Is a strong bull rally in the works?

Ether’s (ETH) price has broken out for the first time in 23 days in its Bitcoin (BTC) pair. It follows a high-profile announcement from Visa to use USDC, a stablecoin based on the Ethereum blockchain.

Although ETH/BTC saw a strong technical breakout, the uptrend has been fueled by firm fundamental catalysts, buoying the short-term bull case for ETH.

Traders think Ethereum will outperform Bitcoin in April

According to the pseudonymous trader known as “Rekt Capital,” Ethereum was close to breaking out of its triangle market structure multiple times since January 2021.

However, every time it attempted to break out of it, ETH saw a fairly large rejection from the resistance area. 

ETH/USD 1-day chart with key lines. Source: Rekt Capital, TradingView.com

For the first time in nearly a month, ETH is beginning to rally past its resistance level at the top of the triangle, marking its third attempt at a breakout in three months. The trader said:

“Broke out from its triangle. But it has rallied straight into red resistance (last resistance before new All Time Highs) And while this resistance could force ETH into a retest of the triangle… A successful retest would likely result in a break past red.”

Rookie, another well-known pseudonymous trader, similarly said that the technical market structure of Ethereum looks optimistic.

The trader explained that he anticipates Ethereum to outperform Bitcoin throughout April to June, considering that it has begun to see momentum on the ETH/BTC pair.

The ETH/BTC pair continuously stagnated since early March, even when Bitcoin saw a strong uptrend to around $60,000.

Now, the ETH/BTC pair has broken out for the first time since March 9, refueling its technical momentum as it heads towards $2,000. Rookie noted:

“Expecting Ethereum to outperform Bitcoin for all of Q2.”

On-chain data is also bullish

Meanwhile, data from Glassnode shows that the number of active Ethereum addresses reached a 1-month high at 33,257.

Ethereum’s active addresses. Source: Glassnode

The increasing number of active addresses indicates that the user activity on the Ethereum blockchain is rising in tandem with the price.

For any blockchain protocol, the rally of its underlying token’s price being supplemented with an increase in user activity is an optimistic trend because a blockchain at its core is a value transfer network.

On top of this, the total value locked in DeFi lending on Ethereum has been consistently surging since 2020. A pseudonymous Ethereum investor and researcher known as DCinvestor said:

“Believe it or not, this was a common refrain a few years ago when DAI went live people didn’t get it, and they eschewed collateralized lending but numbers don’t lie now, it’s becoming the bedrock of a new, hyper-capital efficient world being built out on #Ethereum via #DeFi.”

As long as the user activity on the Ethereum blockchain continues to increase alongside important metrics pertaining to DeFi on Ethereum, the price of ETH would likely reflect the rising demand for its blockchain network.

Since the primary demand for ETH is coming from DeFi as a means to pay for “gas” or transaction fees, the popularity of DeFi would catalyze the value of Ethereum.

EIP1559 is not priced in

— Ξ DavidHoffman.eth (@TrustlessState) March 29, 2021

Commentators also say that the EIP1559 proposal, which is expected to go live in July, is not priced into the price of Ether, which would overhaul Ethereum’s fee market structure and indirectly lead ETH to become more scarce. 

Credit: Source link

source https://cryptonews.wealthsharingsystems.com/2021/04/is-a-strong-bull-rally-in-the-works/

Shocking Reveal: Chris Moneymaker Lied For 18 Years

To the ‘literal moon’? Elon Musk SpaceX tweet gives Dogecoin a 35% lift-off

It may be an April Fool’s prank, but when it comes to meme-based cryptocurrency Dogecoin (DOGE), it hardly matters.

DOGE/USD 1-hour candle chart (Bittrex). Source: Tradingview

Musk: SpaceX taking Dogecoin to “literal moon”

After a fresh tweet from Tesla CEO Elon Musk, DOGE/USD shot up 35% in minutes on April 1, hitting six-week highs.

Musk, newly dubbed the “Technoking” of Tesla, is known for his tongue-in-cheek Dogecoin publicity, and his antics on Twitter and in interviews have already succeeded in boosting the altcoin’s price.

This time was arguably the most overt example of “memeing” a cryptocurrency to the moon, however, as Musk promised that his other company, SpaceX, would “put a literal Dogecoin on the literal moon.”

SpaceX is going to put a literal Dogecoin on the literal moon

— Elon Musk (@elonmusk) April 1, 2021

Immediately, Dogecoin began rising, reaching a peak of $0.07 before cooling off but still retaining the gains.

Having began 2021 at just $0.004, DOGE’s year-to-date gains as of Thursday stood at over 1,500%.

In a perhaps equally unlikely but genuine move, Latvian national carrier AirBaltic announced this week that passengers can now book flights using DOGE, along with several other altcoins. Bitcoin (BTC) has been accepted since 2014.

More than empty promises?

Musk, meanwhile, has found himself in hot water over his Twitter plugs, with reports emerging in February that the mogul was under investigation by U.S. authorities.

He is not the only one to fall foul of the establishment for doing so. As Cointelegraph reported, entrepreneur John McAfee was charged with a raft of offences last month, among which were his daily showcases of various cryptocurrencies on Twitter.

However, it was advertising Dogecoin in particular that got him into trouble, he claimed.

The concept of clamping down on alleged market manipulation remains a sore point among many lay investors in light of the Reddit GameStop debacle, which saw trading platforms prevent investors from transacting in a seemingly ad hoc fashion when their trading provoked heavy volatility.

Credit: Source link

source https://cryptonews.wealthsharingsystems.com/2021/04/to-the-literal-moon-elon-musk-spacex-tweet-gives-dogecoin-a-35-lift-off/

Seven-Deuce Game is ON at Run It Once Poker This April Fool’s Day

NFTs FOMO Lives On: New NFT Polkamon Trades at $140k at Launch

Polkamon, the popular NFT and digital collectibles platform incubated by Moonrock Capital, saw one of its first NFTs trade for 75 ETH, worth more than $140,000.

Top influencers and Youtubers, like the popular Fortnite stramer PWR Lachlan, who has over 1.5 million followers on Twitter alone, bought the newly released NFT.

Purchased my first @Polkamonorg NFT today!

What should I name it? pic.twitter.com/2qtNXJF3uP

— PWR Lachlan (@LachlanYT) April 1, 2021

The fear of missing out (FOMO) around NFTs has noticeably been strengthening in light of celebrities and musicians, in particular, targeting the NFT market.

Polkamon NFT sees big demand

New Beeple NFTs have been selling out instantly and uniquely branded NFTs, like Polkamon, have seen significant interest from celebrities in recent weeks.

Each Polkamon is backed by a unique NFT through the PMON token, making each collectible inimitable and authentic.

Similarly, other branded NFTs, like Cyberpunks and Hashmasks have seen large demand throughout the past month.

Before its IDO on Polkastarter, the Polkamon team said that 111,000 unique addresses participated in the popular #ClaimYourEgg campaign. They said:

“It’s only been a few short days since we announced our #ClaimYourEgg campaign, and already we are making history with more than 111,000 unique addresses having claimed their mysterious Polkamon egg. In gas fees alone, we estimate Polkamon fans have spent more than $1 million claiming eggs for their chance to participate in our upcoming IDO on Polkastarter this March 31st.”

NFTs are really getting mainstream

Unlike the NFT cycle in 2017 and 2018, NFTs are getting attention from some of the most popular celebrities, musicians, and entrepreneurs in both Asia and the U.S.

Calvin Harris and video director Emil Nava, for instance, told Billboard in a recent interview that NFT is a “whole new tool for creativity” that has not been realized yet.

Harris and Nava said:

“With the visuals, me and Calvin both have a big shared love for nature. That’s a big thing that we’ve always loved and we’ve always explored in everything…When we started talking about what we could make together, obviously instantly we were thinking about nature and thinking about feelings that we want to evoke for the visuals, and we came to this idea of these amazing fish which we both fell in love with. When I first realized the scope — I mean, I haven’t really realized the scope of what an NFT can be, I don’t think any of us really have. I thought ‘wow, this is a whole new tool for creativity that isn’t policed by radio or streaming, or someone from the label or any of this stuff. It’s a whole new avenue that you can really just put out whatever you want, and that’s kind of how music should be but it really isn’t.

The price of Ethereum has been surging since yesterday. Source: ETHUSD on TradingView.com

Credit: Source link

source https://cryptonews.wealthsharingsystems.com/2021/04/nfts-fomo-lives-on-new-nft-polkamon-trades-at-140k-at-launch/

April Bulls Day? Bitcoin just closed its best March and Q1 in 8 years

Bitcoin (BTC) has seen its most successful Q1 in eight years as the Ides of March fail to materialize for hodlers.

Data published by analytics resource Bybt as Q1 2021 came to an end showed that BTC/USD gained more in the first three months of this year than any since 2013.

BTC price gains 103% in Q1

Despite not reclaiming all-time highs before Q2 began, Bitcoin put in a rare performance this March — normally, that month sees negative returns.

BTC/USD monthly returns chart. Source: Bybt

Not only did the largest cryptocurrency rise by nearly 30% this time around, it also posted its highest price in history of $61,700.

Zooming out, Q1 2021 saw only green candles each month for a combined quarterly rise of 103.1%. The last year to surpass this was also 2013 when the price was under $100, with a Q1 performance of 539%.

BTC/USD 1-month candle log chart (Bitstamp). Source: Tradingview

Anticipation for the next few months is already building. Q2 is traditionally the strongest time of the year for Bitcoin with only two years seeing negative returns, both less than 10%. The target to beat is from 2019, which delivered 159% gains, and is the best Q2 since 2013.

Right on track

Simply studying raw returns data thus fuels a sense that Bitcoin is performing exactly as expected in the year after a block subsidy halving, traditionally its strongest in each four-year halving cycle.

Comparing this cycle to previous ones — and 2021 to 2013 and 2017 — meanwhile shows that regardless of all-time highs, Bitcoin has actually done nothing out of the ordinary.

Uploading the latest version of a chart showing price movements after each halving, quant analyst PlanB put to rest concerns that BTC/USD has gained too quickly in recent months.

“Bitcoin currently in between 2013 and 2017 tracks,” he summarized to Twitter followers.

Bitcoin price post-halving comparison vs. stock-to-flow targets. Source: PlanB/ Twitter

As Cointelegraph reported, PlanB’s stock-to-flow price models call for an average price of either $100,000 or $288,000 this cycle, with the former now likely too conservative as a top.

Credit: Source link

source https://cryptonews.wealthsharingsystems.com/2021/04/april-bulls-day-bitcoin-just-closed-its-best-march-and-q1-in-8-years/

Join in Unibet Poker’s Seventh Birthday Celebrations