Tag: Polkadot

Price analysis 5/27: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Altcoins, Bitcoin

Price analysis 5/27: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Equities markets in the United States rallied sharply on May 25 and 26 but Bitcoin (BTC) and altcoins have not followed a similar trajectory. This suggests that traders are not confident that the crypto markets have bottomed out yet. On-chain analytics firm Glassnode said that the number of Bitcoin whales has been reducing and on May 27, the metric fell to the lowest level since July 2020. On May 24, Miller Value Partners founder and chief investment officer Bill Miller backed Bitcoin investing and called it an “insurance policy against financial catastrophe.”Daily cryptocurrency market performance. Source: Coin360In a note to its clients on May 25, JPMorgan said that Bitcoin’s fall looks like capitulation and they anticipate Bitcoin and the crypto markets to rally. The bank...
Polkadot parachains spike after the launch of a $250M aUSD stablecoin fund
Altcoins

Polkadot parachains spike after the launch of a $250M aUSD stablecoin fund

Crypto prices have been exploring new lows for weeks and currently it's unclear what it will take to reverse the trend. Despite the downtrend, cryptocurrencies within the Polkadot (DOT) ecosystem began to rally on May 24 and have managed to maintain gains ranging from 10% to 25%, a possible sign that certain sub-sectors of the market are on the verge of a breakout.Here’s a look at three Polkadot ecosystem protocols that have seen their token prices trend higher in recent days. Acala launches a $250 million aUSD ecosystem fundAcala (ACA) is the leading decentralized finance (DeF) platform on the Polkadot network, primarily due to the launch of aUSD, the first native stablecoin in the Polkadot ecosystem. Following the collapse of Terra's LUNA and TerraUSD (UST), traders were searching f...
Price analysis 5/25: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Bitcoin, Price Analysis - Top 10 Crypto

Price analysis 5/25: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Bitcoin (BTC) has been struggling to sustain above $30,800 since May 16, suggesting that demand dries up at higher levels. Similarly, U.S. equity markets have not ceased to decline due to uncertainty regarding the number of rate hikes that will be needed to bring inflation under control. As the crypto bear market deepens, analysts are becoming extra bearish on their projections for the extent of the fall. Trader and analyst Rekt Capital said that Bitcoin could be at risk of falling to $19,000 to $15,500 before a bottom is formed.Daily cryptocurrency market performance. Source: Coin360However, Arcane Research recently pointed out that buying when Bitcoin’s Fear and Greed Index reaches a score of 8 had resulted in an average median 30-day return of 28.72%. Interestingly, the index hit 8...
Crypto funds under management drop to a low not seen since July 2021
Altcoins

Crypto funds under management drop to a low not seen since July 2021

Digital asset investment products saw $141 million in outflows during the week ending on May 20, a move that reduced the total assets under management (AUM) by institutional funds down to $38 billion, the lowest level since July 2021. According to the latest edition of CoinShare’s weekly Digital Asset Fund Flows report, Bitcoin (BTC) was the primary focus of outflows after experiencing a decline of $154 million for the week. The removal of funds coincided with a choppy week of trading that saw the price of BTC oscillate between $28,600 and $31,430. BTC/USDT 1-day chart. Source: TradingViewDespite the sizable outflow, the month-to-date BTC flow for May remain positive at $187.1 million, while the year-to-date figure stands at $307 million.On a more positive note, the multi-asset catego...
Top 3 cryptocurrencies that are faring the best in the 2022 bear market
Altcoins, Bitcoin

Top 3 cryptocurrencies that are faring the best in the 2022 bear market

The crypto market has been in decline over the past six months with its valuation dropping from over $3 trillion in November 2021 to $1.23 trillion in May 2022.Fears over persistently higher inflation, the Federal Reserve's hawkish response to it, and the ongoing conflict between Ukraine and Russia prompted investors to limit their exposure to riskier assets. Also, their increasing appetite for the safe-havens, such as the U.S. dollar, weighed down demand for some of the top cryptocurrencies and U.S. equities.As a result, some digital assets, such as Dogecoin (DOGE) and Cardano (ADA), fell by more than 80% from their record highs established last year. At the same time, a few tokens witnessed similar albeit dwarfed declines compared to other assets in the top-30. These are three among thos...
Price analysis 5/23: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Bitcoin, Price Analysis - Top 10 Crypto

Price analysis 5/23: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

The United States equity markets are attempting a recovery after weeks of relentless selling. Along similar lines, on-chain monitoring resource Material Indicators expects the crypto market to recover, but they anticipate Bitcoin (BTC) to spend some time in a range before “a real breakout.”The seven-day moving average of the on-chain transaction volume tracked by Glassnode hit a nine-month low on May 23. This suggests that Bitcoin’s lackluster price action in 2022 has led to reduced participation from traders. Daily cryptocurrency market performance. Source: Coin360While signs of a short-term recovery are visible, a sustained recovery could be difficult because the macro conditions remain challenging. International Monetary Fund managing director Kristalina Georgieva wrote in a blog post t...
Price analysis 5/20: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Bitcoin, Price Analysis - Top 10 Crypto

Price analysis 5/20: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Bitcoin’s (BTC) tight correlation with the legacy markets continues to be a drag, especially as the United States equity markets remain in a firm bear trend. The Dow Jones Industrial Average is on track for its eighth consecutive negative week and the S&P 500 is close to plunging into the bear market territory.Celsius (CEL) CEO Alex Mashinsky believes that the short sellers on Wall Street are looking for any weakness in crypto companies to “short and destroy.” Mashinsky blamed “the Sharks of Wall Street” for bringing down Terra (LUNA) and trying to destabilize Tether (USDT) and Maker (MKR) and “many other companies,” including Celsius.Daily cryptocurrency market performance. Source: Coin360Bear markets, though painful in the short term, tend to be good buying opportunities for long-ter...
Price analysis 5/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Bitcoin, Price Analysis - Top 10 Crypto

Price analysis 5/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

On May 17, United States Federal Reserve Chairman Jerome Powell told the Wall Street Journal that the 50-basis-point rate hikes would continue until inflation is under control. Powell’s emphasis on a hawkish policy suggests that monetary conditions are likely to remain tight in 2022, which could limit the upside in risky assets.On-chain market intelligence firm Glassnode said that historically, Bitcoin (BTC) has bottomed out when the price breaks below the realized price. However, barring the 2019 to 2020 bear market, during previous bear cycles, Bitcoin’s price stayed below the realized price for anywhere between 114 to 299 days. This suggests that if macro situations are not favorable, a quick recovery is unlikely.Daily cryptocurrency market performance. Source: Coin360While the current ...
Price analysis 5/16: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Bitcoin, Price Analysis - Top 10 Crypto

Price analysis 5/16: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

The selling in Bitcoin (BTC) is showing no sign of abating and Bitcoin has fallen for seven straight weeks for the first time ever. This indicates that the momentum remains strongly in favor of the bears. While the short-term sentiment remains bearish, institutional traders seem to be taking a longer-term approach on cryptocurrencies. Goldman Sachs and Barclays joined several other institutional investors in a $70 million Series A funding round by institutional trading platform Elwood Technologies. Daily cryptocurrency market performance. Source: Coin360After the mayhem and volatility of the last week, crypto prices may attempt a relief rally in the next few days. It is unlikely to be a V-shaped recovery because the macro conditions are not supportive. During periods of high volatilit...
Price analysis 5/13: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
Altcoins, Bitcoin

Price analysis 5/13: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB

Bitcoin (BTC) rebounded sharply after dropping near its realized price of $24,000 on May 12, suggesting some bulls went against the herd and bought the dip. According to on-chain analytics platform CryptoQuant, the exchange balances declined by more than 24,335 Bitcoin on May 11 and 12, indicating that bulls may have started bottom fishing.However, macro investor Raoul Pal is not confident that a bottom has been made. In an exclusive interview with Cointelegraph, Pal said that if equity markets witness a capitulation phase, crypto markets are also likely to plunge before forming a bottom. He anticipates the current bear phase to end after the United States Federal Reserve stops hiking rates. Daily cryptocurrency market performance. Source: Coin360Bear markets are known for sharp relief ral...