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Why DOT, ADA, TRX, and UNI will lead this alt rally

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Following Ethereum’s rally above $2000, and nearly 25% gain in a week, now may be the ideal time to pick altcoins that offer double-digit returns this alt season. It is likely that either the altcoin supply moving out of exchanges would lead to a price rally or a local dip may be incoming. Top alts like DOT, ADA, TRX, and UNI have changes in the price trend and top metrics like supply to exchanges and volatility have led to anticipation of a price rally in the following week.

For TRX, the trade volume has dropped over 66%, the asset is currently in the buy zone according to on-chain analysts. After remaining largely rangebound below $0.096, the price surged over 22% for the first time in a month. This price action has led to several parallels being drawn between TRX and ADA. ADA’s concentration by large HODLers is below 25% and this is the same as TRX. Currently, ADA’s price rally may have cooled down based on the chart, but according to on-chain analysis, traders are still bullish and there is scope for an extended rally.

Why these altcoins DOT, ADA, TRX and UNI are set to rally

ADA Price Chart || Source: Nasdaq

For retail traders, long-term bullish alts like TRX and ADA, ADA yielding double-digit gains within weeks or even 24 hours with high volatility and liquidity on spot exchanges based on price activity and price charts from coinmarketcap.com the current price level is being considered an entry point in the buy zone, for ADA. Traders who have accumulated ADA over the past 5 months may book unrealized profits once the price rallies to $42, the ATH that was hit in Feb 2021.

DOT’s trade volume has increased steadily over the past 30 days. Just as ADA, DOT is anticipated to have an extended rally since the liquidity on exchanges is higher. The recent update bringing Chainlink’s oracles to Polkadot may have been a trigger event for the asset’s price as it has gained 5% in the past 24 hours. In case of UNI, the trigger was the V3 launch. Hitting a new ATH has led to increased anticipation of a price rally. Currently, the price is $29.5, which is still in the buy zone, just as DOT. Despite being nearly 20% away from the ATH, the narrative for DOT and UNI is largely similar. UNI’s rally has nearly ended with the market cap and 24 hour price increase dropping to pre-rally levels. With a trigger event for most alts in the top 25, there is an anticipation of an alt rally this week. With ADA and UNI in the buy zone, and based on the price action and netflow on exchanges, the price rally may have started this weekend.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/why-dot-ada-trx-and-uni-will-lead-this-alt-rally

Blockchain

South Korea’s largest bank joins Hedera Governing Council

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Shinhan Bank, South Korea’s largest financial institution by total assets, has joined the governance council overseeing the Hedera network.

In an April 14 announcement, Shinhan announced it had become the latest member of the Hedera Governing Council to expand its efforts in the field of “digital transformation.” Hedera touts its hashgraph as an enterprise-grade blockchain platform capable of processing thousands of transactions per second.

Shinhan representatives emphasized growing client demand for enhanced efficiency and security in financial services, stating:

“Hedera’s public distributed ledger in particular is uniquely suited to meet the needs of a widely-used fintech service that must be fast, fair, secure, and enable the controls and visibility required by service providers.”

The bank will now begin integrating Hedera into its systems to “increase the efficiency of its internal processes.”

Shinhan, which ranked as the world’s 61st-largest bank with $478.5 billion in assets as of August 2020, is no stranger to distributed ledger technology, having built a variety of services on Hyperledger Fabric since 2017, including policy loan, interest rate swaps, and pension fund deals.

In March, Shinhan announced it had developed a blockchain-based pilot platform for testing a central bank digital currency, or CBDC, in partnership with LG Corporation’s IT services wing. The platform seeks to allow local banks to act as intermediaries for a CBDC.

Shinhan also invested in the local crypto custody consortium, Korea Digital Asset Trust, at the start of the year.

Hedera Hashgraph co-founder and CEO Mance Harmon, noted “increased interest from financial institutions and governments worldwide in DLT-based financial services” for payment systems and global settlement services.

“We are thrilled that Shinhan Bank has joined the Hedera Governing Council, and look forward to working with them to be on the leading edge of the future of finance,” Harmon added.

Hedera has expanded its global reach in recent months, with French utility giant Électricité de France joining its governing council in March, Standard Bank Group becoming its first African node operator in February, and Australia’s top debit infrastructure provider Eftpos joining the council after completing micropayments trials with Hedera last year.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/south-korea-s-largest-bank-joins-hedera-governing-council

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Blockchain

Kraken Daily Market Report for April 13 2021

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Overview


  • Total spot trading volume at $2.63 billion, 88% above the 30-day average of $1.4 billion as Bitcoin hit all-time highs.
  • Total futures notional at $783.1 million.
  • The top five traded coins were, respectively, Bitcoin, Ripple, Ethereum, Tether, and Cardano.
  • Strong returns from Dogecoin (+30%) and Ripple (+23%).

April 13, 2021 
 $2.63B traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
XBT 
$63227. 
↑5.7% 
$952.0M
XRP 
$1.8209 
↑23% 
$430.0M
ETH 
$2289.6 
↑6.9% 
$363.2M
USDT 
$1.0002 
↑0.07% 
$333.4M
ADA 
$1.4011 
↑6.2% 
$124.7M
XDG 
$0.0916 
↑30% 
$93.7M
DOT 
$42.282 
↑4.4% 
$73.8M
LTC 
$271.58 
↑11% 
$57.9M
USDC 
$0.9999 
↓0.0% 
$53.1M
TRX 
$0.1486 
↑15% 
$47.4M
XLM 
$0.6564 
↑10% 
$41.4M
LINK 
$35.604 
↑7.3% 
$25.1M
BCH 
$744.86 
↑11% 
$21.3M
EOS 
$7.4160 
↑14% 
$18.3M
SC 
$0.0263 
↑0.25% 
$17.7M
XMR 
$326.15 
↑3.7% 
$13.1M
XTZ 
$6.6406 
↑5.5% 
$12.9M
FIL 
$163.73 
↓2.3% 
$12.8M
FLOW 
$38.612 
↑0.9% 
$12.4M
UNI 
$35.841 
↓2.6% 
$12.1M
ALGO 
$1.5453 
↑3.9% 
$10.8M
KSM 
$425.56 
↑0.8% 
$10.5M
ATOM 
$23.852 
↑8.1% 
$9.96M
AAVE 
$395.62 
↓0.7% 
$6.78M
MANA 
$1.0900 
↓4.1% 
$6.31M
DAI 
$0.9997 
↑0.04% 
$5.94M
GRT 
$1.9650 
↓2.7% 
$5.84M
ZEC 
$231.16 
↑4.5% 
$5.08M
DASH 
$295.22 
↑5.1% 
$4.06M
CRV 
$3.0467 
↑0.22% 
$3.85M
BAT 
$1.4765 
↑3.7% 
$3.68M
SNX 
$19.729 
↑0.5% 
$3.28M
ICX 
$2.6108 
↓2.2% 
$3.27M
STORJ 
$2.4093 
↓1.7% 
$3.2M
OMG 
$9.4409 
↑0.6% 
$3.17M
ETC 
$21.299 
↑9.1% 
$3.0M
EWT 
$18.293 
↑12% 
$2.93M
NANO 
$5.4747 
↓1.1% 
$2.92M
KAVA 
$6.5330 
↓1.3% 
$2.79M
OCEAN 
$1.6481 
↓1.4% 
$2.67M
QTUM 
$15.275 
↑5.2% 
$2.46M
YFI 
$44899. 
↑4.1% 
$2.21M
WAVES 
$15.526 
↑2.0% 
$2.01M
OXT 
$0.7813 
↑1.0% 
$1.97M
COMP 
$468.05 
↑0.7% 
$1.95M
ANT 
$11.163 
↑5.6% 
$1.89M
LSK 
$6.4611 
↑0.16% 
$1.64M
MLN 
$89.276 
↑4.5% 
$1.62M
KNC 
$3.4980 
↓0.8% 
$1.59M
REP 
$50.042 
↑4.5% 
$1.14M
KEEP 
$0.7188 
↑2.2% 
$992K
BAL 
$54.670 
↑6.2% 
$961K
PAXG 
$1756.0 
↑0.8% 
$769K
REPV2 
$49.966 
↑5.6% 
$537K
GNO 
$182.32 
↑5.2% 
$476K
TBTC 
$64393. 
↑4.6% 
$132K



#####################. 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 (April 13 2021)



Figure 2: Mid-size trading assets: (measured in USD) (April 13 2021)



Figure 3: Smallest trading assets: (measured in USD) (April 13 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 (April 13 2021)



.


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

Returns and Volume


Figure 5: Returns of the four highest volume pairs (April 13 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 (April 13 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. (April 13 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/8636/kraken-daily-market-report-for-april-13-2021/

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Blockchain

Coinbase’s COIN stock reference price set at just $250, as 1,700 staff get free shares

Republished by Plato

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Major U.S. exchange Coinbase’s COIN stock has received a reference price at $250 from Nasdaq, ahead of the much-anticipated direct listing on the stock exchange just hours from now.

The price is far below the current FTX pre-trading price of $600, albeit on thin 24-hour volume of under $4 million.

The exchange is going public via a direct listing instead of an IPO, meaning the reference price is not a direct indicator of the company’s market cap. It simply implies a valuation of $65 billion, which is below other estimates ranging between $68 billion and $120 billion.

The Nasdaq announcement stated that the reference price, which reflects past transactions but was established by consultation with Coinbase’s financial advisors, was created due to the fact “COIN has not had recent sustained trading in a private placement market.”

The reference price does not reflect the opening price, the announcement made clear:

“Please note that the reference price is NOT an offering price and nobody has purchased or sold shares at that price. The opening public price will be determined based on buy and sell orders in the opening auction on Nasdaq.”

This is the first significant direct listing on the Nasdaq. According to CNBC, across “the five significant direct listings that have taken place on the New York Stock Exchange — Spotify, Slack, Palantir, Asana, and Roblox — the opening price was on average about 37% above the reference price.” Following this trend, it would put Coinbase’s opening price above $340, with a valuation of around $90 billion.

The trading price could surge even higher with the Coinbase pre-listing contract CBSE currently trading around $600 on the FTX exchange, representing a 140% premium above the reference price. Another indicator suggesting a strong first day was the Q1 2021 financial statement suggesting revenue spiked to $1.8 billion bringing in net income up to $800 million, which is up from the $32 million recorded during the same period last year.

In the lead-up to the Nasdaq listing, Coinbase surprised all 1,700 full-time employees by giving them 100 shares each, worth $25,000 at the current reference price. The March 25 “thank you” gift is a no-strings-attached grant, meaning they could sell them immediately after the listing goes public tomorrow.

These shares are in addition to the 105,510 share options handed out to employees of Coinbase’s Irish arm in recent years.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/coinbase-s-coin-stock-reference-price-set-at-just-250-as-1-700-staff-get-free-shares

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