Crypto Push

2023-04-21 18:15:00 ​Can Optimism compete in the layer 2 race with these new developments?

Despite initially establishing a dominant presence in the Layer 2 (L2) sector upon entering the market, Optimism‘s performance has since been surpassed by other protocols such as Polygon and Arbitrum in various areas.

Gift of the Magi
The addition of the Magi to the Optimism protocol could impact it positively. Magi is a recently developed client program designed to enhance the diversity and resilience of the OP Stack ecosystem.

Developed in Rust, Magi functions as a consensus client, commonly referred to as a rollup client, and complements execution clients like op-geth to synchronize transactions on the network. While OP Labs maintains the reference implementation called op-node, Magi performs the same functionality, albeit with the added benefit of being a novel solution.

It is worth noting that Magi is not yet a production-ready client and should not be considered as such. Nonetheless, it has already demonstrated its compatibility with both Optimism and Base testnets, making it suitable for experimental purposes.

Back to the present
At press time, Optimism was still under attack due to a significant number of challenges. In terms of daily activity on the protocol, Optimism wasn’t able to compete with networks such as Polygon and Arbitrum.

Over the past few weeks, the number of daily active addresses on the Optimism network declined from 82,000 to 42,000.

The protocol was also unable to compete with other solutions in terms of saving ETH for its users. According to Dune Analytics’ data, Arbitrum was outperforming Optimism by a large margin in this regard.

Should holders be ‘OP’timistic?
Optimism’s native token OP faced the consequences of the aforementioned information. The last few weeks saw a drastic fall in the velocity of the OP token. This indicated that OP’s trading frequency witnessed a decline.

Coupled with that, OP’s network growth started to fall. This further indicated a fall in the number of new addresses transferring OP for the first time.

Despite the declining price of OP, the MVRV ratio remained positive. This implied that there were still addresses left that were profitable that could have the incentive to sell their holdings for profits in the future. Open / Comment

2023-04-18 20:05:00 New project: PassimPay
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2023-04-18 20:00:03 ​Solana [SOL] moves to OTC via Grayscale: Is the token ready to rumble

Solana [SOL] became the 16th digital asset listed by Grayscale Investment on Over-The-Counter (OTC) markets. The American digital currency management company manager made the announcement on 17 April. According to the press release acquired from GlobalNewswire, the Solana Trust would trade under the symbol GSOL.

For the unversed, the OTC market is a decentralized market where participants trade financial instruments that are not listed on major exchanges. This move could potentially increase the adoption of SOL and pave the way for more institutional investment in the token.

Revelation of the investments
But according to Grayscale, putting GSOL as a public-quotation investment vehicle was not without thought. According to the firm, they made the decision to reveal the value of Solana held by the Trust.

Following the development, the Solana Total Value Locked (TVL) reneged from its month-long 19.29% hike. Therefore, this means that the Proof-of-History (PoH) blockchain was still struggling with attractive significant investors’ deposits into its underlying chains.

And one major reason for this could be linked to the FTX collapse, which acted as the driver of Solana’s TVL exit from the billion-dollar mark.

However, on-chain data showed that SOL still had some backing from notable market activity. For one, social dominance, which was at its lowest around March, peaked at 1.344% at press time.

Although quite minimal, the rise in dominance means that the discussions around the asset had increased. Hence, this could impact the motive to capitalize on SOL’s price, as it seemed far from the top.

The strength behind the SOL value
In the same vein, the volume had also increased. According to Santiment, the on-chain volume had increased to 595.65 million. Thus, this implies that there was strength behind the 12.79% seven-day uptick.

With respect to momentum, the Moving Average Convergence Divergence (MACD) was exhibiting bullish signals. Since the indicator had crossed from below the zero line, it means that traders could start opening long positions by taking advantage of increasing upward momentum.

Furthermore, the Relative Strength Index (RSI) was 64.67. Such an instance infers how the buying momentum has overcome possible selling pressure. However, SOL might need to avoid reaching an overbought region around 70 to escape a retracement.

In the interval, Grayscale noted that GSOL was not registered with the U.S. SEC. This was because the asset was not subject to the Securities Exchange Act.

However, the firm mentioned that the Trust would not generate any income. Rather, the company would distribute the assets as each share slowly decreases. Open / Comment

2023-04-15 18:00:05 ​Ripple’s Liquidity Hub launches as XRP enthusiasts watch closely

Traders have recently shown renewed interest in Ripple [XRP], as evidenced by a significant metric from Santiment. With a new development from Ripple on the horizon, could this interest surge even higher?

Active addresses maintain the 1 million range
Despite the ongoing Ripple/SEC case, traders are not showing signs of hesitance to engage with XRP. According to Santiment’s data, XRP experienced a significant increase in its 30-day active addresses around 19 March, and the number has remained steady within the range of 1 million ever since.

Presently, there are approximately 1.08 million active addresses. With Ripple’s latest service launch, can we witness a further surge in this metric?

Ripple launches B2B Crypto Liquidity API Solution
On 13 April, Ripple made an official announcement regarding the launch of its Liquidity Hub. According to the release, the newly launched service will operate independently and complement Ripple’s widely-used cross-border payments solution, On-Demand Liquidity (ODL).

The Liquidity Hub aims to provide its partners with access to payout rails on a global scale and has been designed with an enterprise perspective in mind. This means the platform will offer a range of digital assets from various market makers, including crypto exchanges and over-the-counter trading desks.

The initial version of the Liquidity Hub will support a range of cryptocurrencies such as Bitcoin (BTC), Ethereum [ETH], Bitcoin Cash [BCH], Ethereum Classic [ETC], and Litecoin [LTC], as well as fiat currency, the U.S. Dollar (USD).

The XRP question
Following Ripple’s announcement on Twitter, it was evident that XRP enthusiasts were excited about the launch of the Liquidity Hub. However, the official statement did not mention the role that XRP would play in the new service, nor was XRP mentioned at all.

Some commenters pointed out this omission and raised concerns about it. One possible explanation for this could be the ongoing legal battle between Ripple and the SEC.

Volume and daily timeframe analysis of XRP
Upon analyzing the daily timeframe of XRP, it was evident that despite concerns surrounding the ongoing legal battle with the SEC, XRP had managed to trend upwards. As of this writing, XRP was trading at approximately $0.51, showing a gain of nearly 1%.

Additionally, a support range was forming around the $0.50 and $0.48 price levels. XRP continued its bullish trend, evidenced by its Relative Strength Index (RSI) line crossing over the 60 line.

Santiment’s volume metric indicated that Ripple experienced several spikes over the past month. However, there had been a subsequent decline in volume, suggesting a correction in the market. As of this writing, the trading volume for Ripple was over 1.5 billion. Open / Comment

2023-04-12 17:00:04 ​RocketPool takes a page off Lido Finance’s playbook with liquid staking. Here’s how…

RocketPool sets its sight on the staking big leagues
RDL’s bullish performance may just be the beginning if RocketPool plays its cards right
Lido Finance has been enjoying immense success thanks to its liquid staking mechanism. As a result, other staking platforms such as RocketPool are starting to notice and emulate Lido’s staking model.

A recent Messari analysis took into consideration the level of growth that Lido and its competition have been enjoying since November 2020.

Based on the analysis, RocketPool achieved significant growth and dominance, coming in third after Lido and Coinbase. The Messari report also noted that the reason behind RocketPool’s growth was because it had adopted similar strategies to those of Lido Finance.

Liquid staking platforms are bound to become more popular over time. This is because of the risks that come with centralized staking platforms.

History has so far proved that centralized staking platforms are hot targets for malicious attacks and theft since they operate on a custodial mechanism.

Can RocketPool compete with Lido Finance’s lead?
Lido Finance already has a strong lead thanks to its first-mover advantage. This is reminiscent of Bitcoin’s [BTC] comparison with Ethereum [ETH] where the latter was playing catch up while the former is in its own league. Similarly, RocketPool will likely struggle to get to Lido’s current level.

Perhaps the best way to establish whether RocketPool can compete effectively with Lido is to look at its stats since the start of 2023. RocketPool’s market cap is one of the areas that delivered robust growth in the first three months of the year.

It grew from as low as $261 million in January, and briefly managed to push above $1 billion in February.

RocketPool had a $906 million market cap at press time. For reference, Lido Finance had a $2.07 billion market cap at press time.

RocketPool kicked off the year with less than 30 daily active users but peaked at 724 DAU in the second week of February. It has so far maintained a daily average above 200 DAU. Its network growth reflects the daily active users.

Is Rocketpool’s native token RPL undervalued?
RPL had almost 19,257,026 tokens in circulating supply, meaning it had its total supply in circulation. Its $47.29 press time price represented a 156% upside from its historic lows.

RPL is a low cap token based on the circulating supply. The fact that it previously managed to secure $1 billion in market cap in its early stages means it is off to a healthy start. It has robust growth potential if it maintains the same trajectory. Open / Comment

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2023-04-09 18:30:00 ​I asked ChatGPT Shiba Inu’s price fortunes, it gave me this very amusing answer

Shiba Inu [SHIB] has been in the news a lot these days, mostly thanks to major developments in its ecosystem. This is an incredible achievement, especially in light of its origins as a mere meme coin.

At the time of writing, Shiba Inu [SHIB] was the 14th largest cryptocurrency by market cap. Although the altcoin’s usefulness has faced doubts previously, the launch of its Metaverse and Shibarium may have resolved those concerns.

Popular AI tool ChatGPT can be used to shed light on the fundamental features of an impeccable metaverse. But, that’s not all. ChatGPT has also ventured to predict SHIB’s forthcoming price trends and its perspective is intriguing.

Shiba Inu enters the Metaverse
On March 15, Shiba Inu announced the opening of the shib io website, which is the portal for its Metaverse. The launch came after months of planning and selling Metaverse territories. Following the launch of the new site, the SHIB community welcomed another platform that may provide utility to the SHIB token. The Shiba Metaverse’s functionality could be added to the Shibarium testnet, which was recently released.

We chose to ask our AI friend, Chat GPT, its opinion about the Metaverse in light of its increasing popularity and Shiba’s introduction of its version. It produced some intriguing results. Open / Comment

2023-04-06 21:00:02 ​Shanghai/Shapella Upgrade: Will it sink or swim Ethereum’s market valuation?

The upcoming Shanghai/Shapella upgrade of Ethereum [ETH] has left many pondering the potential effects on ETH’s market valuation. While some metrics pointed to a possible downturn, other indicators seemed to offer a more optimistic outlook.

Ethereum worth billions of dollars to hit the market
According to data from CryptoQuant and Dune Analytics, Ethereum’s stake has been on the upswing, despite the approaching upgrade. In fact, at the time of writing, the overall value staked had soared past 18 million, equivalent to over 15% of the entire circulating ETH supply.

Additionally, CryptoQuant’s statistics revealed a surge in staking inflows, with February registering the highest inflow rate of the year.

Moreover, Dune Analytics’ data revealed that Kraken has currently staked over 1.2 million ETH, placing it third among the top stakers. Celsius, on the other hand, has approximately 158,000 ETH staked. When added to the over 1 million ETH rewards that will be unlocked after the upgrade, it comes up to billions of dollars in ETH value.

However, partial reward withdrawals of over 1 million ETH could be dumped into the market. Celsius Network may sell its 158,000 staked balance as part of its bankruptcy proceedings, leading to almost 1.3 million ETH or about $2.4 billion in potential sell-side pressure facing the market.

Here, it is also worth noting that Kraken, which recently faced regulatory scrutiny for not registering its staking-as-a-service offering in the U.S., may decide to unstake all its ETH holdings.

ETH saved by metrics?
However, not all unlocked Ethereum will flood the market. According to CryptoQuant’s analysis, out of the 18 million ETH currently staked, approximately 9.7 million ETH are at a loss.

According to Dune Analytics, the number at a loss represents over 50% of the total staked value. Furthermore, when comparing the initial deposit value to the prevailing value, only 29.2% of the staked ETH is profitable while 70.8% is underwater.

The aforementioned metrics suggest that many stakers may hold their positions rather than sell at a loss. This action could reduce the sell-side pressure on the market.

Unstaked ETH volume v. daily volume
Even if we consider the stakes from Kraken and Celsius and the partial reward unlocks, the total amount of Ethereum involved would be less than 3 million.

Meanwhile, data from Santiment revealed that ETH’s average daily trading volume is around four billion, with the same flashing a figure of around 9.4 billion at press time. This means that in the event of a sell-off, the volume of ETH being moved would be insignificant compared to the overall volume.

As a result, the impact on ETH’s price may be negligible.

Although the upcoming Ethereum upgrade and unlocks have raised concerns, the impact on price may not be significant. Despite the potential for a sell-off, the volume of ETH involved would be relatively small, compared to the overall daily trading volume.

Additionally, many stakers may hold on to their positions rather than sell at a loss, reducing the sell-side pressure. Therefore, barring any major unforeseen events, we are likely to see regular price movement after the upgrade. Open / Comment

2023-04-03 19:00:04 ​Bitcoin Cash [BCH] recovery underway, here are the key levels to track

Bitcoin Cash [BCH] retreated from $140 in mid-March and hit $116.5 at the end of March. After that, BCH’s price action has consistently stayed above an ascending line as bulls aim to recover losses in the past few days. But there are key obstacles and levels to watch out for.

At press time, Bitcoin [BTC] had slightly dropped below $28K but seemed determined to reclaim the price level. A move back to $28K and a surge afterward could push BCH to clear immediate obstacles on its upward path.

Can bulls overcome the obstacles at $127.5 and $130?
In late March, the RSI (Relative Strength Index) retreated from the oversold zone but was almost neutral by press time. It shows buying pressure increased but later slowed due to BTC’s retracement from $28K.

On the other hand, the OBV (On Balance Volume) dipped but showed an uptick – pointing to a likely surge in trading volumes if BTC reclaims $28K.

As such, BCH could clear the obstacles at 200 MA (Moving Average) of $125 and $127.5 if BTC reclaims $28K. A close above $127.5 could tip bulls to retest $130 or surge beyond it, especially if BTC moves to $29K.

A close below the ascending trendline could attract increased selling pressure and flip the structure to bearish. It could see BCH drop to retest the $116 support level.

30-day MVRV was negative, unlike 90-day MVRV
According to Santiment, the funding rate remained disturbingly negative in the past few days and could undermine a strong recovery.

On the performance level, quarterly holders outperformed monthly holders, as shown by the positive 90-day MVRV (Market Value to Realized Value) at press time. The 30-day MVRV was negative at the time of writing, indicating monthly holders were in losses by press time.

In conclusion, BCH could surge if BTC reclaims $28K, given its strong positive correlation to the king coin. Therefore, investors should track BTC price action for more profit trade setups. Open / Comment