DYDX jumps by 36%, SNX and AAVE following: DeFi summer?
Today, on Feb. 24, 2024, all governance tokens of the largest decentralized finance protocols (DeFis) are outperforming the market's benchmark. DYDX, the core asset of the eponymous protocol, soared from $2.87 to almost $4 in an inspiring 36% jump. DYDX managed to set a new three-month price high for the Ethereum-based version and a historic record for the token launched on the native blockchain.
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Top 10 Crypto Bot Trading Strategies to Automate Your Trading
Moving Average Trading: It assesses the average price of a cryptocurrency over a certain period by best crypto trading bot strategies.
RSI: It assesses how quickly and how much prices fluctuate. MACD:Shows the connection between two moving averages of the price of an asset.
Bollinger Band: Comprises two standard deviation lines (upper and lower bands) drawn on either side of the moving average and a moving average (middle band).
Fibonacci Retracement: Determines possible support and resistance levels.
Pivot Reversal: Functions as indicators for determining possible support and resistance levels and the market's overall trend.
Supertrend: Uses the Average True Range (ATR).
Parabolic SAR: Locates moments when an asset's momentum will likely shift directions.
Mean Reversion: Determines where price volatility frequently results in notable departures from the mean.
Arbitrage: Top among crypto bot strategies that exploit the two marketplaces' price differences.
XRP Price To $3, $5 and $11: Here is the Projected Timeline
XRP has the potential to surmount its current growth stagnancy, with longer-term projections setting up lofty targets as high as $11. Multiple market watchers consider XRP an undervalued asset. Amid the sustained confidence in the asset, many are optimistic it has the potential to soar to $3, $5, and $11 in the long term. Let’s explore the possible time these price targets can be attained.
Projected Timeline for XRP to Hit $3 One of the avenues The Crypto Basic has explored in the past to get this forecast was through the AI bot from OpenAI, ChatGPT. After the initial protest, the Jailbreak response from ChatGPT projected that the price of XRP might hit the $3 price market by the end of 2024. This forecast is based on a number of factors, ranging from the favorable outcome for Ripple Labs in its yet-to-be-concluded legal battle with the US SEC to The AI chatbot is also optimistic that the approval of spot Bitcoin ETF might shift the sentiments positively in favor of XRP.
Projected Timeline for XRP to Jump to $5 Notably, XRP currently trades for $0.5412. While hitting the $3 price mark from its current price level is an ambitious goal, some proponents are optimistic about XRP touching $5. This price level will mark more than 823% growth from its current price level. Amid these different takes on the potential of XRP to hit $5, Google Bard presents one of the most conservative outlooks. The ChatGPT rival projected a longer-term target of more than three years for this growth milestone.
Projected timeline for XRP to Top $11 On the most bullish front, some community members have considered the possibility of the coin jumping to $11 in the long term. While this will imply a more than 1,930% growth in the long term, Changelly’s data shows XRP can hit an average price of $11.25 by November 2031, making the target loosely feasible.Unpredictable volatility movements characterize the crypto ecosystem, and these unforeseen moves might play a huge role in driving XRP to unimaginable levels.
InvestorsObserver analysis gives Spell Token a low risk assessment. The proprietary scoring system calculates how much money was required to move the price over the past 24 hours with changes in volume and market capitalization to discover if a crypto can potentially be easily manipulated by limited trading activity. Low values representing high risk while high scores equate to low risk based on a 0 to 100 range.
Trading AnalysisSPELL's risk gauge score translates to a low risk investment at the moment. Portfolio managers who heavily weigh risk assessment will find this gauge more relevant when attempting to avoid (or discover) more risky investments.The price of Spell Token is 78.02% lower over the last 24 hours, leading to its current value of $0.001057288. The change in price goes along with volume being below its average level while the token's market capitalization has risen during the same time period. The crypto's market capitalization is now $113,558,726.25, meanwhile $210,489,577.28 worth of the currency has been traded over the past 24 hours. The volatility in price relative to the changes in volume and market cap changes give Spell Token a low risk analysis.
Summary The price volatility of SPELL over the last 24 hours results in a low risk analysis due to its price volatility in combination with changes in trading volume, giving investors a reason to be confident on the token's manipulability as of now.
BNB Price Jumps Surprising 7% as Binance Makes Burn Announcement
BNB, the exchange token of the Binance crypto exchange, has seen a surprising jump of over 7% in the last 24 hours.
BNB, which is strongly linked to the performance of the Binance platform, has outperformed the top 10 cryptocurrencies, rising about 10% in the past week.
The increase in the BNB price aligns with a recent burn announcement made by Binance. Surprisingly, this particular burn does not entail BNB tokens, leaving room for speculation as to what caused the recent BNB price increase. In a new announcement, Binance stated it will be burning a significant number of BUSD and TUSD B-tokens. The equivalent amount of tokens used as collateral on their native networks will then be released. BNB saw a massive spike on Wednesday, Feb. 21, as bulls consolidated on an earlier rise that began on Monday. The rise continued into early Thursday trading, with BNB reaching an intraday high of $387 at press time.
BNB's price has been steadily rising since early December 2023, just after a bullish golden cross appeared on its charts. A golden cross is a bullish chart pattern formed when an asset's short-term moving average (50-day) crosses over its long-term moving average (200-day). A price upswing was validated by the appearance of the bullish golden cross, and BNB began to rise. Following a period of consolidation, BNB resumed its rise in mid-February, breaking the $338 mark. At the time of writing, BNB was up 4.63% in the last 24 hours to $381. The recent price action on BNB left the token's market capitalization at $57.11 billion, making it the fourth-largest cryptocurrency. So far this year, BNB has increased by 24%.
Portal Launch Set as Binance Offers 50 Million Ethereum Gaming Token Rewards
Portal’s cross-chain gaming token picks a date after the airdrop push, with the price estimated above $1 in pre-market trading. After an airdrop farming campaign that prompted hopeful recipients to flood Crypto Twitter with tweets, the Portal gaming token finally has a launch date—and it comes with the announcement of a Binance Launchpool campaign that will offer up another way for crypto users to earn a potentially sizable stash of PORTAL.
PORTAL will launch on February 29, according to the Binance Launchpool campaign page, and the crypto exchange will list the token at 10am UTC (or 5am EST). The Launchpool campaign will debut tomorrow, February 22, and offer token staking rewards ahead of the listing. Binance customers who stake either Binance Coin (BNB) or the FDUSD stablecoin into PORTAL liquidity pools can earn a share of the total rewards pool, which numbers 50 million tokens—that’s 5% of the total PORTAL supply of 1 billion Ethereum-based tokens.
According to Binance, the token will debut with a circulating supply of 167,134,615 PORTAL, or about 16.7% of the total supply. However, Binance’s Launchpool campaign is not available to users in many countries, including the United States, Canada, Australia, Japan, and more.
Portal has yet to announce details about the actual airdrop distribution following a farming campaign that spanned November and December last year. A Portal representative told Decrypt’s GG that details will be announced before the Binance token listing. In pre-market trading on Whales Market, the PORTAL token is commanding bids of $1.02, which puts the total estimated value of the Binance rewards pool at just a hair over $50 million. What is Portal? Billed as a cross-chain crypto gaming platform and token, it’s designed to bridge the gap across various ecosystems, providing one place to play, discover, and transact across popular blockchain games.
This Coin Just Hit A 21-Month High: 'Next Level Is $400,' Predicts Analyst
Binance Coin BNB/USD+3.16%+ Free Alerts defied the negative sentiment in the cryptocurrency markets, registering a 5.5% gain single-day gain. Analysts maintain a bullish outlook on its future performance.
The Binance cryptocurrency exchange on Wednesday announced its 47th project on its launchpool. Portal, a cross-chain gaming platform, is scheduled to be listed for trading on Feb. 29. Possibly driven by this announcement, BNB defied a market-wide downturn and is currently trading around $371. The exchange's cryptocurrency clocked a 5.2% gain over the past 24 hours, marking its highest level since May 2022. Trading volumes have surged by 45.2%. According to Coingecko data, the total value locked on the BNB Smart Chain increased by 1.2% in the past 24 hours, while trading volumes expanded by 19.3%.
In a research report titled "BNB Chain & the Web3 Blueprint," Binance announced its BNB Smart Chain achieved a record-breaking throughput by processing 32 million transactions in a single day in late 2023. The BNB Smart Chain also hit its peak throughput of 2,000 transactions per second (TPS). Additionally, opBNB, another BNB Chain blockchain, reached an all-time high in the final quarter of 2023, with 71 million transactions processed in a single day and a throughput of 4,500 TPS. Some analysts voiced bullish predictions for BNB following the outperformance. Crypto Rover, a popular crypto YouTuber, shared on his platform that BNB “is breaking the weekly downtrend.”
One crypto trader predicts a key psychological level to be hit soon:
Whether the market is entering “BNBchain season” remains to be seen. Binance is aiming to achieve precisely that with its 2024 Web3 Blueprint.
Ethena is a synthetic dollar protocol built on Ethereum that will provide a crypto-native solution for money not reliant on traditional banking system infrastructure, alongside a globally accessible dollar denominated savings instrument - the 'Internet Bond'. Ethena's synthetic dollar, USDe, will provide the first censorship resistant, scalable and stable crypto-native solution for money achieved by delta-hedging staked Ethereum collateral. USDe will be fully backed transparently onchain and free to compose throughout DeFi. Ethena has raised $14M in funding with backing from investors like Binance, Dragonfly, and Wintermute. They don’t have their own token except their own stablecoin USDe. They’ve launched a points system in the form of shards. Users who mint, provide liquidity and stake USDe will earn shards. Also, earn more shards for each referral. Users who collect shards may get an airdrop if they plan to launch their own governance token.
Starknet token sinks by 17% after airdrop distribution and listing on CEX
Second-layer blockchain Starknet experienced a sharp drop in the price of its token after the airdrop and listing. According to CoinMarketCap data, over the past 24 hours, the token’s price has fallen by more than 17%. The price drop occurred after listing on large centralized exchanges (CEXs) including Binance and KuCoin. At the opening of trading, the price of STRK was $2.38 and soon increased to a record $3.66 in less than an hour. At the time of writing, STRK is trading at $1.94, 47% below i
Since its inception, the cryptocurrency market has seen a significant number of projects fail . Since 2014, over 24,000 cryptocurrencies have been listed, and of those, 65% have been deemed ‘dead’ or failed. This high failure rate highlights the volatile and speculative nature of the cryptocurrency industry. It shows that a large proportion of projects are not viable in the long-term. More Half of Cryptos Launched During 2020-2021 Bull Run are Deadcoins In late 2022, the cryptocurrency market experienced a significant downturn . The market collapse meant 65% of all projects in the sector failed. The period of 2020-2021, marked by a bull run in the cryptocurrency market, saw the most significant number of failures, with 7,530 cryptocurrencies launched during this time not surviving. This still happens and researches indicate that the majority of new cryptocurrencies ultimately fail, primarily due to declining trading volumes or complete abandonment by their communities.