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Crypto News 03/12: Bitcoin remains market leader and will continue to grow with news Ethereum, Dogecoin, Chainlink, Polygon, Shiba Inu, Solice, Moonriver

729 days ago - Around 7 mins mins to read

From the statement that Bitcoin is still the most important crypto asset, ETH will soon switch to parabolic growth mode. Here are some highlights from the crypto market.

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Bitcoin news

Morgan Creek Digital co-founder Anthony Pompliano still considers Bitcoin (BTC) to be the most important crypto asset.

in a meeting interview Recently, on CNBC’s Squawk Box, Pompliano said that the leading cryptocurrency still has a lot of very positive fundamentals despite its recent decline. He said that 89-90% of the people who buy Bitcoin are making a profit, many people are still not selling their BTC and the demand continues to grow.

Invesco is preparing to launch a spot bitcoin ETP, and Pompliano says more such products will be launched. The explosive demand will push the BTC price up.

Also, Pompliano said that Bitcoin’s impact on the market shows that, despite big moves in other coins, including Ethereum (ETH) and Solana (SOL), Bitcoin remains the king of cryptocurrencies.

According to Pompliano, while investors are venturing into other crypto assets, they are all still returning to Bitcoin.

Bitcoin could be subject to an 80 percent correction.

The founder of Navellier & Associates, Louis Navilier, has suspect that Bitcoin could suffer an 80 percent correction.

The Federal Reserve’s cut of its bond-buying program will be the biggest headwind for crypto.

Navellier believes Bitcoin could eventually make a dreaded double high if it continues to slide down.

A drop in BTC below the $ 28,500 mark will be a sign of danger for the bulls.

In this case, the double top will be confirmed and Bitcoin will continue its downward momentum towards the 4-digit area.

While this prediction may sound extreme, it is not impossible. In December 2018, BTC saw an 84.5% correction from the previous bull market high in the $ 20,000 region.

Ethereum news

In a December 3 tweet, Twitter account Galaxy offered bullish forecasts for ETH, suggesting that ETH / BTC will dwarf its bullish performance. He said that ETH is about to go into parabolic mode.

ETH / BTC hit 0.085 this week, its highest level since a brief spike in May of this year.

With the ETH / USD trading pair, the same picture looks promising, Ethereum breaking several new records in early November and currently trading below the $ 5,000 region since then.

In theory, if the market continues to gain strength, ETH could see a strong uptrend based on current market structures, trader Pentoshi said.

Dogecoin news

Grimes, the Canadian singer-songwriter, announced in a tweet that she was accepting Dogecoin as a payment method during the upcoming sale. Elon Musk and Billy Markus also showed interest in Grimes’ decision.

Bitcoin, Litecoin, Ether and Bitcoin Cash will also be among the supported cryptocurrencies.

Earlier this year, Grimes became part of the NFT craze that sold $ 5.8 million worth of digital art.

News chain link

LINK, the central digital asset of the decentralized Chainlink network, has dropped out of the top 20 cryptocurrencies with the highest market capitalization, according to CoinMarketCap.

The LINK token plunged 7% in 24 hours, reducing its capitalization to $ 11.6 billion. However, the market is currently tending towards a slight recovery.

Currently, LINK is more than 50% below its all-time high of May 9, 2021 in the upper $ 52 region.

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Market Capitalization Ranking | Source: Coinmarketcap

News polygon

The Ethereum Layer-2 scaling platform Polygon will host the zk conference next Thursday. The event will be a space to discuss zero-knowledge technology to examine its use in fueling the development of the cryptocurrency market, the company said.

At the end of the tweet, Polygon revealed an important announcement that will be made during the conference. The schedule for the zk conference organized by Polygon on the night of December 9th is as follows (Synthetic Team time):

  • 23:00 – Introduction with Polygon co-founders Sandeep Nailwal, Jaynti Kanani and Mihailo Bjelic.
  • 23:20 – Important announcement revealed.
  • 00:00 – Polygon Nightfall – data protection oriented solution.
  • 00:30 – Polygon Miden – aggregation solution for virtual Ethereum machines.
  • 01:00 – Polygon Hermes – aggregation solution based on work on the Hermes network integrated with Polygon in a $ 250 million deal in August.
  • 02:00 – workshop talk.

News Shiba Inu

Unfortunately, Memetoken Shiba Inu has lost most of its dominance among the 1,000 largest Ethereum wallets. This trend was exacerbated after SHIB lost 12% of its value.

While the GameFi industry is booming, memecoins and tokens like Shiba Inu are entering a phase of area-specific fluctuations or even downward trends.

Although Shiba Inu’s stocks fell from about 20% to 8%, the USD value of all stocks remained at about $ 2 billion, a 10% decrease mainly due to the SHIB price.

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Whale SHIB and Altcoin stocks | Source: WhaleStats

Intelligence service

Solice has completed a $ 4.36 million seed funding round.

According to the announcement, Solice has raised $ 4.36 million in a seed funding round led by Three Arrows Capital, Animoca Brands and DeFiance Capital.

Other investors include Alameda Research, Solanium Ventures, SkyVision Capital, Jump Capital, Genblock Capital, KuCoin Labs, Solar Eco Fund, CMS Holdings, Maven Capital, Rhea Fund, a41 Ventures, ZBS Capital and more.

With the new funding, Solice will build an open-world VR metaverse on the Solana blockchain.

News Moonriver

Polkadot Parachain’s smart contract, Moonriver, recently announced the integration of the Chainlink price feed into the network, marking a pivotal moment for projects under construction in the Kusama ecosystem.

Since the Chainlink Price Feed officially appears on the mainnet, market observers predict that the demand for MOVR will increase.

One of them, Kusama Maxi, predicted that after the Chainlink integration, the Moonriver price could go up in a similar way to Avalanche (AVAX), Fantom (FTM) and Polygon (MATIC).

Maxi argues that Moonriver’s demand will increase in the next one to three months, citing explosive DeFi and TVL metrics on the network.

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