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Is Bitcoin entering the new bear market? Analysis

The price of the leading cryptocurrency, bitcoin has been quite volatile over the last few weeks. Bitcoin is currently nearing the $9,000 mark after it reached $10,000 for the first time in 2020 earlier this month. Even in the past, bitcoin has failed to gain any stability within the five-figure price region.    Bitcoin continues […]

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The price of the leading cryptocurrency, bitcoin has been quite volatile over the last few weeks. Bitcoin is currently nearing the $9,000 mark after it reached $10,000 for the first time in 2020 earlier this month. Even in the past, bitcoin has failed to gain any stability within the five-figure price region. 

Bitcoin continues to remain volatile

The leading cryptocurrency, bitcoin, has remained highly volatile over the last few weeks as its value continued to fluctuate between $9,000 and $10,000. Sellers have also not been able to catalyze any sustained downward movement throughout BTC’s recent uptrend either. Bitcoin is expected to remain volatile for a while.

Note:  At the time of writing bitcoin is changing hands at $ 9,145. If you are in India, you can check BTC to INR here.

Bitcoin is likely to enter a bear market

Bitcoin began the year 2020, with below $7,000, and witnessed some positive rallies in the last one and a half months. The price of bitcoin even crossed above the psychological resistance level of five-figure for the first time this year earlier. Several analysts believe that bitcoin might be entering a bear market after the price of bitcoin slumped down nearly $9,000 this week. If bitcoin drops, any further a bear market is on the horizon. Rush Login is a useful trading platform for bitcoin enthusiasts and traders. 

Impact of Coronavirus on the market

The mysterious coronavirus that emerged from the Chinese city of Wuhan has been spreading all around the world as the World Health Organisation declared it as an international health emergency. With the fear of coronavirus slowing down the global economy, several investors are turning towards bitcoin as a safe heaven. The virus has impacted the economy of China as institutions halted their operations to contain the virus. 

A drop to $9,000 is not enough to invalidate the current bull run

According to several crypto trend analysts, it is not enough to invalidate the cryptocurrency’s bullish market structure. The shift in the market will only occur once it breaks below the mid $8,000 region. In order for bitcoin to remain bullish, the price will have to reach above the $10,000 mark soon, where it faces the resistance level of $14,000. The leading cryptocurrency is at a crucial point as a drop below $9,000 could lead it to a downward spiral, and bears will gain control of it. 

The trading volume of bitcoin drops

Over the past few days, the bitcoin trading volume has dropped quite a lot, which could imply that a big move in the market place is about to take place. If bitcoin fails to hold the $9,400 level for support, it is highly likely that a downward rally is on the corner. The downward rally could take the price of bitcoin to the $8,000 mark or below. 

Conclusion

The leading cryptocurrency started the year at 46,900 and moved above $10,000 earlier last week. However, the glory for bitcoin did not last long, as the price slumped down quickly. Currently, Bitcoin is at a very crucial stage. If it fails to hold the current support, the bears will gain control of the market. 

Source: https://chaintimes.com/is-bitcoin-entering-the-new-bear-market-analysis/

Blockchain

Axie Infinity Records Holders ATH: 420% Year to Date Growth

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Popular non-fungible token (NFT) gaming platform Axie Infinity continues to see increased adoption from users, following exponential growth in the number of wallet addresses.

Axie Sees Surge in Address Holders

According to data provided by IntoTheBlock on Tuesday (September 28, 2021), Axie Infinity Shards (AXS) ownership is on the rise, with 17,480 address holders. This figure represents a new all-time high (ATH) and a 420% increase year-to-date (YTD). Meanwhile, this growth is indicative of the rising popularity of Axie Infinity and play-to-earn non-fungible token (NFT) gaming.

Back in July, CryptoPotato reported that the value of the AXS token skyrocketed nearly 400% within one month, leading to a market capitalization of over the $1 billion mark. Later in August, AXS was among the assets listed on the major cryptocurrency exchange Coinbase Pro, which also gave it an immediate boost.

Axis Infinity, developed by Sky Mavis and released in 2018, arguably popularised the play-to-earn trend and has recorded a number of impressive milestones in recent times. Data from DappRadar revealed that the project recorded over $2 billion in NFT sales volume, solidifying Axie’s place as the most valuable NFT collection, thereby surpassing major names such as CryptoPunks, Art Blocks, and NBA Top Shot.

The data also showed that more than 600,000 users traded Axis Infinity NFTs, resulting in 4,887,645 transactions. The project currently boasts over 1.5 million daily active users.


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According to Jeff Zirlin, co-founder of Axie Infinity, half of the platform’s users got to interact with cryptocurrency and blockchain for the first time through Axie, while 25% of them did not own a bank account.

The Growth of NFT Gaming

The NFT industry is becoming popular with celebrities, major sports leagues, and companies buying digital art in whatever form, or selling them. However, blockchain-based games are seeing a special kind of attention.

A report by DeFiPrime stated that the NFT Gaming market has a total market valuation of nearly $180 billion as of August 2021, with the value estimated to rise to $196 billion. An excerpt from the report reads:

“NFT games may have the potential to become the standard for the gaming market if it sees enough attention and popularity. Already they have made major changes to games and made it much more fun for players. From there, it could be a very major change to the way people play games and could be as major as Doom was to the market or 3D was for environments.”

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Source: https://cryptopotato.com/axie-infinity-records-holders-ath-420-year-to-date-growth/

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Blockchain

Bitcoin, Ethereum will draw their market strength from this key aspect

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Bitcoin and Ethereum are currently surviving a bearish scare, with both assets just about holding a position above their immediate supports. For Bitcoin, the $41,000-level is establishing a strong bounceback range while Ethereum has managed to remain above $3000.

On the contrary, some altcoins have recorded strong recoveries, with Solana, Bitcoin Cash, and Uniswap hiking by more than 10% in one 24-hour window.

Now, these altcoins seemed to have the relative edge at press time. However, there are a couple of key metrics which may allow us to evaluate the actual strength of Bitcoin, Ethereum as the market goes forward.

How much importance should be given to utility?

Source: Sanbase

Over the past few years, market stability has been dependent on different aspects. During the bullish rally of 2017, investor sentiment was key and when major traders started to become bearish, the digital assets collapsed.

Then, it was constructive institutional inflows at the beginning of 2019. At the time, it was suggested that institutions can allow tokens such as BTC, ETH to hold higher price positions. The price fell in 2020, irrespective of rising interest.

However, one key idea missed by most speculators might be the utility side of things, which is presently one of the most important functionality. Gone are the days when astute marketing allowed assets such as TRON to climb into the top-10.

Now, according to Santiment, Bitcoin has hit a two-month high in terms of circulation. What’s more, if the chart is closely observed, the average BTC transferred has risen consistently over the month of September.

Source: Sanbase

Similarly, Ethereum hit a similar feat but its 1-day circulation index was at a 3-month high, indicative of high token utility and movement.

Ethereum’s price has dropped sharply over the course of the past few weeks, but circulation has remained high.

Bitcoin, Ethereum spaces have evolved

Now, to be fair, it is important to account for volatility and the fact the circulation isn’t as high as it was during May 2021. However, maintaining a development and transaction-intensive ecosystem, one which allows the price to be built on strong foundations, is eventually advantageous.

Now, with respect to the assets that have grown over the past few days, besides BCH, both Solana and Uniswap are extremely utilized tokens. While one is the native token of a major DEX, another asset is currently responsible for bringing better L2 solutions.

Likewise, for Bitcoin and Ethereum, higher utility and circulation should keep the asset relevant, and progressively exhibit significant recoveries over Q4 of 2021.

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Source: https://ambcrypto.com/bitcoin-ethereum-will-draw-their-market-strength-from-this-key-aspect

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Swaps.app Offering Seamless Crypto Swaps With No KYC Process

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Swaps.app Offering Seamless Crypto Swaps With No KYC Process

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Swaps.app is simplifying how users are converting Bitcoin and other cryptocurrencies by eliminating the current barriers available in the market.

The EU-regulated company is changing how people swap cryptocurrencies for money with its “swap’n’Go” approach. The platform is a user-friendly space that allows anyone around the globe to effort conduct various trading activities.  

Swaps.app has various unique features. The platform notably offers low commissions and a faster transaction experience to its users compared to many other venues in the market.

Swaps.app offers the lowest fees in the industry while at the same time offering the best buying rates. Transactions performed on the Swaps.app employ price execution from top liquidity providers. In turn, this assures that Swaps.app customers get the best price possible for their purchase.

In addition, transactions on the platform take about 3 minutes. This is because there is no Know-Your-Customer (KYC) process and allows transactions to take three minutes to complete. This is a breath of fresh hair since the registration process associated with cryptocurrency exchanges is usually lengthy and cumbersome compared to most. The process has notably caused many people not to engage in cryptocurrency trade. 

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Another notable feature is that coins get to users’ digital wallets within 15 minutes of payment approval. Swaps.app has two currencies available for purchase, including Tether (USDT) and Bitcoin (BTC). Currently, the platform is accepting two payment methods, Visa and MasterCard debit and credit cards. Users can purchase varying amounts of cryptocurrencies up to €1,000 per month.

To merchants and developers, Swaps.app provides a convenient order widget that can be integrated into any webpage with just a few clicks.

In addition to being regulated by the authorities, Swaps.app integrates a full 3-DS V2 for safe and secure transactions. Reportedly, card purchases that use PCI DSS Level 1 certification will be authorized by code and verified by Visa or Mastercard ID Check.

Swaps.app is now available to over 160 plus countries and is available 24/7 throughout the year. The platform is owned and operated by Octo Liquidity, based in Tallinn, Estonia.

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Source: https://zycrypto.com/swaps-app-offering-seamless-crypto-swaps-with-no-kyc-process/

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