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Analyst Who Predicted Bitcoin’s 2018 Bottom: Altcoins May Plunge in 2021

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It’s been an incredibly strong year for altcoins thus far. Versus Bitcoin, many have outperformed.

As reported by Bitcoinist previously, the small-cap, medium-cap, and large-cap altcoin indexes from crypto exchange FTX have outperformed Bitcoin since the start of 2020.

Bitcoin vs. altcoins

Bitcoin vs. low-cap, mid-cap, and large-cap altcoins chart shared by cryptocurrency trader Ceteris Paribus (@Ceterispar1bus on Twitter).

Yet a prominent analyst expects this trend to reverse in 2021. He went as far as to say that Bitcoin dominance — the percentage of the crypto market made up of BTC — could surpass 2019’s highs.

Bitcoin Dominance Could Surge in 2021: Analyst

According to a trader, Bitcoin dominance has the potential to surge to 86% heading into the end of 2021/start of 2022.  The analyst attributed this sentiment to Elliot Wave, which is a type of technical analysis suggesting that markets move in predictable waves/cycles due to investor psychology.

The trader that shared this sentiment is the same one that, months before it did, predicted Bitcoin would bottom at $3,200 in 2018.

Bitcoin dominance

Bitcoin dominance analysis by crypto trader @SmartContracter (Twitter handle). Chart from TradingView.com

Altcoins Could Outperform in the Short Run

While the analyst does expect altcoins to strongly underperform Bitcoin in 2021, he shares a different sentiment from a shorter-term perspective.

According to a different chart he posted in the same message, Bitcoin dominance is likely to fall into October of this year. The chart suggests a retracement of Bitcoin dominance to 60%.

“BTC dominance with a clear breakdown and now retest as we saw in late 2019 indicating alt outperformance.”

The chart shows that the measure recently moved below a crucial uptrend, suggesting a move to the downside will follow suit.

Bitcoin dominance

Bitcoin dominance analysis by crypto trader @SmartContracter (Twitter handle). Chart from TradingView.com

The analyst isn’t the only one expecting this.

Prominent blockchain fund Pantera Capital released a June report outlining how altcoins could outperform Bitcoin moving forward.

“We believe that we’re currently in the early innings of a new crypto bull market cycle that should run until at least mid-2021. With proper selection, one can outperform BTC with a diversified portfolio including both large caps like BTC and ETH and small to mid-cap alts even in the early innings of a bull market.”

Pantera’s co-CIOs attributed this sentiment to the fact that along with better technology, there are now protocols supporting “real-world financial use cases.”

“We’re a major proponent of BTC and believe a non-sovereign digital currency is inevitable. But we’re also focused on protocols that are enabling real world financial use cases and believe that most value will accrue to these assets on a long-term basis compared to utility/payment tokens.”

The short to medium-term strength of altcoins against Bitcoin may also be supported by the booming decentralized finance sector.

“DeFi,” as this crypto industry is known, has seen strong adoption over recent months due to new technological innovations, incentives, and a search for yield.

Featured Image from Shutterstock
Price tags: Charts from TradingView.com
Analyst Who Predicted Bitcoin's 2018 Bottom: Altcoins May Plunge in 2021

Source: https://bitcoinist.com/bitcoin-2018-bottom-altcoins-plunge-2021/?utm_source=rss&utm_medium=rss&utm_campaign=bitcoin-2018-bottom-altcoins-plunge-2021

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$1.77 Billion TVL: DeFi Markets Hit All-Time High With as Yield Farming Flourishes

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Decentralized finance markets have reached their highest ever levels in terms of the total amount of crypto collateral locked in smart contracts across the nascent ecosystem.

DeFi: The Quickest Growing Sector in Crypto

The recent liquidity farming craze has catalyzed DeFi markets so much that they have now become the quickest growing sector in the crypto industry. Total value locked (TVL), which is a measure of how much crypto collateral is locked up in smart contracts, has just hit an all-time high of $1.75 billion, according to Defipulse.com.

chart
DeFi Market Overview. Source: DeFi Pulse

So far this year, DeFi markets have grown by over 150% in terms of dollar equivalent TVL. By comparison, cryptocurrency market capitalization has only managed an increase of 37% over the same period.

Ethereum is the foundation of decentralized finance since protocols as DApps, and smart contracts are all based on the network. The amount of ETH locked into DeFi protocols currently stands at 3.1 million, which is equivalent to 2.8% of the total supply.

Bitcoin is also being used in DeFi markets, and the amount of BTC locked up has skyrocketed over the past month. From around 2,000 BTC in May, the amount of Bitcoin invested in DeFi protocols has jumped almost 400% to just below 10k today.

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This collateral has been tokenized onto the Ethereum network in the form of wrapped Bitcoin (wBTC) and a number of other formats that make it ERC-20 compatible. Ultimately, this is bullish for Ethereum though current prices are not reflective of this sentiment and growth.

Liquidity Farming Driving Growth

This surge in progress and popularity is the direct result of liquidity farming, which is where speculators and investors supply liquidity to lending and borrowing platforms in exchange for bank-busting interest rates and a share of token distribution incentives.

Compound Finance was the first DeFi platform to popularize this trend when it started distributing COMP tokens in the middle of June. From a seed price of around $16, COMP surged to top out at around $325 before falling back to $175, where it currently trades according to Uniswap.info. The protocol distributes 2,880 tokens per day to users who have deposited crypto collateral or taken out a crypto loan.

Balancer followed suit a week or so later with its own token distribution, which saw BAL token prices surge from $0.16 to a peak of over $17 in just a day or two. Total value locked on the platform has surged 280% over the past couple of weeks as the yield farming frenzy gathers momentum.

Other DeFi platforms such as bZx, Curve, and Kyber Network are also working on their own governance-based tokenomics though all eyes are on the other big two platforms, Uniswap and Aave. DeFi is currently the hottest thing in the crypto industry, and it is only just beginning to gain traction. A new milestone of $2 billion locked up is likely to be hit this month if the current momentum continues.

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Source: https://cryptopotato.com/1-77-billion-tvl-defi-markets-hit-all-time-high-with-as-yield-farming-flourishes/

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Recently-appointed Blockchain Australia CEO elaborates on the future for blockchain

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Steve Vallas, who was appointed to the top spot this month, speaks about the importance of revamping the perception of blockchain, its utility in the post-pandemic world, and more

Blockchain Australia, the end to end Blockchain Consulting and Technology company, recently appointed Steve Vallas as their Chief Operating Officer (CEO). In an interview with Coin Telegraph, the newly-appointed CEO explained his vision for the future of Blockchain Australia and the future direction of the industry.

Vallas said that building up public confidence in blockchain and improving the image of the technology among businesses and governments across the world topped his to-do list.

Steve Vallas replaces Nick Giurietto, who led Blockchain Australia for the last five years in the top spot. Vallas, who is a qualified lawyer and blockchain technology strategist, has worked as an industry coach and mentor for multiple universities and accelerator programs.

He is also the founder of the Australian marketing firm Honey Digital. Vallas has previously been part of the advisory team for governments on blockchain technology.

His main focus will be in improving the confidence of key industry leaders on blockchain technology by presenting it as a stable and well-developed solution. “It comes down to people’s definition of blockchain. Their views were formed during the 2017 period where a lot of scams and [poorly planned] projects failed,” he stated.

Vallas elaborated that blockchain is often considered synonymous with cryptocurrencies, but the use of the technology across different sectors is difficult to explain. Even today, many don’t understand how blockchain can benefit the supply chain, retail or legal sectors.

The pandemic presents a unique opportunity for the blockchain sector and the industry must take full advantage of it, Vallas claimed. He said that, “it [COVID-19] has highlighted the flaws in current systems” and the need to keep systems running without the constant need for human intervention.

Disruption in supply chains over the past few months has led organisations to be open to unorthodox solutions. Blockchain Australia must seize the opportunity to contribute to a post-pandemic future, he added.

The Australian Ministry for Industry, Science, Energy, and Resources, formulated a national strategy for capturing the potential of blockchain engagement in businesses called the National Blockchain Roadmap, earlier this year.

Vallas said that he aims to bring industry leaders, government officials, and other relevant parties to the same page with the new initiative. He added that the National Blockchain Project is viewed as a clear indication that the government is willing to work with blockchain leaders to develop a sustainable plan.

Source: https://coinjournal.net/news/recently-appointed-blockchain-australia-ceo-elaborates-on-the-future-for-blockchain/

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HitHub Releases Global Blockchain Open-Source Node Program; IOST Is The First Partner

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The globally reputed coworking organization of autonomous developers, HitHub has proudly announced the addition of IOST as the first strategic partner of its highly anticipated project, the Global Blockchain Open-source Node Program. HitHub works as a popular decentralized incentive group for developers, which strives to cater to the prevailing limitations in the industry. The official Twitter post by the IOST team read:

As per the official blog post, HitHub’s newly launched initiative has been designed with an objective to strengthen the open-source ecosystem. It strives to present valuable and innovative solutions to the multiple challenges faced by the developer community regarding product security management, time value delivery, quick implementation, capability assessment, and proprietary validation, etc.

With aid from the IOST team, HitHub will migrate and copy codes, impose custodial scrutiny on HitHub along with necessary guidance in creating public chain networks using IOST’s technological expertise. The code custodial on HitHub will be stored and managed on decentralized frameworks like IPFS, unlike GitHub, which relies on centralization. The use of decentralized technology will offer enhanced security, transparency, and reliability to the portal users.

IOST is a renowned blockchain network that characterizes in maintaining scalability, decentralization, and security in a well-balanced manner. It will enrich the HitHub community with technical consulting, guidance, and support on various topics such as how to sustain scalability while restraining the wide gap caused by the censorship evasion. The participating teams will put in joint efforts to strengthen and redefine the IPFS decentralized storage mechanism, cross-chain proprietary verification, etc.

HitHub provides token incentives to the contributors who give in their inputs in the content making and overall technological advancement of the network. The usage of smart contracts and decentralized storage pedagogy like IPFS, HitHub strives to chalk out potent solutions for an enhanced code-custody module, copyright protection, and value bearer. It strives for the developer community’s upliftment by offering a revolutionary infrastructure to design a fair market of developers’ products. This lays the foundation of a transparent credit network for developers, which characterizes as a community of developers, by developers, and for developers. The developers can access Hit Network by downloading HitHub and connecting to back-up servers supported by the team. HitHub provides a web page platform HitHub to ease the HitHub protocol application process and offers cloud services to the users.

On the other hand, IOST’s Node Program is a popular staking program applauded by various blockchain research entities. It offers lucrative returns, easy usage, and low-risk factor.

Source: https://www.cryptonewsz.com/hithub-releases-global-blockchain-open-source-node-program/

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