Algorand (ALGO) Gains 40% in Last Month – Silvio Micali Named Crypto Character to Watch


• Algorand (ALGO) has seen significant gains in recent weeks, trading up 2% in the last 24 hours.
• Silvio Micali, founder of Algorand, is listed as one of the “2023’s crypto characters to watch” for his involvement with zero-knowledge proofs (zk Proof).
• Micali believes that only blockchains capable of processing fast transactions will remain and see high levels of adoption.

Algorand (ALGO) Price Surge

Algorand (ALGO) has been on an upward trend since late 2022, currently trading at $0.24 with a 2% loss in the last 24 hours. In the previous seven days, ALGO saw a 3% decline while recording a 40% profit in the last month – indicating positive price action on its daily chart.

Silvio Micali: Crypto Character To Watch

According to a report, Algorand founder Silvio Micali is one of the top “2023’s crypto characters to watch.” He is a computer scientist and investor of zero-knowledge proofs (zk Proof), which is broadly accepted in blockchain space and used for privacy settings. Micali has been part of the faculty at MIT since 1983 and is also co-inventor of probabilistic encryption. He has received many accolades such as Turing Award and Gödel Prize, among others.

Adoption Of Blockchains

Micali believes that only those blockchains capable of processing fast transactions will remain and see high levels of adoption when traditional finance starts getting on board with blockchain technology. Therefore, he sees this as being key for Algorand’s long term value proposition: “When traditional finance starts getting on the blockchain, you’re going to see the blockchains that are really used in a massive and transactional way are going to accelerate”.

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Conclusion

Overall it appears that Algorand (ALGO) could be headed for further gains due to its current bullish momentum combined with Silvio Micali’s reputation within the crypto space as one of “2023’s crypto characters to watch”. With increasing adoption from traditional finance players expected soon via blockchain technology – ALGO looks set to benefit greatly from this development too!

Polkadot (DOT) Price Falls 3%: Buyers Lose Strength, Can It Bounce Back?


• Polkadot’s (DOT) price has been falling in recent days due to the fall in Bitcoin’s price.
• Over the last 24 hours, DOT lost 3% of its market value and over the last week it has lost close to 6%.
• The demand for DOT is decreasing and if it falls below its support level of $6.20, it could reach $5.70.

Polkadot (DOT) Price Decline

The Polkadot (DOT) price started to note a fall on its daily chart after Bitcoin could not stay above the $24,000 price. Other significant altcoins followed suit with Bitcoin’s descent on its chart. Over the last 24 hours, DOT lost 3% of its market value and in the last week, the altcoin lost close to 6%.

Declining Demand

The technical outlook also started to portray how the bulls were losing strength on the daily chart. Demand for the altcoin noted a downtick, which is why even accumulation fell on the chart. With a fall in demand, DOT is headed toward its nearest support level, and a continued reduction in buying strength will push Polkadot below its support line.

Technical Analysis

The market capitalization of DOT noted a decline, which meant that sellers had started to resurface in the market. At time of writing, Polkadot was exchanging hands at $6.28 with an immediate support level at $6.20; breaching this level will bring Polkadot to $5.70 as its nearest support line while overhead resistance stood at $6.60 with potential upside towards revisiting mark of $7 if broken past this level . The Relative Strength Index was below 60 but displayed an increase in buying strength so buyers still had power over sellers in terms of trading activities .

Positive Outlook For Altcoin

If demand in broader market improves with BTC appreciating and moving above key mark , then demand for other altcoins including DOT will increase on chart . This could lead to positive outlook for coin’s price movement , leading it up towards new highs or consolidations around current levels .

Conclusion

Polkadot has been going through a period of correction recently due mainly due to decrease demand from traders . In order for coin’s performance improvement , it must break past overhead resistance levels along with improving sentiment from wider crypto markets . If these conditions are met , then we can expect positive outlook for dot’s future performance

Bitcoin Bull Run Ahead? CryptoQuant’s On-Chain PnL Index Points to Yes!


• The CryptoQuant on-chain PnL index recently crossed its 365-day MA, which is historically a sign of an early bull market.
• The index combines three different indicators: the MVRV ratio, the NUPL, and the SOPR.
• These metrics indicate whether the Bitcoin market is currently being driven by buying or selling motives, whether the average holder is selling at a profit or a loss, and whether the crypto is overvalued or undervalued.

CryptoQuant’s Bitcoin on-chain PnL index is indicating a strong buy signal for BTC right now, as it recently crossed above its 365-day MA. This signals a potential early bull market, as such a crossover has historically been a reliable indicator of a bullish trend.

The PnL index is a metric that combines three indicators into one. The first is the MVRV ratio, which compares the cryptocurrency’s market cap with a fair value model called the “realized cap”. This helps determine whether BTC is currently overvalued or undervalued. The second indicator is the NUPL, which measures whether the Bitcoin market is carrying an unrealized profit or loss. This provides an insight into the buying and selling motives of investors. Finally, there is the Spent Output Profit Ratio (SOPR), which examines whether the average holder is selling at a profit or a loss. There are two versions of this metric; one for short-term holders (STHs), and one for long-term holders (LTHs).

When taken together, these three metrics can provide an indication of the current market dynamics and whether a bull run is on the horizon. With the PnL index crossing its 365-day MA, investors and traders are advised to take note and closely monitor the market for further bullish signals.

Unlock Scalability and Security with ZKSync’s New Swift SDK


• ZKSync has released a new Software Development Kit (SDK) in Swift.
• This SDK supports platforms like iOS and macOS and allows developers to build solutions to address multiple problems.
• ZKSync also supports other popular programming languages like Python, Java, Android, Rust, and Dart.

The Ethereum layer-2 platform ZKSync has released a new Software Development Kit (SDK) in Swift, allowing developers to build solutions to address multiple problems. This new SDK supports multiple platforms, including iOS and macOS, and makes it easier for creators to integrate into existing services.

The Swift SDK is the latest addition to the list of programming languages that ZKSync supports. Other popular programming languages supported by the layer-2 platform include Python, Java, Android, Rust, and Dart. The Dart SDK is currently in Alpha and is open-sourced. ZKSync plans to add more SDKs in other programming languages to cater to the growing developer community.

SDKs play an important role in making development simpler, faster, and standardized. They often include necessary documentation, code samples, libraries, APIs, and more. With the advent of Swift SDK, developers can leverage the features of ZKSync 2.0 to create applications with increased scalability, security, and privacy.

The new SDK also allows developers to store data in a cloud storage system, which is scalable and designed to store unstructured data that can grow limitlessly. This helps developers build applications with increased user experience and convenience.

The release of the new SDK is a major step towards making ZKSync more accessible to developers and decentralized applications (dApps). The developers can now leverage the features of ZKSync 2.0 to create secure and privacy-oriented solutions. With the help of Swift SDK, developers can easily integrate into existing services and build applications with better scalability.

GALA Token Sees 194% Rally as On-Chain Activity and Whale Activity Spike


• GALA, the native token of the non-fungible token (NFT) gaming project, has recently seen significant bullish price action, recording a 194% rally since late December 2022.
• Data from analytics firm Santiment indicates that GALA was able to trend to the upside due to a spike in on-chain activity and whale activity.
• The last time GALA saw its current levels was in Q4, 2022, when it crashed behind a market-wide downtrend.

The non-fungible token (NFT) gaming project GALA has been experiencing a bullish price action over the past few weeks. According to data from analytics firm Santiment, the native token of the project has seen an impressive 194% rally since late December 2022. This rally has pushed the token past its previous resistance at $0.048, something that hasn’t been achieved since mid-September.

The spike in GALA’s price is attributed to an increase in on-chain activity and whale activity. The spike in activity preceded the rally, suggesting that further appreciation is possible. Furthermore, Santiment noted that the token is up for the first time since Q4, 2022, when it crashed behind a market-wide downtrend.

The bullish price action of GALA has been an outlier in the larger cryptocurrency market, with other digital assets barely catching up. This has led to speculation that the rally may be sustainable, although it is unclear whether or not GALA will be able to hold its current levels.

Overall, GALA’s price action is an encouraging sign for the NFT gaming sector. The token’s strong fundamentals have been supported by an increase in on-chain activity and whale activity, allowing it to break out of its previous resistance. As the sector continues to grow, it is likely that GALA will continue to experience bullish price action.

Bitcoin Consolidates at $16K, Selling Pressure Mounts


• Bitcoin has been oscillating between $16,400 and $18,000 for the past few weeks, with the closest support level at $16,000.
• Over the last 24 hours, Bitcoin has lost 1% of its value, indicating a consolidated price action.
• If the selling pressure keeps mounting, BTC will soon lose its crucial price level of $16,000.

Bitcoin has been facing a difficult year, with the leading cryptocurrency losing a significant portion of its market value since its all-time high in 2021. Over the last 24 hours, Bitcoin lost 1% of its value, which points towards consolidated price action. BTC has not made much progress over the past week either, as the coin only lost 1.6% of its market value.

For multiple weeks, the coin has been oscillating between $16,400 and $18,000, with the closest support line for the coin standing at $16,000. This indicates that the price of Bitcoin has remained undecided for quite some time now, leading to sellers flooding the market, indicating that the coin is headed toward another round of depreciation. The trading volume of Bitcoin has also declined considerably, further reinforcing that bears were in charge of the asset’s price.

If the selling pressure keeps mounting, BTC will soon lose its crucial price level of $16,000. Currently, BTC is down 76% from its all-time high, secured in 2021. On the one-day chart, Bitcoin was priced at $16,550 at the time of writing, and was trading close to its immediate support level of $16,000.

The technical outlook for Bitcoin depicts mundane price action due to a decline in the buying strength on the one-day chart. Overhead resistance for Bitcoin is at $16,900; clearing this could help the crypto reach $17,400 and eventually attempt to breach $18,000. With the entire cryptocurrency market in a state of flux, investors should remain cautious and bear in mind that the prices can shift unexpectedly.

Polygon (MATIC) Price Tumbles, Drops 6% in Last Week


• The Polygon (MATIC) price has been on a downward spiral for the last couple of weeks, losing 4% of its value in the last 24 hours and 6% in the last week.
• MATIC has touched the $1.20 price mark and has since registered a freefall in its value.
• The altcoin has breached several important price floors, with the most important being the current $0.74 support line.

The Polygon (MATIC) price has been on a sharp decline in recent weeks, as the altcoin has lost a significant amount of value over the last 24 hours. Over the last 24 hours, MATIC has dropped 4%, while in the last week alone it has lost 6%. The altcoin had previously touched the $1.20 price mark in November, but since then has seen a drastic decrease in its value.

The technical outlook on the coin’s daily chart is bleak, as buyers appear to be nowhere to be found. For MATIC to remain above its current support level, the buying strength of the altcoin needs to increase drastically. Over the past month, the coin has breached numerous key price floors, which has only pushed it further downwards on its chart. The most important price floor currently stands at $0.74, and should this support line be lost, the coin could potentially register a 14% drop in its value.

The market capitalization of MATIC has also been steadily decreasing over the past few weeks, which serves as an indication of the bearishness of the coin. The altcoin is currently trading 74% below its all-time high from one year ago. This has not been a good start to the year for the coin, and it remains to be seen whether it can make a comeback in the near future.

Public Crypto Companies Take a Beating in 2022, Underperforming Bitcoin


• Most public crypto companies have underperformed Bitcoin this year, with mining firms taking an especially hard hit.
• Microstrategy’s stock value decreased by 74%, while Coinbase’s market cap went down by 87%. Core Scientific recorded a drawdown of 99%.
• The main reason for the poor performance of the mining firms is a decrease in the price of Bitcoin and increasing difficulty of mining.

The year 2022 was a challenging one for the public companies in the crypto sector. According to the year-end report from Arcane Research, most of the big players in the market observed drawdowns in their valuations. Bitcoin, the leading cryptocurrency, performed poorly with a negative return of around 65%. However, the large public crypto firms had an even worse performance.

Microstrategy, a company whose stocks are mainly driven by exposure to Bitcoin through its large reserves, observed a year-to-date drawdown of 74%. Coinbase, a popular crypto exchange, saw its market cap reduced by 87%, which caused it to be valued lower than meme coin Dogecoin. Core Scientific, one of the biggest Bitcoin mining companies, had the worst performance, with a drawdown of 99%. This resulted in the firm filing for Chapter 11 bankruptcy earlier in the month. Other BTC miners also sustained major drawdowns this year, with most of them being 90% or more underwater for the period.

So what caused the mining firms to perform so poorly? The main reason can be attributed to a decrease in the price of Bitcoin and the increasing difficulty of mining. The slump in the price of Bitcoin over the past year has caused mining firms to experience a decrease in their profits. Additionally, the difficulty of mining has increased due to the increased competition in the sector. As a result, miners have had to invest more in new equipment in order to remain competitive, further increasing their operating costs.

All in all, 2022 was a difficult year for public companies in the crypto sector. With the price of Bitcoin and the difficulty of mining both increasing, miners found it difficult to stay profitable. The result was a deep red performance for most of the public companies in the digital asset sector.

Bitcoin Recovers in 2023 After Rocky 2022: Arcane Research


Bulletpoints:
• Historically, 2022 is the second-worst year for Bitcoin since 2011 with a 65% YTD performance.
• Macroeconomic conditions and crypto-specific leverage have fueled the crypto winter.
• Arcane Research predicts Bitcoin to trade in a mostly flat range in 2023, but to finish the year with a higher price than it did at the start.

The past year has been a difficult one for Bitcoin. Historically, 2022 could end up being the second-worst year for Bitcoin since 2011, with a year-to-date performance of -65%. This is only surpassed by 2018, when the price lost -73% in one year. In comparison, physical gold has significantly outperformed digital gold, with a YTD performance of -1%.

The decline in Bitcoin’s price can be attributed to two main factors. Firstly, tightening macroeconomic conditions have had an impact on the digital gold asset. Secondly, crypto-specific leverage and poor risk management by core market participants have contributed to the crypto winter.

According to Arcane Research, Bitcoin followed U.S. equities very closely due to its high correlation. However, there were two distinct events in 2022 that caused the price to deviate from the U.S. equities – the 3AC and Celsius incident in June and the FTX event in November. These two outliers are responsible for the entire underperformance of BTC vs. the U.S. equities.

Looking ahead to 2023, Arcane Research predicts that contagion effects will probably continue in the early part of the year. However, the firm expects the majority of the year to be less frantic and uneventful compared to the last three years. As such, Bitcoin is likely to trade in a mostly flat range in 2023, but to finish the year with a higher price than it did at the start.

Bitcoin Interexchange Flow Pulse: A Reliable Indicator for Predicting Market Shifts


• The Bitcoin Interexchange Flow Pulse is an indicator that measures the 1-year cumulative net flows between Coinbase and derivative exchanges.
• When the value of the metric rises, it means investors are transferring more coins from spot to derivative exchanges, indicating they are willing to take on more risk.
• A pattern has historically followed with the Bitcoin Interexchange Flow Pulse during bull-bear trends in the price of the crypto, where it has seen a constant climb and stayed above its 90-day moving average when the coin has observed a bullish period.

As Bitcoin continues to remain one of the most popular digital currencies in the world, investors are always looking for ways to identify trends and predict potential market shifts. One of the most reliable indicators of the cryptocurrency’s health is the Bitcoin Interexchange Flow Pulse.

The Bitcoin Interexchange Flow Pulse is an indicator that measures the 1-year cumulative net flows between Coinbase and derivative exchanges. The value of this metric is determined by the amount of coins that are being transferred from spot to derivatives exchanges. When the metric rises, it indicates that investors are willing to take on more risk, as they are transferring larger amounts of coins. On the other hand, low values suggest that not much capital is flowing into derivatives exchanges at the moment.

A pattern has historically followed with the Bitcoin Interexchange Flow Pulse during bull-bear trends in the price of the crypto. Whenever the coin has observed a bullish period, the indicator has seen a constant climb and has stayed above its 90-day moving average. This is due to the fact that investors are generally willing to take more risk during bull markets.

On-chain data shows that the Bitcoin Interexchange Flow Pulse is about to see a trend reversal. According to CryptoQuant’s on-chain year-end dashboard release, the trend shifts in this metric have historically occurred with phase changes in the market. This reversal could potentially mean a shift in the price of Bitcoin, and investors should be aware of this.

Overall, the Bitcoin Interexchange Flow Pulse is a valuable indicator for investors to consider when making decisions about the cryptocurrency’s performance. The metric’s ability to measure the 1-year cumulative net flows between Coinbase and derivative exchanges makes it a reliable tool for predicting potential market shifts. As the indicator is about to see a trend reversal, investors should be aware of the potential implications this could have on the price of Bitcoin.