Cryptocurrencies have impacted almost all areas of life. When Bitcoin (BTC) was launched, very few people would have thought that blockchain technology would come so far. Bitcoin’s white paper, published in 2009, was so well written that it inspired a plethora of coins that would constantly evolve for the next decade, changing the digital landscape of finance and learning on the way.
With the invention of NFTs (non-fungible tokens), art found a new cultural expression in blockchain technology. The idea to have your artwork, illustration or even a meme that you made out fun, shilled forever on a robust ledger, is exciting. Bonus: you can make money out of it.
Barring the crypto crashes, cryptocurrencies have performed exceptionally well in the grand scheme of things. One might argue that they are volatile. However, even the financial and commodity markets are volatile, and it’s no accident. Volatility is a feature, and not a bug.
And now, with big corporations like AMC entertainment, Nike and FIFA entering the crypto market in their own ways, the possibilities seem endless. Here’s how Ethereum, Bitcoin and Big Eyes Coin (BIG) will revolutionise yet another industry.
Ethereum, Bitcoin And ApeCoin: Changing With Time
Bitcoin’s mechanism has more or less remained the same since 2009. However, the code is so superiorly designed that it doesn’t need rewrites. Bitcoin’s prime utility lies in its storing value. Investors can buy bitcoin or a fraction of bitcoin for its increasing value.
Ethereum, on the other hand, has had several changes over time, adapting to the new changes. Most recently, Vitalik Buterin, ETH’s co-founder, revealed a new roadmap that would solve some of the issues in mining.
Ethereum is used to develop dApps and other crypto coins. Most of the NFTs on OpenSea (NFT marketplace) are shilled on the ETH network because of its robust technology and ability to process multiple transactions in little time.
ApeCoin (APE), which has shifted the cultural landscape of art, gaming and entertainment, is the native token of BAYC. The NFTs in BAYC are owned by several cultural icons such as Eminem, Snoop Dogg, and more.
Big Eyes Coin: Cuteness Is The Currency
BigEyes NFT Defi Project – PreSale Started!!! KYC VERIFIED | Audit Report
Running on the Ethereum network, Big Eyes Coin (BIG) has made a name for itself in the meme token industry. Investors have been gushing over its utility factor and the cute cat mascot. According to its white paper, Big Eyes Coin is a community-driven token which intends to pour wealth into DeFi markets. It will also be launching a carefully designed NFT club for its users where they can exchange digital assets.
Investors have also praised Big Eyes Coin’s sustainability wallet where the community has pledged to donate to ocean preservation projects. In stage five, the community made its second donation. Moreover, Big Eyes Coin has also donated to organisations working for raising awareness about mental health.
To Sum Up
Big Eyes Coin’s NFTs could dethrone BAYC. Big corporations might use BIG tokens for their viability and ability to process faster transactions. This is an exciting time for all industries, and soon blockchain technology will revolutionise the film and entertainment industry.
Click on the links below to be a part of the revolution!
The post Blockchain Entertainment: Here’s How Ethereum, Bitcoin And Big Eyes Coin Will Revolutionise Yet Another Industry appeared first on Analytics Insight.
Where Is The Ethereum Price Headed Next After Clearing This Resistance
The Ethereum price has finally been able to break above the $1,233 resistance mark. Over the last 24 hours, the coin has registered substantial gains. With the price moving above the $1,233 resistance level, Ethereum price has pictured a positive short-term bullish thesis on its one-day chart.
Technical outlook also agreed with the same and depicted a rise in demand for the king altcoin. Buyers will need to stick around for longer than the next couple of trading sessions for ETH to reach above the $1,300 price mark.
The price of ETH must remain above $1,200 and $1,230, or else the bears will return. This would mean Ethereum could drop to a psychological floor of $1,000. The altcoin has logged considerable gains over the past week’s duration, surging more than 11%. ETH’s chart depicts accumulation, which is good for short-term bullish momentum.
Ethereum Price Analysis: One-Day Chart
ETH was exchanging hands at $1,260 at press time. The next area of resistance for the altcoin stood at $1,280. It is, however, too early to determine if the altcoin has stabilized over the $1,230 price mark. It needs to trade above the $1,260 zone for the next trading sessions for the bulls to strengthen further.
In case of this, the other price ceiling crucial for ETH’s upward movement was $1,350. On the other hand, a fall from the current price zone will take the price to $1,200 and then straight to $1,000. The amount of Ethereum traded in the last session increased, which showed bullishness.
ETH had nosedived into the selling zone at the beginning of this month; however, the altcoin has finally moved closer to the positive buying zone. The Relative Strength Index shot up to the neutral zone after remaining in the selling zone most of the month.
This indicated that demand for the altcoin had returned to the market. A continued push from buyers will drag the indicator past the 50-mark, depicting more buyers than sellers. In relation to that, the Ethereum price moved above the 20-Simple Moving Average line, which meant that buyers were driving the price momentum in the market.
In correspondence to other indicators, the altcoin depicted a buy signal on the one-day chart. The Moving Average Convergence Divergence (MACD) indicates price momentum and trend reversal.
MACD formed green signal bars above the half-line, indicating that if buyers acted on them, ETH would give returns. Bollinger bands depict price volatility and fluctuation; the bands were narrow, indicating price stability for Ethereum.
Ethereum Whales Front Run A Major Price Move, On-Chain Data Suggests
The Ethereum price is up 4.3% in the last 24 hours, following the general market sentiment of the crypto market. In anticipation of today’s speech by US Federal Reserve chairman Jerome Powell at the Brookings Institution, crypto bulls seem to be anticipating possible dovish comments.
At press time, Ether (ETH) was trading at $1,265, with trading volume continuing to fall to just $7.8 billion, down about 2.8% from the previous day. With the current move, Ethereum has managed to break through the key resistance at $1,230.
As NewsBTC reported, resistance at $1,288 (on Binance) is now up for grabs before the first major resistance is encountered at the $1,300 level. In addition, investors should keep an eye on the $1,330 level as this is the threshold to recoup losses from the FTX crash.
Ethereum Whales Foreshadowing Bigger Price Moves
Meanwhile, data from Santiment is backing the bullish case for Ethereum (ETH). The on-chain analytics firm shared that Ethereum’s large key addresses have increased since the FTX debacle in early November.
In the chart below, the key moments when “sharks” and “whale” addresses accumulated and dumped ETH can be seen. The number of 100 to 100.000 ETH addresses is at a 20-month high, while the price is still lagging behind.
The whale and shark activity could thus be a harbinger of a further upward trend.
But there is also second on-chain indicator which is showing the strength of Ethereum bulls. As Santiment also reports, the number of active addresses rose yesterday to the highest level in over six weeks, “that likely factored into today’s price growth”.
On October 15, the last time the number of addresses was this high, the price of ETH increased by 30% over the next 3 weeks, the company analyzed.
In this regard, the on-chain analytics service “Lookonchain” has noted that one whale has been particularly aggressive in its buying behavior. The ominous whale bought ETH after the FTX/Alameda crash, a total of 17,225 ETH since Nov. 8, the equivalent of about $21.25 million. The average price was $1,234.
The whale bought a portion on Kraken, 5,923 ETH, and the other portion, 11,302 ETH, on Uniswap. He is the 101st largest ETH holder with 116,274 ETH, the equivalent of about $147 million. And he is referred to as the “Maker Vault Owner” on EtherScan.
Renowned Expert Is Bullish
On the other hand, the founder and CEO of 10T Holdings and Gold Bullion, Dan Tapiero, shared a simple but very bullish observation in the Ethereum chart via Twitter – something Bitcoin (BTC) has failed to do:
I want to be very clear here. The fact that Ethereum could not make a new low in price in the face of the most negative news (Ftx fraud) of the year is extremely bullish for Eth going forward. Yes, sometimes it is that simple.
Bitcoin, Ethereum Technical Analysis: BTC Moves Above $17,000 On Wednesday
Bitcoin moved to $17,000 on Wednesday, as markets continued to digest the U.S. consumer confidence report. Confidence amongst consumers fell to its lowest level since July, despite inflation easing in the world’s largest economy. Ethereum remained higher, edging closer to $1,300.
Bitcoin (BTC) briefly rose above $17,000 in today’s session, as traders reacted to the latest U.S. consumer confidence report.
Despite falling to a six-month low, the decline in confidence was less than expected, which was a relatively positive sign for markets.
Following a low of $16,366.66, BTC/USD rose to an intraday peak of $17,021.67 earlier in the day.
However, following the breakout of $17,000, which has also been a long-term resistance level, some earlier bulls moved to secure gains, exiting their positions in the process.
As of writing, BTC is trading at $16,832.07, with the 14-day relative strength index (RSI) tracking at 45.72, below a ceiling of 46.00.
Should price strength continue in an upward direction, and move beyond this upcoming obstacle, then bitcoin could extend today’s rally.
Like BTC, ethereum (ETH) also moved higher on Wednesday, as prices surged for a second success session.
ETH/USD hit a peak of $1,276.55 earlier in today’s session, which comes less than 24-hours after trading at a low of $1,205.78.
As a result of today’s gains, the world’s second largest cryptocurrency hit its highest point since November 15.
Looking at the chart, the move has pushed the 10-day (red) moving average closer to its 25-day (blue) counterpart, with an upward crossover imminent.
In addition to this, the RSI is now tracking at 51.27, which is above a key resistance level at the 50.00 mark.
The target for ETH bulls appears to be the $1,300 level, which was last hit on November 11, when the coin was at a peak of $1,307.
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Do you expect ethereum to start December above $1,300? Leave your thoughts in the comments below.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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