Tag: surge
Ethereum Slumps 5% as Merge Surge Falters
After reclaiming the $2,000 level last week amid mounting anticipation for its upcoming Merge event, Ethereum has slipped over the past 24 hours.
TA: Bitcoin Price Aims Higher, Why BTC Could Surge Past $25K
Bitcoin is gaining bullish momentum above $24,500 against the US Dollar. BTC could gain bullish momentum if it clears the $25,000 resistance zone. Bitcoin started a fresh increase above the $24,200 resistance zone. The price is now trading above the $24,000 level and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $24,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if there is a clear move above the $25,000 resistance. Bitcoin Price Gains Momentum Bitcoin price attempted a fresh increase above the $24,500 resistance zone. BTC gained pace for a move above the $24,800 level, with a close above the 100 hourly simple moving average. The price even spiked above the $25,000 level. A high was formed near $25,045 before there was a downside correction. There was a move below the $24,500 support level. The price declined below the 50% Fib retracement level of the upward move from the $23,600 swing low to $25,045 high. However, the bulls were active near a key support at $24,200. The 61.8% Fib retracement level of the upward move from the $23,600 swing low to $25,045 high acted as a support. There is also a key bullish trend line forming with support near $24,400 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above the $24,000 level and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $24,800 level. The next key resistance is near the $25,000 zone. A close above the $25,000 resistance zone could start another increase. In the stated case, the price may perhaps test the $25,800 resistance. Any more gains might send the price towards the $26,200 level. Dips Supported in BTC? If bitcoin fails to clear the $25,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $24,600 level. The next major support now sits near the $24,500 level, the trend line, and the 100 hourly SMA. If the bears push the price below the $24,500 support level, there might be a move towards the $24,200 level. Any more losses might send the price towards $23,500 level. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $24,500, followed by $24,200. Major Resistance Levels – $25,000, $25,800 and $26,200.
Polygon Team Reports Apps On The Network Surge By 400%
While the crypto market remains in its winter, some other sectors in the industry are experiencing a steady rise, one of the prominent examples of these sectors is the operational teams in the Polygon network. As of March this year, its total monthly active teams were around 8,000. However, recent data shows that the current monthly active teams for the network as of last month are about 11,800. Meanwhile, the DApps (decentralized applications) on Polygon, the Ethereum scaling platform, has also attained a new high. Based on recent data, the total number of decentralized applications on the blockchain is now 37,000. This figure projects a 400% increase from the beginning of this year. Related Reading: Polkadot (DOT) To Retest $9.88 Resistance – Can Bulls Regain Solid Footing? The blockchain team revealed this through a blog post on Wednesday. Sources stated that the information originated from Alchemy, a partnered web3 development company. The data provides the total number of applications the blockchain has launched on the mainnet and testnet. We’re having quite a year at @0xPolygon 💻 ~500 dApps in November, now 37,000+ with 11.8k active teams. “Many projects are increasingly choosing to build solely on Polygon. Alchemy data shows that 74% of teams integrated exclusively on Polygon”https://t.co/ERiLHJiVdh pic.twitter.com/UzKZPlazWD — Ryan Wyatt (@Fwiz) August 11, 2022 According to the information, the number of active teams on the blockchain has hit 11,800. This figure shows a 47.5% increase in the last four weeks, dating from the end of July. Reports On Polygon DApps Reports from the project team cited an interruption regarding decentralized applications. The integrated teams on the polygon blockchain alone were 74%. On the other hand, those deployed on the blockchain and Ethereum were 26%. Furthermore, the proof-of-stake blockchain is renowned for hosting decentralized applications from several notable projects. These projects include Decentraland, The Sandbox of the Metaverse platform, and NFT marketplace OpenSea. Others include Animoca Brands, an NFT venture gaming/fund company, and Aave, a DeFi lending platform. The reports indicate that the blockchain carries out its hosting tasks through its EVM (Ethereum Virtual Machine). Moreover, over 142 million addresses are attached to the decentralized applications used on the Polygon blockchain. These are more pieces of information drawn from the blog post. Related Reading: Filecoin Cruises Near Resistance, Now Attempts For A Breakout According to the post, these unique user addresses contain up to $5 billion worth of assets secured on the network. Additionally, about 1.6 billion transactions are already carried out on the blockchain. Ryan Wyatt, the CEO of Polygon, has expressed how excited he is about the growth. He revealed this on a Twitter post, noting that the team is experiencing a good year at the company. The Polygon team announced the primary cause of the growth of the decentralized applications earlier this year. They acknowledged that their partnership with the web3 development platform, Alchemy was what facilitated the growth of the DApps. They added that the partnership made it easy for the Polygon developers to build decentralized applications. Featured image from Forbes, Chart from TradingView.com
8liens sweeps NFT market WITH 253% surge, but what of CryptoPunks, BAYC
The wider Ethereum [ETH] NFT market did not note any spine-tingling milestones recently, despite the altcoin hitting $2,000. In fact, sales volumes across ETH NFTs saw a 3.38% fall over the last 24 hours, according to CryptoSlam. However, there was some eye-catching activity in the same ETH NFT market. No, it was not about Crypto […]
Price of wine will surge 10 per cent after wildfires and droughts scorched vineyards across Europe
David Gates, CEO of Direct Wines and parent company Laithwaites, says a bottle of red or white from favourites France, Italy and Spain will only get more expensive if the heat and drought continue.
Decoding reasons behind MATIC’s latest price surge
Over the last week, MATIC has been trying to post positive gains. Even though the bears have the upper hand, the momentum is not entirely in favor of the sellers. Notably, MATIC was 0.39% down within the past one hour of press time. However, it was still 5.61% up in the last seven days. Well, […]
Is it foolish to expect a massive Ethereum price surge pre- and post-Merge?
Backwardation in Ethereum futures shows traders expect ETH to surge, and everyone wants the “free” proof-of-work hard-fork coins, but investors should also keep an eye on the bears.
Is The Bitcoin Surge Due To An External Reason? What The Data Suggests
The world’s first and largest cryptocurrency is making gallant steps towards the greens in a recent outturn of events. Bitcoin is experiencing a sharp rise in price within its market. Recent trading activities got BTC’s price to hit the $24,000 mark. This creates a positive record for the top cryptocurrency across the industry. Though Bitcoin is making a tremendous improvement in value, its number of active addresses seems to be downtrend. The sudden growth in price for BTC likely has little connection with the overview of the crypto market. This upward trend occurs due to external pushes that spiked the price. But the irony is that there is no notable rise in the number of its active wallets. Related Reading: Ethereum Open Interest Nears All-Time Highs Ahead Of Merge Records from on-chain reports show that Bitcoin’s number of active wallets is relatively low. Crypto Quant, an on-chain analytics firm, gave its data indicating a downward move for the active addresses. It reports that new contracts are emerging in the futures market as prices keep surging. This contradicts the current trend in the crypto futures market that depicts increasing momentum. Since the spike is not from an internal influence, the sustainability of the present positive pressure and price rise is quite unclear. With new contracts opening, the futures market is experiencing higher crypto prices. Also, cryptocurrency short-term investors are taking up positions within the futures market. Such activities are invariably creating spikes in prices. Hence, the significant market price increase is the final outplay of the sudden rise in buying positions. Possible Reversal On Bitcoin Short-Term Speculation Additionally, the speculations on the short term in the futures market could make for a fast reversal at any point. Such indications could twist prices in the future in any direction. The report from analytics firm Crypto Quant also confirms that using directional bets at the moment as it concerns vital macro data poses increasing doom. There are high possibilities of swift directional change in the short term. Hence, the importance of achieving sustainability would depend more on risk management. Currently, the value of BTC is slightly above $24,000. The impact of macroeconomic activities during the week could trigger volatility in the Bitcoin price. Also, the U.S. inflation data, due on Wednesday, has a role in the overall outcome. Related Reading: Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance? Conversely, there seems to be a more accurate indication of the BTC price forecast for August. According to the community predictions, Bitcoin could hit the $28,000 level by the end of the month. Featured image from Pixabay, chart from TradingView.com
Bitcoin Surge Towards $24k As CPI Report Show Inflation Cooling
Bitcoin surged after July’s CPI data showed that inflation has started to decline after several months of record-breaking rates. Similar to earlier instances, the price of bitcoin climbed close to $24,000. CPI Report Boost Bitcoin Price According to the Consumer Price Index report (CPI) that the U.S. Bureau of Labor and Statistics released on Wednesday, consumer costs remained unchanged, putting inflation at 8.5%. Prior to this, analysts anticipated that the index, which analyzes price changes across a wide range of products and services, would increase by 0.2% to reveal inflation to be 8.7% on an annual basis. After the U.S. Bureau of Labor Statistics released its data on inflation for July, the value of the Dow Jones Industrial Average, Nasdaq, S&P 500, and NYSE indexes all sharply increased. Moreover, the value of precious metals and cryptocurrencies rose on Wednesday. The value of bitcoin surged by nearly 4%, that of gold by 0.35%, and that of silver by 1.43% in relation to the dollar. BTC/USD trades close to $24k. Source: TradingView Inflation as measured by headline CPI increased 0.0 percent month-over-month in July, well below its elevated June monthly rate of 1.3 percent. Monthly core inflation in July fell to 0.3 percent. 1/ pic.twitter.com/6bVTZq7m1W — Council of Economic Advisers (@WhiteHouseCEA) August 10, 2022 According to the Consumer Price Index (CPI) report for July 2022, the Consumer Price Index for All Urban Consumers (CPI-U) increased by 1.3 percent in June but remained steady in July. Before seasonal adjustment, the all items index rose 8.5 percent over the previous 12 months. The report on inflation adds: “The gasoline index fell 7.7 percent in July and offset increases in the food and shelter indexes, resulting in the all items index being unchanged over the month.” President of the United States Joe Biden talked about the CPI figures as well and said that new legislation and domestic semiconductor production had increased the nation’s economic activity. According to Biden, the lack of semiconductors resulted in high pricing for autos last year, which accounted for one-third of core inflation. “America is back leading the way with the CHIPS and Science Law boosting our efforts to make semiconductors right here at home.” Related Reading: Billionaire Mike Novogratz Says Bitcoin At $30,000 Is Unlikely Focus Turns To FOMC Meeting In September Analysts anticipate that core inflation will rise from 5.9% to 6.1%, pushing the Fed to raise interest rates further in September. The CPI data, however, indicates that recent rate hikes are having a cooling effect on the economy. Nevertheless, Citigroup economists predicted another 75 basis point increase, fueled by strong job data and faster pay growth than anticipated. But if core inflation comes in higher than anticipated, there is also a chance for a 100 basis point rise. Federal Funds Effective Rate (Source: FRED) The current CPI rate is 9%, and investor Stanley Druckenmiller said that “Inflation has never come down from above 5% without Fed funds rising above CPI.” The Fed won’t need to raise rates as much as they have thus far this year if inflation has peaked. In response to rising interest rates that slow growth, institutional investors have moved away from more speculative assets like tech stocks and cryptocurrencies and toward investments that are more comparatively stable, such corporate bonds and U.S. Treasuries. Related Reading: TA- Bitcoin Bounced off Key Support After CPI Announcement Featured image from Getty Image, charts from FRED and TradingView.com