Connect with us
[crypto-donation-box]

Blockchain

Altseason or not, Ethereum, Chainlink & Polkadot are here to stay

Over the past few weeks, the hype around a supposed altseason seems to have died down. I mean, sure, DeFi is still what one would characterize a “booming space.” But, many of the market’s altcoins hav

The post Altseason or not, Ethereum, Chainlink & Polkadot are here to stay appeared first on AMBCrypto.

Republished by Plato

Published

on

Over the past few weeks, the hype around a supposed altseason seems to have died down. I mean, sure, DeFi is still what one would characterize a “booming space.” But, many of the market’s altcoins have fallen on the charts lately, especially since Bitcoin dipped under $11,000 a few days ago. Thus, the question arises – Is it too soon to say that the altseason has come to a grinding halt?

Of course, it is. After all, it is just a pullback and it’s not like the market’s alts have crashed and burned on the charts. Why then are people quick to suggest that an altseason is at its end? Well, it’s because, in the eyes of the many, the cryptocurrency market is Bitcoin’s market and vice-versa.

Think about it – Whenever Bitcoin falls on the charts and registers a pullback of its own (As was the case recently), do you see many claiming that Bitcoin is done for? No. Instead, what you see is people going on about “healthy” corrections and all. Language such as this just feeds into the notion that Bitcoin is supreme and altcoins can be put on the shelf and out of sight.

Not quite dominant anymore?

However, that might be a notion that’s getting harder and harder to support. In fact, notwithstanding the recent market bloodbath, it would seem that the market’s altcoins have steadily chipped away at the world’s largest cryptocurrency’s dominance and position in the crypto-market. The same was highlighted by two reports recently released by the likes of CoinGecko and Binance.

Look no further than how Bitcoin’s market dominance has fallen on the charts over the past few months. Back in July, the figure was as high as 66%. By the end of August, however, this was down to 61%, with the same dipping to just over 58%, at the time of writing. For an industry with a cumulative market cap of over $315 billion, that is a very sharp fall.

However, what’s more interesting is the fact that the resultant void left by Bitcoin has been rushed into and filled in by some of the crypto-market’s top altcoins – Ethereum, Chainlink, and Polkadot. Ethereum, for instance, was the biggest gainer over the time period highlighted above, with its market dominance climbing to almost 14%. Such a development has been contrary to previous instances where the vacant market share has been filled by a more distributed list of altcoins.

2020 – The year of the Disruptors?

And, it’s not just Ethereum. Cryptos like Chainlink, Polkadot, and Crypto.com Coin have acted as 2020’s disruptors, with their emergence reshuffling the traditional cryptocurrency ladder as we know it. LINK, DOT, and CRO aren’t the first alts to surge incredibly to great fanfare and value, and they won’t be the last either.

However, what these cryptos have done is sustain a position in the top-10, much to the chagrin of established cryptos like BNB, TRX, ADA, and EOS. And that’s not all since like Ethereum, they’ve also bitten into the market share Bitcoin traditionally held.

The same can be deduced from Binance’s August Trading report which found that not only did Binance Futures rise by 79% month-on-month to $195 billion, its highest monthly volume since inception, but the same was driven by the popularity of its Altcoin Futures offerings.

Source: Binance

In fact, as the exchange found, while Bitcoin’s market volume dominance fell, the same for altcoins rose from an astonishing 38% to 68% in August alone. What does this imply? Well, it suggests that altcoins continue to be very popular and that users are embracing “Binance’s expanding product range of Futures contracts that provide enhanced diversification and better hedging options.”

Source: Binance

Not quite 2017

Speaking of dominance, a cursory glance at Bitcoin’s price charts would reveal that the world’s largest cryptocurrency’s market dominance ranged between 35% and 50% during the height of the bull-run between December 2017 and January 2018. A year before that, BTC’s dominance was as high as 95%. Ergo, it can be concluded that the market’s last and only bull run was preceded by the world’s largest cryptocurrency’s market dominance falling sharply.

As has been established, so is the case at the time of writing. This is the reason why many have come to believe that the present market is mirroring 2017’s bull run. However, such an assumption discounts the fact that this isn’t the same market anymore. The crypto-market has evolved over the past few years and it has matured, an observation best backed by the fact that “Do Your Own Research” isn’t just a maxim anymore, it’s a real thing.

Finally, contrary to the case back in 2017, as Arca’s Jeff Dornan wrote in his recent newsletter, more and more tokens with real economic value are coming to the fore now, and these emerging altcoins, these “disruptors,” are simply a few of them.

This, and the fact that the industry is full of third-party research firms like Messari that fuel a system of checks and balances only highlights the differences between September 2020 and December 2017’s market. By extension, this also means that the larger market’s altcoins are here to stay.

Source: https://eng.ambcrypto.com/altseason-or-not-ethereum-chainlink-polkadot-may-be-here-to-stay

Blockchain

Cardano Price Analysis: 17 May

Republished by Plato

Published

on

At a time when other altcoins were stumbling, Cardano [ADA] witnessed significant growth. Although the price of the digital asset mirrored the correction in the Bitcoin market, the overall market still seemed to hold on to a high value.

At the time of press, ADA had lost 12% of its value since the peak and was currently being traded at $2.14 with a market capitalization of $69.31 billion.

Cardano hourly chart

Source: ADAUSD on TradingView

The above chart of Cardano shows the drops seen by the markets recently. Although the price dropped from a peak of $2.47, it has now managed to hold on to $2.13. Though the overall market looked strong, short-term indicators predicted a correction.

As the price traded right above the support at $2.10, a fall could push it under the level and close to the next immediate support at $2.02.

Reasoning

ADA market unlike many other altcoins markets was showing reduced volatility. Convergence of Bollinger bands was indicative of this trend. The signal line was moving lower, tracing the movement of the candlesticks.

As the price remained above the current support for a long time, there were chances that the price would breach support. The relative strength index was noting that selling pressure which was maintained close to 50 was now heading towards the oversold zone. The rise in selling pressure could push the price lower; however, Chaikin money flow suggested that the money that was leaving the market was now coming back in.

Crucial levels

Entry-level: $2.09
Take profit: $2.01
Stop level: $2.16
Risk to Reward: 1.04

Conclusion

The current Cardano market was suggesting that the consolidating price might be looking to correct again. The indicators were suggesting a rise in selling pressure, which could result in another fall. However, the buying pressure could result in a trend reversal as the CMF highlighted money entering the ADA market.


Sign Up For Our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/cardano-price-analysis-17-may

Continue Reading

Blockchain

Legacy Records, The First Record Label Paying Music Artists In Crypto

Republished by Plato

Published

on

From painters to digital artists to musicians, crypto continues to find integration across artistic mediums. Music continues to be a field that is ripe for revitalization, from a business standpoint. Accordingly, a number of different musicians have been releasing songs and albums as NFTs. Now, we have what’s being reported as the first official record label looking to get involved. The label looks to have artists join the ranks of other musicians getting involved in crypto.

Two-Pronged Approach

In a press release issued to start this week, Legacy Records CEO Keishia McLeod said it came down to “either get involved or get left behind”. McLeod cited unique income stream opportunities for artists and closed by saying that “this is the future, not a trend”. McLeod has stated previously her intent to drive the label to be at the forefront of leveraging emerging technology in music.

There are two major buckets contributing to Legacy’s approach. The first is the most notable, as the label will become the first to offer artists an opportunity to receive their advance and royalty payments in the form of crypto. The second is to engage artists with NFTs, allowing fans to participate in auctions for unique content. The label’s specific plans around NFTs, and number of artists seeking to get paid in crypto, have not yet been disclosed.

Related Reading | The “Hottest” NFT: Max Denison Pender Creates And Destroys A Self-Portrait In A Volcano 

As the crypto market grows, both artists and businesses are getting involved | Source: CRYPTOCAP-TOTAL on TradingView.com

Legacy Music’s Broader Business Growth 

Las Vegas-based Legacy Records, not to be confused with Sony’s Legacy Recordings, will look to take advantage of the potential press buzz from the announcement. However, in tandem with the release, the label also announced a to-be-name music distributor who has also agreed to pay Legacy Records artists in bitcoin. The label also merged with New Jersey entertainment lawyer Navarro Gray’s ‘The Gray Firm’, to provide legal guidance around digital execution.

McLeod has noted previously that the label has desired being a mainstay in revolutionizing the way music artists do business. In a January interview with the LA Tribune, McLeod cited Netflix’s impact on the film industry, adding that “we haven’t seen that yet in this industry, but it’s coming. We’re going to be a large part of making that happen”.

Related Reading | Reviewing Topps MLB’s First Swing At NFT Tech

Music Artists Emerging Into Crypto

Legacy’s roster has the potential to join a growing list of music artists that continue to engage with crypto and NFTs. Last month, we wrote about long-time hip-hop artist Eminem partnering with Nifty Gateway to release original instrumental beats. Saturday Night Live promptly had a sketch explaining the digital collectibles parodying Eminem’s “Without Me”.

Other musicians engaging with NFTs include DJ Premier, 3LAU, The Weeknd, Linkin Park’s Mike Shinoda, and more.

Each week, our team recaps the week’s NFT action with ‘NFTs In A Nutshell‘ – covering everything NFT, from sport, music, and more.

Featured image from Pixabay, Charts from TradingView.com

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/the-first-record-label-paying-music-artists-in-crypto/?utm_source=rss&utm_medium=rss&utm_campaign=the-first-record-label-paying-music-artists-in-crypto

Continue Reading

Blockchain

XRP, Dogecoin, Chainlink Price Analysis: 17 May

Republished by Plato

Published

on

Dogecoin required to counter bearish conditions before a jump above $0.569 resistance. Lastly, Chainlink needed to push above $45.5 to trigger a bullish comeback after a descending triangle breakdown.

XRP

Source: XRP/USD, TradingView

Gains made over the last three days were impressive especially considering a bearish broader market, but sellers returned at $1.52-resistance. At press time, the cryptocurrency traded within the channel $1.52-$1.31 and reflected a degree of equilibrium between the buyers and sellers. For those hoping to make profits from a volatile XRP market, ADX’s movement dimmed expectations. Since mid-April, ADX has been on a steady decline and a period of consolidation seemed likely.

RSI hovered in the neutral territory around 50. A symmetrical triangle awaited a breakout to the upside and the Fibonacci tool presented a few target levels above the 200% extension level north of $3 (not shown).

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

On the daily timeframe, Dogecoin showed some sideways movement as bulls prepared for the next upswing. The channel between $0.523 and $0.373 was bolstered by the 20-SMA (blue) and formed a reliable buy zone should another dip occur.

As mentioned earlier, breaking above $0.569 resistance could trigger another rally in the DOGE market. Steering clear of $0.73-resistance would heighten the chances of DOGE touching $1. However, bearish conditions still presided and had to be countered first before any talks of an upswing. Awesome Oscillator noted bearish pressure after a series of red bars. MACD line remained below the Signal line but a bullish crossover could signal the onset of an uptrend.

Chainlink [LINK]

Source: LINK/USD, TradingView

Chainlink broke south from a descending triangle and a single candlewick dropped as low as $35.1- representing losses of 14% from the bottom trendline. Now below its 50-SMA (yellow) on the daily timeframe, bearish sentiment could lead to another sell-off towards $31 for LINK. On the other hand, some buying volume was noted on the 4-hour timeframe. A pickup in volumes and buying pressure could lead to a resurgence above $45.5 and this would likely push LINK beyond $50. A broader market recovery could act as a catalyst for such a price swing.

Meanwhile, RSI’s lower highs confirmed weakness after LINK formed a peak at $52.9. Even though Chaikin Money Flow dipped over the past couple of days, the index was still well above the half-line as capital inflows outmatched outflows.


Sign Up For Our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/xrp-dogecoin-chainlink-price-analysis-17-may

Continue Reading
Blockchain4 days ago

US Investment Bank Cowen to Offer Crypto Custody Services

Blockchain5 days ago

Which ‘green’ cryptocurrency is Tesla likely to add for payments?

Blockchain5 days ago

Buterin Plugs UNI as Next Oracle Token

Blockchain5 days ago

Elon Musk Pokes Massive Hole in the Bitcoin Market After Halting Bitcoin Payments at Tesla

Blockchain5 days ago

Facebook’s Diem Enters Crypto Space With Diem USD Stablecoin

Blockchain5 days ago

Shiba Inu Coin – Is it Worth the Hype?

Blockchain4 days ago

MicroStrategy Buys Another $15M Worth of Bitcoin at $55K

Blockchain5 days ago

Diem parters with Silvergate bank to launch stablecoin in the US

Blockchain18 hours ago

YooShi Launches MEME DeFi Token

Blockchain5 days ago

The STC Token is Live – And Over 10 Crypto Exchanges are Ready for It

Blockchain5 days ago

DeFi Staple UMA Launches “Optimistic Oracle”

Blockchain4 days ago

Diem Relocates From Switzerland to the US to Launch an USD-Backed Stablecoin

Blockchain4 days ago

Get the most out of social media with the Weentar blockchain platform

Blockchain5 days ago

Central Bank of Bahrain and JPMorgan to work on digital currency settlement pilot

Blockchain5 days ago

Here’s why Ethereum, AAVE, ALPHA are unfazed by Bitcoin’s latest ‘Elon candle’

Blockchain5 days ago

Chiliz, Socios announce partnerships with three major Indian cricket franchises

Blockchain4 days ago

Cardano DeFi Project deFIRE Secures $5M in Funding Round

Blockchain4 days ago

Sportsbet.io and Arsenal FC Launch Augmented Reality Matchday Programme

Blockchain2 days ago

Increasing Popularity of Crypto Pressures Samsung to Add Hardware Wallet Support to Its Galaxy Smartphones

Blockchain4 days ago

Coinbase revenue tripled in Q1, plans to add bank-like services and to list DOGE

Trending