Blockchain
DeFi Continues Explosive Growth as Markets Remain Flat
While markets continue their slide, DeFi projects like AAVE and Uniswap rack up back to back growth alongside NFTs.

In brief
- Bitcoin, Ethereum and other projects are all down in the last 24 hours.
- DeFi projects however continue their strong growth.
- Stock Markets are in the red amidst rumours the Fed will reduce its quantitative easing.
While the incumbents in the top 20 cryptocurrencies by global market cap have continued their slide, DeFi projects are defying the trend.
Bitcoin, Ethereum, Tether, Polkadot, Ripple, Cardano and almost all projects had a second day of straight losses. The biggest movements came from Polkadot – down 5.5%, Bitcoin Cash – down 4.5% and Chainlink down 3.6%.
For DeFi projects however, it was a very different story. Uniswap hasn’t stopped growing all week, gaining 10.1% in the last 24 hours and taking the project to the 14th largest overall.
AAVE too has been on a tear recently, adding 5.3% in the last day, taking it to 16th overall. Lastly, but no means leastly, Synthetix, a decentralized payment network, is up 9.5%, helping it break into the top 20 cryptocurrencies.
As we reported earlier in the week, the performance of DeFi projects had helped push Ethereum’s value to all time highs. But while this wasn’t the case today, these projects are still having a positive effect, with Ethereum only down 0.8% according to data company Nomics. Another positive effect on Ethereum’s price is the continued boom in NFTs.
Yesterday Dapper Labs’ NBA Top Shot collectibles hit the number 1 spot in sales volume for the first time. The company that also makes CryptoKitties surpassed $32 million in sales, overtaking the collectible cats.
The NFT collectible market has sold nearly $100 million worth of collectibles thus far, with the top 5 collectibles all seeing 50% or more growth in the past seven days. For investors who are waiting for the next Bitcoin bull run, collectors of digital artwork are having their time in the sun.
Markets turn red amid fears Fed will pull back on quantitative easing
The Dow, S&P 500 and the Nasdaq all closed trading yesterday in the red over concerns the Fed may decide that it will pull back on its aggressive asset buying programme.
The Federal Reserve is due to give a statement this week which investors are watching with a keen eye as any reduction in federal support may cause a chain reaction that could see the markets plunge as the effects of COVID continue to linger.
But there were bright spots for investors yesterday. Apple, Google, Tesla, Netflix, Amazon and Facebook were all up in the day’s trading. The biggest mover was Microsoft, which gained 1.28% thanks to strong earnings reports.
Sponsored by AAX
This sponsored article was created by Decrypt Studio. Learn More about partnering with Decrypt Studio.
Blockchain
Bitcoin Price Prediction: BTC freefall to $42,000 beckons amid extremely drained bullish front
- Bitcoin rejection from $52,000 leads to unstoppable declines under $50,000.
- Technical indicators flip bearish for Bitcoin, adding weight to the impending price drop.
- The IOMAP model reveals immense resistance ahead of BTC and robust support, hinting at a potential consolidation.
Bitcoin continues to explore price levels under $50,000 following a recent rejection at $52,000. Initially, traders anticipated support at the 100 Simple Moving Average (SMA) and the 50 SMA on the 4-hour chart, but the gravitational force seems extremely hard to stop.
Meanwhile, the bellwether cryptocurrency is trading slightly above $47,000. Short-term technical analysis shows that the least resistance path is downwards. This is emphasized by the Moving Average Convergence Divergence (MACD) on the same 4-hour chart.
The trend momentum indicator has also flipped bearish following the MACD line (blue) cross under the signal line. Additionally, the technical indicator is falling toward the midline and may extend the action into the negative region.
Bitcoin is expected to secure support at the 200 SMA to halt the losses. However, if push comes to shove, BTC will extend the bearish leg to $42,000 due to the lack of a robust support area.
BTC/USD 4-hour chart

The In/Out of the Money Around Price (IOMAP) model by IntoThepBlock bolsters the massive resistance ahead of the flagship cryptocurrency. Recovery from the current price levels to $50,000 will not come easy, especially with the selling pressure between $48,450 and $49,816. Here, nearly 1.1 million addresses had bought 504,000 BTC.

On the flip side, the same on-chain model reveals that Bitcoin’s downside is also strongly supported, which means that losses as far as $42,000 may not come into the picture. Consolidation may take place owing to the support running from $45,660 and $47,026. Here, approximately 739,000 had purchased 445,000 BTC.
To keep track of DeFi updates in real time, check out our DeFi news feed Here.
Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://coingape.com/82773-2/
Blockchain
Bitcoin and Ether Whales Prepare for Market Rally as Altcoins Outperform Top Cryptos
Bitcoin and Ethereum whales are preparing for a renewed cryptocurrency market rally, grabbing as much of both cryptoassets’ total supply as they can before prices move up in the near future. According to crypto analytics firm Santiment, Bitcoin’s largest holder – those with over 1,000 BTC or more, worth about $49.8 million at press time […]

Bitcoin and Ethereum whales are preparing for a renewed cryptocurrency market rally, grabbing as much of both cryptoassets’ total supply as they can before prices move up in the near future.
According to crypto analytics firm Santiment, Bitcoin’s largest holder – those with over 1,000 BTC or more, worth about $49.8 million at press time – now hold 42.56% of the flagship cryptocurrency’s total supply, after dropping from 43.29% on February 8. Their large supply helped fueled bitcoin’s move to a new all-time high to $58,000.
Per the firm, if whales control over 43% of bitcoin’s total supply, it will be an “indication whales are looking to fuel another rally.”
Large holders taking over a larger portion of the cryptocurrency’s supply may help reduce selling pressure and even lead to a supply squeeze, as demand from other buyers remains while available supply drops significantly.
Santiment, as Daily Hodl reports, also revealed that Ethereum’s 10 largest addresses that are not controlled by cryptocurrency trading platforms are holdings the “most combined supply of ETH tokens (16.86M) since July 2016.”
Earlier this month, over 1 million ETH ($1.57 billion) was added to these addresses, showing they’re gearing up for a move upward.
In separate tweets, Santiment pointed out that while whales prepare for a BTC and ETH rally, smaller cryptocurrencies have been outperforming these blue-chip cryptos, likely because of demand coming in from retail investors.
Altcoins outperforming both BTC and ETH include Polygon (MATIC), Enjin (ENJ), Theta blockchain’s governance token Theta Fuel (TFUEL), and XinFin (XDC). These are outperforming bitcoin at a time in which the cryptocurrency struggles to remain above the $50,000 mark.
Other metrics point to an upcoming cryptocurrency rally. The amount of bitocin held on cryptocurrency exchanges has been steadily dropping over the last few weeks, to the point that over the last 30 days an estimated 46,900 BTC, worth over $2.3 billion, is believed to have left trading platforms.
The bitcoin balance on cryptocurrency trading platforms is often used by analysts to gain insights into what BTC investors are thinking. A large amount of bitcoin leaving trading platforms shows investors are looking to self-custody their funds, presumably because they plan to hold onto them for some time. This reduces selling pressure on the cryptocurrency.
Featured image via Unsplash.
Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://www.cryptoglobe.com/latest/2021/03/bitcoin-and-ether-whales-prepare-for-market-rally-as-altcoins-outperform-top-cryptos/
Blockchain
TA: Bitcoin Price Back Below 100 SMA, Why BTC Could Retest $45K
Bitcoin price failed to stay above $50,000 and $49,000 against the US Dollar. BTC is now below the 100 hourly SMA and it is likely to continue lower towards $45,000
- Bitcoin started a fresh decline below the $50,000 and $49,000 support levels.
- The price is now trading well below $50,000 and the 100 hourly simple moving average.
- There is a connecting bearish trend line forming with resistance near $49,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend its decline towards $45,000 as long as it is below $50,000.
Bitcoin Price Turns Red
After forming a short-term top near the $52,600 level, bitcoin started a fresh decline. BTC traded below the $51,200 and $50,000 support levels to move back into a negative zone.
There was also a break below a major bullish trend line with support near $49,500 on the hourly chart of the BTC/USD pair. The pair even broke the $48,000 support level. There was a clear break below the 50% Fib retracement level of the upward wave from the $43,050 swing low to $52,650 high.
It is now trading well below $50,000 and the 100 hourly simple moving average. It seems like the bulls are trying to protect the 61.8% Fib retracement level of the upward wave from the $43,050 swing low to $52,650 high.
Source: BTCUSD on TradingView.com
If they fail and the price trades below $46,500, there are chances of more losses. The next key support is near the $45,000 level, below which the bears might aim a test of the $43,000 support zone.
Fresh Increase in BTC?
If bitcoin stays above $46,500, it could correct higher. An initial resistance on the upside is near the $48,000 level. The first major resistance is near the $49,000 level and the 100 hourly simple moving average.
There is also a connecting bearish trend line forming with resistance near $49,000 on the same chart. To move into a positive zone, the price must clear the trend line resistance and then gain pace above the $50,000 barrier.
Technical indicators:
Hourly MACD – The MACD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.
Major Support Levels – $46,500, followed by $45,000.
Major Resistance Levels – $48,000, $49,000 and $50,000.
Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://www.newsbtc.com/analysis/btc/bitcoin-btc-could-retest-45k/
-
Blockchain6 months ago
Bitcoin price volatility expected as 47% of BTC options expire next Friday
-
Blockchain6 months ago
Blockchain Bites: Is DeFi an Inside Deal?
-
Blockchain6 months ago
Market Wrap: Bitcoin’s Powell-Induced Price Swing; Ethereum Still High on Gas
-
Blockchain6 months ago
Bitcoin Bouncing From Bull Market Support Points To 2021 As The Year Of Crypto
-
Blockchain6 months ago
Ethereum: Is the HODLing in yet?
-
Blockchain6 months ago
Hackers Have Been Trying To Crack Bitcoin Wallet Worth $750 Million But Here’s The Catch
-
Blockchain6 months ago
YFI Founder Puts Himself Forward for Uniswap (UNI) Delegation Duties
-
Blockchain7 months ago
Wealthfront Lures Millenials With Crypto Memes and Tactics
Share on Facebook
Share on Twitter
Share on Linkedin
Share on Telegram