Synthetix (SNX) prices reached a one-month high on Monday as traders looked for alternative upside bets against a mixed cryptocurrency market. Bids for SNX/USD achieved an intraday high of $13.76 during the Asia-Pacific trading session, following an approximately 25% price rally that started Sunday. A flurry of technical and fundamental factors contributed to the sudden market demand for Synthetix tokens, including founder Kain Warwick's update on the project's much-awaited layer 2 solutions. A new synthetic exchange underway Layer 2 refers to the techniques for scaling blockchains by taking computation and transaction load from the parent layer and put them onto …

Goldman Sachs said in a note to clients on Tuesday that the blockchain with the highest “real use potential” is Ethereum, suggesting its Ether (ETH) could become the dominant digital store of value. As such, Goldman predicts the total market capitalization of Ether could overtake the total market cap for Bitcoin (BTC) in the coming years, according to a report in Business Insider. “[Ether] currently looks like the cryptocurrency with the highest real use potential as Ethereum, the platform on which it is the native digital currency, is the most popular development platform for smart contract applications.” Smart contracts comprise …

Ether (ETH) could rise by almost 40% against Bitcoin (BTC) in the coming trading sessions, according to one analyst. So believes Michaël van de Poppe, an Amsterdam-based market analyst who predicts that the ETH/BTC exchange rate will climb from its current 0.05–0.06 BTC range to as high as 0.07 BTC soon. The technical chartist based his bullish analogy on the pair’s support level at 0.063 BTC. The price floor was instrumental in maintaining ETH/BTC’s bullish bias during the mid-May 2021 notorious crypto market crash. It also served as solid support during the pair’s uptrend in the early May 2020 trading …

The drop in the price of Ether (ETH) is failing to shake out the long-term holders, while the decentralized finance (DeFi) sector is also providing opportunities for investors. So suggests a new Glassnode report that noted many long-term Ether holders (>155 days) are sitting atop profits despite ETH/USD’s 55% decline from its peak level above $4,300. In comparison, the short-term Ether holders (<155 days) watched their gains evaporate and are now sitting underwater. “After almost hitting 46% of the market cap in unrealized gain, short-term holders are now holding an aggregate paper loss of -25% of the market cap,” Glassnode …

An overnight bounce across the cryptocurrency assets this Wednesday saw Solana (SOL) outpacing its top rivals, including Bitcoin (BTC) and Ether (ETH). The SOL/USD exchange rate surged 55.10% to $31.58 on Wednesday after bottoming out at $20.14 in the previous session. Its move uphill came in the wake of an overall crypto market retracement that, in turn, followed a brutal crash in response to a full-fledged crypto ban in China. Solana was among the loss-bearers at the beginning of this week. SOL/USD plunged by more than 42% after opening Monday at $35.22. Similarly, Bitcoin lost 19.07% in the same period, …

Mirror Protocol (MIR) emerged as one of the best performing tokens in the cryptocurrency market on May 17, even as its top trading rivals Bitcoin (BTC) and Ether (ETH) struggled to find direction after a depressive previous daily session. The MIR/USD exchange rate surged by up to 26.71% to reclaim its two-week high of $4.974. The pair's move uphill came as a part of a broader upside correction that started on Wednesday after the Federal Reserve revealed its intention to hike benchmark interest rates by the end of 2023. Bids for MIR/USD were as low as $3.971 ahead of the …

In terms of price potential, Bitcoin (BTC) is staring at the possibility of outperforming Ether (ETH) in the short term. So believes David Lifchitz, chief investment officer at ExoAlpha — a Paris-based investment management service — who noted that Bitcoin’s upside potential in the near term is higher than that of Ether’s. He said so after spotting a recent shift in the BTC/ETH ratio. In detail, BTC/ETH compares the trend momentum of Bitcoin and Ether. A lower reading suggests that Bitcoin’s price is rising slower than Ether’s. Conversely, a higher BTC/ETH ratio indicates that the Bitcoin price momentum is gaining …

As tempting as it can be to buy altcoins using perpetual futures, there are a few hidden traps that one should monitor closely. Over the past few years, numerous exchanges began to offer altcoin futures quoted in Tether (USDT) and stablecoin pairs, which eventually became the standard. This change is more convenient for most traders but still presents some serious issues for those willing to keep long positions open for more than a couple of weeks. Before opening any trade at an exchange offering perpetual futures, traders should be aware that stronger wicks can run stop losses, investors lose the …

Those new to investing might think that professional traders spend the majority of their time staring at screens day and night in order to analyze the markets and pick the best trades but this could not be farther away from the truth. Having a good eye isn’t what differentiates top traders from average ones, it’s the application of tried and tested strategies that give pro traders the ability to stay net positive over long periods of time. Today we will discuss how the futures carry trade, funding rate, and use of trailing stops are used by top traders. Each of …