Is the market still bullish?

The whole crypto market has been falling for a few days. The Bitcoin price is below the $ 50,000 mark with a target of around $ 34,773. But what does the complete crypto market look like? Will the Bitcoin course or other Altcoins perform better?

Total crypto market capitalization at a glance

The market capitalization has formed an ABC sequence. This had the initial target at +/- $ 2.091 trillion. The course then rose further than the target but was then corrected. We would have expected the price to react upwards sooner, but the price continued to decline until the next GoldenPocket.

Since the course has been corrected up to the drawn-in GoldenPocket, a new possible ABC sequence has been created. The sequence targets +/- $ 2.669 trillion and +/- $ 3.301B - $ 3.689B. Since the first target is +/- $ 2.669B, we would not completely ignore the target from the lean ABC sequence and assume another correction beforehand. Target from the minor, purple sequence, is $ 2,458B - $ 2,669B.

Will the Altcoins outperform Bitcoin in the crypto market?

If we look at the Bitcoin dominance, we can see that the Bitcoin dominance has been corrected up to the GoldenPocket and reacted bullishly there. Furthermore, the dominance is currently forming a doji in the weekly chart, which indicates a trend reversal. The altcoin dominance is also currently hitting a doji and also has a bearish divergence in the RSI. Thus we would expect the altcoin dominance to retest the former resistance at +/- 11.02%. Then the Bitcoin dominance would increase with the following goals: 58% and 60%. Since we assume that Bitcoin dominance will increase, Bitcoin could outperform other Altcoins.

Comments

From offchain to offchain: Statechains meets Lightning

Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin...

Phishing attack on popular crypto sites tries to empty wallets

Several major crypto sites such as Etherscan, CoinGecko, DeFi Pulse, and others report malicious pop-ups scammers use to try to trick users into connecting their MetaMask wallets. The phishing attack came from a domain displaying the Bored Ape Yacht Club (BAYC) logo. "We are investigating the root cause of this attack to fix the threat as soon as possible," CoinGecko founder Bobby Ong tweeted. The phishing attack appears to have been triggered by a malicious ad script from Coinzilla, a crypto ad network, according to CoinGecko. Etherscan also advises its users not to confirm any transactions that may appear on the website. The attackers attempted to use the hype around the “bored monkeys” non-fungible tokens (NFT) to gain access to the cryptocurrencies of unsuspecting website visitors. Although the websites affected by the scam attempt have reacted in the last few hours and deactivated the advertising pop-up, it is still recommended not to connect your MetaMask wallet to ne...

Bored Ape Yacht Club NFTs stolen through phishing on Instagram

Bored Ape Yacht Club ( BAYC ) developers announced on Monday that hackers have hijacked the official Instagram page of the popular NFT collection and posted links to a fake airdrop. Crypto enthusiasts who connected their MetaMask wallet to the rogue website subsequently had their Ape NFTs stolen. Apparently, the attack was planned to coincide with the one-year anniversary of the BAYC collection. This increased the "perceived credibility" of the phishing link. About 100 NFTs are said to have been stolen in the phishing attack . According to CoinGecko data , the minimum price for a BAYC NFT is 139 Ether ( ETH ) or $400,726. So if reports are correct, over $40 million worth of NFTs were stolen in the attack. These numbers are only the lowest estimate, however, as they are based on the lowest price. At the time of writing, it was still unclear how the hackers gained access to BAYC's official Instagram account. Social media users have pointed out the importance of two-fact...

Cryptostreet

Search This Blog