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New Post has been published on https://primorcoin.com/what-are-the-best-cryptocurrencies-for-swing-trading/

What are the best cryptocurrencies for swing trading?

Swing trading is a short-term trading strategy designed to take advantage of short-term price swings on an asset. Swing trading is not day trading, in fact, swing traders can hold on to an asset for longer. In most cases, a trader will open a position if the price of the crypto asset swings by a certain percentage. Swing trading cryptos need to have the following attributes:

They must have a history of large trading volume to ensure there is enough liquidity in the market for orders to be filled.

You also want an asset that has a propensity for high volatility so that there are more openings to enter a trade.

Swing trading crypto assets also need to be mainstream with relatively good press coverage every day.

Well, in case you want to swing trade cryptocurrencies, there are many options to buy and sell. But the two below are perfectly ideal.

Dogecoin (DOGE)

Dogecoin (DOGE) is a meme coin that has been trading in most exchanges for the past few years. It is largely a speculative asset that has managed to rank among the top 15 crypto assets by market cap. 

Data source: Tradingview.com 

Dogecoin gets a lot of press coverage, so if there is anything happening with regards to the token, you will find out fast. Also, it is prone to wild swings in price action, a perfect attribute for swing trading.

Ethereum (ETH)

Ethereum (ETH) does not swing as much as Dogecoin. But it is still a very volatile asset, especially if you intend to hold it over a month or so. 

Besides, as the second-largest crypto by market cap, Ethereum gets all the press coverage you need. The only downside with Ethereum is that it’s expensive to trade, but despite that, it can offer very good opportunities for your swing strategy.

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New Post has been published on https://primorcoin.com/why-ethereum-is-here-to-stay-boom-in-2022/

Why Ethereum Is Here To Stay & Boom in 2022

Since cryptocurrencies exploded back in 2015, Ethereum has been a pack leader. Ethereum created an entire ecosystem of developers, entrepreneurs, investors, and users, all building on top of its blockchain. The Ethereum Foundation is also working to develop more tools for developers, and there are many other projects in development as well.

Ether is the second-largest cryptocurrency, with a market cap of approximately $519 billion, according to CoinMarketCap. With over 3000 Decentralized apps as of 2020, there is no doubt that Ethereum is one of the most popular blockchains in the world today.

However, due to its popularity and ever-increasing demand, Ethereum is faced with a growing number of problems, not least of which are scalability and congestion issues. In the past year alone, gas prices have risen over 54%, transactions are taking longer, and the overall network is becoming congested.

Ether (ETH), Ethereum’s native cryptocurrency, reached an all-time high of $4867 earlier in November, only to fall by more than 20% a month later. The long-term profitability of Ether remains strong as Ethereum seeks to transition from Proof of Work (PoW) validators to Proof of Stake validators (PoS) to make network transactions faster and cheaper.

To put things into perspective, currently, Ethereum processes 3x the transactions per day compared with Bitcoin, which means that Ethereum could probably handle hundreds of thousands of daily transactions.

But, for Ethereum to scale to the next level, we still need to solve its scalability issues. Innovative platforms developed Layer-2 to solve these constraints. So, what exactly are Layer-2 solutions, and is there a promising Ethereum Layer-2 solution for overcoming current limitations?

Ethereum Layer-2 Solutions

Layer-2 Networks, as the name implies, are networks that operate on the existing Ethereum network to provide additional functions such as payment scalability and off-chain computation. Layer-2 Solutions, in the form of smart contracts, help ease the congestion of the network, making transactions faster and gas prices cheaper.

Because the network’s capacity is limited, transaction fees rise and become more expensive as more users complete transactions. Solving Ethereum’s scalability issues with Layer-2 solutions increases the ease of cryptocurrency adoption and makes Ethereum available to the masses. For example…

Polygon

Polygon is a layer-2 solution for developing and connecting Ethereum-based blockchain networks, and has steadily gained popularity for its functional architecture, enabling faster processing speeds.

Driven by the surge of DeFi and NFT projects on its chain and financing from significant financiers such as billionaire Mark Cuban, Polygon has become a real option for many users. The Polygon system hosts the Augur forecast market and popular OpenSea NFT marketplace. Jointly, they manage billions of dollars in deals every month.

Polygon

The Polygon chain can reach speeds of approximately 10,000 deals per second (TPS) which, when compared to Ethereum’s 30 TPS, the difference is substantial.

The Polygon multichain network also contributes to the Ethereum blockchain’s flexibility and security. The ecosystem has built much more than a way to make Ethereum scalable by leveraging Polygon’s token Matic, but also a network that may serve as a glue for the blockchains revolving around Ethereum.

Metis

Metis is building a decentralized, open-source network that can scale up to thousands of nodes. While anyone is welcome to contribute, the team behind the project also includes developers who have worked on Bitcoin Core and Zcash.

When Bitcoin first started, the average transaction speed was 10 minutes. Today, average transaction times have decreased to around two seconds because of the many people participating in the ecosystem. With Metis, the average transaction time should go down to less than one second, making it an appealing option to both businesses and individuals.

This increase in transaction volumes will lead to increased adoption and new business models utilizing smart contracts. Companies like Dharma, Airswap, and Augur are already beginning to implement tokens to compensate validators responsible for maintaining the integrity of the network.

Metis is building an innovative new layer-2 protocol that will enable millions of smart contracts to run simultaneously on the same blockchain. Their goal is to make it easy to deploy smart contracts on the Ethereum blockchain and is a highly secure and scalable network that will allow any user to launch a dApp or smart contract on the platform.

Additionally, you can run your own private chain or sidechain on Metis and take advantage of sidechains’ immediate liquidity, no transaction fees, and fast settlement times. Sidechains are controlled entirely in the hands of individual investors, organizations, and companies and aren’t limited to the number of tokens existing on the platform. They can have their own token, making them completely independent of the parent chain while still connected.

With Metis, there are no limits on how many transactions per second can occur on its network, and it doesn’t require mining or consensus among nodes. Instead, they create a unique token economy to reward both full nodes and validators for keeping the system running smoothly.

One of the most significant advantages of Metis is the accessibility and ease of use it offers developers and non-developers alike. You can easily integrate and use smart contracts without understanding the programming or needing to code. It takes care of everything; instead of writing code, you write smart contracts. While other platforms ask for thousands of dollars for every smart contract you want to build, Metis is free.

The Metis Ecosystem Source: medium.com

The Next Big Thing For Crypto

The emergence of Ethereum layer-2 networks and solutions suggests that Ethereum is not going away and will continue scaling and offering users increased functionality.

Layer-2 solutions have paved the way for Ethereum’s scalability, while ETH2.0 is still in the works. Without a doubt, layer-2 solutions that address scalability issues would help bring more value to the Ethereum blockchain. The primary goals of Layer-2 networks are to improve transaction speed and throughput, but Layer-2 solutions mustn’t jeopardize the security of the Ethereum blockchain.

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New Post has been published on https://primorcoin.com/ethereum-2-0-altair-upgrade-goes-live-eth-hits-all-time-high/

Ethereum 2.0 Altair Upgrade Goes Live, ETH Hits All Time High

Three months after the major network upgrade of Hard Fork London, Ethereum blockchain today has successfully embarked on another upgrade – the Beacon Chain’s Altair Upgrade.

As previously confirmed by the development team, the Altair upgrade finally goes live on October 27th, marking one big step towards the much-awaited Ethereum 2.0. It’s still a long way until Ethereum 2.0 is here, but it is well on its way to being a reality.

Ethereum Altair Upgrade Activated

After several delays, Ethereum has shown signs of Ethereum 2.0 phase 0 with the Altair upgrade. The Proof-of-Stake transition is underway!

The Beacon Chain was released at the end of 2020, alongside the activation of Staking, and was the most anticipated event in the Ethereum community.

Before Beacon Chain, the Ethereum network was secured by mining.

With Beacon Chain, users will stake (stake) ETH to activate the validator software. Being a validator is always easier than mining and therefore it will make Ethereum more secure in the long run.

Sharing his thoughts on the upgrade, Ethereum client developer Preston Van Loon said:

“Finality was uninterrupted and participation dropped as low as 93.3% in the first Altair epoch (exact number to be confirmed). Participation is now above 95%.”

What We Should Know About The Altair Upgrade?

Altair is the first hard fork of Ethereum, preparing for the upcoming Ethereum 2.0 consolidation phase. In that merger, there will be a transition from the PoW consensus mechanism to the PoS mechanism.

This upgrade will increase the level of penalties for validator misconduct. The Altair upgrade will increase the penalty value for validators that violate or are inactive on the network.

Additionally, the Altair upgrade will create the necessary balance in the distribution of incentives, which means that Altair will increase the proposal reward to approximately 12.5% ​​of the total reward of validators,

in an effort to provide equal distribution amongst each validator based on their contribution ratio.

This Altair upgrade is mainly for the Beacon Chain consensus mechanism. It does not affect end-user accounts, contracts, and states secured by the PoW chain. If you are a non-validator beacon node operator, you need to download the latest version of the beacon node client.

If you belong to the validator group, you can download the latest version of the software you run. Then follow any instructions in the release and restart your node.

A Long Road to Going Live

Beacon Chain, or Phase 0, is the first phase of the Ethereum consensus transition from Proof-of-Work to Proof-of-Stake. The Beacon Chain with Proof-of-Stake will run parallel to the Ethereum mainnet and is an important part of moving to the next stage – the Shard Chain.

After that, Ethereum 2.0 will go to Phase 1, implementing Shard Chain. Shard Chain represents a sharding technique derived from traditional database sharding, where a given database is split into multiple pieces and placed in different servers to improve performance and manageability.

Transactions made on the Ethereum platform will take place and be split into multiple Shard Chains.

The reason behind having multiple shard chains is to split transactions across multiple Shard Chains.

By preventing every single node from having to process every single transaction on the network, it is expected that the Ethereum platform will be able to process a significant amount of transactions per second.

Shards Are Coming!

Once the Shard Chain has been deployed, each Shard Chain will be randomly assigned an active validator to form a block of transactions from the transactions that have been executed on that shard chain.

The validator will then propose the shard block to be voted on by a randomly selected committee of analysts.

When enough proofs for the proposed shard block are generated, Crosslinks will be generated, the confirmation of that shard block will be included in the Beacon Chain.

After Altair, the Merge is the next expected notable milestone. The current Ethereum blockchain will need to go through 4 more phases to reach its goals and continue its development.

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New Post has been published on https://primorcoin.com/btc-eth-and-link-price-analysis-22-october/

BTC, ETH and LINK Price Analysis 22 October

BTC and ETH both reached new all-time highs this week, with Chainlink’s LINK looking to build on recent gains and could see a period of consolidation above $30.

The price of Bitcoin and Ethereum have declined by 3.9% and 4.2% respectively as of writing, according to data from market site CoinGecko. Chainlink (LINK), which is up 2.5% at the time of writing, is among a handful of altcoins in the top 20 by market cap to remain in the green after Thursday’s sharp drops for BTC and ETH.

BTC, ETH, LINK price analysis

The correction for BTC has seen it drop from its ATH of $67,277 and ETH from $4,361, both landmark price levels reached on 21 October 2021.

Bitcoin is trading around $63,450, while Ethereum bulls are battling downside pressure with the target being to stay above $4,000. 

Looking at the BTC daily chart, we see the crypto has bounced off support at $62,197. The RSI is resetting towards the overbought territory to suggest bulls are still in control. A strong bounce from here could take Bitcoin towards $70k and potentially $90k before the end of historically bullish Q4.

For Ethereum, the key is for bulls to hold the immediate support level suggested above. The bullish outlook for ETH/USD suggests another attempt at a new ATH if bulls retake control above the $4,160 supply zone. 

In this case, the $4,400 area is a legitimate target, with runs to $5k or higher likely within the coming days.

The candle, however, shows a bearish presence here and any dips could provide buy opportunities around the demand zone at $3,875 and 20 EMA line around $3,728. 

ETH/USD daily chart. Source: TradingView

LINK/USD is changing hands around $29.56. According to crypto analysts Michael van de Poppe, DeFi and Oracle tokens are likely to outperform when the market picks up the next upside momentum. 

The analyst says the sector has lagged the top coins, with capital rotation likely to flip sentiment in the two sub-sectors. 

LINK/USD daily chart. Source: TradingView

LINK price has bounced off a major support line around $24.70 and is currently above both the 20 EMA and 50 SMA lines. The daily RSI is also indicating bullish momentum, while increased buy-side volume suggest demand amid positive news from the Associated Press that is set to integrate Chainlink oracles.

On the upside, LINK could break above $30.00 and see gains towards $35.00 (green line). On the flip side, key support lies around $26.00 and $24.00.

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New Post has been published on https://primorcoin.com/mark-cuban-praises-ethereum-as-the-most-attractive-investment-for-beginners/

Mark Cuban Praises Ethereum As The Most Attractive Investment For Beginners

American entrepreneur Mark Cuban praised Ethereum as the most upside investment for beginners. Mark Cuban also shared his viewpoints towards meme-inspired Dogecoin and leading currency Bitcoin.

Bitcoin, according to Shark Tank star, is likely digital gold due to its limited supply while Dogecoin has a unique value growth, rather than a creation for fun.

Despite challenges in scalability and transaction fees, it’s hard to disregard its potentials, especially when the second-largest cryptocurrency is moving to Proof-of-Stake, a more efficient and environment-friendly solution.

Mark Cuban Recommends Ethereum

Action on Ethereum-powered platforms has significantly increased due to the NFT craze and DeFi development. But Ethereum is far from perfect at the moment.

The popularity of the Ethereum-focused projects caused considerable congestion on the Ether network, resulting in a sharp drop in transaction speeds and pushing fees to a higher level.

Many virtual currency investors emphasize that Dogecoin is just a joke and that the increase in the price of this virtual currency is no different from a bubbling trend that can pop any time.

A Changing Market

The world’s second-largest digital currency Ethereum is overshadowing its bigger competitor, Bitcoin. It has risen sharply in 2021, and many see it as a better investment than Bitcoin.

However, scalability is one of the Ethereum network’s most important concerns right now.

The network employs a proof-of-work protocol, similar to Bitcoin. This means that miners using specialized computers will have to compete with complicated algorithms in order to validate transactions.

The PoW mechanism above prompted criticism of both Bitcoin and Ethereum from those concerned about the massive amount of power needed by the systems of the two virtual currencies.

Ethereum, on the other hand, is undergoing a massive upgrade known as Ethereum 2.0. The number of changes are large, and will see a new era for Ethereum come when the upgrade is complete.

The Ethereum network will be converted to a Proof-of-Stake mechanism as a result of this upgrade. To process new transactions, this architecture relies on “stakeholders,” who already own the Ethereum digital assets.

According to cryptocurrency investors, the upgrade will allow the Ethereum network to scale, process more transactions at faster speeds, and enable apps with millions of users.

How Close Are We To ETH Proof-of-Stake?

Consensys’ Lead Product Owner Ben Edington recently updated the latest progress towards the Proof-of-Stake. These notes came shortly after the Merge Workshop took place last week with the participation of the Ethereum development team.

As noted by Ben Edgington, the most remarkable point of the rendezvous is the successful transition to Proof-of-Stake. Multiple clients of the development network are now able to execute transitions with the Proof-of-Stake.

Altair’s upcoming upgrade is another major highlight, expected to make a big step forward in the transition to Proof-of-Stake blockchain technology. The fork is scheduled to take place on October 27

As we get closer to the eventual transition to proof-of-stake, it’s vital to consider what will change and what will remain the same as a result of the upgrade.

Mining tokens requires a lot of energy and effort to complete. With the coming PoS, holders only need basic types of computers to stake your coins. ALso, the energy used will be far lower, which is appealing to many investors.

It will reduce the burden and obstacles when joining the system, as well as the monopoly possibility. In addition, the PoS will bring scalability, which has been proven in other projects and increase privacy.

However, according to Ben Edington, immediate impacts on gas fees are unlikely to happen, which means the transition cost and speed remain no different prior to the transition. User experience will also remain the same after the upgrade.

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New Post has been published on https://primorcoin.com/el-salvadors-bitcoin-trust-has-netted-4-million-in-gains/

El Salvador's Bitcoin trust has netted $4 million in gains

El Salvador’s president shared his plan to use the profits made from Bitcoin in setting up a pet hospital on Saturday

El Salvador’s president Nayib Bukele announced via a Twitter thread over the weekend that the recently netted Bitcoin profits would be redirected into funding a veterinary project. Bitcoin once again broke the $1 trillion market cap milestone as it surpassed $55,000 last week. El Salvador stood out as one of the gainers as the country’s Bitcoin Trust swelled.

President Bukele said that the country had gained about $4 million in profit from the most recent Bitcoin run. He added that the sum would be used to build a pet hospital in the country. He also clarified that none of the Bitcoin the South American country held in its reserve would have to be used for the hospital construction.

“By the way, we’re not selling any #BTC, we’re using the USD part of the trust since the BTC part is now worth more than when the trust was established. By the way, the Pet Hospital will probably appreciate in relation to the USD. #Bitcoin, on the contrary, is a deflationary currency,” he wrote.

The President also gave further details about the proposed hospital project, detailing that it would be equipped to handle 128 emergencies, 64 surgeries, 32 x-ray procedures and 384 consultations each day. The project marks one of the first major societal benefits from El Salvador’s Bitcoin decision, which will go a long way in mitigating how divisive it has been.

Prior to the official launch of Bitcoin as an official currency, some Salvadorans took to the streets to bemoan the decision, saying that it was an oppressive one. Some alleged that it was meant to extend the regime of Bukele. International bodies such as the IMF also chipped in and fired warnings to El Salvador before it officially launched Bitcoin as legal tender.

Most recently, Ethereum’s co-founder Vitalik Buterin’s Reddit post appeared to question President Bukele’s tactics in pushing for Bitcoin adoption. Buterin’s main point of contention is that the Salvadoran population lacked adequate education on cryptocurrencies.

“This tactic of pushing BTC to millions of people in El Salvador at the same time with almost no attempt at prior education is reckless and risks a large number of innocent people getting hacked or scammed. Shame on everyone (ok, fine, I’ll call out the main people responsible: shame on Bitcoin maximalists) who are uncritically praising him,” he said.

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New Post has been published on https://primorcoin.com/traders-pin-ethereums-route-to-new-ath-to-eventual-bitcoin-etf-approval/

Traders pin Ethereum’s route to new ATH to eventual Bitcoin ETF approval

The price of Ether (ETH) is lagging Bitcoin’s (BTC) price action by 13% in October, but is this relevant? To date, the altcoin has still outperformed BTC by 274% in 2021. However, traders tend to be short-sighted and some will question whether the Ethereum network can successfully migrate to proof of stake (PoS) validation and finally solve the high gas fees issue.

Bitcoin and Ether prices at Bitstamp. Source: TradingView

Moreover, the increasing competition from smart contract networks like Solana (SOL) and Avalanche (AVAX) have been worrying investors:

One big problem with the “ETH is ultra sound money” meme is that EIP-1559 only limits the supply of ETH if Ethereum continues to have lots of transactions. It’s just as possible that people will tire of $80 gas fees and opt for one of numerous alternatives (SOL, AVAX, etc).

— dennis in SF // OP_CTV (@pourteaux) October 8, 2021

According to Cointelegraph, the recent speculation over the possible approval of a Bitcoin exchange-traded fund (ETF) raised traders’ appetite for BTC. The U.S. Securities and Exchange Commission (SEC) is expected to announce its decision on multiple ETF requests over the next couple of weeks. However, it remains a possibility that the regulator will postpone these dates.

Pro traders are unfazed by the recent price stagnation

To determine whether professional traders are leaning bearish, one should start by analyzing the futures premium — also known as the basis rate. This indicator measures the price gap between futures contract prices and the regular spot market.

Ether’s quarterly futures are the preferred instruments of whales and arbitrage desks. These derivatives might seem complicated for retail traders due to their settlement date and price difference from spot markets, but their most significant advantage is the lack of a fluctuating funding rate.

Ether three-month futures basis rate. Source: Laevitas.ch

The three-month futures typically trade with a 5% to 15% annualized premium that follows the stablecoin lending rate. By postponing settlement, sellers demand a higher price, and this causes the price difference.

As depicted above, Ether’s failure to break the $3,600 resistance has not caused a shift in pro traders’ sentiment because the basis rate remains at a healthy 13%. This shows that there is no excessive optimism at the moment.

Retail traders have been neutral for the past five weeks

Retail traders tend to opt for perpetual contracts (inverse swaps), where a fee is charged every eight hours to balance the leverage demand. To understand if some panic selling occurred, one must analyze the futures markets funding rate.

Ether perpetual futures 8-hour funding rate. Source: Bybt

In neutral markets, the funding rate tends to vary from 0% to 0.03% on the positive side. This fee is equivalent to 0.6% per week and indicates that longs are the ones paying it.

Since Sept. 7, there hasn’t been any real indication of high leverage demand from either bulls or bears. This balanced situation reflects retail traders’ lack of appetite for leverage long positions, but at the same time shows little panic selling or excessive fear.

Derivatives markets show that Ether investors are not worried about the recent underperformance versus Bitcoin. Furthermore, the lack of excessive long leverage after a 274% gain year-to-date should be positively portrayed.

By leaving some room for bullishness without compromising the derivatives market structure, Ether traders seem prepared for a rally above its all-time high, especially if a Bitcoin ETF is approved.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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New Post has been published on https://primorcoin.com/cardano-is-undervalued-says-grayscale/

Cardano is undervalued, says Grayscale

Digital asset management firm Grayscale attributes Cardano’s slow progress to the firm’s constant desire to get it right

Grayscale Investments published a report on Sunday that suggested that Cardano may well be undervalued as compared to fellow crypto coins Bitcoin and Ethereum. The report argues that considering the growth that Cardano has seen with respect to its fundamentals, its value may be higher than where the market has it currently placed at.

The report named “An Introduction to Cardano” noted that the actual value of Cardano is about $30,000 and that Ethereum’s is around $55,000. Based on its argument, Cardano is currently about 45% cheaper than Ethereum, and Grayscale said that it is becoming home to decentralised finance (DeFi) projects due to its new smart contract functionality.

However, the report said that Cardano’s insistence on getting it right the first time around has curtailed its progress, as the project places a high value on academic research and peer reviewing.

“The trade-off of Cardano’s approach has also resulted in its biggest weaknesses, which include: a historical lack of smart contract capabilities, an unproven track record for how well dApps will function, a still maturing third-party developer ecosystem, lack of widespread mainnet dApps, and lower transaction fee revenue,” the report read.

Despite this, Cardano has become the third-largest cryptocurrency by market cap, with the network having processed $1.6 trillion in on-chain transaction value over the year preceding the launch of Cardano’s core POS protocol mainnet version. Furthermore, the progressive adoption of smart contracts on the platform is part of the reason why Cardano has seen massive growth in 2021.

“Although large-scale dApp roll-outs may take some time, smart contracts are now being tested on the Cardano mainnet, and an early ecosystem of projects are emerging across several application use cases.”

Cardano, often dubbed the Ethereum-killer, has seen significant growth and adoption over the last year. The coin started 2021 at $0.18, rising to peak at $3.10 before falling to about $2.20 with the crypto market crash. Cardano also saw a sevenfold rise in the number of active monthly users this year to about 2.8 million.

Grayscale research analysts argue that Cardano may well be on course to become the most dominant altcoin by market cap, though they also see ADA showing much higher levels of volatility in comparison to Bitcoin and other altcoins.

Grayscale has acted on its belief in ADA’s potential growth but not as much as in ETH and BTC. The asset manager’s portfolio has Cardano as its third-largest constituent of the Digital Large Cap Fund, even though it only constitutes 5.1% of the $495 million fund. In comparison, Bitcoin and Ethereum boast 62% and 26%, respectively.

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