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  • How Cosmos Could Outgrow Ethereum, Making The Case

    How Cosmos Could Outgrow Ethereum, Making The Case

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    In a couple of months, Ethereum should fully deploy its Proof-of-Stake (PoS) capabilities with “The Merge”. The network continues to dominate the decentralized finance (DeFi) and non-fungible token (NFT) sector, some of the most important innovative trends in the crypto industry.

    Related Reading | The Last Time This Bitcoin Indicator Turned Bullish It Saw a 65% Hike, Will It Happen Again?

    At the time of writing, Ethereum trades at $3,200 with a 6% loss in the last 24-hours.

    Ethereum ETH ETHUSD
    ETH with moderate losses on the 4-hour chart. Source: ETHUSD Tradingview

    ETH’s spot as the blockchain holding popular sector continues to be put into questioning as the “Ethereum Killers” gain market share. Cosmos and its ecosystem have been attracting attention as Terra and Osmosis become more popular.

    Recent data posted by monitor Token Terminal suggest Ethereum’s daily protocol revenue has been migrating towards Terra (LUNA) and Avalanche (AVAX). As seen below, this metric saw an increment back in October 2021.

    ETH’s daily protocol revenue peaked in November that year and began a downside trend from around $80 million to below $20 million. Token Terminal noted the following on this trend and the impact of the upcoming “Merge” on stopping it:

    And the past 90 days the rate of change in revenues is also slowing. AVAX, Luna and some other protocols are taking market share! The merger may flip this trend.

    Ethereum ETH ETHUSD Cosmos
    Source: Token Terminal via Twitter

    In that sense, Token Terminal wonders if Cosmos could become the fastest growing blockchain and outperform Ethereum on these terms. In favor of this thesis, the monitor pointed out the explosion in the Cosmos ecosystem and the time it has taken for it to reach its current adoption levels. Token Terminal said:

    (…) what are the odds of Cosmos eventually outgrowing Ethereum? Just consider how long it has taken for L2s to go live versus the pace at which new IBC-enabled chains are going live.

    Ethereum To Keep Its Spot As King Of DeFi?

    Unlike Ethereum, the protocols build with Cosmos infrastructure (CosmosSDK) seem more flexible and with potentially fewer tradeoffs than if they were built on layer 1. By using this development kit, the project can create “a blockchain that’s dedicated to the asset exchange use case”.

    Token Terminal claims this provides the project with more optimization and with tools to improve upon Ethereum’s limitations. As seen below, the Cosmos ecosystem records important growth since 2020.

    Cosmos Ethereum ETH ETHUSD
    Source: Token Terminal via Twitter

    As NewsBTC reported, two experts believe the opposite. Former BitMEX CEO Arthur Hayes and Senior Commodity Strategist for Bloomberg Intelligence Mike McGlone are bullish on Ethereum going into “The Merge”.

    Hayes believes that this will set ETH to a 5-digit price and re-take the market share it has lost from the “ETH Killers”. Hayes argues that Ethereum is still the most active blockchain in terms of development and this event will only accelerate this innovation process.

    Related Reading | TA: Ethereum Turns Red Below $3.4K, Why Upsides Might Be Capped

    McGlone agrees and predicted ETH’s price could reach similar levels around $10,000. The Bloomberg Intelligence expert believes Ethereum is becoming internet collateral with strong support for future appreciation of its DeFi and NFT dominance.

     



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  • Bitcoin Key Indicators Suggest Strengthening Case For Fresh Surge

    Bitcoin Key Indicators Suggest Strengthening Case For Fresh Surge

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    Bitcoin is slowly gaining pace above $46,500 against the US Dollar. BTC must clear $47,000 to move into a positive territory in the short term.

    • Bitcoin is slowly moving higher above the $46,500 resistance zone.
    • The price is trading above $46,200 and the 100 hourly simple moving average.
    • There is a major bearish trend line forming with resistance near $46,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair could start a strong increase if there is a clear move above the $47,000 resistance.

    Bitcoin Price Eyes Upside Break

    Bitcoin price extended decline and tested the $45,150 zone. BTC formed a base above $45,150 and started a fresh increase. There was a break above the $45,500 and $45,800 levels.

    The price was able to climb above the 50% Fib retracement level of the recent decline from the $47,444 swing low to $45,153 low. It is now trading above $46,200 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $46,700 level.

    Besides, there is a major bearish trend line forming with resistance near $46,700 on the hourly chart of the BTC/USD pair. The next resistance could be near $47,000 or the 76.4% Fib retracement level of the recent decline from the $47,444 swing low to $45,153 low.

    Bitcoin Price

    Source: BTCUSD on TradingView.com

    A clear move above the $47,000 resistance could start a major increase. In the stated case, the price may perhaps rise towards the $48,000 resistance. Any more gains might send the price towards the $50,000 barrier. An intermediate resistance may possibly be near the $49,250 level.

    Upsides Capped in BTC?

    If bitcoin fails to clear the $47,000 resistance zone, it could start another decline. An immediate support on the downside is near the $46,200 level and the 100 hourly simple moving average.

    The next major support is seen near the $45,800 level. The main support now sits near the $45,150 level. A downside break below the $45,150 support zone could start a major decline. In the stated case, the price could even decline to $44,000 in the near term.

    Technical indicators:

    Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.

    Major Support Levels – $46,200, followed by $45,150.

    Major Resistance Levels – $47,000, $48,000 and $50,000.

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  • Cryptocurrency’s latest use case: Music production?

    Cryptocurrency’s latest use case: Music production?

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    A recent collaboration between two prominent social influencers has resulted in a device that creates sounds (or music) based on cryptocurrency’s infamous price volatility. In what has been termed the collaboration of the century, Estefannie and Look Mum No Computer (Sam Battle) joined hands to bring a “cryptocurrency-measuring musical machine to life.” 

    As a musician, Battle intended to generate sounds against voltage fluctuations that were derived from the price fluctuations in the crypto market. On the flipside, Estefannie programmed a Raspberry Pi device to read the voltage fluctuations for producing the relevant sounds. 

    Battle also shared with his followers his efforts to build an analog synthesizer. In his explanatory video on building the “analog synthesizer musical machine,” Estefannie explained:

    “This would be a great tool to know when to sell and when to buy.”

    The final output of the duo’s efforts is showcased in an hour-long YouTube video. However, the coin charts used for this specific performance remain a mystery for fans. 

    While the influencers have uncovered a whole new spectrum of possible innovations around the crypto-synth genre, we are far from expecting an epic bass drop anytime soon.

    Related: Chinese artist showcases NFT real estate at Alibaba-sponsored innovation festival

    Running on a similar wavelength as the innovation above, Chinese artist Huang Heshan launched NFT-based real estate in collaboration with a blockchain gaming firm Web3Games. 

    Sold against the Chinese yuan, investors can reportedly buy virtual structures such as “luxury single-family villas,” 300 high-end units and 1,000 “umbrella” parasols. Apart from the rise in the number of investors, the crypto space has become home to the next wave of innovators across all walks of life.