Bitcoin has halted declines near $19,700 and is holding above $20,000. Ethereum is again recovering faster than the 'king of cryptocurrencies' by limiting its dominance, the token is trading near $1,600:
- Meta Platforms (META.US), the erstwhile Facebook continues its efforts to implement the 'new Internet' known as Web 3.0 and meta-expression. The company has added synergistic Ethereum and Polygon as interoperable ecosystems in the exchange of NFT tokens between users of the company's apps, Instagram and Facebook;
- In the face of Mark Zuckerberg's declaration, part of the cryptocurrency market expected Meta to work on a proprietary blockchain ecosystem and not use existing infrastructure. However, the facts show that using existing blockchains is more profitable, and Meta Platforms' interest in Ethereum-Polygon interoperability may indicate its growing adoption;
- Cardano overtook Bitcoin and all other cryptocurrencies in a ranking built by the MBLM agency. The ranking was to verify users' identification with the products they use, as well as their relationship and commitment to the brand. Blockchain Cardano ranked 25th out of nearly 600 leading global brands from 19 industries. Bitcoin ranked 30th. Cardano's founder, Charles Hoskinson points out that Cardano was guided from the beginning by the idea of decentralization and co-creation of a fair financial system. Blockchain Cardano has overtaken the sentiment of investors and users of brands like Google and eBay. Cardano is preparing to implement the Vasil hard fork.
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Polygon chart, W1 interval. The cryptocurrency, which is strongly correlated with the Ethereum blockchain, has been in a strong downtrend since the beginning of the year, but is still doing better than Cardano. Support in the form of the 71.6 Fibonacci retracement has been breached along with the 100-day moving average amid weakening sentiment around digital assets. Polygon still stands to benefit from the Ethereum merge if the Ethereum transition is successful. Source: xStation5
Polygon chart, W1 interval. The cryptocurrency, which is strongly correlated with the Ethereum blockchain, has been in a strong downtrend since the beginning of the year, but is still doing better than Cardano. Support in the form of the 71.6 Fibonacci retracement has been breached along with the 100-day moving average amid weakening sentiment around digital assets. Polygon still stands to benefit from the Ethereum merge if the Ethereum transition is successful. Source: xStation5 The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.
