In an exclusive ask-me-anything session with Cointelegraph Markets Pro on Discord, Paddy Carroll discussed virtual real estate sales, roadmaps, tokenomics and more regarding the upcoming Bloktopia metaverse.
Bitcoin and most major altcoins are attempting a recovery, but higher levels are still likely to attract strong selling.
After one of its most bloody days in 2021, Bitcoin is trying to reclaim critical support above $58,000. A daily close north of this target could push BTC’s price back to the $60,000, but still a long way from a confirmed recovery. Related Reading | Shakeout Or Top? Here’s What Bitcoin SOPR Says About It As of press time, Bitcoin trades at $58,137 with sideways movement in the daily chart. Bitcoin started its downward trend immediately after scoring a new-all time high at $69,000. The benchmark crypto lost support at $60,000 after a relentless battle between bulls and bears and took another leg down finding support at $55,600. As many experts claimed, the market was over-leverage and open for a liquidation cascade, as it happened in May and July this year. Since then, the price of Bitcoin has dropped around 17.26% from its ATH. In turn, the general sentiment in the market has taken a dip, but still remains fairly optimistic. Funding rates across crypto exchange platform turned neutral suggesting that short-term traders have been shakeout, at some extent. On average, Bitcoin has experience 27%, 24%, and 54% correction from its all-time high, according to data from UTXO Management. This metric, combine with the neutral funding rates, suggest BTC could see more downside price action. In the short term, Bitcoin has support on $55,000 with seemingly the road clear for a bounce into $60,000. The sustainability of this upward movement has been put under questioning, as some believe there is still too much leverage in the market getting in the way of a fresh all-time high. Related Reading | Shakeout Or Top? Here’s What Bitcoin SOPR Says About It On-Chain analyst Jan Wuestenfeld said the following about BTC and the current state of the market: So far, the drawdown of #Bitcoin’s price is comparably minimal. #Bitcoin and crypto Twitter are still relatively calm. If you go just by that, the price might be in for some more downward moves before we reach levels of desperation that shake out the last weak hands. Bitcoin (BTC) On A Multi Year Bull Market In the long term, the general consensus seems to be that Bitcoin still moves on a bullish trajectory. From a low at $3,000 in 2021 to an ATH near $70,000, the benchmark crypto maintains its fundamentals and benefit from a favorable macro-economic outlook for risk assets. Inflation concerns seem to be driving more people into crypto as a hedge against its rise and a mechanism to generate yield as trust in financial institutions diminishes. At the same time, the U.S. dollar has strengthened in the past 2 weeks due to an increase in macro risk, an extended rally could make Bitcoin rise to uncharted territory more difficult. Related Reading | Bitcoin Resumes Decline, What Could Trigger More Downsides The benchmark crypto seems poised for more gains in Q4 this year, but the market could demand another blood sacrifice. Senior Commodity Strategist for Bloomberg Intelligence Mike McGlone believes $50,000 will operate as support for BTC meanwhile $100,000 as resistance as the cryptocurrency consolidates another year in appreciation. #Bitcoin Bull and $50,000 Support vs. $100,000 Resistance in 2022 – Bitcoin is approaching 2022 in what we view as simply a bull market. The nascent technology/asset is experiencing increasing adoption vs. declining supply and showing signs of maturation. pic.twitter.com/pyJ5L6l5L0 — Mike McGlone (@mikemcglone11) November 19, 2021
We’ve all seen these type of posts – “if you had invested $100 in each of these one year ago, this is how much they’d be worth today”. Which then depresses you because you’re sat on the toilet hiding from your 9 to 5 job, when you could be sat on a private island beach,…
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While no longer the leader of the Democratic Party, Hillary Clinton’s comments on crypto could have the potential to create more partisanship among lawmakers regulating digital assets.
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Bitcoin price has now declined to $56k; does that mean a top is in? Or is this just a shakeout? Here’s what the SOPR indicator says about it. The Bitcoin SOPR Indicator The BTC Spent Output Profit Ratio (or SOPR in short) is an on-chain indicator that estimates whether investors are selling at a profit or a loss. When the metric’s value is above one, it means coins that were moved during the period were sold, on an average, at a profit. While SOPR values less than one imply the overall market has been selling at a loss during the particular timescale. If the indicator starts trending up, it could mean holders are now realizing their profits and a correction could soon be coming. On the other hand, a downwards trend implies sellers are moving their coins at a loss, and holders with profitable coins may be sitting on to them in hopes of further price appreciation. Related Reading | Bitcoin MVRV Shows Top Isn’t In Yet, BTC Still Has Room To Grow What Does The Indicator Tell Us About Tops And Shakeouts? An analyst has created a chart in a CryptoQuant post that highlights the trend in the value of the indictor over the past year and a half. The trend of the SOPR during the early 2021 run versus now | Source: CryptoQuant As you can see, above are the graphs for a few different versions of the indicator. The STH SOPR and LTH SOPR metrics show whether short-term and long-term holders, respectively, are taking profits or not. The separation between the two types of holders is done on the basis of coin age. Coins that haven’t been moved since 155 days fall into the LTH category. Anything below that is in the STH territory. Now, looking at the above chart, it seems like all the Bitcoin SOPR metrics had high values when the early 2021 top formed. Related Reading | Inflation fears sparks Bitcoin rally before Taproot – Crypto Roundup, Nov 15, 2021 But before the run started, there was a period where the STH SOPR shot up and the other indicators also increased in value. However, there was no top formation here as it was only a pre-bull run shakeout. A trend similar to that seems to be visible in the current time period. The STH SOPR is high right now, but long-term holders don’t seem to be realizing that much profits. This fact makes the analyst believe that the latest decline in Bitcoin’s price was possibly just a shakeout, and not a top formation. Here is a chart that shows the current trend in BTC’s price: BTC’s price continues to plunge down | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
This is a summarized discussion post of an original article done by one of our writes, I haven't posted it anywhere on reddit and do not plan to…. I would like to share it here because of the community. Some fun stats going into 2022 By 2022, worldwide spending on blockchain solutions will reach $11.7…
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This is a summarized discussion post of an original article done by one of our writes, I haven't posted it anywhere on reddit and do not plan to…. I would like to share it here because of the community. Some fun stats going into 2022 By 2022, worldwide spending on blockchain solutions will reach $11.7…
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Much has been said recently about Facebook’s decision to rebrand to Meta, with both arguments for and against but what is without question is the overwhelming effect it has had on the metaverse cryptocurrency market. Over the past couple of weeks, we have seen metaverse cryptocurrencies rally and this looks set to only be the start of this sector’s growth during the rest of 2021 and into 2022. Much of this growth has been the realization of the virtual world becoming more and more attractive for millions of people around the world because of the endless amount of possibilities on offer for users. Axie Infinity (AXS) AXS/USD daily price chart. Source: TradingView Axie Infinity, a blockchain-based trading and battle online digital play-to-earn game, saw its market cap reach up to $8.4 billion before correcting to just over $8 billion. Axie Infinity’s native cryptocurrency token (AXS) rallied off the back of the increased metaverse “fomo” with gains of over 20% to reach a price of $150 dollars before correcting to just over $130 dollars. With Axie being the market leader in the metaverse gaming sector, seeing these types of gains speaks volumes to the newer, lower cap blockchain-based gaming projects as they seek to make a name for themselves throughout the rapidly increasing adoption of play-to-earn games. JEDSTAR (JED) JED/USD daily price chart. Source: TradingView JEDSTAR ($JED), the DeFi token in the gaming project’s DECO (Decentralised Ecosystem) has seen over 200% growth in the last week from $0.3 to over $0.9 and is now at a great entry point for new investors with a market cap of $42 million, looking set to increase further as the development team rolls out new updates. One of these updates includes their STARSTAKING initiative for JED holders that allows investors to stake their tokens and be rewarded up to 120x returns in the new GameFi token KRED. This will be used in their upcoming NFT marketplace AGORA, Collectible Card Game, Metaverse MMORPG game and in a highly exciting partnership with Skill Gaming for STARDOME which will see KRED used as a world’s first CAAS (Currency as a Service) on Skill Gaming’s platform for over 30,000 gamers. With JEDSTAR being a relatively new project compared to that of Axie Infinity, investors have been capitalizing on the opportunity to be an early investor in the project’s upcoming roadmap. When compared to the heights that Axie Infinity has reached in market cap, it speaks to the amount of potential for future growth that the JEDSTAR DECO has ahead of it over the coming weeks and months. Image: Pixabay
