Category: Analysis

Here are the 3 trends causing exchanges to see massive Bitcoin outflows

Exchanges have been seeing massive Bitcoin outflows in recent months, which has been a rapidly unfolding development seen by many as being bullish for the benchmark cryptocurrency. A reduced supply of the crypto on exchanges is a positive sign, as it suggests that investors are adopting a long-term approach to their investments, while also reducing…

August 26, 2020
Analysis: Ethereum’s Yearn.finance (YFI) is one of the cheapest coins in DeFi

YFI, the native governance token of the DeFi protocol Yearn.finance, has rapidly become a prominent cryptocurrency despite just launching weeks ago. It made headlines for seemingly being the first cryptocurrency to appreciate 100,000 percent in a week. It also made headlines for becoming the first reputable altcoin to pass the price of Bitcoin. YFI now…

August 25, 2020
Expect volatility: Bitcoin futures open interest surges to new all-time high

Bitcoin has been seeing relatively quiet price action throughout the past few weeks, with the cryptocurrency primarily trading within the upper-$11,000 region as its bulls and bears reach an impasse. During this consolidation phase, futures traders have been opening up a significant quantity of positions, signaling that they anticipate the benchmark crypto to make a…

August 25, 2020
Ethereum’s on-chain data suggests the worst is to come after 10% correction

Even counting the recent bounce, Ethereum hasn’t performed well over the past week. After peaking at $440 last week, the price of the leading cryptocurrency has slipped around 10 percent lower. At the worst of the rally, the cryptocurrency tapped $380, but Ethereum now trades above $404 as buyers have stepped in across the crypto…

August 24, 2020
Ethereum competitor Polkadot hits $3.5b valuation: what’s fueling the rally?

Polkadot (DOT), a blockchain protocol founded by Ethereum co-creator Gavin Wood, achieved a $3.5 billion market capitalization. It comes merely six days after the protocol enabled DOT for transfers. The price of Polkadot’s DOT surges since Binance listing. Source: Polkadot DOTUSD Chart TradingView On July 13, DOT underwent a 100x split that would denominate the…

August 24, 2020
Analyst: S&P 500 and Bitcoin are macro correlated but that’s not a bad thing

The recent narrative is that Bitcoin is now correlated with the price of gold. From a fundamental perspective, analysts say this makes sense; both BTC and the precious metal are extremely scarce assets that aren’t controlled by a central authority and can be ‘found’ by anyone with the right materials. A prominent cryptocurrency analyst, though,…

August 24, 2020
As Bitcoin drifts lower, these crucial factors suggest bulls are still in control

Bitcoin is showing some signs of weakness today as its price drifts down towards its crucial short-term support level at $11,600. This is the lower boundary of the trading range that it is currently caught within, with the upper boundary sitting at $12,000. This range has held strong for the past few weeks, with each…

August 22, 2020
Here’s why DeFi has struck a crippling blow to tokens like Tezos (XTZ)

Throughout late-2019 and early-2020, protocol tokens with staking mechanisms garnered significant support amongst users, with tokens like Tezos (XTZ) drawing in massive inflows of investor capital due to lucrative monthly rewards. Although a stable five percent+ annual yield may have been attractive six months ago, the advent and rise of decentralized finance has stolen the…

August 21, 2020
Tether migrating USDT to Ethereum scaling solutions is bearish for “ETH killers”: analyst

Ethereum has been fracing a transaction fee problem over recent weeks. According to ETH Gas Station, a data site tracking the cost of Ethereum transactions, the cost of gas has reached 100 Gwei, though this was as high as 350 Gwei last week. Transactions now are 900 percent more expensive than they were at the…

August 21, 2020
This is the 4th longest streak of Bitcoin above $10k in history

Throughout its relatively young history, Bitcoin (BTC) has not stayed above the pivotal $10,000 level for many prolonged periods. In the last several weeks, the top cryptocurrency has remained relatively stable above $10,000. According to data from the pseudonymous analyst “Hsaka,” the recent uptrend is the fourth-longest period BTC stayed beyond $10,000. The fourth longest…

August 21, 2020