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Dogecoin and SHIB go live on AMC theatres

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It comes as a surprise to moviegoers and crypto enthusiasts that Dogecoin (DOGE) and Shiba Inu (SHIB) are being accepted for online payments at AMC theatres. This development comes a week earlier than its audience expected. Adam Aron, CEO of AMC Entertainment Holdings Inc. took to his Twitter handle, on 10 March 2022, to make the announcement. He further acknowledged BitPay, the payment gateway institution, for helping the two meme coins to be accepted.

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As reported by TWJ earlier in the week, AMC was intended to introduce functionality for the two altcoins on 19 March 2022. This support was to be added to its website and mobile application, but it comes as a surprise to everyone a week earlier than expected.

The movie theater business conducted Twitter polls to determine if it should proceed with the Dogecoin and Shiba Inu combination. Based on the clear majority of answers from the communities, Dogecoin and Shiba Inu, that were rooting for facilitating payments through the two coins, Adam Aron affirmed that his company had begun working on enabling the functionality of the altcoins.

The theater company had already been allowing its customers to pay for tickets and concessions through Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC), since November of 2021.

Dogecoin remains untethered despite AMC’s latest inclusion

The price of the crypto assets seemed to be not affected despite being listed on various platforms. The crypto market has been bearish over the past few days. It also seems like Dogecoin (DOGE) is following the market sentiment even with its latest inclusion in AMC’s payment mode. Furthermore, DOGE has been bearing a drop of 8.91% over the past week. During the time of writing, the meme coin was trading for $0.1166 with no major changes over the last 24-hours. The market cap of the asset was at $15.48 billion. This aided in the coin’s climb up the crypto ladder.

Bitcoin (BTC) and Ethereum (ETH) Loom Towards Bedrock

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Bitcoin (BTC) bobbled down to lesser than $43,000 on Thursday, minutes after the U.S. Federal Reserve’s last meeting which showed a possible rise in March. This weakened investor inquisition in other delicate assets.

The world’s largest cryptocurrency was last priced at $42,700 and had taken a devastating plunge of 5.2% on Wednesday. At the time of writing, the coin had dropped by 6.11% over the last 24 hours, taking down its investments along.

According to reports, the intraday bargain took place after the U.S. Federal Reserve pointed to an achievable hike in March, which was earlier than the anticipated timeline.

While a few analysts are looking for an alternative altcoin that might have enhanced accomplishments compared to BTC over the past week, others believe that BTC is soon going to be stable with a range of between $40,000 and $50,000, which could keep the variability low. although, the token had struck an all-time high of $69,000 in November.

Matt Dibb, COO of Singapore-based crypto fund distributor, Stack Funds, pointing to the declines in the Nasdaq platform in particular said,

“The fall correlated with the ‘risk off’ move across most traditional asset classes.”

In agreement, Bitcoin (BTC) seems to have lost its dominance ratio, which seemed to continue to drop towards 39% on Wednesday. The ratio has been at its lowest point since April 2018, when cryptocurrencies experienced a bearish market.

Ethereum (ETH), just like Bitcoin (BTC), is at the sliding end

Ethereum (ETH), the world’s second-largest crypto coin that constructs the ethereum network, lost 5.2% on 5 January 2021 and touched it’s abyssal-zone since October 2021. Although it did slightly boomerang to $3,447.31, at the time of writing.

Generally, some analysts call the battle for cryptocurrency’s top spot ‘The Flippening’. The term “Flippening” refers to the hypothetical moment of Ethereum (ETH) overtaking Bitcoin (BTC) as the biggest cryptocurrency.

Over the past year, Ethereum (ETH) has gained a stronger stance over Bitcoin (BTC) across abundant measures, including active addresses, google search interest, and transaction counts.

Furthermore, Ethereum (ETH), the second-largest crypto-asset by market cap, appears to be only 50% away from engulfing BTC as the largest cryptocurrency.

Bitcoin may not last long: Cornell professor

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Bitcoin, the most beloved coin of the world, has been experiencing very inconsistent prices in the market. Through it all, it remains the most valued asset in the industry, it ranks as the No.1 cryptocurrency. At the time of writing, Bitcoin was priced at $46,541.09 and experienced a drop of 2.55% in the last 24 hours.

An economics professor at Cornell University and author of ‘The Future of Money: How the Digital Revolution is Transforming Currencies and Finance’ says that Bitcoin’s use of blockchain technology is not very efficient and that the asset itself may not last long.

The real legacy of Bitcoin is not the cryptocurrency itself, but blockchain technology

Eswar Prasad, senior professor of international trade policy at Cornell University, told CNBC in a recent interview that Bitcoin hasn’t used blockchain technology in a very efficient way. He also states that there are many other steady coins, that have used blockchain far more decisively.

According to Prasad, the world’s largest cryptocurrency hasn’t been serving well as a medium of exchange and it is not going to have any elemental value except for what investors feel,

“Cryptos have become purely speculative assets”

Furthermore, he adds that this cryptocurrency has a validation mechanism that ostensibly destroys the environment and it doesn’t calibrate very well. It is true that the said coin’s carbon footprint is extremely massive and that it is bigger than the whole of New Zealand. Cambridge University researchers say that this cryptocurrency consumes more energy than the entire annual energy consumption of the Netherlands.

Over the years, the crypto market has seen the rise of gobs of other altcoins that have been stable in terms of price and consume a subjacent amount of energy in comparison to BTC.

Professor Prasad stated that the promise of Decentralized Finance(DeFi) using blockchain technology is real. He believes that blockchain technology, the primitive automation of cryptocurrencies, will be radically revamped magnificently in the ways of transactions in our daily lives. Blockchain technology is the future, it has already brought about changes in our central financial ways leaving everyone to wonder what it holds in the future.

Shiba Inu [SHIBA] Pushes Its Price Boundaries As Token Continues Green Charge

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After a week of multiple positive gains, the cryptocurrency market hit a price flux forcing investors to watch the trail. The altcoin ecosystem was inspired by Bitcoin’s run-up above the $50k mark with capital coming into the market. The meme-inspired Shiba Inu [SHIB] pushed new boundaries for itself as it climbed on both the daily and weekly timeframes.

At the time of writing, SHIB was trading for $0.000029 with a total market cap of $11.75 billion. The increased capital pump elevated the cryptocurrency into the top 20 cryptocurrency clubs. As more users bought into the world of Shiba Inu, the daily trading volume also shot up to $4.6 billion. As active players shilled the cryptocurrency, it became a major talking point on social media.

Shiba Inu 1 hour:

shib 1 hr
Dogecoin and SHIB go live on AMC theatres 4

After a successful week that propelled Shiba on the charts, the indicators all leaned towards the bull. Shiba’s immediate support rose to $0.000026 while new users constantly pushed for higher prices.

Relative Strength Index: Shiba’s RSI stayed near the overbought zone, a sign of the active ecosystem. The indicator showed that the number of users HODLing SHIB was more than the ones selling it.

Chaikin Money Flow: Staying bullish as well, the CMF rose strongly against the zero line. Since the bullish sentiment is strong, the graph is expected to rise some more towards the upper boundaries.

Parabolic SAR: All the markers for the past 48 hours stayed below the price candles, showing strong bullish momentum. Shiba Inu holders would want the consecutive green candle formation to go on for extended timeframes.

Shiba Inu 1 day:

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Dogecoin and SHIB go live on AMC theatres 5

Shiba’s long-term performance was just growing, helped along by strong October tides. Long-term support increased to $0.0000069 after the cryptocurrency’s most active month since inception.

Chaikin Money Flow: In the long run, Shiba moved parallel to the zero line. A deeper dive further pointed to the increasing interest from the larger cryptocurrency ecosystem.

Parabolic SAR: The markers from the last month have all stayed below the price candles as the momentum became bullish.

Relative Strength Index: The RSI in the long term showed similar characteristics to that of the CMF. This further meant that the buying pressure was a strong contributor to higher prices.

Bitcoin and Alts go green; did ‘buy the dip’ do its charm?

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The crypto community’s mantra to ‘Buy the dip’ might have actually worked. Bitcoin and several top crypto assets have had a bullish start to the day after last week’s free fall.

The collective cryptocurrency markets had shed nearly 60% of the total market-cap in the past week alone. This was triggered majorly by Bitcoin and Ethereum – giving up significant gains from their all-time highs.

The tables have [potentially] turned. At the time of writing, the global crypto market cap rose by 6% to $1.53 trillion.

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Binance Coin [BNB] Steals the Show

Bitcoin’s [BTC] dominance might have tumbled slightly, the king coin, however, rose to $37,784 after appreciating by more than 6% over the past 24-hours.

This pushed several altcoins to significantly negate the weekly losses. Binance Coin [BNB] was the best performer in the latest relief rally at the beginning of the week. The token was exchanging hands at $311.8 after rising by nearly 21% during the same time frame.

Ethereum [ETH], on the other hand, noted an almost 12% surge during the same time which pushed its price to $2,362.05. Among other top performers on the cryptocurrency ladder was Cardano [ADA], which recently replaced BNB, soared by more than 16% over the past day, and was currently being traded at $1.50.

Bitcoin Shenanigans: “Buy the Dip”

Among the popular figures in the space, Robert Kiyosaki, the best-selling author of “Rich Dad Poor Dad,” had recently said that the crashing of Bitcoin’s price offered a great buying opportunity, especially for those who couldn’t have afforded it when the token was trading close to its ATH.

Tron foundation’s Justin Sun also echoed a similar statement when he said that the bull market was not over and went on to add that he had bought the dip.

Crypto-analytic platform, Santiment had noted well before the upsurge that the market could, in fact, see a bounce. Its tweets regarding the same read,

“After a series of #buythedip rallies by the #Ethereum crowd, traders are running out of steam. Our data indicates #cryptotwitter is the most negative toward $ETH it’s been in five weeks. Typically crowd capitulation is the true sign a bounce can happen”

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Is Ethereum a Better Asset Allocation for Performance Right Now?

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After weeks of dull price movement, Ethereum was finally handed over the baton. At a time when Bitcoin and other altcoins were struggling, Ethereum has gained some serious pace. The second-largest cryptocurrency was trading close to its recently established ATH near $2,600.

According to Raoul Pal, former Goldman Sachs executive, Ethereum is rapidly becoming the currency of the digital world while BTC is the “pristine collateral and base layer”. Talking about the world’s largest altcoin’s rise to prominence, Pal noted,

“When you price anything up in DeFi, NFT, community tokens, or even metaverse worlds, everything is basically priced in ETH, including designers time, etc. The ETH space is growing at 100% YoY (vs 50% YOY for BTC) and it is attracting a massive proportion of the developer talent and applications too”

While asserting that he is, in fact, a massive BTC bull, Pal stated that he believes ETH is the better asset allocation for performance right now.

Bitcoin’s Price Stagnates While Ethereum Pops

Here are some fresh stats: Bitcoin’s market cap dominance has hit levels not seen since summer 2018 and was currently found at 50.2%. Ethereum’s dominance, on the other hand, has risen to 14.2%.

Moreover, BTC/USD registered YTD gains of nearly 90%. During the same window, ETH/USD was up by almost 240%.

Historically, whenever Ethereum has outperformed Bitcoin, it catalyzed altcoins’ uptrend. Its price hit a new ATH of $2,547 a few days ago and many experts in the community speculate that the crypto might resume an altcoin rally soon. However, it is important to note that altcoins are yet to step into the spotlight as many of them have failed to recover from the recent crash.

There are eyes at ETH/BTC pair as well. Analysts believe in massive upside potential as they anticipate a potential breakout that could lead to a broader parabolic rally, especially for the altcoins. A prominent cryptocurrency trader called ‘Bluntz‘ noted that the trading pair looks “insane” after market capitulation. His tweet read,

“Eth double bottom on 4h, and eth/btc looks absolutely insane again. Wow, that was the greatest capitulation event i can remember for a long time. even I capitulated most of my lev trades.”

Bitcoin’s Dominance Slides to 14-Month Low as Altcoins Renew Strength

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Bitcoin, the largest digital asset by market cap, has lost significant dominance over the last year. More recently, it failed to retain its value over $12,000. Following the latest downside correction, the King coin dropped back to $11,740.

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At the of writing, BTC dominance was a little over 58%. The coin recently breached the dominance support level and was now in the final leg of the structure. This was stated by the crypto analytic firm Santiment’s latest data which further revealed that the next support for a weekly dominance stood at around 56%.

Besides, another support point stood at 54%. Despite the probability of a further drop, Bitcoin could potentially bounce back. Along the same line, Santiment noted

“Bitcoin will reclaim dominance, we just don’t know when. You still can enjoy 2-3x in many alts. It’s much easier to pump alts. But Bitcoin. We see more and more confirmation we could get to 15K.”

But it could be a while before Bitcoin gets some ground and climbs to $15k, something that hasn’t been witnessed in more than two years. The Altcoin pump is here to stay at least until the Bitcoin reaches the level mentioned above.

Meanwhile, the market dominance of the altcoins rose to a stunning $159 billion market cap, a level unseen in more than two years. Bitcoin entered the 5-digit values in the last week of July and brought in spectacular returns for investors. Despite a really good run by the premier cryptocurrency, the altcoins’ market cap jumped significantly high.

This was also noted in the July edition of Binance’s Trading Report which stated that in addition to the spot markets, traders in derivatives space were also bullish on altcoin contracts.

Binance

Altcoins continued to dominate the headlines. Especially in the first two weeks of July, altcoins gained traction as volume increased from 32% to 60%. According to Binance’s report, during this period, altcoin contracts such as LINK, ADA, and VET experienced high volatility and volume.

Additionally, in the derivatives market, it was the altcoins’ contracts that significantly drove most of the open interest growth. This essentially implied that the traders were “positioning long-term directional bets on altcoins”.

Meanwhile, Ethereum and the DeFi craze are two crucial factors that appeared promising to the alt market. August saw the total valued locked in DeFi soar to $6.38 billion.

The growing interest of institutional investors in DeFi is yet another plus point. Industry giants such as TD Ameritrade, CMT Digital as well as Arca Labs, have all invested in DeFi space. The expectations surrounding the much-anticipated launch of Ethereum 2.0 was also another driver of the collective altcoin pump.

Bitcoin: Altcoins are Taking a Lead Over “Stable Bitcoin”, says Binance’s CZ

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During the month of May, Bitcoin had everyone’s attention in the crypto community. Its immense recovery since the collapse in March had significantly improved its financial credentials and the largest digital asset was touted for a big rally over the next few months.

The situation has drastically changed since June as Bitcoin was hardly made any drastic gains. Over time, the asset has depleted a bit but hasn’t really entertained a bear run as well. BTC was stuck in a price range and over the past month, other altcoins have started to take away its attention.

Cardano has surged 195% in 2020, Crypto.com’s CRO token has improved by 220% but the most notable spike witnessed in the top 40 is Aave’s LEND, which has registered a staggering growth of 1882% YTD.

The buzz around altcoins is gaining significant momentum and now major proponents in the space were starting to entertain in influence.

In a recent interview with Bloomberg, Binance CEO, Changpeng Zhao was asked about Bitcoin’s price movements and the current impact of altcoins on the industry.

Zhao, or commonly known as CZ, said he was stumped as well and ‘honestly didn’t  know’ when Bitcoin could cross $10,000 again.

He added that with time , major reasons, such as quantitative easing, may have a factor in and BTC ‘s price may eventually break out, but it’s pretty stable at the moment.

Talking about altcoins, he added,

“Data also shows that it is pretty much an alt-season now, with Binance futures, more than 60 percent of the volume comes from altcoin, which is actually much higher than before.”

He also revealed that of all the altcoins that are listed on Binance in Q2 2020, only three coins registered negative returns in that period.

Twitter hack is not Bitcoin’s fault

A common topic of discussion that has been fairly evident over the past few days in the Twitter hack but CZ suggested it was BTC’s moneyness that made it amiable to the hackers, as it was a better form of currency than fiat.

Speaking about the negative impact, he said he would obviously like positive press to follow the largest digital asset in the world but citing “any publicity is good publicity”, it can be speculated that CZ did not mind the recent conundrum and attention that followed Bitcoin after the Twitter hack.

Binance Head Negative to Cryptocurrencies Pumping to Fresh Heights

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The crypto-currency community has been betting on version 2.0 of the altcoin season. Back in March, a team of researchers at Binance suggested that the crypto market might be approaching the Alt season. A situation where alternative cryptocurrencies (altcoins) pump hundreds of percentages and outperform the leading crypto, Bitcoin.

Well, it’s worth noting that the final alt season took place between 2017 and 2018 after bitcoin hit below-34%. The 6th of March Binance Research Paper hinted at renewed activity across the Altcoin industry. However, Binance CEO Changpeng Zhao recently came out claiming the anticipation that all altcoins are going to rally is too optimistic and should be dismissed by far.

Hot Anticipation of Alt Season in Third Quarter of 2020

Of course, a number of traders expect altcoins to gain by the third quarter of 2020. Looking at several altcoins, including Dogecoin, ChainLink and Cardano, reveals a frantic effort to take over the price charts.

Among the list, however, only Dogecoin has made gains in excess of a hundred percent. LINK scored at least 6.11 percent on the 24-hour price chart, while Cardano pumped at least 26 percent. Both hit a market price of $5.99 and $0.13 respectively. In addition, the market dominance of Bitcoin still stands at 63 percent.

Low Bitcoin Trading Volume in February

The basis of Binance Team Research back in March was a huge decline in the dominance of Bitcoin’s trading volume back in February. After that, it plunged from 40% to 27%. In fact, the researchers suggested that if the bearish trend were to continue, the high appetite for trade-in altcoins would definitely be rooted.

However, while the market can predict a surge across the following altcoins; Dogecoin, VeChain, Icon, Cardano, 0x and Cosmos; not all altcoins will pump. This is also according to a tweet from Binance CEO, an opinion backed by other industry followers such as Jason Calacanis-an investor in Robinhood and Uber. Who, however, claims that at least 99 percent of altcoin projects have no merit.

Meanwhile, according to CoinmarketCap the cryptocurrency market capitalization stands at $271.3 billion.

Bitcoin Price Breaks above $10,000 as it Prepares for the Next Bull Run

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The demand for the most popular cryptocurrency has pushed Bitcoin price past the critical $10,000 price level. If this price turns out to be a support, then the price of Bitcoin could be heading towards $12,500.

Bitcoin’s price is back to bullish once again as it breaks past the critical $10,000 resistance. If BTC price history can repeat itself, then the price of the largest cryptocurrency by market cap is braced for a surge towards the $12,500.

Bitcoin’s price action breaking out

Since the cryptocurrency market crash on March 12, BTC’s price action has been restricted to the mounting side-by-side channel. Every time BTC’s price action hits the top boundary of this channel, it plummets back to the bottom of the boundary and vice versa.

Nevertheless, the bulls seem to have stepped into the bottom line after the most recent rally. In the meantime, one would expect Bitcoin to progress more to the center or the top of the boundary channel.

 

Bitcoin Price

According to Into The Block’s “In/Out of the Money Around Price” (IOMAP) model, positive momentum to the uppermost part of the channel is imminent.  Based on this on-chain metric, there are not any substantial barricades that would block positive momentum above the current price levels.

Bitcoin price

On the other side, IOMAP researchers suggest that there are adequate supply walls to suck up any sliding pressure.  In particular, the one in between $9,270 and $9,580, where approximately 1.6 million addresses are holding more than 1.2 million BTC bought at the mentioned price tags.

Fear and Greed Index

Furthermore, the latest price surge has sent investors into ‘Greed’ according to data by the Fear and Greed Index. This significant indicator examines the general public sentiment based on the price and social media data and combining it into a single figure.

For the first time since early May, the Fear and Greed Index indicated 56 (Greed) when the price of Bitcoin was nearly the same levels. Greed is basically not a good signal for BTC though. “Be fearful when others are greedy and greedy when others are fearful.”