Blockchain
Get the latest news and information on the future of blockchain and crypto, including price predictions from analysts perspectives for the major coins.
Blockchain News from CoinTelegram
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Issues such as community discontent, farm accounts and restrictive criteria have plagued recent airdrops. |
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The attacker was able to view team members’ private Discord messages, allowing them to gain access to the team’s wallet address and mint 100 million fake tokens. |
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Summer will offer ‘perfect opportunity’ for investing in crypto — Arthur Hayes The BitMEX co-founder says the current phase of price consolidation is ideal for accumulating crypto before macroeconomic factors trigger the next leg up in the bull market. |
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The transfer occurred a day before FTX debtors were set to release a new restructuring plan for the exchange. |
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The trade agreements between China and Hong Kong could allow mainland investors to access spot BTC ETFs in Hong Kong. |
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According to a Chainalysis report, there are a total of 1.75 million dormant BTC addresses inactive for over a decade. |
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Learn how to track cryptocurrency transaction histories with detailed steps to help navigate and understand crypto transactions. |
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Department store gift vouchers, stocks and loyalty points from tech giants can be donated to charities, but not crypto. |
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Franklin Templeton thinks Solana could be in the top three largest cryptocurrencies, with the blockchain’s tech in a good place to catch the next crypto wave. |
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Bitcoin’s testnet needs to be reset so it can remain free for developers to use, says software engineer Jameson Lopp. |
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An average of 178,475 daily transactions have been made on Bitcoin during its 5,603-day existence. |
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The ayes are winning with 8,301 votes to 4,212 against at the time of publication. |
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Hayden Adams strongly disapproved of low float tokens, considering them malicious and his biggest pet peeve. |
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The lawsuit claims that Solana, Polygon, Near, Decentraland, Algorand, Uniswap, Tezos and Stellar Lumens tokens are securities. |
Blockchain.News
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Arthur Hayes Discusses Crypto Market Turbulence, US Tax Season, Federal Reserve uncertainty and Bitcoin halving Arthur Hayes, in the latest edition of Crypto Trader Digest, provides insights into the recent market volatility and its impact on the crypto industry. He discusses the factors contributing to the market fluctuations, including US tax season, the Bitcoin halving event, and the tapering of quantitative tightening by the Federal Reserve. Hayes also highlights the US Treasury's quarterly refunding announcement and the response of the monetary authorities to the failure of Republic First Bank. (Read More) |
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Marathon Digital Holdings Reports Strong Bitcoin Production and Mining Updates for April 2024 Marathon Digital Holdings, a leading cryptocurrency mining company, has announced significant updates for April 2024. The company experienced a 15% increase in average operational hash rate, produced 850 bitcoins, and increased its bitcoin holdings. Marathon also revised its year-end total installed hash rate guidance to 50 EH/s, showcasing its growth plans and commitment to the industry. (Read More) |
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Discover the phased rollout strategy and key dates for BounceBit Mainnet launch, aimed at maximizing user profit and security. (Read More) |
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The FIOD has arrested four people and seized €12 million in an investigation into a major online gambling platform scam. (Read More) |
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Binance launches OM Locked Staking, offering high APR of up to 19.9% to users. (Read More) |
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The US SEC has extended the review period for 7RCC's Bitcoin ETF listing, with the final decision expected by June 24, with the initial deadline set for May 10. The Bitcoin ETF aims to provide investors with exposure to Bitcoin and incorporate carbon credits. (Read More) |
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Former FTX Executive Ryan Salame Agrees to Forfeit $5.9 Million Bahamas House in Plea Agreement Ryan Salame, the former co-CEO of FTX Digital Markets, has reached a plea agreement in a criminal case. As part of the agreement, Salame has agreed to transfer his $5.9 million Bahamas house to FTX Digital Markets Ltd. instead of paying $5.6 million in restitution in cash. (Read More) |
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EigenLayer, an Ethereum restaking protocol, has expanded its initial EIGEN token airdrop to 28 million tokens, addressing user dissatisfaction and ensuring equitable distribution. The airdrop includes Season 1 and Season 2 participants, with minimum token allocations. (Read More) |
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US federal prosecutors are conducting an investigation into Block Inc., the fintech company founded by Twitter co-founder Jack Dorsey. The investigation follows allegations of compliance violations at Block's payment arms, Square and Cash App. A whistleblower has provided documents showing that Block processed transactions for users in countries subject to economic sanctions and facilitated crypto transactions for terrorist groups. The company is accused of failing to address these breaches despite being alerted to them. (Read More) |
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OKX, a leading cryptocurrency exchange, has recently announced the listing of RSIC•GENESIS•RUNE (RUNECOIN) on its spot trading market. This move aims to provide users with more opportunities to engage with the digital asset and further promote a vibrant and user-centric ecosystem. (Read More) |
Blockchain - Hacker Moon
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Biometrics, with its capabilities in identity verification, content authentication, mitigation of bots and Sybil attacks, and creation of personalized user experiences, offers unique advantages to restore trust, combat misinformation, and establish a secure online media ecosystem. This article outlines the potential benefits and considerations associated with integrating biometric solutions within the digital media realm.Read All |
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Layer-1 blockchains have three sources of funding for the validators supporting their networks: unlocked tokens from the total supply, minting of new tokens and network fees paid by the users. We explore major Layer-1 blockchains to find out how sustainable are their models without token subsidies, pros and cons of different approaches to crypto economy.Read All |
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DePIN (short for Decentralized Physical Infrastructure Networks) extends Web 3--the decentralized internet built on blockchains, cryptocurrencies, and smart contracts--to physical infrastructure and services like energy networks and ride-sharing. Messari, an independent crypto research firm, estimates DePIN’s Total Addressable Market to be $2.2 trillion, growing to $3.5 trillion by 2028. However, DePIN's theoretical market size is the entire non-digital economy, which, according to the World Bank, is nearly $90 trillion.Read All |
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Blockchain technology is not only the foundation for cryptocurrencies, but also for the transformation of numerous industries. With applications in finance, healthcare, and beyond, its decentralized nature and robust data security are reshaping the way we handle information. By bringing transparency, security, and efficiency to various aspects of life and business, blockchain is revolutionizing our interactions. As this technology continues to evolve, we anticipate even more diverse applications and innovations. It's important to stay abreast of its progress and explore new opportunities across industries. Blockchain is making the world more transparent, secure and accessible to everyone.Read All |
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Revolutionizing AI: io.net and Aptos Labs Forge a Path for Decentralized Innovation Discover how io.net's partnership with Aptos Labs is setting the stage for the future of decentralized AI and blockchain integration. Learn about their efforts to make AI more accessible and the impact of their collaboration on the AI and blockchain ecosystems.Read All |
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Ethereum-based Account Abstraction technology gives ultimate power to improve UX, onboard new users to Web3, and build Love Brands in DeFi, gaming, and HoReCa.Read All |
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The ERC-721 standard and OpenZeppelin's implementation allow safe and reliable buying and selling of NFTs with escrow services. We can send an NFT to an escrow, check if an NFT has been delegated to an escrow, and remove an NFT from escrow. The escrow account holder can execute a transfer to a new owner. Using escrow allows all the parties to agree when the transfer happens when all the rules have been met.Read All |
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Solana competes with BNB for the fourth place in the crypto world. Has the coin left all the problems behind?Read All |
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Anonymous, Accountable Contract Wallet System With Account Abstraction: Conclusion & References An academic paper about anonymous yet accountable contract wallet systems utilizing blockchain and accountable ring signatures for secure transactions.Read All |
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Anonymous, Accountable Contract Wallet System With Account Abstraction: Implementation An academic paper about anonymous yet accountable contract wallet systems utilizing blockchain and accountable ring signatures for secure transactions.Read All |
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Anonymous, Accountable Contract Wallet System With Account Abstraction: Proposed System An academic paper about anonymous yet accountable contract wallet systems utilizing blockchain and accountable ring signatures for secure transactions.Read All |
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Anonymous, Accountable Contract Wallet System With Account Abstraction: Preliminaries An academic paper about anonymous yet accountable contract wallet systems utilizing blockchain and accountable ring signatures for secure transactions.Read All |
Blockchain - NewsBTC
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Ethereum price extended its recovery wave above the $3,120 zone. ETH failed to surpass the $3,220 resistance and is currently trimming gains. Ethereum climbed further above the $3,150 and $3,200 levels before the bears appeared. The price is trading below $3,120 and the 100-hourly Simple Moving Average. There was a break below a major bullish trend line with support at $3,120 on the hourly chart of ETH/USD (data feed via Kraken). The pair must stay above the $3,020 support to start another increase toward $3,220. Ethereum Price Dips Again Ethereum price climbed further above the $3,150 and $3,200 levels, like Bitcoin. ETH tested the $3,220 resistance zone before the bears appeared. A high was formed at $3,217 and the price started a downside correction. There was a move below the $3,150 level. The bears pushed it below the $3,120 support. Besides, there was a break below a major bullish trend line with support at $3,120 on the hourly chart of ETH/USD. The pair tested the $3,025 zone. A low was formed at $3,025 and the price is now consolidating losses. Ethereum is trading below $3,120 and the 100-hourly Simple Moving Average. Immediate resistance is near the $3,070 level or the 23.6% Fib retracement level of the recent decline from the $3,217 swing high to the $3,025 low. The first major resistance is near the $3,120 level or the 50% Fib retracement level of the recent decline from the $3,217 swing high to the $3,025 low. The next key resistance sits at $3,170, above which the price might gain traction and rise toward the $3,220 level. Source: ETHUSD on TradingView.com If the bulls remain in action and push the price above $3,220, there could be a drift toward the $3,350 resistance. Any more gains could send Ether toward the $3,500 resistance zone. More Losses In ETH? If Ethereum fails to clear the $3,120 resistance, it could start another decline. Initial support on the downside is near the $3,025 level. The first major support is near the $3,000 zone. The main support is near the $2,950 level. A clear move below the $2,950 support might push the price toward $2,820. Any more losses might send the price toward the $2,650 level in the near term. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 level. Major Support Level – $3,025 Major Resistance Level – $3,120 |
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Bitcoin price extended its increase above the $64,000 resistance. BTC is now holding gains above $62,800 and might aim for more upsides. Bitcoin traded to a new weekly high at $65,500 before there was a downside correction. The price is trading above $63,500 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $63,350 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could aim for more upsides if it clears the $64,500 and $65,500 resistance levels. Bitcoin Price Aims Higher Bitcoin price remained well-bid above the $62,500 support zone and extended its increase. BTC was able to clear the $64,500 resistance. It even cleared $65,000 and tested $65,500. A high was formed at $65,550 and the price is now correcting gains. There was a minor decline below the $64,000 level. The price tested the 23.6% Fib retracement level of the upward move from the $56,380 swing low to the $65,550 high. However, the bulls are active near the $63,000 zone. There is also a key bullish trend line forming with support at $63,350 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $63,000 and the 100 hourly Simple moving average. Immediate resistance is near the $64,500 level. The first major resistance could be $65,000. The next key resistance could be $65,500. Source: BTCUSD on TradingView.com A clear move above the $65,500 resistance might send the price higher. The next resistance now sits at $67,200. If there is a clear move above the $67,200 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $68,800. Another Drop In BTC? If Bitcoin fails to rise above the $65,500 resistance zone, it could start another decline. Immediate support on the downside is near the $63,350 level and the trend line. The first major support is $62,800. If there is a close below $62,800, the price could start to drop toward the 50% Fib retracement level of the upward move from the $56,380 swing low to the $65,550 high at $60,800. Any more losses might send the price toward the $60,000 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level. Major Support Levels – $63,350, followed by $62,800. Major Resistance Levels – $64,500, $65,000, and $65,500. |
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An analyst has explained how Bitcoin seems to be showing a good setup to reach escape velocity based on the trend in this indicator. Bitcoin VWAP Oscillator Has Been Showing A Bullish Divergence As explained by analyst Willy Woo in a new post on X, a bullish divergence has appeared to be forming in the Volume-Weighted Average Price (VWAP) oscillator of the cryptocurrency. The VWAP is an indicator that calculates an average price for any given asset, taking into account not only the price but also the volume. More formally, it’s calculated as the cumulative price sum multiplied by the volume divided by the cumulative volume. Related Reading: Bitcoin Relative Open Interest Lowest Since Feb, Analyst Says “Hard To Be Bearish” This metric puts a higher weight on the price at which more volume is traded. Usually, the exchange-reported volume is used to find the metric, but for a cryptocurrency like Bitcoin, the entire transaction history is visible to the public thanks to blockchain data. Woo has used on-chain volume instead to calculate the VWAP for BTC. The VWAP oscillator, the actual indicator of interest here, is a ratio between the asset’s spot price and VWAP. Here is the chart shared by the analyst that shows the trend in this metric over the past couple of years: The value of the metric seems to have been on the decline in recent days | Source: @woonomic on X As displayed in the above graph, the Bitcoin VWAP oscillator has been in the negative territory for the past month but has recently shown a turnaround. Although the metric is heading up, it’s still very much contained inside the red zone. At the same time as this rise, the cryptocurrency’s price has been heading down instead. According to Woo, this is a bullish divergence forming for the asset and it’s also one that has a “lot of room to run,” since tops in the coin have generally occurred when the oscillator has reached a point of reversal at relatively high levels inside the positive zone, which should still be quite far away. “Seems like a good setup for BTC to reach escape velocity,” notes the analyst. It remains to be seen whether the bullish divergence will end up bearing fruits for the asset. In some other news, the Bitcoin whales (investors carrying 1,000 BTC or more) participated in buying around the recent lows of the asset. Still, market intelligence platform IntoTheBlock has revealed that the accumulation sprees from these large investors have been displaying an overall downtrend. The trend in the netflow of the BTC whales over the past couple of months | Source: IntoTheBlock on X From the chart, it’s visible that the Bitcoin whales have been buying at each of the dips in the last few months, but it’s also visible that the scale of this buying has been diminishing with each one. Related Reading: XRP Forms On-Chain Signal That Led To 16% Crash Last Time This could be a sign that the appetite for buying among these investors, although still present, is getting smaller with each dip. BTC Price When writing, Bitcoin is trading at around $63,500, up over 1% in the last seven days. Looks like the price of the asset has been going up over the last few days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, IntoTheBlock.com, chart from TradingView.com |
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In recent weeks, Ethereum has displayed subtle signs of recovery amidst a generally bearish crypto market, with the altcoin mimicking Bitcoin’s modest uptrend. Despite Ethereum’s price increasing slightly by 0.2% over the last 24 hours, a parallel trend that might significantly affect Ethereum’s economic model has been unfolding beneath the surface. Related Reading: Is Ethereum Back? Record 267,000 New Users Spark Speculation Decline In Network Activity Reduces ETH Burn April witnessed Ethereum’s ETH burn rate hitting an annual low, primarily due to a significant decrease in network transaction fees. These fees have typically fluctuated just below 10 gwei this year, but recent weeks have seen them dip to some of the lowest levels, directly influencing the rate at which ETH is burned. This reduced burn rate is evidenced by the stark drop in daily burned ETH, which reached a low of 671 ETH in the past day a notable decrease from the daily figures of 2,500–3,000 ETH seen earlier in the year. Such a decline in burn rate is not merely a statistical anomaly but a reflection of broader shifts within the Ethereum network. A significant factor contributing to the lowered gas fees is the increased migration of network activities to Layer 2 solutions, which enhance transaction speeds while lowering costs. Moreover, innovations like blob transactions, introduced in Ethereum’s recent Dencun upgrade, have further optimized costs on these secondary layers. Notably, Blobs are a feature introduced to enhance Ethereum’s compatibility with Layer 2 solutions like zkSync, Optimism, and Arbitrum by efficiently managing data storage needs. This functionality is part of the Dencun upgrade, which integrates proto-danksharding via EIP-4844. While beneficial in reducing transaction fees, these technological strides pose challenges to Ethereum’s deflationary mechanisms. This upgrade introduced a new fee structure in which a part of every transaction fee, the base fee, is burned, potentially reducing the overall ETH supply. However, with decreased transaction fees, the anticipated deflationary pressure via burning has softened, signaling a shift to a more inflationary trend in the short term. According to Ultrasoundmoney, Ethereum’s supply dynamics have swung to a mildly inflationary mode with a growth rate of 0.498%. This shift could realign if network activity intensifies, leading to increased transaction fees and, consequently, higher burn rates. Ethereum Market Response Despite these underlying network dynamics, Ethereum’s market price has struggled to regain its former highs above $3,500. The asset trades around $3,085, reflecting a slight downturn over recent weeks. This price behavior underscores the broader market’s reaction to internal network changes and external economic factors, such as regulatory struggles from the US Securities and Exchange Commission (SEC) and macroeconomic uncertainties. Related Reading: Ethereum “Has Been A Major Disappointment”: Trader Weighs In On This Crypto Cycle Looking ahead, the trajectory of Ethereum’s gas fees and subsequent ETH burn rate will be crucial in determining the sustainability of its economic model. Featured image from Unsplash, Chart from TradingView |
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Cardano has recovered from its April lows and continues to maintain a strong momentum above $0.45. This has prompted expectations that the altcoin will go on a rally from here. However, not everyone shares this sentiment as one crypto analyst expects the price to crash further from here. Cardano Will Crash Back Below $0.45 In the latest video on his YouTube channel that revolved around Cardano’s future trajectory, crypto analyst, ‘More Crypto Online’, revealed why the ADA price is poised for more decline. The analyst pointed out that the altcoin is currently in its 3-wave corrective rally. Related Reading: Fantom Revival: Crypto Analyst Predicts A Jump To $1.2 For FTM Price Now, the Elliot Wave Theory which is being referred to by the crypto analyst consists of five waves. Out of the five, three are bullish and two are bearish. The bullish waves involve the 1, 3, and 5, with 2 and 4 being bearish waves. If the analyst is correct and the Cardano price has only completed three waves so far, that means the fourth wave, which is a bearish wave, is yet to be established. As a result, the crypto analyst believes that the Cardano price will further break down as it enters the fourth wave. He further pointed out that the altcoin’s price had fallen below the $0.48 support, which was an important level for it. This, coupled with the fact that it is yet to enter the fourth wave, has the analyst convinced that the price crash is far from over. As for where the ADA price might end up in this fourth wave, the crypto analyst believes it will go as low as $0.42 before recovering again. However, the good news is that once the fourth wave is completed, it gives way for the fifth wave to begin, which is the most bullish of all the waves and could see the ADA price barrel past $1. ADA Metrics Still Bullish Despite the bearish outlook presented by the crypto analyst, major Cardano metrics continue to show bullish divergence. For example, the daily trading volume of the altcoin has risen almost 17% in the last day to cross $286 million, data from CoinMarketCap shows. Related Reading: Why Did The Solana (SOL) Price Jump Today? This drastic rise in daily trading volume suggests a return of interest in the altcoin and this could quickly translate to a bullish trend, especially in the short term. Additionally, the fact that the price is on the rise at this time suggests that the majority of the transactions as a result of this renewed interest is from buyers rather than sellers. This suggests that the price will continue to rise if this demand is sustained. At the time of writing, ADA is still sitting firmly above $0.45, with a 1.78% increase in the last day. ADA price still above $0.45 | Source: ADAUSDT on Tradingview.com Featured image from Cardano Feed, chart from Tradingview.com |
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Decentralized application (dApp) platform Near Protocol exhibited notable growth in key metrics during the first quarter (Q1) of 2024, driving its native token NEAR to reclaim a crucial key level and paving the way for a potential retest of its all-time high (ATH) from January 2022. According to a recent report by Messari, NEAR experienced significant increases in market capitalization, revenue, active addresses, and Total Value Locked (TVL), solidifying its position among the top players in the cryptocurrency market. NEAR Outperforms Bitcoin And Ethereum In Q1 2024, NEAR’s circulating market cap surged to $7.2 billion, marking a 94% quarter-on-quarter (QoQ) increase. The fully diluted market cap also witnessed substantial growth, reaching $8.2 billion, representing a 91% QoQ increase. These numbers propelled NEAR to secure a spot among the top 20 cryptocurrencies by market capitalization. Related Reading: Study Uncovers Surprising Data: 90% Of Stablecoin Transactions Not Driven By Human Users Notably, NEAR outperformed Bitcoin (BTC) and Ethereum (ETH), which recorded QoQ growth rates of 69% and 53%, respectively. Additionally, NEAR’s revenue, derived from network transaction fees, witnessed an 82% QoQ increase, reaching $1.9 million. NEAR continued its address growth trend in Q1 2024, with average daily active addresses reaching 1.2 million, representing a robust 42% QoQ increase. The network also witnessed a surge in daily new addresses, totaling 236,000 (a 37% QoQ increase), and surpassed the milestone of 100 million total accounts. According to Messari, contributions from established protocols like KAIKAINOW, Sweat, and Playember and the adoption of HOT Wallet, averaging over 350,000 daily active addresses in March and nearly 3 million total wallets, drove this expansion. Stablecoin Market Cap Soars In Q1 Per the report, the protocol experienced a sustained increase in transaction activity throughout Q1 2024, with daily transactions reaching 4.3 million, representing a 78% QoQ increase and a 538% increase over the last six months. Similarly, NEAR’s TVL witnessed substantial growth, ending the quarter at $335 million, a 163% increase from the previous quarter and a 547% increase over the last six months. Furthermore, NEAR’s decentralized exchange (DEX) volume experienced a notable surge, with an average daily volume of $8 million, representing a 95% QoQ increase. Ref Finance emerged as the leading DEX on the protocol, with $6 million daily volume, surpassing Orderly Network. Lastly, NEAR observed a significant increase in its stablecoin market cap during Q1 2024, soaring 176% QoQ to $214 million. Notably, USDT experienced a significant surge, with its market cap increasing by 1,155% QoQ, reaching $88 million. Outperforming Top 20 Cryptocurrencies Regarding price action, NEAR Protocol’s native token has exhibited strong performance, surpassing the top 20 cryptocurrencies in the market with a 9.4% uptrend in the past seven days. Meanwhile, Bitcoin has experienced a minor 1.5% price correction over the past 24 hours. This positive trend has enabled NEAR to reclaim the significant $7.40 price level, which is important for bullish investors. Looking ahead, the $7.60 mark may present a potential resistance level for the token, serving as a crucial barrier to monitoring. It could pave the way for a retest of the $8 mark, signaling further upward momentum if successfully breached. Related Reading: Here’s Why This Crypto Analyst Believes Bitcoin Is At A ‘Prime Buy Zone’ Conversely, the $6.80 mark has demonstrated its significance as a key support level. It was previously tested over the weekend and effectively prevented a more significant price decline. Despite the optimistic outlook, it is important to note that the token remains down by over 64% from its all-time high of $20.4, reached in 2022. Featured image from Shutterstock, chart from TradingView.com |
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Shiba Inu has rebounded by over 19% from its $0.00002081 price point at the beginning of the month. Current price action shows the cryptocurrency might be on its way to performing an interesting price surge in the coming weeks. According to one crypto analyst, SHIB could actually go on a 120% price surge after breaking out of the current consolidation. Crypto Analyst Says Massive Surge Coming SHIB kickstarted a price correction immediately after reaching 0.00003556 in early March. Bullish investor sentiment surrounding the meme cryptocurrency at the time quickly changed into a bearish one. This pushed SHIB on a decline that bottomed out at $0.00002117 in the middle of April, indicating a 40% price correction in those two months. Interestingly, this was the worst SHIB price decline since the May 2022 collapse of the Terra ecosystem. Related Reading: Why Did The Solana (SOL) Price Jump Today? As noted on the 8-hour timeframe chart shared on social media platform X by crypto analyst World Of Charts, SHIB has been on a consolidation channel for the past two months. However, the analyst foresees a bullish breakout to create a strong bullish wave that’s going to send SHIB holders on a profit margin between 100% and 120%. $Shib Consolidating In Bullish Flag In H8 Timeframe Incase Of Successful Breakout Expecting Solid Bullish Wave Expecting 100-120% Bullish Wave#Crypto #Shib pic.twitter.com/vfLClaexvu — World Of Charts (@WorldOfCharts1) May 3, 2024 Interestingly, a further look into the chart shared by World Of Charts shows that the analyst is open to a higher price surge over a longer period of time. The last price target indicated on the chart is $0.00009500, which is a 280% target from the current price levels. Can Shiba Inu Push Higher? Shiba Inu recently formed a higher low on the weekly timeframe, an indicator that the bulls might be starting to gain the upper hand. Despite the past decline, over 56% of SHIB holders remained in profit as many long-term holders opted to hold on to their tokens. At the time of writing, SHIB is trading at $0.00002489 and is up by 6.4% in the past seven days. This price increase has seen the number of SHIB holders in profit rising concurrently to 61%. Related Reading: Bitcoin Relative Strength Jumps To 40%: 10x Research Reveals Next Steps From Here Many addresses that just moved into profit margin are not taking profit indicating that majority of investors are anticipating a price increase in May. One catalyst that could lead to a further price increase is the recent partnership between PayPal and MoonPay which will allow PayPal users within the United States to buy the dog-themed cryptocurrency easily. Popular crypto analyst Ali Martinez also predicted a SHIB price surge based on a bull flag that has recently appeared on the token’s price chart. SHIB falls after brief recovery | Source: SHIBUSDT on Tradingview.com Featured image from Times Tabloid, chart from Tradingview.com |
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Over the weekend, the crypto market started recovering from the largest retrace of this bull cycle. The strong correction caused Bitcoin and the altcoins market to drop to levels not seen since February. While some sectors of the crypto community felt like the bull run was over or needed to “cool-off”, others seemed optimistic about the cycle’s future. Now that the market is back from the correction, analysts foresee that the altcoin season might come soon. Related Reading: Here’s When Bitcoin Could Peak In This Accelerated Bull Run: Analyst Is The Correction Phase Over? Over the weekend, crypto analyst and trader MilkybullCrypto shared with his X followers that the Altcoins market capitalization was at “an RSI level that initiates an explosive rally.” Per his chart, this level is a “reset for a healthy rally,” as seen in 2016 and 2020. During these two cycles, when the altcoins reached this level, a “huge rally” followed. The analyst shared his latest forecast on Monday after seeing the market strengthen its recovery. To Milkybull, the altcoins market cap finished a “Heatly retest.” The market displayed a similar correction during the 2020-2021 rally before skyrocketing to all-time high (ATH) levels. The chart seems to display the same performance, which could mean that altcoins are “in preparation for an explosive rally,” if history repeats itself. Altcoins resembling performance between cycles. Source: MilkybullCrypto Similarly, crypto trader and analyst Captain Fabik considers the “Healthy Correction is done.” In his X post, the analyst identified a bullish falling wedge pattern, which signals a “bullish rally incoming.” Altcoins “Cool-Off” Or “Euphoria” Incoming? According to analyst and trader Rekt Capital, the Altcoin market cap, excluding the top 10 cryptocurrencies, has “successfully retested the $250 billion level as a support level” over the last several weeks. Per the trader, the altcoins are following the proposed path of his “Ultimate Altcoin Market Cap Game Plan For The Coming Months.” On this plan, Rekt Capital forecasted altcoins market cap would surge to the $315 billion level before retracing back to the $250 billion mark. This retrace would be followed by an explosive surge above the $440 billion market capitalization. Altcoins have stayed above the $250 billion support zone despite the strong corrections, as seen in the chart below. To the analyst, this suggests the market is “now showing initial signs of trying to curl up from here.” Ultimate Altcoin Market Cap Game Plan For The Coming Months. Source: Rekt Capital Renowned figures have expressed their “disappointment” in altcoins’ performance this cycle. Altcoin Sherpa considers that “many alts didn’t even run that hard over the last few months,” which could suggest that it’s time for a “cool-off.” At the time, the analyst deemed altcoins’ rally was “done” for the next 1-4 months. However, others believe the “euphoria phase” for altcoins is coming. According to Crypto Yhodda, “The alts will rise again, and by the end of 2024, they will go crazy.” Moreover, the analyst believes that “Altcoins Cycle III” will give us some crazy pumps. According to his chart, the altcoins’ cycle I and II displayed a symmetrical triangle pattern before the breakout. The surge was followed by a slowdown before the upward trajectory continued, called “Round 1” by the analyst. Subsequently, the rally would repeat the pattern on a second round before reaching the cycle’s top. “Cycle III” appears to be in the middle of Round 1, which suggests to the analyst there is a long road ahead before it “hits the euphoria phase.” Related Reading: Crypto Analyst Reveals 6 Must-Buy Altcoins With The Most Potential Altcoins market capitalization sits at $1.045 trillion in the weekly-chart. Source: TOTAL 2 on TradingView Featured Image from Unsplash.com, Chart from TradingView.com |
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Well-known cryptocurrency analyst and trader Rekt Capital has revealed an intriguing finding regarding Bitcoin’s price trend in a recent analysis. His ground-breaking prognosis reveals that the crypto asset is mirroring historical price action that took place during a bull cycle eight years ago. Similar Historical Price Tendency In Bitcoin Rekt Capital asserted that the way Bitcoin is reiterating a past price trend from a cycle 8 years ago is amazing. Given the magnitude of the 2016 bull cycle, BTC could be poised for significant growth in the upcoming months. During the 2016 bull cycle, BTC witnessed a notable growth of nearly 3,000%, following the conclusion of the Bitcoin Halving event. Related Reading: Here’s When Bitcoin Could Peak In This Accelerated Bull Run: Analyst Moving on, Rekt Capital drew attention to his previous post regarding Bitcoin’s post-Halving movement, which he dubbed the Post-Halving Danger Zone. According to the analyst, the digital asset is currently caught up in this zone. He further noted that Bitcoin has veered to the negative below the current Re-Accumulation Range Low, repeating the pattern that began in 2016. In 2016, the move below the re-accumulation range was about 17%. However, this divergence in 2024 is down by 6%. Rekt Capital previously affirms in 2016, about 21 days after the Halving, Bitcoin saw a lengthy -11% decline before transitioning toward the upside. Thus, if there should be downside volatility in this cycle around the Re-Accumulation Range Low, 2016 data indicates that BTC could turn to the upside in the next 10 days, considering the post time. Even though the Post-Halving “Danger Zone” ends in the upcoming days, particularly four days from now, Rekt Capital stated that 2016 data proves that there may be some negative volatility at the $60,600 Range Low in the interim. Pre-Halving Danger Zone For BTC Notably, the expert also identified a Danger Zone before the event, where previous Pre-Halving retraces have always started. According to Rekt Capital, pre-Halving retracements have historically been seen in Bitcoin between 14 and 28 days before the event, and this cycle hasn’t been any different thus far. Related Reading: Bitcoin Loses Historical Level, Analyst Says “Reclaim And Bounce, Or Die” He stated that Bitcoin saw its first pre-Halving retrace of -18% about 30 days before the Halving, while in 2016, the pre-Halving retrace started 28 days before the event, suggesting BTC could move in the same direction as that of 2016. Due to this, Rekt Capital is confident that a potential danger zone could occur after Halving. However, the retracement from the current all-time high has now proven to be deeper and longer than past retracements, spanning several weeks. Consequently, the expert predicted a high probability that Bitcoin prices may have reached a bottom. At the time of writing, the price of Bitcoin was seeing a positive sentiment, rising by 0.43% to $64,126 in the past day. Both its market cap and trading volume have increased by 0.50% and 24.43%, respectively, in the last 24 hours. Featured image from iStock, chart from Tradingview.com |
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A crypto whale’s transaction involving the third-largest meme coin by market cap, PEPE, has drawn the crypto community’s attention. The magnitude of the transaction, coupled with some other whale transactions, suggests that it may be high time to pay more attention to PEPE. Crypto Whale Spends $10.4 Million On PEPE On-chain analytics platform Spotonchain revealed a wallet (3eAaAC3C9) that had purchased 1.238 trillion PEPE from Binance at an average price of $0.000008424 ($10.4 million). This wallet then proceeded to withdraw the tokens in two transactions. On-chain data shows that the whale withdrew 322.5 billion PEPE in the first transaction and the remaining 915.85 billion PEPE in the second transaction. Related Reading: Bitcoin Relative Strength Jumps To 40%: 10x Research Reveals Next Steps From Here At the time of writing, the whale hasn’t moved the tokens, suggesting they may be looking to hold for the long term. Some notable smart traders look to have been accumulating the meme coin lately, most likely in anticipation of significant price moves from it. Spotonchain also recently revealed two whales that had withdrawn 660.7 billion PEPE from Binance and MEXC. The platform also mentioned another whale that withdrew 322.48 billion PEPE ($2.68 million) from Binance for the first time. More recently, Spotonchain drew the crypto community’s attention to a smart trader who has been profiting from the meme coin since last year. This trader is said to have completed 8 trades and realized a cumulative profit of $917,000. Seeing how PEPE has performed since the start of the year, these whales’ interest in the meme coin isn’t surprising. Data from CoinMarketCap shows that PEPE has made a year-to-date (YTD) gain of over 500%, and this bullish momentum looks to be far from over. Interestingly, many traders have yet to jump on the the wave, as just over 200,000 persons hold the meme coin. Price To Hit New All-time High (ATH) Soon Crypto analyst Plazma recently suggested that PEPE could soon hit a new all-time high. PEPE’s current ATH is at $0.00001074, with the meme coin trading just 20% below this price level. Crypto analyst Yazan also hinted that meme coin would soon hit a new all-time high, asking his followers if they were ready for this to happen. Related Reading: Cardano Comeback: Analyst Reveals Why It’s Time To Get Back Into ADA PEPE is currently ranked as the thirtieth largest crypto token by market cap and is likely to climb higher if it eventually hits a new ATH. Crypto analyst and trader Murad believes that the meme coin could rise to the top 10 crypto tokens by market cap since he predicted that PEPE could flip Shiba Inu (SHIB) and possibly Dogecoin (DOGE). At the time of writing, the meme coin is trading at around $0.000008615, down in the last 24 hours, according to data from CoinMarketCap. Token price drops to $0.0000084 | Source: PEPEUSDT on Tradingview.com Featured image from Gemini, chart from Tradingview.com |