Schlagwort: crypto market

Ethereum price erased most of the gains it made in 2021 as concerns about digital currencies rose. The coin dropped to a year-to-date low of $881 in June and then started a slow recovery that saw it rise above $2,000 in August. ETH was trading at $1,703 on Friday, which was about 93% above the lowest level this year.

Ethereum Merge is the main catalyst

Ethereum price has staged a strong recovery in the past few weeks as investors focus on the upcoming merge event. This will be the biggest transition in the blockchain industry as it will see the network move from a proof-of-work into a proof-of-stake platform. It will merge the current version with the Beacon Chain.

As a result, Ethereum mining will not be possible. Instead, the network will use a set of validators to confirm or deny transactions. In addition, the new network will set a stage for more upgrades in the future that will make Ethereum faster and more cost-effective. For example, Ethereum will introduce sharding, a technology that has been used by blockchains like Elrond and Near Protocol.

Historically, cryptocurrencies tend to rally towards a major upgrade or event. For example, Bitcoin tends to always rally ahead of a halving event. Still, it is still unclear whether ETH will continue rising after the merge. 

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Ethereum price, like other cryptocurrencies, is also being affected by other factors. Like Bitcoin, the coin is being affected by Fed’s monetary policies. This year, the bank has maintained an extremely hawkish tone that has seen it rise interest rates by 225 basis points and start a quantitative tightening policy.

In addition, Ethereum’s ecosystem has been shrinking. The total value locked (TVL) in its DeFi ecosystem has fallen while the value of NFT trades has fallen sharply.

Ethereum price prediction

The daily chart shows that Ethereum price has been in a strong bullish trend in the past few weeks. Along the way, it managed to move above the important resistance level at $1,281, which was the highest level on June 26. 

The pair has also moved above the 25-day and 50-day moving averages, which is a bullish sign. However, a closer look shows that it has formed a small head and shoulders pattern. Therefore, the coin will likely retreat in the coming weeks as investors sell the fact. If this happens, the next key reference level will be at $1,281.

The post Should I buy Ethereum Now? appeared first on CoinJournal.

OKB price has made a strong recovery on Friday as investors react to the company’s marketing incentives. The coin jumped to a high of $17.30, which was the highest level since August 26. It has jumped by more than 23% from the lowest level this month, bringing its market cap to over $990 million.

What is OKB and why is it rising?

OKX is a leading exchange that has a strong market share around the world. The company handles over $2.5 billion in the spot market on a daily basis. It also handles over $21 billion in derivatives, making it the second-biggest player after Binance, which handles more than $61 billion.

OKB is the native token for the ecosystem. Like other centralized exchange tokens, OKB is used to reward holders and provide discounts to traders. As part of its value creation, OKX uses 30% of income from the com[[any to buy back OKB from the 300 million that are in circulation. At the same time, they burn tokens after every three months. 

OKB price has rallied this week after the company announced a new campaign to popularize the exchange. The new campaign is known as ‘what is OK’ and will run in some of the best-known platforms globally. In line with this, the company will use Daniel Ricciardo, Pep Guardiola, and Scotty James.

The company hopes that the new campaign will make the brand more popular outside Asia, where it is not well known. In a statement, the Chief Marketing Officer (CMO) of the company said:

“It is now time to introduce OKX to the rest of the world. In the current climate, investors need an exchange that delivers a safe and responsible trading platform, while also offering them a very broad range of ways to pursue their own brand of financial liberty.”

In addition, OKX launched a new global content competition that will give YouTube and Twitter creators a chance to share $100k pool.

OKB price prediction

The four-hour chart shows that the OKB price made a spectacular comeback on Thursday. The token rose to a high of $17.33, which was the highest point in weeks. As it rose, the coin managed to cross the 25-day and 50-day moving averages while the MACD has moved above the neutral point. 

The pair seems to be forming a bullish consolidation pattern. Therefore, there is a likelihood that the coin will keep rising as buyers target the next key resistance at $20.

The post Here’s why OKB price is going parabolic and what next appeared first on CoinJournal.

• Chainalysis has projected a strong price rally of Ethereum post-merge

• The soft date for the Merge is on September 19

• Ethereum is gaining and looks set back to $2,000 

Ethereum ETH/USD will lead other cryptocurrencies in price after the Merge, according to Chainalysis data. The on-chain analysis firm says the yields that will come after the Merge will attract institutional investors. Chainalysis says increased institutional entry could see Ethereum challenge Bitcoin for the top spot.

Amid the Chainalysis report, the Ethereum ecosystem has been growing thanks to the expected Merge. Institutional stakers have grown from just 200 in January 2021 to top 1,000 at the end of last month. The increased institutional flow indicates growing trust in the blockchain post-merge. 

Ahead of the Merge, which is expected around September 19, Ethereum is recovering. At press time, the cryptocurrency was trading up 8.12% in 24 hours and clinging to $1,630. Ethereum developers finalized the first of the two-step process in the Merge on September 6. That could be giving the bullish boosts being witnessed currently.

Ethereum initiates recovery ahead of the Merge

Source: TradingView

Technically, Ethereum lacks a directional movement after a 50% retracement from the $2,000 level. Still, the price can be considered bullish in a wide bearish market. The 20-day moving average has joined the support. The token is still below the 50-day MA. The RSI shows that ETH is neither overbought nor oversold. 

Summary

While Ethereum is gaining momentum ahead of the expected Merge, it lacks a directional movement. We cannot tell with certainty that the price will rise to $2,000 in the next few days. Nonetheless, with the benefits of the expected Merge, Ethereum remains a cryptocurrency to hold. Investors should monitor the price movements to buy potential retracements.

The post Is Ethereum getting to $2,000 as Chainalysis predicts explosive post-merge growth? appeared first on CoinJournal.

Sweatcoin is the fastest growing fitness project in the world with over 113 million users globally. It is a move-to-earn (MTE) platform that has a close resemblance to StepN, the well-known platform on Solana’s ecosystem. In September, Sweatcoin will launch its SWEAT cryptocurrency that is believed to be the biggest launches this year. So, in this SWEAT price prediction, we will assess whether the coin is a good buy.

What is Sweatcoin?

Sweatcoin is a leading application that is at the intersection of two leading industries: fitness and blockchain. The platform is a mobile application that can be installed in both Android and iOS smartphones. 

Sweatcoin rewards users for making basic exercises like walking and running. It is an accurate platform because it uses the inbuit GPS that is in a person’s phone. Users are then rewarded using the SWEAT token, which exists in its ecosystem.

Sweatcoin has had a lot of success in the past few months. According to its website, it now has over 113 million users and is the number one fitness application in most countries, including the US and the UK. The company has raised millions of dollars from venture capital companies.

What is the SWEAT crypto?

Presently, SWEAT coins that users earn in the ecosystem have no value in the real world. As a result, the developers partnered with NEAR Protocol to launch a new cryptocurrency based on those tokens. 

After months of developments, the SWEAT crypto coin will be launched on September 13th of this year. As a result, existing holders will be awarded fresh new tokens that they can sell in listing cryptocurrency exchanges. People can also decide to hold their tokens and generate returns through staking. 

After the launch, the developers hope to expand the network in various ways. For example, in their second phase, they will launch SWEAT NFTs and a DAo.

SWEAT price prediction

At this point, it is not possible to conduct a SWEAT price prediction since the coin has not been launched yet. Still, we believe that the coin’s price will dip initially as existing holders cash out for fiat currency. If this happens, the sell-off could be brutal as supply will exceed demand.

In the long-term, however, the coin will likely bounce back because of its strong user adoption and brand knowledge. Therefore, for people without SWEAT coins, it will be wise to wait before you buy.

The post Sweatcoin price prediction ahead of the SWEAT launch appeared first on CoinJournal.

Anchor Protocol price went parabolic on Thursday as investors cheered the strong performance of cryptocurrencies associated with Terra. The ANC token jumped to a high of $0.12, which was the highest level since August 9. It has jumped by over 65% from its lowest level in August of this year.

Why is ANC price soaring?

Anchor Protocol was the biggest part of Terra’s ecosystem. It was a platform that allowed people to deposit Terra USD stablecoin and earn exceptional returns. In most periods, the platform had APY of over 20%. ANC was the native token for Anchor Protocol’s ecosystem.

At its peak, Anchor Protocol was one of the biggest decentralized finance (DeFi) platforms in the world with a total value locked (TVL) of over $17 billion. All this came crumbling down in May when Terra USD lost its peg leading to the collapse of Terra’s ecosystem.

Since then, no activity has been going in Anchor Protocol. By design, it only worked with Terra USD, whose price crashed from $1 to below $0.0001. At the same time, several cryptocurrency exchanges like FTX decided to delist ANC.

Anchor Protocol price has staged a strong recovery in the past few days because of the strong price action in Terra’s ecosystem. In the past few weeks, Terra Classic USD (USTC) has surged to a high of $0.08. And according to CoinMarketCap, its total market cap has jumped to over $458 million. 

Similarly, Terra Classic has jumped by more than 100% in the past seven days, giving it a market cap of over $3 billion. The new version of the coin known as LUNA has also rebounded. Other coins in Terra’s ecosystem like Mirror Protocol and Astroport have also risen. 

Some analysts believe that this rebound of Anchor Protocol price is part of a pump and dump scheme since the coin is thinly traded.

Anchor Protocol price prediction

The four-hour chart shows that the ANC price has been in a strong bullish trend in the past few days. Along the way, the coin has managed to move above the important resistance level at $0.1026, which was the lowest level on July 21. As it rose, Anchor Protocol moved above the key resistance at $0.1120 and $0.1187. 

It has also moved above the 25-day and 50-day moving averages while the Awesome Oscillator has moved above the neutral point. Therefore, the coin will likely keep rising as FOMO sets in. This could see it soar to a high of $0.15.

The post Anchor Protocol (ANC) Price Soars as Terra’s LUNC and USTC Rebound appeared first on CoinJournal.