On March 30, PayPal CEO and CEO Dan Shulman told Reuters that the electronic payments giant would allow US consumers to pay in cryptocurrency when dealing with millions of global sellers. This is an important step towards massive adoption of cryptocurrencies.
In other news, it is worth noting that the Chicago Mercantile Exchange plans to launch a new Micro Bitcoin (BTC) futures contract on May 3 that will allow investors to hedge precise bitcoin risk. This also means that small investors who have not been able to trade an existing Bitcoin contract due to Bitcoin’s five requirements may dive into derivatives as the micro-futures contract starts at 0.1 Bitcoin.
While Bitcoin is in the spotlight, there are several tokens that are making strong progress in the background. Let’s see how three of these tokens work.
HOT / USDT
The Holochain HOT token was listed on Cointelegraph on February 25 when priced at $ 0.0030. Since then, the token has risen to an intraday high of $ 0.0206 today, up 586% in just one month.
The final step of the trip was the announcement on March 25 that Holo Limited had obtained a US patent to establish the rrDHT network under Holochain. According to the company, “This patent is an easy way to represent and manage complex, highly flexible distributed computing models.”
Hulu explained in his blog that the patent was filed to prevent trolls from filing patents for this innovation, and to protect “users’ rights to have sovereignty over their data.” While this is a positive step, only time will tell whether Holochain can offer a solid alternative to blockchain technology.
VORTECS fra data from Cointelegraph Markets Pro began defining the bullish outlook for HOT on March 26, before merging.
Exclusive to Cointelegraph, VORTECS ™ is a mathematical comparison of historical and current market conditions taken from a range of data points, including market sentiment, trading volume, recent price movements and Twitter activity.
As you can see in the chart above, on March 26, just hours before the rally started, the VORTECS for rating for HOT was changed to green.
The VORTECS ™ result went green again on March 29, at the start of his career. During this time, the HOT price rose from $ 0.0116 on March 29 to $ 0.0197 on March 30.
The price rose from a low of $ 0.0067 on March 25 to an intraday high of $ 0.0206, which was a 207% increase in six days. This indicates that the trend is supported by strong momentum. However, the growth rate pushed the RSI towards extremely overbought levels, increasing the possibility of a small correction or consolidation in the next few days.
In a strong trend, bulls usually buy every single weak dip. The first support on the downside is the 38.2% Fibonacci retracement level of $ 0.0153. If the price bounces off this support, it will indicate strength. The bulls will then try to resume the trend by pushing the price above $ 0.0206.
If successful, the HOT / USDT pair can start the next phase of the trend, which can be as high as $ 0.0289 followed by $ 0.0308.
Conversely, if the bears lower their price below the 50% retracement level of $ 0.0136, the correction could be extended to the 61.8% retracement level of $ 0.0120. Usually, this deep retracement delays the start of the next step in a move up.
OGN / USDT
Origin Protocol (OGN) began with a focus on the sharing economy, but the project expanded to create peer-to-peer trading applications and decentralized financing.
On March 17, Origin launched its official Litepaper describing how the Origin NFT launch will allow users to create their own markets with custom landing pages and dynamic auction formats.
The record states that electronic music producer 3LAU’s first record-breaking album was successfully auctioned, raising $ 11.6 million in 24 hours. Origin has also tweeted about the NFT release on the Origin NFT Launchpad by Grammy Award-winning multi-platinum musician Lupe Fiasco, which airs April 12.
During an AMA session with Binance China, Origin founder Matthew Liu said that in the future, the protocol will include NFT drops and retention rewards.