Kategorie: Crypto Analysis

Decentralized Finance (DeFi) has had a tough performance in 2022 as the total value locked (TVL) has crashed from over $180 billion to about $54 billion. Similarly, DeFi tokens like Uniswap, Maker, Spell Token, and SushiSwap have crashed. Here are the top blue-chip crypto tokens to invest in for the long term.

Uniswap price outlook

Uniswap is the biggest decentralized exchange (DEX) in the world that processes billions of dollars on a daily basis. It is a platform that makes it possible for people to buy and sell cryptocurrencies in a decentralized manner. 

Like other exchanges, Uniswap has had a difficult year as cryptocurrency prices have crashed. As a result, the daily volume of all coins it processes has crashed to more than $300 million. At its peak, the network processed coins worth billions of dollars every day.

Uniswap has seen its total value locked (TVL) crash from more than $9 billion to about $5.2 billion. The UNI has crashed by more than 85% this year. Still, there is a likelihood that the Uniswap price will rebound in the coming months. 

Maker price outlook

Maker is another blue-chip DeFi protocol in the blockchain industry. It is the biggest DeFi platform in the world with a TVL of more than $7.4 billion. At its peak, Maker had a TVL of almost $20 billion. And unlike other DeFi protocols, Maker exists in one chain; Ethereum. 

Maker is known for providing a stablecoin known as Dai. Dai is an algorithmic stablecoin that is valued at more than $6.7 billion. The stablecoin is used to make payments and as an investment where users deposit it in exchanges and earn a return.

Maker is a good blue-chip token because of its strong market share in the industry and the stability of the ecosystem.

How to buy Maker

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 MKR with eToro today Disclaimer

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy MKR with Binance today

Aave price outlook

Aave is a leading platform in the decentralized finance (DeFi) industry. It is a platform that seeks to become a substitute to a bank in that it enables savings and borrowing. Users deposit their tokens and earn a return. 

It also provides a non-custodial place for people to borrow capital and pay it with interest. At the time of writing, Aave has over $8.3 billion locked in Aave across 7 networks like Ethereum, Avalanche, Polygon, and Optimism among others.

Aave is a good blue-chip DeFi crypto to invest in because of its strong market share and the fact that it is seeing strong user growth. 

How to buy Aave

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 AAVE with eToro today Disclaimer

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 AAVE with Capital.com today Disclaimer

The post Top 3 blue-chip DeFi tokens to invest in for the long term appeared first on CoinJournal.

Cardano price crashed below an important support level on Tuesday as sentiment crashed. ADA dropped to a low of $0.3870, which was the lowest level since May. It has crashed by more than 87% from its highest level in 2021. As a result, the total market cap has plunged from over $90 billion to about $13 billion.

Why is ADA crashing?

Cardano came in the limelight in 2021 as cryptocurrency prices soared. At the time, the coin became popular as investors started comparing it to Ethereum. As a proof-of-stake (PoS), most analysts believed that it could become a better alternative to Ethereum.

However, the situation has changed since then. Most cryptocurrency prices crashed in 2022. At the same time, Cardano has not achieved a lot of success as most analysts were expecting. This is partly because at its peak, Cardano was a shell that had no smart contract capabilities. 

It powered this capability in 2021 through its Alonzo hard fork. Still, in more than a year, the network has not become as vibrant as most people were expecting. Developers have for long insisted that there are thousands of projects being built using the network. 

However, a closer look shows that only a handful of these projects are actually in operation. Those that do, like SundaeSwap and MuesliSwap, have a significantly small market share. For example, only $70 million is locked in Cardano’s DeFi ecosystem. And in this, Minswap has a market dominance of 51%.

Cardano also has no meaningful market share in other sectors like NFTs and the metaverse, which explains why its token has crashed. Most importantly, the recently launched Vasil upgrade is not expected to have a major impact. Another important aspect is that the number of Cardano stakers has been falling.

Cardano price prediction

The daily chart shows that ADA price has been in a strong sell-off lately. It has crashed by almost 80% from its highest level on record. As a result, it has remained below all moving averages. The coin also formed a descending triangle pattern. On Tuesday, it managed to move below the lower side of this pattern. 

Also, the coin is hovering slightly above the lowest level this year. Therefore, there is a high probability that the coin will now continue falling now that sellers have prevailed. If this happens, the next key level to watch will be at $0.35.

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 Disclaimer

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 Disclaimer

The post Cardano price analysis: Is it safe to buy the ADA dip? appeared first on CoinJournal.

For the last few years, Portugal has become a safe haven for crypto investors.

With many having moved there throughout the pandemic, as crypto rocketed up to high after high, the rug is now being pulled out from under them.

The Portuguese government has proposed a new cryptocurrency tax policy as part of its 2023 national budget. Contained within the 450-page document covering all things fiscal, is a 28% capital gains tax on cryptocurrency gains.

This 28% capital gains tax is the standard within Portugal, meaning it is no longer a paradise for crypto bros and brodettes. Tacked on, too, is a 4% tax on free crypto transfers as well as further stamp duties in certain instances.

Importantly, however, gains via sales of crypto held for greater than one year will still be exempt from such tax. This means the capital gains tax proposed is more of trading tax, in reality.

Portugal had previously hinted at this

This move does not come as a surprise. Minister of Finance Fernando Medina had announced in May that the move to bring cryptocurrency within the capital gains net would come sooner rather than later.

The decision comes off the back of the move to reclassify cryptocurrency as an investment rather than money, meaning it will now get caught by capital gains tax.

Lisbon and Madeira 

Lisbon, the capital city of Portugal, is viewed as one of the European crypto hubs, partially due to the (previously? ) lax crypto laws. Portugal also offers an easier route than many nations to residency, further attracting crypto investors.

It will be interesting to see how this will affect things going forward. The race between jurisdictions to establish themselves as European crypto hotspots has been competitive. Maderia, the Portuguese island from where superstar footballer Cristiano Ronaldo hails, sent a signal of intent at the most recent Bitcoin conference in Miami by announcing Bitcoin as legal tender.

Lugano, a small city in Switzerland, are the only other spot in Europe where Bitcoin is de facto legal tender. In addition to Bitcoin, the stablecoin Tether is also de facto legal tender, while a Lugano-specific stablecoin is also in the works.

Final thoughts

As the bear market roars and investors are hurting everywhere, it does bear reminding that one needs to secure gains to be caught by capital gains tax.

The move to charge capital gains tax likely won’t hurt in the short term, therefore. Remember, any gains from longer than a year ago are immune. And given Bitcoin traded at $69,000 eleven months ago, it’s probably unlikely that there are many traders worried about this 28% tax imminently. Silver lining?

Nonetheless, it will be interesting to track whether crypto enthusiasts begin to set up shop elsewhere, as Lugano and other places continue to push to attract their digital money.

The post Will crypto investors flee Portugal following introduction of capital gains tax? appeared first on CoinJournal.

Injective Protocol INJ/USD is a little-known Ethereum-based DEX. The network claims to be an open and interoperable smart contract platform. It is optimised for DeFi applications, an area touted as monumental in the growth of decentralised finance. The DEX uses the Cosmos-backed L2 sidechain for faster speeds, decentralisation, and connection to the Ethereum chain.

Injective provides advanced smart contract features. They include forex synthetics, cross-chain margin trading, derivatives, and futures. The DEX aims to eradicate barriers that limit access to the DeFi sector. It also removes gas fees and ensures high transaction speeds for limitless trading.

INJ token powers the Injective network. It helps in governance and ensures the security of the DEX. The token also enables derivatives collateralisation and is used to reward the market makers.

While the Injective Protocol has been in the market since 2018, it has attracted less attention. That’s partly because it ranks lowly at #159 on CoinMarketCap. Its market cap is only $135.6 million.

INJ eyes a crucial breakout after double-digit weekly gains

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy INJ with Binance today

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

Buy INJ with KuCoin today

Considering price data, INJ hit $27 last year before the market crash. The token’s low in the year remains at $1.13, but recent recoveries have taken the token to $1.8. Are we set for an explosive move?

Source – Trading

The daily chart outlook is positive for the Injective Protocol token. While the cryptocurrency faces rejection at the $2 level, momentum is strong from the MACD indicator. 

The token has attempted a breakout at $2 multiple times. That suggests that buyers are gathering momentum. On the downside, INJ has rejected a decline below $1.74 since August. 

Should you buy INJ

While investing in INJ at the moment is premature, a potential breakout would be a win for bulls. Investors should buy on a breakout or further lower on the current correction.

The post What is the Injective Protocol, and why is it an exciting watch? appeared first on CoinJournal.

Stellar Lumens XLM/USD trades at key resistance of $0.126. However, momentum is building, with key technical indicators pointing to a potential breakout. According to the CoinMarketCap data, Stellar Lumens has added nearly 10% in the past one week. The gains are the highest in the week after Ripple’s XRP. 

LunarCrush AltRank™ places XLM and XRP as potential bullish movers. According to a tweet on October 8, XLM, alongside XRP, has a low AltRank. The ranking is interpreted as a sign of a bullish move. Crypto analytics firm DYOR.net also recognises XLM among the top digital assets with potential bullish trends.

XLM trades at resistance as bullish momentum build

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 XLM with eToro today Disclaimer

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 XLM with Capital.com today Disclaimer

Source – TradingView

On the daily chart, XLM is attempting to break above the resistance. In fact, XLM is retesting the resistance after unsuccessfully dislodging it last month. The token remains supported by the 20-day moving average and 50-day moving average. A 20-day MA crossover above the 50-day MA confirms a bullish momentum.

If we turn to the MACD, the indicator is in the bullish zone. A growing divergence of the oscillator and the signal line indicates that momentum is building up for XLM. With momentum building at the resistance, the odds are for a breakout rather than a correction.

Should you buy XLM now?

XLM remains on a potential breakout. The fundamentals and the technical align, reinforcing a bullish view. Should the cryptocurrency break to the upside, XLM would move higher to find the next resistance at $0.148.

Currently, investing in XLM at the key level is not a good idea. Wait for a breakout and assess the trade. Potentially, the inflation data on Thursday could drag markets and force a correction. Aside from the market dynamics, XLM should be on the investors’ watch list.

The post Stellar Lumens makes a bullish statement. Why do you need to watch the token? appeared first on CoinJournal.