Facts and figures behind new crypto CFDs
The cryptocurrency market has made significant progress in the last few years and major digital assets such as Bitcoin and Ethereum have become some of the most popular investments. However, there’s much more to the crypto market than those 2 the most familiar coins. In this analysis we present a short description of 9 increasingly popular markets.
Cardano (ADA CFD) - Capitalization $71.49 billion; YTD return: +1173%
Cardano was launched in 2017 and is considered as a third-generation (following Bitcoin and Ethereum as the first and second generations, respectively) decentralized proof-of-stake (PoS) blockchain platform designed to be less energy intensive and more efficient alternative to proof-of-work (PoW) networks. Cardano is currently the third largest cryptocurrency and many analysts believe that it has the potential to overtake Ethereum.
Binance Coin (BNB CFD)- Capitalization $63.52 billion; YTD return: +1000%
Binance coin is a cryptocurrency issued by the Binance exchange and trades with a BNB symbol. Binance coin can be used to trade and pay fees on the Binance cryptocurrency exchange. Users of Binance Coin receive a discount in transaction fees on the Binance Exchange as an incentive. BNB can also be exchanged or traded for other cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, etc.
Polkadot (DOT CFD) - Capitalization $31.68 billion; YTD return: +273%
Polkadot - the project was initiated by former directors associated with the Ethereum project. The innovation of this cryptocurrency is the ability to support multiple blockchains. Thanks to this, it is possible to transfer assets between two different blockchains located on the same network. It is speculated that due to the potential and development of the project by the former Ethereum founders, the goal is to exceed the capitalization of the latter.
Dogecoin (DOGE CFD) - Capitalization $28.19 billion; YTD return: +2113%
Dogecoin was created as a joke in opposition to Bitcoin, which was just beginning to gain popularity a few years ago. For many years, the volatility and value of this cryptocurrency has been very low. Everything changed along with the interest on the part of Elon Musk, who not only invested his funds in this cryptocurrency, but also announced the possibility of developing the project. Dogecoin is currently the 10th cryptocurrency in terms of capitalization.
Uniswap (UNI CFD) - Capitalization $13.19 billion; YTD return: +437%
Uniswap is a decentralized finance protocol that is used to exchange cryptocurrencies. Uniswap aims to keep token trading automated and completely open to anyone who holds tokens, while improving the efficiency of trading versus that on traditional exchanges.
Chainlink (LINK CFD) - Capitalization $11.71 billion; YTD return: +120%
Chainlink is an Ethereum token that powers the Chainlink decentralized oracle network which allows smart contracts on Ethereum to securely connect to external data sources, APIs, and payment systems.
Bitcoin Cash (BCH CFD) - Capitalization $10.26 billion; YTD return: +56%
Bitcoin Cash is a cryptocurrency that was created in 2017 from a “fork” in the original Bitcoin blockchain. Bitcoin Cash is decentralized and not backed by a bank or government with limited supply. However Bitcoin Cash increased the size of blocks, allowing more transactions to be processed and improving scalability.
Stellar (XLM CFD) - Capitalization $6.95 billion; YTD return: +121%
Stellar is a large financial network that is designed to enable fast cross-border payments in large amounts of currencies. In order to become independent from a specific currency or cryptocurrency in the network, the XLM currency, i.e. Lumen was created, which is used to cover transaction costs.
Tezos (XTZ CFD) - Capitalization $5.79 billion; YTD return: +233%
Tezos was one of the first to use a “proof of stake” consensus mechanism, a system that’s becoming increasingly popular compared with the “proof of work” mechanism. However, Tezos aims to provide a more advanced infrastructure that can evolve over time and is not vulnerable to the dangers of a hard fork. This is something that has influenced both Bitcoin and Ethereum networks several times.
EOS (EOS CFD) - Capitalization $4.07 billion; YTD return: +59%
EOS is a blockchain-based, decentralized platform used to develop, host, and run business applications or dApps similar to Ethereum with the notable distinction that transaction confirmations are done through a different type of consensus system. The platform is more scalable than many other blockchain networks, with the ability to process one million transactions per second without any fees.
Technical analysis:
DOGECOIN price broke above upper limit of the descending channel which coincides with 78.6% Fibonacci retracement of the upward wave launched in July. During today’s session, Dogecoin's 5% surge pushed the price above 200 SMA ( red line) which had been serving as resistance in the past. If current sentiment prevails, then upward move may accelerate towards resistance at $0,2180.
DOGECOIN, H1 interval. Source: xStation5
UNISWAP broke above the upper limit of the triangle formation this morning and is currently testing local resistance at $25.50 which is marked by the 78.6% Fibonacci retracement of the last downard wave. Should a break higher occur, then the upward move may be extended to the resistance at $27.60. On the other hand, if sellers manage to regain control, then nearest support lies at $23.86 and is marked with 61.8% Fibonacci retracement.
UNISWAP, H4 interval. Source: xStation5
