Crypto Guides, Knowledge & Insights

Bitcoin blasts to $55k, a whale grabs $1.6B worth BTC

Bitcoin explodes and touched the $55,000 zone　　A BTC whale buys $1.6 worth of BTC through buying orders within five minutes 　　Bitcoin (BTC), after touching yesterdays high of $51,800 for the first time in a month, has not stopped climbing up and recently saw a sudden surge in the price and touched the $55,000 mark. 　　Although $56,000 is a crucial resistance level for BTC, anything could be possible as per its mood. BTC is just $15 billion away from attaining $1 trillion market cap as it had earlier this year.　　The attitude of BTC clearly indicates the arrival of the bulls as the month starts, and the coin king is targeting a $56,000 zone and a trillion-dollar market cap.　　The $55,000 level is touched after May 12, bringing a satisfactory smile on bulls after such a hustle and hard work.Bitcoin recovers from Chinas crackdown　　China is never cool with the crypto market and Bitcoin and always tries to overpower it. However, in return, it has always seen defeat. We can see an aggressive bull after the Chinese crypto crackdown, just as it happened in 2017.　　According to a recent analysis by Glassnode, miners have started accumulating BTC, resulting in less selling pressure, which gave a

2021-10-07Deep Dive

3 reasons why Terra (LUNA) price hit a new all-time high

Protocol upgrades are one of the biggest drivers of momentum because they show developers dedication to fixing bugs, incorporating user requests and adding new features that make the protocol competitive and shore up the tokens value.　　One project that has seen its token price rally to a new all-time high following the launch of a highly anticipated upgrade is Terra (LUNA), a blockchain protocol that uses fiat-pegged stablecoins like TerrUSD (UST) to create a global payments system.　　Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $23.81 on Sept. 21, the price of LUNA surged 108% to establish a new record high at $49.55 on Oct. 4 as its 24-hour trading volume spiked to $2.5 billion.　　LUNA/USDT 1-day chart. Source: TradingView　　Three reasons for the price breakout in LUNA include the launch of its Columbus-5 upgrade which introduced a LUNA burning mechanism, the protocols adoption of the IBC standard which opens Terra to the Cosmos ecosystem and an increase in DeFi applications and total value locked on the protocol. Columbus-5 arrives　　Columbus-5 launched on Sept. 30 and according to Terra developers and independent analysts, the upgrade is the most significant development to happen to the protocol to date.　　One of the

2021-10-07Deep Dive

Bitcoin’s Rally to $90K has Begun

I have kept you updated on Bitcoin’s (BTC) “Elliott Wave Principle (EWP) waves” regularly over the past many months. In my update from last week, I found, “A break above $48788 is still needed to confirm the anticipated run to $90K+.” That break happened on Monday, and as such, the preferred view remains BTC is now in a new bull run to new all-time highs, with an ideal target of $90K+　　Figure 1. Bitcoin daily charts with detailed EWP count and technical indicators.The break above $48788 happened, now the next impulsive move higher unfolds.　　Last week I shared, “if BTC can break back above the recent $45143 high, labeled as green wave-1 in Figure 1 above, it increases the odds the preferred (black) major wave-2 low has already been completed. Full confirmation will be achieved on a break back above the mid-September high at $48788 … we have an excellent stair-step process in place to help assess if the run to $90K has begun.”　　I have shown those two steps in Figure 1 above, as well as the minor degree waves BTC should now be in (green) minor-3 of (red) intermediate-i. Albeit not shown, these waves are part of the more significant (black)

2021-10-07Deep Dive

Dogecoin May Break Out with $0.43 in Target Range

Key Takeaways　　Dogecoin sliced through a critical resistance barrier in the past few hours.　　As long as prices stays above $0.26, the odds should favor the bulls.　　Further buying pressure could push DOGE to $0.43.　　Dogecoin is the latest meme coin that looks poised to resume its uptrend. Both technical and on-chain metrics suggest that DOGE could possibly enter a new bull run in the short-term. Dogecoin Ready to Resume Uptrend　　Dogecoin appears to be breaking out after enduring a five-month-long consolidation period. 　　Since late April, the tenth-largest cryptocurrency by market cap has been developing a descending triangle on its daily chart. As DOGEs price recorded a series of lower highs, the $0.17 level has acted as support. 　　A recent spike in buying pressure appears to have pushed Dogecoin beyond the triangles hypotenuse, which can be considered a breakout. If DOGE can print a daily candlestick close above $0.26, it is possible the coin could enter a 78% bull rally toward $0.43. 　　Such an impressive bullish target would be determined by measuring the triangles y-axis and adding that distance to the breakout point. Whales Are Back　　The number of large transactions on the network (i.e., those with values greater than $100,000) can act as a proxy

2021-10-06Deep Dive

'Evolved Apes' NFT creator allegedly absconds with $2.7 million

Investors in Evolved Apes, a recently launched “pfp” — short for profile picture — nonfungible token (NFT) are grappling with the disappearance of the projects anonymous developer.　　Going by the moniker “Evil Ape,” the developer has allegedly lived up to the name by vanishing with 798 Ether (ETH) worth over $2.7 million from the projects coffers.　　The reportedly stolen funds covered both the money realized from the initial minting process and the ETH traded in the secondary sale of the NFTs on the OpenSea marketplace.　　Indeed, Evolved Apes had been one of the hyped NFT mints of recent with the 10,000-strong collection reportedly selling out in 10 minutes and the floor price rising steadily following the swift sale.　　However, the projects storefront on OpenSea shows a tanked floor price of 0.005 ETH, significantly lower than the original minting cost. The decline in the floor price is no doubt linked to the current rug pull scandal rocking the project.　　Apart from allegedly siphoning all the project‘s money, Evil Ape also took down the Evolved Apes’ Twitter account and website.　　Before absconding with the $2.7 million, Evil Ape and the projects creators had promised to ship a blockchain fighting game, a common promise among several avatar-style NFT developers.　　Some

2021-10-06Deep Dive

AMC Theatres debuts crypto payments for e-gift card purchases

American cinema giant AMC Theatres is steadily approaching its goal of accepting cryptocurrency payments by year-end, now debuting crypto purchases for electronic gift cards.　　AMC customers can now buy digital gift cards with cryptocurrencies like Bitcoin (BTC) directly through the AMC website, mobile app and theatres, CEO Adam Aron announced on Oct. 5.　　The new payment option was enabled through major crypto payment processor BitPay, allowing consumers to purchase e-cards of up to $200, Aron noted.　　The CEO paid special attention to Dogecoin (DOGE) among the digital assets accepted for AMC e-card purchases. Aron hinted in September that AMC will include DOGE in the list of cryptocurrencies accepted for tickets by the end of 2021.　　Aron had conducted a poll of 140,000 people on Twitter, asking the community whether AMC should accept DOGE payments for tickets. “Its clear that you think AMC should accept Dogecoin. Now we need to figure out how to do that. Stay tuned,” Aron said at the time.　　As previously reported, Aron announced the companys plans to accept Bitcoin payments for movie tickets in August, expecting to roll out the new payment option by 2022. The movie chain also plans to support four other cryptocurrencies: the aforementionedDOGE, Ether (ETH), Litecoin (LTC)

2021-10-06Deep Dive

These Charts Show The Next Bitcoin Bull Run Isn’t Stopping At $100K, But Far Beyond

It’s a very good start to the fourth quarter of 2021 as the Bitcoin (BTC) price has already gained 18% so far this month. As of press time, Bitcoin is trading 4.37% up at a price of $51,303 and a market cap of $966 billion.　　Analysts are bullish over the BTC price performance in Q4 2021 and expecting $100K price levels. Crypto analyst Lark Davis shares multiple charts showing that the Bitcoin price rally isn’t just stopping just at $100K but will go far beyond.　　The Bitcoin Stock-to-Flow model from PlanB shows that BTC will rally to a minimum of $135K by the end of December 2021.　　Furthermore, the crypto analyst draws a comparison with the previous bull runs of 2013 and 2017.　　If we consider the lengthening cycle and diminishing return theory then we could see Bitcoin going up to 200K for a blow off top for this cycle sometime in late 2021, but more likely early 2022.　　During both the bull runs of 2013 and 2017, the BTC price rallied in excess of 300%. “If we assume same results then that gets to closer to 280k, if we assume diminishing returns then 200k,” he added.Looking at the Bitcoin Monthly RSI　　The relative strength index

2021-10-06Deep Dive

Bitcoin Is the New Gold, Says Bank of America Analysts

Bank of America indicates interest in cryptocurrency.　　The Wall Street banking giant says the crypto market is too large to ignore.　　Bitcoin may hit $60,000 this month.　　The crypto industry can no longer be ignored. The recent buzz, the global crypto market cap of $2.14 trillion has left organizations, governments, and individuals dazed. Thus, Americas Wall Street banking giant — Bank of America, recently expressed their impression of the latest Bitcoin trend.　　The bank disclosed that for some years they have been watching the crypto market evolve. Stating their observations, they claimed that the digital asset market has shown signs of maturing greatly.　　Thus, the market has become too huge for them to ignore. In a new research report by the bank, the renowned banking giant called blockchain ‘the most exciting new market in years’.　　Affirming their stance, the banks analyst, Alkesh Shah says,　　We believe crypto-based digital assets could form an entirely new asset class. Bitcoin is important with a market value of $900bn, but the digital asset ecosystem is so much more.　　Further, the analyst recognized that Bitcoin was designed to be money, but, the positive turn of events has now made it to be seen as digital gold. Whilst, altcoins like Ethereum, Cardano, Binance Coin

2021-10-06Deep Dive

Mirror opens access to its blockchain blogging platform to all

The Mirror Protocol now accepts any contributor as long as they have an Ethereum address and wallet.　　Ethereum-based decentralized blogging platform Mirror has opened its doors to the wider public after months of running vote-based contributions only.　　Mirror was launched in December 2020 to enable selected writers to publish on the decentralized blogging platform. Contributors could gain access by getting voted for in weekly competitions using the platforms native token WRITE, with just ten content creators selected per week.　　In an announcement on Oct. 6, Mirror stated that it has now done away with this system and has opened up to anyone with an Ethereum address and wallet. Unlike most large commercial blogging platforms that sell advertising to traffic generated by content, publishers on Mirror control their own content as it is stored on a decentralized blockchain instead of company servers.　　That content is cryptographically secure so cannot be modified or corrupted and users can exit the platform with all of their data if they no longer wish to be a part of it. The Mirror team elaborated:　　“Mirror has evolved from a tool for writers to a full-stack web3 creative suite for communities and DAOs.”　　Once an Ethereum wallet is connected, users can start creating

2021-10-06Deep Dive

Cardano price analysis We expect ADA to spike to $2.5 by midnight

According to Cardano price analysis, the bears are in control.　　ADA/USD is bearish today.　　ADA/USD is trading at $2.19.　　Analysis of the Cardano price shows that bears are attempting to reclaim their position and have already accomplished so far. The bulls were in control of the market last week when the price rose dramatically. But today, as per Cardanos price analysis, it is evident that they are losing their grip. Price prediction of Cardano shows an eminent drop is expected in the days to come.ADA/USD price movement in the last 24 hours: The price drops to $2.18 　　With the bears currently attempting to take control, the price has fallen below the $2.29 level where it found support last week. The bulls had risen this value to around the $3 mark while being in control back then. But as per Cardano price analysis, the bears have taken over and are attempting to reduce further down to a lower level ($1.97).　　Todays falling price has brought new support at $1.97, following the support established last week at around the $2.18 mark, which is now acting as resistance for the bulls to breakthrough. The 100EMA can be seen trending downwards while attempting to cross below the 200EMA,

2021-10-05Deep Dive

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