Right now, it is a strange time to evaluate the digital asset market because there is still a lack of clarity. The early signs of bullish sentiment that emerged in early-August are now inconsistent across the board. No longer are the market’s coins registering hikes in unison with Bitcoin and Ethereum, with these alts identifying different trends. This was the reason why most of the market’s altcoin trends were incohesive, at the time of writing.
The examples of Litecoin, Tron, and Synthetix are a case in point.
For Litecoin, the price movements have seen a lot of ebb and flow. While the crypto-asset has followed on with a strong recovery after the drop on 2 August, bears continue to maintain a certain amount of pressure from time to time. With a market cap of $3.8 billion, Litecoin was registering a trading volume of $1.74 billion over the past 24-hours.
At press time, market indicators were positive for Litecoin with the MACD suggestive of a strong bullish period as the blue line hovered over the red line. With the crypto-asset valued at $58.24, the Bollinger Bands pointed to more market volatility going forward.
Further, the Awesome Oscillator also underlined a shift in momentum towards the market’s bulls.
16th-ranked Tron was close to recovering its losses from 2 August, at the time of writing. In fact, TRX was priced at $0.0206 at press time, with the immediate resistance observed to be around $0.213. The Relative Strength Index or RSI pointed to selling pressure possibly returning, but according to the Awesome Oscillator, the momentum still resided with the bulls. Further, the Parabolic SAR supported that sentiment as the dotted markers appeared under the candlesticks and were indicative of a bullish trend in the market.
Tron’s market cap of $1.49 billion allowed the crypto-asset to maintain its position at 16th, with TRX having risen by 1.55 percent over the past 24-hours.
Over the past month, Tron has been trying to dwell into yield farming after Ethereum’s DeFi took the industry by storm. Additionally, smart contracts of TRON also approached the 1 billion mark.
Finally, Synthetix registered a growth of 2.52 percent on the charts as its price jumped from $4.22 to $4.44. The token was observed to have a market cap of $401 million, but the trading volume over the past 24-hours was a mere $34 million.
At the time of writing, the market indicators were contradictory for the crypto-asset as Relative Strength Index indicated high buying pressure, but the Parabolic SAR pointed to a bearish trend as the dotted markers were above the candlesticks.
Swipe’s SXP Token Jumps Over 25% Ahead of Swipe Governance Mainnet Deployment
The price of Swipe’s SXP token has jumped well over 25%, from $1.29 to $1.65 at press time, after Swipe Governance’s (SG) smart contracts were successfully audited by CertiK and SG’s mainnet deployment started being prepared. According to an announcement posted on Twitter, Swipe Governance’s smart contracts were successfully audited by CertiK, and Swipe Governance’s […]
The price of Swipe’s SXP token has jumped well over 25%, from $1.29 to $1.65 at press time, after Swipe Governance’s (SG) smart contracts were successfully audited by CertiK and SG’s mainnet deployment started being prepared.
According to an announcement posted on Twitter, Swipe Governance’s smart contracts were successfully audited by CertiK, and Swipe Governance’s mainnet is now scheduled to be deployed on Friday, October 2.
The tweet points out that the Swipe Governance protocol will allow SXP token holders to vote and control various paraments of the cryptocurrency’s development via the Swipe network.
Responding to the announcement some users touted their faith was restored in the project and they are now “super bullish” on it. Notably, others pointed out that the news appeared to have been leaked somewhere, as before the official announcement the price of the SXP token started surging.
The code behind the Swipe Token itself had notably already been audited by CertiK. In an announcement published last year, Swipe pointed out the audit was meant to ensure the SXP token would be “secure against some of the most critical vulnerabilities.”
The token, the team wrote, is the “center piece of network fuel and access to receiving the services provided by Swipe.” The announcement details CertiK conducts audits using Formal Verification, which goes beyond checking for bugs and vulnerabilities and “leverages rigorous mathematical theorems to check whether the source code of a program meets its specification.”
The Swipe Governance audit announcement saw SXP’s price jump to over $1.8 before the token’s price started correcting. The token hit an all-time high of $4.3 back in August, one month after leading cryptocurrency exchange Binance acquired Swipe for an undisclosed sum.
Binance acquired Swipe and listed the SXP token back then. The cryptocurrency exchange’s acquisition of the firm appears to be related to its Binance Visa Card, a cryptocurrency debit card that lets users pay with crypto anywhere Visa is accepted.
The Binance Visa Card uses Swipe’s technology and rolled out to users in the European Economic Area earlier this month.
Featured image via Pixabay.
Bitcoin Closes Above $10,000 for a Record 63 Days Straight
Bitcoin (BTC) continues to break new ground. According to data aggregated by Messari, on Sunday, 27 Sept., it broke another record — closing at $10,793, thus making it 63 consecutive daily closes above the $10,000 handle. The current streak eclipses the previous record of 62 days, which lasted from Dec 1, 2017 – Jan 31, […]
The post Bitcoin Closes Above $10,000 for a Record 63 Days Straight appeared first on BeInCrypto.
Bitcoin (BTC) continues to break new ground. According to data aggregated by Messari, on Sunday, 27 Sept., it broke another record — closing at $10,793, thus making it 63 consecutive daily closes above the $10,000 handle.
The current streak eclipses the previous record of 62 days, which lasted from Dec 1, 2017 – Jan 31, 2018, a period during which bitcoin reached its all-time high of just above $19,900.
Bitcoin’s latest extended consolidation above the five-digit mark, however, is proving different than previous runs. This time around, there is less hype, and in terms of price, things are relatively quiet, mostly fluctuating between $10,000 and $12,500.
During the last three months, any dips under 10k were aggressively bought. And according to The Crypto Lark, this is evidence of “halving effects starting to be felt.” In reaction to the news, the co-founder of Morgan Creek Digital and well-known podcaster Anthony Pompliano, for his part, tweeted:
Striking a slightly different tone, Matt Kaye, the managing partner of Blockhead Capital, commented,
we are essentially at $11k with no euphoria. No derivative long build-up. High stablecoin balances. Shorts are still unwinding. The sentiment is cautious at best (justifiably so with macro backdrop). Appreciate the rarity of this moment.
The broken record occurred around the same time it came to light that investment firm Grayscale was again adding to its Bitcoin Trust. At current prices, the additional investments are said to be about 17,100 BTC, worth approximately $186 million.
Meanwhile, bitcoin’s price is approaching a crucial resistance area, a breakout above which could confirm that the trend is bullish. For more in-depth Bitcoin analysis, click here.
Optimism For Ethereum as Layer 2 Testnet Gets Launched: What Does It Mean?
Layer 2 scaling developers at the Plasma Group have recently announced the launch of their Optimistic Ethereum testnet, which will be deployed on projects to test much needed scaling solutions.
Essentially, Layer 2 scaling involves taking work off the root chain to process data and transactions faster. The team has built a system called OVM, a fully-featured Ethereum Virtual Machine (EVM) compliant execution environment designed for L2 systems.
The OVM was first tested on Uniswap’s Unipig L2 decentralized exchange launched as a demo in late 2019.
At long last – light at the end of the tunnel. Welcome to the first phase of the Optimistic Ethereum Testnet ⛅️. https://t.co/cjfhB0WU98
— Optimism (@optimismPBC) September 25, 2020
Synthetix The First Guinea Pig
The Optimistic Ethereum testnet will be rolled out in several phases bringing early adopters on gradually so that the team can individually support each project.
On-chain synthetic assets DeFi protocol Synthetix will be the first to trial the scaling solutions offering 200,000 SNX in rewards to their users for participating. The team added that the testnet is currently open for public use, but not yet for public contract deployment as there will be bugs that need ironing out first.
Phase A of the testing will involve airdropped tokens that will allow participants to mint and burn sUSD, the Synthetix native stablecoin, and claim staking rewards. This will be done using the Görli Ethereum testnet.
Phase B will enable deposits and include an airdrop of Layer 1 Görli SNX tokens to participants who can increase their stakes if they perform a deposit. Phase C will allow withdrawals, and participants must complete a successful withdrawal to receive their testnet rewards on the mainnet.
Optimistic Ethereum is the only generalized L2 solution for Ethereum, which means that it does not require specific functionality to be built to support existing L1 protocols.
Synthetix posted a guide for users wanting to take part in the tests, stating;
“This is a huge milestone for Synthetix, Optimistic Ethereum, and indeed the entire Ethereum space.”
— Synthetix ⚔️ (@synthetix_io) September 25, 2020
Ethereum Fees Update
A week after the digital dust has settled from the Uniswap airdrop and UNI launch, gas fees have fallen back a little. From a high of almost $12 on September 17, the average transaction fee has fallen back to around $2.75, according to Bitinfocharts.
This is still way too high, though, and it is hoped that many more Layer 2 solutions will be deployed to DeFi protocols over the coming months so that they can remain on Ethereum. The ETH 2.0 scaling upgrade is still at least a year away, so efforts such as Optimistic Ethereum could become its savior until then.
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