Connect with us

Blockchain

Why SushiSwap (SUSHI) Is Surging 10% Higher Today

SushiSwap‘s native SUSHI token has surged higher over the past few days and weeks. As of this article’s writing, the cryptocurrency is up 10% in the past 24 hours, pushing to $4.50. SUSHI’s rally comes as Ethereum has been relatively flat on a day that Bitcoin pushed to $42,000. The Ethereum-based altcoin appears to be […]

Republished by Plato

Published

on

SushiSwap‘s native SUSHI token has surged higher over the past few days and weeks. As of this article’s writing, the cryptocurrency is up 10% in the past 24 hours, pushing to $4.50.

SUSHI’s rally comes as Ethereum has been relatively flat on a day that Bitcoin pushed to $42,000.

The Ethereum-based » Read more

” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin appears to be benefiting from a number of fundamental trends that indicate the market will move higher in the days and weeks ahead.

SUSHI remains a relative value play to Uniswap’s UNI token, analysts argue.

Related Reading: Wall Street Veteran Kickstarts Own Bitcoin Fund With $25m Investment

SushiSwap Roadmap Expected

Tomorrow, the SushiSwap team is expected to release the roadmap for the project.

“0xMaki,” the pseudonymous and much-loved “general manager” of the project, wrote on Twitter that the team will release the “2021 roadmap tomorrow.”

SushiSwap is a decentralized exchange that is being integrated into the Yearn.finance ecosystem. SUSHI is the platform’s native token; holders of the » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin can earn dividends by staking their SUSHI in the so-called “Sushibar.”

The roadmap is expected to give more information about SushiSwap’s cross-chain ambitions, potential upgrades to the protocol, and the release date of the BentoBox product. BentoBox is currently being audited by Quantstamp and is expected to go live in the coming weeks.

SUSHI is believed to benefit from the release of these upgrades and products as with more usage, there should be an increase in the fees that will accrue to SUSHI holders over time.

Related Reading: DeFi Founder Targeted in $8m Hack Says He Has His Hacker’s IP

All Eyes on Bitcoin

Although SUSHI has been largely uncorrelated with other cryptocurrencies in recent weeks, Bitcoin is still dictating the overall market trend.

Bitcoin has clearly been on a bull trend over recent months, pushing from the $20,000 region in December to $42,000 now. The leading cryptocurrency is overbought by many technical indicators, analysts say, though the long-term macro trend remains intact.

SUSHI is likely to continue to outperform as long as it ships new products and updates amid this ongoing Bitcoin and Ethereum bull market.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Unsplash
Chart from TradingView.com
Price Tags: sushiusd, sushibtc
Why SushiSwap (SUSHI) Is Surging 10% Higher Today

Source: https://www.newsbtc.com/analysis/why-sushiswap-sushi-is-surging-10-higher-today/

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Blockchain

Who pulls the trigger on Bitcoin’s volatility?

Republished by Plato

Published

on

The volatility that drove Bitcoin’s price below $31,000 has now brought it up to the $33,000-level, based on CoinMarketCap. In previous market cycles, the volatility has shown a cyclical nature. However, in the current market cycle, it depends on the momentum and activity of institutional investors.

Back in 2018, there was institutional participation. Alas, the momentum was high for only a short period of time and the short-term volatility was what led to a massive drop on the charts. More than the price, the perceived value of Bitcoin has had an impact on the current volatility. Since there was accumulation at the $34,000-level by most institutions and whales, the price was soon heading towards the $34,000-level on the charts again.

Who pulls the trigger on Bitcoin volatility?

Bitcoin Volatility || Source: Woobull Charts

Another metric, the active supply that increased significantly over the past 2 months, more so in 2021, may have led to increased volatility and the price drop on spot exchanges. A high active supply can be equated to increasing sell pressure. The price fluctuates in response to the cascading sell-off, and this is what happened during the “double-spend” sell-off on Thursday.

As demand for Bitcoin on spot exchanges is revived, sell-pressure is expected to ease off. In the current market cycle, institutional investors are pulling the trigger on volatility, even though the sharp sell-off on Thursday raised more questions on the sustainability of the price rally.

However, post the aforementioned price decline, Bitcoin made a comeback with 24-hour gains of over 5%, with the same trading at $33,460, based on CoinMarketCap, at press time.

In light of the inflows of investments into institutions’ Bitcoin products, it is likely that there may be an increase in demand and consequently, in volatility, leading to a short-term top in Bitcoin’s price.

Who pulls the trigger on Bitcoin volatility?

Grayscale’s Bitcoin Holdings || Source: bybt

When the price dropped, Grayscale added over 4% new Bitcoins to its holdings. Despite the significant drop in prices, institutions are not seen liquidating their holdings and if they continue to HODL, the price may continue on its onward trend. The immediate challenge is that of active supply on exchanges and that may drop once OI on derivatives exchanges increases to the level before the drop. This may occur post the Bitcoin Options expiry at the end of January. An increase in trade volume and volatility by institutions may lead the way.

Source: https://ambcrypto.com/who-pulls-the-trigger-on-bitcoin-volatility

Continue Reading

Blockchain

The race is on yet again for crypto ETFs as Valkyrie files registration

Republished by Plato

Published

on

In a move that may give seasoned investors flashbacks to 2018, Valkyrie Digital Assets is the latest asset management firm to file a registration with the SEC to form a Bitcoin ETF — a bid that joins a crowded field of prospective fund managers looking to capitalize on renewed retail interest in cryptocurrencies. 

Filed on Friday, the Texas-based family investment fund proposed listing the Valkyrie Bitcoin Trust on the New York Stock Exchange. The application did not include a possible trading ticker.

If history is any indication, however, the filing’s chances of leading to a tradable fund are slim. During the last Bitcoin bull run, multiple firms attempted to throw their hat into the ring as at least nine entities filed proposals for a Bitcoin ETF with the SEC, including ETF giants VanEck and Direxion, as well as Gemini, the crypto services firm formed by Cameron and Tyler Winklevoss.

In a previous interview with Cointelegraph, Kryptoin CEO Donnie Kim, whose firm filed for an ETF in October of 2019, says that the SEC has long been hesitant to move forward with proposals.

“At this moment in time the commission is listening and learning about this new asset class and they are in a holding pattern, partly to understand the consequences of the existing products on the market and partly to look for further guidance under the current political landscape,” said Kim.

Despite the commission’s historical reticence, as retail interest in cryptocurrency booms fund managers are once again clamoring to be the first to offer an ETF product.

On Thursday, Jan. 21 gold ETF giant VanEck — which was the first company to ever file for a Bitcoin fund — filed to form a Digital Assets ETF, which would track the performance of the Global Digital Assets Equity Index made up of crypto service companies.

While American ETFs have been hard to come by, other exchange-traded products are flourishing. Options for traders include a Swiss Bitcoin ETP, a bevvy of Grayscale products that may be expanding to include Chainlink in the coming months, and an Ethereum ETF in Canada that proved so popular trading had to be halted in its debut.

Source: https://cointelegraph.com/news/the-race-is-on-yet-again-for-crypto-etfs-as-valkyrie-files-registration

Continue Reading

Blockchain

Tezos, Verge, Nano Price Analysis: 23 January

Republished by Plato

Published

on

After Bitcoin clawed back to touch the $32,000-level from the sellers, the rest of the altcoin market took heart and posted gains of their own on the charts. Similarly, altcoins such as Tezos, Verge, and Nano were in the green at press time and projected more upside over the coming sessions.

Tezos [XTZ]

Source: XTZ/USD, TradingView

Taking cues from the broader market, Tezos skyrocketed by nearly 15% on the charts and traded close to $3.20, at press time. Gains over the past 24 hours pushed XTZ’s market cap north of the $2.5 billion mark as it climbed on the rankings to become the 16th-largest cryptocurrency by market cap.

A look at XTZ’s 4-hr chart showed that the price broke above its 20-SMA (red) and 50-SMA (black) and targeted the upper ceiling at $3.45. The next few sessions could be crucial for XTZ, as an extended bull run could push the price all the way to its August 2020 levels.

The Awesome Oscillator highlighted the strong shift of momentum towards the bullish side, as depicted by the green bars on the histogram.

The bullish momentum could perhaps be attributed to Tezos’ recent announcement related to its Homebase Project, a project that allows users to create DAOs on Tezos based on a new smart contracts framework.

On the other hand, the Stochastic RSI traded in the overbought zone and looked primed for a reversal. This indicated that further efforts by buyers would be required to maintain the price above its press time support.

Verge [XVG]

Source: XVG/USD, TradingView

At the time of writing, Verge traded at $0.012, up by 7.5% in the past 24 hours. The price broke above its previous resistance and headed towards the strong resistance line of $0.014. A northbound breakout from $0.014 could confirm an uptrend for XVG, but cues from the broader market would be needed to maintain such bullishness.

The Relative Strength Index was flat and rested in the neutral territory. If the index moves lower over the next few sessions, the price could move towards its latest support line once again.

On the flip side, the MACD witnessed a bullish crossover, signaling the onset of a potential bull run.

NANO

Source: NANO/USD, TradingView

NANO found support at $3.15 as the price seemed bullish over the last 24 hours. However, the bulls were unable to push the price above the resistance at $3.44 as the price settled close to its support level. Going forward, the price could consolidate between the aforementioned channels and an influx of additional buyers would be required for a northbound breakout over the coming days.

The Chaikin Money Flow highlighted the short-term bullishness for the cryptocurrency as the index looked to move above zero, a sign that capital was flowing into NANO.

The Parabolic SAR was also bullish as the dotted markers were observed below the candlesticks.

Source: https://eng.ambcrypto.com/tezos-verge-nano-price-analysis-23-january

Continue Reading
Blockchain3 days ago

Ethereum Price Can Skyrocket to $10,500 According to Fundstrat

Blockchain3 days ago

TradingView Launches ‘Bitcoin Timeline’ to Show BTC Price Changes With Events

Blockchain4 days ago

Over 31% of People in Latin America Want to Invest in Bitcoin

Blockchain5 days ago

Biden Appointed SEC Chair Gary Gensler is not Going to Save Ripple’s XRP Token

Blockchain3 days ago

Tether’s General Counsel: iFinex v. NYAG Case Continues with a Court Meeting in 30 Days

Blockchain3 days ago

2020 Crypto-In-Review: The Year of The ₿ull

Blockchain2 days ago

Litecoin, Dash, FTX Token Price Analysis: 21 January

Blockchain3 days ago

Crypto exchange Bitpanda opens pre-orders for Visa debit card

Blockchain3 days ago

The Brilliant Minds Behind the BTC Ultimatum Project, and Their New CEO, Eric Ma

Blockchain3 days ago

Bitcoin And Tesla Stock The Biggest Market Bubbles According to a Deutsche Bank Survey

Blockchain3 days ago

Rick and Morty crypto art sells for $150,000 on Gemini-owned platform

Blockchain3 days ago

Palit GeForce RTX 3070 GameRock Ethereum Mining Rig

Blockchain3 days ago

Bitcoin Price Analysis: 20 January

Blockchain3 days ago

Treasury Secretary nominee Janet Yellen warns of crypto crime

Blockchain3 days ago

Digital euro to face review by 2 institutions, before possible launch in mid-2021

Blockchain3 days ago

Too fast, too furious: Some major altcoins failed to match Bitcoin’s rally

Blockchain3 days ago

Privacy Coin Firo, Formerly Known as Zcoin, Suffering a 51% Attack

Blockchain3 days ago

Uniswap on the path to unlock $1BN in daily trade volume

Blockchain2 days ago

Bitcoin is an Unreliable Hedge During Market Upheavals: JP Morgan Analysts

Blockchain3 days ago

Freeliquid: Next Generation DeFi loan platform

Trending