Category: Cryptocurrency News

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Welcome to the Daily Discussion. Please read the disclaimer and rules before participating.   Disclaimer: Consider all information posted here with several liberal heaps of salt, and always cross check any information you may read on this thread with known sources. Any trade information posted in this open thread may be highly misleading, and could…
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Titles says it all. I've been following Yieldly, a token on the Algorand blockchain, since last August. I was incredibly bullish on it back then, as I was for everything to do with the Algorand ecosystem. However, after a series of missteps, bad comms, and sketchy incidents from the devs, around Dec-Feb, I lost all…
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Bitcoin’s breakout above $42,000 was short-lived, leading some analysts to suggest that swing trading BTC’s range is the smartest move for now.

Decentralized exchange (dex) volumes have been dropping since December 2021 according to current statistics. However, last month dex trade volumes spiked 2.37% higher than the volumes recorded in February. Despite the brief spike and with only eight days left in April, metrics show this month’s dex volumes will likely be much lower than in March. […]

Some of these NFT collections are so ever-present that they are already part of the collective unconscious. Others, the general public has not even heard about.  What makes an NFT collection valuable? Market capitalization is the potential value of the whole collection, based on its size and the value of the individual pieces. In the case of NFTs, it’s hard to pinpoint, because it’s a volatile market with lots of action all-day-every-day. Agreeing on which are the most valuable #NFTs collections is certainly hard. We created a matrix called “Most Valuable NFTs Collections” and it shows the 20 most valuable collections, sorted by their market capitalization. Access this data for free here: https://t.co/wXJyMCmRBD pic.twitter.com/PyzbPMDKCk — IntoTheBlock (@intotheblock) April 21, 2022 When IntoTheBlock announced their list, they presented it by saying, “Agreeing on which are the most valuable NFTs collections is certainly hard.” Besides market capitalization, the “Most Valuable NFT Collections” list tracks number of owners, volume trade, average price, and number of sales. All of those stats are pretty common when discussing NFTs, but it’s certainly helpful to have them all on an interactive database. The page also displays useful graphs that put everything into perspective, like “All-time Most Traded Collections,” “Collections With Most Unique Owners” and “Booming NFT Collections.” With that being said, let’s dive into each of the collections in the Top 5 and give some insight about them. #1 NFT Collection: Bored Ape Yacht Club At the moment, the BAYC surpassed the all-powerful Cryptopunks as the most valuable NFT collection. This is not surprising, since the Bored Apes became part of popular culture and are on their way to becoming mainstream. On their official site, they describe themselves as “A limited NFT collection where the token itself doubles as your membership to a swamp club for apes. The club is open! Ape in with us.” As with most successful products, the Yuga Labs creation doesn’t come without its share of controversy.  #2 Cryptopunks They might not have been the firsts, but the Cryptopunks are certainly responsible for spearheading and popularizing the NFT movement. At first, you could mint them for free. Nowadays, the average price is 76.64 ETH. On their official site, they describe themselves as “The Cryptopunks are one of the earliest examples of a “Non-Fungible Token” on Ethereum, and were inspiration for the ERC-721 standard that powers most digital art and collectibles.” The creators recently sold the whole collection to Yuga Labs. And, of course, controversy follows this project as well. And, they’re also on their way to mainstream adoption. ETH price chart on Capital.com | Source: ETH/USD on TradingView.com #3 NFT Collection: Mutant Ape Yacht Club At first, these ones were free as well. They came into the scene as a way to reward BAYC members. Owners received an airdrop of “Mutant Serum,” using it they could mint a mutant version of their ape as a completely new NFT. Nowadays, the average price is 32.99 ETH. They don’t have an official site, but this is the NFT collection’s Open Sea page. As you can see by its place on this list, the interest in this collection keeps growing. #4 CloneX The collaboration between legendary Japanese artist Takashi Murakami and “digital artifacts” creator RTFKT is a success like no other. This might have to do with Nike’s recent acquisition of the company. The NFT collection ’s official site doesn’t describe itself, but NFT News does, “CloneX NFT collection is not only equipped for the Metaverse and features high-end avatars, but also marks the beginning of a community-focused environment ” #5 NFT Collection: Moonbirds The newcomer of the bunch is the Moonbirds NFT Collection. Their official site describes them as, “a collection of 10,000 utility-enabled PFPs that feature a richly diverse and unique pool of rarity-powered traits.” Since they’re so new, they’re easily beating all of the other collections in number of daily sales. Of course, the NewsBTC team has been covering the story as it happens. Other NFT collections in the Top 10: Azuki, Sandbox’s LANDs, Doodles, Veefriends, and Meebits. Featured Image: the most valuable list, taken from this tweet | Charts by TradingView

Everscale is the most scalable network in DeFi. With the capacity to process over a million transactions per second, Everscale is able to offer users some of the fastest transaction speeds paired with fractional fees. The Everscale ecosystem includes a cross-chain bridge platform with a unique Universal Bridge mechanism that facilitates liquidity transfers to and […]

The current bitcoin trend can be described as “boring” by a lot of folks in the market. However, it is good to look at what this would mean in a space like the crypto industry that is used to fast-moving prices and quick-changing momentum. While the word “boring” may sound bad to investors who are used to these characteristics, Director of Global Macro at Fidelity, Jurrien Timmer, explains why this could inherently be a good thing for the digital asset. Draw In Institutional Investors The need for institutional investors in bitcoin cannot be overstated. For the digital asset to get to some of the forecasted values, institutional investors moving into the market has become a necessity. But will these institutional investors want to move into a highly unpredictable asset such as bitcoin? Related Reading | Halfway To The Halving: What This Means For Bitcoin In his recent Twitter thread, Timmer explained that a “boring” bitcoin is important if institutional adoption is to be expected. Pointing to the S2F model created by the infamous Plan B, he explains that bitcoin has closely followed this model. However, there is a deviation that is starting to take place. The Director explained that instead of continuing to track the S2F model, BTC had instead started to follow the pink line which marked demand in the chart shared. This meant that as effective as Plan B’s model has been in the past, it seems bitcoin is cutting out a new trend for itself and that is now entirely driven by the demand.  “So, in a more efficient two-way market, Bitcoin should deviate around that pink line, up and to the right,” Timmer explained. BTC sticking close to pink demand line | Source: Twitter Bitcoin Behaving Like A Traditional Asset Now, one of the great gospels of bitcoin is how different the digital asset is from traditional risk assets. Nevertheless, as more time has passed and adoption is growing, it is beginning to behave more like a traditional risk asset. As more understanding comes, the investors who are purchasing the asset move from simply a price standpoint and move towards more efficient accumulation. Timmer notes in his Twitter thread that institutional investors have likely come up with their own models which will help them know when a good time to buy bitcoin is. This could help them map out if they can get a 1.5x or 3x return from buying at a particular price. BTC trading in the mid-$42,000s | Source: BTCUSD on TradingView.com “For instance, If the demand model says that Bitcoin’s intrinsic value is $50k today and $100k two years from now (my thesis), then at $30k Bitcoin is going to look a lot better than at $70k,” he noted. Adding that “Price is what you pay but value is what you get.” Related Reading | How Bitcoin Futures Premiums Exhibit Signs Of Market Exhaustion Timmer closes out his thread explaining that getting the demand curve right would be very important “If indeed price starts to move more closely around an upwardly sloping demand curve.” Featured image from MarketWatch, chart from TradingView.com

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