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Cryptocurrency

Bitcoin running out of steam

Bitcoin traded at $35,129.26 with a daily trading volume of $84.3 billion.

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94% of Bitcoin investors are making money, Bitcoin, Bitcoin running out of steam

The price of Bitcoin is presently under immense pressure at the first working day of the week, amid record sell-offs sighted at the ever-changing financial asset.

What you should know: As at press time, Bitcoin traded at $35,129.26 with a daily trading volume of $84.3 billion. It is down 14.61% for the day.

READ: Black Sunday, Bitcoin drops $4,000

Bitcoin market value now stands at $653.2 billion.

It has a circulating supply of 18,596,881 BTC coins and a max. supply of 21,000,000 BTC coins.

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READ: How BTC Whales can push BTC market value to $1 trillion

Affirming the bearish hold, a significant amount of bullish bets in the futures market at the world’s biggest crypto exchange got wiped suddenly— “$90 million of futures contracts long liquidations on Binance within 10 minutes,” according to Rafael Shultze-Kraft.

READ: $100 billion wiped in crypto market amid profit taking

READ: Elon Musk, first billionaire ever to be worth over $200 billion

Such losses stunned many crypto traders and investors who overleveraged on the prevailing bullish trend in the Bitcoin market.

While some crypto analysts are saying that markets will shrug it off, others seem to believe that the end of the current Bitcoin rally is nigh (or indeed, that it is already here).

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READ: Gold fast losing the battle to Bitcoin

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The bearish trend prevailing at the bitcoin market is largely attributed to a significant amount of profit-taking in play on the account that “Bitcoin realized profits are at record highs. Yesterday alone, the total net realized a profit of all coins moved on-chain was $5.5 billion.

Note that these represent BTC on-chain movements (comparing price at UTXO creation/spent times), not trades,” as observed by Glassnode.

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READ: Crypto entity moves $511 million worth of BTC for a $41 fee

READ: Bitcoin drops $2,000 in value after $847 million worth of BTC was moved by an entity

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina or email [email protected] He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

Present day cryptos won’t last long – Bank of England

The most powerful British monetary policymaker, is not of the bias that the current generation of digital assets has the structure needed to ensure long-term regulatory survival

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bank-of-england

The most powerful British monetary policymaker, Andrew Bailey, is not of the bias that the current generation of digital assets has the structure needed to ensure long-term regulatory survival.

Speaking during the World Economic Forum yesterday on “Resetting Digital Currencies” the Bank of England governor reacted to a question on whether crypto is here to stay for the long term with skepticism:

Are cryptocurrencies here to stay? Digital innovation in payments – yes. Have we landed on what I would call the design, governance, and arrangements for a lasting digital currency? No, I don’t think we’re there yet […] I don’t think cryptocurrencies as originally formulated are it.”

In a report credited to This is Money, a British-based financial newspaper, Andrew Bailey said that crypto-currencies in their current state were not likely to be the final settling point, as consumers, businesses, and regulators would look for digital currencies that are stable, safe, and well-designed before fully shifting away from traditional currencies like the pound and dollar.

What you should know: At the time of drafting this report, the crypto market was valued at $955 billion, a 2.23% drop over the last day.

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  • The total crypto market volume for the day stood at $128 billion, which makes a 2.15% increase.
  • The total volume in DeFi is currently $15.65 billion, 12.19% of the total crypto market’s 24-hour volume.
  • The volume of all stable coins is now $101.61 billion, which is 79.15% of the total crypto market 24-hour volume.
  • Bitcoin’s price is currently $32,164.91.
  • Bitcoin’s dominance is currently 62.86%, an increase of 0.65% over the day.

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Cryptocurrency

List of Cryptos expected to outperform many financial assets in 2021

A list of cryptos expected to do very well in 2021 has been unveiled by a renowned crypto expert.

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4 cryptos gain over 400% in a month, far outperforming Bitcoin

Widely respected crypto trader, Michaël van de Poppe recently unveiled the list of cryptos expected to do very well in 2021 amid the prevailing bullish run in the Crypto verse.

He started by mentioning Polkadot (DOT) and looking at levels where investors can buy on dips.

“We do see these retests at $15. That was one of the levels I discussed. Another one is this $13-level which is lower timeframes and then we’ve got this area around $10.50,” he said.

READ: Crypto experts reveal their favourite Cryptos 

Polkadot protocol connects private and public chains, oracles future technologies, and permission-less networks allowing such independent networks to share information and transactions through the Polkadot relay chain,

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Van de Poppe expects the next leg of the bull run to catapult DOT to his targets at $25, $29, and $45.

In addition to Polkadot, the analyst says he’s also bullish on smart contract platform Cardano (ADA), blockchain for enterprise solutions Zilliqa (ZIL), hybrid blockchain platform ICON (ICX), high throughput blockchain Elrond (EGLD), and interoperable blockchain network Cosmos (ATOM).

READ: DeFi crypto market value gains over 1000% from June

Cardano is a type of blockchain that permits people to receive and send funds.

  • ADA coin is the name of the cryptocurrency.
  • It uses the Cardano blockchain and it also allows people to design smart contracts just like Ethereum.

Elrond is a type of blockchain architecture, created to facilitate a 1000-fold cumulative improvement in the execution of speed.

Its architecture combines a secure Proof of Stake (PoS) algorithm facilitating unlimited scalability.

Zilliqa is a type of cryptocurrency that focuses on making blockchains more scalable and much faster; It uses sharding technology to simplify the consensus process so that blockchains like Ethereum can provide fast transaction processing successfully.

READ: Ethereum miners earning more than their Bitcoin rivals

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Another solid crypto on the crypto expert’s radar is Celer Network (CELR). He says the layer-two scaling platform can potentially rise to $0.035, representing a potential return of 400% from its present value of $0.007.

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Last but not least is chainlink on the bias it has more room for upsides as its still upcoming crypto and has a solid fundamental;

“Chainlink itself has a very big market share of the oracle niche. Other oracles are just starting up their first,” Poppe said.

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READ: ChainLink, now most valuable DeFi Crypto by market value

Chainlink is a blockchain that is designed to bridge the space between blockchain technology-based smart contracts (created by ETH), and other user programs.

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Cryptocurrency

Chainlink defying law of gravity, now more valuable than Litecoin

Chainlink traded at $25.31 with a daily trading volume of $3.9 billion and gained about 20,000 percent since its inception.

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List of Cryptos not worth buying

Chainlink (LINK) continued its bullish rally amid strong buying pressure in recent days, thereby setting a new all-time high at $25.50 and surpassing Litecoin (LTC) in terms of total market cap to become the seventh most valuable crypto.

READ: Nigeria leads the world in Bitcoin searches on Google

What you should know: At the time of drafting this report, Chainlink traded at $25.31 with a daily trading volume of $3.9 billion. It has gained about 20,000 percent since its inception.

  • Chainlink is a blockchain that is designed to bridge the space between blockchain technology-based smart contracts (created by ETH), and other user programs.
  • Since blockchains by principle can’t have access to data outside their paths or networks, a DeFi instrument is needed to facilitate data feeds in smart contracts, and Chainlink helps to solve such needs.

READ: 100% of Chainlink (LINK) wallets are now in profit

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Recall some days back, a highly revered crypto strategist, Michaël van de Poppe, listed some crypto assets that might likely overtake XRP as Polkadot did. Michaël, via his Twitter handle, revealed the cryptos expected to surpass XRP.

“Polkadot takes over spot 4 over XRP by market capitalization. Just a matter of time before Cardano, Chainlink, and Litecoin surpass XRP too.”

READ: List of cryptos likely to overtake XRP

READ: Binance offers DeFi coders $100,000; DeFi market value hits $8 billion

For enterprises, Chainlink is an abstraction layer that securely connects smart contracts to existing backend systems, massively expanding the kinds of business use cases that are possible, from parametric weather insurance to supply chain tracking.

READ: CHAINLINK now sixth most valuable crypto, keeps setting new highs

Should you buy it now?

Many individuals have the impulse to enter a position when the price is soaring. But those support/resistance flips actually give the best entries. Specifically, the first area of concern for global investors is the $25 resistance level, on the bias that some crypto traders anticipate profit-taking amid its impressive run in recent days.

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