Kategorie: Crypto News

Daily crypto headlines and news about bitcoin, ether, ripple, solana, altcoins, nft, market, business, analysis, nft, metaverse, minting and mining.
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Solana price prediction: What next for SOL after 110% upside in Q1 2023?

  • Solana price is up 110% in the past three months.
  • SOL closed in the red in February and is likely to end March 4% lower, but January ended with SOL 140% up.
  • Crypto intelligence firm Messari has highlighted Solana’s growth potential as network navigates away from recent outages and other challenges.

Solana price is negative on the monthly time frame in March, with SOL/USD at $20.88 currently seeing the token down 3% in the past 30 days. Notably, Solana price remains 80% down this past year and about 91% off its all-time highs of $260 reached in November 2021.

However, the cryptocurrency is set for its best quarterly returns in nearly two years. This is despite all the downside pressure amid network challenges since late last year, with SOL’s returns over the past three months well over 100%.

Messari highlights Solana growth potential

Crypto market intelligence firm Messari recently highlighted Solana’s growth even as FUD spread, noting that trying to compare the blockchain to some L2s in terms of TVL was missing the point.

“Comparing Solana’s TVL to other emerging chains doesn’t tell the full story. Usage has been driven by non-TVL dominant use cases like derivatives, NFTs, & DePIN networks. If Solana decides to turn on incentives, we could quickly see volume approach parity with the top L2s,” Messari researchers wrote.

According to Messari, Solana developers are focused on simplifying the deployment of innovative DeFi strategies, automation of on-chain instructions, and deployment of Web3-native websites among others. The pivot towards these efforts could prove key to the Solana ecosystem, with greater adoption very much likely.

What next for Solana price?

TradingView data shows the 3-month candle for SOL/USD is currently poised at +110%. It’s the best quarterly return since Q2, 2021, when the price of Solana rose almost 300% as bullish momentum catapulted cryptocurrencies higher.

Looking at the monthly chart, Solana returns are highest in January with a monthly close at $23.93 giving it 30-day gains of 140%. The last time SOL/USD posted more gains on the monthly timeframe was in August 2021 when prices jumped 195%.

Solana price on the 3-month chart. Source: TradingView

February and March were not so profitable for bulls, with prices down 9% in the second month of 2023. A look at the weekly chart for SOL suggests a slight advantage for sellers with the weekly RSI below the 50 line and prices facing an uphill task towards $40.

On the downside, a breakdown below $20 could risk new dump to the 16.

The post Solana price prediction: What next for SOL after 110% upside in Q1 2023? appeared first on CoinJournal.

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Crypto prices: Bitcoin to end first quarter on a bullish note

The cryptocurrency market cap was around $1.24 trillion as Bitcoin price reclaimed the $28,500 level, with crypto poised to end the first quarter of 2023 higher. BTC price was up 24% in the past 30 days, and 83% up year-to-date.

Crypto analyst Rekt Capital says Bitcoin is poised for a historic quarterly close, which could inform upward impetus over the next several months.

Meanwhile, bullish momentum over the past three months has also seen Ethereum price jump nearly 64% YTD. ETH with a daily close at current prices will see it end March 15% higher. The outlook for most top altcoins is the same, with XRP, Binance Coin (BNB), Polygon (MATIC) and Cardano (ADA) set to end Q1, 2023 higher.

Bitcoin and tech stocks higher YTD

While the US stock market opened higher on Friday, with equities buoyed by the latest economic data, the overall gains across tech stocks pale when compared to Bitcoin. For instance, the S&P 500 was 6.75% up YTD at 11:30 am ET, the Dow Jones Industrial Average was 0.4% down over the period and the tech-heavy Nasdaq Composite was 16.7% up.

However, Bitcoin and some tech stocks have outperformed most other assets this quarter. As noted above, BTC/USD is 83% up YTD and will likely close the quarter with more than 80% in gains. Tesla (TSLA) was 86% up at the time of writing, while Meta Platforms (META) was +63% YTD.

The Apple (AAPL) stock was +30% YTD on Friday, while Amazon (AMZN) had gained more than 20% this quarter.

The post Crypto prices: Bitcoin to end first quarter on a bullish note appeared first on CoinJournal.

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Web3 game developer Gala Games inks strategic partnership with Huobi

  • Gala Games says the partnership will help advance development across the Web3 gaming industry.
  • Huobi will list Gala Games ecosystem coins and invest in top quality gaming projects.
  • Huobi Token price was largely flat on Friday, trading around $3.66.

Web3 gaming company Gala Games has entered a strategic partnership with cryptocurrency exchange Huobi Global to boost development and investment in top notch gaming projects.

Huobi to list Gala Games tokens

The partnership will see Huobi Global integrate Gala Game’s highly scalable layer 1 blockchain and list Gala Games ecosystem tokens. The collaboration also allows the two platforms to co-invest in leading game projects and support other growth initiatives.

Jason Brink, President of Blockchain at Gala Games stated that the partnership is a key step towards mass adoption of Gala’s layer 1 blockchain.

“Integration of our layer 1 blockchain into popular exchanges like Huobi is absolutely crucial with the level of mass adoption we’re looking for. This partnership empowers tomorrow’s developers to create a more stable and secure web3 future,” he noted in a press release published on Friday.

Huobi was founded in 2013 and is one of the largest digital assets platforms in terms of daily trading volume. 

According to data from CoinMarketCap, Huobi is the 17th largest exchange in spot volume and the 10th largest in derivatives volume as of 31 March 2023. The exchange’s native token Huobi Token traded around $3.66 at the time of writing. The all-time high for HT was $39.66 reached on 12 May, 2021.

The post Web3 game developer Gala Games inks strategic partnership with Huobi appeared first on CoinJournal.

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Bitcoin volatility rising as $4.2 billion options set to expire Friday


Key Takeaways

  • Bitcoin volatility is the highest point since July 2022
  • Liquidity is extremely thin which is pushing volatility higher and accentuating price moves
  • $4.2 billion of options expire Friday, with bull set to profit following the recent surge up to $28,000

Yesterday, I wrote a piece looking at how the correlation between Bitcoin and the stock market, notably tech stocks, has come back up. The relationship had loosened amid the banking turmoil that struck financial markets, triggered by the collapse of Silicon Valley Bank.

As well as rising correlation, the market is also swinging wildly – the volatility is as high as it has been since July 2022, around the time Celsius sent evaporated into thin air and sent the market into mayhem.

Why is volatility rising?

The volatility spike is not surprising in light of the glut of liquidity currently in the markets. We crafted up a piece on this earlier this week, assessing how 45% of stablecoins had flowed out of exchanges in the last four months, with the balance now at the lowest point since October 2021. 

It gives context to the recent Bitcoin price rise. With less liquidity in the markets, moves are naturally more violent, and Bitcoin has surged up to $28,000, now up 68% on the year. 

While the move to the upside has been exacerbated by this thin liquidity, the opposite also holds true: the downside risk is elevated when markets are so thin. 

It paints a picture of high risk for an asset that already oscillates wildly at the best of times. 

Derivatives add to volatility

Another factor? Derivatives open interest is absolutely soaring, with the below chart from Coinglass showing that options open interest is at its highest point since November 2021. 

As I write this on March 31st, a mammoth $4.2 billion of Bitcoin options are set to expire. The below chart also shows the strike prices of the options – with a call/put ratio of 2.09 and Bitcoin currently trading close to $28,000, it will be a profitable day for many traders. 

Digging into the numbers, there are 97,300 call options expiring at a strike price of $28,000 or less, compared to 24,500 put options. The dollar split is over $2 billion in favour of calls. 

Looking at strike prices of the next level up, it is pretty much all call options. Between $28,000 and $32,000 there are 48,000 call options against 400 put options with a $1.4 billion split in favour of calls. 

After a year of bears dominating, there will finally be some bulls primed to profit. 

Indeed, looking at the Bitcoin spot holdings, it is showing more positive news all across the market. In December, the majority of Bitcoins were in loss-making positions, when comparing the market price to the price at which they last moved. 

Today, however, 74% of the supply is in profit when using the same metric. 

 

With interest rate policy expectations softening, Bitcoin has finally been allowed room to run. However, with thin liquidity and high volatility comes risk, although when it comes to Bitcoin, risk is hardly a foreign concept.

The post Bitcoin volatility rising as $4.2 billion options set to expire Friday appeared first on CoinJournal.

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Crypto price prediction: HBAR, Celo, Injective Protocol

Bitcoin price had a strong performance this week as investors ignored one of the biggest cryptocurrencies news of the year. During the week, the Commodity Futures Trading Commission (CFTC) announced a lawsuit against Binance, the biggest crypto exchange in the world. The rally coincided with the strong comeback of American indices like the Dow Jones and Nasdaq. This article will look at the price predictions of Hedera Hashgraph (HBAR), Celo, and Injective Protocol.

Hedera Hashgraph price prediction

The 4H chart shows that the HBAR price had a good week as investors reacted to its growing ecosystem. Hedera Hashgraph managed to move above the key resistance at $0.068, the highest level on March 14. The token has moved above the 50-period exponential moving average (EMA) while the Relative Strength Index (RSI) has moved close to the overbought level.

HBAR has moved above the Ichimoku cloud. Therefore, there is a possibility that the coin will continue rising, with the next key resistance level to watch being at $0.078, the lowest point on February 13. This price is about 13.45% above the current level.

HBAR chart by TradingView

How to buy Hedera Hashgraph

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy HBAR with eToro today

Bitstamp

Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy HBAR with Bitstamp today

Celo price prediction

Celo is an EVM-compatible blockchain platform that makes it possible for developers to build quality applications in industries like DeFi and Non-Fungible Tokens (NFT). Celo jumped as the number of Celo Domain Names minted jumped to over 200k. The developers also announced that Celo’s Europe DAO was coming soon.

Celo has been in a strong bullish trend in the past few days. It moved above the key resistance level at $0.6861, the highest level on March 20th. The coin has moved above the 50-period moving average. Further, the Stochastic Oscillator has also moved slightly below the overbought point. Therefore, Celo will likely continue rising as buyers target the key resistance at $0.85, ~20% above the current level.

CELO chart by TradingView

How to buy Celo

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy CELO with eToro today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy CELO with Binance today

Injective Protocol price prediction

INJ price has been in a strong bullish trend in the past few years. Injective Protocol has jumped by about 90% above the lowest level this month. It has risen by 280% above the lowest level this year. The token has moved above the 50-period moving average while the Relative Strength Index (RSI) and the Stochastic Oscillator moved to the overbought level.

Therefore, Injective Protocol will likely continue rising as buyers target the key resistance point at $5.5. This view will be confirmed if it moves above the year-to-date high of $5.0. 

INJ chart by TradingView

How to buy Injective Protocol

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy INJ with Binance today

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

Buy INJ with KuCoin today

The post Crypto price prediction: HBAR, Celo, Injective Protocol appeared first on CoinJournal.