” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin’s uptrend against the top cryptocurrency was broken.
Following a full 50% retrace of the rally against BTC, Chainlink is now “ready to continue,” according to one crypto analyst. Here’s what that could mean for both cryptocurrencies in the days and weeks ahead.
Chainlink Continuation Likely, As Crypto Market Catches Fire
” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin to the highest point in USD value since its all-time high was set earlier this year.
Chainlink spent the last two years running as the crypto market’s top performer. But as soon as Bitcoin had its major breakout, the decentralized oracle token began to sink and retrace its epic rally.
” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin is down but not out, and is “ready to continue” its rally following a 50% retrace against Bitcoin.
The 0.5 and 0.618 Fibonacci retracements levels often act as a critical point where reversals take place and is precisely where the LINKBTC pair began to turn around. Does this mean Chainlink will go back to outperforming Bitcoin or is something else going on?
LINK outperformed BTC for nearly two years. Could that trend continue from here? | Source: LINKBTC on TradingView.com
Will Bitcoin Allow Altcoins To Shine Once Again?
At the peak of the 2017 Bitcoin rally, the top cryptocurrency reached $20,000 and became too expensive for the average retail investor to purchase one full BTC. It led to the investor class looking towards altcoins that could someday follow in Bitcoin’s footsteps.
Ethereum, Litecoin, XRP, and just about every other » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin aside from Bitcoin exploded in value, but at the same time popped the crypto bubble of that year.
Related Reading | Bitcoin Dominance Doji: Why 2021 Could Spell Doom For Altcoins
Crypto is bubbling back up, and this time, things are quite different for Bitcoin who is now being bought up by the wealthy with money to spare.
And with Bitcoin now returning to prices that are out of reach for the average investor, altcoins are suddenly becoming much more attractive once again.
” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear market. But because Bitcoin and the rest of crypto is so bullish, the rising tide is lifting the Chainlink boat also.
How buoyant the » Read more
” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin is from here, remains to be seen.
Featured image from Deposit Photos, Charts from TradingView.com
What Coinbase Going Public Could Do For Crypto
Coinbase, the biggest US-based cryptocurrency exchange has disclosed its detailed plan for the upcoming direct listing on the stock market by Nasqad. Coinbase submitted an S-1 report to the US SEC outlining key information such as revenue and ownership structure for investors to carry out due diligence on the company.
According to the document, Coinbase has 43 million verified users and an average of 2.8 million transactions per month. In 2020, the company returned a net income of $322 million from total revenue of $3.4 billion, with transaction fees constituting 96% of the net revenue.
Coinbase which makes most of its profit from bitcoin and Ethereum transactions, also saw a 56% increment on its $1.1 billion direct revenue for 2020 compared to $482 million in 2019.
The company incurred a total of $880 million in expenses for 2020, most of which went to sales, general administrative expenses, and research and development. Transaction reversal costs miners fees, staking fees, and verification expenses constituted $135 million of the total expenses,
Coinbase also made $533 million in 2019, against $579 million in operational and development costs, leading to losses totaling $46 million.
Coinbase to Usher Crypto’s Real Mainstream Adoption
The report indicates that much of the revenue for 2020 was generated from institutional investors’ activity in the crypto market but with higher retail activity in Q4 2020 than in previous quarters.
Coinbase’s debut as the first publicly listed crypto-exchange in the US is estimated to be one of 2021’s largest new listings of the tech industry. This will have a huge positive impact on the crypto market investors and blockchain technology backers.
According to the crypto trader and analyst Rekt Capital, the public listing will officially open up cryptocurrencies to the public.
“Coinbase going public is another way of saying crypto is going public.”
Coinbase Becomes Decentralized
The update comes a month after Coinbase chose Nasdaq as its direct listing avenue on February 1, following a secondary Coinbase stock launch by Nasdaq Private Market on January 25.
Now that Coinbase has moved to a remote-first environment without headquarters in any city, the company is referring to itself as a decentralized company. Up to 95% of Coinbase employees have the option to work at home, in a post-office world setting, or a mix of both.
“since we’ve made the decision to go remote-first we’ve decentralized ourselves; even after people can safely return to offices, the executive team has no plans to be “in-office” on a regular basis, and none of them currently live in San Francisco.”
3 types of bitcoin investors that ‘should be concerning to central banks’
With 106 million global crypto users as of January 2021 and a crypto population that has now surpassed 100 million, a financial expert noted that central banks must now be wary of certain crypto investors. In a new seminar held by the University of Pennsylvania’s Wharton School, part-time professor, Mohamed El-Erian, who is also Chief Economic Adviser at Allianz said that Central Banks should be careful about three specific groups of Bitcoin investors.
He explained that while the first group of people is investing for positive reasons, the second is motivated by negative factors to adopt Bitcoin. The positive investors “truly believe Bitcoins will become money ”or “a currency as opposed to a commodity.”
However, El-Erian cautioned that central bank authorities must keep watch on those “being pushed out of everything else and pushed into Bitcoin”, forming the second group that the expert earlier mentioned.
They look to Bitcoin in order to protect themselves from government investment options, which some investors believe has been “artificially jacked up.” Interestingly, a recent survey found that people aged over 55 opted for Bitcoin due to a fear of currency devaluation – as central banks have historically printed more money to boost economies. The expert said that such people are forced to invest in the asset because “they don’t know how else to mitigate risk.”
Do you really want to invest in a government bond whose price has been? So ‘let’s diversify, let’s put 2% into Bitcoins.’
El-Erian further categorized “speculators” as the third type of investors, who face profits and losses albeit “in a single day.” According to him, all three types of investors “should be concerning to central banks.”
When it’s trading above $50,000, all three messages are problematic for central banks. So, we are going to see central banks look increasingly at cryptocurrencies as something they should be involved in, and not just stand on the sidelines.
Sign Up For Our Newsletter
Exchange listings and NFT boom back Enjin’s (ENJ) 52% rally to a new high
Non-fungible tokens (NFT) are rapidly becoming a focal point of the cryptocurrency market as evidenced by stories of millions of dollars being raised in minutes for one-of-a-kind tokenized art pieces and rare collectibles that traders rush to get their hands on.
One project that has been benefiting greatly from the resurgence of NFTs is Enjin Coin (ENJ), which broke out to a new all-time high of $0.67 on Feb. 25 following its listing on the Crypto.com exchange as well as the launch of spot and perpetual futures trading on FTX.
A scroll through the project’s Twitter feed details numerous recent partnerships and integrations that have helped fuel Enjin’s price rise.
Minecraft is one of the most notable integrations for the Enjin ecosystem and users are able to earn special NFTs that unlock secret games inside the video game series.
The platform has also benefited from joining forces with the growing ecosystem of the Binance Smart Chain (BSC), which has launched an NFT educational campaign that Enjin will be part of.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ENJ on Feb. 24, several hours before today’s price rise.
The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of the historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen on the chart above, the VORTECS™ score for ENJ reached a high of 70 on Feb. 24, shortly before the price began to spike to a new all-time high on Feb. 25.
The growing popularity of the NFT space, along with numerous big-name partnerships has Enjin well-positioned as the current bull market cycle progresses into 2021.
Its recent integration with the BSC provides a way to escape high fees on the Ethereum (ETH) network and could bring a new wave of activity to the Enjin ecosystem.