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Just because a coin is cheap to purchase, does not mean that it is a good investment. Let’s take CSHIBA for example. This cute new experiential meme token has a Total Supply of 100,000,000,000,000,000 but a market cap of only $776,257. The price of the 1 CSHIBA coin is only $0.0000000000182261. So you could say “this coin is cheap”? Well, let’s take a closer look.
The price when the coin was launched was around $0.00000000024415. Then the price quickly rose in a matter of hours 200$ to $0.00000000074257. The token’s value then dropped down to under $0.00000000001626. This shows the volatility of these new coins, especially those with a very large total supply.
Market Cap = Current Price x Circulating Supply.
Coin Market Cap is probably the most misunderstood and overlooked factor by noobs when jumping in to buy a cryptocurrency. Luckily it is relatively easy to learn about, thanks to the the priceless educational documentation on the Binance Academy website.
“Within the blockchain industry, the term market capitalization (or market cap) refers to a metric that measures the relative size of a cryptocurrency. It is calculated by multiplying the current market price of a particular coin or token with the total number of coins in circulation.“
academy.binance.com
Two important things to understand: 1. A high-volume and liquid market is harder for whales to manipulate, making the asset less volatile as it would take a large amount of orders to affect the price. 2. A low-volume market could be easily affected with only a relatively small amount of money, causing a significant impact on both the price and market cap.
What is circulating supply?
The term circulating supply refers to the number of cryptocurrency coins or tokens that are publicly available and circulating in the market. Circulating supply of a cryptocurrency can increase or decrease over time, as tokens are mined or burned.
The circulating supply of a cryptocurrency can be used for calculating its market capitalization, which is generated by multiplying the current market price with the number of coins in circulation. So if a certain cryptocurrency has a circulating supply of 100,000,000 coins, which are being traded at $5.00 each, the market cap would be equal to $5,000,000,000.
Bitcoin is the top large-cap coin with a market cap of over $940 trillion and a 24hr trading volume of over $90 trillion. Generally mid-cap cryptocurrencies have marketcaps between $1 billion and $10 billion. Any cryptocurrency with a market cap under $1 billion is considered low-cap. Generally these smaller coins are considered to have more untapped potential upside but also are much higher risk. Small-cap cryptocurrencies have a market cap of less than $1 billion and are most susceptible to dramatic swings based on market sentiment.
Shiba Inu coin is trading in an uptrend like many other altcoins. The Cryptocurrency SHIB just went up +700% in a week by breaking a Rising wedge pattern with strong buying volume and surges over +1600% in 30 days.
What is Shiba Inu?
Shiba Inu is an experiment in decentralized spontaneous community building. Nicknamed the Dogecoin Killer, SHIB is a ERC-20 only token which has been listed and incentivized on decentralized exchange ShibaSwap, Binance and Uniswap and some other crypto exchnages.
SHIB Price Analysis
At the time of writing, SHIB is ranked 19th cryptocurrency globally and the current price is $0.00003537 AUD. Let’s take a look at the chart below for price analysis.
Looking at the above chart, SHIB was trading sideways and broke out from the rising wedge pattern on the SHIB/USDT pair. The first resistance was on the $0.00001275 AUD price levels which SHIB broke with a strong bullish trend and buying volume. It is now heading towards the next resistance near all time high price levels. SHIB could continue the uptrend after getting listed on Binance exchange today with many other altcoins waking up bullish this week.
A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex. […] This pattern has a familiar look to a bear flag.
The SHIB TradingView indicators (on the 1-day window) mainly indicate SHIB as a strong buy, except the Oscillators which indicate SHIB as a buy.
Why did SHIB Breakout?
General market sentiment seems to suggest cryptos are in the middle of the bull run season, which could have contributed to the recent breakout. Another reason for this sudden pump in price could be whales secretly buying SHIB for the next Altcoins rally.
Finally, there is the possible impact of recent news of SHIB getting listed on Binance exchange.
Shiba Inu has a high liquidity on the Binance exchange so that would help for trading SHIB/USDT pair. However, if you’re just looking at buying and HODLing then Swyftx exchange is a popular choice in Australia.
Goldman’s cryptocurrency trading desk has been buying and selling Bitcoin (BTC) futures. The team has successfully traded two kinds of Bitcoin-linked derivatives.
According to the memo obtained by CNBC, it serves as the first acknowledgement the New-York based company has given that it is trading in crypto. As part of their initial launch, they successfully executed Bitcoin Non-Deliverable Forward (NDFs) and CME BTC future trades “on a principal basis, all cash settling.”
GOLDMAN SACHS UNVEILS NEW CRYPTOCURRENCY TRADING TEAM IN EMPLOYEE MEMO – CNBC
Earlier in March this year Morgan Stanley became the first big U.S. bank to offer its wealth management clients access to Bitcoin funds. Additionally, Citi also plans to launch crypto trading services after seeing surging interest from clients.
Goldman Sachs might have started crypto trading due to mainstream adoption and to probe the crypto economy should it hold promise for financial institutions. Also, considering the attention other institutions have given Bitcoin, they would have risked being left behind.
However, the firm clearly stated that they are not in a position to trade Bitcoin, or any cryptocurrency (including Ethereum) on a physical basis. Which is why they are traded through CME features.
Looking ahead, as we continue to broaden our market presence, albeit in a measured way, we are selectively onboarding new liquidity providers to help us in expanding our offering.
Goldman Sachs Memo
Goldman Sachs Active In The Crypto-Sphere
Goldman has been one of the very active traditional financial institutions in the crypto space recently.
— News World Express (@Newsworldexpres) May 8, 2021
In addition to the crypto desk, yesterday Goldman launched their Digital Assets dashboard which provides daily and intraday cryptocurrency market data and news to their clients. They’ve also made Bitcoin more accessible to Wall Street with the release of their derivatives.
In today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.
1. Chainlink (LINK)
The Chainlink Network is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors, and more. The company focuses on ensuring that decentralized participation is guaranteed for all node operators and users looking to contribute to the network.
LINK Price Analysis
At the time of writing, LINK is ranked 11th cryptocurrency globally and the current price is $63.86 AUD. Let’s take a look at the chart below for price analysis.
LINK price keeps going higher, with nearly 40% gains during the first week of May.
A consolidation near $62.35 could provide support as the price continues exploring new highs. However, a set of relatively equal lows near $61.25 AUD looks like a possible target for a stop run into support near $60.55 AUD.
A decidedly bearish shift in the market could reach support near $57.87 AUD, near May’s monthly open.
Almost no resistance seems to lie overhead, although low-timeframe traders might use the resistance below recent highs near $75.34 AUD as a first target. Beyond this level, extensions near $83.00 AUD, $95.12 AUD, and $112.23 AUD give possible higher-timeframe targets.
2. Filecoin (FIL)
Filecoin aims to store data in a decentralized manner. Unlike centralised cloud-storage companies like Amazon Web Services or Cloudflare, Filecoin leverages its decentralized nature to protect the integrity of a data’s location, making it easily retrievable and harder to censor. Decentralised storage systems like Filecoin try to allow people to be their own custodians of their data, as well as make the web more accessible to people worldwide.
FIL Price Analysis
At the time of writing, FIL is ranked 21st cryptocurrency globally and the current price is $180.65 AUD. Let’s take a look at the chart below for price analysis.
FIL retraced 45% during April before finding support near $165.25 AUD. The following bounce encountered resistance at the daily gap near $192.46 AUD.
Bulls might wait for a sweep of the local lows into support near $158.41 AUD before stepping in. A move to this level could reach into the higher timeframe gap down to $135.20 AUD.
In possibly the most bearish scenario, a significant turn in the market could push the price down to the consolidation near $105.45 AUD.
The local resistance near $206.46 AUD and the relatively equal swing highs looks like a first target. Just above, layered resistance near $223.48 AUD and $243.86 AUD could slow bulls down as they push the price towards a significant swing high at $295.20 AUD.
3. Venus (XVS)
Venus is an algorithmic money market and synthetic stablecoin protocol launched exclusively on Binance Smart Chain (BSC). The protocol introduces simple-to-use crypto-asset lending and borrowing solution to the decentralized finance (DeFi) ecosystem, enabling users to directly borrow against collateral at high speed while losing less to transaction fees. In addition, Venus allows users to mint VAI stablecoins on-demand within seconds by posting at least 200% collateral to the Venus smart contract.
XVS Price Analysis
At the time of writing, XVS is ranked 89th cryptocurrency globally and the current price is $176.43 AUD. Let’s take a look at the chart below for price analysis.
XVS bulls have enjoyed over 200% returns since the April lows, with little resistance above to end the current price discovery.
The price may find support near $155.22 AUD. Still, aggressive bulls should be wary of a potential stop run under the monthly open into support near $132.46 AUD. The area around $105.30 AUD should provide strong support if the price reaches this low.
The air above the current price is thin, but the level near $180.86 AUD could potentially provide some resistance in the short term. Extensions reaching near $225.10 AUD and $286.50 AUD look like take-profit zones if the bullish trend continues.
Where to Buy or Trade Altcoins?
These 3 Altcoins have the highest liquidity on Binance Exchange so that could help for trading on USDT or BTC pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.
Bitcoin Gold (BTG) is trading in an uptrend here like many other altcoins. The Cryptocurrency BTG just went up +73% in a week by breaking a Rising wedge pattern with strong buying volume and surges over +200% in 30 days.
What is Bitcoin Gold?
Bitcoin Gold was founded in 2017 to become a user-friendly alternative to Bitcoin. The BTG network aims to combine the security and sturdiness of the Bitcoin blockchain and its characteristics with the opportunity for experimentation and development.
BTG enhances and extends the crypto space with a blockchain closely compatible with Bitcoin but without using resources like Bitcoin hash power or vying for the “real Bitcoin” title. The company aims to present a coin with the implementation capabilities of Bitcoin, however, expanding on the opportunities for DeFi and DApp developers to use the coin.
BTG Price Analysis
At the time of writing, BTG is ranked 54th cryptocurrency globally and the current price is $200.21 AUD. This is a +73% increase since 30th April 2021 (7 days ago) as shown in the chart below.
After looking at the above 4-hour candle chart, we can clearly see that BTG was trading sideways and broke out from the rising wedge pattern on the BTG/USDT pair. The first resistance was on the $95 AUD price levels which BTG broke with a strong bullish trend & buying volume and is now heading towards the next resistance. BTG could continue the uptrend as many other altcoins are waking up bullish this week.
“A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex. […] This pattern has a familiar look to a bear flag.” – Larry Swing on Investopedia [source]
What do the Technical Indicators say?
The BTG TradingView indicators (on the 1-day window) mainly indicate BTG as a strong buy, except the Oscillators which indicate BTG as a buy.
Why did BTG Breakout?
General market sentiment seems to suggest cryptos are in the middle of the bull run season, which could have contributed to the recent breakout. Another reason for this sudden pump in price could be whales secretly buying BTG for the next Altcoins rally. It could also have contributed to some of the recent news of Binance added BTG/USDT and BTG/BUSD trading pairs.
On 4/15, Binance added BTG/USDT and BTG/BUSD markets.
Another reason for the price movement in BTG could be its ticker’s similarity with a new Bitcoin fund from Brazillian investment bank BTG Pactual, which is teaming up with the Winklevoss brothers’ Gemini exchange,
We're so early that people buy #Bitcoin Gold BTG, because there is a new fund called BTG Pactual 😉👇😱 No, it's not a cheaper Bitcoin! pic.twitter.com/CEdaCLVruE
Bitcoin Gold has the highest liquidity on the Binance exchange so that would help for trading BTG/BTC or BTG/USDT pairs. However, if you’re just looking at buying some quick and HODLing then Swyftx exchange is a popular choice in Australia.
BakeryToken (BAKE) is trading in an uptrend, like many other altcoins. This cryptocurrency just went up +500% in a week by breaking a rising wedge pattern with strong buying volume and surges over +700% in a month.
What is BakeryToken?
BakeryToken is a part of the BakerySwap ecosystem. Liquidity providers are rewarded with BAKE tokens which can be used to earn a share of BakerySwap’s trading fees and to participate in voting as part of BakerySwap’s governance process.
BAKE Price Analysis
At the time of writing, BAKE is ranked 85th cryptocurrency globally and the current price is $9.58 AUD. This is a +532% increase since 27nd April 2021 (7 days ago) as shown in the chart below.
After looking at the above 1-day candle chart, we can clearly see that BAKE was trading sideways and brokeout from the rising wedge pattern on the BAKE/BUSD pair. The first resistance was on the $3.65 AUD price levels which BAKE broke with a strong bullish trend buying volume, and is now heading towards the next resistance. BAKE could continue the uptrend as many other altcoins are waking up bullish today.
A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex. […] This pattern has a familiar look to a bear flag.
The BAKE TradingView indicators (on the 1 day window) mainly indicate BAKE as a buy, except the Oscillators which indicate BAKE as a sell.
Why did BAKE Breakout?
General market sentiment seems to suggest cryptos are in the middle of the bull run season, which could have contributed to the recent breakout. Another reason for this sudden pump in price could be whales secretly buying BAKE for the next Altcoins rally. It could also have contributed to some of the recent news of BakeryToken invited to participate in Binance NFT Tuesdays!
In today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.
1. Genesis Vision (GVT)
Genesis Vision (GVT) is the platform for the private trust management market, built on Blockchain technology and Smart Contracts. Genesis Vision intends to create a service via which managers, brokers, traders, exchanges, and other financial instruments can access a diverse range of assets via one interface.
GVT Price Analysis
At the time of writing, GVT is ranked 585th cryptocurrency globally and the current price is $15.24 AUD. Let’s take a look at the chart below for price analysis.
GVT’s 71% decline during April created relatively equal lows near $6.98 AUD before bouncing over the local range’s midpoint near $11.60 AUD. A bullish altcoin market could help GVT bulls regain a stronger bullish trend, especially with May’s upcoming events.
Aggressive bulls could look for entries in the daily gap starting near $12.75 AUD. The May monthly open aligns with more probable support near $11.30 AUD.
A stop run below the monthly open near $10.59 AUD might give a more favorable entry. A more substantial bearish move – perhaps from a sharp drop in Bitcoin’s price – could challenge support near $8.67 AUD, just above the equal lows.
Resistance rests just above, with the zone from $13.97 AUD to $16.24 AUD likely to provide a short-term ceiling. A breakthrough at this level might target resistance just under the cluster of relatively equal highs near $19.85 AUD.
Beyond these highs, resistance near $23.46 AUD provides a final challenge before attacking an old daily swing high near $28.15 AUD.
2. UniSwap (UNI)
Uniswap (UNI) is a popular decentralized trading protocol, known for its role in facilitating automated trading of decentralized finance (DeFi) tokens. Uniswap aims to keep token trading automated and completely open to anyone who holds tokens while improving the efficiency of trading versus that on traditional exchanges.
UNI Price Analysis
At the time of writing, UNI is ranked 9th cryptocurrency globally and the current price is $56.01 AUD. Let’s take a look at the chart below for price analysis.
UNI continues to set new all-time highs in its chaotic upwards trend.
Support might be found in the daily gap above the May monthly open near $48.50 AUD. A deeper retracement is likely to target the relatively equal lows into support near $39.70 AUD.
The daily gap near $37.80 AUD could also provide support. However, another gap inside the down candles, around $33.80 AUD, seems to provide the highest chances of solid support while offering a high risk-reward entry.
There is currently no resistance overhead since the price is in discovery. Extensions hint at the areas around $68.22 AUD and $75.24 AUD as possible take-profit zones.
3. Verge (XVG)
Verge (XVG) is a privacy-focused cryptocurrency and blockchain that seeks to offer a fast, efficient, decentralized payments network that improves upon the original Bitcoin (BTC) blockchain. It includes additional privacy features including integrating the anonymity network Tor into its wallet, called vergePay, and providing the option of sending transactions to stealth addresses.
XVG Price Analysis
At the time of writing, XVG is ranked 105th cryptocurrency globally and the current price is $0.0695 AUD. Let’s take a look at the chart below for price analysis.
XVG holders endured a wild April as the price rallied over 116% before running the month’s lows. This stop run could set the stage for another rally. However, the recent volatility means bulls should be extra cautious with stop placement.
Bulls might find support around the current price near $0.0582 AUD. The next possible support rests near $0.0493 AUD, below the last two swing lows. A move this deep could sweep April’s low into an area near $0.0448 AUD.
The price is currently struggling with resistance near $0.0682 AUD at the May monthly open. A strong move into this resistance could target the swing high near $0.0793 AUD.
Above this swing high, April’s monthly high at $0.0881 AUD seems the next target, which also marks another wide resistance zone. Volatility inside this resistance could tag an old monthly high at $0.0972 AUD.
Where to Buy or Trade Altcoins?
These 3 Altcoins have the highest liquidity on Binance Exchange so that could help for trading on USDT or BTC pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.
Stock and Crypto Market Values https://unsplash.com/photos/fiXLQXAhCfk
Among many Twitter threads of investors showing their recent gains on the crypto market, a cautionary tale has recently stood out.
Although the growth of various cryptocurrencies since late 2020 has given many traders an unforeseen boost, a Twitter user has come forward to explain how unfortunate trades cost him no less than $185k.
A thread on how I went from $185K to $0 in exactly 3 weeks.
For rgr_park (the Twitter user behind the tragic story), things seemed to go pretty well at the beginning of April 2020, “holding top projects with solid fundamentals” and reporting a crypto portfolio worth around $185k.
The desire for quick profits then led to different decisions.
Then $btc started dumping but I was too busy overtrading on @Uniswap, buying tops and selling bottoms. By April 20th, I had lost over 50% overtrading shitcoins. pic.twitter.com/14TTuVacug
Not taking profits and risking even more brought the story to its end.
I felt good about holding $micro and went into work. After a few hours, I decides to check @DEXToolsApp and saw the massive drop. Checked twitter and confirmed rug. Was able to salvage .8eth as liquidity was luckily locked. Moral of the story: Don't be a dumbass.
Stories like this are a reminder of the risks involved in trading cryptocurrencies and their volatility, like recently demonstrated by DOGE and SAFEMOON dropping by 50% or TurtleDex pulling a $2.5 million exit scam.
Polygon (MATIC) is trading in an uptrend, like many other altcoins. The cryptocurrency MATIC just went up +40% in a single day by breaking a rising wedge pattern with strong buying volume and surges over +132.23% in a week.
What is MATIC?
Polygon (previously Matic Network) is one of the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications.
Polygon effectively transforms Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). This multi-chain system is akin to other ones such as Polkadot, Cosmos, Avalanche, etc. with the advantages of Ethereum’s security, vibrant ecosystem, and openness.
MATIC Price Analysis
At the time of writing, MATIC is ranked 35th cryptocurrency globally and the current price is $1.11 AUD. This is a +132.23% increase since 22nd April 2021 (7 days ago) as shown in the chart below.
After looking at the above 1-day candle chart, we can clearly see that Matic was trading inside the rising wedge pattern on the MATIC/USDT pair. The first resistance was on the $0.56 AUD price levels which MATIC broke with a strong bullish trend buying volume and is now heading towards the all-time high price in AUD. Seeing that many altcoins are holding strong this week, MATIC might continue to increase in the uptrend if the traders keep buying with high volume.
A rising wedge is a technical indicator, suggesting a reversal pattern frequently seen in bear markets. This pattern shows up in charts when the price moves upward with pivot highs and lows converging toward a single point known as the apex.
A week ago, the MATIC/USDT price challenged the strength of $0.61 AUD level, where buyers showed that they were still in the game and abruptly bought back the price, having already made 2x. That seems to suggest a chance that in the near future the price of MATIC/USD might reach the level of $1.30 AUD, and possibly even a round mark of $1.50 AUD.
What do the Technical indicators say?
The Matic TradingView indicators (on the 1 day) mainly indicate MATIC as a strong buy, except the Oscillators which indicate MATIC as a neutral.
So Why did Matic Breakout?
General market sentiment seems to suggest cryptos are in the middle of the bull run season, which could have contributed to the recent breakout. Another reason for this sudden pump in price could be whales secretly buying MATIC for the next Altcoins rally. It could also have contributed to some of the recent news to earn staking rewards while participating in DeFi with StakeHound.
Delighted to share that you can earn staking rewards while participating in DeFi with @stakedTokens.
— Polygon (previously Matic) (@0xPolygon) April 28, 2021
Record activity on Ethereum has led to network congestion and high transaction costs this year. The dynamic in turn has driven an increase in demand for alternative “smart-contact” blockchain networks, such as Binance Smart Chain (BSC), along with scaling projects like Polygon that provide faster and cheaper transactions using layer 2 sidechains. These are tangential networks running alongside the main Ethereum blockchain.
In recent weeks, Polygon has won increasing adoption, with top names from the world of decentralized finance (DeFi) announcing integration with the layer 2 scaling solution in a bid to bypass congestion and high fees on Ethereum’s network.
Where to Buy or Trade Matic?
MATIC has the highest liquidity on the Binance exchange so that would help for trading MATIC/BTC or MATIC/USDT pairs. However, if you’re just looking at buying some quick and HODLing then Swyftx exchange is a popular choice in Australia.
