Bitcoin faced a strong rejection at the pivotal $12,000 level after rallying to that resistance earlier this month. After failing to hold above $12,000, the coin plunged by just over $2,000 in the days that followed. At the lows, BTC traded for $9,800 — $2,200 below the local highs and $2,700 below the year-to-date highs at $12,500. Bitcoin could soon make another run at $12,000, though. An analyst says that the leading cryptocurrency will be cleared to move toward that level if it achieves the following technical accomplishment. Related Reading: Here’s…
Day: September 19, 2020
How Web 3.0 Creates Value for Users, Not Platforms
When Satoshi Nakamoto invented Bitcoin in 2009, we began to envision decentralized finance as an alternative to traditional banking. A little more than a decade later, we are starting to see that technologies behind Bitcoin can be used to create a fully reimagined internet – one that leverages our collective computing capacity, data and devices to become far more powerful and resilient than it is today. To say the internet has created astounding pathways for opportunity and success is an understatement. It has democratized access to information, created boundless economic…
The Key Reason Why Ethereum Could Move Even Higher After 20% Bounce
While legacy markets and Bitcoin have rejected from local highs, Ethereum has been holding up well. Since the launch of Uniswap’s UNI token, the price of the leading cryptocurrency has surged around 6-7%. From the lows set earlier this month, the coin is up in excess of 20%, shocking some commentators who thought this market was on the verge of a bear trend. Ethereum is primed to move even higher in the days ahead. Related Reading: Here’s Why This Crypto CEO Thinks BTC Soon Hits $15,000 Ethereum Could Soon Move Even…
Pinned below $11K, Bitcoin price plays second fiddle to Uniswap (UNI)
As the weekend begins, Bitcoin (BTC) price continues to fluctuate between the $10,800-$11,000 range. Cryptocurrency daily market performance snapshot. Source: Coin360 Some analysts would say the digital asset has lost momentum but a quick glance at the 1-hour or 4-hour chart shows Bitcoin chugging along sideways in a defined range which is starting to see some compression. BTC/USDT 1-hr chart. Source: TradingView Despite what appears to be ‘disinterest’ from crypto traders, Bitcoin price is painting higher lows and lower highs and if this pattern continues a breakout should be expected…
Ethereum’s Market Dominance is Poised to Surge; Here’s How Uniswap May Fuel It
Ethereum has been at the center of some of the largest developments within the crypto market throughout the past several weeks and months. Nearly the entire DeFi ecosystem is built upon the Ethereum blockchain, which has driven massive demand for blockspace on the network. This has caused gas fees to rocket to all-time highs, with the trend showing few signs of slowing down anytime soon. Despite the massive amount of capital that has flooded the DeFi ecosystem, it is imperative to note that this has not been fully reflected in…
Here’s Why Bitcoin Traders Should Be Favoring Longs Right Now
Bitcoin has been stalling around the high-$10,000s over the past few days despite the surged earlier this week. The coin now trades at $10,850 as of this article’s writing, a few percent shy of the local high. Analysts are certain that investors should be favoring longs right now. Here’s why they think so. Related Reading: Here’s Why This Crypto CEO Thinks BTC Soon Hits $15,000 This Is Why Bitcoin Is Primed to Move Higher One cryptocurrency trader shared the chart below, noting that he thinks sellers (short position holders) may be…
What Is DeFi? – CoinDesk
DeFi is short for “decentralized finance,” an umbrella term for a variety of financial applications in cryptocurrency or blockchain geared toward disrupting financial intermediaries. DeFi draws inspiration from blockchain, the technology behind the digital currency bitcoin, which allows several entities to hold a copy of a history of transactions, meaning it isn’t controlled by a single, central source. That’s important because centralized systems and human gatekeepers can limit the speed and sophistication of transactions while offering users less direct control over their money. DeFi is distinct because it expands the…
22% UniSwap (UNI) price drop doesn’t faze traders
Earlier today Yearn.finance (YFI) and Ether (ETH) rose sharply after Uniswap’s governance token UNI plunged 22% from $8.00 to $6.80. Cryptocurrency daily market performance snapshot. Source: Coin360 UNI, which launched less than 48 hours ago, has rallied from around $1.00 to $8.00 in a short period. After an impressive eight-fold gain, the token started to pull back but trading volume suggests traders have their eyes set on higher prices. YFI and ETH rallied as UNI corrected As UNI started to make a parabolic rally from $1 onwards, the funding rate…
XRP Could Be Gearing Up for a “Moon Mission” as Bulls Reclaim Key Level
XRP and the aggregated altcoin market is currently caught within a consolidation phase as Bitcoin struggles to gain any decisive momentum. It does appear that these tokens are awaiting more directionality from BTC before they make any sizeable movements. This has, in turn, caused smaller altcoins to also fall into bouts of sideways trading. Although it remains unclear as to where the market may trend next, XRP’s recent technical developments indicate that any market-wide upside could allow it to enter a full-blown moon mission. One analyst explained in a recent…