The total crypto market cap added $82 billion to its value for the last seven-days and now stands at $1.008 trillion. The top 10 currencies showed mixed results for the same time period with Polkadot (DOT) and Chainlink (LINK) adding 83.7 and 34.3 percent to their values respectively while Bitcoin Cash (BCH) erased 21.3 percent. By the time of writing bitcoin (BTC) is trading at $36,433, ether (ETH) is at $1,226. Ripple’s XRP is hovering around $0.284.
Bitcoin closed the trading day on Sunday, January 10 at $38,169 after losing 5.1 percent of its value. The coin registered a record all-time high two days earlier ($42,073), but failed to consolidate above the $40,000 mark and initiated a pullback. Not only that, but it was seen as low as $34,264 during intraday before partially recovering in the evening.
Still, BTC was 15 percent up on a weekly basis.
The new trading period started on Monday with a fresh drop, this time to $30,258. The move resulted in a 20.7 percent correction at some point during the day, but the quick reaction from buyers reduced it to just 7 percent at the end of the session.
On Tuesday, January 12, we saw the leading cryptocurrency forming the fourth straight red candle on the daily chart and breaking below the first major line of support at $34,700. It stopped at $33,960.
The mid-week session on Wednesday was when the head and shoulders pattern on the 4-hour chart was in its final phase, ready to trigger the next big move downwards. The BTC/USD pair, however, once again took all by surprise and skyrocketed all the way up to $37,408 instead, proving all critics wrong (at least temporarily). It increased by 10 percent.
On Thursday, January 14 the coin hit $40,000, but suffered a hard rejection there, pulling back to $39,177 in the aftermath. It still ended the session with a 4.7 percent increase.
The last day of the workweek came with another highly volatile day during which bitcoin traded in the $39,700 – $34,400 area before erasing all gains from the previous session stopping at $36,700.
The weekend of January 16-17 started with a drop to $36,000 on Saturday, which was followed by a third straight day in red for BTC and a further decline to $35,830 on Sunday.
The Ethereum project token ETH fell $70 short of reaching its previous all-time high on Sunday, January 10 by hitting $1,354. It failed to keep up with the momentum though and ended the day with a short red candle to $1,254. Actually, the coin was extremely volatile during this entire last session of the week and was jumping up and down in the wide range between the mentioned high and $1,174. It grew by 28 percent for the seven-day period.
On Monday, the ETH/USD pair dropped all the way down to $908 in the morning part of the session then compensated for some of the losses in the afternoon, but still registered a significant correction of approximately 13 percent (closed at $1087).
It resumed its freefall on Tuesday, January 12 by hitting the weekly support at $1,050. The level seemed to help ether stabilize and avoid further losses, and on the third day of the workweek, it changed its direction by climbing up to $1,131.
On Thursday, January 14, the leading altcoin climbed up to the major daily/weekly resistance at $1,235 and added another 9.3 percent to its value. Bears, however, were once again quite active in that area and pushed the price of ETH down to $1,059 on the very next day. The coin recovered later in the evening and closed with a small loss to $1,170.
The first day of the weekend saw the Ethereum token briefly touching $1,297 during intraday before going back to the above-mentioned resistance line.
On Sunday it moved slightly up to $1,235, registering a small gain.
Polkadot took the cryptocurrency market by storm last week. The coin added the stunning 85 percent to its value and moved past both Litecoin and XRP to reach the #4 spot with a total market cap of $16.5 billion. The Rococo V1 Update from January 14 might have been the driving force behind the recent rally. The latest version of the parachain (sidechain) testnet enabled even easier access to Polkadot’s services.
Looking at the technical levels, DOT reached an all-time high of $19.4 on Saturday, January 16, and is in price discovery mode for a few days already. A re-trace to $14.5 might be in the cards in case profit taking is triggered. Otherwise, the psychological level of $20 is the next obvious target.
LINK also reached a new all-time high on Saturday, January 16 – $23,67 but could not hold it for too long. The general trend for accumulating big-cap altcoins also benefited the blockchain oracles developer, still, it lost few positions in the Top 10 and now sits at #9.
The technical levels we will be looking at upwards are of course $23 then $25. Down we could expect support at the $20-$21 area, then $18.
Current price: $21.92
Altcoin of the Week
Our Altcoin of the week is Curve DAO token (CRV). One of the most promising decentralized finance (DeFi) projects out there (and also one of the most popular since its launch last year), Curve is a decentralized exchange for stablecoins with an automated market maker.
The coin grew by 100 percent for the last seven days and is 125 percent up for the two-week period. CRV now stands at #85 on CoinGecko’s Top 100 chart with a total market capitalization of approximately $293 million. The reason for the recent surge in the price of CRV is most probably the implemented cross-asset swaps between Curve and Synthetix.
This DeFi coin peaked at $.1.75 on Sunday, January 17 and as of the time of writing, this stands at $1.48 against USDT on Binance.
Cardano Price Analysis: 17 May
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
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.
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.
Take profit: $2.01
Stop level: $2.16
Risk to Reward: 1.04
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.
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Creating NFT artwork with my kids
One of the hottest trending topics which fascinated my kid is crypto. Quite honestly, he felt that Dogecoin is the coolest currency and he even asked me to help him purchase some of it with his savings.
We’ve all heard of the term “Digital Natives” and I’m sure some of us here are “Digital Natives”. This refers to the generation that grew up with technology. Technology is here to stay, and I don’t think it’s going to a standstill. As many of us are still grappling with how this whole crypto and blockchain technology works, fueled with the whole speculation in the cryptocurrency market, this is definitely an area of fascination and fear.
While this is not an article explaining the technology, I wanted to approach this from the angle of exposing kids to technology and the other applications of this technology. There’s been too much hype around the speculation of cryptocurrencies which is just one part of the story.
Blockchain technology is something that will be here to stay. The benefits that the technology brings, especially with the ability to create a unique identity for digital assets, opens up endless possibilities for creators such as artists to “mint” original pieces which cannot be replicated.
While I feel that this technology is in its early days and will evolve to something more efficient, there is already wide adoption of blockchain technology in our lives today.
It really started with my 11-year-old boy, Isaac taking an interest in Dogecoin. He’s been reading it on Reddit a lot and is fascinated with the whole Elon Musk sending Dogecoin to the moon. While I’m glad he’s fascinated with how these things work, there is a lot of fluff in this whole proposition which I don’t entirely agree with. The other worrying thing is that he is starting to develop his values around investments and the value of money. Having him exposed to just a single facet of the technology would set that foundation wrong.
Having an interest in any given topic is priceless, and I didn’t want to let this slip. I did let him invest a small part of his savings in Dogecoin. $15 of it to be exact. That story was a good one. He was making over a dollar at one time, before losing about 40% of it on paper. Throughout the whole episode, I checked in with him on how he felt, and he was able to make a decision to hold on to it believing that it was still a good decision to invest. It did recover, and he sold everything making a handsome profit of 40 cents. He later kicked himself when it sent up further and he could have made a lot more. He’s now staying on the sideline and refusing to put any money into it, but I know he’s researching the next thing he should be investing in.
The thing about Blockchain, and Cryptocurrencies, it can get very energy hungry. To put it in context, Bitcoin uses more energy than Argentina and that puts the technology in the top 30 energy users worldwide according to a report by BBC.
Using blockchain technology, unique identities for digital assets such as artwork can be created and stored on the blockchain. This is referred to as NFT. This allows content creators to create their masterpieces without the issue of them being replicated. A good recent example of such an artwork changing hands is that of Mr. Vignesh Sundaresan (Metakovanby) purchasing artwork by digital artist Beeple at a Christie’s auction on March 11. He paid US69 mil for it, which was unthinkable even today.
Riding on the interest of my younger 7-year-old daughter’s in art, I suggested to the kids that we should create our own NFT Artwork and sell it online. This is a perfect example for us in how we can explore the technology together, create an art piece, and put it up for sale.
I also wanted them to think about the good that we can do along with the power to create. So, I asked them if they would give some of the proceeds away to a charity, and they immediately said “YES!”.
Out came the iPad, and we started drawing. It’s a simple illustration of a cute little Mochi. Yes, it’s very elementary, but it was fun creating it!
I did a quick search online, and realized that there aren’t any “NFT Mochi”, but I could be wrong. As far as research goes, this is actually the first NFT Mochi illustration that’s minted!
I also took the opportunity to show them the cost of minting which essentially is the “gas” money that goes to processing the transaction on the Ethereum blockchain network. This fluctuates a lot and depending on the load and if you’re going to pay more to expedite the processing, it can range from a couple of tens of dollars to over a hundred dollars just to mint this NFT artwork.
This allowed me to explain to the kids how the technology works in kids language, and also how the energy impact the technology has.
We had a lot of fun in this process of being an NFT Artist. It was super cool, and I think we might do this again.
Our artwork, “World’s First NFT Mochi” is on sale, do check it out and if you are feeling the “work” that we’ve put in, do put in a bid to buy it! (That would be another story for me and my kids!)
Hope you’ve found this sharing useful. Do share your thoughts and comments with me.
Legacy Records, The First Record Label Paying Music Artists In Crypto
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.
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.
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
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