BTC and ETH HODLing On The Rise
On-chain analytics provider, Glassnode, recently reported that 95 percent of recent BTC trades involved accounts created less than six months ago. The report also showed a growing belief in BTC's long-term prospects with long-term holders retaining their positions and continuing to accumulate more of the crypto asset. Glassnode defines “long-term holders” as wallets that have held BTC for 155 days or more, while “short-term holders,” are wallets that have moved BTC on-chain within 155 days or less. Most notably, buried within the analytics in this report, were pronounced spikes, indicating new institutional involvement.
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HODLing isn’t only a growing trend in the Bitcoin space, with Ethereum whales continuing to ride out volatility as Ether locked in DeFi projects and on the Ethereum beacon chain grows rapidly. The beacon chain will serve to coordinate and enhance scalability efficiency within the network of shards and stakers. It does not change any characteristics of the Ethereum we use today but will further coordinate the network and bring proof-of-stake to the Ethereum protocol.
Vitalik Buterin has been actively pushing to evolve Eth2 in an effort to bring new levels of scalability, security, and sustainability to the Ethereum network. Although each update works in parallel with each other, their rollout dates are determined based on certain contingencies within the network which must be met before successful implementation can occur. Shard chains, the upcoming update, will expand Ethereum’s capacity in the transaction processing and data storage realm, increasing in feature diversity over time.
Planned in 2022, Mainnet Ethereum will eventually merge with the Beacon Chain enabling staking across the network and bringing about the end of energy-intensive mining.
HODLing through these developments is ONE strategy to profit from the adoption and growing belief in the cryptocurrency space but if you want to slowly build up your positions through capitalizing on short-term swings, Hummingbot could be your secret weapon.
ProBit Exchange Integrates With Hummingbot
ProBit Exchange recently finalized the integration with Hummingbot, open-source software that offers traders algorithmic trading powered by automated market-making bots. Hummingbots enables traders to build and run customizable trading strategies and automate cryptocurrency trading on ProBit Exchange. Hummingbot includes four pre-built trading strategies users can leverage to enhance their trading experience and profitability.
Market Making
The market-making strategy gives traders new levels of trading automation. Hummingbot will continually post “limit bids” and “ask offers” on a particular market and then wait for order fulfillment. Traders can specify the spread distance, order quantity, and price update frequency. The functionality surrounding this strategy is fairly straightforward and can be learned easily.
Arbitrage
As seen in our recent article discussing how you can capitalize on Ethereum volatility, arbitrage trading enables users to capture near risk-free profits by simultaneously buying an asset at a low price and selling at a higher price. From time to time market dislocations produce this phenomenon for a myriad of reasons of which we briefly elaborate on here. Arbitrage trading is an attractive strategy due to the high chances of profit. However, identifying opportunities is challenging and can require some reading to get a strong grasp on when opportunities may occur.
Cross-Exchange Market Making
Cross exchange market making involves two exchanges, a taker exchange and a maker exchange. Hummingbot integration enables the ProBit community to capitalize on the price differences on two separate exchanges. This strategy combines elements from both arbitrage trading and basic market making enabling traders to profit from differences in liquidity between trading pairs from two or more exchanges.
Bitcoin, and the entirety of the cryptocurrency space, has been growing rapidly, nearly reaching $2 trillion once again. Deutsche Bank analyst and Harvard economist Marion Laboure recently predicted a very bullish future for BTC, describing the next few years as a potentially defining “turning point” phase for the crypto asset. Despite positive forecasts saturating the minds of analysts and HODLers alike, ultra volatility should be expected and welcomed, especially if you plan on utilizing the tools available to you at Probit Exchange.
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