Three ETFs from ARK Katie Wood bought Coinbase Global Inc. (COIN) for approximately $ 246 million on trading day. Another fund, the Amplify Transformational Data Sharing ETF (BLOK), also bought COIN shares. These acquisitions show that ETFs will participate in the history of cryptocurrency growth.
See encrypted market data daily. Source: Coin360
However, Blackrock boss Larry Fink takes a different view. Fink said that institutional investors have been fascinated by cryptocurrencies, but this has not affected the demand from institutions around the world.
The rise in Bitcoin and other cryptocurrencies may be one of the reasons why magic has not become in demand. A new survey of professional investors from Bank of America shows that 74% of respondents believe that Bitcoin (BTC) is in a bubble.
This critique is nothing new for cryptocurrencies. Traders who ignore the noise and buy mostly strong currencies usually generate huge profits in the long run.
Let’s look at three codes that Cointelegraph analyzed earlier this year to see if they still have their upward trajectory.
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ZEN / USDT
Horizon (ZEN) was featured on Cointelegraph on January 12 when the token price was $ 28. The token has maintained its momentum and today reached an intraday high of $ 108.77, up 288% in just three months. Let’s take a look at some of the great things that happened to Horizon in recent weeks.
Horizen recently announced that Zendoo’s mainnet development, scheduled for the third quarter, is on track. The team claims that Zendoo will provide improved scalability and flexibility suitable for commercial applications.
Decentralized finance has also opened up many opportunities for investors. Horizon’s partnership with StakeHound’s flexible platform, StakeHound, enables ZEN investors to share and enjoy the benefits of the Ethereum-powered DeFi ecosystem.
In addition, a number of partnerships have been announced in recent weeks with APIS, IOTA, DIA and Copper to expand the Horizen side chain ecosystem. This development seems to have seduced users, as the company said that the community grew by 13.2% in the first quarter of 2021.
ZEN rose from $ 52.54 on April 4 to a high of $ 108.77 on April 15, up 107% over 12 days. Although the Bears resisted tough resistance at $ 86, the bulls broke the barrier decisively today. The initial growth target is $ 119.45, then $ 162.
ZEN / USDT daily chart. Source: TradingView
The sharp rise in recent days has pushed the Relative Strength Index (RSI) above 83, indicating that the ZEN / USDT pair is in the overbought zone in the near future. This may lead to a slight correction or consolidation in the next few days.
If the bulls manage to make the $ 86 level support during the next correction, it will mean that the feeling is still positive and traders build their positions on downturns. The bulls will then make a new attempt to resume the trend.
This positive outlook will be canceled if the bears push the price below $ 86. In this case, the pair may fall to the 20-day exponential moving average ($ 71). A pause during this support will indicate the start of a deeper retracement.
HGET / USDT
The hedge (HGET) was worth $ 3.20 when Cointelegraph released on January 14th. Since then, on March 31, the token has climbed to an intraday high of $ 11.25, bringing in 251% in about two and a half months.
The protocol has established partnerships to expand the user base. On March 8, Hedget announced its partnership with Fire Protocol to issue HGET tokens on the HECO chain and integrate Hedget alternatives into the Fire Protocol ecosystem. This will open up the possibility for Hedget to offer option-based security mechanisms for lending protocols in the HECO chain.
On March 9, Hedget announced a partnership with Clover Finance to build and test a two-way bridge between Binance Smart Chain and the Polkadot blockchain. Hedget said it will publish its platform in the Clover ecosystem, making it the first options trading platform in the Polkadot ecosystem.
On March 17, Hedget partnered with APYSwap to provide Vault token holders with options to reduce volatile losses.
This Hedget partnership shows that the protocol is expanding its user base, which is a key in the long run.