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Blockchain

Hedge fund predicts $115K Bitcoin price and the fall of ‘speculative’ altcoins

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New data from Pantera Capital, an investment firm and hedge fund, suggests that Bitcoin’s (BTC) current price action is closely following the stock-to-follow model’s trajectory and the firm’s analysts believe BTC will reach $115,212 by Aug. 1. 

Bitcoin’s parabolic rally may have placed the price a bit ahead of the model’s projection and this week’s 28% correction sent temporary shivers across the market but sharp corrections and short consolidation periods are characteristic of bull markets.

Halving stock-to-flow projection. Source: Pantera Capital

The model focuses on the price impact of Bitcoin halving events that cut the amount of Bitcoin minted every block in half every 4 years.

According to the model, the impact of decreasing Bitcoin’s supply becomes present roughly 6 months after each halving. When Bitcoin price halved on May 11, 2020 the price was around $8,000 and 6 months later BTC was trading above $15,000 and on the verge of entering a parabolic rally to a new all-time high.

Bitcoin price after halvings. Source: Halving Tracker

The chart above shows the progress of Bitcoin’s price in the days after each halving. A similar pattern developed over the past two halvings, just with a differing time span. The current BTC performance appears to be in between the 2012 market 2016 cycles, which has the potential to lead to a price of Bitcoin between $300,000 and $400,000 around 450 days after the last halving, or roughly Aug. 4.

Signs of a maturing market

Another significant difference between this rally and 2017 has to do with the overall market composition and where value is located. A majority of the value of the current market is consolidated in Bitcoin and Ether (ETH) as institutional investors have thus far chosen the most established chains to gain exposure to the cryptocurrency sector.

Andy Yee, a Public Policy Director for Visa in Greater China, pointed to this development in a Tweet response to Pantera’s report:

“This rally is different. Massive shift from high-speculative, non-functioning tokens in 2017 to #Bitcoin and #Ethereum today, according to PanteraCapital.”

Cryptocurrency market concentration. Source: Pantera Capital

As shown in the chart above, Bitcoin and Ether have 86% of the value. The other 5,000 chains have 14%. While BTC was peaking late in 2017, the two top coins had a total of 52% of the value, indicating that BTC and ETH have consolidated their market share over the past three years.

Possible reasons for this shift in funds include institutional money focusing on Bitcoin as an entry point into the cryptocurrency market due to its network security and vast mining infrastructure, and the burgeoning decentralized finance ecosystem which is predominantly built on the Ethereum network.

As the DeFi ecosystem continues to grow it will also attract institutional attention, further boosting the price of Ether as it is required to interact with all smart contracts and DeFi platforms on the Ethereum network.

Data from defipulse shows that the total value locked in DeFi now stands at $29.98 billion, near its all-time high of $23.116 billion.

Total value locked in DeFi. Source: Defi Pulse

As the TVL increases, so does the value of the top ecosystem coins including AAVE and Synthetix (SNX). Trading volume on the top decentralized exchanges, such as Uniswap and SushiSwap, continues to grow with data from Dune Analytics showing that the combined weekly DEX volume recently surpassed $13 billion.

Weekly DEX Volume. Source: Dune Analytics

Institutional inflow to Bitcoin may trigger a new altcoin season

While Bitcoin and Ether currently hold 86% of the cryptocurrency market value, past market cycles would indicate the possible flow of funds out of the top cryptocurrencies and into promising new projects. This dynamic has led analysts like Raoul Pal to suggest that after Bitcoin and Ether’s stellar rally, the “next stop will be higher risk alts.”

Media have also reported that Goldman Sachs is rumored to be preparing to offer custody services for cryptocurrencies could set the stage for the next hype cycle for Bitcoin. A sustained inflow of money from the institutional class could be the catalyst that lifts the price of Bitcoin and keeps it in line with the projections of the stock-to-flow model.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Source: https://cointelegraph.com/news/hedge-fund-predicts-115k-bitcoin-price-and-the-fall-of-speculative-altcoins

Blockchain

Kraken Daily Market Report for May 14 2021

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Overview


  • Total spot trading volume at $3.17 billion, 5.3% higher than the 30-day average of $3.01 billion.
  • Total futures notional at $638.8 million.
  • The top five traded coins were, respectively, Ethereum (+2.3%), Bitcoin (-1.4%), Tether (0%), Dogecoin (12%), and Polkadot (-0.6%).
  • Strong returns from Dogecoin (+12%) and Synthetix (8.5%).

May 14, 2021 
 $3.17B traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
ETH 
$3796.7 
↑2.3% 
$825.8M
XBT 
$48974. 
↓1.4% 
$779.3M
USDT 
$1.0009 
↑0.08% 
$508.9M
XDG 
$0.5503 
↑12% 
$407.6M
DOT 
$39.663 
↓0.6% 
$165.0M
ADA 
$1.8208 
↓6.1% 
$154.1M
USDC 
$1.0 
↑0.01% 
$95.7M
XRP 
$1.3287 
↓2.5% 
$79.3M
LTC 
$312.26 
↓1.4% 
$52.4M
ETC 
$88.401 
↓0.4% 
$51.6M
EOS 
$10.559 
↓0.07% 
$34.0M
BCH 
$1232.1 
↓1.5% 
$34.0M
LINK 
$43.633 
↑1.2% 
$33.6M
XLM 
$0.6651 
↑1.4% 
$30.2M
NANO 
$10.933 
↓5.4% 
$28.7M
AAVE 
$532.69 
↑4.9% 
$23.0M
KSM 
$510.58 
↓3.3% 
$19.2M
FIL 
$116.34 
↓0.9% 
$14.4M
SC 
$0.0307 
↑0.7% 
$13.3M
YFI 
$67698. 
↑2.6% 
$10.4M
TRX 
$0.1212 
↓0.19% 
$9.58M
ATOM 
$23.629 
↑0.7% 
$8.93M
SNX 
$19.964 
↑8.5% 
$8.79M
ALGO 
$1.3422 
↓0.6% 
$8.75M
XMR 
$398.66 
↓0.9% 
$8.7M
XTZ 
$6.0497 
↓0.9% 
$8.06M
ZEC 
$288.35 
↓2.5% 
$7.03M
UNI 
$37.991 
↑1.8% 
$6.93M
FLOW 
$24.679 
↑2.2% 
$6.27M
DASH 
$357.46 
↑0.18% 
$5.15M
DAI 
$1.0002 
↓0.01% 
$5.09M
OMG 
$9.7649 
↑1.4% 
$4.35M
OCEAN 
$1.1936 
↓0.3% 
$4.12M
KAVA 
$5.3777 
↑0.5% 
$3.99M
EWT 
$15.814 
↓4.4% 
$3.78M
QTUM 
$20.106 
↓3.0% 
$3.46M
CRV 
$3.3409 
↓0.4% 
$3.04M
WAVES 
$30.683 
↓3.4% 
$2.88M
MANA 
$1.2435 
↓0.5% 
$2.75M
GRT 
$1.2896 
↓1.7% 
$2.63M
ICX 
$2.0734 
↓0.8% 
$2.48M
PAXG 
$1852.2 
↓0.12% 
$2.45M
COMP 
$774.63 
↑1.1% 
$2.31M
BAT 
$1.1887 
↓0.12% 
$2.23M
KEEP 
$0.5042 
↑0.5% 
$2.19M
REPV2 
$36.097 
↓0.4% 
$2.06M
LSK 
$6.7568 
↓5.2% 
$1.98M
STORJ 
$1.6898 
↓0.4% 
$1.89M
KNC 
$2.9788 
↓0.21% 
$1.26M
OXT 
$0.5575 
↑1.7% 
$1.05M
BAL 
$60.560 
↑1.2% 
$979K
GNO 
$250.55 
↑3.0% 
$883K
ANT 
$8.0996 
↓0.8% 
$867K
MLN 
$105.13 
↑1.2% 
$864K
REP 
$39.528 
↑1.6% 
$423K
TBTC 
$50620. 
↓1.8% 
$95.5K



#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (May 14 2021)



Figure 2: Mid-size trading assets: (measured in USD) (May 14 2021)



Figure 3: Smallest trading assets: (measured in USD) (May 14 2021)



#####################. Spread %. ##########################################

Spread %


Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.

Figure 4: Average spread % by pair (May 14 2021)



.


#########. Returns and Volume ############################################

Returns and Volume


Figure 5: Returns of the four highest volume pairs (May 14 2021)


Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (May 14 2021)



###########. Daily Returns. #################################################

Daily Returns %


Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (May 14 2021)



###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://blog.kraken.com/post/9130/kraken-daily-market-report-for-may-14-2021/

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Blockchain

Ternoa Blockchain’s NFT-based data transmission project gets LVT Capital as a partner

Republished by Plato

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Ternoa Blockchain has found a new partner as it introduces its NFT-based data transmission service to the market.

The company received an investment from Australia-based private equity firm LVT Capital to form a strategic partnership aimed at enhancing the sustainability, innovation, competitiveness, and dependability of Ternoa’s services that allow users to build time capsules for safely transmitting their memories and important data to their descendants even after death.

Building on LVT’s Expertise

With its focus on blockchain, crypto, and tech projects, LVT Capital has already proven its expertise in these areas with its numerous collaborations and investments. The company has already made investments in more than 40 top-caliber crypto, real estate, finance, education, and cybersecurity firms with 200 more under evaluation for potential collaborations.

LVT Capital has the market and technology expertise as well as the resources to enhance Ternoa’s unique service and promote it to boost the company’s competitiveness. For instance, LVT Capital has its own media & marketing services and an online publishing arm focused on blockchain, technology, and business, which makes the firm a perfect fit for Ternoa.

Ternoa Blockchain Offers Customizable Time Capsules

Ternoa Blockchain found a new way to use NFT and blockchain technologies to help people handle their data storage and transmission needs, which is one of the reasons for LVT Capital’s decision to invest in its business. With its Polkadot-powered, NFT-based customizable time capsules, people can securely transmit their memories such as photos, videos, and other important data to future generations or simply use the platform as a secure storage solution.

Ternoa’s platform is flexible enough and gives users several options on how they wish their data to be retrieved by their intended recipients. The available transmission protocols are Safe Protocol, Consent Protocol, Death Protocol, D-day Protocol, and Countdown Protocol.

  • Safe Protocol – Data owners can retrieve data at any time, which makes use of Ternoa as a secure and portable storage solution.
  • Consent Protocol – Recipients can access the time capsule as long as the original owner does not use his veto option.
  • Death Protocol – The time capsule will be delivered to the beneficiaries upon the death of the creator based on local death registries APIs.
  • Countdown Protocol – Introduces a countdown feature which can be set to1 month, 1 year, or 10 years. The time capsule will be delivered to the recipient if the countdown reaches the limit. The creator can reset the countdown at any time.
  • D-day Protocol – Time capsule can only be accessed on a specific date, which is set by the creator.

While the loss of data is always an issue for other data storage solutions, Ternoa eliminated this risk by making copies of the files inside the time capsule, which are stored in other dex storage blockchains. At the moment, Ternoa sends these copies to Aerweave, Sia, and Storj while keeping the original version in its network. To learn more about the project, click here.

IMPORTANT NOTE: This is a paid press release, which BitcoinerX has posted as part of a commercial agreement. BitcoinerX is not responsible for producing this content and does not endorse the products or services mentioned. It is the responsibility of the company posting the press release to ensure the material is credible and accurate. BitcoinerX is not responsible for any damage or loss caused to anyone who chooses to use the company, product or services mentioned in the press release. BitcoinerX does not recommend using the information in the press release to form the sole basis of investment decisions.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinerx.com/blockchain/ternoa-blockchains-nft-based-data-transmission-project-gets-lvt-capital-as-a-partner/

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Blockchain

Altcoins pop while Bitcoin looks for support near $50,000

Republished by Plato

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Bitcoin (BTC) continues to look for direction but as this occurred, Ether and altcoins bounced higher from the May 13 sell-off. Dogecoin shocked investors with its 47% rally that kicked off after Coinbase announced that it would list (DOGE) in the coming months. Doge price also rallied after Elon Musk tweeted that he was “Working with Doge devs to improve system transaction efficiency. Potentially promising.”

While many altcoins have seen double-digit gains during the recovery the price of Bitcoin (BTC) has continued to languish near the $50,000 level as whale wallets containing at least 1,000 BTC have declined by 4.7% compared to the previous month, indicating possible profit taking or a rotation into different assets.

Data from Cointelegraph Markets and TradingView shows that while the Bitcoin recovery has been muted, demand for Ether (ETH) led to an 18% rally as the altcoin notched an intraday high at $4,173 on May 14.

ETH/USDT 4-hour chart. Source: TradingView

Gains in the top altcoin come amidst mixed fundamental developments, with data from Glassnode showing that wallets holding at least 32 ETH have been steadily declining in recent months suggesting that fewer people are interested in becoming “full validators” for the network’s upcoming proof-of-stake blockchain.

Altcoins rally higher

While the debate about whether or not the market is officially experiencing an altseason rages on, one of its trademark characteristics is a sideways trading Bitcoin that leads to traders refocusing their attention on the altcoin market and leading to a decline in Bitcoin dominance.

Percentage of total market capitalization dominance. Source: CoinMarketCap

One of the breakout stars of 2021 is Polygon (MATIC), which has seen its price rally 60% over the past 24-hours to reach a new record high at $1.75.

Another project whose price surged 45% from the lows on May 13 is iExec RLC (RLC), a decentralized cloud computing network that got a boost of adrenaline earlier in the week after Coinbase revealed that it would list the token.

Other notable performances include an 80% increase in the price of Ergo (ERG) and a 48% increase in the price of Sora (XOR) which lifted the token’s price back above $800.

Daily cryptocurrency market performance. Source: Coin360

The overall cryptocurrency market cap now stands at $2.307 trillion and Bitcoin’s dominance rate is 40.3%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/altcoins-pop-while-bitcoin-looks-for-support-near-50-000

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