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Two Metaverse Altcoins To Present Insane Growth From $1K To $100K

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Two Metaverse Altcoins To Present Insane Growth From $1K To $100K
  • The top two metaverse altcoins are REALM and LOA.
  • Realm is a cross-chain platform that operates on the open game engine Godot.
  • LOA is the free “play-to-earn” MOBA game in the market.

The entire crypto market witnesses many potential altcoins that will reach great heights in near future. Some crypto analysts predict the future of potential altcoins and mention them via social accounts to their followers. Likewise, a YouTuber named “Finance wizards” has mentioned two metaverse altcoins which will be 10x in near future.

As a matter of fact, Bitcoin and other mainstream cryptocurrencies are stepping back in their price value. According to the video, the top two metaverse altcoins are Realm and League of Ancients (LOA). These tokens will turn from $1K to $100K which seems to be the last chance for investors to invest.

REALM And LOA

The first project on the list is Realm which is a cross-chain community-driven platform that operates on the Godot game engine. Godot is an open-source, free, and cross-chain game engine that offers gamers complete control over the space they create. Moreover, the ecosystem aspires to reach unparalleled levels of player experience and independence.

The platform offers the realm of NFTs to players where they can customize and create NFTs with their own vision. As Realm uses ERC-20 which is on the Reef chain, it provides low-cost transactions for users. Thus the network allows players to bridge their tokens between different chains. Significantly, with the additive features and developments, the realm ecosystem ensures their higher visibility in near future with huge growth.

The second altcoin on the list is League Of Ancients (LOA) which is the first free-to-play “play-to-earn” MOBA game in the market. The token is NFT-based which aims to create a blockchain gaming history. The unique feature that LOA differs from other metaverse gaming platforms is, LOA allows players to convert rewards to real-world assets.

Additionally, the players can earn in-game currency after completing a normal or NFT match. Besides, the difference between normal matches and NFT matches is that the platforms offer more rewards for NFT matches. The rewards are also provided according to the type of skin that a player uses in the game. Consequently, LOA has more updates and advancements for their platform which would make them stronger. As of now, LOA is one of the strongest metaverse tokens in the market. Thus, with distinct traits from their ecosystems, these tokens have the potential to reach new heights in the near future.

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Downward DOGE: Descending Dogecoin Pattern Predicts Deadly Drop

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dogecoin downward dog

Dogecoin has had a dramatic year. Starting only one year ago, DOGEUSD passed the one cent mark and embarked on a meme-fueled moon mission toward $1.

It never quite got there, and has been in a downtrend ever since. The downtrend has also since taken a walk down a dangerous path, putting the altcoin in jeopardy of another deadly drop. Here is what could be in store for Dogecoin in the days ahead.

Crypto House Training: Good DOGE, Bad Behaviors

There are two sides to every coin, and even a good dog can behave badly at times. Dogecoin was last year’s cryptocurrency all-star, rising from under a penny to nearly $1. It even managed to crack into the top five cryptocurrencies by market cap. It also caused a whirlwind of imitators.

Fans of the popular pup-based coin range from Snoop Dogg to the Dogefather himself, Elon Musk. These celebrity figures and the masses of the mainstream rode the Dogecoin rocket to success. Robinhood investors rejoiced; meme-coins went viral on TikTok.

Related Reading | Recapping 2021 Memecoin Mania: Dogecoin, Shiba Inu, & More

The ride itself has been rather bumpy as of late due to the increasingly risky macro environment. However, a possible chart pattern might suggest that it is time to abandon ship and send your DOGE back to the pound (or the dollar).

Is this a descending triangle in Dogecoin? | Source: DOGEUSD on TradingView.com

The Dangerous Descending Triangle In Dogecoin

Dogecoin is exhibiting a possible descending triangle chart pattern, pictured above. For comparison, the primary phase of the Bitcoin bear market is depicted side by side with DOGEUSD. A similar-sized drop would take Dogecoin back to around between five to ten cents per coin or lower.

Descending triangles have a bearish tendency to break down below support, but that doesn’t necessarily mean certain doom for DOGE.

Related Reading | SpaceX Dogecoin-Funded DOGE-1 Mission Set To Launch In Q1 2022

In the comparison, Bitcoin fell another 50% to its eventual bear market bottom. After the final breakdown of the triangle, the bottom was in and the cycle began anew.

While things could turn worse for Dogecoin investors – especially those who bought near the peak – it might also not be very long until the market reverses if the range lower can be defended.

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com

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70% Of Bitcoin Supply Is In Profit – Why Bulls Need To Defend This Level

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70% Of Bitcoin Supply Is In Profit - Why Bulls Need To Defend This Level

On-chain data shows about 70% of the total Bitcoin supply is currently in profit, a level that has historically been important for bulls.

Around 30% Of Total Bitcoin Supply Is Now Underwater

As per the latest weekly report from Glassnode, the percentage of BTC supply in profit has now fallen off to just 70%.

The “percent of supply in profit” is an indicator that measures the percentage of the total Bitcoin supply that’s currently in the green.

When the value of this metric increases, it means more coins have started to get into profit. This leads to holders becoming more probable to sell their coins in order to harvest their gains.

At very high values of the indicator (more than 95%), the price of Bitcoin has usually approached a top as profits are realized.

On the other hand, when the metric moves down, it means more coins are entering into the red. Below certain low levels, investors may capitulate to cut their losses. However, when more than 50% of the supply is underwater, bottoms have historically formed.

Related Reading | Green Energy: In NY, Bitcoin Mining Saved The Oldest Working Hydroelectric Plant

Now, here is a chart that shows the trend in the value of the Bitcoin supply in profit over the last couple of years:

Looks like the value of the indicator has declined recently | Source: The Glassnode Week Onchain - Week 3, 2022

As you can see in the above graph, the metric has been falling down since a few months now. And so at the moment, only around 70% of the Bitcoin supply is in profit.

Related Reading | Bitcoin Miners Show Strong Accumulation As Their Inventories Spike Up

The 70% level seems to have been significant historically as bulls had to defend it twice in the past two years. The first instance was shortly after the COVID crash, between May 2020 to July 2020.

The other instance was 2021’s mini-bear period between May and July. The bulls came out on top during both the periods after a while of sideways movement.

The report notes that the medium-term outlook of the price likely depends on how the market responds to the level this time. If more of the supply enters underwater, those in the red may finally capitulate.

On the other hand, a bullish reversal can bring more Bitcoin into profit and prevent these holders from selling here.

BTC Price

At the time of writing, Bitcoin’s price floats around $42k, up 0.5% in the last seven days. Over the past month, the crypto has lost 8% in value.

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

Bitcoin Price Chart

BTC's price has once again stumbled down in the past few days | Source: BTCUSD on TradingView
Featured image from Unsplash.com, charts from TradingView.com, Glassnode.com
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The NFT Investor’s Worst Nightmare: IRS Craves For A Crackdown

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NFT

Last year, when the NFT Everydays: The First 5,000 Days by Beeple sold at Christie’s for $69.3 million, it catapulted the non-fungible token’s market into the mainstream. A large number of people have invested billions in this industry and the boom is not stopping.

Recently, NewsBTC reported an aggressive surge in the NFT trading volume this year despite the falling crypto market. A report by Dappradar showed that in the first ten days of January, NFT trading generated around $11.9 billion.

Our previous report quotes Mason Nystrom, a senior research analyst at Messari, who alleged that “The cryptomarkets are fairly correlated – the market tends to rise and fall with Bitcoin. This has made it surprisingly interesting over the recent downturn as the NFT market has continued to increase in volumes.”

However, the rapid rise of the NFT space has not moved the officials of the Internal Revenue Service (IRS) to shed some light on the taxation parameters for the assets.

Even taxation experts are confused on the matter and can only speculate about the possible outcomes. As a large share of NFT traffic comes from the younger generations, are users prepared for tax filing season? The IRS is gazing at future penalties.

Related Reading | January Proves Turbulent For Investors But NFT And GameFi Seems To Be Eating Good

The IRS Gears Up

In November 2021, the $1.2 trillion infrastructure bill was signed into law by President Joe Biden as a key part of his economic agenda, proposing large investments in the country’s infrastructure. The funding is to come from a few sources involving tax changes.

Watching over the cryptocurrency industry’s boom, the infrastructure bill directly targets its investors, but they fail to educate digital assets users on all the information they need to report. The unawareness could result in possible felony convictions for tax evasion.

However, the law updates the definition of the terms “broker” and “digital assets”, and clarifies that users with regular transactions or any crypto transaction over $10,000 must report that data to the IRS. In this case, taxation works for digital assets in a similar way it does for capital gains relative to stock and bond trades.

However, non-fungible tokens are not close to being as clearly defined by the law as other digital assets, so there is a lot of room left for interpretation. That’s a dangerous game for investors, but the IRS investigators seem eager for cases to surge soon and are ready to crackdown on the market. They might see billions of dollars coming from the NFT gains tax bills.

Are NFT Investors Evading Taxes?

The murky confusion originates because it is not clear whether NFTs are taxable as art collectibles or not. It is fundamental to be aware of this because most crypto assets and stocks have a long-term capital-gains rate up to 20%, but for art collectibles, it’s 28%. And if NFTs are to be considered as ordinary income, the rate could go as high as 37%.

Michael Desmond, the former chief counsel at the IRS who is now a partner at Gibson, Dunn & Crutcher, commented for Bloomberg that the rising NFT trading traffic might force the IRS to clarify the rules, “but it may begin auditing people first.”

The best-case scenario is gearing up and going through large amounts of paperwork, like the NFT investor Adam Hollander did, spending 50 hours checking months’ worth of transactions. He stated that “It’s an absolute nightmare,” and added that “There are people who aren’t going to be willing to do what I’m doing.”

And that nightmare really is the best-case scenario compared to tax evasion penalties.

Related Reading | Sports NFT Marketplace Lympo Suffers An $18.7 Million Hack

Total crypto market cap at $1,9 trillion in the daily chart | Source: TradingView.com
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