Altcoins soar after 10% Bitcoin price breakout flips $33K back to support

Altcoins soar after 10% Bitcoin price breakout flips $33K back to support
Altcoins soar after 10% Bitcoin price breakout flips $33K back to support

Bitcoin (BTC) price appears to have flipped the $32,000 level back to support as the wider cryptocurrency market saw renewed optimism on Jan. 28. 

Data from Cointelegraph Markets and TradingView shows that BTC has steadily climbed higher in price from $31,000 to its current value of $33,400, an increase of 9.5%.

Daily cryptocurrency market performance. Source: Coin360

The most notable gainer of the day was Dogecoin (DOGE) which surged more than 200%.

The popular meme coin became the latest beneficiary of the 3 million member Reddit community behind the incredible GameStop (GME), BlackBerry (BBY) and AMC Theatres (AMC) pump that happened over the last few days. In the early morning hours of Jan. 28, a Twitter account named WSB Chairman tweeted:

A lot of you are talking about Dogecoin. What’s that? A meme crypto?

— WSB Chairman (@WSBChairman) January 28, 2021

Shortly afterwards, members in the Wall Street Bets telegram began discussing the possibility of pushing DOGE to $1.

According to data from TheTIE, the tweet volume for Dogecoin “surpassed Bitcoin over the last 24 hours,” making this the first time on record that “an altcoin has been tweeted about more than Bitcoin over a 24 hour period.”

Dogecoin price vs. tweet volume. Source: TheTIE

In a private conversation with Cointelegraph, Joshua Frank, founder of TheTIE, commented on just how “wild” the activity related to Dogecoin has been over the past 24-hours.

Frank said:

“Dogecoin tweet volume is up 1,665% today, its trading volume is up 1,546%, and its price is up 209%”

Wall Street continues to embrace cryptocurrencies

Coinbase officially unveiled its plan to go public later this year. According to Coinbase Blog, the company will do a direct listing of its Class A common stock, making existing shares available to the public.

North Carolina wealth manager Kingfisher Capital also made headlines after filing documents revealed that the firm had purchased 10,667 shares of the Grayscale Bitcoin Trust over the past few months.

Several brokerage firms in the United States, including the popular mobile-based Robinhood, are receiving blowback for halting trading on stocks like GameStop (GME) and AMC Holdings Inc. (AMC), which has been the primary story of the week after a retail investor-inspired short squeeze by members of the Reddit group r/wallstretbets pushed the prices of each stock up by hundreds of percent.

The traditional markets also saw a bounce following a minor sell-off yesterday. The S&P 500, NASDAQ and Dow all saw positive inflows and finished the day up 0.98%, 0.68% and 0.99% respectively.

BTC/USD daily chart. Source: Coin360

Bitcoins show of strength at the $32,000 coincided with a strong rally from many altcoins and currently the majority of the top 100 coins are reflecting 3% to 15% gains.

Cosmos (ATOM) rallied by 15.41%, Stellar (XLM) gained 13.91% and Compound (COMP) added 14.21%. Ether (ETH) price also increased by 5.96% and currently trades at $1,355.

The overall cryptocurrency market cap now stands at $984.6 billion and Bitcoin’s dominance rate is 63.2%.

Title: Altcoins soar after 10% Bitcoin price breakout flips $33K back to support
Sourced From: cointelegraph.com/news/altcoins-soar-after-10-bitcoin-price-breakout-flips-33k-back-to-support
Published Date: Thu, 28 Jan 2021 23:03:46 +0000

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Altcoins soar after 10% Bitcoin price breakout flips $33K back to support
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Ethereum Price Analysis: ETH Reclaims $1300, Facing Huge Resistance

Ethereum Price Analysis: ETH Reclaims $1300, Facing Huge Resistance
Ethereum Price Analysis: ETH Reclaims $1300, Facing Huge Resistance

ETH/USD – Ethereum Bounces From .236 Fib Support

Key Support Levels: $1300, $1200, $1080.
Key Resistance Levels: $1392, $1425, $1475.

Ethereum had set a new ATH price at $1473 on Monday. It could not close a daily candle above the $1392 resistance and ended up rolling over the past few days.

It continued to drop until support was found yesterday at $1200 (.236 Fib), which allowed the coin to rebound. It pushed higher today and is now testing resistance at $1350 (1.272 Fib Extension).

ETH/USD Daily Chart. Source: TradingView.

ETH-USD Short Term Price Prediction

Looking ahead, the first level of strong resistance lies at $1392 (1.618 Fib Extension & 2021 High-day Closing price). This is followed by $1425 (previous ATH0, $1472 (new ATH), and $1500.

Beyond $1500, resistance is found at $1530 (1.414 Fib Extension – blue), $1582 (1.618 Fib Extension – orange), and $1645 (1.618 Fib Extension – blue).

On the other side, the first level of support lies at $1300. This is followed by $1200 (.236 Fib), the lower boundary of the price channel ($1150), $1080 (.382 Fib), and $1000.

The daily RSI recently rebounded from the midline, indicating the bulls are still in charge of the momentum, which is increasing.

ETH/BTC – Bulls Bounce From 2020 Highs

Key Support Levels: 0.0416 BTC, 0.0405 BTC, 0.0396 BTC.
Key Resistance Levels: 0.0428 BTC, 0.0435 BTC, 0.045 BTC.

Against Bitcoin, Ethereum has been trapped within a steep ascending price channel since the start of January 2021. The coin hit the 2021 high at 0.045 BTC on Monday and started to head lower from there.

It found support at 0.0405 BTC over the past few days and recently bounced from the lower boundary of the price channel today to hit the current 0.0421 BTC level.

ETH/BTC Daily Chart. Source: TradingView.

ETH-BTC Short Term Price Prediction

Looking ahead, the first level of resistance lies at 0.0428 BTC (1.272 Fib Extension). This is followed by 0.0435 BTC (1.414 Fib Exnteison) and 0.045 BTC (1.618 Fib Extension). Added resistance is found at 0.046 BTC and 0.0483 BTC.

On the other side, the first level of support lies at 0.0416 BTC (2019 High). This is followed by the rising price channel, 0.0405 BTC (2020 High), and 0.0396 BTC (Feb 2019 High). Added support lies at 0.039 BTC (.382 Fib) and 0.0376 BTC.

The RSI is slowly fading from overbought conditions, indicating the previous bullish momentum is fading slightly. However, the bulls are still in charge, and this should help keep it above the price channel.

Title: Ethereum Price Analysis: ETH Reclaims $1300, Facing Huge Resistance
Sourced From: cryptopotato.com/ethereum-price-analysis-eth-reclaims-1300-facing-huge-resistance/
Published Date: Thu, 28 Jan 2021 13:25:03 +0000

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Ethereum Price Analysis: ETH Reclaims $1300, Facing Huge Resistance
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ALPHA surges 152% in one week: What’s behind its meteoric rally?

ALPHA surges 152% in one week: What’s behind its meteoric rally?
ALPHA surges 152% in one week: What’s behind its meteoric rally?

ALPHA, the governance token of Alpha Finance Lab, has surged 152% in the past week. It is now the 85th most valuable cryptocurrency in the global market, breaking into the top 100 in a short period.

Behind its meteoric rally are three key factors, namely the rapidly rising total value locked (TVL) of Alpha Homora, the overall positive market sentiment around DeFi, and the imminence of Alpha Homora v2.

ALPHA/USDT 15-min price (Binance). Source: TradingView.com

What is ALPHA, Alpha Homora and AlphaX?

Alpha Homora is essentially a protocol that enables users to yield farm using leverage.

The term yield farming means the process of providing liquidity to DeFi protocols to earn sustainable yield or APY. By using leverage, Alpha Homora allows users to provide liquidity to pools more efficiently.

Alpha Homora v2 adds various improvements to the first release. It adds more pool support on top of Uniswap, such as Curve, Balancer, and SushiSwap. This allows users to benefit from a more diverse selection of pools to yield farm.

The v2 also lets users hold up to 9x leveraged positions, borrow multiple assets, and lend or borrow other assets apart from Ethereum, as Band Protocol’s Sawit Trisirisatayawong explained.

Ultimately, Alpha Homora should be useful for the average DeFi user with limited capital who wants to maximize their yield.

AlphaX, the decentralized futures exchange, also aims to be beginner-friendly by removing the manual futures funding rate, and baking it into the price. The two key products in the Alpha Finance Lab ecosystem are both designed to serve casual users in DeFi.

At a market cap of $296 million, ALPHA is arguably considered a blue-chip DeFi asset. But, the price of ALPHA has significant momentum and is continuously rallying.

The optimism around ALPHA stems from the rapid increase in Alpha Homora’s TVL and the active developer community of the project.

Alpha Homora’s $618 million alone could justify a high valuation for ALPHA, by calculating the potential fees the protocol could charge in the future and predicting its cash flow.

The existence of other key products like AlphaX that make Alpha a more extensive DeFi ecosystem has likely made ALPHA more appealing as a long-term DeFi bet.

The pace of growth is optimistic

Alpha Homora is the fastest DeFi protocol to reach a $600 million TVL in the history of the DeFi space.

Alpha Homora growth. Source: Alpha

The top DeFi protocols and lending platforms, like Aave and Curve, took around six months to reach the same TVL.

But while Alpha  has admittedly launched as the DeFi space was seeing explosive growth, it is still impressive that it was able to outpace the largest DeFi projects in the space.

Over the longer term, there are several potential catalysts for the price of ALPHA.

Most notably, the official document of Alpha Finance Lab shows that the ALPHA token holders might soon be able to receive a portion of protocol fees through either staking or providing liquidity. The document reads:

“Utility token for all Alpha products (e.g. provide liquidity or stake to receive % protocol fees) (not yet implemented).”

More utility for the ALPHA token should act as a strong catalyst in the longer term, and make the token itself more attractive.

Title: ALPHA surges 152% in one week: What’s behind its meteoric rally?
Sourced From: cointelegraph.com/news/alpha-surges-152-in-one-week-what-s-behind-its-meteoric-rally
Published Date: Thu, 28 Jan 2021 13:41:39 +0000

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ALPHA surges 152% in one week: What’s behind its meteoric rally?
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Dogecoin to 1 dollar? Reddit turns to DOGE after GameStop surges 1,600% in 2 weeks

Dogecoin to 1 dollar? Reddit turns to DOGE after GameStop surges 1,600% in 2 weeks
Dogecoin to 1 dollar? Reddit turns to DOGE after GameStop surges 1,600% in 2 weeks

Dogecoin (DOGE) is up 80% in a day and trading volume has spiked more than 800% as the altcoin sees a publicity surge with a familiar source.

DOGE/USD 1-day candle chart (Binance). Source: Tradingview

DOGE to $1?

Data from Cointelegraph Markets, CoinMarketCap and Tradingview showed a transformation taking place in the DOGE ecosystem overnight on Jan. 27, with DOGE/USD hitting $0.0138.

In a matter of hours on Thursday, the pair added over 80% to its spot price before correcting, still holding 1 cent support at the time of writing.

The gains accompanied a similar surge in interest on social media, with Twitter activity up by more than 300%. The source, it appears, is the same Reddit group that sparked a dramatic but highly controversial bull run in the stock price of U.S. consumer electronics firm GameStop.

A parody Twitter account posing as the moderator for r/Wallstreetbets queried:

“Has Doge ever been to a dollar?” 

Subsequently, the hashtags #dogecoin and #dogecoininto1dollar began trending among users in the United States, referencing a long-held dream among the altcoin’s investors.

BTC/USD, DOGE/USD (blue), $GME (orange). Source: Tradingview

Dogecoin price licks GameStop’s heels

Dogecoin already has something in common with $GME, both assets having seen publicity tweets from Tesla CEO and world’s richest man, Elon Musk in recent weeks. As Cointelegraph reported, Musk’s tongue-in-cheek endorsement of DOGE was enough to induce serious price action.

Gamestonk!! https://t.co/RZtkDzAewJ

— Elon Musk (@elonmusk) January 26, 2021

On Reddit itself, users attempted to insert hints to invest in the meme-based altcoin, despite dedicated posts being removed by r/Wallstreetbets moderators. 

As the fear of repercussions mounts over GameStop’s performance, meanwhile, cryptocurrency proponents argue that Reddit users combining forces to outpace unprepared institutions are simply playing by the rules of capitalism.

“I know this GameStop stuff is funny, but you have to remember this is hurting real people who own multiple boats,” Kevin Farzad, a member of music group Sure Sure, added.

$GME gained 200% on Wednesday, with after hours trading seeing a reversal of around 15% from the top. Overall, the stock is up 1,600% since Jan. 12.

Title: Dogecoin to 1 dollar? Reddit turns to DOGE after GameStop surges 1,600% in 2 weeks
Sourced From: cointelegraph.com/news/dogecoin-to-1-dollar-reddit-turns-to-doge-after-gamestop-surges-1-600-in-2-weeks
Published Date: Thu, 28 Jan 2021 08:42:06 +0000

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Dogecoin to 1 dollar? Reddit turns to DOGE after GameStop surges 1,600% in 2 weeks
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The adventures of the inventive Alex Mashinky

The adventures of the inventive Alex Mashinky 
The adventures of the inventive Alex Mashinky 

Title: The adventures of the inventive Alex Mashinky 
Sourced From: cointelegraph.com/magazine/2021/01/27/the-adventures-of-the-inventive-alex-mashinky
Published Date: Wed, 27 Jan 2021 18:43:17 +0000

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The adventures of the inventive Alex Mashinky 
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Bitcoin Facing Critical Support At $30K, Breakdown Can Lead To $26,000 (Price Analysis)

Bitcoin Facing Critical Support At $30K, Breakdown Can Lead To $26,000 (Price Analysis)
Bitcoin Facing Critical Support At $30K, Breakdown Can Lead To $26,000 (Price Analysis)

Bitcoin continues its downtrend movement. Today, the BTC is down almost 7% from the opening price of $32,500, according to Bitstamp. The cryptocurrency failed to close a 4-hour candle above that level yesterday and since then, saw only one direction – down.

It eventually plummeted beneath the short-term rising trend line we were tracking over the past few days, which can also be seen as a Head and Shoulders pattern (where the line is served as the neckline). In this case, the target of the H&S is somewhere between $28K – $29K.

Regardless, Bitcoin continued its decline, breaking down the next critical support level at $30,760 (.786 Fib) to hit the current $30,150 level.

If today’s candle closes at current levels, the break of $30,760 marks the end to the previous rangebound trading area between $33,000 and $30,760 that Bitcoin was ‘trapped’ inside for the past six days. However, the daily candle has almost 10 hours more to go.

Looking at the bigger picture, Bitcoin is now facing a critical support mark at $30,000, which forms the base of the descending triangle pattern that it has been consolidating within since recording its all-time high at $42K on January 8 this year. A break beneath this triangle could potentially see Bitcoin plunging toward $28,000 and even $26,000.

BTC Price Support and Resistance Levels to Watch

Key Support Levels: $30,000, $29,630, $28,500, $28,000, $26,575.

Key Resistance Levels: $30,700, $32,500, $33,100, $34,000,$34,450.

As mentioned above, the first level of support lies at $30,000, which is the base of the bearish triangle pattern, marked on the following daily chart. This is followed by $29,630 (.5 Fib), $28,500 (downside 1.414 Fib Extension), $28,000, and $26,575 (.618 Fib). Further down lies $26,000.

On the other side, the first level of resistance lies at $30,760 (support turned resistance). This is followed by $32,000, $32,500, and $33,100 (bearish .382 Fib). Significant resistance is also found at $34,000 and $34,450 (bearish .5 Fib & upper angle of the descending triangle).

The daily RSI has turned bearish, indicating that the bears are in control. There is still much room to go down, judging by the momentum indicator.

Bitstamp BTC/USD Daily Chart

BTC/USD Daily Chart. Source: TradingView

Bitstamp BTC/USD 4-Hour Chart

BTC/USD 4-Hour Chart. Source: TradingViewTitle: Bitcoin Facing Critical Support At $30K, Breakdown Can Lead To $26,000 (Price Analysis)
Sourced From: cryptopotato.com/bitcoin-facing-critical-support-at-30k-breakdown-can-lead-to-26000-price-analysis/
Published Date: Wed, 27 Jan 2021 10:43:17 +0000

Bitcoin Facing Critical Support At $30K, Breakdown Can Lead To $26,000 (Price Analysis)
Bitcoin Facing Critical Support At $30K, Breakdown Can Lead To $26,000 (Price Analysis) was originally published here https://allthetopnews.blogspot.com/2021/01/bitcoin-facing-critical-support-at-30k.html

Ethereum’s realized cap spikes to record highs as capital floods in: Report

Ethereum’s realized cap spikes to record highs as capital floods in: Report
Ethereum’s realized cap spikes to record highs as capital floods in: Report

Ethereum’s realized capitalization has increased by nearly 50% in January so far to tag new all-time highs above $70 billion, according to CoinMetrics.

The data shows that Ethereum’s realized cap has more than tripled since dropping below $25 billion in during March 2020’s “Black Thursday” crash..

Ethereum’s realized cap: CoinMetrics

The realized capitalization metric calculates the value of a crypto asset’s supply according to when each unit last moved on-chain. The indicator seeks to estimate the price actually paid for each ETH in circulation — rather than simply multiply the current price by the total supply as market cap does. However, realized cap cannot account for coins that are only traded on centralized exchanges and do not move on-chain.

The indicator is designed to offer a way to compensate for lost or unclaimed coins by ignoring their appreciation from the time each unit was last transferred on-chain.

By ignoring the fluctuating capitalization of dormant coins, realized cap offers a signal for when new capital is flowing into a given market, with CoinMetrics inferring that many new investors may have been buying the bags of seasoned ETH whales during January’s bull market.

The report also noted a 5% spike in the number of Ethereum addresses holding more than 10,000 Ether, with 1,241 wallets currently holding $13.8 million or more in ETH. As such, CoinMetrics concludes that “institutional investors are starting to buy ETH.”

The growth of Ethereum’s realized cap appears to have outperformed that of Bitcoin’s last year, with Glassnode reporting that BTC’s realized cap had grown 50% since the beginning of 2020 as of Dec. 15. CoinMetrics’ data indicates Ethereum had seen an 85% increase over the same period.

Blockchain Center’s Flippening Index currently estimates that Ethereum is 71% of the way to surpassing Bitcoin according to eight key metrics — comprising a new all-time high for the indicator.

The index notes Ethereum has already surpassed Bitcoin by transaction fees and transaction count, and estimates that transaction volume and node count are at 99% and 97% of Bitcoin’s respectively.

Title: Ethereum’s realized cap spikes to record highs as capital floods in: Report
Sourced From: cointelegraph.com/news/ethereum-s-realized-cap-spikes-to-record-highs-as-capital-floods-in-report
Published Date: Wed, 27 Jan 2021 02:18:31 +0000

Ethereum’s realized cap spikes to record highs as capital floods in: Report
Ethereum’s realized cap spikes to record highs as capital floods in: Report was originally published here https://allthetopnews.blogspot.com/2021/01/ethereums-realized-cap-spikes-to-record.html