Schlagwort: crypto markets

Monero coin has been in the limelight for the better part of this year as the crypto market continued to trade sideways.

At the time of writing, XRM was trading at $282.49, up 3.36% after hitting a high of $288.82 in the past 24 hours before pulling back.

But why is the coin rallying? In this article, we will discuss why Monero price rising.

Why is the price of Monero (XRM) soaring?

Before we take a deep dive into what is influencing the current Monero price hike, it’s important for us to first explain what Monero (XRM) is.

In a nutshell, Monero (XRM) is the native token of the Monero blockchain, which allows private transactions using advanced cryptography. Monero was launched in 2014.

Now let’s look at the reasons behind the rally.

“Fluorine Fermi” Upgrade that will introduce new features

One of the main reasons for the surge is the announcement made via a post by one of the maintainers that they will upgrade the network (Fluorine Fermi) that will come with new features on July 16 at a height of block 2.6 million.

Besides, Monero will also increase its ring size (total number of signers during an XRM transaction) from 11 to 16 as well as provide users with base privacy.

Additionally, the network will also execute the upgraded version of its bulletproof algorithm to lower the transaction size by 7% to improve its scalability with a faster and lighter transaction.

According to the post, the network will also reduce the wallet sync time by around 40%.

Users to update their software

There will be a new release announcement about updates before the network upgrades around June 16. Users will be required to update their software before the network upgrade on July 16.

#Monero will undergo a network upgrade on July 16th, 2022:https://t.co/9NKlGtqXAn

All users will need to do is keep their favorite wallet up to date, update their nodes once v0.18 is released (~June 16th), and enjoy even better digital cash afterwards 😎

— Monero (XMR) (@monero) April 20, 2022

The update will be deployed through a Hard Fork, node operators and users will have to update their software. This will be a simple update for end users.

The post Why has the price of Monero (XMR) jumped by more than 3% today? appeared first on Coin Journal.

The crypto market as a whole was lower with most cryptocurrencies in the red at the time of writing. Decred and Tron are notable exceptions with gains of 8% resp. 17%. 

Top cryptos

Bitcoin lost around 2% of its value and was trading for around $40,700. It’s still in the green if we look at the last seven days. 

Most top 20 coins lost 1-3% today. Polkadot and NEAR Protocol’s NEAR, which has been on a downtrend since yesterday, are both down around 4%. 

Polygon’s MATIC is the only gainer among top cryptos, up 3% in the last 24 h.  

Top movers

Most top 100 coins are also in the red, shedding 2-4% of their value today. Notable exceptions are Tron and Decred. At #22, Tron has been rallying over the past few days. It was up 15% and added another 8% today. 

There are numerous reasons for the upswing. On May 5, Decentralized USD (USDD) will be introduced on the Tron blockchain. This is a fully decentralized stablecoin, which makes finance accessible to all by applying mathematics and algorithms.

The Tron ecosystem recently celebrated one year of stablecoin TUSD’s deployment. Another announcement contributing to the price surge was the official establishment of Tron DAO Reserve.

Decred is the biggest top 100 winner by far with gains of 17%. Today, the official Twitter channel announced the current supply of Decred’s DCR token was approaching 14 million of the 21 million max supply, with a total of approximately 7 million DCR left to mine.

Other coins registering slight gains include Theta Fuel, Loopring, STEPN, Theta Network, and Monero.

Today’s biggest losers are Zilliqa (-11%), Kava and EOS (each -9%), and Audius (-7%). As all of these coins saw recent rallies, it may be time to buy the dip.  

Yesterday, 0x gained almost 50% after announcing a partnership with leading crypto exchange Coinbase to power the latter’s new social NFT marketplace. 0x has lost 16% today, but it’s still up 22% for the week.  

Trending

The biggest gainer of the day is MOVE Network’s token MOVD, currently trading for $0.047 and fast approaching $0.10 with price growth of 1,115% in the last 24 hours. 

MOVE Network describes itself as a leading NFT aggregator covering a wide spectrum of NFT products. MOVE Network allows enterprises and start-ups to integrate blockchain technologies to enhance their existing businesses. 

Users can utilize MOVE Network to create, own and trade NFTs across various sectors including entertainment, music, artwork, and esports. 

The post Highlights April 22: Cryptos lower, Decred and Tron surge appeared first on Coin Journal.

• Crypto investors across the globe reaped huge profits in 2021, with realized gains hitting $163 billion
• In a country-by-country comparison, US investors led with $47 billion. 
• Chainalysis reports that parabolic price gains for Bitcoin and Ethereum contributed massively. 

A new report from blockchain analysis firm Chainalysis reveals that 2021 was a good year for crypto investors.

According to the report, released on 20 April, global cryptocurrency realized gains reached $163 billion, representing a more than 400% increase compared to gains seen a year earlier.

Per the firm, the surging prices of the leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) helped investors push their yearly gains from $32.5 billion recorded in 2020.

Both BTC and ETH notched new all-time highs in 2021, with Bitcoin hitting prices above $69,000 per coin as Ether, the native coin on the Ethereum blockchain, caressed a new peak above $4,800. 

And despite ending the year lower, the two coins were still way above their yearly opening to mean that most investors closed the year with huge gains.

Ethereum only just edged Bitcoin

One of the observable trends Chainalysis made for the year was the crypto’s second-largest cryptocurrency by market Ethereum drew in more realized gains than the king of crypto BTC.

While total realized gains across the globe from Ether reached $76.3 billion, a measure of the same for Bitcoin put the figure at $74.7 billion.

According to Chainalysis, Ethereum’s slight edge against Bitcoin was largely down to an explosion in decentralised finance (DeFi).

US investors topped with $47 billion

Looking at the country-by-country comparison, the report puts US crypto investors ahead of the curve by a mile. In 2021, US investors’ realized gains hit $47 billion. The figure is much higher than the UK’s ($8.2 billion), Germany’s ($5.8 billion), Japan’s ($5.5 billion), and China’s ($5.1 billion).

Russian investors were among the top 10 with $4.3 billion from crypto investments. 

Overall, the report Chinese investors lagged their US, UK and German counterparts when it comes to realized gains in 2021.

Per the report, while China’s total realized gains jumped from $1.7 billion in 2020 to $5.1 billion last year, the 194% growth rate was lower than the three other major markets.

Crypto investors in the United States posted a 476% jump in realized digital asset gains. The UK had 431% while Germany recorded a 423% increase. According to Chainalysis, “China’s lower growth rate most likely reflects declines in the country’s cryptocurrency activity following government crackdowns.”

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• Bitcoin has touched intraday highs of $42,562, the highest price level this past week.

• Analysts say holding above $43K could see BTC-USD eye fresh gains to $50K or higher.

• This is likely if an inverse head and shoulder pattern validates, says an analyst

Bitcoin has bounced off lows of $39K this past week, with some selling by whales (amid US tax season selling) contributing to the negative sentiment. But despite the offloading, whale accumulation by addresses holding 10,000 BTC or more has remained in an uptrend since early 2021.

A key price level to watch, according to the highly respected crypto analyst Rekt Capital is $43,000. 

He says some large holders sold at this level, suggesting bulls face a challenge here. Break that and BTC could post further gains in the $43K-$50K range.

“Number of unique addresses holding min. 10K BTC has been increasing since Feb ’21. That said, 1st signs of a Lower High forming as some whales offloaded positions at ~$43K,” the analyst noted in a tweet Wednesday.

Possible trend reversal for BTC?

Popular analyst and trader Michael van de Poppe also sees the $42.5K-$43K level as key for bulls. He suggests a daily close above this level would boost buyers and open up $46,000 as the new target. 

A run to $50,000 would not be out of the picture in such a scenario.

“If the market wants to see continuation, it has to crack that region around $42.3K for Bitcoin. This is also a daily breaker. If it breaks, I’m assuming a new test of $46K is around the corner and possibly $50k+.”

Crypto trader Dan Gambardello highlights the formation of an inverse head and shoulders pattern as suggestive of a breakout. The pattern is a common indicator that traders use to identify a potential trend reversal.

If the price breaks and sustains above the neckline (in this case an upward sloping line), the pattern’s height suggests a possible retest of prices above $46K. Invalidation of course opens up the possibility of new downward action to recent lows.

“Bitcoin upward sloping inverse head & shoulders, target $46,000,” said Gambardello, the founder of Crypto Capital Venture.

Chart showing inverse head and shoulder pattern on the 6-hour chart. Source: Dan Garmbadello on Twitter.

Pseudonymous trader HornHairs says the market structure on the 12-hour chart suggests new momentum is likely. He notes that any fresh drawdown presents a buying opportunity.

“12H confirmed a break in market structure to the upside – dips are for buying for now,” he tweeted early Wednesday.

Bitcoin was trading at around $42,528 at the time of writing, up 1.1% in the past 24 hours.

The post Bitcoin touches $42.5K as analyst points to a possible trend reversal appeared first on Coin Journal.

The crypto market as a whole was mixed today with the majority of top 20 cryptos registering slight losses. Bitcoin’s price rebounded in Asian hours, resulting in gains for many other cryptos. It was trading for just under $42,000 at the time of writing. 

Top cryptos

Most cryptos saw changes of +/- 1-3% in their value. All of the top 10 are flat. 18th-ranked NEAR Protocol has reversed recent gains, down by around 4% today. 

Top movers

The movement was similar outside the top 20. Privacy coins are seeing an upswing. Monero is a prime example, up 6% in the last 24 h. EOS is another, gaining 8%. Theta Network’s THETA also added 6% to its value. 

CAKE, the coin of the PancakeSwap exchange and automated market maker, is up 10%. One possible reason for its surge is the ongoing PancakeSwap and BSC Easter campaign, in which the two platforms are handing out $15,000. 

Zilliqa, the world’s first public blockchain to rely entirely on a sharded network, added 9% to its value today. 

The biggest top 100 winner by far is 0x’s token ZRX, which gained 52% after announcing a partnership with leading crypto exchange Coinbase to power the latter’s new social NFT marketplace. 

Kava is on an upward trajectory as the Kava 10 Mainnet upgrade approaches. It will go live on May 10. Kava added 15% to its value today. 

Synthetix, a decentralized finance protocol that provides on-chain exposure to a wide variety of crypto and non-crypto assets, is at #100 with gains of 7% in the last 24 h. 

The biggest losers are Loopring (-7%), STEPN’s GMT (-6%), and ApeCoin (-9%), all of which are seeing an end to recent rallies.  

Trending

It’s a strong day for canine meme coins. Dogelon Mars gained 50% on reports of an upcoming listing on Binance, and the upswing was supported by the Bitcoin price rebound.  

Another meme coin, Shiba Rewards, is up 229% today. Its creators say they made it out of frustration due to many new projects featuring high taxes with a majority collected going to the developers rather than the investors. 

The SHREW token was designed to be a low tax rewards token and features a 0% buy and transfer tax. 

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