Category Archives: Altcoins

Coinbase launching NFT marketplace

Coinbase follows FTX and Binance in launching NFT marketplace

Image courtesy of CoinTelegraph

Major crypto exchange Coinbase has announced it will be opening a waitlist for a nonfungible marketplace it plans to launch later this year.

In an Oct. 12 blog post, Coinbase vice president of product and ecosystem Sanchan Saxena said the nonfungible token, or NFT, marketplace would allow its users to mint, purchase, discover, and showcase Ethereum-based tokens. According to Saxena, the offering will allow creators to maintain control of their artwork “through decentralized contracts and metadata transparency,” with all NFTs on-chain.

The Coinbase announcement comes following crypto exchange FTX and its U.S.-based subsidiary introducing a marketplace with users able to trade NFTs cross-chain through the Ethereum and Solana blockchains. Binance, the world’s largest crypto exchange, entered the NFT market in June by launching its own marketplace aimed to minimizing transaction costs.

With 68 million verified users and 8.8 million monthly active users as of Q2 2021, Coinbase’s entry to the NFT industry could provide competition for established marketplaces like OpenSea and Rarible. OpenSea’s head of product Nate Chastain is facing criticism for using burner wallets to purchase NFTs on the platform so the artwork could receive more attention on the website’s front page. The platform mainly uses Ethereum, which dominates sales in the NFT market.

Related: Blockchains vie for NFT market, but Ethereum still dominates — Report

According to data from DappRadar, the total transaction volume on OpenSea was $8.7 billion at the time of publication, making it the biggest NFT marketplace. NFT sales through the Pokemon-inspired Axie Infinity game came in second at $2.5 billion.

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NFL Star Rob Gronkowski Joins Tom Brady’s Autograph NFT Platform

The longtime NFL teammates are newly united in crypto as Gronk preps his second NFT drop.

By Andrew Hayward           3 min read • Oct 11, 2021

In brief

  • NFL star Rob Gronkowski will release NFTs via Tom Brady’s Autograph platform.
  • Gronk independently released NFT trading cards in March, generating $1.6 million worth of Ethereum at the time.

Rob Gronkowski was one of the first major professional athletes to benefit from this spring’s initial NFT market boom, generating $1.6 million worth of ETH from the sale of NFT trading cards. Now the four-time Super Bowl champion is returning to NFTs, with new collectibles that will be released via his longtime teammate Tom Brady’s platform.

This week, Gronkowski will debut brand new NFTs through Autograph, a platform co-founded by quarterback Tom Brady. Gronkowski and Brady are one of the most successful duos of all time in the NFL, winning titles together with the New England Patriots and currently the Tampa Bay Buccaneers, and now they’re working together in NFTs too.

Earlier this morning, Gronkowski shared an Instagram video of the players, as he wore a shirt with the Autograph logo superimposed on it. “They say blood is thicker than water—so Tom Brady move over, I’m joining the family. My signed digital exclusives are headed your way this week,” he wrote in the caption.

An representative confirmed to Decrypt that Gronkowski’s new collectibles are completely new, and will be similar in approach to the NFTs on the platform released by Brady alongside star athletes such as Tiger Woods, Simone Biles, Wayne Gretzky, and Naomi Osaka.

An NFT acts like a deed of ownership to a rare digital item, whether it’s digital artwork, trading cards, video clips, or something else entirely. The NFT market exploded in popularity earlier this year and then surged again recently following a summer slump, with $10.67 billion worth of trading volume in Q3 2021 alone.

Sports collectibles have been a significant part of this year’s NFT market boom, with Dapper Labs’ NBA Top Shot platform generating more than $700 million worth of trading volume to date. An officially-licensed NFL version of Top Shot is due soon.

Autograph’s NFT collectibles are minted on Polygon, a layer-2 scaling solution based on Ethereum, the leading platform for NFTs. Thus far, they have all looked like futuristic trading cards available in a range of price and rarity levels, including “digitally signed” versions that sell for a much larger sum. The collectibles are sold exclusively through the DraftKings Marketplace.

Gronkowski’s first Autograph collectibles will go on sale tomorrow, October 12, and range in price between $12 and $100 apiece. The digitally-signed versions will then launch on October 14, starting at a price of $250 each.

His first launch of NFT trading cards in March yielded 830 ETH, which was worth about $1.6 million at the time of sale. Sportico reported in May that Gronkowski opted to hold onto the ETH rather than convert it to U.S. dollars. Ethereum’s value has grown significantly since then, so if Gronk held onto his ETH stash from March, it would be worth about $3 million today.

Brady, meanwhile, has become more and more immersed in the crypto world over the last few months since co-founding Autograph in April. In May, Brady put Bitcoin “laser eyes” on his Twitter profile picture, and soon became an investor in and brand ambassador for rising cryptocurrency exchange FTX. Brady said in June that he wants “to be a pioneer” in crypto.



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Original article posted on the site, by Andrew Hayward.

Article re-posted on Markethive by Jeffrey Sloe


Altcoins Soar

Altcoins Terra, Arweave, Tezos and Solana Soar

After a September slump, altcoins are back on the rise.

By Decrypt Staff           2 min read • Oct 3, 2021

Altcoins are on the up. Tezos is up 23% in the past 24 hours to $8.7, Terra is up 15% to $43, Arweave is up 15% to $56 and Solana is up 8% to $171.

Combined, the rise of the coins, which apart from Solana have market caps well under $10 billion, helped notch up the market cap of the entire crypto market by 2.2% in the past day.

Tezos (XTZ), a proof-of-stake blockchain network, reached an all-time high of $8.83 this morning. The rise started on Wednesday, when XTZ was worth just $5.51. This month, Tezos hit 5.8 million contract calls, breaking last month’s record of 3.2 million.

Terra (LUNA), a blockchain network that powers an algorithmic stablecoin, is up 15.69% on the day and 20.35% on the week. On Thursday, Terra launched a network upgrade called Columbus-5. The upgrade stopped transferring burned LUNA to community pools in order to maintain TerraUSD’s peg to the US dollar. Instead, the coins are burned forever. The upgrade also furthered Terra’s integration with the multi-chain Cosmos ecosystem.

Arweave (AR), a decentralized storage project, is up 15% in the past 24 hours and 27% in the past week. In August, Arweave rose 66% in a week as NFTs boomed. NFT sales dwindled shortly thereafter but the market has begun to pick back up. On Friday, Arweave announced that it would integrate The Graph, a decentralized protocol for sorting information on blockchains and allowing people to query Web 3.0 APIs.

Solana is up 8% in the past day and 27% in the past week. The high-speed, low-cost blockchain has shot up in value over the summer because its smart contract functionality allows traders to do the same things on Ethereum dApps at a fraction of the cost. On Friday, Solana NFTs hit a market cap of $1 billion.

Crypto behemoths Bitcoin and Ethereum remained stable, capping off a week of tremendous growth. Bitcoin is up 0.4% in the past day to $47,919 and 11.35% on the week after a momentous jump on Friday. Ethereum, which joined Bitcoin in its rise, is up 3.46% on the day to $3,402 and up 14.91% on the week.

In the backdrop of the rise is China’s shift to decentralized finance protocols after the government issued (another) blanket bank earlier this month; a market that’s no longer bowled over by the $300 billion Evergrande debt crisis; a new financial quarter bringing fresh allocations to cryptocurrencies, and a U.S. stock market that’s recovering from a September slump.



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Original article posted on the site, by Decrypt Staff.

Article re-posted on Markethive by Jeffrey Sloe

China Escalates Crypto Ban

Ethereum drops more than Bitcoin as China escalates crypto ban, ETH/BTC at 3-week low

The second-largest cryptocurrency falls 13.30% versus Bitcoin’s 9.38% decline as China’s move scares investors away.

Image courtesy of CoinTelegraph

            SEPTEMBER 24, 2021

The price of Ethereum’s native token Ether (ETH) crept lower Friday after China extended its crackdown on cryptocurrencies by deeming their transactions to be “illegal.”

“Financial institutions and non-bank payment institutions cannot offer services to activities and operations related to virtual currencies,” the People’s Bank of China said in a statement on its website Friday, adding that online crypto services to Chinese residents offered by offshore exchanges are also “illegal financial activities.”

Bids for the ETH/USD pair dropped by up to 13.30% to $2,735 in response. At its week-to-date (WTD) high, traders paid as much as $3,346 for a single Ether token but the price fell to as low as $2,651 after a tumult in China’s heavily indebted property sector hit crypto markets.

ETH/USD daily price chart. Source: (Click image for larger view)

As a result, Bitcoin (BTC), the world’s leading cryptocurrency, also fell from its WTD high of $47,358 to as low as $2,651. Meanwhile, its prices fell by 9.38% on Friday—a massive intraday decline but lower than Ether’s drop in the same period.

So it appears that traders decided to dump the digital assets that posted better long-term profits than Bitcoin. For instance, even after the latest declines, ETH/USD’s year-to-date (YTD) gains came out to be above 280%. In contrast, Bitcoin’s YTD profits were a little over 40%.

ETH/BTC falls to multi-week lows

Ether also underperformed directly against Bitcoin, with the ETH/BTC pair falling to 0.066 BTC for the first time in more than three weeks. At its yearly high, the pair traded at 0.079 BTC.

ETH/BTC daily price chart. Source: (Click image for larger view)

Nonetheless, Ethereum charts suggest that Ether could grow stronger against Bitcoin in the coming sessions. This is due mainly to a Bull Flag formation in ETH/BTC market, a bullish continuation pattern that surfaces when prices consolidate lower/sideways (FLAG) following a strong uptrend (FLAGPOLE).

A Bull Flag typically sets its profit targets at length equal to the Flagpole’s size if the price breaks above its channel’s upper trendline. That said, ETH/BTC may undergo a bullish breakout to eye its previous local high of 0.0824 BTC.

Bullish fundamentals persist

Meanwhile, the Ethereum token also expects to surge overall because of its growth in the emerging decentralized finance (DeFi) sector. As Cointelegraph reported earlier, the total value locked (TVL) across the decentralized applications (DApp) industry reached $142 billion in August 2021, out of which 68% was concentrated on the Ethereum network.

Related: Ethereum forming a double top? ETH price loses 12.5% amid Evergrande contagion fears

That ensures more demand for Ether tokens for its ability to power smart contracts that back DApps. On the other hand, its active supply across the board anticipates declines as holders continue to lock their ETH holdings into Ethereum’s proof-of-stake smart contract.

The total value staked into the Ethereum PoS smart contract has jumped from 11,616 ETH to 7.76 million ETH in nine months. Source: CryptoQuant (Click image for larger view)

More supply is expected to go out of circulation as the Ethereum network continues to burn a portion of its daily 13,000 ETH issuance following its Aug. 5 London hard fork upgrade. According to WatchTheBurn, the network has burned 358,616 ETH worth over $1 billion.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Original article posted on the site, by Yashu Gola.

Article re-posted on Markethive by Jeffrey Sloe

Rising Inflation Could “Destabilize” Stablecoins

Rising Inflation Could “Destabilize” Stablecoins And Bring Crypto Industry Down — Coinbase CEO In Search Of Solution

By Ruholamin Haqshanas – September 16, 2021

In the US, inflation has been on the rise throughout the entire year. Just last month, the consumer price index (CPI) rose by 0.3%. While this has been quite a decline compared to April and May when prices rose by 0.6% on a seasonally adjusted basis, it is still a nerve-racking high.

It has been perceived that rising inflation would benefit crypto since more people would consider acquiring digital assets to hedge fiat depreciation. However, if the US dollar loses value significantly and becomes unstable, it will also adversely impact US-pegged stablecoins, which would infect the entire crypto ecosystem.

In a recent tweet, Brian Armstrong, CEO at Coinbase, has pointed out this issue and asked for possible solutions.

Crypto Needs to Adapt

Stablecoins are known as the backbone of the crypto ecosystem. They are the safe zone for when the industry goes wild and plummets by double-digit percentages in a matter of hours. Further, they have taken the cross-border payments by storm, so much so that regulators from across the globe warn stablecoins could disrupt banking systems.

However, these alleged “stablecoins” have a less-known issue: they are hyper reliant on the US dollar. Almost all major stablecoins are pegged to the US dollar. This means if the US dollar loses value significantly, then stablecoins would also lose value. In turn, this would drag the entire crypto ecosystem down.

Mentioning this, Coinbase CEO has recently commented that stablecoins could very easily become inflation coins. “If fiat-backed stablecoins really become inflation coins (not so stable), then how will we get a coin that is truly stable?” Armstrong tweeted.

Proposing a vague solution, Armstrong added: “Perhaps something that tracks a basket of real-world goods (purchasing power parity) using oracles?”

Armstrong is not the first person who has raised this crucial subject. Previously, Balaji Srinivasan, former CTO of Coinbase, had explained that there are two types of stablecoins. First, there are fiatcoins, which “are pegged to an external fiat currency like USD, directly or indirectly.” Second, there is this newer form of stablecoin, which Srinivasan calls “flatcoins.”

Srinivasan explains that if “fiat itself starts to inflate, it isn’t really “stable”. So a flatcoin optimizes instead for price flatness vs an on-chain basket of goods.” In simple terms, a so-called “flatcoin” is not pegged to a fiat currency, rather it is pegged to the purchasing power of an asset at a certain period of time.

Considering the importance of the issue, we should see more projects developing alleged “flatcoins” in the near future — which is also crucial for “de-dollarizing” the crypto ecosystem.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Ruholamin Haqshanas and posted on

Article reposted on Markethive by Jeffrey Sloe

Cardano Eyes $3

Underdog Cardano Eyes $3 After Successfully Smashing Smart Contracts Record

By Kollins K.O – September 16, 2021

$ADA set a new record for over 100 completed smart contracts barely two days after the release of its highly-publicized Alonzo Hardfork. The Plutus smart contract capability, which featured as a part of the purple phase of Cardano’s three-pronged upgrade, broke the 100 contract record confirming a seamless integration of the new upgrade. The success comes as an underdog victory for the current 3rd most valuable coin after a series of complaints about its smart contract ineffectiveness flooded the crypto space in the run-up to the release.

With the new milestone, $ADA will be looking to become a new haven for decentralized applications (DApps), decentralized finance applications (DeFi’s), and Non-fungible tokens (NFTs) ultimately giving Ethereum, and its discouraging gas fees, a run for the money. A highly enthralled Charles Hoskinson was quick to hail the feat as the successful result of hard work. He was quoted as saying:

“This upgrade is the culmination of six years of hard work with some of the brightest minds in blockchain and beyond. The focus is now on improving the platform further and ensuring that Cardano is adopted by corporations and governments.” Praising the community efforts, Charles added: “With this launch, commercialization is already in the hands of the community as it is the system architects and they are already delivering.”

Ever since making five million marks in Africa, Charles Hoskinson’s Cardano has continued to dumb naysayers with innovative milestones. There are now over 780,000 NFTs minted on its platform. The periods before delivery of its smart contracts came with a barrage of criticisms on its inability to scale up on competitiveness, but from believers in the $ADA potential like Amy Arnott — a portfolio manager for Morning Star, predicted a solid top-three spot for the coin once its smart contracts are initialized.

Cardano has risen two spots up since Arnott’s prediction, almost doubling its value from $1.3 in August to $2.45 today. Within the first three days in September, it tested the $3 threshold on the wings of a global crypto market rebound amidst news of its upcoming upgrade before pruning down values to its current price.

ADAUSD Chart By TradingView (Click image for larger view)

The next phase of progress will be discussed at the Cardano summit on the 25th/26th of September where speakers from the World Economic Forum, Southbank, and Financial Times will map out the possibility of Cardano as a de facto operating system for governments, global industries, and supply chain networks.

Robinhood, Webull, Coinbase, FTX, and Binance have all approved Cardano for trading on their platforms.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Kollins K.O and posted on

Article reposted on Markethive by Jeffrey Sloe

Solana Sees Colossal Crash

Solana Sees Colossal Crash After Blockchain Shutdown; How Close Is The Network To Recovery?

By Olivia Brooke – September 15, 2021

The Solana (SOL) network which experienced a shutdown yesterday has announced that it has restarted the network and should soon restore all services. The price of SOL, the blockchain’s native token, took a hit as it dropped some 17.14%, within a short period after the shutdown was announced, from trading at around $171.51 to a low of around $145.

However, the token seems to be staging a comeback as it is currently trading at around $162, down 5.94% on the day at the time of this writing.

SOLUSD Chart By TradingView(Click image for larger view)

The shutdown followed after one of the Twitter accounts of the blockchain, Solana Status, announced that the blockchain was experiencing “intermittent instability” and engineers were trying to solve the problem. The update added that the reason for the issue was resource exhaustion and a possible solution would be for validators to restart the mainnet.

Later the account elaborated that the instability was a result of a large increase in transaction load to 400,000 per second which had overwhelmed the network and ultimately caused a denial-of-service.

The tweet stated, “Solana Mainnet Beta encountered a large increase in transaction load which peaked at 400,000 TPS. These transactions flooded the transaction processing queue, and the lack of prioritization of network-critical messaging caused the network to start forking. This forking led to excessive memory consumption, causing some nodes to go offline.”

The tweet also explained that following futile efforts to solve the issue, validators had voted to restart the network. True to the announcement, it was later revealed that the network had been restarted and the network was back online. Remarkably, the shutdown lasted for over 10 hours.

The episode has raised criticisms for the network. Analysts have stated that while the network had recovered, there could be even more trouble in the future. One analyst, “Comet Shock” warned that the shutdown could lead to dire consequences for users of decentralized exchanges (DEXs) on the blockchain. The most consequential being high arbitrage and miner extractible value (MEV) actors in the market would seek out the most profitable action. He also points out that leveraged derivatives markets stood the risk of being under-collateralized when the network restarts.

Highlighting possible solutions, the analyst suggests that the restart can be guarded to include only a few actors to initially trade to rate-limit the system.

“There is a potential “way out”, but it isn’t naturally altruistic yet. The relaunch of the network could be guarded, where only certain actors are whitelisted to transact. This could temporarily rate limit the system, and allow for DeFi things to unwind in a more orderly fashion,” he said.

But even in this, the question of who to allow and who not to allow arises for the people in charge of the network.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

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The original article written by Olivia Brooke and posted on

Article reposted on Markethive by Jeffrey Sloe

Polkadot en-route to new ATH

3 reasons why Polkadot is en-route to a new ATH even after a 256% rally

Steady development and strong fundamentals suggest that DOT’s rally toward a new all-time high is in the making.

Image courtesy of CoinTelegraph

            SEPTEMBER 14, 2021

The recent 256% Polkadot (DOT) recovery over the past 56 days has been nothing short of spectacular. Although the price is 23% below its $49.80 all-time high from four months ago, the altcoin’s $39 billion market capitalization has outperformed the Ether (ETH) by 66% over the past thirty days.

Polkadot/USDT. Source: image for larger view)

Polkadot is a blockchain network designed to support various interconnected, application-specific parallel chains, known as parachains. This scalability-focused project breaks up transactions into many shards and processes them in parallel, similar to what ETH 2.0 aims to achieve.

Polkadot refers to the entire ecosystem of parachains that plug into a single base platform known as the relay chain. This baselayer provides security to the network and handles the consensus, finality and voting logic.

To support parachain launches, users vote for projects by locking up DOT tokens. Currently, only Kusama — Polkadot’s “canary” network and an early, unrefined release of Polkadot — is holding its own auctions for these slots. Polkadot is expected to initiate the same process over the next couple of months.

Polkadot’s integration to DeFi increases

Polkadot’s ecosystem has been growing consistently and on Sept. 8 SubQuery, a decentralized data aggregator, raised $9 million to build Polkadot’s first data aggregation layer.

As an example of this integration, the Moonbeam parachain has tokens built on Polkadot’s development tool (Substrate). These tokens can be seamlessly sent to Ethereum wallets and smart contract addresses. On Sept. 9, Moonbeam announced a partnership with Lido, a decentralized liquid staking derivatives protocol currently deployed to Ethereum and Terra.

The latest update came from dTrade, a decentralized exchange. After successfully raising $6.4 million in a seed funding round in May of 2021, the DEX gathered another $22.8 million market-making fund designed to provide “deep liquidity” backed by some of crypto’s largest market makers.

Related: ​​Governance proposals and layer-two launches provide a boost to altcoins

Derivatives data shows potential for a fresh all-time high

Technical analysts are quick to make price projections but investors should analyze Polkadot’s derivatives data. For example, a nonexistent futures contracts premium means that investors are not comfortable creating bullish positions using leverage.

Polkadot futures aggregate open interest. Source: image for larger view)

DOT’s total futures open interest grew to $685 million from $360 million in 30 days and this is a positive indicator because it reflects the willingness of leverage traders to keep their long positions open despite the rally.

In futures contracts trading, both longs (buyers) and shorts (sellers) are matched at all times, but their leverage varies. Eventual imbalances are reflected in the funding rate and derivatives exchanges will charge whichever side is using more leverage to balance their risk.

Steady protocol development will be the ultimate driven of DOT price

Polkadot perpetual futures 8-hour funding rate. Source: image for larger view)

In the first week of September, a healthy dose of optimism was reflected because the 8-hour funding rate reached 0.10%, which is equivalent to 2.1% per week. Nevertheless, the situation reverted after the 35% price crash on the morning of Sept. 7.

This $22.70 intraday low from a week ago might seem irrelevant since the price of DOT is above $36, but traders’ appetite for leveraged long positions has yet to recover from this.

The most likely case is a “glass half full” scenario where investors will regain confidence as the project continues to deliver.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Original article posted on the site, by Marcel Pechman.

Article re-posted on Markethive by Jeffrey Sloe