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Chayanika Deka

Will pivoting back to Ethereum [ETH] help in addressing climate change?

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The Ethereum blockchain is one of the robust infrastructures ever created by humans. According to the Founder of MarkerDAO, Rune Christensen, circling back to the DeFi protocol’s reliance on the Ethereum blockchain and its native token, ETH may help in reaffirming its commitment to decentralized collateral. and subsequently, address climate change concerns.

In the latest blog post, Christensen described Ethereum as a blockchain that was built for human coordination and resilience. With dire implications of climate change being intensifying global conversation, the exec asserted that Ethereum blockchain may facilitate financial markets to coordinate on mitigation. He also went on to add that it will continue to function even during large-scale disasters.

“Finally we need to double down on our roots of decentralized collateral, in particular, solidify our fundamental commitment to and reliance on Ethereum and the ETH token. The Ethereum blockchain is built for human coordination and resilience. As the world is forced to deal with the impacts of climate change, Ethereum will enable financial markets to coordinate on mitigation, and it will continue to function even during large-scale disasters.”

MakerDAO’s Ethereum Strategy

One of the major reasons for Bitcoin’s [BTC] price tumble was due to the age-old debate of its impact on climate and the environment. Hence, the Ethereum network’s environmental efficiency after the much-anticipated transition to Proof-of-Stake [PoS] from Proof-of-Work [PoW] with the 2.0 upgrade is expected to be a gamechanger. According to the MakerDAO exec, ETH will become a sustainable contender to BTC’s present position as the market leader.

It is important to understand that, MakerDao’s users are required to deposit cryptocurrency to collateralize minting of the DAI stablecoin. Even as the protocol was built on top of the ETH blockchain and supported ETH exclusively as collateral, it later expanded to other assets such as USDC, Wrapped Bitcoin [WBTC], as well as Basic Attention Token [BAT].

However, MakerDAO’s latest collateral strategy to accumulate more Ether as collateral indicates the rising confidence of the 2.0’s aftermath. In addition, the exec also highlighted accumulating more collateral derived from ETH like LP tokens or ETH collateralized assets. Christensen also stated that holding ETH directly as protocol reserves is yet another option that Maker can adopt in a bid to “both directly support, and directly benefit from its ecosystem.”

Shiba Inu’s [SHIB] price on a tear, but do investors need to worry?

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After a stellar debut in September this year, Shiba Inu’s [SHIB] price fell into a lull as it followed the wider cryptocurrency market. Popularly known as the Dogecoin-killer, SHIB’s initial success can be attributed to the former’s craze after many market players FOMOed on Elon Musk’s tweets regarding the meme-coin.

Shiba Inu [SHIB] quickly surpassed several top tokens including Avalanche [AVAX] to position itself as the 12th-largest cryptocurrency by market cap on the 7th of September. However, this remained brief as it dropped two ranks below. Overall, it has amassed weekly gains of more than 370%.

Over the past 24-hours, Shiba Inu [SHIB] posted a staggering rally of 46.14% which pushed its price to $0.000033. The crypto-asset stood at a $13.02 billion market cap while recording a 24-hour trading volume of $18.5 billion, at the time of writing.

Shiba Inu [SHIB] Hourly Price Chart:

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The volatility in the SHIB’s market is increasing so is the trading volume which has cushioned the ongoing uptrend in the market. Further validating the bullish trajectory on the hourly chart were the upsloping moving averages, 50 [Pink], 100 [Blue], and 200 [Yellow] were at an ideal position while hovering below the SHIB price candles.

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The technicals were decently optimistic. The re-formation of bullish crossover by MACD depicted a resurgence in buying demand after a momentary lapse. The green closing bars also appeared on Awesome Oscillator [AO] as the market’s momentum switched to bullish. The Relative Strength Index [RSI], however, showed a bearish divergence in the short-term chart which could signal a profit-taking phase.

The overall market trend indicated a bullish phase. But the divergence formation may bring in sellers. Hence, Shiba Inu [SHIB] may retrace its steps to $0.000023, $0.000017, and $0.000012 respectively. Also, SHIB remained a highly volatile asset and its price movement is often speculated to be a pump and dump asset.

Are DeFi assets now the neglected child of crypto markets?

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Bitcoin’s [BTC] upward strides have had little or no effect on the decentralized finance realm. DeFi witnessed some serious fluctuation as bearish sentiment was overwhelmed the market. According to the latest report by Delphi Digital, decentralized finance [DeFi] assets have turned into “the neglected child of crypto markets.”

The beginning of the year saw DeFi extend its 2020 summer success as part of the wider bull run. However, as the latter turned sour, DeFi followed suit as well. On the other hand, the crypto market’s recovery failed to catapult the decentralized finance realm.

On a similar note, Delphi Digital also observed that DeFi’s significant run-down, after a strong rally into the year, when valued against Ethereum [ETH]. Spot volume on crypto exchanges Binance, FTX, and Coinbase has nearly doubled since the end of September. Recent data resurgence of activity in spot markets inspires some confidence.

Its tweet regarding the same read,

“DeFi assets are now the neglected child of crypto markets. After a strong rally into the year, DeFi has gotten battered when priced against ETH. And this is after taking ETH’s 60% drawdown in May into consideration.”

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DeFi’s rescue – A ray of hope?

Despite the gloomy picture. Ethereum’s resurgence might come to the rescue. According to the latest data exhibited by DeFiLlama, the Total Value Locked [TVL] in decentralized finance has reached an all-time high of a whopping $204 billion after shedding significantly over the last month. To put things into perspective, the levels these high were last seen in the first week of September.

The latest trend can be attributed to the rise of prominent Lending platforms and decentralized exchanges [DEXs]. These two cohorts of applications continue to remain the most dominant factors catalyzing volumes for decentralized finance infrastructures across all chains. However, DEXs hold a higher position and are currently witnessing more participation and activity than Lending.

DeFi

At the moment, decentralized exchanges based on Ethereum have been soaring. Even though Lending enjoyed traction, DEXs are still winning and attracting more inflows into the network, as depicted by Coin98 data.

Data on Binance Smart Chain [BSC] also echoed a similar sentiment where DEXs amassed well over 60% market share with respect to TVL. Polygon’s DEX also accounted for more than half of its entire TVL. This was true for the Solana network as well where decentralized exchange accounted for more than 70% of all the value.

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Here’s how Dogecoin [DOGE] is foraying the movie industry

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The American movie theatre chain – AMC Entertainment Holdings as welcomed Dogecoin [DOGE] under its hood as it continued to expand its payment method. This a big news for the meme coin which has been experiencing market stagnancy for past several weeks.

According to the latest announcement, customers will be able to buy gift cards with Dogecoin and this service will be rolled out on the firm’s site, mobile app, as well as in theatres. Additionally, the users will require a BitPay Wallet to n by conduct the purchase.

Adam Aron, who happens to be the CEO of AMC Theatres announced,

“Huge news Dogecoin fans! As we work to accept online crypto payments, now you can buy AMC Theatres
digital gift cards [up to $200 per day] with Dogecoin and other cryptocurrency using a BitPay Wallet. Accepted on our web site, mobile app, and in theatres.”

Dogecoin [DOGE] Hits AMC Theatres

This service will also enable user to buy purchase digital gift cards amounting to a max of $200 per day with the help of the cryptocurrency. This is a significant development for the DOGE ecosystem, as the gift cards can be used to pay across numerous venues which means this addition is paving the way for Dogecoin to a lot of other establishments venturing into the crypto space as well.

Apart from Dogecoin, AMC already accepts Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH], and Litecoin [LTC] as a payment method. With the latest news, the popular meme coin has finally entered the movie industry. Following the revelation by the exec, DOGE appreciated to a price of $0.246 and was up by more than 23% over the past seven days.

DOGE 1M graph coinmarketcap

AMC’s move follows a poll conducted on Twitter by its CEO in September where approximately 80% of the participants echoed optimistism over the idea of the world’s biggest movie theater chain to integrate Dogecoin as a payment method among other crypto-assets. The post also garned a like from Tesla CEO, and staunch DOGE supporter, Elon Musk.

NFT market surpasses $10B in secondary sales; Ethereum [ETH] leads

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The NFT frenzy appears to be far from fading away. In the last few months, the non-fungible token realm has managed to capture the imagination of crypto followers and is now growing at a rapid pace. The headline-grabbing digital phenomena undeniably represent a new facet of the crypto realm. Despite being inherently speculative, the NFT market has hit a new milestone in the third quarter of 2021.

According to Mason Nystrom, the research analyst of Messari, the non-fungible token market officially blasted past $10 billion in terms of secondary sales combined across diverse cohorts that encompass gaming, PFPs [profile pics], sports, and collectibles. The exec also noted the evolution of the NFT landscape evolved the past twelve months from a small ecosystem with a few hundred million in sales volume to a multichain ecosystem that is worth tens of billions of dollars today.

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Ethereum outshines other blockchains in NFT sales

The Ethereum blockchain has been mired with severe scalability issues. For the most part, the 2.0 upgrade remained a moving target which boosted other blockchains and layers 2 solutions. But the upgrades this year have helped Etheruem’s case. So far, the blockchain has managed to retain NFT market players’ confidence. This trend was also evidenced by Messari’s latest data which pointed that Ethereum continued to lead all blockchains as well as layer-2s with over $6 billion in secondary NFT sales.

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Revealing the same, Nystrom commented,

“Ethereum’s NFT market dominance reached an all-time low in Feb 2021 when Flow’s NBA Top Shot encapsulated much of the market. Recently, even amidst high fees, Ethereum has regained its NFT dominance.”

Polygon has also witnessed initial growth mostly emanating from the popular horse racing game, dubbed ‘Zed Run.’ Even amidst high fees. Even Ethereum continues to enjoy the leading position, other blockchains such as Flow and Axie’s Ronin are not far behind. As a matter of fact, these networks have started to rake in stronger shares of the non-fungible token market. Besides, other blockchains such as Solana have also made garnered significant traction and is likely to continue to develop sound ecosystems.

Cardano [ADA] faces massive headwinds near $2.4; topside trend may have to wait

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Cardano [ADA] has faced tough tailwinds this month. After falling from the fourth spot, ADA has been struggling to overcome a crucial resistance level. Bitcoin’s -[BTC] bounce back to the coveted level of $50k has had little impact on the crypto-asset which slashed all of its weekly gains. In short, ADA has been one of the worst-performing assets among the top 10s.

Over the past 24-hours, Cardano [ADA] depreciated by 3.37% which pushed the token to $2.14. At the time of writing, the crypto-asset registered a market cap of $69.15 billion and a 24-hour trading volume of $2.20 billion.

Cardano [ADA] Daily Price Chart

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ADA’s price swayed between the trendlines of a descending channel pattern on the daily chart. The bullish breakout following the closure of the pattern formation stalled as profit-taking engulfed the market. Low volatility and trading volume further hindered upward attempts. As a result, the crypto-asset appeared to be stuck in a consolidation phase.

The 50 daily moving average [Pink] moved above the ADA candles following the mid-September crash and so far the price has failed to reclaim its foothold above it. Despite hovering below, the upward sloping 100 [Blue] and 200 [Yellow] daily moving averages could threaten the signs of an uptrend.

Hence, Cardano now faces a sturdy roadblock to tackle before the bullish target can be achieved.

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The technicals remained bleak. For instance, the Chaikin Money Flow [CMF] settled below the half-line as capital outflows intensified from the coin market. The daily Relative Strength Index [RSI] was also struggling below the 50-median line after sell-pressure took over ADA’s price. On the other hand, the MACD exhibited minor hints of price recovery after forming a bullish crossover. However, the momentum remained weak and sellers continued to dominate the market.

Cardano [ADA] needs to breach the $2.4 level in order to climb higher and target critical resistance levels of $2.6 and $2.9 respectively. The support points for the price were found to be at $1.9 and $1.68.

Bitcoin [BTC] sees a ‘decisive turnaround’ in sentiment; Etheruem [ETH] not far behind

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The 2020-21 bull run was fueled by wealth managers, and institutional investors entering the Bitcoin [BTC] and the cryptocurrency market. Institutional investors are turning back to Bitcoin which coincided with the steady market recovery. This was revealed by CoinShares’ latest “Digital Asset Fund Flows Weekly” which stated that BTC investment products have recorded a third consecutive week of inflows.

The report revealed that BTC’s investment product saw inflows of a whopping $69 million last week. Zooming out, digital asset investment products saw inflows of US$90 million during the same time. This marked the seventh consecutive week of inflows adding up to a total of $411 million.

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According to CoinShares, the “decisive turnaround” in sentiment could be due to the rising confidence in the asset class amongst the market players. Another reason for the renewed trend could be due to more flexible statements from the US Securities Exchange Commission [SEC] and the Federal Reserve.

Ethereum [ETH] is gaining favor over Bitcoin [BTC]

While Bitcoin continues to enjoy its position as the market leader, Ethereum [ETH] is also gaining traction at a rapid pace. After a brutal month of September, institutional investors have resorted to broadening their horizons. As a matter of fact, these high-profile market players are slowly diversifying their portfolio and shifting their focus away from Bitcoin and have turned to Ethereum [ETH].

As per CryptoCompare’s Data Asset Management Review for September, institutional investors are looking for a more favorable position on the world’s largest altcoin.

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It was observed that assets under management [AUM] for BTC have plunged by 7.8% last month, thereby, dragging the total amount of BTC AUM to a little over $35 billion. According to the historical data, the latest figure is the lowest that Bitcoin AUM had ever been in a five-month period.

The same cannot be said for Ethereum. CryptoCompare also reported that Ethereum-based products have not followed Bitcoin’s decline. In fact, these products have increased as big money flowed into them. Additionally, Ethereum went on to register its highest market share of total AUM for crypto at approximately 26%.

Bitcoin [BTC] surges past $50K after a month

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After the wreckage of September, Bitcoin [BTC] finally breached the coveted level of $50K in four weeks. With the latest feat, the crypto-asset amassed daily gains of over 6%. The rally above the crucial psychological threshold comes amidst many altcoins losing value against the king coin lately. The initial rally was perhaps driven by the United States Fed Chairman Jerome Powell, who revealed that they have no intentions of banning cryptocurrency assets.

As a result, Bitcoin’s market dominance tumbled down from nearly 70% to a low of 39.9% in a span of five months. The figures took another damaging turn in the second week of September. However, as price recovered, Bitcoin’s dominance in the market also noted an uptick. At the time of writing, it stood at 43%.

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Bitcoin’s [BTC] return to profitability

Bitcoin strongly climbed out of a zone of heavy accumulation. Almost every day, its capital inflows are being observed to be around $1.75 billion. This can also be attributed to the network’s hash-power which has been on a steady path to recovery even after the BTC mining industry faced the most dramatic short-term disruption in all history. Throughout May, 50% of the hash rate went offline. Even after the massive effect on its industrial base, the hash rate has been on a consistent path to recovery every since.

The network mining difficulty has increased by 39% after crashing in late July. According to Glassnode’s latest weekly report, mining difficulty has now bounced back to the last 2020 levels. Furthermore, an additional adjustment to the upwards of approximately 3.9% is expected to happen this week.

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The blockchain intelligence company also noted,

“The Difficulty ribbon is also about to flip over and signal full recovery, as the slowest 200-day moving average crosses over the fastest 9-day moving average. The only comparable difficulty ribbon flip to the current market was following the December 2018 bear market capitulation event that took prices down 50% to $3k.”

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To put things into perspective, the mining recovery during 2018-19 took a total of 164-days to completely switch the bearish difficulty ribbon signal. On the other hand, the current market has been in a recovery mode for 120-days. Glassnode further speculated that it is likely to reverse completely after the next upwards difficulty adjustment.

No quick gains for Tron [TRX]; price struggles below $0.1

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October has done little to help Tron’s [TRX] price action. At a global market cap of $2.166 trillion, the charts are flashing green but Tron appeared to be on the verge of exiting the top 30s crypto-assets. It was unable to make a challenge on the $0.1 level and settled below it. It had accumulated weekly gains of 12.53% following which the crypto-asset’s upward momentum stalled. The overall volatility in the coin market is also low.

Over the past 24-hours, Tron [TRX] was up by 4.01% which pushed its price to $0.095. At the time of writing, the crypto-asset recorded a market cap of $6.87 billion and a 24-hour trading volume of $1.37 billion.

Tron [TRX] Daily Price Chart:

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TRX’s price movement was underwhelming and the low trading volume did not help its case. The 50 DMA [Pink] briefly breached the price of candles. However, if TRX manages to climb higher, chances of recovery would increase. On the other hand, the 100 DMA [Blue], and the 200 DMA [Yellow] continued to hover below the candlestick arrangement.

Another cause of concern was its low trading volume as the price entered a consolidation phase.

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The decreasing green closing lines of Awesome Oscillator [AO] depicted a fading bullish momentum in the market. The Chaikin Money Flow [CMF] fell sharply to the negative zone signaling a massive outflow of capital from the coin market. The daily Relative Strength Index [RSI], on the other hand, kept a low-profile even after moving above the 50-median line as sellers continued to dominate the price.

If Tron [TRX] surges past the 50 daily moving average, it could target the immediate resistance of $0.105, a breach of which could bring $0.121, and $0.136 levels at play. The support area of $0.08 is a crucial one. However, an increase in sell pressure could result in a breach of the said level following which TRX could find support at $0.06, and $0.05 regions respectively.

Here’s the reason behind Axie Infinity’s [AXS] impressive streak above $155

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Popular NFT-based online video game Axie Infinity has continued to post an impressive rally after a period of dull market momentum. After an astonishing rally of over 125%, its native AXS token climbed to an all-time high of $155. According to data provided by IntoTheBlock on Monday,

Axie Infinity’s impressive ascent can be attributed to the roll-out of a huge airdrop to early supporters and the launch of staking for the AXS token. It recovered greatly from a low of just $47 in the last week of September.

ITB’s tweet regarding the same read,

“The price of Axie Infinity token AXS catapulted to a new ATH of $155 propelled by a huge airdrop to early supporters and the launch of staking for AXS token. AXS also saw a massive increase in perpetual swaps volume today with +9 billion, the second-largest ever.”

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Axie Infinity exponential growth

Created by Sky Mavis and released in 2018, the Axie ecosystem has bolstered the trend of play-to-earn. The recent stats released by DappRadar gave an overview of its adoption. As a matter of fact, the project noted over $2 billion in NFT sales volume, strengthening Axie’s position as the most valuable NFT collection. As a result, the project went on to eclipse already established biggies such as CryptoPunks, Art Blocks, and NBA Top Shot.

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The crypto-based game and blockchain-using metaverse project Axie Infinity has risen sporadically in a very short span of time. Especially in Southeast Asian regions such as the Philippines and Vietnam, the protocol is fueling a digital economy powered by cryptocurrency assets. Many are also deriving the main source of income from the Axie ecosystem precisely in areas where traditional financial and banking services are not easily accessible and are often expensive.

In addition to that, the ownership of the AXS token is also on an upward trajectory. ITB had recently revealed that there are more than 17,480 address holders with AXS. This figure essentially demonstrated a new peak and a whopping appreciation of more than 400% in terms of year-to-date [YTD]. It can be inferred that the latest growth signals the growing popularity of Axie Infinity and play-to-earn non-fungible token [NFT] gaming.

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