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Showing posts from May, 2021

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When Cryptoverse Meets Metaverse

The term 'metaverse' has been creating a buzz in the world in the last few months, Google search analysis shows that the term 'Metaverse' had a search score of less than 1 in 2020 which grew to 99 in 2022.  At the end of 2021 we also witnessed Facebook change its name to Meta , but its not only Facebook that is focused on the metaverse and its infrastructure, a bunch of tech companies are in the race for the metaverse (Nvidia, Unity, Roblox, Snap etc.) A recent report published by Technavio called, 'Metaverse Market in Finance by Component & Geography Forecast and Analysis 2022-2026' stated that the metaverse market will increase by $50.37bn during 2022-2026.  Another research company, Grand View Research , headquartered in San Francisco expects the global metaverse market size to grow by a compound annual growth rate (CAGR) of 39.4 from 2022 to 2030 But what exactly is the metaverse? Wikipedia describes metaverse as follows: 'Metaverse is a hypothetica

Cryptocurrency crashes, China bans finance firms from servicing crypto transactions and India reconsiders crypto ban

  19th May 2021 will be remembered as a bloodbath day in the history of cryptocurrency. The global cryptocurrency market capitalization which has been a pride for the global crypto community dipped to $1.35 Trillion from $2 Trillion in matter of 17 hours.  Bitcoin broke the $40,000 barrier and reached $30,000 per coin before recovering to $38,000 during the day. Bitcoin's dominance however saw an increase of 3.86% during the bloodbath rising to 43.15% during the intraday trading sessions.  USD Tether (USDT), a stablecoin that mirrors the price of the US dollar, rose from a low of $0.9991 to a high of $1.002 during the day, implying that investors turned to USDT as a safe heaven to protect their investment by selling crypto coins and buying the USD Tether.  The crypto markets have already been hurting due to the market manipulation by Elon Musk in recent weeks and China's ban on financial institutions and payment companies from providing services related to cryptocurrency transa

Bitcoin, Dogecoin & the Elon Musk Fiasco

Bitcoin ( BTC ) and Dogecoin ( DOGE ) have both been on a roller coaster ride for the past few months and Elon Musk seems to be the one operating the roller coaster.  It all started on 29th January 2021 when Elon Musk added #bitcoin to his twitter bio. This led to bitcoin jumping by $5,000 in a matter of an hour. The next big jump for bitcoin came in February of this year when Tesla announced that it had bought $1.5 Billion worth of Bitcoin. According to the company's filing with the 'Securities & Exchange Commission', Tesla said that it bought the Bitcoin for "more flexibility to further diversify and maximize returns on our cash" Bitcoin was not the only cryptocurrency that caught the attention of the billionaire. Elon Musk on February 4th of this year, posted a couple of tweets mentioning Dogecoin, calling Dogecoin 'people's crypto' in one of them With more tweets on Dogecoin and interest shown by Elon Musk, Dogecoin rose to an all time high of

Is Telcoin The Remittance Blockchain Worth Buying?

  As per a research report published by Facts & Factors, the global 'Digital Remittance Market' was estimated at US$ 14.5 Billion in 2019 and expected to reach US$35.8 Billion by 2026. The global digital remittance market is expected to grow at a compound annual growth rate of 13.8% from 2019 to 2026. The current global average cost of remittance currently sits at 7%, using 2019's global remittance data, this would have resulted in nearly $1 Billion paid in transaction fees.  Furthermore, remitting money for some might not be a straight forward process, it can in some instances be a tedious process. For example for some remitters, the remittance process could mean visiting a money transfer service such as Western Union, filling out long forms, paying a high cost, waiting for a couple of days for the money to be received by the recipient and the recipient being charged for the withdrawal. This is where Telcoin comes in. Telcoin is a blockchain technology that focus on th

Let's Talk About Cryptocurrencies Market Capitalization and Where Most of The Money Is Being Invested?

  The cryptocurrency market capitalization has reached a staggering $2.3 Trillion as of 7th May 2021. For comparison sake, the market capitalization is up 151,219% in 7 years. This seems to be just the beginning. Lately we have been seeing a lot of movement in the cryptocurrency markets, to highlight a few, alternative coins gaining in recent weeks, Bitcoin's market dominance falling to 46.1% and Ethereum gaining traction over Bitcoin. This has got me thinking, with the drop in Bitcoin dominance are we seeing funds moving from Bitcoin to Ethereum or alternative coins? Let's find out I conducted a market capitalization study analyzing the following: Global cryptocurrency market capitalization Bitcoin Ethereum Cryptocurrencies ranked #2 - #100  The result of the analysis in the form of a chart is given below The Green arrow shows a divergence between the global market capitalization (in Yellow ) and Bitcoin (in Blue ), this indicates that versus earlier, Bitcoin is receiving les

What Is The Future of Dogecoin and Is It Worth Investing In It?

  Dogecoin, a minable cryptocurrency that started as a meme coin in 2013 is now ranked at number 5 when compared to other cryptocurrencies and has a market capitalization of $55 billion. Not much of a meme now eh? Dogecoin similar to its industry leading peer Bitcoin, is a speculative currency in nature.  This can be referenced from Dogecoin's astronomical percentage growth in the last 12 months, rising by a staggering 16452%. Wow that's crazy isn't it? David Kimberly, an analyst at U.K investing app Freetrade referred to Dogecoin's speculative bubble as 'a classic example of greater fool theory at play' .  He goes onto to say that, 'people are buying the cryptocurrency, not because they think it has any meaningful value, but because they hope others will pile in, push the price up and then they can sell off and make a quick buck'.  This means that investors who don't get out in time by selling their long positions might be left holding the bag at th

Where Will The Price of Bitcoin End Up In A Few Months?

   Bitcoin is currently priced at  $57,465  as at  1st May 2021 Bitcoin is predicted to end the months at the following prices: May - $70,546 June - $77,922 July - $85,544 Aug - $93,167   Sentiment Analysis  - Bitcoin returned a  positive 66%  as per the sentiment analysis model. A further sentiment analysis was conducted on the following phrases: Bitcoin Buy : 66% and Bitcoin Sell : 70% . A higher sentiment percentage for the keyword 'Bitcoin Sell' could indicate a higher selling pressure in the short term. On a daily scale, the RSI currently sits at  53.96 .  RSI above the  70  level signals  overbought  and below  40  signals  oversold . The current level is at the mid point, we expect the RSI to rise slightly. MACD  a momentum indicator indicates an  upward trend  in the price  10 Day Volume Moving Average vs Close Price The chart above shows the relation between 10 Day Volume Moving Average (DVMA) calculated using the daily buying or selling pressure vs the close price o

Future Price Prediction of The COMP Token: May to June 2021

  COMP is currently priced at  $810  as at  1st May 2021 COMP is predicted to end the month of May at $683 and climb to $777  by the end of June 2021 Sentiment Analysis  - COMP Token returned a  positive 65%  as per the sentiment analysis model. A positive sentiment analysis could signal a  buy  trend On a daily scale, the RSI currently sits at  76.29 .  RSI above the  70  level signals  overbought  and below  40  signals  oversold . The current level has gone past the overbought range. Therefore we expect a short term price drop for the COMP Token MACD  a momentum indicator indicates an upward trend in the price  10 Day Volume Moving Average vs Close Price The chart above shows the relation between 10 Day Volume Moving Average (DVMA) calculated using the daily buying or selling pressure vs the close price of the cryptocurrency.  The 10 DVMA can be used a gauge to predict the movement of price. As per the chart, the price follows the 10 Day Volume Moving Average. The 10 DVMA dropped

What Is The Future Price Prediction of Polygon (MATIC) Cryptocurrency - 2021, 2022, 2023, 2024, 2025, 2026 - Report Date: 1st May 2021

  Polygon is currently priced at  $0.80  as at  1st May 2021 Polygon is predicted to end the next five years and the below listed prices: $1.61  - 2021 $3.27  - 2022 $4.93  - 2023 $6.60  - 2024 $8.26  - 2025 $9.92  - 2026 Sentiment Analysis  - Polygon has returned a  positive 66%  as per the sentiment analysis model. A positive sentiment analysis could signal a  buy  trend On a daily scale, the RSI currently sits at  71.71.  RSI above the  70  level signals  overbought  and below  40  signals  oversold . The current level indicates the cryptocurrency is overbought. We expect the RSI to drop to approximately  58  points before pulling back MACD  a momentum indicator indicates that the price would drop in the short term 10 Day Volume Moving Average vs Close Price The chart above shows the relation between 10 Day Volume Moving Average (DVMA) calculated using the daily buying or selling pressure vs the close price of the cryptocurrency As per the chart, the price follows the 10 Day Volume