BTC dominance and market sentiments, what do they foretell
It’s important to understand that whatever the other major alt coins indicate in how different they are from BTC (smart contracts, proof of stake, energy consumption, transaction time, etc.) at the end of the day they will follow BTC.
****Bitcoin Dominance Index (BDI)****
For the benefit of everyone BDI is the ratio of market cap of BTC to the entire market cap of the crypto market. Therefore, when BDI is high it means that money is flowing into BTC from alt coins, and when BDI is low it means vice versa, i.e. investors are now taking money out of BTC and investing in other alt coins.
So, let’s see what does BDI says today. On a week on week basis the BDI has dropped from its high of around 49.26 (28 July 2021) to around 46.76 today. This current market also attests to this as both BTC and alt coins have dropped by ~ 10% from the high of around $42,377 on 28 July.
Bitcoin dominance is a good indicator to use along with your technical analysis as it too can be used for a shorter period, showing the movement of money in the market. Using BDI investors can decide on the allocation between BTC and alt coins.
****Bitcoin Fear & Greed Index****
Another data point that investors should be aware of when analysing the market is the fear and greed index for BTC. It’s a well-known fact that market runs more on emotions than on calculated analysis. Therefore, https://alternative.me/came up with an index to measure the emotions running in the bitcoin market at any given day. The reading oscillates between 0 (extreme fear) and 100 (extreme greed) and is updated on a daily basis.
Extreme fear means investors are too scared and are wary of buying and that can be a good indicator of a buying opportunity. Similarly when investors are too greedy and are FOMOing, it can be a good time to come out of your positions or short sell. One should also see the historical values to understand were the market has moved in terms of the overall sentiments.
To create the ‘fear & greed index’ the data is sourced and covers 5 different aspects,
Volatility –Higher the volatility in the market higher is the greed.
Market momentum/ Volumes –High buying volumes in a market which has positive momentum on its side for few days continuously shows a greedy market.
Social media presence – A very high mention of BTC within a very short period of time indicates that market is bullish on BTC and vice versa.
Dominance – explained above. More dominance of BTC means market is greedy.
Trends – Search volume along with what was searched for that coin, as in was it positive or negative. Higher volumes with positive search parameters indicate again a greedy market.
Even though the fear & greed index is not a solid parameter in itself to take a decision on the direction of your position, it can be coupled with your technical analysis and bitcoin dominance to arrive at a decision to either buy or sell or just to remain out of the market and wait for a better opportunity.
Thus, both bitcoin dominance index and fear & greed index can be a great addition to your arsenal and when used along with your technical analysis can result in arriving at much better decisions and opportunities.
TitanBull Yield Farming - How it works
**What is Titan Bull Finance?**
Titan Bull finance is the 4th yield farming of Bull Ecosystem on the polygon network. The native token is TBull and the farm will have a max supply of only 19,999 tokens, with 999 tokens pre minted for initial liquidity. Farming is scheduled to be finished in around 16-18 days, and once the max supply is reached a new Bull token will be released. Investing in pools with native tokens has no deposit fees, whereas non native token will require 4% fees. 30% of this fees will be distributed among users through profit sharing. The emission rate is fixed at 0.015 TBull per block, and 80% of the dev fees is to be burned daily (already 2 burns have taken place).
An important check before investing in any of these DeFi farms is to first look at their rating on the RugDoc. You can see RugDoc's rating **here** on titanbull.finance. https://rugdoc.io/project/titan-bull-finance/ https://titanbull.finance/?ref=0ks4o6pQro03Q058N47qs728onN920671p14N2Q3P0
****Auto Compound Feature****
Apart form the point that the farms have good APRs, there is an Auto Compound pool vault feature using which investors can stake their harvested TBulls to earn insane APRs on the TBull. There is a 2% performance fee and 0.1% un-staking fee, if un-staked before 72 hours. In addition, there's an auto compound bounty feature which enables users to earn 0.25% of all auto compound rewards users pending harvest. It's on first come first serve basis and is dependent on the number or amount of TBulls one has in both Auto Compound vault and farms.
**Farming on titanbull.finance**
This was my first full rodeo wherein I had to transfer funds from Binance to Polygon network. I had to watch a lot of videos and read on internet to understand how to do it with minimal fees. I hope this article will help new users like me, who are looking to dive in the world of yield farming.
First USDC needs to be transferred from Binance to Metamask as the native pairing on titanbull.finance is with USDC (TBull-USDC). We need to first setup Binance Smart Chain Network (BSC) on our metamask wallet. We can do this via Metamask -> Settings -> Networks -> Add Netwrok. Any custom RPC netwrok can be added here by putting relevant details. BSC Mainnet can be added by referring to https://docs.binance.org/smart-chain/wallet/metamask.html https://titanbull.finance/?ref=0ks4o6pQro03Q058N47qs728onN920671p14N2Q3P0
The above step is only applicable if the funds are being transferred from Binance. If you have funds or Matic in Ascendex you can directly transfer them to Polygon network. Send via ascendex's 'Matic Netwrok' and receive in metamask on Matic Mainnet. titanbull.finance has another native pair with Matic (TBull-WMatic). https://ascendex.com/en-us/register?inviteCode=UUFLTIUEK https://titanbull.finance/?ref=0ks4o6pQro03Q058N47qs728onN920671p14N2Q3P0
For transfer via Binance, there are few more steps. After transferring USDC from Binance to BSC Mainnet on metamask (please ensure to use BEP20 (BSC) network on Binance for this), we need to transfer this USDC to the Polygon network. Remember that for this transfer we will need to have some BNB in metamask in BSC network to pay fees (you can transfer this too using BEP20 netwrok from Binance to metamask wallet, minimum transfer is of 0.02 BNB). I used xpollinate for this purpose and transferred my funds from BSC to Matic Mainnet, remember to connect your metamask wallet with xpollinate using BSC Mainnet and check liquidity of the networks in xpollinate before starting transaction. You can put BSC address itself in the 'Receiver Address' address as both BSC and Matic Mainnet address are same in the metamask wallet. https://www.xpollinate.io/?asset=DAI&senderChainId=100&receiverChainId=137
To perform this transfer/ swap of funds in xpollinate, we will need to have some Matic in our metamask wallet (in Matic Mainnet). One can easily get small amount of Matic from faucets available. Two of these faucets are matic.supply and macncheese.finance. We can now move to titanbull.finance to provide liquidity. We need assets of the LP pair, that we have chosen to invest in, in 50:50 ratio. Ror example, if we have 100 USDC, we need to swap roughly USDC 50 into TBull (50% of Matic if you are investing in TBull-Matic pair). We can do this swap on titanbull.finance itself, or if the price impact is big, we an use sushiswap for this (I used sushiswap). titanbull.finance will take you to goldenbull.finance for swapping and adding liquidity. https://www.xpollinate.io/?asset=DAI&senderChainId=100&receiverChainId=137 https://matic.supply/ https://macncheese.finance/matic-polygon-mainnet-faucet.php https://titanbull.finance/?ref=0ks4o6pQro03Q058N47qs728onN920671p14N2Q3P0 https://app.sushi.com/swap
We will now create LP tokens to add liquidity. Choose Max of TBull and the system will automatically choose corresponding amount of USDC or Matic. Now add or supply liquidity. Again these transaction will need to be confirmed in metamask and will require small amount of Matic. Once you have LP tokens, head over to Farms and in the chosen pair Unlock wallet, approve contract and finally stake Max of your LP tokens. We are done with providing liquidity!
After we have earned some TBulls, we can then choose to either stake these harvested TBulls in the Auto Compound vault and earn the insane APY or stake in profit sharing and earn TBull or USDC.
**Final Thoughts**
There are many things going for Titanbull finance. It has more than decent APRs on offer and has the availability of auto compound and profit sharing features. It has good tokenomics with limited supply. It's code has been audited by both Tech Rate and RugDoc and has been floated by pollybull finance.
**Note:**
As I am not a certified financial advisor, please carry out your own research before taking any investment decisions.
My experience with Binance!
I joined Binance on 07th May 2021. I have been reading about cryptos for some time before that and wanted to start dabbling into the world of crytpo currencies. To start trading, I needed to open an account with one of the many available crypto exchanges, and after some research I zeroed in on Binance.
Binance is supposed to be arguably the best exchange in the world in terms of security, fees, performance, and customer service. It's the exchange which supposedly has the biggest collection of coins and tokens available for trading. Creating an account is also hassle free. SO I went ahead and opened my account with Binance on 07 May 2021. For the first month or so there were no issues and the things were running smoothly.
However, things changed from June onwards. I had some USDT lying idle in Binance and thought why not use their flexible saving option in 'Binance Earn'. In that option you can redeem 'your' money anytime without loosing any interest (which you do in locked staking). My plan was to redeem my USDT when an opportunity arises. That day came on the weekend of 22 June 2021, when Bitcoin (BTC) touched $29000. Licking my lips, I logged into my Binance account and went to 'Binance Earn' to redeem my USDT. I wouldn't have become rich or something, but this was a very good opportunity to buy BTC and other alt coins which were trading at very very low levels of their all time high prices. But when I tried redeeming my money using 'fast redemption' it showed that I had no USDT available, while the USDT was showing as available under 'Standard Redemption' option. People unaware of 'standard redemption' should know that after redeeming your money will arrive the next day. But that was out of question as no on knows where the market would be the next day.
I was still calm as I knew that famed customer service team of Binance would take care of this in no time. I raised a support ticket and that's when my nightmare started. The expected wait time of an 'agent' joining me to help was stated as 5 minutes, but no one joined for more than 30 odd minutes. Aghast, I left the chat window and kept on looking at it for some response. After more than 4 hours, at 1.15 AM. to, I got a reply from an agent. I explained him the situation, and he asked me to try redeeming my USDT on PC. So, pissed, I got up from my bed and logged into my Binance account. But the issue persisted. The agent informed me that 'Fast redemption' is facing issue and that 'standard redemption' is indeed working, and I can redeem my money.
It was a facepalm moment !
The agent had not even properly read and understood my issue with fast redemption and asked me to login at 1.15 AM and to tell me that 'standard redemption' is working! I was super angry both at the incompetence and the fact that I would not be able to buy the cryptos at such low prices even though I had money available. All because of Binance.
The 2nd issue is an ongoing issue. After learning that Binance is providing a more than decent APY of 3.4% on staking of your VeChain, I decided to use it and staked my VeChains on 30 June 2021. However, I noticed that even after passing of 3-4 days neither any interest was getting accrued nor VThor was being airdropped. I went ahead and raised a ticket with customer support of Binance on 03 July 2021. After initial chat with their 'agent', I was informed that my issue has been transferred to a 'specialist' of an another team. This was more than 24 hours ago, since then there has been no communication on my issue. I tried reaching the Binance Support team on twitter as well and sent them a DM with relevant information, no reply. I tried tweeting both Binanace and '**Changpeng Zhao****',** head of Binance, again no reply. https://www.google.com/search?sxsrf=ALeKk03pj6GjQctKKGlC_Ta4xdQs5qGzJQ:1625402963546&q=Changpeng+Zhao&stick=H4sIAAAAAAAAAONgVuLVT9c3NEw3SE9JS6mwfMRowS3w8sc9YSn9SWtOXmPU5OIKzsgvd80rySypFJLmYoOyBKX4uVB18ixi5XPOSMxLL0jNS1eIykjMBwBLnS4MXQAAAA
This has been an utterly frustrating encounter with Binance. I have read about such scenarios and much more on various forums and platforms as well. Situation such as when the market is low and users cannot login into their Binance account as their SMS verification won't arrive.
I, therefore, urge everyone to be aware of what kind of situations Binance can put you in. One can loose a great opportunity to invest even though the money was available. In addition, there's a lot of anger, sadness, and pulling your hairs that comes along with it.
Be careful with your money!
Please share if you also have faced similar or other issues with Binance and did you guys get the resolution and in how much time.
Source: Binance.com and Binance app
