Kategorie: Crypto News

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Bitcoin price surges above $47.5K: what is fuelling the comeback?

Bitcoin, the world’s largest cryptocurrency, among other major altcoins started the week on a surge after a bloodbath that saw the majority of cryptocurrencies nosedive below expected levels over the past two months of 2022.

Yesterday, BTC reached a new three-month high after hitting a high of $47,765 before retracing back to $47,506.06 at the time of writing.

This article focuses on the forces behind the current Bitcoin price comeback.

Factors behind the current BTC rally

There are two main factors that are being attributed to the current Bitcoin (BTC) price surge that has seen Bitcoin maintain above $47K as it heads back above $50. 

These factors include increased short-sellers and a surge in BTC whale addresses.

  • Short Sellers

Glassnode, a well-known crypto analyst, investigated to see what the surge is all about. In a video, the analyst said that those betting on a protracted drop in Bitcoin price (Short Sellers) are the ones responsible for the current market trend.

Besides, when the market experiences dramatic upswings, there are short liquidations too.

The analyst said:

‘’They can watch it falling, down, down. They eventually get enough confidence to say, “You know what? I’m tired of being squeezed out of my long position. I’m going to go short.” They did it at the exact bottom, which is impressive, but then they are squeezed out oppositely, and the trend begins to shift.’’

The current bitcoin bullish trend started on February 24, 2022, after ’short‘ liquidations started gaining momentum. At the time BTC was trading at around $37000. 

According to the analyst, although ’short sellers‘ are responsible for the surge, they need to have an organic demand.

  • A surge in BTC whale addresses

Another factor for the current surge is the growing number of BTC whale addresses.

Glassnode said that there has been a huge increase in the overall accumulation balance which shows that more people are stacking the coin. From the address growth, we can also see that there is a genuine organic demand.

The post Bitcoin price surges above $47.5K: what is fuelling the comeback? appeared first on Coin Journal.

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Flux reaches $800M in TVS: Best places to buy Flux

After reaching a TVS (Total Value Secured) of $800 million, the token of the Flux network and ecosystem went parabolic.

It has generated a trading volume of $46.7 million and added 14% to its value in the last 24 hours. At the time of writing, it was trading for $1.88.

This brief guide has everything you need to know about the Flux coin, including whether you should buy it. Here’s where to buy Flux if you choose.  

Top places to buy Flux now

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

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro 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 ETH 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 Uniswap DEX

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

4. You can now swap your ETH for FLUX

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

What is Flux?

The Flux Ecosystem offers a decentralized, interoperable development environment. It is a fully-functional suite of blockchain-as-a-service solutions and decentralized computing services.

It bills itself as the new generation of scalable decentralized cloud infrastructure. It makes it possible to develop, run, and manage applications on multiple servers simultaneously. Flux is ready to embrace the future of dApps, Web 3.0, etc.

Flux is a native GPU mineable POW (Proof of Work) coin providing incentive for hardware hosters, DAO governance on-chain, and bad actor mitigation via staking requirements for running hardware. 

Should I buy Flux today?

Flux can be a lucrative investment, but take the time to read at least several price predictions from leading analysts and do market research before making a commitment. Take all investment advice with a grain of salt.

Flux price prediction

Up to Brain predicts Flux will reach $2.89 by the end of 2023. The following year, it will increase to $3.53. In 2025, the analyst believes it will reach an all-time high of $4.4.

Flux on social media

 

The post Flux reaches $800M in TVS: Best places to buy Flux appeared first on Coin Journal.

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Crypto safe heavens: Top 3 coins to store your wealth

The crypto market is often associated with high volatility, wild swings in prices, and stories of rags to riches as well. It’s therefore very hard to look at crypto-assets as serious stores of wealth. But there are actually some coins that can help preserve your money without you taking so much risk: Here is how:

  • The crypto market these days has Stablecoins which are typically pegged on real assets.

  • Some crypto assets have minimal volatility too, including the mega caps.

  • You can buy crypto assets pegged on things like gold and other precious metals.

In case you are searching for coins that can offer you some stability in crypto, we have three here below to check out.

Pax Gold (PAXG)

As noted above, there are stablecoins in the market that are pegged on gold. Pax Gold (PAXG) is one of them. This is basically a crypto asset whose value is directly based or correlated with the price of gold. 

Data Source: Tradingview 

In essence, you get to store your asset in decentralized systems while getting the assurance of gold as a store of wealth. Many investors look at gold as the ultimate safe haven during times of volatility. PAX Gold helps you rely on gold in its crypto form.

PAX Dollar (USDP)

The Pax Dollar (USDP) is a stablecoin that is pegged on the US dollar. Just like the PAX Gold coin, its price is directly correlated with the US dollar. So, if you don’t want to put your money in fiat form, you can ditch the bank and store your dollars in crypto form. 

Tether (USDT)

Tether (USDT) is also backed by the US dollar. However, unlike PAX Dollar, it actually has much more trade volume and market cap. In fact, Tether is the most popular USD-based stablecoin in the world. It will let you store your dollars in the blockchain easily.

The post Crypto safe heavens: Top 3 coins to store your wealth appeared first on Coin Journal.

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Tracking the crypto rally: 3 coins that have surprised us

After a very bad start to 2022, crypto coins have started to really show some outstanding rallies. In the last week of March, most coins have closed well in the green, and the momentum could go on further. Here is why coins are rallying:

  • A period of uncertainty with regards to Fed rate hikes has now gone.

  • Many investors who were sizing up the market are starting to come back.

  • Institutions are looking at crypto as a diversified asset pool to hedge against equities.

In the midst of this rally, there are some coins that have done way better than we expected. Here are some of them:

Ethereum Classic (ETC)

As the shift from the Ethereum Proof of work model continues to near, we did see some remarkable shift among Ethereum miners towards ETC. In fact, at one point the coin rallied by nearly 70% in a week. 

Data Source: Tradingview 

As of now, ETC appears to have erased the losses made this year and the uptrend is still strong. Although there was always some positive outlook around the coin, many analysts did not expect it to recover as fast as it did. We expect more gains to follow in Q2 this year.

Convex Finance (CVX)

DeFi has always been a huge part of the future growth of crypto. 2021 was the breakthrough year of DeFi, and there was a lot of optimism that we were going to see more and more success in 2022. But DeFi coins failed to impress, and Convex Finance (CVX) saw massive falls from ATHs as a result. But the DeFi space is rebounding, and CVX is up 50% for the week.

Zilliqa (ZIL)

Imagine a 150% surge in less than a week? ZIL appeared to be down and out a few weeks ago, and it was struggling to find any momentum. Although there was some hope it will finally recover, the fact that it has done so in a week or so simply boggles the mind.

The post Tracking the crypto rally: 3 coins that have surprised us appeared first on Coin Journal.

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Dent (DENT) may have a capped upside despite the recent rally – Here is why

As the crypto market rallies at the start of the week, coins like Dent (DENT) have posted double-digit daily gains with weekly rallies of over 30% or so. But as with every bullish run, a pullback is always around the corner. For DENT, there seems to be a capped upward potential. Here is what you need to know:

  • The coin has rallied by 11% in the last 24 hours

  • Dent is also up by around 30% over the last 7 days.

  • The recent upswing is likely to continue before capping at a crucial resistance.

Data Source: Tradingview

Dent (DENT) – Why is upward momentum capped?

After gaining nearly 30% over the last 7 days, it seems like DENT still has some room to grow. However, we do not expect the coin to truly trend upwards for long. At the moment, DENT is trading at $0.034. There are two important resistance zones to watch. 

The first one is the $0.035 mark, and the second is the $0.41. As of now, it seems like DENT is testing the first resistance zone but is yet to break through. In fact, in 24-hour trading, we saw some significant pullback from the morning sessions, where daily gains dropped from 15% to around 11%.

This could suggest that weakness at $0.35 is coming, and DENT may as well fail to surge past that first hurdle. If indeed this happens, DENT is likely to fall sharply before the end of the week. But if bulls can rally above $0.35, then $0.41 will be next.

Is DENT worth buying?

There is no momentum right now, to be fair. Yes, the coin has pushed up in the last 7 days, but we expect it to trade mostly sideways in the coming days as bulls try to smash past the crucial resistance we have talked about above. It would therefore be better to wait until the price has pulled back slightly.

The post Dent (DENT) may have a capped upside despite the recent rally – Here is why appeared first on Coin Journal.