Connect with us

Blockchain

Bitcoin and crypto market analysis: February 01, 2021

Bitcoin appeared to hitch a ride on Elon Musk’s rocket on Friday. The cryptoasset soared by 20% to hit $38K as the world’s richest man added #bitcoin to his Twitter Bio, and a record number of options contracts expired. However, despite the spike, soon enough the world’s largest crypto was drifting back to earth. This wild swing concluded an otherwise relatively quiet week in the cryptoasset market. Bitcoin largely drifted sideways as a report revealed […]

Avatar

Published

on

Advertisement

Bitcoin appeared to hitch a ride on Elon Musk’s rocket on Friday. The cryptoasset soared by 20% to hit $38K as the world’s richest man added #bitcoin to his Twitter Bio, and a record number of options contracts expired. However, despite the spike, soon enough the world’s largest crypto was drifting back to earth.

This wild swing concluded an otherwise relatively quiet week in the cryptoasset market. Bitcoin largely drifted sideways as a report revealed that Ivy League universities have been accumulating the cryptoasset, while Stellar, EOS, and other altcoins made double-digit gains.

This Week’s Highlights

  • Ray Dalio comes round to Bitcoin
  • Gamestop saga puts crypto in spotlight

Ray Dalio comes round to Bitcoin

In yet another example of crypto-skeptics changing their tune, billionaire Wall Street legend Ray Dalio has come round to Bitcoin.

“I believe Bitcoin is one hell of an invention” said the former doubter in a post on LinkedInbefore concluding that the cryptoasset “looks like a long-duration option on a highly unknown future.”

Dalio’s comments come in the same week as two other high-profile figures made their feelings known. VISA CEO Alfred Kelly said the company is “uniquely positioned to help make cryptoassets more safe, useful and applicable for payments”, and Billionaire Mark Cuban wrote on his personal blog that blockchain-based assets have “now legitimately become stores of value.”

Gamestop saga puts crypto in spotlight

Mayhem hit the US stock market this week as the WallStreetBets subreddit group co-ordinated a 700% rally in GameStop’s price, forcing hedge fund Melvin Capital to close their short position with billions in losses. 

In response, many trading apps suspended functionality — spurring the turmoil further as traders sought alternative ways to buy and sell.

Industry commentators took this as a positive omen for decentralized assets. SkyBridge Capital’s Anthony Scaramucci told Bloomberg that the saga “is more proof of concept that Bitcoin is going to work”, and Anthony Pompliano said to CNBC that the events will serve to “accelerate the digital decentralized financial system.”

The week ahead

Looking ahead, Wall Street-inspired upheaval for the crypto market could be on the cards. Crypto subreddits saw 500% growth in the past week, and some suggest the new traders could be looking to hunt the stop losses of hedge funds shorting Bitcoin

On Wednesday, another potential catalyst could move the market, as thousands of corporate directors come together for Michael Saylor’s Bitcoin Corporate Strategy virtual summit. This is designed to help other firms follow MicroStrategy and add Bitcoin to their balance sheet. 

Source: https://bitcoinist.com/bitcoin-and-crypto-market-analysis-february-01-2021/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-and-crypto-market-analysis-february-01-2021

Blockchain

DEX volumes have already surpassed $120b in 2021

DEX trading volumes on Ethereum hit $63 billion in January, smashing the sector’s previous record of $28 billion.

Avatar

Published

on

Ethereum-powered decentralized exchanges, or DEXes, continue to surge despite high transaction fees — with DEXes processing more than $120 billion in 2021 so far.

According to Ethereum market analytics platform Dune Analytics, combined DEX volumes posted a new record of $63 billion in January. February’s volume currently sits at $59 billion and is on track to hit $67 billion at the month’s end.

DEXes have already processed more volume in the first two months of 2021 than during all previous years combined.

Monthly DEX volume: DuneAnalytics

The Ethereum-powered DEX sector is still dominated by Uniswap and Sushiswap, who account for 65% of February’s trade combined. Uniswap currently represents more than double Sushi’s volume, controlling almost 50% of DEX market share.

However, looking at the weekly number of active traders on each platform shows that Uniswap represents more than three-quarters of Ethereum DEX users. Over the last seven days, nearly 142,000 unique wallets traded on Uniswap, followed by decentralized exchange aggregator 1inch with roughly 18,450 traders, and SushiSwap with 8,911.

However, not all DEX trading activity is occurring on Etheruem, with Binance Chain’s Pancake Swap surging to report a daily trading volume behind of more than $1.1 billion.

Despite some users migrating away from Ethereum-based DEXes, confidence in the sector as a whole is at an all-time high, with the total value locked in these exchanges sitting above $40 billion for the first time during recent weeks.

Source: https://cointelegraph.com/news/dex-volumes-have-already-surpassed-120b-in-2021

Continue Reading

Blockchain

Ethereum on track to settle $1.6 trillion this quarter

Ethereum’s quarterly settlement value is on course to increase by 1,280% year-over-year.

Avatar

Published

on

Ethereum usage is surging this year, with the value of transactions settled on the network skyrocketing during 2021.

According to research from Messari, Ethereum has settled $926 trillion worth of transactions this quarter so far — 700% more than it processed during Q1 2020. 

The network is currently on-pace to settle $1.6 trillion in transactions for the first quarter of this year. In the last 12 months, Ethereum has already settled $2.1 trillion in transactions.

If Messari’s $1.6 trillion forecast is accurate, Ethereum’s quarterly settlement value will have increased 1,280% compared to Q1 2020, and more than 5,000% compared to Q1 2019. 

Messari researcher Ryan Watkins noted the data counters the prevailing narrative that Ethereum is seeing an exodus of users amid its high gas fees, exclaiming:

“Incredible scale for a technology that critics claimed couldn’t scale.”

Ethereum’s recent surge in settlement value can be attributed to explosive growth in the DeFi and non-fungible token sector — most of which is based upon Ethereum.

The massive demand on the network has caused gas prices to surge to all-time highs. With many retail traders increasingly getting priced out of using the Ethereum mainnet for smaller transactions.

Average Ethereum transaction fees spiked to record highs of $40 on Feb. 23, with Ethereum generating $50 million worth of transaction fees in a single day.

Cryptofees.info is currently reporting an average daily fee generation of $32 million for ETH over the past seven days. Comparatively, Bitcoin has generated just $8 million daily on average over the past week.

According to Bitinfocharts.com, average transaction fees surged to a record high of almost $40 on Feb. 23. At the time of writing, Ethereum’s fees have retreated to $21 on average.

On Feb. 24, Cointelegraph reported that a fat-fingered DeFi user mistakenly paid more than 25 Ether worth $36,000 for a transaction this week.

Amid the high fees, Crypto influencers are urging an accelerated launch of ETH 2.0 to alleviate pressure on the congested proof-of-work blockchain.

Source: https://cointelegraph.com/news/ethereum-on-track-to-settle-1-6-trillion-this-quarter

Continue Reading

Blockchain

Dogecoin Price Prediction: DOGE primed for a massive 100% move to new record highs

Dogecoin bounces off from the support at $0.04, setting the ground for gains above $0.11. DOGE is looking forward to a triangle breakout targeting a more than 100% move. The upswing may fail to materialize if the immediate 50 SMA support is broken. Dogecoin is teetering at $0.05 after recovering from the dip that occurred

The post Dogecoin Price Prediction: DOGE primed for a massive 100% move to new record highs appeared first on Coingape.

Avatar

Published

on

advertisement

FBC13


  • Dogecoin bounces off from the support at $0.04, setting the ground for gains above $0.11.
  • DOGE is looking forward to a triangle breakout targeting a more than 100% move.
  • The upswing may fail to materialize if the immediate 50 SMA support is broken.

Dogecoin is teetering at $0.05 after recovering from the dip that occurred across the market earlier in the week. Before the broad-based declines, the ‘Meme Coin’ had been losing ground below a descending trendline.

Advertisement

Nexo

The support at $0.045 played a vital in stopping the declines, allowing bulls to focus on higher levels. A breakout from a descending triangle is expected to elevate Dogecoin to new all-time highs.

At the time of writing, DOGE is dancing between the 50 Simple Moving Average (SMA) on the 4-hour chart and the 100 SMA. It has already broken out of the triangle pattern. The 100 SMA currently limits its upside.

Note that triangles are known to have exact breakout targets measured from the patterns highest to the lowest points. While descending triangles are generally bearish, they can also result in bullish price actions.

As for Dogecoin, trading above the 100 SMA will live open-air for exploration. It is worth keeping in mind that some hurdles are expected at $0.07, $0.09, and $0.1. However, if a breakout materializes, DOGE will rise to a new record high of around $0.11.

Advertisement

Stormgain

DOGE/USD 4-hour chart

DOGE/USD price chart
DOGE/USD price chart by Tradingview

On the other hand, it is worth keeping in mind Dogecoin is resting on a robust support area reinforced by the triangle’s hypotenuse and the 50 SMA. Holding above this region is critical to sustaining the uptrend. However, declines back to $0.045 may come into the picture, and investors could also panic-sell, adding to the bearish pressure.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

PrimeXBT

Source: https://coingape.com/dogecoin-price-prediction-doge-primed-for-a-massive-100-move-to-new-record-highs/

Continue Reading
Blockchain5 days ago

Forum Blockchain Life 2021

Blockchain5 days ago

MicroStrategy Prepares for $1 Billion Bitcoin Buy After Debt Issue

Blockchain5 days ago

Voting evolved: Blockchain tech outshines paper ballots and e-voting

Blockchain5 days ago

Brave Browser Leaking User Search History from Tor Browser

Blockchain5 days ago

BNB Beats BTC In Buying Frenzy As Its Price Surged 100% WTD

Blockchain3 days ago

Russian Man Turns Video of Him Eating Live Bat Into NFT

Blockchain5 days ago

Ethereum (ETH) Skyrockets above $2,000 for the First Time Ever

Blockchain5 days ago

Fed’s Eric Rosengren expects Bitcoin to come under pressure

Blockchain5 days ago

K-Pop Fans Become The Latest Target Of A Worldwide Crypto Scam

Blockchain5 days ago

Tesla’s CEO Changes His Twitter Avatar To BTC, The Coin Surges To $56K

Blockchain5 days ago

Bitcoin hits $1 trillion market cap as the price surges above $55,500.

Blockchain5 days ago

Ethereum Crosses $2,000, Setting a New All-Time High

Blockchain5 days ago

Join the Most Awaited ICO of the Year and Get your Ticket to the Crypto World

Blockchain5 days ago

Canada’s CI Financial Files for a New Bitcoin ETF

Blockchain5 days ago

OKCoin Removes Bitcoin SV, Bitcoin Cash to Avoid Confusing New BTC Clients

Blockchain5 days ago

XRP Not a Top-5 Crypto by Market Cap; Falls to ADA and DOT

Blockchain5 days ago

Bitcoin Reaches $56,000, $60K Soon? (Feb. 20, 2021)

Blockchain5 days ago

A Popular Analyst Predicts Polkadot (DOT) Price to Hit $300 Very Soon!

Blockchain5 days ago

Here’s How To Find New Generation of 100x Altcoins, According to Crypto Trader Elliot Wainman

Blockchain5 days ago

$1 Trillion Market Cap Recorded: BTC Hits New Milestone

Blockchain5 days ago

Ethereum (ETH) Breaks Above $2,000 For The First Time In History

Blockchain5 days ago

Binance Coin Climbs Above Tether For Third-Ranked Cryptocurrency

Blockchain5 days ago

Nvidia Announces Crypto Mining Cards to Improve Gaming Card Supply

Blockchain3 days ago

DeFi Deep Dive: Yield Farm Pioneer Compound Finance

Blockchain5 days ago

Troubled NZ Crypto Exchange Cryptopia Suffers Another Hack in the Midst of Liquidation Process

Blockchain5 days ago

Elon Musk says the price of Bitcoin and Ethereum “seem high.”

Blockchain2 days ago

Federal Reserve of Richmond Hires Self-Described ‘Crypto Nerd’

Blockchain5 days ago

MicroStrategy Doubles Down On Bitcoin, What You Need To Know

Blockchain5 days ago

How Are Investments in the CyberCash Advantageous and Disadvantageous

Blockchain5 days ago

Bahamas launches the first-ever CBDC-linked debit card.

Trending