Crypto Community At CoinMarketCap Predicts $1 Cardano By June 30

Cardano’s price has been growing in recent weeks while the rest of the cryptocurrency market has been falling. This trend has encouraged some in the crypto community to be optimistic about its future price and make it a bright light among digital coins and tokens.

According to the most recent predictions made using CoinMarketCap’s Market Estimation tool, which allows users to make crypto price predictions and check their average score, the community expects this crypto to trade at roughly $1 by the end of June.

    Related Reading | Crypto Analyst Says Cardano, Avalanche and Two Others Have Potential To Perform Well In Bear Trend 

CoinMarketCap Price Estimation Pool Figures

Cardano hit a price of $0.4 on May 12 and then quickly reversed to $0.59 on May 13. The price then gradually dropped to $0.44 over the next few weeks. The price was still 10% higher than the low before, but we could call this a test of the bottom. ADA surged almost 50% since the test happened.

ADA price estimates show an average price of $1.034 on June 30, 2022, which is $0.423 up from the current price or a 69.23% increase. As per the data obtained on May 31 from the analytics portal CoinMarketCap, Cardano was trading at $0.6698, a gain of 28.77% on the day and a gain of 29.10% compared to seven days earlier.

ADA is currently trading at $0.59 | Source: ADA/USD price chart from Tradingview.com

According to the poll, there are about 24,430 people who have voted on May 30. 15,911 votes predicted that the price of ADA will rise relatively less by July 31- to $0.9399.

Meanwhile, under statistics acquired on May 31 from Cardano Blockchain Insights, Cardano is back to having close to $500 million in its treasury or exactly $498,403,802.47. Through a voting procedure, the Cardano treasury is utilized to provide funds for the development of Cardano activities.

Other Cardano Developments

Like the hardfork approaches, other developments include the average Cardano blockchain load lasting reasonably high, at 64% on average in May. This implies that roughly 64% of blocks were utilized during this month.

In other good news for the chain, in the month leading up to May 20, it gained more than 2,000 new wallets every day, for a total of 70,211 between April 19 and May 19. According to data from Cardano Blockchain Insights, it had 3,357,509 user’s wallets as of May 30. 

    Related Reading | TA: Bitcoin Price Resumes Decline, Can The Bulls Save This Support

In addition, the successful introduction of ADACash gives Cardano a boost. On the other hand, developers aren’t slowing down when it comes to new ADA-USD projects. They market these projects as a third-generation blockchain after Bitcoin and Ethereum.

Cardano is working on new projects, such as a marketplace for NFTs and a DeFi transaction exchange. These projects will take time to launch, but they demonstrate the value and capability of the Cardano blockchain. Which could lead to future growth in the ADA/USD price.

 

Featured image from Pixabay, and chart from Tradingview.com

 

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Bitcoin Falls Below $30k As 10k BTC Flow Into Gemini

On-chain data shows crypto exchange Gemini observed around 10k BTC in inflows yesterday as Bitcoin’s price declined below $30k.

Bitcoin Exchange Inflows Spike Up As BTC Price Falls Down

As pointed out by an analyst in a CryptoQuant post, selling on exchanges like Gemini, Binance, and Huobi looks to have been behind the latest drop in the crypto’s price.

The “exchange inflow” is an indicator that measures the total amount of Bitcoin moving into wallets of all exchanges.

When the value of this metric surges up, it means exchanges are receiving a high amount of coins at the moment.

Such a trend can be bearish for the value of the coin as investors usually deposit their crypto to exchanges for selling purposes.

Related Reading | Bitcoin Observes Longest Stretch Of Extreme Fear Since April 2020

On the other hand, low values of the inflow can suggest that a healthy amount of selling may be going on in the market. Depending on the value of the outflows (the opposite indicator), this kind of trend can prove to be either neutral or bullish for the price of BTC.

Now, here is a chart that shows the trend in the Bitcoin exchange inflows over the past couple of weeks:

It seems like Gemini saw the heaviest amount of inflows yesterday | Source: CryptoQuant

As you can see in the above graph, the Bitcoin exchange inflow spiked up to high values yesterday as the price of the crypto slipped down below $30k.

In the chart, the quant has also included data for the individual contributions from crypto exchanges Binance, Huobi, and Gemini, to the total inflows.

Related Reading | Bitcoin LTHs Realized Significant Losses Recently, Final Capitulation Here?

It looks both Binance and Huobi saw around 1k to 1.2k BTC in inflows yesterday, while Gemini observed a huge spike of more than 10k BTC.

This would suggest that out of all the exchanges, Gemini saw the heaviest Bitcoin selling over the past twenty-four hours.

BTC Price

At the time of writing, Bitcoin’s price floats around $29.7k, up 5% in the last seven days. Over the past month, the crypto has lost 23% in value.

The below chart shows the trend in the price of the coin over the last five days.

Looks the value of the crypto has plunged down over the last twenty-four hours | Source: BTCUSD on TradingView

Bitcoin looked to be gaining some footing over the $31k mark over the last few days for the first time in almost a month, but yesterday the price once again tumbled down.

At the moment, it’s unclear whether the selloff is over, or if the crypto will experience further decline in the near term.

Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com

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Institutional Investors Turn To Competitors As Ethereum Tumbles

As the crypto market has taken a turn for the worse, institutional investors are phasing out their investments in Ethereum. The digital asset had been the victim of multiple outflows that had tanked its total AuM (Assets under management) and this trend has continued this week. Instead of moving to a larger competitor, Bitcoin, institutional investors are now moving to networks that are in direct competition with Ethereum.

Big Money Leaves Ethereum To Algorand

Algorand is one of the leading competitors of Ethereum which has been making waves in the decentralized finance (DeFi) space. Due to this, more institutional investors have been choosing to pitch their tent with the smart contract platform. What this has led to is the movement of institutional investors out of Ethereum and into competitors like Algorand.

Related Reading | Cardano TVL Jumps 30% In 24 Hours As It Recovers To $155 Million

Data from last week shows that while Ethereum continues to fall out of favor with big money, Algorand has been right behind it to soak up all of the inflows. This saw inflows into the DeFi protocol reach $20 million. It is a new high for the digital asset and is evidence of growing interest in other DeFi protocols besides Ethereum.

As for the leading smart contract platform, outflows continue to rock the asset. It saw a total of $11.6 million leaving last week. This has brought its year-to-date outflows to a staggering $250 million. Compared to other altcoins, Ethereum has had the worse luck among institutional investors.

ETH trading below $2,000 | Source: ETHUSD on TradingView.com

These other altcoins, which happen to be DeFi protocols, also recorded inflows for the year. Solana and Tron managed $1.8 million and $0.4 million in inflows respectively, indicating that big money remains bullish on these altcoins.

A Not Too Bad Week

For other coins in the market, last week proved to be not terrible. For example, inflows into bitcoin were $69 million. It may not be as high as other weeks of inflows have been but it speaks volumes about how institutional investors are viewing the market even through the present downtrend. Last week’s inflows brought bitcoin’s year-to-date inflows to $369 million, the opposite of Ethereum, which has been dominated by outflows.

One thing to note though is that BTC’s AuM has declined to the lowest point since July 2021. This is not a direct result of institutional investors not putting money in bitcoin. Rather, it is due to the decline in the value of the digital asset over the last couple of weeks.

Related Reading | Bitcoin Dominates Derivatives Market To End May On A High Note

Other vehicles also enjoyed inflows into them. Multi-asset has been a long-time favorite of institutional investors and this shines through even in a bear market as inflows totaled $4.8 million last week. Short bitcoin inflows also reached $1.8 million. 

Across the pond, the European market is starting to see a light at the end of the tunnel. After more than a month of consistent outflows, Europe’s inflows reached $15.5 million. However, North America continues to dominate with total inflows coming out to $72 million.

Featured image from CryptoSlate, chart from TradingView.com

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The Nightly Mint: Daily NFT Recap

Is chaos ever not ensuing in NFT environment? Good, bad and somewhere in between, there’s seemingly always some madness happening in the space; that’s why we aim for routine coverage that gives you bite-sized daily recaps of all things NFTs with The Nightly Mint – no matter the time of day you digest it.

One of the most tenured and controversial celebrities is reportedly entering the non-fungible token world, an ex-OpenSea executive is facing heat from the Department of Justice, and that’s just the tip of the NFT iceberg.

The Nightly Mint

Latest Mint: Kanye NFTs?

“STOP ASKING ME TO DO NFT’s,” was the leading copy on an Instagram caption posted earlier this year by Kanye West. Kanye NFTs, just a mere four months later, could very much be a reality, according to numerous reports today. West has apparently filed several trademark applications with the USPTO that are around “blockchain-based non-fungible assets,” “currencies and tokens,” and “online retail store services featuring … digital art.”

Related Reading | Crypto Analyst Says Cardano, Avalanche and Two Others Have Potential To Perform Well In Bear Trend

Solana has seen teases of a booming 'Solana Summer' but has taken a major hit today with the blockchain halted. | Source: SOL-USD on TradingView.com Ex-OpenSea Exec Faces Federal Charges Over NFT Front-Running

Former OpenSea Head of Product Nate Chastain was highly valued by many within the NFT community, but is facing a swift fall from high times as the Southern District of New York has detained Chastain and will look to pursue charges of wire fraud and money laundering. It would not be surprising to see the DoJ look to pursue the charges aggressively, given Chastain’s visibility in the NFT community; the DoJ states that he utilized “confidential information about what NFTs were going to be featured on OpenSea’s homepage for his personal financial gain.”

The ‘Minty Fresh’ Take

Between goblins (with a ~7.5 ETH floor at time of publishing) and crypto Twitter reactions to an hour of OpenSea downtime alone, I think we’re losing our minds.

Opensea is down confirming the NFT bull market has officially resumed

— ThreadGuy.eth (@notthreadguy) June 1, 2022

Related Reading | LUNA2 Records Losses As Market Rebounds, Investors Lost Faith?

Featured image from Pexels, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

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Bitcoin Observes Longest Stretch Of Extreme Fear Since April 2020

Data shows extreme fear sentiment in the Bitcoin market has continued for almost a month now, the longest stretch since April 2020.

Bitcoin Market Sentiment Remains In Extreme Fear Territory

As per the latest weekly report from Arcane Research, the crypto fear and greed index has continued to point at extreme fear this week.

The “fear and greed index” is an indicator that measures the general market sentiment among Bitcoin and crypto investors.

The metric uses a numeric scale that runs from one to hundred for representing this sentiment. All values above “50” signify greed in the market, while those below the threshold suggest fear among investors.

The extreme values of above 75 and below 25 imply sentiments of “extreme fear” and “extreme greed,” respectively.

Historically, bottoms in the price of Bitcoin have tended to form during periods of extreme fear. On the other hand, the crypto has observed tops during stretches of extreme greed.

Some investors think that because of this, it’s best to buy during extreme fear, while extreme greed is ideal for selling.

Related Reading | Bitcoin LTHs Realized Significant Losses Recently, Final Capitulation Here?

“Contrarian investing” follows this approach. Warren Buffet’s famous quote sums it up: “Be fearful when others are greedy, and greedy when others are fearful.”

Now, here is a chart that shows the trend in the Bitcoin fear and greed index over the past year:

The value of the indicator seems to have been quite low recently | Source: Arcane Research's The Weekly Update - Week 21, 2022

As you can see in the above graph, the Bitcoin fear and greed index has a value of 16 right now, suggesting that the market is extremely fearful.

These low values of the metric have remained for almost a month now, making it the longest stretch of extreme fear since right after the COVID crash back in April 2020.

Related Reading | Bitcoin Exchange Outflows Suggest That Investors Are Starting To Accumulate

The report notes that long periods of poor sentiment aren’t extraordinary in the crypto market, but in the past such stretches have usually observed temporary spikes to better sentiment.

In the month of May, there was no such interruption that provided Bitcoin investors with a glimmer of hope.

BTC Price

At the time of writing, Bitcoin’s price floats around $31.4k, up 6% in the last seven days. Over the past month, the crypto has lost 16% in value.

The below chart shows the trend in the price of the coin over the last five days.

Looks like the price of the crypto has observed a push up in the last couple of days | Source: BTCUSD on TradingView

Bitcoin has now maintained strongly above the $31k mark for the first time since the beginning of May. However, at the moment, it’s unclear whether this recovery will last.

Featured image from Unsplash.com, charts from TradingView.com, Arcane Research

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LUNA2 Records Losses as Market Rebounds, Investors Lost Faith?

A couple of days after its launch, the new LUNA or LUNA2 token from the Terra network continues to experience high volatility levels. The cryptocurrency was deployed as a result of the collapse of the old LUNA or LUNA Classic which lost almost 99% of its value in a little over a week.

Related Reading | Ethereum’s Optimism Airdropped Governance Token, Here Is How It Went

This resulted in billions of dollars in losses for retail investors as the Anchor Protocol, the platform which promised stablecoin UST stakers a 20% annual percentage return (APR), and the whole Terra ecosystem enjoyed high popularity.

At the time of writing, LUNA2 trades at $6.65 with a 7% loss in the 4-hour chart. The cryptocurrency was able to reach as much as $10 at its high but could continue to experiment with downside volatility.

LUNA2 is trending to the downside on the 4-hour chart. Source: LUNA2USDT Tradingview

Data from Material Indicators (MI) hinted at further losses when the price reached its all-time high. Based on the Trend Precognition indicator for the daily chart, LUNA2 could re-test support levels.

The crypto market might play against any potential recovery. The largest cryptocurrencies, such as Bitcoin and Ethereum were recording gains during today’s trading session after weeks of sideways movement.

Bitcoin was almost 9%, but all the profits have been lost in lower timeframes. The number one crypto by market cap could return to its recent range of around $28,000 to $30,000 if the bulls are incapable of pushing back against the increased selling pressure.

Analyst Ali Martinez identified $29,800 and $28,600 as the next area of interest for any potential support. LUNA2 traders could benefit from a relief bounce in these areas but might see further downside action in the short term.

#Bitcoin got rejected by the 200MA on the 4hr chart as anticipated!

Now, $BTC is testing the $30,750 support level. Failing to hold above it could send #BTC to the next areas of support at $29,800 and $28,660.

Only a sustained close above the 200MA can send prices to $34,750. https://t.co/Kb49f4Krn1 pic.twitter.com/YHwfKvhX4o

— Ali Martinez (@ali_charts) June 1, 2022

As part of the creation of LUNA2, previous LUNA holders are entitled to an airdrop. This measure was aimed at mitigating part of their losses and providing them with a tangible solution. However, some critics believe the initiative will be insufficient and could contribute to the downside price action as users receive and dump their tokens on the market.

Users Express Concerns About Exchanges Supporting LUNA2

Before its launch, there were a lot of doubts about the future of any new LUNA token. When the price of the original cryptocurrency collapsed below $0, crypto exchange platforms rushed to remove it and terminated any trading positions with LUNA, for the benefit or detriment of the trader.

Now, the same platforms have been supporting LUNA2. Many users have been calling out these venues as they consider the token could follow LUNA’s trajectory into oblivion.

Jesse Powell, CEO at crypto exchange Kraken, addressed these concerns. He said the following on the LUNA2 and LUNA:

I don’t necessarily see them as related. Is there a technical takedown of LUNA2? Does LUNA2 have the same flaws? I’m not an expert on the coin but presumably LUNA2 has learned something from LUNA. Is supporting LUNA2 and the airdrop improving the situation for LUNA holders?

Related Reading | LUNA 2.0 Suffers Significant Price Correction Hours After Launch

In addition, Powell claimed the LUNA crash might have been the cause of “incompetence” rather than a “scam”, as many critics believe. In that sense, he claims listing a cryptocurrency is different from endorsing it and added: “All assets have risk”.

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Bitcoin Rests Tentatively Above $31,000, Bull Rally Or Trap?

The price of bitcoin has been doing significantly well compare to where it was about a week ago. It has now recovered above a highly coveted point, returning some faith back into the market. However, the position where the digital asset currently resides is one that is unstable. Even though it seems to have found its footing above the $31,000 level, there is still the question of what this recovery actually means in the short term.

Fakeout Or Breakout?

It is important to note that the price of bitcoin had trended for a long time between $29,000 and $30,500. It spent quite some time here as the cryptocurrency had consolidated for the longest time. With its most recent recovery, it had broken out of this consolidation point. But there hasn’t been enough by the way of recovery to simply be sure that this is one that will continue. 

Related Reading | Billionaire Tim Draper On What Will Trigger The Next Bitcoin Bull Market

Indicators point to this being a potential critical turning point for the price of bitcoin. Where it goes from here will likely determine the path of the digital asset for the rest of the month. For the cryptocurrency to really establish this as a breakout position, it would need to range upwards and break, its next significant resistance point which lies at $34,500.

Now, given that bitcoin is still languishing at the $31,000 territory, a rally towards $34,500 would need to be accompanied by tremendous momentum from the market. However, if this happens, then the digital asset can establish support at the same point that provided a good cushion at the beginning of the year.

BTC in critical position | Source: Arcane Research

As for a reversal, a potential takeout would have serious implications for the crypto market. Granted, the digital asset has managed to establish great support at $29,000, as evidenced by market movements in the last few weeks. However, a break below $29,000 will likely see bitcoin test the $25,000 support level before it begins another recovery trend.

Bitcoin Turning Bullish In Short-Term

The charts show a highly favorable short-term price of bitcoin but that is only dependent on how well it holds on to its current price. Since its recovery above $31,000, the digital asset is now comfortably trading above its 20-day moving average. This points to a slowdown in the sell-offs in the market and possible recovery towards 50-day moving average levels.

BTC continues recovery trend | Source: BTCUSD on TradingView.com

Losses in bitcoin have also slowed significantly since it hit its ninth red weekly close. This losing streak has been its longest in history and has tired even sellers out. A welcome development for the market.

Related Reading | Bitcoin Exchange Outflows Suggest That Investors Are Starting To Accumulate

If this is the case and sell-offs continue to drop, the reversal could be a potential breakout that could set the market on another bull rally, ending the losing streak. 

Bitcoin is trading at $31,557 at the time of this writing. It is headed for its first green close in more than two months.

Featured image from MARCA, charts from Arcane Research and TradingView.com

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