Bitcoin Blockchain Markets
ByAuthor J.D. SmithPosted on
24
0

Polkadot (DOT) gains 42% ahead of its long-awaited parachain auctions

BY
img-ads

In the early hours of Feb. 20 Polkadot (DOT) trading volume began to see a significant increase which helped propel the multichain protocol to a new all-time high of $42.28. 

Data from Cointelegraph Markets and TradingView shows that DOT hit a swing low at $29.36 on Feb.19 before experiencing a 44% breakout which took the price to a new 2021 high.

DOT/USDT 4-hour chart. Source: TradingView

Excitement continues to build in the Polkadot ecosystem ahead of the upcoming parachain auctions which will allow the Polkadot network to connect with other established networks like Bitcoin and Ethereum.

The mechanism by which data is transferred between different blockchains is called “cross-chain message passing-lite,” and is currently being finalized during the Rococo phase of the project’s roadmap.

Once the code has been fully audited it will then be time for Polkadot governance to vote on enabling parachain functionality via a runtime upgrade, followed by a vote to begin slot auctions to add beneficial parachains.

Social media chatter increased before the spike

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for DOT on Feb. 16, prior to the recent price rise.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

Cointelegraph Markets Pro - VORTECS™ Score (green) vs. DOT price

As can be seen on the chart above, the VORTECS™ score for DOT reached a peak of 81 on Feb. 16, more than 48 hours before the ensuing price spike. The data also shows a 102% increase in DOT-related tweet volume that coincides with the rise in price.

The introduction of parachains will help move Polkadot closer to its goal of becoming the go-to platform for interoperability and cross-chain transfers of data, as well as helping with the longer-term objective of creating a fully decentralized and private web that is controlled by its users.

img-ads

Leave a Comment

Your email address will not be published.

You may also like

Bitcoin Blockchain
ByAuthor J.D. SmithPosted on
20
0

Bitcoin whale from 2010 moves 100 BTC for first time in 11 years

BY

A veteran miner has cracked open their 2010 stash of Bitcoin, with crypto analysts spotting 100 BTC being transferred from two wallets that had laid dormant for more than a decade.

Prior to today’s transaction, the addresses had not seen any activity since receiving a 50 BTC Coinbase reward each nearly 11 years ago, except for two incoming transactions worth just 0.00000547 BTC each that were sent to the wallets in the last six months.

The Feb. 25 transaction combined the two mining address outputs, indicating both addresses belong to the same owner. The two blocks were mined only a couple of hours apart on Jun. 10, 2010.

Bitcoin is currently trading for $49,800, giving the coins a combined value of nearly $5 million. With BTC trading for $0.08 when the coins were mined, the whale’s holdings have increased in value by 622,500 times.

View More Article
Bitcoin Blockchain Markets
ByAuthor J.D. SmithPosted on
10
0

Cross-chain bridges and DeFi integration are pushing these 3 altcoins higher

BY

The cryptocurrency market is showing signs of progress following a multiday sell-off that saw the total market capitalization drop by more than $400 billion as Bitcoin’s (BTC) price briefly fell below $46,000. 

While the majority of altcoins have entered a consolidation phase that includes a retest of underlying support levels, several projects have started to regain lost ground after new developments reignited investors’ optimism.

ADA/USDT

Cardano’s ADA started the year with a bullish spark that saw its price increase 624% from $0.165 on Jan. 2 to a high of $1.20 on Feb. 20. This week’s sharp correction pulled the price to a swing low at $0.80, but it is clear that traders bought the dip.

ADA/USDT 4-hour chart. Source: TradingView

Since hitting a swing low at $0.80, ADA’s price rallied 30% to $1.05 following the news that community members at Venus Protocol…
View More Article
Bitcoin
ByAuthor J.D. SmithPosted on
9
0

Traders remain bullish even as DeFi’s TVL falls to $54.4 billion

BY

Decentralized finance and the numerous platforms offering investment services have been the talk of the cryptocurrency sector for several months, and this has resulted in investors capturing spectacular gains for some of the top DeFi tokens like Uniswap’s UNI and AAVE. 

The fast-moving prices and 1,000% annual percentage yield on staked tokens elicited cheers from investors when the market was going up, but the recent selling pressure seen as Bitcoin’s (BTC) price dropped below $45,000 shows that the highest fliers are often the quickest to fall as traders rush to exit their positions and lock in their gains.

Daily cryptocurrency market performance. Source: Coin360

On Feb. 22, Bitcoin’s price entered a sharp corrective phase that saw the top digital asset pull back by more than 20% from its all-time high of $58,274. As this occurred, the majority of altcoins also saw double-digit corrections, and DeFi tokens…

View More Article
Bitcoin Business
ByAuthor J.D. SmithPosted on
12
0

As Visa and Mastercard raise fees, merchants may look to crypto

BY

Credit card providers charge merchants a cut of the payments they accept, called interchange fees or swipe fees. With two major card providers aiming to elevate rates, could crypto become an alternative? 

“Visa Inc. and Mastercard Inc. are planning to raise swipe fees for some types of credit-card purchases in April,” the Wall Street Journal reported on Wednesday, adding:

“Though invisible to consumers, they [interchange fees] are glaring to merchants, which often end up paying fees of about 2% of their customers’ credit-card purchases. The fees are set by the card networks, such as Visa and Mastercard. Merchants pay them to the banks that issue the cards.”

As credit card fees rise, other options will become more attractive to merchants. That includes crypto. Digital assets also incur transaction fees, but some may be cheaper alternatives than the current credit card scene, especially if card fees continue rising.

Bitcoin (BTC),…

View More Article
Bitcoin Opinion Tech
ByAuthor J.D. SmithPosted on
10
0

Golem (GLM) price rallies 230% to hit a 3-year high after protocol upgrade

BY

Over the past few weeks, the price of Golem’s GLM network token saw a strong rally that pushed the token to a three-year high at $0.65. 

The altcoin also underwent a strong pump on Feb. 19, but most of the gains evaporated as Bitcoin (BTC) corrected below $45,000 during the past three days. Nevertheless, GLM still holds a 230% gain in February alone.

Golem is an Ethereum-based decentralized application that enables users to rent out computing power resources. Since November 2020, the project has been migrating from GNT to GLM tokens after deploying a new ERC-20 contract. Although most exchanges supported the move, it is still possible to find GNT activity and listings.

Golem provides an open-source cloud processing framework for both application registries and transactions. Thus, anyone can share and aggregate computing resources, as well as create applications using the network. Ultimately, the solution aims to compete with…

View More Article
Bitcoin
ByAuthor J.D. SmithPosted on
27
0

CME Bitcoin futures numbers saw a 57% uptick in January

BY

Bitcoin’s price rose significantly in January. The Chicago Mercantile Exchange, or CME, also hit record Bitcoin (BTC) futures trading numbers in the same month. 

“In January, BTC average daily volume (ADV) reached a monthly record of 17,549 contracts (87.7K equivalent bitcoin),” a CME representative told Cointelegraph. Each CME Bitcoin futures contract is worth the value of 5 BTC paid out in dollars.

“In December 2020, BTC average daily volume (ADV) reached 11,179 contracts (55.9K equivalent bitcoin),” the representative added. “This represents a 57% increase.”

In January, Bitcoin rose from $30,000 up to almost $42,000, according to TradingView data. The month before, the asset had broken its longstanding record high of approximately $20,000, surging up to nearly $30,000 by the end of 2020.

“We are continuing to see robust interest in our Bitcoin futures contracts, with a record 528 accounts added in January, helping drive BTC average…

View More Article
%d bloggers like this: