Schlagwort: crypto business

• Polygon announced the second testnet before going live on mainnet 

• MATIC has consolidated at $0.8 for the past week

• The token could resist bear pressure to rise toward $1

Polygon (MATIC/USD) traded at a support zone at $0.8 on Friday, a level it has held for a week. Although the consolidation is not positive for bulls, it should give hope for a potential recovery. That’s combined with positive cryptocurrency news for the Polygon network.

According to the latest announcement, Polygon has launched its second and final public testnet. The testnet makes Polygon ready for the mainnet launch in Ethereum, expected in early 2023. The announcement indicated that the testnet was for a new upgrade, dubbed recursion. The upgrade is expected to boost Ethereum scaling significantly. 

Polygon has lauded the upgrade, which says it is the first zkEVM, a new scaling technology on Ethereum. zkEVM is expected to enhance Ethereum’s speeds and privacy and cut transaction costs. That would make it easier to build dApps. 

MATIC price is yet to react to the positive developments. However, data from PolygonScan shows that unique addresses on the network are rising. The addresses hit an all-time high of more than 201 million this week. The growth underlines continued growth in the activity that could boost MATIC’s price at a later date.

MATIC defends the $0.8 zone from the bear pressure

MATIC/USD Chart by TradingView

The daily chart outlook puts bears in control of MATIC. The RSI remains below the midpoint, while the MACD indicator is bearish, with weak momentum. 

However, from the price outlook, MATIC has stabilised around $0.08. Recovery could be underway if bulls continue to build up. Buyers are still few at the support. The price could head towards $1 next in the bull scenario.

Concluding thoughts

We remain in a largely bear market. However, MATIC price could find a short-term appreciation if the token recovers at the support. Activity is already building on the network to give buyers hope in the medium and long term.

Where to buy MATIC

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy MATIC with eToro today Disclaimer

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy MATIC with OKX today Disclaimer

The post Polygon’s MATIC defends support as the last testnet launches with a huge milestone appeared first on CoinJournal.

Key Takeaways

• Crypto was crushed across the board, with all of the top 10 coins getting hammered
• LUNA was the worst as it death spiralled to near-zero in May
• Solana has lost 92% of its value this year, falling from the third biggest crypto to sixteenth
• Three best performers have been BNB, XRP and Dogecoin, but they still pared back 56%+
• Bitcoin dropped 64% and Ethereum fell 67%

 

2022. What a year.

In crypto markets, it’s safe to say that it hasn’t been one the best. The world has transitioned to a new interest rate paradigm, with markets realising quite how much of the crypto space was predicted on overleverage at cheap rates.

That cheap credit is gone now and the rug of liquidity has been pulled, with market prices collapsing as a result. Throw in a few scandals – FTX, LUNA and Celsius, to name a few – and the markets have been absolutely torrid.

In this piece, we look back at the top 10 coins at the start of the year.

2022 seems a long time ago now

The below is a historical screenshot from the start of the year, taken off CoinMarketCap.

Bitcoin is not far off a trillion dollars, trading close to $50,000 and leading the way for the market at large. Ethereum has recently dipped below $4,000, while the third spot is occupied by Binance’s coin, BNB.

Tether is the first stablecoin on the list in fourth, while Solana jumps out next in fifth place. The coin, linked with a revered entrepreneur by the name of Sam Bankman-Fried, is marketing itself as an ETH killer and making serious gains, now over $50 billion in market cap. 

The only other stablecoin is USD Coin in seventh, while Dogecoin ranks tenth when excluding the stablecoins, or twelfth overall. There is also LUNA, or Terra, in ninth – the coin which powers the burgeoning DeFi ecosystem that is Terra. 

Life is good, life is fun, life is up-only. Sure, the market has peeled back a little from November, when Bitcoin hit its all-time high of $68,739, but prices are still high and profits are flowing. Happy New Year, and roll on 2022. 

One year later

One year later, you could probably argue things are a little different. I have collated the performance of the top 10 coins (excluding the two stables) into the chart below: 

Luna, obviously, has pretty much gone to zero. Solana comes in as the second-worst performer, losing a staggering 92% of its value in 2022. From being ranked as the fourth biggest crypto, it is now sixteenth. Avalanche has also killed investors, falling from eleven to eighteen and shaving 87% of its value in the process.

The best performers, on the other hand, are BNB, XRP and Dogecoin, the trio losing “only” 56%/57% of their value. BNB, despite the recent controversy around Binance, looks set to end the year as the fifth biggest crypto, having let USDC and USDT overtake it.

This year, it really has been only stablecoins that have been immune to the price action. Even Bitcoin and Ethereum are down 64% and 67% respectively. Again, all these figures would be enlarged even further if expanded back to all-time highs of November.

Investors will be relieved to see the year come to a close, such has been the punishment in markets. The only problem is, we are still in a high-interest rate environment, the industry is still dealing with the fallout of FTX, and the world is a very uncertain place right now.

The post 2022: Looking back at the top 10 coins one year ago today appeared first on CoinJournal.