[OKEx] BTC futures data shows lackluster market sentiment as alts outperform market leader

Bitcoin is unable to get back above the $60,000 mark, but the market remains optimistic about mid-term price — Futures Friday Bitcoin has continued to oscillate over the past week, not showing any decisive bullish moves even though the total cryptocurrency market cap is back around $2 trillion. Since altcoins have outperformed it in recent […]

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Top 7 small cap altcoins with huge potential, says analyst George Tung

In the recent video, crypto KOL George Tung from CryptosRUs discussed 7 altcoins under $150M in market cap that he believes are poised to explode.

top-7-small-cap-altcoins-with-huge-potential-says-analyst-george-tung

Rally (RLY)

Rally (RLY) is the first altcoin on the list, a decentralized network for creators to monetize and align themselves with their community. As a community-owned network, the community is in charge of making the decisions for how the network evolves, not the Rally team itself.

“This is a brilliant idea! It’s a very easy way for creators to basically launch a token and interact and engage with their fans”, the trader says.

Moreover, excitingly, Rally recently launched a cryptocurrency dubbed Creator Coin that will help influencers, content creators, and streamers run their own virtual economies. The analyst also cites the news that Grammy-winning artist Portugal.The Man has also joined as a coin partner.

“All these entities have big followings and they’re adopting Rally”.

Terra Virtua (TVK)

Next on the list is Terra Virtua (TVK). Terra Virtua is a cross-platform non-fungible token (NFT) ecosystem that offers a curated marketplace for NFT creators and collectors to interact. The Terra Virtua Kolect platform spans web, PC, and mobile AR/VR environments.

“Terra Virtua has launched a line of Godzilla vs. Kong NFT collectibles created in collaboration with film production giant Warner Bros. — among the first-ever NFT drops to coincide with the release of a major film”, Tung says.

He further adds that if there is anything more than places Terra Virtua uniquely in the NFT and blockchain space, it is the partnerships the project has bagged over the last 3 years, including Paramount Pictures, Legendary Entertainment, and more in the space.

Revv (REVV)

Next on Tung’s radar is Revv (REVV). REVV is designed to leverage the blockchain assets concept of interoperability, wherein a token can be utilised across multiple connected products.

“Revv is specifically created for games. Having one utility token for multiple game titles offers various benefits to players and game publishers and will encourage players to explore the other games that are part of this connected ecosystem, and has the additional potential benefit that any content or tokens could increase in utility as the larger token ecosystem expands”.

Tung also shares his bullish view on the coin that given the current strong fundamental grounds, the coin will pump to the moon really soon.

Nuls (NULS)

Nuls (NULS) is the next potential low market cap altcoin on the video.

NULS is an open-source, enterprise-grade, adaptive blockchain platform that offers fast-track business solutions for developers. Featuring microservices, smart contracts, cross-chain interoperability, and instant chain-building, NULS sets a new industry standard in streamlining blockchain adoption.

“The coin has been finally climbing, crawling up and they’re finally above 100 million, 127 million to be exact, and you know what, hopefully, they could continue to momentum and gain and go back to their previous highs”, Tung says.

Frontier (FRONT)

Next on the list is Frontier (FRONT), a chain-agnostic DeFi aggregation layer.

“To date, the coin has added support for DeFi on Ethereum, Binance Chain, BandChain, Kava, and Harmony. Via StaFi Protocol, they also enter into the Polkadot ecosystem, and will put vigorous efforts towards Serum”, he says.

EasyFi (EASY)

The sixth altcoin is EasyFi (EASY), a universal layer 2 lending protocol built for DeFi focused on scalability, composability, and adoption.

Tung points out that the one of the most interesting features is that the network design is ethereum compatible and blockchain agnostic that facilitates the expeditious settlement of assets over different blockchain networks while retaining custody with the asset owner’s network.

Bepro (BEPRO)

Lastly, the crypto KOL lists out Bepro (BEPRO), a utility token that enables token holders to setup applications on BEPRO, participate in the network, and earn token rewards by providing value.

The trader says that BEPRO Network Staking on Kucoin has been increased recently as the previous hardcap of 330M BEPRO has been increased to 430M BEPRO.

He also comments that although this is still an early coin, looking at the technology, communities and its partnerships, he believes that this coin would soon begin its rally.

Calm After the Strom: Bitcoin Reclaims $57K and Ethereum Above $2K (Market Watch)

Bitcoin dipped to its lowest point in over a week beneath $56,000 but has recovered some of the losses and currently stands above $57,000. Most altcoins have retraced even harder, including a double-digit price drop for the high-flying Ripple (XRP) and Ethereum briefly dropping beneath $2,000.

BTC’s Dominance Increases Despite the Drop

The past several days didn’t go all that well for the primary cryptocurrency. After failing to overcome $60,000 on numerous occasions, the asset reversed its trajectory and headed south.

Bitcoin reached $59,400 on Thursday, but its inability to sustain the upward momentum gave the bears an opportunity to push it down, which led to a $4,000 price drop in less than 48 hours.

Yesterday was an especially harmful trading day for BTC as it slumped to a low of about $55,500. This was the lowest price line since late March.

It’s worth noting that this retracement came as the South Korean kimchi premium normalized following a yearly high. As CryptoPotatoreported, such developments typically lead to a price drop.

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Nevertheless, the cryptocurrency bounced off and has regained more than $1,500 since its low. As of writing these lines, BTC stands just above $57,000.

On the positive side, the altcoin market has retraced even harder. Consequently, bitcoin’s market capitalization has recovered a little less than 1% and stands around 55% after dipping below that level yesterday.

Altcoins Deep in Red

The alternative coins were on a roll in the past week or so, registering new records. Ripple was among the best performers by adding 100% of value in that timeframe, reaching a 3-year high at over $1,10, and becoming the 4th largest cryptocurrency by market cap.

However, XRP has retraced with about 11% since yesterday, despite the company’s CEO claiming that the court hearing against the SEC went well for the payment processor.

Ethereum dropped below $2,000 but has jumped slightly and currently stands at $2,020. Binance Coin (-2%), Polkadot (-4%), Cardano (-6%), Uniswap (-2%), Litecoin (-5%), and Chainlink (-5%) are also in the red.

The situation with the lower- and mid-cap altcoins is significantly more volatile, as one could expect. Helium (-15%), Ontology (-14%), Qtum (-14%), NEM (-12%), EOS (-12%), Waves (-11%), and Bitcoin SV (-10%) have also retraced with double-digits.

On the other hand, WazurX (37%), 1inch (23%), Enjin Coin (23%), Harmony (21%), PancakeSwap (12%), Yearn.Finance (12%) and Conflux Network (10%) have gained the most since yesterday.

Bitcoin, Ethereum And Altcoins Struggle to Recover

Bitcoin price extended its decline below the key USD 57,000 support level. BTC even broke the USD 56,200 support, but the bulls were active near USD 55,500. It is currently (04:30 UTC) consolidating above USD 56,000, and it is facing many hurdles near USD 57,000 and USD 57,200.

Similarly, most major altcoins are still in the red zone. ETH broke the USD 2,000 support before the bulls appeared near USD 1,940. XRP/USD is trimming gains and it is now trading near the USD 0.900 level.

Total market capitalization

Bitcoin, Ethereum And Altcoins Struggle to Recover 101
Source: www.tradingview.com

Bitcoin price

After a clear break below USD 57,000, bitcoin price extended its decline. BTC even dived below USD 56,200, but the bulls were able to protect the key USD 55,500 support zone. The price is now recovering and trading above USD 56,000. An initial resistance is near the USD 57,000 level. The key resistance for a steady increase is now forming near the USD 57,200 level.

On the downside, the USD 56,000 level is a short-term support. The main support is now near USD 55,500, below which the bears might gain strength.

Ethereum price

Ethereum price also followed bitcoin and it broke the key USD 2,000 support. ETH traded close to the USD 1,930 support and it is now correcting higher. There was a break above USD 1,980, but the bulls are facing many hurdles. The first key resistance is near USD 2,020, followed by USD 2,050.

On the downside, USD 1,950 and USD 1,940 are decent support levels. Any more losses might call for a drop below USD 1,900.

BNB, ADA, litecoin, and XRP price

Binance Coin (BNB) recovered losses and it is back above the USD 380 level. BNB is testing the USD 395 resistance, but the key breakout zone is near USD 400. A successful close above USD 400 may possibly increase the chances of a fresh increase towards USD 425.

Cardano (ADA) tested the USD 1.150 support zone, where the bulls took a stand. ADA is rising and it could soon attempt an upside break above the USD 1.200 and USD 1.220 resistance levels. The next key resistance is near the USD 1.285 level.

Litecoin (LTC) trimmed most of its gains after it failed to clear the USD 245 resistance. LTC declined below the USD 225 support, but it found bids near USD 212. The price is now moving higher, but it must gain strength above USD 225 for a steady increase to USD 245.

XRP price topped near USD 1.10 before starting a downside correction. XRP broke the USD 1.000 support and it even tested USD 0.900. It is now consolidating above USD 0.900, with an immediate resistance at USD 0.945. The main resistance is now near the USD 1.000 level.

Other altcoins market today

Many altcoins declined over 8%, including BTG, HNT, XEM, BTT, QTUM, FLOW, XLM, NEO, SNX, EOS, ONT, NEAR, LINK, MATIC, and BSV. Conversely, WRX was able to rally and it cleared the USD 4.50 level.

Overall, bitcoin price is showing a few bearish signs below USD 57,000 and USD 57,200. However, BTC could attempt a fresh increase unless there is a clear break below the USD 55,500 support.

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Bitcoin, Ethereum And Altcoins Struggle to Recover 102
Coinbase Reports Record-Breaking Q1 With $1.8 Billion in Revenue Ahead of IPO

A week prior to its direct listing on NASDAQ, Coinbase has posted preliminary Q1 data indicating a massive increase in its userbase and revenue. The trading volume has increased by nearly 300%, the revenue is about $1.8 billion, and more than 11% of all crypto assets are stored on the platform.

Coinbase’s Record-Breaking Q1

The largest US-based cryptocurrency exchange published its Q1 results yesterday, showing a substantial growth in every area compared to previous quarters.

Starting with the monthly transacting users (MTUs) – the increase is roughly 117% since the last three months of 2020. At the time, the number of the company’s user base was about 2.8 million, and it has expanded to 6.1 million in Q1 2021.

Naturally, this has also impacted the revenue, which has reached $1.8 billion. For comparison, this means a near 10x surge from the Q1 last year when it was around $190 million.

According to the preliminary estimations for this year’s first quarter, the net profit should be between $730 million and $800 million.

The company attributed a large part of its quarterly increase to the ongoing bull cycle in the cryptocurrency market. As bitcoin and numerous altcoins have exploded multi-fold in value since October 2020, it has garnered the attention of retail investors.

11.3% of Crypto Assets Held on Coinbase

Perhaps what’s even more notable for the entire cryptocurrency industry is the billions of dollars worth of digital assets held on the exchange. The report highlighted that as of March 31st, there were $223 billion stored on Coinbase.

With the entire market capitalization worth just shy of $2 billion at the time, this means that 11.3% of all cryptocurrency assets had a home on the US-based trading venue.

The firm’s estimations showed that roughly half – $122 billion – were “assets on the platform from institutions.” Coinbase is among the most preferred venues for accredited and institutional investors to receive exposure to bitcoin and other crypto assets. Consequently, the company projects a significant advancement on that front by the end of the year.

“We expect meaningful growth in 2021 driven by transaction and custody revenue given the increased institutional interest in the crypto asset class.” – reads the statement.

Coinbase’s record-breaking quarterly results come just a week before the company concludes its direct listing. As CryptoPotatoreported before, the giant exchange plans to go public on NASDAQ on April 14th.

Kimchi Premium Vanishes, then Returns as Bank Issues Appear to Have Hit Upbit
Kimchi Premium Vanishes, then Returns as Bank Issues Appear to Have Hit Upbit 101
Source: iStock/TwilightShow

Widespread reports of a return of the kimchi premium appear to have been shrouded in confusion after bitcoin (BTC) prices plummeted briefly on a number of domestic exchanges before rising back above the USD 62,000 mark – while the market-leading Upbit platform suspended fiat withdrawals, possibly due to a banking issue.

The platform announced that it was conducting an “urgent inspection of KRW deposits and withdrawals,” but did not specify what the issue was in an official notice.

However, the Upbit operator Dumanutold the media outlet TechM that the issue was with a “fiat deposit and withdrawals service provider,” and “not with Upbit’s servers.”

The problem, however, may lie with the exchange’s banking partner. As previously reported, Upbit has partnered with the neobank K-Bank, with whom the crypto exchange’s customers are obliged by law to hold real-name authenticated accounts if they want to use Upbit services.

At around 7 AM UTC, BTC prices fell by 8% on leading platforms on yesterday’s prices, with some altcoins falling by 20%. But prices bounced back just an hour later. TechM stated that this sparked a massive rush in BTC buying. That made K-Bank “temporarily suspended related services and begin to inspect operating systems.”

But the issue may run deeper than this. Indeed, it may have been the straw the broke the camel’s back.

SBS reported that the K-Bank’s Upbit partnership may have become too successful for its own good. While business is booming with new crypto-related account creation and trading volumes via Upbit remain sky-high, the bank is not performing as well when it comes to doing what banks traditionally do – i.e. lend money.

The company’s mortgage products have experienced a much less positive uptake, the media outlet reported, a fact that has raised red flags. The latest surge in fiat-fuelled crypto buying may have tipped K-Bank’s payment model into dangerous territory.

The media outlet reported that the bank had lowered the interest rate of four new products “from today,” and had decided to stop new sales of one of its “preferential terms” deposit offerings from next month.

SBS labeled the issue an “emergency in managing K-Bank’s loan-to-deposit ratio.”

On the kimchi premium issue, the CryptoQuant CEO Ju Ki-young claimed there was evidence of “arbitrage” as Upbit rival Bithumb had seen “BTC inflow mean” increase “while all other exchanges” had seen falls. “It seems some whales are depositing BTC to Korean exchanges,” he wrote.

But per EToday, opinions are divided on the matter of the kimchi premium. A researcher quoted by the media outlet stated that they doubted there would be any sharp rises in the discrepancy between South Korean and overseas exchanges, with experts claiming that medium to long-term, prices would likely correct, despite short-term “burdens” for South Korean BTC traders.

For those about to ring the alarm bells, it may be worth pointing out that at the peak of the kimchi premium (2017-early 2018), when South Korea accounted for almost 9% of the global BTC market, sustained premiums of 30% were regular, and the premium peaked at a whopping 55%. Experts have previously told Cryptonews.com that a return to these heady days are extremely unlikely.

Per Scolkg data at the time of writing (UTC 12:11pm), the kimchi premium is now back at around +12%, with a difference of about USD 6,400 in the price of BTC 1 on Upbit and Binance.

Bitcoin, Ethereum and Altcoins Lose Steam, Correct Lower

Bitcoin price struggled to clear the USD 58,000 resistance zone. As a result, BTC reacted to the downside and traded below the USD 57,000 support. It is currently (12:00 PM UTC) showing signs of more losses and it could drop below USD 56,000.

Similarly, most major altcoins are declining. ETH is down over 5% and it even broke the USD 2,000 level. XRP/USD topped near USD 1.100 and corrected over 12%.

Total market capitalization

Bitcoin, Ethereum and Altcoins Lose Steam, Correct Lower 101
Source: www.tradingview.com

Bitcoin price

After losing momentum above USD 58,000, bitcoin price started another decline. BTC traded below the USD 57,200 and USD 57,000 support levels. The next major support is near the USD 55,500 level, below which there is a risk of a sharp decline in the coming sessions towards USD 52,000.

On the upside, an immediate resistance is near the USD 57,000 level. The main resistance is now forming near the USD 57,000 and USD 57,200 levels.

Ethereum price

Ethereum price failed to clear the USD 2,120 resistance zone, resulting in a bearish reaction. ETH broke the USD 2,075 and USD 2,050 support levels. The price even broke the USD 2,000 level and it may possibly test the USD 1,920 support zone.

On the upside, the price might face resistance near USD 2,050. The main resistance is still near the USD 2,120 level, followed by USD 2,150.

BNB, ADA, litecoin, and XRP price

Binance Coin (BNB) topped near USD 415 and it started a major decline. BNB dropped below the USD 385 and USD 380 support levels. It is now approaching the USD 350 support zone. Any more losses could lead the price towards the USD 332 level. On the upside, the price could struggle near USD 380 and USD 382.

Cardano (ADA) trimmed all gains and it traded below the USD 1.200 support level. ADA even broke USD 1.165 and it is now trading near USD 1.150. Any more losses might call for a move toward the USD 1.050 level. On the upside, the bulls might struggle again near USD 1.200.

Litecoin (LTC) failed near USD 245 and it started a fresh decline. LTC traded below the USD 225 support and it is now approaching USD 212. The next key support is at USD 205. The main support is near the USD 200 level (the last key breakout zone).

XRP price spiked above USD 1.10 and recently started a downside correction. It traded below the USD 1.02 and USD 1.00 support levels. If there are more losses, the bears are likely to aim for a test of the USD 0.925 level. Conversely, there might be a fresh increase above the USD 1.02 level.

Other altcoins market today

Many altcoins are down over 10%, including STX, DENT, CRO, FTM, FIL, ONE, ANKR, TRX, SC, UMA, BTT, XLM, ATOM, KSM, AAVE, and DOT. BTG and QTUM are still in green, but are also trimming their strong gains.

To sum up, it seems like bitcoin lost momentum above USD 58,000 and reacted to the downside. If BTC slides below USD 55,500, it could result in a sustained decline.

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Bitcoin, Ethereum and Altcoins Lose Steam, Correct Lower 102
Binance Boss CZ Only Has Eyes for Bitcoin and BNB
Binance Boss CZ Only Has Eyes for Bitcoin and BNB 101
Changpeng Zhao. Source: Instagram, Binance

Changpeng “CZ” Zhao, the head of Binance, one of the world’s biggest crypto exchanges, said that his crypto portfolio is made up entirely of bitcoin (BTC) and his own company’s binance coin (BNB).

In a Twitter post, Zhao wrote that while Binance “holds a bit of everything listed,” his own personal holdings comprise of “some” BTC he “bought in 2014” and BNB, of which he said had “higher volatility and risk than BTC.”

But he dismissed all other altcoins, including ethereum (ETH), writing that he “[doesn’t] have time to research other coins.”

“Many people,” he concluded, “Still don’t know to save on fees using BNB.”

Binance’s token and blockchain protocol has set itself up in direct competition with the Ethereum network, where spiraling gas prices and scalability issues have been a constant irk for many of the protocol’s users.

However, it likely equates to a huge stash of tokens.

In an interview with Bloomberg, Zhao also commented that “close to 100%” of his net worth was “invested in crypto.”

He said,

“I don’t own any fiat. The physical stuff that I own is probably negligible in terms of my net worth. So this is a concept shift. I’m not using crypto to buy fiat, I’m not using crypto to buy houses. I just want to keep crypto. And I don’t plan to convert my crypto into cash in the future.”

He also spoke of how he first developed an interest in bitcoin, claiming that he had been introduced to the matter by Bobby Lee, the then-CEO of BTC China, in 2013, as well as the investor Ron Cao, then at Lightspeed China Partners, who “brought the concept up at a friendly poker game.”

He recounted,

“[Lee and Cao] said, ‘CZ, you should convert 10% of your net worth into bitcoin, because there’s a very small chance it will go to zero and you will lose that 10%. There’s a high chance it will go 10x, and then you would double your net worth.’ And I was like, well, that’s a pretty serious proposition.”

He explained that he then preceded to download the Bitcoin white paper, noting,

“Back then, there wasn’t a whole lot of educational content online. I read the white paper. I understood it pretty quickly, coming from a technology background.”

Pretty soon, he was sold on the idea, claiming that he eventually sold his apartment and quit his job so that he could buy BTC and later joined Blockchain.info (now better known as Blockchain.com), where he worked for “just under a year or so,” before realizing that his “strength” was in “the exchange-trading business.”

But although Zhao conceded that he buys “a lot of gadgets,” he claimed not to have a car or a house as he thinks they are poor sources of liquidity. He opined,

“The problem with cars, houses, is that I just don’t think they’re liquid. As soon as you buy them, you can’t trade out of them that easily. You can rent an apartment or stay in a hotel – that gives you much higher liquidity. So I’m one of those guys who value liquidity much more than owning something. I actually prefer not to own anything.”

At the time of writing (12:20 PM UTC), BTC trades at USD 56,142 and is down by almost 5% in a day and 4% in a week. BNB dropped by more than 5% today, trimming its weekly gains to less than 18%, and is trading at USD 365. It rallied by 2,309% in a year, while BTC jumped by 670% in the same period of time.

BTC Slips As Coinbase Sees 15% User Growth At Best, Focuses on Altcoins
BTC Slips As Coinbase Sees 15% User Growth At Best, Focuses on Altcoins 101
Source: Coinbase

The price of the most popular cryptocurrency, bitcoin (BTC), corrected lower following the much-anticipated announcement of Coinbase‘s results.

At 05:02 UTC, BTC trades at USD 57,576 and is down by 2% in a day and a week.

The US-based major crypto exchange, that is preparing for a direct listing of its shares on April 14, said that, according to their best scenario, the annual average number of their monthly transacting users (MTUs) is expected to growth by 15% and reach 7m this year.

“This scenario assumes an increase in crypto market capitalization and moderate-to-high cryptoasset price volatility. In this scenario, we expect that MTUs continue to grow for the remainder of 2021,” the company said.

Other two scenarios assume that MTUs might drop to 5.5m or 4m from the current 6.1m.

The 5.5m scenario assumes flat crypto market capitalization and low-to-moderate cryptoasset price volatility. While MTUs might drop to 4m if there is a significant decrease in crypto market capitalization, similar to the decrease in 2018, and low levels of cryptoasset price volatility thereafter.

However, Alesia Haas, Chief Financial Officer of the company, said during an earnings call that given the strong performance of Q1 2021, it is likely that annual average net revenue per user will exceed their historical range.

“Over the last 2 years, we have seen average annual net revenue per MTU range between USD 34 – USD 45 per month, with the low end of this range occurring in 2019, a period of low Bitcoin price and low cryptoasset price volatility, and the high end of the range occurring in 2020, a period of rising Bitcoin price,” Haas said, adding that the company believes that “we entered the fourth price cycle in late 2020.” They last 2-4 years, per the CFO.

Meanwhile, Brian Armstrong, Founder and CEO of Coinbase, stressed during the call that while Bitcoin is critical to the cryptoeconomy, “it’s just the beginning” as they’re innovating and creating new products and services: “In recent years, we have expanded to be much more than a place to buy and sell bitcoin.”

“You’ll often hear the comparison of Bitcoin to “digital gold”. But crypto is bigger than just Bitcoin — and Coinbase will ultimately strive to support every legitimate cryptocurrency in the market,” Armstrong said.

In Q1 alone, the company added support for 18 new assets, bringing the number of assets supported on the platform to 108.

Coinbase also revealed the following estimations for the first quarter of 2021:

  • Verified users of 56m
  • Assets on platform of USD 223bn, representing 11.3% crypto asset market share (includes USD 122bn of assets on platform from institutions)
  • Trading Volume of USD 335bn
  • Total Revenue of approximately USD 1.8bn
  • Net Income of approximately USD 730m to USD 800m
  • Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of approximately USD 1.1bn