Mens Bitcoin, verdens største kryptokurrency, med glæde konsoliderede sin position på pristabellerne, var det meste af altcoin-markedet vidne til et blodbad, hvor en lang række kryptokurver svækkede betydeligt.

XRP var forståeligt nok en af ​​de værst ramte, hvor Dogecoin og Bitcoin SV fulgte trop.

XRP

XRP, en af ​​kryptomarkedets mest populære altcoins, har været i stormens øje for nylig, især efter at Ripple blev anklaget af USAs SEC for overtrædelse af Securities Act. Den nævnte udvikling havde en næsten katastrofal effekt på XRP’s pris, hvor dens allerede faldende værdiansættelse faldt endnu længere. Faktisk, efter meddelelsen, faldt XRP med så meget som 54% på pristabellerne, hvilket gav anledning til spekulationer om, at kryptokurrency snart kan blive fjernet fra en række børser og virksomheder.

Imidlertid var der noget opsving på kortene på pressetid, til trods for at det samme gjorde meget lidt for at vende den bearish tendens, som XRPs marked har været på det seneste.

Parabolic SARs stiplede markører lå langt over prislysene og understregede den nævnte bearishness; Chaikin Money Flow var stadig under nul på trods af et forsøg på genopretning efter et kraftigt fald, efter at kapitalen begyndte at strømme ud af XRP-markedet.

Ripple har dog fået støtte fra nogle hold, men Cardano’s Hoskinson antydede for nylig, at i betragtning af de præsenterede fakta og omstændigheder er XRP ikke en sikkerhed.

Bitcoin SV [BSV]

Ligesom XRP faldt også Bitcoin SV på hitlisterne de sidste 7 dage. I modsætning til XRP var dets afskrivning dog ikke så signifikant, idet BSV faldt med over 14% på pristabellerne. Efter en kort stigning, der ledsagede BTC, der klatrede op til en ny ATH, syntes Bitcoin SV at være vendt tilbage til en norm med kryptohandel på et niveau langt væk fra sin lokale top.

Volatiliteten i Bitcoin SV-markedet blev understreget af de udvidede Bollinger Bands. I henhold til Awesome Oscillator var markedets momentum dog minimal og tog ikke side med hverken tyre eller bjørne.

På trods af at være i top-10 ses Bitcoin SV stadig med skepsis af mange. Ifølge Calvin Ayre vil 2021 dog endelig se, at BSV viser sig på virksomhedsniveau.

Dogecoin [DOGE]

Dogecoin, kryptomarkedets førende meme-mønt, har haft et ganske år. Mens der på udviklingsfronten ikke har været meget at rapportere, har DOGE været aktiv på prisfronten. Faktisk, på bagsiden af ​​drivkraften, der blev givet af Bitcoins bullish bevægelse, steg DOGE utroligt efter Elon Musks off-hand-kommentar, der understøtter Dogecoin på Twitter. Mens DOGE var hurtig til at korrigere sig selv efter den nævnte stigning havde udtømt sig selv, skal det bemærkes, at DOGE på pressetid handlede på niveauer, der sidst blev set i juli, en måned, der så kryptoen stige med 120% på kun tre dage.

Hvad de tekniske indikatorer angår, lå MACD-linjen et godt stykke over signallinjen på kortene, og Relativ styrkeindeks formidlede lige mellem oversolgte og overkøbte zoner.

SUSHI, the native token of SushiSwap, has risen sharply even after the recent drop since the October lows. From its all-time low of just over $ 0.50, the cryptocurrency has shot up to $ 3.

Even at the current price of $ 2.65, SUSHI is up more than 400 percent from the lows.

Chart of the SUSHI price action over the past two months. Source: TradingView.com.
This ongoing rally in the once controversial cryptocurrency comes amid positive developments as it seeks to eat up the market share that Uniswap has stolen for itself.

SushiSwap is trying to increase its dominance with increased liquidity incentives and new features – along with a Yearn.finance partnership that should help with the sustainability of the platform.

Why does SUSHI keep increasing despite the weak DeFi performance?

SUSHI has clearly been an outperformer in the Bitcoin Champion space for the past few months, while other decentralized finance coins have „only“ seen 100 percent rallies or something.

The strong rally can be pinned to a number of fundamental trends for the Ethereum- based altcoin.

Some of these are as follows:

First and foremost, the „BentoBox“ offering from SushiSwap is expected to start soon. BentoBox is a way for users to take advantage of margin leverage on any token with a supported pair.

As crypto investor Future Fund notes, the offering is now much more extensive three months later – and that can increase Sushi’s performance.

“BentoBox has developed from a pure rental solution to its own unique, modular safe. It has the ability to save not only loan contracts, but also several protocols and extensions. “

Along with the original value proposition that investors in the ever-changing DeFi space can more easily trade and speculate in coins like Ethereum , BentoBox also offers synthetic assets like stablecoins, company stocks and gold.

In addition, SUSHI is expected to increase in value through this new offering as platform fees are distributed to the holders of the coin.

BentoBox is currently under review, and some reports suggest it will be released soon. In addition, the Yearn.finance partnership is expected to show that SushiSwap has a long-term existence as a fundamental decentralized exchange of the Yearn ecosystem.

Bitcoin nears $26,000 mark – chart patterns show clear upward movement

The cost of buying a bitcoin could cross the $26,000 mark, according to a textbook bullish indicator forming on the lower time frame chart. The pattern, known as a „bull pennant“, forms when an asset forms triangle-like structure after forming at Bitcoin Trader an upward flagpole. Traders see it as a signal that the trend will continue – that is, they believe the asset will continue in the direction of its previous trend after breaking the triangle structure.

Bitcoin is forming a similar bull pennant on its 1-hour (1H) chart, showing the following characteristics:

  • Flagpole: Before the pennant structure was formed, the BTC/USD price rose. This led to the formation of a flagpole.
  • Price fluctuation: After the formation of a flagpole top, BTC/USD began to consolidate sideways while leaving a trail of lower highs and higher lows behind it. This gave it the shape of a triangular structure – the actual pennant.
  • Volume: Volume decreased as BTC/USD fluctuated within the pennant.

Traders are now waiting for a break above the pennant to confirm their extended bullish bias. Should such a move occur, the upside target would shift by as much as the height of the flagpole. In the current case, the height is almost $3,200, which means that the breakout move would push BTC/USD at least towards $26,294 – measured from the apex of the pennant.

Bull pennants have a 70 percent success rate, according to a study by Samurai Trading Academy. Therefore, there is still a 30 percent chance that the current bullish continuation pattern could end up being invalid.

If this were to happen, the BTC/USD exchange rate would risk correcting downwards – again by as much as the height of the flagpole.

This would take the pair to around $20,000, the previous resistance target that now serves as a support level.

Bitcoin’s weekly chart

The long-term time frame charts support the bearish corrective outlook. After posting a series of gains, the bitcoin market is now overheated.

Simply put, Bitcoin is trading at a higher price than its ideal bid. This typically leads to neutralising downward price movements.

Should this happen, the cryptocurrency risks a crash of at least 20-30 percent to bring its RSI back into the normal zone. This would automatically bring the BTC/USD price near/below $20,000.

Discover Sinovate (SIN), an open source project offering a decentralized cloud storage service powered by blockchain architecture. Operating in both Proof of Work and Proof of Stake, the Sinovate network is supported by many innovative features that ensure its sustainability.

Sinovate – Rethinking cloud storage with blockchain

The Sinovate project (SIN) was born in September 2018 with a very specific objective, to decentralize cloud storage with the blockchain . Completely open source, Sinovate innovates by implementing unique applications that help it get closer to its goal.

First, the Incorruptible Data Storage (or IDS), is a private network and decentralized Cloud mechanism imagined by Sinovate. This is intended for sending , storing and verifying encrypted data files .

This application integrated into the Bitcoin Trader network contains many applications, such as storing files for later retrieval, sending files anonymously through the network, private messaging between users with the SIN Messenger application.

To put it simply, in the case of file storage with IDS, data is stored and encrypted using the public key of its owner. To access and handle the data, the transaction identifier and proof of authenticity (here the private key) are required.

In order to avoid blockchain saturation, the user must pay transaction fees in SIN coins – Sinovate’s native cryptocurrency – to store their data. The amount paid depends on the size of the data and its level of encryption. In addition, all SIN coins used in transaction fees are burned and withdrawn from circulation .

To maintain this infrastructure, Sinovate developers have developed unique network solutions. Let’s see this in more detail.

A hybrid network combining Proof of Work and Proof of Stake

The Sinovate blockchain works in a rather peculiar way. Unlike most blockchains, Sinovate does not use one, but two algorithms for its consensus.

First layer, the Proof of Work (PoW). Like Bitcoin (BTC), Sinovate uses proof of work to keep its network running smoothly. With a specific hashing algorithm called X25X , Sinovate wants to be more accessible to minors by graphics cards. This is intended to be resistant to machines specialized in mining, the ASICS.

By making mining more accessible, Sinovate reduces the risk of attacks by 51% and improves network decentralization. Together, the nodes operating in Proof of Work create a new block every 2 minutes, each having a transaction capacity of 16MB.

In parallel, Sinovate also uses Proof of Stake (PoS), like any other blockchain operating with masternodes. In the same way as the nodes in Proof of Work, the nodes using this mechanism participate in the proper functioning of the network, while distributing rewards to their holders.

This hybrid system allows Sinovate to obtain an over-secure network, while giving the network capacities of more than 500 transactions per second . This 2nd layer of nodes for the network also plays other roles, described in the next part.

Sinovate innovations, Infinity Nodes and Proof of Burn (PoB)

To overcome the phenomenon of hyperinflation that masternode oriented cryptocurrencies face, Sinovate has developed what it calls Infinity Nodes .

Infinity Nodes are similar to traditional masternodes implemented by other projects, but were designed differently for Sinovate. Indeed, the collateral of an Infinity Nodes of Sinovate cannot be recovered, it being burned as soon as the node is activated. This mechanism is called Proof of Burn (PoB).

Infinity Nodes therefore use the PoB mechanism to ensure that all SINs used for the activation of a node are immutable burned and recorded as unusable . This feature greatly enhances network security by deterring those who might attempt to conduct malicious activity on the network.

In addition, each operator of a node undertakes to support the Sinovate network for a period of 12 months. After this period, the node will need to be reactivated again, committing more SIN wedges to burn.