What do you think will become of Bitcoin in the month of May? Dominance or …? Below are the latest crypto happenings in the first week of May cover by EmoneyMax.
BTC Stabilizes Under $29K, Could This Be the Quiet Period Before a Potential Storm?
Bitcoin’s recent price movements have focused on a narrow range between the 50-day moving average around $28,310 and the key resistance level of $30,000. While the digital currency managed to find support near the 50-day moving average around $27,000, it failed to break the $30,000 area a second time, leading to a small dip.
Despite this, the current Bitcoin price is consolidating in a tight range between the 50-day moving average of $28,000 and the psychological resistance zone of $30,000. A break above $30,000 will have a significant impact on market sentiment, as this is a critical resistance level that is difficult to pass.
On the other hand, if the BTC price dips below the 50-day moving average, it could lead to more volatility and consolidation in the lower price bands. As such, the current consolidation is a turning point for Bitcoin, and its short-term price movements will be closely watched by traders and investors alike.
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Sui, a new layer 1 blockchain, recently launched its mainnet with a current market capitalization of around $700 million. It will be interesting to see how Sui’s decentralized applications (dApps) compare to Aptos, another project that emerged from the Metina blockchain team. Both projects compete for the market and have similar roots, making the comparison even more relevant. The performance of blockchains and their associated dApps will be closely watched in the coming months as they continue to fight for market dominance.
Aztec Labs plans to launch a new hybrid ZK fund that can execute smart contracts privately and without trust. The project will focus on testnets early next year.
PEPE, FLOKI On The Run
A relatively new cryptocurrency has dominated the last few days: PEPE. It was released in mid-April and is basically meme currency with no real use. However, the crypto market is known for these types of projects that quickly grow in popularity and price, as was the case with PEPE. It regularly posts double- and even triple-digit daily gains, which has seen it break into the top 100 and even the top 50 of digital assets by market capitalization since yesterday. The latest push came when Binance announced that it would be adding PEPE to its innovation zone, as well as Floki Ina.
Unsurprisingly, FLOKI has also skyrocketed – more than 40% in the last 24 hours. This memecoin is also now in the top 100 coins by market capitalization, trading at almost $0.00005.
The top ten altcoins saw much more modest price increases than Ethereum (3.6%) and Solana (4%). Uniswap hit $5.50 after a similar daily jump.
Stable Coins
Curve Finance has deployed smart contracts for its crvUSD stablecoin on the Ethereum mainnet, although the user interface is still under development. Initialization is still waiting to be completed.
NFTs
A peer-to-peer lending protocol, Blend, was launched on the NFT market, Blur. Since Monday’s launch, over 1,400 individual NFT loans have been issued, totaling over 19,000 ETH (approximately $36 million).
Sotheby’s, a well-known auction house, has launched an on-chain NFT marketplace where users can pay using ETH or MATIC. Smart contracts guarantee royalty payments to artists via smart contracts.
Sports Illustrated (“SI”) Tickets announced Box Office, a new NFT ticketing platform built on Polygon. Tickets include a 50-50 resale split between Sports Illustrated and the event organizer/performer (tracked via chain data).
MoonPay, a cryptocurrency infrastructure company, has launched its app in over 130 countries, offering more than 5 million users a simplified multi-wallet management solution. Launched to 15,000 early access users in March, the app is now available to MoonPay users on the Apple App Store and Google Play Store. “The all-in-one platform gives Bitcoin holders an easier way to view their transactions, price history, and top-ups on the go, leading to a more informed and engaged community,” said Ivan Soto-Wright, CEO and co-founder of MoonPay.
American payment processor Stripe has launched a fiat-to-crypto onramp to make it easier for Web3 companies to help customers buy cryptocurrencies. Developers can use an embeddable path to add a cryptocurrency purchase widget directly to their website or app, or a Stripe-hosted path that users can be redirected to.
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