Schlagwort: crypto market

• Polkadot’s DOT token has been in a strong bearish trend in the past few months.

• There are concerns about the network’s ecosystem as activity slows.

• Circle has now integrated USDC into its ecosystem.

Polkadot price has been in a strong bearish trend in the past few months amid rising concerns about the ecosystem. DOT token plunged to a low of $3.90 last week, down by more than 50% below the highest level this year. It has underperformed other popular coins like Bitcoin, Tron, and Ethereum.

Polkadot ecosystem woes

Polkadot is one of the leading players in the blockchain industry. Developed by an Ethereum co-founder, the platform makes it possible for creators to build parachains that are interconnected with other chains. Parachains are independent layer-1 blockchains that transcend limitations of other chains.

Over the years, many developers have won parachain slots in Polkadot’s ecosystem. Some of the most popular Polkadot parachains are Moonbeam, Clover Finance, Efinity, Litentry, Astar, and Phala Network.

The challenge for Polkadot is that most of its successful parachains have struggled to gain traction in the past few months. A good way to look at this is its DeFi ecosystem. A look at DeFi Llama shows that Moonbeam is its biggest player in DeFi with a TVL of just $52.4 million. 

Moonriver is the 75th network with just $8 million. Other networks like Astar and Karura have $44 million and $8 million, respectively. Therefore, the network needs to see more activity in the ecosystem.

The most recent Polkadot news was that Circle decided to add USDC in Polkadot Asset Hub. This is an important move since USDC is the second-biggest stablecoin in the world with over $26 billion in market cap. The statement added:

“Polkadot USDC is the official form of USDC for the Polkadot ecosystem, providing developers and users with access to a fully reserved, dollar-backed stablecoin that’s always redeemable 1:1 for US dollars.”

Polkadot price forecast

The daily chart shows that the Polkadot price has been in a strong bearish trend in the past few months. This decline saw it drop below the important support at $4.21, the lowest level in June and December 2022. It has also retested this level, which is a sign of a bearish continuation

Polkadot has remained below the 50-day moving average. It has also formed an inverted cup and handle pattern. Therefore, there is a likelihood that the coin will continue falling as sellers target the key support at $3.70. A move above the key resistance at $4.50 will invalidate the bearish view.

How to buy Polkadot

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• Base is seeing strong inflows in its ecosystem as demand rises.

• The total value locked (TVL) has surged to over $420 million.

• Aerodrome has seen inflows in its ecosystem soar.

Base, the recently launched layer-2 network, is seeing strong traction even as the crypto winter continues. On-chain data shows that the amount of cash deposited in Base’s ecosystems has jumped.

Data by DeFi Llama shows that the total value locked (TVL) in its ecosystem surged to over $420 million, making it the 10th biggest chain in the world. It has become bigger than some of the oldest chains like Cronos, Kava, Klaytn, Cardano, Fantom, and Algorand.

Base has attracted over 100 DeFi applications. Aerodrome, the biggest dApp in its ecosystem, stands at over $121 million. The other important DeFi applications in the ecosystem are friend.tech, Compoind, Curve DEX, Stargate, and Beefy.

For starters, Base is a layer-2 network that makes it possible for developers to build decentralised applications (dApps). Developers are already building applications in all industries like gaming, social media, and infrastructure.

An Ethereum layer-2 network is one that supercharges the performance of applications. It is a sidechain that reduces transaction costs and boosts its speeds. Base is able to handle over 10,000 transactions per second (tps) at much lower costs. It competes with the likes of Optimism, Polygon, and Arbitrum.

The most recent Base news is that the developers launched Pessimism, an open-source monitoring system that enhances the security of Base by detecting and responding to threats.

Introducing Pessimism, an open source monitoring system designed to enhance security of Base (as well as the broader OP Stack and Ethereal ecosystem) by quickly detecting and responding to a myriad of protocol threatshttps://t.co/erocaQOkbz

— Base 🛡️ (@BuildOnBase) September 19, 2023

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Key takeaways

• Toncoin has overtaken Solana and Tron to become the 9th largest cryptocurrency by market cap.

• Toncoin began to rally following Telegram’s endorsement of the TON project.

Toncoin is now one of the top 10 cryptos by market cap

TON, the native coin of the Toncoin blockchain, has become one of the top 10 cryptocurrencies by market cap.

The coin has added 30% to its value over the past seven days, outperforming the other major cryptocurrencies in the process. At press time, the price of Toncoin stands at $2.53, up by more than 4% in the last 24 hours.

The sustained rally comes a few days after the messaging platform Telegram endorsed the Toncoin project. At the time, Telegram’s chief investment officer, John Hyman, said,

“We are putting digital ownership rights in the hands of our entire user base. While also giving TON projects the tools to reach our audience in the largest Web3/Web2 partnership there has ever been.”

Telegram is set to integrate the TON network into the app’s user interface. With the integration, the TON Web3 wallet would be available to over 800 million Telegram users via their settings.

BTC and others experience a positive performance

Bitcoin and the other major cryptocurrencies have also recorded positive performance in recent days. At press time, the price of Bitcoin stands at $27,111, up by more than 4% over the last seven days.

Other major cryptocurrencies, including XRP, Solana, Tron, Polygon, Litecoin, Bitcoin Cash, and Chainlink, have added more than 4% to their values over the last few days.

The post Toncoin breaks into the top 10 after adding 30% in one week appeared first on CoinJournal.

• Jasmy price has formed a descending triangle pattern on the daily chart.

• Focus now shifts to the upcoming Federal Reserve interest rate decision.

Jasmy coin price has moved sideways in the past few days even as other cryptocurrencies have bounded back. The coin was trading at $0.0035 on Tuesday, where it has been in the past few months. This price is a few points above this month’s low of $0.0030.

Federal Reserve decision ahead

Jasmy Coin is a small but highly popular cryptocurrency that is best known for its Japanese roots. Started by former Sony executives, the coin is regarded as Japan’s version of Bitcoin.

But unlike BTC, Jasmy has a deeper role in the blockchain industry. According to the developers, the platform is used in the data privacy industry. It is also used in the Internet of Things (IoT) industry.

Jasmy’s goal is to ensure that people can store and secure their data in a safe and secure manner. It is also used to safely and securely manage and control devices. Most importantly, Jasmy helps companies to secure their data.

Jasmy coin tends to track the price of Bitcoin. As such, the key important event to watch this week will be the upcoming interest rate decision by the Federal Reserve. Most economists believe that the Fed will leave interest rates unchanged at 0.25%, as I wrote here. 

The bank will also have a hawkish tone since the country’s inflation remains at an elevated level. Data released by the Bureau of Labor Statistics (BLS) revealed that the headline consumer inflation rose to 3.7% in September. A hawkish Fed will likely lead to more downside for Jasmy and other cryptocurrencies.

Jasmy Coin price prediction

The daily chart shows that the Jasmy token has been in a bearish trend in the past few months. The coin has formed a descending trendline shown in orange. This line connects the highest swings since May this year. 

Most importantly, Jasmy has formed a descending triangle pattern. In price action analysis, this pattern is one of the most popular bearish signs. It has also dropped below the 50-day and 25-day moving averages.

Therefore, Jasmy price will likely have a bearish breakout as sellers target the key support at $0.0030. A break below that support will likely lead to more sell-offs as sellers target the key support at $0.0025.

How to buy Jasmy

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