Kategorie: Crypto Markets

• Bitcoin Cash price jumped to a 1-year high today when BCH hit $194, up 72% over the week.
• BCH price broke higher as institutional-driven crypto sentiment pushed Bitcoin (BTC) above $31,000.
• Bullish sentiment for Bitcoin Cash also followed the listing on BCH on the Citadel-backed crypto exchange EDX Markets.

Bitcoin Cash price has soared to its highest level in twelve months after spiking more than 40% in 24 hours to hit $194 on Coinbase. 

As CoinJournal highligted here, Bitcoin Cash price had jumped to a 3-month high on Wednesday.

Why is Bitcoin Cash price up?

BCH was up by 72% in the past seven days and traded at prices last seen in early June last year. This is when the crypto winter and market contagion pushed it from highs of $210 on June 1 to lows of $103 by the end of the month.

The Bitcoin fork cryptocurrency then slumped to lows of $89 in November as the FTX implosion catalysed massive crypto losses.

A bullish start to 2023 however faded with BCH/USD trading around $154 in February. This week’s breakout above a technical downtrend line coincided with the broader crypto market rally, buoyed by the news of BlackRock’s application for a spot Bitcoin ETF. Today’s gains came as Bitcoin reached $31,450, its highest price since June 2022.

While BTC is up 85% year-to-date, Bitcoin Cash price is slightly higher at 90% YTD.

BCH Futures open interest has since jumped, up 79% in the past 24 hours. It follows the bullish breakout above $135 after newly-launched EDX Marketslisted Bitcoin Cash as one of four coins on the exchange alongside Bitcoin, Ethereum and Litecoin. 

EDX Markets, which went live this week, is backed by some of Wall Street’s largest financial investment firms – Charles Schwab, Fidelity Investments and Citadel.

According to data from Coinglass, open interest in BCH was over $200 million as of 3pm ET on Friday, June 23. It’s the highest the metric has risen to since March 2022.

The post Bitcoin Cash price touches 1-year high after BCH soars 72% appeared first on CoinJournal.

• Dash block reduction occurred at block height 1,892,161.
• Unlike Bitcoin halving that cuts block rewards in half, Dash reduces its reward by 7.14% after every 210,240 blocks.
• Currently, the reward is 2.3097 DASH and will reduce again in July 2024.

The block reward on the Dash (DASH) blockchain network has reduced after its halving that took effect at block height 1,892,161.

Like Bitcoin, Dash cuts its block reward. However, instead of the halving that for instance sees Bitcoin’s block reward cut in half every four years, Dash reduces the reward by 7.14% every 210,240 blocks.

With the network’s block time of 2.5 minutes, DASH block reward reduction happens approximately every 365 days. The countdown to the next halving is estimated to occur in the first week of July 2024, with the block reward set to reduce from 2.3097 DASH to 2.1448 DASH.

Dash block reward distribution

Like in other mining coins, block reward reduction affects what miners earn for deploying their computational power to process transactions and secure the network. Reducing the reward therefore impacts their overall profitability.

For instance, Dash’s latest halving saw mining pool ViaBTC inform miners that the reward will reduce from 1.05 to 0.98 DASH.

Block rewards are split three-way: Miners and masternodes, which are key to the network’s privacy feature (CoinJoin) and instant transactions (InstantSend), share 90% of the block reward, while 10% goes to the DASH Treasury DAO.

Currently, the distribution between miners and masternodes is 42.3% and 57.7% respectively. The ratio is set to change in favour of the masternodes over time, with this reaching the 40:60 ratio by May 2025.

DASH “halving” happens approximately 40 days to Litecoin’s halving expected in August this year. After that, the most anticipated block halving event will be Bitcoin’s, which is scheduled to happen in April 2024 (the countdown is down to about 308 days).

The post Dash (DASH) completes its block reward “Halving” appeared first on CoinJournal.

Key takeaways

• Bitcoin reached a two-month high earlier this week after reaching the $30,700 level.

• The recent rally could spark interest in new web3 projects, including Chancer. 

Bitcoin, the world’s leading cryptocurrency by market cap, reached an important milestone earlier this week. The cryptocurrency reached the $30k psychological level for the first time since April 2023.

The rally saw other altcoins also experience positive gains. With Bitcoin still trading around the $30k region, could this be a good time for investors to enter the cryptocurrency market?

Bitcoin rallies on ETF hopes

Bitcoin is up by more than 18% over the last seven days, allowing it to reach the $30k level for the first time in two months. 

The rally came after BlackRock, the world’s largest asset management firm with nearly $10 trillion in assets under management, applied with the US Securities and Exchange Commission (SEC) to launch a spot Bitcoin exchange-traded fund (ETF).

With Bitcoin reaching the $30k mark, several other cryptocurrencies also recorded excellent gains over the last couple of days. 

Some investors are optimistic that the Bull cycle could be on this horizon. With investors currently optimistic about the market, there are some projects that could present an excellent opportunity for them. 

Chancer is one of the projects that are exciting and could become a success in the cryptocurrency space. Let us look at Chancer and what the project is about. 

What is Chancer?

One of the projects investors could consider is Chancer, a unique Web3 peer-to-peer (P2P) custom betting platform that allows users to live stream betting events. 

As a web3-focused project, Chancer is decentralised, allowing users to bet on numerous events, beyond the sporting and popular ones. 

The project’s token is currently in presale, and the developers will use the funds to build a P2P betting platform that allows users ti enjoy betting markets in real-time and based on user interests, social media connections, and expertise. 

In their whitepaper, Chancer said their platform would eliminate the difficulties put in place by bookmakers. Users can set their own custom P2P betting markets using its decentralised platform. 

A major feature of Chancer is that it operates unlike the traditional betting platform in that supports betting far beyond the sporting and popular events users find on centralised betting platforms. 

Asides from betting on sporting activities, users can bet on any event they desire, whether mainstream or made-up. On Chancer, users can predict odd events such as the day man will walk on Mars or even personal bet amongst friends and colleagues to determine the first person to complete a task.

Chancer raises over $300k in 10 days

Chancer’s first pre-sale event launched ten days ago, and the team has raised more than $300,000 so far. The team seeks to raise $1 million in the first pre-sale event and has so far raised $333k, accounting for 33% of the total amount needed. 

Chancer will use the funds to develop some of its products. The team will hold 11 more presale events after this with the expectation of raising $15 million un total.

CHANCER, the native token of the Chancer ecosystem, is going for $0.01 BUSD per token. The token is set to power various activities on the Chancer betting platform.

With the CHANCER token, holders can create markets and invest in markets created by other users. Furthermore, the CHANCER utility token would enable users to create, participate in, and profit from their very own predictive markets. 

CHANCER is a BNBChain-based token, and the team would allow holders to stake their tokens and earn more money by providing liquidity to the ecosystem. 

To purchase the CHANCER tokens, investors can connect a wide range of wallets to the Chancer presale. The supported wallets include Trust Wallet, MetaMask, Coinbase Wallet, and Rainbow. 

Visit the Chancer website to get more information about the presale. 

Should you invest in Chancer?

The cryptocurrency market has been performing well over the last few days, and that has gotten investors excited again. With more investors entering the market, this might be a good time to invest in strong projects and unlock gems within the ecosystem. 

Chancer could be one of the projects investors should consider. The project is focusing on decentralising the betting ecosystem and could get a sizeable market share if it gains massive adoption. 

The presale is still in its early stages, and CHANCER’s price could soar once the token lists on numerous cryptocurrency exchanges. 

The post Bitcoin rallies to $30k once again: is this a good opportunity to invest in cryptos? appeared first on CoinJournal.

• Algorand’s latest protocol upgrade has cut block time from 3.8 seconds to 3.3 seconds.
• It is the PoS network’s largest decrease in block time by percentage and comes as blockchains look to boost performance amid competition.
• ALGO, the native Algorand token, rose to near $0.13 before trading slightly lower on Thursday afternoon.

Algorand has released a new upgrade that sees the protocol’s block time significantly reduced and thereby boosting the network’s performance.

The proof-of-stake network announced the new upgrade had gone live on mainnet on Thursday. It noted that network speed had improved by more than 10%, with a block time of 3.3 seconds unleashed to cut network speed from the previous 3.8 seconds. Its Algorand’s largest block time reduction percentage-wise.

1/ Major Protocol Upgrade unleashes 3.3 second transaction finality on #Algorand and incorporates key new features for streamlining application development 👉 https://t.co/3LylJ7XWnt pic.twitter.com/v64yrnmI17

— Algorand (@Algorand) June 22, 2023

Notably, Algorand maintains its instant transaction finality, the protocol upgrade announcement noted. Today’s upgrade makes application development on the PoS network faster and cost-efficient.

The native token ALGO rose nearly 5% following the news to trade near $0.13. However, it traded around $0.125 at the time of writing, about 1.5% higher in the past 24 hours.

Cardano and BNB Chain also introduced upgrades

Algorand’s block time reduction comes amid similar upgrades across the ecosystem as blockchains look to tap into the growing developer ecosystem.

Early this week, Cardano introduced upgrade 8.1.1 that aimed at speeding up network processes during epoch transitions for better performance. BNB Chain’s Luban hard fork, introduced last month, also sought to improve network speed and security.

For Algorand, the latest upgrade introduced other enhancements such as Simulate, a tool that allows developers to simulate smart contracts and test for bugs and other issues before deploying on the mainnet. Another tool is Conduit, which allows for flexible and affordable access to data.

“We are hyper focused on Algorand providing the best tech for developers to engage with and end users to experience,” Paul Riegle, Chief Product Officer at Algorand, said. 

According to him, the new capabilities means developers can quickly build and deploy higher quality dApps to the market, leveraging faster, efficient testing and customised data sets.

The post Algorand boosts network speed with key protocol upgrade appeared first on CoinJournal.