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Investors Make For Stablecoin Hills As USDT Volume Touches All-Time High

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Investors Make For Stablecoin Hills As USDT Volume Touches All-Time High

With the market in turmoil, crypto investors are beginning to turn to stablecoins such as USDT and USDC to provide cover from losses. These stablecoins which are pegged to the U.S. dollar have been the obvious winners from the recent crash but it seems that investors are taking it one step further this time around. USDT volume across the Ethereum blockchain shows that investors are ramping up their activities in these stablecoins.

USDT Provides Much-Needed Cover

Through the crypto market downtrend, only a handful of cryptocurrencies have managed to retain their values. They were all stablecoins, and although some of them had lost their peg, the majority had been able to retain and provide some much-needed cover for investors. The sheer amount of volume of USDT being moved by investors on a daily basis is a testament to the fact that investors are converting to stablecoins to weather the bear market.

Related Reading | Market Downtrend Trigger Bitcoin Inflows From Institutional Investors

On May 12th, the volume of Tether USD being transacted on the Ethereum network reached a new all-time high. Data shows that more than $33 billion worth of USDT was moved across the network. This is significantly higher than the $24.5 billion in USDT that was transacted on February 4th, 2021, the previous all-time high.

USDT-U.S. Dollar peg at $0.9990 | Source: USDTUSD  on TradingView.com

However, the motives behind both records had been the same; investors getting out of highly volatile digital assets into an asset that offered a measure of stability. These investors did not wish to cash out their digital assets to fiat currencies just yet and assets like USDT or USDC provide the perfect place to park funds while waiting out the bear market.

Ethereum Fees Skyrocket

One thing that investors moving into stablecoins such as USDT has brought with it is increased transaction fees on the Ethereum network. With so much volume being moved across hundreds of thousands of transactions, the network is expectedly congested and as such would have to increase gas fees to be able to process these transactions.

Related Reading | Ethereum Tumbles To 10-Month Lows As Sell-Offs Intensifies

This was the case on May 12th as the network had recorded a large number of transactions. Gas fees on the network for a single USDT transaction were shown to have risen as high as $20 during this one-day period. As many as 182,000 Tether transactions had been carried out in the 24-hour period.

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Despite this high demand for the stablecoin though, the market cap has not reflected this. Instead of increasing, it is down by 3.34% in the last 24 hours. Nevertheless, it remains an investor favorite as it is the largest stablecoin in the market.

At the time of writing, one USDT is selling for $0.9988, maintaining a close peg to the U.S. dollar.

Featured image from Wccftech, chart from TradingView.com

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Crypto Analyst Predicts 1 Altcoin Will Fall Down Hard – Is It Cardano?

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Crypto Analyst Predicts 1 Altcoin Will Fall Down Hard – Is It Cardano?

Pseudonymous crypto trader and analyst Capo tweets that Cardano (ADA) is bound to go on a massive downward trend.

This popular crypto trader with over 307,500 followers on Twitter predicted a massive plunge before the coin finishes its five-waved downward trajectory following the Elliott Wave Theory.

The Elliott Wave Theory pertains to a technical analysis that can predict price action by looking into mind psychology or crowd behavior that can be seen in waves.

Based on the theory, the crypto asset would always go through a predictive five-wave cycle before it makes that pivot or reversal.

Suggested Reading | NFT Prices Take A Beating After Crypto Market Chaos

  

Before the coin completes its five-wave downward course, Capo anticipates a catastrophic crash (Coingape).

Capo Predictions On ADA, BTC, Terra, STEPN

According to Capo, ADA is on its way to completing the fourth wave which means it’s ready for that final wave.

Cardano is currently trading at $0.55 which is categorically 45% above the target price point of $0.30.

Cryptocurrencies recovered quite a bit on Friday but crashed today which appeared to be a roller-coaster ride of sorts.

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The erratic market moves have been worrisome for many crypto traders and investors alike. Bitcoin (BTC) has fallen by 3.6% and Cardano (ADA) went down by 6.65%.

Suggested Reading | LUNA Not Alone In Crimson: APE, AVAX, SOL, SHIB All Lose 20% In Crypto Crash

With the Federal Reserve pulling a tight rein on monetary policy, there isn’t a hint of a bullish trend. With the way things are going, many traders are looking for safer crypto assets compared to riskier ones.

Meanwhile, Capo is also keeping a steady eye on STEPN, a move-to-earn app built on the Solana blockchain. Capo says that he is looking at a significantly low trading value of $0.60. Looks like GMT is heading down the basement, as he describes. GMT is currently trading at $1.52.

ADA total market cap at $18.42 billion on the weekend chart | Source: TradingView.com

Bitcoin Still Better Than Cardano?

Outlook for Bitcoin looks good as it continues to correct after going over the key support locked in at $30,000. The $30,000 support supposedly jarred it. A two-day candle has closed right below it and currently tapping that zone as support. At this point, this spot is still not good for buying.

Adding salt to the wound is the miserable turnout in the market value of TerraUSD that is pegged to USD. It’s now priced at $0.18 this week. Meanwhile, TerraUSD is mapping out a recovery plan this week.

Overall, Cardano is more volatile compared to Bitcoin although it appeals greatly to the broader market, in general.

Bitcoin has more promise to be bullish for the long term compared to other coins, including ADA.

Featured image from Forkast News, chart from TradingView.com
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Blue Chip NFTs 101 – A Brief Look At Solana’s ‘DeGods’

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Blue Chip NFTs 101 – A Brief Look At Solana’s ‘DeGods’

In our latest installment of ‘Blue Chip NFTs 101,’ we’re taking a dive into non-Ethereum chain NFTs; we’ll be working our way through top 10 blockchains and their biggest NFT projects, all while still highlighting major noteworthy projects that are on Ethereum.

In our first piece in the series, we covered the remarkable rise of ‘Moonbirds,’ the latest NFT project that has seemingly skyrocketed to blue chip status practically overnight. Let’s take a look at

The Fundamentals: Solana’s NFT Status

Solana has had it’s fair share of critics in recent years – the chain has had periods of intermittent downtime, and it is often criticized as carrying more centralized qualities relative to comparable and competing chains. The objective of this write-up isn’t to evaluate the nature of the chain, but rather to hone in on one of the biggest NFT projects in the ecosystem. We’ll leave a deep dive of Solana’s blockchain structure for another day, because one thing leaves little questioning – Solana was an early mover in being an Ethereum competitor that offered an NFT ecosystem with affordable gas prices.

At current standing, the hot trending topic in Solana NFTs is undoubtedly Okay Bears – a newer PFP NFT project that has gained traction as the Solana ecosystem has grown.

DeGods: Current Standing

DeGods have far and away the highest floor price in the Solana NFT ecosystem, consistently commanding north of 200 SOL while routinely maintaining a top 5 position in daily volume. The 10,000 mint project has a market cap that encompasses nearly 20% of the total Solana NFT market cap, according to data from Solana NFT aggregator Hyperspace.

DeGods has a bit more of a ‘legacy’ standing in the Solana ecosystem, but as with any early mover, it can be difficult to maintain the standing as challengers emerge. The biggest challenger in recent weeks has undoubtedly been Okay Bears, which have been the face of Solana on communities like NFT Twitter, and has blown away Solana volume over the past week with over $40M worth of Okay Bears being bought and sold. DeGods certainly have a higher ceiling, but having less than 10% of that volume over the same timeframe suggests that Okay Bears could be gunning for the top spot as the Solana landscape continues to grow.

Solana (SOL) doesn't have the legacy standing in NFTs that Ethereum has, but the blockchain has seemingly secured the #2 spot when it comes to NFT communities. | Source: SOL-USD on TradingView.com

Related Reading | Tron Is Trading Within It’s Triangle Pattern; What Awaits The Coin Next?

Recent Buzz: A Major Acquisition

What is DeGods doing to cement it’s positioning as a Solana ‘blue chip’? It’s easier said than done, but the DeGods community recently made a splash and made some headlines by dishing out roughly $625,000 for a team acquisition in Ice Cube’s ‘BIG3’ basketball league. The league brings 3×3 half-court basketball with a twist, and has consistently hosted ex-NBA athletes and ex-college stars (some of which have even returned to the NBA floor after appearing for the BIG3, a la Joe Johnson).

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DeGods purchased 25 NFTs of the BIG3’s ‘Killer 3s’ team at $25,000 a piece, in a decision made by the NFT community’s DAO late last month. Almost equally impactful could be the moves that follow suit. Announced over the weekend was a similar move from music mogul (and well-known crypto fan) Snoop Dogg, who teamed up with PayPal co-founder Ken Howery to purchase 25 NFTs of their own, this team for the league team ‘Bivouac.’ This sponsorship model from the BIG3 is especially unique, and the league has opened up it’s own Ownership Model Twitter page, as well as a dedicated whitepaper outlining how the sponsorship model operates. Crypto and blockchain technology is running rampant through the BIG3 and DeGods can safely consider themselves ‘early.’

There’s plenty more on the horizon for DeGods as well. In a recent ‘State of the Union‘ address, the team addressed a native token (and some of the comments of skepticism around it), events, and a dedicated clip around the logic behind the DAO purchasing the BIG3 team.

Little is certain in the NFT landscape, but DeGods is seemingly well-positioned to be a Solana staple with it’s current engaged community and active, aggressive approach.

Related Reading | APE Takes A Beating As It Sheds 50% Of It’s Price

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APE Takes A Beating As It Sheds 50% Of Its Price

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APE Takes A Beating As It Sheds 50% Of Its Price

APE must cling tight, or else it falls and suffer a major “injury.”

Non-fungible tokens and the metaverse are no longer merely buzzwords in the cryptocurrency industry.

In 2021 alone, the market for NFTs was valued at $40 billion, a tremendous increase from the previous year. This market has continued to expand this year with the emergence of new NFT marketplaces.

We also observed a new coin — ApeCoin — causing a sector-wide ruckus in tandem with this expansion.

Suggested Reading | Moonbirds And Solana NFT Trading Volume Is On A Tear As Sales Rally 45%

ApeCoin still makes a lot of noise, despite suffering losses in the market. (DailyCoin)

ApeCoin is a recently-launched cryptocurrency on the Ethereum (ETH) network. The coin is the native cryptocurrency of the APE ecosystem, which consists of the ApeCoin DAO and all APE-based services and goods.

The developer of the renowned Bored Ape Yacht Club (BAYC) NFT collections, Yuga Labs, has selected APE as the principal token for all new products and services.

Despite being the newest cryptocurrency on the market as of April of this year, its market capitalization ranks 47th, at $3.445 billion.

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Suggested Reading | Bitcoin Collapses By Most In Nearly A Month – Its Golden Days Are Over?

APE Drops Hard From ATH

APE reached an all-time high of $28 at the conclusion of April. But on May 2, 2022, just days after reaching its ATH, the token plunged and reached a low of $16.71.

Given the media attention that ApeCoin is already garnering, if the price continues to grow, this token might become one of the finest cryptocurrencies in 2022.

APE total market cap at $3.445 billion on the weekend chart | Source: TradingView.com

However, in contrast, APE’s price has dropped significantly during the past week, by approximately 50.42 percent.

APE’s daily trade volume has also reduced by double digits, falling by approximately 40 percent.

The price of APE is getting closer to its 24-hour low. It has a 24-hour high of $13.70 and a low of $12.28.

Losing Steam Vs. BTC And ETH

As of Sunday midday, the price of APE has declined versus Bitcoin (BTC) and Ethereum (ETH) by around 7.50 percent and 6.30 percent, respectively. APE is currently valued around 0.0003453 BTC and 0.004644 ETH.

There are a total of 1 billion APE tokens, and 15% of the token supply is allocated to NFT holders. In addition, about 48 percent of the total supply will be distributed to the DAO’s treasury over the course of 48 months.

The stock price of ApeCoin began on March 17 at $5 and increased by more than 250 percent within the first 48 hours of trade. After reaching $18, APE pulled back little and is now returning to re-evaluate this region.

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Featured image NMK World, chart from TradingView.com

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