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Cardano’s ADA, DOT & XTZ Goes Live In BitMEX

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Cardano [ADA], Polakdot [DOT], and Tezos [XTZ] are now listed in leading crypto derivatives and spot exchange BitMEX.

Besides ADA, users will also be able to deposit and withdraw Shiba Inu [SHIB], Chainlink [LINK], Tron [TRX], Solana [SOL], Polygon [MATIC], and many other cryptocurrencies, via BitMEX wallet.

The cryptocurrency trading platform founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed has its headquarters in Seychelles.

BitMEX battled tough times when co-founder Hayes was arrested for money laundering charges and the firm was forced to pay a civil monetary penalty of $100 million to the CFTC.

Alexander Höptner, who took over as CEO of BitMEX from Hayes less than two years ago, made the decision to step down.

Stephan Lutz replaced him as the Interim CEO of the derivatives exchange. Lutz will also remain as the company’s CFO.

Last month, the trading platform launched its first Initial Exchange Offering (IEO) with its BMEX token, kicking off a new era in BitMEX.

With the latest additions of tokens, the platform is looking to entice more users and create new opportunities for traders.

That said, according to research by CryptoCompare, the number of daily active users on the smart contract platform Cardano ($ADA) increased by 15.6% in November following the failure of the well-known cryptocurrency exchange FTX.

Cardano’s DeFi Gains Major Traction

Per CryptoCompare, the blowout led to an increase in the platform’s average daily active user base. The total number of Cardano’s daily active users increased by over 15% last month to 75,800, the highest figure since May.

Similar to this, Cardano network monthly transactions increased 5.34% to 2.32 million last month, which was the highest monthly transaction volume since April. According to data from the cryptocurrency’s network, the number of wallets there surged by over 100,000 last month.

The report from CryptoCompare also mentions that DeFi on the Cardano blockchain celebrated its one anniversary on November 28. Late in 2021, MuesliSwap made its network debut, and soon after, it had locked in a total value of $1 million.

Cardano supporters, the report adds, are anticipating that the introduction of several new advancements, such as sidechains, Cardano’s Ethereum Virtual Machine, and its privacy-focused sidechain Midnight, would increase the usefulness of the network’s DeFi ecosystem.


Tezos [XTZ] price up by 32% after a recent low; Can this be a trend reversal?

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While major cryptocurrencies are staging a recovery after the market dip last week, altcoins such as Tezos [XTZ] are posting impressive gains after bouncing back from the recent price correction in the broader market. This is evident from the fact that the smart contract platform surge by 32.5% in a span of just 2 days.

The 42nd ranked asset has shown a steady comeback as the value reached $5.7 in the wee hours of 30th November and marked a 24% increase over the course of the day. Echoing a similar observation, prominent analytics platform Santiment noted,

“Tezos’s market price is up an impressive +24% in the past 24 hours, and the crowd appears to remain more bullish than normal toward the 41st largest asset by market cap. After a -48% retracement, this could be a mark of a turnaround.”

At the time of writing, the asset is changing hands at $5.37 rising by more than 14% in the last 24 hours. Its market cap was found to be at $4.61 billion. The native token’s 24 hour trading volume stood at $774 million. Could this be a hint of an upcoming rally? Let’s delve deeper into the price technicals.

Tezos [XTZ] Daily Chart analysis

From the above daily chart, the Parabolic SAR hovering below the price candles is cushioning from further market downturn which is indicative of an upswing price trajectory. The closing candles in the green of the Awesome Oscillator [AO] is depicting a much-needed switch to bullish price movement in the coin market. However, in the trading activity, the Relative Strength Index [RSI] is projecting the domination of the sellers and at the same time signaling buyers’ effort to gain a foothold.

In a nutshell, if the ongoing bullishness of Tezos in the market continues then this might be a trend reversal on the upside.

Tezos Foundation Decides to Settle Multiple Lawsuits to put Behind “Meritless” Legal Battles

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Over the past three months, Tezos Foundation’s XTZ has been one of the most successful altcoins in the space. The asset entered the top ten cryptocurrency list as well ousting the likes of Cardano, Stellar and Tron on the way.

However, things haven’t always been completely smooth sailing for the foundation.

After conducting an incredibly profitable ICO of $232 million back in 2017, the situation got worse in July 2018, as the foundation was slapped with multiple lawsuits, claim that the ICO was an illegal and unregistered securities offering.

Now, according to a recent blog post on Tezos Foundation, the organization has entered into a settlement of all the class-action lawsuits. The blog post read,

“The Tezos Foundation chose to settle all claims because the Tezos Foundation believes it is in the best interest of the Tezos project and community as a whole. The Foundation continues to believe the lawsuits were meritless and continues to deny any wrongdoing.”

The foundation also emphasized on the fact that class-action lawsuits were intensely cost-heavy and time-consuming with deters the development of the space. Hence they agreed on a one-time financial payout for the settlement rather than continuing legal battles in the courts and carrying the brunt of the expenses.

The settlement is currently pending approval from California state and federal courts.

Tezo’s Rise Since November

Tezos first burst onto the scenes back in November 2019, when the asset registered a growth of 55 percent, incurring a substantial rise in terms of its market value within 7 weeks. During the same period, major assets such as BTC and ETH suffered massive dips but XTZ maintained its periodic rise.

A report suggested that the periodic rise was due to the increasing number of addresses with small balances of Tezos, which could have contributed to the rise in valuation.

The data indicate that from the period of August 2019 to December last week, the number of addresses hiked from under 60,000 to over 100,000, indicating a growth of almost 30+ percent.

On December 15th, the number of addresses with 0.1 XTZ had increased over 105,000. Earlier, Coinbase has also exhibited its support for Tezos staking on its platform, which may have boosted its market value as well. Taking a leaf out its book, Kraken and Binance followed its path as well, and the potential in the Tezos foundation was identified.

With major exchanges extending their commitment to the foundation, it is imperative for the organization to clear out its legal battles in order to sustain development for the virtual asset.

 

Top Five Cryptocurrencies to Watch in 2020

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Digital currencies could be due to huge gains in 2020. Well, it’s another year and there’s a lot to be offered by the cryptocurrency community. Bitcoin began the year in a really good shape convincing bulls that it’s time for business.

At the end of February, however, Bitcoin quickly collapsed, taking the rest of the cryptocurrency market with it. Despite the recent red market, a number of exciting projects and innovations are underway to watch out for. Having said that, let’s look at the top digital currencies to be on the watch list in 2020.

1. ChainLINK (LINK)

Back in 2019, LINK was the best performing digital currency and started the new year with the same momentum. Recently, ChainLink’s native token, LINK has seen staggering price movements. At the beginning of 2020, LINK is among the massive gainers of the bullish action At some point this year, its price has increased by more than 187 percent. In fact, LINK seems to be going against the price movement of Bitcoin. While BTC is down, LINK seems to have made key market gains.

Nevertheless, LINK’s price action is not the only interesting thing to keep an eye on; ChainLINK does some impressive business deals. In addition to partnering with giant search engine Google, ChainLINK has been busy forming more and more collaborations.

LINK has been building a buzz on the crypto platform, but the mainstream press still has so much to do. The price seems undervalued, making it crypto to watch this year.

2. Enjin Coin (ENJ)

The self-proclaimed gold standard for cryptocurrencies, Enjin coin (ENJ), has been gaining a lot of popularity among gamers. Enjin recently launched its mainnet on the Ethereum blockchain. It allows almost anyone to create games with items that live on a blockchain network.

After its launch, the token’s price had a massive rally reaching a record high. Nevertheless, it was subjected to the ongoing crypto reds market that revealed its correlation with other popular cryptocurrencies such as BTC and ETH.

The ecosystem of Enjin Coin consists of the Enjin platform, Explorer, Wallet, Beam, and other tools and services. This blockchain-based product ecosystem enables game developers and studios to use digitally tokenized blockchain assets as part of their strategies for acquisition, retention, interaction and monetization.

Its new product, which enables developers to create their own games and other in-game items driven by ENJ tokens. Currently, after a massive drop of 56% ENJ’s price $0.09 which seems very undervalued considering the ambitions of the project. It’s worth keeping tabs on.

3. Digitex (DGTX)

DGTX is a native token of the Digitex Futures Exchange. This startup aims to revolutionize the futures trading market for digital currencies by removing the commission liability from any trade. Scraping the fees will allow scalpers to make money and take advantage of the market’s tiniest price fluctuations. This is not possible at the moment, given the high fees charged by other exchanges.

In addition, the Digitex futures exchange has a user interface with a one-click trading ladder. This GUI helps the traders to remain in the price zone and position their orders with just a click of a mouse without using the keyboard.

The crypto startup will make it compulsory for traders to use DGTX tokens for all trades, hence enabling it to eliminate commission from all trades. In addition, this will also create a demand for the DGTX tokens among traders who want to enjoy commission-less trading and liquidity in the markets. Although that amount represents a 220% return rate for the initial ICO investors, DGTX enthusiasts are confident that it will reach its all-time high of 16 cents once it has been integrated for trading. 

The exchange is currently in beta version and the mainnet is expected to be rolled out by 27th April, stirring a bullish movement of DGTX price action regardless of how BTC is doing. Watch out for this one.

4. Tezos (XTZ)

Tezos (XTZ) is a blockchain network linked to a digital token, known as tez or tezzie. Token holders get a reward for engaging in the consensus mechanism of proof-of-stake.

Tezos is one of those cryptocurrencies which tends to increase in value when Bitcoin is down. Additionally, this year’s XTZ token price action was among the most active so far, experiencing huge gains and corrections.  Tezos blockchain has a huge global baker culture alongside a committed developer team.

Furthermore, both Coinbase and Kraken have recently listed XTZ for staking which resulted in a massive uplift to tezos.  With the current momentum of the token and the downward trend of BTC, this year’s XTZ is an interesting prospect.

5. Basic Attention Token (BAT)

Basic Attention Token is an Ethereum-based token created alongside Brave Browser home platform. This token was founded by Brendan Eich, co-founder of Mozilla and Firefox, who also created JavaScript.

Through Brave BAT will be used to pay content creators and advertisers via tips from loyal fans, and users will also receive BAT for viewing advertising. Basic Attention Token (BAT) aims to completely revamp the efficiency of digital advertising using its token, which can be transferred between advertisers, users, and publishers.