On Thursday, 20th September, Plutus announced that the company’s PlutusDEX trading platform now offers support for Bitcoin [BTC] and Ethereum [ETH] trade. The latest addition gives users the chance to rapidly exchange their digitals assets for Euros or cryptocurrencies.
Danial Daychopan, CEO and Founder of Plutus said:
“This new expansion to our trading platform will allow users to trade Bitcoin and Ethereum while taking advantage of market highs and lows. The transactions will be quick and easy, with the purchased crypto available in your account to spend all over the world.”
The company has also announced that during the beta testing, registered members of PlutusDEX can use the feature free of cost. The fee structure and its implementation will take place once the beta phase is over.
The company’s latest development comes in the wake of its association with the Single Payments Area [SEPA]. SEPA is a payment integration initiative of the European Union for the simplification of bank transfers denominated in Euro.
Plutus has also been in the news after Charles Hoskinson, the Co-Founder of Ethereum elucidated on the blockchain language. The computer scientist called it an attempt at understanding the triangle- the client, the server and the blockchain side. He also said that Plutus is expected to enable a model where almost everything can be run on specialized languages like Haskell.
The Co-Founder had also earlier informed users that the project’s team has been growing steadily with plans to integrate several specialized languages to make the platform bigger and better. Hoskinson had also stated that Cardano will have its own ERC20 style standard with IELE and KEVM being supported at the moment.
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Bitcoin’s on-chain/off-chain valuation indicators the key point of focus as coin heads to $13,000
With the rise in Bitcoin’s price, the rest of the cryptocurrency market has followed suit by displaying a green trend across the board. In a recent series of tweets by popular cryptocurrency analyst Adam Tache, users were informed about the top Bitcoin on-chain and off-chain valuation indicators, derived from on-chain valuation models.
The analysis touched on the Mayer Multiple created by dividing the price by the all-important – 200 day moving average. The current average Mayer Multiple stands at a figure of 1.39, which may climb higher. Looking at previous figures, the normal Mayer Multiple figures stated that if the value shoots up to 2.4, then Bitcoin eventually retraces back to a comfortable 1.5. The Mayer Multiple is usually considered as the original indicator used to clock the valuation of Bitcoin.
Another major indicator discussed in the thread was the NVT Ratio invented by Willy Woo, Partner at Adaptive Fund. The indicator is used to calculate Bitcoin’s prominence or value in the cryptocurrency space by evaluating the amount transacted on the blockchain as a “proxy for investment flow and bear and bull market cycles.”
At the moment, the NVT ratio for Bitcoin is in an abnormal region compared to the start of previous bullish patterns. The NVT ratio was above the “bear market” separator, which meant that the cryptocurrency was overbought. When Bitcoin is overbought, it usually means that the buying pressure is much higher than the selling pressure. Adam Tache opined,
“NVT signaling overbought is likely due to a number of factors — namely the proliferation of exchange-based, purely off-chain txs driving short-term price action.”
The analysis also pointed out the liveliness of the Bitcoin indicator created by Tamas Blummer. The indicator showed the inverse count of lost or ‘HODLed’ Bitcoin, while stating that when the ratio increases, long-terms holders of the cryptocurrency decrease their positions. The indicator conveyed accumulation of Bitcoin when the ratio decreased.
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