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Aleph introduces DApp to ‘back up’ NFT art pieces

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Aleph.im, a decentralized filesharing platform, has launched a decentralized application, or DApp, that lets users automatically back up the data underlying their nonfungible tokens, or NFTs, on a censorship-resistant, decentralized network.

The concept of NFTs has generated considerable buzz in the last weeks due to their application for buying and selling digital art. The immutable token stands in as the unique and non-counterfeitable representation of a specific piece of art, even if the specific art piece is fully digital and could be copied by anyone. While this issue is often highlighted by NFT critics, sometimes the opposite problem exists.

Generally, NFT files are created and hosted on the InterPlanetary File System, or IPFS, a decentralized storage network. Files stored on IPFS are immutable and uncensorable, making it a great location for storing the underlying art of an NFT. However, the tokens sometimes point to centralized file storage solutions, including Amazon S3.

Centrally stored NFTs is where Aleph comes in with its DApp, allowing anyone holding such an NFT to easily back it up on the distributed network. Jonathan Schemoul, founder of Aleph, told Cointelegraph that this system protects the owner of the NFT if the underlying file is deleted or modified. The DApp takes a snapshot that persists no matter what happens to the original file.

Storing the underlying file of an NFT on centralized storage systems means that its creator could always choose to modify or remove the digital art item. The file’s longevity can also be a cause of concern, as the hosting provider’s account may be closed by the platform due to a number of issues.

The file storage contradiction was exemplified by James Prestwich, co-founder of Summa, who is responsible for what could be the first “NFT rug pull” back in December 2020. Eli Krenzke, a researcher at Polychain, had purchased an NFT of one of Prestwich’s tweets, which Prestwich promptly deleted. While the particular episode was seen as a joke aimed to prove a point, the issue could be serious for much more expensive NFTs.

Aleph’s app currently does not support saving tweets, Schemoul said, “But we could add it if there was a need.” The hosting solution would work by referencing the tweet’s link, and “It’d be pretty easy to add, as all the backend is there,” Schemoul added.

Compared with storing via IPFS, the Aleph team said that its solution is more resilient, as content on the IPFS network would need to be “pinned” to be always accessible, a service usually provided by centralized platforms. The Aleph platform supports NFTs from SuperRare, Rarible and OpenSea, though the tokens must effectively exist as NFTs, and not as gasless mints tracked internally by the platforms.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/aleph-introduces-dapp-to-backup-nft-art-pieces

Blockchain

Bitcoin: Should retail traders expect a price hike?

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Bitcoin’s large wallet inflows signal a bullish trend reversal in the following week. The price is currently around the $60000 level, however, with the increasing trade volume across spot exchanges, an increase of nearly 15% in less than 24 hours, there may be a bullish trend emerging in the asset’s price.

Why this metric signals the upcoming Bitcoin price trend reversal

Bitcoin Large Wallet Inflows || Source: Twitter

Based on the above chart, Bitcoin is in price discovery mode above $60045. There is strong support at the $57000 level and this is also a psychologically important level for Bitcoin. The current bullish price trend is further supported by the demand across exchanges. Buying bitcoin and selling June futures currently offers a 30% annualized USD denominated “risk free” return. A 3-month US Treasury bill yields 0.02%, which is 1500x less.

When Bitcoin’s price ended March with a 30% increase, it marked the sixth consecutive month of double-digit positive returns for traders. Historically the second quarter is considered a positive yielding quarter for Bitcoin. Bitcoin returns over 250% in the second quarter, based on the price chart. The current price is following this trend and the recovery from the drop below $60000, which was partly attributed to HODLers and partly to large wallet inflows is signaling a bullish trend. There is a spike in funding rates as the price nears the ATH. This is another sign of the bullish price action in Bitcoin.

Why this metric signals the upcoming Bitcoin price trend reversal

Bitcoin’s perpetual swap funding rates || Source: Skew

Based on the above chart, the increase in perpetual swap funding has corresponded with previous ATH as well. The current spike in perpetual swap funding can be considered to be an indicator of the next ATH and the bullish price trend. Traders can expect price discovery beyond the new ATH if the momentum and volatility increase consistently over the week.

Another metric that signals this trend is Bitcoin’s miner revenue. It just reached an ATH of $6.1 Million. The previous ATH was hit less than 10 days ago, on April 1, 2021. For retail traders, looking forward to long Bitcoin it is becoming cheaper to hedge the risk. The cost of hedging against a price drop using options is dropping. A large basis spread has opened up between CME Bitcoin Futures and the offshore market. This means compared to traders on other platforms, traders on CME don’t see much upside in Bitcoin, going forward. These traders are institutions, however, retail traders are relatively more bullish on Bitcoin.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/bitcoin-should-retail-traders-expect-a-price-hike

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Blockchain

Cardano, Bitcoin SV, Compound Price Analysis: 11 April

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Cardano saw a trend of falling trade volume that showed a market possibly in a phase of distribution. However, in this bull market, another leg upward can not be discounted. Bitcoin SV formed a bearish divergence and Compound saw demand rise at the $440 area.

Source: CoinStats

At the time of writing Bitcoin was trading at $59,656 with a marginal drop of over 1.5 percent in the past day’s time.

Cardano [ADA]

Cardano, Bitcoin SV, Compound Price Analysis: 11 April

Source: ADA/USDT on TradingView

Cardano showed a lack of movement in price on the charts over the past few weeks. The range from $1 to $1.47 has its 50% mark at $1.21, and that is a strong level of resistance for the price. ADA has bounced between the $1.17 and $1.21 levels, and buyers and sellers are in equilibrium, according to the OBV.

There is an upper and lower boundary on the OBV that needs to be broken to confirm a move above $1.34, or below $1, in the weeks to come. However, this will take time to develop, and the $1.2-$1.3 area is likely to be a supply till the OBV starts ticking higher to show increased demand.

Bitcoin SV [BSV]

Cardano, Bitcoin SV, Compound Price Analysis: 11 April

Source: BSV/USDT on TradingView

Bitcoin SV showed a bearish divergence between price and momentum. This was not an immediate sell signal, but it showed an overextended move and a pullback to the $260 area can be seen. The Stochastic RSI was also in the overbought area.

While individually neither indicator can be taken to show a sell signal, taken together and with the fact that trading volume is trending lower even as price reaches higher, the conclusion can only be that BSV is due for a pullback.

Compound [COMP]

Cardano, Bitcoin SV, Compound Price Analysis: 11 April

Source: COMP/USDT on TradingView

COMP formed a descending triangle pattern in the past month and broke out strongly to climb to the peak of the pattern at $520. COMP was able to touch $550 before selling pressure forced it to trade at $451 at the time of writing.

In the past few days, COMP has formed equal lows at $443 even as the Awesome Oscillator began to move back toward the zero line. This showed that bearish momentum was slowing down. The Chaikin Money Flow also climbed back above the +0.05 mark to indicate capital flow into the market was on the rise, a sign of demand for COMP.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/cardano-bitcoin-sv-compound-price-analysis-11-april

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Where are these altcoins headed ETH, DOT, ADA, UNI?

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Based on price action in March and the first 10 days of April, a trend has emerged on the price charts of ETH, DOT, ADA, UNI. Among others, these altcoins have witnessed a fair share of price rallies and consolidation over the past month. In the case of ETH, after outperforming Bitcoin consistently throughout March, by +36%, ETH’s price failed to cross the psychologically important price level of $2000.

After Feb 2021, the price crossed $2000 in April, and this was critical to ETH’s price rally. Leading alts to a bullish week, ETH hit a new ATH of $2197 earlier on April 10, 2021, with over 12% dominance. The rally is clearly in price discovery mode and sentiment continues to remain bullish. The relationship between ETH’s volume and volatility and its impact on price becomes clear from the following chart.

Where are these altcoins headed ETH, DOT,ADA, UNI

ETH volatility vs trade volume || Source: Kraken Report

Based on the above chart, the volatility has a direct correlation with the trade volume and the price of ETH. The volatility is currently at the 2020 average level, and the trade volume is above that level. In the case of DOT, the first week of April was bullish when compared to March, and the prices remained largely below the $45 level in March.

With the launch of Parachain auctions and crowd loans, DOT’s price climbed to the $45 level. For DOT, the 1-month return was nearly 10%, 3-month at 300%, and the annualized trade volume has hit 95%. DOT’s current price level and the trade volume signal that DOT may remain largely rangebound for the following weeks.

ADA’s price rally could not be sustained, the correction in March 2021 led to a price drop of over 10%. ADA’s volatility and trade volume share a similar relationship with Ethereum, and it has an impact on the asset’s price in the short and long term. After over three rounds of alt rallies in the current market cycle, ADA may have slowed down, to consolidate before the price climbs higher.

Where are these altcoins headed ETH, DOT,ADA, UNI

ADA Volatility vs Trade Volume || Source: Kraken Report

UNI with a market capitalization above $14 billion ranks in the top crypto assets, Uniswap V3, and the upcoming mainnet launch were key events that had an impact on UNI’s price. UNI ranks as the fourth largest DeFi app with a high TVL. UNI is likely to rally now, with steadily increasing trade volume. Among top DeFi tokens that made a comeback after ETH’s price crossed $2000 earlier this month, UNI made an impact by hitting $32, which is close to its ATH of $36 from March 2021, based on data from CoinMarketCap. The current on-chain metrics and UNI’s trade volume signals a bearish trend in the asset’s price.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/where-are-these-altcoins-headed-eth-dotada-uni

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