Kategorie: Crypto Analysis

Bitcoin is trading above $41k again after adding more than 3% to its value today.

The broader cryptocurrency market continues its recovery, adding more than 2% to its value in the last 24 hours. At press time, the total cryptocurrency market cap stands around $1.9 trillion.

The total market cap could soon reach the $2 trillion psychological mark with the gains spread across the broader crypto market. 

Bitcoin remains the leading cryptocurrency, with a market dominance of over 41%. BTC has added more than 3% to its value in the last 24 hours, outperforming the broader cryptocurrency market in the process.

Bitcoin now trades around $41,200 per coin, an improvement from earlier this week when the leading cryptocurrency briefly dropped below the $40k psychological level. 

If the market sustains the current momentum, Bitcoin could look to reclaim its price above $43,000. However, it would need something special to move past the $45k resistance level before the end of the week.

Key levels to watch

The BTC/USD 4-hour chart is currently one of the most bullish amongst the top 10 cryptocurrencies by market cap. Bitcoin is only outperformed by LUNA and AVAX in the top 10 list at the moment. 

The MACD line is still below the neutral zone, an indication that the bearish momentum has not completely vanished.

The 14-day RSI of 50 shows that Bitcoin is no longer in the oversold territory. However, it would need to record further gains to enter the overbought region over the coming days.

If the rally continues, Bitcoin could surpass the first major resistance level at $42,621 before the end of the day. Bitcoin will trade above $43k again if the bullish momentum is sustained over the next few hours. 

However, Bitcoin could drop towards the $40k support level if the bearish trend resumes. Unless there is a massive loss, Bitcoin should defend its price above $39k in the short term.

The post Will Bitcoin target the $43k resistance level as price slowly recovers? appeared first on Coin Journal.

RUNE is one of the best performers amongst the top 50 cryptocurrencies by market cap.

The broader cryptocurrency market continues its recovery, adding more than 2% to its value in the last 24 hours.

Thanks to the positive performance, the total cryptocurrency market cap has surpassed the $1.9 trillion mark again and could soon reach $2 trillion.

Bitcoin is up by more than 3% in the last 24 hours and now trades above $41k per coin. If the positive momentum persists, Bitcoin could surpass the $43k resistance level soon.

However, RUNE, the native token of the THORChain ecosystem, is the best performer amongst the top 50 cryptocurrencies by market cap. RUNE is up by 19% in the last 24 hours, outperforming the other major cryptocurrencies. 

The primary catalyst behind RUNE’s ongoing rally is the recent report by Delphi Digital highlighting the growth of the THORChain network over the past few months.

According to the report, the trading volume and total value locked (TVL) on decentralised finance (DeFi) projects on THORChain reached $162M and $549M, respectively in March.

The figures were both all-time highs, indicating the growth of the blockchain in recent weeks.

Key levels to watch

The RUNE/USDT 4-hour chart is one of the most bullish amongst the top 50 cryptocurrencies by market cap. The technical indicators show that RUNE could experience further gains in the coming hours.

The 14-day relative strength index of 59 shows that RUNE is moving towards the overbought territory. The MACD line is above the neutral zone, indicating bullish momentum.

At press time, RUNE is trading at $9.1 per coin. If the bulls remain in charge, RUNE could surpass the first major resistance level at $10.795 before the end of the day. 

However, it would need the support of the broader cryptocurrency market to trade above $12 for the first time since March.

The post Why is RUNE up by nearly 20% today? appeared first on Coin Journal.

Ripple and Stellar are some of the biggest cryptocurrencies in the world. The two have a market capitalization of over $35 billion and $4.9 billion, respectively. They also have a common history considering that Stellar was created by a co-founder of Ripple. So, in this Ripple vs Stellar analysis, we will identify the one that is a better buy.

Ripple vs Stellar

Ripple is a blockchain project in the money transfer industry. It is governed by Ripple Labs, a company that partners with other firms in the financial sector. It solves the money transfer challenge by providing on-demand liquidity (ODL) feature and the XRP token. In the past few years, Ripple has established partnerships with numerous companies like Santander and Azimo.

Stellar is also in the money transfer industry. It solves the challenge by letting people create open representatives for different currencies like the US dollar, euro, and the Japanese yen. It also has an SDK that companies in the industry can use to speed up transactions. As shown below, Ripple and Stellar have had a similar performance in the past few years.

The case for Ripple

There are several reasons why many people believe that Ripple is a better investment. First, it has a longer track record than Stellar since it was established in 2013. As a result, it is a better-known brand than Stellar. Second, Ripple has a long runway for growth considering that developers will soon start building using its platform.

Third, while Ripple has gone through challenges, it has maintained most of its past relationships. It works with some of the leading companies in the financial industry. Further, analysts believe that the SEC vs Ripple case has pushed it to become undervalued. 

However, a common concern is that XRP is not really a cryptocurrency because of the massive control that Ripple has. Here’s how to buy Ripple.

The case for Stellar

The next part of the Ripple vs Stellar is to look at the case for Stellar. First, Stellar is an open platform that has been used to build some well-known tools. For example, it was used to build USD Coin, one of the most popular stablecoins globally. USDC was built by Circle, a company that is valued at over $10 billion. 

Third, Stellar is already used by developers from around the world. Some of the popular companies using Stellar are ClickPesa, SatoshiPay, and CoinQuest among others.

XRP vs XLM: better buy?

In my experience, I believe that Ripple is a better buy than Stellar because of its strong brand. I also view the current SEC vs Ripple case as a net positive for the coin. I expect that the ruling by the judge will be a bit positive for the coin and push more investors to it.

The post Ripple vs Stellar: Better Buy Between XRP and XLM? appeared first on Coin Journal.

Dogecoin and Shiba Inu are the biggest meme coins in the world. The two have a combined market capitalization of $33.3 billion. This makes them bigger than well-known companies like Carmax, Chegg, Wayfair, Carvana, and SoFi among others. Dogecoin price has crashed by over 81% from its all-time high while Shiba Inu has fallen by over 70%. So, which is a better buy between DOGE and SHIB?

The case for Shiba Inu

There are several reasons why the Shiba Inu price is a better buy than Dogecoin. First, SHIB seems like it is more popular than Dogecoin. Data shows that SHIB is the second most popular cryptocurrency in social media platforms after Bitcoin. It is also one of the most held cryptocurrencies globally. Therefore, there is a likelihood that these users will help push it higher in the future.

Second, and most importantly, Shiba Inu has transitioned from being just a meme coin to a DeFi platform. In 2021, the developers launched ShibaSwap, an all-in-one platform for swapping coins and generating returns through staking and providing liquidity. 

According to the platform, it now has more than $100 million in total value locked (VL). This amount is slightly below that of Cardano, which is a bigger platform with over $300 million. Also, people can mint and trade NFTs in the platform. Therefore, there is a likelihood that this DeFi platform will keep doing well.

Further, Shiba Inu developers have announced plans to launch metaverse tools in a bid to expand its engagement. These initiatives will likely push the Shiba Inu price sharply higher. Most importantly, Shiba Inu holders are more evenly spread.

The case for Dogecoin

On the other hand, there are several reasons why Dogecoin is a better investment than Shiba Inu. First, Dogecoin is viewed as a pioneer in the meme coin industry. As a result, many people believe that it has a better chance for global acceptance than Shiba Inu. They cite the success of Bitcoin to back their case. Consider what Mark Cuban said about DOGE:

“And then you got dogecoin, which is just fun. But the weird part about it [is that] it went from being a cryptocurrency joke to now becoming something that’s becoming a digital currency.”

Further, Dogecoin is promoted by Elon Musk, the richest person in the world. The fact that he holds the coin is seen as a way of validating its existence. However, Shiba Inu advocates see this as a negative catalyst for the coin since he can change his mind.

Therefore, in my view, I see Shiba Inu as being a better investment than Dogecoin because it has expanded its use case.

The post Dogecoin vs Shiba Inu: Which meme coin is a better buy? appeared first on Coin Journal.

The cryptocurrency market has slightly recovered from its recent losses, but Shiba Inu is currently outperforming the other coins.

The cryptocurrency market has been underperforming since the start of the week, with Bitcoin briefly dropping below the $40k psychological level. The total cryptocurrency market cap has also dropped to the $1.8 trillion level.

However, the broader crypto market has performed well over the past 24 hours. The total cryptocurrency market cap has increased by less than 1%, while Bitcoin is also trading in the green zone again.

However, SHIB, the native token of the Shiba Inu ecosystem, is the best performer amongst the top 20 cryptocurrencies by market cap. SHIB is up by more than 20% over the past 24 hours, outperforming the other major cryptocurrencies in the process.

The primary catalyst behind this rally is the listing of the meme coin on Robinhood. Robinhood is one of the leading trading platforms globally and has a huge appeal amongst the younger generation. 

Another catalyst is the announcement from the Shiba Inu team that its land sale on the metaverse is now live. To participate in this early access event, users must have LEASH or SHIBOSHI locked and utilize the locking system.

Key levels to watch

The SHIB/USD 4-hour chart is the most bullish amongst the top 20 cryptocurrencies by market cap. 

The MACD line is above the neutral zone, indicating a bullish momentum for Shiba Inu. the 14-day relative strength index of 64 shows that SHIB could soon enter the overbought region if the rally continues.

At press time, SHIB is trading at $0.00002729 per token. In the event of an extended rally, SHIB could break past the $0.0000321 level for the first time since February 2022.

However, Shiba Inu would need the support of the broader cryptocurrency market if it is to trade above $0.000040 for the first time this year. 

The post Here is why Shiba Inu is up by more than 20% today appeared first on Coin Journal.