Connect with us

Blockchain

Chainlink and Aave hit all-time highs: why are DeFi tokens rallying hard?

Avatar

Published

on

Chainlink and Aave, two major DeFi-related cryptocurrencies, are surging strongly in tandem with Bitcoin.

Aave surpassed $200 for the first time in history, solidifying its position as the fourth-largest DeFi token behind Uniswap (UNI).

Chainlink keeps its position as the biggest DeFi token by market capitalization, valued at around $9 billion.

Why are Chainlink and Aave outperforming the rest of the market?

In recent months, the DeFi space has seen a clear increase in demand and mainstream interest.

Earlier this week, billionaire investor Mark Cuban talked about Aave in a tweet that surprised many.

Cuban noted that moving funds through Aave is “crazy expensive” due to the gas costs on Ethereum.

To use DeFi protocols, like Aave, users need to process transactions through the Ethereum blockchain network.

Since Ethereum is decentralized, it processes information via smart contracts. Hence, for every transaction, users have to send a transaction fee in the form of “gas.”

Recently, the cost of gas has increased massively due to the overwhelming demand for Ethereum. Pinpointing the clogged Ethereum network, Cuban wrote:

“Except the gas is always an issue. Just the cost of moving crypto to AAVE is crazy expensive and the number of non crypto options will increase.”

Many industry executives stated that Cuban’s interest in Aave shows that DeFi has become mainstream throughout the past 12 months.

The total value locked in DeFi has surpassed $23 billion, consistently reaching a new all-time high.

Chainlink is a blockchain network that specializes in oracles. Oracles are crucial to DeFi protocols because oracles provide valuable market and price data to Defi platforms.

Hence, Chainlink and Aave are likely to benefit the most from a rapidly-growing DeFi market.

What’s next?

According to a cryptocurrency trader known as “Cantering Clark,” a $30 target for Chainlink in the foreseeable future is quite conservative. He wrote:

“The last break paused for a moment before ripping up 80% before any significant correction. Break of an ATH is a green light for strength. Expect a delay in follow-through always. I think a 30$ $LINK soon is clearly conservative.”

link chainlink
The price chart of Chainlink. Source: LINKUSD on TradingView.com, Cantering Clark

However, some argue that the upside potential of Chainlink is limited relative to other DeFi tokens given its $9 billion valuation. Other major DeFi protocols are still valued under $2 billion.

In the near term, other core pillars of DeFi, such as Synthetix and SushiSwap, are likely to be the next strongly-performing DeFi tokens after Aave and Chainlink.

SushiSwap, for instance, has seen a massive spike in price after seeing a sharp increase in trading volume following a “merger” with Yearn.finance.

Posted In: Analysis, DeFi

Like what you see? Subscribe for daily updates.

Source: https://cryptoslate.com/chainlink-and-aave-hit-all-time-highs-why-are-defi-tokens-rallying-hard/

Blockchain

Mark Cuban’s Dallas Mavericks to Accept Dogecoin Payments

Avatar

Published

on

American basketball team Dallas Mavericks will now accept payments for tickets and merchandise in Dogecoin via the leading cryptocurrency payment processor, BitPay.

Prior to the announcement, it already supported payments in cryptocurrencies, including BTC, BCH, ETH, USDC, GUSD, PAX, and BUSD. Its billionaire owner and Shark Tank star, Mark Cuban, cited the ‘very important’ reason behind the newest addition.

All Bark And Some Bite

Meme-inspired Dogecoin is finally getting some utility to go with the massive hype of recent. The digital asset, which features the face of the Shiba Inu dog from the “Doge” meme on its logo, has been added to the list of payment options on Dallas Mavericks’ online shop.

As a result, the team’s fan base, Mavs Fans for Life (MFFLs), can now purchase game tickets and merch using dogecoin.

According to the Dallas Mavericks, the decision is purely consumer-centric and is targeted at leveraging cryptocurrencies to “expand business sales opportunity, reduce high fees and increase payment transparency and efficiency.” Mavs’ billionaire owner and bitcoin skeptic-turned proponent Mark Cuban revealed the ‘earth shattering’ reason for accepting dogecoin payments.

ADVERTISEMENT

“The Mavericks have decided to accept Dogecoin as payment for Mavs tickets and merchandise for one very important, earth shattering reason, because we can! Because we can, we have chosen to do so. We have chosen to do so because sometimes in business you have to do things that are fun, engaging and hopefully generate a lot of PR. So we will take Dogecoin, today, tomorrow and possibly forever more. For those of you who would like to learn more about Dogecoin we strongly encourage you to talk to your teenagers who are on TikTok and ask them about it. They will be able to explain it all to you,”

While institutions are just getting caught up in the bitcoin frenzy, Dallas Mavericks is one of the early institutional adopters. The Dallas-based NBA hotshot started accepting bitcoin payments nearly two years ago and has continued to align itself with newer developments in the digital space.

Fun Over Intrinsic Value?

Mark Cuban’s reason for accepting dogecoin payments is based on the digital assets’ central theme – fun. He told Forbes last month:

“Dogecoin is less than a dime. You can buy $1 worth or $10 worth and have fun watching it all day”

He further stated that the digital currency has no intrinsic value, adding that he bought some for his son for educational purposes.

His earlier comments have led to strong suggestions that he is solely interested in reaping off the PR surrounding dogecoin of late.

Bitcoin Over Gold, Cuban Tells Schiff

Mark Cuban was quick to rebuff anti-bitcoin remarks made by the gold proponent and Chairman of SchiffGold, Peter Schiff, this week. The agelong precious metal advocate took a jab at wall street bitcoiners, tweeting that he never knew smart investors could be “dumb enough to buy bitcoin.”

In response, Cuban correctly pointed out that while a technology-backed store of values like crypto are dynamic and can transition into advanced applications, gold is simply static.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Source: https://cryptopotato.com/mark-cubans-dallas-mavericks-to-accept-dogecoin-payments/

Continue Reading

Blockchain

Binance Coin, Neo, Enjin Price Analysis: 05 March

Avatar

Published

on

Binance Coin was heading towards $205 after Bitcoin fell below $49k on the price charts. Neo also moved below a strong level of support, with bearish momentum likely to push the price to as low as $32 over the next few days. Finally, Enjin pictured buyers’ exhaustion after making remarkable gains over the past week.

Binance Coin [BNB]

Binance Coin, Neo, Enjin Price Analysis: 05 March

Source: BNB/USDT on TradingView

The bounce from $210 to $270 towards the beginning of March was not a recovery as sellers asserted themselves around the $270-mark and took control of the market. Since then, they have pushed BNB below the $230-retracement level. The $200-$205 zone is the next area of interest where the market’s bulls could take a stand.

The Awesome Oscillator pictured bearish momentum on the rise as it crossed over into bearish territory on the 4-hour chart. The OBV also noted steady selling pressure over the past few days.

A bearish retest of $230 can be used to enter a scalp short position, with take-profit at $205 and a stop-loss of $236 or $240 to give a little more breathing room.

Neo [NEO]

Binance Coin, Neo, Enjin Price Analysis: 05 March

Source: NEO/USDT on TradingView

As the Volume Profile Visible Range showed, while the Point of Control at $37.13 (red) has been a level that bulls have tried to defend over the past week, it appeared to have been ceded to bearish pressure in recent hours. The MACD formed a bearish crossover and dove under zero on the charts.

The 38.2% retracement level and the 50% retracement level at $35 and $32, respectively, are levels that can witness NEO bounce. However, as the VPVR highlighted, the $30.5-$32 zone will be the next area of notable trading activity and the area where NEO is more likely to find strong support, than at $35.

Enjin [ENJ]

Binance Coin, Neo, Enjin Price Analysis: 05 March

Source: ENJ/USDT on TradingView

In hindsight, it is quite simple to spot bullish exhaustion, but quite hard to be certain of it in real-time. The candlewick up to $1.51 for ENJ was followed by a strong momentum bearish candle, and this development confirmed that ENJ bulls have run out of steam, at least in the short-term.

The Stochastic RSI dove into the oversold territory while the RSI also began to drop lower from extremely overbought values, registering a value of 69 for the most recent, closed trading session.

The next level of support for ENJ was the 23.6% retracement at $1.07.


Sign Up For Our Newsletter


Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Source: https://ambcrypto.com/binance-coin-neo-enjin-price-analysis-05-march

Continue Reading

Blockchain

Binance Coin, Neo, Enjin Price Analysis: 05 March

Avatar

Published

on

Binance Coin was heading towards $205 after Bitcoin fell below $49k on the price charts. Neo also moved below a strong level of support, with bearish momentum likely to push the price to as low as $32 over the next few days. Finally, Enjin pictured buyers’ exhaustion after making remarkable gains over the past week.

Binance Coin [BNB]

Binance Coin, Neo, Enjin Price Analysis: 05 March

Source: BNB/USDT on TradingView

The bounce from $210 to $270 towards the beginning of March was not a recovery as sellers asserted themselves around the $270-mark and took control of the market. Since then, they have pushed BNB below the $230-retracement level. The $200-$205 zone is the next area of interest where the market’s bulls could take a stand.

The Awesome Oscillator pictured bearish momentum on the rise as it crossed over into bearish territory on the 4-hour chart. The OBV also noted steady selling pressure over the past few days.

A bearish retest of $230 can be used to enter a scalp short position, with take-profit at $205 and a stop-loss of $236 or $240 to give a little more breathing room.

Neo [NEO]

Binance Coin, Neo, Enjin Price Analysis: 05 March

Source: NEO/USDT on TradingView

As the Volume Profile Visible Range showed, while the Point of Control at $37.13 (red) has been a level that bulls have tried to defend over the past week, it appeared to have been ceded to bearish pressure in recent hours. The MACD formed a bearish crossover and dove under zero on the charts.

The 38.2% retracement level and the 50% retracement level at $35 and $32, respectively, are levels that can witness NEO bounce. However, as the VPVR highlighted, the $30.5-$32 zone will be the next area of notable trading activity and the area where NEO is more likely to find strong support, than at $35.

Enjin [ENJ]

Binance Coin, Neo, Enjin Price Analysis: 05 March

Source: ENJ/USDT on TradingView

In hindsight, it is quite simple to spot bullish exhaustion, but quite hard to be certain of it in real-time. The candlewick up to $1.51 for ENJ was followed by a strong momentum bearish candle, and this development confirmed that ENJ bulls have run out of steam, at least in the short-term.

The Stochastic RSI dove into the oversold territory while the RSI also began to drop lower from extremely overbought values, registering a value of 69 for the most recent, closed trading session.

The next level of support for ENJ was the 23.6% retracement at $1.07.


Sign Up For Our Newsletter


Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
The Easiest Way to Way To Trade Crypto.
Source: https://ambcrypto.com/binance-coin-neo-enjin-price-analysis-05-march

Continue Reading
Blockchain2 days ago

Ethereum’s Top 10 Whale Addresses Add 1 Million ETH In A Day, Evolve Files for Ether ETF

Blockchain3 days ago

Alt Season 2.0: Analyst Claims It’s “Showtime” For Ethereum

Blockchain3 days ago

OCEAN and EWT trading starts March 3 – Deposit Now

Blockchain3 days ago

Chainlink may surpass Bitcoin, reports

Blockchain3 days ago

Multiple assets can ‘behave like ADA’ through Cardano’s Mary upgrade

Blockchain2 days ago

Bitcoin Price Forecast: BTC elevation to $52,000 catches momentum

Blockchain2 days ago

SEC Chair Nominee Gary Gensler Calls Bitcoin (BTC) “A Catalyst for Change”, Is Bitcoin ETF Coming Soon?

Blockchain3 days ago

VeChain Price Prediction 2021 – 2027

Blockchain2 days ago

NFTs are changing the world of art and it is just getting started

Blockchain2 days ago

Rarest Pepe — ‘most important NFT in art history’ — sells for 205 ETH

Blockchain2 days ago

Santiment Reveals Top 10 Ethereum Projects by Developer Activity

Blockchain2 days ago

Mainnet launch and NFT sale lift Aavegotchi (GHST) to a new all-time high

Blockchain3 days ago

Grayscale Accelerates Ethereum Accumulation

Blockchain2 days ago

Someone Sent $243K in Bitcoin to an ‘Elon Musk’ Scam Wallet Address

Blockchain3 days ago

Crypto Projects Continue to Partner With Sports Teams

Blockchain2 days ago

A deep dive into Eth 2.0, scaling and a project that lets users buy the entire crypto market

Blockchain2 days ago

Exploring Polkadot’s blockchain of blockchains

Blockchain3 days ago

Bitcoin (BTC) Price Prediction: BTC/USD Hits $50,000 High and Retraces, May Find Support above $47,000 High

Blockchain2 days ago

ChiliZ To Expand Operations, Will Invest $50 Million in the US

Blockchain2 days ago

DeFi token CRV spikes after reports PayPal acquired unrelated custody firm Curv

Blockchain3 days ago

QuickSwap DEX Offers Credit and Debit Card Support

Blockchain3 days ago

Why March 2021 may see Bitcoin register yet another pullback

Blockchain2 days ago

Bitcoin’s Recent 25% Drop ‘Positive’ as It Tested Holder Conviction: Report

Blockchain2 days ago

Bitcoin price prediction: Bulls buy the dip to push BTC/USD past $50k

Blockchain3 days ago

Bitcoin Analyst Sees “Aggressive” Bull Run Towards $64,000; Here’s Why

Blockchain3 days ago

Thai SEC Backpedals on Crypto Trading Requirements

Blockchain3 days ago

Crypto tax startup TaxBit raises $100 million in round backed by PayPal, Bill Ackman and more

Blockchain3 days ago

Bitcoin price could rally up to $50,000

Blockchain2 days ago

Thailand SEC Allays Fears Over Controversial Crypto Proposal

Blockchain2 days ago

Bitcoin’s Compound Annual Growth Rate Is ‘Unmatched in Financial History’, Analysis Shows

Blockchain2 days ago

A Beginner’s Guide on How to Play in Casinos

Blockchain2 days ago

Kraken Daily Market Report for March 02 2021

Blockchain2 days ago

TA: Ethereum Lacks Momentum Above $1,550, Why Dips Likely To Be Limited

Blockchain3 days ago

Cardano Multi-Asset ‘Mary’ Update Launches to Mainnet

Blockchain3 days ago

Billionaire Mark Cuban Explains to Peter Schiff Why Gold ‘Will Die’ As a Store of Value

Blockchain3 days ago

Full Cardano decentralization expected in March

Blockchain2 days ago

Did Paris Hilton Forget She’s Already Released an NFT?

Blockchain2 days ago

Marc Lasry and former CFTC chair Giancarlo invest in BlockTower Capital

Blockchain2 days ago

Amplifying Her Voice

Trending