Ethereum Price Analysis: 30% Correction in Two Days But is the Worst Over for ETH?
Ethereum Price Analysis: 30% Correction in Two Days But is the Worst Over for ETH? Ethereum Price Analysis: 30% Correction in Two Days But is the Worst Over for ETH? ETH/USD – Market Falls Of Out Rising Pirce ChannelKey Support Levels: $1465, $1425, $1358. Yesterday, Ethereum dropped to $1550 but quickly recovered by the end of the day to close the daily candle just beneath $1800. Today, the market tumbled again and declined by another 10% to reach the current $1550 level. Ethereum had slipped further earlier in the day, reaching a low of $1358 before recovering to its current rate. The support here was provided by the low seen on February 2nd, 2021, and was further bolstered by a rising trend line. If ETH closes near these levels today, it would have fallen out of the ascending price channel that it has been trading within throughout the entire period of 2021.
ETH-USD Short Term Price PredictionLooking ahead, if the bearish action continues, the first support lies at $1465 (.382 Fib & 50-day MA). This is followed by $1425, $1358 (today’s low), and $1291 (.5 Fib). Additional support lies at $1250 (downside 1.618 Fib) and $1173 (100-days EMA). On the other side, the first resistance lies at $1600. This is followed by $1681 (previous channel support – now resistance), $1700, $1765, and $1800. The daily RSI took a precipitous drop over the past few days as it fell from the bullish favor into extreme bearish territory. It has not been this bearish for quite some time, and we have to go all the way back to September to see a similar level. This is quite a promising situation as it gave the momentum an opportunity to reset after being parabolic for an extended period. ETH/BTC – Bulls Attempting To Defend 200-days EMAKey Support Levels: 0.0318 BTC, 0.03 BTC, 0.0295 BTC. Against Bitcoin, Ethereum is also struggling quite significantly as it spikes as low as 0.03 BTC today. The cryptocurrency has now established a descending price channel and is trading above the midline of the channel. It started the month by hitting a fresh 2021 high at 0.046 BTC but quickly rolled over from here to begin the downtrend. After hitting 0.03 BTC today, the bulls quickly regrouped to bring the price back above 0.032 BTC (200-day EMA). A break beneath this 200-days EMA might send Ethereum into an extended bearish spiral over the next few weeks.
ETH-BTC Short Term Price PredictionLooking ahead, the first support lies at 0.0318 BTC, which is combined support provided by the 200-days EMA, the December 2020 highs, the .618 Fib, and a downside 1.618 Fib Extension. Beneath this, support lies at 0.03 BTC, 0.0295 BTC (downside 1.272 Fib Extension), and 0.0284 BTC (Feb 2020 Highs). On the other side, the first level of resistance now lies at 0.0337 BTC (Nov 2020 Highs). This is followed by 0.035 BTC, 0.0361 BTC, and 0.038 BTC. The RSI has been in bearish territory for most of February for ETH/BTC. It is starting to level out today, which could suggest the bearish momentum is ready to start fading. Title: Ethereum Price Analysis: 30% Correction in Two Days But is the Worst Over for ETH?
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Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together Ethereum Price Analysis: 30% Correction in Two Days But is the Worst Over for ETH? Ethereum Price Analysis: 30% Correction in Two Days But is the Worst Over for ETH? was originally published here https://dailynewssheet0.wordpress.com/2021/02/24/ethereum-price-analysis-30-correction-in-two-days-but-is-the-worst-over-for-eth/ Ethereum Price Analysis: 30% Correction in Two Days But is the Worst Over for ETH? was originally published here https://eunicedurand.blogspot.com/2021/02/ethereum-price-analysis-30-correction.html
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Charles Hoskinson Reveals Significant Updates for Cardano (ADA) as Price Attempts Recovery2/23/2021
Charles Hoskinson Reveals Significant Updates for Cardano (ADA) as Price Attempts Recovery
Charles Hoskinson Reveals Significant Updates for Cardano (ADA) as Price Attempts Recovery Charles Hoskinson Reveals Significant Updates for Cardano (ADA) as Price Attempts Recovery The decentralized open-source project running a public blockchain platform for smart contracts, Cardano, plans to implement several significant upgrades in the upcoming few months. During a recent interview, the project’s founder, Charles Hoskinson, also noted that Cardano has been negotiating potential partnerships with many industry names such as Celsius, Fireblocks, and Prime Trust. Significant Updates Coming for CardanoThe 33-year-old co-founder of Ethereum spoke about his current project’s upcoming plans during an interview with the Financial Fox. Although he failed to provide more precise information on what’s coming, he said that the network will see many “smart contract stuff” in the next up to three months. Simultaneously, the research arm of the Cardano Foundation is working on several new implementations: “We are going to be announcing several new things like a smart contract institute that specializes in smart contract development design embedded at a university.” Cardano’s founder said that he and his team have met with representatives from Prime Trust, Fireblocks, SingularityNET, and Celsius to discuss potential partnerships, such as support for Cardano. He believes that integrations on larger-scale companies like the aforementioned names could enhance the adoption of the entire ecosystem. “You need that for dApps, you need that for institutional investors to come in, you need that for all different kinds of actors, and that’s what consumes the majority of our time right now as a company.” CryptoPotato recently reported that Cardano plans to release its long-anticipated Hard Fork Combinator (HFC) called Mary on March 1st, while all quality assurance and developer checks take place on February 24th. DA’s Price Performance Cardano’s native cryptocurrency, ADA, has been among the best performers in the past several weeks by taking full advantage of the bull run. The asset entered the new year at $0.16, but it exploded in value in the following weeks. Several days ago, ADA breached $1 and continued north to a new 3-year record above $1.20. Following this 650% price surge, though, came the most recent cryptocurrency market correction. ADA traded at about $1,15 when the sentiment changed, and the bears took control. In about 24 hours, the asset plummeted by more than 30% and bottomed beneath $0.80. Nevertheless, it has reclaimed some ground since then and has neared $1 once again.
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Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together Charles Hoskinson Reveals Significant Updates for Cardano (ADA) as Price Attempts Recovery Charles Hoskinson Reveals Significant Updates for Cardano (ADA) as Price Attempts Recovery was originally published here https://dailynewssheet0.wordpress.com/2021/02/24/charles-hoskinson-reveals-significant-updates-for-cardano-ada-as-price-attempts-recovery/ Charles Hoskinson Reveals Significant Updates for Cardano (ADA) as Price Attempts Recovery was originally published here https://eunicedurand.blogspot.com/2021/02/charles-hoskinson-reveals-significant.html 1 billion people will store life savings on their phone in Bitcoin by 2026 MicroStrategy CEO2/23/2021
1 billion people will store life savings on their phone in Bitcoin by 2026 — MicroStrategy CEO
1 billion people will store life savings on their phone in Bitcoin by 2026 — MicroStrategy CEO 1 billion people will store life savings on their phone in Bitcoin by 2026 — MicroStrategy CEO Bitcoin (BTC) will be the savings method of choice for 1 billion people on their phones by 2026, MicroStrategy CEO Michael Saylor predicted. In an interview with CNBC on Feb. 23, Saylor, whose company owns in excess of 70,000 BTC, continued his public Bitcoin advocacy, calling it “the dominant digital monetary network.” Saylor: Billions will choose Bitcoin for savingsSaylor was speaking a day after United States Treasury Secretary Janet Yellen described Bitcoin as “inefficient,” comments that accompanied a price dip of over 20% from all-time highs of $58,300. For him, however, the comments were of little consequence compared with the broader Bitcoin use case quickly encroaching into more and more people’s financial lives. “The story here that’s not being told is that Bitcoin is egalitarian progressive technology,” he told CNBC’s Squawk Box segment. “We’re going to see a day when 7 to 8 billion people have a bar of digital gold on their phone, and they’re using it to store their life savings with it.” Continuing, he cited Bitcoin’s 12-year race to becoming a trillion-dollar asset — two to four times quicker than technology giants such as Amazon, Google and Apple. “So, the world needs this thing, and I think you can expect that we’ll have a billion people storing their value — in essence, a savings account — on a mobile device within five years, and they’re going to want to use something like Bitcoin,” he added. “Bitcoin is the dominant digital monetary network.” nalyst: Tesla will “double down” on BTC holdings Saylor continues to make waves with MicroStrategy’s ongoing Bitcoin buys, the latest of which involved raising $900 million solely to add to its existing holdings. While skeptics claim that few others will follow in the company’s footsteps, another CNBC guest on Tuesday forecast that Tesla, which itself bought $1.5 billion in BTC, will “double down” on its exposure. “I think this is not just a fad. I think Tesla’s going to continue to double down on its Bitcoin investment and you’ll see it from a transaction perspective as well,” said Dan Ives, managing director and senior equity research analyst at Wedbush Securities.
BTC/USD saw a welcome reprieve on Tuesday as lows of $45,000 reversed upward on news that U.S. lawmakers had reached a settlement with stablecoin issuer Tether, ending a two-year lawsuit. At the time of writing, the pair traded above $48,000, with $50,000 appearing to act as current resistance. “As expected, ‘they’ protected the 44k level. I think $BTC will go up or sideways as there’s no more Tether FUD,” Ki Young Ju, CEO of on-chain analytics service CryptoQuant, added about whales controlling the extent of further losses. Title: 1 billion people will store life savings on their phone in Bitcoin by 2026 — MicroStrategy CEO
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Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together 1 billion people will store life savings on their phone in Bitcoin by 2026 — MicroStrategy CEO 1 billion people will store life savings on their phone in Bitcoin by 2026 — MicroStrategy CEO was originally published here https://dailynewssheet0.wordpress.com/2021/02/23/1-billion-people-will-store-life-savings-on-their-phone-in-bitcoin-by-2026-microstrategy-ceo/ 1 billion people will store life savings on their phone in Bitcoin by 2026 — MicroStrategy CEO was originally published here https://eunicedurand.blogspot.com/2021/02/1-billion-people-will-store-life.html
Whale who sold Bitcoin before 2020 crash cashed out $156M before this week’s 20% dip
Whale who sold Bitcoin before 2020 crash cashed out $156M before this week’s 20% dip Whale who sold Bitcoin before 2020 crash cashed out $156M before this week’s 20% dip Bitcoin (BTC) lost 20% in a day partly thanks to the actions of a single whale, new research suggests. Data from on-chain analytics firm Santiment on Feb. 23 showed that BTC/USD dipped to $47,400 after Bitcoin’s second-largest transaction of 2021 took place. Ghost of Bitcoin sell-offs past returnsThe transaction, 2,700 BTC worth $156.6 million at $58,000 per token, resulted in a sale which piled pressure on the market, this snowballing into the largest one-hour candle in Bitcoin’s history. “As we noted yesterday, there was an 11x exchange inflow spike that initiated #Bitcoin’s price correction from its $58.3k #ATH,” Santiment wrote in accompanying comments on Twitter. “Further data combing revealed that an address was responsible for the 2nd largest $BTC transaction of the year, an import of 2,700 tokens to the wallet before a quick sell-off.” The findings shed light on what exactly was happening as volatility took over for Bitcoin, which managed to recover to $54,000 before trading below $50,000 once more at the time of writing. Some believe that the market was overextended, with naysayers in particular claiming that a bubble-like process had long been underway. Others argued that it was simply “business as usual” for crypto trading, but as Cointelegraph reported, concerns had mounted about unusual inflows to exchanges. Santiment noted that the same address had also sold immediately before the cross-asset price crash in March 2020. At the time, Bitcoin lost almost 60% of its value and hit $3,600. “This same address also made a 2,000 $BTC import last March right as the Black Thursday correction took place,” it revealed. “In total, it’s made 73 transactions in its one-year existence, for a total of 91,935 $BTC imported, with all tokens moving away within minutes after arrival.” Whales in the spotlightSuspicions had long been eyeing whales, who had profited from small wallets selling during previous price dips throughout Bitcoin’s recent bull run. As Cointelegraph reported, the number of whale-sized wallets had been growing, while smallholders had been decreasing.
“The most interesting side by side tells you how Bitcoin investor profile progress – ‘whales’ diminished as price elevated in the last cycle; new group of whales just keep popping up this time, while shrimps are the weak hands who sold too early,” Primitive founding partner Dovey Wan tweeted last week alongside a chart comparing the 2017 and 2021 bull runs. “THE GREAT WEALTH TRANSFER,” she added. Some responses to the research meanwhile noted that the wallet in question had been responsible for a fraction of total trading volume and that its influence should therefore be limited. “We don’t believe that one address alone triggers the price retracement of the largest crypto asset in the world, so we certainly wouldn’t want you to believe it either,” Santiment replied. “Was this address activity a contributing factor though? Yes.”Title: Whale who sold Bitcoin before 2020 crash cashed out $156M before this week’s 20% dip
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Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together Whale who sold Bitcoin before 2020 crash cashed out $156M before this week’s 20% dip Whale who sold Bitcoin before 2020 crash cashed out $156M before this week’s 20% dip was originally published here https://dailynewssheet0.wordpress.com/2021/02/23/whale-who-sold-bitcoin-before-2020-crash-cashed-out-156m-before-this-weeks-20-dip/ Whale who sold Bitcoin before 2020 crash cashed out $156M before this week’s 20% dip was originally published here https://eunicedurand.blogspot.com/2021/02/whale-who-sold-bitcoin-before-2020.html
Altcoins and DeFi sell-off after Bitcoin’s 17.6% correction below $50K
Altcoins and DeFi sell-off after Bitcoin’s 17.6% correction below $50K Altcoins and DeFi sell-off after Bitcoin’s 17.6% correction below $50K In the early morning trading hours Bitcoin (BTC) price abruptly dropped by 17.65% which triggered a major downturn throughout the entire market. Data from Cointelegraph Markets and TradingView shows that Bitcoin decreased from a high of $58,274 on Feb. 21 to a low of $47,622 during the early hours on Monday before buyers returned to lift BTC to its current value of $53,350.
Despite today’s $1.6 billion liquidation event, Bitcoin bulls remain optimistic about the future of the top cryptocurrency with key indicators suggesting that those buying today’s dip are likely to come out on top. According to ExoAlpha Chief Investment Officer David Lifchitz, recent charts for Bitcoin looked overbought, signaling that a “15% correction could happen” as part of a normal market cycle before BTC attempts to break out to new highs. Bitcoin went from $10,000 in October 2020 to almost $60,000 in just 4 months, indicating to Lifchitz that a “pause/mild-correction is definitely in the cards.” Lifchitz said: $50,000 looks like the first stop for a mild pullback but a second leg down could take it down to $40,000 while the $30,000 zone looks like the ultimate bottom should things turn ugly in the short term.” Recent money printing by central banks makes it less likely that BTC will drop as low as $30,000, according to Lifchitz, as Bitcoin is increasingly being seen as a hedge against currency devaluation by investors around the world. Lifchitz also pointed out the recent moves in traditional assets such as the U.S. 10 year treasury yield could “trigger a pullback in Bitcoin as a general deleveraging move across asset classes,” but only “time will tell” how it all plays out. Rising yields put pressure on equitiesTraditional markets were mixed on Feb. 22 as recent increases in Treasury yields led to expectations of higher inflation and put additional pressure on equities. The Dow was able to overcome early pressure to close the day up 0.09% while the S&P 500 and NASDAQ traded in the red all day and closed down 0.77% and 2.46% respectively. Commodities proved to be the bright spot in markets on Monday, with the price of crude oil increasing by 4.14% to trade at $61.69. Gold price increased by 1.68% and close the day at $1,807. Staking announcements and protocol upgrades send select tokens higherDespite the market-wide downturn for the crypto community, several tokens saw their prices increase on Monday as positive developments helped elevate them above the negative sentiment. The breakout star over the past 24-hours has been Crypto.com Coin (CRO), whose price exploded by more than 63% to establish a new all-time high of $0.2748 during early trading hours. Other notable performances include NEM (XEM), which is up 16.05%, and Solana (SOL), which has increased by 20.54%.
The overall cryptocurrency market cap now stands at $1.63 trillion and Bitcoin’s dominance rate is 61.2%. Title: Altcoins and DeFi sell-off after Bitcoin’s 17.6% correction below $50K
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Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together Altcoins and DeFi sell-off after Bitcoin’s 17.6% correction below $50K Altcoins and DeFi sell-off after Bitcoin’s 17.6% correction below $50K was originally published here https://dailynewssheet0.wordpress.com/2021/02/23/altcoins-and-defi-sell-off-after-bitcoins-17-6-correction-below-50k/ Altcoins and DeFi sell-off after Bitcoin’s 17.6% correction below $50K was originally published here https://eunicedurand.blogspot.com/2021/02/altcoins-and-defi-sell-off-after.html
Bitcoin steps back up after a sudden dip
Bitcoin steps back up after a sudden dip Bitcoin steps back up after a sudden dip This happened within a trading day where a high-volume transfer to a Bitcoin exchange wallet (now correctly identified as OKEx) transpired. With the major cryptocurrency trending upward in a bullish run since late December of 2020, this was seen by some analysts as a sign of an incoming major market correction. In an analysis, Ben Lilly observed that there are three sectors driving the current liquidity crisis: Grayscale inflows, institutional investors, and DeFi (decentralised finance). The chart below indicates the quarterly report from early 2020 to mid-year, showing that 390k units of BTC went into Grayscale, with institutional investors such as Michael Saylor of MicroStrategy receiving 71k BTC, and 42k BTC for Elon Musk. Further institutional investments from Square, Bitwise, Stone Ridge Holdings, and Ruffer amount to another 72k BTC, according to Lilly’s estimates. Decentralized Finance also guzzled up 160k BTC, flowing it into the Ethereum network. Now, why the sudden dip to US$47k then? Alessio Rastani, a crypto analyst, noted that this hasn’t happened since the last peak of the cryptocurrency. In his video analysis, Rastani said that what happened today also showed “risk warnings on BTC similar to what we saw in December 2017.”The indicators Rastani designed were made to point out “acceleration extremes” which are based on overbought, overextended, over-stretched, and extremely accelerated. This signals an “inflection point” in the price relative to its market capitulation, according to Rastani. During the opening hours for the Asian market today February 22nd, BTC was seen trading at a high US$58,3k. It later rebounded to trading around US$54k within the day. This led traders such as John Cho, Director of Global Expansion at Ground X, to exclaim that this was, by far, “The bloodiest day we’ve seen so far in 2021.” adding that “Leverage liquidations triggered a cascade of selling to a price point I didn’t think I’d see this soon (or this quick).” The 10% drop in BTC was soon followed by a 12.8% dip in ETH, after trading well over $2k in several major exchanges during the opening hours, which as of press time is back to US$1.7k. According to data from Messari, the decentralised finance sector also suffered losses amounting to almost -7%, with 24-hour trends across major projects such as Uniswap, AAVE, and Maker all seeing red-digit losses. Despite snide remarks that these prices “seem high” from crypto whales such as Elon Musk, confidence in BTC remains as the larger crypto industry moves in with institutional adoption and further regulation, firmly securing its place as a viable investment and payments technology. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. Title: Bitcoin steps back up after a sudden dip
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Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together Bitcoin steps back up after a sudden dip Bitcoin steps back up after a sudden dip was originally published here https://dailynewssheet0.wordpress.com/2021/02/23/bitcoin-steps-back-up-after-a-sudden-dip/ Bitcoin steps back up after a sudden dip was originally published here https://eunicedurand.blogspot.com/2021/02/bitcoin-steps-back-up-after-sudden-dip.html
Bitcoin price crashes below $48K, but is the bull market in danger?
Bitcoin price crashes below $48K, but is the bull market in danger? Bitcoin price crashes below $48K, but is the bull market in danger? Bitcoin’s (BTC) price has been grinding up nicely over the past few weeks, but the past 24 hours have seen a significant correction. BTC price dropped by over $10,000 from $58,000 to under $48,000, a correction of almost 20%. This pullback — which many anticipated as 28,000 BTC was deposited to Gemini — also caused other cryptocurrencies to fall alongside Bitcoin, resulting in Bitcoin’s market dominance rising as a result. But will history repeat and produce a dull, corrective March? Let’s analyze the charts. Bearish divergence implying further downside to come
Markets never go up in a straight line, and corrections must occur from time to time. This can be considered a “reset” for the market, which reverts back to the mean trendline, and the euphoria fades. At the first stage of a correction, people still expect the corrective move to be a tiny correction, while the sentiment slowly starts to shift. The moment the correction continues, the lower the price goes, the worse the sentiment becomes. At the bottom, Bitcoin will be called “dead” and a Ponzi scheme once again, after which the price has historically recovered. The critical question now, however, is whether the market will see a prolonged correction or if Bitcoin’s price will hold above the green box shown in the chart above. That green box is the previous period of compression that technically should serve as major support. If the area between $42,000 and $44,000 holds, upward continuation is likely. In that case, the point of interest at $63,000 is still on the table. However, the bearish divergence and the weakness at the start of this week suggest more downside is possible. In that regard, losing the $42,000–$44,000 area could result in a further correction toward $37,000. March historically isn’t a bullish month
The weekly chart for Bitcoin shows some beautiful historical data, which shows that March tends to be a period of correction or consolidation. Massive corrections happened in 2017, 2018 and 2020 during this period, while 2016 and 2019 saw sideways price action. Of course, history is not guaranteed to repeat, but history rhymes, and historical data often provides insight into how market cycles work. In that regard, the critical indicator to watch is the 21-week moving average (MA), which should hold Bitcoin’s price from dropping further. From that perspective, the current price level of the 21-week MA is found at $28,000, and this will crawl up to $32,000 to $34,000 in the coming weeks. Thus, the recent higher low is created at $30,000, which means that a further drop toward $38,000 to $40,000 is not unlikelym as that would be a regular 30% to 40% correction. Critical levels to watch for Bitcoin
The daily chart of Bitcoin shows some critical levels to watch for the current period. First of all, the recent drop-down brought Bitcoin’s price to a vital support level. It should hold this zone between $42,000 and $44,000 to avoid more downside. If this doesn’t hold, a further drop to the level around $37,000 is likely. This would also grant a retest of the 21-week MA. However, if the green zone between $42,000 and $44,000 does provide support, a rebound is likely toward $63,000, as previously stated. However, this is too early to call, as historically, the end of February and March is a corrective, not a bullish period for the markets in general. 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. Title: Bitcoin price crashes below $48K, but is the bull market in danger?
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Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together Bitcoin price crashes below $48K, but is the bull market in danger? Bitcoin price crashes below $48K, but is the bull market in danger? was originally published here https://dailynewssheet0.wordpress.com/2021/02/22/bitcoin-price-crashes-below-48k-but-is-the-bull-market-in-danger/ Bitcoin price crashes below $48K, but is the bull market in danger? was originally published here https://eunicedurand.blogspot.com/2021/02/bitcoin-price-crashes-below-48k-but-is.html
DEX goals diverge as SushiSwap (SUSHI) and Uniswap (UNI) rally to new highs
DEX goals diverge as SushiSwap (SUSHI) and Uniswap (UNI) rally to new highs DEX goals diverge as SushiSwap (SUSHI) and Uniswap (UNI) rally to new highs Uniswap and SushiSwap have emerged as two of the top decentralized exchanges (DEXs) that are leading the current DeFi bull run higher. Despite a controversial start for SushiSwap, the last few months have seen it catching up to Uniswap in terms of activity on the platform, total value locked, and the price of its SUSHI governance token. A recent report from Delphi Digital took a closer look at the two projects and broke down the fundamental differences in the way that each has diverged in their development since SushiSwap’s vampire attack on Uniswap.
SushiSwap originally emerged as a fork of Uniswap v2 with the inclusion of the SUSHI governance token which was distributed to participants of the community. At the time, Uniswap had yet to launch the UNI token which would subsequently be airdropped to users who had interacted with the protocol either by trading or providing liquidity. While UNI had likely been planned for release at some point, many saw the surprise airdrop as being a bid to stop a potential vampire attack that would drain the liquidity from Uniswap to SushiSwap. After a bumpy start which saw SushiSwap co-creator Chef Nomi dump all of his SUSHI tokens on the market for $14 million worth of Ether (ETH), only to later return those funds to the treasury, SushiSwap co-founder ‘0xMaki’ took over as the lead on the project and helped it to correct course and become a viable contender among DeFi platforms.
When it comes to comparing the original token distribution, 65% of the original UNI supply was distributed to the community through liquidity mining and a governance-controlled treasury versus 80% of all SUSHI tokens. In this regard, the SushiSwap platform has emerged as a more community-controlled project that is self-funded with 9% of all SUSHI emitted from the system awarded to the treasury. In contrast, Uniswap has received some VC backing with a total of $12 million being raised from various sources to help fund future development. SushiSwap is more decentralized than UniswapDifferences in the path of development began soon after the fork and led to two distinct platforms that offered a different experience. The excitement continues to build for the release of Uniswap v3, although only a handful of insiders know exactly what the new version will entail. While users and token holders trust the lead developers which have created an incredible interface thus far, many in the cryptocurrency space prefer a project with more transparency and community involvement. SushiSwap keeps more to the community ethos of cryptocurrency in this way, with a core team of developers that is more transparent about what is coming and where the project is headed in the future. SushiSwap also has established an effective governance system that allows community members to have a say in important decisions. The governance system for Uniswap is less conducive to community involvement, which could be the result of the rushed release of the UNI token and a desire to create a solid foundation before integrating community governance. Divergence in value proposition and community involvementOver the past few months, the Uniswap team has been focused on building out v3. As Delphi Digital pointed out, Uniswap’s first-mover advantage has provided the platform with a bevy of integrations as the platform was sought out by projects across the sector for the liquidity it provided. SushiSwap on the other hand has been busy establishing connections with other burgeoning DeFi platforms, most notably the yEarn ecosystem which includes yEarn, Cream, Pickle, Cover, and Alpha. This will help increase the use of SushiSwap’s liquidity offerings and help make the platform more resilient to upcoming challenges.
More recently, SushiSwap has begun to incentivize liquidity for longer tail assets as it looks to establish itself as a place to get access to projects with long term viability. In contrast, Uniswap has been a way for new projects to get a head start on liquidity and community exposure. One of the most significant differences between the two platforms relates to cash flow generation. In March of 2021, the UNI community will have the ability to divert 0.05% of all fees on the platform to the Uniswap treasury which is governed by the UNI token. The fees will accrue in the treasury and UNI token holders will be able to vote on what to do with those funds in the future. SushiSwap has had the 0.05% fee in place since it was created in September 2020 and the governance council agreed that the money generated is used to purchase SUSHI directly and award it to stakers, providing a source of direct income. In terms of fees generated, Uniswap clearly comes out on top for the time being. With a larger number of available trading pairs and huge liquidity pools for top coins, the Uniswap platform sees higher volumes and this translates into more cash flow for liquidity pools and UNI token holders.
But with fees going to a treasury rather than directly to token holders, UNI has been more appealing to investors with a longer-term outlook who prefer the approach of “accumulating capital in the treasury during the early years.” So SushiSwap offers a more community-oriented and governed system that provides direct income to token holders from fees generated on the platform while Uniswap is working on a long term plan to create a one-stop DEX that meets every traders’ needs. First mover advantage and dominant liquidity pools have allowed Uniswap to compete with the likes of Coinbase in terms of trading volume and long-time cryptocurrency advocates appreciate this accomplishment.
SushiSwap has risen from the ashes to create a community-driven project that those just getting into crypto can appreciate for its ability to generate immediate income. SUSHI has also seen a recent spike in trading volume on Uniswap, showing that the fight for the title of top DEX is just getting started in these early rounds of the crypto bull cycle.
The DeFi sector is just beginning to gain attention from the traditional financial sector and as the liquidity, total value locked and price of each platform’s governance token reaches new highs for both Uniswap and SushiSwap it will be interesting to watch as the two platforms continue to diverge in development. com. Every investment and trading move involves risk, you should conduct your own research when making a decision. Title: DEX goals diverge as SushiSwap (SUSHI) and Uniswap (UNI) rally to new highs
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Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together DEX goals diverge as SushiSwap (SUSHI) and Uniswap (UNI) rally to new highs DEX goals diverge as SushiSwap (SUSHI) and Uniswap (UNI) rally to new highs was originally published here https://dailynewssheet0.wordpress.com/2021/02/22/dex-goals-diverge-as-sushiswap-sushi-and-uniswap-uni-rally-to-new-highs/ DEX goals diverge as SushiSwap (SUSHI) and Uniswap (UNI) rally to new highs was originally published here https://eunicedurand.blogspot.com/2021/02/dex-goals-diverge-as-sushiswap-sushi.html
Monster bull flag for Yearn.finance puts $200,000 YFI price in play
Monster bull flag for Yearn.finance puts $200,000 YFI price in play Monster bull flag for Yearn.finance puts $200,000 YFI price in play Bitcoin (BTC) bears looked on in disbelief as BTC price rallied to over $57,800 on Feb. 21, sparking a major altcoin rally. It seems bull flags are being printed one after the other on coins like Polkadot and Cardano, which are playing out predictably. However, one coin that is not getting the limelight it deserves right now is Yearn.finance (YFI), and at present, it looks like a period of aggressive selling could be coming to an end with a potential 50% move to the upside being imminent. But first, let’s take a look at why it has been struggling recently. Troubled waters for Yearn
Much to the dismay of investors and traders on Jan. 20, Yearn.finance retweeted a gif of Pepe the Frog dressed as a wizard, which linked to the proposal entitled “YIP-57: Funding Yearn’s Future.” The article outlined the plans to mint 6,666 new YFI tokens for the Yearn treasury, thus increasing the YFI supply by more than 20% and in turn, a 24.45% red candle was printed on the daily chart. After the aggressive selling eased off, the price slowly gained traction again. However, about two weeks later on Feb. 4, an $11m yDAI exploit occurred, spurring on the following tweet: “We have noticed the v1 yDAI vault has suffered an exploit. The exploit has been mitigated. Full report to follow.”This led to a further sell-off for YFI, printing another 15% red candle in a single day. Yet despite all this bad news, the price unexpectedly rallied 50% to a new all-time high at $52,700, three days before Bitcoin cracked the $50K barrier. But was this unexpected? Or was it just a bull flag playing out albeit over a slightly extended period of time due to knee-jerk reaction sell-offs? Monster bull flag on the daily
Over on the daily chart, we can see that a 52% candle was printed on Jan. 7, and after the price consolidated over a period of 10 days, the price broke out of a classic bull flag structure before the bad news started circulating, causing holders to lose faith in founder Andre Cronje. However, once the news had passed it was clear from the gradual 52% price increase that bullish investor sentiment had returned, which just so happened to be the same size as the flagpole on the somewhat failed bull flag. The good news for YFI holders now is that the charts are now showing the exact same pattern playing out with a 50% candle, which would bring the price target up to $65,770 $200,000 in play for YFI price
In 2020, YFI was trading higher than Bitcoin, and even once you factor in the newly minted tokens, the upside is simply staggering. Without factoring in the extra tokens, the upside to return to its previous sats value would be in excess of 450% from the current price. However, even by deducting 20% off this level, which would represent a move to the 0.786 Fibonacci (fib) level, this still puts a potential upside target around 350%. In other words, this puts YFI at an eye-watering $200,000 per coin. DeFi is so hot right now
Whilst the prospect of paying $200,000 per coin may seem insane, you only have to look at how well other projects in the DeFi space are performing. Uniswap, SushiSwap and PancakeSwap all managed to accomplish 10x since Christmas. But all of these have fully rebounded beyond their previous sats value, so now is the time to look for something that hasn’t made this move yet, and right now, in my opinion, the largest most obvious one to go next is Yearn. You only have to look at the UNI/BTC chart to see that right now. Everything about YFI screams “buy,” where even a move just to the 0.236 Fibonacci level would represent a 70% increase in price.
Bullish and bearish scenariosIf there’s one thing Yearn.finance has taught us, it is always to expect the unexpected when testing in production.
Right now, there’s a heavy point of control around $39,000 that price keeps revisiting and serving as support. Should this level continue to hold, a move to the upper resistance of the current channel around $55,485 is where I would be first targeting, before the wider breakout to $65,000. Should $39,000 fail to hold, I would be looking around $32,500 as support, something I’m not worried about unless another Andre project gets rugged. The views and opinions expressed here are solely those of @officiallykeithand 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. Title: Monster bull flag for Yearn.finance puts $200,000 YFI price in play
2021’s Most Anticipated Growth & Wealth-Building Opportunity
Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together Monster bull flag for Yearn.finance puts $200,000 YFI price in play Monster bull flag for Yearn.finance puts $200,000 YFI price in play was originally published here https://dailynewssheet0.wordpress.com/2021/02/22/monster-bull-flag-for-yearn-finance-puts-200000-yfi-price-in-play/ Monster bull flag for Yearn.finance puts $200,000 YFI price in play was originally published here https://eunicedurand.blogspot.com/2021/02/monster-bull-flag-for-yearnfinance-puts.html
3 key factors that propelled Ethereum to $2,000 for the first time ever
3 key factors that propelled Ethereum to $2,000 for the first time ever 3 key factors that propelled Ethereum to $2,000 for the first time ever The price of Ether (ETH) is surging past $2,000 with strong momentum while gaining a bit of ground on Bitcoin (BTC) in the last 24 hours. There are three key reasons behind the explosive rally of Ether, namely the rapid growth of DeFi, the hype around ETH after the CME futures listing, and the decreasing amount of BTC and ETH on exchanges.
CME futures listing institutional hypeEther hitting $2,000 for the first time ever follows the launch of CME ETH futures earlier this month, which primarily target institutional investors. Prior to the listing, there was a popular narrative that the CME listing would cause the price of ETH to decline significantly, because the CME Bitcoin futures listing in 2017 coincided with the local BTC top at the time. However, ETH has continuously rallied since, breaking past its all-time high and surpassing $2,000 on Feb. 20. The new milestone indicates that there is currently significant institutional hype around ETH, which is also evidenced by Grayscale’s Ethereum Trust resuming the buying of ETH in February. Explosive growth of DeFiAccording to data from Dappradar.com, the total value locked (TVL) of the DeFi market is almost $50 billion.
The term TVL is used to measure the amount of capital that is locked up in every DeFi protocol. For instance, if $2 billion are being used on a lending protocol to borrow or loan money, that would mean the TVL of the protocol would be $2 billion. ETH directly benefits from the high TVL of the DeFi market because ETH is used as a means to pay transaction fees on the Ethereum blockchain network. Hence, the higher the demand for DeFi protocols and services, the more it benefits the value of ETH in the market. BTC and ETH reserves continue falling on exchangesMeanwhile, the price of Bitcoin is showing no signs of slowing down as it breached $57,000 and is holding the $50,000 area as a solid support level. Part of the reason for this is the decreasing amount of BTC as well as ETH that’s available on exchanges, which reduces sell pressure.
In addition, as long as the price of Bitcoin continues to demonstrate resilience above $50,000, the strong momentum of ETH would likely be sustained in the foreseeable future. According to analysts at Santiment, there is also significant interest in Ethereum among the crypto community. When the price of ETH surpassed $2,000, 33% of all crypto discussions were related to ETH. They wrote: “Well #Ethereum over $2,000 happened quickly, as prices rose all the way up to $2,041 just an hour after our article posted! Address activity is up to one-month high levels. And 33% of all #crypto discussions were related to $ETH when history was made.” If the momentum of the dominant cryptocurrency in Bitcoin remains intact and investors keep pulling ETH from exchanges, the probability of Ether continuing its rally past the $2,000 level is likely to increase. Title: 3 key factors that propelled Ethereum to $2,000 for the first time ever
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Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together 3 key factors that propelled Ethereum to $2,000 for the first time ever 3 key factors that propelled Ethereum to $2,000 for the first time ever was originally published here https://dailynewssheet0.wordpress.com/2021/02/21/3-key-factors-that-propelled-ethereum-to-2000-for-the-first-time-ever/ 3 key factors that propelled Ethereum to $2,000 for the first time ever was originally published here https://eunicedurand.blogspot.com/2021/02/3-key-factors-that-propelled-ethereum.html |
Eunice Durand
My name is Eunice Durand, I have worked for the stock market industry for 4 years. Technology news grasp my attention the most. In early days, I started my journey with an ordinary author. Moving forward with great hard work and passion I achieve a higher position. As I believe in working hard and putting the soul in my work, I have accomplished so much success and place in Dailynewssheet.com, and now I have confidence in this, that I am the spin of this network. I have a vision of touching the sky. I wish to see this industry on a global scale one day. My other duties are that I am a contributor and an editor of the technology segment. My work is to do a critical analysis of companies and pick out the most significant information for investor network. ArchivesNo Archives Categories |