Category: Cryptocurrency News

The first documents to be available on-chain in Buenos Aires include birth and marriage certificates, along with proof of income and academic verification.

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A research firm has revealed an altcoin trading playbook that could serve as a guide for navigating the next cryptocurrency bull run. K33 Research Shares Its Altcoin Trading Playbook In a new post on X, K33 Research (formerly Arcane Research) explained that new altcoins make better trades than old ones. The firm has given a few reasons for why this is so. “In lack of price-driving fundamentals, the narratives and liquidity matter,” explains the research organization. “And new coins generally outperform old coins.” Related Reading: Maker (MKR) Rockets To $1,500 With 15% Surge, Will This Run Continue? K33 Research has used the example of some “Ethereum killers” during the last bull market to show how the newer coins outperform the older ones. The below chart shows how the performance of these coins has been compared (note that the Y-axis, the price, is normalized concerning September 22, 2020, here). How the new vs old Ethereum killers performed during the 2021 bull mark | Source: K33 Research on X From the chart, it’s apparent that Tron (TRX) and EOS (EOS), which were vouched as the Ethereum killers during the 2017/18 bull market, failed to set new all-time highs (ATHs) during the 2021 bull run. However, the new kids on the block, like Solana (SOL) and Avalanche (AVAX), observed much better returns than the old, established altcoins during the latest bull market. Why do old altcoins have difficulty returning to their former glory? According to K33 Research, there are a few factors behind this. First, the coins that have gone through a cycle have many holders at a loss, waiting to come into the green to exit. These underwater investors provide additional selling pressure during rallies that new coins, where everyone is in the green during the initial rally, don’t have to face. The old coins also have to deal with the rising circulating supply because of the token unlocks, which, due to supply-demand dynamics, can hurt the price if the demand side doesn’t catch up. How QTUM’s returns waned over time | Source: K33 Research on X Finally, the research firm notes that old coins are also tied to narratives that have gone out of fashion. On the other hand, new coins are the narratives when they launch and, thus, appear interesting to investors. Related Reading: Bitcoin Bearish Signal: Long-Term Holders Deposit To Exchanges While new altcoins certainly have a leg up to old coins regarding these factors, K33 Research notes that not all such coins make for a good investment. The firm advises investors to look for a few things to know whether a project may be worth investing in. The first thing could be whether or not the total number of holders is rising rapidly for the altcoin. A high amount of adoption means the asset has more steam behind it for building sustainable moves. The firm also says that a low float and high fully dilated value (FDV) should be avoided. ETH Price At the time of writing, Ethereum is trading at around $1,600, up 3% during the past week. ETH has continued to move sideways recently | Source: ETHUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, K33Research.com

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A report from blockchain data analytics platform Chainalysis has revealed that the majority of crypto transactions in the United Arab Emirates (UAE) from July 2022 to June 2023 have been whale transactions, crossing over $1 million each.  Majority Of UAE Crypto Transactions Exceeds $1 million  The report from Chainalysis reveals that institutional investments accounted for the majority of cryptocurrency transactions in the UAE with over 67% from July 2022 to June 2023.  The Institutional investments in the country range from $1 million, followed by professional investments ranging from $10,000 to $1 million, and retail investments which accounted for just 4.63% of cryptocurrency transactions in the country up to $10,000. Related Reading: Analyst Presents 4 Charts That Prove Crypto Is Not Dead Kim Grauer, the Director of Research at Chainalysis shed more light on this significant trend noting that the report marks a significant interest among organizations and high-net-worth individuals in the UAE to add cryptocurrency to their investment portfolios. “The fact that by far the larger portion of crypto investments in the UAE is for institutional and professional-sized transactions, indicates an eagerness from organizations and high-net-worth individuals to add cryptocurrency to their investment portfolios. This market confidence is validation of the efforts being made by the country’s leadership to offer commendable regulatory clarity, and establish the nation as a global crypto hub,” the director said. The report shows that UAE was one of the only countries in the MENA (Middle East and North Africa) region to spot a higher share of crypto activity within the decentralized exchanges than centralized exchanges. The country’s decentralized exchanges activity was over 48% with centralized exchanges accounting for 46%. So far, the country’s crypto market value dropped by 17% over the past year accounting for over $34 billion in crypto market value this year. However, the country still managed to outperform other countries in the MENA region. The Decentralized Finance (DeFi) sector has also seen tremendous popularity in the country since 2022. This further proves that the country has been successful in passing innovation-friendly regulatory frameworks that allow the development of innovative cryptocurrency platforms in the country, with a direction that keeps consumers safe. The country also displayed its interest in Non-Fungible Tokens (NFTs) over time. The report revealed that the country had an impressive number of over 4 million web traffic visits across NFT sites from July 2022 to June 2023, despite the fast declination of NFTs since 2022. Interest in NFT also increased | Source: Chainalysis Chainalysis Cryptocurrency Adoption Ranking On September 12, 2023, Chainalysis released an excerpt based on a variety of parameters to determine the grassroots crypto adoption. The excerpt revealed that most of the countries leading the charge are from the Central & Southern Asia and Oceania (CSAO) region. According to the excerpt, six countries from the CSAO region are among the top 10 leading countries. These include India, Vietnam, the Philippines, Indonesia, Pakistan, and Thailand. Related Reading: Crypto Analyst Predicts Huge Double-Digit Breakout For Bitcoin Price The lower middle-income (LMI) countries were identified to be leading the way in grassroots crypto adoption around the world since last year. The excerpt was released following the data analysis of 154 countries across five sub-indexes around the world. The rankings were then determined by each country’s geometric mean in all five areas, crypto purchasing power, and population strength. Total market cap sitting at $1.037 trillion | Source: Crypto Total Market Cap on Tradingview.com Featured image from Coincu News, chart from Tradingview.com

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The Maker token, MKR, has managed to break the $1,500 level with a sharp 15% rally as on-chain data shows MKR has seen high address activity recently. Maker Has Outperformed Top Coins With 15% Rally In Past Week While giants like Bitcoin have struggled recently, MKR has proven to be different as the coin has observed an impressive run of bullish momentum. Following the latest leg up in the asset’s rally, it has surged past the $1,500 level, a feat it hasn’t replicated since May 2022, almost a year and a half ago now. Related Reading: Bitcoin Bearish Signal: Long-Term Holders Deposit To Exchanges The below chart shows what the asset’s recent rally has looked like: The value of the cryptocurrency has sharply gone up in recent days | Source: MKRUSD on TradingView Out of the top 100 cryptocurrencies by market cap, only Chainlink (LINK) and Curve (CRV) have seen better returns than Maker’s 15% gains during the past week. Even these two assets haven’t seen bullish momentum as consistent as MKR in the past month, though, as MKR’s superb 42% profits in the period notably outshine theirs. Maker Active Addresses Have Hit A 10-Week High According to data from the on-chain analytics firm Santiment, this sharp run in MKR has come alongside a surge in the cryptocurrency’s “active addresses” metric. This indicator keeps track of the daily total number of unique Maker addresses that are taking part in some kind of transaction activity on the blockchain. This metric’s value can simply be looked at as the amount of traffic that the network is receiving every day. When the indicator has high values, it means that a large number of users are participating in the trading activity of the asset. Such a trend implies that interest in the coin is high currently. Now, here is a chart that shows how the active addresses metric has changed for MKR during the past month: Looks like the value of the indicator has shot up over the last few days | Source: Santiment no X From the graph, it’s visible that the Maker active addresses have climbed up alongside the rally in the asset’s price. After the latest increase in the indicator, its value has hit 651, which is the highest observed in around 10 weeks. Generally, for any surge to be sustainable, it requires continued participation from a large amount of traders. Rallies that aren’t accompanied by a sufficient rise in user activity usually run out of steam before long. Related Reading: Bitcoin Mining Now Most Sustainably-Powered Global Industry: Data Since the latest Maker surge has seen an increasing number of addresses becoming active, signs could be looking good for its sustainability. As the price continues its run, though, some investors might be tempted to harvest the high profits that they have amassed. In the same chart, Santiment has also attached the data for the exchange netflow, which shows that some inflows of $7.6 million just have occurred towards centralized exchange platforms, implying that profit-taking may already be beginning. This is a relatively modest amount, but the analytics firm warns that inflows can be something to be cautious about, as they could lead towards at least a temporary top in the price. Featured image from Shutterstock.com, charts from TradingView.com, Santiment.net

Could bullish Ethereum news related to the launch of an ETH futures ETF be the catalyst that triggers a massive breakout of a nearly 16-month long ascending triangle pattern? If the pattern is valid, the target is roughly $4,000 per ETH and a revisit to former all-time highs from the last bull market. VanEck Announces ETH Futures ETF Global asset manager VanEck, known best for its ETFs and Mutual Funds, today revealed the upcoming launch of the VanEck Ethereum Strategy ETF (ETUF). ETUF will be “an actively managed ETF designed to seek capital appreciation by investing in Ether (ETH) futures contracts.” Related Reading: Bloomberg Analysts Say Ethereum Futures ETFs Could Start Trading Soon – Here’s When Rather than investing in spot ETH, the Fund will trade Chicago Mercantile Exchange (CME) ETH futures, and will be managed by the firm’s Head of Active Trading, Greg Krenzer. ETUF will trade on CBOE alongside VanEck’s Bitcoin Strategy ETF (XBTF). And although its inception of November 15, 2021 marked the end of the bull market in crypto, the introduction of Ethereum futures has the potential to kickstart the next bull run. Ether’s target is $4,000 based on the measure rule | ETHUSD on TradingView.com Ethereum News Catalyst Could Trigger Ascending Triangle Breakout Show me the chart and I’ll tell you the news, is a famous quote from the late Bernard Baruch. The message reflects the fact that the largest technical moves tend to coincide with a news catalyst and vice-versa. Essentially, the a bullish chart pattern could possibly appear before positive news – such as the launch of an ETH futures ETF – while the news itself is the catalyst for a strong breakout. Related Reading: Ethereum Price Prediction for 2023, 2024, 2025, 2030 and Beyond This is precisely what appears to be brewing in ETHUSD charts since June of 2022. Unlike Bitcoin which put in a bottom late in 2022, Ethereum found support about halfway through the year. Since then, Ether has consistently made higher lows, forming a potential ascending triangle chart pattern. Now, the ascending triangle pattern is nearing the two-thirds point from its apex. This increases the chances of a breakout occurring as an Ethereum futures ETF gets launched have increased significantly. All that’s required is a breakout above $2,000 per ETH on higher than normal volume. Based on the measure rules, reaching the target objective could push prices to over $4,000. Tony is the author of the CoinChartist (VIP) newsletter. Sign up for free. Follow @TonyTheBullBTC & @coinchartist_io on Twitter. Or join the TonyTradesBTC Telegram for daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com