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Market Movers: Bitcoin, Ethereum, Dogecoin, Polygon, Ripple

Bitcoin plunged by $2,000 after failing to surpass $56,000 along with most altcoins such as Ethereum, Dogecoin, Polygon, and Ripple retracing significantly

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Bitcoin plunged by approximately $2,000 after failing to surpass the mark of $56,000 along with most altcoins such as Ethereum, Dogecoin, Polygon, and Ripple retracing significantly. A slowing down was witnessed by Bitcoin following a few days of gradual increases and has dipped to around $54K.

Bitcoin Approached $56K Mark But Failed

A good reaction was seen in the price of Bitcoin when it plunged to its lowest mark of $47K and an upward trend was seen. However, the trend did not last long, and it failed to reach the mark of $56K, losing nearly $2K and dipping below $54K.

The latest decline in the price of Bitcoin has resulted in the fall of the market capitalization of the asset from the mark of $1 trillion.

Latest All-Time High Made by Ethereum and Dogecoin

With commendable performance in its prices, the largest altcoin Ethereum almost doubled down and went on to create a new record of above the mark of $2,700. Ethereum performed better than Bitcoin.

Well, Ethereum has also seen a face of retrace as it is now down below the mark of $2,600.

Dogecoin was able to make its name registered in the list of top-ten performers with a significant 10% rise. However, it is believed that the coin is in a state of a bubble as it is trading above the mark of $0.30.

Polygon at Peak With Ripple Eyeing Upside

Polygon, formerly known as Matic, has recently managed to rise to a brand new all-time high price as it was trading for almost $0.9 and was following a commendable daily rise.

Moving further with the top players in the market, Ripple began a fresh surge after testing $1.00 against the US Dollar.

In addition to this, it should also be noticed that the altcoin was able to cross some notable barriers near the level of $1.10.

READ  Ethereum Cofounder Hits At Libra, Says It Erodes Privacy Gains

#Bitcoin #Dogecoin #Ethereum #Polygon #Ripple

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Source: https://www.cryptoknowmics.com/news/market-movers-bitcoin-ethereum-dogecoin-polygon-ripple

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Bitcoin Lightning Network Goes Parabolic after Hitting ATH Capacity of 2,738 BTC

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The Bitcoin (BTC) lightning network has been experiencing an uptick, given that its capacity recently reached a record high.

On-chain metrics provider Glassnode explained:

“The Bitcoin Lightning Network is currently at an all-time-high (ATH) capacity of 2,738 BTC, equivalent to $116.3M in value.”

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Market analyst Will Clemente echoed these sentiments. He said:

“The capacity of the Lightning Network has now reached 2,738 BTC. In just the last week, we’ve seen the two largest daily upticks in LN capacity ever. This growth is crucial for BTC to eventually make the transition from primarily being a store of value to a medium of exchange.”

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The Lightning Network is a second layer incorporated into the Bitcoin blockchain to undertake off-chain transactions. As a result, micropayment channels are utilized to scale the blockchain’s capacity to carry out transactions more efficiently. 

Therefore, transactions undertaken on lightning networks are more readily confirmed, cheaper, and faster compared to those processed on-chain or bitcoin mainnet (layer one).

Meanwhile, Bitcoin addresses by holding more than 0.1 coins reached a 4-month high of 3,243. Holding is one of the strategies used in the BTC market because investors store their coins for future purposes rather than speculation.

Bitcoin whales are some of the notable holders, given that they recently added 31,843 BTC to their investment.

Furthermore, Bitcoin supply has been steadily maturing to old hands. Nearly 2 million BTC have transitioned from short-term to long-term holders from the time an ATH price of $64.8K was attained in mid-April. 

Nevertheless, BTC’s perpetual swap open interest recently dropped below $11 billion for the first time since August. Open interest usually increases with a price surge, thus showing the two are strongly correlated. 

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Source: https://Blockchain.News/analysis/Bitcoin-Lightning-Network-Goes-Parabolic-After-Hitting-an-ATH-Capacity-of-2738-BTC-abed1c81-37df-4bd5-a058-63d4059e0319

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Colnago Deploys Blockchain-Powered Digital Passport for Seamless Cycling Experience

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Colnago, a leading Italian road-racing bicycle manufacturer, has integrated blockchain technology into its new bicycles so that customers can get proof of validity and ownership. New technology, as a result, is expected to combat counterfeit and theft.

Manolo Bertocchi, the head of marketing at Colnago, welcomed the move and stated:

 “We have been looking at the security provided by blockchain technology to give our customers the confidence to know that the frame they are buying is authentic and to demonstrate the chain of ownership forever.”

MyLime, a blockchain-based tracking platform, will be tasked with linking Colnago frames to the automotive blockchain, where information about any frame’s manufacture, sale, and transport are stored.

Tour de France Champion to race a blockchain-powered bike

Tadej Pogacar, the 2020 and 2021 Tour de France Champion, is scheduled to run a blockchain-enabled bicycle dubbed Colnago V3Rs at the UCI Road World Championship set for September 26. 

Pogacar acknowledged:

“It’s the first time I have designed a bike, and working with Colnago engineers and designers has been very exciting. The idea is that my head is cold like ice while racing, but my legs are always on fire, and Colnago has delivered frozen colors to represent this dichotomy.”

Next year, Colnago intends to incorporate blockchain transactions to team and production bicycles and sales, ownership, and manufacture stored on MyLime’s blockchain platform.

Colnago to establish an NFT version of every bike

Colnago is also eyeing the NFT world, given that it will avail a non-fungible token to every bike owner. 

The NFT sector has experienced an uptick in activities, given that the tokens offered are different from the typical ones because of fungibility. 

NFT is a blockchain-based ownership digital asset, and its value is pegged on its uniqueness, given that the tokens are non-divisible and have to be bought in their entirety. Therefore, these traits create intrinsic value for NFTs because of their limited supply.

Spanish LaLiga League recently teamed up with Ethereum-based fantasy soccer game platform Sorare to establish NFTs for all its players. 

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Source: https://Blockchain.News/news/colnago-deploys-blockchain-powered-digital-passport-seamless-cycling-experience

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Ethereum to outperform Bitcoin in Q4! Analyst Predicts ETH Price to Hit $15K-$25K

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The post Ethereum to outperform Bitcoin in Q4! Analyst Predicts ETH Price to Hit $15K-$25K appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Over the last 24 hours, the market has been in the green. Bitcoin and Ethereum, the market leaders, are up 4.32% and 6.63% respectively. In the meantime, the rest of the leading cryptocurrencies have performed even better. Ethereum price action Ethereum has traded in a range of $2,930.01 to $3,156, exhibiting low volatility in the …

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Over the last 24 hours, the market has been in the green. Bitcoin and Ethereum, the market leaders, are up 4.32% and 6.63% respectively. In the meantime, the rest of the leading cryptocurrencies have performed even better.

Ethereum price action

Ethereum has traded in a range of $2,930.01 to $3,156, exhibiting low volatility in the last 24 hours.Trading volume has dropped by 19.59 percent to $22.3 billion, with a total market capitalization of $368.7 billion.

The price is now trading near the 100 hourly simple moving average and above $3,000. Near the $3,135 mark, there is immediate upside resistance. The $3,200 level is the first big resistance. 

If the price closes above the $3,200 resistance, the price could rise even higher. The next significant resistance level could be around $3,400. It is the 1.618 Fib extension level of the main slide from the swing high of $3,105 to the swing low of $2,651. A possible intermediate resistance level is at $3,320.

If ethereum fails to rise above the $3,135 and $3,200 resistance levels, a negative correction could begin. On the downside, $3,050 serves as an initial support level.

Bullish predictions for ETH!

As Ethereum finds its pace back in the market, popular crypto analyst and trader Inmortal on Twitter in a recent tweet says, in the 4th quarter, Ethereum will outperform the market leader Bitcoin.

Adding to the bullish consensus is technical analyst “CryptoBirb” on Twitter. In his list of top targets, he predicts for Ethereum to hit the range of $15K-$25K. Alongside he also predicts for BTC to hit $90-$120K range. 

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Source: https://coinpedia.org/price-analysis/ethereum-to-outperform-bitcoin-in-q4-analyst-predicts-eth-price-to-hit-15k-25k/

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Bitcoin Price Consolidating Within $45K ! Where BTC Price is Heading Next?

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The post Bitcoin Price Consolidating Within $45K ! Where BTC Price is Heading Next? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Bitcoin Price Action  Bitcoin and the larger crypto market have had a mixed morning. The $48,000 levels would be in play if Bitcoin moved back through the $45,000 levels. Bitcoin fell to an early morning low of $43,102.0 before recovering support, indicating a mixed start to the day. Bitcoin surged to a mid-morning high of …

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Bitcoin Price Action 

Bitcoin and the larger crypto market have had a mixed morning. The $48,000 levels would be in play if Bitcoin moved back through the $45,000 levels.

Bitcoin fell to an early morning low of $43,102.0 before recovering support, indicating a mixed start to the day.

Bitcoin surged to a mid-morning high of $44,356.0, avoiding the 38.2 percent FIB of $41,592 and the first major support level at $41,450.

Despite the rally, Bitcoin fell short of the first significant resistance level at $44,849, resulting in a drop to below $44,000.

At the time of writing, Bitcoin is trading at $44,231 up by 3.8% in the last 24 hours. Looking ahead, the first major resistance is at $44356. If there isn’t a broad-based crypto rally, the resistance at $45,000 will likely cap any further gains.

Before any retracement, Bitcoin might hit resistance above $48,000 if it continues to rise through the afternoon. $46,124 is the second significant resistance level.

If the price falls below the $42,725 pivot, the 38.2 percent FIB of $41,592 and the first major support level at $41,450 will be tested.

However, unless there is a sustained sell-off into the afternoon, Bitcoin should avoid falling below the $40,000 support level. $39,326 is the second significant support level.

Volatility Always an Opportunity!

Pentoshi, a trader, compared this year’s bull market to past years’ bull markets, which experienced numerous deeper falls from local highs on the route to a wider cycle top.

He says, peaks without valleys is not possible. He draws parallel to 2017, were 5 corrections lasted between 13-34 days greater than 20%. Similarly, This year there have been 5 corrections of greater than 20% and $BTC is still currently 42.5k 

“The volatility is all opportunity at the end of the day” he added.

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Source: https://coinpedia.org/price-analysis/bitcoin-price-consolidating-within-45k-where-btc-price-is-heading-next/

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