Crypto Headlines Jan 5, 2022

  1.  NFT project takes prime Hong Kong ad spot in Central as crypto firms test residents’ appetite for blockchain assets

 On the first day of 2022, a little known NFT project called Delirious Mind Travelers decked out half of the 200-metre passageway between the Central and Hong Kong subway stations, two of the city’s busiest. With huge banners in an advertising campaign to tell the financial hub’s 7.5 million residents that the future revolves around NFTs, which are encrypted tokens on a blockchain proving ownership of digital assets like art. In large, bold letters, the ad screams: “NFTs going mainstream is inevitable.” “Three letters Infinite potential.” “NFTs: Art with utility. More than just a JPEG.” The slogans are meant to drum up interest for the group’s upcoming NFT sales, scheduled for later this month.

 Bitwise Index Services, the indexing subsidiary of Bitwise Asset Management, today announced the results of the monthly reconstitution of the Bitwise Crypto Indexes. There was one change to the constituents of the Bitwise 10 Large Cap Crypto Index as a result of the December 31, 2021 reconstitution: Avalanche entered the index, replacing Uniswap. the Bitwise 10 Large Cap Crypto Index held the following constituents: 58.69% Bitcoin (BTC), 29.33% Ethereum (ETH), 3.52% Solana (SOL), 2.98% Cardano (ADA), 1.76% Avalanche (AVAX), 1.19% Polygon (MATIC), 0.71% Algorand (ALGO), 0.68% Litecoin (LTC), 0.60% Chainlink (LINK), and 0.54% Bitcoin Cash (BCH).

Polygon is a secondary scaling solution for the Ethereum blockchain. These types of solutions work on top of an existing blockchain network rather than using their own blockchain. This is a big problem for anyone wanting to use Ethereum-based decentralized finance (DeFi) protocols and non-fungible token (NFT) marketplaces or transfer tokens over the network, as the fees can quickly mount up and cost hundreds of dollars. The main source of confusion comes from the fact Polygon decided to retain the ticker MATIC for its native utility token after the rebranding. This means the two words are interchangeable. Polygon is to Matic as Ethereum is to ETH.

Velas is a relatively young blockchain network that claims to have the fastest Ethereum Virtual Machine (EVM). It is a fork of Solana’s blockchain and was launched in 2019. The Velas price has surged close to its all-time high as investors cheer the recent partnership with Ferrari and SpaceChain. The VLX token is trading at $0.4500, which is about 145% above the lowest level last week. Its market capitalization has jumped to more than $1 billion, making it the 115th biggest cryptocurrency in the world. The platforms aims to become an alternative to other smart contract platforms like Solana, Ethereum, and Polkadot.

Dogecoin first appeared in 2013 and it was initially created as a joke coin. Kittycoin is a serious meme coin project even though its playful imagery is based around cats – the project (like the Lovecoin Project) wants to make a difference in the world via its charity fundraising functions. For serious investors in cryptocurrency however you must look at the key elements behind the use case of a coin. The Kittycoin Project is a serious cryptocurrency coin project with a philanthropic underpinning. This exciting new coin project has built-in benefits for its users as well as for the charities it will be ultimately supporting.

NFTs have brought wealth to many crypto investors. The lucrative gains have convinced traditional players to take a piece of the NFTs pie. Many NFTs such as Crypto Punks, Bored Ape Yacht Club, among others, have represented the space. The sale of Bored Ape Yacht Club has turned heads lately. BAYC’s floor price is 74.0 ETH. BAYC generated volumes of 6,224.19 ETH for 24 hours. Eminem bought Bored Ape Yacht Club NFT for around $ 450,000. Industry supporters believe adoption of NFTs will be ubiquitous for the foreseeable future. And that they will be held by a majority of investors and traders.

 The video game company responsible for the Final Fantasy saga, Square Enix, has shown its support for the introduction of NFTs and has highlighted the benefits of blockchain technology in video games, two bases on which it could build its work in 2022. For the president of Square Enix, the metaverse “has come to stay ” and other advances in technology are being built on it, such as the concept of extended reality (XR), the cloud or 5G technology. Through his traditional New Year’s message, the president and representative director of the company, Yosuke Matsuda , has taken stock of the transformation of the sector throughout 2021.

El Salvador’s president Nayib Bukele on Saturday tweeted his six predictions relating to Bitcoin for the year 2022. El Salvador made Bitcoin legal tender alongside the dollar in September. “2022 predictions on Bitcoin: will reach $100k, more countries will adopt it as legal tender, will become a major electoral issue in US elections this year, bitcoin City will commence construction and Volcano bonds will be oversubscribed,” Bukele tweeted. Bukele is not the only one who expects more countries to adopt Bitcoin as legal tender by the end of 2022.

MATIC price action has recently generated significant warning signs regarding how much higher it can move over the short term. MATIC price is on a knife’s edge for bulls. MATIC is right on top of the upper trendline of a former rising wedge pattern on the daily candlestick chart. This represents the seventh major test of that trendline as support or resistance since November 2021. Contributing to the significant bearish warning signs present is the pattern developing on the $0.05/3-box reversal Point and Figure Chart.

  1.  Cardano ($ADA) Leads Crypto Developer Activity in 2021, an ‘Underrated Indicator of Project Success’

Cardano ($ADA), a secure, decentralized proof-of-stake blockchain designed to solve various problems while being informed by scholarly academic research, has led the cryptocurrency market in developer activity last year, according to a recently published report. Kusama, it’s worth noting, is a “public pre-production environment for Polkadot,” allowing developers to experiment and test new blockchains and applications in a real economic environment. According to crypto analytics firm Santiment, led in developer activity last year and was followed by Kusama and Polkadot. Next came Ethereum, Gnosis, and Solana. Included in the top 20 were also Cosmos, Elrond, IOTA, Flow, Celo, Chainlink, and Decentraland, among others.