Blockchain

Polygon Labs (MATIC) and the NEAR Foundation have recently announced their collaboration on the development of a zero-knowledge (ZK) prover for the WebAssembly (Wasm) blockchain.  

The alliance aims to “bridge the gap” between Wasm-based chains and the Ethereum ecosystem, providing customization and options for developers building with the Polygon CDK (Chain Development Kit).

NEAR Foundation Joins Polygon As Core Contributor

According to Polygon Labs’ announcement, introducing a zkWasm prover will enable developers utilizing Polygon CDK to choose from various provers when building their projects.

This can be leveraged in various scenarios, including launching or migrating an Ethereum Virtual Machine (EVM) chain or constructing a Wasm chain for closer alignment with Ethereum and access to liquidity. 

The zkWasm prover will serve as a new runtime, generating zero-knowledge proofs that validate the correctness of native Wasm runtime execution. This advancement is expected to enhance scalability and decentralization, bringing the NEAR protocol closer to Ethereum.

As part of this partnership, the NEAR Foundation is set to become a core contributor to Polygon CDK, expanding the toolkit’s capabilities for developers.

Sandeep Nailwal, the co-founder of Polygon, expressed pride in collaborating with NEAR on this research and emphasized the value of the zkWasm prover in providing developers with increased customization options. 

To provide further context, WebAssembly is a widely used framework for running complex programs in web browsers, offering performance comparable to native computer applications. In the context of Web3, the Wasm Virtual Machine serves as a runtime for blockchains like NEAR and Polkadot, differing from the Ethereum Virtual Machine.

Scalability And Decentralization Boost?

Per the announcement, in the future, an in-development interop layer will allow chains to join a unified ecosystem of Layer 2 solutions deployed through Polygon CDK. 

This ecosystem will encompass alternative layer-1 chains, EVM layer-2 solutions, and Wasm chains, providing interoperability and defragmentation of liquidity across different chains.

Illia Polosukhin, co-founder of NEAR Protocol, expressed optimism about the collaboration, emphasizing that it will bring the benefits of zero-knowledge proofs not only to NEAR but to the entire Web3 ecosystem. Polosukhin stated:

We are very excited to work with Polygon Labs to bring all the benefits of zero-knowledge proofs not just to NEAR but all of Web3. NEAR is integrating more with Ethereum by innovating in new research frontiers, and the shared expertise of these two teams will bring a much-needed expansion of the ZK landscape and defragmentation of liquidity across chains. And by creating and using the zkWasm prover, NEAR will also improve the scalability and decentralization of the NEAR L1.

Overall, the collaboration between Polygon Labs and the NEAR Foundation holds significant implications for both protocols. Integrating the zkWasm prover will enhance the capabilities of Polygon CDK, providing developers with more options in building “custom blockchains.” 

Additionally, it will bring NEAR Protocol closer to Ethereum, expanding its interoperability and liquidity opportunities. 

As of the latest update, MATIC, the native token of Polygon, is on the verge of reaching the $0.800 level, a milestone that has not been attained since July. The token currently trades at $0.7903, showcasing a noteworthy upward trajectory. 

This positive movement is further bolstered by an impressive 11% uptrend recorded over the past 24 hours. 

Featured image from Shutterstock, chart from TradingView.com 

Cardano (ADA) is gaining pace above the $0.350 resistance. ADA is showing heavy bullish signs and might rally toward $0.400 or even $0.420.

ADA price outperformed Bitcoin and rallied above the $0.350 resistance.
The price is trading above $0.350 and the 100 simple moving average (4 hours).
There is a key bullish trend line forming with support near $0.3505 on the 4-hour chart of the ADA/USD pair (data source from Kraken).
The pair could accelerate higher toward the $0.400 level or even $0.420.

Cardano Price Rally Seems Far From Over

In the past few days, Cardano saw a decent increase from the $0.2850 support. It is up over 20% and broke many hurdles near the $0.350 resistance zone, outperforming Bitcoin and Ethereum.

The upward move was such that the price spiked toward $0.3750. A high was formed near $0.3755 before there was a downside correction. The price declined below the $0.3550 support. It spiked below the 23.6% Fib retracement level of the upward move from the $0.2845 swing low to the $0.3755 high.

However, the bulls were active above the $0.3400 zone. There is also a key bullish trend line forming with support near $0.3505 on the 4-hour chart of the ADA/USD pair.

Source: ADAUSD on TradingView.com

ADA is now trading above $0.350 and the 100 simple moving average (4 hours). On the upside, immediate resistance is near the $0.3750 zone. The first resistance is near $0.380. The next key resistance might be $0.400. If there is a close above the $0.400 resistance, the price could extend its rally. In the stated case, the price could rise toward the $0.420 region.

Are Dips Limited in ADA?

If Cardano’s price fails to climb above the $0.3750 resistance level, it could start a downside correction. Immediate support on the downside is near the $0.3550 level.

The next major support is near the $0.350 level and the trend line. A downside break below the $0.350 level could open the doors for a test of the 50% Fib retracement level of the upward move from the $0.2845 swing low to the $0.3755 high at $0.3300. The next major support is near the $0.3080 level.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ADA/USD is now above the 50 level.

Major Support Levels – $0.355, $0.350, and $0.330.

Major Resistance Levels – $0.375, $0.400, and $0.420.

Bitcoin price finally cleared the $36,000 resistance. BTC is showing positive signs and might continue to rise toward the $37,500 resistance.

Bitcoin gained pace for a move above the $36,000 resistance zone.
The price is trading above $36,000 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support near $35,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is consolidating gains and might continue to rise toward $37,500.

Bitcoin Price Spikes Higher

Bitcoin price remained well-bid above the $35,000 support zone. BTC formed a base above the $35,500 zone and finally started a decent increase. It broke the key hurdle at $36,000 to start a fresh rally.

There was a spike toward the $36,500 level. A high is formed near $36,525 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $35,100 swing low to the $36,525 high.

Bitcoin is also trading above $36,000 and the 100 hourly Simple moving average. Besides, there is a key bullish trend line forming with support near $35,800 on the hourly chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level of the upward move from the $35,100 swing low to the $36,525 high.

Source: BTCUSD on TradingView.com

On the upside, immediate resistance is near the $36,500 level. The next key resistance could be near $37,000, above which the price might accelerate further higher. In the stated case, it could test the $37,500 level. Any more gains might send BTC toward the $38,000 level.

Are Dips Limited In BTC?

If Bitcoin fails to rise above the $36,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $36,150 level.

The next major support is near the $35,800 zone or the trend line. If there is a move below $35,800, there is a risk of more downsides. In the stated case, the price could decline toward the key support at $35,000 in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $36,150, followed by $35,800.

Major Resistance Levels – $36,500, $37,000, and $37,500.

Ryan Sean Adams, a vocal Ethereum commentator and crypto investor, is bullish on MATIC, the native token of Polygon. Taking to X on November 8, Adams said MATIC should be a top-10 crypto asset, adding that people are asleep on layer-2s.

Polygon (MATIC) Remains In An Uptrend

When writing on November 8, MATIC is among the top 15 most valuable coins by market cap. It also remains volatile, fluctuating, and moving up and down the market cap leaderboard rankings. Even so, considering its spot valuation exceeding $7.3 billion according to CoinMarketCap (CMC), a crypto tracker, MATIC remains relatively liquid with a broad user base. 

Etherscan data on November 8 shows that there are 629,967 MATIC holders, down roughly 2%, but the number remains higher despite the contraction following the crypto winter of 2022, which spilled over to 2023.

As of November 8, MATIC is up 60% from September 2023 lows. According to CMC, the coin is also up 13% on the last trading day, pushing weekly gains to over 27%. Looking at the candlestick arrangement in the daily chart, the uptrend momentum is strong, and buyers appear to be doubling down.

Presently, bull bars are aligned along the upper BB, suggesting that there is intense buying pressure. At the same time, MATIC is within a bullish breakout formation, breezing past August highs. 

Polygon, a sidechain, is among the many scaling solutions for Ethereum. The platform is compatible with Ethereum, allowing protocols to build on Polygon while enjoying the high activity and security of the first smart contract network. Polygon is also considered a layer-2, though it isn’t technically a layer-2 since it doesn’t depend on roll-ups like Arbitrum or OP Mainnet.

Time To Double Down On MATIC And Layer-2 Tokens

In Adams’ view, considering layer-2 tokens, including MATIC or ARB, at spot levels could translate to more gains in the next bull run. Nonetheless, it should be noted that MATIC, for instance, is down 72% from 2021 highs.

Moreover, the coin is trending inside June’s bear trade range. A comprehensive close above this level may signal the end of the bear run, possibly anchoring buyers targeting $1.5.

In late October, Polygon Labs officially launched the POL, a token that will prime Polygon 2.0, Ethereum, signaling the first steps to see MATIC gradually phased out. POL will serve more roles in Polygon 2.0, specifically powering an ecosystem of zero knowledge-based layer-2 chains using Polygon’s infrastructure. News of this smart contract launch seemed to have catalyzed demand, driving token prices higher.

In a turn of events within the non-fungible token (NFT) market, Bitcoin (BTC) has achieved a significant milestone by surpassing Ethereum (ETH) in 24-hour NFT sales volume. This marks the first time that Bitcoin has outperformed Ethereum in this aspect.

BTC’s NFT Breakthrough

Bitcoin’s recent achievement of surpassing Ethereum in 24-hour NFT sales volume signals a changing trend and growing interest in the NFT market. 

While Ethereum has long been recognized as the dominant blockchain for NFTs, Bitcoin’s entrance into the space demonstrates its increasing relevance and appeal to NFT enthusiasts and collectors.

The data highlights that Bitcoin accounted for $17,291,694 in NFT sales, with 575 buyers participating. On the other hand, Ethereum recorded $26,689,252 in total sales, with 11,225 buyers. 

Despite Ethereum maintaining a higher total sales figure, the relatively lower wash percentage of Bitcoin suggests a potentially healthier and more organic market activity.

However, when it comes to volatility, data from Deribit, the leading crypto derivatives exchange, shows that the spread between ETH and BTC volatility, commonly referred to as the ETH DVOL vs. BTC DVOL spread, has narrowed significantly since October 23rd from -11.6 to just -0.6. This shift indicates a change in investor sentiment and increased attention towards Ethereum and altcoins.

In light of this development, Ethereum has outperformed Bitcoin over the past fourteen days. ETH has seen significant price movement, gaining over 2% in the last 24 hours, 6% in the last seven days, and 4% in the last fourteen days, bringing its current price to $1,899.

Meanwhile, Bitcoin has exhibited a slowdown in its upward momentum and is currently consolidating above $35,400. It has seen a 2% increase in the past 24 hours, 3% in the past seven days, and 1% in the fourteen-day timeframe.

However, it is important to note that BTC has gained more than 82% year-to-date, while ETH has only increased by 30% during the same period, according to CoinGecko data. 

Nasdaq 100 Correlation With Bitcoin Plummets

According to recent Kaiko data, BTC has witnessed a significant decline in its correlation with traditional assets throughout the year. One notable development is the diminishing correlation between Bitcoin and the Nasdaq 100 index. 

Over the past year, Bitcoin’s 60-day correlation with the Nasdaq 100 has substantially declined, plunging from over 70% in September 2022 to approximately 19% as of last week. 

Bitcoin’s negative correlation with the US dollar, which ranged from 40% to 50%, has also weakened. Currently, the correlation is around 11%, signifying a reduced tendency for Bitcoin’s value to move in the opposite direction of the US dollar.

While Bitcoin’s correlation with gold has seen some upward momentum since August, the average correlation throughout the year has remained relatively low at 12%. 

This suggests that the relationship between Bitcoin and gold has been modest regarding price movements and indicates a potential divergence in investment characteristics between the two assets.

Featured image from Shutterstock, chart from TradingView.com 

Radiant Capital, a lending and borrowing protocol for users to borrow various assets across multiple chains, is rapidly closing in on Aave, looking at earnings data over the past six months.

Radiant Capital Earnings Rising: What’s The Trigger?

According to Token Terminal statistics on November 8 shared by one user on X, @Flowslikeosmo, Radiant Capital generated $5.8 million in revenue despite a relatively lower level of liquidity than Aave. @Flowslikeosmo, who claims to be a crypto researcher, said Radiant Capital’s earnings will likely explode in the upcoming sessions, especially once the 2.8 million ARB begins to be deployed.

Radiant Capital is a popular cross-chain decentralized money market through which users, regardless of their choice blockchain, can either lend their assets and earn passive income or borrow assets trustlessly. This way, the decentralized finance (DeFi) protocol has opened up liquidity and boosted access to multiple blockchains.

Related Reading: Dogecoin In Tight Zone: Why A Rally Will Happen If DOGE Clears $0.076

To perform effectively, the protocol relies on LayerZero, which enables trustless and decentralized communication between blockchains using Oracle Relays, allowing platforms to be more interconnected and ledgers to be more interoperable. As Radiant Capital offers services, the DeFi protocol generates earnings or revenue primarily from fees. 

The platform charges a protocol fee on all transactions. Earnings from this allow the team to be operational while allowing the protocol to generate revenue.

However, it should be noted only 15% of this fee is used to cover operational expenditure, with the rest redistributed to users as yield. Besides, there are fees billed to users taking flash loans. The protocol rewards providers with RDNT to incentivize liquidity provision, depending on the amount provided and the duration locked.

ARB Airdrop, Will RNDT Rally To New 2023 Highs?

Earnings generated depend on the activity level, directly influencing protocol fees accrued and the number of users taking flash loans. Following Radiant Capital’s recent announcement that it plans to airdrop 2 million ARB following the Arbitrum DAO‘s approval of a proposal first floated in late September, activity could skyrocket in the coming months, boosting earnings.

Moreover, the protocol’s liquidity is expected to increase with this approval. The ARB airdrop will be used to incentivize liquidity provision. Additionally, Radiant Capital will strike more partnerships, allowing it to expand to other chains, including Ethereum and Arbitrum.

According to Dune Analytics data, the number of RDNT holders continues to rise, mirroring its general price performance. Thus far, RDNT is up 40% from October lows. The immediate resistance level at $0.33 must be broken for the coin to rally, even registering new 2023 highs.

Amid fluctuating markets and economic uncertainty, Bitcoin long-term investors hold their coins tighter than ever. Data from blockchain analysis firm Glassnode reveals a notable trend: a significant portion of Bitcoin’s circulating supply is firmly in the hands of long-term holders, with figures reaching record heights.

Notably, the trend of Bitcoin being tightly held is not a new phenomenon, but the level of accumulation we’re witnessing today appears unprecedented. Glassnode’s research points out that the community of long-term Bitcoin holders is not just growing but doing so at an “impressive rate of accumulation.”

This cohort’s commitment is evidenced by the historical highs in key supply metrics—illiquid supply, coins held (HODLed), and long-term holder supply—are all at their peak, according to shared Glassnode insights.

A Dive into Bitcoin’s Illiquid Supply 

Glassnode’s briefing depicted the Bitcoin market’s current state. The data illustrates that 68% of Bitcoin’s circulating supply has not moved for more than a year, indicating a decision by investors to hold through volatility and market dips.

The metric for coins held for over five years is even more telling, constituting nearly a third of all Bitcoin in circulation. In terms of Bitcoin’s illiquid supply—coins held in wallets with little to no spending history—the figures are also at an all-time high, with over 15.4 million BTC firmly held.

This illiquidity is not a static condition as it is growing monthly at 71,000 Bitcoin, according to Glassnode’s analysis.

According to a Glassnode analyst, this accumulation has coincided with a notable pattern of investors pulling their Bitcoin from exchanges into private custody, further solidifying the trend of long-term holding. The analyst disclosed:

The data suggests investors are continuing to withdraw their coins into custody, with over 1.7 million bitcoin doing so since May 2021.

Bitcoin: Divergence In Holders And Latest Price Action

Glassnode’s report also highlights a significant divergence between the behaviors of long-term and short-term Bitcoin holders. While long-term supply is seeing historic highs, short-term holder supply is at record lows, indicating a change in spending habits after the currency’s surge above the pivotal $30,000 benchmark. 

Glassnode’s analysis suggests this price point is a crucial battleground for bullish sentiment, marking a potential inflection point in the market’s trajectory.

Meanwhile, over the past week, Bitcoin has continued its bullishness, recording a gain of 2.9%. The asset currently trades for $35,216 at the time of writing, up by 1.5% in the past 24 hours.

Featured image from iStock, chart from TradingView

Shiba Inu has seen its burn rate basically flatlined in the last after recording one of its highest jumps in history. The 99% decline in the SHIB burn rate raises concerns over the involvement of the community and whether burning SHIB tokens has lost its appeal.

SHIB Burn Rate Declines 99.35%

Shibburn data on Wednesday, November 8, shows a 99.35% decline in the Shiba Inu burn rate in the last 24 hours. The burning of Shiba Inu tokens is an effort to drastically reduce the supply but interest seems to be waning, especially since the burn seems to have no effect on the price.

Only 1.12 million tokens were burned in the 24-hour period, a very low number for a full day. However, the previous day’s activities also contributed to making this burn figure look incredibly small. On Tuesday, November 7, Shiba Inu marketing lead, Lucie, revealed the Shib Dream team had burned 550 million SHIB, leading to an over 14,000% surge in the burn rate.

#Shibarium Projects $SHIB BURNS https://t.co/Q9OXhl3QSX

— 𝐋𝐔𝐂𝐈𝐄 | Shib.io (@LucieSHIB) November 7, 2023

Given this incredibly high burn figure spiking the burn rate, the numbers for Wednesday pale in comparison. In total, there were 10 Shiba Inu burn transactions recorded on the blockchain, with the largest transaction carrying only 553,521 tokens.

The daily burn rate is not the only one that has taken a hit though as the weekly timeframe has not fared well. With the burn figure sitting at 308.74 million in the last 7 days, the SHIB burn rate is down 35.44% on the weekly timeframe.

Shiba Inu Layer 2 Follows Downtrend

As the Shiba Inu burn rate falls, its Layer 2 Shibarium network has seen a decline in its operations as well. ShibariumScan data shows that the daily transactions for the last 24 hours are 9,930 transactions, making it the first time that the transaction count has fallen below 10,000 since the network was launched

This decline in the number of daily transactions could suggest that investor participation is declining on the network. And a drop in transaction count could have a ripple effect across the entire network. It could also contribute to a decreased burn rate.

As for the SHIB price, it continues to demonstrate strength in the market after recovering above $0.000008 once more. Its gains for the last day come out to 1% but is seeing much higher gains of 7.63% on the weekly chart.

Crypto analyst and enthusiast Will Taylor, known as Cryptoinsightuk on social media, recently released his latest XRP price prediction and analysis. XRP’s price recently reached $0.73 for the first time since June, fueled by whales increasing their spot trading activity amidst a consolidation from the entire crypto market. 

This rally briefly pushed XRP to the fourth spot in terms of market cap, overtaking BNB. XRP has since returned to the fifth spot, lost some of this gain, and consolidated in the past 24 hours to trade in a range between $0.70 and $0.66. 

On-chain data still points to a continued bull run in the short term, as the crypto maintains resilience in the face of market pressures. According to Taylor, the XRP price is set to blast off in just seven days.

Current XRP Price Levels and Recent Market Performance

The analyst took to social media platform X (formerly Twitter) to give his prediction about XRP, one of the many bullish predictions the crypto has received since it was deemed not a security by a US federal judge. 

The price of XRP has been on a steady climb from $0.483 since October 13, and according to crypto analyst Will Taylor, it’s poised to skyrocket even higher within one week. He made this prediction by analyzing XRP’s current price action using the Fibonacci Retracement indicator. 

Although XRP traded at $0.73 on Monday, October 6, it retraced 9.5% to $0.66 on Tuesday, October 7, and is now trading at $0.69 at the time of writing. 

$XRP blast off in T-7 days.

Today we have seen a bit of a retracement for $XRP.

We ran into key Fibonacci Retracement levels, this is normal.
Indicators were massively over cooked.
I’m unsure how deep this pull back will be. I wouldn’t be unhappy about a bounce from here, or… pic.twitter.com/eDEt1Mgh9l

— Cryptoinsightuk (@Cryptoinsightuk) November 7, 2023

Using the retracement indicators, Cryptoinsightuk showed that XRP retraced from 0.618 to 0.5 Fibonacci levels while using August 14th’s price of $0.4232 as the base level for the indicator. This correction, in his opinion, is perfectly typical given that indicators revealed XRP was quite overbought at the time. Additionally, there is a possibility that XRP will go to a lower price, which would turn the prior resistance level at $0.62 into a support.

On the other hand, the XRP price is still exhibiting signs of a continuing bull run, and it has continued to increase by 16% in a 7-day timeframe. According to Cryptoinsightuk, XRP will really get going once it clears the 0.618, 0.702, and 0.786 Fibonacci retracement levels. 

In a previous post, the analyst predicted that when this blast-off happens, the XRP price will rally more than 1,400% to reach $10 at least. “If we get this price action and history repeats, it would put $XRP price between $10-14 dollars within 4/5 weeks.”

XRP’s price growth has largely been suppressed in recent years by the SEC lawsuit. Recent data has shown Americans are now more interested in XRP than Ethereum. 

Solana opened this month on high momentum, consistently posting notable gains over the past few days. SOL scored a weekly high of $45.36 on November 1 before receding. But after a brief decline to the $40 price level, the bulls have regained momentum, intent on pushing closer to $50 this time. But it remains to see if SOL bulls have enough momentum to rally that high.

SOL Bucks All Odds As It Vies For Higher Highs

Despite the high volatility in the altcoin market, Solana (SOL) has refused to back down. The Ethereum killer has continued its uptrend in the past two weeks, making it one of the top-gaining cryptocurrencies today.

SOL graces the top gainers’ list as the fifth-highest gainer in today’s trading session. Solana is trading at $43.23, with over 3% price increase in the last 24 hours.

Solana Bulls have continued to fight off significant sell pressure caused by FTX-related transfers. The crypto exchange is selling millions of crypto assets to pay its debts to customers as it seeks a fresh start.

Reports revealed that the court approved FTX to sell $3 billion worth of crypto assets frozen on the exchange since last year. On-chain data from Spot On Chain shows that the defunct crypto exchange FTX owns millions of SOL coins. According to Spot on Chain’s latest updates, FTX and Alameda have transferred approximately $223 million worth of Solana coins to exchanges. 

However, these large inflows of Solana in the market didn’t cause a decline. Instead, SOL’s price entered a rising channel, initiating an uptrend.

The most significant upturn was when the crypto breached the critical resistance at $22 in mid-October. SOL has been unstoppable since then, crossing the $30 price mark and rising above $40, a position it has maintained in the last few days.

Solana’s price is now over 86% higher than its past month’s value, with a 9.70% seven-day price increase, according to CoinMarketCap data.

SOL Market Outlook As It Flips Over A Multi-month Trendline 

As depicted on the chart below, SOL has broken from a multi-month trendline channel, flipping a significant resistance level at $27.58 to support. The $27 price level is the new trendline pivot as it forms a new channel.

If SOL manages to remain above the $42 price level, given the ongoing bullish momentum, the next target price is $46.83. Maintaining this level could facilitate more rallies to $50 in the coming days. But buyers have to apply more pressure to remain in control.

However, if the bears fail to maintain the $42 price, SOL could decline to $39 and subsequently to $31.43 if the bears mount more pressure.

Meanwhile, SOL continues to live up to its alias, the Ethereum Killer. An update from on-chain data provider Kaiko shows that SOL has outperformed Ethereum since September.

The increase in the SOL/ETH ratio since September confirms this assumption. The SOL/ETH ratio has climbed from 0.011 to nearly 0.025 and is now back to the pre-FTX collapse levels.