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Price analysis 1/13: BTC, ETH, XRP, LTC, ADA, BCH, DOT, XLM, LINK, BNB

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The top 100 richest Bitcoin (BTC) addresses have added 334,000 Bitcoin to their existing holdings over the past 30 days, a clear signal that whales and institutional-size investors bought the dip. A positive sign is that most of them have not reacted to the recent fall in Bitcoin’s price. This suggests that large investors are bullish on Bitcoin for the long term rather than looking to make a quick gain.

An important element in the recent rally is many of the purchases have come from institutional investors who were critical of Bitcoin in the past. The list is likely to get bigger as Oaktree Capital’s co-chairman and co-founder Howard Marks is revisiting his previous “skeptical view” on Bitcoin. In his latest investor memo, Marks said that “thankfully,” his son had purchased a meaningful amount of Bitcoin for the family.

Several institutional investors have been critical of the central banks’ expansionary monetary policies but until now, they primarily used gold to hedge their portfolios. The ones who shifted even a small portion of their gold portfolio into Bitcoin are reaping huge gains.

Daily cryptocurrency market performance. Source: Coin360

One such firm, Ruffer Investment had redeployed 2.5% of its Multi-Strategies Fund from gold to Bitcoin in November, and since then, gold has returned a meager 4%, and Bitcoin, even after the recent fall is still up by about 92%.

These outsized gains, even on a small percentage of the portfolio, can easily outperform the peers. To keep up with the competition, institutional investors who may have missed buying earlier could quietly open Bitcoin positions on each new correction.

Many analysts have suggested that institutional investor inflow propelled the current Bitcoin rally and for this reason, traders will be looking out for signals that large investors are buying again.

Let’s analyze the charts of the top-10 cryptocurrencies to find out.

BTC/USD

The long tail on the Jan. 11 candlestick shows the bulls aggressively purchased the dip below the 20-day exponential moving average ($32,705). However, the failure of the bulls to resume the uptrend on Jan. 12 shows the bears continue to sell on every minor rally.

BTC/USDT daily chart. Source: TradingView

The bears want to break and sustain the price below the 20-day EMA while the bulls are attempting to defend it. If the BTC/USD pair does not rebound sharply within the next few days, it may lead to capitulation from buyers and the short-term traders stuck at higher levels.

If the selling intensifies, the BTC/USD pair may break below the 38.2% Fibonacci retracement level at $29,688.10 and fall to the 50-day simple moving average ($24,983). Such a move will suggest the bullish momentum has weakened and that may lead to a few days of range-bound action.

On the other hand, if the pair rebounds off the current levels, the bulls will try to resume the uptrend. The momentum could pick up if the bulls drive the price above $41.959.63.

ETH/USD

The bulls aggressively purchased Ether (ETH) during the dip below the 20-day EMA ($982) on Jan. 11 but they could not sustain the recovery on Jan. 12, suggesting that demand dries up at higher levels.

ETH/USDT daily chart. Source: TradingView

However, the positive sign is that the bulls again bought the dip to the 20-day EMA today. The buyers will now try to push the price above $1,150 and if they succeed, the ETH/USD pair may rise to $1,300. A breakout of this resistance may resume the uptrend.

On the contrary, if the pair turns down and breaks below the 20-day EMA, the decline could extend to $840.93 and then to the 50-day SMA ($732). A break below this support will signal that the bears are back in the game.

XRP/USD

XRP is currently range-bound in a downtrend. The price is oscillating between $0.169 and $0.384998. The flat 20-day EMA ($0.30) and the relative strength index (RSI) just below the midpoint, suggest a balance between supply and demand.

XRP/USDT daily chart. Source: TradingView

If the bulls can push the price above the 20-day EMA, the XRP/USD pair may rise to $0.384998. A breakout and close above this level will form an inverse head and shoulders pattern, indicating a possible reversal.

Conversely, if the price turns down from the current levels or the overhead resistance, then the pair may remain range-bound for a few more days. A break below $0.169 could resume the downtrend.

LTC/USD

Litecoin (LTC) bounced off the 50-day SMA ($110) on Jan. 11 but the bulls could not push the price back above the 20-day EMA ($142) on Jan. 12, indicating selling at higher levels.

LTC/USDT daily chart. Source: TradingView

The long tail on today’s candlestick suggests buying at lower levels. The bulls will once again try to push and sustain the price above the 20-day EMA. If they succeed, the LTC/USD pair may move up to $160 and then to $180.

However, if the bears successfully defend the 20-day EMA, the pair may trade between the moving averages for a few days. The flat moving averages and the RSI near the midpoint also suggest a balance between supply and demand.

ADA/USD

Cardano’s (ADA) strong rebound off the 20-day EMA ($0.247) on Jan. 11 suggests the sentiment remains bullish as traders are buying on dips. But the long wick on the Jan. 12 candlestick suggests the bears are unlikely to give up without a fight.

ADA/USDT daily chart. Source: TradingView

Today’s inside day candlestick pattern suggests indecision about the next directional move. However, the upsloping moving averages and the RSI in positive territory suggest the path of least resistance is to the upside.

If the bulls can push the price above $0.3141252, the ADA/USD pair may rally to $0.3542857. A break above this level may result in a rally to $0.40.

This bullish view will invalidate if the pair turns down from the current levels or the overhead resistance and breaks below the 20-day EMA. Such a move could pull the price down to the 50-day SMA ($0.186).

BCH/USD

Bitcoin Cash (BCH) rebounded from just below the 20-day EMA ($427) on Jan. 11 but the bulls could not sustain the recovery and push the price back above $515.35 on Jan. 12, indicating selling at higher levels.

BCH/USD daily chart. Source: TradingView

Today, the bulls have again defended the 20-day EMA and will now try to push the price back above $515.35. If they succeed, the BCH/USD pair may pick up momentum and rally to $631.71.

Conversely, if the up-move turns down from $515.35, the pair may drop to the 20-day EMA and remain range-bound between these two levels for the next few days.

DOT/USD

Polkadot (DOT) completed a successful retest of the breakout level on Jan. 11 when it rebounded sharply from $7.1642. The sharp recovery from the intraday lows carried the price back above the 20-day EMA ($8.39), which is a positive sign.

DOT/USDT daily chart. Source: TradingView

The DOT/USD pair formed an inside day Doji candlestick pattern on Jan. 12, indicating indecision about the next directional move. This uncertainty resolved to the upside today and the bulls are currently attempting to resume the uptrend.

The up-move may face resistance in the $10 to $10.68 resistance zone, but if the bulls can thrust the price above it, the pair could rally to $12.50. Conversely, if the price turns down from the overhead resistance, the pair may consolidate near the highs for a few days.

XLM/USD

The long tail on the Jan. 11 candlestick shows the bulls aggressively purchased the drop to the 20-day EMA ($0.23). Stellar Lumens (XLM) attempted to extend the recovery on Jan. 12 but the long wick on the day’s candlestick shows profit booking at higher levels.

XLM/USDT daily chart. Source: TradingView

The bulls are currently trying to sustain the price above $0.2864. If they are able to do that, the XLM/USD pair may move up to $0.35 where it is likely to hit a roadblock.

If the price turns down from this resistance, a few days of range-bound action between $0.35 and $0.25 is possible.

On the contrary, if the price fails to sustain above $0.2864, the pair may retest the 20-day EMA. A break below this support could tilt the advantage in favor of the bears.

LINK/USD

Chainlink (LINK) had dipped below the 50-day SMA ($13.21) on Jan. 11 but the bears could not capitalize on this weakness, resulting in a strong rebound. Today again, the altcoin has bounced off the 50-day SMA, suggesting strong buying at this support.

LINK/USDT daily chart. Source: TradingView

If the bulls push the price above $15.50, the LINK/USD pair may rise to $17.7777 where it is likely to face stiff resistance from the bulls.

The flat moving averages and the RSI just above the midpoint suggest a balance between supply and demand.

If the price turns down from $15.50, the pair may consolidate in a tight range for a few days. The trend will turn in favor of the bears if the price breaks below the uptrend line.

BNB/USD

Binance Coin (BNB) bounced off the $35.69 support on Jan. 11, indicating accumulation at lower levels. However, the bulls could not build up on the recovery on Jan. 12 and the altcoin formed a Doji candlestick pattern, suggesting indecision between the bulls and the bears.

BNB/USDT daily chart. Source: TradingView

The buyers are currently trying to push the price back above the 20-day EMA ($38.74). If they succeed the BNB/USD pair could move up to the 50% Fibonacci retracement of the most recent leg of the fall at $40.0997.

Above this level, the up-move could reach the 61.8% retracement at $41.2944 and then to $45.1620.

However, the flat 20-day EMA and the RSI just above the midpoint suggest a possible range-bound action in the near term. The trend could turn in favor of the bears if the pair slips below $35.0374.

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.

Market data is provided by HitBTC exchange.

Source: https://cointelegraph.com/news/price-analysis-1-13-btc-eth-xrp-ltc-ada-bch-dot-xlm-link-bnb

Blockchain

Kraken Daily Market Report for February 24 2021

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Overview


  • Total spot trading volume at $2.43 billion, up 18% from the 30-day average of $2.06 billion.
  • Total futures notional at $742.6 million.
  • The top five traded coins were, respectively, Bitcoin, Ethereum, Tether, Cardano, and Polkadot.
  • Strong returns from Augur (+22%), Icon (+20%), Lisk (18%), and Compound (18%).

February 24, 2021 
 $2.43B traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
XBT 
$50855. 
↑4.0% 
$927.5M
ETH 
$1694.5 
↑7.3% 
$442.0M
USDT 
$1.0009 
↑0.06% 
$308.7M
ADA 
$1.0666 
↑11% 
$140.5M
DOT 
$36.359 
↑5.2% 
$112.8M
USDC 
$1.0002 
↑0.01% 
$58.0M
XDG 
$0.0552 
↑16% 
$46.8M
XRP 
$0.4888 
↑2.7% 
$45.1M
LTC 
$187.16 
↑5.4% 
$44.2M
LINK 
$28.266 
↑8.8% 
$43.1M
BCH 
$546.64 
↑5.9% 
$19.9M
ATOM 
$20.971 
↑4.1% 
$17.4M
XLM 
$0.4278 
↑11% 
$17.0M
FLOW 
$22.203 
↑3.6% 
$14.8M
UNI 
$26.741 
↑7.6% 
$13.7M
GRT 
$1.9695 
↑16% 
$13.2M
AAVE 
$398.38 
↑9.2% 
$9.83M
ALGO 
$1.1312 
↑12% 
$9.67M
KSM 
$259.95 
↑8.0% 
$9.22M
XMR 
$218.18 
↓1.3% 
$9.14M
DASH 
$253.84 
↑9.8% 
$8.88M
EOS 
$4.0463 
↑5.0% 
$8.57M
XTZ 
$3.8502 
↑8.5% 
$8.23M
TRX 
$0.0492 
↑9.5% 
$4.84M
DAI 
$1.0012 
↓0.01% 
$4.78M
ICX 
$1.7515 
↑20% 
$4.63M
QTUM 
$5.5107 
↑7.1% 
$4.55M
SNX 
$20.534 
↑13% 
$4.44M
OMG 
$5.0897 
↑8.7% 
$4.29M
BAT 
$0.5229 
↑9.5% 
$4.29M
SC 
$0.0113 
↑3.3% 
$3.78M
WAVES 
$10.304 
↑10% 
$3.76M
NANO 
$6.0203 
↑16% 
$3.59M
YFI 
$36385. 
↑8.8% 
$3.55M
ZEC 
$131.65 
↑3.6% 
$3.33M
FIL 
$37.762 
↑6.3% 
$3.21M
COMP 
$452.55 
↑18% 
$2.38M
OXT 
$0.5371 
↑8.4% 
$2.12M
ETC 
$12.339 
↑8.4% 
$2.07M
LSK 
$3.1380 
↑18% 
$1.93M
KAVA 
$3.7965 
↑17% 
$1.57M
MANA 
$0.2622 
↑13% 
$1.53M
REP 
$35.637 
↑22% 
$1.49M
CRV 
$2.2995 
↑7.7% 
$1.45M
KNC 
$1.7123 
↑6.8% 
$982K
MLN 
$41.951 
↑12% 
$834K
PAXG 
$1804.9 
↓0.2% 
$778K
KEEP 
$0.3739 
↑10% 
$710K
STORJ 
$0.6370 
↑12% 
$670K
ANT 
$4.7319 
↑10.0% 
$576K
BAL 
$40.659 
↑16% 
$568K
GNO 
$141.23 
↑11% 
$508K
REPV2 
$26.630 
↑8.9% 
$274K
TBTC 
$54060. 
↑9.8% 
$244K


#####################. 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 (February 24 2021)

Figure 2: Mid-size trading assets: (measured in USD) (February 24 2021)

Figure 3: Smallest trading assets: (measured in USD) (February 24 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 (February 24 2021)



.


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

Returns and Volume


Figure 5: Returns of the four highest volume pairs (February 24 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 (February 24 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. (February 24 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.

Source: https://blog.kraken.com/post/8041/kraken-daily-market-report-for-february-24-2021/

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Blockchain

India’s largest crypto exchange adopts decentralized Unstoppable Domains

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India’s largest cryptocurrency exchange, Unocoin, has adopted the blockchain-based Unstoppable Domains, which simplifies crypto transactions by turning blockchain addresses into human-readable web URLs.

Announced on Wednesday, the partnership between Unocoin and Unstoppable Domains — both funded by Silicon Valley investor Tim Draper — is expected to reduce remittance costs and simplify the transaction process for the exchange’s 1.2 million users.

Unstoppable Domains turns crypto addresses into decentralized websites on the Ethereum and Zilliqa blockchains. Instead of sending coins to a 42-character blockchain address, Unstoppable Domains allows users to create simple URLs ending in “.crypto” and “.zil” extensions. Domain names need only be purchased once, and then exist forever on the blockchain without requiring any renewal or maintenance fees.

The decentralized aspect of Unstoppable Domains should be of particular interest to Indian crypto users, especially amid the furor created by the Finance Ministry’s decision to ban the use of Bitcoin (BTC) and other cryptocurrencies.

Pushback against the country’s plan to outlaw cryptocurrency has emerged on social media in the form of the #IndiaWantsBitcoin campaign. Despite regulatory uncertainty, the co-founder and CEO of Unocoin, Sathvik Vishwanath, sees the adoption of Unstoppable Domains as being in line with the maturation of the crypto industry in India. Vishwanath said:

“The cryptocurrency space is maturing. In line with the growth of the industry, Unocoin aims to offer its users the best possible experience. Integrating the .crypto domain is a significant step not only for Unocoin users, but also for additional exchanges in the country exploring simpler and more user-friendly options for their users.”

Unstoppable Domains co-founder Brad Kam referenced the reluctance of the Indian government to allow the spread of cryptocurrency within its borders:

“India’s population has been historically scorned from cryptocurrency. Unstoppable Domains is excited to deliver the seamless sending and receiving of cryptocurrency to Unocoin’s users. Our aim is to simplify cryptocurrency addresses, and establish human readable names as the domain standard across wallets and exchanges.”

On Wednesday, Reserve Bank of India Governor Shaktikanta Das reiterated the central bank’s intention to create its own centrally issued currency, the digital rupee. This follows a common trend that has emerged in recent years as national governments attempt to reign-in the spread of decentralized cryptocurrencies and replace them with digital versions of existing fiat currencies.

As reported by Cointelegraph, Unstoppable Domains was recently integrated into Cloudflare’s Distributed Web Resolver, meaning any web browser can now access the .crypto URL extensions.

A spokesperson for Unstoppable Domains confirmed to Cointelegraph that even if Unocoin were to be shut down in the near future, the addresses and URLs created through the platform would remain unaffected.

Source: https://cointelegraph.com/news/india-s-largest-crypto-exchange-adopts-decentralized-unstoppable-domains

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Blockchain

DEX volumes have already surpassed $120b in 2021

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Ethereum-powered decentralized exchanges, or DEXes, continue to surge despite high transaction fees — with DEXes processing more than $120 billion in 2021 so far.

According to Ethereum market analytics platform Dune Analytics, combined DEX volumes posted a new record of $63 billion in January. February’s volume currently sits at $59 billion and is on track to hit $67 billion at the month’s end.

DEXes have already processed more volume in the first two months of 2021 than during all previous years combined.

Monthly DEX volume: DuneAnalytics

The Ethereum-powered DEX sector is still dominated by Uniswap and Sushiswap, who account for 65% of February’s trade combined. Uniswap currently represents more than double Sushi’s volume, controlling almost 50% of DEX market share.

However, looking at the weekly number of active traders on each platform shows that Uniswap represents more than three-quarters of Ethereum DEX users. Over the last seven days, nearly 142,000 unique wallets traded on Uniswap, followed by decentralized exchange aggregator 1inch with roughly 18,450 traders, and SushiSwap with 8,911.

However, not all DEX trading activity is occurring on Etheruem, with Binance Chain’s Pancake Swap surging to report a daily trading volume behind of more than $1.1 billion.

Despite some users migrating away from Ethereum-based DEXes, confidence in the sector as a whole is at an all-time high, with the total value locked in these exchanges sitting above $40 billion for the first time during recent weeks.

Source: https://cointelegraph.com/news/dex-volumes-have-already-surpassed-120b-in-2021

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