NFT News by Thebittimes.Com

Polygon ( MATIC ), one of the most popular layer-2 scaling solutions for Ethereum, has caught the eye of crypto analysts and investors alike recently. Analyst Crypto Rover tweeted Thursday that he believes a “big breakout is looming” for the token based on technical factors. However, with prices hovering around $0.78 currently, what could a breakout entail for MATIC this weekend? Crypto Rover pointed to MATIC’s ascendant chart patterns in calling his shot on an impending major price movement. He also revealed the asset comprises his fourth-largest crypto holding based on conviction in its outlook. Also read: Why Chainlink (LINK) Is Gearing Up For $25-30 Breakout In Coming Months? Source: Medium After rallying to all-time highs above $2.90 last December before plunging lower in 2023, MATIC has stabilized around the $0.80-$0.90 range so far this year. However, based on optimistic sentiment from analysts like Crypto Rover combined with easing broade...

Polygon  is a decentralized scaling mechanism that Ethereum developers may use when creating dApps. Polygon offers a faster network and more security at a reasonable rate. The 2017 initiative project has emerged as one of the most intriguing and profitable in business. MATIC was its previous name until April 2021, when it changed to Polygon . MATIC is the native token of the Polygon network. Polygon has recently breached the price level of $0.80. According to recent data, MATIC has surged by over 3% in the last 24 hours. Alongside the whole cryptocurrency market, Polygon is also trading in green. With the New Year almost here, here is our price prediction for MATIC this New Year. Also read: How Much XRP Do You Need to Become a Millionaire if Price Hits $1? Source: Medium MATIC price prediction for New Year Various factors, such as market conditions, price action, developments, supply, and use cases, will determine whether Polygon’s MATIC can shoot up in price t...

The “X1” network will be part of the Polygon ecosystem and use zero-knowledge proofs to bridge assets from Ethereum. Crypto exchange OKX has launched a testnet for an upcoming Ethereum layer-2 network named “X1,” according to a Nov. 14 announcement. The network is being developed using the Polygon chain development kit (CDK) and will use zero-knowledge proofs to validate deposits and withdrawals between layers. OKX exchange interface. Source: OKX OKX is the sixth-largest centralized crypto exchange by volume, with over $1.8 billion in trading volume per day, according to data from CoinMarketCap. Its token, OKB, has a current market cap of over $3.6 billion, making it one of the top 30 cryptocurrencies. When a mainnet version of the new network is launched, OKB will be the native coin used to pay gas fees on it, the announcement stated. X1 is being developed using the Polygon CDK, potentially making it part of the broader Polygon ecosystem that includes Polygon zero-knowledge Ethereu...

Polygon ( MATIC ) is currently the second biggest daily gainer among the top 100 crypto projects. The token has surged by 7.8% in the last 24 hours and by 4.7% in the weekly charts. Furthermore, the project is getting very close to overtaking Tron (TRX) in terms of its market cap. According to crypto analysis firm Santiment, MATIC is experiencing a rebound in its network growth. After the U.S. SEC’s lawsuits against Binance and Coinbase in early June, network growth for Polygon took a massive hit. However, it has been slowly climbing back up over the past 30 days. The analytics platform also noted that there is a decreasing supply of tokens on exchanges. This is also a positive development for bulls as it leads to less sell pressure on the market. Apart from that, Polygon is also seeing an increase in daily addresses, complementing the positive network growth. Also Read: Polygon Rallies 9.2% After Appointing New CEO 📈 $ MATIC is on a mini run today, with...

Community members responded to the new development, with some praising Reddit’s marketing efforts and changing the anti-NFT narrative within the platform. The nonfungible token (NFT) avatars were first introduced in July 2022 to empower artists to create and sell their work. In addition, whenever users purchase a collectible, it can also be set as an avatar on Reddit’s website. The avatars were made available in August 2022, generating thousands of dollars in sales for the artists. On April 5, Reddit deployed the contract for the avatars’ Gen 3 on the Polygon blockchain. This resulted in various users predicting that the avatars would sell out in minutes and others praising Reddit for its marketing and branding prowess. Related: Reddit NFT avatars selling for a premium on OpenSea One collector who participated in collecting the first and second generation of avatar s expressed their excitement and said that the new drop has the potential to be sold out "within minutes." Mean...

The crypto market corrected on news of the CFTC suing Binance and its CEO Changpeng Zhao, but technical charts reveal a silver lining. The news and events related to the banking crisis in the United States and Europe have led to a rotation of funds into investments considered less risky. According to the Financial Times, the U.S. money market funds in March witnessed an inflow of $286 billion.  Along with money market funds, a portion of the money may also have seeped into the crypto industry. The increased demand could be one of the reasons for Bitcoin’s (BTC) strong performance in March. The big question in crypto investors’ minds is whether the recovery will continue or if it is time to book profits in Bitcoin. Daily cryptocurrency market performance. Source: Coin360 Bitcoin hodlers seem to be confident in the long-term story and are not getting lured into selling their holdings after the recent rally. According to Glassnode data, the percent of Bitcoin supply that has remained do...

The February U.S. jobs report was a mixed bag, which seems to have provoked interest from a few bulls in BTC and altcoins. Bitcoin (BTC) led a sharp sell-off in the cryptocurrency Markets on March 9 as the woes at Silvergate Bank and Silicon Valley Bank dented investor sentiment.  In addition, crypto-specific news of a suit filed by New York Attorney General Letitia James against Cryptocurrency Exchange KuCoin for selling securities and commodities without registration increased uncertainty about the future of crypto sector regulation. The selling momentum continued on March 10 and pulled Bitcoin below the $20,000 mark. Several other cryptocurrencies have also broken below their important support levels. Daily cryptocurrency market performance. Source: Coin360 But a minor positive in favor of the bulls is that February’s jobs report was a mixed bag. Although nonfarm payrolls rose 311,000 for the month, above estimates of an increase of 225,000, the average earnings rose less than ant...

Solana’s usage data and ecosystem development do not support the recent bullish rally, raising the probability of a SOL price correction. Solana’s (SOL) recent 250% rally to $25 has shocked many investors in the crypto market. At the same time, traders who had eyes on the negative funding rate for SOL in the futures market could have anticipated the bullish move ahead of others. It’s because excessive negative funding rates, like the one in Solana displayed below, implies that the majority of traders are on the short side, providing an opportunity for buyers to run their stops. SOL funding rate for perpetual swaps. Source: Coinglass Regardless of the reason behind the price increase, if enough buyers are interested in joining the bullish move, it can turn into a medium-to-long-term bullish trend. However, Solana's fundamental and market analysis shows weakness, which will more likely cause a steep correction in the altcoin. Solana finds a worthy competitor in NFT space Solana rank...

BTC and many altcoins are kicking up dust after the Federal Reserve chairman Jerome Powell discussed the possibility of smaller rate hikes in 2023, but is the momentum sustainable? Bitcoin (BTC) has shrugged off the weakness in the United States equities markets and is attempting to start a recovery on Nov. 30. Buyers are attempting to achieve a monthly close above $17,000. This suggests that the selling that had picked up due to the FTX crisis may be reducing. Usually, smaller investors panic and dump their holdings in a bear market but it has been the opposite with Bitcoin investors. According to Glassnode data released on Nov. 27, investors holding less than one Bitcoin, also called shrimps, bought 96,200 Bitcoin since the FTX crash. Along similar lines, investors holding between 1 to 10 Bitcoin, classified as crabs, bought 191,600 Bitcoin over the past 30 days. This shows investors are continuing to accumulate at lower levels. Daily cryptocurrency market performance. Source: Coin...

Until recently, institutions seemed to be washing their hands off crypto. As reported in several recent articles, flows were either negative or slightly positive, representing the “tepid investor appetite.” However now, looks like the trend has already changed. According to CoinShares’ latest weekly report, crypto-related investment products saw their largest inflows for 14 weeks, totaling $42 million. Per the report, “ The inflows began later in the week on the back of extreme price weakness prompted by the FTX/Alameda collapse. It suggests that investors see this price weakness as an opportunity, differentiating between “trusted” third parties and an inherently trustless system. “ As illustrated below, Bitcoin led the show and registered positive flows summing up to $19 million—the largest since early August this year. Alongside, alts have also started seeing renewed interest. Polygon ’s native token MATIC , for instance, managed to garner i...