dYdX (DYDX) protocol token is the governance token of the dYdX community. It is used to gain mining rewards and participate in staking pools. Holders receive trading discounts on the dYdX exchange. The dYdX exchange has $11 billion in total volume across perpetual and margins. dYdX provides secure trading services with low gas costs and fees. DYDX holders tokens can be a part of the governance process and propose changes to the layer-2 protocol.
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$BTC consolidating and ALTS gaining strength is a new shift. Previously when BTC lost steam ALTS went down hard. I'm not saying it but we could have entered some kind of alt season. I've changed accordingly and added $MANA $SAND (for GameFi exposure) $DYDX $CVX (for DeFi exposure) and $AVAX (been a laggard up til now but should catch up).
Ready to shift back to either full $BTC (or worst case stables) if my bet turns out to be wrong.
Also welcome to all new copiers! 😘
Over the past 73 days, we've witnessed a significant increase in the value of $BTC, with a 57% increase from the low of 15.5k to the current high of 24.2k.
This uptrend has allowed Bitcoin to exit the descending regression channel and trade along the upper boundary of the new channel drawn from the low.
However, analyzing past market movements, I see a strong possibility of a future retest of the channel's lower bound. The high degree of slope of the linear regression only strengthens my view.
With the moving averages and range highs above, I remain cautious.
I left the market in early December 2021 when bitcoin was around 50,000. I am not yet feeling any pressure from FOMO.
Instead, I start looking for sound setups, especially in alternative cryptocurrencies, before making any decisions.
I got my eyes on $ATOM, $FTM, $XMR, $SUSHI, $GNT, $ANT, $SNX, $DYDX, $DOGE, and of course $ETH
I hope you don't find the attached chart too confusing. I tried to give some "historical context" using past regression channels.
As always, these are just my personal thoughts and shouldn't be treated as financial advice.
Cheers!
@p4ul0skar thank you for your feedback
@CryptoEnthuzias Not much has changed, but still gonna work on a new post soon :)
Hi ! Thanks for your update. Any new opinions ? :D
Crypto News Week 3 and 4 (Part 3)
$DYDX $MATIC $UNI $BNB $ETH $SOL
Highlights of the week:
- Dydx rises 30% after delayed token release
- Polygon rises 16 ahead of mainnet launch
Decentralised exchange dYdX rallied 30% after it was announced that a $156 million token launch will be delayed from February to December.
The announcement, made in a blog post on Thursday, postpones a move that would have doubled the circulating supply as tokens were distributed to "investors, employees and advisors".
Elsewhere in the decentralised exchange ecosystem, Uniswap ended the week on a weak note, failing to respond to a poll showing 80 per cent support for making the protocol available on the BNB chain.
Polygon rises 16% ahead of mainnet launch
One of the best performing cryptoassets in 2022, Polygon , extends its winning streak into 2023.
Ethereum's scalable network rose 16% last week to become the tenth best-performing cryptocurrency, helped by the rise in daily transactions, trailing only BNB Chain.
Since the New Year, the token has risen 48% and some analysts believe the party has just begun. Possible bullish catalysts in the coming weeks include the launch of the zkEVM mainnet and the migration of Solana's main NFT projects DeGods and y00ts.
Crypto News Week 3 and 4 (Part 2)
$DYDX $BTC $FTM $MATIC
Altcoins gain momentum while Fantom and dYdX gain more than 20%.
Can the cryptocurrency rally continue as it has in 2019?
As the crypto rally maintains its momentum in January, dYdX and Fantom lead the way with gains of more than 20%.
dYdX and Fantom continue their upward trend with gains of 30% each.
The rally is supported by macroeconomic tailwinds stemming from cooling US inflation data, as well as developments in the altcoin ecosystems: dYdX benefits from the postponement of a token unlock to December, while Fantom rises in anticipation of a series of upcoming upgrades. Polygon also rose 16% as reports of a huge increase in transactions made the rounds.
dYdX rises 30 % to over USD 2.30
Bitcoin, meanwhile, posted gains for the third week in a row. The leading cryptoasset now reaches a five-month high of over USD 23,000 after Goldman Sachs declared that the cryptocurrency is the best performing asset so far this year.
Bitcoin rises above USD 23,000
Rebalanced portfolio ✅
Did some micro trades over the night and sold $ATOM position again ✅
Plan for the short term future
Stay mostly in $BTC
Be exposed to interoperability oriented projects & DeFi ➡️ $RUNE $MKR $UNI $DOT $INJ $DYDX
Some minor exposure will be on privacy oriented projects ➡️ $XMR $ROSE
The $BTC position will remain untouched untill we see good entry point in our favourite Altcoin pair
NOTE: 🔥Yesterday Fidelity Investments is weighing a plan to allow individual investors to trade bitcoin on its brokerage platform 🔥
Source: https://www.wsj.com/articles/fidelity-weighs-bitcoin-trading-on-brokerage-platform-11663008698
Keep in mind that Fidelity is a brokerage firm that has over 34 million clients and has over 4,5 trillion $ Assets under management. Institutions are opening the doors for capital to flow into Crypto. The first asset to benefit from this will be ofcourse $BTC
Remember we posted the news few weeks ago Black Rock the biggest institutional asset manager has opened gates for trading BItcoin and now Fidelity investments.
Black Rock is #1 Asset manager in the world
Fidelity investments is #4 Asset manager in the world
Institutions and smart money loves these prices. While retail investors don't care about crypto anymore, hype is gone. Huge things are happening behind the scenes.
Our Tip: Don't be like most people like in the picture bellow 👇
Good Luck!