Time to rotate! Data suggests traders are shifting from NFTs to DeFi

An important part of preserving investing profits is knowing when an asset or sector is showing signs of exhaustion and when a sector rotation is underway.  This is especially important in the rapidly moving cryptocurrency markets, which can change direction in a heartbeat and turn crypto millionaires into depressed bag holders. Most investors know that the nonfungible token (NFT) sector has been on fire since July, and as CryptoPunks, Mutant Ape Yacht Club and pet EtherRock NFTs fetched six- and seven-figure sums, while top NFT marketplace OpenSea surpassed $4 billion…

Crypto and blockchain jobs’ share grew 118% in ten months, new data shows

A new report gathering together the most recent data on the cryptocurrency and blockchain job market has suggested that higher levels of institutional adoption have spurred ever greater demand for expertise in the sector. According to the employment website Indeed, cited today in Korea IT Times, as of mid-July 2021, the overall share of crypto and blockchain job postings on the platform has grown 118% compared to early September 2020.  This solid growth has also come to a shift in the roles being sought after, with the share of management posts…

Data suggests Uniswap is 36% overvalued and SushiSwap trades at a discount

Just looking at Binance Coin’s (BNB) reported market capitalization, one might conclude that the token is the dominant asset when compared to other exchange tokens. Although there is no direct relationship between Binance’s exchange volume (or revenue) and token economics, traders seem to use it as a proxy. The controversial burn mechanism has been losing impact since April 2019, when the exchange changed the BNB whitepaper.  Initially, the whitepaper proposed a plan where BNB tokens equivalent to 20% of the exchange’s profit would be bought under a “repurchasing plan”, but…

Treasury attempts to squeeze further crypto-related data sharing provisions in budget bill: Roll Call

U.S. Department of the Treasury will reportedly push to extend the reach of new rules designed to govern the cryptocurrency space. Closely following the infrastructure package freighted with last-minute crypto taxation provisions is the upcoming budget reconciliation bill that could also see additional requirements for cryptocurrency businesses. Citing an unnamed official within the Biden administration, Roll Call reported on Monday that the administration is looking to append provisions to the budget bill requiring U.S. digital asset firms report information on their foreign clients. As with the infrastructure bill, the purpose…

Betting on a Bitcoin bull run? Not in September, BTC price data says

Bitcoin (BTC) may score a new all-time high in 2021, but the odds are that it won’t happen next month. Historical price data confirms that September tends to see BTC price losses — and its best-ever returns are still single figures. September 2021 looks like a classic for BTC As Bitcoin matures, it becomes more noticeable that BTC/USD behaves in similar ways during the same month each year. Q4 is the clear standout for top performance, especially in the year following a block subsidy halving. By contrast, January tends to be…

Why a $50K-retest is likely ahead of Friday’s US jobs data

The heavy selling in the U.S. dollar market at the end of last week assisted Bitcoin (BTC) to climb above $49,000. However, BTC struggled to extend its climb above $50,000, a psychological resistance level, as investors remained cautious about the Federal Reserve’s taper timing.  Bitcoin corrects after logging its week-to-date high of $49,667. Source: TradingView.com In detail, the Fed chairman Jerome Powell delivered a mildly dovish outlook during his speech on Friday at the annual Jackson Hole symposium. At one point, he refrained from providing hints regarding when the Fed…

VeChain launches blockchain platform to encourage carbon data reporting

Supply chain management platform VeChain has announced a new service for combining businesses to overhaul their carbon footprint data management practices. The new service, detailed in a Medium post on Thursday, combines decentralized ledger technology with a software-as-a-service (SaaS) business model. The Digital Carbon Footprint SaaS Service “allows enterprise users to log key data and integrate it with world-leading third party assurance providers within VeChain’s partnership network. This data can then be later transformed into new kinds of value and improve sustainability performance across the entirety of an organization.” In…

Derivatives data shows Ethereum traders positioned to extend the ETH rally

Ether (ETH) price rallied 32% leading up to August 23, and despite testing the $3,000 support multiple times, the level has held firmly. Meanwhile, Bitcoin (BTC) could not sustain the $50,000 mark, at least in the short-term. According to Cointelegraph, pro traders are not yet inclined to add bullish positions according to derivatives metrics. Surprisingly, the opposite situation emerges when looking at the sentiment of Ether traders who currently show a reasonable degree of confidence in the current price level. Regulatory pressure and spectacular NFT growth back traders confidence in…

Bitcoin transactions stay low despite price rally: Data

Despite Bitcoin’s (BTC) price growing 45% over the past 30 days, cryptocurrency investors are not moving their holdings, according to new data. Blockchain analytics provider Glassnode released its new “The Week On Chain” report on Monday, noting that Bitcoin has continued rallying to new multi-month highs despite divergence in on-chain activity during the week ending on Monday. The report discovered that Bitcoin on-chain activity, such as the amount of entity-adjusted transactions, has still not responded to the ongoing bullish action, remaining at historically low levels of between 175,000 and 200,000 daily…

Time to pump? Data suggests traders intend to push Filecoin (FIL) above $100

Filecoin (FIL) accumulated 65% gains over the past 30 days to reach its highest price since June 8. The recent strength was accelerated after an Aug.6 partnership with Chainlink’s oracle protocol on Aug. 6 allowed the projects to join their grant initiatives to speed up the development of hybrid smart contracts to leverage code running on the blockchain while the managing data computation process off-chain. Filecoin (FIL) price in USD at Coinbase. Source: TradingView Numerous events triggered the $235 all-time-high on April 1, but that movement is clearly long gone…