Schlagwort: crypto business

The cryptocurrency market has lost nearly 4% of its value in the last 24 hours.

The broader cryptocurrency market has shed the profits it recorded over the weekend. The total cryptocurrency market cap stands at around $1.255 trillion, down from the $1.3 trillion recorded yesterday.

Bitcoin is trading below the $30k resistance level again after losing 3.9% of its value in the last 24 hours. Ether is down by 5% so far today and currently trades at $1,963 per coin.

However, TRX, the native token of the Terra ecosystem, is currently trading in the green. TRX is up by more than 4% over the last 24 hours, making it the best performer amongst the top 20 cryptocurrencies by market cap.

At press time, TRX is the only cryptocurrency amongst the top 20 trading in the green zone. 

The catalyst behind TRX’s ongoing positive performance is the announcement that Fireblocks now supports TRX and TRC20-based tokens. 

Fireblocks is an enterprise-grade platform known for delivering a secure infrastructure for moving, storing, and issuing digital assets. It provides services to institutional investors. 

THE Tron team said Fireblocks had added support for TRX and all TRC20-based tokens of the TRON DAO blockchain on its digital asset platform.

Key levels to watch

The TRX/USDT 4-hour chart is bullish at the moment, thanks to Tron’s ongoing positive performance. TRX is currently one of the best performers in the market over the last seven days.

The MACD line is within the positive zone, indicating bullish momentum. The 14-day relative strength index of 64 shows that TRX could enter the overbought region if the positive momentum is maintained.

At press time, TRX is trading at $0.08082 per coin. If the rally continues, TRX could surge past the first major resistance level at $0.08272 before the end of the day.

In the event of an extended rally, TRX could move past $0.0852 for the second time this month. 

The post Here is why TRX is up by more than 4% today appeared first on Coin Journal.

Cryptocurrency companies have also suffered from the ongoing winter in the digital currencies industry continues. This explains why the Coinbase stock price has crashed by over 84% from its all-time high. Similarly, centralized exchange tokens (CET) have all retreated sharply in the past few months. Here are some of the best CET cryptocurrencies to buy.

FTX Token (FTT)

FTX is one of the biggest cryptocurrency exchanges in the world. It operates an international brand and a US-focused company. Combined, the two have been valued at over $30 billion by private investors. This makes it more valuable than Coinbase, which has a market cap of over $15 billion. 

The FTX Token is the biggest centralized exchange token globally with a market cap of over $4 billion. The FTT token price has crashed by 64% from its highest level in 2021. With the company expanding to stocks trading, there is a possibility that the token will bounce back in the near term. This rebound will mostly happen when other cryptocurrencies start recovering.

OKB (OKB)

OKX is a large company that provides a platform where people can buy and sell digital currencies. Like FTX, it most focuses on cryptocurrency derivatives, which have become even bigger than spot currencies. According to CoinMarketCap, it handles over $10 billion of cryptocurrencies every day. OKX also has features that let people buy and sell non-fungible tokens (NFT) and other DeFi platforms.

The OKB price has been in a strong bearish trend in the past few months as demand for cryptocurrencies has declined. Similarly, the overall volume of derivatives traded in the ecosystem has been in a downward trend. OKB is a good buy because of the overall market share of the company.

KuCoin Token (KCS)

KuCoin is another large cryptocurrency exchange that handles billions of dollars every day. Its KCS token has a market cap of more than $1.6 billion. Unlike other centralized exchange tokens, KCS has done relatively well in the past few days. It has risen by more than 45% from its lowest level in February. 

The most recent catalyst for the KCS price was the large $150 million fund that the developers raised this month. They plan to use the funds to expand the ecosystem in areas like DeFi and the metaverse.

In addition to these three, the other top centralized exchange tokens are Huobi Token, Swissborg, and Gate.

The post Top 3 centralized exchange tokens to buy the dip in appeared first on Coin Journal.

After Terra’s UST collapsed, there has been a sharp focus on dollar-pegged stablecoins. There are in fact fears that another de-pegging could pose systematic risks for the entire crypto market. Nonetheless, USD Coin has emerged as one of the key alternatives to Terra’s UST. Here is why:

• USD Coin is managed by a verified consortium of experts.

• USDC is also backed by dollars which are actually held physically in reserve.

• The stablecoin is also backed by other reserve assets including US treasury bills.

Data Source: TradingView 

Why is USD Coin behind Tether?

With the attributes listed above, it is clear that USD Coin has all the makings to become a huge stablecoin. In fact, its market cap has been growing, especially after the collapse of Terra UST. However, there are some signs that USDC is not growing as fast as its market cap suggests. 

For instance, USDC liquidity on Uniswap, one of the largest DEX in the world, has dropped significantly in recent months. High liquidity on a platform like Uniswap often indicates that a stablecoin is in high demand. The fact that USDC is dropping is a concern. 

We are also seeing the largest wallets favoring Tether. In fact, research by Glassnode notes that the percentage of USDC held by 1% of the largest crypto wallets is at a one-year low. While this is not a big enough concern, it suggests that there is limited demand for the coin.

Is USDC facing De-pegging risks?

At the moment, there is nothing that indicates USDC is facing any possible risk of de-pegging. The UST collapse of course has put investors on edge. But so far, USDC has managed to maintain a stable peg on the dollar. 

It is unlikely we are going to see any de-pegging soon. However, one thing we can be sure about is that USDC is years away from competing with Tether.

The post Why USD Coin remains under Tether’s shadow despite growing interest appeared first on Coin Journal.