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Emin Gün Sirer’s AVA Labs to Distribute 2M Tokens Ahead of Full Launch

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AVA Labs, a blockchain protocol founded by Cornell’s Emin Gün Sirer, is planning to distribute 2 million tokens in its final testnet before the project’s full launch in summer.

The so-called “Denali Testnet” will serve as the final stage of the AVA network testing before AVA’s mainnet launch. The new testnet will allow each validator to earn up to 2,000 AVA network’s native tokens, AVA Labs announced on May 29.

AVA Labs tokens are not yet listed on any cryptocurrency exchange and are not available for public purchase, a spokesperson at AVA Labs told Cointelegraph.

The testnet to run from June 1 to June 15

While testnet registration starts immediately on May 29, the first phase of the testnet launch will start on June 1. At that time, participants are expected to set up live nodes, an AVA Labs representative explained. The Denali testnet consists of three core challenges, which run until June 15. While AVA Labs expects to move to its mainnet in summer 2020, there is no specific date for the full launch of the project, an AVA Labs’ spokesperson said.

The Denali testnet follows AVA’s first successful testnet known as “Cascade.” Launched in mid-April 2020, AVA’s Cascade testnet amassed 300 developers setting up and running validator nodes.

AVA network is purportedly going to be the “Internet of blockchains” once launched

Initiated by Sirer in 2019, AVA Labs is an open-source platform and a layer 1 protocol for launching decentralized finance, or DeFi, applications and enterprise blockchain solutions. The platform is designed to unify DeFi applications and blockchain deployments in one scalable and interoperable ecosystem. According to AVA co-founder, Kevin Sekniqi, the best way to describe the new protocol is the “Internet of blockchains.”

In late April 2020, AVA Labs’ Sirer said that as much as 95% of all existing cryptocurrencies do not represent any tech advancement and should be regarded as nothing but scams.

AVA network’s token is not to be confused with Travala.com’s proprietary token, AVA. Backed by the world’s largest cryptocurrency exchange, Binance, Travala.com is a blockchain-based travel booking platform that features payments and loyalty rewards in its native crypto, AVA token.

Source: https://cointelegraph.com/news/emin-gun-sirers-ava-labs-to-distribute-2m-tokens-ahead-of-full-launch

Blockchain

Ripple Price Analysis: Things Looking Grim for XRP as Bears Attempt To Push Below 1900 SAT

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  • XRP has moved sideways over the last few days as the bulls battle to defend $0.175.
  • A break beneath $0.175 could result in XRP unwinding toward $0.15.
  • Against Bitcoin, XRP continues to make lower lows as the sellers flirt with breaking beneath 1900 SAT.

Key Support & Resistance Levels

XRP/USD:
Support: $0.175, $0.171, $0.157.
Resistance: $0.185, $0.192, $0.20.
XRP/BTC:
Support: 1900 SAT, 1890 SAT, 1873 SAT
Resistance: 1950 SAT, 2000 SAT, 2070 SAT.

XRP/USD: Bulls Continue Defence of .5 Fib Retracement

After falling beneath the descending triangle pattern last week, XRP has continuously dropped lower until the support was found at $0.175 (.5 Fib Retracement). The price has spiked beneath this support, but the buyers managed to keep it above $0.175 for the closing price of each day.

A break beneath the support at $0.175 would create a fresh 3-month low price for XRP and would likely cause it to unwind toward $0.15.

cc-xrpusd-jul2
XRP/USD. Source: TradingView

XRP-USD Short Term Price Prediction

Looking ahead, if the bulls can defend $0.175 and rebound from here, the first level of resistance lies at $0.185. Above this, added resistance is located at $0.192 and $0.20 (100-day EMA).

On the other side, if the sellers break beneath $0.175, the first level of support lies at $0.171. Below this, added support is found at $0.157 (.618 Fib Retracement) and $0.15.

The RSI is well beneath the 50 line as the bears dominate the market momentum. For a sign of XRP recovering, look for the RSI to start to rise toward the 50 line to indicate decreasing bearish momentum.

XRP/BTC: XRP Set To Push Beneath 1900 SAT

Against Bitcoin, XRP continues to create fresh lows as the sellers attempt to push the market beneath the 1900 SAT support. It has been falling continuously against BTC over the past three months and has dropped by a total of 33% during the period.

A break beneath 1900 SAT would shift the sentiment into an extremely bearish outlook for XRP as fresh multi-year lows will be created.

cc-xrpbtc-jul2
XRP/BTC. Source: TradingView

XRP-BTC Short Term Price Prediction

If the sellers do push beneath 1900 SAT, the first level of support lies at 1890 SAT. After that, added support is found at 1873 SAT and 1834 SAT.

On the other side, the first level of resistance lies at 1950 SAT. Above this, added resistance is found at 2000 SAT and 2070 SAT.

The RIS is in oversold conditions as the bears dominate the market momentum. However, the Stochastic RSI is primed for a bullish crossover signal that would send the market higher.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/ripple-price-analysis-things-looking-grim-for-xrp-as-bears-attempt-to-push-below-1900-sat/

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Fundamentally Strong: Bitcoin Hit These Highs Today Despite Stagnant Price Action

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The last few weeks were quite stagnant for Bitcoin in terms of price movement, considering the cryptocurrency is famed for its price action. However, while BTC price is looking pretty unexciting in recent times, Bitcoin is fundamentally strong as the network activities continue to record new highs.

Positive On-Chain Market Activities

According to insight first shared by Glassnode CTO Rafael Schultze-Kraft, on-chain market metrics including transaction counts, new addresses, active addresses, and spent outputs had positive performances yesterday.

The number of daily new addresses reached a 2-year high of 560k. The last time a similar figure was recorded was during the bull run in late 2017 and early 2018. During that period, the number of new addresses created daily was between 800k and 600k. Since then, the number has never surpassed 550k until July 1, 2020, data on Glassnode reveals.

new_addresses
New Bitcoin Addresses. Source: Glassnode

The total number of addresses on the network is now above 670 million. However, there are only 2,135 whale addresses with a balance of at least 1,000 BTC and less than 110 addresses with at least 10,000 BTC.

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Glassnode further revealed that the daily active addresses saw a spike and reached above the 1.08 million mark for the first time since January 2018 when the total recorded was 1.24 million. Active addresses are unique addresses on the network that either send or receive coins.

active_addresses
Active Bitcoin Addresses. Source: Glassnode

The surge in the number of new and active addresses caused led to an increase in hourly on-chain transactions. The daily transaction count is now at 382k. The last time Bitcoin’s daily transaction count was this high was about ten months ago. Also, the number of hourly spent outputs with a lifespan of 24 hours is at its highest level.

Hash Rate Recovering Well

Despite the recent halving, the amount of transactions processed per second has reached a one-year high. Following the third halving event, the transaction rate dropped to as low as 2.48 transactions per second. However, on July 1, the transaction rate was at 4.42 transactions per second.

The network’s computing power has also recovered from the post-halving crash. On May 15, just a few days after the halving event, Bitcoin’s hash rate recorded a massive 32% drop to 91.265 TH/s. However, as of July 1, the hash rate was solidly above 125 TH/s, making the network more secure.

Meanwhile, Bitcoin is currently hovering around $9,200, with a total market cap of $170 billion.

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Source: https://cryptopotato.com/fundamentally-strong-bitcoin-hit-these-highs-today-despite-stagnant-price-action/

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The On-Chain Case for an Imminent Bitcoin Bull Market Just Gained Strength

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Bitcoin’s price action has been extremely boring over the past two months. The crypto has been range-bound, barely deviating from a medium-term range as bulls and bears duke it out.

Bitcoin

Chart of BTC’s price action over recent months by Josh Rager (@Josh_rager on Twitter). Chart from Tradingview.com

This comes in spite of the fact that by multiple on-chain measures, Bitcoin is stronger than ever.

On-Chain Case For a Bitcoin Bull Market Grows Even Further

The CTO of blockchain data firm Glassnode, Rafael Schultze-Kraft observed on July 1st that Bitcoin is strengthening from an on-chain perspective. He observed the following four statistics, all of which have reached notable highs:

  • Hourly new BTC addresses: two-year high
  • Hourly active BTC addresses: one-year high
  • Hourly count of transactions: 10-month high
  • Hourly spent outputs with a lifespan between 1 hour and 24 hours: an all-time high
Bitcoin

Four BTC statistics reaching notable highs as observed by Rafael Schultze-Kraft, the CTO of Glassnode

It isn’t clear why this taking place now, yet there are other on-chain trends signaling fundamental strength for Bitcoin.

As reported by Bitcoinist previously, on-chain analyst Philip Swift noted that the amount of BTC being “HODLed” has reached an all-time high.

“Bitcoin 1yr HODL new ATH!! We have reached a new all-time high, with 62% of bitcoin not moving on-chain for at least 1 year. Strong hands from hodl’ers! Such high levels of HODL’ing have been present at the start of previous Bitcoin bull runs,” Swift wrote on the matter.

Bitcoin

Bitcoin 1 year+ HODL Wave indicator from on-chain analyst Philip Swift (@PositiveCrypto on Twitter)

A separate analysis from Schultze-Kraft corroborated this trend.

Data from Glassnode he shared indicated that HODLers have accumulated Bitcoin 90% of the days in 2020. Adding to this, there has been a mass exodus of BTC from exchanges, indicating a decreasing propensity to sell the cryptocurrency.

What’s Holding BTC Back?

If the cryptocurrency is seeing increased usage as both a medium of transfer and a store of wealth, what is holding Bitcoin back?

At least for the time being, it seems to be uncertainty in traditional markets.

Analysts have observed over recent months that a correlation has formed between the S&P 500 and BTC. That’s to say, the cryptocurrency’s directionality has effectively been decided by the equities market.

The image below from digital asset manager Charles Edwards depicts this correlation.

JP Morgan analysts have also observed the correlation. A group of strategists at the bank argued in a June 11th note that since March’s crash, “Cryptocurrencies have traded more like risky assets like equities—a significant change relative to the prior couple of years.”

With the S&P 500 still ping-ponging between 3,000 and 3,200 while pandemic fears still exist, BTC has stagnated as well.

Featured Image from Shutterstock
Charts from TradingView.com
Price tags: xbtusd, btcusd, btcusdt
Stuck in the $9,000s, Bitcoin Isn't Reacting to Strong On-Chain Stats

Source: https://bitcoinist.com/strong-on-chain-case-bitcoin-holds-9000s/?utm_source=rss&utm_medium=rss&utm_campaign=strong-on-chain-case-bitcoin-holds-9000s

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