Cardano is now a top-three cryptocurrency as ADA price soars 27% in 24 hours

Cardano’s Ada received a fresh wave of optimism and buying volume on Feb. 26 that pushed its price to a new all-time high of $1.29, making it the third-ranked cryptocurrency by market capitalization.

Data from Cointelegraph Markets and TradingView shows that Ada surged 27% from a low of $0.98 during the early trading hours on Feb. 26 to its new high at $1.29 on record trading volume.

ADA/USDT 4-hour chart. Source: TradingView

Momentum for the project has been building throughout the month of February following the integration of the Mary upgrade to Cardano’s testnet on Feb. 3. The upgrade enables smart contract functionality, helping transform the blockchain into a multiasset network similar to Ethereum.

Mary’s mainnet launch date revealed

The latest rise in price coincided with Cardano founder Charles Hoskinson posting the following tweet, indicating Mary would be live on the mainnet at the beginning of the next epoch on March 1.

Ada briefly spiked to $1.17 following the announcement before pressures in the broader cryptocurrency market pushed it back below the $1.00 level on Feb. 25.

Thereafter, the trading volume for Ada has surged to a new record of $12.8 billion, helping elevate it to a new all-time high. The open interest for Ada futures also rose to $580 million, surpassing Litecoin (LTC) to become the third-largest derivatives market.

According to data from Cointelegraph Markets Pro, meanwhile, market conditions for Ada have been

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Should You Buy Ethereum Soon?

Last week I showed, see here, using the Elliott Wave Principle (EWP) and Technical Analysis (TA) that Ethereum (ETH) was most likely about to embark on a nasty correction to $1300s. It was trading at $1920s then, topped a few days later at around $2040 and dropped this week to as low as $1361…

Thus, (black) major-4 -as shown in last week’s chart, is IMHO now underway and has already reached the ideal target zone as outlined last week ($1300+/-100). So is this wave-4 already complete, and can we now expect the rally to $3000+? Hold your horses, not so fast. Let me explain.

Figure 1. ETH daily chart with detailed EWP count and technical indicators.

The Elliott Wave Principle points to a bounce followed by the next move lower.

This week’s “flash crash” is what I call an “initiation wave”; it has set in motion the more extensive correction: blue wave-a in Figure-1. But, from EWP -and from studying chart patterns in general- we know that there’s always this “dead cat bounce” first before the next leg lower starts. In EWP-terms, this counter-trend rally is called a B-wave. B-waves always consist of three smaller waves: a, b, c. In Figure-1, I have labeled the B-wave in blue and its smaller waves in green.

IMHO, wave-a of B is now underway or has possibly already been completed, and green wave-b should ideally target $1495-1575, from which green (minor) wave-c will target $1845-1930, ideally. This upside target zone is based on a simple c=a relationship. It also matches well with a typical 62-76% retrace of the initiation wave-A. The caveat is that 4th waves are often the least reliable, i.e., most variable, and in addition to that, hardest to forecast price structures. In general terms, they can be considered as a healthy consolidation, i.e., profit-taking, after a big run-up (the prior wave-3) with lots of shorter-term twists and turns, rips and dips. Many would then call the “bull flags.”

Whatever we call it; after wave-A comes wave-B (now underway) and then wave-C: green-red-black path in Figure 1, which is not accurate in time. Assuming wave-B tops around $1880+/-40 and that wave-C=A, then wave-4 should bottom around $1200+/-100. From there, I anticipated the…

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The Absolute Worst Way to Invest in Bitcoin

If you think the 11-month rally in the three major stock market indexes is impressive, you probably haven’t been paying close enough attention to Bitcoin (CRYPTO:BTC). The world’s largest cryptocurrency by market cap has tripled over the past three months, is up more than 480% over the trailing year, and has vaulted higher by 12,710% on a trailing five-year basis. For context, the benchmark S&P 500 is up 104% over the trailing five-year period.

Bitcoin has had the usual array of tailwinds in its sails during its latest bull run. These catalysts include the perception of scarcity — i.e., its 21 million token limit will be a store of value against a growing U.S. and global money supply — and the growing acceptance of Bitcoin by businesses as a form of payment.

The world’s first trillion-dollar crypto token has also been buoyed by bullish tweets from Tesla CEO Elon Musk. Tesla is one of a handful of companies, including The Motley Fool, to have purchased Bitcoin to hold on their balance sheets.

Investing in Bitcoin comes with varying degrees of risk and reward

Investors have many ways to invest in Bitcoin, some safer than others.

I suspect the vast majority of folks have chosen to buy Bitcoin directly from one of many cryptocurrency exchanges or brokerages. Doing so often comes with a nominal fee, but gives users direct ownership in the highly volatile but surprisingly liquid Bitcoin. Of course, the risk of direct ownership is the history of huge swings lower in Bitcoin, as well as the potential for hackers to swindle you out of your crypto assets. Don’t forget that cryptocurrency assets aren’t federally insured.

If using a cryptocurrency exchange isn’t for you, there are a small number of over-the-counter-listed securities that act like tracking funds, which can be purchased in most traditional brokerage accounts. Both the Grayscale Bitcoin Trust (OTC:GBTC) and Osprey Bitcoin Trust (OTC:OBTC) acquire and hold Bitcoin tokens.

Since these trusts regularly update their owned assets and outstanding share count, it’s easy to calculate the net asset value (NAV) of their portfolios. Unfortunately, both the Grayscale Bitcoin Trust and Osprey Bitcoin Trust trade at sizable premiums to their NAVs. In other words, in exchange for avoiding the hassles of investing on a cryptocurrency exchange, Grayscale Bitcoin Trust and Osprey Bitcoin Trust buyers are forking over a premium and paying annual management fees of 2% and 0.49%, respectively, just to have Bitcoin exposure.

A third way to invest in Bitcoin — and my personal favorite — is to buy into ancillary cryptocurrency stocks. These are businesses that aren’t reliant on the price of Bitcoin, but nevertheless benefit from heightened trading, transfer, and exchange activity or crypto mining equipment purchases. For example, PayPal (NASDAQ:PYPL) is allowing its 377 million consumer and merchant accounts access to Bitcoin. It can be used as a form of payment for willing merchants. Plus, users can soon trade crypto on PayPal’s platform. If Bitcoin lost 90% of its value tomorrow, PayPal would be just fine.

This is the absolute worst way to invest in Bitcoin

But there’s one more way to invest in Bitcoin that I’ve yet to mention. It is, without question, the worst way to try to make money off of the Bitcoin craze. I’m talking about buying cryptocurrency mining stocks like Riot Blockchain (NASDAQ:RIOT)Bit Digital (NASDAQ:BTBT), and Marathon Patent Group (NASDAQ:MARA).

Cryptocurrency miners are people or businesses that use high-powered computers to solve complex mathematical equations validating a group of transactions (known as a block). For doing this, a block reward is paid. The block reward for Bitcoin is 6.25 tokens, which, as of this past weekend, was worth more than $355,000. The idea of buying into cryptocurrency miners is that you’ll see greater profitability as the price of Bitcoin and the value of block rewards rise in tandem.

However, buying cryptocurrency miners comes with a number of big risks. There are…

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Bitcoin Plunges: Is this a short-lived correction or a longer-term trend?

The market correction that many crypto analysts have been predicting for weeks seems to have finally arrived.

Indeed, crypto markets are seeing red across the board: Bitcoin (BTC) was down 15.2 percent at press time, sitting at 46,779.18. Less than one hour before, BTC had fallen to as low as $46,931.40. Ether (ETH) had fallen a whopping 19.57 percent at press time, sitting at $1,464.38. Even Binance Coin (BNB), which has been posting high gains throughout the past week, had fallen 20.8 percent to $208.00.

Binance’s Chief Executive Changpeng Zhao was quick to point out that while the drop may have been significant, the levels that markets have fallen to were “new all-time highs” just last week. “#bitcoin crashed, back to its ATH 5 days ago, at $50,000,” he wrote on Twitter.

Additionally, Altcoin and DeFi markets have been affected by the drop: XRP, Litecoin (LTC), Chainlink (LINK), Stellar Lumens (XLM), Dogecoin (DOGE) and Uniswap (UNI) have seen drops of more than 20 percent (or even 30 percent) over the last 24 hour period.

Still, while the drops are significant, some analysts believe that they will be short-lived. Pseudonymous trader and analyst, @Rekt_Capital wrote on Twitter that: “one day, a #BTC Bear Market will come. But, today is not that day.”

Of course, what goes up must come down, and crypto markets have been performing incredibly for weeks. What finally triggered the sell-off? How low will crypto markets go? And, what does this mean for the long term?

Worst-Case Scenario? Bitcoin Could Drop as Low as $30,000

Paolo Ardoino, Chief Technical Officer at cryptocurrency exchange, Bitfinex, explained that the price drops are not necessarily signs of fundamental problems within the cryptocurrency market space. “Today’s drop [seems] to be a correction in BTC,” he said.

How low will Bitcoin go? Of course, it is impossible to predict the future. However, Michaël van de Poppe, a full-time Trader from the Amsterdam Stock Exchange, tweeted on Monday morning that: “I think we’re close now.”

“Resistance zone at $48,500 and $51,000,” he wrote.

But, further drops could be in the cards for BTC. David Lifchitz, Chief Information Officer at quantitative trading firm, ExoAlpha, told CoinDesk that: “$50,000 looks like the first stop for a mild pullback, but a second leg down could take it down to $40,000, while the $30,000 zone looks like the ultimate bottom should things turn ugly in the short term.”

Bitcoin Market Analyst, Willy Woo wrote on Sunday that…

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$1.5 Billion Liquidated as Bitcoin Price Plunges $5000 In Hours

The cryptocurrency market went through a correction today as the total capitalization saw about $90 billion wiped off in a matter of hours. This happened as Bitcoin lost around $5000 of its value while the majority of the altcoins followed through with sizeable losses on their own.

  • The cryptocurrency market was due to a correction, according to many analysts, and it appears that one may have just taken place.
  • Bitcoin lost around $5,000 of its value in a matter of hours, bringing the entire market down with it.
  • Data reveals that this resulted in a whopping $1.5 billion liquidations worth of both long and short positions across the major exchanges over the past 24 hours.
  • At the time of this writing, Bitcoin is trading at around $53,700, down just shy of 7% for the day.
  • CryptoQuant, a popular cryptocurrency monitoring company, took it to Twitter to reveal that “there were significant BTC inflows into all exchanges, mostly Gemini.
cryptoquant_data
All Exchanges Reserve. Source: Twitter
  • Altcoins also suffered across the board. Ethereum is down almost 8%, BNB is down 13%, while Polkadot charted a decrease of about 8.3% at the time of this writing.
coin360_overview
Cryptocurrency Market Overview. Source: Coin360
  • It’s interesting to note that XRP remains one of the only major altcoins that is still in the green over the past 24 hours.

Source: Crypto Potato

Bitcoin rally

Bitcoin Buying Frenzy Continues

  • Bitcoin has seen some wild price action throughout the past couple of days, with bulls driving the crypto higher and putting a firm end to its recent consolidation phase
  • This has allowed the benchmark cryptocurrency to cross the $1 trillion market cap milestone
  • It is now one of the largest currencies in the world by market cap and ranks high when stacked against the market caps of the world’s largest companies
  • The crypto is showing no signs of slowing down, with institutional TWAP orders creating a premium for spot BTC
  • This means that large buyers are likely behind this move, which comes just days after BTC saw multiple selloffs that flushed out over-leveraged traders

Bitcoin and the entire cryptocurrency market have been growing in strength throughout the past few days and weeks, with buyers taking firm control of BTC as they send it to new all-time highs.

The crypto crossed the $1 trillion market cap milestone today, a monumental event that highlights just how far the crypto has come throughout the past few years.

One trader is now eyeing even further near-term upside, explaining that the next target for him sits somewhere within the lower-$60,000 region.

Bitcoin Shows Signs of Strength as It Crosses $1 Trillion Market Cap 

At the time of writing, Bitcoin is trading up 6% at its current price of $54,700. This marks a massive surge from its recent lows of $50,800 that were set yesterday evening.

The entire market is showing some immense signs of strength at the moment, except for DeFi altcoins which have been sliding lower as investors rush to gain exposure to Ethereum.

MicroStrategy completed their convertible note offering, which means that a billion dollars is about to be injected into BTC. This could be the source of the recent runup.

Analyst: BTC Likely to Surge Higher Before Facing Key Resistance

Because large buyers are aggressively bidding Bitcoin at the moment, it is unlikely that any retrace will be too significant in the short-term.

This may be why one analyst expects significantly further near-term upside for BTC, eyeing a move to the $60,000 region next.

“This is beautiful,” he concisely noted while pointing to the below chart, highlighting his upside target.

The coming few days should provide some insight into where the market will trend in the mid-term.

Source: Bitcoininst

Bill Gates Shares His Thoughts on Bitcoin and Digital Currencies

While predicting that the future of payments lies with digital currencies, Microsoft co-founder and philanthropist Bill Gates highlighted a “neutral view” on bitcoin. Nevertheless, he suggested that the digital form of money would need to enable transaction reversals and complete visibility.

I Don’t Own Any Bitcoin, Says Gates

The 65-year old US business magnate, author, and philanthropist seems slightly more optimistic on bitcoin now compared to a few years ago. During the year-long bear market in 2018, Gates said that he would be short on BTC if “there was an easy way to do it.”

Furthermore, he was given one bitcoin as a birthday gift years prior, but he quickly disposed of it. Despite saying that he still doesn’t own any BTC now, though, he has taken a more “neutral” approach towards the asset, as he revealed in a more recent CNBC interview.

“I don’t own bitcoin. I’m not short bitcoin; I’ve taken a neutral view.”

Nevertheless, he believes that digital currencies will eventually become the main form of payment methods. He noted that the Gates Foundation is actively exploring such payment options that could also decrease transaction costs. However, according to Gates, there’re several vital differences between BTC and the digital form of payments they are using:

“But there we do it so that you can reverse transactions, so you have total visibility of who’s doing what, so it’s not about tax avoidance or illegal activity.”

As far as BTC’s price goes, Gates said that it could go up or down based on the current mania, but he has no way of predicting whether it will continue surging.

Is That What BTC Is All About?

Although Gates didn’t precisely assert that BTC is used only for illicit activities now, he has previously claimed that cryptocurrencies harm people’s lives in a “fairly direct way” as they enable bad actors to transact somewhat anonymously on the black markets.

He had a point that Bitcoin transactions do not allow reversals due to the unique way the BTC network works. However, the Bitcoin blockchain allows precisely what the Gates Foundation’s digital currency aims for – total visibility.

All transactions are registered and shown on the blockchain. This has enabled authorities to track illegal activities and catch bad actors in the past.

And, while BTC has indeed seen some usage in illicit transactions, so has cash and even the heavily-regulated banking organizations. Leaked documents from FinCEN revealed last year that some of the world’s largest banks had laundered trillions of dollars for Ponzi schemes, terrorist organizations, and blatant scams for years.

Featured Image Courtesy of Time

Source: Crypto Potato

Bitcoin Jumps to a New All-Time High

Bitcoin price surged by a total of 5% over the past 24 hours, as the coin finally exceeds the $50,000 milestone.

Just nine days ago, the primary cryptocurrency had broken above the January-2021 previous ATH at $42,000, on the day Tesla disclosed its $1.5 billion Bitcoin purchase.

BTC then saw its largest-ever daily price candle, and encountered resistance at $48,570 (1.414 Fib Extension – green), struggling with it over the past few days till finally managing to close a daily candle above that during the weekend.

As shown on the following short term’s 4-hour chart, Bitcoin has been trading inside an ascending price channel since the end of January. Over the past week, it found support upon the channel’s equilibrium (midline) as support maintained the rising trend.

Over the past two days, Bitcoin had found resistance at $49,500 and struggled to break above it. Thus, forming a rising wedge pattern, which is typically a bearish pattern.

Unfortunately to the bears, we saw a bullish breakout to the upside – allowing BTC to surpass $50,000 and reach the $51,378 resistance (1.618 Fib Extension – green), where it is currently trading now.

BTC Price Support and Resistance Levels to Watch

Key Support Levels: $50,000, $48,570, $46,414, $45,000, $43,100.

Key Resistance Levels: $51,378, $52,365, $54,500, $56,112, $57,686, $60,000.

Looking ahead, the first level of resistance beyond $51,400 lies at $52,365 (1.414 Fib Extension – turquoise). This is followed by $54,500 (1.618 FIb Extension – yellow & the upper boundary of the channel), and $56,112 (1.414 Fib Extension – purple), $57,686 (1.272 Fib Extension – blue) and $60,000.

On the other side, the first level of support lies at $50,000. This is followed by $48,570 (previous resistance & the midline of the price channel), $46,414 (.236 Fib & lower boundary of the price channel), and $45,000. Further support lies at $43,100 (.382 Fib) and $42,000.

The daily RSI is now at its highest level since February 9, invalidating the bearish divergence, which is fading away. However, on the longer timeframes – the weekly – there is still bearish divergence, which requires a correction at some point.

In the short term, the RSI is nearing its overbought area but still has room before the market becomes overextended.

Bitstamp BTC/USD Daily Chart

btcusd-daily-feb17
BTC/USD Daily Chart. Source: TradingView

Bitstamp BTC/USD 4-Hour Chart

btcusd-4hr-feb17
BTC/USD 4-Hour Chart. Source: TradingView

Source: Crypto Potato

Elon Musk wants major dogecoin holders to sell

Elon Musk wants dogecoin moguls to share their wealth.

The billionaire Tesla CEO urged dogecoin’s largest owners to sell most of their holdings as he expressed concern about a small number of people hoarding too much of the cult cryptocurrency.

“If major Dogecoin holders sell most of their coins, it will get my full support,” Musk said on Twitter Sunday evening. “Too much concentration is the only real issue [in my opinion].”

“I will literally pay actual $ if they just void their accounts,” he added in an early Monday post.

Musk’s first tweet appeared to spark yet another wild movement in the price of dogecoin, a meme-inspired digital currency that was started as a joke.

The price initially jumped in the minutes after Musk’s tweet but went on to fall as low as about 4.8 cents late Sunday, marking a roughly 45 percent drop from the all-time high of 8.7 cents that it reached last week, according to CoinDesk data.

The coin pared the losses Monday morning to trade at roughly 5.8 cents apiece as of 7:18 a.m., down 6.5 percent from a day earlier, with a market value of about $7.5 billion.

Musk’s latest Twitter musings about dogecoin — named for an internet meme that features a Shiba Inu dog — suggested that he’s sincerely invested in the coin despite his frequent jokes about it.

When another Twitter user posited that Musk’s effort to push big holders to sell was a sign that…

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Top 5 Crypto Picks Besides Bitcoin to Look for in the Coming Week

Altseason is booming. Data from the popular monitoring resource Coin Market Cap shows that the total capitalization of all alternative cryptocurrencies currently stands just shy of $600 billion. This has reduced Bitcoin’s market dominance to 60%.

With this said, we’ve selected five altcoins to keep a close look at in the following week.

Yearn Finance (YFI)

YFI needs no introduction. It’s the governance token for the Yearn Finance ecosystem, and it’s one that definitely made history. Interestingly enough, it was intended as a valueless coin that wasn’t supposed to be traded – in the words of its creator – Andre Cronje.

Just yesterday, CryptoPotato reported that the cryptocurrency is once again making headlines. It surged to around $52,000 before retracing to where it currently trades. The move was seemingly propelled by the fact that Grayscale, the world’s leading crypto-asset manager, had set up a new venture – a statutory trust in Delaware, hinting interest in the cryptocurrency.

However, it’s worth noting that, despite the most recent surge in YFI’s dollar value, it’s still nowhere near its peak when trading against Bitcoin.

yfibtc_chart
YFI/BTC. Source: TradingView

As seen in the above chart, YFI is currently hovering at a price roughly around 1 BTC, while its all-time high BTC value is upwards of 4 BTC. Only time will tell if we’ll ever see these prices again, but with the DeFi industry booming as it is, it might not be entirely out of the question.

Tezos (XTZ)

Tezos, the sleeping giant. The cryptocurrency was one of the best performers back at the beginning of 2020, and everyone seemed to have their sight set on it. For some reason, though, XTZ was flying under the radar for most of 2021 until just recently.

It seems that XTZ is finally catching up to speed as it has marked an incredible increase of around 70% in the past four days alone. However, since the beginning of the year, XTZ is up by about 150%, which, compared to other altcoins, signals some lag.

xtzusd_chart
XTZ/USD. Source: TradingView

XTZ charted its all-time high yesterday, Feb 12th, at around $5.44, and it’s currently trading at about 10% below that.

In any case, if the altseason is to continue, Tezos might finally wake up and do the catching up that many believe it is due.

Polkadot (DOT)

Polkadot is undoubtedly one of the hottest projects in 2021 (though it was touted as one with great potential long before that). The cryptocurrency started the year at around $9 and is currently up over 220%.

dotusd_chart
DOT/USD. Source: TradingView

Regardless of the gains, which may seem considerable, the project continues delivering one announcement after another and has already attracted hundreds of reputable projects building on top of it.

Many are touting it to be the next Ethereum, though that’s a claim that has failed to pan out in a positive turnout historically. Nevertheless, Polkadot is undoubtedly one of the leading projects in the cryptocurrency field, and if the current bull market persists, it’s likely to keep performing splendidly.

Binance Coin (BNB)

BNB – the biggest centralized exchange cryptocurrency. Being the industry leader, Binance has been quite busy lately. One of the things to consider is the currently deflationary mechanism behind BNB – the company is taking out a portion of its quarterly profits to burn BNB tokens, which reduces the circulating supply.

However, what appears to be a serious driver behind BNB’s most recent surge to an ATH of around $150 is the Binance Smart Chain.

bnbusd_chart
BNB/USD. Source: TradingView

This is yet another competitor to Ethereum, but unlike it, the transaction fees are currently almost non-existent, and the confirmation times are also almost instant. To interact with it, users need BNB, and given the growing value locked in various BSC protocols, the cryptocurrency may still have a long road of growth ahead of it.

REN

REN is another very important project for the entire DeFi ecosystem. Investors using the Ren Virtual Machine (RenVM) are able to easily transfer their Bitcoin (and other non-Ethereum assets such as Bitcoin Cash, for instance) on Ethereum and participate in the DeFi industry.

This unlocks massive liquidity for the otherwise nascent field, and REN being the infrastructure that powers it could certainly benefit.

Data from DeFi Pulse reveals that there’s over $1 billion in value locked through RenVM, which is definitely a good sign. In terms of pricing, REN is currently trading at around 11%, below its all-time high.

RENusd_chart
REN/USD. Source: TradingView

Please note that none of the above is financial advice. Investing in cryptocurrencies carries high risk. For a full disclaimer, please refer to the footer.

Source: Crypto Potato