The total crypto market capitalization reached the important milestone of $2 trillion on April 5. As cryptocurrencies increase in value, they are likely to attract further investments from institutional investors because they can no longer afford to neglect it.
Less than three months ago, the crypto market had reached the $1 trillion in market cap for the first time ever. This rate of growth shows that investors are hugely bullish on the potential of the sector and the ones who delay their investment decisions may have to enter at much higher levels.
Ark Invest founder and CEO Cathie Wood is well known for identifying disruptive technologies and the firm is backing Bitcoin (BTC) to do just that. Yassine Elmandjra, a crypto asset analyst at Ark, said Bitcoin was “100 times better” than gold, hence he believes Bitcoin will rise 10-fold from the current market capitalization of $1 trillion to match gold’s $10-trillion market cap.
For Bitcoin to continue its northward journey, the institutions will have to continue pumping money into it. Purpose Bitcoin ETF, Canada’s first licensed Bitcoin exchange-traded fund (ETF) launched two months ago and currently, it holds 16,462 BTC.
If a Bitcoin ETF gets the approval of the regulators in the United States, it could attract huge investments, dwarfing the inflows into the Purpose Bitcoin ETF.
The crypto story has widened beyond Bitcoin. Data from business analytics firm CB Insights showed crypto and blockchain technology-focused startups received $2.6 billion in funding in Q1 2021. This is way above the total funding of $2.3 billion received in 2020, indicating the growing interest in the sector.
So the question on the minds of most investors is whether or not the crypto market will be able to sustain its current momentum. Let’s analyze the charts of the top-10 cryptocurrencies to find out.
Bitcoin has bounced off the 20-day exponential moving average ($56,750) today, which suggests that the sentiment remains positive and the bulls are buying on every minor dip.
The buyers will now try to push the price above the $60,000 to $61,825.84 overhead resistance zone. If they succeed, it could open the doors for a rally to $69,540 and then $79,566.
However, the bears are unlikely to give up easily. They will once again try to stall the rally in the resistance zone. If that happens, the possibility of a break below the 20-day EMA increases.
That could result in a drop to the critical support at the 50-day simple moving average ($53,978). If the bears sink the price below the 50-day SMA, the pair could drop to the next support at $50,460.02.
Ether (ETH) made a new all-time high at $2,144.59 on April 2. However, the bulls could not build upon this move as the bears sold aggressively and pulled the price back below the breakout level at $2,040.77 on April 3.
Since then, both the bulls and the bears have been battling it out near $2,040.77. While the bulls are attempting to flip this level into support, the bears are trying to pull the price below it and trap the bulls.
The rising 20-day EMA ($1,872) and the relative strength index (RSI) above 65 suggest the bulls have the upper hand. If the buyers succeed in pushing the price above $2,144.59, the ETH/USDT pair could start the next leg of the uptrend that may reach $2,618.14.
Contrary to this assumption, if the bears pull the price below $1,977, the pair could drop to the 20-day EMA. A break below this level will suggest the bullish momentum has weakened and could result in a decline to the trendline.
Binance Coin (BNB) cleared the $348.69 to $356.98 overhead resistance zone today and made a new all-time high. Whenever an asset class hits a new all-time high, it is a sign of strength because it shows that traders are buying at higher levels as they expect the rally to extend further.
Both moving averages are sloping up and the RSI has risen into the overbought territory, indicating the path of least resistance is to the upside. The BNB/USDT pair could now rally to its target objective at $400 and then $430.
This positive view will invalidate if the price reverses direction and breaks below the 20-day EMA ($297). Such a move will suggest that traders are aggressively booking profits at higher levels and supply exceeds demand.
That could pull the price down to the 50-day SMA ($258) and a crack below this support may extend the decline to $220.
The bears tried to trap the bulls on April 3, as seen from the long wick on the day’s candlestick. However, the bulls were not ready to surrender their advantage and they again pushed Polkadot (DOT) above $42.28 on April 4.
There is a tough tussle between the bulls and the bears near the $42.28 level. The buyers are trying to flip this level to support and launch the next leg of the uptrend, which could reach $53.50.
The upsloping 20-day EMA ($37.30) and the RSI near the overbought territory suggest the path of least resistance is to the upside.
This bullish view will invalidate if the bears can pull the price back below $40. If that happens, the ADA/USDT pair could drop to the moving averages and a break below the 50-day SMA ($35.34) could start a deeper correction to $26.50.
Cardano (ADA) has been trading near the 20-day EMA ($1.17) for the past few days. Attempts by the bulls to start an up-move on April 2 and 3 did not find buyers at higher levels as seen from the long wick on the candlesticks.
Usually, every low volatility phase is followed by a sharp increase in volatility but it is difficult to predict the direction of the breakout. Therefore, it is better to wait for the breakout to happen before initiating any trades.
If the bulls can push and sustain the price above $1.30, the ADA/USDT pair may challenge the stiff resistance at $1.48. This will be the third attempt to clear the overhead resistance, hence the possibility of a break above it is high. The next target objective is $2.
On the other hand, if the indecision resolves to the downside, the bears will try to sink the price below $1.03 and start a deeper correction to $0.80 and then $0.70.
XRP broke above the stiff overhead resistance at $0.65 today, which completed an inverse head and shoulders pattern. The altcoin picked up momentum and cleared the minor resistance at $0.75 and $0.78.
The sharp pace of the rally suggests that several bears may have been caught off guard, resulting in a massive short squeeze. This opens the possibility for a rally to the pattern target at $1.11.
The rising 20-day EMA ($0.57) and the RSI above 80 suggest the bulls are back in command.
However, the XRP/USDT pair may not rally to the target objective in a straight dash as short-term traders may book profits after the sharp rally today. That may pull the price down to the $0.75 to $0.65 support zone.
The strength of the rebound off this support zone will give a better insight into the next leg of the rally.
Uniswap (UNI) rose above the 20-day EMA ($29.52) on April 2 but the bears did not allow the price to run away. They sold at higher levels and pulled the price back to the 20-day EMA on April 3.
The positive sign is that the bulls have held the 20-day EMA successfully for the past three days. If the bulls can drive the price above $32.50, the UNI/USDT pair could rally to the $35.20 to $36.80 resistance zone.
The flattish 20-day EMA and the RSI below 56 suggests a lack of strong momentum in favor of the bulls. This could keep the pair range-bound for a few more days. The next trending move could start on a break above $36.80 or a break below $25.52.
Litecoin (LTC) had broken out of the resistance line of the symmetrical triangle on April 3 but the bulls could not sustain the higher levels. The altcoin quickly reversed direction and dropped back into the triangle.
However, the positive sign is that the buyers did not allow the price to break below the moving averages. This shows that the bulls are accumulating on dips. They will again attempt to push and sustain the price above the triangle.
If they succeed, the LTC/USDT pair could rally to $230 and then to $246.96. Above this level, the pair could rise to the pattern target at $307.42.
Conversely, if the price once again turns down from the resistance line, then the possibility of a break below the moving averages increases. If that happens, the pair could drop to the support line of the triangle.
Chainlink (LINK) broke above the $32 resistance on April 2 but the bulls could not build upon this breakout and the bears pulled the price back into the range on April 3. This suggests the bears are aggressively defending the overhead resistance at $32.
However, the strong rebound off the 20-day EMA ($29) on April 4 shows the bulls are buying the dips. The bulls will now try to thrust the price above the $32 to $33.17 overhead resistance zone.
If they can achieve that, the LINK/USDT pair may retest the all-time high at $36.93. If this level is also conquered, the rally may extend to $40.
On the contrary, if the price again turns down from the overhead resistance zone and plummets below the moving averages, it will suggest that the range-bound action may continue for a few more days.
THETA has been stuck inside the $10.35 to $14 range for the past few days. The bears are trying to sink the price to the support of the range but the bulls have not allowed the altcoin to dip below $11.20.
The 20-day EMA ($10.81) is gradually flattening out and the RSI has dropped below 61, pointing to a possible range-bound action in the next few days.
Contrary to this assumption, if the bulls can drive the price above $12.58, the THETA/USDT pair could rally to $14. A breakout of this resistance will be the first sign that bulls have the upper hand.
However, if the pair turns down from the current level and slips below $11.20, a drop to $10.35 is possible. A break below this support could intensify selling.
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.
ShapeShift Launches Decentralized Trading Through THORChain, RUNE at ATH
In an announcement on April 13, the Switzerland-based non-custodial crypto company stated that it was now fully integrated with THORChain, enabling users to trade native Bitcoin with Litecoin and Ethereum for the first time.
The move is a big deal because it is the first time a decentralized exchange has enabled crypto asset swaps across different blockchains without the need for bridging technology or custodian controlled wrapped tokens.
Launch all the things! 🚀 🚀 🚀 pic.twitter.com/lgkUxl2QJ6
— ShapeShift 🦊 (@ShapeShift_io) April 13, 2021
THORchain Crossing the Chains
THORchain launched its long-awaited MCCN, ‘multi-chain chaos net’ platform on Tuesday, April 13 amid a great deal of hype from the crypto community including ShapeShift CEO Erik Voorhees.
Less than a day before the launch, Voorhees stated that it would be a huge deal for crypto.
“Native cross-chain decentralized exchange. Never been done before. Arguably the biggest event in crypto this week, though it may not be obvious for a year or two.”
THORchain uses its own native token RUNE as collateral and an intermediary, so those wanting to trade BTC for ETH, for example, will have the trade go via RUNE yet the end-user will not notice.
The revolutionary platform has been in development for three years and yesterday’s launch could bring big improvements to the rapidly evolving DEX space.
Voorhees continued to extol its virtues:
“We saw the power of this technology and wanted to bring it to our users immediately. This is a continuation of our commitment to offer users an easy, self-custody platform for their decentralized trading needs.”
ShapeShift DEX users, including those making trades via the new THORChain integration, can also earn FOX Tokens with every trade which enables eligibility for other rewards on the platform.
FOX Pumps 45%, RUNE Hits ATH
ShapeShift’s FOX token exploded on the news, pumping 45% to reach an intraday high of $1.30. The exchange-based token has made 180% over the past month and hit an all-time high of $1.60 on April 6.
THORchain’s RUNE token has also been on fire, surging 19% on the day to hit an all-time high of $14.60 at the time of writing according to Coingecko.
RUNE has doubled in price over the past fortnight and pumped a monumental 1,150% since the beginning of the year.
AAX Exchange reveals: HKD, SDG, and GBP Top FIAT currencies deposited in April
[Press Release – Singapore, April 13, 2021 ]
After the 2021 easter holiday, AAX recorded the highest amount of fiat deposits into the exchange with a total over 10 million USD in 10 days. The top three currencies are Hong Kong Dollar, Singapore Dollar and Great Britain Pound.
AAX supports three methods for depositing fiat, including peer-to-peer trading, fiat gateways supported by fiat gateway partners, and direct bank transfer powered by First Digital Trust, the digital custody arm of Hong Kong-licensed and publicly registered trust company, Legacy Trust.
“For many years, the on and off-ramps between crypto and fiat have acted as a bottleneck,” said AAX’s CEO, Thor Chan. “Now that the infrastructure is in place, we’re seeing more and more individuals transition into Bitcoin for its disinflationary qualities or seek exposure to altcoins for portfolio diversification.”
“While our peer-to-peer and Fast Buy platforms are effective in serving most retail traders, with First Digital Trust we’re also able to serve high net worth investors as well as traders that are looking for cross-currency arbitrage opportunities.”
AAX, a member of the London Stock Exchange Group’s institutional partner platform, gives its investors the same tools and market infrastructure as what institutional investors generally expect to see on traditional exchanges.
Investors of all levels will find that AAX’s platform caters to their every need. Its newly created fiat deposit services provided through First Digital Trust adds an extra layer of trust to ease any concerns new investors in crypto might have when entering the crypto space.
AAX is a deep-liquidity and deeply trusted cryptocurrency exchange that is favored by more than half a million users. Powered by London Stock Exchange’s LSEG Technology, AAX offers crypto futures contracts, 50+ spot pairs, P2P fiat trading, savings products and top-grade API connectivity. AAX enables users to buy bitcoin easily via its OTC or Fast Buy platforms and supports over 20 fiat currencies.
Stellar-based gaming and collectibles platform Litemint to integrate DigitalBits
Non-fungible tokens or NFTs have stolen headlines the world over, plastered across both crypto and mainstream media. And, it’s no surprise. Beeple’s “Everyday’s – The First 5000 Days” sold at Christie’s for an astounding $69,346,250, asserting Beeple as one of the top three most valuable living artists. This sale established two historical landmarks: the first sale of a wholly digital piece of art with a unique NFT, and the acceptance of cryptocurrency (ETH) as the form of payment.
Paris Hilton recently released a comprehensive article on NFTs and their potential to empower creators. She also hinted at releasing her own. And this is only the tip of the iceberg, with musicians such as 3LAU and the King of Leons, as well as sports superstars like Tom Brady and Rob Gronkowski getting in on the action.
The DigitalBits Project, first launched in 2017 with an initial focus on consumer digital assets, has since expanded to include branded stablecoins as well as the rapidly growing world of esports and gaming. The XDB Foundation, the primary contributor to the DigitalBits Project, is now looking to enter the NFT space, having recently sealed a partnership with leading NFT and Collectibles Marketplace, Litemint, a technology company specializing in the creation of unique experiences for crypto enthusiasts, collectors, and gamers.
The introduction of NFT functionality to the DigitalBits blockchain introduces a wholly new vertical to the platform. As scalability issues continue to plague Ethereum, DigitalBits provides a welcome alternative to creators and users alike, allowing for significantly reduced gas fees and wait times.
Built on Stellar since its inception in 2018, Litemint recently unveiled its NFT and Collectibles marketplace, expanding beyond its initial gaming value proposition. Litemint brings NFTs and digital collectibles to the online gaming experience, introducing unique elements such as true asset ownership and seamless transfer and tradeability not available within today’s leading online gaming environments.
DigitalBits’ origins as a Stellar fork make it highly compatible with Litemint’s existing technology and allows for the activation of a number of potential synergies between the XDB Foundation and Litemint.
“With its unique closeness to the mainstream, gaming industry and core compatibility with the Stellar technology, DigitalBits is a perfect match for our NFT and collectibles platform,” stated Frederic Rezeau, Founder and CEO of Litemint. “I am confident that together, provided our ability to execute on the open-source Stellar technology, we can leverage exceptional business opportunities with a seamless integration of DigitalBits and their consumer-oriented market.”
Other organizations are also looking to DigitalBits as an alternative for their NFT initiatives. The network is highly scalable, capable of processing upwards of 10 000 transactions per second, with transaction fees as low as 0.00001 XDB (less than a penny at today’s prices), and confirmation times ranging between 2-5 seconds. Although Ethereum is the current market leader for NFTs, the network’s inability to scale has resulted in exorbitant fees when minting and transferring NFTs, creating a huge barrier to entry. The integration of the DigitalBits network with platforms such as Litemint now provides an agile, low-cost alternative for creators and users, streamlining the issuance, transfer, and trade of NFTs.
“I’m very excited to see the upcoming integration of the DigitalBits network into Litemint’s NFT and collectibles marketplace,” said Michael Gord, Managing Director of the XDB Foundation. “NFTs have the ability to add an entirely new layer to the user experience, allowing for unique activations that can be implemented across numerous different industries. I look forward to seeing the ongoing innovation that continues to emerge from this new asset class as more and more people begin to use NFTs.”
Litemint acquired Stellarport, a leading decentralized exchange, and service platform within the Stellar ecosystem, in January 2020, citing the massive opportunity created by bringing together crypto users and gamers, bringing unmatched dynamism to both platforms. The DigitalBits Project is an open-source protocol layer blockchain specializing in consumer digital assets, the development of which is led by the XDB Foundation. The XDB Foundation is a non-profit organization focused on driving growth and adoption of the DigitalBits blockchain and ecosystem.
Disclaimer: This is a paid post and should not be treated as news/advice
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