In a burn strategy statement posted on FUN Token’s website in May, the team pledged to burn 50% of all profits made through their gaming activities. On August 24th, FUN Token launched DPLAY, a casino developed exclusively for FUN users.
“In the four weeks since its tough start, DPLAY has gained 53,306 new users and over 14 million FUN in deposits,” said a statement published by the team. “DPLAY has generated enough income to burn 5 million FUN as part of our now regular quarterly burn. These tokens were burned on September 30th as part of our commitment to burn 50% of all internal gaming profits. “
An important part of the deflationary design is XFUN, a new Layer 2 token set to be introduced in the polygon network. XFUN will be linked 1: 1 with FUN tokens and an Ethereum polygon bridge will enable users to seamlessly exchange FUN for XFUN.
“XFUN is a new fast and gas-free token that runs on the Polygon blockchain,” continued FUN Token. “We assume that the FUN / XFUN bridge will be up and running within a few weeks, so that users can exchange their FUN for XFUN.”
All FUN tokens exchanged for XFUN are held in trust and withdrawn from circulation, creating a deflationary ecosystem with two assets that regularly eases supply bottlenecks and improves the value of the token.
In addition, a decentralized casino is being built for XFUN to ensure a fast, safe and cost effective gaming experience for FUN users.
More gaming options for XFUN – both internal and third-party – will be introduced in the near future as FUN Token aims to consolidate its place as a leading project in decentralized iGaming.
Disclaimer: This is a paid post and should not be treated as news / advice.
AscendEX is pleased to announce the listing of the Jet Protocol Token (JET) under the trading pair JET / USDT on October 14th at 1 p.m. UTC. To celebrate JET’s listing, AscendEX is holding two separate auctions, held simultaneously on October 13th between 1:00 pm and 2:00 pm UTC.
Jet protocol will be introduced as open source, non-custodian, credit and loan protocols on the Solana blockchain. It opens up new opportunities for capital efficiency, performance and scalability.
Jet allows users to participate in credit pools where they deposit supported tokens in order to receive interest or “earnings” over time as an incentive to participate. These deposits remain in a pool that is used to provide loans to other users as long as the assets are delegated.
Jet believes credit and credit logs are an integral part of the DeFi ecosystem. The decision to build on Solana was based on its unmatched transaction speed and low fees. The Solana integration will allow Jet to add and grow DeFi lending in the chain.
The project envisages a gradual integration of wider interest and more efficient trading. In addition to lending, Jet will introduce interest rate products and secondary markets on Serum to facilitate ongoing community-driven research and development of credit products.
Through these methods, Jet makes it easy for users to earn interest from their JET tokens.
Jet plans to launch with a dedicated governance system that leverages its founding team’s unique and extensive experience in protocol governance. This governance-oriented approach aims to work with the community to set a clear precedent for how the protocol will work.
Jet will innovate on tested governance models from existing protocols while focusing on ownership and community engagement. The most important aspect of this approach is building an inclusive community to research, design, and implement useful credit products.
The token holders therefore have a say in the future of the platform. This community focus is at the core of Jet’s mission to bring DeFi protocols mainstream.
Ahead of the successful mainnet launch this week, Jet recently completed a follow-up funding round that included AscendEX and raised a total of $ 6.8 million in the project. This recent fundraiser highlighted the strong support for Jet from a variety of stakeholders, including AscendEX.
AscendEX is a global cryptocurrency financial platform with a comprehensive suite of products including Job, edgeand futures trading, wallet services and Mark out Support for over 200 blockchain projects such as Bitcoin, Ether and Ripple.
AscendEX was founded in 2018 and serves over 1 million private and institutional customers worldwide with a highly liquid trading platform and secure custody solutions.
AscendEX has evolved from ROI into a premier platform for its “first-time listing” by supporting some of the industry’s most innovative projects from the DeFi ecosystem such as Thorchain, xDai Stake and Serum.
AscendEX users get exclusive access to token airdrops and the ability to purchase tokens at the earliest possible opportunity. To learn more about how AscendEX is leveraging Wall Street and cryptocurrency ecosystem best practices to deliver the best altcoins to its users, please visit www.AscendEX.com.
Jet Protocol is launched as an open source protocol for unsecured loans and credits on the Solana blockchain. Jet redesigned what’s possible on Solana in terms of capital efficiency, performance, and scalability.
The protocol allows users to participate in loan protocols where they deposit supported tokens on the platform and then receive interest on their deposits to create an incentive to participate.
Bitcoin is up a staggering 25.7% this week as the cryptocurrency surpasses $ 55,000. The rise began in early October when it managed to break out of a descending price channel and break out of the 50-day moving average.
Since then, BTC has climbed higher during the week until it broke its September highs at $ 53,000 and met resistance at $ 55,400 on Wednesday. It attempted to break above $ 55,400 today, hitting $ 56,000 (1,414 Fib Extension) but is showing signs of difficulty closing above $ 55,400.
Looking ahead, should buyers break above $ 56,000, the first resistance is expected at $ 58,355 (February 2021 highs). This is followed by $ 60,000, $ 61,000 and $ 61,780 (March 2021 highs).
On the other hand, the first support stands at $ 54,000. This is followed by $ 53,000 (September highs), $ 52,000 (.236 Fib), $ 50,000 and $ 49,600 (.382 Fib). The additional support is $ 47,690 (0.5 Fib and 50 days MA).
Ethereum was up a solid 20% over the course of the week as the coin is currently trading at around $ 3630. The cryptocurrency climbed above a descending trend line last Friday, breaking above $ 3000 and breaking out of the 50 moving average. days.
As the week progressed, ETH continued to slowly rise each day. Today, ETH climbed as high as $ 3677, where it met resistance at a level of 1,272 Fib Extension.
Looking ahead, if buyers break out of $ 3677, the first resistance is at $ 3790 (bearish Fib 0.786). This is followed by $ 4000, $ 4060 (1,414 Fib Extension), $ 4200 (1,414 Fib Extension – orange), $ 4282 and $ 4400 (1,618 Fib Extension – blue).
On the other hand, the first support is found at $ 3485. This is followed by $ 3350 (50 day MA), $ 3285 (.382 FIb), $ 3165 (.5 Fib and 20 day MA) and $ 3000.
ETH is struggling quite significantly against BTC as this week marks a new 2 month low. The coin began the week by attempting to break out of September’s declining price channel at 0.072 BTC. Unfortunately, it failed to do so and ended up tipping into the September support at around 0.068 BTC.
On Wednesday, ETH fell below a long-term bullish trend line as it slipped below the 0.068 BTC support and continued below the 100-day moving average. ETH fell until additional support was found at 0.0643 BTC (.618 Fib). It rebounded from there yesterday, but the market struggled to break 0.0667 BTC.
Looking ahead, the first resistance is found at 0.0667 BTC. This is followed by 0.0691 BTC, 0.07 BTC (50 day MA), 0.0733 BTC and 0.0765 BTC (beraish 0.786 Fib).
On the other hand, the first support is found at 0.0643 BTC (0.618 Fib). This is followed by 0.0632 BTC (downward extension of 1.618 Fib), 0.062 BTC (200-day MA) and 0.06 BTC.
XRP is up a small 12.8% this week as it surpasses $ 1.00 to reach $ 1.07. XRP broke through a descending wedge formation in early October, continuing to break out of the 20-day moving average and break out of $ 1.00.
Throughout this week, XRP has slowly risen above $ 1.05, but has failed to really break through the $ 1.10 resistance provided by a 50-day MA level.
Looking ahead, the first resistance is at $ 1.10 (50-day MA). This is followed by $ 1.20, $ 1.25 (February 2018 highs), $ 1.40 (September resistance) and $ 1.50 (bearish fib of 0.786).
On the other hand, the first support is found at $ 1.05. This is followed by $ 1.00 (20-day MA and 200-day MA), $ 0.965 (Fib 0.618), $ 0.92 (100-day MA) and $ 0.875 (Fib 0.618).
XRP is also struggling heavily against BTC as it crashes below the 200-day MA this week to reach support around the 1940 SAT. The coin started the month around 2200 SAT and from there it started to bet lower.
On Wednesday, XRP dipped below the 2100 SAT and continued below the 2000 SAT until support was found at the 1940 SAT, which is an established resistance in July 2021.
Looking ahead, should the bears push below the 1940 SAT, the first support will be at 1860 SAT (.786 Fib). Followed by 1800 SAT (minimum July 2020), 1735 SAT (.886 Fib) and 1660 SAT (downside to 1.618 Fib Extension).
On the other hand, the first resistance is found at 2000 SAT. This is followed by 2100 SAT, 2200 SAT (200-day MA) and 2300 SAT (50-day MA).
Cardano is up a small 7.5% this week as it struggles to stay above the 20-day MA level. ADA had found support at $ 2 towards the end of September and rebounded from there in early October, which allowed it to break out of the September descending trend line.
During the week, ADA struggled to hold above the 20-day moving average and struggled to break through the resistance at around $ 2.40. It has been using $ 2.20 (.5 Fib and 20-day MA) as support all week but doesn’t seem to be able to break above $ 2.40.
Looking ahead, the first resistance is at $ 2.40. This is followed by $ 2.50 (bearish Fib 0.5 and 50-day MM), $ 2.65 (bearish Fib 0.618 Fib) and $ 2.80.
On the other hand, the first support is found at $ 2.20 (50-day MA and 0.5 Fib). This is followed by $ 2.00 (0.618 Fib and 100 dat MA), $ 1.88 (downside 1.414 Fib and September low) and $ 1.80.
Against BTC, ADA is struggling as it falls below a descending price channel this week. ADA started the month against BTC around 4800 SAT and from there it started to go down. On Wednesday, the ADA dipped below the price channel and continued to drop until the support was reached at 4000 SAT (downward extension of 1,414 Fib).
Looking ahead, the first support is at 4000 SAT. This is followed by 3825 SAT (200 days MA and 0.786 Fib), 3695 SAT (downside 1.618 Fib), 2600 SAT and 3440 SAT.
On the other hand, the first resistance is at 3450 SAT. This is followed by 4500 SAT (MA 100 days), 4715 SAT, 4800 SAT and 5000 SAT.
DOT rose a strong 17.9% this week as it currently stands at around $ 34. The cryptocurrency broke through the 50-day MA and 20-day MA in early October.
From there, the ADA struggled to break out of the resistance at $ 32.50 during the week until yesterday when it rose to $ 35. As long as the ADA stays above $ 30, it should have the ability to return to its September highs.
Looking ahead, the first resistance is found at $ 34.70 (bearish Fib 0.618). This is followed by $ 37.45 (1,414 Fib Extension and September highs), $ 40, $ 41.35 and $ 45.
On the other hand, the first support is at $ 32.50. This is followed by $ 30 (20 days MA and 50 days MA), $ 27.80 (.382 Fib and 200 days MA) and $ 24.50 (.5 Fib).
DOT is also struggling against BTC after falling below a two-month declining trend line this week. The coin fell below the trend line at the beginning of the week and continued to drop throughout the week until support at 5760 SAT (.5 Fib) was found.
The DOT bounced off 5760 SAT yesterday, but is struggling to break through the resistance at the 50-day moving average around 6500 SAT.
Looking ahead, the first support is at 6000 SAT (200 days MA). This is followed by 5500 SAT (100 day MA), 5230 SAT (.618 Fib), 5000 SAT and 4880 SAT (downward extension 1,618 Fib).
On the other hand, the first resistance is at 6500 SAT (50-day MA). This is followed by 7000 SAT, 7285 SAT (bearish 0.618 Fib), 7500 SAT and 8000 SAT.
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Amid the 2021 NFT explosion, a new hero stormed onto the stage. His name happens to be Bob, he happens to be white, and he happens to work in accounting.
Bob may sound a bit like vanilla, but in this case Bob is the canvas on which different strokes are drawn World of white guys (“WOWD”) NFT.
What is an NFT anyway?
What does NFT stand for?
NFT stands for “Non-Fungible Token”. A “token” is a unit of data that is stored in a blockchain.
While “fungible” items like dollars are replaceable or interchangeable, NFTs are “not– fungible “, which means unique and not interchangeable.
What does not fungible mean?
An NFT is a digital item or certificate / reference to an item you own that is unique or one of a kind. If you have $ 10 in your bank account, every dollar is not unique; They don’t know (or care) what happens when you withdraw, which is what makes the dollars “fungible”.
However, your grandmother’s wedding ring is not interchangeable. Anyone keeping it in a safe deposit box would not be happy if someone replaced it with an identical-looking ring from someone else’s marriage. Your grandmother’s ring is “not fungible”.
Why do I hear “Blockchain” and “NFT Crypto”??
A blockchain is a data chain that is decentralized or distributed like a ledger and makes hacking essentially impossible. NFTs are developed on a cryptocurrency (or “crypto”) blockchain because it permanently records ownership in an ultra-secure manner.
If ownership of your home was tied to the owner of a specific token, you certainly don’t want anyone but yourself to be able to transfer it. The NFT is the document to the underlying token, which in the case of WOWD represents art, not your house!
NFT art on NFT marketplaces?
Yes, there are several online marketplaces where you can view, buy, and sell NFTs to others.
WOWD is a collection of 10,000 portraits, each different from the rest, who live as NFTs on the Ethereum blockchain. WOWD was officially launched in October 2021 and has been causing a sensation ever since. At the time of this writing, not all 10,000 NFTs have been issued.
This is done by the first buyer on the WOWD website in a process called “Minting”. Once all 10,000 are minted, a new bob cannot be created. To acquire one, you would need to purchase it on a secondary NFT marketplace.
WOWD has created one Walkthrough video Tutorial to help those buying an NFT on the OpenSea marketplace.
What makes World of White Dudes NFT interesting: A clash with diversity
Simply put, the project is interesting because it stays true to its intent to highlight diversity and inclusion while creating confusion among others who judged the book by its cover (the cover was Bob).
The project beautifully dances the tango of nuances on these themes without missing a step. Christopher di Girolamo, the artist behind WOWD, says:
“I was inspired to highlight how diverse we all are. If you were to start an art project that highlighted diversity within exclusive groups like “Women of the World” the overall response today would be very supportive. I wanted to take this concept of “diversity within exclusive groups” with World of White Dudes to extremes by highlighting diversity within the group of “white male bobs who work in accounting”.
“When you learn from WOWD, people are generally either angry – at the supposed race / gender exclusivity, or amused – at the absurdity of the project. I really want both groups of people to look deeper and think for themselves. You can really find diversity within each and every group of people. Yeah … even in a group of white guys called Bob who work in accounting.
World of White Dudes is a snapshot of internet culture at an interesting crossroads: digital artwork sells for millions of dollars, and the idea of diversity has been rigged to the point of insanity by marketing teams and corporate activists.
Another interesting aspect of WOWD is the hidden attributes of the artwork. Every bob has regrets and a level of happiness that is encoded in the NFT itself. NFTs generally have no backstory or dialogue, and WOWD is one of the first and few projects to include a unique narrative as an attribute. The WOWD community has already embraced this by comparing their bob’s regrets to their own.
To learn more about World of White Dudes and his quest to tame the dumb, Visit the website.
Cryptomone, the highly anticipated NFT game, and Babylons, one of the largest NFT marketplaces on BSC, announced its official partnership on Thursday.
The companies are offering users to use their Kryptomon $ KMON tokens to buy NFT goods on the Babylons marketplace and of course, freely trade their Kryptomon NFT eggs.
Additionally, Babylon’s Weekly Rewards Program enables Babylons Weekly Governance Token ($ BABI) rewards for traders who have traded Kryptomon Islands NFTs, where traders can win $ BABI tokens according to their trading volume in relation to the total volume on Babylons each week.
In addition, the companies will host an additional exclusive Kryptomon NFT lottery for Babylons traders. Details will be announced during a special AMA session taking place next week on Tuesday, 10/12/21 on relevant social media.
Via Babylon’s NFT Marketplace
Babylons is a next-gen community managed NFT marketplace and a leading blockchain gaming aggregator on Binance Smart Chain with low gas fees, fast transactions and an easy to use embossing platform that allows a user to create green NFTs from amazing artists and collect Swap your favorite gaming NFTs with other players while you are involved in a fully functional DAO that uses the BABI governance token to function, get rewarded and also socialize in our colorful community.
Kryptomon is a highly anticipated crypto NFT game that runs on Binance Smart Chain (BSC). Kryptomon will be a more attractive option for mainstream gamers as opposed to other platforms that charge higher transaction fees.
Community members play as “trainers” of their own individual monsters – kryptomons – each of which is a completely unique digital asset associated with an NFT.
Each has a unique but mutable genetic code (genotype) that determines all aspects – physical and behavioral – of the creature. In short – do you think Pokémon meets CryptoKitties and Tamagotchi. KMON tokens can be used by Kryptomon Trainers to breed their creatures, as well as purchase items and power-ups in-game itself.
According to strategists at giant Wall Street bank JPMorgan Chase & Co, institutions have regained their appetite for bitcoin instead of gold. As a result, they attributed the recent price hike to new multi-year highs to substantial purchases from large investors.
Guess who’s back?
Institutions’ demand for bitcoin is a relatively new concept in the cryptocurrency space. Until 2020, it was negligent at best, but the COVID-19 pandemic and subsequent extreme measures undertaken by world governments have turned the tide.
Bitcoin has morphed from “magic internet money” into an investment tool that could act as a hedge against rising inflation. Prominent investors and institutions began to rush in late 2020 and early 2021, which pushed the price of BTC up to $ 65,000.
Shortly thereafter, reports began to emerge stating that institutions had stopped accumulating large portions of the cryptocurrency; some even made substantial gains in a few months and left the market.
This also coincided with the cooling of BTC prices, which, combined with the more recent Chinese FUD, led to a 65% correction in two months.
According to JPMorgan’s latest update on the issue, however, institutions have resurfaced in the bitcoin landscape. Furthermore, they said that such investors may continue to buy because they see bitcoin as the best alternative to gold.
“It appears that institutional investors are turning back to bitcoin, perhaps seeing it as a better hedge against inflation than gold.”
With BTC rising to around $ 55,000 as of now, that means the cryptocurrency has risen 85% since the start of the year. Over the same period, gold, historically considered the most chosen safe haven instrument, fell by 7%.
Other potential reasons?
JPMorgan analysts also touched upon some other potential reasons behind BTC’s latest hike. Similarly to CryptoPotato’s article about it, they said it could be a positive reaction because of the encouraging words of US officials – Fed Chairman Jerome Powell and SEC chief Gary Gensler – both of whom said the country has no plans to ban the assets. digital.
Aside from the “resurgence of inflation concerns” and “the use of bitcoin as a hedge against inflation,” strategists also added that the growth of the Lightning Network could play a role.
The Tier 2 payment solution has seen significant adoption in recent times, being used by El Salvador and Twitter. Many people see this as the necessary improvement to the Bitcoin network, which could speed up smaller transactions and help avoid congestion.
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XRP has been trading above $ 1 for over five days, with the cryptocurrency valued at $ 1.06 at press time, after gaining 13% weekly. While the growth seems decent, XRP’s development can be considered slow compared to the larger market.
Notably, Bitcoin is up 25% over the course of the week, while ETH posted gains of 17% over the same period. When the top two coins reversed critical resistance to support and bridged the gap between their local highs, XRP was still 17% below its last local high of $ 1.4 in September.
While the XRP ecosystem was a pretty hot room due to the SEC v Ripple Labs episode, XRP recently received much-needed social recognition after XRPL Labs announced that offline payments could soon be available on XRPL.
The company also revealed the prototype of its proof of payment protocol. This can promote “future retail acceptance”. The ramifications of the same were spotted in the market when the metrics for XRP became hyper-bullish.
Evaluate what the metrics say
In the past few months, XRP’s network health has started to look great, and active addresses also hit an all-time high at the time of writing. In fact, the Daily Active Addresses eventually exploded after having been on an uptrend from their low point in late July.
As Santiment pointed out, this surge in users against a relatively calm price action was a sign that these are likely not speculators, but rather “actually providing users to the network for every use case currently there”.
A good chunk of XRP’s daily active addresses could likely be due to the increase in new subscribers. This can be seen in the upward trend in the network growth metric.
Additionally, the sixth-placed alt’s social metrics didn’t see a major increase, and that crowd disinterest was sane. All in all, XRP’s metrics painted a very optimistic picture for the altcoin.
And yet, its price is still struggling to break the USD 1.1 resistance.
What about the price?
The price of XRP has been hovering near the $ 1 mark for some time. The Alt hit its annual high of $ 1.96 in April and has not been able to cross that threshold since then. In fact, XRP’s short-term price movement looked more market-driven and it seemed like the skyrocketing metrics didn’t add much to the price of the old.
Additionally, lower trading volumes in contrast to the rally in early August and May was another worrying trend.
One reason for this limited price movement could be the sprawling of altcoins like Stellar, which seem to question the dominance of XRP. For example, on October 6th, Moneygram partnered with Stellar to enable cash and withdrawals in currencies like USD, JPY with USDC. With that, Stellar has made a strong case for CBDCs on its own blockchain.
While this may be cause for concern, XRP, which is developing the Proof of Payments (xPoP) protocol in the near future, could help the network wade through this swamp of competition. The XRPL has also proposed to facilitate the adoption of XRPL in retail by introducing “Lite Accounts” with lower reserve requirements.
According to the update, this would use less XRPL space and help more users integrate it.
All in all, XRP’s declining popularity and slow price movement seemed to be a cause for concern for the time being. However, XRP could pull itself out of that pothole by riding the wave of its growing network strength.
After 6 months of successful development since the introduction, Income-oriented dApp ZooKeeper announced the listed VFX giant Yggdrazil as its first major partner. Through the collaboration, Yggdrazil will lead game production between the two companies while ZooKeeper begins developing its powerful ZooGames ecosystem.
ZooKeeper’s development journey
Since the start on April 6th ZooKeeper has taken the NFT market by storm with its gamified yield farming dApp based on the Wanchain blockchain. On August 6th, ZooKeeper expanded its platform with ZooRena, adding live fighting, in-game events, betting and NFT boosting to its already immersive experience.
Just 10 days later, ZooKeeper launched the Satoshi Oasis Paradise staking pool with BTC rewards, helping to significantly increase interaction with the community.
A common vision
After these successes and strong community growth ZooKeeper is proud to announce its highly anticipated, high-performing partnership with Yggdrazil. The two companies will each bring something unique to the collaboration: Yggdrazil with 14 years of experience as one of the top VFX studios in Bangkok and ZooKeeper with its unique, decentralized, gamified yield farming app.
Who is Yggdrazil? Founded in 2006, Yggdrazil is a publicly traded company valued at over $ 100 million,and one of the most renowned VFX, animation and VR studios in Bangkok. The Yggdrazil production studio specializes in comprehensive post-production services for commercials, feature films, games, feature films, TV series and VR360.
The company is one of the leading studio innovators in Southeast Asia, offering a full service in VFX and post production.
Among the hundreds of projects in their portfolio, Yggdrazil has worked with many internationally renowned companies from various industries, including:
SquareEnix – for Final Fantasy XV KingsGlaive
Chevrolet, Toyota, Coca-Cola, Nestlé, Nivea, KFC
Animation for animated films Nezha, The First, The Gymnastic Samurai
Visual effects for (The Stranded on Netflix, Homestay feature film), Iris: The Virtual Presenter by Sansiri, Virtual Tours 360 °)
Gaming for (Home Sweet Home, a VR Compatible Horror Game)
Since 2007 they have received over 30 awards at home and abroad; like the New York Festivals 2021 Gold Award, several Gold BIDC Awards, Media Asian Advertising, Asia Pacific Advertising and many more.
What does the partnership mean?
As part of the collaboration, Yggdrazil will be responsible for all future game production and gaming / 3D asset sales that help build the ZooGames ecosystem. ZooKeeper will provide all necessary support and tools to develop such an ecosystem.
Zoo.Games will be the main platform for access to all future games and releases.
In addition, Yggdrazil will have its own official gaming page on OpenZoo.io
ZooKeeper is already preparing to announce further updates. Users and interested parties should prepare to incorporate their ZooBoosters, ZooElixirs, Keepsakes and ZOO tokens into this new exciting game universe.
A quick bitcoin bull run caused the top coin to rise 25.60% within a week and sparked market-wide euphoria. One week after the end of the last quarter of 2021, BTC was already trading at almost USD 55,000 and briefly oscillated above the level on October 6, 2021. With the increasing Bitcoin dominance in the last few days alongside solid price gains, the movement of the top coin is its position in the Market further strengthened.
The rally accelerated further when Soros Fund Management, led by famed investor George Soros, confirmed it is the top coin. Apparently with Bitcoin’s price and popularity are rising, institutional opponents of cryptocurrencies have slowly warmed up to the digital asset.
However, in the past month, the market has failed to sustain a strong trend for too long, giving way to considerable skepticism about the current rally by BTC. Nevertheless, there were signs that indicated that the royal coin was being blown by explosives.
Also data from IntoTheBlock noticed that Bitcoin for the first time since the 7th. In this area, over 353.78K addresses had previously bought 212,000 BTC.
Additionally, for the first time ever, Bitcoin Network held such a large percentage of circulating supply (around 85.25%) over three months. In particular, BTC’s three-month HODL supply percentage was at an all-time low of 14.75% on October 6, which also indicated a supply shortage.
A long-term upward trend for the top coin was that coins kept pouring out of the exchanges over the past month, which made the supply of liquidity tight. On the price front, Bitcoin had its second bullish monthly stochastic RSI crossover between 20 and 80 this cycle.
This was a particularly bullish cross that has happened only two more times in the past – one in September 2013 and another in May 2012. In 2013, it pumped the price of BTC by 2700%, while the 2012 cross drove the price by 770%. pumped.
While Bitcoin price action looked more bullish in October, an interesting trend was to note that funding rates were gradually getting too positive, suggesting that the market is expecting another uptrend. This could lead to a mass dissolution of positions and initiate a downward movement when the former begins.
In addition, the classic euphoria setup has driven investors in extreme greed towards BTC. So it won’t be surprising if BTC sees a small correction and retest of $ 50,000 as support. Pseudonymous analyst TXMC also noted the same thing, figuring that consolidation could stretch over several days if BTC dips near $ 50,000. It looks like Bitcoin’s path to a new ATH is set, but some consolidation could be speed-breaker on the way.
The move from Bitcoin to $ 55.3,000 filled the market with euphoria and partially overshadowed Ethereum’s 5% gains in two days. As the top altcoin moved more slowly north, the anticipation for a slow and steady rally across the market increased.
Ethereum was trading at $ 3,540 at the time of writing, with a daily gain of 1.23% versus a BTC gain of 5.73%. However, there were signs that history was repeating itself. Ergo, it seemed likely that the price of ETH would skyrocket on the charts.
Ethereum fractal could boost prices
Fractals are indicators that are useful for identifying turning points in the market. They are often used to determine the direction in which the price will go. Interestingly, Ethereum saw a fractal indicator in 2017 that contained four technical patterns that drove the price of ETH up 7,000%.
Pseudonymous analyst Jaydee_757 first spotted the Etherum fractal and highlighted that the same bullish indicators will flash again in 2021.
In 2017, a bullish hammer price structure pushed the monthly RSI of ETH into an extremely overbought zone of over 94. This triggered a short-term sideways consolidation, lowered the RSI value and in turn led to a correction of the stochastic RSI.
Trade view | Source: jaydee_757
However, towards the end of 2017, the stochastic RSI crossed over and turned bullish, with its blue line crossing over the saffron line. This crossover between the% K and% D lines reinforced the bullish continuation of the old and gave way to 5x gains.
By January 2018, the value of the altcoin had risen another 500%, closing above $ 1,200. The same coincided with the RSI, which formed a double top.
Notably, Ethereum appeared to reflect the same movements from the 2017 fractal as it entered the fourth quarter of 2021. An uncanny similarity can be seen in the RSI structures of 2017 and 2021, as both experienced a double peak and were oversold on the monthly chart.
After the bullish hammer, the ETH price rose 70 times in just six months. Long-term, the Alt rose 3,400% to hit $ 4,300 16 months after seeing a bullish RSI stochastic crossover.
This is what the metrics tell us
Ethereum’s NVT ratio reached its highest value since February 2020 on October 4, 2020. Such high NVT values indicate the fact that the network value has overtaken the value transmitted on the network.
While this often implies a price bubble, in the case of ETH this can represent legitimate periods of growth.
Now the low number of active addresses was a worrying value for the ETH network. However, a minor rebound seemed like a good sign at the time of writing.
All in all, the cards for Ethereum are set for a rally, especially if the fractal plays out well and as expected.
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