The API3 price has surged by more than 42% as the majority of cryptocurrencies including Bitcoin and Ethereum nosedive. At the time of writing, the API3 token was trading at $6.87.

API3 rally comes amid the larger crypto market bloodbath that has seen the likes of Bitcoin, the largest cryptocurrency by market cap, drop to $35K and Ethereum, the second-largest cryptocurrency drop to $25K.

API3 is currently only about $2 shy of its all-time high of $10.31 that it hit in April 2021. And going by the current trend where it has gained more than $2 in less than 24 hours, it could be headed for a new all-time high before the current hype ends.

But why is API3 price rally, especially at such a time when a majority of coins are dropping? Here is a comprehensive reason for the price rally.

What is API3?

API3 is the native token of the API3 blockchain network.

The API3 blockchain network is dedicated to allowing decentralized versions of APIs to be built, managed, and monetized.

The team behind the API3 project believes smart contracts can be used to provide “timely, reliable real-world data” as is the case with the traditional APIs.

Why API3 price is rallying

The current API3 rally is highly attributed to the recent announcement by Binance that it shall list it and the subsequent listing on the crypto exchange earlier today.

In an announcement posted on the Binance website on January 2021 at around 9:38 AM, the crypto exchange had promised to list API3 token on January 22, which is today.

Binance had also tweeted about the same on its Twitter handle setting the API3 community aflame.

#Binance will list @API3DAO #API3 https://t.co/M25whlBkNQ

— Binance (@binance) January 21, 2022

As a matter of fact, the API3 price had started rallying on January 20, in anticipation of the listing and once it was made public by Binance, the price shot to the moon.

Today, the price continued with the Bull Run propelled by Binance actualizing what it had announced yesterday.

Recent #Binance listing: #API3@API3DAO is a data oracle that enables APIs to feed data to blockchain applications directly without third-party middlemen.

Learn more 👇https://t.co/0DbTVpBQYQ

— Binance (@binance) January 22, 2022

Prior to the listing news, API3 was in a pullback that had started in mid-November 2021, and attempts to correct it in December had failed.

Investors are now expecting API3 to continue with the rally to above $10, especially since it has shown resilience by surging up at a time when the general market is down.

The post Here is why API3 token is rallying as the majority of cryptocurrencies fall appeared first on Coin Journal.

Ethereum (ETH) is the biggest blockchain in the world. However, it faces massive scaling challenges that have made it slower and more expensive to use. Because of this, layer 2 scaling solutions for Ethereum have been created in a bid to enhance efficiency and speed on the Ethereum chain. Although some like Polygon (MATIC) and Loopring (LRC) are quite popular, others are relatively unknown. But why are these solutions important:

• Layer 2 scaling solutions for Ethereum are designed to address some of the inefficiencies associated with the Ethereum chain.

• Over the last few years, these solutions have reported incredible growth in their own right.

• Innovations around scaling for Ethereum are going to become huge as Ethereum expands as the leading blockchain.

Well, if you are thinking of investing in some of these solutions, here are a few relatively unknown projects that you can check out.

Cartesi (CTSI)

Cartesi (CTSI) touts itself as the first Operating System on the blockchain. It is a layer 2 solution designed to help developers take advantage of standard programming languages like Linux inside the blockchain ecosystem. 

Data source: Tradingview.com 

Cartesi (CTSI) offers rich software tools and services to help create innovative and highly scalable smart contracts. At the time of writing, the token was trading at $0.6231 with a market cap of $275 million.

OMG Network (OMG)

OMG Network (OMG) is a layer 2 optimistic roll upscaling solution designed to enhance efficiency and reduce fees for users. The platform enhances smart contract capabilities too and is known to offer users the chance to transfer ETH and ERC20 tokens faster and more efficiently compared to Ethereum. 

OMG Network is one of the most promising layer 2 scaling solutions for the Ethereum chain. At the time of writing, OMG, its native token, was trading at $6.11. The project has a market cap of around $857 million.

The post The best Ethereum Layer 2 scaling solutions to buy right now appeared first on Coin Journal.

• Solana will curve off Ethereum’s market share to see Visa-like transactions, says BofA strategist Alkesh Shah.

• He cites advantages such as scalability, low fees and ease of use as what makes Solana a top blockchain for micropayments, DeFi, and NFTs.

• Solana (SOL) price surged nearly 10% to $157 before paring gains on Thursday afternoon.

Solana could gradually nip at the market share of leading smart contracts platform Ethereum and become the “Visa of the Digital Asset ecosystem,” according to Bank of America.

Alkesh Shah, a crypto strategist at the investment bank, says that Solana’s advantage over the Ethereum blockchain is down to three things: high scalability, very low transaction fees, and ease of use.

The Bank of America strategist said in a research note quoted by Business Insider that these factors could potentially push Solana to heights that make it ‘Visa of crypto.’

While several outages over the past few months have shown the blockchain is yet to surmount usage challenges, Shah says the current outlook makes for a greater future for the network.

He said in the research note that “[Solana’s] high throughput, low cost, and ease of use” have created a platform optimized for several use cases.

Other than micropayments, the blockchain is already commanding huge usage numbers in terms of consumers and developers for decentralized finance (DeFi), non-fungible tokens (NFTs), gaming and Web3.

In its predictions for 2022 last December, Arcane Research said Solana and other layer-1 blockchain platforms could outperform Ethereum.

Solana’s “Visa of crypto” comparison

The Solana blockchain is a proof-of-stake network that officially launched in 2020, with SOL as the native token. Since then, the SOL token has seen massive growth to see the blockchain rank among the top 10 by market cap.

Visa is a leading payments firm with a global presence, settling billions of transactions annually. Last year, the payments giant announced it had processed over 164 billion transactions.

In comparison, Solana’s blockchain saw over 50 billion transactions, with growth also seen across the spike in NFTs and Total Value Locked at 5.7 million and $11 billion respectively.

While Visa can handle up to 24,000 transactions per second (TPS), Solana’s can go up to 65,000 TPS. Ethereum, on the other hand, processes 12 TPS on-chain and can scale more with layer 2 options.

Such numbers give Solana the weapons to eat into Ethereum’s market. However, Shah noted that while the platform holds the upper hand in speed and low costs, there are “trade-offs” when it comes to decentralization and security.

Solana’s price surged after the BofA news, with SOL briefly the top gainer among the 10 largest coins by market cap. The SOL/USD pair rallied more than 9% in early deals on Thursday before paring some of the gains made to intraday highs of $157.

As of writing, the cryptocurrency was trading around $151.

The post Solana could become the ‘Visa of crypto’, says Bank of America appeared first on Coin Journal.

A crypto derivative is a financial product or instrument whose intrinsic value is based on the value of an underlying crypto asset. There are many crypto derivatives including futures, options, and Contracts for Difference or CFDs. Here are some important facts about these instruments:

• Crypto derivatives are available on selected exchanges only and come with a significant degree of risk.

• Derivatives are typically leveraged products with the potential of making rapid gains or losses within a short time.

• Not all cryptocurrencies are available for derivatives trading, but more are expected to be in the near future.

Well, for investors who want to take advantage of leveraged derivatives in the crypto market, here are 2 assets to consider:

Bitcoin (BTC) Derivatives

As the most established crypto in the world, it was only a matter of time before trading in Bitcoin (BTC) derivatives started. In fact, exchanges like Binance have dedicated derivative products for Bitcoin including futures, options, and others. 

Data Source: Tradingview.com 

Also, Bitcoin (BTC) is supported across all the major exchanges, giving you more flexibility to trade. Many online brokers also provide leveraged Bitcoin (BTC) derivatives to global clients. It should therefore be easier to invest and besides, with the kind of liquidity you get with Bitcoin, filling orders is going to be very easy.

Ethereum (ETH) Derivatives

Ethereum (ETC) derivatives are also supported in literally all exchanges. Also, this is a coin that generally gets huge trading volume and as a such, it offers enough liquidity to trade leveraged derivatives with ease. 

Exchanges are also creating highly customised Ethereum (ETH) products that can be a bit complex for the average investor. But the key thing to remember here is that the value of the derivative will always rely heavily on the value of Ethereum (ETH) in the open market. At the time of writing, ETH was trading at $3, 812.

The post Best cryptocurrencies for trading crypto derivatives appeared first on Coin Journal.

Swing trading is a short-term trading strategy designed to take advantage of short-term price swings on an asset. Swing trading is not day trading, in fact, swing traders can hold on to an asset for longer. In most cases, a trader will open a position if the price of the crypto asset swings by a certain percentage. Swing trading cryptos need to have the following attributes:

• They must have a history of large trading volume to ensure there is enough liquidity in the market for orders to be filled.

• You also want an asset that has a propensity for high volatility so that there are more openings to enter a trade.

• Swing trading crypto assets also need to be mainstream with relatively good press coverage every day.

Well, in case you want to swing trade cryptocurrencies, there are many options to buy and sell. But the two below are perfectly ideal.

Dogecoin (DOGE)

Dogecoin (DOGE) is a meme coin that has been trading in most exchanges for the past few years. It is largely a speculative asset that has managed to rank among the top 15 crypto assets by market cap. 

Data source: Tradingview.com 

Dogecoin gets a lot of press coverage, so if there is anything happening with regards to the token, you will find out fast. Also, it is prone to wild swings in price action, a perfect attribute for swing trading.

Ethereum (ETH)

Ethereum (ETH) does not swing as much as Dogecoin. But it is still a very volatile asset, especially if you intend to hold it over a month or so. 

Besides, as the second-largest crypto by market cap, Ethereum gets all the press coverage you need. The only downside with Ethereum is that it’s expensive to trade, but despite that, it can offer very good opportunities for your swing strategy.

The post What are the best cryptocurrencies for swing trading? appeared first on Coin Journal.