Market

Top Crypto News This Week: MATIC Migration, and More

Published

2 weeks ago

September 2, 2024

admin

This week is filled with key developments across various crypto ecosystems, including Polygon and Binance, which are expected to impact the market in different ways.

Additionally, a crucial upgrade is scheduled for the Arbitrum Layer-2, alongside a highly anticipated testnet launch on the Fantom network. Traders should be ready to take advantage of the potential market volatility these events might trigger.

MATIC Migrates to POL

On September 4, Polygon will begin the long-awaited upgrade from MATIC to POL. POL will fully replace MATIC, becoming the native gas and staking token for the Polygon Proof-of-Stake (PoS) network. Following this initial phase, POL will play a key role in the network’s AggLayer, subject to community approval.

MATIC holders on Polygon PoS, as well as MATIC stakers and delegators on Ethereum, won’t need to take any action. However, those holding MATIC on Ethereum, Polygon zkEVM, and centralized exchanges may need to migrate.

“POL is an exciting and highly anticipated upgrade, mainly because it further expands the utility of Polygon’s native token to reflect and power the vision of Polygon as an ever-growing network of aggregated blockchains,” the Polygon network shared in a recent blog.

Despite the anticipation for the transition, BeInCrypto data shows MATIC has been down 1.18% since the Monday session opened. Around the due date, however, the token could display some volatility as investors position themselves to capitalize on the hype.

Binance Prepares to Launch Solana Staking

Interest in staking continues to grow, with Binance and other exchanges like Bitget and Bybit recently hinting at launching liquid staking tokens on Solana. This comes as Solana’s liquid staking total value locked (TVL) has surged in 2024, reaching $3.756 billion, up from around $1.9 billion in January, according to DefiLlama.

For Binance, launching Solana staking would signify a new revenue stream with new offerings from the suggested BNSOL symbol. With the BNSOL offering, the platform would be able to collect staking fees while stakers earn rewards or yields.

Solana Liquid Staking TVL, Source: DefiLlama

In hindsight, Binance invested in Solayer in early August to drive Solana’s restaking ecosystem. Solayer will help secure on-chain decentralized applications (dApps) with improved network bandwidth while at the same time securing Layer-1 (L1).

The tokens to watch around these events include Binance Coin (BNB) and Solana’s SOL. However, given Binance’s collaboration with Sanctum, a top-five Solana staking layer, CLOUD could also see a lot of volatility.

Sonic Testnet Goes Live

The Fantom Sonic Testnet is set to launch this week, adding to potential market volatility. Sonic is a new Layer-1 blockchain from Fantom Foundation, featuring an L2 bridge to Ethereum. It promises higher transaction speeds, better finality, and reduced storage requirements.

“On October 24, we announced Fantom Sonic and released its testnet environment to the public. The network upgrade will scale Fantom to beyond 2,000 transactions per second with a one-second finality while reducing storage requirements by up to 90%,” Fantom wrote.

Ahead of the testnet, Fantom’s token, FTM, has risen by 3.39%, trading at $0.422.

The testnet participants will have the opportunity to interact with Sonic by submitting transactions, performing swaps, and experiencing the network’s performance firsthand. Ahead of the testnet launch, Fantom’s token, FTM, has risen by 3.39%, trading at $0.422, according to BeInCrypto data.

Arbitrum Upgrade Stylus

Ethereum L2 scaling solution Arbitrum (ARB) will upgrade its Stylus on September 3 to enable writing smart contracts using Rust, C, and C++ coding languages. Notably, Stylus contracts are faster with significantly lower gas fees owing to the superior efficiency of WASM programs.

Arbitrum Nitro’s unique fraud-proving technology enables Stylus. When there is a dispute on an Arbitrum network, Nitro replays the chain’s execution in WASM. Honest Arbitrum validators will then bisect the dispute until a single invalid step is identified and checked on-chain via a “one-step proof.”

The bottom line is that Stylus innovates on many levels, including but not limited to the fact that it is a single chain but supports multiple languages. Other perks include its multi-virtual machine (multiVM), cheaper execution, being fully interoperable, and providing cheap reentrancy detection.

Immutable Unlocks $41 Million in IMX

On September 6, the circulating supply of IMX will increase by 32.47 million tokens. These newly unlocked coins will be allocated to the development of the project and the broader ecosystem.

This event will be a cliff unlock, meaning the tokens are released in larger, periodic batches rather than through a gradual, linear schedule. Unlike linear unlocks that provide more price stability, cliff unlocks can lead to increased market liquidity and volatility.

As such, investors should not be surprised if IMX price rallies ahead of the event and dumps on or after the unlock day as enlightened investors trade strategically.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Source link

Related Topics:crypto MATIC Migration News Top Week

Up Next

Why DOGS Price Could Be Set for a Notable Rally

Don't Miss

What to Expect from the Token in September

Click to comment

Market

Will Notcoin Price Break This Key Resistance?

Published

50 mins ago

September 19, 2024

admin

Like other altcoins in the market, Notcoin (NOT) has seen a price increase in the last 24 hours. Within the period mentioned, NOT has jumped by 8% while its volume has surged 85%, indicating growing interest in the Telegram coin.

With market volatility at a high level, Notcoin faces a crucial momentum that could determine its short-term movement. If NOT fails to break through this key resistance, it risks facing a significant correction that may send its price tumbling.

Notcoin Encounters Challenges

Notcoin is currently trading at $0.0078, still 73% below its all-time high. Despite recent gains in price and volume, which suggest a potential rally, the 4-hour analysis indicates the token could face challenges as it targets $0.011.

The 4-hour chart shows that Notcoin is working its way toward $0.0080, but this level has previously acted as resistance, where the coin faced rejection. If Notcoin fails to break above this price level, it could see a 10% correction. In this case, its value might drop to $0.0072.

Read more: 5 Top Notcoin Wallets in 2024

Notcoin 4-Hour Analysis. Source: TradingView

An evaluation of Notcoin on the daily timeframe shows its Relative Strength Index (RSI) remains below the neutral 50.00 mark. The RSI is a momentum indicator that tracks the speed and size of price changes.

If the RSI moves above the midpoint, it signals bullish momentum and a potential price increase. Conversely, a decline in the RSI suggests weakening momentum.

For Notcoin, the RSI is rising but still below the signal line, indicating the uptrend is uncertain. The token’s upward movement will likely remain shaky unless bulls apply more pressure to push the price higher.

Notcoin Relative Strength Index. Source: TradingView

NOT Price Prediction: Rally Could Stop

Furthermore, the Fibonacci retracement indicator provides insights into NOT’s next movement. From a short-term perspective, bulls might try to break above $0.0085. However, around the same region, Notcoin began a decline that pulled it down to $0.0072 on September 6.

As such, that region is a supply zone that requires notable buying pressure to surpass. Currently, it does not appear that Notcoin has the notable capital flow to keep the upswing going.

Notcoin Daily Price Analysis. — Notcoin Daily Analysis. Source: TradingView

In a highly bearish scenario, Notcoin’s price could drop to $0.0072 and possibly as low as $0.0069. On the other hand, if the token manages to break above the $0.0080 and $0.0085 resistance levels, it could potentially surge to $0.011.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Source link

Market

Why 2024 Altcoin Season Could Fuel a Rally in These 6 Tokens

Published

2 hours ago

September 19, 2024

admin

Crypto investors and analysts support that the 2024 altcoin season may have just started, drawing signals from multiple fundamentals, including Bitcoin’s (BTC) sustained foray above $63,000.

The optimism comes after the Federal Open Market Committee (FOMC) decided a 50 basis points interest rate cut in September, suggesting the US economy is in a good place.

Crypto Banter Founder Highlights Tokens Primed for Altcoins

Crypto Banter, a popular YouTube channel with over 1.08 million subscribers, says the 2024 altcoin season is beginning. Its founder, Ran Neuner, cites the Federal Reserve’s (Fed) interest cut on Wednesday, increasing global liquidity and the all-time high seen in the money market funds. With this, he lists six tokens that are best positioned to rally if the altcoin season takes off.

SUI

The analyst starts by highlighting Sui (SUI) as a standout token, noting its rising prominence in the market, even posing a threat to Solana (SOL). SUI has been making headlines with major partnerships, including Circle’s USDC integration. Grayscale also recently launched a Sui Trust, which has driven a significant increase in both price and trading volume.

Ran Neuner believes these strong fundamentals position SUI for success in the short term, especially if an altcoin season unfolds.

FTM

The analyst also highlights Fantom (FTM) as a promising altcoin, noting its strong price performance. FTM has gained attention after recent internal developments, including the rebrand to Sonic Labs in August.

The rebrand has sparked renewed investor interest, positioning Fantom for further growth. Sonic Labs is building on this momentum with the launch of Sonic Gateway, a decentralized bridge that enables secure ERC-20 token transfers between Ethereum and Sonic.

This development has provided a boost for FTM, which has risen by 10% since the Thursday session began, trading at $0.33, according to BeInCrypto data.

IMX

ImmutableX (IMX) is also on Crypto Banter’s list of altcoins poised to rally on a possible alt season. The gaming token has broken above a falling wedge pattern, effectively confirming a reversal. Based on this breakout, analysts expect a bullish wave.

IMX Price Performance — IMX/USDT 2-day chart, Source: TradingView

AERO

The portfolio rebalancing also considers Aerodrome (AERO), as the central trading and liquidity marketplace continues to thrive on Base L2. The underlying fundamental for AERO is Aerodrome’s MetaDEX model, which combines the best aspects of previous decentralized exchange market leaders.

“When we assess Aerodrome’s implied outcomes through a model, it’s evident that token inflation, in itself, is not inherently bad. Instead, emissions are just one input into an economic model—a cost that can be managed and overcome,” a DeFi researcher echoed.

SOL

If the assumption proves accurate, Solana (SOL) may be gearing up for a strong rally, given its history of delivering impressive gains during altcoin market surges. Solana has often outperformed when broader altcoin momentum picks up, making it a key player to watch.

Currently, SOL is trading at $141.53, marking a 10% increase in the last 24 hours, according to BeInCrypto data.

OM

MANTRA (OM) earns a spot on the analyst’s list due to the upcoming launch of its mainnet in October. This event is expected to be a major milestone for the project, as it will bring real-world assets (RWA) on-chain. The mainnet launch will be a crucial step in integrating traditional finance (TradFi) into the blockchain ecosystem, creating new opportunities for MANTRA’s growth.

Ran Neuner also highlighted several other tokens that could see strong rallies, including Arweave (ARV), THORChain (RUNE), Render (RNDR), Crown by Third Time Games (CROWN), and SuperVerse (SUPER). These tokens have posted steady, conservative gains despite recent market uncertainty, positioning them for larger increases if an altcoin season takes off.

However, Neuner advises investors to keep an eye on the Bank of Japan’s (BOJ) CPI and interest rate decision on Friday. He warns that if the BOJ raises rates, it could disrupt the current rally, potentially leading to a market reversal. On the other hand, if the BOJ cuts interest rates, it could reinforce the ongoing upward momentum.

“Don’t get overconfident. We need good CPI out of Japan tomorrow and for BOJ not to raise rates on Friday. September still has some potential liquidity drains so don’t lever up to the gills, just 8 more days until it is really up only,” GamesMasterFlex wrote.

Disclaimer

Source link

Market

Will NEIRO Price hit $0.17 soon?

Published

3 hours ago

September 19, 2024

admin

After a brutal 45% plunge triggered by Binance’s actions, Neiro Ethereum (NEIRO) is making a remarkable comeback. The meme coin has surged by an impressive 51% in the past 24 hours, outpacing the broader meme market.

With a resurgence in demand for NEIRO, the meme coin looks poised to extend its gains.

Neiro Ethereum Makes Its Comeback

BeinCrypto reported that NEIRO saw a sharp 45% price drop on Monday after Binance listed a different token with the same NEIRO ticker on its spot and futures markets.

However, the broader market’s positive sentiment over the past 24 hours, fueled by the US Federal Reserve’s rate cut, sparked a strong recovery for NEIRO. At press time, the altcoin is trading at $0.11, up 51%, with trading volume surging 53% to $93 million.

This rally has significantly boosted the number of profitable NEIRO transactions. Santiment data shows the ratio of transaction volume in profit to loss is now 3.66, its highest since the token’s July launch. This means that for every transaction at a loss today, 3.66 have turned a profit.

NEIRO Ratio of Daily On-Chain Transaction Volume in Profit to Loss. Source: Santiment

NEIRO traders remain bullish, with the altcoin’s funding rate at 0.01%, indicating higher demand for long positions among futures market participants.

neiro funding rate — NEIRO Funding Rate. Source: Santiment

NEIRO Price Prediction: Higher Demand May Push Token To $0.17

NEIRO’s Relative Strength Index (RSI) on the four-hour chart confirms the growing accumulation of the altcoin. At 59.07, this momentum indicator suggests market conditions are leaning toward buying rather than selling.

If buying pressure continues, NEIRO’s uptrend could persist, with the potential to rise another 46% and reach $0.17.