Cryptocurrency

Dapper Labs acquires social startup Brud, German’s Bundesliga partners with Sorare, Archdiocese of Bangkok launches first-ever Catholic NFT and Etched to launch social impact hockey NFT.
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In the 1988 “Crypto Anarchist Manifesto,” engineer, author and cypherpunk Timothy C. May predicted a social and economic revolution enabled by technological developments, including high-speed networks, personal computers and satellites. Today, former Bitcoin core developer Jeff Garzik — now with SpaceChain — and others are making this vision a reality. Private crypto companies including SpaceChain, Blockstream, Cryptosat and others are rapidly launching satellites into orbit to offer blockchain validation, multisignature wallets and verifiable time-delay functions from space.As the cryptocurrency market continues its overall moonward trajectory, the stakes are getting higher for blockchain protocols. Blockchains must not only maintain their security in the technical sense but they need to be able to withstand regulatory setbacks as well. If governments are a potential threat to the visions of unstoppable, decentralized networks on Earth, then putting blockchain validator nodes in space is a “backup.”Garzik, the co-founder and chief technology officer of SpaceChain, argues that placing nodes out of human reach, in space, “can help address security and vulnerability issues facing centralized land-based servers on Earth, and unfurl new and exciting opportunities for other commercial use cases.” This means that even if nodes fail, or are compromised or shut down — or even if the internet is somehow turned off — a verifiable copy of the blockchain will persist in space, adding to the “immutability” and censorship-resistant attributes of this technology. Now, “Space is for everyone,” states Garzik.More companies are finding cheaper ways to provide blockchain-oriented “space-as-a-service.” Nominally, San Francisco-based company Cryptosat is “interested in using the properties of space, to benefit blockchain,” the co-founders tell Magazine. They are leveraging premade components to launch miniature, coffee mug-sized “cubesats” and simple on-ground infrastructure deployed on enterprise cloud-web providers for an end-to-end system where anyone can assemble, launch and communicate with a satellite providing blockchain nodes in space. Space infrastructure is offering whole new possibilities for composable, decentralized infrastructure. SpaceChain and Cryptosat are investigating a range of use cases in addition to nodes, including randomness beacons and “verifiable delay functions” (VDFs). Randomness beacons provide trusted sources of entropy and are a fundamental component for generating an unpredictable result. In cryptography, for example, the initial trusted setup of key pairs requires a source of randomness. VDFs execute functions after a certain amount of time has passed, for transactions or smart contract functions. With satellites, these cryptographically signed timestamps can be determined by orbits around the Earth and transmitted from space. “It’s basically like a trusted clock in space,” Gil Shotan, co-founder of Cryptosat, tells Magazine. These interact with software interfaces for enterprise clients, such as digital asset management company Nexus Inc. and cryptocurrency exchange Biteeu, for secure in-orbit multisignature transactions.While SpaceChain and Cryptosat are blockchain-agnostic integrators for space services, Blockstream, which was co-founded by Adam Back — one of the original cypherpunks and the inventor of “Hashcash,” a proof-of-work precursor mentioned in the Bitcoin white paper — is specifically focused on using space to expand the capabilities of the Bitcoin network. The Blockstream Satellite network broadcasts the Bitcoin blockchain around the world, 24/7, to provide connectivity for continual access to the Bitcoin network to mitigate the threat of network interruptions or IP traceability. Anyone can purchase a small satellite antenna and USB receiver to view these blocks to ensure their node is in sync.How do you get “to space”?Getting your node into space is not as difficult as one might think.The United States National Aeronautics and Space Administration, known by most simply as NASA, reserves spots for commercial launches on each mission. Based on a proposal that emphasized the security use case for blockchains, SpaceChain, which was founded in 2017, was the first blockchain company to launch with NASA. With the goal to provide “open and neutral” space infrastructure, SpaceChain launched its first payload (cargo) carrying a node to the International Space Station in 2019. Its fourth node, an Ethereum validator, was launched from NASA’s Kennedy Space Center aboard a SpaceX Falcon 9 rocket in 2021. This allows an immutable record of blockchain transactions to be not only global but universal, to further the functionality of decentralized applications in space.  While one might think that the ISS or a satellite is quite the target for attack by anyone that really doesn’t like blockchains, SpaceChain is convinced of the opposite. “As long as it doesn’t get killed, it will bounce back,” states Zee Zheng, co-founder and CEO of SpaceChain. Space infrastructure offers enhanced security properties, as it is freely and continually monitored by every space agency in the stratosphere. While this still doesn’t solve the intractable problem of trust in hardware support chains, if tampered with once launched, everyone will know. In fact, governments are quite interested in supporting blockchains in space.Who pays in space?Putting blockchains in space is often positioned as an ideological pursuit for decentralization, away from the reach of untrusted intermediaries. Yet, space infrastructure is a highly sought after, often publicly funded and privately provided service. The commercial case for space is quite compelling. SpaceChain secured approximately $60,000 in funding from the European Space Agency for its first payload, and more recently it received 440,000 British pounds ($605,000) in funding from Enterprise Singapore and Innovate UK to develop “Decentralized Satellite Infrastructure” (DSI), a real-time blockchain-operated network of satellites.For some like SpaceChain’s Garzik, “Space is not about the dollars,” as decentralized currencies surpass the need for terrestrial money. For others like Cryptosat and Loft Orbital, money is a factor. Loft Orbital shuttles payloads for companies, including the recent Ethereum node for SpaceChain, and raised $13 million in a Series A funding round in 2019. “There is still money to be made on earth,” Yonatan Winetraub, co-founder of Cryptosat, tells Magazine.Governance and politics in spaceGovernance in space could go in several directions. Space is known as an arena for geopolitical competition, enhanced by an entanglement of interests between state and private actors. SpaceChain’s network of low Earth orbit satellites, known as a “constellation,” is operated by multiple parties in multiple jurisdictions. It is set to offer a collaborative model where infrastructure is non-territorial and accessible to commercial and government users. While SpaceChain hopes that its infrastructure mediates a collaborative model between numerous countries and commercial entities, attempting to establish resilient, decentralized networks can also create new vulnerabilities.Commercial interests, mixed with competing players, may result in new rivalries, not least of which includes Elon Musk’s plan to put “literal Dogecoin on the literal moon.” In June, Musk declared that “a new space race has begun!” via Twitter, in response to crypto exchange Bitmex, which vowed to beat Dogecoin to the moon with Bitcoin. Garzik thanked Musk and SpaceX on Twitter but pointed out that SpaceChain “has ALREADY ridden your rockets to space,” adding that SpaceChain “is an integrator, and happily accepts BTC ETH SPC and now DOGE” for customer space missions.Perhaps the next decentralized autonomous organization, or DAO, will be in outer space?According to some, the future could involve the multispecies population of multiplanetary systems, with multiple digital currencies. Whether blockchain capabilities enhance space or space enhances blockchain here on earth, “Space is closer to us than you think,” Winetraub tells Magazine.
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Ether (ETH) took charge as a new month begins and the second-largest cryptocurrency by market capitalization rallied to a new all-time high at $3,338. This has many analysts shouting out that a new 'altcoin season' has commenced. Meanwhile, Bitcoin  (BTC) price is continuing to meet resistance around the $56,000 to $58,000 level. Data from Cointelegraph Markets and TradingView shows that since dropping to a low of $2,160 on April 25, the price of Ether has rallied 54% to a new record high at $3,324 on May 3 as Monday’s 12% spike lifted the top altcoin above the $3,300 level for the first time in history. ETH/USDT 4-hour chart. Source: TradingViewWhile a majority of crypto traders are celebrating Ether’s price breakout, which has helped elevate project co-founder Vitalik Buterin to the crypto billionaire club, bearish traders are en route to heavy losses as nearly every one of the 76,000 put option contracts that are set to expire on April 7 will become worthless if Ether price manages to stay above $3,100. And it's not just Ether that has been performing well as of late. In the past 2 months, the altcoin market as a whole has seen its value increase 119% and flipped the 2017 peak into a new support level. Ether HODL rates riseAccording to Glassnode, an on-chain analytics firm,  the amount of Ether being held long term has been on the rise since late 2020 and this could be a contributing factor propelling the multi-month rally.Ethereum HODL waves. Source: GlassnodeThe chart above showing “Ethereum HODL waves” indicates that "coins appear to be maturing from 1-week to over 6-months old since late 2020 (blue arrows),” with the “proportion of coins aged 1-month to 6-months progressively increasing in thickness suggesting HODLing coins accumulated in the early bull market remains a favored strategy.”Glassnode also pointed out that a large volume of Ether has been removed from exchange wallets in 2021, with 10 instances of withdrawals in excess of 200k Ether per day taking place in just 4 months as institutional demand and decentralized finance (DeFi) use grows. Ethereum supply in smart contracts vs. balance on exchanges. Source: GlassnodeAs seen on the chart above, the amount of Ether held on exchanges has been on the decline since September 2020 which coincided with a noticeable increase in the amount of Ether held in decentralized finance smart contracts. Currently, the amount of Ether locked in smart contracts is outpacing the amount held in centralized exchange reserves. Altcoins outpace Bitcoin for nowWith Bitcoin still struggling to secure a daily close above $58,000, altcoins continue to make the case for an emerging altseason.Daily cryptocurrency market performance. Source: Coin360Waves (WAVES) was the breakout star of the day with its token price surging 41% to a record high at $36.41. Ethereum Classic (ETC) also rallied 15% to a new all-time high at $50.90. After rallying 17.84% to $5,777 in the past 24-hrs, Maker (MKR) is now the top-ranked decentralized finance (DeFi) protocol with a total value locked of $10.92 trillion.The overall cryptocurrency market cap now stands at $2.29 trillion and Bitcoin’s dominance rate is 46.6%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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Analyzing the activity on lending platforms can sometimes be used as a barometer for measuring the sentiment of the cryptocurrency market as a higher number of collateral-backed loans may signal that traders are eager to trade a rising market. The month of April saw the total value locked on Maker (MKR), Aave (AAVE) and Compound (COMP) climb to new highs alongside rising token values and trading volumes. MKR/USDT vs AAVE/USDT vs COMP/USDT 4-hour chart. Source: TradingViewAll three of the projects are based on the Ethereum (ETH) network and have benefited from the rising price of ETH as well as a recent decline in the average gas fee that has led to an uptick in user engagement with decentralized finance (DeFi).MKR/USDTMaker has seen the largest price appreciation in the month of April thanks to multiple factors including an upgrade to its liquidation engine and the possible expansion of its approved collateral list.The Maker protocol is responsible for the creation of the DAI stablecoin, which has seen its circulating supply reach a new high of $3.569 billion tokens. Data from DappRadar shows that the total value locked (TVL) on the Maker platform has climbed higher throughout the month of April and now stands at $11.09 billion, making it the number one ranked Ethereum-based DeFi platform in terms of TVL. Total value locked on Maker. Source: DappRadarWith institutions now getting involved in the cryptocurrency sector and showing great interest in the growing Ethereum network, the MakerDAO ecosystem and its DAI stablecoin could see further gains in users and TVL as one of the more established and long lasting DeFi protocols in the space. AAVE/USDTGrowth in the AAVE ecosystem really began to take off in the middle of April after the project launched on the Polygon network in an effort to help scale the protocol while remaining on the Ethereum network. The launch was well received as evidenced by the Polygon-based AAVE protocol surpassing $1 billion in liquidity within 10 days of launching. A rally in the price of Polygon and the rapid growth of its QuickSwap DEX coincided with a sharp increase in the TVL of the AAVE protocol, which now stands at $10.56 billion according to data from DappRadar. Total value locked on Aave. Source: DappRadarThe rapid increase in TVL that began on April 25 coincided with a 55% increase in the price of AAVE from a low of $315 to a high of $534 on May 3. AAVE's migration to the Polygon network and the increased scalability it offers is continuing to attracting new users and pushing the token price to new highs. COMP/USDTCompound price whipsawed in both directions in April but that didn't prevent the protocol from reaching a new all-time high. COMP/USDT 4-hour chart. Source: TradingViewData from Cointelegraph Markets and TradingView shows that after bouncing off a low near $430 in April, the price of COMP rallied 104% to set a new record high at $879 on May 2.The main driving force behind excitement in the community has been a series of governance votes as well as the approval for the second batch of development grant recipients. According to data from DappRadar, the TVL on the Compound protocol actually surpassed the $11 billion level in mid-April before a downturn in the overall market caused a drop off in prices resulting in a rapid decline in the value of assets locked on the platform. Total value locked on Compound. Source: Defi LlamaNow that the markets appear to be waking up with Ethereum fresh of a new all-time high and Bitcoin (BTC) looking to attempt a breakout above the $58,000 level, the TVL and price for COMP could again trend upward. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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Ether (ETH) has been the star performer among major cryptocurrencies in the past few days as its rally has continued unabated. The second-largest cryptocurrency by market capitalization crossed the $3,300 today sending projects market cap to $381.6 billion. Ether has now become the 24th largest asset in the world, vaulting the project above blue-chip names like Mastercard, NVIDIA, Walt Disney, Bank of America and Home Depot, according to data from Infinite Market Cap. This strong performance in Ether has also brought back murmurs of Ethereum flippening Bitcoin (BTC).Daily cryptocurrency market performance. Source: Coin360However, Ether has a lot of catching up to do if it wants to flip Bitcoin because its market dominance at 16.4% is much below Bitcoin’s 47%. Still, the rise of Ether is positive for the crypto sector because it is likely to attract the attention of institutional investors.Fund managers will find it difficult to ignore the top two cryptocurrencies as their market caps surpass popular Wall Street names. This could continue to attract fresh money into the crypto sector and boost prices higher.Let’s analyze the charts of the top-10 cryptocurrencies to determine their trend and the possible target objectives.BTC/USDTBitcoin has bounced off the 20-day exponential moving average ($55,915) today, suggesting that bulls are accumulating on dips. The buyers will now try to push the price to the $61,825.84 to $64,849.27 overhead resistance zone.BTC/USDT daily chart. Source: TradingViewHowever, the wick on today’s candlestick shows that the bulls are struggling to sustain the price above $58,000. If the buyers fail to do that, the bears will make one more attempt to sink the price below the 20-day EMA.If they succeed, the BTC/USDT pair could start a correction to $52,323.21 and then to $50,460. A bounce off this level could keep the pair range-bound for a few more days.Alternatively, if the bulls defend the 20-day EMA, it will signal strength. If the buyers can sustain the price above $58,000, the pair could start a gradual climb to the overhead zone. The next leg of the uptrend may start after the pair rises above $64,849.27.ETH/USDTEther had been trading inside an ascending channel for the past few days. The bulls pushed the price above the resistance line of the channel on May 1, resulting in a pick-up in momentum. Ether could now rally to $3,513. ETH/USDT daily chart. Source: TradingViewBoth moving averages are sloping up suggesting that bulls have the upper hand. However, the RSI above 80 suggests the rally is overbought in the short-term and the ETH/USDT pair may soon enter a minor correction or consolidation.If the bulls do not allow the price to re-enter the channel, it will suggest that traders are buying on dips as they expect the rally to continue. Conversely, if the bears sink and sustain the price below $2,850, the pair could drop to the 20-day EMA ($2,586).BNB/USDTAfter forming a Doji candlestick pattern on May 1 and 2, Binance Coin (BNB) has resumed its uptrend today. Both moving averages are sloping up and the RSI is in the overbought zone, suggesting the bulls have overpowered the bears.BNB/USDT daily chart. Source: TradingViewIf the bulls can sustain the price above $639, the BNB/USDT pair could start its journey toward the pattern target at $808.57.Contrary to this assumption, if the bulls fail to sustain the price above $639, the bears will try to pull the price down to the 20-day EMA ($552). A bounce off this support will keep the uptrend intact.However, if the price drops below the 20-day EMA, the pair could decline to the support line of the triangle and then to the 50-day simple moving average ($421).XRP/USDTXRP turned down from $1.66 and formed an inside-day candlestick pattern on May 2. That was followed by a Doji candlestick pattern today, indicating indecision among the bulls and the bears.XRP/USDT daily chart. Source: TradingViewIf the uncertainty resolves to the downside, the XRP/USDT pair could correct to the 20-day EMA ($1.36), which is likely to act as a strong support.A strong rebound off the 20-day EMA will suggest that traders are buying on dips. If the bulls thrust the price above $1.66, the pair could rise to the 78.6% Fibonacci retracement at $1.73 and then retest the 52-week high at $1.96.The marginally rising 20-day EMA and the RSI near 61 indicate the bulls have the upper hand. This positive view will invalidate if the pair breaks the 20-day EMA support. Such a move will suggest that traders are dumping their positions and that could pull the price down to the 50-day SMA ($1.01).DOGE/USDTThe uncertainty following the inside-day candlestick pattern on April 29 resolved to the upside on April 30 and the bulls propelled Dogecoin (DOGE) above the $0.34 resistance on May 1. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for DOGE on April 29, prior to the recent price rise.The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.VORTECS™ Score (green) vs. DOGE price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for DOGE flipped green on April 29 when the price was $0.30.Since then, the VORTECS™ Score has largely remained in the green, barring a short-term dip below the 60 level. DOGE has rallied above $0.41 today, resulting in a 36% rally in roughly five days. DOGE/USDT daily chart. Source: TradingViewThe rising 20-day EMA ($0.28) and the RSI near the overbought territory suggest the bulls are in control. The DOGE/USDT pair could now retest the all-time high at $0.45. If the bulls propel the price above this resistance, the uptrend could resume with the next target objective at $0.65.This positive view will invalidate if the price turns down from the current level or the overhead resistance and breaks the 20-day EMA support, ADA/USDT Cardano (ADA) has been sustaining above the 20-day EMA ($1.27) for the past few days, suggesting the bulls are in no hurry to book profits. The altcoin remains on track to resume the up-move and reach the $1.48 to $1.55 resistance zone.ADA/USDT daily chart. Source: TradingViewThe ADA/USDT pair may hit a wall at the overhead resistance zone as the bears will once again try to reverse the direction and keep the price stuck inside the $1.03 to $1.48 range for a few more days.The marginally rising 20-day EMA and the RSI above 56 suggest the bulls have the upper hand. If they can drive the price above the zone, the pair could start its journey to $2. On the other hand, if the price turns down from the current level and breaks below the moving averages, the pair may drop to the support of the range at $1.03.DOT/USDTAfter hesitating near the 50-day SMA ($36.94) on May 1 and 2, the bulls pushed Polkadot (DOT) above it today. However, the long wick on today’s candlestick shows the bears have not given up yet and are selling on every rise.DOT/USDT daily chart. Source: TradingViewBoth moving averages are flat and the RSI is just above the midpoint, suggesting a balance between supply and demand. This balance will tilt in favor of the bulls if they can push and sustain the price above the 50-day SMA. That could open the gates for a move to $42.28.On the contrary, if the price turns down and slips below the 20-day EMA, the DOT/USDT pair may drop to $32.50. The bulls are likely to defend this level aggressively but if the bears overpower them, the pair could drop to support of the range at $26.50.UNI/USDTUniswap (UNI) witnessed profit-booking at $44 on April 29 and entered a minor correction. However, the bulls succeeded in flipping the previous resistance at $39.60 into support, which is a positive sign. UNI/USDT daily chart. Source: TradingViewThe uptrend has resumed today and the UNI/USDT pair has risen to a new all-time high at $45. Although the RSI is still warning of a negative divergence, the upsloping 20-day EMA ($37.41) suggests the bulls are in control.If the bulls sustain the price above $44, the pair could rise to the resistance line of the ascending channel at $50. This bullish view will nullify if the bears sink the price below the 20-day EMA. The pair could then drop to the support line of the channel.LTC/USDTAfter a one-day correction on May 2, Litecoin (LTC) has started its northward journey today. This suggests the sentiment remains bullish and every minor dip is being purchased. The bulls will now try to push the price above the 61.8% Fibonacci retracement level at $286.02.LTC/USDT daily chart. Source: TradingViewIf they succeed, the LTC/USDT pair could rise to the 78.6% retracement level at $307.58 and then to $335.03. The gradually upsloping 20-day EMA ($257) and the RSI above 61 suggest that demand exceeds supply.This positive view will invalidate if the price turns down from $286.02 and slumps below the 20-day EMA. Such a move will suggest that traders are closing their positions on relief rallies. That could result in a drop to the 50-day SMA ($230).BCH/USDTBitcoin Cash (BCH) turned down from the 61.8% Fibonacci retracement level at $1,012.29 on May 1 but the correction was short-lived as the bulls purchased the dip on May 2. This suggests strong demand at lower levels.BCH/USDT daily chart. Source: TradingViewHowever, the long wick on today’s candlestick shows bears are selling on rallies above $1,012.29. If the price turns down from the current level and breaks below $950.46, the pair could drop to the 20-day EMA ($879). A break below this level will suggest the bullish momentum has weakened and that will open the doors for a possible drop to the 50-day SMA ($703).Conversely, if the bulls succeed in sustaining the price above $1,012.29, the BCH/USDT pair could rise to $1,100.78 and then retest the 52-week high at $1,213.51. The rising moving averages and the RSI above 62, indicate the path of least resistance is to the upside.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.Market data is provided by HitBTC exchange.
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Bitcoin (BTC) is challenging familiar but significant all-time highs as a new week gets underway, rallying to $58,000 on Monday.After a surprise rally on Friday, the largest cryptocurrency saw a slow comedown through much of the weekend. This turned on its head overnight on Sunday, however, and now BTC/USD is back fighting resistance near $60,000.Cointelegraph takes a look at what the coming days might have in store for Bitcoin price action with five factors that could help shape it. Bitcoin ignores DXY gainsWith various major markets closed for May holidays, there are fewer cues than usual coming from commodities and equities.Asian stocks tracked losses, fuelled by various issues including India’s ongoing COVID-19 debacle. At the same time, in the United States, S&P 500 futures are already recovering lost ground from Friday. Unlike Bitcoin, markets did not react well to rumors that fiscal support measures over the virus may be reduced by some banks — these were a key element behind the S&P’s record performance over the past year. In tandem with the move was a shift in the strength of the dollar, however, with the U.S. dollar currency index (DXY) seeing impressive gains after a month of descent.U.S. dollar currency index (DXY) 1-day candle chart. Source: TradingViewAs Cointelegraph reported, DXY and Bitcoin tend to be inversely correlated, but last Friday proved to be another notable exception. BTC/USD climbed conspicuously as if out of nowhere on the day, passing $58,300 before reversing. A key topic remains inflation — senior U.S. officials believe that trillions of dollars in virus stimulus will have little impact on it, while others disagree. Spot rally enters next stageAnother day, another blistering comeback for Bitcoin. Just a week after recovering from its dip to near $46,000, BTC price action is now making good on its further gains late last week. While the weekend was mostly lackluster in tone, Monday is seeing the kind of “buying frenzy” that arch-nemesis Warren Buffett has been eyeing on traditional markets.At the time of writing, BTC/USD has passed $58,300 — the site of an all-time high from February — and is now continuing higher, calming near $59,000.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewA look at buy and sell demand from the orderbook of major exchange Binance shows resistance is still strong at $60,000 and above, and bulls will need to knock down several walls of sell orders to break out beyond the current all-time high of $64,500. Another significant barrier is now $68,000. On the support side, the picture is less sturdy — $52,000 is the first solid level among traders, followed by $50,000 and $48,000.BTC/USD buy and sell interest (Binance). Source: Material IndicatorsNonetheless, appetite for Bitcoin could well be seeing a new bullish phase as stablecoin balances on exchanges fill up. Against huge “printing” of these assets, such a trend raises the prospects of significant buyer demand materialising, helping to boost spot price action.“Stable coins are flowing back into exchanges. You know what that means,” analyst Jan Wuestenfeld summarized.Friday’s gains were notably driven by “genuine” buying among spot traders, while leveraged trades actually declined.Cat and mouse with EthereumAnother theory focuses on Bitcoin simply playing catch-up with a red-hot altcoin scene, led by Ether (ETH).The performance has defied expectations; ETH/USD is now above $3,000, having gained 28% over the past week compared to Bitcoin’s 11%.That predictably shaved even more clout off Bitcoin’s market cap dominance, which is now at 47.7% — its lowest since July 2018. Cryptocurrency market cap dominance chart. Source: CoinMarketCap“I wouldn’t be surprised if we see $3500 $ETH this week,” popular Twitter trader Crypto Chase forecast, along with further upside against Bitcoin. “ETHUSD breaking out from its upward consolidative leg + ETHBTC still has room to run (currently 0.053, resistance at 0.058).”On-chain monitoring resource Glassnode, meanwhile, saw strength in the decreasing network value to transaction ratio (NVT) on Ethereum, this corresponding to organic trade volume fuelling price gains. “As $ETH price reaches over $3,000 setting a new ATH, the NVT Ratio is driven back down towards this cycles lows,” the firm commented on an accompanying chart. “Low NVT Ratios indicate transaction volumes are high and growing faster than the network market cap. Today’s market strength is supported by volume settled on-chain.”Ethereum NVT ratio annotated chart. Source: Glassnode/TwitterFundamentals flush out hash crashBack to Bitcoin and its network fundamentals, which are still playing catch-up after seeing something of a “reset” over the past few weeks. This first came in the form of a brief hash-rate plunge due to flooding in China. Bitcoin’s network difficulty then began signaling a drop to accommodate the loss of participants.As difficulty adjusts every two weeks, it took until Saturday to kick in in real terms. The resulting 12% drop has been the biggest since last November. With that out of the way, however, the door is open for returning mining hash rate to up competition and return difficulty to positive, not negative, adjustments. It’s still early — current estimates still call for another drop, this time of around -7%.Hash rate, meanwhile, has all but recovered from its prior shock, standing at around 161 exahashes per second. Its peak, monitoring resource MiningPoolStats says, was 168 EH/s.Greed is back on the marketWith new gains comes a familiar shift in sentiment, and market participants are getting greedy. That’s according to the ever-popular Crypto Fear & Greed Index, which on Monday is back in “greed” territory after more than doubling since late last week. The Index uses a basket of factors to create a normalized score between 0 and 100 for how greedy or fearful crypto markets broadly are on a given day. Crypto Fear & Greed Index. Source: Alternative.meIts score tends to highlight when a price floor is in, or conversely, when a sell-off is due. At 61/100, however, the Index still has room to grow before sounding a local top — “extreme greed” is not here yet.
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Bitcoin (BTC) price closed the month down 1.98% which according to data from Bybit, was its first negative close in April since 2015. In the same month Ether (ETH) price soared over 44% to hit a new all-time high close to $3,000. This wide divergence between the top two cryptocurrencies shows that the markets have matured and Bitcoin’s underperformance is not affecting altcoins as much as it did in the past.Ether’s bullish trend has attracted strong buying from traders. Data from Bybit suggests that Ether futures open interest climbed to $8.5 billion on April 29, rising 52% over the previous month. This increase has been supported by professional traders who seem to have taken a more bullish view on Ether than retail investors, as highlighted by Cointelegraph contributor Marcel Pechman. Crypto market data daily view. Source: Coin360The strong performance from the crypto sector continues to attract a wide array of investors. According to the Financial Times, VC firm Andreessen Horowitz plans to tap into this growing demand by raising between $800 million to $1 billion for another fund. The flow of money into various crypto projects shows that investors are bullish for the long term.T. Rowe Price CEO William Stromberg said in an interview with the Baltimore Business Journal that the crypto space is still in its infancy and it could “take years to really unfold.” With Ether leading the altcoin charge, let’s look at the top-5 cryptocurrencies that may remain bullish in the short term.BTC/USDTBitcoin soared above its moving averages on April 30 but the bulls have not been able to build on this strength. The Doji candlestick pattern on May 1 and the drop below the 50-day simple moving average ($56,833) today suggests the bears are selling at higher levels and have not given up.BTC/USDT daily chart. Source: TradingViewIf sellers pull the price back below the 20-day exponential moving average ($55,723), the BTC/USDT pair could drop to $52,323.21 and then to $50,460. The flat moving averages and the relative strength index (RSI) near the midpoint suggest a balance between supply and demand. This could keep the pair range-bound for a few more days.This view will invalidate if the pair rebounds off the 20-day EMA and rises above $58,469.09. Such a move will suggest the bulls are buying on every minor dip. The pair could then rally to $61,825.85 where the bulls are again likely to face stiff resistance from the bears.Although it is too early to confirm, the pair seems to be making the right shoulder of a possible head and shoulders topping formation. This setup will complete on a break below the neckline. Until then, traders can be watchful but should not jump the gun in anticipation of a breakdown.BTC/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows the bulls pushed the price above the $57,500 resistance but could not sustain it. The bears pulled the price back below the level and are trying to break the 20-EMA support. If that happens, the pair may drop to the 50-SMA.A strong rebound off this support could encourage the bulls to make one more attempt to clear the hurdle at $57,500. If they succeed, the pair could start its journey to $61,825.84. Conversely, if the bears sink the price below the 50-SMA, the possibility of a drop to $50,460 increases. SOL/USDTSolana (SOL) broke above the $48.64 resistance on May 1 and hit a new all-time high at $49.99 today. However, the $50 psychological level is acting as a resistance and the bears have pulled the price back below $48.64 today.SOL/USDT daily chart. Source: TradingViewIf the bears sustain the price below $48.64 for two days, the SOL/USDT pair could drop to the support at $40.51. A strong rebound off this support will suggest the bulls are accumulating on dips. The bulls will then make one more attempt to clear the $50 resistance.If they succeed, the pair may start the next leg of the uptrend that could reach $56.77 and then $68.05. The rising moving averages and the RSI near the overbought territory indicate the path of least resistance is to the upside.This positive view will invalidate if the price breaks below the 20-day EMA ($38). If that happens, the pair could correct to the 50-day SMA ($26).SOL/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows the bulls are trying to defend the 20-EMA. If they can push the price above the $48.64 to $49.99 overhead resistance zone, the momentum is likely to pick up. The gradually rising 20-EMA and the RSI in the positive territory suggest the bulls have a minor advantage.Contrary to this assumption, if the price turns down from the overhead resistance once again, it will increase the prospects of a break below the moving averages. The bears may then pull the price down to $40.51. A strong bounce off this support could keep the pair range-bound for a few days.HT/USDTHuobi Token (HT) surged above the resistance at $26.89 on May 1 and hit a new all-time high at $29.54 today. However, the bears are trying to pull the price back below the breakout level and trap the aggressive bulls.HT/USDT daily chart. Source: TradingViewIf the price dips and sustains below $26.89 for three days, the HT/USDT pair could gradually drop to $22. A strong rebound off this support could keep the pair range-bound for a few days.Conversely, if the bulls defend the $26.89 support or do not give up much ground below $25, it will suggest strong buying on every minor dip. A break above $29.54 could resume the uptrend with the next target objective at $36.54.The 20-day EMA ($20.54) has turned up and the RSI is in the overbought zone, indicating that the bulls are in control.HT/USDT 4-hour chart. Source: TradingViewThe bulls and the bears are battling it out for supremacy near the $26.89 level. Although the bears had pulled the price back to $26.10, they could not sustain the lower levels. This suggests that bulls are buying on dips.The rising moving averages and the RSI near the overbought zone suggest the bulls have the upper hand. However, the bulls are finding it difficult to push the price to $29.54. This could result in high volatility in the short term. A break below $26 could pull the price down to the 20-EMA. If the price rebounds off this level strongly, the bulls will make one more attempt to resume the uptrend. Alternatively, a break below the 20-EMA could signal the start of a deeper correction.ETC/USDTThe bears are trying to stall Ethereum Classic’s (ETC) up-move in the $38 to $41.61 overhead resistance zone. However, the long tail on today’s candlestick suggests that traders are buying at lower levels.ETC/USDT daily chart. Source: TradingViewThe upsloping 20-day EMA ($28.74) and the RSI in the overbought zone indicate advantage to the bulls. If buyers propel the price above the overhead zone, the ETC/USDT pair could resume the uptrend and rally to $53.21.Contrary to this assumption, if the price turns down from the overhead zone, the bears will try to sink the pair to the 20-day EMA. A break below this support will indicate the bullish momentum has weakened and the pair could then drop to $22.20.ETC/USDT 4-hour chart. Source: TradingViewThe 20-EMA is rising and the RSI is in the overbought zone, suggesting the bulls are in control. However, the bears will not throw the towel easily. They will try to stall the up-move in the overhead zone.A break below the 20-EMA will be the first sign that the bullish momentum may be weakening. That could pull the price down to the 50-SMA. Such a move could keep the pair stuck inside the range for a few days.AAVE/USDTThe bulls pushed AAVE above the $489 resistance today. However, they have not been able to sustain the buying at higher levels and the bears have pulled the price back into the $480 to $280 range today. This suggests the bears are attempting to trap the aggressive bulls who may have purchased the breakout from the range.AAVE/USDT daily chart. Source: TradingViewIf the price dips below the 20-day EMA ($415), it will suggest that bulls are not buying on dips. That could pull the price down to the 50-day SMA ($383) and extend the stay of the AAVE/USDT pair inside the range for a few more days.On the contrary, if the pair rebounds off the 20-day EMA, it will indicate accumulation at lower levels. The bulls will then make one more attempt to push the price to $581.67. A breakout of this level could start the northward journey to $698.VORTECS™ data from Cointelegraph Markets Pro shows the bullish trend in AAVE has continued from April 25, barring a couple of momentary dips to 63.The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.VORTECS™ Score (green) vs. AAVE price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for AAVE has consistently remained in the green since April 25 when the price was at $351.40.The strong VORTECS™ Score could have held back traders from booking profits early and leaving profits on the table. AAVE has rallied to $509.83 today, recording a gain of 45% in just over a week. AAVE/USDT 4-hour chart. Source: TradingViewThe 4-hour chart shows the bulls purchased the dip to the 20-EMA and are again trying to drive the price above the $489 to $512 resistance zone. The rising moving averages and the RSI above 63 suggest the path of least resistance is to the upside.This bullish view will weaken if the bears pull the price below the 20-EMA. That could suggest that supply exceeds demand. The pair may then drop to the 50-SMA. If this support holds, the pair may consolidate between $420 and $489 for a few days before starting the next trending move.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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