Popular crypto analyst Justin Bennett is updating his outlook on the two largest crypto assets by market cap.
Starting with Bitcoin (BTC), Bennett says that the flagship cryptocurrency could surge by up to 40% if it manages to break above the $42,000 resistance level.
“This area between $35,000 and $36,000 is support and $40,000 to $42,000 is resistance. Now as I have said recently, the market would have to get above $42,000 to expose $45,000 to $46,000, followed by that $50,000 to $53,000 resistance area.”
With Bitcoin now threatening to breach resistance at $42,000, Bennett believes that a strong relief rally is on the horizon for BTC.
“I continue to like the idea guys of a significant bounce here over the coming weeks. It’s taken longer than I thought it would, but sometimes that’s the way it goes.”
Are decentralized autonomous organizations really decentralized? Find out why they’re struggling to become fully autonomous.
While the organizational structure of a decentralized autonomous organization (DAO) is fundamentally meant to be “decentralized,” some of the biggest DAO protocols including Uniswap are not. A lot of the day-to-day activities within DAOs still involve a few core members of the organizations to make major decisions. This raises the question as to whether DAOs are completely decentralized. And, if not, is complete decentralization even possible?
More broadly, DAOs can be compared to how democratic nations are run. While the ideology is to have decisions for the country made by the people, it’s mainly governed by a few powerful individuals who hold most of the license to determine laws and control decisions. Also similar to large organizations, shareholders are allowed to vote but the key policies are determined by the board of directors.
DAOs differ in that they possess qualities that are more appealing than traditional organizations. For example, if anyone has an idea within a traditional organization, the idea has to go through a manager first before it reaches the higher levels. In a DAO, everyone can act on the proposal due to the flat structure and no hierarchy.
Bringing together community members, they vote on proposals designed to aid future operations of a protocol which are then executed in smart contracts once the proposals have been agreed upon. Under this community collaboration, it’s in the best interests of everyone within a DAO to agree on proposals that favor the protocol due to the incentives. A protocol that attracts more users pushes up the token’s value, which is what token holders want.
Despite the appearance of being fully decentralized, however, the reality is that it is still very challenging to achieve full decentralization.
Why DAO projects are still struggling with being fully autonomous
DAO protocols are struggling to live up to their nature of being entirely autonomous, as complete decentralization is challenging to achieve and for good reasons too.
Not enough liability from decision makers has led the core founding team to be distrusting of a system where anyone has the control to make decisions. Relying on a large community with no direct consequence creates tension within the group and slows the process of decision making which can, in turn, affect the company as a whole.
Today, almost all traditional early-stage startups have few decision makers. This is largely because during the initial growth phases, one bad decision can make or break a company’s growth and cause many early-stage founders to be cautious of who they involve as core members of a team. In this setup, founders make fast decisions and move quickly. DAOs, however, go against that principle by emphasizing the importance of consent and community voting.
One of the main qualities of a DAO is that it’s a community-led organization with a possible short-term gain in mind. With that being the case, founders need to trust that the community itself has the ability to make the right decisions based on a long-term goal and vision. By and large, there are no absolute restrictions or liabilities placed on who can join a DAO community, making it impossible for the core team to trust intentions. Hence, for some protocols, a much more rigorous recruitment process is needed to ensure the integrity of new DAO members.
Decentralization needs to happen in stages
If DAOs are to remain true to their nature where the community is able to make decisions equally, decentralization needs to happen in stages. However, providing a certain level of control is required so that common prosperity is maintained among the organization. While involved communities should be given the power to make proposals and decisions, gatekeepers or councils may be required that can effectively maintain the core values of the company.
Most successful DAOs including Uniswap, MakerDAO, PieDAO, Decred and more have different systems of gatekeeping where proposals go through various stages before being accepted. For example, Uniswap’s governance protocol has multiple stages of execution before any proposal is accepted. Its last stage is a group of elected users that have the power to halt the implementation of any proposals it deems malicious or unnecessary. On the other hand, MakerDAO has a more open community where people don’t need to hold their token to participate in off-chain voting. Yet, its proposals undergo strict scrutiny.
Community is fundamental to a DAO and it’s vital that DAOs move toward a structure that isn’t fully reliant on the core team. At the moment, voting is an important component in a DAO that truly engages. However, protocols in the future must focus more on engagement and working alongside builders.
By making incremental steps toward that ideal of complete decentralization, we’re more likely to achieve this goal rather than jumping in headfirst and holding rigidly to those principles. DAOs are a new form of enterprise that we need to learn and adapt to as we go. It’s for this reason that we do it right if we want DAOs to become the mainstay of how we operate our day-to-day activities.
Building common prosperity
Most DAO protocols are still in the early stages of building a fully-fledged DAO. Shapeshift, a global trading crypto platform could be one of the examples of a company that has dissolved its structure so it can become more decentralized.
Ultimately, the idea of building common prosperity where everyone is allowed to actively participate in the operations of an organization is still far from reality. Nevertheless, DAOs represent a revolution where control is spread out and a platform where people can flourish together in a transparent and effective way. More still needs to be done to achieve this romantic idea, but by learning and adopting new measures along the way, DAOs can become decentralized.
BTC and altcoins broke above their overhead resistance levels, but the actions of traders will determine whether bulls are back in control.
Bitcoin (BTC) and Ether (ETH) are attempting to build upon their recent recovery as the U.S. equity markets try to resume their relief rally, backed by strong results by Amazon. Bollinger Bands creator John Bollinger recently tweeted that Ether looked to be in a good spot to be added to his existing long positions.
The Purpose Bitcoin exchange-traded fund also witnessed its third-largest inflow on Feb. 1, according to Glassnode data. This suggests that traders may have started accumulating Bitcoin at lower levels.
Even though crypto markets are reeling under a bear phase, investor interest remains strong. Popular social media platform Stocktwits said that it has partnered with FTX.US to launch its crypto trading next quarter. The platform boasts five million monthly active users. This could result in several new investors starting their crypto investment journey.
Does the strong move in Bitcoin and select altcoins indicate the start of a new uptrend? Let’s study the charts of the top-10 cryptocurrencies to find out.
BTC/USDT
Bitcoin bounced off the minor support at $36,155.01 and the bulls have pushed the price above the overhead resistance zone between the 20-day exponential moving average (EMA) ($38,974) and $39,600.
BTC/USDT daily chart. Source: TradingView
If the price sustains above $39,600, buying could pick up momentum and the BTC/USDT pair could rally to the 50-day simple moving average (SMA) ($43,021). The bulls will have to clear this hurdle to signal a possible change in trend.
Contrary to this assumption, if the price turns down from the current level, it will suggest that bears continue to sell on rallies. A break and close below $36,155.01 could clear the path for a retest of the Jan. 24 intraday low at $32,917.17.
ETH/USDT
Ether turned down from the 20-day EMA ($2,795) on Feb. 2 and dipped below the support at $2,652 on Feb. 3 but the long tail on the day’s candlestick suggests aggressive buying at lower levels.
ETH/USDT daily chart. Source: TradingView
The 20-day EMA has flattened out and the relative strength index (RSI) is just above the midpoint, indicating that bears are losing their grip. Sustained buying by the bulls has driven the ETH/USDT pair above the 20-day EMA.
If bulls sustain the price above the 20-day EMA, the pair could rise to the resistance line of the channel. A break above the 50-day SMA ($3,291) will indicate that bulls are back in the driver’s seat.
This bullish view will invalidate if the price turns down from the current level and plummets below $2,550. That could open the doors for a decline to the support line of the channel.
BNB/USDT
Binance Coin (BNB) rebounded off the minor support at $357.40, indicating that bulls are buying at lower levels. The bulls will now attempt to push the price above the 20-day EMA ($401).
BNB/USDT daily chart. Source: TradingView
If they manage to do that, the BNB/USDT pair could start its northward march toward the resistance line of the descending channel. A break and close above this resistance will signal a possible trend change.
Conversely, if the price turns down from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. The bears will then try to pull the pair below $357.4 and challenge the strong support zone at $330 to $320.
ADA/USDT
Cardano (ADA) has been trading between the critical support at $1 and the 20-day EMA ($1.12) for the past few days. This tight-range trading is likely to result in a directional move soon.
ADA/USDT daily chart. Source: TradingView
A break and close above the 20-day EMA will be the first sign that the buyers are back in the reckoning. The ADA/USDT pair could then rise to the resistance line of the descending channel where the bears are likely to pose a stiff challenge. If the bulls overcome this hurdle, the pair could signal a trend change.
Contrary to this assumption, if the price turns down from the moving averages, it will suggest that traders are selling on rallies. The bears will then try to pull the pair below $1. If they manage to do that, the decline could extend to $0.80.
SOL/USDT
Solana (SOL) turned down from the 20-day EMA ($110) on Feb. 2 but the long tail on the Feb. 3 candlestick suggests buying at lower levels. The bulls will again endeavor to push the price above the breakdown level at $116.
SOL/USDT daily chart. Source: TradingView
If they succeed, the SOL/USDT pair could rally to the resistance line of the descending channel. A break and close above the channel will signal a possible change in trend. Alternatively, if the price turns down from the resistance line, the pair could continue to trade inside the descending channel.
On the downside, $80.83 is the critical support to watch out for because if it cracks, the selling could intensify further and the pair may plummet to the support line of the channel.
XRP/USDT
Ripple (XRP) continues its random price action between $0.54 and $0.65. If the price breaks above $0.65, it will suggest that the range-bound action may have been anaccumulation by the bulls.
XRP/USDT daily chart. Source: TradingView
The XRP/USDT pair could then move towards the 50-day SMA ($0.76) where the bears may mount a stiff resistance. A break and close above this resistance will be the first sign of a possible change in trend.
Conversely, if the price turns down from $0.65, the range-bound action could continue for a few more days. The bears will have to pull the price below the support at $0.54 to indicate the resumption of the downtrend. The pair may then retest the psychological support at $0.50.
LUNA/USDT
Terra’s LUNA token is trading between $43.44 on the downside and $54.20 on the upside. The 20-day EMA ($59) is sloping down and the RSI is in the negative zone, indicating that bears hold a slight edge.
LUNA/USDT daily chart. Source: TradingView
If the price turns down from the overhead resistance at $54.20, the range-bound action may continue for a few more days. A break and close below the support at $43.44 could indicate the resumption of the downtrend. The LUNA/USDT pair could then drop to the critical support at $37.50.
Alternatively, if bulls drive the price above $54.20, the pair could rally to the 20-day EMA where the bears may face stiff resistance. The bulls will have to clear this hurdle to indicate a possible change in the short-term trend. The pair could then rally to the downtrend line of the channel.
DOGE/USDT
Dogecoin (DOGE) continues its listless price action inside the range between $0.13 and $0.15. This indicates that both the bulls and bears are not waging large bets and are playing it safe.
DOGE/USDT daily chart. Source: TradingView
The moving averages are sloping down and the RSI is in the negative territory, suggesting that bears hold a slight edge.
If the price turns down from the 20-day EMA ($0.14) the bears will attempt to resume the downtrend by pulling the DOGE/USDT pair below $0.13. If they succeed, the pair could decline toward the psychological support at $0.1.
The bulls will have to push and sustain the price above the 50-day SMA ($0.16) to signal that the bears are losing their grip. The pair could then rise to $0.19.
DOT/USDT
Polkadot (DOT) is trading between the 20-day EMA ($20.47) and the strong support at $16.81. The weak rebound off the strong support and the failure to break above the 20-day EMA indicates a lack of aggressive buying by the bulls.
DOT/USDT daily chart. Source: TradingView
Although the RSI has inched higher, it is still in the negative territory. The moving averages also continue to slope down, indicating that bears are in command. This suggests that the bears may again attempt to defend the 20-day EMA with vigor.
If the price turns down from the overhead resistance, the bears will try to pull the DOT/USDT pair below $16.81. If they succeed, the downtrend may resume. This negative view will invalidate in the short term if bulls push the price above the 20-day EMA. In that case, the pair could rise to the 50-day SMA ($24.34).
AVAX/USDT
Avalanche (AVAX) turned down from the 20-day EMA ($73.58) on Feb.2 but a positive sign is that the bulls held the support at the uptrend line. This indicates that the sentiment is improving and traders are buying on minor dips.
AVAX/USDT daily chart. Source: TradingView
The bulls will now attempt to drive the price above the breakdown level at $75.50 where the bears are again expected to mount a stiff resistance. If the bulls overcome this barrier, the AVAX/USDT pair could start its journey toward the downtrend line.
Contrary to this assumption, if the price turns down from $75.50, it will suggest that bears continue to sell on rallies. That could keep the pair sandwiched between $75.50 and the uptrend line. A break below the uptrend line could open the doors for a decline to $60 and later to $51.04.
The DeFi bridge between Solana (SOL) and other blockchains Wormhole lost wETH 120,000 (USD 325m) in a hack, once again stressing the weaknesses of this nascent sector. The team offered the hacker a USD 10m bounty if they return the funds.
In their latest update (12:41 AM UTC), Wormhole confirmed that the vulnerability has been patched and they “are working to get the network back up as soon as possible.”
Per crypto analytics firm Elliptic, this is the fourth largest crypto theft of all time, and the second-largest theft from a DeFi service. According to the analysts, the exploit appears to have allowed the attacker to mint 120,000 wrapped ETH on the Solana blockchain, ETH 93,750 of which was then transferred to the Ethereum (ETH) blockchain.
“This demonstrates once again that the security of DeFi services has not reached a level that is appropriate for the huge sums being stored within them,” Tom Robinson, Co-founder of Elliptic, told Bloomberg. “The transparency of the blockchain is allowing attackers to identify and exploit major bugs.”
Wormhole claims it has integrated seven blockchains – Ethereum, Solana, Terra, Binance Smart Chain, Polygon, Avalanche, and Oasis – and has USD 1bn in total value locked.
Per their website there are two features built on top of the generic message-passing protocol including:
A token bridge that allows users to bridge wrapped assets between supported chains.
An NFT bridge that allows ERC721 and SPL NFTs to be transferred between Ethereum, Binance Smart Chain, Polygon, Avalanche, Oasis, and Solana.
Someone claiming to be a victim has sent a message to the attacker in an ethereum transaction: pic.twitter.com/R60OMFDs84
Bitcoin price declined below the USD 37,500 support.
Ethereum is back below USD 2,700, XRP is struggling to stay above USD 0.60.
LUNA and SOL are down more than 6%.
Bitcoin price failed to make a move towards the USD 40,000 resistance. BTC started a fresh decline from USD 39,200 and declined below USD 37,000. It is currently (04:11 UTC) down 4% and there is a risk of more losses below USD 36,800.
Similarly, most major altcoins are moving lower. ETH topped near USD 2,800 and declined below USD 2,700. XRP failed to climb higher towards the USD 0.650 resistance. ADA is moving lower towards the USD 1.02 support.
Total market capitalization
Source: tradingview.com
Bitcoin price
After a key rejection near USD 39,200, bitcoin price saw a bearish wave. BTC declined below the USD 37,000 level while an immediate support is near the USD 36,500 level. The next major support is near USD 36,000, below which the price could continue to move down.
If there is a fresh upward move, the price could face resistance near USD 37,800. The next major resistance is near the USD 38,000 level, above which the price could gain momentum.
Ethereum price
Ethereum price failed to clear the USD 2,800 resistance zone. There was a drop below the USD 2,700 level and the price might move down further. An initial support is near the USD 2,650 level. The next major support is near USD 2,600, below which the price may perhaps decline sharply.
On the upside, ETH could face resistance near USD 2,750. The next key resistance is near the USD 2,800 level, above which the price could rise steadily.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) topped near the USD 1.10 level and started a fresh decline. It is back below USD 1.05 and might continue to move down towards USD 1.02. The main support is near the USD 1.00 zone.
Binance coin (BNB) failed to clear the USD 388 level. There was a bearish wave below the USD 375 level. The price even traded below USD 370 and might test the USD 355 level.
Solana (SOL) faced a strong selling interest near the USD 112 resistance. It reacted to the downside below the USD 105 level. The price is down 10% and there was a clear move below the USD 100 support.
DOGE remained well below the USD 0.150 resistance. It is now approaching the USD 0.135 support. A downside break below USD 0.135 may possibly send DOGE towards the USD 0.122 level.
XRP price remained well below the USD 0.650 level. It is now struggling to stay above the USD 0.60 support. Any more losses could send the price towards the USD 0.58 support level in the near term.
Other altcoins market today
Many altcoins are down over 5%, including LUNA, DOT, AVAX, SHIB, CRO, LTC, ATOM, LINK, NEAR, UNI, ALGO, and XLM. Out of these, LUNA is down more than 6% and traded below the USD 50 level, increasing its weekly losses to 18%. Meanwhile, BITTOLD dropped 24%, reaching USD 0.00173.
Overall, bitcoin price is moving lower towards USD 36,500 again. If BTC fails to stay above USD 36,500, there could be a stronger decline towards the USD 35,000 level.
The broader crypto space has been rocky since the start of the new year along with the generation of consecutive higher lows. Especially, the flagship asset has lost most of its gains over the past couple of months losing more than $300 billion in market cap. Currently, with solid rejection at $38,710 the price dropped to $37,321 with 4% negative gains round the clock.
The on-chain metric hints at a bullish divergence of up to $40k in the next couple of days. Social weighted sentiments are rising high for BTC price as retailers have returned to the market with huge accumulation. In addition, reports of Intotheblock have cleared that about $11.83 billion worth of Bitcoins left exchanges.
Bitcoin To Reach $40k In The Next 36 Hours!
Bitcoin miners have continued to pile up huge BTC bags similar to May and August cycle where the price has experienced a gigantic price action. If they continue to favor the cryptocurrency, then drastic price action could be inches away.
Moreover, the most dominant asset has seen a net realized profit of more than $2.4 billion, which was the largest since 25th November, Glassnode reported. Although the price is not much volatile, its on-chain activity has picked up very encouragingly. Interestingly, the address activity had the best day of 2022 on Wednesday.
Collectively, the aforementioned factors continue to remain positive, then we are likely to hit $40k in the next 36 hours. Meanwhile the amount of BTC being circulated has continued its solid performance to open February. As a whole bulls are currently optimistic of hitting new higher lows.
South Korean crypto trading platforms are not only offering huge pay packages to prospective new hires – they are also looking to retain their staff by paying them massive Lunar New Year bonuses.
As reported, the “big four” crypto trading platforms – Upbit, Bithumb, Korbit, and Coinone – collectively hired over 600 new staffers in 2021, and have been offering new employees lucrative joining bonuses.
But, EDaily reported, Coinone paid its staff between 150% and 250% of their monthly salaries in an end-of-year, performance-based lump sum payout. Coinone, like the rest of the big four, enjoyed one of its most profitable years ever in 2020, with trading skyrocketing in the first half of the year.
Coinone had previously announced that it would raise the salaries of all its employees by 20% in November 2021. All the bonuses were paid based on the increased salaries, the report continued.
Although the full extent of Coinone’s financial performance in the current financial year (FY2021) will not be made public until March this year, the industry is predicting “good results” for the trading platform – and its rivals – due to last year’s bout of Crypto Fever 2.0.
The firm has recently launched crypto staking services in earnest, with some USD 311m already deposited in staking accounts.
The trading platform has begun a “large-scale” recruitment drive, too, and has revealed plans to effectively double the number of employees on its roster in recent months.
The report added that in a bid to build up its developing team, Coinone has created the new post of Technical Director, and is offering all of its new developer hires an “unprecedented” 150% of their previous salaries.
Upbit, Bithumb, and Korbit are also thought to have performed well above expectations, and the platforms’ staff have also “received considerable bonuses,” EDaily added. Unlike Coinone, though, other platforms have been handing out individual performance-based pay bonuses.
Bithumb has also given all 300 of its staff members stock option bonuses for the first time since its inception. The firm is not currently listed, but data from domestic securities platforms that specialize in unlisted stock trading shows that the company’s shares are currently trading for around USD 290.
TurboXBT, a short term trading platform known for its instant payouts and high profit margin is fast becoming the preferred digital assets exchange for a number of traders. This claim to being the preferred choice for short term traders is largely hinged on its unique features, most of which makes it ideal for both new and professional traders alike.
Some of TurboXBT’s obvious features include its simplicity, speed, and bold design amongst many others. However, what characterizes the most loved trading platforms are much more than these and the process to choose the right trading venue are aptly outlined in this article.
Factors to Watch Out for in Choosing the Right Trading Platform
The factors to consider when choosing the trading platform to pitch tents are closely knitted in the process to adopt. Some of the factors to things to consider are outlined as follows;
Research the Platform’s Market Niche
Before calling a trading platform your preferred exchange, it is pertinent to research and understand the outfit’s market niche. There are platforms dedicated to Forex, some to crypto, and a few others that are mixed such as TurboXBT.
Review the Platform Holistically
What are the exchange’s ratings on TrustPilot? What are the users of the trading platform saying about its products and services? Arming oneself with this information is crucial before choosing a platform for trading.
Understand the Products and Services
To make good money in trading, one must understand the products and services on offer by the outfit. Users typically tend to pitch tents with exchanges like TurboXBT whose product is simple to understand.
Find out if there are Hidden fees or Unfavorable Policies
It is no news that exchanges are not established for charity purposes, as such, it is crucial for anyone willing to earn either passive or full-time income from trading to know about the choice platform’s hidden fees, and how that can impact earnings in the future.
Customer Support and Ecosystem Growth
Traders are known to be more productive when there is a reliable customer service agent on ground to address any challenges. Users are also enjoined to choose a trading platform with a thriving community as these can notably affect overall productivity.
Research the Platform’s Market Niche
There are different types of trading platforms in the world today, and an offshoot is the short-term trading platforms. It is pertinent to understand how the platform under consideration operates before committing your time and resources into trading there. For TurboXBT for instance, the platform facilitates the trading of synthetic digital assets, i.e virtual assets that mimic the growth of real world commodities or assets.
Despite the fact that trades on TurboXBT span a relatively short period of time, several markets are supported ranging from Foreign Exchange, Cryptocurrencies, Indices, and Commodities. With the diversity branded by TurboXBT, its place as one of the fastest growing short-term trading venues cannot be disputed.
Review the Platform Holistically
Many exchange platforms can market themselves on social media as a trading haven, however, the stories from their users often do not corroborate these assertions. Based on these probable discrepancies, users must review the platform holistically before finally deciding to pitch tents with it.
As a quick tip, users can resort to reviews hosted on TrustPilot, visit the platform’s social media accounts, and perhaps do a quick surf through the website and perhaps use the Demo features, if available.
Understand the Products and Services
Using TurboXBT as the case study, understanding the behavior of a trading platform is crucial. TurboXBT’s approach to trading is one of the most simplified in its niche and users can easily select the asset pair to trade after logging in, for example, the BTC/USD pair. A suitable time frame that is visible on the chart interface is then chosen, and the trade is executed by clicking either the green UP button for the upward trend or the red DOWN button to bet on price falls.
Trade winnings are dependent on whether the traded pair gained or lost in value within the set time limit.
With only UP or Down contracts as the trading option available, the source of confusion is limited while on TurboXBT. The relatively short time frames (30 seconds, 1 minute, 5 minutes, 10 minutes and 15 minutes) also helps in the swift completion of transactions, eliminating undue suspense and agitations that can further hamper productivity.
Find out if there are Hidden fees or Unfavorable Policies
Having a good knowledge of the platform’s revenue generation model is crucial as this can impact the trader’s overall earnings. On TurboXBT, users do not pay for deposits and withdrawals, giving them ample leverage to make the most of their earnings on the platform which already gives up to 90% on every single trade.
Additionally, TurboXBT does not require any Know Your Customer (KYC) documents from its users, a way to give everyone confidence and a sense of security in their personal data. Exchanges with so many hidden fees and stringent rules can have a negative bearing on the user’s trading experiences.
Customer Support and Ecosystem Growth
Users must watch out for only trading platforms that have good customer service, as this can go a long way in enhancing the overall trading experiences for all traders. The presence of a platform with a thriving ecosystem, as well as that which has a community where traders can chat is also very ideal for the growth of each individual user. These factors must be well watched out for by traders before committing to any venue.
Is TurboXBT the Right Trading Platform for All Users?
Categorically speaking, TurboXBT is not the right place for all users as many trader’s goals differ. However, the exchange is the right call for anyone who has a great affinity for short term trading and who cherishes diversity in the supported assets.
Besides positively ticking all the boxes as outlined above, TurboXBT is ranked as one of the fastest growing platforms because it prioritizes the needs of its users, and incorporates returned feedback in its future protocol developments. While still in its infancy, the platform has the tendency to be a major trading hub in the near future.
Bitcoin price is consolidating above the USD 38,000 resistance.
Ethereum is trading in a positive zone above USD 2,700, XRP is stable near USD 0.62.
ETC and LEO rallied 8% and 21%, respectively.
Bitcoin price started a steady increase above the USD 38,000 resistance. BTC even traded above the USD 38,800 but faced sellers near USD 39,200. It is currently (04:19 UTC) consolidating, with a strong support near USD 37,800.
Similarly, most major altcoins are showing positive signs. ETH spiked above USD 2,800 and holding gains above USD 2,700. XRP might rise towards the USD 0.65 resistance. ADA is up almost 3% and trading near the USD 1.10 resistance.
Total market capitalization
Source: tradingview.com
Bitcoin price
After a close above USD 38,000, bitcoin price extended its increase. BTC was able to clear the USD 38,800 resistance zone. However, the bears are now blocking the USD 39,200 zone. If there is another increase, the price could clear USD 39,200 and test the USD 40,000 resistance. The next major resistance is near the USD 40,800 level.
An immediate support is near the USD 38,200 level. The next major support is near USD 37,800, below which the price could face stronger selling pressure.
Ethereum price
Ethereum price gained pace above the USD 2,700 level. ETH even broke the USD 2,750 resistance but faced sellers near USD 2,800. The next key resistance is near the USD 2,880 level, above which the price could rise towards the USD 3,000 level.
On the downside, an initial support is near the USD 2,720 level. The next major support is near USD 2,700, below which the price may perhaps test USD 2,600.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) gained pace after there was a clear move above the USD 1.05 resistance. It even broke the USD 1.08 level and is now approaching USD 1.10. Any more gains could send the price towards the USD 1.12 level.
Binance coin (BNB) is facing resistance near the USD 388 level. A clear move above USD 388 could send the price towards the USD 400 resistance. The next major resistance is near the USD 420 level.
Solana (SOL) started a strong increase above the USD 100 resistance. It extended increase and even climbed above the USD 105 level. The next resistance is near USD 112, above which the price could test USD 120.
DOGE is still struggling near the USD 0.145 resistance. The next key resistance is near the USD 0.150 level. If there is no upside break, the price could correct lower towards the USD 0.135 level.
XRP price is consolidating near the USD 0.620 level. On the upside, the price is facing a lot of hurdles, starting with USD 0.635. The next major resistance for the bulls may possibly be USD 0.65.
Other altcoins market today
Many altcoins are up over 5%, including DOT, AVAX, LTC, ETC, ALGO, LEO, XTZ, GRT, KSM, ZEC, QNT, and MINA. Out of these, LEO surged 21% and cleared the USD 4.5 level, increasing its weekly gains to 29%. ETC is now up 17% in a week after it jumped 8% in a day, reaching USD 28.
Overall, bitcoin price is trading in a positive zone above the USD 38,000 level. If BTC remains stable above USD 37,800, there might be an increase towards the USD 40,000 resistance zone in the near term.
On Monday, January 31, the Litecoin Foundation announced the much-awaited Mimblewimble upgrade coming to the Litecoin blockchain network. Lead developer David Burkett confirmed that the upgrade comes in the form of a Mimblewimble extension block (MWEB) officially released as an RC.
The implementation of MWEB will come along with the Litecoin Core 0.21.2 release candidate. This includes some of the major privacy and security enhancements with the Taproot upgrade.
Security and code auditing company Quarkslab released its audit of MWEB code which notes: “The protocol provides valuable new security enhancements about the privacy of transactions on the blockchain”. Speaking of this development, Litecoin creator Charlie Lee said:
“The planning, development and now activation of MWEB has been a true community effort, beginning with multiple years of donations from Litecoin supporters all over the world, and culminating with the dedication and attention to detail of David Burkett; who led the project.
It also involved key contributors like Andrew Yang who helped with the original Litecoin Improvement Proposal, Hector Chu’s essential code reviews, and the countless others who audited, advised, and ran testnet nodes. This project is a true testimony to the resiliency and continued growth of the Litecoin community”
1. Going Ahead With MWEB Activation
As the miners start receiving the Mimblewimble code, they will soon start with the signaling process with MWEB activation. Miners will use a ‘version filed’ among each block to vote for “soft” forks. They will also leverage a small part of this ‘version field’ to signal the MWEB activation.
Lead developer Burkett also said that upgrade will make Litecoin one of the most profound cryptocurrencies in the world. “MWEB is a crucial next step in Litecoin’s evolution. The optional confidentiality MWEB provides gives the user notable and needed protections for small everyday items, to salaries, or even buying a home”, he added.
The MWEB activation will bring the much-awaited privacy quotient to the users of Litecoin. However. the Litecoin Foundation stated that MWEB activation shall be optional. Meaning it will allow users to decide whether they need this kind of ‘privacy’ or not through an ‘opt-in’ feature.
The Litecoin (BTC) price has bounced by more than 5% following the news. As of press time, Litecoin is trading at $111 with a market cap of $7.7 billion. Will the MWEB activation help Litecoin (LTC) to reclaim its position in the top ten crypto-list?
