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XRP heads over $1; Will the bears cut its stay short?

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The crypto market was seen in its most volatile state. XRP, Ethereum [ETH], Binance Coin [BNB], along with an array of coins were making room for the bear. The market cap of the crypto-verse subsided to $1.73 trillion as Bitcoin dropped down to $737 billion.

XRP has had a tough time since the end of 2020. The SEC labeling the altcoin security further pushes the asset’s price down to a low of $0.19. These hard times seemed to be persisting for the altcoin as it succumbed down below $1. The altcoin witnessed extreme volatility as its price varied above and below $1.

At the time of writing, XRP was trading at $1.01 with a 1.67% drop since the last 24-hours. The entire week went bad for the altcoin similar to every other cryptocurrency as it endured a loss of about 13% in the last seven days.

The market cap of the altcoin witnessed a dainty surge compared to the last few days. At the time of writing, the cryptocurrency’s market cap was $46.79 billion, slightly higher than Dogecoin [DOGE]. These numbers further placed the coin in the sixth position.

XRP one-day price chart on Binance

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XRP heads over $1; Will the bears cut its stay short? 3

The one-day price chart of XRP exhibited the prominence of the bear with subtle signs of the bull. Almost all the indicators were inclining towards the bear as the altcoin continued to echo the current sentiment of the crypto market. The Parabolic SAR indicator formed a line of resistance restricting any possible uptrends. The Chaikin Money Flow [CMF] indicator, was noted taking the side of the bear as the CMF marker was soaring over the zero median.

The MACD line remained below the signal line and alerted a bearish crossover. The altcoin had reportedly maintained this trend since the beginning of the month.

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XRP heads over $1; Will the bears cut its stay short? 4

The XRP market noted more selling activity than buying, both the Relative Strength Index as well as the Money Flow index indicators revealed on the coin’s one-day price chart.

Popular Blockchain Networks

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The advent of blockchains and smart contracts as a means of online transactions has brought about the development of various networks. While some networks offer additional functions and features for users, others do not offer them, and this is the basic reason some Blockchain networks are commonly preferred over others. Sometimes this is influenced by the game or power of the developer, but most times, the ability and reliability of the blockchain determines how popular it can become.

The difference in quality and value is also the major reason why it is important to understand the concept of cryptocurrency for beginners. Many popular blockchain networks dominate the internet even though others are also in the industry unable to cause public awareness. Blockchain networks are complex systems of interconnected networks all in relationship with the decentralized system. Parameters such as language, activity, pricing, network type, etc can also determine a good blockchain and boost its popularity.

Here is a list of the most popular blockchain networks.

Ethereum

After the great buzz created by the cryptocurrency king, Bitcoin, Ethereum is the next in line to take the rein. The network was founded years ago in 2014, and since then it has gained quite a lot of attention and popularity among traders. After Bitcoin, Ethereum remains the second most valuable blockchain network after Bitcoin, and its popularity is also owing to its high effectiveness and open-source characteristics.

Many developers can easily use the network to build others and any type of user can use the network as their blockchain network. It also works on a proof-to-work-based system. The blockchain network is one of the most highly active in the world and has multiple language compatibility including for applications like C++ and python. Its mechanism is based on the Ethereum Virtual Machine and this is why it has a run-time environment for Smart Contracts that have Ethereum as their units.

Hyperledger Fabric

Also one of the most popular networks for blockchain users and an impressive design that is distinctive to the network. The network is designed to build blockchain units in a modular method. Like Ethereum it is also an open-source network therefore easily available for all types of users. Being a product of Linux and created in 2016, it is interesting how this network has gained much prominence in such a short amount of time.

The network has a basic objective of boosting Blockchain technology usage in various types of industries. One of the significant features of this network is its ability to allow networks on networks. This means that users of Hyperledger can work together without linking sensitive or business information over the network.

Stellar

This is another open-source blockchain network that allows the user to secure their funds and also move them around whenever they like. The platform is suitable for making changes, trading, and sending digital funds to other users on the network. Stellar stands as one of the most scalable blockchain networks that ensure users can build a fast and efficient fintech application with zero worries concerning fluctuations, bugs, or glitches.

Creating tokens, transforming currency, and digital assets on this network is also quite feasible. It can handle a lot of money daily as well as millions of transactions possible daily. It works in similarity with other blockchain networks when maintaining the sync of the networks.

NEO

This is a popular blockchain network that was designed by the members of Blockchain R&D Company. The network is quite useful when the need is to build a blockchain application that uses a decentralized mechanism for its operation. This network works faster and more efficiently than many other networks because of its Byzantine Fault Tolerance mechanism. Users can make transactions and payments with the network using the native cryptocurrency NEO, thereby allowing the users to run their apps on NEO.

It has an in-built Oracle function that allows users to easily access any off-chain data. There is also a distributed data storage solution that was made for the scalability and privacy of users. NEO also has a feature that allows many types of operations to be carried out on the network with different cross-chain networks like Ethereum, Binance, Tron, and others.

EOS

The EOS blockchain network is a complex scalable platform designed for digital transactions for users. The network ensures that dApps’ hosting is possible and other functions such as smart contracts capability, and decentralized storage features are included in its system. These additional features are forms of the solution to solving the scalability problem that is faced by other popular networks like Ethereum and Bitcoin.

When users get their needs done with this network, there are no fees or charges deducted from their funds. It also ensures a level of consensus by using a delegated proof-of-stake and multithreading algorithms. Users of the network can also communicate and discuss via the EOS forum dedicated to members of the community.

R3 Corda

When using Corda, businesses can make transactions without sharing information with smart contracts. These transactions are direct and strictly in privacy with the smart contracts using the networks. There is also ease in handling things on the network as it reduces the need for keeping records or wasting extra costs, which is possible due to the method of streamlining used by its business processes.

CordApps, which are the applications that were built using the Corda network is designed with consideration for various sectors and services. It can work with healthcare insurance, agriculture, finance, etc. It is also quite flexible and scalable depending on the needs of the business and user.

Elon Musk reveals speaking with Bitcoin miners to tackle environmental issues

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Elon Musk, the self-crowned Technoking of Tesla, won’t stop talking about Bitcoin.

The cryptocurrency has recovered from its weekend blues and climbed above $37K. Bitcoin was still down by almost 20% over the past 24-hours but appeared to be in a consolidation between a tight range-bound below $40K. This relief rally catapulted several major as well as small-cap altcoins from the bearish slumber.

After the recent market crash, Musk was at the receiving end of significant backlash, and accusations of him of being a “manipulator” who allegedly used his position and massive following to influence the cryptocurrency market started floating around. But that did not deter the Billionaire tycoon to stop.

In the latest tweet, the founder of Tesla and SpaceX, said,

“Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.”

It is still unclear if he appeared to soften his stance against the environmental effect of mining the cryptocurrency. However, this tweet comes after his meeting with the CEO of MicroStrategy, Michael Saylor along with “leading Bitcoin miners in North America,” where the group reportedly agreed to form a Bitcoin Mining Council which aimed to promote energy usage transparency, ramp up sustainability initiatives across the globe.

According to Saylor, the group included big industry names such as Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, Hive Blockchain Technologies, Hut 8 Mining, Marathon Digital Holdings, as well as representatives from Riot Blockchain.

Following this news, Bitcoin gained its first prominent uptick since the downfall. The positive momentum was short-lived as the sell-off ensued at higher levels.

Bitcoin and Dogecoin, always on Musk’s radar

The ardent DOGE fan and investor had previously asked his Twitter followers to pitch ideas to “develop Doge” on GitHub or the Dogecoin subreddit page on Reddit while tagging the developers of the meme coin on the microblogging platform.

He was recently criticized by Ethereum founder, Vitalik Buterin and refuted Musk’s claims of pushing the scalability of the Dogecoin network by simply increasing protocol parameters. He went on to set the record straight by pointing out the complications associated with it, the centralization factor as well as compromises on the technological front.

Buterin also argued that it crucial for blockchain decentralization for regular users to be able to run a node.

Bitcoin and Alts go green; did ‘buy the dip’ do its charm?

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The crypto community’s mantra to ‘Buy the dip’ might have actually worked. Bitcoin and several top crypto assets have had a bullish start to the day after last week’s free fall.

The collective cryptocurrency markets had shed nearly 60% of the total market-cap in the past week alone. This was triggered majorly by Bitcoin and Ethereum – giving up significant gains from their all-time highs.

The tables have [potentially] turned. At the time of writing, the global crypto market cap rose by 6% to $1.53 trillion.

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Bitcoin and Alts go green; did 'buy the dip' do its charm? 7

Binance Coin [BNB] Steals the Show

Bitcoin’s [BTC] dominance might have tumbled slightly, the king coin, however, rose to $37,784 after appreciating by more than 6% over the past 24-hours.

This pushed several altcoins to significantly negate the weekly losses. Binance Coin [BNB] was the best performer in the latest relief rally at the beginning of the week. The token was exchanging hands at $311.8 after rising by nearly 21% during the same time frame.

Ethereum [ETH], on the other hand, noted an almost 12% surge during the same time which pushed its price to $2,362.05. Among other top performers on the cryptocurrency ladder was Cardano [ADA], which recently replaced BNB, soared by more than 16% over the past day, and was currently being traded at $1.50.

Bitcoin Shenanigans: “Buy the Dip”

Among the popular figures in the space, Robert Kiyosaki, the best-selling author of “Rich Dad Poor Dad,” had recently said that the crashing of Bitcoin’s price offered a great buying opportunity, especially for those who couldn’t have afforded it when the token was trading close to its ATH.

Tron foundation’s Justin Sun also echoed a similar statement when he said that the bull market was not over and went on to add that he had bought the dip.

Crypto-analytic platform, Santiment had noted well before the upsurge that the market could, in fact, see a bounce. Its tweets regarding the same read,

“After a series of #buythedip rallies by the #Ethereum crowd, traders are running out of steam. Our data indicates #cryptotwitter is the most negative toward $ETH it’s been in five weeks. Typically crowd capitulation is the true sign a bounce can happen”

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Bitcoin and Alts go green; did 'buy the dip' do its charm? 8

DeFi TVL crashes by over 37% in less than a Fortnight

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In what seemed like defi heading for another hot summer, instead felt the burn of the market-wide sell off.

It world of decentralized finance has been one of the biggest drivers of the surge in the broader cryptocurrency market over the past few months. However, the space has taken quite the beating after the series of massive corrections unfolded in the market last week.

According to the most recent DeFiLlama stats, the total value locked [TVL] across all decentralized finance platforms tumbled from an all-time high of $164.2 billion on May 10th to $95.5 billion two weeks later.At the time of writing, the TVL value had noted minor recovery and was found to be at $102.9 billion. However, it was still down by more than 37% in a period of fewer than two weeks.

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DeFi TVL crashes by over 37% in less than a Fortnight 10

It all started with Tesla Technoking, Elon Musk blocking Bitcoin payments which sparked the first major instance of sell-off. Bitcoin also suffered a setback after the hackers of Colonial Pipeline siphoned off with $90 million in a BTC ransom. In addition, China’s back-to-back reports on crackdowns of the cryptocurrency space further proved damaging.

DeFi tokens crumble

The crash in the defi space’s TVL is a result of the depreciation in the value of the tokens. The correction in the market has hit investors hard, especially the newer cohort, most of whom forayed the ecosystem at the beginning of the bull season that started late last year.

Over the past week, these tokens have tanked way more than Bitcoin [BTC] and Ethereum [ETH]. Top tokens such as Uniswap [UNI], Chainlink [LINK], Aave [AAVE], Maker [MKR] was still down by more than 45%, 40%, 44%, and 24% respectively.

Several projects on the decentralized finance space this quarter either pulled the rug or executed an exit scam or suffered a flash loan. These were especially observed on multiple Binance Smart Chain protocols which further added to the investors’ woes.

Bitcoin’s power consumption may be a huge setback for the asset, notes Vitalik Buterin

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The last couple of days have been nerve-racking for the crypto-verse as almost all the coins were on a downtrend. While several suggested that they saw it coming, a few others were quick enough to buy the dip. The founder of the Ethereum network, Vitalik Buterin appeared in a recent interview with CNN and suggested that the crypto-verse was in a bubble.

Bitcoin [BTC] noted a drastic fall below $40K, this was followed by the downfall of all the altcoins. Elaborating on the same, Buterin pointed out that the crypto-verse had witnessed about three big crypto bubbles to date. This bubble could either prolong to a couple of months or must have already ended. Speaking about the same, Buterin said,

“Often enough, the reason the bubbles end up stopping is that some event happens that just makes it clear that the technology isn’t there yet.”

Bitcoin’s power consumption a “significant downside”

One of the reasons behind the king coin’s slump was Elon Musk’s recent statement. Musk announced the withdrawal of BTC’s support citing the environmental drawbacks caused by the cryptocurrency. While the community was evidently enraged by this, Buterin suggested that Musk would not have “this influence forever” as markets would learn.

Bitcoin’s mining algorithm has time and again posed a major problem for the crypto industry. While several continue to diss the cryptocurrency for the damages it does to the environment, Buterin said,

“The resource consumption is definitely huge. It’s not the sort of thing that’s going to break the world by itself, but it’s definitely a significant downside.”

Despite growing in terms of price and retaining itself as the largest cryptocurrency, Bitcoin could be in danger, noted Buterin. The king coin’s mining process would urge people to steer towards alternatives or even consider shifting from Proof-of-Work [PoW] to Proof-of-Stake [PoS]. He added,

“If Bitcoin sticks with its technology exactly as it is today, there’s a big risk it will get left behind.”

Polkadot [DOT] jumps onto the earthward bandwagon as it slumps below $30

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The crypto industry has caught the attention of the world after it experienced a significant crash. Polkadot [DOT] was however beating all the other assets in terms of daily loss. The fairly new coin had captured the interest of the community with its price change as well as its journey up the crypto ladder. Now, however, the altcoin dropped down to the eighth position as its market cap dipped to $26 billion.

The price of Polkadot [DOT] during the time of writing, was at a low of $28 with a whopping 24% drop since the last 24-hours. Just when the crypto market began crashing, DOT stood still at $47 without enduring any major fluctuations. The asset clearly failed to retain itself on the top as it dipped below $30.

Additionally, coins like Bitcoin [BTC] and Ethereum [ETH] weren’t doing all that well either. Bitcoin sunk below $40K while ETH staggered at $2.6K. The global market cap of the crypto industry fell back as it dropped below $2 trillion to $1.7 trillion, during press time.

Polkadot [DOT] one-hour price chart on Binance

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Polkadot [DOT] jumps onto the earthward bandwagon as it slumps below $30 13

The short-term price chart of DOT noted a bullish presence. The Parabolic SAR indicator after laying down a long line of dots over the candlesticks fell below the candlesticks transforming itself into a line of support. This further suggested bullish momentum in the DOT market. The Awesome Oscillator indicator formulated green closing bars announcing bull take over.

The Money Flow Index indicator revealed a buyer’s market.

Polkadot [DOT] one-day price chart on Binance

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Polkadot [DOT] jumps onto the earthward bandwagon as it slumps below $30 14

Contrary to its short-term price chart, DOT exerted extreme bearishness on its one-day price chart. The MACD line fell below the signal line forming a bearish crossover. This cross-over and the disparity between both the lines suggested that DOT would be residing in the bearish arena for quite a while. The Klinger Oscillator followed suit and also formed a bearish crossover. The Relative Strength Index [RSI] indicator noted strong sellers’ sentiment.

Makerdao Collateral Liquidation Amounts for WBTC Hits New ATH

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The price of Bitcoin and other top altcoins is now down a significant percent so far this month. If the current momentum persists then this could be Bitcoin’s worst month in over three years.

Since major digital assets shed a large amount of value on the spot market, this triggered a slew of corresponding positions, such as bullish bets in the form of derivatives and loans, that spread out at a rapid pace. This can potentially extend the bearish impetus.

In the latest development, the cryptocurrency analytic platform, Santiment revealed that Makerdao’s collateral liquidation of Wrapped Bitcoin [WBTC] has surged to a new all-time high that too by a significant margin. The tweet read,

“Liquidations have been quite plentiful over the past few days, as $BTC and $ETH have experienced their share of major downswings along with the rest of #crypto. Our data indicates the amount of #Makerdao collateral liquidation amounts for $WBTC are at #AllTimeHighs by a wide margin.”

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Makerdao Collateral Liquidation Amounts for WBTC Hits New ATH 16

Meanwhile, the multi-collateral DAI repaid, in terms of Wrapped Ethereum [WETH] has also climbed to its highest levels since the market-wide pullback back on the 23rd of February this year.

Wrapped Ether [WETH], Ether [ETH], Chainlink [LINK], and Wrapped Bitcoin [WBTC], are some of the most volatile assets which makes them more prone to liquidations.

WBTC’s Approval as Collateral by Maker Governance

Last May, MKR holders had accepted WBTC as a new collateral asset in the Maker Protocol to leverage its greater liquidity to the Ethereum and defi ecosystems, as well as to decentralized exchanges [DEXs].

Wrapped Bitcoin went on t become the fourth collateral type approved by MakerDAO Governance, in addition to ETH, BAT, and USDC to open Maker Vaults for the purpose of generating Dai.

DeFi Market Takes a Beating Amidst Crash

The decentralized finance market has witnessed heavy liquidation and a massive reduction with respect to locked-in value as the market corrected. The total locked in the ecosystem fell by nearly 40% from its peak value established a couple of weeks back on the 11th of May 11 on which the day the figures climbed above $130 billion

Uniswap [UNI] Drops To $24 As Support Cracks After Long Liquidation

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Uniswap [UNI] broke several psychological levels as it fell from grace amidst a massive bloodbath triggered by panic selling. With the latest downswing, UNI extended its weekly loss to 36.10%. The latest Bitcoin and Ethereum capitulation has been damaging for the entire market including the defi tokens.

This evidenced that the large investors of the defi token could have potentially dumped their positions that resulted in the leverage traders bearing the brunt.

Uniswap [UNI] declined by a fresh 22.71% over the past 24-hours which drove its price to $24.51. At the time of writing, the digital asset registered a market cap of $13.48 billion and a 24-hour trading volume of $2.42 billion.

Uniswap [UNI] Daily Price Chart:

UNI
Uniswap [UNI] Drops To $24 As Support Cracks After Long Liquidation 19

Prior to the crash, Uniswap [UNI] formed an ascending parallel channel which foreshadowed a similar market movement. The pattern has been shaping up since mid-March and broke this week, as the wider crypto market sustained sharp bear rallies.

The moving averages also shifted above the UNI price candles soon after depicting an increasing downside pressure in the coin market. The decreasing gauge between the 50 DMA [Pink] and 100 DMA [Blue] was also worrying as it could be a precursor of a bearish crossover.

UNI2
Uniswap [UNI] Drops To $24 As Support Cracks After Long Liquidation 20

The ultra-bearish technicals on the daily UNI chart indicated selling took place at higher levels.

The rising momentum favoring the bears was depicted by the formation of red closing lines of Awesome Oscillator. The MACD also witnessed an extension to its bearish crossover suggesting a major setback in the buying demand.

In line with this, the RSI dipped below the oversold condition demonstrating a strong selling pressure in the market which cracked several support levels. If the bulls purchase this dip, a relief rally could be in the offing. This rally may face stiff resistance at $30 and then again at the moving averages.

Uniswap’s [UNI] rally may face stiff resistance by the moving averages at $31, $35 as well as the recently established high of $43. Support levels, on the other hand, were found to be at $18.8 and $11.57 respectively.

Binance Coin [BNB] could continue to slip after dipping to a low of $420

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The crypto-verse was undergoing bloodshed. Binance coin [BNB], Ethereum [ETH], Bitcoin [BTC] as well as several other coins were leading this downfall. This was further followed by a drop in the market cap of the crypto-verse. The overall market cap was done with its stay over $2 trillion as it succumbed to $1.84 trillion, during press time.

Despite the fact that Bitcoin [BTC] dropped down below $40K for the first time in several weeks, the community went on to propagate “buy the dip.” At the time of writing, BTC was trading for $39K with a 13% drop in the last 24-hours.

Binance coin [BNB] was enduring major losses over the last 24-hours as it slumped by 20%. The altcoin fell from a high of almost $700 to a low of $421, during the time of writing. BNB, however, managed to retain its place as the 3rd largest cryptocurrency. The market cap of CZ’s coin was noted at $65.

Binance Coin [BNB] one-hour price chart

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Binance Coin [BNB] could continue to slip after dipping to a low of $420 23

Looks like BNB would prolong its stay with the bears. The one-hour price chart of the altcoin exerted major bearish signs. The Parabolic SAR indicator formed a line of resistance over the candlesticks and controlled any possible uptrend. The Chaikin Money Flow [CMF] indicator suggested that BNB was deep into the woods with the bear.

The Money Flow Index [MFI] indicator was down by the sellers’ zone and suggested that BNB was close to being oversold.

Binance Coin [BNB] one-day price chart

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Binance Coin [BNB] could continue to slip after dipping to a low of $420 24

The one-day price chart of BNB was echoing the ongoing sentiment. The Awesome Oscillator indicator announced the presence of bears with the creation of red closing bars. The MACD line succumbed below the signal line forming a bearish crossover. The Relative Strength Index indicator was seen heading towards the sellers’ zone.

This nosedive in the price of almost all the assets would be prolonged as all the indicators affirmed strong bearish predilection.