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Ethereum Poised to Rally as Options Volume Hits Fresh All-Time High

Ethereum has been closely tracking Bitcoin’s price action throughout the past several days and weeks, which exposed it to some intense downwards pressure yesterday. It has been able to post a swift recovery from its daily lows, and has remained firmly within its long-held consolidation phase within the $230 to $250 range. Although it is […]

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Ethereum has been closely tracking Bitcoin’s price action throughout the past several days and weeks, which exposed it to some intense downwards pressure yesterday.

It has been able to post a swift recovery from its daily lows, and has remained firmly within its long-held consolidation phase within the $230 to $250 range.

Although it is outperforming Bitcoin slightly at the moment, ETH still remains closely correlated to the benchmark crypto, and where it goes next will likely depend on how BTC reacts to its newly formed resistance around $9,700.

Analysts are noting that ETH was able to defend against a sustained dip below a key support level. This could bolster how it trades in the hours and days ahead.

Another factor that could play into how it trends in the coming hours is the massive rise in options trading volume Ethereum has seen as of late.

These options contracts could contribute to future volatility.

Ethereum Posts Strong Rebound from Recent Lows as Bulls Defend Key Support

At the time of writing, Ethereum is trading up marginally at its current price of $235.

The crypto is currently up from daily lows of $230, although it still has a way to go before it reaches its multi-day highs of $250.

The visit to these highs is what caused it to lose its stability, as the rejection it faced here sparked a sharp selloff that caused it to plunge.

This turbulence came about in tandem with Bitcoin’s volatility, as the benchmark crypto rallied to highs of $10,050 before facing a harsh selloff that sent it down to lows of $9,000.

ETH’s correlation with BTC still remains strong, and it rebounded overnight alongside Bitcoin.

Analysts are claiming that Ethereum has recaptured a key support level against its USD trading pair, leading one analyst to note that it “doesn’t look bad at all.”

Ethereum
Image Courtesy of Crypto Michael. Chart via TradingView

Whether or not it holds above this level will likely depend on whether Bitcoin can stabilize within the mid-$9,000 region.

ETH Options Open Interest Rockets to All-Time Highs

Ethereum’s price may also see some volatility in the near-future due to heightened options trading activity.

Arcane Research spoke about this within a recently released report, noting that OI for the crypto’s options now sits around $150 million.

“The Open Interest is now approx. $150 million, an all-time high. Much higher than the previous high around $90 million from last summer.”

They also offered a chart clearly showing the massive growth in both OI and trading volume that the cryptocurrency’s options have seen over the past couple of weeks.

Image Courtesy of Arcane Research

This number may continue ballooning in the near-term, as OKEx recently launched contracts for the crypto. Previously, Deribit was the only provider of Ethereum options contracts.

Featured image from Shutterstock. Charts from TradingView.

Source: https://www.newsbtc.com/2020/06/13/ethereum-well-positioned-to-rally/?utm_source=rss&utm_medium=rss&utm_campaign=ethereum-well-positioned-to-rally

Blockchain

XRP Bulls Step in With a 5% Daily Increase, Is $0.30 Next? (Ripple Price Analysis)

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XRP/USD – Buyers Finally Break Above Symmetrical Triangle

Key Support Levels: $0.26, $0.251, $0.245.
Key Resistance Levels: $0.261, $0.271, $0.279.

XRP went through a rollercoaster of price action yesterday as it reached as high as $0.271 (bearish .618 Fib) and as low as $0.228 (.618 Fib) during the 24 hours.

The cryptocurrency had been trading within a symmetrical triangle and rebounded from the lower boundary at the start of the week. Despite the whipsaw like movement yesterday, the daily candle still closed beneath the triangle’s upper boundary.

Today, XRP pushed higher to break toward the upside of this triangle. It reached the resistance at $0.261, provided by a bearish .5 Fib Retracement level.

xrpusd-oct22
XRP/USD Daily Chart. Source: TradingView

XRP-USD Short Term Price Prediction

Moving forward, if the buyers can break the current $0.261 level, higher resistance lies at $0.271 (bearish .618 Fib Retracement). Following this, resistance lies at $0.279 (1.414 Fib Extension), $0.286 (bearish .786 Fib), $0.295 (bearish .886 Fib), and $0.3.

On the other side, the first level of support lies at $0.26. Beneath this, support is expected at $0.251, $0.245 (100-days EMA), and $0.237 (200-days EMA).

The Stochastic RSI produced a bullish crossover signal, which helped the recent push higher.

XRP/BTC – XRP Briefly Penetrates Beneath 2000 SAT.

Key Support Levels: 2000 SAT, 1960 SAT, 1915 SAT.
Key Resistance Levels: 2050 SAT, 2127 SAT, 2200 SAT.

XRP has been struggling throughout the entire month of October against Bitcoin. Yesterday, the coin fell from 2050 SAT and broke beneath 2000 SAT. It continued to spike as low as 1915 SAT where it found support at a downside 1.618 Fib Extension.

The coin managed to close the daily candle at the 1960 SAT level (downside 1.272 Fib Extension) and it has rebounded back above 2000 SAT today as it trades at 2015 SAT.

xrpbtc-oct22
XRP/BTC Daily Chart. Source: TradingView

XRP-BTC Short Term Price Prediction

Looking ahead, if the buyers continue higher, the first level of resistance lies 2050 SAT. Above this, resistance lies at 2127 SAT (bearish .236 Fib), 2200 SAT, and 2260 SAT (bearish .372 Fib & 100-days EMA).

On the other side, if the sellers break back beneath 2000 SAT, support lies at 1960 SAT, 1915 SAT, and 1900 SAT.

The Stochastic RSI is in extremely oversold territory as we wait for a bullish crossover signal to send the market higher.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/xrp-bulls-step-in-with-a-5-daily-increase-is-0-30-next-ripple-price-analysis/

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BitTorrent Launches BitTorrent X Ecosystem Following DLive Acquisition

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BitTorrent Inc., the firm behind the massively popular BitTorrent protocol and app, has announced its acquisition of blockchain-powered live streaming platform DLive.

DLive will now form part of the newly established BitTorrent X ecosystem, which also includes the BitTorrent File System (BTFS), a service used for distributed file storage and retrieval, as well as the BitTorrent client, which will be utilized delivering these services and more to users.

Transitioning to BitTorrent X

Since the BitTorrent protocol was first developed in 2001, it has become the most successful peer-to-peer data distribution system. It has already been used by well over 2 billion users globally — including massive enterprise users like Facebook, Twitter, and Blizzard.

The BitTorrent file-sharing protocol also appears to be an inspiration that edged Satoshi Nakamoto towards the development of Bitcoin (BTC), as described in a message posted by Nakamoto on the Cryptography Mailing List.

After being acquired by TRON CEO Justin Sun in 2018, BitTorrent has gradually been woven into the rapidly growing TRON blockchain ecosystem, with the BitTorrent File System (BTFS) now being used by the TRON blockchain and DLive as a decentralized storage solution.

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With the acquisition of DLive, BitTorrent is now ready to move into the next stage of its expansion: the launch of BitTorrent X — an ecosystem comprised of BTFS, the BitTorrent (and μTorrent) apps, the BitTorrent token (BTT), and now DLive.

DLive is a leading blockchain-powered live streaming platform and currently has more than 7 million users and 200,000 content creators.

Some of its top creators include PewDiePie, tugaygokyt, and enesbatur — each of whom has hundreds of thousands of followers thanks to their popular gaming and e-sports live-streamed content.

“BitTorrent X is the next step in establishing a truly decentralized internet,” said Justin Sun, founder of TRON and CEO of BitTorrent. “In one big step, the BitTorrent X ecosystem may drive blockchain-related tools to billions of devices. Hundreds of millions of users will have access to the next era of tools to share, store, and stream their content directly to anyone across the web.”

According to the announcement, the BitTorrent X ecosystem will be powered by the BTT cryptocurrency, which is already used for incentivizing users to share their storage space on the BTFS, and can be staked on DLive to earn rewards.

justin_sun_cover
Justin Sun, founder of TRON and CEO of BitTorrent

It is expected that the arrangement will allow potentially billions of users to access decentralized file sharing and live streaming services, with the same simplicity and ease of use users expect from BitTorrent and TRON applications.

“The acquisition marks a new start for DLive.tv. We are more than excited to join the BitTorrent ecosystem as the collaboration will provide us with more innovative solutions to empower content creators and reward communities.” says Charles Wayn, CEO of DLive, “Together with the BitTorrent team, we look forward to bringing disruptive innovations to the digital media space, and furthermore create value for our global community.”

The last few months have been packed full of news coming from BitTorrent and DLive. Last month, it was announced that TRON would now use the BitTorrent File System (BTFS) as the data storage solution for TRON nodes, making onboarding new nodes to the network much simpler and faster. Likewise, DLive recently completed its 2 million Lemon #StayAtHome giveaway, helping to supports its viewers and streamers during the COVID-19 lockdown.

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Source: https://cryptopotato.com/bittorrent-launches-bittorrent-x-ecosystem-following-dlive-acquisition/

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Streamity: Leveraging Binance Smart Chain to Provide Myriad of Services

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[Featured content]

DeFi has no doubt exploded in 2020 as the industry saw unprecedented growth all the way from March. In fact, data suggests that there’s currently around $11.2 billion locked in various lending protocols in the ecosystem.

While this may have somewhat surprised many, it does come as a natural and logical extension of the crypto field. After all, that’s the general purpose of cryptocurrencies – to separate state and money through an immutable and decentralized ledger.

Expectedly, though, many companies started popping up, providing various DeFi-based services in a range of fields.

Streamity is one of those projects. It leverages the blockchain of the world’s largest cryptocurrency exchange – Binance Smart Chain, to offer a myriad of financial, healthcare, sports, and science services.

What is Streamity?

As stated in the project’s official whitepaper, Streamity is an autonomous company with a community management system built on the Binance Smart Chain. It aims at providing services in the fields of science, healthcare, finance, education, and sports.

The team builds a range of different products that interact with the Binance Smart Chain and the protocol’s native token called STM.

As the interest in the entire field is only increasing, so should the demand for the STM token. The team holds that a community-led ecosystem with constant development and self-sufficiency would be very effective. Presently, the STM token is en route to this mission, and it’s created through a governance system that would actively guide Streamity forward.

streamity_cover

More About the STM Token

Apart from the above, Streamity’s native token, STM, enables its holders to have a direct impact on the development of the ecosystem through voting. Users can easily vote for each of the proposals. They can also delegate these rights by transferring the tokens to a third party.

The minimum amount of STM tokens needed to submit a protocol proposal is 1% of the total volume of all STM tokens.

In terms of distribution, 40% of the supply will go to the community members’ public reserve – this adds up to 39.6 million STM tokens. 40% will be in free circulation, which adds up to another 39.6 million, and, lastly, 20% is reserved for team members and employees – a total of 100 million STM.

When it comes to the profit distribution, 50% goes for replenishing the public reserve, 48% goes to team members and employees, and 2% goes to charity.

Now, it’s worth noting that the public reserve will be regularly distributed by voting for grants, new liquidity pools, management incentives, and whatnot.

To incentivize early liquidity providers, 10 million STM will be allocated as a liquidity replenishment program launched on October 12th, 2020. It consists of 5 pools, namely:

  • BNB/BTC
  • ETH/DAI
  • BNB/USDT
  • BUSDT/STM
  • BNB/STM

Various Services on Streamity

Tokenomics aside, Streamity is aimed at providing a range of different services, as mentioned above. With this said, here are a few of the projects that are planned and launched.

Right off the bat, the platform has seen a P2P cryptocurrency exchange called Streamdesk that guarantees the success of the transaction through the integration of smart-contract architecture and an APY of payment systems. It’s already launched, and a transition to BSC is also in plans.

Project Health is another platform created for online training and exercises of different types with a system for sports achievements and rankings. It should be launched in the third quarter of 2021.

Duel Control is an app oriented toward entrepreneurs, middle managers, and managers. It aims at improving the development of managerial competencies, the psychology of influence, strategic thinking, and so forth. The platform should be launched this month.

The Talent Exchange Network is a platform that’s already launched, and it represents a social network with ranking systems of organizations and users, the values of which are increased through proper education.

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Source: https://cryptopotato.com/streamity-leveraging-binance-smart-chain-to-provide-myriad-of-services/

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