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CRYPTO MARKET OUTLOOK – TRENDS OF EVENTS 22ST FEBRUARY, 2024

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Here are a few trends going on in the crypto ecosystem

Trends of Events

ETHEREUM PROJECT DEVELOPERS BACKS UP VITALIK BUTERIN’S IDEA OF AN AI-BASED CODE AUDITS

A lot of crypto users lost an estimated $2 billion to scammers and hackers, in the 2023. However, the Ethereum ecosystem suffered more extensive losses due to its high-profile projects.

In a recent tweet, Ethereum co-founder Vitalik Buterin suggested that code audits could find potential applications in AI projects.

This comes as there is a notable increase in AI-related tokens. The tweet reads: “One application of AI that I am excited about is AI-assisted formal verification of code and bug finding,” Buterin said.

“Right now ethereum’s biggest technical risk probably is bugs in code, and anything that could significantly change the game on that would be amazing.”

Additionally, In recent weeks, the AI sector gained renewed attention due to OpenAI’s product launches and Nvidia’s impressive market performance.

Riding on this excitement, certain AI tokens have experienced over 100% price increases in just one week, according to CoinGecko data.

AI involves simulating human intelligence through human-like thinking and actions. Its applications, like chatbots, self-driving cars, and search optimization, have been popular. It extends to image-generation software.

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Now, Buterin has a new idea – using AI for code audits. This could enhance security in an industry prone to exploits and scams. Two Ethereum developers shared this insight with CoinDesk recently.

Kraken OTC: ETHER’S TRIANGLE BREAKOUT POSSIBLY PUSHING IT TO AN ALL TIME HIGH

Kraken OTC’s technical analysis suggests Ethereum’s token, ether (ETH), could hit a new high at $5,200. This follows the breakout of an “ascending triangle” pattern.

ETH, the second-largest crypto, surpassed $3,000, securing its position above a horizontal trendline connecting August 2022 and April 2023 highs.

On the weekly chart, the ascending triangle consists of this trendline and an upward-sloping line connecting June 2022 and November 2022 lows.

Essentially, bulls broke a longstanding resistance, seizing market control with a series of higher lows that reflect a decline in bears’ strength.

Ether flirted with the upper boundary of the ascending triangle multiple times since early December, hitting a high of $2,700 in January. Prices then dipped back to the breakout point, testing dip demand. Fortunately, the former resistance-now-support held firm, solidifying the bullish trend change.

According to Kraken OTC, additional indicators, like the Ichimoku cloud, also support a bullish outlook. This cloud, devised by Japanese journalist Goichi Hosada in the 1960s, consists of five lines: Leading Span A, Leading Span B, Conversion Line or Tenkan-Sen (T), Base Line or Kijun-Sen (K), and a lagging closing price line. The cloud, formed by the difference between Leading Span A and B, is green for a bullish trend and red for a bearish one. Crossovers above and below the cloud signify bullish and bearish trend changes.

As of now, ether trades comfortably above the Ichimoku cloud on the weekly chart.

PSG BECOMES THE FIRST SOCCER TEAM TO VALIDATE A BLOCKCHAIN

Paris Saint-Germain, the French soccer giant, plans to become a network validator for the Chiliz Chain blockchain hosting its PSG fan tokens. The club intends to use the generated funds to regularly repurchase these tokens.

Sports clubs have explored crypto through fan tokens, allowing fans to access sports memorabilia and experiences. However, this marks the first instance of a club actively participating as a blockchain validator. Validators play a crucial role in managing blockchain nodes, ensuring network security through tasks like transaction verification and smart-contract authorization. In return, validators earn revenue by operating a node.

Leading France’s Ligue 1, Paris Saint-Germain (PSG) introduced its fan token in September 2018. CoinMarketCap data reveals the token’s market cap at $28 million. To “regularly refresh” its fan token reserves and foster a sustainable digital economy, PSG initiates a buy-back program, as stated by Chiliz.

Now, PSG is taking it a step further by planning to become a network validator for the Chiliz Chain blockchain hosting its PSG fan tokens. The funds generated will be used for ongoing token repurchases.

This move is groundbreaking in the realm of sports clubs and crypto. While fan tokens have been explored for providing fans access to sports memorabilia and experiences, PSG stands out as the first club actively engaging as a blockchain validator. Validators, crucial for managing blockchain nodes, ensure network security through tasks like transaction verification and smart-contract authorization. In return, they earn revenue by operating a node.

CRYPTO OUTLOOK

The global crypto market cap is sitting at $1.97 trillion right now, and it’s up by 1.31% in the last day. Now, the total crypto market volume in the past 24 hours is $78.15 billion, showing a decrease of 6.93%. Checking out DeFi, it’s holding at $5.81 billion, which is about 7.44% of the total crypto market volume in the last 24 hours. And get this, stable coins are making some noise with a volume of $71.48 billion, making up a whopping 91.46% of the total crypto market 24-hour volume.

Now, let’s talk Bitcoin. Its dominance is currently at 51.42%, and it’s dipped by 0.28% over the day. Interesting moves happening in the crypto world!

 

 

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