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Altcoin Daily Predicts Ethereum and Five Crypto Assets Will Explode in 2021

Altcoin Daily host and Bitcoin bull Austin Arnold is pulling back the curtain on his top altcoin picks for 2021. Arnold tells Altcoin Daily’s 332,000 subscribers that Ethereum is number six on his list. The crypto trader says that while the leading smart contract platform is often compared to Bitcoin (BTC), the two projects offer […]

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Altcoin Daily host and Bitcoin bull Austin Arnold is pulling back the curtain on his top altcoin picks for 2021.

Arnold tells Altcoin Daily’s 332,000 subscribers that Ethereum is number six on his list. The crypto trader says that while the leading smart contract platform is often compared to Bitcoin (BTC), the two projects offer unique use cases.

“Ethereum is trying to be something else. It doesn’t have a fixed supply. It’s not the hardest form of money we have. But think of it as a global super computer where anybody anywhere can build on top of [it] without the permission of a middleman… While Bitcoin for the first time in human history gives you the option to be your own bank, Ethereum gives you the option for banking type services like credit and lending without the need for a middle man.”

Coming in at number five is decentralized finance (DeFi) lending and borrowing protocol Aave.

“We’re already seeing massive utility on the protocol. Over $2 billion right now of people depositing their assets, peer-to-peer lending and borrowing without any centralized middleman… This could be huge for giving average people financial freedom.”

Arnold also notes that Aave plans to expand in Asian markets as it aims to bring DeFi to institutions.

Fourth on Austin’s list is Polkadot (DOT). The crypto trader says he expects the Ethereum competitor to do well this cycle.

“[Polkadot] is aiming to be the internet of blockchains, offering not only interoperability so different blockchains can connect and talk to each other, but also like Ethereum, it’s own thing, a DApp platform where we’re seeing an ecosystem grow on Polkadot as well. I expect this ecosystem to get bigger, and bigger, and bigger.”

Arnold adds that 63% of DOT’s supply is locked up which bodes well for the crypto asset’s price.

Taking the third spot is Synthetix Network Token (SNX), which is a protocol that allows users to get exposure to assets and commodities like gold and Bitcoin through the use of synthetic tokens. Arnold emphasizes that the protocol is aiming to disrupt the immensely valuable derivatives market.

“While Bitcoin, for example, is going after digital gold, the store-of-value market, which roughly right now is valued at $10 trillion, Synthethix is aiming to revolutionize the derivatives market, which right now on the high end is often valued at $1 quadrillion. Huge.”

Landing in second place is Cardano (ADA). Arnold says that the seventh-largest crypto asset is poised to be the smart contract platform alternative as Ethereum continues to experience congestion issues.

“I think as Ethereum inevitably gets bigger and bigger and as congestion on the network keeps getting higher, Ethereum users and developers, products will spill over into Cardano as a more scalable option.”

At the top of Arnold’s list is Chainlink (LINK). Arnold highlights the growth of the decentralized oracle network’s fundamentals.

“The metrics tweeted out by the organization itself, ‘2020 was a year of record growth for the Chainlink network. Here’s an overview of key metrics like our adoption in DeFi, implemented research, and blockchain integrations.’ There is huge data and partnerships to back up why Chainlink is the most widely-adopted oracle and on-chain data source for cryptocurrency as of right now.” 

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/solarseven

Source: https://dailyhodl.com/2021/01/10/altcoin-daily-predicts-ethereum-and-five-crypto-assets-will-explode-in-2021/

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Bitcoin likely to halve than double in value, according to this Deutsche Bank survey

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A new survey by Deutsche Bank recorded investors’ opinions on Bitcoin. Respondents were asked specifically about the digital asset as well as electric car company Tesla. More than half of people surveyed (about 56%) now think that Bitcoin and Tesla are more likely to halve than double in value. 

Source: Twitter

A majority of respondents also felt that markets are currently facing bubbles. In that regard, about 89% of those surveyed believe US technology stocks and Bitcoin are in a bubble, with the crypto closing in on “extreme bubble” territory.

Nevertheless, the asset has been gaining popularity among institutional investors. After the purchase of 16,244 BTC on 18 January, crypto hedge fund manager Grayscale recently became one of crypto’s biggest institutional buyers.

Recently, Bitcoin bagged the most crowded position in a similar study. Long Bitcoin replaced big tech stocks as the most crowded trade in Bank of America’s monthly fund manager survey.

However, according to the Deutsche Bank survey, 71% of respondents do not believe that the Federal Reserve will go back on its stimulus plans before year-end. A quarter of those surveyed are of the opinion that economic growth or markets “could force their hand.” 

Many think the current Bitcoin rally is due to concerns about inflation and fears of a devalued dollar, especially over Fed’s intention to pump more money. 

After a major pullback in prices, Bitcoin was trading at $37,481.67 at press time and has been up by 3.6% in the last 24 hours.

Source: https://ambcrypto.com/bitcoin-likely-to-halve-than-double-in-value-according-to-this-deutsche-bank-survey

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Blockchain

Ethereum: New ATH or not, this is what you should know

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While at press time Ethereum’s price was going parabolic, it would seem that Ethereum’s daily transaction volume has been going parabolic too, according to Messari’s Crypto charts. In fact, the world’s second-largest cryptocurrency is now settling over $12 billion in daily transactions. To put that figure into perspective, that is $3 billion more than Bitcoin.

This is a crucial figure too since the daily transaction volume is a top metric for assessing the state of Ethereum’s price rally, even if the price trend is similar to Bitcoin due to the relatively high correlation between the two assets in the current market cycle. 

ETH's transaction volume is flying off charts

Source: Twitter

Just as Ethereum’s price rally had DeFi’s support in increasing network fees in October 2020, the current price rally has DeFi’s support through increased transaction volume and network fees. 

The fact that Bitcoin’s price rally has low volatility and the crypto-asset is rangebound between $34,000 and $38,000 may have played a role in this as the direction of investment flow has changed too. This may be evidenced by the fact that against Bitcoin’s 5% weekly increase in price, Ethereum’s price rose by over 21.91% this week.

Now, there are rational concerns around the increasing transaction volume as it may hurt real adoption and usage in the long run. However, even if the cryptocurrency’s price goes on a price discovery run after hitting a new ATH, there is a possibility that increasing network fees would lead to a drop in transaction volume.

It should be noted though that climbing as high as it did on the price charts alone is a feat for Ethereum, especially in light of Bitcoin’s recent volatility.

From being the base currency for ICOs to vertical growth, Ethereum has become more relevant than Bitcoin in many contexts and institutions, and retail traders may have identified the trend early on. While the investment flow in Bitcoin is largely from institutions, the same is not true for Ethereum since there are more retail traders buying Ethereum and generating demand on spot exchanges.

Ergo, what lies ahead for Ethereum relies on Open Interest and transaction volume on derivatives exchanges. However, based on the ETH Options’ volume chart, the Options volume has dropped by 63% since the beginning of January 2021 and the ongoing price rally may face resistance or a correction if the volume continues to decline.

What does this entail? Well, this means that it may lead to a further drop in price and despite increasing popularity and investment flow into DeFi, it may be a challenge for Ethereum to bounce back from a price correction at this point in the market cycle, new ATH or not. 

Source: https://ambcrypto.com/ethereum-new-ath-or-not-this-is-what-you-should-know

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Blockchain

EOS, Basic Attention Token, Maker Price Analysis: 19 January

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EOS eyed a breakout from its press time channel to touch the $2.91-resistance level. BAT formed an ascending triangle on the chart and a northbound breakout can be seen over the coming days. Finally, MKR moved within a fixed channel and although the price was bullish, a move above its press time resistance level was not likely.

EOS

Source: EOS/USD, TradingView

Taking cues from the broader market, EOS looked to break above its channel of $2.91 and $2.72, a region where it has traded for the past five days. An ascension on the price chart could see EOS challenge the next resistance at $3.12. On the other hand, a broader market pullback could see EOS trade within its current channel moving forward.

In the near-term, the momentum could reside with the bears as the Relative Strength Index dipped towards the neutral zone. If the index moves towards the oversold region, the price could fall on the charts.

The On Balance Volume showed a lack of buying interest in the market as the index moved flat at lower levels.

Basic Attention Token [BAT]

Source: BAT/USD, TradingView

A look at the 4-hour chart showed that BAT formed an ascending triangle. An upwards breakout from the pattern could see BAT rise towards its August 2020 levels and snap a fresh, local high. In case the price moves lower from the pattern, the support at $0.265 could be tested.

The MACD’s fast-moving line moved above the Signal line after it avoided a bearish crossover. Further, the bars on the histogram showed that the price was bullish.

The surge in price over the past week was backed by a rise in buyer numbers, as the On Balance Volume rose in tandem with the price.

Maker [MKR]

Source: MKR/USD, TradingView

Maker moved between $1,563.54 and $1,352.01 as the momentum shifted between the buyers and sellers over the past few days. Gains in the broader market pushed MKR towards its upper ceiling once again, but a stronger shift in momentum could be needed for an upwards breakout. The indicators gave mixed signals and suggested that a move in either direction was possible.

The Awesome Oscillator moved back and forth between either side but was bullish, at the time of writing.

On the other hand, the Chaikin Money Flow looked to move below the half-line, suggesting that money was moving away from the crypto-asset.

Source: https://ambcrypto.com/eos-basic-attention-token-maker-price-analysis-19-january

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