As every week, let's start by looking at action in the markets and then diving into developments here at NewsCrypto.
Looking at the chart we can see that the price plunged on Tuesday, having formed a double top formation. This weakness in price signaled that the year-end rally that many crypto traders had hoped for will have to wait until 2022. After the sell-off, the price consolidated again around the 47k level, where it had traded before the bulls temporarily gained an upper hand last week.
It seems like the bears are now back in control as they are trying to sink the price to the next strong support at $42,333. This is an important level for the bulls to defend because if it cracks, we could witness another leg down to $28,732. Such a move could delay the start of the next leg of the uptrend. On the contrary, if bullish sentiment prevails and price breaks above the 20-week EMA, bulls will probably push towards the 60k resistance zone. At any rate, the fact that the $46k level has held up rather well is one indication that the bulls may have a better chance at succeeding.
Bitcoin’s market dominance has continued to fall, bottoming out below 40% this week, which is very close to the all-time low of 36.7% in January 2018. While this could be interpreted as Bitcoin losing its first-mover competitive advantage, it could also point to another “altcoin season” around the corner.
Now let’s look at developments here at NewsCrypto, as there have been quite a few. This NWC token got listed on another exchange, which means our token will gain exposure to new investors and traders. This time MEXC Global listed NWC/USDT and NWC/BTC trading pairs. Trading has already opened on Thursday 10:00 UTC and if you want to try trading NWC on the MEXC exchange, you can do so here.
To give some additional motivation we decided to reward users with an ongoing trading competition, which ends tomorrow at 15:00 UTC. Only thing you need to do to participate is trade NWC/USDT on MEXC and reach the minimum trading volume of 20,000 USDT to have a chance to win part of the 20,000 NWC pool. Additionally, all NWC traders with a minimum trading volume of only 300 USDT are eligible to share another prize pool of 7,450 NWC prize pool, which is going to be proportional to the individual trading volume during the event.
If you like to participate in different competitions, then you certainly don’t want to miss the ongoing non-custodial wallet competition. We'll reward 100 randomly selected users that transfer a minimum of 20 NWC to a non-custodial wallet (whether new or existing) between December 27th 2021 12:00 UTC and January 3rd 2022 23:59 UTC with 200 NWC tokens. To participate, transfer at least 20 NWC to a non-custodial wallet (such as our NewsCrypto Mobile Wallet, Solar or MetaMask) on any one of the chains where NWC is available and fill out this form.
To look at the bigger picture of developments here at NewsCrypto we’ve released a blog that covers all our developments in 2021. To celebrate all of the accomplishments of the past year, we burned another million of NWC tokens (burn transaction). This was the final burn in 2021, which concluded our 10 million burning plan on top of 20% of all subscription fees that we remove from circulation regularly. We’re already working on even bigger burning plans for the upcoming years, which means you can be sure that token burning is not only going to continue, but rather accelerate in the years that lie ahead.
Having wrapped up 2021, I wish everybody a successful 2022. I hope you enjoy the rest of your Sunday and don’t forget to check my insight into the action in the markets and developments here at NewsCrypto at the end of next week.