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  • here’s what’s driving the price rally

    here’s what’s driving the price rally

    • CORE DAO’s token, CORE, sees a 67% surge reaching $2.75.
    • Several institutional investment funds have shown interest in CORE.
    • Technical indicators signal a bullish trend for CORE, despite the high RSI suggesting potential overvaluation.

    The price of Core DAO’s native token, CORE, has experienced a staggering surge of over 200% within a week, capturing the attention of cryptocurrency investors.

    This surge prompts an investigation into the factors fueling CORE’s rapid growth and its implications for the broader cryptocurrency industry.

    CORE price performance

    CORE DAO operates as an L1 blockchain supporting Ethereum Virtual Machine (EVM), enabling the execution of Ethereum smart contracts and decentralized applications (dApps). Its native token is referred to as CORE.

    With its “Satoshi Plus” consensus mechanism, CORE combines delegated Bitcoin mining hash with delegated Proof-of-Stake (DPoS) for security. CORE serves as both the utility token and governance token of the Core network, facilitating various functions such as paying transaction fees, staking on the Core network, and participating in on-chain governance.

    CORE’s recent price surge has astonished market observers, with the token’s value soaring by an impressive 67.25% in just one day, reaching $2.75.

    CORE price chart

     

    This surge has propelled CORE to the 54th position in market cap rankings, showcasing its significant market influence. Moreover, trading volume for CORE has surged by 148.07% in the last day alone, indicating heightened investor engagement and liquidity in the market.

    CORE’s supply dynamics reveal that 875,161,702 tokens are currently in circulation, representing approximately 41.67% of its total supply of 2.1 billion tokens. With a fully diluted market cap of $5.78 billion, CORE’s potential market reach is substantial, enhancing investor confidence and interest in the project.

    Technical indicators further support the bullish sentiment surrounding CORE. Exponential moving averages (EMAs) for 50, 100, and 200 days signal a bullish trend, acting as crucial support levels for price movements.

    The MACD line indicates a positive sentiment, strengthening the bullish momentum for CORE. However, the high RSI suggests that the asset may be overvalued, potentially leading to significant price fluctuations.

    Why is the CORE price rallying?

    The recent surge in CORE’s price can be attributed to various factors, notably the endorsement from Coretoshis Lab. This endorsement highlighted the involvement of over 100 crypto institutional investment funds planning to purchase and hold CORE in the current year, instilling confidence in investors and attracting attention to the project.

    Coretoshis Lab’s optimism about CORE’s future trajectory, coupled with references to “going to the Moon” and promising prospects for CoreDAO in 2024, has fueled FOMO among investors eager to capitalize on its upward momentum.

    The Core Chain x Multibit/Bitstable: Core Journey Campaign also kicked off today (April 1, 2024) further fuelling the positive sentiment around CORE cryptocurrency. 

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  • Here’s what the U.S. government shutdown may mean for Bitcoin

    Here’s what the U.S. government shutdown may mean for Bitcoin

    what us government shutdown means for bitcoin
    • James Butterfill expects Bitcoin to rally if the U.S. government shuts down.
    • BTC has a history of performing quite well in times of uncertainty.
    • The world’s largest cryptocurrency is already up close to 4.0% today.

    Bitcoin will likely rally if the U.S. government does indeed shut down on October 1st, says James Butterfill – the Head of Research at CoinShares.

    Why may BTC rally on shutdown?

    The world’s largest cryptocurrency by market cap is already up close to 4.0% on Thursday as the U.S. government started sending out notifications to federal employees that a shutdown may be imminent.

    And that rally may extend when the shutdown actually begins, as per CoinShares’ Butterfill.  Because the investors could read the funding lapse as a sign of instability and turn to Bitcoin for refuge.

    This scenario bears resemblance to the debt ceiling stalemate experienced earlier this year, which ended up bolstering Bitcoin prices.

    Bitcoin continues to find a strong support at the $25,000 level.

    U.S. banks still have downside risks

    Note that Bitcoin saw strength when the likes of Silicon Valley and Signature banks collapsed earlier this year. That speaks a lot about its ability to outperform in times of uncertainty.

    And the U.S. financial institutions may not entirely be out of the woods just yet. Martin Gruenberg – Chair of the U.S. Federal Deposit Insurance Corporation (FDIC) recently warned that inflation and higher rates continue to be a significant downside risk for the banking space.

    Another near-term tailwind for BTC could be the approval of a Spot Bitcoin ETF – for which the U.S. lawmakers pushed SEC Chair Gary Gensler just a day earlier (find out more).

    On Thursday, Rob Ginsberg of Wolfe Research also said that Bitcoin was worth investing at its current price.

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  • Here’s why the Bitcoin Cash (BCH) price has just gone parabolic

    Here’s why the Bitcoin Cash (BCH) price has just gone parabolic

    • Bitcoin Cash price has been in a strong bullish trend in the past few days.

    • The coin has surged by over 150% from the lowest level in May.

    • This rally is being supported by the Bitcoin ETF applications.

    Bitcoin Cash price continued surging on Monday even as BTC and other cryptocurrencies moved sideways. The BCH coin jumped to a high of $228.72, the highest level since May 14th of last year. In all, the coin has jumped by more than 150% from the lowest level in May, making it one of the top-performing cryptocurrencies in the world.

    BCH rally continues

    Bitcoin and other cryptocurrencies have been in a strong bullish trend in the past few days. This rally is mostly because of the recent crypto news. Companies like Blackrock, WisdomTree, and Invesco announced plans to launch their Bitcoin ETF. If this is accepted, it will likely help many institutional investors allocate funds to Bitcoin.

    These ETF proposals do not impact Bitcoin Cash directly. However, analysts believe that these companies will file their Bitcoin Cash spot ETF proposals if the Bitcoin one is accepted. Bitcoin Cash, as with BTC, is seen as a commodity since it is a hard fork of Bitcoin itself.

    Other cryptocurrencies that could benefit in all this are Litecoin, Bitcoin SV, and Ethererum Classsic. There are concerns that Ethereum will be avoided because of its staking feature, which SEC believes contravenes securities law.

    Bitcoin Cash price also jumped after it became one of the four cryptocurrencies offered by EDX Markets, the new Fidelity, Schwab, and Citadel-backed crypto exchange. The other cryptocurrencies offered by the exchange are Ethereum, Bitcoin, and Litecoin.

    Further, Bitcoin Cash is doing well since it has a lower price than Bitcoin itself. The BTC and BCH ratio currently stands at 131, meaning that 1 Bitcoin is worth about 131 BCHs. 

    Bitcoin Cash price prediction

    The 4H chart shows that the Bitcoin Cash price has been in a strong bullish trend in the past few days. It has jumped above the important resistance point at $124, the highest point on May 9th. The coin has moved sharply above the 25-day and 50-day moving averages (MA).

    It has also invalidated the upper part of the double-top pattern at $221.10. This was an important level since it was the highest level last week. The Relative Strength Index (RSI) has moved above the overbought level.

    Therefore, there is a likelihood that the BCH price will continue rising as buyers target the next key resistance point at $250. A move below the double-top neckline at $184 will signal that there are more sellers left in the market.

    How to buy Bitcoin Cash

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  • Here’s why the Nasdaq 100 and Bitcoin correlation has faded

    Here’s why the Nasdaq 100 and Bitcoin correlation has faded

    • Bitcoin price has crashed by about $6,000 from its highest point this year.

    • Nasdaq has moved into a strong bull market because of AI.

    • The Federal Reserve will conclude its two-day meeting on Wednesday.

    Nasdaq 100 and Bitcoin prices have moved in the opposite direction in the past few weeks. The tech-heavy Nasdaq 100 index has soared to the highest level since April last year. In all, it has jumped by almost 40% from the lowest level this year. 

    Bitcoin price, on the other hand, has been stuck at the important support level at $25,200. It has dropped by more than $6,000 from its highest level this year. In the past, Nasdaq 100 and Bitcoin had a close correlation because they are often seen as high-risk assets.

    Regulatory concerns

    The main reason why the Nasdaq 100 and Bitcoin price correlation has faded is the ongoing crackdown in the United States. On Monday last week, the Securities and Exchange Commission (SEC) filed a major lawsuit against Binance, the biggest company in the industry.

    The agency accused the company of deceptive practices, commingling funds, and offering its services in the United States illegally. Then on Tuesday, the SEC filed a lawsuit against Coinbase, the biggest company in the US. It accused Coinbase of listing unregistered securities to American customers.

    The regulatory crackdown comes at a time when the crypto industry has gone through a challenging period. Last November, FTX, a major crypto exchange filed for bankruptcy, costing invetors billions of dollars. 

    Crypto companies argue that the SEC and other policymakers have not issued clear guidance about the crypto industry. For example, Coinbase questioned why the SEC allowed it to go public if it offered illegal products.

    Why Nasdaq 100 index is soaring

    On the other hand, the Nasdaq 100 index is soaring because of FOMO and the ongoing artificial intelligence hype. A closer look at the top movers in the Nasdaq 100 index shows that they have a thing to do with AI.

    Nvidia share price has jumped by more than 180% this year, giving it a market cap of over $1 trillion. Tesla, which is also investing in AI, has soared by over 110% while Broadcom, Amazon, and Palo Alto Networks have risen by more than 70%.

    Therefore, there is a likelihood that investors are rotating from the high-risk crypto industry to invest in stocks. Stocks are widely seen as being less risky than cryptocurrencies. 

    Still, there is a likelihood that cryptocurrencies will bounce back later this month as the regulatory concerns ease. As we have seen in the past, these cases tend to take years to conclude. 

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  • MASK price spiked10% today: Here’s why

    MASK price spiked10% today: Here’s why

    • MASK price is up by double digits today and 17% this past two weeks.
    • Most of the gains have come after the team announced it had invested in The Open Network (TON) network.
    • MASK price remains nearly 90% down from its all-time high of $41.45.

    Mask Network (MASK), a decentralized social network seeking to bridge Web2 and Web3 apps, has seen its price increase by over 10% in the last 24 hours. The current price of MASK is $4.40.

    MASK price is up more than 17% this past two weeks.

    Why is the price of Mask Network (MASK) up today?

    There seems to have been no particular trigger for MASK price rallying by double-digits today. However, it is likely the project’s recent announcement of an investment in The Open Network (TON) continues to boost investor confidence and aiding buying pressure.

    Another reason could be the uptick seen today across the broader cryptocurrency market.

    Bitcoin price traded above $27k again after it came close to dipping under $26k earlier in the week. This comes after news the US had struck a deal on its debt ceiling, and with BTC up, it’s likely the sentiment cascaded into small cap altcoins like MASK.

    At the time of writing, Mask’s daily trading volume is well over $80 million, representing a 148% jump in the past 24 hours. The spike in market activity has seen Mask Network, which is ranked 110 on CoinGecko, hit a market cap of about $354 million.

    MASK price prediction

    Despite the gains, MASK price remains nearly 90% down from its all-time high of $41.45. The token hit the ATH February 24, 2021.

    The current value is however 352% higher than the all-time low of $0.976528, hit on Oct 13, 2022 and today’s gains could, therefore, see traders seek to take profits. While this could happen, some analysts believe that the token is primed for a breakout.

    Crypto analyst Captain Faibik says MASK could see a breakout as shown in the chart below shared on Twitter.

    Chart showing the potential price breakout for Mask Network. Courtesy of Captain Faibik on Twitter.

    According to the analyst, MASK could surge by more than 60% to more than $7.20. Looking at the chart, it suggests the scenario will likely unfold if price breaks and sustain fresh momemtum above the upper resistance of channel pattern.

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  • Here’s why the Bitcoin SV (BSV) price just went vertical

    Here’s why the Bitcoin SV (BSV) price just went vertical

    Bitcoin SV price surged to the highest level since March 1 as investors moved to the coin, which is an alternative to BTC. BSV jumped to a high of $42.10, which was about 48% above the lowest level this year. The coin’s market cap has jumped to more than $748 million.

    Is this a pump-and-dump scheme?

    There was no news that pushed Bitcoin SV higher on Tuesday. A likely reason why the BSV is rising is because some investors believe that it is a better alternative to Bitcoin. As we wrote in this article on Monday, Bitcoin’s fees jumped on Monday because of elevated congestion in the network. 

    As a result, Binance, the biggest crypto exchange in the world, suspended Bitcoin withdrawals several times on Monday. Bitcoin SV, which has less volume than the main Bitcoin, is therefore seen as a better alternative. For one, its transactions take less than 2 seconds to complete while the average transaction fee is about $0.0001. Also, the network can handle over 50,000 transactions per second (tps).

    However, it is worth noting that the BSV price rally could be a pump-and-dump scheme. This is a situation where insiders or large holders buys an asset, promote it, and then exits at a profit, leaving buyers holding the bag. This situation is common among low-volume coins like Bitcoin SV.

    Bitcoin SV price prediction

    The daily chart shows that the BSV price has been in a strong bearish trend. It has crashed by over 90% from the highest point on record. The coin has also moved below all moving averages. It moved slightly above the crucial resistance point at $34, the lowest point on November 22 last year.

    Therefore, I believe that this Bitcoin SV rally does not have legs. As such, there is a likelihood that it will resume the downward trend to where it was before it jumped. This could see it retreat to the next key support at $30.

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  • Wojak (WOJAK) price up 570% this past week: Here’s why

    Wojak (WOJAK) price up 570% this past week: Here’s why

    • WOJAK price has jumped from around $0.00006 on 25 April to the all-time peak reached earlier today.
    • While the total cryptocurrency market cap is down 1.5% in the past 24 hours amid Bitcoin’s struggles near $28k, the new meme crypto token is flying.
    • Skyrocketing prices for WOJAK come after the massive gains for the frog internet meme coin Pepe (PEPE).

    The price of Wojak (WOJAK), a token that trades on exchanges such as Gate.io and Bitget, has hit a new all-time high above $0.00065 today. On Tuesday morning, the WOJAK token was up more than 74%. Meanwhile, over $91 million worth of volume has been traded in the past 24 hours.

    While the price at the time of writing was around $0.00058, the overall gains for WOJAK/USD was more than 570% in the past seven days. Wojak’s market cap was $41,121,268 at 6.50 am ET on 2 May, ranking the small cap altcoin 496th on CoinMarketCap.

    What is Wojak?

    Wojak is a new cryptocurreny project that looks to offer people a chance to explore the world of memes via a decentralised network.

    The native token of the platform is WOJAK, whose inspiration is the iconic internet meme that bears the same name. WOJAK is designed to help holders engage in activities such buying, selling of memes. Apart from trading the tokens, holders can also use them to take part in community events.

    Why is WOJAK price up today?

    Today’s price gains for the WOJAK meme coin come after the team announced a second community NFT mint. Speculation on the token is also likely driven by the huge upside for another memecoin.

    With the token launching a few weeks ago, traders have looked to it as they FOMO following the sensational gains for Pepe (PEPE). Pepe is an Ethereum-based memecoin inspired by the popular Frog internet meme, and which looks to follow in the footsteps of successful projects like Dogecoin and Shiba Inu.

    While PEPE price is up over 2,000% since its all-time low on 18 April 2023, the price of WOJAK has jumped more than 1,171% since hitting the all-time low of $0.00004902 on 21 April 2023.

    Some investors have looked to cash in on the huge profits collected over a period to see Wojak currently trade nearly 7% off the all-time high price. And although the memecoin still looks strong, its possible more profit taking could result in a significant price dump. 

    As noted, the WOJAK tokens currently trade on a few notable CEX platforms, as well as the leading decentralised exchange Uniswap.

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  • here’s why LTC could explode

    here’s why LTC could explode

    • Litecoin price traded above $90 on Sunday, with LTC hitting intraday highs of $91.60.
    • While price has rejected twice above $100, the area remains a key target for bulls as Bitcoin retests the $30k level.
    • If it breaks above the hurdle, fresh momentum heading into the Litecoin halving in August could catapult LTC price towards its all-time peak.

    Litecoin (LTC) is trading around the $90 level after bulls battled to regain some control following the sharp sell-off to lows of $84 this past week. The weakness in the price of LTC came after another dip in March that saw the price rejected at year-to-date highs of $106 in February.

    The decline occurred at a key horizontal resistance area at the $100 zone, which remains the main hurdle as Litecoin enters the last few months before its halving in August.

    Litecoin price: are bulls taking control?

    The LTC price rejection in the past weeks at $100 meant a double top pattern appeared, which signals bearish strength and highlights the potential for downward continuation. As it happened, LTC price broke below an ascending trendline support after hitting $103 on 18 April and a significant drop a few days later had LTC/USD hugging lows of $84.

    But despite the previous gains being wiped out by the decline, LTC is currently trying to maintain the $90 area after a critical daily close above it.  Bulls will need to confirm they are getting in control by pushing higher even as a potential rising channel appears on the daily chart.

    A look at the Relative Strength Index (RSI) shows the momentum indicator is just below the 50 line. However, the indicator is looking to cross above the signal line to suggest further possible accumulation of the altcoin.

    Litecoin price LTC/USD daily chart outlook. Source: TradingView


    Litecoin price prediction ahead of halving

    With approximately 100 days left before halving, the Litecoin price prediction for 2023 is bullish. The network has continued to see greater miner confidence, with the total hashrate for the blockchain recently hitting 760 terahashes per second(TH/s).

    If the expected halving rally kicks in amid a broader market uptick, the two main targets above $100 will lie around $180 and then $300. The all-time high for LTC is around $410 reached in May 2021.

    On the flipside, a bearish reversal could see the long term resistance-turned support area of $65 come into play. Below that, the main buffer for Litecoin price remains the multi-year base around $40.

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  • Anon Whale Dumps 3.3 Trillion SHIB, Here’s Why

    Anon Whale Dumps 3.3 Trillion SHIB, Here’s Why

    Alongside Dogecoin, Shiba Inu has dominated the meme coin market. Since last year, investors’ interest in meme coins has peaked. Despite the sustained cryptocurrency bear market, interest in SHIB among whale investors hasn’t subsided.

    Shiba Inu has recently seen an unprecedented increase in whale activity. Whales were buying trillions of SHIB rather than billions. The whales have also been moving, dumping, and buying back the SHIB, using a personal trading strategy.

    Some unidentified whales now engage in this routine behavior on a regular basis. According to Whale Alert data, an anonymous whale transferred 3.3 trillion SHIB to another wallet.

    Anonymous whale transfers 3.3 trillion SHIB

    According to the data from Whale Alert, 3,367,037,381,943 SHIB has been dumped by an anonymous wallet. The exact nature of the transfer is unknown. It is unclear whether the transfer is just a normal movement of the token between the whale’s wallet or a legitimate sell-off.

    The current value of the transferred SHIB is worth $35.7 million SHIB at the time of writing, and the anonymous whale now has zero SHIB in its wallet. The market that was plunging until yesterday has reversed and is trading in the green.

    As per the data from CoinMarketCap, SHIB is currently trading at $0.00001061 with a 5.3% hike in the last 24 hours. SHIB, which was trading at $0.0000101, touched $0.0000107.

    The crypto market has regained a $1 trillion market cap as major coins have displayed single-digit and double-digit gains. BTC and ETH have gained 6.4% and 13.26% in the last 24 hours, respectively.

    DOGE has displayed a much better gain, with a 12.3% price hike in the last 24 hours. However, it is unclear whether it is a short-lived bubble or whether it is just the beginning of another rally. The exact reason for the rally is also unclear at the moment.

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  • Here’s Why You Should Invest In Shiba Inu, Chiliz, And Supontis Token

    Here’s Why You Should Invest In Shiba Inu, Chiliz, And Supontis Token

    Many cryptocurrency market investors are constantly looking for the most promising crypto tokens to invest in and add to their portfolios.

     

    The kinds of tokens that investors have in their portfolios will be the primary factor in determining the degree to which they are successful.

     

    In this article, we’ll discuss the merits of investing in three different cryptocurrencies: Shiba Inu (SHIB), Chiliz (CHZ), and Supontis Token (PON).

     

    Shiba Inu Is Here To Become The Top Meme Coin

     

    The commercial success of Dogecoin prompted the introduction of Shiba Inu. As the crypto community was still marveling at the success of the dog-themed cryptocurrency, an unidentified team of programmers decided to create the Shiba Inu project.

     

    The creators of Shiba Inu claim that they intended it to be a “Dogecoin killer.” This means it was released to the public as a substitute for Dogecoin.

     

    The team working on the development of Shiba Inu has made it a priority to guarantee that they address every shortcoming of this Dogecoin and incorporate those criticisms into efforts to enhance the products and services they provide.

     

    Shiba Inu is poised for success after overtaking Dogecoin as the most popular meme coin. This cryptocurrency coin’s development was based on extensive participation from the crypto community.

     

    There is a fixed number of Shiba Inu available. The total number of SHIB tokens in circulation is one quadrillion.

     

    Chiliz Allows Investors To Interact With Their Favourite Sports Team

     

    Chiliz is a cryptocurrency token designed to improve communication between professional sports teams and their most loyal supporters.

     

    Thousands of millions of sports fans now have a token to display their devotion to their teams of choice, thanks to the creation of this cryptocurrency in 2018. The primary utility token of the social network is called Chiliz. With this token, club members can participate in polls and surveys.

     

    Through the platform’s specialized exchange, cryptocurrency holders can quickly convert their tokens into CHZ. The most amazing aspect of it is that it allows fans to become important contributors and stakeholders in the clubs they root for.

     

    In contrast to competing cryptocurrencies, this one uses a proof-of-authority system to validate trades. It is compatible with both Ethereum and Binance Chain and operates on both. This network’s native token is CHZ. It is the sole medium of exchange on the platform, and its use will be essential for the majority of users’ activities.

     

    Supontis Token Increases Transaction Efficiency

     

    The primary focus of Supontis is facilitating the transfer of assets between networks. Using smart contracts, this novel blockchain-based bridge will link various networks and allow for a seamless transition to an entirely new infrastructure.

     

    Using a two-step procedure, Supontis will ensure that all transactions are processed as promptly as possible. This procedure will ensure that the same number of tokens, in terms of value, are made available on both the source and the target blockchains.

     

    This networking protocol uses PON as its in-built token. Participate in the PON token presale if you want to get your hands on some of these tokens at a discount. When customers deposit to make a purchase using LTC and XRP, they will receive a bonus of 12%.

     

    Find out more about the Supontis Token (PON) below:
    Presale: https://register.supontis.com
    Website: https://supontis.com/
    Telegram: https://t.me/SupontisTokenOfficial

    Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.

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