Polygon (MATIC) jumps ahead as the race for Layer-2 adoption picks up

Recently layer 1 solutions like the Solana (SOL) and Cosmos (ATOM) have grown in prominence thanks to each network’s faster transaction times and lower fees when compared to the Ethereum network. An even greater focus has fallen on layer 2 solutions that can help Ethereum keep up with the competition as it continues its process of switching to proof-of-stake.  One project that has seen a steady rise in user activity and transactions over the past 2 months is Polygon (MATIC), a platform for Ethereum scaling and infrastructure development. MATIC/USDT 4-hour chart.…

BTC, ETH, BNB, XMR, CAKE

Corrections in a bull phase are usually a bullish sign as they reduce the frothy excitement and allow stronger hands to enter the markets. However, the recent correction in Bitcoin (BTC) from its all-time high at $64,849.27 does not seem to have scared novice traders.  Data from DappRadar shows that decentralized exchange volumes have picked up in the last week as traders may have exited profitable Bitcoin positions to buy altcoins at their current rock bottom prices. Another sign of interest in altcoins is the sustained high volumes in Dogecoin…

Bitcoin dominance teeters at 50% as ETH, altcoins gain traction

Bitcoin (BTC) dominance briefly fell below 50% last week for the first time since January 2018, sending a strong signal that more speculative bets on altcoins was on the rise. The Bitcoin dominance index, which measures BTC’s market capitalization relative to the broader cryptocurrency market, reached a low of 49.35% on Thursday, according to CoinMarketCap. At the beginning of 2021, BTC dominance was 70.68%. Ethereum (ETH), meanwhile, accounted for nearly 15% of the overall market at its peak on Thursday. ETH dominance is up nearly 4 percentage points since the…

The convergence between Tesla, SpaceX, renewable energy and Bitcoin mining

Tesla — a top 10 company in the Fortune 100 that is run by one of the world’s wealthiest people, Elon Musk — transferred $1.5 billion of its treasury cash into Bitcoin (BTC) in early February. Musk’s Bitcoin purchase startled traditional investors, who now had to understand how their investment in Tesla would relate to Bitcoin. Currently, much of Tesla’s revenue comes from selling surplus renewable energy credits, or RECs, which will dry up in the next several years as competing automakers produce their own zero-emissions vehicles and build up…

Crypto leads retail investment charge

Momentum trading driven by retail investors seems to have taken on a new life since the onset of the global standstill occasioned by the ongoing coronavirus pandemic. Where celebrity challenges used to dominate viral trends on social media, issues relating to personal finance and investments seem to be as popular these days. This increasing interest in the financial markets from workaday folks has also spread to the crypto space as digital currencies posted sharp price recoveries from the slumps that characterized the Black Thursday crash of March 12, 2020. While…

Brexit and fintech: A spring stocktake

It has been four months since the Brexit trade deal came into effect between the United Kingdom and the European Union. The deal, in common with other free trade agreements, does very little to support the export of financial services from the U.K. into the single market. As a result, spring has seen financial services firms, including those in financial technology adjusting to different trading relations with the EU, while also managing the ongoing COVID-19 restrictions. Most notably, U.K. financial services have lost their automatic rights to service EU clients…

Decentralization is the final frontier for CBDCs

As central bank digital currencies, or CBDCs, continue to garner mainstream traction across the global financial landscape in recent years, almost all central banks are actively researching the benefits and risks of offering a digital currency to the public. In its most basic sense, a CBDC is a digital form of fiat money, backed by a suitable amount of monetary reserves like gold or foreign currency reserves. Each CBDC unit acts as a secure digital instrument equivalent and can be used as a way of payment, a store of value…

Bitcoin Price Consolidates Near $50K, Why BTC Bulls Could Fail Near $52.5K

Bitcoin price extended its decline below the $50,000 support against the US Dollar. BTC is now consolidating losses and it remains at a risk of more downside below $48,000. Bitcoin declined heavily below the $52,000 and $50,000 support levels. The price is now trading well below $52,000 and the 100 simple moving average (4-hours). There is a key bearish trend line forming with resistance near $52,800 on the 4-hours chart of the BTC/USD pair (data feed from Kraken). The pair could correct losses, but it might face resistance near $52,000…