Top 5 cryptocurrencies to watch this week: BTC, KLAY, VET, SOL, KSM

Bitcoin appears to be preparing for a move toward $60,000, while KLAY, VET, SOL and KSM are attempting to find bullish momentum.

In trading, selling a position is as important as buying it at the right time. Therefore, the big question that could be troubling traders is whether or not Bitcoin (BTC) price will enter a bearish phase or will the bull run continue after this week’s pullback.

PlanB, the creator of the popular Bitcoin stock-to-flow model, recently tweeted that the crypto bull run has only started and is “nowhere near the end of it.”

PlanB is not the only voice that is hugely bullish on Bitcoin. Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, believes that if previous behavior is considered, Bitcoin’s 2021 peak could be nearer to $400,000.

Crypto market data daily view. Source: Coin360

One of the main reasons that could be drawing institutional investors to cryptocurrencies is the possible debasing of the U.S. dollar. In an interview with Bloomberg, Soros Fund Management chief information officer Dawn Fitzpatrick said the 25% increase in the U.S. money supply over the past 12 months has ensured that Bitcoin no longer remains a fringe asset.

The fund recently participated in the $200 million funding round held by NYDIG and also invested in crypto accounting firm Lukka. This shows that institutional investors are broadening their perspective and are looking at investing opportunities other than Bitcoin.

Let’s study the charts of top-5 cryptocurrencies that may resume their uptrend in the short term.


Bitcoin is currently in a corrective phase and trading inside a descending channel. The strong rebound off the 50-day simple moving average ($52,000) on March 26 shows the bulls continue to accumulate at lower levels.

BTC/USDT daily chart. Source: TradingView

The bears may mount stiff resistance near the resistance line of the channel but if the bulls can push the price above it, the BTC/USDT pair could once again challenge the $60,000 to $61,825.84 resistance zone.

A breakout of this zone could signal the start of the next leg of the uptrend that has a target objective at $71,112.06. The 20-day exponential moving average ($54,820) has started to turn up and the relative strength index (RSI) is sustaining in the positive zone, suggesting that the bulls are trying to assert their supremacy.

Contrary to this assumption, if the price turns down from the resistance line of the channel, the bears will try to sink the pair below the 50-day SMA. If they succeed, the pair may drop to the support line and a break below it could start a deeper correction to $43,006.77.

BTC/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the relief rally is facing stiff resistance near $56,500. If the price turns down from the current level, it could drop to the 20-EMA and then to $54,000.

A strong bounce off this support could eventually form an inverse head and shoulders pattern that will complete on a breakout and close above $56,618. This setup has a target objective at $63,339.98.

On the contrary, a break below $54,000 will suggest weakness and a lack of buyers at higher levels.


Klaytn (KLAY) has been in a strong uptrend since mid-February. The altcoin recently completed a minor correction as the bulls purchased the dip to the 20-day EMA ($2.76) on March 26, suggesting the sentiment remains positive.

KLAY/USDT daily chart. Source: TradingView

The bulls are currently attempting to resume the uptrend by pushing the price above the all-time high at $3.50. If they succeed, the KLAY/USD pair could rally to $4.86. The upsloping moving averages and the RSI in the overbought zone suggest the path of least resistance is to the upside.

This view will invalidate if the price turns down and breaks below the 20-day EMA. Such a move will suggest a possible change in sentiment. The first support is at $2.58 and a break below this level could start a deeper correction.

KLAY/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the moving averages have completed a bullish crossover and the RSI has jumped into the overbought zone, suggesting that bulls have the upper hand. The momentum could pick up further if the bulls can push and sustain the price above the overhead resistance at $3.50.

Even if the price turns down from $3.50 but finds support at the 20-EMA, it will suggest that the sentiment remains bullish. A strong rebound off this support will increase the possibility of the resumption of the uptrend.

Conversely, a break below the moving averages could pull the price down to the critical support at $2.60.


VeChain (VET) is in a strong uptrend. The altcoin bounced off the 20-day EMA ($0.078) on March 25, indicating the sentiment is positive and the bulls view the dips as a buying opportunity.

VET/USDT daily chart. Source: TradingView

Both moving averages are sloping up and the RSI is close to the overbought territory, suggesting the path to least resistance is to the upside. The long wick on the March 27 candlestick shows the bears are trying to defend the overhead resistance at $0.098.

However, the bulls have not allowed the bears to establish their supremacy. If the buyers can drive the price above $0.098, the VET/USDT pair could resume the uptrend. The next target level on the upside is $0.136.

This bullish view will invalidate if the price turns down from the current levels or the overhead resistance and breaks the 20-day EMA. Such a move could pull the price down to the 50-day SMA ($0.059).

VET/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bears are defending the $0.095 level while the bulls are buying on dips to the moving averages. If the bulls can thrust the price above $0.095, it will complete an inverse head and shoulders pattern, which has a target objective at $0.114.

Conversely, if the bears sink and sustain the price below the moving averages, a drop to $0.076 is possible. A break below this support could signal the start of a deeper correction.


Solana (SOL) had formed a bearish descending triangle pattern, which would have completed on a break and close below $11.90. However, that did not happen. The bulls aggressively purchased the dip to the $11.90 support on 26 March and pushed the price above the downtrend line on March 27, invalidating the bearish setup.

SOL/USDT daily chart. Source: TradingView

The failure of a bearish pattern is a bullish sign because it traps several aggressive bears who initiate short positions in anticipation of the completion of the pattern. When the pattern invalidates, the bears rush to cover their positions resulting in a short squeeze.

Sustained buying from the bulls has propelled the price to a new all-time high today. If the bulls can sustain the price above $18.20, the SOL/USDT pair may rally to $24.84.

On the contrary, if the price turns down from the current level, a drop to the 20-day EMA ($14.60) is possible. A strong rebound off this support will suggest accumulation by the bulls at lower levels and may enhance the prospects of the resumption of the uptrend.

SOL/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows a sharp rally from $12.30 to a high at $19.26. This has pushed the RSI into overbought territory, suggesting the pair could be vulnerable to a pullback in the short term.

If the bulls can sustain the price above $18.20, it will suggest the resistance has flipped into support and the uptrend may resume.

This bullish view will invalidate if the bears sink the price below the 20-EMA. Such a move could keep the pair range-bound for a few days.


Kusama (KSM) is in a strong uptrend. The recent dip to the 20-day EMA ($381) on March 25 was purchased aggressively, as seen from the long tail on the day’s candlestick. This shows strong demand on every minor dip as traders expect the rally to extend further.

KSM/USDT daily chart. Source: TradingView

The KSM/USDT pair rose to a new all-time high on March 27 but the bulls are facing stiff resistance at higher levels as seen from the long wick on the day’s candlestick. The pair has formed an inside day candlestick pattern today, indicating indecision among traders.

If the bulls can push and sustain the price above $505.33, the pair could extend its up-move to $583.

The pair has not broken and stayed below the 20-day EMA since Jan. 14. Therefore, traders can watch this level carefully because a break and close below it will suggest that the bullish momentum has weakened.

KSM/USDT 4-hour chart. Source: TradingView

The 4-hour chart shows the bears are aggressively defending the $490 to $505.33 resistance zone as the price has repeatedly turned down from it. However, the positive thing is that the bulls have not given up much ground. A breakout and close above $505.33 could signal the resumption of the uptrend.

Conversely, if the bears sink the price below the moving averages, it will suggest profit-booking by traders. That could pull the price down to $370 where buyers may again step in.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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$400K Bitcoin predicted this year, NFT warning, Instagram influencer in trouble: Hodler’s Digest, March 21–27

Coming every Saturday, Hodlers Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more a week on Cointelegraph in one link.

Top Stories This Week

Stock-to-flow creator doesnt think Bitcoins bull market is done

Bitcoins price seems to have stalled below $60,000 after surging to all-time highs earlier in March. But on the bright side, Fridays $6-billion expiration of options a record-breaking sum didnt deliver the slump that some were dreading.

The ever-optimistic PlanB says that we are nowhere near the end of the bull run, tweeting: Bitcoin is just getting started.

YouTuber and derivatives trader Tone Vays also believes the best is yet to come, telling Cointelegraph: While it is still possible for Bitcoin to make a lower low for the month in the $48,000 range, I believe we will go up to above $70,000 before June.

In recent days, BTC plunged to depths of $51,212.85 the lowest price seen in two weeks. Soon afterward, Michal van de Poppe warned that BTC needed to regain the $53,200$53,800 area to revive bullish momentum in the near term, or else more downside was possible. So far this weekend, that threat appears to have been averted.



Elon Musk says Tesla now accepts Bitcoin from U.S. customers

With tech stocks also taking a hammering at certain points this week, even Elon Musks announcement that Tesla now accepts Bitcoin from U.S. customers only delivered a temporary boost to BTCs price.

The billionaire CEO and Technoking said that the electric vehicle manufacturer would hold on to the Bitcoin it accumulates through sales rather than convert it into fiat. He also confirmed that support for crypto payments would be rolled out internationally later this year.

Teslas decision to shun fork products such as Bitcoin Cash proved calamitous for BCH, which tumbled to new all-time lows against BTC.

But some experts have warned that snapping up a Tesla using crypto might not be a smart move for now, at least. Ark Invest founder Cathie Wood has urged investors not to use their BTC for purchases until the Internal Revenue Service introduces some more sensible tax policies on crypto assets.

The U.S. currently regards Bitcoin as property rather than currency. This means that irrespective of whether you sell BTC for profit or use it to buy a shiny car, its considered to be a taxable event.


The NFT of record: New York Times raises $500,000 for charity in NFT column sale

Its now time for our whistle-stop tour of NFT news. You ready? Here goes.

First up, a New York Times reporter got a pleasant surprise when he decided to try and auction off one of his articles as an NFT. Just one day later, it sold for 350 ETH (worth almost $600,000 as of Saturday) with the proceeds going to charity.

Another big sale came when Twitter CEO Jack Dorsey sold a tokenized representation of his first-ever tweet for more than $2.9 million, also for good causes.

Data from Google Trends suggests that interest in nonfungible tokens has now surged to levels last seen during the ICO craze of 2017. Lego also dropped a hint that it may be getting involved in this flourishing sector after writing a cryptic tweet that said: Zeros and ones but still a brick.

Inevitably though, it wasnt all good news. SEC commissioner Hester Peirce also known as Crypto Mom has warned that selling fractionalized NFTs could end up breaking the law as this could result in the creation of an investment product.



Thetas mainnet 3.0 launch delayed until June, causing tokens price to sink

The crypto-powered esports streaming app Theta announced this week that it was delaying the launch of mainnet 3.0 until June.

In an announcement, the company said that it is still working to incorporate some building blocks for a nonfungible token marketplace. This is one of the reasons why a more thorough code review and testing is required, prompting the expected launch date to be pushed back from April 21 to June 30.

The network added: While delays are never ideal, we think this change is the prudent way forward to ensuring a successful mainnet 3.0 launch.

Investors in Theta took a dim view of the announcement. The token had hit all-time highs of $14.99 on Wednesday, but it fell by more than 25% in the 24 hours that followed.


Technoking and master of coin Elon Musk and Tesla CFO adopt new titles

Forget Tesla CEO Elon Musk has been promoted. According to a new SEC filing, the billionaire should now be referred to as Technoking of Tesla.

His chief financial officer, Zach Kirkhorn, has also been given a promotion to Master of Coin. Both men are going to retain their respective positions.

Musk has reason to celebrate, with figures suggesting that Tesla has been sitting on close to $19 million in unrealized profit per day since announcing its $1.5-billion Bitcoin purchase. This almost eclipses the $721 million in profit it made from selling 500,000 cars in 2020.

The billionaire also waded into the trendy world of nonfungible tokens this week when he announced he was planning to sell a musical NFT, with lyrics based on the hype surrounding the technology Its verified, its guaranteed. Very catchy.

Despite bids exceeding $1.1 million on the Valuables platform, Musk later took his ball home, tweeting: Actually, doesnt feel quite right selling this. Will pass.

What a shame.



Announcement of the week


Markets Pro delivers up to 1,497% ROI as quant-style crypto analysis arrives for every investor

Its now been a month since Cointelegraph Markets Pro launched bringing professional crypto market intelligence to every investor.

New figures this week showed that 41 of the 42 trading strategies tested by Markets Pro are currently beating Bitcoins investment returns, and 36 of them are winning against an evenly weighted basket of the top 100 altcoins.

Two key features are offered to subscribers. The first is the VORTECS Score, which is derived from an algorithm that examines multiple different variables (including sentiment, tweet volume, price volatility and trading volume) and compares those with historically similar marketscapes.

And the second is NewsQuakes: alerts on events that have historically had a significant impact on an assets price over the following 24 hours.

Cointelegraph Markets Pro is available exclusively to subscribers on a monthly basis at $99 per month, or annually with two free months included.


Winners and Losers



At the end of the week, Bitcoin is at $55,261.18, Ether at $1,705.62 and XRP at $0.56. The total market cap is at $1,739,387,070,168.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Dent, Ankr and AscendEX. The top three altcoin losers of the week are Avalanche, SushiSwap and Ren.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.



Most Memorable Quotations


By banning crypto, India will end up with the lowest reserve of the most important currency the world has ever seen.

Raj Chowdhury, HashCash CEO


Dont try to act like Saylor wont take profits eventually, cause he will along with every other fund on the planet. Then theyll buy back lower.

Michael Saylor, MicroStrategy CEO


I think that it would be very likely that you will have [Bitcoin], under a certain set of circumstances, outlawed the way gold was outlawed.

Ray Dalio, hedge fund founder


Im not a big fan myself of encouraging or asking or wanting us to participate in the issuing of currency.

Brad Smith, Microsoft president


There is little social value in helping Elon Musk earn yet another $1 million.

Vitalik Buterin, Ethereum co-founder


You made me a ton of money.

Jim Cramer, CNBC host


Prediction of the Week

Bitcoin can reach $400,000 in 2021 as risk-off reserve asset Bloomberg

Bloomberg Intelligence senior commodity strategist Mike McGlone believes 2021 marks a watershed moment for the worlds biggest cryptocurrency.

He says BTC is well on its way to becoming a global digital reserve asset and it may be transitioning toward a risk-off asset.

Based on previous behavior, his analysis suggests that prices could peak at $400,000 this year. That eclipses other estimates such as the stock-to-flow model, which calls for an average of $288,000 between now and 2024.


FUD of the Week


Microsoft president says fintechs should leave currency to central banks

Microsoft president Brad Smith has said fintech firms have no business issuing private digital currencies, arguing that money matters should be left to central banks and governments.

Speaking at an online conference organized by the Bank for International Settlements, he said: I am not a big fan myself of encouraging or asking or wanting us [tech firms] to participate in the issuing of currency.

The remarks put Microsoft at odds with Facebook, which is continuing to pursue the launch of its Diem stablecoin project. Formerly known as Libra, the project sparked fierce criticism from financial regulators with many of them warning the digital asset could pose significant risks to the global economy.


Instagram influencer charged over duping followers out of Bitcoin worth $2.5 million

An Instagram influencer has been charged with wire fraud after he allegedly scammed followers out of Bitcoin worth $2.5 million.

Jay Mazini who had close to 1 million followers and was known for cash giveaways is accused of promising victims that he would buy Bitcoin off them at inflated prices. But its claimed that, when the crypto was sent, he didnt transfer the funds as promised.

An FBI official said: A quick search of the interwebs today will reveal an entirely different image of this multi-million-dollar scammer.

Mazini is currently being held on state charges in New Jersey and will face New York courts at a later date. If convicted, he faces up to 20 years imprisonment.


The last dip is the deepest as wife leaves husband for buying more Bitcoin

And we end with a sorry tale that suggests Bitcoin has caused a break-up.

A man on Reddit claims his wife left him after he refused to sell his Bitcoin when prices hit $60,000 and loaded up on more during the recent dip.

The user, u/Parking_Meater, said his wife packed her bags and has now gone to live with her sister.

He wrote: She super mad that I didnt sell at 60k and looks at the price often scolding me. I keep telling her we dont need the money and have the cash. We live nice. However today she caught me buying the dip and was so pissed she almost hit me!

Uh oh.


Best Cointelegraph Features


Microsoft waffling over Bitcoin? BTCs return to Xbox unlikely to spur adoption

While it could be a good sign for the industry if Microsoft accepts Bitcoin for its Xbox Games Store, Shiraz Jagati argues it is unlikely to have a major impact.

Crypto media runs with the bulls as new entrants compete against established brands

How has the Bitcoin bull run changed crypto media?

Ethereum network in a fee spin: Can the Berlin upgrade save the day?

The upcoming Berlin update contains EIPs aimed at reducing transaction costs, but it may not provide a long-term solution.

Continue reading

Crypto media runs with the bulls as new entrants compete against established brands

How has the Bitcoin bull run changed crypto media?

New opportunities arise during each Bitcoin bull run. The current ebullience has been driven by an influx of institutional investors, along with major payment providers like PayPal and Mastercard. 

But why are they here to begin with? Much of the recent enthusiasm can be attributed to the vast and vociferous audience that’s been developed by a few organizations on the front-line: The crypto media companies that have spent the last few years educating millions of early adopters on the trillion-dollar crypto market as a whole.

Joon Ian Wong, co-president of The Association of Cryptocurrency Journalists and Researchers — a non-profit organization that advocates for quality journalism and research on cryptocurrencies and blockchains — told Cointelegraph that bull runs build new audiences:

“CoinDesk was started during the 2013 bull run, when Bitcoin went up from $10 to $100 dollars. I was writing for CoinDesk then and we were a big beneficiary of Bitcoin’s rising price. I remember BBC News and CNN would call us asking for the ‘CEO of Bitcoin’ since CoinDesk would come up as the main result for a news source. People had no idea of what Bitcoin was back then.”

He further noted that existing crypto media outlets have doubled down and grown, as each bull run creates a stronger, more robust ecosystem. According to independent analytics, Cointelegraph’s audience alone has more than doubled to over 20 million views per month since the end of 2020.

Newly-formed media outlets

A number of new crypto media outlets have been created during the 2020-2021 Bitcoin bull run. Blockworks — the financial media brand behind the successful “Pomp Podcast” — recently launched a crypto-focused news site to help professional investors understand Bitcoin and digital currencies.

Jason Yanowitz, co-founder of Blockworks, told Cointelegraph that in March 2020 the company’s month-over-month revenue dropped 80%. Yanowitz noted that this was a “frightening time” for the Brooklyn-based firm which was launched in 2018:

“We went back to basics and spoke with our core audience – the hedge funds, financial advisors, and more traditional capital markets professionals who are interested in digital assets. Our main takeaway was that there still wasn’t a single source of information for these investors.”

Yanowitz explained that he and his team worked daily from April-December 2020 to build out the new Blockworks media site to solve this ongoing problem. “Bitcoin has become more relevant than ever. It’s time we had a media site that ties Bitcoin and crypto into the global macro conversation — that’s Blockworks,” he remarked.

In contrast to Blockworks, Ran Neuner, host of CNBC’s Crypto Trader show, told Cointelegraph that he recently launched the world’s first livestreaming crypto station — a platform clearly oriented more to the growing retail and semi-pro audience. According to Neuner, a livestreaming crypto information platform hadn’t existed until now. He found this to be problematic, stating:

“If you want livestreaming information on stocks, you can get that on CNBC or other mainstream stations. But there was no such thing as livestreaming information for crypto. You would have to be on Twitter or Telegram to get this information, but these platforms are so full of noise they are unusable.”

As a result, Neuner launched Crypto Banter on YouTube, which he describes as a “combination of Bloomberg and CNBC” — a credible, yet fun source for crypto information. In addition, Neuner mentioned there is a Friday show called “Big Banter,” which allows listeners to call in and chat directly with Neuner and his guests. “This is the future of media and certainly the future of crypto media,” Neuner remarked.

Neuner makes an important point regarding interactivit. Deloitte’s 2021 media and entertainment industry outlook report notes that streaming platforms today should focus on customers’ needs first, stating, “To improve retention, they should address customers’ challenges and preferences through content windowing, tiered pricing, tailored services, and social experiences.”

“Social experiences” resonated with Nuener. He explained that he previously tried a CNBC show on YouTube, but the audience did not respond well to a television show on a non-TV platform. “Our audience wants short, hard hitting, interactive content where they can comment and discuss topics with us on the show.”

Neuner suggested that in launching “CoinDesk TV” the venerable brand made a mistake by trying to develop a serious television feel for a crypto audience. CoinDesk TV, which is rumored to have cost the company over $5M to launch, incorporates “TV-inspired programming, with 24 straight hours of live streamed shows with guests and hosts in locales ranging from New York to South Korea to the U.K. and Spain” according to a recent article.

While it’s hard to predict the success of a newly-launched platform, Neuner noted that the crypto target market is different. “They don’t respond well to untelevised mediums. Our approach is much more informal and fun, yet credible and curated.”

Established crypto publications restructure for growth

In addition to new publications and platforms, established crypto media publications have taken new measures to prepare for future growth.

Crypto Briefing, a news and research publication formed during the 2017-18 bull run that also spawned Decrypt and The Block, recently appointed Mitchell Moos, the former editor-in-chief, as the company’s chief executive officer. Moos told Cointelegraph that this transition is similar to Cointelegraph’s decision to appoint former editor-in-chief Jay Cassano to CEO. “We’re following the lead of Cointelegraph on this one. Jay Cassano started out in the newsroom and now he’s heading up the publication.”

According to Moos, distrust towards media companies appears to be at an all-time high. A recent yearlong study from Pew Research Center reaffirms this, showing that 75% of U.S. adults say it’s possible to improve the level of confidence Americans have in news media. Moos explained:

“Part of that is the conflict of interest between advertisers, owners, and readers. Putting journalists at the head of these businesses is a good way to realign publications with the interests of the public.”

Moos further noted that Crypto Briefing was planning to make this transition regardless of the current Bitcoin bull market. “At a certain point, the founder is not necessarily the best person to take a business from its startup phase to maturity,” he remarked.

While Crypto Briefing restructured, other publications introduced new features to further engage with readers. For example, Decrypt recently launched its own token for readers. According to a Decrypt article, the concept behind the Decrypt token is simple: “You earn DCPT for reading Decrypt articles, sharing them with a friend, and reacting to them, all inside our mobile app. Soon, readers who’ve amassed enough tokens can redeem them for digital rewards.”

As Decrypt has taken a rewards-for-engagement approach, Cointelegraph has moved toward an additional revenue stream with “Cointelegraph Markets Pro,” a platform designed in conjunction with The TIE, a leading quantitative and social data firm, to bring professional crypto market intelligence to every investor. Over 1,400 subscribers signed up on the platform to enhance their market research in the first month of operation.

It’s also notable that one of the world’s most referenced price-tracking sites for crypto, CoinMarketCap — which was launched in 2013 — now includes a full-fledged content platform. Known as “Alexandria,” this outlet was created in the fall of 2020, right before the current bull run began.

Molly Jane Zuckerman, content manager for CoinMarketCap, told Cointelegraph that Alexandria’s target audience are newcomers to the crypto space:

“Because CoinMarketCap acts as this giant funnel — whenever anyone Googles ‘Bitcoin’ they usually find themselves on CoinMarketCap — we attract a lot of first time users to the crypto space.”

Zuckerman explained that Alexandria was created to retain beginners to get them interested in cryptocurrencies, beyond just the prices. “Our Bitcoin price page has a huge amount of information, but we wanted to add that extra layer — knowing Bitcoin’s price is cool, but it’s infinitely cooler if you also know who Satoshi Nakamoto is,” she remarked.

Challenges to overcome

Although new crypto media platforms have formed and growth for established publications is underway, a number of challenges exist.

Wong explained that crypto media faces the same challenges as any vertical, with one exception — it’s more difficult to maintain independence and editorial integrity. Wong stated:

“This is a very liquid space, fortunes are being made overnight. Maintaining editorial integrity will prove the value of independent press and journalism. The challenge with crypto is that it’s a small space where you can make much more money compared to other sectors.”

Editor-in-chief of Cointelegraph Jon Rice disagrees with Wong’s assessment. “The narrative that crypto media journalists are greedy, self-serving shills is lazy and antiquated, and it’s really only advanced by people outside the industry.” 

“I’ve worked with over 150 reporters in this field over the last four years, and the truth is that the vast majority have a deeply ethical commitment to their work. Those few who don’t, get found out quickly — and fired.” 

“The opacity of the sector is more a function of its complexity, particularly for mainstream journalists who don’t spend their lives ingesting the intricacies of DeFi and NFTs, and who instead are forced to write in generalizations about innovations they — quite understandably — don’t entirely comprehend,” continued Rice. “As Arthur C. Clarke noted, ‘Any sufficiently advanced technology is indistinguishable from magic,’ and as a species we’re generally skeptical of wizardry and witchcraft.”

For sites like CoinMarketCap, which are known for price-tracking, the challenge has been getting readers to move from the site’s homepage to Alexandria. “One of our biggest problems is actually how powerful CoinMarketCap is — nobody wants to get off our homepage,” Zuckerman remarked.

Zuckerman explained that the site is experimenting with different distribution strategies to make sure the content is seen and getting traction. One of the strategies to ensure this is getting prominent people in the crypto space to author works on Alexandria. “It’s a cliche, but the crypto space moves so quickly that we have to be on our toes to make sure we have the educational content to cover everything as it happens, and working with authors that are the ones making it happen is a good way to do so.”

Finally, a major concern facing every media outlet is retaining customers. This can especially be challenging for new, livestreaming platforms, like Neuner’s Crypto Banter. Neuner, however, explained that the show hasn’t had a problem retaining customers, claiming that he’s seen 30% to 50% growth per month in terms of subscribers. “If you have the right format and a product that doesn’t exist yet… then the audience will come.”

Yet despite these challenges, Wong believes that the future of cryptocurrency-focused publications looks bright. “There are very few verticals in media today that are as lucrative, with such high potential, as crypto media,” said Wong.

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$51K Bitcoin price not a problem as ‘structurally, nothing has changed’

On-chain data points toward a bullish future for Bitcoin despite today’s sell-off to $50,400.

On March 25, concerns surrounding the record-breaking $6.1 billion (BTC) options expiry this Friday sparked an overnight sell-off that dropped Bitcoin price to $50,400.

The downturn was not a surprise for many traders and some called for a possible test of the $47,000 support level. Despite Bitcoin’s loss of bullish momentum, several derivatives indicators, including a bullish futures premium and a neutral skew, suggest that the price may not drop below $50,000.

BTC/USDT 4-hour chart. Source: TradingView

While technical indicators paint a mixed picture of Bitcoin’s short-term price action, the asset retains strong fundamentals today media reported that sovereign wealth funds have begun inquiring about opening positions in BTC. This points to growing global adoption for BTC and the cryptocurrency sector as a whole as new Ether (ETH) trusts are also being established to serve institutional investors.

Analysts suggest the market is oversold

Glassnode co-founder and CTO Rafael Schultze-Kraft recently highlighted a possible dip lower based on low realized price distribution between $51,100 and $54,000.

In a follow-up tweet after Thursday’s drop, Schultze-Kraft reaffirmed that the dip was “not unexpected” and in his view, the overall outlook remains bullish.

Schultze-Kraft said:

“Structurally, nothing has changed. I have yet to see a data point that points long-term bearish.”

Further evidence of a possible turnaround in the near-term can be found when looking at Bitcoin’s liquid supply change, which decreased by the largest amount in more than 6 months.

Bitcoin liquid supply change. Source: Glassnode

This suggests that a large number of BTC have been pulled out of the circulating supply and deposited into longer-term storage wallets as bulls prepare for the price to trend higher.

Altcoins sink lower

A majority of the altcoins were hit hard by the Bitcoin sell-off as traders across the market exited positions in an attempt to hold on to their recent gains.

Daily cryptocurrency market performance. Source: Coin360

The one stand-out among altcoins is Aragon (ANT), whose recent pivot toward DeFi and nonfungible tokens has helped to spark a 50% rally to $13.56.

Holochain (HOT) and Balancer (BAL) have also managed to put up a positive gain of 5.2% and 6.4% respectively.

The overall cryptocurrency market cap now stands at $1.62 trillion and Bitcoin’s dominance rate is 59.4%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Streaming tokens surge as Bitcoin price drops to the $54,000 support

Tokens related to gaming, video and music streaming rallied to new highs even as Bitcoin price pulled back to the $54,000 support.

Bitcoin (BTC) bulls faced strong headwinds on March 22 that quickly dampened any attempt at a breakout above the $58,000 level despite comments from United States Federal Reserve Chair Jerome Powell which called the top cryptocurrency a “substitute for gold.”

Data from Cointelegraph Markets and TradingView show that traders made several attempts to push BTC above $58,000 over the past two days only to be rejected, with Monday’s failure resulting in a pullback to the $54,000 support level.

BTC/USDT 4-hour chart. Source: TradingView

On-chain analysis shows that while BTC price struggles to climb back above $60,000, whale wallets have been in accumulation mode over the past 30 days indicating that some of the wealthiest Bitcoin holders still see more upside for the current bull market.

Mainstream cryptocurrency adoption gains traction

The macro picture for the cryptocurrency sector continues to improve as the globally recognized TIME magazine revealed that it is looking for a CFO who is comfortable with Bitcoin and cryptocurrencies as the publication has begun exploring the creation of one-of-a-kind non-fungible tokens based on some of its most iconic covers.

Now that blockchain technology has evolved to the point where it can handle processes like video and music streaming, platforms with a first-mover advantage in those sectors have seen their prices breakout over the past few months as mainstream audiences are increasingly exposed to the cryptocurrency ecosystem.

Theta (THETA) and Theta Fuel (TFUEL) have taken the lead when it comes to blockchain-based video streaming with the dual token system enjoying astronomical growth in 2021 that continues to push its price to new all-time highs.

THETA/USDT vs. TFUEL/USDT 4-hour chart. Source: TradingView

Audius (AUDIO), a music streaming platform, has also rallied strongly over the past month as its price increased from $0.356 on Feb. 28 to a new all-time high at $2.05 on March 16.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AUDIO on March 1, prior to the recent price rise.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. AUDIO price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ score for AUDIO was in the green late in February and hit a high of 68 on March 1, roughly 24-hours before the price began to increase by 400% over the next two weeks.

Following the price peak on March 16, AUDIO price and its VORTECS™ score experienced a pullback that lasted several days. The VORTECS™ score then turned green again and reached a high of 71 on March 20, roughly 15 hours before its recent price rise.

Daily cryptocurrency market performance. Source: Coin360

Other notable altcoin performances on March 22 include Augur (REP), which has seen its price increase 30% to a multi-year high of $39.30, and XRP, which spiked 20% to an intraday high at $0.60 as members of the XRP army look to get the token relisted on exchanges that suspended services in response to th actions from the U.S. Securities and Exchange Commission.

The overall cryptocurrency market cap now stands at $1.746 trillion and Bitcoin’s dominance rate is 59.8%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.

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