Schlagwort: blockchain analysis

Key takeaways

• STX is the worst performer amongst the top 100 cryptocurrencies by market cap so far today.

• Stacks has lost more than 9% of its value today and could record further losses in the near term.

• The broader market is stagnant ahead of today’s CPI readings.

STX dips by more than 9% today

STX, the native token of the Stacks ecosystem, is the worst performer amongst the top 100 cryptocurrencies by market cap so far today. The coin has lost more than 9% of its value over the last 24 hours and could experience further bearish trend continues.

There is no catalyst behind STX’s ongoing poor performance. The cryptocurrency is correcting after rallying to its weekly high of $0.81. Over the past month, STX has lost more than 20% of its value after reaching a high of $0.9819.

At press time, the price of Stacks stands at $0.6442. If the bearish trend continues, STX could drop below the $0.6 psychological level in the near term. 

Crypto investors await the CPI readings

The Consumer Price Index (CPI) readings in the United States will be revealed later today. Cryptocurrency investors are awaiting the figures before making their moves, with volatility in the market currently low.

The CPI will give investors insight into the current inflation situation in the United States. If the inflation figures increase, the Federal Reserve could continue its interest rate hike.

Earlier this month, the Fed increased interest rates by 25 basis points, taking interest rates in the US to a 16-year high.

However, a lower inflation figure could see the Federal Reserve cool down its rate hike. 

Bitcoin, the world’s leading cryptocurrency by market cap, continues to trade just below the $28k level. The total cryptocurrency market cap stands at $1.14 trillion, down by less than 1% today.

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• Bitcoin’s YTD return exceeds Ethereum’s
• The best way to speculate on the difference between the two is to trade the ETH/BTC cross
• A bullish flag favors more upside for Ethereum

Two of the leading cryptocurrencies are Bitcoin and Ethereum. The direct correlation between the two is so strong that one cannot move up or down without the other one to follow.

Bitcoin is supposed to lead, but that has not always happened. In any case, in 2023, Bitcoin gained 67.05% YTD, while Ethereum 53.95% YTD. Hence, Bitcoin leads, but for those believing in Ethereum, it means that there is more room to catch up.

The best way to speculate on the difference between the two is to focus on the ETH/BTC price. The cross tracks the differences between the two leading cryptocurrencies; the higher it gets, the closer the two move.

For example, if the cross moves to parity, it means that 1 Ethereum equals 1 Bitcoin. But that is a long road to such a level. As for now, the cross trades at 0.066, moving in a tight consolidation in 2023.

A bullish flag favors more upside for Ethereum

The ETH/BTC cross more than doubled in April 2021, moving from 0.03 to above 0.06. Since then, it moved into a range with the highest point 0.08 and the lowest 0.05.

ETHBTC chart by TradingView

But a bullish flag pattern keeps the focus on Ethereum. On a daily close above 0.07, bulls might want to invest in Ethereum instead of Bitcoin because the cross has room for more upside until the flag’s measured move is reached.

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• AltSignals token presale is now 66.84% complete

• The presale happens amid a tepid crypto market and growing interest in memes

• $ASI could be attractively priced ahead of the token listings

Bitcoin has cooled down after a tepid run to the $30,000 mark. The cryptocurrency trades slightly below $28,000 at a time investors are still showing much interest in other little-known or new tokens like PEPE. This also happens when new tokens on presale, like AltSignals, attract interest, with 66.84% of the tokens sold out. Investors have been looking at AltSignals as a quality project backed by an existing community of traders. You can join the presale and become part of the AI transformation happening in the crypto industry.

Bitcoin slows, but meme interest grows

One of the most watched paradoxes in crypto is the trading behaviour of Bitcoin versus meme cryptocurrencies. Historically, increased interest in meme cryptocurrencies like Dogecoin has caused a slowdown in Bitcoin. This time around, interest is on another little-known coin, PEPE. The frog-themed meme coin debuted in mid-April but has grown exponentially. The market cap rose to $1.82 billion barely a week ago, but it has retraced.

The interest in PEPE has also seen other little-known tokens, such as 4TOKEN, DINO, and CHAD, increase in value. It shows investors’ interest in crypto remains strong despite a prolonged bear market. That’s because meme cryptocurrencies are driven by speculations, meaning investors still hold ground.

The intense interest in new cryptos favours newcomers like AltSignals ($ASI). Beyond the speculative reasons that could spur its uptake, AltSignals token powers a service that is in high demand – AI trading. That makes it a more sound investment compared to the meme predecessors and one that could deliver long-term success. 

AltSignals – Leveraging the power of AI to power trading

AltSignals is a UK-based trading service. Since its inception in 2017, the platform has built a successful business that has attracted thousands of followers on Telegram. AltSignals has been using AltAlgo™, an advanced technical analysis tool, to generate quality signals for its community. The signals cut across forex markets and digital assets. The company has produced over 3,700 signals, with an average accuracy rate of over 64%. The signals have directly benefited over 52,000 traders who use the service.

To capitalise on the early success, AltSignals is launching an artificial intelligence-led trading platform for its community. The platform will be dubbed ActualizeAI and will be powered by AltSignals token $ASI. With AI, AltSignals expects to improve the quality of signals it produces and benefit its community further. There are other utilities the community will enjoy, potentially explaining why the $ASI presale has attracted a lot of interest so far.

Is ActualizeAI and $ASI really a good opportunity?

The world is shifting towards AI, and it’s no coincidence that software like ChatGPT is growing popular. Trading is one of those areas that is projected to benefit immensely from AI. AI trading systems can quickly and more accurately process data, allowing traders to make the right decisions. The systems can filter human emotions, pull data from various sources, and integrate a range of parameters in advanced technical analysis. Thus, a platform like ActaulizeAI could be exciting, especially since it is built from an already existing system by AltSignals. 

Similarly, owning $ASI guarantees access to AltSignals AI platform ActualizeAI. Investors benefit from quality trading signals which they can use to grow their bottom lines. AltSignals also envisions a situation where the trader is in control. They can use $ASI to vote on decisions and be part of beneficial ownership in the AI Members Club. In other words, apart from speculating on $ASI, investors have other range of benefits for investing in ActualizeAI. 

Should you buy $ASI this week?

With less than 35% of $ASI remaining before the presale completes, it could be the right time to invest. After that, the price may rise exponentially as $ASI is expected to list on Uniswap in the second quarter of 2023. It means investing early offers a chance to buy the token at a low price before more investors have access to it.

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• Metacade is correcting after claiming a high above $0.045

• The token could benefit from increased listings and market events facing Binance

• MCADE is a potential buy as a support zone develops around $0.026

Metacade is now entering an exciting phase that could make a significant difference. That is becoming available to a large number of investors after major listings on Uniswap, BitMart, and MEXC. 

But even after listing on these exchanges, the token of the arcade platform has slowed down. As of press time, it exchanged hands at $0.0269, compared to its highest price of $0.045 at the start of the month. Is this a good opportunity to buy, or should investors stay away?

Binance on US probe for averting sanctions to Russia

Crypto markets could once again be staring at a red light. The world’s largest crypto exchange Binance is under probe by the US Justice Department for possible subversions of sanctions placed against Russia. 

Reports indicate that the US regulators want to know if Binance helped Russian customers move money and overcome sanctions. 

The Binance investigation could be monumental to crypto should US officials find the exchange guilty of the wrongdoing. As the leading exchange, increased scrutiny could spark market fears and potentially trigger fund withdrawals, as it has happened in the past. 

Another potential impact is client shifts to decentralized exchanges like Uniswap. This happened when FTX collapsed in November 2022, which saw huge inflows into DEXs. Whether these two possibilities are bound to happen is highly speculative. But one thing is for sure should it occur. Tokens that are listed on DEXs like Metacade will benefit from the investor shift. 

What is Metacade, and what uniqueness is it offering?

Metacade is a Web 3.0 community hub allowing gamers, developers, and crypto fans to collaborate. The platform wants to become the biggest gameFi arcade that is community governed. Investors earn through different methods – Create2Earn, Compete2Earn, and Work2Earn. They can also stake the native token to grow their bottom lines.

Since its launch and during the presale, Metacade has witnessed strong investor interest. Thanks to its robust earnings mechanics, Metacade promises to be a leader in the Web 3.0 space that is growing exponentially. The platform aims for a thriving ecosystem for its community. As such, it has committed to initiatives like Metagrants that will support new projects and applications. A platform launchpad, game testing, and advertisements are also expected to make Metacade a self-sustaining ecosystem. 

Metacade more than doubles in price after exchange listings

The uniqueness of Metacade has helped the token’s presale to sell out quickly. Now, the token is at the stage of exchange listings and has successfully debuted on Uniswap, BitMart, and MEXC Global.

As analysts had projected, the price of MCADE increased exponentially on the listing. At the beginning of May, the price rose above $0.045. The token’s price during the final presale phase was $0.0.020, meaning it has more than doubled in value. 

The price has now cooled, allowing investors to buy before more exchange listings follow. Let’s look at how the price could behave at the current level. 

MCADE – a potential opportunity in May?

As previously pointed out, MCADE is in a correction phase. This is a normal occurrence for every token or financial instrument after a prolonged uptrend. However, investors know corrections offer a chance to buy an asset at a lower price and ride the uptrend with a lower risk-return ratio. 

Metacade has been making these corrections. Each time, it has claimed a higher high and higher low. That means the token is still on an uptrend, and the correction could be an opportunity to buy. 

For instance, if we look at the current price, MCADE has held to the level for the past 3 days. It means potential support is developing around $0.026. If this level holds, it could be the perfect zone to buy MCADE in May. Considering the token is already available for trading on three exchanges, trading volumes could build up, and MCADE could claim a new high. 

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