Raoul Pal, a well-known financial sector figure, predicts a significant expansion of the cryptocurrency market, forecasting its market capitalization could reach 0 trillion due to global liquidity trends and technology adoption. His analysis is underpinned by observations of the global liquidity cycle, which has been influencing asset growth since 2008, along with the rapid adoption […]
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Stablecoin Market Stabilizes at $160 Billion; FDUSD and PYUSD Lead Growth
Over the past 19 days, the stablecoin economy has stabilized with negligible growth after reaching the 0 billion threshold at April’s end. Out of the top five, FDUSD is currently the frontrunner in terms of 30-day growth, showing a 15.3% increase in supply. Stablecoin Valuation Holds Steady With Little Growth Following a period of rapid […]
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Fantom (FTM) Bull Run: 8% Price Surge And Robust Double-Digit Growth In Key Metrics
Fantom (FTM), a Layer-1 (L1) protocol, and its native token, FTM, have experienced significant gains and notable achievements in the first quarter (Q1) of 2024.
According to a comprehensive performance analysis conducted by Messari, amid the emerging crypto bull market, Fantom has emerged as one of the major beneficiaries, showing significant growth in key metrics and market capitalization.
FTM Market Cap Soars 101% QoQ
By the numbers, FTM’s circulating market capitalization saw a substantial 101% quarter-over-quarter (QoQ) increase, jumping from .3 billion to .6 billion, vaulting it up ten spots to 48th among all tokens (currently 58th). The token’s rally extended for two consecutive quarters, resulting in a fourfold increase since the end of Q3 2023.
Although Fantom experienced a decrease of 53% QoQ in revenue measured in FTM, amounting to 1.8 million FTM, revenue denominated in USD exhibited a 4% QoQ increase, reaching .2 million.
According to Messari, the revenue decline was primarily due to reduced inscription activity across all smart contract platforms in Q1.
Despite this, Fantom maintained an upward trend in average daily transactions, excluding inscription-related activity, surpassing the Q3 average and reaching 247,000 daily transactions. Daily active addresses also rebounded, rising by 24% QoQ to 40,500.
In Q1, the staking requirement for Fantom validators was significantly reduced from 500,000 FTM to 50,000 FTM, aiming to increase accessibility. However, the number of active validators remained unchanged at 55.
Notably, the total amount of FTM staked increased by 17% QoQ, from 1.1 billion to 1.3 billion FTM, resulting in a 135% QoQ surge in the total dollar value of staked FTM, reaching .2 billion. Among proof-of-stake (PoS) networks, Fantom ranked 22nd in the dollar value of funds staked by the end of Q1.
Memecoin Mania Boosts Fantom On-Chain Activity
During the year’s first quarter, Total Value Locked (TVL) denominated in USD experienced a substantial 59% QoQ increase, rising from 0.8 million in Q4 to .28 billion.
Conversely, TVL-denominated in FTM decreased by 21% QoQ, indicating that the surge in USD-denominated TVL was partly attributed to FTM’s price appreciation.
Fantom’s average daily decentralized exchange (DEX) volume surged by 64% QoQ, from .2 million to nearly 6.8 million. In Q1, the “Memecoin Mania” trend contributed to elevated on-chain activity across various networks, including Fantom.
Fantom’s monthly DEX volume surpassed billion in March, marking the first time since March 2023. The number of DEXs on Fantom increased to 31 by the end of Q1, with no single DEX dominating more than 30% of the market share.
Lastly, following an exploit in the Multichain: Fantom Bridge, which affected stablecoins on Fantom in Q3 2023, the Fantom Foundation took steps to increase the liquidity of stablecoins.
As of Q1 2024, two independent third-party bridging solutions, Axelar (axlUSDC and axlUSDT) and LayerZero (lzUSDC and lzUSDT), have emerged. USDC remains the predominant stablecoin on Fantom, accounting for 98% of the stablecoin market cap. USDT also experienced considerable growth, with an 86% QoQ increase.
The FTM token is currently trading at .7037, reflecting an 8.7% increase in price over the past seven days. However, it has experienced a decline of nearly 20% in the monthly time frame.
Featured image from Shutterstock, chart from TradingView.com
AI Tokens ‘Preparing For Round 2’: Industry Shows 8% Growth With RNDR And FET
Excluding Bitcoin, memecoins were the biggest narrative of this cycle. However, Artificial Intelligence (AI) tokens also performed remarkably during the first quarter of 2024.
The crypto market recovered over the weekend from the May 1st retrace, with AI tokens showing significant gains. As a result, many industry experts think that the sector is poised for a ‘Round 2’ this cycle.
AI Sector Recovers By 8%
Crypto analysts highlighted AI tokens alongside memecoins as the hottest topic of 2024, responsible for most of the massive gains during this cycle.
According to CoinGecko’s report, AI was one of the three sectors that delivered three-digit returns in Q1. Moreover, the largest AI token by market capitalization, Fetch.ai (FET), saw gains of 378.3% during this period.
As a result, some analysts deem the AI sector to be the next main narrative of the cycle. Trader John Walsh, known as CryptoGodJohn, considers “The future of AI coins preparing round 2.”
Walsh added that the AI season is “extremely obvious” and will go “so much higher” based on the developments in the sectors, including Nvidia earnings, Apple AI, and Microsoft’s 0 billion AI fund.
To this, crypto analyst MacroCRG replied that a massive AI growth “will be obvious in hindsight,” considering that the sector’s market capitalization is “just” .3 billion.
AI mcap still just B
It will be obvious in hindsight https://t.co/HH0Tb86fNY pic.twitter.com/71qgdwdM1C
— CRG (@MacroCRG) May 6, 2024
According to a MacroCRG post, the AI market cap had increased 8% by Monday morning, and its daily trading volume was around .9 billion. On Tuesday, the market cap surged to .8 billion, a 2.3% increase from 24 hours ago.
In comparison, memecoins .4 billion market cap doubles AI’s. However, its market cap decreased by 2.8% in the last day, with the top ten memecoins showing red numbers in the past 24 hours.
Is Artificial Intelligence About To Bloom Or Ruin the World?
Despite the remarkable performance, some figures think the sector has a more pessimistic future. According to memecoin trader Murad, the developments in the industry will “be replacing more & more jobs every year.” As a result, there will be an increase in “Anxieties and desperate attempts to ‘make it.’”
To the trader, the industry will serve as a push for the memecoins sector, as “Growing AI capabilities will be one of the big forces accelerating the Memecoin Bubble.”
Financial giant Warren Buffett shared a more skeptical view on Saturday. The Co-founder and CEO of Berkshire Hathaway revealed he is not sold yet by artificial intelligence. To the CEO:
We let a genie out of the bottle when we developed nuclear weapons. AI is somewhat similar — it’s part way out of the bottle.
Despite this, Buffet recognized the potential for AI technology to change the world positively.
On The Brink Of A Millionaire Boom
“The AI industry is on the brink of a multi-trillion-dollar boom,” stated Alex Wacy. The analyst believes the reasons behind this are the vast and diverse potential of applications.
Moreover, the expert highlights that interest in the sector has steadily increased over the last year. A crypto and AI combination could potentially “create a market valued in the trillions.”
According to the post, the market is projected to reach nearly trillion by 2030, which suggests that the crypto industry should not overlook it.
Tokens like RNDR showed a remarkable performance over the past week, with the price soaring by 45%. RNDR regained the support zone this week after struggling to retest it over the last month.
In the past 24 hours, the token’s price surged 6.4%, and its daily trading volume increased by 16.8%, with over 5 million being traded.
FET is “a top performing AI coin headed into the Nvidia earnings,” as stated by John Walsh. The trader forecast that the token is “looking for a next leg higher up” after successfully retesting the .35 resistance level.
$FET break retest now looking for next leg up higher
FET will be a top performing AI coin headed into the nvidia earnings pic.twitter.com/Agl0eqB9mD
— Johnny (@CryptoGodJohn) May 6, 2024
FET broke above this level over the weekend, rising to .5 on Monday and remaining above the .40 support zone since.
At writing time, the token is trading at .42, representing a 2.4% increase in the last 24 hours and a .9% surge in the past week.
NEAR Price Rally: 9% Surge Recaptures Key Level, Records 160% TVL Growth In Q1
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 .2 billion, marking a 94% quarter-on-quarter (QoQ) increase. The fully diluted market cap also witnessed substantial growth, reaching .2 billion, representing a 91% QoQ increase. These numbers propelled NEAR to secure a spot among the top 20 cryptocurrencies by market capitalization.
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 .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 5 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 million, representing a 95% QoQ increase. Ref Finance emerged as the leading DEX on the protocol, with million daily volume, surpassing Orderly Network.
Lastly, NEAR observed a significant increase in its stablecoin market cap during Q1 2024, soaring 176% QoQ to 4 million. Notably, USDT experienced a significant surge, with its market cap increasing by 1,155% QoQ, reaching 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 .40 price level, which is important for bullish investors.
Looking ahead, the .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 mark, signaling further upward momentum if successfully breached.
Conversely, the .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 .4, reached in 2022.
Featured image from Shutterstock, chart from TradingView.com
Defi’s TVL Declines by $10 Billion in April Despite Growth in Bitcoin and Newer Blockchains
The total value locked (TVL) in decentralized applications (defi) experienced a 7% decrease, dropping billion in April, with defi’s ecosystem ending the month at 8.6 billion despite a widespread outflow of funds from several blockchains, such as a significant drop in Avalance and Solana. Despite the overall downtrend, Bitcoin, Base (a Layer two blockchain […]
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‘More Upside Is Coming’: Crypto Market Set For 350% Growth, Predicts Glassnode Cofounders
Negentropic, the official X (formerly Twitter) account of Glassnode’s cofounders, has offered its own bullish sentiment for the crypto market.
Glassnode Cofounders: There Would Be A Massive Growth Beyond Recent Corrections
According to their analysis, the market, excluding the top 10 cryptocurrencies, known as “OTHERS,” is showing signs of a strong uptrend with the potential for “more upside” growth.
This observation amidst increased volatility and uncertainty following the recent Bitcoin Halving event on April 20 reduced miners’ block subsidy rewards from 6.25 BTC to 3.125 BTC.
The cofounders pointed out an intriguing pattern in the market’s behavior, comparing the current conditions to the “strong correction” seen in early 2021, which they identified as “wave 4” in the market cycle.
The #Crypto Bull Market Continues.
“OTHERS” follows Crypto excl. the largest 10 Cryptos.
Observe that we in early 2021 had a strong correction. We believe that was a wave 4.
We now have a similar strong decline.More upside is coming. This index and our Fibonacci levels… pic.twitter.com/qKtIOSXneP
— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) April 22, 2024
Using their index and Fibonacci levels, Glassnode’s cofounders anticipate approximately a 350% increase from the current market levels, noting:
More upside is coming. This index and our Fibonacci levels gives us, that we may see ~350% upside from current levels.
Notably, this bullish projection underscores their confidence in the potential for further market expansion despite recent downturns.
Crypto Market Recovery Amid Bitcoin Criticism And Post-Halving Predictions
While the Glassnode Co-founders have predicted significant growth for the crypto market, it’s important to note that the overall market sentiment remains bullish. After a notable decline last week, the global crypto market is showing signs of recovery, with nearly a 3% increase in the past 24 hours.
This upward movement can be attributed to major cryptocurrencies like Bitcoin and Ethereum, which have seen gains of 2.7% and 1.7% over the same period.
Bitcoin, the flagship cryptocurrency, has recently faced criticism from prominent figures like Peter Schiff, who criticized its high transaction fees and longer processing times.
The cost to complete a #Bitcoin transaction is now 8 and it takes a half hour to process. This is another reason why Bitcoin can’t function as a digital currency. The cost to actually use Bitcoin as a currency is prohibitively high for almost all transactions. It’s a failure.
— Peter Schiff (@PeterSchiff) April 22, 2024
Due to these challenges, Schiff labeled Bitcoin as a “failure” in terms of digital currency. However, it’s worth noting that Bitcoin’s average transaction fee has significantly decreased to .86 on April 21, following a record high of 8.45 the day before.
Meanwhile, analyst and founder of the Capriole Investment fund Charles Edwards has shared three possible scenarios for Bitcoin after the Halving.
Edwards highlighted the increase in Bitcoin’s electrical cost to ,400 per new BTC coin produced, while the overall miner price, including block rewards and fees, surged to 4,000.
He predicts that Bitcoin’s price may skyrocket, approximately 15% of miners may shut down their operations, or transaction fees will remain elevated. Edwards expects a combination of these scenarios to unfold, ultimately leading to Bitcoin’s price surpassing 0,000.
Featured image from Unsplash, Chart from TradingView
Expert Forecasts 700% Growth For Dogecoin (DOGE) As It Sets Sights On $1 Target
Dogecoin (DOGE), the popular meme-based cryptocurrency, has demonstrated its resilience in the market with a 2.5% price increase over the past 24 hours, reaching a trading price of .1607.
Analysts, including Altcoin Sherpa and Ali Martinez, have recently shared optimistic predictions for DOGE’s future, suggesting further gains and potential for outperformance compared to other tokens.
A Strong Future For Dogecoin In 2024?
Over the past months, DOGE has closely followed Bitcoin’s price action, experiencing ups and downs in tandem with the market leader.
On March 28, DOGE reached its yearly high of .2292, solidifying its position as the 9th largest cryptocurrency with nearly 100% year-to-date growth. Despite the volatility, DOGE has demonstrated its ability to rebound and attract investor attention.
Market expert Altcoin Sherpa recently expressed optimism about DOGE’s future, stating that the coin is poised for strength in 2024.
Altcoin Sherpa recommended averaging between .12 and .14, emphasizing DOGE’s potential to outperform other tokens.
The analyst highlighted DOGE’s previous consolidation phase, lasting almost two years, and suggested that it is primed for a significant price surge in the future. Sherpa stated:
DOGE is looking good. I strongly feel like this is going to be a strong coin for 2024. I think averaging between $.12 and $.14 would be a solid play and this one should outperform many other tokens for a lot of reasons. It chopped for almost 2 years, it’s going to moon later.
700% Price Uptrend Toward
On the other hand, crypto analyst Ali Martinez has also shared a bullish prediction for DOGE, noting the coin’s recurring price patterns.
Martinez pointed out that DOGE consolidates after breaking out of a descending triangle formation. Based on historical trends, the analyst believes that DOGE has the potential to rally towards in the coming weeks, which would represent a staggering 700% uptrend in price from current levels, surpassing the cryptocurrency’s current all-time high of .7316, reached in May 2021.
Despite Martinez’s optimistic outlook, Dogecoin faces several resistance levels that have impeded its recovery after a 21% price decline in the past two weeks.
The meme coin encounters a significant obstacle at the .1633 price level, as depicted in the DOGE/USD daily chart above. This level has acted as a barrier for the past 10 days, hindering further upward movement.
In its journey towards the .200 mark, DOGE may encounter additional hurdles at .1739, .1938, and .1998. These resistance levels must be overcome before the cryptocurrency can potentially retest its all-time high.
It is important to note that Bitcoin’s performance will likely influence Dogecoin’s price movement in the coming weeks. In addition, Dogecoin’s overall trajectory through the end of 2024 remains uncertain as it depends on the potential for a bullish breakout and various market factors.
Featured image from Shutterstock, chart from TradingView.com
Toncoin Unleashes DeFi Monster Growth: TVL Soars 300% In A Month
Toncoin, of the TON network, has captured the attention of the cryptocurrency community as its Total Value Locked (TVL) surpasses a staggering 8 million, marking a historic milestone. This meteoric rise, reported by DefiLlama, showcases an almost threefold increase in just one month and a jaw-dropping tenfold surge over the course of a year. As of the latest update, TON’s TVL stands firm at slightly over 6 million, underscoring its growing prominence in the decentralized finance (DeFi) landscape.
Unprecedented Growth And Leading Projects
Within the TON ecosystem, standout performers in TVL include the Tonstakers liquid staking protocol and the STON.fi decentralized exchange. Together, these projects boast a combined total value of locked assets exceeding 3 million.
Toncoin Surges As Market Dynamics Shift
Amidst the flurry of activity, Toncoin emerges as the darling of the crypto market, experiencing a remarkable surge in value. Over the past month, Toncoin has skyrocketed by over 60%, propelling it to new all-time highs multiple times throughout April. Currently trading at around .25, Toncoin’s ascent shows no signs of slowing down.
Speculation And Partnership Buzz
Fueling Toncoin’s ascent are rumors swirling within the crypto community regarding a potential partnership between the TON Society developer community and HumanCode, an AI development firm. While details remain scarce, speculation abounds, with many anticipating a major announcement that could further propel Toncoin’s price up.
Gm
Who’s ready for the big announcement?! pic.twitter.com/1i3dBKVYkG
— TON (@ton_blockchain) April 18, 2024
Toncoin Overtakes Cardano in Market Capitalization
Meanwhile, Toncoin has surpassed Cardano (ADA) in market capitalization, firmly establishing itself as a force to be reckoned with in the crypto market. With a market capitalization of over billion, Toncoin now holds the coveted 8th position, relegating Cardano to the 11th spot.
Market Analysis And Price Consolidation
Despite its meteoric rise, Toncoin is currently navigating a period of consolidation, with traders and analysts closely monitoring key price levels and volume dynamics. As the cryptocurrency hovers between .50 and .75, both bulls and bears are poised for potential shifts in market sentiment. Crypto trader Paxton emphasizes the importance of volume in determining Toncoin’s trajectory, urging caution amidst the market’s ebbs and flows.
Related Reading: Historical Data Sparks Excitement: VeChain Price Poised For A Bullish Breakout?
As the TON network continues to defy expectations and Toncoin reaches unprecedented heights, all eyes remain fixed on this thriving ecosystem. With its innovative projects, strategic partnerships, and surging value, TON is poised to reshape the future of decentralized finance and redefine the possibilities of the crypto market.
Featured image from Amazon, chart from TradingView
Roger Stone Endorses TRUMP Meme Token, Spurs Double-Digit Growth Amid Market Slump
Roger Stone, a seasoned Republican political strategist, lobbyist, and former adviser to Donald Trump’s campaign, has endorsed the meme coin TRUMP on X, sparking a 17% increase in its value amid a wider downturn in the cryptocurrency market. Meanwhile, the meme token BODEN experienced a 9% uptick against the U.S. dollar over the last 24 […]
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