Schlagwort: crypto analysis

With the growing number of highly efficient L-1 platforms, there is no doubt that Web 3.0 is about to take off. We could be at the beginning stages of the era of community-driven organizations and systems that rival or even outcompete big tech corporations that gained a lot of power thanks to Web 2.0.

Given how much potential blockchain holds going into the future, it makes sense to start investing in Web 3.0 cryptocurrencies that could be at the forefront of changing the world as we know it today.

If you want to participate in the next web revolution, here are the top three undervalued cryptocurrencies to buy now for potentially high gains.

Filecoin (FIL)

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Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

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Filecoin (FIL) is highly undervalued, having dropped from over $50 to its current price of $5. Despite this drop, the adoption of Filecoin as a decentralized data storage network continues to grow. This indicates that this network’s intrinsic value is on a growth trajectory. As this adoption increases, the value of FIL tokens will also grow since it is the native token of the Filecoin ecosystem. This makes Filecoin a high-potential cryptocurrency to keep an eye on both in the short term and even better in the long run once cryptocurrency adoption transforms the internet as we know it. Who knows, this could one day overtake Amazon Web Services.

Chainlink (LINK)

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Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

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As Web 3.0 takes root in society, one of the markets that will change the most is the data oracles market. That’s because decentralized and trustless networks need decentralized data feeds, and Chainlink (LINK) is the most significant player in this market.

While it only started a few years ago, Chainlink has grown to become the largest decentralized data network, with nearly 70% of the market. Essentially, it has become the de-facto data oracle for crypto networks. With blockchain still in its infancy and expected to be at the center of all industries in coming years, Chainlink is a particularly good Web 3.0 cryptocurrency to consider today.

In the short term, Chainlink is trading at a massive discount from its 2021 highs. As such, if by any chance the crypto market makes a rebound, LINK could be rewarding to those who buy at current prices.

Polkadot (DOT)

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Capital.com

Capital.com is a global broker which offers over 200 cryptocurrencies for its users. It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets. On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

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As Web 3.0 gains traction, scalability will become even more critical. Without a clear path to infinite scaling, decentralized networks could find it hard to compete with centralized systems. Polkadot (DOT) is one of the Web 3.0 that is leading the way in offering viable scaling solutions.

Polkadot achieves this through parachains to ensure that the network can handle as many transactions as possible without putting a strain on the network and raising costs. Polkadot is trading at a massive discount from its most recent all-time highs despite its capabilities. Its technical capabilities and current low price make DOT an undervalued Web 3.0 cryptocurrency worthy of keeping an eye on today.

The post Massively undervalued Web 3.0 cryptocurrencies to buy now appeared first on CoinJournal.

Prosper price has been in a strong bullish trend in the past few weeks as demand for the coin jumps. It rose to a high of $1.8615, which was the highest level since December last year. It has recovered by more than 1,436% from the lowest level this year, giving it a market cap of over $7.9 million.

What is Prosper and why is it rising?

The betting and prediction market is one of the biggest industries globally. It is also one of the most regulated sectors in most countries. Therefore, it has been ripe for disruption, especially using the blockchain industry.

Prosper is one of the fast-growing companies that is aiming to disrupt the sector. It describes itself as the first prediction market with on-chain liquidity aggregation. The platform using the PROS token to facilitate transactions in the ecosystem. After making a transaction, a person can stake an equal amount of PROS token to insure the deal.

There are two main reasons why Prosper price has been in a strong bullish trend in the past few days. First, the coin has jumped after it was listed in Binance, the biggest exchange in the world. The company made it possible to trade the PROS/BUSD pair.

PROS price has also rallied as investors cheer the recent news of the upcoming upgrade. The upgrade will introduce several features like Prosper DAO, Prosper Votes, crypt productions, social predictions. Prosper DAO will be a package that will provide users with the ability to have community voting with their tokens and NFTs. Therefore, investors believe that the coin will continue soaring in the coming months.

Prosper price prediction

The daily chart shows that the PROS price has been in a strong bullish trend in the past few weeks. Along the way, the coin has surged above the important resistance level at $0.9490, which was the highest point on April 2nd. 

The coin has also surged above all moving averages, which is usually a bullish sign. Also, it moved slightly above the neckline of the inverted head and shoulders pattern. Therefore, there is a likelihood that the coin will keep rising as sellers target the next key resistance level at $3. 

Where to buy Prosper.

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

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The post Prosper price prediction: Here’s why PROS is surging appeared first on CoinJournal.

Buy the rumour, sell the news. 

The Ethereum Merge was completed without a hitch, but prices in the immediate aftermath have disappointed investors. I dive in quickly here to take a temperature check on all things on-chain.

Funding rate turns positive 

In the run-up to the Merge, funding rates on Ethereum hit all-time lows. This caused headlines but was to be expected. With holders of Ethereum receiving an ETH PoW token, it meant investors moved to long spot ETH and short futures in order to receive the token while removing price exposure.

Given this was an apparent arbitrage opportunity, the laws of simple market dynamics dictate that the funding rate has to come down to reflect the outsized number of investors shorting ETH futures into the Merge in order to long spot and receive the ETH PoW token.

Post-Merge, the all-time low funding rates have now reverted to normal levels – and even turned slightly positive. So, nothing to see here and normal service resumed.

Why did Ethereum fall post-Merge?

As I ate my breakfast Wednesday morning (toast and a croissant with honey), Ethereum completed its Merge – at block 15,337,393, to be precise.

The price of ETH traded at around $1,598 and jumped slightly to $1,620, a rise of 1.4%. However, it then pulled back and as I write this over my breakfast on Friday morning (this time oats and blueberries) ETH is trading at $1,470, 8% below the level of the Merge.

 And so, the Merge turned out to be a classic sell-the-news event. Given Bitcoin is only trading 2% below the level it was at as the Merge completed, there does seem to be some underperformance from ETH.

Options also give a hint at the bearish sentiment. There was a volatility smile with a bearish divergence visible in the run-up to the ETH. This means that when the strike price was plotted against implied volatility, there was greater implied volatility (of over 100%) at lower strike prices – showing traders were betting on a sell-the-news scenario.

Looking at options open interest by strike price, there were also more puts than calls – meaning traders were betting on the price falling rather than rising.

Federal Reserve will ultimately dictate price

Of course, all this will be overshadowed by the key Federal Reserve meeting being held on September 20^th and 21^st, when the Fed is expected to announce another substantial rate hike following the disappointing inflation reading this week.

Nonetheless, it hammers home the point that simply because there is a large event in the pipeline does not mean the price will rise. It’s an absolutely classic example of a buy-the-rumour, sell-the-news event, one we see in the stock market all the time.

Having said that, in terms of Ethereum’s long-term future, the Merge is now in the past and it went by smoothly. It’s a huge achievement and very bullish for Ethereum overall. Jerome Powell and the economy just need to cooperate now!

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Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

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The post Why has Ethereum fallen post-Merge? ETH slides 8% appeared first on CoinJournal.

One of the most covered criticisms of Ethereum since its creation in 2015 has been its mammoth energy usage.

While not as heavy as Bitcoin, it nonetheless consumes 0.2% of the world’s electricity, and is responsible for between 20% and 39% of cryptocurrency’s electricity consumption as a whole (Bitcoin claims between 60% and 70%).

Now – and going forward – that energy consumption has fallen 99.95% following the successful completion of the Merge. It’s an incredible achievement.

What is the Ethereum PoW token?

Miners will thus have to find another coin to mine. However, some are clinging to hope that a fork of Ethereum will maintain the Proof-of-Work validation consensus which will allow them to continue to mine.  

The PoW token will be received via airdrop to holders of Ethereum, with its price varying over the last few days quite drastically. Peaking as high as $60, it currently trades at $18.

How does Ethereum mining work?

Ethereum miners have to date used powerful computers known as ASICs to validate transactions. With staking, this is no longer necessary, meaning their livelihoods are in question. Many have swapped to other cryptos in order to continue to mine, and the effect of this can be seen in the hash rate of these other cryptos.

Hash rate is a measure of the computing power on a network, and is a key security indicator – the higher the hash rate, the higher the security, as more miners have to verify transactions. For Bitcoin, the hash rate hit an all-time high last week. 

Let’s zoom in on this year, which may be more indicative.

This shows the hash rate opened the year at around 170 EH/s, yet is now north of 200 EH/s (and hit 280 EH/s earlier this week). This is despite the price of Bitcoin plummeting from the mid $40K’s to below $20,000.

Ethereum Classic

More interestingly, however, is the uptick in hash rate seen on Ethereum Classic. This has been drastic, rising from around 50 TH/s last week to over 300 TH/s. This points towards Ethereum miners flipping over to the Classic variant with their equipment – a much easier shift than would be required to move to Bitcoin.

Indeed, other coins have seen upticks in hash rate as well – Monero, Ravencoin, Ergo, to name a few.

For the miners that have not flipped to alternatives, they will hold out hope that the Ethereum PoW alternative takes hold. Otherwise, they’ll be left with expensive ASICs and no real use case, now that Ethereum is Proof-of-Stake and no longer generating miner revenue.

The post Ethereum miners flock to Ethereum Classic and elsewhere, in wake of Merge appeared first on CoinJournal.

Firo price rose to the highest level since July 16 of this year as demand for the coin rose. It jumped by more than 28%, bringing its total market cap to over $43 million and its diluted cap to more than $80 million. Other privacy-focused coins also did well.

What is Firo and why did it rise?

Cryptocurrencies like BTC and LTC were created to facilitate transactions in an anonymous way. However, since Bitcoin works on a public ledger, its role as a privacy coin has been diminished since authorities can easily track transactions.

Firo is one of the few privacy tokens in existence today. Others are Monero, Dash, and Decred. These coins work by ensuring that no one can track transactions. They achieve that by automatically changing a user’s address as the transaction is being implemented. 

Investors have been focused on the privacy sector in the past few months as authorities got more concerned about the industry. Their most recent action was to sanction Tornado Cash, a cryptocurrency mixer that promoted privacy when using popular coins like ETH and BTC.

Firo is a privacy cryptocurrency that works using the proprietary technology known as Lelantum. This technology allows users to burn coins or destroy them so that they stop existing. After doing that, users can then redeem them at a later date for coins that do not have a previous history. 

Redeeming involves giving them zero-knowledge proof that you previously burned coins without showing those that you burnt.

Firo price has risen in the past few days even after a major development in the privacy token industry. Last week, Huobi, one of the biggest companies in the industry, said that it would delist the coin together with other privacy tokens. The company said that this delisting was done in order to comply with regulations. 

It is also rising as demand for proof-of-work cryptocurrencies following the success of Ethereum merge. Indeed, its hash rat has risen to the highest level in a few days.

Firo price prediction

The daily chart shows that Firo price has been in a strong bullish trend in the past few days. It has managed to move from the year-to-date low of $1.1715 to about $4. Along the way, the coin jumped above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved close to the overbought level. It also crossed the important resistance point at $3.42.

Therefore, Firo seems to have momentum, meaning that the coin will likely continue rising as buyers target the next key resistance level at $5.

Where to buy Firo now 

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

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Wazirx

WazirX is India’s largest crypto exchange. Started in 2018, WazirX has grown to be the most trusted exchange in the Indian crypto market. It is a part of the binance group, serving users in 180 countries.

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The post Is it safe to buy Firo after crossing an important resistance level? appeared first on CoinJournal.