Connect with us

Bitcoin

Bitcoin Shocktober Continues To Outperform Altcoins En Masse

Published

on

Picture of a bitcoin with a gold hue

In the crypto top 10 by market cap, Bitcoin reigns supreme with no other cryptocurrency close to matching its performance in the daily (-1%) and weekly (16.6%) charts. While BTC’s price trades at $57,415, near its previous highs before May’s crash, the altcoin market lags.

BTC with minor losses in the daily chart. Source: BTCUSD Tradingview

The second cryptocurrency by market cap, Ethereum (ETH), records a 3.9% loss in the daily and only a 2% profit in the weekly chart. In the meantime, ADA (-4.7%), XRP (-5.7%), SOL (-5.4%), DOT (-6%) are in the red alongside other major coins.

Related Reading | Bitcoin Over $100,000 Is Still Possible By Year-End, Says Research Analyst

In higher timeframes, Bitcoin widened the performance margin with the rest of the crypto market, according to a recent report by Arcane Research. Up 41% over that period, the research firm claims the “Bitcoin Season has started”.

Know by traders and veteran operators as a period in the cycle when Bitcoin outperforms every other asset, it is believed to precede a bullish bull-run in altcoins.

As seen below, BTC has more returns than Arcane’s Large Cap Index only up 21% in the 30-day chart. This could lead to more appreciation for Bitcoin as operators fuel a “loop”, as the research firm called it”, where either BTC or some altcoins outperform:

(…) the cryptocurrency market periodically switches between overperformance of altcoins (altcoin season) and overperformance of bitcoin (bitcoin season). Historically, when retail traders have observed that bitcoin starts to beat their altcoin holdings, they have not been late in dumping their altcoins for bitcoin instead (…).

Bitcoin BTC BTCUSD
Source: Arcane Research

Bitcoin Takes Back The Crown As It Prepares For More Gains

Additional data provided by research and consulting firm Delphi Digital indicates that only 4 cryptocurrencies out of the first 100 listed by CoinGecko have been able to outperform Bitcoin in the daily chart. In the last 2 weeks, only 12 have achieved something similar.

Related Reading | Bitcoin Retakes May Highs With Spike In On-Chain Activity, Next Target $60K?

Moreover, the research firm records a pattern in the Bitcoin and Ethereum Open Interest (OI) for their futures. The first and second cryptocurrencies by market cap have been “mirroring each other” since Q3, 2021, until very recently.

As seen below, October brought a change in that dynamic with the ETH (OI) diverging from BTC’s. However, Delphi Digital noted that the latter is still away from May’s highs and, therefore, not in a FOMO state. The research firm added:

Since May 2021, crypto-margined futures have been on a multi-month downtrend as cash-margined futures gain a significant share of futures OI. One of the main implications of this is reduced directional convexity.

Bitcoin BTC BTCUSD
Source: Delphi Digital via Twitter

As NewsBTC reported yesterday, there has been an uptick in BTC’s on-chain activity that suggests an increase in institutional participation.

The potential approval of a Bitcoin ETF by the U.S. Securities and Exchange Commission could operate as a bullish catalyzer to finally provide the bulls with enough momentum to reach new highs.

Related Reading | On-Chain Data Shows Bitcoin Miners Hold Off On Selling Despite BTC Rallying Above $57k

On the contrary, it could also become a “buy the rumor, sell the news” event potentially marking the top of the current cycle. This could be beneficial for the altcoin market, in the mid-term.

google news
Advertisement

Bitcoin

El Salvador Calls Another Bitcoin Dip With 150 BTC Purchase

Published

on

Picture of a bitcoin on top an El Salvador flag

Bitcoin has now become part of El Salvador’s daily life following the official implementation of the cryptocurrency as a legal tender. Since then, the El Salvador government has pledged to purchase bitcoins and has held up its end of the bargain. Now, every time the price of BTC goes down, the country calls the dip and purchase a significant amount of bitcoin.

In multiple instances spread through the past couple of months, El Salvador has purchased millions of dollars worth of bitcoin. The country had purchased 100 bitcoins during the last bitcoin dip. This time around, El Salvador has taken another opportunity to increase its BTC holdings, adding 150 coins to its coffers.

Related Reading | Calls For Tesla To Resume Bitcoin Payments As Mining Reaches 57% Renewable Energy

El Salvador Calls The Dip

Only a week after its last purchase, El Salvador has deepened its bitcoin bet again. The decrease in the value of the digital asset has seen the country taking advantage of the presented opportunity. While a good portion of the market panics and believes that it might be headed into a bear market, El Salvador has gone the opposite way made evident by its BTC purchases.

Once again, President Nayib Bukele had taken to Twitter to announce the purchase which took place on Saturday. Bukele announced to his 3.2 million Twitter followers that the country had bought the dip, purchasing 150 coins at an average price of $48,670, bringing the total loot to approximately $7.3 million.

BTC trading below $50K | Source: BTCUSD on TradingView.com

Bitcoin In The Green

Although the move on President Nayib Bukele’s part is praised by many in the bitcoin space, not everyone has been happy with the purchases. There has been a lot of criticism regarding El Salvador’s decision to invest in BTC on a national scale but this has rolled off of Bukele like water off a camel’s back.

Related Reading | SEC Boss Acknowledges That Bitcoin Is A Competitor For U.S. Banking System

Responding to a comment saying that the president was wasting taxpayers’ money on a digital asset that was set to suffer more dips, Bukele explained that the BTC the country has purchased so far has remained in profit. Bukele compared its BTC holdings to its gold reserves which are down 0.37% from a year ago while its bitcoin remains in green.

With its latest 150 bitcoin purchase, El Salvador now holds 1,370 BTC.

Featured image from Anadolu Agency, chart from TradingView.com

google news
Continue Reading

Bitcoin

There Is More to an NFT than Art

Published

on

There Is More to an NFT than Art

One of the biggest auction houses in the world, Sotheby’s is best known for its NFT auctions. They have worked with leading artists to launch NFTs, with one of the most memorable sales being a digital art piece by Beeple, an anonymous digital artist for $68 million. The uniqueness of NFTs, which exist as tokenized versions of assets, secured by the blockchain, have made them popular with art buyers.

The Year of NFTs; 2021

As 2021 comes to a close, it can be declared as THE year of NFTs. Various stars have released their own NFTs, which they have sold to their fans. However, some believe that NFTs may be a fad, which will soon go bust.

One reason for this misconception is that many people believe NFTs can only be used to create digital art. However, that is not the case. NFTs are opening up a whole new revenue stream that could lead to the rise of innovative digital products. Various industries are looking into the use of NFTs to tokenize assets such as music albums, iconic moments, and sports memorabilia. Some of the use cases for NFTs that currently exist are:

Fashion

Luxury brands, such as Gucci and Dolce and Gabbana, are entering the NFT space with limited collections. The use of NFTs helps safeguard the ownership of fashion items, while also ensuring easy verification of authenticity. It is an especially effective solution to counterfeiting.

Patents

Another use case for NFTs is securing patents and intellectual rights. Tokenized certificates that come with legal safeguards help to safeguard the authenticity of a document while helping to add transparency.

Music

In the music industry, NFTs provide proof of ownership of original content while making it easy to authentic music. When it comes to royalties, NFTs also makes it possible to easily track the monetization process.

Real Estate

NFTs have also found a use case in the real estate world, where they can be used to provide provenance on the ownership of a piece of real estate. Besides that, they provide transparency into the transfer of ownership of such an asset.

Collectibles

NFTs are a unique way to guarantee the purchase of unique digital collectibles, which provide absolute certainty on provenance thanks to the security of the blockchain.

Gaming and the Metaverse

Most widely, NFTs are finding use cases in online gaming and metaverse. By using NFTs, players can have the absolute ownership of in-game items, which they can sell on secondary markets.

NFTs and Digital Fashion

Digital fashion is a trend that has been made possible in a huge way by NFTs. A good example of a digital fashion company that is working to bring NFT fashion to the masses is Space Runners. Space Runners is working with leading celebrities and sports icons, such as Kyle Kuzma and Nick Young, to bring NFT collections to the masses. These exciting partnerships will be displayed in Space Runners’ first collection; NBA Champions Sneaker Collection

Users have the opportunity to purchase these unique fashion items that are secured on the Solana blockchain. Space Runners plans to launch digital collections of these items, which users can hold forever, in mid December.

In the future, Space Runners plans to launch a VR environment, where holders of Space Runners’ digital fashion can interact with their apparel. They can share these interactions on social media, which will help to grow the popularity of the platform and the value of the NFTs.

Instead of visiting catwalks in Barcelona, visiting the Space Runners platform can peruse through digital fashion via their computers or mobile devices. In the future, the platform plans to launch a marketplace where people can trade their fashion apparel NFTs with others. They also plan to launch in the metaverse with unique fashion apparel that people can use as skins. This is something that Meta has expressed interest in, in direct response to Space Runners on Twitter!

Holders of ‘Runners’ will also get special privileges, such as special access to merchandise pre-sales by the sports stars. They will also get exclusive entry to sports stars post-game events where they can interact with them.

Space Runners could not achieve its purpose without support from its partners. These include the likes of Ankr, Clover Finance, Divergence Ventures and Bullet Labs.

To stay tuned please visit: Twitter | Discord | Website

google news
Continue Reading

Bitcoin

The Blockchain Company Allowing Fans To Connect with their Favorite Artists

Published

on

The Blockchain Company Allowing Fans To Connect with their Favorite Artists

Social media platforms have allowed thousands of artists, creators and celebrities to rise to fame and become household names within every niche imaginable.  The business of sharing the intimate details of one’s life has become a lucrative industry like any other – but it is flawed.

The current social media model completely favors the large social media giants. It is designed to compensate the giants with profits and the artists & creators with awareness (followers).  If artists & creators would like to monetize their followers and actually make money, they have very limited options.  The typical result is paid ad posts that are often inorganic, off-brand and salesy, which damages fan relationships and hurts artist post engagement.  Artists & creators treat content creation as a full-time job and deserve to get paid for that effort without damaging the relationships they spent so much time and effort building.

The Solution

Is it possible for an artist to get paid for giving their fans more of what they want (content focused on THEM – not ads), without asking those fans for money? This is the question the team behind Promify asked themselves, and they believe they have found the solution.

Promify is a new platform that allows artists & creators to issue their own custom “Community Coin”. This coin is available to anyone for purchase and comes with some exciting benefits.

The artist is able to provide their coin-holding community with exclusive access to literally anything – from exclusive content, 1 on 1 live video, NFT drops, merch…. The possibilities are endless.  The artist is then able to identify and segment their coin holders by the amount of coin they own, allowing them to reward their biggest supporters accordingly.  This allows fans to allocate as much or as little of their own capital as they would like, in order to gain their desired level of access.  Fans can hold, buy more or sell their coins easily at any time.

How the Promify Model Works

When an artist creates an intimate and exclusive offering, they create demand for their Community Coin – but how does the artist make money?

When an artist issues their coin, they automatically keep 15% of the coins issued. This means, as demand grows for the coin and the price of the coin goes up, the artist and all of their coin-holding fans benefit from the upside.  Additionally, the artist can create incremental offerings that coin holders can spend their coins to obtain. Promify doesn’t take a cut of any artist profits and only makes money by charging a 1% transaction fee on all purchases and sales of Community Coin.

This business model is the first of its kind and wouldn’t be possible without the blockchain allowing fans to openly buy & sell Community Coins and Artists to easily track ownership.  Promify is leading the way in the emerging area of social tokens and disrupting the artist/fan ecosystem.

 

google news
Continue Reading

Trending