ALPHA surges 152% in one week: What’s behind its meteoric rally?
ALPHA surges 152% in one week: What’s behind its meteoric rally? ALPHA surges 152% in one week: What’s behind its meteoric rally? ALPHA, the governance token of Alpha Finance Lab, has surged 152% in the past week. It is now the 85th most valuable cryptocurrency in the global market, breaking into the top 100 in a short period. Behind its meteoric rally are three key factors, namely the rapidly rising total value locked (TVL) of Alpha Homora, the overall positive market sentiment around DeFi, and the imminence of Alpha Homora v2.
What is ALPHA, Alpha Homora and AlphaX?Alpha Homora is essentially a protocol that enables users to yield farm using leverage. The term yield farming means the process of providing liquidity to DeFi protocols to earn sustainable yield or APY. By using leverage, Alpha Homora allows users to provide liquidity to pools more efficiently. Alpha Homora v2 adds various improvements to the first release. It adds more pool support on top of Uniswap, such as Curve, Balancer, and SushiSwap. This allows users to benefit from a more diverse selection of pools to yield farm. The v2 also lets users hold up to 9x leveraged positions, borrow multiple assets, and lend or borrow other assets apart from Ethereum, as Band Protocol’s Sawit Trisirisatayawong explained. Ultimately, Alpha Homora should be useful for the average DeFi user with limited capital who wants to maximize their yield. AlphaX, the decentralized futures exchange, also aims to be beginner-friendly by removing the manual futures funding rate, and baking it into the price. The two key products in the Alpha Finance Lab ecosystem are both designed to serve casual users in DeFi. At a market cap of $296 million, ALPHA is arguably considered a blue-chip DeFi asset. But, the price of ALPHA has significant momentum and is continuously rallying. The optimism around ALPHA stems from the rapid increase in Alpha Homora’s TVL and the active developer community of the project. Alpha Homora’s $618 million alone could justify a high valuation for ALPHA, by calculating the potential fees the protocol could charge in the future and predicting its cash flow. The existence of other key products like AlphaX that make Alpha a more extensive DeFi ecosystem has likely made ALPHA more appealing as a long-term DeFi bet. The pace of growth is optimisticAlpha Homora is the fastest DeFi protocol to reach a $600 million TVL in the history of the DeFi space.
The top DeFi protocols and lending platforms, like Aave and Curve, took around six months to reach the same TVL. But while Alpha has admittedly launched as the DeFi space was seeing explosive growth, it is still impressive that it was able to outpace the largest DeFi projects in the space. Over the longer term, there are several potential catalysts for the price of ALPHA. Most notably, the official document of Alpha Finance Lab shows that the ALPHA token holders might soon be able to receive a portion of protocol fees through either staking or providing liquidity. The document reads: “Utility token for all Alpha products (e.g. provide liquidity or stake to receive % protocol fees) (not yet implemented).” More utility for the ALPHA token should act as a strong catalyst in the longer term, and make the token itself more attractive. Title: ALPHA surges 152% in one week: What’s behind its meteoric rally?
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Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together ALPHA surges 152% in one week: What’s behind its meteoric rally? ALPHA surges 152% in one week: What’s behind its meteoric rally? was originally published here https://allthetopnews.wordpress.com/2021/01/29/alpha-surges-152-in-one-week-whats-behind-its-meteoric-rally/ ALPHA surges 152% in one week: What’s behind its meteoric rally? was originally published here https://amyjimenez0.blogspot.com/2021/01/alpha-surges-152-in-one-week-whats.html
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Dogecoin to 1 dollar? Reddit turns to DOGE after GameStop surges 1,600% in 2 weeks
Dogecoin to 1 dollar? Reddit turns to DOGE after GameStop surges 1,600% in 2 weeks Dogecoin to 1 dollar? Reddit turns to DOGE after GameStop surges 1,600% in 2 weeks Dogecoin (DOGE) is up 80% in a day and trading volume has spiked more than 800% as the altcoin sees a publicity surge with a familiar source.
DOGE to $1?Data from Cointelegraph Markets, CoinMarketCap and Tradingview showed a transformation taking place in the DOGE ecosystem overnight on Jan. 27, with DOGE/USD hitting $0.0138. In a matter of hours on Thursday, the pair added over 80% to its spot price before correcting, still holding 1 cent support at the time of writing. The gains accompanied a similar surge in interest on social media, with Twitter activity up by more than 300%. The source, it appears, is the same Reddit group that sparked a dramatic but highly controversial bull run in the stock price of U.S. consumer electronics firm GameStop. A parody Twitter account posing as the moderator for r/Wallstreetbets queried: “Has Doge ever been to a dollar?” Subsequently, the hashtags #dogecoin and #dogecoininto1dollar began trending among users in the United States, referencing a long-held dream among the altcoin’s investors.
Dogecoin price licks GameStop’s heelsDogecoin already has something in common with $GME, both assets having seen publicity tweets from Tesla CEO and world’s richest man, Elon Musk in recent weeks. As Cointelegraph reported, Musk’s tongue-in-cheek endorsement of DOGE was enough to induce serious price action. Gamestonk!! https://t.co/RZtkDzAewJ — Elon Musk (@elonmusk) January 26, 2021 On Reddit itself, users attempted to insert hints to invest in the meme-based altcoin, despite dedicated posts being removed by r/Wallstreetbets moderators. As the fear of repercussions mounts over GameStop’s performance, meanwhile, cryptocurrency proponents argue that Reddit users combining forces to outpace unprepared institutions are simply playing by the rules of capitalism. “I know this GameStop stuff is funny, but you have to remember this is hurting real people who own multiple boats,” Kevin Farzad, a member of music group Sure Sure, added. $GME gained 200% on Wednesday, with after hours trading seeing a reversal of around 15% from the top. Overall, the stock is up 1,600% since Jan. 12. Title: Dogecoin to 1 dollar? Reddit turns to DOGE after GameStop surges 1,600% in 2 weeks
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Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together Dogecoin to 1 dollar? Reddit turns to DOGE after GameStop surges 1,600% in 2 weeks Dogecoin to 1 dollar? Reddit turns to DOGE after GameStop surges 1,600% in 2 weeks was originally published here https://allthetopnews.wordpress.com/2021/01/28/dogecoin-to-1-dollar-reddit-turns-to-doge-after-gamestop-surges-1600-in-2-weeks/ Dogecoin to 1 dollar? Reddit turns to DOGE after GameStop surges 1,600% in 2 weeks was originally published here https://amyjimenez0.blogspot.com/2021/01/dogecoin-to-1-dollar-reddit-turns-to.html
The adventures of the inventive Alex Mashinky
The adventures of the inventive Alex Mashinky The adventures of the inventive Alex Mashinky
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Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together The adventures of the inventive Alex Mashinky The adventures of the inventive Alex Mashinky was originally published here https://allthetopnews.wordpress.com/2021/01/28/the-adventures-of-the-inventive-alex-mashinky/ The adventures of the inventive Alex Mashinky was originally published here https://amyjimenez0.blogspot.com/2021/01/the-adventures-of-inventive-alex.html
Bitcoin Facing Critical Support At $30K, Breakdown Can Lead To $26,000 (Price Analysis)
Bitcoin Facing Critical Support At $30K, Breakdown Can Lead To $26,000 (Price Analysis) Bitcoin Facing Critical Support At $30K, Breakdown Can Lead To $26,000 (Price Analysis) Bitcoin continues its downtrend movement. Today, the BTC is down almost 7% from the opening price of $32,500, according to Bitstamp. The cryptocurrency failed to close a 4-hour candle above that level yesterday and since then, saw only one direction – down. It eventually plummeted beneath the short-term rising trend line we were tracking over the past few days, which can also be seen as a Head and Shoulders pattern (where the line is served as the neckline). In this case, the target of the H&S is somewhere between $28K – $29K. Regardless, Bitcoin continued its decline, breaking down the next critical support level at $30,760 (.786 Fib) to hit the current $30,150 level. If today’s candle closes at current levels, the break of $30,760 marks the end to the previous rangebound trading area between $33,000 and $30,760 that Bitcoin was ‘trapped’ inside for the past six days. However, the daily candle has almost 10 hours more to go. Looking at the bigger picture, Bitcoin is now facing a critical support mark at $30,000, which forms the base of the descending triangle pattern that it has been consolidating within since recording its all-time high at $42K on January 8 this year. A break beneath this triangle could potentially see Bitcoin plunging toward $28,000 and even $26,000. BTC Price Support and Resistance Levels to WatchKey Support Levels: $30,000, $29,630, $28,500, $28,000, $26,575. Key Resistance Levels: $30,700, $32,500, $33,100, $34,000,$34,450. As mentioned above, the first level of support lies at $30,000, which is the base of the bearish triangle pattern, marked on the following daily chart. This is followed by $29,630 (.5 Fib), $28,500 (downside 1.414 Fib Extension), $28,000, and $26,575 (.618 Fib). Further down lies $26,000. On the other side, the first level of resistance lies at $30,760 (support turned resistance). This is followed by $32,000, $32,500, and $33,100 (bearish .382 Fib). Significant resistance is also found at $34,000 and $34,450 (bearish .5 Fib & upper angle of the descending triangle). The daily RSI has turned bearish, indicating that the bears are in control. There is still much room to go down, judging by the momentum indicator. Bitstamp BTC/USD Daily Chart
Bitstamp BTC/USD 4-Hour Chart
Bitcoin Facing Critical Support At $30K, Breakdown Can Lead To $26,000 (Price Analysis) Bitcoin Facing Critical Support At $30K, Breakdown Can Lead To $26,000 (Price Analysis) was originally published here https://allthetopnews.wordpress.com/2021/01/27/bitcoin-facing-critical-support-at-30k-breakdown-can-lead-to-26000-price-analysis/ Bitcoin Facing Critical Support At $30K, Breakdown Can Lead To $26,000 (Price Analysis) was originally published here https://amyjimenez0.blogspot.com/2021/01/bitcoin-facing-critical-support-at-30k.html
Ethereum’s realized cap spikes to record highs as capital floods in: Report
Ethereum’s realized cap spikes to record highs as capital floods in: Report Ethereum’s realized cap spikes to record highs as capital floods in: Report Ethereum’s realized capitalization has increased by nearly 50% in January so far to tag new all-time highs above $70 billion, according to CoinMetrics. The data shows that Ethereum’s realized cap has more than tripled since dropping below $25 billion in during March 2020’s “Black Thursday” crash..
The realized capitalization metric calculates the value of a crypto asset’s supply according to when each unit last moved on-chain. The indicator seeks to estimate the price actually paid for each ETH in circulation — rather than simply multiply the current price by the total supply as market cap does. However, realized cap cannot account for coins that are only traded on centralized exchanges and do not move on-chain. The indicator is designed to offer a way to compensate for lost or unclaimed coins by ignoring their appreciation from the time each unit was last transferred on-chain. By ignoring the fluctuating capitalization of dormant coins, realized cap offers a signal for when new capital is flowing into a given market, with CoinMetrics inferring that many new investors may have been buying the bags of seasoned ETH whales during January’s bull market. The report also noted a 5% spike in the number of Ethereum addresses holding more than 10,000 Ether, with 1,241 wallets currently holding $13.8 million or more in ETH. As such, CoinMetrics concludes that “institutional investors are starting to buy ETH.” The growth of Ethereum’s realized cap appears to have outperformed that of Bitcoin’s last year, with Glassnode reporting that BTC’s realized cap had grown 50% since the beginning of 2020 as of Dec. 15. CoinMetrics’ data indicates Ethereum had seen an 85% increase over the same period. Blockchain Center’s Flippening Index currently estimates that Ethereum is 71% of the way to surpassing Bitcoin according to eight key metrics — comprising a new all-time high for the indicator. The index notes Ethereum has already surpassed Bitcoin by transaction fees and transaction count, and estimates that transaction volume and node count are at 99% and 97% of Bitcoin’s respectively. Title: Ethereum’s realized cap spikes to record highs as capital floods in: Report Ethereum’s realized cap spikes to record highs as capital floods in: Report Ethereum’s realized cap spikes to record highs as capital floods in: Report was originally published here https://allthetopnews.wordpress.com/2021/01/27/ethereums-realized-cap-spikes-to-record-highs-as-capital-floods-in-report/ Ethereum’s realized cap spikes to record highs as capital floods in: Report was originally published here https://amyjimenez0.blogspot.com/2021/01/ethereums-realized-cap-spikes-to-record.html
DeFi tokens bag double-digit gains as bears pin Bitcoin price below $33K
DeFi tokens bag double-digit gains as bears pin Bitcoin price below $33K DeFi tokens bag double-digit gains as bears pin Bitcoin price below $33K Today Bitcoin (BTC) price continued to face selling pressure in the $32,500 to $33,000 resistance cluster and this led to a mild 3% to 5% pull back from most altcoins. Despite the recent revelation that BlackRock, the world’s largest asset manager, has given the green light for two of its funds to invest in Bitcoin futures, BTC price still struggles to gain momentum above the $33,000 level.
Meanwhile, the DeFi sector continues to flourish as Venus (XVS) and Fantom (FTM) saw their prices increase 23% overnight and the total value locked in DeFi protocols currently stands at $25.77 billion. Following the confirmation of Janet Yellen as the new secretary of the United States Treasury, the department’s dreaded cryptocurrency monitoring rule is now back in motion and the public has 60 days to comment on the proposed self-hosted wallet requirement.
Selling wasn’t limited to just the cryptocurrency sector as global financial markets also fell under pressure following news that the upcoming stimulus package offered by the Biden administration might not be as large as previously suggested. The S&P 500 and Dow both faced selling pressure at the opening bell and finished the day down 0.15% and 0.07% respectively, while the NASDAQ was able to eke out a positive gain of 0.05%. The Reddit-based investing group that recently put the squeeze on short-sellers betting against GameStop (GME) were able to regroup overnight and managed to push the price of GME up to $145.57 on Jan. 26, near its all-time high of $159.18.
DeFi tokens take the leadDeFi related coins continue to surge higher despite the waning momentum seen from Bitcoin and Ether (ETH). Uniswap’s trading volume surged above $6 billion earlier today and this helped lift the price of it’s governance token (UNI) to a new 2021 high at $13.67. Terra (LUNA), a stablecoin-oriented project, also saw its price increase by more than 37% and currently trades at $1.22. Fantom (FTM) and Alpha Finance (ALPHA) have also seen an influx of buying activity in the past 24-hours and both rallied 22% and 35% during today’s trading session. The overall cryptocurrency market cap now stands at $947.6 billion and Bitcoin’s dominance rate is 62.9%. Title: DeFi tokens bag double-digit gains as bears pin Bitcoin price below $33K DeFi tokens bag double-digit gains as bears pin Bitcoin price below $33K DeFi tokens bag double-digit gains as bears pin Bitcoin price below $33K was originally published here https://allthetopnews.wordpress.com/2021/01/27/defi-tokens-bag-double-digit-gains-as-bears-pin-bitcoin-price-below-33k/ DeFi tokens bag double-digit gains as bears pin Bitcoin price below $33K was originally published here https://amyjimenez0.blogspot.com/2021/01/defi-tokens-bag-double-digit-gains-as.html
3 reasons why Ethereum price is still on track to top $2,000
3 reasons why Ethereum price is still on track to top $2,000 3 reasons why Ethereum price is still on track to top $2,000 After dropping 27% over three days, Ether (ETH) price finally reached a bottom at $1,040 on Jan. 22. The sharp correction liquidated $600 billion worth of future contracts but interestingly, Ether price rebounded to a new all-time high even as Bitcoin price continues to trade in a slight downtrend. According to Cointelegraph, the increasing TVL and transaction volumes of the decentralized finance sector are behind Ether’s impressive surge.
To determine whether the recent pump reflects a potential local top, we’ll take a closer look at on-chain flows and derivatives data. Exchange withdrawals point to whale accumulationIncreasing withdrawals from exchanges can be caused by multiple factors, including staking, yield farming, and buyers sending coins to cold storage. Usually, a steady flow of net deposits indicate a willingness to sell in the short-term. On the other hand, net withdrawals are generally related to periods of whale accumulation.
As the above chart shows, on Jan. 23, centralized exchanges recently reached their lowest Ether reserve levels since November 2018. Although there is some discussion whether part of this Ether exodus is an internal transfer between Bitfinex cold wallets, there has been a clear net withdrawal trend over the past month. Despite these ‘rumors’, the data points towards accumulation. This data also coincides with the DeFi’s total value locked (TVL) reaching a $26 billion all-time high and signals investors chose to take advantage of the lucrative yield opportunities that exist outside of centralized exchanges. Futures were overboughtBy measuring the expense gap between futures and the regular spot market, a trader can gauge the level of bullishness in the market. The 3-month futures should usually trade with a 6% to 20% annualized premium (basis) versus regular spot exchanges. Whenever this indicator fades or turns negative, this is an alarming red flag. This situation is known as backwardation and indicates that the market is turning bearish. On the other hand, a sustainable basis above 20% signals excessive leverage from buyers, creating the potential for massive liquidations and eventual market crashes.
The above chart shows that the premium peaked at 6.5% on Jan. 19, equal to a 38% annualized rate. This level is considered extremely overbought, as traders need an even higher price increase ahead of expiration to profit from it. Overbought derivatives levels should be considered a yellow flag, although maintaining them for short periods is normal. Traders might momentarily exceed their regular leverage during the rally and later purchase the underlying asset (Ether) to adjust the risk. One way or another, the market adjusted itself during the Ether price crash, and the futures premium currently stands at a healthy 4.5% level, or 28% annualized. Spot volume remains strong and traders bought the dipIn addition to monitoring futures contracts, profitable traders also track volume in the spot market. Typically, low volumes indicate a lack of confidence. Therefore significant price increases should be accompanied by robust trading activity.
Over the past week, Ether has averaged $6.1 billion in daily volume, and while this figure is far from the $12.3 billion all-time high seen on Jan. 11, it is still 240% higher than December’s. Therefore, the activity supporting the recent $1,477 all-time high is a positive indicator. Exchange-provided data highlights traders’ long-to-short net positioning. By analyzing every client’s position on the spot, perpetual and futures contracts, one can obtain a clearer view of whether professional traders are leaning bullish or bearish. With this said, there are occasional discrepancies in the methodologies between different exchanges so viewers should monitor changes instead of absolute figures.
The top traders index at Binance and Huobi have held roughly the same Ether position over the past couple of days. Huobi’s average over the past 30 days has averaged a 0.83 long-to-short ratio while at Binance traders held a 0.94 average. The current reading at 0.85 indicates a slight negative sentiment. OKEx stands out as the top traders long-to-short ratio peaked at 2.0, strongly favoring longs in the early hours of Jan. 22, but it decreased until Jan. 24 and finally bottomed at 1.05. The strong net selling trend was reverted today as traders bought the dip and the indicator flipped to 1.17 in favor of longs. One should keep in mind that arbitrage desks and market makers encompass a vast portion of the exchanges’ top traders metric. The unusually high futures premium would incentivize those clients to create short positions in futures contracts while simultaneously buying Ether spot positions. Considering Ether’s on-chain data indicating whales hoarding, along with the healthy futures contracts premium, the market structure seems reliable. The fact that top traders at OKEx also bought today’s dip is further indication that the rally should see continuation. 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: 3 reasons why Ethereum price is still on track to top $2,000 3 reasons why Ethereum price is still on track to top $2,000 3 reasons why Ethereum price is still on track to top $2,000 was originally published here https://allthetopnews.wordpress.com/2021/01/26/3-reasons-why-ethereum-price-is-still-on-track-to-top-2000/ 3 reasons why Ethereum price is still on track to top $2,000 was originally published here https://amyjimenez0.blogspot.com/2021/01/3-reasons-why-ethereum-price-is-still.html
Why traders say Ethereum may see a ‘rinse’ pullback after breaking its two-year high
Why traders say Ethereum may see a ‘rinse’ pullback after breaking its two-year high Why traders say Ethereum may see a ‘rinse’ pullback after breaking its two-year high Several traders believe that the price of Ether (ETH) could pull back after it achieved a new all-time high on Jan. 25, gaining nearly 100% in January. Ether has outperformed Bitcoin (BTC) so far this year, buoyed by the growing number of users on Ethereum. Primarily due to the growing demand for DeFi, the Ethereum network has seen an increase in user activity and transaction volume.
This has also led the popularity of the term “Ethereum” to increase significantly on Google Trends, breaking its previous high from January 2018.
Ether pulls back against Bitcoin as BTC begins to rallyIn the past week, the price of Ether has seen some inverse correlation with Bitcoin. The ETH/BTC pair broke out against Bitcoin, hitting the highest levels since September 2019. But oftentimes, when the price of Bitcoin rose, ETH pulled back, and vice versa. When Bitcoin rallied, altcoins also performed poorly, which suggests that profits are flowing into and out of Bitcoin based on market sentiment. If the market is more confident and is attracted to high-risk bets, then altcoins tend to rally while Bitcoin consolidates. Hence, when the market becomes focused on Bitcoin once again, altcoins and Ether typically consolidate, as BTC sees an explosive upside movement. On Jan. 25, Bitcoin broke out of its four-day range, rising by more than 7% on the day. In the same period, the ETH/BTC pair dropped by around 4.9%. Loma, a cryptocurrency trader, said that the price action of ETH suggests a pullback is likely to flush late buyers. He said: “Something about this $ETH PA tells me we’re going to rinse some ATH breakout longs over the next few days.” The trader predicted the drop as ETH surpassed $1,470, and the price of ETH has dropped by more than 5% since. Record options expiry comingA variable that could affect the near-term price trend of Ether is a record options expiry. Around $400 million worth of options is set to expire on Jan. 29. Considering that many traders are likely to adjust their positions before the expiry, ETH could see a big spike in volatility. The expiry may play into ETH’s favor or could place selling pressure on it. If the price of ETH drops steeply in the coming days and pushes it toward the max pain price at $800, then it could amplify the downtrend of ETH.
The term “max pain” in options refers to the price point where the highest number of traders would face the most losses. ETH is highly unlikely to fall by nearly 50% to $800 by Jan. 29, especially considering its momentum. But due to the unprecedented demand for ETH and the cryptocurrency’s high volatility, a minor pullback before the expiry could have a negative impact on the short-term price cycle of ETH. The fundamentals for ETH still remain strong, however, as analysts at Intotheblock said. They wrote: “The price of #Ethereum broke a new ATH today of $1,475. On Friday, we wrote about a few of the reasons why we are bullish on $ETH including: – Increasing supply scarcity – DeFi exponential growth throughout 2020 – Network adoption and growth.”Title: Why traders say Ethereum may see a ‘rinse’ pullback after breaking its two-year high Why traders say Ethereum may see a ‘rinse’ pullback after breaking its two-year high Why traders say Ethereum may see a ‘rinse’ pullback after breaking its two-year high was originally published here https://allthetopnews.wordpress.com/2021/01/25/why-traders-say-ethereum-may-see-a-rinse-pullback-after-breaking-its-two-year-high/ Why traders say Ethereum may see a ‘rinse’ pullback after breaking its two-year high was originally published here https://amyjimenez0.blogspot.com/2021/01/why-traders-say-ethereum-may-see-rinse.html
ETH breaks out vs. Bitcoin — What’s next for Ethereum after 100% gain in January?
ETH breaks out vs. Bitcoin — What’s next for Ethereum after 100% gain in January? ETH breaks out vs. Bitcoin — What’s next for Ethereum after 100% gain in January? The price of Ether (ETH), the native cryptocurrency of the Ethereum blockchain network, achieved a new all-time high on Jan. 25. At the same time, technical analysis shows that the ETH/BTC pair is breaking out of its multi-year downtrend hitting the highest levels since September 2019, which should be great news for altcoins in general.
The higher highs come less than a week after ETH/USD finally broke its all-time high, surpassing $1,400 for the first time in three years. Community sentiment is extremely positiveThe sentiment around Ethereum has become significantly positive after ETH managed to break its previous record price set in January 2018. Anthony Sassano, a long-time Ethereum investor and the head of marketing at Set Protocol, said that the rally is representative of the groundwork accomplished by developers in the Ethereum ecosystem throughout the past three years.
Throughout the 2019 bear cycle, ETH was hit the hardest among other large-cap cryptocurrencies. It consistently underperformed against BTC, struggling to gain upside momentum. But the newfound momentum as a result of the rising demand for DeFi has allowed ETH to outperform Bitcoin in the recent bull cycle. Sassano said: “This may be hard to believe but the main reason I get so giddy about $ETH going up in price is not the profits. It’s the fact that so many dedicated Ethereum community members spent 3 long years building during a brutal bear market. And now their work is being rewarded.” On-chain data also demonstrate a similar trend alongside numerous other indicators that suggest the ETH price rally may only be beginning. For example, according to researchers at Santiment, the development activity on Ethereum followed a similar trajectory as the price of ETH.
This trend shows that the ongoing ETH rally is led by strong fundamentals and high developer activity, which makes it more sustainable. The researchers said: “Both #Bitcoin and #Ethereum have made respective runs of dominance over one another here in January. We’ve just noted that each projects’ #Github development activity rate is fluctuating closely to the respective price of $BTC and $ETH.” What happens next?Following the rally, analysts say that the momentum of ETH and the Ethereum network’s network effect shows that it is a blue-chip asset in the cryptocurrency market. Alex Saunders, a cryptocurrency investor, said that “most agree” about Ethereum’s qualities as a blue-chip asset. He said: “2 year ago $ETH fell 90% in 9 months & hit $80. Most had written it off. Yet here we are at new ATH $1500, it’s network effects are undeniable & most agree it’s blue chip. Love it.” In the foreseeable future, there are two scenarios for ETH. The price of ETH could rally after the CME futures listing in February, due to large institutional capital inflows. On the other hand, ETH could also see a pullback after breaking its all-time high, as the momentum of the ETH/BTC pair cools down. For example, the pair pulled back on Jan. 21 shortly after Ether broke its all-time high in the USD pair. There is a case to be made that the Bitcoin dominance index begins to rebound after a two-month-long altcoin season, which could lead ETH to see a consolidation phase in the short term. Title: ETH breaks out vs. Bitcoin — What’s next for Ethereum after 100% gain in January? ETH breaks out vs. Bitcoin — What’s next for Ethereum after 100% gain in January? ETH breaks out vs. Bitcoin — What’s next for Ethereum after 100% gain in January? was originally published here https://allthetopnews.wordpress.com/2021/01/25/eth-breaks-out-vs-bitcoin-whats-next-for-ethereum-after-100-gain-in-january/ ETH breaks out vs. Bitcoin — What’s next for Ethereum after 100% gain in January? was originally published here https://amyjimenez0.blogspot.com/2021/01/eth-breaks-out-vs-bitcoin-whats-next.html
ETH breaks out vs. Bitcoin — What’s next for Ethereum after 100% gain in January?
ETH breaks out vs. Bitcoin — What’s next for Ethereum after 100% gain in January? ETH breaks out vs. Bitcoin — What’s next for Ethereum after 100% gain in January? The price of Ether (ETH), the native cryptocurrency of the Ethereum blockchain network, achieved a new all-time high on Jan. 25. At the same time, technical analysis shows that the ETH/BTC pair is breaking out of its multi-year downtrend hitting the highest levels since September 2019, which should be great news for altcoins in general.
The higher highs come less than a week after ETH/USD finally broke its all-time high, surpassing $1,400 for the first time in three years. Community sentiment is extremely positiveThe sentiment around Ethereum has become significantly positive after ETH managed to break its previous record price set in January 2018. Anthony Sassano, a long-time Ethereum investor and the head of marketing at Set Protocol, said that the rally is representative of the groundwork accomplished by developers in the Ethereum ecosystem throughout the past three years.
Throughout the 2019 bear cycle, ETH was hit the hardest among other large-cap cryptocurrencies. It consistently underperformed against BTC, struggling to gain upside momentum. But the newfound momentum as a result of the rising demand for DeFi has allowed ETH to outperform Bitcoin in the recent bull cycle. Sassano said: “This may be hard to believe but the main reason I get so giddy about $ETH going up in price is not the profits. It’s the fact that so many dedicated Ethereum community members spent 3 long years building during a brutal bear market. And now their work is being rewarded.” On-chain data also demonstrate a similar trend alongside numerous other indicators that suggest the ETH price rally may only be beginning. For example, according to researchers at Santiment, the development activity on Ethereum followed a similar trajectory as the price of ETH.
This trend shows that the ongoing ETH rally is led by strong fundamentals and high developer activity, which makes it more sustainable. The researchers said: “Both #Bitcoin and #Ethereum have made respective runs of dominance over one another here in January. We’ve just noted that each projects’ #Github development activity rate is fluctuating closely to the respective price of $BTC and $ETH.” What happens next?Following the rally, analysts say that the momentum of ETH and the Ethereum network’s network effect shows that it is a blue-chip asset in the cryptocurrency market. Alex Saunders, a cryptocurrency investor, said that “most agree” about Ethereum’s qualities as a blue-chip asset. He said: “2 year ago $ETH fell 90% in 9 months & hit $80. Most had written it off. Yet here we are at new ATH $1500, it’s network effects are undeniable & most agree it’s blue chip. Love it.” In the foreseeable future, there are two scenarios for ETH. The price of ETH could rally after the CME futures listing in February, due to large institutional capital inflows. On the other hand, ETH could also see a pullback after breaking its all-time high, as the momentum of the ETH/BTC pair cools down. For example, the pair pulled back on Jan. 21 shortly after Ether broke its all-time high in the USD pair. There is a case to be made that the Bitcoin dominance index begins to rebound after a two-month-long altcoin season, which could lead ETH to see a consolidation phase in the short term. Title: ETH breaks out vs. Bitcoin — What’s next for Ethereum after 100% gain in January? ETH breaks out vs. Bitcoin — What’s next for Ethereum after 100% gain in January? ETH breaks out vs. Bitcoin — What’s next for Ethereum after 100% gain in January? was originally published here https://allthetopnews.wordpress.com/2021/01/25/eth-breaks-out-vs-bitcoin-whats-next-for-ethereum-after-100-gain-in-january/ ETH breaks out vs. Bitcoin — What’s next for Ethereum after 100% gain in January? was originally published here https://amyjimenez0.blogspot.com/2021/01/eth-breaks-out-vs-bitcoin-whats-next.html |
Amy Jimenez
My name is Amy Jimenez, and I am the main writer behind the” allthetopnews.com” for the ground-breaking and most fragile bits of knowledge into the most recent news in the services sector. I began my voyage of work as an autonomous investment advisor. I had around 4 years of involvement in this field. I am a free soul so; my energy for investigating the world has taken me to the countries over the globe and allowed me to report for a part of the best news affiliations. At present, I am a full-time manager as experienced in the account and began to utilize my capacities. Archives
March 2022
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