Altcoins
DYDX Crypto Price Resurgence Gathers Momentum
The dYDx crypto price has made a spectacular recovery in the past few days as investors reacted to the postponement of the token unlock program. The token surged to a high of $2.62, the highest point since November 15 last year.
Why is dYDx price soaring?
dYDx is a leading crypto exchange that is relatively different from centralized platforms like Coinbase and Binance. It’s main difference is that it is a decentralized exchange that is controlled by a DAO.
A key part of the dYdX ecosystem is that of token unlocks. A token unlock is a situation where a blockchain releases tokens as part of its tokenomics. It can be compared to what happens when a company’s lockup expiry happens.
As I wrote last week, the developers were to release millions of tokens, which would have diluted existing holders of the token. In a statement, the company said that they would postpone the unlocking of these tokens.
30% of these tokens will now be unlocked on December 1. They will be followed by 40% in equal monthly installments on the first day of each month starting from January 1 next year to June 1. 20% of the tokens will then be released in equal installments on the first day of the month from January 1, 2024 to June 1 2025.
Similarly, 10% of the tokens will be released in equal installments from Jan 2025 to June 1,2026. Therefore, the postponement has brought some relief among dYdX token holders.
dYdX price prediction
The four-hour chart shows that the dYdX crypto price has been in a strong bullish trend in the past few weeks. The token rose above all moving averages and the psychological levels at $2 and $2.5. The Relative Strength Index (RSI) has moved to the overbought level.
Therefore, the token will likely continue rising as buyers target the next psychological level at $3. The stop-loss of this trade will be at $2
Solana price joined in on the recent rally in the global cryptocurrency market, jumping nearly 17% in the past week. Solana has made substantial gains this year, climbing 102% in its year-to-date price. SOL ranks as the 11th largest cryptocurrency after Binance USD and ahead of Polkadot. Despite the altcoin’s recent rally, the total volume of the coin traded has continued to dwindle.
Fundamentals
Solana price was trading slightly higher on Friday as Bitcoin and other altcoins extended their rally despite the bank contagion fears weighing on the markets. Bitcoin and Ethereum have been leading the recent rally in the market, jumping more than 30% and 20% in the past week, respectively.
Investors have welcomed the resilient crypto prices amid the recent crisis in the banking sector this week. The week started with the collapse of Signature Bank and Silicon Valley Bank on Sunday until the focus shifted to Credit Suisse and First Republic Bank. Traders have been digesting the fate of Credit Suisse even after the bank said that it would borrow up to 50 billion Swiss Francs from the Swiss National Bank.
Several analysts have linked the recent rally in the crypto market to lingering bank worries. Even so, crypto prices are heavily influenced by inflation and the Federal Reserve interest rate hikes. According to analysts, the recent decline in banking stocks points to the vulnerability of traditional institutions, raising liquidity concerns…
Ethereum price staged a strong recovery over the weekend, wiping out its previous losses after jumping by more than 11%. ETH has moved past the crucial level of $1,500 and is currently trading at 1,588.98. The altcoin’s total market cap has jumped by more than 8% over the past 24 hours, while the total volume of the coin traded increased by nearly 37%.
Fundamentals
Ethereum price staged a strong comeback during the weekend, breaking its 5-day consecutive downtrend. Ethereum’s recovery is in line with the overall recovery in the crypto market. The global crypto market cap has jumped past the $1 trillion level and currently sits at $1.02 trillion. The total crypto market volume has increased by more than 31% over the last day.
Last week was a tough week for the crypto community. The Silvergate crisis, as well as fears about potential further interest rate hikes, had been weighing on the crypto market in the past week. Silvergate recently announced its plans to wind down its operations and liquidate its bank, staging the biggest hit on the crypto market after FTX’s collapse and Terra’s LUNA crash.
Notably, Fed chair Jerome Powell warned that the US central bank is likely to impose further interest rate hikes to higher levels than previously anticipated. The raising of interest rates over the past year has heavily weighed on risk assets such as cryptocurrencies and stocks.
Binance, the…
Cardano price has been under intense pressure for the past few days as Silvergate poses for a potential bankruptcy. ADA has slipped by more than 7% in the past week but remains 32% higher in the year to date. At the time of writing, ADA was 2.54% lower at $0.3221, while its total market cap inched nearly 1% lower. Cardano ranks as the 7th largest cryptocurrency by market cap after XRP and above Polygon.
Fundamental Analysis
Cardano price has recorded a sharp decline for the past few days as Silvergate’s crisis continues to weigh on cryptocurrencies. Silvergate Capital is a Californian bank that pioneered money transactions between cryptocurrencies and hard cash. The Silvergate crisis looks to be the next big failure after the collapse of FTX and Terra’s LUNA meltdown.
Data by Coinmarketcap show that the global crypto market cap has continued to move lower to $1.01 trillion, pointing to a bearish outlook in the crypto market. Bitcoin’s dominance has also inched lower as the digital asset remains at the $22,000 level.
Fears of higher interest rates by the US Federal Reserve have been gnawing at the markets, following Powell’s hawkish tone. Fed chair Jerome Powell announced on Tuesday that the Federal Reserve is prepared to return to bigger interest rate hikes in a bid to fight inflation.
The US central bank has been struggling to cool the economy despite a year-long campaign of…
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