FLUX, SFP and Badger DAO surge even as Bitcoin price falls to $47K

BTC price continues to soften, but new exchange listings and protocol upgrades provided a much-needed boost for FLUX, SFP and BADGER.

The year-long mantra that the crypto market would see a blow-off top in December has proven to be a dud thus far and for the last week, most cryptocurrencies have been under sell pressure and Bitcoin (BTC) is encountering difficulty in trading above $47,000. 

That said, it’s not all bad news for cryptocurrency holders on Dec. 10 because several altcoins have managed to post double-digit gains due to new exchange listings and protocol upgrades.

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Flux (FLUX), SafePal (SFP) and Badger DAO (BADGER).

FLUX benefits from the “Binance bump”

Flux is a GPU mineable proof-of-work protocol aimed at creating a scalable decentralized cloud infrastructure for Web 3.0 applications.

VORTECSâ„¢ data and the NewsQuakesâ„¢ alerts from Cointelegraph Markets Pro began to detect a bullish outlook for FLUX on Dec. 9, prior to the recent price rise.

The VORTECSâ„¢ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECSâ„¢ Score (green) vs. FLUX price. Source: Cointelegraph Markets Pro

As seen in the chart above, the NewsQuakeâ„¢ system put out an alert for FLUX on Dec. 9, less than an hour before the price began to spike 150% over the next day.

The announcement that helped spark the rapid price rise in FLUX was a notification that Binance would be list FLUX token on its platform. Shortly after this announcement, FLUX price rallied to a new all-time high at $4.01.

SafePal adds support for nine new networks

The SafePal project is a cryptocurrency hardware and software wallet solution for investors who hold assets on the Ethereum, Binance Smart Chain and Tron networks.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $1.55 on Dec. 6, the price of SFP has climbed 45.84% to hit a daily high at $2.27 on Dec. 10 as its 24-hour trading volume spiked 50% to $158 million.

SFP/USDT 4-hour chart. Source: TradingView

The building strength for SFP comes as the project released an updated version of its wallet app and added support for Cardano, Nervos Network, Avalanche, Fantom, HECO Chain, Songbird, BOBA Network, Optimism and Arbitrum.

Related: Trader who called 2017 Bitcoin price crash raises concerns over ‘double top’

Badger DAO prepares to reactivate its smart contracts

Badger DAO is an open-source decentralized autonomous organization focused on building products and infrastructure that increase the utility of Bitcoin in the decentralized finance landscape.

VORTECSâ„¢ data from Cointelegraph Markets Pro began to detect a bullish outlook for BADGER on Dec. 9, prior to the recent price rise.

VORTECSâ„¢ Score (green) vs. BADGER price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECSâ„¢ Score for BADGER spiked into the green zone and hit a high of 75 on Dec. 9, around three hours before the price increased 48% over the day.

The positive price action for BADGER comes as the protocol tries to bounce back from a Dec. 2 exploit that resulted in the halting of the project’s smart contracts.

The overall cryptocurrency market cap now stands at $2.218 trillion and Bitcoin’s dominance rate is 40.7%.

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

3 reasons why DeFiChain (DFI) price has gained 60% in December

In the last two weeks, DFI price bounced off its swing low and a number of data points suggest the project’s fundamentals will continue to improve.

Decentralized finance (DeFi) offers one of the most widely applicable use-cases for distributed ledger technology and today it is one of the main avenues for the wider adoption of blockchain technology.

Last week, as the wider crypto market corrected and Bitcoin (BTC) dropped by 22%, DeFiChain (DFI) bucked the trend and rallied 76% to establish a new high at $5.70 on Dec. 6 as its 24-hour trading volume surged from an average of $3.6 million to $24.3 million.

DFI/USDT 4-hour chart. Source: TradingView

Three reasons for the price breakout for DFI include the launch of decentralized assets on the DFI mainnet, a surge in transactions and users on the network and an increase in the total value locked on the protocol.

Traders pile into decentralized stocks and cryptocurrencies

The biggest source of momentum for DFI in recent weeks has been the launch of decentralized assets on the DeFiChain network and staking options for holders.

Users of the platform now have access to multiple pools that include large-cap cryptocurrencies like Bitcoin and Ether, as well as synthetic versions of popular stocks and indices, including pairs for Tesla (TSLA), Apple (APPL) and the S&P 500 (SPY). In addition to having exposure to these assets, stakers also benefit from the higher-than-average yields available on the platform.

DeFiChain DEX pool pairs. Source: DeFi Scan

Other d-asset options available to users include Gold (GLD), Silver (SLV), the ARK Innovation ETF (ARKK) and the iShares 20+ Year Treasury Bond ETF (TLT).

Transaction volumes surge

Another reason for the strong performance seen from DFI has been an increase in transactions on the network following the release of decentralized assets.

Daily DeFiChain transaction count. Source: DeFiChain Analytics

The surge in network activity is largely the result of the new use cases made possible by the launch of decentralized assets, including the creation of assets, liquidity mining and arbitrage trading.

The added features have also helped to attract new users to the DFiChain ecosystem, with the number of unique wallets holding DFI reaching a new record high of 42,555 on Dec. 8.

Unique addresses holding DFI. Source: DeFiChain Analytics

Related: Nasdaq to provide price feeds for tokenized stock trades on DeFiChain

Total value locked hits a new all-time high

DFI has also seen a steady increase in total value locked on the DeFiChain protocol, which is now at an all-time high of $1.83 billion according to data from Defi Llama.

Total value locked on DeFiChain. Source: Defi Llama

The spike in value locked coincides with the launch of decentralized assets on the network and it’s claer that users rushed to deposit funds to gain access to the high yield opportunities available to liquidity providers.

Aside from the staking features offered on the DeFiChain DEX, larger DFI holders with at least 20,000 DFI also have the option of locking their DFI tokens up in order to run a masternode on the network and earn rewards in return for helping to verify transactions and secure the blockchain.

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

TerraUSD (UST) adoption backs LUNA’s ascension to a new all-time high

Cross-chain integrations and the growing popularity of Terra’s UST stablecoin are just a few of the factors behind LUNA’s recent rally to a new all-time high.

Stablecoins are an integral part of the the centralized crypto sector and the decentralized finance (DeFi) ecosystems that have sprung up over the course of the past few years because they provide the liquidity needed for traders to easily swap into different assets. They also serve as a shelter against strong downside swings like the 25% correction seen on Dec. 3.

One project with a stablecoin component that has seen its price surge to a new all-time highs despite the wider market pullback is Terra (LUNA), a multi-sector blockchain protocol aimed at building a global payments system through the use of a fiat-pegged stablecoin called TerraUSD (UST).

Data from Cointelegraph Markets Pro and TradingView shows since hitting a low of $37.86 on Nov. 26, the price of LUNA has surged 106% to a new all-time high at $78.43 on Dec. 5 as its 24-hour trading volume spiked to a record $5.66 billion.

LUNA/USDT 4-hour chart. Source: TradingView

Three reasons for the breakout in LUNA price include the increasing supply of UST, a series of new cross-chain integrations for the Terra ecosystem and a surging total value locked (TVL) on the Terra network.

UST supply hits a new all-time high

One of the main drivers behind the strength seen in LUNA has been the rapid growth of the circulating supply of UST, which is now the largest algorithmically-backed stablecoin in the market and the fourth-ranked stablecoin with a market cap of $8.221 billion.

Crypto proponents in favor of decentralized stablecoin options have embraced the use of UST in comparison to its more centralized counterparts USD Coin (USDC), Tether (USDT) and Binance USD (BUSD).

As the popularity of UST grows, many in the field have begun referring to it as ‘The DeFi dollar’ because it embodies the ethos of decentralization and is slowly spreading across the multi-chain DeFi landscape.

Cross-chain integrations

LUNA is also available across a few cross-chain bridges, making it easier for LUNA holders to invest their in DeFi ecosystems on Ethereum (ETH), Solana (SOL), Fantom (FTM) and Polygon (MATIC)

Related: Decentralized exchange aggregator trading volumes surge to new highs

Total value locked on Terra hits an all-time high

Increasing use of LUNA and UST pushed the total value locked on the Terra blockchain to a new all-time high at $14.36 billion on Dec. 5th and LUNA price hit a record-high on the same day.

Total value locked on the Terra network. Source: Defi Llama

The rapid rise in TVL has resulted in Terra becoming the third-ranked blockchain network in terms of TVL after it surpassed Solana, which has $12.08 billion in value locked on its protocol, while the top-ranked Ethereum network boasts a TVL of $164.72 billion and the Binance Smart Chain has $22.4 billion in value locked on its blockchain. 

VORTECSâ„¢ data from Cointelegraph Markets Pro began to detect a bullish outlook for LUNA on Nov. 24, prior to the recent price rise.

The VORTECSâ„¢ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECSâ„¢ Score (green) vs. CHZ price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECSâ„¢ Score for LUNA began to pick up on Nov. 24 and reached a high of 85 around the same time as the price began to increase 106% over the next eleven days.

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

3 reasons why Tezos (XTZ) price broke its downtrend with a 50% rally

XTZ price broke its downtrend with a swift 50% rally once news that Ubisoft’s new NFT platform is built on Tezos blockchain made the rounds in various media.

2021 has been a breakout year for the cryptocurrency market and aside from Bitcoin price soaring to new highs, the emergence of a vast decentralized finance (DeFi) ecosystem and the rising popularity of nonfungible tokens (NFTs) has thrust blockchain technology into the mainstream in a way that looks guaranteed to ensure mass adoption. 

One project that has benefited from its focus on NFTs and the ongoing green revolution is Tezos (XTZ), a layer-one smart contract protocol that is capable of evolving its network without needing to undergo a hard fork.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $3.23 on Dec. 3, the price of XTZ reversed course, gaining 68% to reach an intraday high of $5.45.

XTZ/USDT 1-day chart. Source: TradingView

Three reasons for the price recovery seen in Tezos are the launch of Ubisoft NFTs on the Tezos blockchain, the projects’ focus on creating an environmentally friendly blockchain platform and rising transactions and protocol revenue on the Tezos network.

Partnership with Ubisoft

The most recent development for Tezos, which really got the price moving, was the announcement of a significant partnership with video game maker Ubisoft.  The gaming company is launching Ubisoft Quartz, a platform where users can acquire unique NFTs called Digits, which can be used in-game and the platform will utilize Tezos blockchain.

Blockchain-based gaming has emerged as one of the hottest sectors of the cryptocurrency ecosystem in the second half of 2021 and a partnership with one of the largest video game makers in the world could lead to long-term bullish outcomes for Tezos.

The beta for Ubisoft Quartz is scheduled to launch on Dec. 9 and will be open to players of Tom Clancy’s Ghost Recon: Breakpoint. Players who meet certain criteria will be able to claim three free cosmetic NFTs from drops for early adopters of the platform.

Focus on environmental sustainability

Another reason for the growing strength of Tezos is the protocol’s focus on creating an environmentally friendly and sustainable blockchain network. The network utilizes a proof-of-stake consensus mechanism that is known to offer an energy-efficient alternative to more traditional proof-of-work blockchains such as Bitcoin (BTC).

According to a report released by the project, “the total annual carbon footprint of the Tezos blockchain is equivalent to the average energy footprint of 17 global citizens.”

Reducing the energy required to operate the Tezos network, which has been a goal of the project for some time, has resulted in a 70% increase in energy efficiency on a per-transaction basis for the network in 2021, resulting in the “electricity requirement per transaction being less than 30% in 2021 than what it was in 2020.”

Related: Tezos blockchain records 70% increase in energy efficiency in 2021: PwC report

Transaction volumes and revenues rise

In just the past few days, the Tezos network has seen an increase in transaction volume and protocol revenue as each spiked to the highest levels seen in 2021.

XTZ daily transaction volume vs. total revenue. Source: Token Terminal

As seen in the graph above, the transaction volume on Tezos surged to a record-high $369 million on Dec. 3, which could be a hint that some investors had caught wind of the Ubisoft news. 

The jump in activity and revenue came as the project announced the completion of its Hangzhou upgrade, the eighth protocol upgrade for the Tezos network, which demonstrated the project’s ability to self-amend and upgrade without the need to conduct a hard fork.

VORTECSâ„¢ data from Cointelegraph Markets Pro began to detect a bullish outlook for XTZ on Dec. 5, prior to the recent price rise.

The VORTECSâ„¢ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECSâ„¢ Score (green) vs. XTZ price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECSâ„¢ Score for XTZ began to pick up on Dec. 4 and reached a high of 87 on Dec. 5, around 21 hours before the price increased 49% over the next two days.

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