Kategorie: Crypto Markets

ApeCoin (APE), the native governance token in the Bored Ape Yacht Club (BAYC) ecosystem, has soared to a new all-time high above $18 after another huge rally on Saturday.

The price of APE rose more than 24% in intraday trades as bulls pushed higher, buoyed by positivity around further ecosystem growth. 

In early afternoon deals Saturday, APE/USD hit $18.44 on Binance to record its highest ever price. The aggregate price across major exchanges was $18.05, according to data from CoinGecko.

APE/USD currently trades around $17.36, about 17% up in the past 24 hours.

Chart showing APE-USD price movement on the 4-hour chart. Source: TradingView

According to data from CoinGecko, APE/USD has surged nearly 50% in the past seven days. It’s up more than 64% in the past two weeks.

The upside, most of it coming in the last four days, has propelled ApeCoin to a market cap of $5.06 billion, pushing it to 31st among the largest cryptocurrencies by market capitalisation.

ApeCoin surpasses Decentraland (MANA)

The broader crypto market has struggled with bearish pressure over the past several days, with Bitcoin (BTC) dipping below $40,000 as most other digital assets mirrored the performance.

ApeCoin’s rally has thus seen it overtake Decentraland (MANA) in terms of market cap.

 Decentraland, which has been the top metaverse-linked token by market value, is down by 5.3% in the past week and by more than 10% in the red over the past two weeks.

MANA/USD currently trades around $2.04, down over 1% in the past 24 hours. Data on CoinGecko shows MANA’s market cap is $3.1 billion and ranks 45th in terms of market capitalisation.

Why is ApeCoin surging?

Buying pressure around ApeCoin is likely centered on the upcoming land sale in BAYC creator Yuga Labs’ “Otherside” metaverse project.

While the project is yet to officially go live, the developer has over the past several weeks teased its rollout. The excitement amongst investors is down to a potential announcement of the use of APE in the land sale.

The sale of 100,000 land plots out of 200,000 is expected to see 30% go to BAYC and MAYC (Mutant Ape Yacht Club) holders. The rest, 70%, will be a public sale.

Whale activity has soared as a result, with data from analytics site CoinCarp showing that the top 100 APE holders account for 52.39% of the token’s circulating supply. The data shows there are currently 49, 057 ApeCoin (APE) wallets.

The post ApeCoin hits new all-time high, APE 45% up this past week appeared first on Coin Journal.

Tron’s USDD will be more like Terra’s UST, and targets $10 billion in reserves, founder Justin Sun said.

Tron will launch its decentralized algorithmic stablecoin called USDD (Decentralized USD) on May 5, 2022. Tron founder Justin Sun announced the development in an open letter.

The new stablecoin will also be available on Ethereum and the BNB Chain, with this possible via Tron’s BTTC cross-chain solution.

USDD as an algorithmic stablecoin is unlike the traditional stablecoin such as Tether (USDT) or USD Coin (USDC). As such, it’s not backed by cash or other financial assets, but by cryptocurrencies.

The USDD stablecoin will be pegged to TRX as the underlying asset and will feature the “mint-and-burn” mechanism similar to that used by Terra’s UST. The mechanism should see TRX burned to allow for the minting of USDD.

Terra CEO Do Kwon has commented on the ‘mint-and-burn’ functionality and Tron’s move to launch USDD as a signal of what’s ahead in terms of the future of decentralised economies. And it’s a scenario critics fail to understand, he added.

“Decentralized economies deserve decentralized money – every blockchain will run on dect stables soon”

Algorithmic stablecoins are fast becoming the norm – protocol-issued dollars coming to every blockchain.

Detractors cannot see – currencies are ultimately backed by the economies that use them, and the future is clearly opting to use decentralized and self sovereign stablecoin💰

— Do Kwon 🌕 (@stablekwon) April 22, 2022

 “As the most decentralized stablecoin in human history, USDD will make finance accessible to all by applying mathematics and algorithms. It will exist permanently without relying on any centralized entity,” TRON DAO tweeted.

$10 billion worth of reserves

Support for USDD falls initially on TRON DAO Reserve, a decentralised autonomous organisation that is set to handle custody service of a massive $10 billion worth of reserve. The reserve, according to Sun, will comprise “highly liquid assets raised from initiators of the blockchain industry.”

The stablecoin’s early management will also involve major blockchain institutions, which together with TRON DAO, will manage the collateral and ensure full convertibility.

Terra’s UST reserves include a Bitcoin (BTC)-denominated holding set to grow to $10 billion. Currently, the reserves amount to about $1.63 billion worth of BTC. Terra also recently bought $100 million worth of Avalanche (AVAX).

TRX price

Sun’s announcement stirred interest among investors, with the price of the native TRX jumping more than 7% on Friday as the news hit the market.

The TRX/USD pair, which hit its all-time high of $0.23 on 5 January 2018, rose to an intraday high of $0.074. However, with widespread weakness across the market, it has since pared some of the gains to currently trade around $0.067.

The post Tron to launch a decentralized algorithmic stablecoin called USDD appeared first on Coin Journal.

Decred is the biggest top 100 winner today with a price increase of 14% at the time of writing. 

This is likely due to an official announcement on Twitter that the current supply of Decred’s DCR token is approaching 14 million. The maximum supply is 21 million, leaving around 7 million DCR to mine.

This brief guide has everything you need to know about the Decred network and DCR token, including whether and where to buy Decred if you choose.

Top places to buy Decred now

Coingate

CoinGate is a Lithuanian-based fintech company founded in 2014. The payment gateway offers cryptocurrency payment processing services for businesses of any sizes. Permission-based account management, fiat payouts to the bank account and brand new email billing feature are just a few reasons why CoinGate has become a go-to payment processor for many.

Buy DCR with Coingate today

Swapzone

Swapzone is a crypto exchange aggregator that operates as a gateway between the cryptocurrency community and exchange services. Swapzone aims to provide a convenient interface, safe user flow, and crystal-clear data for users to find the best exchange rates among the whole cryptocurrency market.

Buy DCR with Swapzone today

What is Decred?

Decred is a blockchain-based cryptocurrency with a strong focus on community input, open governance, and sustainable funding for development. It utilizes a hybrid Proof-of-Work (PoW) and Proof-of-Stake (PoS) mining system to ensure that a small group cannot dominate the flow of transactions. 

Stakeholders make and enforce the blockchain’s consensus rules, set a course for future development, and decide how the project’s treasury is used to fund it. Decred’s blockchain is similar to Bitcoin’s, but with major aspects of governance baked into the protocol.

To align incentives, block rewards are split between PoW miners, stakeholders and the Decred Treasury, which funds the project. PoW miners play a similar role for Decred as they do for Bitcoin, but with Decred they only receive 60% of the block reward. 

Should I buy Decred today?

Nothing can substitute doing your own research. Any investment decision you make should be based on your market expertise, your attitude to risk, and the features and spread of your portfolio. Also, consider how you would feel about losing money. 

Decred price prediction

Price Prediction forecasts an increase for Decred. They predict its price can reach $87.40 with the average trading price of $76.63. In 2023, Decred’s coin will be worth at least $112.67. It can go up to $129.35 next year. 

Decred’s coin will trade for at least $163.55 in 2024. It can go up to $192.39 with the average trading price of $168.18. In 2025, it will be worth at least $233.62, almost 4x its current price. 

Decred on social media

#Decred moving again $DCR#cryptocurrency #altcoins pic.twitter.com/xeMD1nnnqZ

— Ariana the DAO Queen (@TheDAOQueen) April 21, 2022

The post Top places to buy Decred, which added 14% to its value in 24 hours appeared first on Coin Journal.

The 22nd biggest crypto by market cap has been rallying over the past few days. It was up 15% yesterday and added another 8% today. Its total gains for the week exceed 10%. 

Reasons for the rally include the introduction of Decentralized USD (USDD), a stablecoin that promises to make finance accessible to all, to Tron. This is expected on May 5. 

In addition, Tron announced the official establishment of Tron DAO Reserve. 

If you are attracted to unique features and want to learn how and where to buy Tron, this guide is for you. 

Top places to buy Tron now

As TRX is such a new asset, it’s yet to be listed on major exchanges. You can still purchase TRX using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy TRX right now, follow these steps:

1. Buy BNB on a regulated exchange or broker, like Binance ›

We suggest Binance because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your BNB to a compatible wallet like Trust Wallet or MetaMask

You’ll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the Pancakeswap DEX

Head to Pancakeswap, and ‚connect‘ your wallet to it.

4. You can now swap your BNB for TRX

Now that you’re connected, you’ll be able to swap for 100s of coins including TRX.

What is Tron?

Tron is an ecosystem, in which where content creators can connect with their audiences directly. Tron wants to eliminate middlemen by eliminating centralized platforms such as music sites, app stores, and streaming services. 

As a result, consumers will pay less for content. Tron says that it has a talented and experienced developer team, based around the world, that has been drawn from major companies such as Ripple Labs. 

Should I buy Tron today?

Considering how hard it is to come up with an accurate cryptocurrency prediction, you should never make any decisions affecting your finances before an in-depth market analysis. Don’t invest more than you can afford to lose. 

Tron price prediction

Wallet Investor considers Tron a good long-term investment. They expect a long-term increase with a price prediction of $0.22 in April 2027.

A 5-year investment will generate revenue of around +230%. If you invest $100 in Tron now, it might go up to $330 in 2027.

Tron on social media

#Tron – Just send it 🚀 pic.twitter.com/bj7xW5upHc

— Crypto elephant (@elephant_crypto) April 21, 2022

The post Tron continues its extended rally, up 8% today: here’s where to buy Tron appeared first on Coin Journal.

The crypto market is sluggish today after the Federal Reserve Chairman Jerome Powell said that interest rates should be hiked more quickly to counter inflation. Powel said that they were considering a 0.5% rate hike for next month.

The development comes after the president of the St. Louis Federal Reserve Bank, James Bullard, said that he expects the interest rate to go to as high as 3.5% by the end of the year.

Following the developments, Bitcoin (BTC) had dropped to $40,515.77 form trading above $42,000 at the time of writing as the rest of the general crypto market traded sideways after retracing to a market cap of about $1.88 trillion.

Make or break level for Bitcoin

Market observers view the $40,000 level as a make-or-break level for Bitcoin arguing that how it performs from there determines whether there shall be another attempt at a bullish trend or the market will turn bearish.       

Majority of investors, however, seem to agree that now is the optimal time to invest in Bitcoin since the current surge in inflation has resulted to stocks collapsing and investors are clueless on how fast the central bank intends to hike the interest rates.

Nevertheless, Bitcoin has also been on the receiving end since it has shed about 20% since the beginning of the year. It had plunged to as low as $33,000 towards the end of January registering a drop of more than $35,000 from its all-time high of $69,000 that it set on November last year.

Containing the inflation using rate hikes

The inflation hit 8.5% last month and the central bank intends to raise the interest rates to counteract the rising inflation. There is also a discounted cash flow concept that aims at appraising high-growth investments like technology.

Some of the factors that investors have had to grapple with over the recent past include the rising inflation, geopolitical tensions as well as the central bank tightening monetary policies.

According to the minutes of the March meeting held by the Fed, its intention is to reduce its balance sheet by $95 billion each month.

The post Bitcoin back to $40K as the Fed considers faster rate hikes to contain inflation appeared first on Coin Journal.