Robinhood hasn’t been shy about it’s desire to be a player in crypto. The platform has had a few years of ups and downs as it’s navigated it’s crypto offerings. This week, however, the platform secured a win on the crypto front by listing it’s first stablecoin, USDC.
What We Know
The news first came straight from the horses mouth, as Robinhood’s Twitter posted a tweet this morning sharing the news. The token is Robinhood’s 17th supported crypto, and third largest in market cap behind blue chips Bitcoin and Ethereum. It’s the latest token addition since adding Cardano (ADA) at the beginning of the month. It is a growing list of crypto tokens for Robinhood, who also added Polygon in recent weeks.
Additionally, the move shows more bolstering growth for Circle’s USDC, which has sought out the number one spot over Tether’s USDT – the longtime dominant stablecoin. The narrative has been driven by an ideology that Tether’s account management is less transparent and straightforward than USDCs.
Robinhood (HOOD) has had a challenging year on the NASDAQ. | Source: NASDAQ: HOOD on TradingView.com
The Stablecoin Battle
In recent months, the good folks over at Arcane Research put together future growth projections based on USDC’s momentum this year, which shows USDC overtaking USDT’s number one spot as early as mid-October. The projected gap for today’s number is likely a bit closer than what we’ve seen in reality, however, signaling that a USDC takeover for the top spot could take another 4-6 months. That’s been exacerbated by USDC whale holdings percentage hitting a two-year low in recent weeks.
As our team cited, that movement has been driven by broader market movement, as well as U.S. sanctions on Tornado Cash. Exchange deposits have been substantially low for USDC as well, but mean transaction volumes are still flying high in recent months. Tornado Cash and other external factors, such as threats of U.S. legislation on stablecoins and other crypto, have led to more negative sentiment around stables than positive.
Robinhood’s adoption of USDC could help spur the growth in catching up with USDT’s lead. However, it remains to be seen how the more casual investor that typically frequents Robinhood will fare with a stablecoin asset, particularly one that doesn’t generate any interest.
Uniswap Rally Could Be In Jeopardy, Despite UNI’s Solid Social Engagement
Uniswap (UNI) started with a bearish stride in 2022 along with Ripple and most other cryptocurrencies but it has been gaining some impressive price action as seen in the past few weeks.
- UNI’s social engagement up by 53.62%
- Supply of unique wallet addresses surged since September 12
- UNI price looking bullish; up by 4.15%
According to CoinMarketCap, UNI’s price has been looking bullish and spiked by 4.15% or trading at $6.77 as of this writing.
UNI Shows Impressive Social Dominance
More so, UNI has been outperforming other cryptocurrencies when it comes to its social metrics. UNI’s social engagements have spiked by 53.62% while social mention has grown by 62.15%.
In the past couple of weeks, Uniswap is seen to gain social media dominance plus also improved in terms of development activities.
In addition, Uniswap’s weighted sentiment is positive as shown from September 28 to September 30. On the other hand, the weighted sentiment dropped immensely as witnessed on October 1.
As a consolation, the development activity of UNI has grown rapidly since last week or September 29 and has been fairly consistent ever since.
The impressive uptick in terms of development activity is said to be triggered mainly by the network’s Swap widget update.
These continuous advancements and upgrades are said to be hinting at a bull run and attract more investors.
On the other hand, despite the recent UNI updates, it has not helped its TVL as it has been stuck on the same level since September. The thing is, even if the whales were dubious of Uniswap’s DeFi protocols, users are gaining more interest in UNI.
Meanwhile, the top wallet addresses were also seen to surge in terms of supply since September 12, especially since whale interest is very important for the token’s progress.
Uniswap Velocity Down In Last 7 Days
On the downside, UNI’s velocity is seen to drop in the past couple of days implying a reduced number of wallet addresses.
UNI price has dipped in the past two weeks as precipitated by the market turmoil triggered by the inflation happening around the world but it is seen to currently recover a bit.
Meanwhile, it is said to get even worse as predicted by many crypto analysts after the coin has dropped by as much as 72.56% over the past year.
UNI’s moving averages witnessed a bearish movement specifically at its 100-day EMA and SMA saw at $5.62 and $5.66; respectively.
Its RSI is currently at 43.66 which signifies a spike in sell action and shows that investors may potentially lose more in the coming days.
With that being said, the sentiment of analysts on Uniswap is generally negative, especially with its lack of significant utility value.
UNI total market cap at $5.17 billion on the daily chart | Source: TradingView.com Featured image from Cryptopolitan, Chart: TradingView.com
Elrond Coin Price Seen Climbing Nearly 20% In Next Few Weeks – Here’s Why
Elrond is currently among crypto assets that are “in the green” after enduring another trying week for cryptocurrencies.
- Elrond currently trades at $52.44
- Coin expected to reach $60 mark in coming weeks
- Elrond currently 90.4% lower than its ATH
At press time, tracking from CoinGecko shows EGLD trading at $52.44. For the last seven days, its value grew by 12.3% while also tallying a 24-hour increase of 7.4%.
Its intraday trading volume is also impressive, reaching more than $71.6 million while its total market capitalization is a little north of $1.2 billion, enough to keep the coin in top 50 of all digital currencies, ranking 46th overall.
Predictions for the asset’s immediate future are rather bullish, with some hinting at a significant price boost for the next weeks to come.
Elrond Price Movement Pattern
In the crypto space, a parallel channel pattern gives multiple opportunities to traders as it shows a rally towards two trendline barriers. It is quite helpful for what is called a counter-trend move.
While the entirety of the crypto market bore the brunt of another volatility-induced downfall, Elrond’s price was observed to lean on the aforementioned channel pattern.
Under such trend, it was expected that Elrond will once again experience a severe price correction, duplicating the asset’s June low of around $38.
But that did not happen and instead, the asset traded within the narrow range of $50 to $45 before climbing to its current value.
EGLD: Price Prediction For The Coming Weeks
With the parallel channel’s two trendline barriers, Elrond is now expected to gain some steam and start a bullish run.
If the buyers are able to retest and breakthrough the $54.5 barrier, the crypto might be looking at a value increase of nearly 20% and climb all the way to the $60 level.
This however, remains significantly lower than what Elrond was able to accomplish last year when it attained its all-time high.
It can be recalled that in November 23, 2021, the blockchain token was able to reach trading value of $545.64. With its price of $52.44, it has now lost 90.4% of its all-time high and Elrond remains a long way from it.
Meanwhile, for 2023, the digital currency is expected to grow more in terms of trading price. Elrond will start the next year with January highest price of $95.81.
By the end of next year, the asset could reclaim a portion of its all-time high with December highest price of $123.03.
EGLD total market cap at $1.23 billion on the daily chart | Source: TradingView.com Featured image from Zipmex, Chart: TradingView.com
Ethereum Sees Surge In Number Of New Addresses – Will ETH Shine This October?
The Ethereum Merge upgrade is expected to haul in more new users on the network which happens to be true with the surge of new active wallet addresses on the platform.
- Ethereum’s new active wallet addresses climb to a new ATH of 3,001.804
- ETH seen to spike in terms of social media engagements and mentions
- ETH price up by 0.46% as of press time
According to a Twitter post by Glassnode shared on October 2, the number of new active wallet addresses on the Ethereum network recently climbed to a new ATH of 3,001.804.
While it’s true that this screams a boost in investor interest in the alt, the recent plunge in market volume and sentiment seems to be in contrast to everyone’s expectations to date.
The number of new active wallet addresses on the Ethereum platform is seen to have dropped in August and recovered since September.
Spike In Number Of ETH Addresses Trigger Increase In Social Metrics
The increase in the number of wallet addresses also triggered a spike in social media engagement of the altcoin. Ethereum has shown a significant improvement of 4.63% surge in terms of social mentions and also 27.6% in social engagements.
The Merge has created a lot of buzz on social media especially in the past month but the overall sentiment wasn’t purely positive. In fact, Ethereum is down in terms of weighted sentiment as seen in the last few days.
In addition, ETH value has also been moving downwards as seen in the past couple of days. The altcoin volume has retreated from 13.45 billion on September 30 to only 6.03 billion on October 2.
On the brighter side, even with the negative public sentiment, Ethereum still managed to attract more whale investors in the altcoin. Evidently, the top 500 ETH whales have gained interest in investing and buying the crypto.
The momentum of Ethereum has shown some growth as seen in the past three days indicating an increase in wallet transactions involving Ether.
Ethereum Development Activity Decreasing
More so, the altcoin also gained the approval of Deutsche Telekom following their announcement of planning to roll out an Ethereum validator.
On the other hand, the development activity on Ethereum has been spiraling down too which implies the decrease in activity on the GitHub.
The current market state has however negatively impacted Ethereum as even the Merge failed to meet expectations in terms of capital outflow.
Consequently, despite the growth in terms of wallet transactions and the rise in social media engagements, the price of ETH wasn’t able to keep up with the positive sentiment.
The coin is seen to recover a bit and is in the green lane as of publication. According to CoinMarketCap, ETH price has soared by 0.46% or trading at $1,304.30 as of this writing.
The ETHUSD pair is trying to break past the $1,317 level on the daily chart | Source: TradingView.com Featured image from Top Trend Coins, chart from TradingView.com
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