In the past two days, Bitcoin triumphantly hit the critical level of $20K. This sudden push from the primary crypto asset was after hovering between $18K and $24K regions for some months. But following the effects of some macroeconomic factors, the price of BTC was rounding the $19K region.
This year has been the toughest for crypto assets and other financial instruments. But the struggle to remain valuable is seemingly paying off as most coins are currently regaining loss values. Even though the Feds are still hawkish, the market is gradually moving towards a bullish sentiment.
However, the bullish trend in the broader crypto market is spreading gradually. The leading crypto kept its position strongly despite the bears struggling to take over.
The appearance of the bulls has deterred further decline for BTC. Other cryptocurrencies are taking to the north, with Ethereum Name Service (ENS) emerging as the top performer.
With the new movement of prices, the cumulative market cap has hit $964.91 billion, indicating a surge of 0.70% over the past 24 hours. The overall implication of events shows a slight improvement in the trend compared to yesterday and last week. However, the broader crypto market sentiment still has elements of fear.
Bitcoin Consolidates The $20K Level After hitting the critical level of $20,000 a few days ago, Bitcoin is currently displaying its sustainability. The asset has defended its stance on the level and also made an impressive consolidation. This was noted in the early trading hours of September 6, as the price of BTC reached $20,200.
It’s worth noting that the bears tried to pull down the price of Bitcoin yesterday as the token recorded $19,730 on Binance. Remaining at the critical level is the only chance for the leading crypto to make further uptrend.
At the time of writing, Bitcoin is hovering around $19,862 depicting a loss. Its market cap has reached over $386.2 billion, while its dominance over altcoins is at 40.04%.
Bitcoin depicts a loss on the chart l BTCUSDT on Tradingview.com Altcoins Are Calm, While ENS Surged The price movement for the altcoins show calmness, with a minimal drop for a few tokens. Most of the assets have consolidated their reclaims in the past day.
But the Ethereum Name Service’s coin, ENS is taking the lead with an almost 11% increase in today’s early hours trading. At the press time, ENS is trading at $16.91. EVMOS is closely following. Recall that EVMOS was the worst crypto asset in price performance as of yesterday. For Ripple (XRP), it seems to be a time of strength with progressive performance.
Featured image from Forbes, chart from TradingView.com
Cosmos [ATOM] made it to the list of top inter-blockchain communication (IBC) protocol projects as of 18 October. According to the data at hand, ATOM’s weekly active users surpassed all other cryptocurrencies that made it to the list.
The IBC allows independent blockchains to directly communicate and trade assets with each other. Therefore, this development added much value to the blockchain as it represented the capabilities of ATOM.
The token’s price also corresponded to this development as it registered nearly 3% weekly gains. According to CoinMarketCap, ATOM’s press time price was $12.45 with a market capitalization of $3,564,241,363.
Several developments also in the ecosystem acted as the cherry on the cake and suggested a price surge in the near future. For example, 17 new projects were recently added to the Cosmos ecosystem, which looked quite promising.
Alpha Google Sheet Has Been Updated.
Check it out: https://t.co/KOpn45NUUQ
Added Updates:
➕ 17 New Cosmos $ATOM Ecosystem Projects.
➕ 30 New Projects Without Tokens.
➕ 29 Early Stage Projects on the $APT Ecosystem.
🧵Total Projects: 290+ pic.twitter.com/vDgdB0Jb0S
— Airdrop Official 🦇🔊 (@its_airdrop) October 17, 2022
A sky full of Cosmos… In addition to the aforementioned developments, ATOM’s metrics also painted a bullish picture for the coin. Several metrics suggested a price surge in the near future. For instance, after registering a decline, ATOM’s volume went up, which was a bullish signal.
Source: Santiment ATOM’s Binance funding rate also witnessed a surge in the last few days, thus indicating higher interest from the derivatives market. Not only this, but ATOM’s social volume also spiked, representing ATOM’s popularity levels within the crypto community.
Source: Santiment However, not everything was working in ATOM’s favor as its development activity went down considerably, which is a red signal as it indicates less effort from the developers in improving the blockchain.
… and bears apparently A look at ATOM’s daily chart revealed that the bulls and the bears were fighting a battle. The Exponential Moving Average (EMA) Ribbon indicated a similar situation with the bears having a slight edge in the market. Moreover, ATOM’s Relative Strength Index (RSI) rested below the neutral position.
Nonetheless, other market indicators were positive and suggested a price surge in the coming days. The Moving Average Convergence Divergence (MACD) displayed an attempt to make a bullish crossover. ATOM’s Chaikin Money Flow (CMF) did manage to cross the zero line, but moved sideways at press time.
Renowned crypto payment platform Ripple Labs Inc has signed a partnership deal with Evmos, an Ethereum Virtual Machine (EVM) chain built with the Cosmos SDK. Per the deal, the duo plans to build an EVM sidechain for XRP Ledger (XRPL).
XRPL Joins Interchain According to Cosmos, the sidechain will be built with evmOS, a modular and customizable tech stack designed by Evmos. This alliance to build a sidechain with Evmos is already in Devnet and would involve core developer Peersyst Technology. Aside from Cosmos SDK, Evmos also utilizes Inter-Blockchain Communication Protocol (IBC), and CometBFT. These advanced protocols are all geared toward bringing EVM compatibility to Web3.0 businesses.
Markedly, evmOS bring access to over 60 Cosmos SDK chains via the IBC. This upcoming XRP Ledger EVM sidechain is very compatible with industry standards. Additionally, it is joining the Interchain, known to be one of the most versatile in the Web3.0 ecosystem.
This tech stack has other features and modules that are focused on facilitating the implementation of the EVM for Cosmos SDK. Amongst its compatible features are IBC functionality, EVM extensions, access to the dApp Store, and complete customizability. Pulled together, all these presents evmOS as more than just lines of code but rather a ready-to-launch solution designed to cater to everyone.
“The evmOS stack prioritizes native, cross-chain applications and is built with the Cosmos SDK, running on the CometBFT consensus engine,” Cosmos wrote in a blog post. “The modular nature of evmOS will offer XRPL developers unseen flexibility in expanding the XRPL EVM sidechain on their terms.”
XRP Ledger Pushes For Community Satisfaction For XRP Ledger, this marks a significant move towards bringing its community members, Decentralized Applications (dApps), and liquidity to a network of more than 90 interconnected chains. Noteworthy, the interchain now pride itself as a vibrant and dynamic network that fosters synergy among diverse blockchain projects.
Similarly, bringing XRP Ledger to the interchain makes it possible for XRPL community members to gains a passport to all Cosmos SDK chains. Ultimately, this provides users with freedom to interact with any application of their choice.
This EVM push comes only a few months after XRPL welcomes Xahau Ledger, a smart contract sidechain. Like evmOS, the Xahau Ledger also came with some features that allow building things with everyday life utility.
The XRPL ecosystem is keen on improving its platform to cater to its users and compete in the growing DeFi world.
Strategic advancements are crucial in the swiftly transforming realm of cryptocurrency. Ripple’s collaboration with Evmos and Peersyst seeks to enhance blockchain interoperability, while the fluctuating prices of Arweave underscore market instability. However, BlockDAG has managed to distinguish itself by unveiling the beta version of its X1 mobile miner app during a captivating keynote, alongside a successful $41.6 million presale. Its refreshed dashboard and promising ROI highlight a promising trajectory, positioning BlockDAG as a major contender in the blockchain ecosystem.
Ripple’s EVM Sidechain Project Ripple’s partnership with Evmos and Peersyst to create an Ethereum Virtual Machine (EVM) sidechain based on the XRP ledger marks a significant advancement in blockchain interoperability. By leveraging Evmos’s evmOS with the Cosmos SDK, this initiative boosts Ethereum compatibility while also supporting Web3 business applications.
Moreover, the sidechain will utilize the Inter-Blockchain Communication Protocol (IBC) to link with over 60 blockchains within the Cosmos network. This integration expands XRPL’s functionality, enabling seamless asset and data exchanges across multiple blockchain platforms and potentially paving the way for more innovative and inclusive blockchain applications.
Arweave’s Price Volatility Arweave (AR) is witnessing fluctuating price movements, signaling possible sharp changes ahead. The cryptocurrency has displayed upward and downward trends, adding to market uncertainty. On the bullish side, Arweave has strong support levels and rebounds from recent lows, showing solid buyer interest and price defense. Increased trading volumes and rising interest in Arweave’s unique data storage solutions have bolstered its upward momentum. However, Arweave faces resistance at key levels, preventing significant breakouts. Market volatility and wider economic challenges exert downward pressure, causing sporadic price drops. Technical indicators suggest that further consolidation may occur before a decisive move materializes.
BlockDAG’s X1 App: Pioneering Crypto Mining BlockDAG (BDAG) is capturing considerable attention thanks to its successful presale and innovative strides. In an awe-inspiring keynote streamed from the moon, BlockDAG introduced the beta version of the X1 mobile miner app. This revolutionary app empowers users to mine BDAG coins directly from their smartphones, making crypto mining more accessible. The impressive $41.6 million raised in the presale underscores the strong investor confidence in BlockDAG. BlockDAG’s newly revamped website dashboard significantly improves user experience and transparency. It features real-time transaction updates, detailed purchase histories, and a comprehensive leaderboard highlighting top purchasers. These enhancements foster a more engaged community, ensuring users stay informed and connected. Such updates reflect BlockDAG’s unwavering commitment to innovation and transparency.
BlockDAG’s potential for substantial returns is impressive. Experts predict an astonishing ROI of up to 30,000x, fueled by the platform’s innovative features and strong market presence. With the upcoming mainnet launch and strategic marketing initiatives, BlockDAG is solidifying its position as a powerful player in the cryptocurrency arena. This blend of advanced technology and a community-centric approach makes BlockDAG an appealing choice for investors seeking promising opportunities in the crypto market.
Final Insights While Ripple advances blockchain compatibility and Arweave deals with market fluctuations, BlockDAG shows significant promise. The X1 mobile miner app beta launch, its successful $41.6 million presale, and the enhanced user-friendly dashboard highlight a promising future. BlockDAG’s strategic developments and anticipated high returns make it a prominent player in the blockchain industry, presenting a powerful story of growth and innovation. With the current price at just $0.0095 in batch 16, now is the perfect time to invest in this high-potential cryptocurrency. Take advantage of this opportunity! Join BlockDAG Presale Now: Website: https://blockdag.network Presale: https://purchase.blockdag.network Telegram: https://t.me/blockDAGnetworkOfficial Discord: https://discord.gg/Q7BxghMVyu
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A Web3 security researcher received $150,000 from the Cosmos Network for identifying a critical bug that could halt the Evmos blockchain and all its decentralized applications.
On Oct. 29, a Web3 security researcher from Spearbit with the username jayjonah.eth made an X post containing a blogpost he wrote about finding a bug in the Evmos(EVMOS) blockchain that could have proved catastrophic to its operations.
His efforts were rewarded by the Cosmos Network with a $150,000 payout for identifying the vulnerability. He discovered the bug while participating in the Evmos Bug Bounty Program on the bug bounty platform Immunefi, which has been active since November 2022.
A crypto bug bounty offers incentives to developers and researchers to help identify bugs and vulnerabilities within a system.
In his blog post, the researcher explained that he came across the concept of “module accounts” while reviewing the Cosmos documentation, describing this review as “the first step” in identifying potential problems, as the documentation provides “the foundation” for understanding a blockchain.
He found a section within the document which read as follows:
“Typically, these addresses are module accounts. If these addresses receive funds outside the expected rules of the state machine, invariants are likely to be broken and could result in a halted network,” wrote Evmos.
According to jayjonah.eth, this clause indicated that if users sent funds to module accounts, it could cause the blockchain to break. He then tested this by sending funds to the module accounts.
“At this point, no more blocks are being produced and the chain has completely halted. This breaks the Evmos blockchain and all the DApps built on it,” he wrote.
He reported his findings to the Evmos team, receiving $150,000, the highest prize awarded for a “critical” level bug. The researcher emphasized that the bug was a “low-hanging fruit” — simple yet easy to overlook.
“This bug taught me a few important things as a security researcher. The first, and most obvious, is to always thoroughly read the documentation of the project you’re investigating,”
-jayjonah.eth.
Other projects have also been known to launch bug bounties to help detect hidden threats in their systems. Last August, Layer3, a decentralized attention layer project, launched a bug bounty program in partnership with HackenProof. The bug bounty offers a reward of up to $500,000.
In July, Immunefi collaborated with the Ethereum Foundation to launch “Attackathon,” an audit contest designed to challenge and enhance the Ethereum network’s security.
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