Kategorie: Crypto News

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Casper price prediction: what next for CSPR after 60% rally in April?

  • Casper Network price rose over 60% in April, hitting a high of $0.060.
  • CSPR traded at around $0.059 at the time of writing, about 6% up in the past 24 hours.
  • While CSPR price is above key support level, here’s the price outlook for Casper Network going into May.

Casper Network price rose more than 60% in April as the value of the native CSPR rallied to above $0.060. The cryptocurrency’s price currently sits around $0.059, up 6% in the past 24 hours and nearly 16% higher in the past seven days.

However, while the Casper token is one of the standout performers of the last month, it remains off its peak of $1.33 by some huge distance. According to data from CoinGecko, CSPR reached its all-time low of $0.022 in June 2022, meaning traders who took positions at these levels are 164% up on their investment.

CSPR at current levels is -95% from the all-time high reached in May 2021.

What is Casper Network (CSPR)?

Casper Network, a layer 1 blockchain network targeted for enterprise adoption of the blockchain technology. CSPR is the governance token of the Casper blockchain, whose mainnet launched in 2021.

As a native token, CSPR has multiple roles in the Casper ecosystem, including network fees, staking rewards and payments as a medium of exchange.

The Casper Network has seen multiple projects built on top of its proof-of-stake blockchain. One of the projects on the smart contracts platform is layer 2 protocol Metis that migrated from Ethereum to Casper. Metis looks to boost development of Decentralized Autonomous Companies (DACs).

Another project is patent encryption platform IPwe, which targets the creation of a decentralised database system for patent management and licensing. There’s also ACDX, a digital assets exchange for structured products and derivatives trading.

Casper price prediction: What next for CSPR?

CSPR price 4-hour chart. Source: TradingView

Casper’s price could continue to rise into May and potentially break above $0.1. This outlook will materialise if CSPR price consolidates above $0.065, building new momentum for a breakout above $0.080. 

Above the $0.10 level, significant resistance will be around $0.13, with a bullish Casper price prediction of $0.20 in May.

On the downside, CSPR’s outperformance over the past month could see traders eye profit taking deals. Such a scenario will definitely dent the bullish momentum and result in downward action, with a potential slump to $0.025.

The post Casper price prediction: what next for CSPR after 60% rally in April? appeared first on CoinJournal.

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Crypto price predictions: Chainlink, Filecoin, Pepe

Cryptocurrency prices had a mixed performance last week as investors focused  on the impending collapse of First Republic Bank (FRC). After falling to a low of $27,100, the coin jumped to about $30,000, where it has been in the past few days. Here is a crypto price prediction for some of the top coins like Chainlink (LINK), Filecoin (FIL), and Pepe.

Chainlink price prediction

On the daily chart, we see that the LINK has been in a consolidation phase in the past few days. The coin remains slightly below the important resistance point at $9.510, the highest point on November 8, August 13, and June 9. 

It is also below the key resistance level at $8.82, the highest point on April 19. The coin is also trading slightly below the 25-day moving average. Therefore, there is a likelihood that Chainlink will have a bearish breakout as sellers target the green ascending trendline at $6. A break above the key resistance at $8 will see it jump to $9.51.

How to buy Chainlink

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Filecoin price prediction

Filecoin price has been in a tight range in the past few days. The coin is trading at $5.9, where it has been recently. It has moved above the ascending trendline shown in green. FIL has moved slightly below the important resistance point at $6.60, the highest level on November 5 last year. The Relative Strength Index (RSI) has moved slightly below the neutral point at 50.

Therefore, the Filecoin price will likely remain in this range in the next few days. More downside will be confirmed if the price moves below the ascending trendline. If this happens, the next key level to watch will be at $4.0.

How to buy Filecoin

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Pepe price prediction

The hourly chart shows that the Pepe crypto price has been in a strong bullish trend in the past few days. It has dropped to a low of $0.00000013 to about $0.00000061. This means that the token has jumped by over 300% from the lowest level this year. It has moved above all moving averages.

Therefore, it seems like the Pepe token is having a bullish momentum. If this happens, the next key level to watch will be at $0.00000070. A move below the support level at $0.00000044 will invalidate the bullish view.

The post Crypto price predictions: Chainlink, Filecoin, Pepe appeared first on CoinJournal.

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What moves the cryptocurrency market?

  • Bitcoin moves the cryptocurrency market 
  • Its dependency on the US dollar increased 
  • Bitcoin holders better believe that the US dollar is in a bearish market

Investing in the cryptocurrency market is not for everyone. Volatility, for example, is much higher than in other markets. 

Sometimes, for no apparent reason, the prices of various cryptocurrencies bounce or decline aggressively, leading to speculation that the market is rigged. Lack of regulation might explain the moves, but surely investors wonder what moves the cryptocurrency market. 

The one and the only answer is Bitcoin. Its share of the total cryptocurrency market capitalization nears 50%. 

In other words, if Bitcoin’s price is rising, Ethereum or other cryptocurrencies can’t decline. And the other way around is true – if Bitcoin enters a bearish market, the other cryptocurrencies will follow. 

Therefore, the right question is not what moves the cryptocurrency market but what moves Bitcoin? 

Lately, Bitcoin moves following developments in the traditional currency market. More precisely, it follows the dollar. 

Bitcoin chart by TradingView

Bitcoin follows the dollar’s strength or weakness

The chart above shows Bitcoin’s performance from late 2021 to the present. Above, in orange, is the dollar index (DXY). 

It shows clearly that during the bear market of 2022, Bitcoin declined while the dollar strengthened. EUR/USD dropped below parity in 2022, trading as low as 0.96 at one point. The euro is the main component of the DXY, and thus the EUR/USD currency pair is the relevant one to consider. 

Bitcoin dropped, too, trading well below $20k. 

But then, in October 2022, the dollar bottomed. EUR/USD bounced above parity and rallied into the year’s end. 

It took Bitcoin until the end of the year to catch up with the dollar’s weakness. Eventually, it bounced too, rallying in 2023 and gaining over 75% in four months. 

To sum up, Bitcoin holders better believe that the US dollar will weaken lies ahead. Otherwise, it is difficult to hold Bitcoin if the dollar enters a bull market. 

The post What moves the cryptocurrency market? appeared first on CoinJournal.

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Ethereum and Tether – the only cryptocurrencies keeping pace with Bitcoin

  • Bitcoin makes up about 48% of the total cryptocurrency market capitalization
  • The share rises to 75% if we include Ethereum and Tether
  • Other cryptocurrencies’ share declined despite the latest cryptocurrency market rally

The cryptocurrency market bounced in 2023 and rallied right from the start of the trading year. As a result, Bitcoin is up +77.60% YTD, a remarkable performance in just four months. 

Other cryptocurrencies took the lead from Bitcoin. As such, the entire market bounced, as reflected by the total crypto market capitalization. By the end of 2022, it dropped to $755 billion following a bearish market but now reached $1.16 trillion. 

It means that investors regain confidence in the crypto space after the FTX scandal and other frauds. 

But besides Bitcoin, what other cryptocurrencies are favored by investors? Two stand out of the crowd: Ethereum and Tether. 

Ethereum and Tether keep pace with Bitcoin

The chart above shows the total crypto market capitalization dominance in percentages. Unsurprisingly, Bitcoin leads with 48.58%. 

Its share rose from 40% at the end of 2023, in the detriment of other cryptocurrencies, such as USD Coin or Solana. Even Binance Coin lost share, sitting at 4.31% currently. 

The chart shows that only two cryptocurrencies keep pace with Bitcoin – Ethereum and Tether. Ethereum’s share remained stable even during the bearish market of 2022. The same with Tether. 

The three comprise about 75% of the total cryptocurrency market capitalization – a good statistic to consider next time when investing in cryptocurrency. 

The post Ethereum and Tether – the only cryptocurrencies keeping pace with Bitcoin appeared first on CoinJournal.

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Venmo to enable crypto transfers for its customers in May

  • Venmo will roll out a new crypto transfer feature in May, allowing customers to send crypto to other Venmo accounts.
  • Customers will also be able to buy tokens and send them to PayPal, external wallets and exchanges.
  • Users will also be able to use a unique wallet address QR code to receive crypto from other people.

Mobile payments app Venmo has announced that its customers will from May 2023 be able to buy crypto using their account and transfer these to family and friends on Venmo.

Venmo, whose parent company is PayPal, revealed this as it outlined a new feature on Friday.

Making it easy for customers to move crypto

According to a press release Venmo published on 28 April, the new functionality is part of the company’s effort to make it easier for customers to manage and move crypto.

Other than being able to send crypto to other Venmo users, customers will also be able to send cryptocurrencies to PayPal accounts, external wallets and exchanges within the digital asset ecosystem. Any Venmo customer can navigate to the Receive page to access a unique digital asset address QR code. Customers can share this QR code with others when looking to receive funds.

According to details shared in the news release, the crypto transfers feature will be available to Venmo users beginning May 2023.

Venmo introduced crypto purchases for its customers in April 2021, and is a popular mobile app for those looking to buy Bitcoin. The platform added support for crypto price alerts in November 2021, allowing for push notifications for price alerts of Bitcoin, Ethereum, Bitcoin Cash and Litecoin. 

The post Venmo to enable crypto transfers for its customers in May appeared first on CoinJournal.