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Market highlights January 19: Sea of red for major cryptos, oil at 7-year high

All top 20 cryptos except Terra at #9 were down over the past 24 hours. Oil gushed past $86 late Tuesday night, its highest price since 2014, with a slew of geopolitical events contributing to tighter supplies. 

An oil pipeline from Iraq to Turkey exploded, halting oil flow. Terrorists attacked oil storage facilities and fuel tankers in the UAE on Tuesday. 

Tensions on the Russian-Ukrainian border threaten disruption of supplies as OPEC+ countries struggle to meet their target output while global demand for oil only increases. At the time of writing, oil was trading above $85.

US stocks slumped yesterday following a spike in Treasury yields. All Wall Street indices were in the red yesterday as the DJ30 and SPX500 fell 1.5% and 1.8%, respectively, while the NASDAQ100 plummeted 2.6%.

Top cryptos

Cardano ended its winning streak, diving more than 10%. Polkadot followed, sliding more than 4%, Ethereum and BNB dropped more than 3%, while XRP and Solana were all down more than 2%.

Bitcoin was trading below $42,000 at time of writing. The only top 20 winner was Terra, whose token Luna gained 5% in the last 24 h.

Crypto ATMs in Singapore halted services as regulators frown on easy consumer access to cryptocurrency. Bank of NY Mellon sees crypto assets potentially generating a meaningful source of revenue in the next 2-3 years.

Top movers

The top 100 more or less mirrored the movements in the top 20. A notable exception is Stacks, a layer-1 blockchain solution that is designed to bring smart contracts and decentralized applications (DApps) to Bitcoin (BTC). It is up 17% today.

The native token of Theta Network, THETA, was easily one of today’s biggest and few winners, up more than 9% in the last 24 hours. Theta Fuel, the token powering the Theta blockchain, is also up today – by 14%. At the other end of the scale is Harmony, ending its gains with a dive of 13%.

Trending

The biggest gainer of the day is Patron, the token of an influencer sharing economy platform. The Japanese company’s cryptocurrency added 2,970% to its value in the last 24 h.  

Rainbow Token is a hyper-deflationary, ethical DeFi token running on Binance Smart Chain, which combines seven features into a single crypto asset. It was listed on Stealth Exchange two days ago and has gained 18% today.

The Lunar token is surging on news of a Bitmart listing. Lunar added 11% to its value today.

The post Market highlights January 19: Sea of red for major cryptos, oil at 7-year high appeared first on Coin Journal.

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Top places to buy Rainbow Token, the hottest new cryptocurrency

Rainbow Token is a hyper-deflationary, ethical DeFi token running on Binance Smart Chain, which combines seven features into a single crypto asset. It was listed on Stealth Exchange two days ago and has gained 18% today.

Look no farther than this article to learn the details around Rainbow, including if it makes a worthwhile investment and the best places to buy Rainbow Token today.  

Top places to buy Rainbow Token now

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

1. Buy BNB on a regulated exchange or broker, like Binance ›

We suggest Binance 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 BNB 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 SushiSwap DEX

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

4. You can now swap your BNB for RAINBOW

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

What is Rainbow Token?

Rainbow Token launched on the 18th of August, 2021. It takes 7 colors and assigns each of them a special protocol that is built into the tokenomics of the smart contract.

RAINBOW plans to develop a decentralized platform service called Bifrost that allows users to launch their own tokens in a safe way. It wishes to improve upon current solutions, with a particular focus on reduced fees.

Bifrost will feature a clean user interface, flexible and modifiable sales, fair and low fees, and public and private presales with whitelisting features.

Should I buy Rainbow Token today?

Don’t make an investment without conducting your due diligence first. Take your tolerance of risk into consideration because you invest funds at your own risk.   

Rainbow Token price prediction

Wallet Investor expects a long-term increase. Their price prognosis for January 2027 is $0.00000019. A 5-year investment will generate revenue of around +1,780%. If you put $100 into Rainbow Token now, it might go up to $1,880 in 2027.   

Rainbow Token on social media

The post Top places to buy Rainbow Token, the hottest new cryptocurrency appeared first on Coin Journal.

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You can now buy Lunar, which added 11% to its value: here’s where

Lunar is the top trending coin on CoinMarketCap today on news of an upcoming Bitmart listing, having added 11% to its value in the last 24 hours. 

It is the native token of the DeFi application Lunar, which aims to streamline the entire process of crypto and NFT trading into one intuitive interface. This short guide explains what Lunar is, whether it’s worth buying, and the top places to buy Lunar now.  

Top places to buy Lunar now

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

1. Buy BNB on a regulated exchange or broker, like Binance ›

We suggest Binance 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 BNB 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 SushiSwap DEX

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

4. You can now swap your BNB for LNR

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

What is Lunar?

Lunar replaces the 10+ separate tools needed to trade and research crypto with a single platform that gives users near-instant access to the functionality they need.

This includes Token Trading, Wallets & Wallet Aggregation, Price Charts & Token Information, Automated Portfolio Tracking, Token Explorers, and Price Alerts.

Some other components are Reflections Tracking, Watchlists, and Farming & Staking. Because every component within Lunar is fully interconnected, it unlocks features that users can’t get with separate systems.

For example, users can pay for crypto from multiple wallets at once, and track their portfolio automatically.

Should I buy Lunar today?

Lunar can be a lucrative investment, but do take the time to read price predictions and study the market before making a commitment.

Lunar price prediction

Price Prediction forecasts the price of Lunar will reach at least $0.00000006 next year. It can go up to $0.00000007 with the average price of $0.00000006 throughout the year. In 2024, it will trade for at least $0.00000009 and for at least $0.00000012 in 2025.  

Lunar on social media

The post You can now buy Lunar, which added 11% to its value: here’s where appeared first on Coin Journal.

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5 Reasons Why You Should Buy Polygon

Polygon is an Ethereum layer-2 solution that could explode in 2022

Since the inception of bitcoin as the pioneer cryptocurrency, cryptographers have followed the trend creating a lot of other digital coins. There are now more than 6000 of these coins with more in the development phase. Polygon is one of the many cryptocurrencies, otherwise referred to as altcoins, after bitcoin.

Polygon was developed in 2019. It was initially referred to as “Matic Network“ but later rebranded to the polygon. Its main purpose was to solve the scaling problem that existed on the Ethereum blockchain without paying high gas fees. If you are an investor looking to add this coin to your portfolio, then here are some of the reasons you should consider.

1. Polygon’s Use in the Decentralized Finance (Defi) Industry

As stated earlier, polygon’s main aim was to help scale up transactions on the Ethereum blockchain while keeping the costs of transactions as low as possible. Polygon has so far managed to achieve both of these fetes. Many Defi developers are rapidly adopting this cryptocurrency, thanks to its attractive features. Using polygon is easy and fast and very affordable, making it a market leader in this sector. Considering that the Defi industry is now worth more than $100 billion, you could make some good money investing in this coin if it continues gaining traction in the industry. Additionally, Uniswap V3 has also recently been launched on the Polygon ecosystem bring more Defi developers and users to the polygon network. The more users it attracts, the higher the demand for this coin will rise, pushing its price up.

2. Polygon Has a Clear Plan

Of the more than 6000 digital coins in existence, very few have clear plans on what they intend to achieve in the feature. Most are dump and pump projects that only aim at raising a few dollars then fizzle into oblivion. Polygon is among the few projects that have shown a clear path. The project is currently providing real and practical solutions to the finance industry.

As an investor, you should not be quick to put your money in any project that gathers clout for a while with promises of profits but no defining feature. It would be prudent to consider the team behind any project, their skills, experience, and feature perspective. The team behind polygon has shown their seriousness and determination to provide solutions and convenience to the cryptocurrency industry. Among their most notable solution is the scaling feature that has evaded many other blockchains so far. They continue to research to advance their platform even further.

3. Polygon as an Impressive Market Capitalization

Market capitalisation is the value of all the coins that are in circulation. The coin’s current price multiplied by the total number of coins in circulation gives you its capitalisation. This value is an indication of the stability of a particular cryptocurrency. The higher the market cap, the more stable the digital currency in question. That means that in case of market fluctuation that happens from time to time, the price of that coin will not be affected significantly.

The current market capitalisation of Polygon is just above $15.7 billion. This value is relatively stable compared to the leading digital coin, bitcoin, with a market cap of about $794 billion. Polygon is currently ranked at number 13 in terms of this metric of all cryptocurrencies. Having this coin as part of your investment is a relatively same gamble. It is bound to grow, albeit slowly, in the next few years.

4. Polygon has Strong Partnerships

If you want to know whether a project has a future, take a look at the project’s partners. Most cryptocurrency projects are pump and dump developments whose aim is to collect as much cash as possible, especially during initial coin offerings, then fizzle with their investors‘ money. Polygon is a different project compared to other well-known digital currencies such as Ethereum and bitcoin. It has attracted serious potential partners such as the Kyber Network and GraphLinq Protocol. Kyber Network is using the Polygon platform to enhance the liquidity of its application. Using this scaling solution, it has developed Rainmaker, which is the first liquidity mining solution. Thanks to polygon’s low gas fees, its partnership with GraphLinq has seen more users come on board. As more partners come on board, this coin’s value is bound to grow in the near future.

5. Polygon has a Low Entry Point

If all the attractive features about this coin are not enough reasons to add it to your portfolio, then you can consider its nominal entry point. Most big projects that make the top 20 list of all cryptocurrencies are relatively pricey apart from a few. Polygon is among those coins that have potential but whose price is still significantly low. Currently, the price of one MATIC is $2.18. You can buy more than a hundred units at this price at just more than $200. That is very low compared to a currency like Ethereum that is retailing at more than $3,500. If in a few years MATIC hits $50, which is very possible owing to its features and progress, you could make a very handsome profit. You can consider having a few of these coins in your portfolio as a way of spreading your risks as well as diversifying your investments.

The post 5 Reasons Why You Should Buy Polygon appeared first on Coin Journal.