Category: Analysis

Top Bitcoin analyst flips bullish after predicting the 20% retracement last week

Since peaking at local highs of $12,075 last week, Bitcoin has experienced a strong drawdown as depicted in the chart below. The leading cryptocurrency has fallen as low as $9,995 as of this article’s writing and has traded even lower than current levels as sellers have ravaged the BTC price. Chart of BTC’s price action…

September 8, 2020
Since March’s 50% Bitcoin crash, traders have been hesitant to overleverage

Bitcoin has undergone a strong correction over the past few days. After peaking at $12,000 early last week, the cryptocurrency has slipped as low as $9,800, shocking most investors as market sentiment was then bullish. Many have drawn parallels between the ongoing correction and the one in March that dropped BTC from the $9,000s to…

September 7, 2020
ETH plunged, but 7% of Ethereum supply in DeFi is a mid-term bull sign

The price of Ether (ETH), the native currency of the Ethereum blockchain network, sharply dropped by 27% in five days. Yet, the amount of ETH locked in decentralized finance (DeFi) suggests a medium-term bullish trend. The price of Ethereum since February. Source: TradingView.com According to Ryan Sean Adams, the founder of Mythos Capital, the DeFi…

September 5, 2020
Asset manager explains why Ethereum’s transaction fees won’t kill ETH

As covered extensively by CryptoSlate over recent days, Ethereum’s network congestion is reaching an untenable point. At one point in the past week, the average user of the blockchain was spending $50 in ETH to send a single transaction, effectively pricing out a majority of users. To include a personal anecdote, this writer has spent…

September 5, 2020
Ethereum gas fees are up 7,000% since 2020 began—but Vitalik thinks this can be solved

The cost of sending transactions on Ethereum has exploded over the past few months as the network has reached all-time highs in terms of transaction capacity and demand due to growth in the decentralized finance sector. According to GasNow, the cost of gas — how transaction fees are calculated — has reached around 700 Gwei.…

September 4, 2020
Bitcoin dominance falls as Ethereum, DeFi dominate the crypto market

The ongoing frenzy in the decentralized finance (DeFi) focused crypto market has led to industry leader Bitcoin lose its “dominance” by a significant percentage, data on tracking site CoinMarketCap shows. Ethereum challenging Bitcoin? Bitcoin dominance, the measure of the pioneering digital asset’s market share compared to the broader crypto industry, has fallen to its lowest…

September 2, 2020
Ethereum hits $473—and strategists are more bullish on ETH 2.0 than ever

The price of Ethereum (ETH) achieved $473 for the first time since June 2018, primarily buoyed by decentralized finance (DeFi). This time, the rally of Ethereum is driven by a noticeable spike in user activity, especially in the DeFi sector. The price of Ethereum (ETH) on a monthly candle. | Source: ETHUSD Chart on TradingView…

September 2, 2020
3 reasons why investors expect YFI’s insurance underwriter Nexus Mutual could reach a $1 billion market cap

Nexus Mutual (NXM), the only major insurance protocol in Decentralized Finance (DeFi), surged over the last several days. Several cryptocurrency fund managers expect NXM to evolve into a $1 billion protocol over the medium term. Three key catalysts for Nexus Mutual are the nascent DeFi insurance market, its fast growth rate, and rising demand. Factor…

September 1, 2020
VC: This cycle’s altcoin rally is likely to eclipse the crypto mania of 2017

Altcoins have performed extremely well in 2020, with a majority of reputable crypto projects easily outpacing Bitcoin. For instance, Ethereum is up 220 percent since the start of the year while BTC has gained a mere 70 percent. This trend is expected to continue, with one prominent venture capitalist in the space arguing that the…

August 31, 2020
The Winklevoss Twins think Bitcoin will hit $500,000 over a long period of time

By most analysts’ interpretations of the Bitcoin price chart, the cryptocurrency market is in the early innings of another bull trend. The last one took BTC from approximately $300 to $20,000; the one before that took the leading cryptocurrency from mere dollars to $1,300. While Bitcoin is much more mature than it was in these…

August 30, 2020