Schlagwort: crypto business

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FTM price soars amid news on Fantom’s financial health

  • Fantom price soared by more than 17% early Tuesday as the DeFi platform’s market cap hit $500 million.
  • Andre Cronje shared a breakdown of Fantom’s finances, stating that the platform is ‘cash flow positive’ with over $450 million.
  • He revealed Fantom refused to pay millions to be listed on certain exchanges or deployed on NFT platforms.

Fantom (FTM) is up more than 26% in the past seven days, with double digit pops for the FTM token as well as other ecosystem tokens over the past 24 hours. The dash to buy Fantom pushed the token’s price above $0.215.

Fantom price jumps 17% as market cap hits $500 million

Data on CoinGecko shows Fantom price surged from a low of $0.178 on Tuesday morning, hitting intraday highs of $0.219 and a daily volume of more than $200 million. The cryptocurrency’s market cap rose above $500 million and was around $546 million as at 8:15 am ET.

Fantom projects such as Scream (CREAM) and Geist Finance (GEIST) were also trading higher.

Why did Fantom price surge?

The crypto market remains largely bearish, with recent events around the collapse of FTX and other platforms contributing to the jitters that have seen major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) hover near multi-month lows.

As for Fantom, although the latest upside has helped cut the DeFi token’s losses over the past 30 days to under 5%, a look at the charts shows the price of Fantom remains more than 93% down on its all-time high of $3.46 reached in late October 2021.

But what pushed the FTM price to its highest level since early November?

The answer is in a wave of fresh optimism sweeping through the Fantom ecosystem after a dose of great news regarding the financial state of the crypto company. In short, crypto developer Andre Cronje shared details that basically show Fantom is financially healthy.  

Fantom is ‘cash flow positive’

According to Cronje, Fantom’s treasury currently holds more than 450 million FTM, over $100 million in stablecoins, and more than $100 million in crypto assets. The DeFi platform also holds $50 million in non-crypto assets, giving the company approximately 30 years of runway even with a salary burn rate of $7 million a year.

And notably, Fantom won’t have to sell FTM to stay in the green financially for the next several years. With more than $10 million earned annually from validators, delegators, various DeFi strategies and network fees, Fantom is “cash flow positive” and scaling, Cronje noted.

On lessons learnt as multiple crypto projects file for bankruptcy, he wrote:

“If your entire revenue model is selling your token, you are doing a disservice to yourself, your blockchain, and your supporters.”

Cronje also revealed that Fantom had refused to part with millions of dollars in return for listings, partnerships and deployment on an NFT marketplace.

The post FTM price soars amid news on Fantom’s financial health appeared first on CoinJournal.

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Will CELR rally higher following Celer Network’s new transaction milestone?

  • CELR is up by 1% in the last 24 hours, underperforming compared to the broader market.

  • The token could rally higher after the Celer Network reached $11.5 billion in cross-chain transaction volume.

  • The broader cryptocurrency market could reach the $850 billion market cap soon.

CELR underperforms against the broader market

CELR, the native token of the Celer Network, is up by 1% in the last 24 hours, underperforming against the broader cryptocurrency market. At press time, CELR is trading at $0.011779 per coin.

The positive performance comes after the Celer Network announced that it had reached a new milestone. Celer Network said cBridge, its multi-chain, cross-layer asset bridge offering instant transfer with numerous chains, had surpassed $11.5 billion in cross-chain transaction volume. 

This latest cryptocurrency news comes as the broader crypto market recovers from yesterday’s slump. The total crypto market cap stands at $835 billion, up by 2% in the last 24 hours. It could surge past the $850 billion mark if the rally continues.

Bitcoin, the world’s leading cryptocurrency, is also up by more than 1% in the last 24 hours. At press time, the price of Bitcoin is above $16,400 and could surge toward the $17,000 level soon. 

Key levels to watch

The CELR/USD 4-hour chart remains bearish despite Celer Network adding 1% to its value in the last 24 hours. The technical indicators show that CELR is underperforming against the broader crypto market.

CELR/USD Chart By TradingView

 

The MACD line is below the neutral zone but could move higher over the next few hours if the bulls remain in charge. The 14-day RSI of 54 also shows that CELR is currently not in the oversold region.

If the positive performance continues, CELR could surge past the first major resistance level at $0.012678 before the end of the day. In the event of an extended rally, CELR could move toward the $0.014275 resistance level over the coming hours or days.  

Where to buy Celer Network now

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 CELR with OKX today

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.

Buy CELR with Binance today

The post Will CELR rally higher following Celer Network’s new transaction milestone? appeared first on CoinJournal.

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BNB initiates a mini breakout even as economist thinks Binance is the same as FTX

  • Binance coin has pushed above $295

  • Crypto critic Roubini has accused a “shady” Binance

  • The cryptocurrency could hit $330 soon, and $360 next

Binance (BNB/USD) pushed above $295, setting the cryptocurrency on the course above $300. The area around $295 has been a minor resistance zone, although BNB has since fallen back to $292. Investors would be curious whether the current slowdown is a correction back, with a price of $330 in sight. But then, Binance has also come under sharp criticism.

Renowned crypto critic Nouriel Roubini thinks the Binance crypto exchange is the same as collapsed FTX. He says Binance is “much worse and shady.” Roubini, nicknamed “Mr. Doom,” accurately predicted the 2008-2009 financial crisis. Thus, his words may have weight in some quarters. 

Roubini opines that Binance has never revealed its head office. In his view, BNB is an even more dangerous investment than FTT, given that FTX already had a known head office in the Bahamas. Describing BNB as the “same scammy vaporware,” Roubini warns that 87% of the cryptocurrency is hidden in a single wallet. He has also raised questions about the control of crypto stashes of Binance.

Further, Roubini has raised concerns over Binance’s audit. He says that the exchange is audited by the same entity as FTX. The economist believes Binance may not have any audits. Roubini points out that recent calls for crypto reserves by Binance CEO are just gimmicks. He warns that Binance customers will lose their money for good.

Amid the harsh words, Binance has shown resilience. A potential recovery of BNB could be underway amid the intra-day correction.

BNB corrects slightly to the $295 zone 

BNB Chart by TradingView

On the daily chart, BNB is correcting after scathing attacks by Roubini. The cryptocurrency trades at or slightly below a minor resistance-turned-support.

The technical indicators are bullish. The MACD indicator initiated a bullish crossover. The RSI has shifted above the midpoint on the entry of buyers.

What next for BNB?

The latest attacks on Binance add pressure, but that could diminish soon. BNB price could stay bullish and eyes $330 next. From there, the next level for the cryptocurrency is $360.

Where to buy BNB

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 BNB with eToro today

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.

Buy BNB with Binance today

The post BNB initiates a mini breakout even as economist thinks Binance is the same as FTX appeared first on CoinJournal.

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Cardano hits a new milestone, but where are the buyers?

  • Cardano native token lost 3% in 24 hours.

  • Cardano hit the highest level of assets minted on the blockchain.

  • ADA remains on a downtrend and could find lower levels.

The number of assets minted on the Cardano (ADA/USD) blockchain has hit a new milestone of 7,055,456. The increase in the native assets comes after the Vasil hard fork in September. It shows the impact the upgrade has played on attracting users to the Cardano blockchain.

Further statistics show that as of November 25, the number of projects building on Cardano was 1,146. According to Cardano Weekly Report, there were over 55.3 million transactions on the blockchain as of the date. In summary, there are 106 projects launched on the blockchain and 3,759 Plutus scripts.

However, the increase in activity on Cardano has not been reflected in the price. As of press time, ADA was trading down 3% in the last 24 hours. A technical outlook shows that ADA is on a sustained downtrend.

ADA on a downtrend amid increased on-chain activity

ADA/USD Chart by TradingView

Technically, ADA is bearish. The cryptocurrency trades near its lowest level on a descending channel.

Momentum is weak for ADA, with the MACD indicator remaining below the neutral zone. The RSI is near the oversold level, with a reading of 35. 

Is the bottom near for ADA?

There is no clear bottom price for ADA. Although activity is building on the blockchain, investors are still cautious of the native token as the bear market ravages. 

For a potential bullish reversal, ADA buyers must counter the bearish channel. The key level to watch for a bullish reversal is $0.42. This is the established resistance where the ADA price formed multiple bottoms before crashing lower.

Where to buy ADA

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 ADA with eToro today

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 ADA with OKX today

The post Cardano hits a new milestone, but where are the buyers? appeared first on CoinJournal.

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Litecoin prediction as price corrects above a breakout zone

  • Litecoin has corrected 6% after a bullish week

  • Crypto analyst Peter Brandt thinks LTC printed a bullish pattern

  • The cryptocurrency remains bullish and could embark on an uptrend after the correction.

Litecoin (LTC/USD) has been gaining strength in the last one week. As CoinJournal reported, the recovery could be contributed by the next Litecoin halving event. The gains saw it initiate a breakout that has been pushing prices higher. However, the price of LTC is correcting, with an intraday loss of 6%. Will the downturn continue?

Veteran crypto trader Peter Brandt believes LTC has initiated a classic charting pattern for an upside. According to the analyst, the appearance of a bullish double pattern followed by an uptrend is a major trend change signal. Brandt says LTC completed the same pattern in November before embarking on a rally that returned 65%.

Brandt further explains why the double bottom for LTC is a classic one. He says, often, traders tend to mislabel double bottoms. In his view, double bottoms need months between lows. He says the depth of the pattern should be more than 20% of the price of the market.

LTC corrects slightly after a bullish breakout

LTC/USD Chart by TradingView

A technical outlook shows that LTC buyers are still in control despite the price slowing from the $80 level. The daily chart shows a short-term bullish trendline has developed since the double bottom at $50.

The MACD indicator is bullish. The RSI has slowed slightly since the cryptocurrency hit overbought levels as the price reached $80. The bulls are still in control as the RSI remains above the midpoint.

What next for LTC?

Litecoin price is in a correction phase rather than a bearish movement. $64 will remain the reference support should LTC continue to correct downsides. However, the area around $70 should also form a crucial bullish reversal zone.

LTC price target remains at $95 in the medium term. This is the established resistance zone. Investors can hold or buy LTC to the level as long as the bullish momentum remains.

Where to buy LTC

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 LTC with eToro today

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 LTC with OKX today

The post Litecoin prediction as price corrects above a breakout zone appeared first on CoinJournal.