Connect with us

Economy

An analyst who has achieved high Bitcoin performance notes that Bitcoin could drop 10% and pave the way for altcoins, with a focus on gaming coins and the metaverse.

Published

on

An analyst who has achieved high Bitcoin performance notes that Bitcoin could drop 10% and pave the way for altcoins, with a focus on gaming coins and the metaverse.

After rehearsing for another recovery to $ 60,000, the price of Bitcoin (BTC) did not find support and fell again by more than 8% taking the cost of the main cryptocurrency market for less than $ 54,000.

Analysts point out that the drop was caused primarily by the discovery of a new variant of the potentially vaccine-resistant coronavirus, and indicate that the fix will be function as a rest for the bulls, which must come back refreshed to push BTC to new highs.

Martha Reyes, Head of Research at BEQUANT, noted that the market decline was already expected, stressing that the low liquidity observed recently in the market, together with The maturity dates of the $ 3 billion BTC options were the peak issue adding about $ 58,000 to volatility.

Reyes, however, points out that traders need to keep an eye on the $ 53,000 level in the short term. which acts as fundamental support since that is where the base of short-term costs is.

Yes Ruud Feltkamp, ​​CEO yes Cryptohopper, indicates that the fall was no different from what happened countless times, and that nothing can go up without stopping. So the recent low rather than a change in direction, it was a confirmation of a new high.

“On the other hand, inflation is skyrocketing and people are looking for alternatives to their money in the bank. I don’t think it will be long before investors see this “cheap” buying time. We are still in the middle of a bullish cycle and I think that rising inflation will lead to more money going to stocks and cryptocurrencies, ”he said.

Bitcoin is losing market dominance

However, for the analyst team at Transfero which even in June indicated that the price of BTC was about to hit an all-time high above $ 65,000, which actually happened in October, highlighting that Bitcoin is losing its dominance in the market and thus altcoins stand out.

See also  Interest will rise. The increase in the monthly fee could be 100 euros - Obozrevatel

According to Transfero, the Bitcoin adjustment shows that the main cryptocurrency on the market may be losing momentum. According to the company’s analysis, the support of $ 57,200 was broken, but without volume, which meant that in the seven days ending November 25, when the valuation was made, the price remained above this level again. …

“This is a good sign as it shows that the trading volume in this range was large and the bulls were ahead of the bearish ones,” analysts say.

According to the Transfero team of specialists, one can see that the market is in a lateralization zone, in which prices range from 55.2 thousand to 60.1 thousand US dollars.

“It is possible that BTC will move in this range in the coming days as the movement of altcoins gains momentum. It is even possible that a breakout of this range may occur, as a result of which the price will reach the support of $ 51,200, ”analysts say.

The company also emphasizes that it is important to note that the Fear & Greed Index was down 22 points from the previous week, reaching 32 points. These investor concerns have opened up new buying opportunities, according to Transfero.

Bitcoin horses, altcoins sobem

In addition, analysts at the company note that as the dominance of bitcoin has declined significantly, this indicates an increase in the altcoin market, especially gamecoins, cryptocurrencies associated with games for money, and cryptoassets associated with the metaverse.

Highlights included currencies in the ‘gaming’ category such as the GALA, which has risen more than 200% in the last seven days (considering the period from 18 to 25 November), and the metaverse app, as was the case with MANA (Decentraland), which grew by more than 40% over the same period, ”he notes.

Also, according to Transfero, one of the most promising games of the next few years, Star Atlas, follows the “play to make money” model on Solana’s blockchain, promising to revolutionize the sector with stunning graphics. Game objects are NFTs that can be traded through a token. ATLAS

See also  Tesla Shares Slip Into Correction After Disclosure Of Another Major Seller

The company indicates that the token POLICE will also be part of this ecosystem and token holders will have a say in game development discussions.

“It is worth noting that between November 18th and 25th, the token reached its all-time high in market capitalization, exceeding $ 425 million, with an increase of more than 50%,” he concludes.

READ MORE

Direct links to OKEx in articles, blogs and videos, or advertise on your website. The best affiliate program is on OKEx with a commission of 60%, the highest on the market.

Get your link now on OKEx!

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Economy

ERSE bans the cost of the Iberian contract mechanism from being included in electricity bills until April 26 – ECO

Published

on

ERSE bans the cost of the Iberian contract mechanism from being included in electricity bills until April 26 - ECO





ERSE bans the cost of the Iberian contract mechanism from being included in electricity bills until April 26 – ECO































Your browser is out of date!

Please upgrade your browser to better view this site. Update your browser now

×

See also  Mercedes-Benz: new "ultra-efficient" electric car will have an autonomy of more than 1000 km
Continue Reading

Economy

Kazakhstan is preparing to supply oil to Azerbaijan instead of Russia – Oil

Published

on

Kazakhstan is preparing to supply oil to Azerbaijan instead of Russia - Oil

In the international oil market, a new adjustment of black gold routes may occur. Kazakhstan is preparing to export its oil via Azerbaijan’s largest oil pipeline to circumvent Russia’s threat to close the Black Sea port of Novorossiysk.

After a Russian court threatened to cut off an oil route through which Kazakhstan exports black gold to the world, Astana is preparing to ship its oil from Azerbaijan’s largest oil pipeline as early as September, sources close to the case say, citing Reuters.

For about two decades, Kazakh oil, which accounts for 1% of the world’s oil reserves, was transported through the CPC (Caspian Pipeline Consortium) pipeline, which was sent to the Russian port of Novorossiysk on the Black Sea, from where the oil was shipped. the rest of the world.

However, in July a Russian court threatened to shut down the CPC pipeline to Kazakhstan, prompting the Astana government and foreign companies operating in the country’s oil sector to reach out to other possible partners to ensure that if Russia ceases to act as a bridge between Kazakhstan’s oil and the world There may be other transportation options.

Thus, one of the sources assured Reuters that the Kazakh oil company Kazmunaigas (KMG) is negotiating with the Azerbaijani side to export 1.5 million tons of oil per year through the Azerbaijani pipeline, which transports raw materials to the port of Ceyhan. , Turkey. The contract is to be signed in August, and oil on this route is to start in September.

See also  Galp, Prio, Efacec and 48 other consortiums. Look at the companies selected in the mobilization programs – ECO

However, these agreements may not be enough to ensure that the world receives the same number of barrels of oil from Kazakhstan as before Russia’s possible production cuts.

According to the British agency, this partnership will bring 30,000 barrels of oil per day to countries buying Kazakh oil, which is very small compared to the 1.4 million barrels per day currently transported by CPC.

In addition, two other sources report that Astana is in talks to have another 3.5 million tons of crude oil annually exported via another pipeline to the port of Supsa in the Black Sea region from Georgia starting next year. In a Reuters report, KMG representatives declined to comment on the issue.

Kazakhstan can make a difference in the uncertain future

By seeking to sign these agreements, Kazakhstan can not only ensure its own economic viability, but also ensure that the imbalance between supply and demand for oil on the international market does not worsen.

Oil consumption is expected to rise to 2.1 million barrels a day this year, up 300,000 barrels from the previous forecast, according to International Energy Agency data released this Thursday.

Continue Reading

Economy

Caixa Geral de Depósitos may close 23 branches this month – Executive Digest

Published

on

The union of workers of the CGD group companies, STEC, has published information received from the administration of Caixa Geral de Depósitos (CGD), announcing that the bank intends to further cut costs and close 23 more branches during August, with more frequency in the Lisbon and Porto areas .

The union warns that with this closure there will be an “inevitable congestion” of other branches in these areas, pointing out that even now they are having difficulty responding to services and recalling that from 2012 to 2022 they left CGD more than 3,300 workers and 300 branches were closed in Portugal.

STEC points to the government’s statement that it “cannot abdicate its responsibility for territorial integrity” and that “it is essential that the state defines the strategic direction that the bank must take, namely its responsibilities in terms of the public interest “. … and the needs of the population, guaranteeing them a service of proximity and quality.”

See also  AMC breaks over 120% of records. He raised more money and shareholders and will offer popcorn - Bolsa
Continue Reading

Trending