Grayscale products witnessed $3.3 billion in inflows in the fourth quarter of 2020, a large jump over the $1.05 billion seen in the preceding quarter. According to Grayscale, institutional investors accounted for 93% of the new investments.
The significance and magnitude of the investments can be gauged from the fact that in 20, Grayscale received $5.7 billion in investments, which is four times the cumulative inflow between 2013 and 2019
Data from Glassnode also shows that since July 2020, only about one-third of the 900 Bitcoin (BTC) mined each day have made their way to exchanges. During that period, Grayscale alone purchased about 1,200 Bitcoin every day. This shows how demand exceeded supply by a huge margin, resulting in the sharp rally which was ignited in the latter half of 2020.
However, after Bitcoin’s recent rise, larger inflows are needed to sustain the momentum. If this does not happen, select investors may be tempted to lock in their gains and that could start a correction with speculators and short-term traders rushing to the exit.
Let’s analyze the charts of the top-10 cryptocurrencies to determine the path of least resistance.
Bitcoin’s recovery hit a barrier at $40,0129 on Jan. 14 and the price has again turned down today. The bulls are currently attempting to defend the 20-day exponential moving average at $33,795.
The price action of the past few days has formed a symmetrical triangle, which generally acts as a continuation pattern. If the bulls can drive the price above the triangle, the uptrend could resume. The pattern target of the setup is $52,000.
On the other hand, if the bears sink the price below the triangle, the selling could intensify and the BTC/USD pair may drop to the 50-day simple moving average at $25,826. Even if the price falls to this level, the uptrend will not be broken.
Lower levels are likely to attract fresh buying from traders and that could result in a few days of consolidation where the bulls gradually accumulate before starting the next leg of the uptrend.
Ether’s (ETH) rebound off the 20-day EMA ($1,024) is facing resistance at $1,258.30. However, the long tail on today’s candlestick suggests that traders are buying on dips to the 20-day EMA.
The upsloping moving averages and the relative strength index (RSI) in the positive territory suggest that bulls are in command. If the buyers can propel the price above the $1,258.30 to $1,349.10 overhead resistance zone, the ETH/USD pair could rally to $1,462.
However, if the bulls fail to push the price above the overhead resistance zone, it may attract profit-booking from short-term traders and that could pull the price below the 20-day EMA. If that happens, the pair may drop to the critical support at $840.93.
The bulls could not push XRP above the 20-day EMA ($0.30) in the past four days, suggesting bears are defending this resistance. If the sellers can sink the price below $0.25, the altcoin could drop to $0.169.
A strong rebound off $0.169 will suggest that the bulls are accumulating at lower levels. If the buyers can then push the price above the 20-day EMA, the XRP/USD pair may extend its stay inside the $0.169 to $0.385 range for a few more days.
This view of a range-bound action will invalidate if the bears break the $0.169 support. Below this level, the downtrend could resume with the next target objective at $0.10.
Polkadot (DOT) surged to a new high on Jan. 13 and followed it up with another strong rally on Jan. 14. The altcoin is currently facing resistance near $15 but the shallow correction suggests traders are not booking profits in a hurry.
If the DOT/USD pair does not break below the 38.2% Fibonacci retracement level at $11.9819, the bulls will attempt to resume the uptrend. If they can scale the price above $15, the next stop could be $18 and then $20.
On the contrary, if the bears sink and sustain the price below $11.9819, the pair could drop to the 61.8% retracement level at $10.1422. A deep correction will suggest the momentum has weakened and that could keep the pair range-bound for a few days.
Cardano (ADA) rose above the downtrend line today but the bulls could not sustain the breakout, which suggests profit-booking at higher levels. The bears will now try to sink the altcoin to the 20-day EMA ($0.259).
The rising moving averages and the RSI in the positive territory indicate bulls have the upper hand. If the ADA/USD pair rebounds off the 20-day EMA, the bulls will attempt to push the price above the downtrend line and resume the uptrend.
A break above $0.3542857 could push the price to $0.40 where the rally may again hit a roadblock. This bullish view will invalidate if the price turns down from the current levels and breaks below the 20-day EMA. Such a move could pull the price to the 50-day SMA ($0.192).
Litecoin’s (LTC) attempt to recover after the sharp fall from $185.5821 on Jan. 10 to a low at $112.5672 on Jan. 11 hit a barrier near the 61.8% Fibonacci retracement level at $157.6904.
After a deep correction, the price usually consolidates in a range for a few days before starting the next trending move. The flat 20-day EMA ($143) and the RSI just above the midpoint suggest a balance between supply and demand.
If the LTC/USD pair sustains below the 20-day EMA, a drop to $120 is possible. A bounce off this support could keep the pair range-bound between $120 and $160.
Contrary to this assumption, if the pair rebounds off the current levels, the bulls will try to push the price to $185.5821. A break above this resistance could resume the uptrend.
Bitcoin Cash (BCH) rose above the $515.35 overhead resistance on Jan. 14 but the bulls could not sustain the breakout, which shows that bears are active at higher levels. The sellers are currently attempting to sink the price below the 20-day EMA ($443) and the uptrend line.
If they manage to do that, the BCH/USD pair could drop to $370. This level is likely to act as a strong support and a rebound could keep the price between $370 and $515.35 for a few days.
Contrary to this assumption, if the bulls can build up on the rebound off the 20-day EMA, a rise above $515.35 is likely. Such a move could increase the possibility of a rally to $600. The upsloping moving averages and the RSI in the positive territory suggest advantage to the bulls.
Chainlink (LINK) rallied for the past two days and closed above $17.7777 on Jan. 14, indicating strong demand at lower levels. The bulls continued their purchase today and drove the price to a new high at $21.4533.
However, the long wick on today’s candlestick suggests profit booking at higher levels. If the bulls do not allow the price to dip back below $17.7777, it will suggest buying on dips.
If the price rebounds sharply from $17.7777, the bulls will try to resume the uptrend with the next target objective at $27. The upsloping 20-day EMA ($15.07) and the RSI above 65 suggest bulls are in control.
However, the bears are unlikely to give up easily. They are currently attempting to sink the price back below $17.7777. If they succeed, the pair could drop to the 20-day EMA.
Stellar Lumens (XLM) broke above $0.2864 on Jan. 13 but the Doji candlestick pattern on Jan. 14 suggested indecision among the bulls and the bears. The uncertainty has resolved to the downside today and the bears are currently trying to sustain the price below $0.2864.
If they manage to do that, the XLM/USD pair may drop to the 20-day EMA ($0.24). A strong rebound off this level will suggest that traders continue to accumulate at lower levels. The upsloping moving averages and the RSI in the positive zone suggest bulls have the upper hand.
Contrary to this assumption, if the price turns up from the current level and rises above $0.32, the pair could rally to $0.35. The bears are likely to mount a stiff resistance at this level but if the bulls can push the price above it, the rally could extend to $0.409 and then to $0.50.
Binance Coin (BNB) broke above the 20-day EMA ($39) on Jan. 13, indicating that the selling pressure had reduced. However, the bears are unwilling to give up without a fight and they are selling above $42.
If the bears can sink and sustain the price below the 20-day EMA, the BNB/USD pair may drop to the $35.69 support. A bounce off it could keep the pair range-bound between $35.69 and $43 for a few days as both the bulls and the bears try to establish their supremacy.
Contrary to this assumption, if the pair rises from the current levels, the bulls will make one more attempt to push the price to $45.1620. If they succeed, the pair may reach $50.
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.
Kraken Daily Market Report for May 14 2021
- 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
#####################. 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 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.
Ternoa Blockchain’s NFT-based data transmission project gets LVT Capital as a partner
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.
Altcoins pop while Bitcoin looks for support near $50,000
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.
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.
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.
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.
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