COMING SOON!!
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
|
The XRP Ledger (XRPL) recorded 251.39 million on-chain transactions during the first quarter of 2024, an increase of approximately 108% compared to the last quarter of 2023. |
|
Trader turns $3K into $46M in PEPE, Ethereum gas overhaul, Tornado dev guilty: Hodler’s Digest, May 12-18 Trader makes millions after PEPE price soars, a new gas model for Ethereum, and Tornado Cash developer convicted. |
|
According to Judge Lane, any available funds for distribution by Genesis are being exhausted by creditor claims, which take priority over DCG’s equity stake. |
|
Project DESFT is meant to encourage trade between small businesses using a CBDC and a stablecoin, emphasizing credentialing. |
|
The investment figures come alongside a record high 2.9 million daily unique active wallets (dUAW) for the month. |
|
The Tornado Cash developer has been detained in the Netherlands since August 2022 after the United States government blacklisted Tornado Cash. |
|
US Treasury strategy would tighten virtual asset regulations, increase AI use The Treasury’s fight against illicit finance will focus on better regulations, greater enforcement and AI. |
|
An April report revealed that Proton Mail assisted Spanish police with locating one of its users, leading to questions about its guarantees of privacy. |
|
The suit alleges that delays in delivery caused purchased NFTs to lose 97% of their value. |
|
Binance-backed Magic Square IDO platform to democratize retail investor access IDO launchpads are becoming a popular way to raise funds for projects, with some IDOs reaching nearly half a billion dollars. |
|
Head prosecutor Ekele Iheanacho objected to bail by highlighting Gambaryan’s questionable attempt to get a new passport, allegedly due to a stolen previous one. |
|
Working with Binance, Taiwan prosecutors pieced together the evidence, resulting in the indictment of nine individuals for financial crimes, including money laundering and fraud. |
|
Pink Drainer, infamous for aiding in crypto thefts, shut down operations after amassing over $85 million in stolen assets. |
|
While Hong Kong residents can sign up for a digital yuan wallet with a phone number, the CBDC is currently restricted to cross-border transactions and cannot be used for person-to-person transfers within Hong Kong. |
Blockchain.News
|
Europe is experiencing an accelerated shift towards instant payments, with entities like the EC striving to build a resilient financial infrastructure. (Read More) |
|
Asia Pacific region is leading the globe in the adoption and innovation of instant payments, fueled by technological advancements and regulatory support. (Read More) |
|
Crypto-enabled and mobile payments are broadening financial inclusion in Africa despite barriers. (Read More) |
|
A comprehensive guide to analyzing the most popular Ethereum NFTs using Dune API. (Read More) |
|
Vitalik Buterin on Ethereum's Future: Improving Decentralization and Permissionlessness Ethereum is focusing on improving its network's permissionlessness and decentralization. The article explores various strategies and technical developments aimed at achieving these goals. (Read More) |
|
BNB Chain announces user experience improvements in the latest version of its Greenfield platform. (Read More) |
|
Ripple shares insights into the state of crypto markets, XRP Ledger, XRP-related updates and market developments in its Q1 2024 XRP Markets Report. (Read More) |
|
An in-depth look at the intersection of quantum computing and blockchain, with insights from Professor Massimiliano Sala. (Read More) |
|
Bitfinex: Bitcoin Is the Rising Strategic Reserve for Businesses, Corporations and Governments An overview of the growing trend of businesses, corporations, and governments embracing bitcoin as a strategic reserve asset. (Read More) |
|
A closer look into Wormhole Messaging, a protocol that enables secure communication between different blockchains, fostering an enhanced level of interoperability. (Read More) |
Blockchain - Hacker Moon
|
RockTree Capital announces the launch of its immersive website, showcasing a futuristic film-noir concept: the Cyberpunk Crypto City. The site, set in the future near the 11th halving of bitcoin, builds on the ideas of the cypherpunk movement. RockTree invests in and accelerates the trajectory of projects from Infrastructure, DeFi, Cross-chain, and the Bitcoin Ecosystem.Read All |
|
Discover how Weekly Predictions revolutionizes crypto investing with Karim Chaib, founder of Dopamine, offering data-driven insights for informed decisions.Read All |
|
- Decentralized insurance is a solution to protect user funds from any future attacks or problems.- Thanks to Nexus Mutual, it is possible to hedge the smart contracts used in DeFi protocols, protecting yourself from any risks.Read All |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
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 |
|
Solana competes with BNB for the fourth place in the crypto world. Has the coin left all the problems behind?Read All |
|
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 |
Blockchain - NewsBTC
|
Popular crypto analyst Michaël van de Poppe continues to back altcoins to put up a spectacular bullish performance in the coming months. In a new X post on Saturday, the veteran analyst takes a deeper dive explaining the reasons behind his advocacy for altcoins investment ahead of a highly expected crypto bull run. Related Reading: Crypto Analysts Reveal Sub-$1 Altcoins Set To Outperform In The Bull Run Investing In Altcoins Is The Best, Analyst Says Why In his most recent bullish prediction on altcoins, van de Poppe begins by stating these tokens may not present as the most ideal investment especially considering that their combined value is down by 70% against Bitcoin in the last three months. The analyst has attributed this poor performance to several factors including a delay in network updates and an extended bear market. In addition, van de Poppe also notes Ethereum’s current struggles to be a significant contributor to this market downturn. He explains that typically the crypto bullish hype moves from Bitcoin to Ethereum, followed by tokens with big market cap, then middle-cap tokens and small-cap tokens. However, this cycle appears to be experiencing some delay due to a bearish cloud over Ethereum, driven by uncertainty over the approval of a proposed spot exchange-traded fund (ETF) as well as its asset class. Nevertheless, van de Poppe believes this delay to be quite temporary as he postulates that market traders are currently pricing in any potential negative effect from the denial of an Ethereum Spot ETF or the classification of the prominent altcoin as a security. Once Ethereum embarks on a bullish course, van de Poppe predicts other altcoins to follow suit. The analyst projects that certain tokens could record a 1000% gain as seen between October 2023-February 2024, amid the hype around Bitcoin spot ETFs. However, the analyst nudges investors to buy into the altcoin market now during the period of “lowest confidence”. He believes such an act is similar to investing in Bitcoin at $3,700 at the start of 2020, thus ensuring investors generate maximum profits in the coming bull run. Related Reading: Floki Inu Frenzy: Memecoin Eyes New Highs As Open Interest Soars Ethereum ETF Approval In The Balance As weeks continue to progress, the approval of an Ethereum spot ETF by the US Securities and Exchange Commission (SEC) appears highly uncertain. This sentiment is driven by the Commission’s ongoing deliberation on whether to classify Ethereum as a security as well as a lack of dialogue between the agency and prospective issuers. The next deadline dates are for May 23/May 24, during which the SEC will respond to 2 ETF applications with many analysts expecting further delays from the Commission. At the time of writing, Ethereum trades at around $3,123.39 reflecting a 0.53% increase in the last day. Featured image from Business Insider, chart from Tradingview |
|
Crypto expert Michaël van de Poppe recently revealed that he had sold all his Bitcoin and rotated his capital to altcoins. The analyst explained the reason for this move and remarked that he was doing this to acquire more of the flagship crypto later on. Why This Analyst Swapped His Bitcoin For Altcoins In an X (formerly Twitter) post, Van de Poppe explained that altcoins have been “crushed unreasonably hard.” As such, he believes things can only improve from here on, noting that the “upside (for these altcoins) can’t be denied.” Related Reading: Crypto Analysts Reveal Sub-$1 Altcoins Set To Outperform In The Bull Run Based on his explanation, the analyst suggested that these altcoins will likely outperform Bitcoin from here on as the flagship crypto already had its moment before the halving when crypto natives swapped their altcoins for Bitcoin. Before now, Van de Poppe had already predicted that altcoins would make a bounce in their Bitcoin pairs post-halving. He also mentioned back then that there would be a narrative shift to Ethereum. More recently, he indicated that the news around the Spot Ethereum ETF would trigger a rally for Ethereum and other altcoins. While explaining his decision to swap his Bitcoins, he again touched on this and hinted that Ethereum would be integral to any move these altcoins make. Van de Poppe claimed everyone expects the worst, that the Spot Ethereum ETF applications will be denied because the SEC considers the crypto token a security. Therefore, he believes the market is already priced in accordingly and can only recover from here on, even if the SEC eventually rejects the applications. The crypto analyst further claimed that the markets could make a “significant U-turn” if the news ends up being slightly better than a rejection. He also highlighted other developments that could help trigger this move. One is the FIT21 bill, which the House will soon vote on. This bill is expected to provide regulatory clarity for digital assets in the United States. Van de Poppe also noted that the SEC’s lawsuit against Ripple is coming to a “final stage” and predicts that the crypto firm will likely secure a final victory, which could also help provide a major boost for these altcoins. Meanwhile, he expects that Decentralized Physical Infrastructure Networks (DePIN) and Real World Assets (RWA) will be “massive,” with traditional companies transitioning into the Web3 ecosystem. As such, Van de Poppe urged his followers to “allocate” themselves if they wanted to “make a large return.” Van De Poppe’s Big Bet It is worth noting that Van de Poppe’s decision to swap his Bitcoins for altcoins isn’t an end in itself but a means to an end. The crypto expert hopes to make a return of 300% to 900% on his investment in the coming six to twelve months. Van de Poppe hinted that he would rotate his capital back to Bitcoin after this period and predicted that he could make another 300% to 600% return on his investment as long as Bitcoin stabilizes. Related Reading: Crypto Expert Willy Woo Predicts Bitcoin Has Room To Run – Here Are The Drivers He warned of the risk of taking such a bet, revealing that he is currently down around 20% on his overall investment. He also remarked that he could still post more losses on his investment, considering these altcoins could still experience further declines from their current price levels. However, Van de Poppe added that he is fine with whatever the outcome of his investment is. Again, he reaffirmed that he is “happily allocating” his entire capital towards altcoins and concluded by stating that the bull cycle will be “glorious.” Chart from Tradingview.com |
|
Floki Inu (FLOKI), the Shiba Inu-inspired memecoin, has rocketed into the spotlight with a surge in trading activity and a nearly 20% price increase in the past week. However, experts caution that this “pup-ularity” might be short-lived, fueled more by hype than by strong foundations. Related Reading: Crypto Alert: VeChain Bull Run Imminent, Expert Predicts 500% Rally Open Interest Takes Off: Newcomers Flock To FLOKI The key indicator driving excitement is the skyrocketing Futures Open Interest for FLOKI. According to Coinglass, this figure, which reflects the number of outstanding futures contracts, has climbed a staggering 110% since May 1st, reaching a 30-day high of nearly $20 million. This suggests a surge of new market participants entering FLOKI positions, potentially anticipating further price increases. Adding fuel to the fire is the significant rise in FLOKI’s daily trading volume. On May 15th, Santiment reported a daily volume exceeding $1 billion, marking the highest level for FLOKI since late March. This intense buying activity indicates a surge in investor interest, pushing the price upwards. Momentum Indicators Point To A Bullish Charge Further bolstering the case for a bullish FLOKI is the behavior of its key momentum indicators. Both the Relative Strength Index (RSI) and the Money Flow Index (MFI) currently sit comfortably above their neutral lines, at 62.68 and 65.37 respectively. In simpler terms, these metrics suggest that the price momentum leans towards further gains in the short term. Also, the broader market sentiment surrounding FLOKI is notably positive. Increased trading volumes and a surge in social media mentions have amplified investor interest, suggesting that the cryptocurrency is gaining traction not just among retail traders but also institutional investors. Recent partnerships and strategic developments within the FLOKI ecosystem are likely to fuel further growth. These factors, combined with the strong technical indicators, paint a promising picture for FLOKI’s near-term performance, potentially paving the way for substantial price appreciation. However, beneath the shiny exterior lies a potential cause for concern. The Chaikin Money Flow (CMF), an indicator that measures the buying and selling pressure of an asset, paints a rather bearish picture. Still In Negative Zone Despite the price appreciation, FLOKI’s CMF remains firmly in negative territory, currently hovering around -0.11. This suggests that even though the price is rising, the buying pressure might be weakening. This divergence between price and buying pressure is often seen as a sign of a potential reversal, indicating a rally driven by short-term speculation rather than long-term investor confidence. Related Reading: ADA Price Surge Could Push Ratio Of Holders In Loss Below 55% While FLOKI’s recent performance is undeniably impressive, the underlying factors suggest a potentially volatile future. The surge in open interest and trading volume hints at a market frenzy, but the negative CMF raises concerns about the rally’s sustainability. Featured image from Floki, chart from TradingView |
|
Cardano (ADA) whales are back in the picture, with recent data suggesting their confidence in the crypto token may have been revived. If so, this will be massive for ADA, which could experience significant price surges soon enough based on this development. Related Reading: Solana On The Brink? Price Stalemate At Crucial $140 Support Cardano Whales Add To Their Holdings The market intelligence platform IntoTheBlock recently revealed in an X (formerly Twitter) post that Cardano whales (who hold between 100 million and 1 billion ADA) have now added 11% to their balances over the past 30 days. These investors now hold 6.71% of Cardano’s total supply. This represents a bullish development for Cardano since whale accumulation usually suggests that these investors are positioning for a potential price surge. These whales also contribute to the price surge since buys of such magnitude could trigger a rally in the price of any crypto token. Besides the whales, retail investors are also heavily invested in Cardano. Data from IntoTheBlock shows that the bid-ask volume imbalance is bullish for ADA. Furthermore, the ‘In The Money’ metric has also turned bullish for Cardano, meaning that most of these investors are currently in profit. Generally, the confidence in the Cardano ecosystem is growing once again. Data from DeFiLlama shows that the Total Value Locked (TVL) on the network has increased by over 5% in the last seven days. Lately, there has also been a significant increase in Cardano’s trading volume, meaning users are actively trading on the network. Cardano’s Rally Is Imminent Crypto analyst World of Charts suggested that Cardano might soon experience a significant rally, noting that the crypto token’s breakout was already confirmed and moving toward the projected price targets. The analyst had previously predicted that a successful breakout would take Cardano’s price to $1 in the coming weeks. Crypto analyst Trend Rider also confirmed that Cardano is already witnessing a bullish reversal, highlighting the bounce the crypto token made after flashing a bullish signal on the daily chart. In the short term, the analyst expects ADA to climb back above $0.5 and added that Cardano will need to hold above $0.51 on the weekly to end the price correction and confirm a bullish continuation. Related Reading: Whale Watch: Ethereum Fresh Buy Signal Sparks Speculation Crypto analyst Dan Gambardello, the founder of Crypto Capital Venture, also provided insights into Cardano’s future trajectory. He noted that Cardano is currently breaking its 20-day moving average (MA), which the analyst claimed is a very “nice sign” for ADA. Gambardello pointed out on Cardano’s daily chart that the 50-day MA has crossed the 200-day MA, which likely means that the bottom is already in, and this is the lowest Cardano will go. This occurrence is referred to as a golden cross and is a bullish signal, indicating the beginning of an upward trend. Featured image from Pexels, chart from TradingView |
|
AGIX is one of the leading AI tokens in the crypto space with a total supply of 2 billion, and a total trading volume of over $105 million, which is over 11% down in the last 24 hours. For over two days, the price of AGIX has been holding strong above the 100-day Simple Moving Average (SMA). The token which has been on a downward ally for quite some days, is showing some signs of price reversal and if this happens a change of direction might occur and the price of AGIX will start a new movement upward. As of the time of writing, AGIX was trading around $0.98817 above the 100-day simple moving average, about 1.68% up in the last 24 hours. Currently, there are two main resistance levels of $0.99038 and $1.04237 and two main support levels of $0.82620 and $0.75779, respectively. Technical Indicators Suggest Upward Rally For AGIX 4-Hour MACD: A technical look at the MACD indicator from the 4-hour timeframe, the MACD histograms are trending above the zero line, and both the MACD line and the Signal line have crossed and are trending above the MACD zero line, indicating a bullish trend. This can be seen in the below image. 4-Hour RSI: The formation of the Relative Strength Index (RSI) in the above image also suggests that the price of AGIX is bullish as the RSI signal line is seen trending above the 50% level. This indicates that buyers are active in the market therefore overpowering the strength of sellers. Alligator Indicator on the 4-hour timeframe: A look at the alligator indicator from the 4-hour time frame shows that the price is trading above the alligator lines as the alligator lip and teeth have both successfully crossed above the alligator jaw, suggesting that the price might continue to move in an upward direction. Support And Resistance Levels To Break Conclusively, the price of AGIX is currently trading around the $0.99038 resistance level and if it manages to break above this level, AGIX’s price will continue to move further toward the $1.04237 resistance level and if it breaks above this level, an upward trend might begin. However, should the price of AGIX fail to break these resistance levels, it will reverse and start a downward movement toward its previous support level of $0.82620. If it manages to break below this support level, the price might move further to test the $0.75779 support level. Featured image from X, chart from Tradingview.com |
|
The cryptocurrency market has been on a hot streak in the past few days, with several large-cap assets posting significant gains in the past week. Most notably, the Bitcoin price bounced back from around $61,000 to above $67,000 for the first time in nearly a month. As expected, this latest price movement has sparked a lot of speculation and discussion around the premier cryptocurrency. Popular blockchain analytics firm CryptoQuant has shared on-chain insights into the recent Bitcoin price rally and its future trajectory. How Did Bitcoin Price Reach $67,000? In a recent report, CryptoQuant revealed the catalyst and on-chain manifestations behind BTC’s latest rally to above $67,000. According to the analytics firm, the price of Bitcoin rode to its new highs on the back of the news of lower-than-expected inflation in the United States. Related Reading: Is Dogecoin About to Take Off? Indicators Suggest Upward Momentum Ahead The inflation data released on Wednesday, May 15 showed that the Consumer Price Index (CPI) rose by 0.3% in April – lower than the expected 0.4%. This revelation suggested that inflation might be on a downward slope in the US, making risky assets like Bitcoin more attractive. In its report, CryptoQuant revealed that there has been a decreased selling pressure in the BTC market, as short-term holders are selling at low or negative profits. Meanwhile, Bitcoin balances at over-the-counter (OTC) desks have steadied, implying that fewer coins are entering the open market. What’s more, the analytics platform highlighted a particular on-chain signal that might have predicted the recent Bitcoin price rally. According to CryptoQuant, BTC miners have been extremely underpaid over the past few weeks, which often correlates with price bottoms. The Catalysts For Sustained BTC Rally? CryptoQuant, in its report, identified potential catalysts for a continued rally for the Bitcoin price. According to the on-chain data company, demand from permanent holders and largest investors is on the rise but it needs to climb rapidly to push the price of BTC even higher. Related Reading: Solana Takes The Crown: CoinGecko Ranks It The Best, Leaving Ethereum Behind In Key Metric Furthermore, the latest data shows that Bitcoin ETF (exchange-traded funds) purchases have dwindled to nearly zero daily, while stablecoin liquidity growth is also on a decline. CryptoQuant noted that these two metrics need a jolt, which might be critical for a sustained Bitcoin rally. As of this writing, the Bitcoin price continues to hover around $67,000, reflecting a 2.5% increase in the past 24 hours. According to CoinGecko data, the premier cryptocurrency is up by a significant 10% in the past week. Featured image from iStock, chart from TradingView |
|
According to data from CoinMarketCap, Bitcoin rose by 2.9% on Friday to trade above $67,000 for the first time since April 24. This positive price performance by the maiden cryptocurrency has been attributed to the low inflation levels reported in the latest Consumer Price Index (CPI) data. However, Bitcoin is an asset subject to the influence of several forces. According to a report by blockchain analysis platform LookonChain, BTC may soon experience another price rally following an increase in the supply of a specific stablecoin. Related Reading: Unstoppable Bitcoin? CryptoQuant’s CEO Foresees Bull Run Extending To 2025 Can USDT Replicate Surging Effect On Bitcoin? In an X post on Friday, LookonChain reported that the Tether Treasury has minted an additional 1 billion USDT indicating a consistent rising demand for the stablecoin. USDT which ranks as the third largest cryptocurrency doubles as the most dominant stablecoin in the crypto space with a market cap value of $111.25 billion. The USDT token has famously recorded much growth in the last year with over 31 billion new tokens minted on the Tron and Ethereum network. Interestingly, LookonChain reveals that this rise in USDT market share contributed significantly to Bitcoin’s ascent from $27,000 to $73,000 in the past fifteen months. The theory behind this relationship stems from an increase in traders’ liquidity provided by investments in USDT. This increased market liquidity can alter the status of Bitcoin’s supply and demand and oftentimes lead to a rise in BTC’s price. Following the most recent 1 billion USDT minted by the Tether Treasury, most investors and spectators could be expecting a similar boosting effect on Bitcoin’s price, especially with the crypto bull season in play. However, Bitcoin’s price in the coming months is still likely to be influenced by other factors such as the BTC spot exchange-traded fund (ETF) market. According to data from SoSoValue, net inflows on Friday reached $177.01 million bringing the total value of the Bitcoin spot ETF market to $12.58 billion. As more major traditional finance players gain a piece of this novel market, Bitcoin is expected to experience monumental levels of demand which will translate into weighty price gains. Related Reading: Bitcoin Whales Quiet Down – Here’s Why And What It Means For The Market BTC Price Overview At the time of writing, Bitcoin was trading at $66,853, reflecting a 9.64% gain in the last week. The crypto market leader is currently in a consolidation state as it gathers momentum to break past the 67,000 resistance zone. Bitcoin is likely to remain the “diamond” of the crypto bull season for many investors based on historical price data. However, there remains a need for proper research by all investors and traders before engaging the market. Featured image from The Independent, chart from Tradingview |
|
Cardano (ADA), the proof-of-stake blockchain network known for its smart contracts, has defied recent predictions of a fall from the top 10 cryptocurrency rankings by market cap. In a surprising move, ADA has instead become the top performer among major coins, experiencing a 7% surge in the last 24 hours. This price action has ignited discussions about ADA’s potential to revisit its 2021 glory days, when it reached a peak of $3.10. Related Reading: Whale Watch: Ethereum Fresh Buy Signal Sparks Speculation A Tale Of Two Whales: Retail Accumulation Vs. Profit Taking The recent price increase can be attributed to two key factors: a surge in buying pressure and a potential upcoming “battle of the whales.” On-chain data reveals that retail investors, the so-called “whaley” masses, have been accumulating ADA aggressively, particularly between $0.48 and $0.50. This large cluster of buyers could act as a support system if the price reaches that level. However, lurking beneath the bullish sentiment is a potential obstacle. Data shows that only 40% of current ADA holders are in profit. A price increase to $0.49 could be particularly significant, as it could push the ratio of holders in loss below 55%. This milestone could trigger further buying pressure as more investors see an opportunity to move into profit territory. Whales Return? On Volume And Market Cycle Cardano’s price rally is also being fueled by a significant rise in trading volume, reaching a weekly high of $461 million according to Santiment. This surge in activity indicates growing interest in ADA, which could propel the price further upwards. But can this momentum be sustained? The answer might lie with the “original whales,” the large investors who hold a significant portion of the cryptocurrency. Interestingly, the current distribution of ADA shares some similarities with the market conditions in 2021, when the price hit $3. Back then, whales held roughly 6% of the total supply. Today, that number sits at nearly 7%, suggesting a potential return of these big players. However, analysts caution that the success of this “whale comeback” narrative depends heavily on the broader market cycle. If the current bull market reaches its peak, ADA’s price growth could be restricted, hindering its ability to revisit its all-time high. Can ADA Defy The Odds? Cardano’s recent price surge has instilled a sense of cautious optimism in the cryptocurrency community. While the strong buying pressure from retail investors and the potential return of whales are positive signs, the profitability of current holders and the unpredictable nature of the market cycle pose challenges. Related Reading: Filecoin On Fire: Analyst Torches Doubters With $15 Target In the coming weeks, it will be crucial to observe whether ADA can overcome the selling pressure at $0.49 and sustain its upward trajectory. If trading volume continues to rise alongside the price, and if the current bull market holds, ADA might just surprise everyone and revisit its much-anticipated $3 mark. Featured image from Pexels, chart from TradingView |
|
Crypto expert Willy Woo has predicted that Bitcoin will still make significant moves to the upside. He made this claim based on an indicator that suggests crypto investors are still willing to buy the flagship crypto at higher prices. Related Reading: Filecoin On Fire: Analyst Torches Doubters With $15 Target Bitcoin Still Has “A Lot Of Room To Run” Woo mentioned in an X (formerly Twitter) post that Bitcoin still has a lot of room to run before the flagship crypto experiences a reversal or consolidation. To support his bullish sentiment, he shared a chart highlighting Bitcoin VWAP (Volume-Weighted Average Price). The crypto analyst further suggested that bulls were firmly in control, stating that he would hate to be a “trapped Bitcoin bear right now.” The VWAP measures the average price of Bitcoin over a specific period and factors in the volume at each price level to determine the current sentiment in the market. The chart Woo shared showed that Bitcoin’s VWAP was currently on an upward trajectory. In a subsequent X post, Woo highlighted Bitcoin’s risk signal to further reinforce his bullish sentiment. He noted that Bitcoin is still in the early stages in its liquidity cycle and is still doing “warm-up exercises.” He added that Bitcoin’s long-term frame risk signal is relatively low as it is still consolidating under all-time highs. He claimed that this risk “only starts climbing after the floodgates open,” meaning that the best is yet to come for Bitcoin. Meanwhile, the wave of profit-taking by Bitcoin investors (since the crypto hit a new all-time high in March) looks to be done, which indicates that Bitcoin may be ready for its next leg up. Woo confirmed that profit-taking has been completed as he provided an update on Bitcoin’s Spent Output Profit Ratio (SOPR). He noted that Bitcoin is undergoing a “very healthy reset, against a backdrop of capital flows into the network climbing again.” Other Bullish Indicators For Bitcoin Crypto analyst Crypto Jebb recently highlighted an inverse heads and shoulders pattern that had formed on Bitcoin’s chart. The analyst claimed this bullish pattern could send Bitcoin’s price to $100,000. The analyst also noted several other indicators currently signaling a bullish outlook for Bitcoin. One is the Moving Average Convergence/Divergence (MACD), which he claimed had turned very bullish on the daily chart and indicated that the bulls were regaining control. He also highlighted a ‘green red green’ formation on the daily chart, which, according to Crypto Jebb, shows that Bitcoin is “doing very well.” Related Reading: Crypto Alert: VeChain Bull Run Imminent, Expert Predicts 500% Rally Meanwhile, crypto analyst Mikybull Crypto highlighted a striking similarity between Bitcoin’s 2020 post-halving price action and its price action after this halving. From the chart he shared, Bitcoin looks to be at the point of takeoff if it continues to mirror the price action from 2020. Featured image from Pexels, chart from TradingView |
|
Layer 2 (L2) scaling solution Optimism reported a series of strong network metrics in the first quarter (Q1) 2024, with its native OP token surging 9% on the back of this bullish momentum. Optimism Sees Higher Activity And Rising Transaction Fees According to a recent Messari report, Optimism’s circulating market cap increased 11% quarter-over-quarter (QoQ) to $3.7 billion, while its fully diluted market cap rose 1% to $15.7 billion. Despite the broader crypto market rally, with Bitcoin (BTC) and Ethereum (ETH) gaining 69% and 53% QoQ, respectively, OP’s market cap ranking slipped from 26th to 39th among all blockchain networks. However, within the Ethereum ecosystem, OP remains one of the top four rollups by market capitalization. Driving this growth was a significant uptick in Optimism network activity. Daily active addresses reached 89,000 in Q1 2024, a 23% QoQ increase, while daily transactions surged 39% to 470,000 over the same period. These metrics approached, but did not quite reach, their all-time highs in Q3 2023. Related Reading: Expert Sets Timeline For When Ethereum Price Will Begin Rally To $10,000 The network’s revenue also saw a substantial 78% QoQ increase to $16 million, driven by higher activity and a 48% rise in the average transaction fee to $0.42. However, this average fee dropped significantly in the latter half of March due to the implementation of Ethereum Improvement Proposal (EIP) 4844, which reduced L1 submission costs by 99%. Total Value Locked Jumps 18% In Q1 Despite the fee reduction, Optimism’s on-chain profit for Q1 2024 increased 14% QoQ to $2 million. The network’s Total Value Locked (TVL) also grew by 18% to $1.2 billion, though its TVL ranking among all networks fell to 11th place. Within Optimism’s TVL, the DeFi sector dominated, accounting for 86% of active addresses. According to Messari, non-fungible token (NFT) applications and gaming followed with 6.9% and 6.7%, respectively. TVL’s leading protocols included Synthetix ($307 million, +4% QoQ), Aave ($270 million, +52% QoQ), and Velodrome ($171 million, +10% QoQ). Optimism’s stablecoin market capitalization also grew significantly, reaching $809 million (+32% QoQ) by the end of Q1 2024. Circle’s USDC stablecoin and Tether’s USDT made up most of this, with USDT seeing a 64% QoQ surge to $512 million, or 63% of the total stablecoin market cap on Optimism. OP Rebounds Alongside Crypto Market Resurgence Despite Optimism’s strong performance across key metrics in Q1 2024, the network’s native token, OP, did not see a corresponding price increase at the end of Q1. Instead, OP followed the broader market downtrend, hitting an annual low of $1.80 just one month after hitting an all-time high of $4.84 in March. However, OP has followed suit as the overall cryptocurrency market has seen a resurgence of bullish momentum in the past few days. In the past 24 hours, the token has recorded a 9% price increase and a 3% uptick in the past week, currently trading at $2.56. Furthermore, CoinGecko data shows a 19% increase in OP’s trading volume over the past 48 hours, reaching $290 million. Related Reading: Bitcoin To $100,000: Infamous Head And Shoulders Pattern Appears To Signal The Start Of Another Rally While this renewed bullish sentiment is encouraging, OP still trades 46% below its all-time high and faces significant resistance levels soon before a potential retest of this milestone. The first key resistance is at $2.65, followed by $2.90, which must be overcome before the token can push towards the $3.00 level. Conversely, the $2.34 support level has proven crucial and must be monitored closely in case of any bearish resurgence. Featured image from Shutterstock, chart from TradingView.com |