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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Polygon (MATIC)’s downtrend is slowing – Can it pull above water?

For the most part in April, Polygon (MATIC) has continued to face a lot of selling. Although the coin has rallied slightly a few times, it has typically failed to find any serious upward trajectory. Despite this, MATIC has managed to slow its downtrend. Here are some of the facts:

  • MATIC appears to be going through a period of consolidation

  • The coin could swing towards $1.63 in the days ahead

  • A close below $1.15 will invalidate this thesis

Data Source: Tradingview 

MATIC’s rise to $1.63

The slowed downtrend we have seen over the last few days could suggest that MATIC is about to experience a trend reversal. At the moment, the altcoin is going through a consolidation phase, and it is likely the price will remain well above $1.2. 

After this happens, we expect MATIC to rally and surge towards $1.63. This will represent an upswing of around 35%. However, based on the coin’s performance in April, the upward trajectory will not last for long. In fact, once the coin is well above the $1.63 mark, investors will start to take a profit. This will lead to a small sell-off that will push MATIC down towards its current $1.2 price.

Unless there is a huge improvement in overall sentiment in the market, MATIC will likely remain stagnated in the long-term trend despite increased short-term volatility. Besides, a daily close below $1.15 will invalidate the short-term bullish thesis above.

Where will MATIC go next?

MATIC was one of the best-performing coins back in 2021. But the altcoin is failing to live up to expectations this year. While the overall outlook for the altcoin is still positive, MATIC is not going to offer the kind of returns we saw in 2021.

However, there is still enough upside for at least 3x growth before 2022 is out. But sentiment in the broader crypto market will have to improve drastically for this to happen.

The post Polygon (MATIC)’s downtrend is slowing – Can it pull above water? appeared first on Coin Journal.

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Bitcoin, Ethereum bounce as crypto mirrors Wall Street

  • Bitcoin has gained 2.5% in the past 24 hours and is trading near the immediate resistance level of $40k

  • Ethereum’s bounce has seen it touch intraday highs near $3,000.

  • S&P 500 was up 2.3% in afternoon trading on Thursday.

Last Friday, Bitcoin price dropped by more than 5% US indexes plummeted, with the correlation continuing throughout this week. Today, crypto is looking to mirror gains across stock markets again, with Wall Street’s sharp climb after opening higher likely to provide further impetus.

Bitcoin (BTC) and Ethereum (ETH), the ‘big boys’ of the crypto market with a combined market capitalisation of nearly $1.2 trillion (the total crypto market capitalisation is $1.9 trillion at the time of writing), have bounced more than 2% in the past 24 hours.

The BTC/USD pair is hovering above $40,000 while ETH/USD is close to the $3,000 resistance level, with both coins gaining amid a broader recovery in equities.

In the equity markets, the S&P 500 is up 2.3%, the Dow Jones Industrial Average is higher by 1.7% and the Nasdaq Composite is leading the upside with 2.8%. There were also green sessions for Asian and European stocks, just days before the US Federal Reserve’s 0.5% interest rate hike.

Bitcoin and Ethereum are still “bullish”

BTC/USD holding well to support levels above $38K and retesting the key supply wall at $40,000 suggest bulls still have a chance to push higher.

 According to the pseudonymous crypto trader and analyst Altcoin Sherpa, the market structure looks bullish. He noted earlier in the day:

“As long as these lows are maintained and we still see higher lows, I think the bullish market structure is still intact. Still thinking 55k+ in the coming weeks.”

Rekt Capital, one of the top Bitcoin analysts on Crypto Twitter, also thinks Bitcoin could go higher.

“Bullish Divergence on the 4-hourly is playing out. Key resistance in the very short-term will be this red area [above $40,300]. Turning it into support like in the previous yellow circle would be a bullish sign for trend continuation,” the analyst shared.

Chart showing BTC price on the 4-hour timeframe. Source: Rekt Capital

On Ethereum, Altcoin Sherpa says:

“Unlike $BTC, ETH is still decently above its last lows and still has a bullish market structure (btc does too but its closer). Would like to see a higher low formed for #Ethereum. I think that it’s still at the mercy of BTC though, as always – if BTC tanks, so will ETH.”

The post Bitcoin, Ethereum bounce as crypto mirrors Wall Street appeared first on Coin Journal.

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Bitcoin or Gold to hedge inflation? With this new exchange product, you don’t need to choose

One of the most common debates currently taking place within the economic sphere is what constitutes the best inflation hedge. You know, because a KitKat Chunky nearly costs more today than a two-bed apartment did this time five years ago.

Old-school investors still argue gold is the best hedge, which traditionally is the ultimate way to protect oneself against a depreciating currency. After all, the shiny metal has been part of almost every human culture throughout history. It’s stood the test of time. Yet its returns since it spiked after the GFC have been lacklustre, to say the least – up only 21% in the last ten years.

The more irreverent investors think there’s a new kid on the block, first name Bit, second name Coin. Is Bitcoin digital gold? Is it a superior store-of-value than the OG king that is gold? The bulls argue that Bitcoin’s (outrageous) outperformance of gold over the last decade highlights its superiority. Then again, amid the highest inflation environment in recent memory, gold is up 3% YTD, while Bitcoin is down 17%. So, what gives?

What About Both?

Well, the good news is that, like a wise politician, we can sit on the fence. Because today a novel exchange-traded product has been launched on the Swiss SIX Stock Exchange which combines Bitcoin and gold. It’s the first combined gold/bitcoin exchange-traded product in the world, and has been developed by crypto ETF provider 21Shares, in partnership with crypto data provider ByteTree Asset Management.  

Even the ticker symbol is an amalgamation of the two assets – BOLD. The issuing firms stated the ETP will provide “protection against inflation, giving optimal risk-adjusted exposure to bitcoin and gold”. What is that breakdown? It’s 81.5% gold and 18.5% Bitcoin, and will “rebalance monthly according to each asset’s inverse historical volatility”.

“BOLD seeks to take away the hassle of personally managing the two assets while imposing a disciplined process when it comes to delivering higher risk-adjusted returns”, 21Shares CEO Hany Rashwan said.

Asset Characteristics

It’s an interesting concept. Of course, investors can simply invest in gold and Bitcoin in their desired proportions, but that’s the case with most ETPs. It gives an automated, easy exposure to both assets, and the risk-weighted adjustment is a neat feature. It may also make it easier for certain institutions to gain Bitcoin exposure, as regulatory barriers to the cryptocurrency remain in place for several entities.

Novice investors can rotate into assets outside the traditional stock/bond sphere, both of which have been getting hammered amid the high-inflation environment. Typically negatively correlated, stocks and bonds have both been suffering recently, which has been the case throughout history when inflation soars past manageable levels.

With a large portion of investors still intimidated by Bitcoin, and hesitant to fully embrace its volatile nature, the BOLD ETP is a nice avenue to gain exposure to Bitcoin in a moderate capacity. With its high risk/return profile combined with gold’s more conservative price action, it’s no surprise 21Shares have chosen to launch the product – which amounts to the 30th digital asset ETP that the innovate firm has brought to market.  

The post Bitcoin or Gold to hedge inflation? With this new exchange product, you don’t need to choose appeared first on Coin Journal.

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Here’s why the STEPN coin has gained over 20% today

STEPN, move to earn lifestyle app native token, has gained over 20% hitting a new all-time high today.

At the time of writing, STEPN is trading at $4.03, up 22.22% after retracing from a daily and all-time high of $4.11.

Let’s now look at what is behind the current price gain today.

STEPN listing on Coinbase

STEPN listing on US-based crypto exchange, Coinbase, is one of the reasons for the gain today since they will be able to trade on the exchange platform. 

STEPN’s native token GMT and its other Green Satoshi Token (GST) where players earn after jogging, running, and walking outdoor with STEPN NFT sneakers.

Today’s uptrend of the GST and GMT markets is also part of the entire rally that started in early March of this year, 2022, with the move-to-earn industry acting as the catalyst for the tokens’ value, the tokens are rewarded to active players.

STEPN’s economic model has been revolving around selling nonfungible token (NFT) shoes as well as using the gained profits to buy the tokens back for burning.

How players use STEPN tokens

STEPN tokens help players to level up, repair, and mint their NFT sneakers as well as sell them on its app marketplace.

Besides, Players have been sharing the screenshots of their profiles where they featured their physical activities as well as the GST rewards earned.

In addition, OpenSea, the leading NFT marketplace has also added the STEPN sneakers collection to its marketplace to provide more avenues for STEPN NFT owners to resell them.

The move-to-earn tokens are also similar to play-to-earn projects like Axie Infinity (AXS).

The post Here’s why the STEPN coin has gained over 20% today appeared first on Coin Journal.

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10 Best Cryptocurrencies to Day Trade in 2022

Cryptocurrency trading is a common activity these days. Indeed, it is estimated that cryptocurrencies worth over $100 billion is traded every day. The figure is much higher in the derivative and futures market. In this article, we will look at the best cryptocurrencies to day trade in 2022. The criteria will be coins that have reasonable volume and those that are offered by most brokers. 

Cardano (ADA)

Cardano is a blockchain project that was started by Charles Hoskinson in 2015. Hoskinson was a co-founder of Ethereum, the second-biggest cryptocurrency in the world. His goal was to create a blockchain project that is fast, reliable, and cost-effective than Ethereum. 

Cardano implemented smart contract features in 2021 and has since then seen its ecosystem grow. Today, there are several applications built using Cardano’s technology including SundaeSwap and MinSwap. In total, they have a total value locked (TVL) of over $300 million. Cardano is a good cryptocurrency to day trade because of its low price and volatility.

Read more on how to buy Cardano.

Shiba Inu (SHIB)

Shiba Inu is a leading cryptocurrency that was started in 2021. At the time, it was started to become an alternative to Dogecoin, which was growing in popularity back then. Today, the Shiba Inu price has risen from where it was listed, pushing its market cap to more than $13 billion. 

The ecosystem has also grown as the developers have launched ShibaSwap, an ecosystem with over $130 million in total value locked (TVL). They have also launched an NFT marketplace and a metaverse platform. Shiba Inu is a good crypto to trade because of its low notional value and the fact that it has some volatility.

Read more on how to buy Shiba Inu.

Ripple (XRP)

Ripple is one of the oldest and most popular cryptocurrencies in the world. It was developed by Ripple Labs, a fintech company that helps companies move money around. It is an important part in the so-called On-Demand Liquidity (ODL) network. 

Ripple is a popular cryptocurrency to both investors and traders. For one, a single XRP token trades at $0.64, making it a highly attractive cryptocurrency. There are also many headlines about Ripple such as that of the ongoing case between Ripple and the Securities and Exchange Commission (SEC). 

Also, Ripple is always making deals with companies and there is a likelihood that it will soon go public. All this makes XRP a very attractive coin to day trade.

Read more on how to buy Ripple.

ApeCoin (APE)

ApeCoin is a relatively new cryptocurrency that was launched in 2022. Shortly after launch, the coin’s price surged and its market cap rose to over $6 billion. It is now the 25th biggest cryptocurrency in the world with a market cap of over $6.15 billion. 

ApeCoin was launched by Yuga Labs, the founder of Bored Ape Yacht Club, one of the biggest names in the NFT industry. The coin’s goal is to help facilitate payments in the network. It is also part of the platform’s ecosystem growth. For example, they have already announced plans for a metaverse that will be powered by APE. ApeCoin is a highly liquid cryptocurrency that works well for traders.

Learn more about how to buy ApeCoin.

Chainlink (LINK)

Chainlink is a blockchain project that many people don’t know about but it is one that most people have used indirectly. It is not well-known because it does not have a consumer-facing product. Instead, it is used by most DeFi builders to bring off-chain data to the blockchain. 

Therefore, whenever you are using products like AAVE, Abracadabra, Anchor, and Uniswap, you are using Chainlink. It is the biggest oracle network with a total value secured (TVS) of over $55 billion. Chainlink is a good crypto to trade because of its volatility and the fact that it is provided by most exchanges.

Read more about how to buy Chainlink.

Stellar Lumens (XLM)

Stellar is a blockchain project that helps companies in the money transfer industry. It is governed by Stellar Foundation, which is headed by one of the Ripple Labs founders. Its core platform enables people to create digital representations of money. By so doing, they can move it at a faster pace. Stellar is well-known for its partnership with Circle. 

The partnership helped Circle to build USD Coin, the second-biggest stablecoin in the world. Stellar has also partnered with other companies like MoneyGram and Flutterwave. 

Learn how to buy Stellar Lumens.

Dogecoin (DOGE)

Dogecoin is the biggest meme coin in the world with a market cap of over $18 billion. The coin, which was started in 2014, has become extremely popular among investors because of its close association with Elon Musk. On-chain data shows that DOGE is owned widely by thousands of people from around the world. It is also offered by most exchanges like Coinbase and Binance. The fact that a single DOGE sells for $0.13 and that it is highly volatile makes it a good crypto to trade.

Read more about how to buy Dogecoin.

Litecoin (LTC)

Litecoin is one of the most popular cryptocurrencies in the world. It is a proof-of-work cryptocurrency that was created using the same concepts as Bitcoin. The coin is often seen as a better version of BTC because of its low transaction costs and the fact that it is fast. Litecoin is popular among day traders who are afraid about the significantly high cost of Bitcoin. It is also highly volatile and provided by most brokers.

Learn how to buy Litecoin.

Ethereum (ETH)

Ethereum is often viewed as the most important blockchain project in the world. Some analysts believe that it is actually more useful than Bitcoin. This is mostly because of its smart contract features that make it possible for people to build decentralized apps. For example, it has been used to build apps like Uniswap, Curve, and even Decentraland. ETH is a good crypto to trade in 2022 because of the upcoming transition from proof-of-work to proof-of-stake. 

Learn more about Ethereum here.

Bitcoin Cash (BCH)

Bitcoin Cash is a cryptocurrency that emerged from a hard fork of Bitcoin. Today, the coin has a market cap of over $5.7 billion. Like Litecoin, BCH is often seen as a better alternative to Bitcoin. It is also a bit faster and its network is not as congested. It is also highly volatile since it tends to track the movement of Bitcoin. Bitcoin Cash is a great coin to trade in 2022.

The post 10 Best Cryptocurrencies to Day Trade in 2022 appeared first on Coin Journal.