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The best altcoins to short-sell after February rally in the crypto market

After seeing some selling pressure at the start of the year, the crypto market has rebounded sharply this month. While this is a good sign the market is headed in the right direction, it also presents a good opportunity for short sellers to get in. Here is what you need to know:

  • As most coins surge, they are now primed for a pullback, giving short-sellers the chance to earn in the process.

  • Besides, there are still some weaknesses in this recovery and as such, it won’t be a surprise if we retreat slightly.

  • But before you short sell, understand that you will be exposing yourself to unlimited risk.

In case you are looking for some decent crypto assets to short sell, the following is a simple list to consider:

Ethereum (ETH)

Ethereum (ETH) is one of the main coins in the market only second to Bitcoin. After the January decline, ETH has added nearly 20% in value over the last 7 days and has crossed over the crucial $3000 mark. 

Data Source: Tradingview

But we are starting to see the coin lose much of that momentum. A pullback is well on the cards and as such, short-sellers can find decent entry points and ride the downward wave for some decent profits.

Uniswap (UNI)

Uniswap (UNI) is one of the leading decentralised exchange protocols in the market. The native token UNI has been performing relatively well, surging by a whopping 15% in the last 7 days. 

In most cases, when there is weakness in the main crypto assets like ETH and BTC, smaller coins like UNI tend to fall further. This gives you a decent chance to earn some profits with shorting.

There are also a few other coins you can consider. They include Gala (GALA), Shiba Inu (SHIB), and others. Make sure you use proper capital management though to avoid serious risk.

The post The best altcoins to short-sell after February rally in the crypto market appeared first on Coin Journal.

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KPMG adds Bitcoin and Ethereum to its balance sheet

  • Corporate giant KPMG no joins the likes of MicroStrategy and Tesla in adding Bitcoin to their balance sheets.
  • Bitcoin price has rallied above $44,000, having bounced higher since last week.

KPMG in Canada has added Bitcoin and Ethereum to its balance sheet, the multinational company becoming the latest among big-name institutions to look at the leading cryptocurrencies as investment opportunities.

In a statement released on Monday, KPMG Canada said it had allocated BTC and ETH to its corporate treasury, completing what is now the audit, tax, and advisory firm’s „first direct investment in crypto assets.“

Apart from the top two digital assets, KPMG is also investing in „carbon offsets“ as it seeks to maintain a net-zero carbon footprint.

According to the company, this is designed to help it continue to commit to environmental, social, and governance (ESG) principles.

„This investment reflects our belief that institutional adoption of cryptoassets and blockchain technology will continue to grow and become a regular part of the asset mix,“ said Benjie Thomas, the managing partner for advisory services at KPMG in Canada.

He also noted that cryptocurrencies were a „maturing asset class,“ currently attracting all types of investors, including hedge funds, family offices, pension funds, and large insurers.

While the above investor class has increasingly looked to gain exposure to Bitcoin and other cryptocurrencies, banks and other financial advisors continue to explore how best to offer crypto-related products and services, Thomas added.

KPMG plans to invest in other sectors of the crypto ecosystem, including decentralized finance (DeFi), non-fungible tokens (NFTs), and the metaverse, the statement added.

KPMG in Canada has not revealed how much they have invested in each of the crypto assets. However, this move sees the company join other mainstream firms like Tesla, MicroStrategy and Block (formerly Square) in adding BTC to their balance sheet.

The firm said it invested in the two cryptocurrencies through Gemini Trust Company LLC.

The price of Bitcoin rallied on Monday afternoon as the news broke. The BTC/USD pair reached intraday highs of $44,477 and was looking to extend the upside that accelerated over the weekend.

Ethereum’s ETH has jumped 6% in the past 24 hours to trade above $3,180, according to data from CoinGecko.

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Bitcoin could see one more melt-up before the bull market ends, analyst says

Cryptocurrencies have been battered in recent weeks, tracking losses in equity markets amid widespread sell-off hinged on inflation and central banks’ monetary policies.

The crypto market has seen the total market capitalisation tank from highs of $3 trillion late last year, to currently hover around $1.7 trillion. Meanwhile, most cryptocurrencies have lost more than half their value in US dollars since the start of the broader market downturn in November.

But despite the bearish outlook across the markets, crypto analyst Justin Bennett believes that the bull market isn’t done yet.

In comments shared as Bitcoin and other crypto-assets battled to bounce from this week’s lows, Bennett noted that it’s possible for “one more melt-up” before another correction takes over. He sees the latter scenario happening in late 2022 or early next year.

“I don’t think the crypto bull market has ended. Markets don’t crash when everyone expects them to, and right now, everyone expects it,” the analyst said.

Bennett, whose commentary came in the wake of the US Federal Reserve’s latest monetary policy meeting, believes the US central bank might not be as aggressive as suggested after the FOMC meeting.

He looks at a scenario where the Fed could be “strong-armed” if the stock markets continue to sink deeper into correction territory. In this case, the central bank could go for market stability instead of aggressively pursuing its tightening cycle.

It’s an outlook the analyst says could result in fresh volatility short term, suggesting there’s a chance markets run up before tanking again. He says the market should be in for “an interesting few months regardless.”

Bitcoin touched lows of $33,000 this week has recovered to trade around $37,100 on Friday. According to Bennett, the current recovery could see BTC/USD test resistance in the $40,000-$42,000 region. If not, a fresh decline below $35k will open up a potential rout to $30k-$28k, with the psychological $20k the next demand reload zone.

The flagship crypto is down nearly 8% this past week and over 46% down since its 10 November peak of $69,044 according to data on CoinGecko.

Ether (ETH), the native token on the smart contracts platform Ethereum, plunged to lows of $2,100 before recovering. The crypto is currently hovering around $2,431, down nearly 20% this week and over 50% off its all-time peak of $4,878.

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Ethereum v Solana – Which one is a better investment?

Ethereum prospects look much better in 2022

Solana (SOL) and Ethereum (ETH) both performed well in 2021. Solana closed the year with gains of 10,000%, while Ethereum was close to 1000% by the end of the year.

While both are in a correction at the moment, the chances are that they will turn around at some point in the year.

Why Ethereum wins

Comparatively, there is a good chance that Ethereum could outperform Solana in gains this year. Several factors support such a possibility. For starters, Solana’s image has taken a massive hit over the last 6 to 7 months.

That’s because of its frequent network outages that have put to question its network decentralisation. Unlike in 2021 when there was a lot of optimism around it, Solana may struggle to sustain its 2021 momentum in 2022.

On its part, Ethereum has a lot going for it this year. One of them is that with the issues Solana is facing, Ethereum has got an image boost. This could see it draw in more Dapps all through the year.

At the same time, Ethereum is close to the completion of its transition to Ethereum 2.0. The journey to shift from Proof-of-Work to Proof-of-Stake started in 2020. And a lot has been done towards it, and many of them are quite revolutionary.

For instance, the London fork that took place on August 5, 2020, made Ethereum deflationary. This is a big deal because it means, as Ethereum grows in adoption, more Ether is burned. If the history of other deflationary cryptos like BNB is anything to go by, this is a factor that could see Ethereum perform very well once the market turns bullish again.

At the same time, Ethereum 2.0 is getting rid of most of the problems that Ethereum has been battling for years, the key among them being scalability. This could unlock adoption, and the same will reflect in the price of ETH.

The post Ethereum v Solana – Which one is a better investment? appeared first on Coin Journal.

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Fantom (FTM) is a massively undervalued ‘multi-billion-dollar L1’ project, says analyst

Fantom (FTM) ranks fourth among the largest blockchains in decentralised finance (DeFi) by total value locked.

Capriole founder Charles Edwards says Fantom is still massively undervalued and has huge potential. The analyst noted this even as Fantom (FTM) slipped 13% in the past 24 hours in terms of the total value locked (TVL).

“Fantom has had an incredible run lately, but it’s still the cheapest multi-billion-dollar L1 but a huge margin,” the analyst tweeted on Wednesday.

Fantom (FTM) is the fourth largest decentralised finance (DeFi) protocol by total value locked, behind top dogs Ethereum (ETH), Terra (LUNA), and Binance Smart Chain (BSC).

Fantom (FTM) in DeFi

Looking at the DeFi ecosystem TVL leaderboard, Ethereum holds forte as the largest with over $118.6 billion locked across 415 protocols. Terra (LUNA) has over $12.3 billion across 17 protocols, while BSC is third with over $12.3 billion locked in more than 290 protocols.

According to data from DeFi tracking platform DeFiLlama, the blockchain network has a total of $11.01 billion in TVL, spread across 131 protocols that include MultiChain (MULTI), SpookySwap (BOO), Yearn Finance (YFI), and Curve (CRV).

The value locked in the project has grown 39% this past week.

In fact, the Fantom chain, a layer 1 protocol that boasts of very high scalability and cheap transactions, briefly overtook BSC last weekend before a drawdown in TVL took it back into fourth. 

FTM prices

Fantom tokens continue to attract even more investors looking for higher yields and speed of transactions, keeping the layer 1 blockchain ahead of rivals such as Avalanche (AVAX), Solana (SOL), and Polygon (MATIC).

In the market, FTM price has jumped 2% in the past 24 hours as bulls seek to bounce higher following a broader sell-off in the crypto market. The FTM/USD pair is trading around $2.36, about 20% down over the past week and nearly 33% off its all-time high of $3.46 reached in October last year.

Earlier this month, crypto analysts Michael van de Poppe highlighted Fantom among tokens likely to outperform in 2022.

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