polygon
Is MATIC price about to double? Polygon’s Reddit hype pushes exchange balance to 9-month lows
A sharp rebound in the Polygon (MATIC) market in the last four months has increased its price by 200% when measured from its June 2022 bottom of $0.31. And now, the token is showing signs of undergoing another major market rally. MATIC exchange balance hits nine-month low Notably, the MATIC supply held by all crypto exchanges fell to 802.15 million on Oct. 26, its lowest level since January 2022. The plunge came as a part of a broader downtrend that has witnessed over 600 million MATIC leaving exchanges in the last four months, data on Santiment shows. MATIC balance on exchanges versus price. Source: Santiment A declining crypto balance across exchanges is perceived as bullish by the market since traders typically withdraw their funds from trading platforms when they want to hold the token...
Warren Buffett-backed neobank picks Polygon for Web3 token — MATIC price eyes 100% rally
Polygon (MATIC) price could double by the end of 2022 or early 2023 due to a mix of extremely bullish fundamental and technical indicators. Polygon wins high-profile clients MATIC rose by nearly 6.5% four days after Nubank, a Brazilian fintech company backed by Warren Buffett’s Berkshire Hathaway and Softbank, confirmed that it selected Polygon’s “Supernets technology” for its blockchain and digital token dubbed Nucoin. “Nubank plans to airdrop the digital token to its customers in the first half of 2023,” the official announcement read, adding: “These tokens will be the basis for its customers’ loyalty rewards program and will have benefits such as discounts and other advantages.” #Polygon is taking @Nubank from #Web2 ➡&#x...
Price analysis 10/21: SPX, DXY, BTC, ETH, BNB, XRP, ADA, SOL, DOGE, MATIC
The 10-year Treasury yield in the United States rose to its highest level since 2008. Although this type of rally is usually negative for risky assets, the U.S. stock markets recovered ground after the Wall Street Journal reported that some officials of the Federal Reserve were concerned about the pace of the rate hikes and the risks of over-tightening. While it is widely accepted that the U.S. will enter a recession, a debate rages on about how long it could last. On that, Tesla CEO Elon Musk recently said on Twitter that the recession could last “probably until spring of ‘24,” and added that it would be nice to spend “one year without a horrible global event.” Daily cryptocurrency market performance. Source: Coin360 Bitcoin’s (BTC) price has witnessed a massive drop from its all-time hig...
5 altcoins that could be ripe for a short-term rally if Bitcoin price holds $19K
The S&P 500 and the Nasdaq Composite fell to a new year-to-date low last week and closed the week with a loss of 1.55% and 3.11%, respectively. The scenario changed drastically on Oct. 17 after the earnings, season ramped up and a sharp policy reversal from U.K. Finance Minister Jeremy Hunt added detail to the government’s plan to fix his predecessor’s (Kwasi Kwarteng’s) fiscal package, which had triggered a record fall in the value of the GBP and a near liquidation of pension plans in the United Kingdom. At the time of writing, the Dow is up 1.78%, while the S&P 500 and Nasdaq present 2.57% and 3.26% respective gains. Meanwhile, Bitcoin (BTC) has managed to stay well above its year-to-date low showing short-term outperformance. Some analysts expect that Bit...
Price analysis 10/14: SPX, DXY, BTC, ETH, BNB, XRP, ADA, SOL, DOGE, MATIC
The United States Consumer Price Index (CPI) increased 8.2% annually in September, beating economists’ expectations of an 8.1% rise. The CPI print lived up to its hype and caused a sharp, but short-term increase in volatile risk assets. The S&P 500 oscillated inside its widest trading range since 2020 and Bitcoin (BTC) also witnessed a large intraday range of more than $1,323 on Oct. 13. However, Bitcoin still could not shake out of the $18,125 to $20,500 range in which it has been for the past several days. Daily cryptocurrency market performance. Source: Coin360 Both the U.S. equities markets and Bitcoin tried to extend their recovery on Oct. 14 but the higher levels attracted selling, indicating that the bears have not yet given up. Could the increased volatility culminate wit...
Price Analysis 9/26: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB
The United Kingdom is in focus following the British pound’s fall to a new all-time low against the United States dollar. The sell-off was triggered by the aggressive tax cuts announced by Prime Minister Liz Truss’s government. The 10-year gilt yields have soared by 131 basis points in September, on track for its biggest monthly increase since 1957, according to Reuters. The currency crisis and the soaring U.S dollar index (DXY) may not be good news for U.S. equities and the cryptocurrency markets. A ray of hope for Bitcoin (BTC) investors is that the pace of decline has slowed down in the past few days and the June low has not yet been re-tested. Daily cryptocurrency market performance. Source: Coin360 That could be because Bitcoin’s long-term investors do not seem to be panicking. Data f...
Price analysis 9/21: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB
The Federal Reserve hiked rates by 75 basis points on Sept. 21 and Fed Chair Jerome Powell projected another 125 basis points increase before the end of the year. If that happens, it will take the benchmark rate to 4.4% by the end of the year, which is sharply higher than the June estimates of 3.8%. The Fed also intimated that it only expects rate cuts to be considered in 2024. The expectation of higher rates pushed the 2-year Treasury to 4.1%, its highest level since 2007. This could attract several investors who are looking for safety in this uncertain macro environment. Higher rates are also likely to reduce the appeal of risky assets such as stocks and cryptocurrencies and may delay the start of a new uptrend. Daily cryptocurrency market performance. Source: Coin360 Even though Bitcoin...
Price analysis 9/14: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB
The United States equities markets and the cryptocurrency markets had been rising leading up to the Sept. 13 release of the August consumer price index data, but the rally fell apart once the data showed inflation rising, rather than falling. The negative data dashed any hope of a Federal Reserve pivot in the near term and it triggered a sharp decline in risky assets. The market capitalization of U.S. stocks plunged by about $1.6 trillion on Sept. 13 and the market cap of the cryptocurrency markets slipped below $1 trillion. Daily cryptocurrency market performance. Source: Coin360 Statistician and independent market analyst Willy Woo, believes that Bitcoin (BTC) may have to fall further before it reaches the maximum pain experienced during previous bottoms. Woo expects Bitcoin price to dec...
Reddit NFT avatars selling for a premium on OpenSea
Sales of recently launched Reddit blockchain-based avatars are rising on nonfungible token (NFT) marketplace OpenSea, outperforming the platform’s proprietary store. Reddit, the “front page” of the internet, plugged into the burgeoning world of NFTs with the announcement of collectible avatars in July 2022. The avatars became available to users in August and are already generating thousands of dollars in sales for artists. Reddit users are able to purchase a variety of avatars for their profiles using Vault, Reddit’s cryptocurrency wallet, with credit and debit cards accepted to make payments for the blockchain-based NFTs. Reddit Avatars are created by a number of independent artists that use the platform and are minted on purchase on the Polygon blockchain. Given that OpenSea features cro...
Price analysis 9/5: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB
The cryptocurrency markets have been quiet over the weekend. The sideways price action continues on Sept. 5 and there are unlikely to be any fresh triggers from the United States equities markets, which are closed for Labor Day. However, the bullish picture for cryptocurrencies looks clouded as the energy crisis in Europe sent the euro to a two-decade low versus the U.S. dollar. Meanwhile, the U.S. dollar index (DXY) which has an inverse correlation with the equities markets and cryptocurrencies soared above 110 for the first time since June 2002. Daily cryptocurrency market performance. Source: Coin360 A positive sign among all the mayhem is that Bitcoin (BTC) has not given up much ground over the past few days and continues to trade near the psychological level of $20,000. This suggests ...
Price analysis 9/2: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB
Nonfarm payrolls rose by 315,000 jobs in August, down from the July increase of 526,000 jobs. The report was just below the Dow Jones estimate of 318,000 jobs and the slowest monthly gain since April 2021. The S&P 500 rose in response to the report, but later erased its gains, indicating that bears continue to sell on rallies. That may be because the U.S. dollar index (DXY), which had retreated from its Sept.1 20-year high, recovered part of its losses. The bears will have to pull the DXY lower to boost the prices of stocks and thcryptocurrency markets as both are usually inversely correlated with the dollar index. Daily cryptocurrency market performance. Source: Coin360 Although Bitcoin (BTC) has dropped more than 70% from its all-time high of $69,000, several traders have held on to ...
Rocky road lies ahead, but here’s 5 altcoins that still look bullish
The United States equities markets plunged on Aug. 26 following Federal Reserve Chair Jerome Powell’s speech where he reiterated the central bank’s hawkish stance. Continuing its correlation with the equities market, Bitcoin (BTC) and the cryptocurrency markets also witnessed a sharp selloff on Aug. 26. Bitcoin has declined about 14% this month, making it the worst performance for August since 2015 when the price had dropped 18.67%. That may be bad news for investors because September has a dubious record of a 6% average loss since 2013, according to data from CoinGlass. Crypto market data daily view. Source: Coin360 Although buying in a downtrending market is not a good strategy, traders can keep a close watch on cryptocurrencies that are outperforming the markets because, in case of any ...
