The cryptocurrency market is at an all-time high and the NFT world is booming. ERTHA is one of the hottest P2E (play to earn) gaming Metaverse projects and has already achieved incredible product-market fit, while still being in the private NFT sale round.
Erthaverse is a 3D virtual representation of a futuristic planet Earth, divided into 350,000 unique land plot NFTs, differing in resources and features. Landowners are joining a persistent, life-like simulation to build their homes, customize their environment, participate in politics, and earn real income by creating and driving the in-game economy.
More than 2000 Hexs have already been sold to individual owners in the first few days of the private sale. Saudi Arabia in the Ertha world, representing an oil-rich country in the real Earth, was sold out in a few hours, demonstrating the tremendous hype around owning NFT land in Ertha.
The future income and opportunities are the main criteria when purchasing. Investors are acquiring massive plots of land — whole regions and even countries. The demand thus far has vastly exceeded expectations, as smart investors and gamers take advantage of the rare opportunity to acquire more valuable HEX NFT land plots at the lower prices of this first private sale round.
Ertha’s unique P2E and P2L (Play-to-Learn) combination, stimulates the adrenaline receptors of future gamers and gets them thinking about upcoming strategies. The first in-game unions and clans are already signed and eagerly anticipate taking part in this lucrative and rewarding metaverse, triggering the latecomers’ rush to snatch the most attractive HEX Land NFTs.
Ertha will encompass multiple detail-oriented features, making player decisions dynamically impactful in the metaverse.
A digital currency based off the popular Netflix series “Squid Game” is trading at $0 after its creators cashed out, effectively stealing an estimated $2.1 million from investors.
A digital currency based off the popular Netflix series “Squid Game” is trading at $0 after its creators cashed out, effectively stealing an estimated $2.1 million from investors.
The cryptocurrency, appropriately called SQUID, surged as high as $2,861 before falling to $0 as of Monday, according to CoinMarketCap. The scam, which was reported by Gizmodo, is called a “rug pull.” That means the crypto’s creators cash out of their coins in exchange for real money, quickly devaluing the crypto’s value.
Before the rug pull, the crypto’s market cap was a little more than $2 million, according to CoinMarketCap.
SQUID was billed as a token that can be used for a new online game inspired by the popular Korean language series, which is based on a deadly tournament of children’s games. GIzmodo pointed out numerous signs it was a scam, including its (now disappeared) website being filled with spelling errors. Another red flag: Investors could buy — but not sell — SQUID.
CoinMarketCap also warned potential investors that SQUID was probably a scam, displaying a warning to “exercise extreme caution” if they bought the crypto.
“Squid Game”— a dystopian fictional drama — has become Netflix’s top show globally. The company told CNN Business earlier this month that it had been viewed by 111 million accounts since its debut in September, making it the company’s “biggest-ever” series launch. Executives have pointed to the show as evidence that its growing slate of international content can resonate with a variety of audiences.
Netflix told CNN Business last week that it was not affiliated with the cryptocurrency, and declined to comment further.
CNN Business reached out to developers of the SQUID project through contact information listed on its website, and did not immediately receive a response.
Bulls may have started fixing their profit as all of the top 10 coins have entered the red zone on the last day of the week.
BTC/USD
The rate of Bitcoin (BTC) has gone down by 2% since yesterday while its price has remained the same over the past seven days.
After a false breakout of the support at $56,560, Bitcoin (BTC) could not keep the rise and fixed above the $62,000 mark. Even though the selling trading volume is low, the decline may continue as buyers do not seem very interested in buying at the moment.
In this case, if bears break the support, the fall may lead BTC to $53,000 next week.
Bitcoin is trading at $60,390 at press time.
ADA/USD
Cardano (ADA) is the main loser from the list, declining by 2%.
Cardano (ADA) is looking even worse than Bitcoin (BTC) as it is coming back to the support after a false breakout. Respectively, the breakout of $1.822 might be a huge bearish signal and get ADA back to $1.50 soon.
ADA is trading at $1.937 at press time.
BNB/USD
Despite today’s decline, Binance Coin (BNB) has risen by 8% over the last week.
Binance Coin (BNB) is about to break the support at $509.70 as bulls are out of power to keep the rise going. In this regard, there is a high probability of seeing the continued decline of the native exchange coin to the area of the most liquidity around $487 soon.
Ethereum is leading the charge on this fresh run towards new frontiers. As of press time, the second crypto by market cap trades at $4,432 with a 5.6% profit in the daily and 9.1% profits in the weekly chart.
Up 500% Year To Date, Ethereum has rallied on the back of massive adoption of non-fungible tokens (NFTs), decentralized finances (DeFi), and institutional demand.
As seen below, in the chart shared by Joe Orsini research director at Eaglebrook Advisors, Ethereum has gone from under $1,000 to its current levels in record time.
Additional data provided by Orsini indicates that Ethereum still has a lot of room to continue its room has displayed in the ETH/BTC trading pair. Compared to the 2017 bull run, ETH is far from reaching an all-time high of 0.14 BTC as it currently sits at around 0.08 BTC.
In support of the bulls’ current push, Delphi Digital records a “leverage wipeout in crypto futures” as yesterday’s session wash charge with volatility to the downside. Thus, Ethereum and other major coins dipped to previous higher lows in less than an hour.
The fast recovery signals convection on the bulls’ corner. As over-leverage traders were shaken out of their position, prices are more likely to sustain their levels. Delphi Digital claimed:
The average daily funding rate across exchanges is down from its recent high a few days ago, but it looks like there’s still some room for rates to fall. OI on exchanges like Binance and Huobi experienced a massive wipeout, which confirms the aforementioned deleveraging.
Ethereum Implements Hard Fork, Closer To The Merge
The rally in the price of Ethereum could have been driven by the implementation of Hard Fork Altair. The successful deployment of this upgrade puts the network closer to migrating to a Proof-of-Stake consensus.
In the past months, the amount of ETH locked in the ETH 2.0 deposit contract has soared as developers moved into the PoS based blockchain and the Merger. This event will join both networks and it’s expected to be a potential bullish catalyst for Ethereum’s price.
Investors are drawn to the PoS model because of its alleged higher efficiency in energy consumption and its capacity to generate yield. According to the Eth2 Rewards monitor, this stand at 5.46% since October 27, 2021.
Bitcoin price failed to stay above the $62,000 support against the US Dollar. BTC could decline heavily if it breaks the $60,000 support zone in the near term.
Bitcoin failed to surpass $62,500 and started a fresh decline.
The price is now trading below $62,000 and the 100 hourly simple moving average.
There was a break below a key bullish trend line with support near $61,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could accelerate lower if there is a clear break below $60,000.
Bitcoin Price Faces Resistance
Bitcoin price attempted an upside break above the $62,500 resistance level. However, BTC failed to gain strength above $62,500. A high was formed near $62,950 and started a fresh decline.
There was a clear break below the $61,200 and $61,000 support levels. There was also a break below a key bullish trend line with support near $61,500 on the hourly chart of the BTC/USD pair. It is now trading below $62,000 and the 100 hourly simple moving average.
The pair even spiked below the 50% Fib retracement level of the upward move from the $58,140 swing low to $62,950 high. On the upside, an immediate resistance is near the $61,000 level.
The first major resistance is near the $61,200 level and the 100 hourly SMA. A clear break above $61,200 resistance may possibly call open the doors for a move towards the $62,000 level. The next major resistance sits near the $62,500 level. A close above $62,500 might start a steady increase.
More Losses In BTC?
If bitcoin fails to clear the $62,000 resistance zone, it could extend its decline. An immediate support on the downside is near the $60,200 level. The first major support is now forming near the $60,000 level.
It is near the 61.8% Fib retracement level of the upward move from the $58,140 swing low to $62,950 high. A break below the $60,000 support may possibly spark a sharp decline. The next key support is near the $58,500 level. Any more losses might call for a move towards the $55,000 level.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $60,200, followed by $60,000.
Major Resistance Levels – $61,200, $62,000 and $62,500.
As many as 70 percent of Dogecoin holders are currently in profit despite the fact that the coin is a long mile off its all-time high of $0.70. The data continues that 26 percent of the holders are in a loss while 6% are breaking even.
Popular meme coin Dogecoin has enjoyed a great year and many of its holders have profited from its spirited runs throughout the year, this is according to on-chain data of IntoTheBlock.
Per IntoTheBlock data, as many as 70 percent of Dogecoin holders are currently in profit despite the fact that the coin is a long mile off its all-time high of $0.70. The data continues that 26 percent of the holders are in a loss while 6% are breaking even.
You’ll recall that Dogecoin gained massive attention earlier in the year when its value touched $0.70, as it became the most popularly searched crypto-asset during the period. The price surge was attributed majorly to the WallStreetBets subreddit and the interest of celebrities and, particularly, Tesla’s founder, Elon Musk.
Since then, the electric car founder has repeatedly tweeted several pro-Doge tweets which have led to many pumps of the meme coin. At one point, he said Doge could be the currency spent on Mars while also revealing his preference for the coin over some of its more illustrious counterparts.
Institutional interest in Dogecoin is rising
Institutional interest in Dogecoin has soared as many businesses now accept the digital asset as a payment method for their services, goods, or merchandise. One good example is the leading U.S. movie theater chain AMC who earlier said that it is now accepting the popular meme coin for its digital gift cards.
Aside from AMC, data from Cryptwerk has shown that over 1700 businesses including BitPlaza have adopted the digital asset as a preferred payment option.
The growth of Dogecoin has also led to the birth of many imitators in the market who have witnessed their own pumps and dumps. Some of these imitators include Baby Doge, Daddy Doge, Mommy Doge, Shiba Inu, and more recently Floki Inu.
A recent Wall Street Journal report revealed that there has been a silent war on who owns the trademark for Dogecoin among these imitators.
As of press time, Dogecoin was trading for $0.24 with a market cap of over $30 billion.
Terraform Labs, the South Korean company behind the blockchain project Terra (LUNA), continues focusing on advancing the developer activity on the network.
Meanwhile, the true impact of the network’s cardinal upgrade, dubbed Columbus-5, is yet to unravel, as the launch of Inter-Blockchain Communication (IBC) protocol and Wormhole support for Terra approaches.
160 more projects on Terra
Columbus-5 successfully launched in late September and, according to the network’s developers, Terra’s ecosystem is on the verge of an explosive expansion.
“Now that Columbus-5 is live, more than 60 projects are preparing to launch in the next six to eight weeks and more than 100 have recently announced plans for the end of the year or early 2022,” Do Kwon, co-founder and CEO of Terraform Labs, told AsiaMarkets.
In the interview, Kwon continued explaining how the upgrade, which opened up countless avenues for the ecosystem’s expansion, is about to boost Terra’s stablecoin use case while putting upward pressure on the native token’s value.
“More projects on Terra diversify and amplify the demand for UST, accelerating the expansion of the stablecoin supply and accruing value to LUNA holders,” Kwon said.
What’s in the stars for UST?
Terra’s native stablecoin, UST, is currently the fifth-largest stablecoin by market cap.
While leveraging Terra’s utility token, LUNA, the algorithmic stablecoin maintains a nearly equal value to the US dollar.
“Regulatory action against centralized stablecoin incumbents like USD Coin (USDC) and Tether (USDT) has reinvigorated the emphasis for a decentralized stablecoin in crypto like UST,” Kwon pointed out.
“As custodial stablecoin models do not scale well and serve as hubs of risk in a decentralized financial stack, we expect increased adoption of decentralized stablecoins to increase in the coming months and years,” he clarified.
IBC and Wormhole
The integration of Inter-Blockchain Communication (IBC) protocol, is set to open Terra up to a myriad of dApps in the Cosmos (ATOM) ecosystem while enabling UST to seamlessly hop between chains.
IBC facilitates sovereign chains to connect and communicate with each other, allowing the transfer of tokens between Cosmos and other IBC-compatible blockchains.
“Similarly, Wormhole is a cross-chain bridge to Solana (SOL), Ethereum (ETH), and Binance Smart Chain (BSC), that enables Terra assets like UST to be seamlessly ported to some of the largest chains by TVL and users in the entire industry,” Kwon added, underscoring the importance of the coming bridge, which is expected to significantly reduce friction for UST moving from one blockchain to another.
“We fully expect the demand for UST in cross-chain environments to accelerate the expansion of the UST supply further, potentially reaching the $10 billion market cap mark by year’s end,” he added, offering an ambitious outlook, considering that stablecoins current $2.74 billion market cap.
Decentraland’s Ethereum-based virtual world went live this week.
I spent several hours exploring the world, taking part in activities, visiting locations and experiencing all that I could
Long story short: Decentraland is an ambitious virtual world with an unpolished feel.
When I first started poking around Decentraland on its launch day this week, I found myself with little guidance as to what I should be doing. The gamer’s instinct, if one could call it that, is to seek out some objective or next step that would then carry them onto the next thing.
But at the time, I was at work, using a work laptop, so I decided to cut my foray short with the plan of sitting down for a proper exploration later that evening. In the end, I put in two-and-a-half hours of play, taking notes and screenshots as I went to catalog my experience in this new virtual world.
To be clear: this review is not intended to be an examination of the economic underpinnings of Decentraland, its token(s) model or how the Ethereum blockchain is utilized here. My colleague Steven Zheng wrote a very fine deep-dive back in 2018, so I’ll excerpt his piece as a bit of a preface so that the uninitiated reader might understand Decentraland’s core concept:
“Real estate on Decentraland is represented by a non-fungible cryptographic token called LAND. Users can purchase LAND using a native token called MANA. Similar to the real world, where a record of ownership is kept for a property, on Decentraland ownership of LAND is recorded on the Ethereum blockchain. And unlike Second Life, the owner of the LAND has full control over how it is used. As stated in Decentraland’s Terms of Service, “All acquired Land parcels in the virtual world are owned by their acquirer, giving him/her control over his/her parcel of Land.”
TL;DR – it’s a virtual world where players actually own the stuff they build and acquire, and ownership is logged via ETH transactions.
Instead, my review is intended to capture my experience as a player, as if I had wandered into Decentraland off the street. I don’t own any LAND, MANA or ETH, the latter of which did hamper my experience a bit as I’ll get into below. Further, I pointedly avoided any online guides or written tutorials – instead, I wanted to experience the world as it came at me. If Decentraland told me to do something, I’d do it. The one exception to this was that I took hints from other users via Twitter on possible places to visit.
The result: I did find things to do, but I spent much of my experience wandering the virtual abyss, encountering buildings and artistic constructs and the occasional player. I also encountered some bugs and performance issues, which might be expected at launch for a wholly experimental virtual world.
Did I like it? I think I did. I’m a sucker for social gameplay, and I tend to gravitate toward multiplayer gaming. But would I come back to Decentraland? That’s an even tougher question, and one that I think will determine the fate of the project as a platform on which people are supposed to come together and do things.
But let’s dive in, shall we?
Our story begins
Signing up for Decentraland was fairly simple. Though compared to my initial experience, this time I had to connect a MetaMask wallet in order to authenticate my account. No problem – I have a MetaMask wallet, so I connected it and in I went. My avatar was a mohawk-bearing dude in a black suit with glasses clearly inspired by those worn by Geordi LaForge.
Pretty cool, right? I agree; I made great choices.
Once I completed the tutorial that lay before me – pick up a key to unlock a chest, move a lever, press a button – I stepped into a portal. One loading screen later, I reappeared…as a brown-haired woman. This was the first bug I encountered, but, undeterred, I decided to press on as my new avatar. Plus, her teal jacket was pretty snazzy, not going to lie.
Directly ahead of the spawn point is a temple with some statues inside of it. Once I walked through the doors – literally through them – I was prompted to “discover amazing destinations” by entering the command /goto magic. Well, if Decentraland says so, I must do it!
I was transported to a street with some buildings, placing me directly in front of the Crypto Valley Conference Center. Naturally, I began to go inside, and as I walked toward the entrance, I was prompted to participate in a Treasure Hunt through which I could obtain collectibles – but, I’d have to pay the Ethereum gas costs if I succeed. So, naturally, I accepted and was once again whisked away via loading screen.
I appeared in front of a group of several buildings, including the Sugar Club, which I guess is a Decentraland-based dance club franchise. Once you enter, it prompts you to offer a donation amidst the music, and in the next room, there was an ever-changing imageboard that at one point had a picture of Goku on it. Pretty cool.
Nearby, I discovered the treasure chest that I was promised, and inside I found 10 MANA and a commemorative T-shirt for my avatar. But, as I do not own any ETH, I could not afford the transaction cost. Alas, my only reward for the hunt was the thrill of discovery.
There was also a building nearby that projected cryptocurrency price data for BTC, ETH and EOS, as well as voice-recorded explainers for each network. Curious, I pressed all three buttons in quick succession, and they promptly began to play over each other, the sound of which persisted even as I moved a considerable distance away from the building.
It was around this time that I started to encounter more and more branding for the HTC Exodus “blockchain phone.”
During my initial foray, I wondered aloud whether HTC has some kind of formal partnership with Decentraland, and, as it turns out, it does. The assets I encountered can be found in the Builder module, which lets LAND owners drop structures and items on their plots as they choose. I encountered HTC branding throughout the world, which, to be honest, really stuck out for me after a while.
At one point, I found a building full of lizards who seemed to be watching some kind of show together. Intrigued, I entered, and what were they all looking at? An HTC Exodus phone.
From a business perspective, I suppose the inclusion makes sense.
But as a humble player, it felt a lot like encountering billboards nestled within the various areas I came across. Maybe there’s a better way to do it, but perhaps there isn’t. Either way, it was for me, as an explorer, a bit jarring.
Doin’ virtual business
Much of what I discovered was, in essence, creative experimentation within Decentraland’s framework. And honestly, I thought that was cool. I found some pretty elaborate structures, including a T-rex skeleton, a volcano with an amphitheater at its peak (complete with working lights) and a spooky forest that had ominous sounds and music playing in the background.
I’m a big fan of Minecraft – which is very much couched in the creative process – and Decentraland struck me very much as an open canvas upon which LAND-owning users can create to their hearts’ content.
Or, conversely, they can play a Harambe the gorilla-themed slot machine in a virtual casino named the Chateau Satoshi.
No, seriously, this exists (chips out, as they say):
Jokes aside, the casino was one of the areas that I encountered in which you might say a “use case” for Decentraland emerges. One of the neat things about Second Life is that it allowed for the creation of wholly virtual businesses, and the Chateau Satoshi by Decentral Games seems to fall into that category. Currently, the casino lets you spend fake PLAY tokens as well as tokens on the Ropsten test network.
My big question – which would crop up as I encountered more things in the world – is to what extent a business model for the casino exists. Do they take a cut of every game?
Decentral Games’s blog post from Feb. 19 details their plans, including real-money competitions, Lamborghini-inspired NFTs and more. When reached for comment, project advisor Peter Dhaliwal told me that “[c]urrently, we have our house edge programmed into our gaming smart contracts. We will release the smart contract code soon after our second audit, so that all players can see that our games are provably fair.” Future plans for the casino include poker and blackjack.
“Essentially, we’re virtual land developers with a focus on casinos,” he said in the email. “We feel that our casino and games are the best in Decentraland, and we are excited to build bigger and better.”
I encountered other emergent business models within Decentraland, most notably commercial/events space.
The aptly-named Decentraland Convention Center allows would-be event planners to customize the amount of event space they want to rent, although I couldn’t figure out how actually to facilitate such a rental. The buildings themselves are bare (though it’s possible that event organizers can customize their space during an actual event). Maybe someone can get a virtual expo going?
I encountered a similar set up (with its own Sugar Club location nestled inside), and if there are others like it, that might indicate that people believe Decentraland could be a spot where virtual residents can gather for an online conference. I’m not sure how communication would work on this front – maybe a third-party app like Discord would come in handy – but with recent talk of virtual conferencing amid the coronavirus epidemic, who’s to say that people won’t try?
Advertisers, as might be expected, have also set up shop in Decentraland.
In this case, I saw ads for OpenSea and CoinGecko above what I understand to be a network of art kiosks distributed around Decentraland. Again, I’m not quite sure who is receiving the income from these plots, but my immediate reaction was that I was encountering monetized artistic spaces.
Art for art’s sake
Art feels very much at the center of what comprises Decentraland, at least as it exists at this point.
In addition to the creative works and arrangements found throughout the virtual landscape, I encountered several places explicitly built to display digitized artworks.
The Museum District, as explained in a posted mission statement, exists “to be the Crypto-Art hotspot in Decentraland and the most visited art venue in the world.” A lofty goal, I thought to myself as I wandered the museum, which I had entirely to myself.
As I noted in a tweet on launch day, the Museum District was, perhaps, the most striking use case for Decentraland I encountered. Here, the idea of user-centric ownership feels most palpable.
In theory, one could create an artistic space where the artists themselves have a stake. And while I couldn’t tell during my visit what kind of business model the Museum would have outside of donations, that question of ownership seemed to make the most sense.
The experience also reinforced for me a wholly separate point that I ought to mention: my time in Decentraland felt very lonely.
Yes, it’s launch day, and yes, users are separated into distinct realms by design to scale a higher number of users. But apart from the handful of users that I encountered – we exchanged, at most, “hello” to one another before moving on, I was alone in my wanderings.
Moving through the digital museum, I thought how great it would be to share that experience, talk about which artworks resonated with me the most, or maybe just stand there and take in a creative result in the presence of other people. Y’know, like being in a real museum.
Maybe that’ll be possible, one day. For the sake of the artists whose work is on display there, I certainly hope so.
Performance issues
I did encounter some technical issues and bugs during my time in Decentraland.
Apart from the aforementioned avatar bug, there were numerous times throughout where my browser would have an issue displaying Decentraland. This seemed to occur most during the especially busy or highly animated areas I visited, and was always resolved once I refreshed the page.
There were also points during which the camera would start to shake, particularly if I was standing on top of a structure. I played Decentraland almost completely in third-person mode, and all the times during which this issue cropped up were in that mode.
Some of the things I noticed were purely visual. For example, there were times when my avatar’s feet were obscured by the floor (pictured below), and other times when it seemed like my avatar was hovering above the ground. From a user perspective, this wasn’t a huge hindrance, and great graphics do not make for a great experience, but since we’re talking performance stuff here, it seems worth mentioning.
I did encounter a random error with a Decentraland-specific splash screen while wandering through a cool-looking forest area.
The screen advised me to reload, which I did, and things resumed just fine. I saw similar messages floating around Twitter as I explored, so whatever I ran into appears to be something that others have run up against as well.
Performance-wise, the game ran best for me at its lowest graphical settings, even when using a gaming-focus laptop with GTX 1060 graphics card. The frame rate fell when I shifted to the highest possible settings, and in the end, I left it on ‘Medium’ with only minimal choppiness.
Overall, these experiences gave the impression of an unfinished product. No company is free from bugs or errors – looking at you, Bethesda Studios – but for all the enjoyable things I encountered, I was nonetheless reminded of some alpha-level games I have tested in the past.
Wrapping it all up
I could probably add another 1,000 words to this article about the neat things users have assembled in Decentraland. Suffice to say, it’s clear that some thought went into the actual user experience, but it still feels rugged and incomplete. The occasional bugs I encountered reinforced that impression and stuff like the HTC swag was a bit off-putting. Mostly it just felt empty, with its plots of unused land separating the developed areas, a state of affairs that, by the end of my tour, weighed on me a bit as a player.
But from a pure experience perspective, I do think that Decentraland is on to something.
Whether it succeeds is an entirely open question, and history, to be honest, is probably against them. Even the once-mighty World of Warcraft has entered an extended twilight, shedding users over the years even as it pushed more and more game-changing updates. I’m also inclined to lump in Elite Dangerous, an absolutely mammoth space simulation game that plays home to several thousand players at most on a given day.
People do appear to have bet on the success of Decentraland. As Camila Russo noted in The Defiant newsletter, NonFungible.com reports more than $160,000 in LAND sales via 121 transactions in the past week. Over the past month, 467 transactions worth more than $500,000 have been conducted, per the site. There are also, apparently, virtual mortgages being offered on Decentraland, indicating that people see such opportunity. And there was, of course, Decentraland’s 2017 ICO that raised more than 86,000 ETH at the time.
Is it going to work, though? Like many crypto-focused projects, Decentraland’s success would seem to hinge on people actually showing up and making use of it. Whether it becomes more than a virtual curiosity and evolves into an actual, living world seems far-fetched – but then again, so did bitcoin in the eyes of many in its early days.
I don’t think I’ll go back to Decentraland anytime soon. But I’ll be watching and waiting to see if people hitch their virtual wagons and begin to roll in.
Bitcoin, the longest running and largest cryptocurrency to date, has been on top since it first came to market in 2009. The numbers and stats show you why it’s the leader, with a price, market cap, and volume that’s much higher than any other crypto option to invest in. Bitcoin still represents roughly 43% of the cryptocurrency market cap, and with Lightning Network optimization, many businesses are now beginning accept Bitcoin as payment – that makes this legacy cryptocurrency eye candy for future gains. Companies such as Visa, Tesla, Cash App, Home Depot, Microsoft, and many more found their name mentioned with Bitcoin in some capacity this year, showing immense potential around changing the way we use our money.
Even if you’re a “maxi” on other tokens, you should be at the very least keeping your eye on Bitcoin, as it looks to continue it’s legacy standing heading into next year.
Ethereum the second largest crypto behind Bitcoin, but has been around for practically just as long, and seen substantial recent success with the emergence of DeFi platforms and NFTs. More than just a token, Ethereum is a network that allows developers to create their cryptocurrency that has resulted in a variety of successful Layer 2 platforms. The network went live in 2015 with an initial supply of 72 million tokens. Ethereum has been a powerhouse token utilized in decentralized finance, the production and exchange of non-fungible tokens (NFTs), and many Initial Coin Offerings (ICOs). They have held the position for many years based off of its first come first serve and has since not given up its spot on the top. If you’re bullish on NFTs and DeFi, paying attention to Ethereum is a no-brainer, particularly as we inch closer to Ethereum 2.0.
3. Cardano (ADA)
Market cap: US$70,693,329,240
Cardano is a blockchain platform with a much smaller carbon foot print then Bitcoin and Ethereum. It can facilitate peer-to-peer transactions with its internal cryptocurrency, ADA. Cardano was founded in 2015 by Ethereum co-founder Charles Hoskinson, and now holds the fifth largest market cap (behind the aforementioned Bitcoin and Ethereum, and Binance Coin and stablecoin Tether). It takes less energy to complete a transaction with Cardano than with a larger network like Bitcoin, which makes it particularly environmentally-friendly. Cardano also claims to be more adaptable and more secure, and is consistently working on development and new partnerships.
Analysts say multiple factors point toward ETH rallying to $5,000 and BTC is not expected to encounter significant resistance until $85,000.
The cryptocurrency market is in high spirits on Oct. 29 after bulls managed to lift the price of Bitcoin (BTC) back near the $63,000 support zone and Ether (ETH) has established a new all-time high at $4,460.
Here’s what anlaysts are saying about the market now that Bitcoin is finding support above the $60,000 level and Ether looks to enter price discovery.
Bulls think BTC could hit $90,000
The bullish moves seen in BTC and Ether caused a moment of reflection for independent market analyst Crypto_Ed_NL, who tweeted that it “seems I was not bullish enough at $40,000” when a target of $73,000 was given.
After taking the recent moves into account, the analyst indicated that the “target moved up to $90,000 and after a correction, we should see $100,000.”
Regarding exactly how this scenario would affect the price of Ether, Crypto_Ed_NL posted a follow-up tweet, which outlined how the price action might play out, and he gave a price target above $6,000.
Crypto_Ed_NL said,
“No need to put in the usual disclaimers. I’m wrong when I’m wrong but I will be very surprised being wrong with this.”
$85,000 is the next major hurdle for BTC
A more in-depth look at the price action for Bitcoin was provided by crypto market intelligence firm Decentrader, which noted that last week’s 14% pullback in the price of BTC from $67,000 was “due to token-margined leverage traders aggressively longing the final run-up to the all-time high and brief breakout levels.”
According to Decentrader, both longs and shorts felt the pain of the recent price drop after a total of $120 million worth of short positions were liquidated on Oct. 20. The “late-longs” also suffered $100 million in liquidations the following day.
Now, the price of BTC has “pulled back to the failed rally point from May this year,” which is now “acting support following the failed breakout.”
Decentrader said,
“As a higher time frame signal of bullish trend continuation, we are about to see the 128DMA cross over above the 200DMA. In previous bull markets, the price has seen sustained rally’s after such crossovers. On a technical, market cycle and on-chain basis, we continue to believe that the next major area of difficulty for BTC will not hit until we approach $85,000 – $90,000.”
Ether ready for a continuation to $5,000
One possible scenario for how the price action for Ether could play out in the near future was provided by markets analyst and Cointelegraph contributor Michaël van de Poppe.
Poppe said,
“Good S/R flip and probably ready for continuation towards $5,000.”
The overall cryptocurrency market cap now stands at $2.666 trillion and Bitcoin’s dominance rate is 44.2%.
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