Day: March 11, 2021

Bitcoin mounts fresh assault on $55k – but is $60,000 now in its sights?

Bitcoin mounts fresh assault on $55k – but is $60,000 now in its sights?

Bitcoin has steadily stepped its way out of what was looking like a long check-in below $50,000 to climb back into touching distance of the $55,000 mark.

Trading volume had slipped away towards the end of last week, making way for a stop-start weekend which saw it meander from $49,000 to $47,000 – so often an historical pattern that signals a period of sideways movement for the market-leading cryptocurrency.

However, the start of the working week had clear intentions of putting the psychological barrier of $50k into the rear-view mirror as a series of solid-looking upward movements carried Bitcoin (BTC) to $51,500.

A steep trajectory, though, stalled and lost a little altitude on $51,600 before freefalling back to $49,000 and seemingly preparing to stick to the kind of price script so often narrated over recent years.

As ever with BTC, the rollercoaster seldom delivers a smooth ride and, before Monday had even laced up its boots, the measured climb over $51,000 had begun again in earnest with minimum resistance.

The early hours of this morning saw a massive surge as BTC clipped $52,000 – jumping a full thousand dollars around the 2am GMT hourly – with some smaller steps allowing it to backfill its way to $54,000.

Gathering re-enforcements
As the sun blinked over a waking Greenwich Park this morning, BTC looked to have dug-in around $53,800 as it eyes up a move on $55,000 and, potentially, gathers re-enforcements for another offensive on the significant high ground of $60,000.

Cautious words will echo around empty trading halls though – the last time Bitcoin took up position here, it was mercilessly torn apart and sent into a desperate double retreat to lick its wounds at $45,000 before regrouping on $43k.

Many traders will also note the volume pattern today looks quite similar to that of last month’s alarming slips, but with the added small print that altcoins (cryptocurrencies other than Bitcoin) are seemingly locked in step with BTC’s eight per cent morning lift.

This is with the exception of ADA which appears to be enjoying a contrary pattern to just about every other coin on the market. When the charts show green across the board, Cardano’s native appears keen to go for the scarlet wardrobe that day, only switching to the green costume when the others fancy a more crimson look. It’s a curious narrative, and one that deserves attention as the week rolls on.

Source –Cityam 

NFTs are now turning digital art, tweets and memes into million-dollar assets

NFTs are now turning digital art, tweets and memes into million-dollar assets

Artist Ryan Maloney had planned a conventional launch for his latest project, a series of collector cards called Beastly Ballers that feature cartoon creatures decked out in football gear. The New Canaan, Connecticut-based illustrator was going to use a Chinese printer to package the cards; then he’d market them online and sell them at $4.99 for a pack of 10.

Instead, Maloney skipped the physical product all together. He listed the card images on the online marketplace OpenSea as NFTs, or nonfungible tokens, the digital assets that are upending the art world. Maloney had followed the rise of the technology and decided to give it a try.

He began to rack up bids after a day or two. One card, with a drawing of a yeti named Yeta wearing a helmet and pads, sold for $85. In all, he’s tallied more than $700 in sales on 14 cards. For a working artist, it’s a meaningful haul, and more than he would’ve made going the traditional route.

“Artists are always looking for ways to make money off of their work,” Maloney says. “Once the word got out on crypto art, the gold rush really began.”

The gold rush for NFTs — essentially cryptological certificates of authenticity — is well underway. On Thursday, Christie’s, the 255-year-old British auction house, will close the sale of its first-ever digital-only art piece, a composite of 5,000 pieces created over as many days by the artist Beeple. The final price tag is sure to be eye-popping: As of this writing, bidding stands at more than $13 million. As Maloney’s story highlights, however, the implications of NFTs ripple far beyond the multimillion-dollar hammer prices set at fancy auction houses.

NFTs bring to digital art a one-of-a-kind or limited-edition quality that’s been lost in the copy-paste, post-repost world of the internet. Each work of art is associated with a proof of ownership that’s recorded on a blockchain, the distributed ledgers most commonly associated with Bitcoin and other cryptocurrencies. The authentications, which can be applied to images, videos, music and other digital files, designate the original. Copies and copies of copies might abound on the web. But only one person can lay claim to the NFT behind it.

“Once the word got out on crypto art, the gold rush really began.”
Ryan Maloney, artist
The technology is beginning to touch every corner of art, entertainment and media. In sports, a clip of Lebron James ruining a fast break sold for $100,000 on Top Shot, the NBA’s marketplace for highlight reels. In music, Kings of Leon last week became the first band to announce the release of an NFT album, with three types of tokens that include special artwork and perks. The pop star Shawn Mendez last month announced a line of digital goods in the form of NFTs. In the media world, the Associated Press is auctioning off an NFT electoral map of the 2020 US presidential contest, which uses data that was published on the blockchain. Twitter CEO Jack Dorsey is even selling the first tweet on the platform as an NFT.

Proponents say NFTs have the potential to revolutionize the way artists at every level can sell and distribute their work. In turn, NFTs could change the way people interact with and consume art in the digital era.

The potential is huge, says Joe Saavedra, CEO of Infinite Objects, a company that makes frames for looping videos and other digital art so that the works can be displayed in homes and museums. His company collaborated with Beeple on an earlier NFT release, offering what he calls a “physical twin” frame to display the NFT, with a QR code on the frame that links to the token.

“Across the board, everyone is going to have to reckon with how to navigate this space,” he says. “Art is the tip of the iceberg.”

‘A connection’
NFTs are powerful because they tackle deeply rooted issues in the digital realm: ownership and compensation.

The internet grew into the place we know now because data could be easily replicated and user-generated content proliferated on the web. YouTubers and TikTok users have amassed huge followings by giving away content, which is sometimes professionally produced and expensive to make. Napster brought the music industry to its knees because it obliterated the business model when artists and labels never expected it. Facebook rants come free of charge, whether you like them or not.

Sure, you can support online creators by donating to their Patreon accounts. But NFTs provide another avenue of connection between creator and fan. “NFTs give digital artists the agency to sell their work with the assurance of authenticity and rarity,” says Meghan Doyle, a specialist in the postwar and contemporary department at Christie’s. “They are creating a new way forward.”

Source – CNet

Dogecoin gains key endorsement promising to increase the network’s utility

Dogecoin gains key endorsement promising to increase the network’s utility

Mark Cuban Embraces Dogecoin
Dogecoin has been on a tear in the last 24 hours. The meme token saw its price surge by more than 17%, going from a low of $0.051 to hit a new monthly high of $0.060.

Market participants have rushed to exchanges to panic buy DOGE after billionaire Mark Cuban said that its market value could skyrocket by a whopping 1,700%.

According to the Shark Tank investor, the Dallas Mavericks has processed over 20,000 DOGE transactions since it started accepting it as payments for tickets and merchandise. Such success has made the professional basketball team the “largest Dogecoin merchant in the world.”

Cuban affirmed that if the Dallas Maverick can process another 6.60 billion Dogecoin worth of merchandise, DOGE will “definitely hit $1.”

Although Cuban’s remarks have generated FOMO among enthusiasts, it is worth noting that the NBA team will have to sell nearly $330 million worth of merchandise for DOGE to reach such a bullish target.

DOGE Primed to Breakout
While a $1 target is far-fetched, Dogecoin is primed to resume its uptrend as its network has drastically expanded over the past few weeks.

IntoTheBlock’s Daily Active Addresses model shows that the number of new addresses created on the Dogecoin blockchain bottomed-out on Feb. 28 at a low of 34,700 addresses per day. Since then, network growth has skyrocketed.

Nearly 60,000 new addresses are being created per day at press time, representing a 73% increase within the examined period.
The network’s expansion can be considered a very optimistic signal as it indicates a spike in user adoption over time. Since this on-chain metric is often regarded as one of the most accurate price predictions, it may forecast that DOGE’s price will follow suit.

Still, Dogecoin must close above the $0.058 resistance barrier to be able to advance higher. Moving past this crucial price hurdle could see the meme coin revisit Jan. 29’s high of $0.089.

Source – Crypto Briefing