Markets
Klaytn token down 15% in a month, but network’s TVL shows resilience
Klaytn (KLAY) had a promising start in March 2021, reaching an impressive $11 billion market capitalization following its debut. However, investors have exaggerated their expectations as the token’s current total value stands at $3 billion, down roughly 70%. KLAY/USD on Binance. Source: TradingView Although not as well known as the leading smart contract blockchains, Klaytn remains a top-35 token by capitalization rank. Moreover, the network holds $1.2 billion worth of deposits locked on smart contracts. Capital locked on smart contracts is known in the industry as total value locked, or TVL. Real use cases and strong backing Klaytn is a flexible modular network architecture created by Kakao, a publicly-traded South Korean internet giant. The Asian tech group’s shares are value...
Waves (WAVES) leading altcoins in 24-hr gains: Here are other top gainers
Bitcoin and co. shot up early on Wednesday before the majority retraced to their support zones Fantom, Elrond and Waves are among the top gainers The majority of crypto assets saw a sharp price upswing in the early hours of Wednesday. Bitcoin climbed above $40,000, going as high as $41,465 before the gains were wiped away less than an hour later. The pioneer cryptocurrency has since backtracked to $39,720 where it is currently hovering. FTM, EGLD, WAVES are the standout alts Despite the uncertainty in the markets, a handful of altcoins have defied the general trend and maintained an uptrend. Waves’ native coin WAVES is, as of this writing, one of the best performing crypto-assets. The crypto token embarked on an ascent late Tuesday and has sustained the upward momentum on Wednesday. ...
Mutant Ape Yacht Club crosses $1BN in all-time sales volume
Only four NFT collections have recorded more sales volume than Mutant Ape Yacht Club Mutant Ape Yacht Club has the fourth-highest number of buyers and sellers among the top ten NFT collections by sales volume Mutant Ape Yacht Club is the latest NFT collection to rake up more than $1 billion in sales volume. The collection, born from the Bored Ape Yacht Club last August, joins a list of four others that previously eclipsed the mark. Online game universe Axie Infinity tops the all-time sales volume list with $4.033 billion, CryptoSlam data shows. Backed by its vast gaming community, the collection has the highest number of owners – 2.72 million. AxieInfinity’s sale volume is almost double second-place (previously LarvaLab’s) Ethereum-based CryptoPunks which has collected $2.118 b...
Price analysis 3/16: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE
Bitcoin (BTC) is witnessing a see-saw battle near $40,000 with both the bulls and the bears trying to gain the upper hand. The volatility could remain high as the markets await the United States Federal Reserve’s policy decision due on March 16. Analyst Willy Woo suggests that Bitcoin could witness a capitulation event based on a cost basis, a metric that indicates the transfer of Bitcoin from inexperienced to experienced traders. Such sharp declines usually suggest the formation of market bottoms. Daily cryptocurrency market performance. Source: Coin360 However, Glassnode believes that a capitulation has been avoided because the sell-offs have been absorbed by a relatively strong market. Although 82% of the short-term holders’ coins are in loss, Glassnode considers this to be a late...
Bitcoin bulls to defend $40K leading into Friday’s $760M options expiry
Over the past two months, Bitcoin (BTC) has respected a slightly ascending trend, bouncing multiple times from its support. Even though that might sound positive, Bitcoin’s performance year-to-date remains a lackluster negative 14%. On the other hand, the Bloomberg Commodity Index (BCOM) gained 2% in the same period. Bitcoin/USD 1-day candle chart. Source: TradingView The broader commodity index benefited from price increases in crude oil, natural gas, gold, corn, and lean hogs. Worsening macroeconomic conditions pressured the supply curve, which, in turn, shifted the equilibrium price toward a higher level. Moreover, the United States approved a $1.5 trillion spending bill on March 15 that funds the government through September. President Joe Biden’s signing of the legislation...
Fantom (FTM) and Cardano (ADA) trading in the range of yearly lows
Fantom (FTM) has revisited December lows in the $1.05 zone Cardano (ADA) has slipped below $0.80 for the second time in less than three weeks The crypto market has been relatively quiet in the last 48 hours, with many crypto assets consolidating around their support zones. Bitcoin headed towards bearish targets below $39,000 Bitcoin’s ascent towards $40,000 earlier today was cut short by tough resistance at $39,800, CoinMarketCap data suggests. The flagship cryptocurrency set a weekly high of $39,742.50 before losing more than $1000 in less than three hours and finding support at around $38,700, where it is currently trading. The picture is not very different for the rest of the altcoins in the top ten ranking by market capital. The majority of them have slid back by 2% to 5% in the last 2...
Binance temporarily halts MATIC deposits and withdrawals
Last week, Polygon experienced an extended outage that resulted from an issue related to the Heimdall node Binance’s suspension follows a series of updates on the Polygon network that were meant to remedy the situation Early Tuesday, the world’s largest crypto exchange Binance notified its users that it had temporarily paused deposits and withdrawals via the Polygon network. The exchange said it had taken the decision as it works with Polygon to solve “network-wide issues.” The Chaopeng Zhao-led exchange added that it would restore support for Polygon’s MATIC token– once the network is stable. Binance explained that any deposits that would be done during the suspension of service would be credited as soon as service is restored. Polygon developers were keen to...
Bitcoin’s got 3 strikes, but investors remain calm despite price drop
After Bitcoin (BTC) faced its third consecutive rejection, investors became more confident in adding altcoin positions. For the leading cryptocurrency, the path to $50,000 appears more challenging than previously expected. According to Euronews Next, on March 14, the European Union rejected a proposed rule that could have banned the energy-intensive proof-of-work (PoW) mining algorithm used by Bitcoin and other cryptocurrencies. Several EU parliamentarians have been pushing to ban PoW mining over energy concerns. BTC/USD price at FTX. Source: TradingView In terms of performance, the aggregate market capitalization of all cryptos was relatively flat over the past seven days, registering a modest 0.4% gain to $1.77 trillion. However, the apparent lack of performance in the overall market doe...
How professional Ethereum traders place bullish ETH price bets while limiting losses
Being bullish on Ether (ETH) over the past four months did not pay off as its price dropped 44% from $4,600. The decentralized finance (DeFi) applications growth that fueled the rally faded away, partially due to network congestion and average transaction fees of $30 and higher. The cool-off period can also be attributed to excessive expectations as the fee burn mechanism implemented in August 2021 with the London hard fork. After drastically reducing the daily net issuance, investors jumped to the conclusion that Ether would become “ultrasound money.” The Ethereum network burned more ETH over the last 24 hours than was issued by both the PoW (eth1) and PoS (eth2) networks. This is the first time this has happened since EIP-1559 went live less than 3 months ago. ETH is ultra so...
Waves Protocol hits all-time high TVL after crossing $2 BN twice this month
Waves Protocol has grown by about 80% in TVL since the start of the year Neutrino and Vires Finance have been the main assets leading the recent bloom Currently ranked tenth – in terms of Total Value Locked – out of all chains, Waves Protocol, a platform for building Web 3.0 dApps early last week surpassed a TVL figure of $2 billion for the first time since October 2021. Though the TVL briefly fell below the mark the next day (last Wednesday), it rose again and has retested last October’s record figure. As one of the few assets enjoying high-value growths despite the recent market fluctuations, Waves has defied the plunge it saw in the early days of February that took its TVL to as low as $700 million. It currently has a TVL of $2.4 billion, which represents a gain of over 150% on th...
Bitcoin derivatives metrics reflect traders’ neutral sentiment, but anything can happen
Bitcoin’s (BTC) last daily close above $45,000 was 66 days ago, but more importantly, the current $39,300 level was first seen on Jan. 7, 2021. The 13 months of boom and bust cycles culminated with BTC price hitting $69,000 on Nov. 10, 2021. It all started with the VanEck spot Bitcoin exchange-traded fund being rejected by the United States Securities and Exchange Commission (SEC) on Nov. 12, 2020. Even though the decision was largely expected, the regulator was harsh and direct on the rationale backing the denial. Curiously, nearly one year later, on Nov. 10, 2021, cryptocurrency markets rallied to an all-time high market capitalization at $3.11 trillion right as U.S. inflation as measured by the CPI index hit 6.2%, a 30-year high. Inflation also had negative consequences on risk ma...
Altcoin Roundup: DeFi token prices are down, but utility is on the rise
The decentralized finance (DeFi) sector has been sitting in the backseat since whipping up a frenzy in the summer of 2020 through the first quarter of 2021. Currently, investors are debating whether the crypto sector is in a bull or bear market, meaning, it’s a good time to check in on the state of DeFi and identify which protocols might be setting new trends. Here’s a look at the top-ranking DeFi protocols and a review of the strategies used by users of these protocols. Stablecoins are the foundation of DeFi Stablecoin-related DeFi protocols are the cornerstone of the DeFi ecosystem and Curve is till the go-to protocol when it comes to staking stalbecoins. Top 5 protocols by total value locked. Source: Defi Llama Data from Defi Llama shows four out of the top five protocols in terms of to...
