The host of the Coin Bureau channel on YouTube has revealed his top five altcoins picks for this year in a video published for his 225,000 subscribers, and noted he expects a smaller number of altcoins to benefit from the bull market.
In the video, first spotted by Daily Hodl, the pseudonymous analyst noted that those who have followed the cryptocurrency space know altcoins usually pump after the price of BTC surges in what’s called the altseason, but warned that as the markets grow more sophisticated, “it’s unlikely that this rising tide will lift all boats.”
He then outlined his top altcoin picks for the year. In first place came privacy-centric coin Monero (XMR) which the analyst claims enforcement agencies have tried to decode to no avail, and pointed out its trading volume tops that of all other privacy coins.
The developers working on XMR, he added, help the cryptocurrency’s security and privacy, ensuring those who use it can remain anonymous. Exchanges have, however, been facing regulatory pressure to delist these currencies.
Crypto exchange Bittrex has earlier this year revealed it was delisting XMR, ZEC, and DASH. While the exchange did not specify why it was delisting the tokens, it’s widely assumed the move was a bid to comply with increasingly strict regulations.
The second pick was Algorand (ALGO), which the analyst pointed out aims t develop a scalable, secure, and decentralized blockchain, and has a higher transaction throughput than the Ethereum network.
Recently, Centre’s USDC stablecoin was launched on Algorand, and to the analyst, this means demand for ALGO will increase, as transaction fees are paid in the cryptoasset.
This means USDC users will be able to send the stablecoin on the Algorand Network cheaper and faster that would be done on Ethereum, for example.
He pointed out that Visa has recently partnered with Circle, one of the firms behind USDC, connecting its network of 60 million merchants to the stablecoin. When Circle graduates from Visa’s Fast Track program, a credit card letting businesses send and receive USDC may be launched.
His third pick was Theta, a decentralized streaming and content delivery network that per his words competes with YouTube and Twitch, which have millions of users. The firm, he said, has been growing from just streaming eSports to add poker, crypto events, and more to its portfolio.
In fourth came the Injective Protocol (I_NJ), a decentralized derivatives exchange built on top of the Cosmos network. He said:
They are trying to create a paradigm shift in the DEX space. Quite simply, it will allow users to trade spot, swaps, and futures in a completely permissionless way.
The analyst added the exchange will also structure a derivatives market for “anything that has a price.”
In fifth place came BarnBridge (BOND), which according to the YouTuber seeks to tokenize risk by pooling funds and allocating them to different decentralized protocols. He added:
Then once the funds have been pulled, they will tranche the yield such that it can be tokenized individually. This, therefore means that DeFi investors are able to invest in different risk tranches based on their yield and risk tolerance.
With the DeFi space seeing its total value locked growing, he concluded, BarnBridge is well-positioned to gain more users.
Featured image via Pixabay.
The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.
Buyer of Jack Dorsey’s ‘genesis tweet NFT’ reportedly detained in Iran
Iranian Cyber Police have reportedly arrested Bridge Oracle CEO Sina Estavi, according to a tweet pinned to Estavi’s Twitter account.
A rough translation of the tweet reads:
“The owner of this account was arrested on charges of disrupting the economic system by order of Special Court for Economic Crimes. Official judicial authorities will provide additional information.”
The same tweet is also pinned to the official account of Bridge Oracle, a Tron Network-based public oracle system. At the time of writing, the price of Bridge Oracle’s native token, BRG, has taken a sharp dive, crashing by more than 65%, according to data from TradingView.
Bridge Oracle is said to be a Malaysia-based blockchain company, but Estavi’s other venture, cryptocurrency exchange Cryptoland, was operating in Iran. Cryptoland’s Twitter account shares the same pinned tweet. No further information was shared publicly by the authorities.
Estavi is known for his heated bidding battle with tech entrepreneur and Tron CEO Justin Sun to buy Jack Dorsey’s first-ever tweet as an NFT. Twitter’s first tweet is dated March 2006 and reads, “Just setting up my twttr.”
In the end, Estavi successfully purchased the NFT for more than $2.9 million, or 1,630 Ether (ETH). Dorsey converted the proceeds to Bitcoin (BTC) and donated them to a charity organization in Africa.
Earlier this year, Estavi was sued by former Bitcoin.com CEO Mate Tokay for allegedly failing to pay him for his services. In his claim, Tokay also alleged that there’s an inconsistency between the purported and actual circulating supply of BRG.
Cointelegraph reached out to Bridge Oracle for comment. This article will be updated should they reply.
Bank of America to Settle Stock Trades on Paxos Network
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
Is Bitcoin nearing another Black Thursday crash? Here’s what BTC derivatives suggest
Bitcoin’s 51.4% crash in March 2020 was the most horrific 24-hour black swan event in the digital asset’s history. The recent price activity of the past week has probably resurrected similar emotions for investors who experienced the Black Thursday crash.
Over the past week, Bitcoin’s (BTC) price dropped 29% to reach a three-month low at $42,150. $5.5 billion in long contracts were liquidated, which is undoubtedly a record-high in absolute terms. Still, the impact of the March 2020 crash on derivatives was orders of magnitude higher.
To understand why the current correction is less severe than the one in March 2020, we will start by analyzing the perpetual futures premium. These contracts, also known as inverse swaps, face an adjustment every eight hours, so any price gap with traditional spot markets can be easily arbitrated.
Sometimes, price discrepancies arise during moments of panic due to concerns about the derivatives exchange’s liquidity or market makers being unable to participate during times of extreme volatility.
On March 12, 2020, the Bitcoin perpetual futures initiated a much larger descent than the price on spot exchanges. This move is partially explained by the cascading liquidations that took place, creating a backlog of large sell orders unable to find liquidity at reasonable prices.
The aftermath of the bloodbath resulted in futures perpetual contracts trading at a 12% discount versus regular spot exchanges. BitMEX, the largest derivatives market at the time, went offline for 25 minutes, causing havoc as investors became suspicious about its liquidity conditions.
By comparing this event with the most recent week, one will find that sustainable price discrepancies are very unusual. Even a temporary 12% gap doesn’t occur, even during the most volatile hours.
Take notice of how the perpetual contracts reached a peak 4% discount versus regular spot exchanges on May 13, although it lasted less than five minutes. Market makers and arbitrage desks could have been caught off guard but quickly managed to recoup liquidity by buying the perpetual contracts at a discount.
To understand the impact of those crashes on professional traders, the 25% delta skew is the best metric, as it compares similar call (buy) and put (sell) options’ pricing. When market makers and whales fear that Bitcoin’s price could crash, they demand a higher premium for the neutral-to-bearish put options. This movement causes the 25% delta skew to shift positively.
The above chart displays the mind-blowing 59% peak one-month Bitcoin options delta skew in March 2020. This data shows absolute fear and an incapacity to price the put (sell) options, causing the distortion. Even if one excludes the intraday peak, the 25% delta skew presented sustained periods above 20, indicating extreme “fear.”
Over the past week, the skew indicator peaked at 14%, which isn’t very far from the “neutral” -10% to +10% range. It is indeed a striking difference from the previous months’ negative skew, indicating optimism, but nothing out of the ordinary.
Therefore, although the recent 29% price drop in seven days could have been devastating for traders using leverage, the overall impact on derivatives has been modest.
This data shows that the market has been incredibly resilient as of late, but this strength might be tested if Bitcoin’s price continues to drop.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
US Investment Bank Cowen to Offer Crypto Custody Services
Buterin Plugs UNI as Next Oracle Token
Bitwise Launches ‘Crypto Innovators’ ETF
Which ‘green’ cryptocurrency is Tesla likely to add for payments?
Elon Musk Pokes Massive Hole in the Bitcoin Market After Halting Bitcoin Payments at Tesla
Facebook’s Diem Enters Crypto Space With Diem USD Stablecoin
Venture platform Cognitive Blockchain invests in cross-chain compute network Cudos
Ethernity Chain Memorializes Tony Hawk’s Latest 540 Skate Trick With NFT
Vitalik Buterin Dumps His SHIB, Price Tanks 30% In 1 Hour
The STC Token is Live – And Over 10 Crypto Exchanges are Ready for It
Diem parters with Silvergate bank to launch stablecoin in the US
DeFi Staple UMA Launches “Optimistic Oracle”
MicroStrategy Buys Another $15M Worth of Bitcoin at $55K
In Less than A Week, How Internet Computer (ICP) Climbed To The Top 10
Here’s why Ethereum, AAVE, ALPHA are unfazed by Bitcoin’s latest ‘Elon candle’
Vitalik Buterin Has Dumped His Unsolicited Doge-Clones
Central Bank of Bahrain and JPMorgan to work on digital currency settlement pilot
Diem Relocates From Switzerland to the US to Launch an USD-Backed Stablecoin
Government Adoption: Cryptos are property in Texas, Hungary to cut taxes
AppSwarm’s DOGE division calls for a global dev teams to build off Dogecoin
Blockchain6 days ago
Palantir Accepts Bitcoin for Payments and Considers Adding BTC to Balance Sheet
Blockchain1 week ago
Ray Dalio’s Bridgewater CFO leaves to work on Bitcoin full-time
Blockchain1 week ago
Ethereum price closes in on $4K as Shiba Inu (SHIB) steals Dogecoin’s thunder
Blockchain1 week ago
CFO of World’s Largest Hedge Fund Joins Institutional Bitcoin Firm NYDIG
Blockchain1 week ago
Ethereum (ETH) Hits $3800 ATH As Coinbase Premium Shoots With Institutional Interest
Blockchain1 week ago
Crypto Banter Will Give Away Over $500K To 10 Eligible Community Members
Blockchain1 week ago
Legendary Pelé NFT Set to Drop on Ethernity May 8
Blockchain1 week ago
Dogecoin Plummets 30% From Highs Following Elon Musk’s SNL Appearance