Schlagwort: crypto business

• Solana made a new high for the year
• A double bottom might be in place
• All eyes are on the Federal Reserve’s interest rate decision

Investors in the cryptocurrency market have had a mixed year so far. Those betting on the rise of Bitcoin or Ripple have enjoyed impressive returns. 

For example, Ripple has delivered a triple-digit return so far in the year, as the cryptocurrency reacted to a positive ruling by a federal judge saying that when sold to institutional investors, Ripple is a security. 

Bitcoin is up around 80% on the year, on a mix of short-squeezing and dollar weakness. 

But not all cryptocurrencies have rallied like that. Take Solana, for instance. It rallied at the start of the year together with Bitcoin, but then, unlike Bitcoin, it gave up most of its gains. 

Nevertheless, during July, a short squeeze sent the market back to the horizontal resistance given by the $30 level. While the market failed to hold above, it did make a new high for the year, triggering optimism among investors. 

Solana chart by TradingView

Is a double bottom in place?

The $30 level offered resistance for the entire year. The fact that the market pierced it is a bullish sign, and one should not be surprised to see another attempt higher. 

However, there is one condition that must hold. That is, Solana should not make a new low. 

If it does not, one can talk about a possible double bottom area, even though the second bottom is a bit higher than the first one. Given the fact that this week the Federal Reserve of the United States is about to announce its interest rate decision, volatility will increase in the cryptocurrency market too. As such, another attempt at the resistance area, which provided support back in the past, should not be discarded, especially if the Fed signals that the terminal rate for the current tightening cycle is reached with this final hike. 

The post Solana finds stiff resistance at $30 in July, but bulls keep trying appeared first on CoinJournal.

Cryptocurrencies and stocks had a mixed performance this week as the corporate earnings season continued. The tech-heavy Nasdaq 100 index dropped after the relatively weak guidance by companies like Netflix and Nvidia. At the same time, the value-focused Dow Jones index rose after strong bank earnings. 

Bitcoin, on the other hand, remained under intense pressure as the crypto fear and greed index remained at 52. It moved slightly below the important support at $30k, signaling that bears are overwhelming the bulls. Ethereum dropped to $1,800 while coins like Tron and Chainlink surged during the week.

Chancer token sale nears target

An important market event is that Chancer continued its token sale during the week. The developers have sold over 9.3 million tokens valued at over $927k. Their goal is to get to 12.6 million tokens in the first phase of the sale.

Chancer’s token sale gained steam after the developers introduced new options for buying the tokens. They introduced additional cryptocurrencies like Ethereum, Tether, Binance Coin, and Binance USD. 

For starters, Chancer is a platform that is seeing to introduce a new way for people to bet across various events like sports, political campaigns, and economic data among others. In addition to these products, people will be able to create their own markets and live stream to the entire ecosystem.

Chancer will be significantly different from existing betting and prediction marketplaces like Fanduel and BetMGM. For one, in the future, the network will be highly decentralized, with all token holders having a chance to make crucial decisions in the platform. For example, they will decide on new features and pricing. Also, they will also share profits that the company makes. You can buy the Chancer token here.

Chancer prediction: What is the future of Chancer?

Chancer is a highly ambitious project that is aiming to disrupt an established industry that has unlimited resources. For example, the five biggest companies in the US and UK have a market cap of over $100 billion. These companies can spend billions of dollars in marketing and development.

This explains why Chancer is focused on raising capital through a token sale. These resources will help it to build the platform and market it to key markets around the world. 

Chancer has some important features that will help it compete with the incumbents. For one, it will be a decentralized platform that will give token holders more saying about how it is run. In addition to placing bets in the platform, Chancer will let people create their markets and make money when users place the bets.

Chancer will be a highly transparent platform with more features like mobile applications, and blockchain technology integration.

Is Chancer a good investment?

Chancer is holding its token sale at an important time. Inflation has dropped, which will likely see the Fed end its tightening. At the same time, it comes at a time when demand for cryptocurrencies is still high as evidenced by the performance of Pepe and other new meme coins.

Therefore, there is a likelihood that Chancer’s token will do well when the developers list it in decentralised and centralised exchanges like Uniswap, PancakeSwap, and Binance. In most periods, new tokens tend to do well shortly after listing. 

They then perform well after the developers make several announcements. In this case, Chancer will likely rise ahead of the mainnet launch and as the developers unveil several partnerships.

Still, it is always risky to invest in presale tokens. As a result, you need to use proper risk management strategies when buying the token. For example, you should only allocate a small portion of your funds to these tokens.

The post Chancer could be the next big thing in sports and social betting appeared first on CoinJournal.

• Ripple delivered triple-digit returns so far in the trading year
• Bitcoin consolidates around the $30k level
• Ethereum is up more than 50% YTD

During the summer months, trading slows as financial markets usually enter consolidation. The cryptocurrency market is no different – look at Bitcoin, and its inability to convincingly hold above $30k tells everything. 

As such, this is the best time to look back and see which cryptocurrencies have outperformed the US dollar in the first seven months of the year?

The chart below shows some dispersed performances. While some cryptocurrencies have rallied, others remained flat. In other words, the crypto market is no different than the stock or the FX market from this perspective, as it is equally important to find the right asset to invest in. 

Bitcoin chart by TradingView

Ripple leads the pack

Ripple is the single major cryptocurrency to have delivered triple-digit returns YTD. Sure enough, the bulk of the gains came from the reaction to a recent ruling saying that Ripple is a security when sold to institutional investors. 

The good news, though, is that the spike higher was not retraced. Instead, the market consolidated at those higher levels, telling us that this is more than just a short squeeze. 

Bitcoin’s YTD performance exceeds 80%

For most of the time in 2023, Bitcoin delivered the biggest return. It rallied right from the start of the year, but the rally stalled recently. 

Bitcoin has a hard time breaking and holding above $30k. Its performance this year is closely related to the US dollar’s performance. 

For instance, despite the Fed hiking the funds rate several times this year, the EUR/USD trades close to its highest levels for the year. Hence, the dollar’s weakness transpired in other markets, including cryptocurrency.

Ethereum delivered more than 50% return to its investors

Ethereum is in third place, with a return of more than 50% since the start of the year. After initially rallying with Bitcoin, it gave up more of its gains during consolidation. 

The post Top 3 cryptocurrencies that outperformed the US dollar in 2023 appeared first on CoinJournal.