Kategorie: Crypto News

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5 Reasons to Buy Polkadot

While Bitcoin remains on top of the cryptocurrency market, other upcoming coins challenge this supremacy. One such coin is Polkadot, a relatively new coin carving its niche in this industry. But what is Polkadot, and how does it work? Understanding what this coin is all about will help you determine if it is a worthwhile investment.

Polkadot is a bit different from its predecessor Ethereum. Unlike Ethereum, which has only one avenue for transactions, such that only one transaction can happen simultaneously, Polkadot operates on parachains or parallel chains that are a series of interconnected blockchains. The parachains allow more transactions on the Polkadot blockchain, making it cheaper than carrying out these transactions on Ethereum.

Polkadot developers have also made the platform flexible enough to connect to other blockchains easily. This ability allows it to serve specific requirements. It makes the platform more interactive as compared to Ethereum.

Polkadot has shown some significant growth and seems like a good investment. However, you should keep in mind that there are no clear-cut reasons for investing in any digital currency. All of them are volatile and can either make you money or lead to losses. It all stems down to your research and making informed decisions. That said, here are five reasons why you may want to have the coin in your portfolio.

Polkadot solves interoperability issues

Polkadot protocol is unique as compared to other blockchain platforms. Interoperability has been a challenge for most blockchain-based projects. Blockchain projects are forced to create bridges to connect with other each other. These bridges increase the cost of transactions.

Polkadot is becoming popular with both investors and users because it is solving this problem. The protocol allows communication from public to private networks and private to public networks at no additional cost.

The protocol will enable the networks to transfer any data, assets and tokens. Solving this issue has seen Polkadot rise in popularity and value as it attracts more users, making it a worthwhile investment.

Polkadot allows for specialisation and customisation

This feature is another cause for the popularity of the Polkadot platform. There are many blockchains, and each has different functionalities. No one blockchain provides a platform able to support all functionalities. Polkadot provides a Substrate development framework that allows other blockchains to customise their platforms to fit a particular use case. With different blockchains operating on the same platform, developers can now focus on only the necessary code. This simplification allows more projects on the Polkadot platform that will continue attracting more developers, users, and, by extension, investors. As the Polkadot community continues to grow, so will its value. Investing in it now could see your investment grow tremendously soon. You can make good money if the coin rises even with a small margin.

Polkadot has a robust team

Polkadot project is spearheaded by a group of skilled and experienced developers. This project is part of the Web3 Foundation founded by one of Ethereum developers and co-founder Gavin Wood. Gavin is well known for developing Proof-of-Authority (PoA) consensus, Whisper and Solidity, among other developments. Other developers include Robert Habermeier, an experienced developer with expertise in distributed systems, cryptography and blockchains, as well as Peter Czaban, who holds a Master’s degree from Oxford University and has experience in data analytics. With such a team behind this project, you can expect better and bigger developments to take place in the future. With such prospects, the Polkadot project is likely to grow in value, making it a coin worth investing in.

Polkadot has a high market cap

In addition to its functional features, Polkadot has also shown some impressive growth in its financial side. The coin currently has a market cap of more than $24 billion. Such a market cap indicates that the coin is highly stable. It is unlikely to be affected by sudden market shocks as its high capitalisation keeps it stable. You acquire the market cap by multiplying the total number of coins in circulation with the coin’s current price. Even though all cryptocurrencies are volatile and are adversely affected by sudden market shocks, a high market cap provides some form of cushion from this shock. The market cap also indicates the value of a particular coin. Coins with high market caps are lower-risk investments since they can sustain market shocks. Polkadot has shown that it can do this by holding on to its value despite the crypto market going through severe shocks in the last few months.

Polkadot has a high liquidity

The liquidity of a cryptocurrency is the ease with which you can buy or sell it when you need to convert it into fiat currency without significantly affecting its price. It reflects the general health of a cryptocurrency. A highly liquid coin is easier to trade as you will always find willing buyers and sellers in real-time. You can quickly capitalise on any trading opportunities that present themselves in the market. To determine the liquidity of a coin, check its daily trading volume. The higher it is, the higher the coin’s liquidity. In the last 24 hours, Polkadot has recorded a trading volume of more than $1 billion. This volume indicates that there is enough demand in the crypto market for this coin. Whether you plan to buy it and keep it for the long or short term, you will be able to sell it when you need to.

The post 5 Reasons to Buy Polkadot appeared first on Coin Journal.

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Yearn Finance (YFI) loses uptrend momentum and could plunge towards $25000

Yearn Finance (YFI) saw a very decent uptick in December, even as the broader crypto market reported a dip in sentiment. But it seems the coin has lost some of that upward momentum. Although there is still an upside for growth, it looks highly unlimited. YFI could plunge towards $25 000 in the coming days as a result. Here are some of the highlights so far:

  • Despite seeing a bullish surge, YFI has entered a downward spiral, losing nearly 17% over the last 7 days.

  • At the time of writing, YFI was trading at $29,919, down over 10% in intraday 24-hour trading.

  • There appears to be significant bear pressure on the coin, and estimates show a near-term plunge.

Data Source: Tradingview.com 

Yearn Finance (YFI) – price action and analysis

Analysts are becoming increasingly bearish about YFI. There are several reasons for this. First, after recording significant gains in December, the upward trajectory has somewhat stagnated. We were looking to see how long YFI could test the overhead resistance of $33.750 but the coin has since fallen sharply from there and is trading at below $30, 000. 

Also, a look at the chart shows YFI is significantly overbought, leaving very little room for a bullish upside. In fact, the RSI is well into bear market conditions. For this reason, we expect YFI to show some weakness in the price action in the coming days, pushing it well towards $25 000.

Should you buy Yearn Finance (YFI)

Right now, it would be best to wait a bit. The downtrend expected could give investors the chance to buy YFI at a discount. And since this is a promising DeFi project that has superb long-term potential, getting in while the price is low is always highly advised. Just give it a few days and see how the price action plays out.

The post Yearn Finance (YFI) loses uptrend momentum and could plunge towards $25000 appeared first on Coin Journal.

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Institutional adoption of crypto to accelerate in 2022, says Genesis’ Noelle Acheson

Crypto saw astonishing institutional growth in 2021, but Genesis’ Noelle Acheson believes adoption is set to accelerate over the next year.

Noelle Acheson, the head of Market Insights at Genesis Global Trading, expects the next twelve months to see a continuation of institutional growth within the crypto space.

She said this while speaking to Joe Kernen during an interview on CNBC’s “Squawk Box.”

When asked to predict what she thinks will happen in the crypto space next year- whether it be SEC finally approving a spot Bitcoin ETF, major regulatory actions from across the globe, or institutional adoption- she noted that no one would for sure know (what will happen).

However, she says 2021 was very “interesting” and that the industry expects a continuation of institutional growth as seen over the past year.

“We are seeing strong signs of that accelerating over the next year,” she said, adding that these could be direct investments into crypto or through investments into companies building the crypto market’s infrastructure.

3 new unicorns every month!

Acheson says that the crypto space has 65 unicorns, which are startup companies whose market valuation is above $1 billion. She noted that 2021 alone saw 40 crypto-focused companies hit unicorn status, with an average of three new firms hitting the billion-dollar valuation every month.

According to her, such astonishing growth can only lead to more interest in crypto [and blockchain technology]. She says the growth is likely to accelerate interest even as more money flows into the industry.

On „risky but higher returns‘ tokens

Acheson also talked about institutional interest and its visibility in how investment managers are choosing to diversify into crypto.

The former managing director of research at Coindesk told CNBC that the past year saw more institutions add crypto to their portfolios, but more interesting was the move for many of them to go for digital assets outside of the top two in Bitcoin and Ethereum.

She notes that market maturity now offers investors room for choice, which has increasingly seen investors go for risky, but potentially higher returns altcoins. 

These are tokens that represent new technological advancements in the crypto space, which, though she did not mention, would include decentralised finance (DeFi) and non-fungible tokens (NFTs). The metaverse and Web 3.0 tokens are also gaining a lot of traction going into 2022.

The exodus of Bitcoin miners out of China

Acheson also talked about Bitcoin mining and China’s crackdown that saw an exodus of miners into other regions, many of them to the US. She says this was a big development, but adds that it might just have benefited Bitcoin miners in terms of access to financing.

The post Institutional adoption of crypto to accelerate in 2022, says Genesis’ Noelle Acheson appeared first on Coin Journal.

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Analyst says the 2022 altcoin “Supercycle” is here, highlights 4 top picks

  • Analyst Nicholas Merten says altcoins are ready to rally, with Aave, Uniswap and Yearn.Finance his top picks.

DataDash host and popular crypto analyst Nicholas Merten says he is extremely bullish on cryptocurrency going into 2022, noting specifically that he’s betting on the altcoin market as it hits the so-called “supercycle.”

The analyst says in a YouTube session that historically, Bitcoin has been the leading indicator for altcoins. He points out that altcoins have rallied to mirror the flagship cryptocurrency’s macro price movement, and likewise declined whenever sell-off pressure decimates the Bitcoin market.

Merten says while Bitcoin remains the benchmark crypto, there’s a change in market dynamics that are beginning to show altcoins trend more and more independently of BTC price action.

He notes that Bitcoin remains in largely uncertain territory, even as the market registers more and more interest in various altcoins. With some coins outpacing Bitcoin during the latest correction, the strategist says it’s not just the major coins like Ethereum and Solana that need a second look ahead of the next rally.

Decentralised finance (DeFi) and Metaverse coins are two fast-paced sectors today, and here is where the analyst picks the four altcoins with the potential to skyrocket.

Aave (AAVE), Uniswap (UNI), Yearn.Finance (YFI) and Radix (XRD)

Among altcoins, the analyst is keen on are DeFi’s Aave, Uniswap, and Yearn.Finance. Also on the table is layer-1 protocol Radix.

Merten sees Aave price registering a major breakout to add to its stellar performance against Bitcoin. Currently, the AAVE/BTC pair is capped within a range supported at lows of 0.005727 BTC.

“If we can clear through this range, that’s going to set the foundation for AAVE to probably have another seismic rally,” he said.

As for Uniswap (UNI), the analyst predicts another breakout against BTC, with

Bulls are likely to break above a descending trendline for another 25% or more run against Bitcoin. He says the automated market maker’s recent launch on Polygon adds to the strong fundamental outlook of UNI.

Yearn.Finance is also on the analyst’s radar, a fair-launch DeFi protocol whose governance token YFI has surged over 62% in less than two weeks.

There’s also Radix (XRD), an “early stage” layer-1 protocol that breaks out whenever other projects move higher. Although there remains the possibility of a major correction in such coins, the analyst says XRD is picking momentum as bulls prepare for the next major wave.

The post Analyst says the 2022 altcoin “Supercycle” is here, highlights 4 top picks appeared first on Coin Journal.

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Meet MultiFarmCapital, the coin that gained 1,725% today: Where to buy MultiFarmCapital

It might be trading for a fraction of a cent now, but MultiFarmCapital shows great promise. The native token of the experimental yield farming and profit sharing protocol is easily the biggest gainer today. Read on to find out what it is and the best places to buy MultiFarmCapital today.    

Top places to buy MultiFarmCapital now

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

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

What is MultiFarmCapital?

Multi-Farm Capital is an experimental yield farming and profit sharing protocol developed and launched on the Ethereum blockchain. Transaction fees from trading are collected in a treasury which is then utilized to yield farm on various other blockchains. This is done to reduce gas fees. The profits are then used to buy back $MFC to increase valuation. In addition to this, holders get a percentage of the transaction fees in $MFC tokens.

Should I buy MultiFarmCapital today?

MFC was added to CoinMarketCap less than three months ago. Both its price and market capitalization are expected to be very volatile and traders should be extremely cautious if they decide to invest in MFC. It is possible that this coin will go up dramatically, but it is equally likely to plummet.

MultiFarmCapital price prediction

The token has stayed off most major analysts’ radar. The predictions that do exist have been overly bearish. For example, Price Prediction forecasts the average price of MFC might drop to $0.00000006 by the end of this year. It’s currently trading for $0.000001. Digital Coin Price forecasts a drop to $0.00000019 in the same time frame.     

MultiFarmCapital on social media

The post Meet MultiFarmCapital, the coin that gained 1,725% today: Where to buy MultiFarmCapital appeared first on Coin Journal.