3 reasons Bitcoin abruptly dropped by 7.4% overnight

The price of Bitcoin (BTC) dropped sharply from $37,800 to $35,000 overnight, liquidating $572 million worth of cryptocurrency futures positions. There are three major reasons why the price of Bitcoin declined steeply in the past 12 hours. The reasons are an overheated derivatives market, growing doubt in the market, and the lack of upside volatility. BTC/USD 15-minute candle chart (Bitstamp). Source: Tradingview Derivatives market was overheated before the correction Before the pullback occurred, the Bitcoin derivatives market was extremely overheated. The futures funding rate was hovering at around 0.1%, which…

3 key reasons why Polkastarter (POLS) price rallied 500% since December

Polkastarter (POLS) is a cross-chain token pool and auction protocol built on the Polkadot (DOT) blockchain. It launched in October of 2020 as a way for projects to raise capital in a decentralized environment and since January the token has rallied 500% to a new high at $1.78. Three possible reasons for the recent growth of POLS are the strong rally seen from Polkadot, strategic partnerships and exchange listings and an expanding list of token launches via auctions. POLS/USDT 4-hour chart. Source: TradingView The rise of Polkadot The rising popularity…

3 reasons why Ethereum has been rising faster than Bitcoin price in 2021

The price of Ether (ETH), the native cryptocurrency of the Ethereum blockchain network, has been soaring since the beginning of the new year. What's more, it has outperformed Bitcoin (BTC) since Jan. 1, gaining roughly 81% compared to Bitcoin's 26% in their respective USD pairs year-to-date. Bitcoin, Ether YTD performance. Source: Digital Assets Data There are three main reasons why ETH has been outpacing BTC throughout the past several days. The factors are Ethereum’s accelerating growth, the improving sentiment around DeFi and BTC’s current period of relatively low volatility. ETH/BTC…

3 reasons why the price of Curve DAO Token (CRV) tripled in a week

Over the past two weeks the entire DeFi sector has been in a strong uptrend and many of the top market cap tokens rallied by double and triple-digits. Curve DAO’s governance token CRV has been a standout performer, coming off a low at $0.54 on Jan. 11 to a 2021 high at $1.78 on Jan. 17. CRV/USDT 4-hour chart. Source: Tradingview Three reasons for this latest surge in volume and price for CRV are a new collaboration with the Yearn.finance (YFI) ecosystem, positive regulatory developments in the U.S. and an…

3 key reasons why the DeFi sector is booming again

Data from Messari shows that over the past 30 days, the majority of tokens listed on the site’s DeFi Assets index have rallied by more than 20%. A few standouts such as Maker's MKR, Synthetic Network Token (SNX) and SushiSwap's SUSHI gained more than 100% during the same time frame.  DeFi assets index. Source: Messari.io From Jan. 1 to Jan. 9, the decentralized finance sector saw its total value locked (TVL) rise from $15.678 billion to a record-high $23.092 billion, and this recovery to a new all-time high came about…

Ethereum price tumbles to $915, but traders are bullish for 4 key reasons

The past week has been an emotional rollercoaster for Ether (ETH) traders, as there were seven four-hour candles of a 10% or larger price movement.  Furthermore, the most recent 30% drop to $920 triggered $550 million in liquidations on long futures contracts. To complicate things even further, this current price correction is taking place just four weeks ahead of the launch of CME's ETH futures. ETH/USD 4-hour chart. Source: TradingView It’s possible that even the most bullish Ether traders did not expect an 85% rally to occur in just eight…

3 reasons analysts say Ethereum may replicate Bitcoin's 2016 bull run

Several prominent analysts say Ether (ETH) is on the cusp of a major bull run despite already gaining nearly 65% in 2021. Ethereum has seen explosive growth in decentralized finance and other areas, causing user activity on the blockchain to surge. Ether performance in 2021. Source: Digital Assets Data Raoul Pal, CEO of Real Vision Group, pinpointed the technical structure of ETH's price. He emphasized that the structure is strikingly similar to Bitcoin (BTC) in 2016, which means a prolonged bull rally could emerge. The combination of Metcalfe’s law, a…

5 reasons why Bitcoin price just reclaimed $33,000

Two weeks ago, few investors would have expected Bitcoin (BTC) price to rally any higher than $20,000. In fact, most had forecast a $30,000 BTC price by mid-2022 or late 2023 at best.  This means that many holders were likely caught by surprise as BTC price surged to $34,800 just 17 days after crossing the $20,000 mark. Generally, analysts expect a sharp correction to follow Bitcoin’s 150% gain since November, but currently, there are no fundamental indicators that support this point of view. BTC/USD 4-hour chart. Source: TradingView Despite the recent…

Two Key Reasons Why Dogecoin (DOGE) Just Dove 20% Under $0.01

Dogecoin (DOGE) is down 20% in the past 24 hours after a 100% rally on Friday. The “meme” cryptocurrency still has a market capitalization in excess of $1 billion and has registered $2 billion in trading volume in the past day. Dogecoin began to rally a few weeks ago after Elon Musk, CEO of Tesla and SpaceX, reminded the market of the asset. In spite of the latest correction, DOGE is still up 100% in the past two weeks. DOGE’s ongoing correction comes in spite of overall strength in the…

4 reasons why the top 15 richest Bitcoin wallets still matter in 2021

Transparency is one of the most intriguing aspects of cryptocurrency and it was this openness that drew many early supporters to Bitcoin (BTC).  Blockchain technology makes all information associated with the network’s operation accessible for anyone interested in taking a look. Every known address, transaction, fee paid and other details relating to multisignature and SegWit usage is out in the open. The top 15 wealthiest Bitcoin addresses have always been the centerpiece of attention for several reasons. Some crypto researchers habitually sort through the top addresses searching for the footsteps…