Altcoins
Crypto Expert Spotlights Top 2 Altcoins For Web 3.0
Published
2 months agoon
By
adminCrypto analyst Michaël van de Poppe recently cast a spotlight on two altcoins poised to significantly impact the Web 3.0 ecosystem. In a detailed exposition shared on X (formerly Twitter), Van de Poppe introduced “modular blockchains” and “DePin” as emerging concepts set to redefine the crypto landscape.
Emphasizing the need for tangible use cases, Van de Poppe stated, “I’m advocating for investing into projects that fulfill actual use cases. Hence why I’m not that much focused on projects within the Gaming, Metaverse, NFT or Meme space, […] I’d rather want to focus on projects that have an actual use case within the financial Web 3.0 ecosystem.”
Crypto + Web 3.0: Modular Blockchains
The conversation around scalability and efficiency in blockchain has led to the emergence of modular blockchains, according to Van de Poppe. He described modular blockchains as “a solution from the previous cycle,” aiming to address the high transaction fees and scalability challenges that have hampered platforms like Ethereum.
“Remember the high gas fees we were paying during the bull run on Ethereum? Yes, that’s where Layer 2’s and modular blockchains started to come from as a potential solution for this problem,” Van de Poppe explained. By splitting traditional processes handled by a single layer, modular blockchains promise a substantial improvement in transactions per second, addressing the core scalability trilemma of decentralization, scalability, and security without compromising on any.
Spotlight On TIA And CQT
Among the projects leading the charge in this new era, Celestia (TIA) and Covalent (CQT) emerged as favorites of Van de Poppe.
TIA, according to Van de Poppe, stands out as a frontrunner in the modular blockchain space. “One of my favorites is TIA, which enhances the potential of modular blockchains,” Van de Poppe states, underscoring the project’s ambition to redefine scalability and efficiency in blockchain technology.
Covalent, in particular, is praised for its comprehensive toolkits for developers, which include Block Explorer Kits named GoldRush and analytics dashboards like Increment. “Covalent aims to build on the DePIN ecosystem, which means decentralized physical infrastructure networks, essentially laying the foundational layer of the entire financial Web 3.0 Ecosystem,” Van de Poppe remarked.
Delving deeper into Covalent’s contributions, Van de Poppe highlighted the project’s ambition to secure a structured dataset from over 215 blockchains and integrate AI through the analysis of 100 billion transactions. This integration is aimed at fostering AI consumption, training, and product development.
“Promoting decentralized indexing, Covalent enhances network resilience and reduces reliance on central entities,” he noted, underscoring the project’s commitment to decentralization. Furthermore, the activation of a Revenue Fee Switch connected to the Premium API since February signifies Covalent’s economic model’s maturity and its efforts to achieve complete Ethereum Virtual Machine (EVM) state data retrievability.
Price Analyses
The CQT price rose above the 20- and 100-week EMA in mid-February, generating bullish momentum. The price is now targeting the 0.236 Fibonacci retracement level at $0.53 on the 1-week chart. However, it is worth noting that the price is still around 80% away from its all-time high despite the bullish sentiment in the crypto market.
For Celestia (TIA), the situation looks quite different. The price is only 20% below its all-time high and is trading above the 0.236 Fibonacci retracement level on the 1-day chart.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Altcoins
Crypto Trader Issues Bitcoin Warning, Says Ethereum Liquid Staking Project Flashing Short-Term Bullish Signal
Published
9 hours agoon
April 27, 2024By
adminA popular crypto trader says a liquid staking service for the Ethereum (ETH) blockchain is flashing a short-term bullish signal.
The analyst Ali Martinez tells his 60,600 followers on the social media platform X that the Tom DeMark (TD) Sequential indicator recently presented a buy signal on Lido DAO’s (LDO) 3-day chart.
“If LDO can hold above $1.85, we could see it rebound toward $3!”
Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of their 13 previous bars or candles.
LDO is trading at $2.05 at time of writing. The 63rd-ranked crypto asset by market cap is up 2.5% in the past week.
Martinez also updates his outlook on Bitcoin (BTC), noting that the top crypto asset presented two sell signals on the 12-hour chart.
“A death cross between the 50 and 100 SMA (simple moving average) and a red 9 candlestick from the TD Sequential.
If BTC falls below $63,300, brace for possible dives to $61,000 or even $59,000.”
A death cross occurs when the 50-day moving average crosses below the 200-day moving average, a sign that the asset could enter a more pronounced bear phase.
Bitcoin is trading at $64,676 at time of writing. The top-ranked crypto asset by market cap is up nearly 2% in the past week.
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Altcoins
Analyst Warns One Crypto Asset Category About To Face a Reckoning, Maps Path Forward for Bitcoin and Hedera
Published
17 hours agoon
April 26, 2024By
adminA widely followed cryptocurrency analyst and trader believes one type of crypto asset is about to implode.
The analyst pseudonymously known as Credible Crypto tells his 391,500 followers on the social media platform X that memecoins could suddenly collapse in value.
“Still a lot of salt in this space despite us being at new all-time high for BTC. Mainly because memes are the ‘only’ alts that have been pumping the last few months. Hearing lots of ‘this cycle is clearly different, it’s a meme supercycle’ etc. and ‘fundamentals don’t matter.’ Lots of people have lost hope on their non-meme alt holdings and the meme reply guys couldn’t be louder.
Three things:
1. We’re going so much higher with this market as a whole.
2. There’s a meme reckoning coming.
3. Other alts will get their turn, in time.”
Next up, the analyst says Bitcoin (BTC) could retest the lower $60,000 range before breaking through the upper trendline resistance.
“And there is our drop. Would like to see us go a bit lower here though before the reversal so ideally we aren’t done just yet. Watching to see how things develop.”
Bitcoin is trading for $64,496 at time of writing, up slightly in the last 24 hours.
Lastly, the analyst says Ethereum (ETH) competitor Hedera (HBAR) could increase more than 90% from the current value.
“Looking for something like this after completing a nice five wave impulse off the lows. Note the first step is a break in lower timeframe market structure to kick things into gear. After that if we can print a higher low we should be able to run it back to the highs.”
Hedera is trading for $0.11 at time of writing, down more than 2% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Altcoin
85% Of Altcoins In “Opportunity Zone,” Santiment Reveals
Published
1 day agoon
April 26, 2024By
adminThe on-chain analytics firm Santiment has revealed that over 85% of all altcoins in the sector are currently in the historical “opportunity zone.”
MVRV Would Suggest Most Altcoins Are Ready For A Bounce
In a new post on X, Santiment discussed how the altcoin market looks based on their MVRV ratio model. The “Market Value to Realized Value (MVRV) ratio” is a popular on-chain indicator that compares the market cap of Bitcoin against its realized cap.
The market cap here is the usual total valuation of the asset’s circulating supply based on the current spot price. At the same time, the latter is an on-chain capitalization model that calculates the asset’s value by assuming the “true” value of any coin in circulation is the last price at which it is transferred on the blockchain.
Given that the last transaction of any coin would have likely been the last time it changed hands, the price at its time would act as its current cost basis. As such, the realized cap essentially sums up the cost basis of every token in the circulating supply.
Therefore, one way to view the model is as a measure of the total amount of capital the investors have put into the asset. In contrast, the market cap measures the value holders are carrying.
Since the MVRV ratio compares these two models, its value can tell whether Bitcoin investors hold more or less than their total initial investment.
Historically, when investors have been in high profits, tops have become probable to form, as the risk of profit-taking can spike in such periods. On the other hand, a dominance of losses could lead to bottom formations as selling pressure runs out in the market.
Based on these facts, Santiment has defined an “opportunity” and “danger” zone model for altcoins. The chart below shows how the market currently looks from the perspective of this MVRV model.
The data for the MVRV divergence for the various altcoins | Source: Santiment on X
Under this model, when the MVRV divergence for any asset on some timeframe is higher than 1, the coin is considered to be inside the bullish opportunity zone. Similarly, if it is less than -1, it suggests it’s in the bearish danger zone.
The chart shows that MVRV divergence for a large part of the market is in the opportunity zone right now. As the analytics firm explains,
Over 85% of assets we track are in a historic opportunity zone when calculating the market value to realized value (MVRV) of wallets’ collective returns over 1-month, 3-month, and 6-month cycles.
Thus, if the model is to go by, now may be the time to go around altcoin shopping.
ETH Price
Ethereum, the largest among the altcoins, has observed a 3% surge over the past week, which has taken its price to $3,150.
Looks like the price of the asset has gone up over the last few days | Source: ETHUSD on TradingView
Featured image from Shutterstock.com, Santiment.net, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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