Joel FrankCryptocurrency markets are holding up well on Friday despite downside in US equity markets in wake of a hotter-than-expected US labor market report for November that has revived fears that interest rates in the US might have to remain higher for longer next year to tackle rampant inflation. Bitcoin was last trading in the $16,900s, admittedly close to 2.0% lower versus Thursday’s highs in the $17,250 area, but only down about 0.3% on the day.
Total cryptocurrency market capitalization, meanwhile, was last flat on Friday in the $810 billion area. While the US labor market remains robust, potentially making it harder for the Fed to get inflation back to 2.0%, data this week contributed to the idea that US inflation has definitely now peaked. Meanwhile, the chairman of the Federal Reserve Jerome Powell indicated that the pace of interest rate hikes would likely now slow. This seems to be keeping stocks and crypto broadly supported, and the US dollar under selling pressure.
Here is a list of some of the trending coins on the 3rd of December.
Ethereum POW (ETHW)
It’s been a difficult start to life for the Ethereum POW network – a fork of the Ethereum blockchain that began back in September after the main network pivoted to a proof-of-stake consensus mechanism from proof-of-work. The Ethereum POW network, as implied by its name, continues to use proof-of-work to validate its transactions. ETHW tokens are currently worth only around $3.85, only about 0.003% of the value of Ethereum’s ETH token.
Nonetheless, ETHW has had a good week. The cryptocurrency broke convincingly above its 21-Day Moving Average (DMA) for the first time on Wednesday and is currently up around 13% this week and close to 28% since November’s lows. However, the technical outlook hasn’t substantially improved, with ETHW/USD finding resistance at a downtrend that has been in place since late September.
Dash 2 Trade (D2T)
Those interested in investing in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm with its host of unique features. These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool.
Dash 2 Trade’s ecosystem will be powered by the D2T token, which users will need to buy and hold in order to access the platform’s features. Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates. D2T token sales recently surpassed $7.5 million and the sale will soon enter its fourth phase, which will see the token pre-sale price lifted to $0.0533 from $0.0513.
Trust Wallet Token (TWT)
Self-custody crypto wallet Trust Wallet’s ecosystem token TWT was up a further 8% on Friday, taking its two-day run of gains to over 16%. Price predictions are becoming more bullish after TWT recently found strong support at its 21-Day Moving Average, with many technicians calling for a retest of TWT’s all-time highs printed mid-last month in the $2.74 area. TWT has been trading in bullish fashion ever since FTX’s collapse in early November and is currently up about 148% versus its early November lows around $1.0.
The abrupt collapse of FTX, a centralized exchange that takes custody of its user’s clunrypto assets, resulted in billions of losses for depositors. A “bank run” on the exchange in early November revealed that the exchange had squandered depositor funds and has been cited as a key reason why users should take custody of their crypto through wallets such as Trust Wallet.
Self-custody wallets like Trust Wallet only give the wallet’s owner/creator of what happens to their crypto, unlike exchange wallets. Exchanges experienced record crypto outflows in wake of FTX’s collapse, hence it isn’t surprising to see that Trust Wallets token has surged.
TWT technicals look bullish. The cryptocurrency recently broke to the north of a pennant structure that it had formed since mid-November. Such breakouts typically result in a retest of the pennant pattern’s high point, which is the aforementioned record highs in the $2.74 area. All of TWTs moving averages are pointed decisively higher and the bullish trend may well continue for some time.
RobotEra (TARO)
RobotEra is an early-stage sandbox-style crypto metaverse project that hopes to usurp the likes of Decentraland and The Sandbox with superior graphics and a more gamified feel. The RobotEra metaverse will feature a variety of different play-to-earn and player-versus-player games.
In just a few days since the start of its pre-sale of the TARO token that will power the in-metaverse economy, RobotEra has already raised close to $300,000. Once RobotEra has raised $1.8 million, the price of the TARO tokens being sold will jump to $0.025 from their current $0.020 level, so interest investors are encouraged to get in quickly.
Luna Classic (LUNC)
The LUNC token, the native token to the original Terra blockchain that experienced hyperinflation back in May when Terra’s UST stablecoin collapsed, is up around 12.5% on Friday and has broken back to the north of its 21DMA. It recently found support in the $0.00015-16 area and could well now rally back to the next area of resistance at $0.00020 and its 50DMA just above it.
IMPT
Amid the growth in popularity and importance in recent years of environmentally and socially friendly investments, investors looking for a green cryptocurrency should consider the IMPT token. IMPT.io has partnered with thousands of the world’s largest retailers to help offset their carbon footprints and allows users to trade carbon credits.
IMPT tokens are currently in their second stake of presale. Over 715 million tokens have now been sold, with IMPT having raised nearly $13.5 million.
Fantom (FTM)
FTM, the native token of the Fantom blockchain has surged this week in wake of a positive update from one of the project’s key developers regarding the strong state of the Fantom foundation’s finances – at a time when investors are worried about crypto project finances in wake of the FTX collapse, with Solana touted as facing particularly high uncertainty.
FTM was last changing hands in the $0.24 area, after finding resistance around $0.26 earlier this week. That still leaves FTX around 30% higher on the week. Technicians are eyeing a test of a downtrend that has been in play since May, as well as FTM’s 200DMA in the $0.27s.
Calvaria (RIA)
Major blockchain-based games like Axie Infinity lost significant traction in 2022. As a result, many investors interested in the crypto gaming space are looking for alternative avenues. Calvaria, an up-and-coming play-to-earn battle card crypto game, could be a good alternative. Calvaria seeks to boost crypto adoption by creating a bridge between the real world and crypto, a fun and accessible crypto game.
Investors should consider Calvaria’s RIA token pre-sale. Calvaria has now raised $2.15 million and is in the final stage of its fundraising process. Only 30% of pre-sale tokens remain up for grabs.
Related Articles
- Ethereum Price Prediction – Can ETH Reclaim $1,300 After Price Stabilizes?
- Solana Price Prediction – SOL Losing Value near $13.50, Will it Ever Recover from FTX Association?
- FTX Collapse Shows Why We Need Smart Tools Like Those On This Trading Platform
IMPT - New Eco Friendly Crypto
- Carbon Offsetting Crypto & NFT Project
- Industry Partnerships, Public Team
- Listed on LBank, Uniswap
- Upcoming Listings - Bitmart Dec 28, Gate.io Jan 1st
This article was written for Business 2 Community by Joel Frank.
Learn how to publish your content on B2C
Join our Telegram channel to stay up to date on breaking news coverage
Add B2C to your Google News Feed
Discuss This Article
Add a New Comment /Reply
Thanks for adding to the conversation!
Our comments are moderated. Your comment may not appear immediately.