulled back and retreated to the key point at $0.2400. It has remained above the 50-day and 100-day moving averages and the Ichimoku cloud indicator.

The Relative Strength Index (RSI) index has also pointed upwards. Therefore, the pair will likely now move to a consolidation phase in the coming days and then resume the bull run. If this happens, the token will likely rise to the key resistance point at $0.30, which is about 30% above the current level.

BitBot analysis

Meanwhile, BitBot, an upcoming cryptocurrency, is doing remarkably well as demand for the token rises ahead of the eventual token listing. The developers have raised over $2.8 million from investors in its current stage.

For starters, BitBot is a project that is aiming to transform the financial trading industry by creating a decentralized trading bot. The bot will be distributed using Telegram, an application used by more than 900 million users around the world.

The network will have features like revenue sharing, exclusive access to $BITBOT holders, and governance.

Therefore, the BitBot token is doing well as investors cheer its potential growth in the artificial intelligence (AI) and the financial services industry.  You can buy the BitBot token here.

The post Crypto price predictions: BitBot, Pepe, Algorand (ALGO) appeared first on CoinJournal.

TL;DR

• AKT is the best performer amongst the top 100 cryptocurrencies by market cap today, adding 54% to its value.
• Algotech’s presale is approaching the $4 million mark as more investors troop into the project.

AKT leads the market charge

The cryptocurrency market has been performing well since the Bitcoin halving on Friday. However, Akash Network’s AKT token leads the charge after performing excellently over the last few days.

AKT is up by 54% in the last 24 hours, outperforming the other major cryptocurrencies by market cap. At press time, AKT is trading at $6.24, up by 75% over the last seven days. 

Akash Network’s rally comes after the token was listed on Upbit, a leading South Korean cryptocurrency exchange. The crypto exchange added USDT and Korean won trading pairs for AKT.

What is Algotech?

Algotech continues to generate steam amongst investors as its presale is approaching a key milestone. The project is developing a cutting-edge decentralized algorithmic trading platform designed specifically for the fast-paced world of cryptocurrency trading.

Algotech targets retail traders and will provide them with advanced algorithms and machine-learning features. The project is bringing AI features to retail traders with the intention of eliminating the limitations and challenges associated with manual trading.

Algotech’s unique AI features

Algotech seeks to take advantage of the growing volume in the cryptocurrency market to help traders achieve their trading goals. Thanks to the launch of Bitcoin ETFs, large institutions are coming into the market, which means there is more liquidity now than in the past. 

As the trading volumes increase, crypto traders need to develop their edge to make a profit. Algotech will help traders build their edge in the market. Its advanced algorithms analyze assets across over 1000 unique data points to identify the next breakout opportunities. 

The platform’s algorithms also enable traders to make split-second entry decisions for high-precision trading. The platform monitors market funding levels, availability, liquidity and spread. This helps reduce risk for traders. 

Algotech also comes with an AI-based trailing stop feature, which allows traders to manage risk and protect their trading capital. Its AI tools also present traders with arbitrage opportunities. In addition to that, Algotech provides access to trading strategies, community resources, and trading education.

Will Algotech be a strong project?

Algotech is still in its presale but it could become a very strong project in the cryptocurrency space. If the development team rolls out its features and products, it could attract thousands or even millions of traders in the crypto space. 

Their whitepaper indicates that only 30 million ALGT tokens will be issued. Of this amount, 10% of the tokens have been allocated to R&D and funding for testing, durability and performance on the current and new algorithms.

Furthermore, another 10% has been allocated to the support in promotion and bounty to partners. The founders will hold on to only 7% of the total supply while the team gets a 3% allocation. Finally, 70% of the total token supply is available for public sale (including marketing).

Token holders will enjoy certain incentives such as a percentage of trading fees on the platform. They would also participate in governance decisions within the Algotech ecosystem. 

Should you purchase ALGT tokens?

The Algotech presale is moving swiftly and is currently in its third stage. It has raised nearly $4 million so far and could go higher in the coming days and weeks. In this stage, the ALGT token is going for $0.08, with more than 98,000 tokens sold so far.

With the right level of adoption, Algotech’s ALGT token could record massive gains in the medium to long term. In addition to Algotech’s features, token holders will receive a certain percentage of platform trading fees.

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Key takeaways

• BTC continues to struggle below the $64k level ahead of the Bitcoin halving event in two days.
• Bitbot’s presale is now above $2.5 million.

Bitcoin stays below $64k ahead of halving

Bitcoin has been struggling in recent weeks and could record further losses if the market condition persists. At press time, the price of Bitcoin stands at $63,030, up by less than 1% in the last 24 hours. 

The poor performance comes ahead of the Bitcoin halving event in two days. The Bitcoin halving will see Bitcoin mining rewards slash by 50% from 6.25 BTC per block to 3.125 BTC.

Historically, the halving event leads to a massive surge in Bitcoin’s price. However, it remains unclear how Bitcoin will perform in the near term. 

What is Bitbot? 

While Bitcoin and other major altcoins continue to underperform, some presales are generating record funding from investors. Bitbot is one of the projects that is raising capital from investors to address certain pain points in the market.

Bitbot is a Web3 project that is set to bring unique value propositions to traders in the cryptocurrency space. It is a Telegram trading bot that puts the power in the hands of the user. 

The project describes its product as a self-custodial trading bot that enables users to trade via their cold wallets on Telegram. Bitbot provides traders with an innovative way of trading and is leveraging Telegram’s position as a leading social media platform for crypto users. 

It is set to provide users with high-end features to help traders grow their trading portfolios. The right level of adoption could see Bitbot become one of the most widely used tools by cryptocurrency traders. 

Bitbot’s tech could improve trading chances

To improve the trading chances of its users, Bitbot will be introducing a wide range of tech innovations. Per their whitepaper. Bitbot will leverage the Knightsafe to offer a self-custody solution. This solution helps in mitigating the typical risks associated with Telegram trading.

The team is currently developing anti-MEV and anti-rug solutions to help users protect their assets. With these features, traders can protect themselves from bots artificially pumping transaction costs and block scam projects.

Some of the funds generated from the presale will also be used to integrate Ultra-flexible wallet management fuelled by non-custodial API technology. 

The copy-trading feature will enable traders to copy the trades of the strongest-performing wallets based on on-chain activities.

Bitbot’s presale hits $2.5m

The Bitbot presale is now in its tenth stage and is now moving swiftly. So far, the project has raised $2,506,930 of the required $2,518,000 in this current stage. 

Bitbot continues to raise funds from investors despite the poor market conditions. The $BITBOT token is going for $0.0155 in the current presale round and will increase to $0.0163 once the eleventh round commences. 

The whitepaper indicated that the Bitbot development team will hold 20% of the total token supply and will use it to fund ongoing development. Furthermore, 14% is allocated to marketing & CEX listings while 3% is allocated to exchange liquidity provision.

Click here to read more about Bitbot’s upcoming presale. 

Should you buy the Bitbot token now? 

While the crypto market has been underperforming in recent weeks, Bitbot’s presale continues to attract more investors. The project seeks to take advantage of the growing trading volume in the market to attract more users. 

Bitbot is looking to gain massive adoption in the market by offering unique technologies that would allow traders to improve their trading activities. BITBOT could become one of the biggest winners in this cycle with the right level of adoption. As trading volume in the market increases, BITBOT could also see a surge in adoption if it rolls out its features and solutions.

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