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Monday, June 21, 2021

Cryptocurrencies Continue to Innovate

The cryptocurrency market continues to face headwinds with some of the large cap names like Bitcoin, Litecoin and Ethereum breaking down. Prices briefly perked up in the spring only to reverse and push through support levels during the early summer.

Cryptocurrency innovation with Azure

Despite the drop-in prices, there continues to be new and innovative concepts surrounding blockchain technology as it relates to the platforms that are used to trade Ethereum and Litecoin.

Microsoft Introduces New Proof of Authority Algorithm on Ethereum

The Azure platform, which is Microsoft’s cloud-based platform, introduced a new proof of authority algorithm that will be used on its Ethereum blockchain product. The news was announced on a Microsoft blog post. The Ethereum-blockchain product that runs on Azure has several new features that validates security and identity, as well as has a governance application. Microsoft has an identity leasing system, for its cloud-based products to insure that each node cannot carry the same identity. For example, if you lease a Microsoft product and try to use it simultaneously on two different platforms, the system will capture the event. The system can also provide identity protection even in the case of a virtual machine. Microsoft first announced the production of their Ethereum blockchain system in 2015.

Cheez Rewards Users with Ethereum and Bitcoin

Cheez, a social marketing video application has announced that it will be rewarding users with Ethereum and Bitcoin. Users who perform several tasks daily, such as sharing, and uploading videos, will receive rewards in cryptocurrencies. The goal is to integrate users of Cheez’s application further into the digital world. The company is incenting its users to set up a third-party wallet to receive rewards in cryptocurrencies.

Will Price Action Deter Proliferation?

Price action on Ethereum and Litecoin has been disappointing for those who are cryptocurrency bulls. As prices move lower, it appears that volume on some of the major cryptocurrencies has declined. For example, the 20-day average of volume on Litecoin has dropped to 136-million on Coindesk, compared to the 2018 high of 630 million. Volume has been dropping and trending lower during most of 2018. The 20-day average of volume traded of Ethereum on Coinbase has dropped to 57-million compared to the 2018 highs of 155-million. The price of both Ethereum and Litecoin have broke down through trend line support and could enter a period where the shorts dominate the market. Ethereum is fast approaching target support near its 1-year lows at 256. Litecoin is also approaching target support near its 1-year lows at 57.74. Bitcoin could soon hit its 2018 lows at 5,816.

The 20-day average of volume traded of Ethereum on Coinbase has dropped to 57-million compared to the 2018 highs of 155-million. The price of both Ethereum and Litecoin have broke down through trend line support and could enter a period where the shorts dominate the market. Ethereum is fast approaching target support near its 1-year lows at 256. Litecoin is also approaching target support near its 1-year lows at 57.74. Bitcoin could soon hit its 2018 lows at 5,816.

The question for traders is whether the decline in volume with erode confidence in the cryptocurrency market. With companies continuing to find ways to use blockchain technology its unlikely that they market will evaporate. Its more likely that there will be a winner in each space. For example, the payment space is dominated by Bitcoin and Litecoin, while the platform space is dominated by Ethereum.

For example, the payment space is dominated by Bitcoin and Litecoin, while the platform space is dominated by Ethereum.

Joseph Ibezimhttps://www.xtrahola.com
Joseph is an Internet scientist by mind and founder of Xtrahola Concept. Lover of all things tech, and general geekery.

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