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Polkadot [DOT] inches closer to ATH of $49 as network preps for Parachain auctions

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Polkadot [DOT] was undoubtedly the star of today’s market. By bagging the most daily gains, DOT was at the top of its game as the network gears up for the forthcoming parachain auction.

The crypto-verse has been home to numerous coins. The market has witnessed the arrival and departure of several assets. While some of these have made an impact in the market, a lot of them turned out to be scammy projects. Nevertheless, with regulations in place, the crypto-verse has emerged as a safe space for investors. Despite being fairly new, Polkadot [DOT] certainly caught the attention of the entire market after it made its way onto the top 10.

The entry of new coins did not disrupt Polakdot [DOT] ‘s stay in the top 10. The altcoin’s market cap was at $42.5 billion further allowing the asset a spot as the eighth-largest cryptocurrency.

Persisting the bullish notion, DOT went on bag gains worth 7.75% over the last 24-hours. At the time of writing, DOT was trading for $43.11. However, earlier today, the altcoin managed to go as high as $44.68. This further led to speculations that the asset was heading towards its all-time high of $49.69.

The Polkadot network certainly has eyes gazing all over it following the upcoming parachain auction. Recently, the network revealed that the auction was scheduled to start on 11 November 2021.

Polkadot [DOT] one-day price chart on Binance

Polkadot
Polkadot [DOT] inches closer to ATH of $49 as network preps for Parachain auctions 2

The one-day price chart of DOT revealed a significant bullish notion. While in the short-term the asset could endure some heckles, the long-term chart was rather confident that DOT would be hitting its all-time high sooner or later. The MACD line had pushed past the signal line and formed a bullish crossover. This was further backed by another bullish crossover by the Klinger Oscillator.

The Relative Strength Index [RSI] indicator noted that DOT was being excessively purchased. The RSI marker was over the 70 median which suggested that the asset was in the overbought zone.

XRP notes daily surge of 4% while it continues to be the most loved crypto in the UK

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The crypto market turned green and announced the presence of the bulls. Binance Coin [BNB], XRP, Polkadot [DOT], Ethereum [ETH] as well as Bitcoin [BTC] were seen leading the bull run. All these assets were swiftly bagging the gains dropped by the bull.

Bitcoin [BTC] has clearly been aiming for its all-time high of $64K. While the king coin was already at $61,630, the persistence of this trend could push the coin to a new height. Polkadot [DOT] with an increase of 8.34% was seen shinning as an integral part of the bull run.

XRP, despite enduring major losses this year, managed to buck up and move over $1. The altcoin amassed immense hate from the SEC and was shown the door by an array of crypto exchanges. Despite all of this, the citizens of the UK seemed to be invested in the altcoin. As per Finance Magnates, XRP is the most sought-after cryptocurrency in the UK. Cardano [ADA] was the second most popular currency in the region.

Furthermore, the altcoin didn’t lag behind in the ongoing bull run. XRP, during the of writing, was trading for $1.16 with a 4% surge over the last 24-hours. The asset did not note any major surges or falls throughout the week.

Standing still, as the 6th largest crypto, the asset’s market cap was at $49.1 billion.

XRP short-term price chart on Binance

XRP
XRP notes daily surge of 4% while it continues to be the most loved crypto in the UK 4

XRP’s one-hour price chart mirrored the ongoing sentiment in the crypto market. The Parabolic SAR indicator used in the chart formed a series of dots below the candlesticks. This suggested that the altcoin wouldn’t be coming across any sudden drops with regard to its price. The Awesome Oscillator indicator laid out green closing bars and alerted the presence of the bull in the market.

The Relative Strength Index [RSI] indicator was in the buyers’ zone. The RSI marker was seen heading towards the overbought zone.

Solana [SOL] Ups the Ante as 7th Ranked Crypto Becomes Biggest Gainer

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As the week drew closer the cryptocurrency market entered a flux consisting of bearish and bullish trends. Altcoins tried to match Bitcoin’s spike rate as new superstars like Solana and Polkadot rule the roost. Solana [SOL], currently holding the 7th rank, was the biggest gainer of the day after fervent activity on the charts.

The SOL community has been waiting with bated breath for a steady price hold with the latest bull run acting as just that. At press time, Solana was trading for $159 with a total market cap of $46.78 billion. Solana’s 7 percent price hike over the previous 24-hours was followed by Ethereum, which rose by 3 percent on Friday. Daily volume had touched $3.4 billion after a rousing response from the community.

Solana 1 hour chart:

Solana
Solana [SOL] Ups the Ante as 7th Ranked Crypto Becomes Biggest Gainer 7

Three strong green candles changed Solana’s hourly dynamic as the cryptocurrency tore away from its immediate support. SOL user sentiment may have begun to swing after witnessing the strong upward push. Immediate support was clocked at $143, a steady marker for the cryptocurrency.

Parabolic SAR: The markers stayed below the price candles as user momentum shifted into the green.

Bollinger bands: Both the bands diverged from each other after registering six consecutive green candles. The size of the Bollinger cloud was a definitive sign of Solana’s entry into the bull territory.

Chaikin Money Flow: The graph bounced back from the zero line, mostly enabled by the price hike. This further meant that more capital was entering the SOL ecosystem.

Solana 1 day chart:

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Solana [SOL] Ups the Ante as 7th Ranked Crypto Becomes Biggest Gainer 8

Long-term resistance was clocked in at $126 after a tumultuous September. The previous week was a strong sign for price recovery as the market cap shot up in the daily spectrum.

Bollinger bands: The band’s moved parallel to each other as the candles constricted themselves within the bandwidth. After a month of slight movement, the last green candle climbed to new levels.

Chaikin Money Flow: SOL formed a k-shaped curve as the capital influx overtook the money leaving the market. The cryptocurrency showed similar patterns displayed at the start of August.

Parabolic SAR: Unlike the short-term yield, the markers here stayed above the candles. This was a sign that the market momentum was shifting after a period of dwindling seed funds.

Ethereum [ETH] garners fuel from bulls to reach $4K

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Contradicting notions were all over the crypto-market. With Ethereum [ETH], Bitcoin [BTC], Solana [SOL], and a few other assets painted in green, almost all the other coins were drowned in the red sea. The top two largest coins were making the most of the remaining bullish sentiment.

Bitcoin [BTC] was finally back in its form. The king coin, after a long and hard struggle, managed to hit $60K. However, during the time of writing, the asset slipped back to $59K. The coin’s market cap was seen soaring to $1.11 trillion. Solana [SOL] was the star of today’s market. The altcoin, despite being fairly new to the market, was faring much better than several other assets. With a 6.12% surge in the last 24-hours, SOL was trading for $159, at press time.

Now, coming to Ethereum [ETH], the asset was just behind SOL in terms of daily price change. The altcoin was inching closer towards $4K and the bulls were providing the necessary ammunition for the same. At the time of writing, ETH was trading for $3,777 with a 4.16%.

Etheruem [ETH] and Bitcoin [BTC] remain unbeatable with regard to market cap. Both these assets had taken a seat as the first and the second largest cryptocurrencies and had no plans of relocating. Ethereum with a market cap of $445.6 billion stood as the 2nd largest cryptocurrency.

Ethereum [ETH] one-day price chart on Binance

Ethereum
Ethereum [ETH] garners fuel from bulls to reach $4K 10

The one-day price chart of ETH harbored the bulls and ousted the bears. The Parabolic SAR indicator recently underwent a transformation as it slipped below the price candles. The dotted lines below the candlesticks stood as support against any possible downtrend. The Chaikin Money Flow [CMF] indicator remained intact in the bullish arena over the zero median.

The Relative Strength Index [RSI] indicator announced that the altcoin was being excessively purchased.

Japan intends to uphold simplicity in CBDC design

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While governments across the entire globe have been prepping to roll out CBDCs that entail multiple features, Japan intends to keep it simple with the digital yen. An executive from the Bank of Japan noted that simplicity would be a primary feature of the Japanese central bank-issued digital currency.

The fervor around central bank digital currencies [CBDC] hit the roof after China made fast-paced development in the same. While the Asian country was testing out the digital yuan, an array of countries had just started to discuss the prospects of including CBDCs into their system. Nevertheless, numerous countries took charge and have started developing their native CBDC.

Japan is still researching the prospects of the digital yen. However, the central bank of the country seemed to be well aware of what people need. During a recent speech, an executive of the Japanese central bank, Shinichi Uchida revealed the whereabouts of the digital yen.

Japan to keep it “simple” with the digital yen

Since certain payment channels have existed for a long time now, introducing a new one could most likely disrupt the extant situation. Therefore, before rolling out a CBDC, governments have been profoundly working on co-existence. Keeping the same in mind, Uchida suggested that the Japanese CBDC would have a simple design as it requires to be integrated into the private sector payment models.

The executive further added,

“To achieve vertical coexistence, a relatively simple central bank digital currency (CBDC) design is desirable for the private sector to use it as an ingredient.”

The bank intends to move over to the second phase of experiments of the CBDC only in April 2022. During this phase, the bank would be testing out the major features of the coin.

While the central bank of the country still has no plans of rolling out a CBDC anytime soon, Uchida revealed that the bank was in discussions with the private sector. The bank intends to hear out an array of people and their views about introducing the digital yuan. Hence, the bank engaged with the private sector and exchanged views about the imminent Japanese CBDC.

Polkadot [DOT] Sears on Thursday as Altcoins Hold Crypto Fort Strong

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Thursday saw a new movement in the cryptocurrency market after the bull lifted several price supports. After days of suffering under the red line, Bitcoin and a majority of altcoins surged on the Baird to clock decent numbers. The biggest winner in the new leap was Polkadot [DOT] after cruising to a 19 percent rise over the past 24-hours.

Polkadot’s latest gains also allowed it to climb to rank eight while its nearest competitor USD Coin slipped to rank nine. At press time, DOT was trading for $41.4 while its market cap increased to $40.87 billion. The 24 percent weekly gain further allowed the cryptocurrency’s daily volume to rise to a 7-day high of $5.64 billion.

Polkadot has been on a green tear since the announcement of the Parachain auction process. Slated to begin in November, the process will allocate multiple slots for building on the Polkadot blockchain.

This will be part of the vision to create an interconnected blockchain framework. The latest milestone comes five years after the vision of a heterogeneous multi-chain framework was first concocted.

The latest price hike witnessed large swathes of users enter the Polkadot industry, trusting the bullish market. Buying pressure touched the overbought threshold as money coming into the market shot up. Analysts predict another spike if the wave of new buyers continues to crest.

A look at the market’s numbers indicated a revival in its peripherals. Just today, the global cryptocurrency market cap jumped by more than 2 percent to settle at $2.38 trillion. At the same time, the total trading volume received a 10 percent boost.

Dogecoin [DOGE] buyers continue to splurge despite bearish invasion

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The crypto-verse was glistening in green as the bulls had entered the market. Polkadot [DOT], Dogecoin [DOGE], Terra [LUNA], and Ethereum [ETH] were leading today’s bull run. After garnering massive gains yesterday, Binance Coin [BNB] was seen taking a breather. Nevertheless, the asset was already close to hitting $500.

Speculations from the community were in and it was highly inclined towards Bitcoin [BTC] hitting $60K anytime soon. On one hand, Ethereum [ETH] revealed that it was on its way to conquer the $4K zone. Polkadot [DOT], on the other hand, was on an upward trajectory. The altcoin jumped to $41.57 as it witnessed a daily surge of about 19%.

Dogecoin [DOGE] was also mirroring the ongoing sentiment in the market. The asset managed to gather gains of about 6.27% over the last 24-hours. At the time of writing, DOGE was trading for $0.237.

DOGE amassed attention from around the globe. As serious as the coin’s creators and Elon Musk wanted people to take the asset, it always remained a meme coin. More recently, Shark Tank’s Mark Cuban went on to recommend Dogecoin for “fun” to people.

Despite the consistent fluctuations in its price and market cap, Dogecoin managed to stay in the top 10. During press time, DOGE stood as the 10th largest cryptocurrency with a market cap of $31.4 billion.

Dogecoin [DOGE] one-hour price chart on Binance

Dogecoin
Dogecoin [DOGE] buyers continue to splurge despite bearish invasion 12

The one-hour price chart of DOGE noted a reversal of the trend that the asset resided in. The Awesome Oscillator indicator managed to roll out a green closing bar after laying out an array of red bars that hinted at the presence of the bear. However, the latest transformation could be beneficial for the altcoin. The Chaikin Money Flow [CMF] indicator was currently below the zero median in the bearish arena. But, the CMF marker was pointed upwards and suggested that it could be making its way onto the bullish zone.

Additionally, the Relative Strength Index [RSI] indicator pointed out that the DOGE was being excessively bought.

Bollywood hops on the NFT bandwagon; Salman Khan to roll out NFTs on Bollycoin

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The fervor around NFTs persists as the Hindi film industry aka Bollywood is the latest to embrace non-fungible digital tokens. Bollywood actor Salman Khan expressed his interest in NFTs and created quite a buzz in the community.

NFTs certainly took the world by storm. Digitizing art became a new trend that everyone wanted to be a part of. Singers, sports personalities, actors, and even social media influencers from across the globe had begun selling their digital collectibles. While trends like these subside with time, the zeal around NFTs didn’t seem to budge.

After putting up quite a show in Hollywood, NFTs were taking a flight to India. Bollywood star Amitabh Bachchan was one of the first to announce the launch of his very own NFT collection. Now, inspired by the senior actor, another Bollywood actor Salman Khan alerted his fans that his NFTs would soon be making a debut on BollyCoin, a Bollywood-centric NFT marketplace.

Bollywood actor Salman Khan eyes NFT

In a recent tweet, the actor announced that the “Salman Khan Static NFTs” were going to soon be released on BollyCoin. The tweet read,

BollyCoin mostly focuses on selling digital collectibles related to the Hindi film industry. All the digital art on the website would reportedly be auctioned on the Ethereum blockchain. The website already has a vast group of people in it including, Arbaaz Khan Productions, Salman Khan Films, Sohail Khan Productions, and Reel Life Productions.

This not only opens up new doors for the film industry and crypto fans but also paves way for the growth of both industries. However, since Indians aren’t well aware of NFTs and the risks that surround them, it could take some time for NFTs to thrive in the country.

Furthermore, blockchain and tech evangelist, Sharat Chandra commented on Khan’s latest entry into the NFT space and said,

“NFTs have caught the imagination of Bollywood superstars. Amitabh Bachchan and Salman Khan have set the ball rolling. More mainstream Bollywood artists and creators would follow their footsteps in utilizing blockchain technology for creating a superior fan engagement experience through fan tokens, digital collectibles, and avatars.”

Binance Coin Witnesses Double-Digit Gains as Other Cryptos Fail to Catch Up

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The arrival of the bear set a new precedent for the cryptocurrency market as prices fluctuated constantly. In the midst of dwindling prices, one altcoin outperforming its compatriots was Binance’s own altcoin, BNB. The third-placed cryptocurrency sought its vindication by cementing its increased market cap over 4th ranked Cardano.

At press time, Binance Coin was trading for $459 holding a market cap of $77.5 billion. The boost could be attributed to the cryptocurrency’s hold on its investor market. Binance Coin grew by 17 percent over the past day, making it one of the biggest winners in the top 20 cryptocurrency club. Even the daily trading volume shot up to $5.62 billion as a wave of new investors joined the BNB market.

Binance Coin [BNB] 1 hour:

Binance Coin
Binance Coin Witnesses Double-Digit Gains as Other Cryptos Fail to Catch Up 15

BNB’s hourly gains were evident on the charts as the price climbed vertically from the immediate support at $360.4. After crossing the $400 threshold, the cryptocurrency faced a price slump. The community had no reason to panic as the recovery was almost instantaneous.

Parabolic SAR: A majority of the markers stayed below the price candles after an active 48 hours. This shift in momentum was seen as a new step in BNB’s growth.

Relative Strength Index: The graph spiked towards the overbought threshold as more users bought into the BNB market.

Chaikin Money Flow: The hold above the zero line meant that the capital coming into the market had overtaken the outflow, despite the flux.

Binance Coin 1 day:

bnb 1 d 1
Binance Coin Witnesses Double-Digit Gains as Other Cryptos Fail to Catch Up 16

Long-term performance was indicative of a bullish atmosphere akin to the ramp-up in April. The daily support clocked at $330 after the formation of consecutive green candles.

Relative Strength Index: The pattern was similar to its hourly action as the number of BNB HODLers increased. If more users amp up the buying pressure, the graph is expected to break the threshold.

Chaikin Money Flow: As the buying pressure increased, so did the capital influx.

Parabolic SAR: Since the end of September, only two markers have failed to stay below the price candles. The strong bullish momentum played a massive role in establishing BNB in the podium positions.

Shiba Inu [SHIB] succumbs by 10% following a brutal bear attack

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Despite being fairly new to the market, Shiba Inu [SHIB] had the attention of the entire crypto community. From being touted as a rival of the famous meme coin, Dogecoin [DOGE], Shiba Inu quite swiftly climbed the crypto-ladder. In no time, the altcoin had all eyes on it. Its latest price surge was another spectacular that was lauded by many.

Shiba Inu, however, failed to sustain its bullish notion. Despite garnering profits of about 29% over the previous few days, SHIB was drowning in the red sea. At the time of writing, SHIB was trading for $0.00002822 with a 10% drop over the last 24-hours. The altcoin’s hot streak was assuredly infringed by the bears.

SHIB wasn’t the only asset that was heckled by the bear, an array of other coins like Bitcoin [BTC], Dogecoin [DOGE], Terra [LUNA], and a few others were seen riding the bearish wave. Yet, none of these assets endured as big of a fall as Shiba Inu.

Moving on to its market cap, SHIB slid down the crypto ladder. The altcoin was evidently making its way onto the top 10, however, this was was disrupted and the coin stands as the 18th largest cryptocurrency. During press time, SHIB’s market cap was at $11.14 billion.

Shiba Inu [SHIB] one-hour price chart on FTX

Shiba Inu
Shiba Inu [SHIB] succumbs by 10% following a brutal bear attack 18

The one-hour price chart of SHIB noted major bearish signs. The Bollinger Bands indicator that keeps a check on the volatility rate in the market, revealed that SHIB wasn’t going to endure any major price fluctuations as the bands were close to each other. The MACD line fell below the signal earlier today, forming a bearish crossover.

The Relative Strength Index [RSI] indicator noted that Shiba Inu was being heavily sold than bought. The RSI marker was below the 50 median, however, not too deep towards the oversold zone. Therefore, the chances of recovery were still bright in the Shib market.