Markets
Top 5 cryptocurrencies to watch this week: BTC, ADA, XLM, XMR, MANA
The bears are trying to extend Bitcoin’s (BTC) record of nine consecutive red weekly candles to ten weeks, but the bulls are trying to avert this negative occurrence. Although sentiment remains negative, Arthur Hayes, former CEO of derivatives giant BitMEX, anticipates Bitcoin to bottom out in the range of $25,000 to $27,000. On-chain data from Glassnode shows that smart money may have started accumulating Bitcoin. The net outflows from major cryptocurrency exchanges reached 23,286 Bitcoin on June 3, the highest since May 14. Crypto market data daily view. Source: Coin360 Another positive sign of accumulation is that investment into Bitcoin exchange-traded products (ETPs) was strong in May and has only risen further in the first two days of June, according to an Arcane Research report. The...
5 metrics to monitor before investing in crypto during a bear market
Cryptocurrency bear markets destroy portfolio value and they have a dangerous tendency to drag on for longer than anyone expects. Fortunately, one of the silver linings of market-wide pullbacks is that it gives investors time to re-focus and spend time researching projects that could thrive when the trend turns bullish again. Here’s five areas to focus on when deciding whether to invest in a crypto project during a bear market. Is there a use case? The cryptocurrency sector has no shortage of flashy promises and gimmicky protocols, but when it comes down to it there are only a handful of projects that have delivered a product that has demand and utility. When it comes down to determining if a token should continue to be held, one of the main questions to ask is “Why does this project ...
Total crypto market cap risks a dip below $1 trillion if these 3 metrics don’t improve
The total crypto market capitalization has ranged from $1.19 trillion to $1.36 trillion for the past 23 days, which is a relatively tight 13% range. During the same time, Bitcoin’s (BTC) 3.5% and Ether’s (ETH) 1.6% gains for the week are far from encouraging. To date, the total crypto market is down 43% in just two months, so investors are unlikely to celebrate even if the descending triangle formation breaks to the upside. Total crypto market cap, USD billion. Source: TradingView Regulation worries continue to weigh investor sentiment, a prime example being Japan’s swift decision to enforce new laws after the Terra USD (UST) — now known as TerraUSD Classic (USTC) — collapse. On June 3, Japan’s parliament passed a bill to limit stablecoin issuing to licensed banks, registered money t...
5 reasons why Bitcoin could be a better long-term investment than gold
The emergence of forty-year high inflation readings and the increasingly dire-looking global economy has prompted many financial analysts to recommend investing in gold to protect against volatility and a possible decline in the value of the United States dollar. For years, crypto traders have referred to Bitcoin (BTC) as “digital gold,” but is it actually a better investment than gold? Let’s take a look at some of the conventional arguments investors cite when praising gold as an investment and why Bitcoin might be an even better long-term option. Value retention One of the most common reasons to buy both gold and Bitcoin is that they have a history of holding their value through times of economic uncertainty. This fact has been well documented, and there’s no denying that gold has ...
Ethereum’s Merge FOMO isn’t priced in, making a spike to $2.6K a possibility
In a May 30 tweet, Ethereum (ETH) core developer Tim Beiko confirmed that the much-anticipated Ropsten testnet trial of the Merge from proof-of-work to proof-of-stake can be expected “around June 8 or so.” Interestingly, Ether’s price action is relatively unchanged despite the unexpected bullish announcement. There was a +10% spike on May 30, but those gains were given back between May 31 and June 2. It is very likely that the Merge — currently anticipated in August — has yet to be priced in, giving traders and investors a possible early entrant advantage. It’s essential to monitor on-chain data From an investing and trading viewpoint, cryptocurrency markets have a distinct disadvantage in comparison with regulated markets and transparency. The stock market is chock full of legally r...
3 reasons why Ethereum price is pinned below $2,000
Ether’s (ETH) market structure continues to be bearish despite the failed attempt to break the descending channel resistance at $2,000 on May 31. This three-week-long price formation could mean that an eventual retest of the $1,700 support is underway. Ether/USD 4-hour price at Bitstamp. Source: TradingView On the non-crypto side, a number of equities-related factors are translating to negative sentiment in the crypto market. This week Microsoft (MSFT) lowered its profit and revenue outlook, citing challenging macroeconomic conditions. The U.S. Federal Reserve signalled in its periodic “Beige Book” that economic activity may have cooled in some parts of the country and the Fed is about to reduce its $9 trillion asset portfolio to combat persistent inflation. On the bright ...
Here are 3 altcoins that could surge once Bitcoin flips $35K to support
Bitcoin (BTC) and the wider cryptocurrency market are taking a breather after the rally on May 31. Meanwhile, most altcoins remain severely oversold, with most between 70% and 90% below their all-time highs. Total altcoin index capitalization What is clear is that fear is everywhere and blood is in the water. Risk-on markets are suffering worldwide, but it is exactly these kinds of conditions that create opportunities where professional money accumulates and adds to positions. Let’s take a look at three altcoins that could be positioned for a rebound if the broader market enters a new uptrend. ADA could be setting up for an 80% surge Cardano (ADA) has a significantly bullish update coming very soon. The much anticipated Vasil hard fork, which increases performance and adds more Plutu...
Bitcoin price broke to the upside, but where are all the leveraged long traders?
This week’s Bitcoin (BTC) chart leaves little doubt that the symmetrical triangle pattern is breaking to the upside after constricting the price for nearly 20 days. However, derivatives metrics tell a completely different story because professional traders are unwilling to add leveraged positions and are overcharging for downside protection. BTC-USD 12-hour price at Kraken. Source: TradingView Will BTC reverse course even as macroeconomic conditions crumble? Whether BTC turns the $30,000 to $31,000 level into support depends to some degree on how global markets perform. The last time U.S. stock markets faced a seven-week consecutive downtrend was over a decade ago. New home sales in the U.S. declined for the fourth straight month, which is also the longest streak since October 2010. ...
Tron surpasses $6 billion in TVL, closing in on second-ranked Binance Smart Chain
The Tron network aims to optimise performance despite being rated higher than dominant Ethereum and Bitcoin in terms of transaction processing speed The recent massive growth of the TRX token has been attributed launch of their algorithmic stablecoin USSD, which has seen great adoption levels Tron, the blockchain outfit associated with Justin Sun, has proven to be a worthy investment based on recent market performance. It has not only survived the turbulence that digital assets have been going through but also thrived amidst the prevailing bearish sentiments. In the last two weeks, the total value locked on the Tron blockchain has grown from $4.19 billion (May 17) to an impressive $6.06 billion at the time of writing. This swell, coming against the general market weather, has seen th...
Meta Apes is now live on the BNB Application Sidechain: gamers to ‘earn & truly own their in-game assets’
Meta Apes is a free-to-play and play-to-earn massively multiplayer online mobile-first game that is now live on the BNB Application Sidechain (BAS). According to a Tuesday press release, Meta Apes is available for Android devices on Google Play while Apple users will have to wait a bit longer. Creating a ‘community-oriented’ game Meta Apes takes place in a post-apocalyptic reality in which apes have already taken over the world and are eyeing an expansion to space. Players work with their Gang to become the strongest Clan and win a race to space. Meta Apes Business Lead Taylor Shim commented in the press release the “community-oriented” game offers traditional gamers the opportunity to “earn & truly own their in-game assets”. Since it is built on the blockchain, gamers benefit from a “...
Price analysis 5/30: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
After creating the dubious record of nine successive red weekly closes, Bitcoin (BTC) is attempting to make amends by starting a price recovery to end the losing streak. Analysts have repeatedly said that investors should not fear a bear market because it is one of the best times to invest in fundamentally strong projects in preparation for the next bull phase. CryptoQuant CEO Ki Young Ju highlighted that unspent transaction outputs (UTXOs) that are older than six months reflect 62% of the realized cap, which is similar to the level seen during the March 2020 crash. Hence, Ki said that Bitcoin may be close to forming a cyclic bottom. Daily cryptocurrency market performance. Source: Coin360 In the current bearish environment, it is difficult to fathom a Bitcoin rally to $250,000 ...
Ethereum price moves toward $2,000, but analysts say it’s just another ‘relief rally’
On May 30, the cryptocurrency market experienced a much-needed bounce that saw Bitcoin (BTC) climb above $30,900 and Ether (ETH) rally 5.84% to $1,930, but analysts warn that it could be too early to expect a reversal. ETH/USDT 1-day chart. Source: TradingView Here’s a look at what several analysts are saying about the outlook for Ether moving forward and the major support and resistance levels to keep an eye on. A bounce off of major support The May 30 bounce in Ether came as “no surprise” to market analyst and pseudonymous Twitter user Rekt Capital, who posted the following chart, stating that “It’s more about how much #ETH will move from here.” ETH/USD 1-month chart. Source: Twitter Rekt Capital said: “Technically, #Ethereum could rally to as high as ~$2269 to flip it into new res...
