Crypto Push

2022-11-05 03:07:24 ​​BAYC, MAYC, and Meebits – What is Yuga Labs cooking now

Yuga Labs, the organization behind famous NFTs such as BAYC, MAYC, and CryptoPunks, recently added new updates to its Meebits collection.

According to a tweet shared by Yuga Labs, the project will be rolling out MB1 – A concept where Meebits holders can get physical access to their NFTs.

Turning up the volume
In lieu of this announcement, the Meebits NFT collection saw a lot of growth on the charts. According to NFTGo, an NFT analytics website, the overall volume for the Meebits collection appreciated by 178% over the last 24 hours.

However, it wasn’t just the Meebits collection that was on the receiving end of a positive hike. Other collections such as the Bored Ape Yacht Club and Mutant Ape Yacht Club from Yuga Labs also noted some improvements.

The BAYC collection registered an appreciation of 200% in terms of volume over the last 24 hours. Despite this sudden spike in volume, the overall floor price fell by 17.40% over the last 30 days. However, there were a lot of whale sales that were made, indicating that whale activity around this NFT collection increased.

The MAYC collection also noted some growth in terms of volume. However, it wasn’t as significant as BAYC and Meebits as it only hiked by 3.24% in the last 24 hours. Its overall floor price declined by 17% too.

Other negative developments for MAYC include the decline in the number of Holders and Traders for its NFT collection. The number of buyers depreciated by 18.44% over the past month and the number of holders declined by 0.24% over the same time period.

Despite MAYC’s poor performance, Yuga Labs continues to dominate the NFT market. As can be seen from the chart attached, NFT collections from Yuga Labs continue to have a huge market share, compared to other collections.

The growth of Yuga Labs could also impact the development of ApeCoin.

At the time of writing, APE was trading at $4.56 and had appreciated by 3.16% over the last 24 hours. However, its volume continued to decline and fell by 9.50% over the same time period. Open / Comment

2022-11-01 19:00:05 ​​Assessing Lido’s new-found whale connection and what it could do for LDO in Q4

The LDO token was observed to be on the receiving end of massive interest from Ethereum ETH whales. The huge interest from large investors could provide LDO with a much needed support to grow.

Deep pockets to fill
According to a tweet dated 30 October by WhaleStats, a crypto whale tracking platform, LDO was amongst top 10 purchased tokens among 100 biggest ETH whales in the last 24 hours. Furthermore, the whales were also observed to be holding $1 million dollars worth of stETH at the time of writing.

As can be seen from the image below, Ethereum staked with Lido also showed massive amounts of growth. This reaffirmed the fact that the general interest behind Lido staked ETH also surged.

The interest in stETH may have impacted Lido in terms of its TVL as well. According to DeFiLama, Lido’s TVL grew from $6.03 billion all the way to $7.5 billion over the past month.

‘Fee’ling good
Coupled with he aforementioned information, the amount of fees and revenue generated by Lido also increased over the past few weeks. At press time, the amount of fees generated by Lido in the last 24 hours was $1.2 million and the revenue generated was $120,000.

The LDO token also showed improvements in its performance. Over the last few weeks, the number of Lido’s daily active addresses increased immensely. During the same period, its network growth showed improvements as well as can be seen from the image below.

An increasing network growth implies that the amount of new addresses that transferred LDO for the first time had increased. This inferred that the new addresses may be showing interest in LDO.

However despite this growth, Lido token performed poorly in other areas. Its volume for instance, depreciated from 61 million to 32 million in the past week. Furthermore, LDO’s velocity depreciated as well indicating that the frequency with which LDO was being transferred had decreased. These factors coupled with a declining Market Value to Realized Value (MVRV) ratio could paint a negative outlook for LDO in the coming future.

At the time of writing, LDO was trading at $1.53 and had depreciated by 8.66% in the last 24 hours. Its volume had depreciated by 7.08% as well in the same time period. Open / Comment

2022-10-28 19:30:01 ​​Ethereum Classic: Forecasting ETC’s potential to revive from this support level

The altcoin’s reversal from the $25.57-mark induced a string of red candles that highlighted an increased bearish edge. The alt could enter a potential squeeze in the coming sessions. At press time, the altcoin was trading at $24.25, down by nearly 3.86% in the last 24 hours.

Can a bullish cross on 20/50 EMA sustain a near-term bullish edge?
ETC declined by over 47% after rebounding from the $39-ceiling in mid-September. As a result, it hit its two-month low on 13 October.

Over the last few days, ETC broke into high volatility after jumping from the $21-zone support range. This buying comeback helped the bears find a close below the 20/50 EMA in the four-hour timeframe.

Meanwhile, the gap between the 20 EMA (red) and the 50 EMA (cyan) undertook a bullish crossover to depict a near-term bullish edge.

From now on, the altcoin could find immediate support in the $23-$24 range in the coming times. In this case, any rebound could see a bounce-back toward the $26 zone. Any bearish crossover on the 20/50 EMA could hamper the chances of a strong rebound.

Should the broader sentiment reignite the bullish vigor, the altcoin would likely see an immediate retest of the $26 ceiling. A close above this resistance range would confirm a robust shift in the near-term momentum in favor of buyers.

Improved funding rates, but is it enough?
An analysis of the funding rates revealed a rather increasing edge for the buyers over the last few days.

These rates strived to hover in the positive zone as they continued their uptrend. Any close above the zero mark would confirm the buying edge. This edge could aid the bulls in protecting the immediate support on the charts.

But the Open Interest across all exchanges over the last 24 hours decreased by over 6% over the past day. The corresponding decrease in the price action highlighted an advantage for the bears.

Finally, broader market sentiment and on-chain developments would be vital in influencing future movements. Open / Comment

2022-10-25 19:00:06 ​​Avalanche [AVAX] future looks interesting- Here are the top two reasons

Avalanche has recently demonstrated more seriousness toward tapping into growth opportunities in the NFT market. One of the recent updates regarding the network reveals expanded support of multiple NFT platforms.

A recent AVAX daily post revealed the scope of Avalanche’s focus on the NFT market. According to the announcement, Avalanche now supports at least 16 of the top NFT marketplaces.

Why partnerships with NFT platforms are important
The NFT market was among the top segments driving growth during the bear market. It is no surprise that blockchain networks have been scrambling to secure more volumes from the NFT market.

A potential impact of Avalanche’s increased focus is that the NFT market might boost AVAX’s recovery during the next bull run.

The decision might unlock demand drivers from a variety of segments. They include domain names, collectibles, virtual worlds, and GameFi among others.

Avalanche will likely achieve higher NFT trade volumes courtesy of the expanded availability on multiple NFT platforms. Notably, NFT trade volumes have notably dipped in the last six months.

The highest total NFT trade volume figure AVAX network recorded in the last six months was $8.07 million on 18 June.

In comparison, the highest figure recorded in October so far was $1.95 million.

As far as volumes are concerned, pricier or premium NFTs are more popular than the more affordable options. The total volume for NFTs worth more than $100,000 has been more active during the last six months than those worth less than $1,000.

The above data reveals that most of the NFTs selling on the Avalanche network are high-end NFTs. This information is important, especially for NFT sellers looking to capitalize on the availability of the network across multiple NFT platforms.

The potential impact on AVAX
The ability to buy or sell NFTs across multiple NFT platforms through Avalanche might benefit creators and sellers. If the network can tap into more NFT volumes, then it might achieve higher demand for AVAX as a payment medium.

High enough volumes may trigger more utility for the cryptocurrency, hence more potential value.

AVAX traded at $15.97 at press time and was up by roughly 10% in the last five days. Its upside experienced some friction and a slight downside after reaching the 50% RSI level.

AVAX’s short-term outlook suggests a significant probability of crossing above the $17 price level in the next few days.

That is if it can maintain the bullish trajectory and push toward the 50-day Moving Average. On the other hand, a bearish outcome may lead to another support retest near the $14.6 price level. Open / Comment

2022-10-21 19:00:07 ​This country is buying more USDC than the rest of the world

Coinbase, the largest crypto exchange in the United States, has published a report which takes a deep dive into the adoption of USD Coin (USDC), the stablecoin issued by Circle.

Americans buy 3 times more USDC
The research conducted by Coinbase found that USD purchases of the second largest stablecoin by market capitalization were three times as much as other currencies around the world.

So Americans are buying the most USDC when compared with the rest of the world. The fees levied on conversion have been identified as one of the factors behind the “conservative” adoption of USDC in the world.

“In part, this is because, outside of the US, users usually have to pay fees in the process of converting their local currency into USDC, and this is a barrier to broader international adoption.” Coinbase’s report read.

Fee waiver to boost adoption
To deal with this problem, Coinbase has decided to waive the commission fees associated with USDC conversions. “ Coinbase will waive commission fees when customers buy or sell USDC via any fiat currency on Coinbase, from AUD to ZAR.” the exchange stated.

The exchange is hoping that the fee waiver will encourage international users to transact with the stablecoin, leading to an increase in the adoption of the broader DeFi market.

It is important to note that USD Coin is a joint project of Coinbase in association with Circle, under a joint venture known as the CENTRE Consortium.

Dealing with Binance’s auto-conversion
On 5 September 20222, Binance, the world’s largest crypto exchange, announced the BUSD auto-conversion, which would effectively convert all balances of USDC, USDP, and TUSD, to the Binance-issued stablecoin Binance USD (BUSD).

This decision was likely taken to increase the adoption of BUSD while decreasing clients’ exposure to major rival USDC.

According to data from CoinMarketCap, USDC, at press time, was trading at $1, as per its dollar peg. Its market capitalization stood at $43.9 billion, with a 24-hour trading volume of $2.6 billion. Open / Comment

2022-10-18 19:00:05 ​​The latest SNX hype may have a stablecoin connection waiting to be explored

Synthetix SNX managed to pull off a solid uptick by more than 10% as of 17 October. This performance meant that it had outperformed many of the top cryptocurrencies during the same period. But can SNX maintain the trend?

SNX’s performance may not just be a fluke especially if we consider that most of its top counterparts gained in the lower single digits. A deeper dive into Synthetix revealed that the upside may have been associated to its st0ablecoin demand.

Synthetix’s stablecoin sUSD experienced a volume explosion within the last 24 hours, by more than 150%. Its 24-hour trading volume grew by slightly over half a million while its market cap increased by over $2 million. This confirmed strong demand for the stablecoin which may have in turn triggered higher demand for SNX.

Fuel for the bulls
SNX’s latest upside can be considered as an outcome of the bullish performance that it delivered last week. Its $2.34 price of 17 October represented a 25% upside from its recent local low which almost retested June lows.

The recent SNX low also meant it had a 137% drawdown from its end-of-July top. Some friction was also expected now that stood around the Relative Strength Index (RSI) level of 50. However, some more upside might still play out if the latest pivot marks the start of a bullish relief rally.

A sharp increase in active transactions accompanied SNX’s current upside. This confirmed the return of bullish volumes especially in the last 24 hours.

The active addresses observation reflected the current short-term demand characteristics. A look at SNX flows may help provide more clarity with regards to whether this was the start of a bullish relief.

SNX’s supply dynamics also revealed a decline in the amount of cryptocurrency on exchanges. Additionally, supply outside exchanges increased by a significant margin in the last seven days.

Furthermore, the supply metrics confirmed that a significant amount of SNX moved outside exchanges and into private wallets. While these observation pointed towards a higher likelihood of more bullish times ahead, they did not necessarily provide a guarantee of the said outcome.

Higher demand for sUSD might be a clue that traders were preparing for more trading ahead and this was driving up the stablecoin demand. Other forces driving the demand for SNX may also come into play. For example, demand for sports betting may also fuel more upside for the cryptocurrency during the upcoming soccer world cup.

Overtime Markets, a sports betting platform built by Thales, was strategically positioned to fuel this demand from the sports betting industry. This is because Thales is native to the to the Synthetix network. Open / Comment

2022-10-13 20:00:08 ​​Assessing the state of DeFi in Q3 for your ‘more signal, less noise’ strategy

Assessing the Q3 performance of the decentralized finance (DeFi) ecosystem, CoinShares found that while the total value locked (TVL) of DeFi protocols increased by just 3% within the 3-month period, revenues across the various sectors that make up the DeFi ecosystem fell by 44% on a quarter-on-quarter basis.

Acknowledging the impact of the downturn in the global financial sector on the cryptocurrency market in the last quarter, CoinShares found that in addition to a decline in DeFi revenue, NFT revenues fell by 70% in Q3.

The gaming sector suffered the most brunt as revenue fell by 98% since Q2. The joint revenues of Infrastructure Bridges and Liquid Staking platforms totaled $20 million, declining by 34% in Q3. Generally, total sector revenues dropped by 64%.

The DeFi sector
Interestingly, CoinShares found that Q3 was marked by a growth in the TVL market share of non-Ethereum chains. With $25 billion held in these chains in Q3, their TVL market share rose to 40%.

In Q2, non-Ethereum chains held just 36% of the total TVL across DeFi protocols. According to CoinShares, this was attributable to the collapse of the Terra ecosystem, which led to a “sharp rise in Ethereum’s market share.”

In addition, of the six sectors that make up the DeFi ecosystem (Lending, decentralized exchanges (DEXes), Bridges, Asset Management, and Staking), the Lending sector logged the highest TVL in the 90-day period under consideration.

DEXes recorded a decline in trading volume in Q3. As contained in the report, trading volume across DEXes fell by 36% between July and September. In comparison, centralized exchange (CEX) merely saw an 11% decline in trading volumes within the same period.

With regards to trading volumes on DEXes, Uniswap UNI remained the “market leader” with 51% of the market share. It was closely followed by PancakeSwapCAKE and Curve CRV with 13% and 7%, respectively.

In addition to DEXes, another sector within the DeFi ecosystem that suffered a decline in Q3 was the Lending sector. As contained in the report, the total revenue made by lending protocols in Q3 equaled $11 million, a 53% decline on a quarter-on-quarter basis.

Interestingly, a sector within the DeFi ecosystem that continued to see growth in the last two quarters was the Derivatives sector. According to CoinShares,

“Over the last two quarters, nearly $250 billion of volume has been traded on decentralized derivatives exchanges. High trading volumes, scalability of Layer 2s, and a large suite of financial products (options, perpetual futures, structured products, etc.) have led to the sector’s success.” Open / Comment

2022-10-10 19:00:07 ​​Avalanche’s developments may poke AVAX bulls, but will they step out to play

Avalanche AVAX, on 9 October, confirmed that it will host Crypto Royale in mid-October. A timely announcement considering that AVAX has been struggling to bounce off its short-term support. Is this upcoming development enough to bolster AVAX bulls?

The announcement that Avalanche will host Crypto Royale this month could bring some weight to it. Play to earn games made headlines in 2021, revealing their potential to revolutionize the gaming industry.

This is why it is a big deal that Avalanche will host a play-to-earn game. It has potential to boost demand for AVAX if it will be linked to in-game tokenomics.

According to the official announcement, players will get a chance to earn AVAX and the game’s official token, ROY. The curious question on many AVAX enthusiasts’ minds is whether this will be a positive move for the cryptocurrency. The game’s launch on AVAX can potentially boost investor sentiment, but it remains to be seen whether it will be enough for AVAX to blast off from its current support level.

Poking the bull
As of 9 October, AVAX concluded the second half of last week on a bearish trajectory. This performance meant that its previous rally attempt was capped to within its short-term support near the $16 price range. AVAX traded at $16.90 as of 9 October. However, at press time, AVAX stood at $17 post a 1.5% surge in the last 24 hours.

AVAX’s Relative Strength Index (RSI) demonstrated signs of relative strength especially in the last two months. It achieved higher lows since the end of August, despite a price downside. Such an observation is often followed by a major pivot because it indicates healthy accumulation in the bottom range.

AVAX bullish volumes have prevailed in the last four weeks. Nevertheless, the cryptocurrency’s on-chain volumes tanked substantially during this period. In other words, there was less sell pressure than there was at around the same time in September.

Low bearish volumes make it easier for the bulls to take over. However, there are other signs that may favor a bullish pivot. For example, Avalanche demonstrated strong development activity since the start of October. Investors might find this encouraging, potentially leading to a sentiment shift favoring the bulls.

However, the weighted sentiment indicated that investors were still siding with the bears. The current sentiment consensus sat at its lowest four-week level, explaining why the bulls may have not come out to play. We observed a bullish attempt last time that the weighted sentiment was in the same level.

A week ago we saw a bullish attempt occur but it failed to deliver as expected. It is likely that another bullish attempt will occur in the next few days given the alignment of factors in favor of. The Crypto Royale game will boot engagement but it remains to be seen whether the same will apply to the price action. Open / Comment

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Early Access Mint: October 30th
Public Mint: November 1st Open / Comment

2022-10-07 21:00:02 ​​Betting against Tron [TRX] in Q4? Read this update first

TRONDAO recently released its weekly report that showcased the growth of the network in the DeFi space. It also elaborated on the improvements the network noticed in terms of the number of accounts and transactions.

During the time when the report was published, TRX observed growth of 4.12% in its prices over the past week.

Will the growth of TRON in the DeFi space combined with its on-chain performance be enough to propel TRX to the moon?

Looking at the numbers
In terms of DeFi activities, TRX has shown massive growth over the past few weeks. As can be observed from the image below, the TVL witnessed a spike from 22 September to grow from $5.3 billion all the way to $5.7 billion at press time.

According to TRON’s weekly report, the number of addresses on the Tron mainnet has gone from 113,696,677 to 1,265,936 over the past week. Thus, indicating that more users are signing up for Tron.

One of the reasons for this growth could be Tron’s increasing popularity in the social media landscape. Tron observed a 41% growth in its social mentions and a spike of 66% in terms of social media presence.

Although TRX seems to have grown in popularity, the public sentiment had not been on Tron’s side during this period. As can be observed from the chart below, the sentiment for Tron had mostly been negative throughout the past month.

This amount of negative sentiment can have a bearish impact on TRX’s price in the near future.

Moreover, there was also a decline observed in Tron’s development activity which could be a cause of concern for potential investors.

A decline in development activity means that there is less activity on Tron’s GitHub, which implies that the momentum at which updates and upgrades are being made onto the Tron network has declined.

TRX’s volume also took a toll and declined by 57.35% according to Messari, a crypto analytics firm.

All these factors should be considered by investors who are planning on investing in TRX.

At the time of press, TRX was trading at $0.06271 and its price had appreciated by 1.02% in the last 24 hours. Open / Comment