Tether users on the Ethereum network have taken to their heels as Ethereum’s network fees hit rooftop levels yet again. According to new data, Tether-based transactions on the Tron network are starting to unseat that of Ethereum’s on a daily basis.

Tether, the most popular stablecoin, and third most valued cryptocurrency by market cap has been processing the larger number of its transactions on Tron, however, only a year ago, Ethereum was the happening blockchain for Tether users.

According to the Blockchain data provider CoinMetrics, the source of this data, Ethereum holding 50% more Tether than its “rival” Tron, has not stopped the latter from processing more transactions on a daily basis since the start of the year. 

Tether, the largest provider of dollar-pegged stablecoin has benefited from a 4x increase in circulating supply over the last year, bringing the total circulating supply within its network to $25 billion. This ever-increasing growth is valuable for any network for both Tron, Ethereum, and Solana, all of which Tether trading is being carried out. However, exorbitant fee charges may force users to pick the better alternative, which Tron is currently presenting itself to be. This pattern further goes to show that affordable network charges play a huge role in Blockchain adoption.

Ethereum’s exorbitant fee charges have been a topic of discussion for the longest time. The sky-high transaction cost has heightened the rivalry between both Blockchains over the years. Both Ethereum and Tron have achieved great success over the years. On multiple occasions, one has outperformed the other, even the CEO’s of both networks have had an occasional exchange on Twitter, yet the fight for user adoption has only just begun, as the future of both networks remain equally promising. Last year, the Tron network revealed plans to dive into the world of Decentralized Finance, an industry that Ethereum has long been dominating.

In 2020 alone, the Ethereum network benefited from a 300% upsurge in transactions. With Tron’s flexible fee charges, it is no doubt a top competitor in the DeFi market. But Ethereum isn’t lacking behind. The network upgrade which has the potential to contain network congestion and create a more affordable fee structure is already in motion. Whichever efficiently draws in the larger pool of users in the future remains to be seen.

Source: https://zycrypto.com/network-rivalry-builds-up-as-ethereum-users-run-to-tron-for-lower-fee-charges/

The major cryptocurrencies in the market have been consolidating but in most markets, bullish trends have been overtaken by bearish ones. Major cryptocurrencies like Chainlink [LINK], Monero [XMR], and BitTorrent [BTT] have been currently noting rising pressure from the sellers.

Source: CoinStats

Meanwhile, for the world’s largest cryptocurrency – Bitcoin, the past 24-hours saw the price increase by a negligible 0.8 percent and currently trades at $32,144 at press time.

Chainlink [LINK]

Source: LINKUSD on TradingView

According to the above chart, the current Chainlink [LINK] market has been bouncing between $23.64 and $25.02. The current trading value of the digital asset was $23.74, while the overall trend in the market seemed to favor the short traders.

The value has approached the support at $23.64 and the Bollinger bands were noting that the market was not as volatile as before. The signal line was over the price bars, noting a level of bearishness evident in the market. Whereas, the 50 moving average was currently supporting the price at $23.75.

The Relative strength index indicated that the asset was moving sharply towards the oversold zone.

Monero [XMR]

Source: XMRUSD on TradingView

The Monero price has also been seeing a long period of consolidation between $143.43 and $149.96. As the value recovered from the previous fall, it has found a stable territory to trade at. The 50 moving average has formed an arc under the candlesticks which have supported its price.

But like other altcoin markets, the sellers have taken a position in the market and the devaluation has begun. The RSI has been moving away from the equilibrium, while the MACD was noting a constantly changing trend.

BitTorrent [BTT]

Source: BTTUSD on TradingView

The BitTorrent price recently peaked and immediately corrected itself in the following hours. As the price moved lower, the 50 moving average came closer to the candlestick making the price take support from the $0.00034 price level.

Meanwhile, RSI was noting that the traders were balancing out the buying and selling of the coin. The Awesome Oscillator was indicating that the momentum had escaped the market and it is likely to reside in the current zone at least in the short term.

Source: https://ambcrypto.com/chainlink-monero-bittorrent-price-analysis-24-january

Disclaimer: The findings of the following analysis is the sole opinion of the writer and should not be taken as investment advice

The cryptocurrency market has been forming crests and troughs along the way. As the value of Bitcoin has been dropping from $42k and this trend has been followed by the altcoin markets too. The value of Tezos has been moving like a wave too, witnessing momentary highs and lows.

Despite the rising price of the cryptocurrency, the coin may see a dip in the near future and opens up an opportunity to short the coin. At the time of writing XTZ’s price was $3.20.

Tezos 4-hour chart

Source: XTZUSD on TradingView

In the above chart of Tezos, its price was surging and pushed through all the immediate resistances visible. After the value dipped under $2.45, the price turned around and started rising with increased bullish momentum.

The price is consolidating above the support at $3.11 and the traders may be getting prepared to short their positions.

Reasoning

The 50 moving average was indicating this surge, as it was surfing under the price bars. Meanwhile, the volatility in the market had increased and it was reflected in the divergence of the Bollinger bands. Whereas the signal line was also under the price bars noting the price moving upwards.

The Relative Strength Index was noting the value of the indicator rising from the equilibrium zone. As the price of the digital asset has been moving above the support, there are chances for the price to witness a fall.

The Awesome Oscillator has been noting a fall in momentum. As the selling pressure was introduced in the market, the momentum was also reducing, presenting a chance for the trend to change.

Crucial Levels to look out for

Entry: $3.11
Stop-Loss: $3.27
Take-Profit: $2.86
Risk-to-Reward: 1.48

Conclusion

The Tezos market has been moving sideways and selling pressure maybe building. As the pressure builds there might be a sell-off visible and traders may benefit from the falling price of the digital asset.

Source: https://ambcrypto.com/tezos-price-analysis-24-january