Kategorie: Crypto Analysis

The Pi Network is a controversial “cryptocurrency” that has attracted millions of users from around the world. Supporters believe that it is the best alternative to Bitcoin while critics argue that it is a pyramid scheme and a scam. Since it is impossible to do a Pi Network price prediction, we will assess whether it is worth your time.

What is the Pi Network?

Pi Network is a ‘blockchain’ project that seeks to disrupt the cryptocurrency industry in a more environmentally friendly manner. 

It achieves this by solving the biggest challenge that Bitcoin has. With mining difficulty soaring, it has become almost impossible for an ordinary person to mine the coin. Today, Bitcoin mining is dominated by large companies like Hut 8 and Marathon Digital.

Pi Network solves this challenge by making it possible for people to mine using their smartphones. All you need is an Android or iOS smartphone and you are ready to go.

You also need a referral code from someone already in the network. After verifying your details, you will be ready to mine the Pi coin.

Mining is done in a simple way. Just open the application, click a button, and that’s it. As you do that, you will encounter some ads, which the company claims are needed for development purposes. 

Pi Network has become extremely popular. For example, in Android, it has more than 495k reviews, with the average being 4.5. Similarly, in iOS, it has more than 9,000 reviews.

Is Pi Network legit or a scam?

There are two sides to the Pi Network. Some people believe that it is a real cryptocurrency that will become popular with time.

In my view, I believe that it is both a scam and a pyramid scheme. For one, the Pi coins that users accumulate in their wallets are really worthless since one cannot cash out.

The developers have claimed that holders will be able to cash out when it is listed in major exchanges. It is unclear whether Pi Network will ever be listed in platforms like Binance and Coinbase. Besides, they have been talking about the listing for a while.

Most importantly, even when it is listed, it is unclear whether the Pi Network price will be stable. I expect that it will come under intense selling pressure as the current holders cash out. 

Therefore, the only people benefiting are the Pi Network developers who are now making virtually free money when people visit the app.

The post Pi Network: Is This Crypto Legit or Is It a Scam and Pyramid Scheme? appeared first on CoinJournal.

The cryptocurrency market looks set to end the week on a positive note after Bitcoin and others recorded gains in the last few days.

The cryptocurrency market has added more than 3% to its value in the last 24 hours. At press time, the total market cap stands above the $900 billion mark and could reach $950 billion before the end of the day.

Bitcoin looks set to surge past the $21k resistance level after adding more than 2% to its value today. Ether could move past the $1,200 mark if it continues with its current rally.

However, ONE, the native token of the Harmony Protocol, is among the worst performers amongst the leading cryptocurrencies. ONE has lost more than 10% of its value in the last 24 hours and could dip lower in the coming hours.

The negative performance can be attributed to the news that Harmony Protocol was hacked earlier today. On Friday, harmony Protocol announced via Twitter that it had identified a theft occurring on the Horizon bridge, leading to a $100 million loss to the hackers.

1/ The Harmony team has identified a theft occurring this morning on the Horizon bridge amounting to approx. $100MM. We have begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds.

More 🧵

— Harmony 💙 (@harmonyprotocol) June 23, 2022

The cryptocurrency could record further losses in the coming hours despite the efforts of the team to recover the funds.

Key levels to watch

The ONE/USD 4-hour chart is currently bearish as the cryptocurrency has been underperforming over the last few hours. 

The MACD line has slipped below the neutral zone, indicating a bearish trend. The 14-day RSI of 36 shows that ONE is currently in the oversold region and could record further losses soon.

At press time, ONE is trading at $0.0238. If the bearish trend continues, ONE could slip below the $0.020 level for the first time this month. However, the bulls should be able to defend ONE’s position above the $0.018 support level.

The post ONE dips by 10% following Harmony Protocol hack: Will it dip lower? appeared first on CoinJournal.

Bitgert price has crawled back in the past few days as the crypto industry bounces back. The BRISE token is trading at $0.00000034, which is about 33% above the lowest level during the weekend. It has a market cap of more than $146 million, according to CoinMarketCap. The company warns that it has not verified the market cap while CoinGecko has a question mark. 

What is Bitgert?

The blockchain industry has seen a lot of growth in the past few months as developers target some fast-growing industries like non-fungible tokens (NFTs) and decentralized finance (DeFi).

Many developers have moved to build applications that seek to dethrone Ethereum as the most preferred platform for building applications. 

Most developers and users find Ethereum to be a difficult cryptocurrency to use. For one, it is a relatively faster platform and the cost of handling a transaction has gone up dramatically. Some of the most important alternatives to Ethereum are Cardano, Polkadot, Cosmos, and Avalanche.

Bitgert is another relatively small blockchain platform that seeks to become a viable alternative to Ethereum. It is a faster platform that has no transaction costs. BRISE is its governance token.

The Bitgert price is rising slightly today after the network introduced BRC20-pegged USDT and USDC coins in its platform. These are the two biggest stablecoins in the industry. The statement said:

“The pegged tokens are always backed 1:1 by BRC20. So the value of the USDT BRC20 is pegged to the Bep20 USDT token as 1:1 collateral. So, the value of USDT BEP20 will always remain the same as the value of the BRC20 token. So the pegged tokens are similar to a stable coin on the Bitgert chain.”

Bitgert price prediction

The four-hour chart shows that the BRISE price has been crawling back in the past few days after it crashed to a low of $0.00000026. It has risen by more than 35% from its lowest level this year. The coin has managed to move above the important 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the neutral point at 50. 

Therefore, there is a likelihood that Bitgert price will continue rising as bulls target the key resistance at $0.00000040. 

The post BRISE: Bitgert Price Analysis After Introducing USDT and USDC appeared first on CoinJournal.

SweatCoin, the popular fitness application, is set to launch its native cryptocurrency as its demand surges globally. The move-to-earn company is expected to have the biggest crypto launches in 2022 as the number of its users rise.

What is Sweatcoin?

SweatCoin is a fintech company that is changing how people work out. The application uses a user’s smartphone GPS to track their movements on a daily basis. For every 1,000 steps, the app pays the person 1 Sweatcoin, which they can then use within the network.

SweatCoin is disrupting some of the biggest economies in the world. Fitness is a multi-billion dollar industry that has a wide total addressable market (TAM). Besides, most people have a smartphone these days. 

In addition to fitness, the app has the potential to disrupt the non-fungible token (NFT) industry. A good example of this is what StepN did. StepN is a move-to-earn company that lets people buy and sell sneaker NFTs in its platform. 

SweatCoin has been in a strong growth path in the past few years. According to its social media pages, the coin now has more than 100 million users from around the world. It is also the most downloaded fitness in the world this year.

How will the SweatCoin crypto work?

A common challenge for SweatCoin is that presently, it is impossible to cash out accumulated coins. Therefore, two months ago, the developers announced that they will unveil their SWEAT cryptocurrency.

The goal is to allow people to cash out their accumulated coins from any exchange like Coinbase, Binance, and OKX. Also, holders of the coin will get a chance to take part in the platform’s governance.

There is a lot that we don’t know about the SweatCoin crypto. What we know is that it will be launched on the Near Protocol, which is one of the biggest smart contract platforms in the world. When announcing the partnership, SweatCoin’s CEO said:

“Blockchain wasn’t sophisticated or fast enough back in 2015, but thanks to NEAR, it is now.  SWEAT: the token turbocharges our mission to create an Open Economy of Movement for  a billion people.” 

Is the SWEAT crypto a good buy?

A common question is whether the SweatCoin price will rise when it goes public. It is hard to predict. However, we can expect some near-term volatility as holders of the coin cash out in a large scale. Also, it is worth noting that other move-to-earn tokens like StepN’s GMT and Step App have all crashed recently.

The post SweatCoin Price Prediction: Will SWEAT be a Good Crypto to Buy? appeared first on CoinJournal.

The Ankr price tilted upwards slightly after the developers launched App Chains, a platform for Web3 development. The coin’s price is trading at $0.03, which is slightly above this week’s low of $0.022. Its market cap is more than $243 million.

App Chains launch

Ankr is a leading blockchain infrastructure project that makes it easy for Web3 developers to build applications. 

The network provides products known as Remote Procedure Call (RPC), which is a useful tool among developers. It simply helps them to communicate with the back-end when building.

In the past few months, the number of developers using Ankr’s RPCs has been in a strong upward trend. Some of the most popular developers that are currently using Ankr are Airbitrum, Optimism, Avalanche, Binance and Celo among others.

In a statement this week, Ankr said that it was launching App Chains, a dedicated blockchain that houses one specific dApp. It can be thought of as a single-tenant bare-metal server without the noisy servers. This characteristic will make the platform significantly scalable.

In addition to scalability, App Chains is a highly flexible process. For one, they will not be restricted to using specific programming languages and constraints of a specific virtual machine like EVM. As a result, it will help to reduce the technical barriers to joining Web3.

Ankr has had a relatively busy month. Earlier this month, the developers announced that they were changing the revenue model to pay-as-you-go for its RPC services. They also launched in Opimism, the fast-growing blockchain project. In a statement, Optimism’s CEO said: 

“Adding Ankr as an infrastructure provider helped fulfill the desires of our community members who want to build with robust and reliable services.”

Still, Ankr price has not done well in line with the performance of other cryptocurrencies like Cardano, BNB, and VeChain. This price action is mostly because of the changing market and monetary conditions. Further, the recent corporate actions in Three Arrows, Celsius, and Bancor have pushed many people away from crypto.

Ankr price prediction

The daily chart shows that the Ankr price has been in a bearish trend for months. It remains below the important resistance level at $0.0500, which was the lowest point in February. The coin remains below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the oversold level.

Therefore, the path of the least resistance for Ankr token is still lower. If this happens, the next key support level to watch will be at $0.023, which was the YTD low.

The post Ankr Price Prediction After the App Chains Launch appeared first on CoinJournal.