As the positive mood among crypto traders strengthened, Bitcoin (BTC) hit a session high of $43,300, its highest level in over three weeks.
On Tuesday, many alternative cryptocurrencies (altcoins) gained ground against bitcoin, despite the fact that their previous gains were fading. For instance, ether (ETH), the second-largest cryptocurrency by market capitalization after bitcoin, topped $3,000 for the first time in two weeks and was rise 3% within the last 24 hours, opposed to a 4% gain in BTC during the same timeframe. In the meantime, Terra’s LUNA token has fallen 3% in the last 24 hours.
In other news, global markets rose on Monday, while gold, a traditional safe haven, fell. As investors prepare for high inflation and increasing interest rates, the 10-year Treasury bond yield has continued to rise, matching advances in oil prices. Let’s take a peek at what actually occurred in the cryptoverse.
Related article | Bitcoin & Ethereum Market Overview 21/3/22
LUNA to Spike 80%? Here’s What Analysts Think
LUNA has been trending to the downside in the past few days, but different indicators show interesting signs. A MACD crossover can give a bullish signal when the MACD rises above the signal line. The opposite crossover would give a bearish signal, which can also be seen below in previous months as an example. LUNA is down 2.04% in the day to $93,31. There is a possibility of a double top that could be triggered if the price breaks out from the support level neckline. A failed double top could shoot up LUNA’s price proving previous signs right.
Why Ethereum Is Outperforming Bitcoin Again
The altcoin had begun another rally on Monday that solidified its position above the $3,000 price point. Throughout 2021, ETH had been the top performer of the two. The long-awaited ‘Merge’ is drawing closer and this has put the altcoin ahead of its top rival in the space. ETH has seen a year-over-year return of more than 300% compared to bitcoin’s -200%. This follows the same trend for last year where ETH surged past 300% while bitcoin remained under 200%. Looking at the performance during downtrends, BTC still holds up better compared to ETH.
7% Rally Pushes Cardano (ADA) Closer To $1
ADA had hit its all-time high above $3 in 2021. The digital asset is still doing quite well on a year-to-date basis, although not as good as the community would like. The recent uptrend in its price has pushed it closer to $1, but how soon can the cryptocurrency hit it? ADA is still trading below $1 at $0.955, getting ready to test the resistance point. A break above this would put the digital asset right above $1, where it must form significant support or risk losing its footing. The network which is constantly being upgraded to make room for more demand recently completed another upgrade.
Secretum x Alfprotocol: Expanding Solana’s Ecosystem With Decentralized Financial & Communication Services
Secretum and Alfprotocol are two new projects joining the Solana ecosystem. Secretum is a decentralized, encrypted messaging and OTC trading dApp that does not collect any sensitive personal data (emails, ID numbers, DOBs, physical addresses, etc). Users will be able to use Secretum’s Smart Public Channel feature to educate the public about decentralized finances. Secretum is a decentralized, encrypted messaging and OTC trading dApp that is on a mission to make decentralized messaging and trading seamless. 50 people have the chance to win 2000 $SER and 250,000 $ALF tokens (worth 2000 USDT).
Mars4 Embraces a Multi-chain Future with PancakeSwap Listing
MARS4 is a multi-million dollar project that allows players to experience virtual Mars and provide tools to earn from it. MARS4 NFTs are land plots on virtual Mars that were modeled after NASA’s data to give the most accurate experience of the Red Planet. Owners will be able to interact with their NFT, explore, and even terraform it. The MARS4 token has been listed on PancakeSwap, a decentralized exchange platform based on Binance Smart Chain (BSC) BSC allows more transactions per second than other platforms such as KuCoin and SushiSwap. The staking pool of 50,000,000 tokens was filled after the staking program was launched.
The Nightly Mint: Daily NFT Recap
Sylvester Stallone is minting 9,997 generative NFTs, titled ‘SLYGuys,’ as part of a ‘PlanetSLY Collection’ Floyd Mayweather is back to mint again. The boxer has previously settled with the SEC and has dealt with other controversial matters.
Trezor Hardware Wallet Introduces Support for Cardano (ADA), Price Reacts
Trezor has announced support for Cardano (ADA) after many years of not supporting the digital asset. As Cardano has grown, there has been more demand for cryptocurrency to be added to the wallet. Trezor is one of the most popular crypto hardware wallets in existence. By Thursday, Cardano had recovered to as high as $0.857 from its trending week low. The digital asset would return back down only to begin trading at a higher low. At the current price, the digital asset is trading well below its 50 and 100-day moving averages.
When Bitcoin At $500,000? Novogratz Says Five Years
The Galaxy Digital CEO Mike Novogratz has put the digital asset at a $500,000 value. He told Bloomberg Technology that he expects to see this happen within the next five years. More people are going to begin moving to bitcoin to get away from the dollar. Most Cryptocurrencies Will Die Out, says Galaxy Digital Holdings CEO Michael Novogratz. He explains that the regulations that govern crypto exchanges through which most cryptocurrencies move would not allow this since most require KYC verification to use. The company holds more than 16,400 bitcoins valued at over $670 million.
Dogecoin Price Falls As India’s Central Bank Bans Cryptos
The Indian Central Bank came out with firm rejection against adopting cryptocurrencies in the country. The price of Dogecoin went down when the news came out. A trend line and an intermediary top-line stopped the bulls from taking the price higher. Instead, the price went back to where it started and looked like it would fall more. The Indian government has revealed its positions on cryptocurrencies and digital currency.
They are not going to regulate cryptocurrencies by the central bank. Instead, India’s central bank will be launching central bank digital currency (CBDC) this year. DOGE started the day with a decline as India plans not to regulate cryptos.
Related article | What is Bitcoin node?
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