Thursday, 4 February 2021

Binance Coin hits all-time highs as BNB surpasses Bitcoin Cash by market cap

Binance Coin hits all-time highs as BNB surpasses Bitcoin Cash by market cap

Binance Coin hits all-time highs as BNB surpasses Bitcoin Cash by market cap

Binance Coin (BNB), the in-house token of cryptocurrency exchange Binance, saw its price hit a new all-time high this week, passing Bitcoin Cash (BCH) by market capitalization.


BNB/USD 1-week candle chart (Binance). Source: TradingView

BNB, Binance volume hit records

Data from Cointelegraph Markets and TradingView confirmed that BNB “flippened” BCH to become the ninth-largest cryptocurrency on Feb. 4.

One of a number of altcoins to reach record highs this week, BNB/USD briefly hit $55 on Thursday before correcting to circle levels just below $54. 

All time high on system traffic again. In fact, 3 ATHs in the last 15 minutes. Some isolated latencies observed, monitoring.

Funds are #SAFU!

— CZ Binance (@cz_binance) February 4, 2021

Performance appeared buoyed by record volume on Binance itself as trading gathered pace as part of a long-awaited return of “alt season.”

The action was led by Dogecoin (DOGE) surging thanks to tweets by Elon Musk, which Binance CEO Changpeng Zhao used to promote trading on the platform. 

“All time high on system traffic again. In fact, 3 ATHs in the last 15 minutes,” he revealed on Thursday.

“Some isolated latencies observed, monitoring. Funds are #SAFU!”

Bitcoin Cash relegated to the bottom of the top 10

The most conspicuous victim of BNB on the day was Bitcoin Cash, which ceded its position to become increasingly in danger of losing its status as a top 1 cryptocurrency by market cap.

At the time of writing, eleventh-place Stellar Lumen (XLM) was still $700 million lower than BCH, with BNB’s market cap at $8.3 billion.


BCH/USD vs. BNB/USD 1-hour chart. Source: TradingView

BNB, meanwhile, forms one of the cryptocurrencies supported by Binance Pay, Binance’s latest product, which launched as a beta version this week. Both Bitcoin (BTC) and Ether (ETH) are also available for use in the payment gateway, along with the Binance USD (BUSD) stablecoin, Swipe Token (SXP) and the euro as a fiat currency option.

As Cointelegraph reported, exchange traffic worldwide is expanding rapidly thanks to the bull run, which has received considerable mainstream attention in recent weeks and months.

Title: Binance Coin hits all-time highs as BNB surpasses Bitcoin Cash by market cap
Sourced From: cointelegraph.com/news/binance-coin-hits-all-time-highs-as-bnb-surpasses-bitcoin-cash-by-market-cap
Published Date: Thu, 04 Feb 2021 14:00:37 +0000

2021’s Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Binance Coin hits all-time highs as BNB surpasses Bitcoin Cash by market cap


Binance Coin hits all-time highs as BNB surpasses Bitcoin Cash by market cap was originally published here https://newsgrowing.wordpress.com/2021/02/05/binance-coin-hits-all-time-highs-as-bnb-surpasses-bitcoin-cash-by-market-cap/

SUSHI price surges 73% in four days: Why investors say it’s still undervalued

SUSHI price surges 73% in four days: Why investors say it’s still undervalued

SUSHI price surges 73% in four days: Why investors say it’s still undervalued

SUSHI, the native token of SushiSwap, rallied by 73% in the past four days. However, some investors believe the DeFi token may still have a lot more room to run.

SushiSwap is an automated market maker (AMM) that allows users to trade cryptocurrencies in a decentralized manner on the Ethereum blockchain.


SUSHI/USDT 15-minute price chart (Binance). Source: TradingView.com

Why is SUSHI undervalued at $2 billion?

The market cap of SUSHI achieved $2 billion as its price surpassed $16. But, there are three key reasons why it could still be undervalued.

First, Uniswap, its direct competitor, is hovering at around $6 billion market cap, despite decreasing gap in metrics. Second, compared to traditional companies, SushiSwap has an appealing revenue to price ratio. Third, the DeFi market, in general, is performing strongly with the total value locked (TVL) now surpassing $30 billion. 

SushiSwap’s TVL, specifically, is approaching $3 billion, currently sitting between Curve Finance and Synthetix as the sixth most popular DeFi platform.


Total value locked in DeFi. Source: Digital Assets Data

Meanwhile, a pseudonymous DeFi analyst known as “DCF GOD” compared SushiSwap to traditional companies, like Shopify.

He said that if SushiSwap is compared to these companies based on its revenue, SUSHI would be valued at $1,530. He explained:

“GMV (daily trading volume) is $500M Revenue (daily fees) is $1.2M. Annualized that’s $182B GMV and $440M Rev. Sushi stakers get part of that revenue so add a 10% dividend market cap is $2bn ($15.30 / sushi). Shopify feels like a good comparison as it’s “GMV” is just volume of merchant sales $150bn GMV translates to a $190bn market cap (1.2x) By the same metric, Sushi should be a $200bn company ($1530 / sushi).”

The analyst emphasized that SushiSwap can be compared with the likes of Shopify and Beyond Meat. Although the two companies are in different sectors, they both have cash flow, in the same way SushiSwap does.

One of the most compelling aspects of DeFi is that the valuation of major protocols can be measured by cash flow and quantifiable data.

This allows analysts to draw material comparison between conventional companies and DeFi projects. The analyst added:

“All you need to ask yourself is ‘Does an exchange processing hundreds of billions of dollars create more value than peas and chemicals squashed together into not meat?’ yes, it does.”

What’s next?

In the foreseeable future, analysts believe SUSHI would likely close the gap with Uniswap (UNI) in terms of valuation.

If SUSHI nears UNI, then the price of SUSHI could reach around $40 to $60, considering that Uniswap is valued at around $6 billion.

Analysts at intotheblock said that SushiSwap has seen increased momentum, showing signs of strengthening fundamentals. They explained:

“SUSHI has been unstoppable. And just like the token continues to gain momentum, we have seen some impressive metrics from the @SushiSwap protocol. Over the last 7-days: – $2.83b in traded volume (>400mm daily average) – Liquidity provided increased by 10% – currently $2.27b.”

If the volume and user activity on SushiSwap continue to expand, then there is a strong possibility that SUSHI may reach closer to the valuation of Uniswap.

Title: SUSHI price surges 73% in four days: Why investors say it’s still undervalued
Sourced From: cointelegraph.com/news/sushi-price-surges-73-in-four-days-why-investors-say-it-s-still-undervalued
Published Date: Thu, 04 Feb 2021 12:35:56 +0000

2021’s Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

SUSHI price surges 73% in four days: Why investors say it’s still undervalued


SUSHI price surges 73% in four days: Why investors say it’s still undervalued was originally published here https://newsgrowing.wordpress.com/2021/02/04/sushi-price-surges-73-in-four-days-why-investors-say-its-still-undervalued/

Wednesday, 3 February 2021

Altcoins and DeFi tokens rally as Ethereum price hits $1,650

Altcoins and DeFi tokens rally as Ethereum price hits $1,650

Altcoins and DeFi tokens rally as Ethereum price hits $1,650

Sentiment throughout the cryptocurrency sector continues to improve as Ether (ETH) price ventured into uncharted territory and notched a new all-time high of $1,653 on Feb. 3. 

Meanwhile, Bitcoin (BTC) bulls appear to have their eyes set on the $40,000 mark and according to Cointelegraph analyst Marcel Pechman, this Friday’s $1 billion BTC options expiry favors bulls.

Data from Cointelegraph Markets and TradingView show a price increase of 4.46% for the top cryptocurrency, which currently trades at $36,994, while Ether is up 8.38% and trades at $1,633.


BTC/USDT 4-hour chart. Source: TradingView

Business intelligence firm MicroStrategy plans to hold a meeting on Feb. 4 with 1,400 public companies during which CEO Michael Saylor will discuss how companies can integrate Bitcoin into their corporate strategy.

Concerns that recent large institutional purchases and whale wallets are leading to the centralization of Bitcoin were addressed by on-chain analyst Willy Woo, who showed that “small and medium holders control roughly 40%” of the available supply and “distribution keeps getting better.”

Traditional markets receive a boost from tech stocks

Today also saw a continuation of the upward momentum in the traditional markets as a combination of positive corporate earnings and economic stimulus-related developments from the Biden administration helped improve overall sentiment within the market.

U.S. officials could gather as soon as Feb. 4 to discuss the growing influence of social media investing groups on the financial markets. It’s expected that the discussion will center around the recent evolution of r/Wallstreetbets and the use of platforms like Robinhood and Reddit to manipulate markets.

The S&P 500 and Dow were able to bounce back from early downward pressure to finish the day up 0.10% and 0.11% while the NASDAQ was hit with a late selling surge that led to a slightly negative finish of 0.02%. Mega-tech stocks such as GOOGL, which finished up 7.28%, helped push markets higher into the closing bell.

DeFi tokens continue to outperform other crypto assets


Daily cryptocurrency market performance. Source: Coin360

Developments related to brokerage firms blocking access to certain assets has placed a bright spotlight on the positives of decentralized finance. DeFi tokens have benefited from this attention, along with the strong breakout from Ether.

The extra attention helped boost AAVE and SushiSwap (SUSHI) to new all-time highs of $345 and $14.84, while UMA saw its price surge by 59% to a 2021 high of $21.56.

The overall cryptocurrency market cap now stands at $1.11 trillion and Bitcoin’s dominance rate is 61.6%.

Title: Altcoins and DeFi tokens rally as Ethereum price hits $1,650
Sourced From: cointelegraph.com/news/altcoins-and-defi-tokens-rally-as-ethereum-price-hits-1-650
Published Date: Wed, 03 Feb 2021 21:26:33 +0000

2021’s Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Altcoins and DeFi tokens rally as Ethereum price hits $1,650


Altcoins and DeFi tokens rally as Ethereum price hits $1,650 was originally published here https://newsgrowing.wordpress.com/2021/02/04/altcoins-and-defi-tokens-rally-as-ethereum-price-hits-1650/

Billionaire Mark Cuban talks about Aave, SushiSwap, and DeFi

Billionaire Mark Cuban talks about Aave, SushiSwap, and DeFi

Billionaire Mark Cuban talks about Aave, SushiSwap, and DeFi

Billionaire investor Mark Cuban has been under the microscope in the crypto space over the past few weeks as he has started to tweet more about Bitcoin, Ethereum, and now even decentralized finance tokens to his over eight million followers.

Cuban has long been asked about Bitcoin, being a prominent investor and a prominent media figure due to his involvement in projects like “Shark Tank.”

In a recent Reddit “Ask Me Anything” post, Cuban confirmed that he has been dabbling heavily in the DeFi space, doubling down on his Twitter posts on the subject.

What’s interesting is that instead of hosting the “Ask Me Anything” on the AMA Subreddit, he opted to do it on WallStreetBets, which has seen a parabolic explosion

Cuban talks about DeFi

In the Reddit post, he was asked about his current holdings in the crypto space.

Cuban responded by noting that he currently holds AAVE and SUSHI, the native coins of Aave and SushiSwap, respectively.

This confirms analysis done by on-chain trackers who noted last week that a wallet affiliated with Mark Cuban held AAVE, along with capital staked in the protocol itself. Further analysis found that another wallet in the network of Cuban held SUSHI.

While this was not explicitly Cuban, this Reddit comment has seemingly confirmed this. That comment also indicated that the billionaire holds Bitcoin, Ethereum, and Litecoin, which is somewhat unsurprising.

Mark Cuban owns Aave and Sushi

Long #defi pic.twitter.com/EA6ahI0IJs

— Ameer Rosic (@AmeerRosic) February 2, 2021

He added that he thinks DeFi is one of the industries, along with nanotechnology, green technology, and other new technology classes, that have the potential to “explode in the next 10 years.”

Cuban also imparted some more comments about the broader state of the crypto space.

He specifically pointed to the strength of Bitcoin HODLers (yes, he used the term “HODLers”), noting that the fact they had conviction in BTC allowed them to make money even if they bought the top of the 2017 rally near $20,000.

You have to learn from your trading experiences pic.twitter.com/qkKCbJ1SA2

— Mark Cuban (@mcuban) February 2, 2021

He also spoke to the broader GameStop situation, seemingly indicating that he is ideologically aligned with the WallStreetBets group and the DeFi space by somewhat of an extension.

Disclaimer: This author is an analyst at ParaFi Capital. ParaFi Capital may hold positions in assets mentioned in this article. The views displayed in this article are opinions of the author—and the author only. 

The post Billionaire Mark Cuban talks about Aave, SushiSwap, and DeFi appeared first on CryptoSlate.

Title: Billionaire Mark Cuban talks about Aave, SushiSwap, and DeFi
Sourced From: cryptoslate.com/billionaire-mark-cuban-talks-about-aave-sushiswap-and-defi/
Published Date: Wed, 03 Feb 2021 12:15:52 +0000

2021’s Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Billionaire Mark Cuban talks about Aave, SushiSwap, and DeFi


Billionaire Mark Cuban talks about Aave, SushiSwap, and DeFi was originally published here https://newsgrowing.wordpress.com/2021/02/04/billionaire-mark-cuban-talks-about-aave-sushiswap-and-defi/

US Bitcoin exchange traffic explodes as analyst says flows hint at new BTC bull run

US Bitcoin exchange traffic explodes as analyst says flows hint at new BTC bull run

US Bitcoin exchange traffic explodes as analyst says flows hint at new BTC bull run

Bitcoin (BTC) exchanges in the United States are seeing unprecedented popularity as a wave of adoption sweeps the market. 

Data from statistics resources Alexa and Similarweb shows that major exchange Coinbase now ranks within the top 1,000 most popular websites around the world.

Coinbase in top 400 U.S. sites

As BTC/USD circles all-time highs, its run to $42,000 in January appears to have sparked a tsunami of new user engagement with some of the most popular cryptocurrency trading platforms.

In the U.S., the focal point of institutional inflows into Bitcoin in recent months, exchanges Gemini, Kraken and Binance U.S. are all part of the top 10,000 global sites. 

While Binance just beats Coinbase in terms of worldwide visits, the latter reigns supreme among its domestic market, ranking 386th among U.S. internet users. The data relates to December 2020, with the crypto rush at the start of this year likely hiking exchange popularity even further.

Despite widely publicized system outages and other technical problems — phenomena which have plagued Coinbase throughout the years — its popularity remains clearly unaltered. 

“Coinbase had 1.3M app downloads in January. That’s more than E-trade, TD Ameritrade, Charles Schwab, Fidelity, and Sofi had….combined,” Morgan Creek Digital co-founder Anthony Pompliano noted on Tuesday.

Coinbase currently ranks as the top crypto-specific finance app on the Apple App Store, with both Binance and Binance U.S. also in the top ten.


Top 10 most-downloaded finance apps in Apple App Store. Source: Similarweb

In a further hint that bad publicity is not as bad as it may seem, retail trading app Robinhood likewise saw a huge jump in app downloads last week as users and commentators alike complained about what they viewed as arbitrary restrictions on their actions. 

Withdrawals herald return to Bitcoin upside

As Cointelegraph reported meanwhile, Coinbase as a venue for large buys has become a useful bellwether for assessing market appetite to buy or sell. 

This week saw large withdrawals from the exchange to private wallets, something which one analyst suggested marks a continuation of institutions buying for the long haul.


Coinbase Pro outflows vs. BTC/USD. Source: Ki Young Ju/ CryptoQuant

“The strongest bullish signal is working,” Ki Young Ju, CEO of on-chain analytics resource CryptoQuant, continued in fresh comments on Wednesday.

“32.4k was the bottom and $BTC price surged +13%. But as I said, institutional buying is the strongest bullish signal overriding all other bearish signals. I expect it will go up more.”

BTC/USD is trading at around $36,000 at the time of writing, up 4.8% on the day after hitting highs of $36,820.

Title: US Bitcoin exchange traffic explodes as analyst says flows hint at new BTC bull run
Sourced From: cointelegraph.com/news/us-bitcoin-exchange-traffic-explodes-as-analyst-says-flows-hint-at-new-btc-bull-run
Published Date: Wed, 03 Feb 2021 09:00:00 +0000

2021’s Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

US Bitcoin exchange traffic explodes as analyst says flows hint at new BTC bull run


US Bitcoin exchange traffic explodes as analyst says flows hint at new BTC bull run was originally published here https://newsgrowing.wordpress.com/2021/02/03/us-bitcoin-exchange-traffic-explodes-as-analyst-says-flows-hint-at-new-btc-bull-run/

Bitcoin price hits $36,800 shortly after Ethereum closes above $1,500

Bitcoin price hits $36,800 shortly after Ethereum closes above $1,500

Bitcoin price hits $36,800 shortly after Ethereum closes above $1,500

On Feb. 2 Ether (ETH) saw its price breakout to a new all-time high at $1,555 as increased activity in the derivatives market provided clear signals that traders were bullish on the long-term prospects of the largest altcoin by market capitalization.

Bitcoin price also saw a bullish breakout as it finally crossed above the $35,000 resistance and currently trades for $36,700


ETH/USDT 4-hour chart. Source: TradingView

Prominent business personalities like Elon Musk, Michael Saylor and Mark Cuban continued to engage the public with discussions revolving around the benefits of blockchain technology and decentralized finance. In remarks to the reddit group r/Wallstreetbets, Cuban said that “stocks will be on the blockchain in the future.”

Circle’s USD Coin (USDC) has now been integrated with the Stellar blockchain, enabling the stablecoin to be transacted on the Stellar network and possibly take some of the strain of the clogged Ethereum network.


USDC price vs. the number of transactions per sec. Source: Glassnode

Data from Glassnode shows USDC transaction volume on Ethereum has steadily been increasing over the past year as the Coinbase backed coin steadily gains ground on Tether (USDT). Utilizing Stellar blockchain will greatly reduce USDC transaction fees and free up space on the Ethereum network.

Traditional markets rise as meme stocks tumble

The hype surrounding r/Wallstreetbets stocks like GameStop (GME), AMC and BlackBerry (BB) dwindled as their prices extended the losses experienced on Feb. 1.

While the “meme” stocks saw their prices plunge, the S&P 500, Dow and NASDAQ all put on strong performances for the day and closed up 1.39%, 1.57% and 1.56%. Silver price dropped 8.44% to $26.60.

ltcoins follow Bitcoin’s lead


Daily cryptocurrency market performance. Source: Coin360

Strong price performances were also seen from numerous altcoins as the spike in Ether price increased optimism across the sector. Litecoin (LTC) saw a price jump of 13% and currently trades at $153.50, while Maker (MKR) and Solana (SOL) extended their strong performance as each gained nearly 15%.

The overall cryptocurrency market cap now stands at $1.09 trillion and Bitcoin’s dominance rate is 62.3%.

Title: Bitcoin price hits $36,800 shortly after Ethereum closes above $1,500
Sourced From: cointelegraph.com/news/bitcoin-price-hits-36-800-shortly-after-ethereum-closes-above-1-500
Published Date: Wed, 03 Feb 2021 05:16:34 +0000

2021’s Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Bitcoin price hits $36,800 shortly after Ethereum closes above $1,500


Bitcoin price hits $36,800 shortly after Ethereum closes above $1,500 was originally published here https://newsgrowing.wordpress.com/2021/02/03/bitcoin-price-hits-36800-shortly-after-ethereum-closes-above-1500/

Tuesday, 2 February 2021

Ethereum derivatives data suggests traders expect prices above $2,000

Ethereum derivatives data suggests traders expect prices above $2,000

Ethereum derivatives data suggests traders expect prices above $2,000

After marking a new $1,477 high on Jan. 24, Ether’s (ETH) price was shaken down to $1,206 on Jan. 27. But according to derivatives markets, bulls remain confident that $2,000 is still within reach.

The neutral-to-bearish put options open interest above $1,360 is irrelevant, and only 2,540 ETH options, equivalent to $3.4 million in open interest, is above that price level. That being said, more than 99.5% of the put options open interest will become worthless if ETH trades at $1,360 or above.


ETH options aggregate open interest by strike. Source: Bybt

As shown above, data from both call and put options seems well balanced, as the open interest indicator favors bulls by a mere 34%. The data also shows that Ether’s 79% year-to-date rally has really taken a toll on bears.

Currently, the neutral-to-bullish call options ranging from $1,000 to $1,340 amount to 59,730 ETH. That amounts to $79.6 million in open interest, not counting those strikes below such range. Therefore, apart from dominating on a 23-to-1 ratio, the bulls have every incentive to keep pushing the price up.

For example, if ETH rallies above $1,440, another 56,000 call options come into play, compared with a mere 7,600 put options. This equals another $70 million in open interest favoring the neutral-to-bullish call option. The imbalance would then amount to $152 million, completely extinguishing bears’ hopes.

Not every option open interest is set to expire over the next couple of months.


ETH options aggregate open interest by expiry. Source: Bybt

The expiry calendar for 2021 holds 50% of the open interest on Feb. 26 and Mar. 26, although longer-term options tend to gain more relevance throughout the year.

Futures premium signals traders are bullish

The futures premium measures how expensive longer-term futures contracts are compared with the current spot in traditional markets. It can be thought of as a relative reflection of investor optimism, and fixed-calendar futures tend to trade at a slight premium to regular spot exchanges.

These fixed-month futures contracts should trade with a 10% to 20% annualized premium (basis) in healthy markets, and any number above this range denotes extreme optimism. Meanwhile, the lack of a premium is a signal that traders may be bearish.


March 2021 ETH futures premium. Source: NYDIG Digital Assets Data

The above chart shows that the premium was cut drastically on Jan. 21 as Ether plunged by more than 20% to test sub-$1,100 levels. More recently, on Jan. 27, the premium reached an 8.7% annualized rate near neutral-to-bearish levels.

This data is more than enough evidence to support the claim that the options market is bullish. Even during the worst sell-offs over the last couple of months, derivatives markets have held a positive stance.

The current 2.9% rate equals a healthy 20% annualized premium, indicating that bulls are not anticipating any problems.

Top traders have room to add long positions

Exchange-provided data highlights traders’ long-to-short net positioning. By analyzing every client’s position on the spot, perpetual and futures contracts, one can obtain a clearer view of whether professional traders are leaning bullish or bearish.

With this said, there are occasional discrepancies in the methodologies between different exchanges, so viewers should monitor changes instead of absolute figures.


Exchanges’ top traders ETH long-to-short ratio. Source: Bybt

The top traders indices at Binance and Huobi have been in net short ETH positions over the past week. OKEx stands out, as its top traders long-to-short has been increasing over the past five days and currently favors longs by 56%.

This shows that there is little evidence of excessive optimism by top traders while leaving room for leverage in the case of an upcoming bull run.

To sum up, both ETH options and futures markets show clear signs that traders are incredibly bullish on Ether for the next couple of months.

author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Title: Ethereum derivatives data suggests traders expect prices above $2,000
Sourced From: cointelegraph.com/news/ethereum-derivatives-data-suggest-traders-expect-prices-above-2-000
Published Date: Tue, 02 Feb 2021 17:32:37 +0000

2021’s Most Anticipated Growth & Wealth-Building Opportunity

Join Thousands of Early Adopters Just Like You Who Want to Grow Capital and Truly Understand Cryptocurrency Together

Ethereum derivatives data suggests traders expect prices above $2,000


Ethereum derivatives data suggests traders expect prices above $2,000 was originally published here https://newsgrowing.wordpress.com/2021/02/03/ethereum-derivatives-data-suggests-traders-expect-prices-above-2000/

A Guide to Rollover a 403b Retirement Savings Plan to a Gold IRA

Is a Gold IRA Right for You?: Rollover Your 403b Retirement Plan https://vimeo.com/814354211 retirement planning Transferring your 403b re...