The decentralized digital asset market attracts more and more investors each year and offers numerous ways to earn. However, most of these opportunities are not simple for the average user, primarily due to technical complexities. It is necessary to understand blockchains, digital wallets and their configurations if asset owner wish to store cryptocurrencies independently. If digital assets are stored on a centralized cryptocurrency exchange (CEX), a mandatory requirement is to invest a certain amount of money, i.e. to top up the balance of the trading platform.
There are very few options for passive income that don’t require deep knowledge of the cryptocurrency market or any investments.
Popular Earning Options in the Crypto Market — Is It Really That Simple?
Anyone can try to make money in the digital asset market by paying for training from an experienced trader with years of experience and credentials. However, even basic courses can be quite expensive, and the cost of Pro-level training can exceed $10,000. Moreover, no one trader, no matter how brilliant, can convey all their experience accumulated over many years of trading in just a month or two. There is no course can guarantee 100% success in trading. It’s important to understand that margin trading with leverage can bring significant profits but requires deep knowledge and experience, which beginners often lack. Unthoughtful operations, hoping for luck, typically lead to the liquidation of the deposit in 95% of cases.
Anyone can try buying “signals” (forecasts of price changes based on technical and fundamental analysis), but they do not always work propertly because the crypto market is very volatile and systematically manipulated by “whales” (large capital holders in digital assets) and the largest investment and hedge funds managing assets worth hundreds of billions of dollars.
Earn programs actively offered by CEX exchanges are less risky but don’t promise high earnings and still require at least minimal investments from the user. The risk of losing funds in the event of a CEX exchange’s bankruptcy is always present as evidenced by the sad stories of bankrupt trading platforms like Mt.Gox, Cryptopia, FTX, etc.
Is There an Alternative to Earn Without Risk and Investment?
The least risky, simple, and profitable way to earn in cryptocurrencies is the GameFi market. These are gaming projects that don’t require any investment and reward users with their tokens or cryptocurrencies for activity. The most popular trend in GameFi in 2024 is Tap2Earn games, which have already won the hearts of tens of millions of gamers worldwide. These games are commonly referred to as “tappers.”
The most promising, interesting, and anticipated project in the Tap2Earn game segment of 2024 is Monsta. This crypto game offers a new narrative in the world of tappers. It features a more engaging and colorful gameplay than its competitors, a variety of meme characters (cute monsters) inspired by trading stories, and unique game mechanics. An interesting feature of the game is the availability of unique trading cards, in addition to the standard rewards for activity, that reflect the dynamics of real top cryptocurrencies like BTC (Bitcoin), ETH (Ethereum) etc. These cards can be purchased at a fixed price in the Monsta game currency, but their value is tied to the value of the specific cryptocurrency they are denominated in and changes in real-time according to the market. You can create a portfolio of assets from these cards, learn and test your trading strategies. Who knows? Maybe later you could sell it on…Let’s see how this promising project evolves.
The first version of the game also includes “boosters” (which accelerate earnings), paid tasks and thematic daily and weekly quests. The team also plans to organize group tournaments where users can compete online, upgrade characters and expand the financial and gaming mechanics. These new features will make the gameplay even more fun and engaging, and the economy more realistic and varied.
Everything suggests that this game has the potential to take the market by storm and become a breakthrough in the Tap2Earn segment. Monsta immerses gamers in a radically different, richer gaming and financial experience and opens up new earning opportunities. This isn’t just “another tapper” on the market. It seems the developers aim to create a new narrative, a kind of “king” in the world of clickers, taking the Tap2Earn industry to a new, higher-quality level, as well as gamers’ incomes.
As we can see, a safe way to earn in the crypto market does exist. And when it can be combined with an interesting gaming process, it’s the best option possible. Are you already looking forward to the launch of Monsta?
Pepe Rektember could turn early investors into multi-millionaires, like other memecoins, such as Shiba Inu (SHIB) and Dogecoin (DOGE), did.
Pepe Rektember (PEPEREKT), a newly launched Solana memecoin, is set to explode over 16,000% in price in the coming days.
This is because PEPEREKT is set to soon be listed on numerous crypto exchanges, according to reports.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and cause its price to rally, which will benefit investors who buy before these new exchange listings.
Currently, Pepe Rektember can only be purchased via Solana decentralized exchanges, like Jup.ag and Raydium.io, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Pepe Rektember could become the next viral memecoin.
Pepe Rektember launched with over $8,000 of liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy Pepe Rektember on Raydium.io or Jup.ag ahead of the CEX listings, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Pepe Rektember by entering its contract address – 2Ljnq1rNf2fzWwZGaHQkBteS1wrsbqiqtdVsxRhDWN6H – in the receiving field.
If you don’t have one of these wallets already, you can create a new wallet in a few minutes and transfer some Solana to it (which will then be used to buy the memecoin), from an exchange like Coinbase, Binance and many others.
Early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like PEPEREKT.
Such memecoins have no utility and no inherent value, but investors looking for high gains have been investing in them due to their potential to rapidly rise in price.
Musk Moon could turn early investors into multi-millionaires, like Shiba Inu (SHIB) and Dogecoin (DOGE) did.
Musk Moon (MUSKMOON), a new Solana memecoin that was launched today, is poised to explode over 17,000% in price in the coming days.
This is because MUSKMOON is set to soon be listed on numerous crypto exchanges, according to reports.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
Currently, Musk Moon can only be purchased via Solana decentralized exchanges, like Jup.ag and Raydium.io, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and Musk Moon could become the next viral memecoin.
Musk Moon launched with over $3,000 of liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy Musk Moon on Raydium.io or Jup.ag ahead of the CEX listings, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for Musk Moon by entering its contract address – EeALBZqKS9k4YCFngxwUynEpoKW8Mqf6hXDLuUHhGs1Q – in the receiving field.
If you don’t have one of these wallets already, you can create a new wallet in a few minutes and transfer some Solana to it (which will then be used to buy the memecoin), from an exchange like Coinbase, Binance and many others.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like MUSKMOON.
Such memecoins have no utility and no inherent value, but investors looking for high gains have been investing in them due to their potential to rapidly rise in price.
On September 8, Bitcoin (BTC) recorded another monthly low, with analysts cautioning about the risks should it fall below $54,000. During the Asian trading session, BTC/USD plummeted to $55,282 on Bitstamp, as observed by Cointelegraph Markets Pro and TradingView.
The downturn occurred as the cryptocurrency market anticipated crucial unemployment data from the United States, with Bitcoin struggling to recover from the six-month lows it reached on August 5. Analyst Caleb Franzen highlighted the precarious situation, pointing to the 200-day simple (SMA) and exponential (EMA) moving averages, which were positioned at $63,840 and $59,462, respectively. He noted the formation of a “cloud” between these averages, indicating potential market movements.
“If Bitcoin loses this green range and has a daily close below $54k (the low daily close on Aug. 5), I’ll concede that this is a formal rejection & new low on the 200-day MA cloud,” Franzen stated. He emphasized that a drop below this level would not be a bullish sign and would signify a significant shift in market trend.
Despite the bearish outlook, Franzen also identified a bullish divergence on September 5, noting an upward trend in Bitcoin’s relative strength index (RSI) despite the falling price. “Bitcoin in a short-term regression downtrend, but with a bullish RSI divergence that’s still intact,” he observed.
Concerns about Bitcoin’s direction were echoed by other traders. Arthur Hayes, former CEO of crypto exchange BitMEX, expressed his bearish stance by initiating a short position, anticipating the price to drop below $50,000 over the coming weekend.
Similarly, trader Peter Brandt spotted a megaphone pattern on the weekly chart, suggesting that the market could see a “massive thrust” into price discovery. Brandt indicated that a test of the lower boundary could bring prices down to around $46,000. He summarized the current market dynamics by saying, “A massive thrust into new ATHs is required to get this bull market back on track. Selling is stronger than buying in this pattern.”
Robinhood Markets’ cryptocurrency division has agreed to a $3.9 million settlement with the California Justice Department following accusations of restricting crypto withdrawals from 2018 to 2022.
California Attorney General Rob Bonta announced the settlement on September 4, marking it as the first public action by the California Department of Justice against a cryptocurrency company. Bonta alleged that Robinhood Crypto LLC breached state commodities laws by allowing customers to purchase cryptocurrencies without actually delivering the assets. Instead, customers were compelled to sell their holdings back to Robinhood to withdraw their funds.
Additionally, Bonta criticized Robinhood for inaccurately informing its customers that it held their crypto assets directly, when in fact, these were often held at other trading venues. He also pointed out that Robinhood falsely advertised connecting to multiple trading venues to secure competitive prices for its users, which was not consistently the case.
The settlement, formalized on August 31, does not involve an admission of guilt or denial of wrongdoing by Robinhood. However, it includes significant corrective measures. Robinhood is now required to enable direct crypto withdrawals to customer wallets and must make its trading, order handling, and custody processes transparent and compliant with the stipulated guidelines.
“Our investigation and settlement with Robinhood should send a strong message: Whether you’re a brick-and-mortar store or a cryptocurrency company, you must adhere to California’s consumer and investor protection laws,” Bonta stated, emphasizing the broader implications for industry compliance.
Robinhood’s general counsel, Lucas Moskowitz, responded to the settlement by stating, “We are pleased to put this matter behind us. The settlement fully resolves the Attorney General’s concerns related to historical practices, and we look forward to continuing to make crypto more accessible and affordable to everyone.”
Following the announcement, Robinhood (HOOD) shares experienced a minor downturn, closing down 1.34% at $19.11 on September 4, with a slight recovery in after-hours trading to $19.14, as reported by Google Finance.
Venga has recently unveiled a new crypto application tailored for the European market but accessible worldwide, now available on the iOS App Store. This app is designed to make blockchain services widely accessible and integrates a variety of financial crypto services into one seamless interface.
The app boasts an advanced user experience, featuring easy onboarding and a visually appealing design. It serves as a comprehensive platform for decentralized finance (DeFi) and Web3 technologies, allowing users to engage with a broad spectrum of crypto functionalities.
Venga’s CEO, Michael Stroev, expressed enthusiasm about the launch, stating, “We’re thrilled to launch Venga in Europe and provide access into the cryptosphere to the masses. For too long, crypto apps have been constrained by suboptimal UX and poor technology.
“Venga aims to fix all of these issues by placing the tools for decentralized finance in the hands of everyday users and providing the knowledge necessary to discover, invest, and navigate the digital economy.”
The application enables users to buy, sell, swap, transfer, and hold cryptocurrencies with ease. Plans for future updates include features like staking and exchange, alongside traditional finance (TradFi) functionalities and access to new decentralized markets such as real-world assets (RWA).
The development team behind Venga includes experienced professionals like CEO Michael Stroev, previously COO and Head of Product at Nebeus, CIO Mikhael Soschin, former CTO at Infintec, and other specialists with strong backgrounds in blockchain technology.
Venga’s design focuses on exceptional user experience and interface, positioning it as a superior alternative to existing crypto applications. The app is built on a robust technical base that enhances responsiveness and ease of use, promoting efficient navigation through the complexities of Web3.
Registered with the Bank of Spain and the Ministry of Finance of the Republic of Poland as a Virtual Asset Service Provider and Custodian, Venga prioritizes transparency and compliance. It educates its users about blockchain through an informative blog and encourages practical engagement with its technologies, aiming to lower the barriers to crypto adoption and broaden its user base.
During a roundtable at Korea Blockchain Week (KBW) 2024, Solana Foundation’s executive director, Dan Albert, addressed concerns about the Solana network’s decentralization following a recent incident where a critical vulnerability was patched quietly by validators.
On August 9, a Solana validator named Laine highlighted a severe vulnerability that could have potentially halted the network. To prevent any exploits, the validators coordinated a patch in secret, fearing that public disclosure could allow an attacker to reverse-engineer the vulnerability and compromise the network. This behind-the-scenes coordination led some to question the network’s decentralization.
In response to these concerns, Albert explained at the KBW 2024 that the deployment of the patch was a necessary response to a security threat that could have “potentially caused a liveness issue on Solana mainnet.”
However, Albert strongly countered the notion that this action implied centralization. He stated:
“Regarding your question of decentralization, I think it’s important not to confuse centralization with the ability to coordinate. There are 1,500 block-producing nodes all over the world that are operated by almost as many individuals.”
Albert acknowledged that some companies operate multiple nodes, but emphasized that the coordination of the patch was a matter of communicating with active community members and node operators within the ecosystem. “We’ve spoken with them on occasions for other things,” he added.
He also highlighted that the validators independently choose the software they run, noting that the patch was open-source and that the Foundation never mandates running closed-source software.
“The ability to communicate with them, or some of them, voluntarily, is not to be confused with centralization,” Albert reiterated.
This incident isn’t the first time the Solana network has faced accusations of centralization. In 2022, a community member criticized the network as overly centralized, likening it to “another version of the traditional system.” Despite these claims, Solana-based DeFi firm Unstoppable Finance defended the network, asserting that Solana’s validator count is comparatively high and promotes greater decentralization than many realize.
Transak, a prominent Web3 payment infrastructure provider, has partnered with Soneium, an innovative Ethereum layer 2 solution crafted using the Optimism protocol. This collaboration aims to facilitate the entry of mainstream users into the Web3 space, focusing on sectors such as gaming, music, and more. Soneium’s launch was initially announced on August 23.
Transak is now integrated into the Soneium ecosystem, enhancing access to projects and tokens launched on Soneium for global users. Known for its extensive reach, Transak services over 350+ apps and 5.7 million users. Its payment system, operational in over 160 countries, allows users to transact using common methods like credit cards, debit cards, Apple Pay, and Google Pay, thus bridging the traditional Web2 and the emerging Web3 technologies.
Sota Watanabe, CEO of Startale, expressed enthusiasm about the partnership: “Our team is working closely with Transak, who share the mission to go Mainstream with Soneium. Transak’s dedicated solutions for multiple industries will empower developers to build innovative solutions, and we look forward to supporting the development of groundbreaking projects on Soneium.”
This integration is particularly significant for the gaming industry, offering gamers a fluid experience in purchasing, trading, and transferring in-game assets and NFTs through familiar payment methods. Transak’s tiered KYC process and localized payment options simplify microtransactions, enhancing the overall gaming experience and fostering broader adoption of blockchain technology.
“We are thrilled to collaborate with Soneium in shaping the future of the Web3 ecosystem. By leveraging our robust payment infrastructure, we aim to make blockchain technology more accessible and inclusive for millions of users worldwide. This collaboration underscores our commitment to bridging the gap between Web2 and Web3, empowering industries such as gaming and entertainment with innovative solutions that enhance user experiences and drive digital transformation,” said Sami Start, Co-Founder and CEO of Transak.
Beyond gaming, the partnership promises to revolutionize the entertainment industry. Musicians, filmmakers, and other content creators will find new opportunities to distribute and monetize their work, with blockchain technology ensuring transparency, security, and fair compensation.
The cryptocurrency market currently comprises over 13,000 different coins, many of which emerged during the 2018 Initial Coin Offering boom. A lot of crypto projects have died over the years, others have come to take their place, and a select few have managed to stay alive and even thrive through all of the ups and downs that the crypto market has experienced so far. So, it would be rather unfair to equate Bitcoin with crypto, as many people still do.
And yet, if we scour the market and look at the figures, it’s obvious that Bitcoin has always had the upper hand and continues to be the center of attention. The majority of traders and investors prefer to learn how to buy Bitcoin over other cryptocurrencies, despite the numerous other options that populate the market. It’s as if there’s only one coin that truly matters and the rest are there just to fill in the void and give it context.
If you ask average people who have no particular interest in the cryptocurrency landscape to name one crypto other than Bitcoin, they probably wouldn’t know what to reply. This reflects the collective perception that Bitcoin and crypto are one and the same thing. But does this mean that one should look no further than Bitcoin when considering digital assets or is this just a restrictive narrative that prevents one from seeing the woods for the trees?
It’s all about Bitcoin
Crypto assets are a dime a dozen, yet Bitcoin shines brighter than the rest, so much so that it often makes people ignore the existence of other cryptocurrencies. The figures say it louder than any explanation one can provide in this respect. Bitcoin is the largest crypto available, with a market cap of over $1 trillion at the time of writing, with its dominance standing at over 50%. This means Bitcoin commands more than half of the market and its hegemony continues to increase.
If we place Bitcoin in a larger context and compare it to other assets outside the crypto realm, its scale is even more impressive. After its most recent bull run, Bitcoin’s market cap exceeded that of silver, pushing the leading crypto to the eighth position in the global asset ranking. the crypto leader had already topped Meta’s market cap and if its ascent continues, the next company that will cruise by is going to be Alphabet, the holding company of Google.
Going back to the crypto space, the entire market seems to revolve around Bitcoin. This comes as no surprise since Bitcoin was the first decentralized currency to be invented, laying the foundation for the development of the crypto industry of today. Even now, 15 years since its launch, Bitcoin’s first-mover advantage keeps it in the lead, underscoring its unwavering influence.
The trailblazing crypto sets the tone for crypto, serving as a bellwether in the industry. Judging by its price history, Bitcoin’s movements appear to dictate the price trends of all other assets and thus control what happens in the market. Wherever the leading asset goes, the rest of the coins follow. When Bitcoin goes on a bull run, the altcoins increase in price as well and when Bitcoin’s value plummets, the altcoins’ prices take a hit as well.
Even the way digital currencies are categorized makes it obvious that Bitcoin is the center of gravity in the crypto market. Altcoins stands for alternative coins, encompassing all cryptocurrencies that are not Bitcoin. This classification uses Bitcoin as a reference point, inducing the idea that the crypto market is made of Bitcoin and the rest.
Crypto beyond Bitcoin
We also need to take a look at the other side to maintain a balanced view of the market. The second-largest crypto in the market, Ethereum, is nowhere near Bitcoin in terms of value, popularity and market capitalization. With an all-time high of $ 4,891 and a market cap of 430.76B, Ether has established itself as the leading altcoin and a hub of innovation in the cryptoscape. However, neither its unique features nor its massive potential has helped the groundbreaking platform to reach the heights that Bitcoin has reached, proving it’s probably true that nothing can grow in the shadow of a big tree.
On the other hand, we can’t deny that many traders and investors also take a keen interest in altcoins. It might be a Bitcoin world, as far as crypto goes, but the famous asset is not alone in its quest to reach mainstream acceptance.
When an innovation takes off and becomes successful, it’s normal for others to try to mimic its success. That’s how altcoins came to be. Every crypto project launched after Bitcoin was modeled in one way or another after the original asset. Some are superior to Bitcoin in certain aspects and have more advanced features and use cases that Bitcoin lacks. So, in the same way students often surpass their master, one of the altcoins might be able to outdo Bitcoin one day.
Besides, if anything were to happen to Bitcoin, it would be good for crypto enthusiasts to keep an eye on the rest of the market and have a plan B. And even if Bitcoin continues to thrive, some altcoins might still prove useful, providing utility in different areas than the main coin.
Final thoughts
Bitcoin might not be the only digital asset worthy of attention but it is certainly the most powerful of them all and the stranglehold it has on the crypto market is as evident and strong as ever. With the passage of time and the ongoing development of the crypto industry, its influence might weaken. Digital currencies are still young and there’s no telling how they will change as they mature.
However, for the time being, the crypto king remains in a category of its own, overshadowing every other asset that has emerged in its wake. Considering its current standing and influence, it’s going to be extremely difficult if not impossible for a different crypto to come close to or surpass its performance.
Crypto traders have identified a pattern on Bitcoin’s price chart that could potentially signal a move toward reclaiming its 2021 all-time highs.
In an analysis video dated Aug. 24, the pseudonymous crypto trader Mister Crypto highlighted the Bitcoin price chart, noting that if Bitcoin breaks above the $64,000 level, it is “very likely” to return to the $68,000 level, a price point it hasn’t seen since July 30.
The approach to $68,000 would likely lead traders to speculate on whether Bitcoin could surpass its 2021 all-time high of $68,991, a key benchmark closely monitored as 2024 unfolds.
As of the time of publication, Bitcoin is trading just above the $64,245 mark, based on CoinMarketCap data. However, it only broke through the $64,000 level on Aug. 23 for the first time in 20 days and struggled to hold above it, subsequently retracing back toward $63,500.
The breakthrough followed dovish comments from U.S. Federal Reserve Chair Jerome Powell, which further increased confidence among U.S. investors that interest rate cuts are imminent, although Powell did not provide a specific timeline.
Earlier, $64,000 was seen as a significant support level for Bitcoin after the approval of spot Bitcoin exchange-traded funds (ETF) on Jan. 11. However, a recent downturn on Aug. 5, dubbed “Crypto Black Monday,” turned this level into resistance.
Mister Crypto cautioned investors that Bitcoin’s price is unlikely to make significant moves over the weekend and may consolidate around its current level.
Meanwhile, crypto trader Elja told their 684,400 X followers, “It’s time for bulls to push Bitcoin towards $68K-$70K.”
Elja’s optimism is partly based on the relative strength index (RSI), which indicates that Bitcoin’s price is not overbought yet. When the RSI is above 70, it suggests a potentially overbought market, while below 30 indicates a possibly oversold market.
Currently, Bitcoin’s RSI stands at 66.11, according to Bitbo data. During Bitcoin’s all-time high of $73,679 in March this year, the RSI surged to 79.