Between November 2023 and April 10, the number of active cryptocurrency users from the Middle East and North Africa using the Bitget platform grew by more than 1,400%. Bitget’s strong performance in the Middle East and North Africa is attributed to the region’s perceived high adoption rates and the generally friendly landscape for cryptocurrencies. Support […]
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Venezuelan State Oil Company to Accelerate USDT Adoption for Settlements; Tether Vows to Uphold OFAC Sanctions
PDVSA, the state-owned Venezuelan oil company, would be preparing to migrate more of its payments portfolio to USDT, a dollar stablecoin, to avoid being affected by the restitution of U.S. sanctions. Reuters reported that the company started receiving payments in USDT last year and will accelerate its adoption. Tether, nonetheless, stated it will uphold OFAC […]
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Increased Bitcoin ETF Adoption Propels BTC Dominance To Highest Level Since 2021
Bitcoin’s dominance within the cryptocurrency market has reached a three-year high, signaling strong demand for US spot Bitcoin ETF holding the largest digital asset and a challenging period for smaller tokens.
Bitcoin accounted for nearly 55% of the .4 trillion digital asset market at the end of last week, a level not seen since April 2021. On Saturday, in particular, BTC’s dominance jumped to 57% as it briefly touched the ,000 mark.
The next largest tokens by market share include Ethereum (ETH), Tether’s USDT stablecoin, Binance exchange’s native token Binance Coin (BNB), and Solana (SOL).
BTC’s Rise Fueled By Successful US Bitcoin ETF Launches
According to Bloomberg, the recent success of the recently approved US spot Bitcoin ETFs from prominent issuers such as BlackRock and Fidelity Investments has played a significant role in Bitcoin’s rise.
These ETFs have garnered approximately billion in assets, making their debut one of the most successful in fund category history.
The inflows into these ETFs drove BTC to its current all-time high (ATH) of ,798 in mid-March, a clear resistance level for the largest cryptocurrency on the market, as evidenced by its inability to consolidate above the ,000 level following this achievement.
Although BTC is down about 6% since then, smaller digital assets such as Avalanche (AVAX), Polkadot (DOT), and Chainlink (LINK) have seen more significant declines of nearly 30% over the past month.
This drop coincided with reduced expectations for looser US monetary policy settings, often fueling speculative gains.
Hong Kong-Listed ETFs Boosts Bitcoin And Ethereum
Institutional investors’ allocations to the US Bitcoin ETF have greatly influenced Bitcoin’s performance relative to the rest of the market. Benjamin Celermajer, director of digital-asset investment at Magnet Capital, noted that strong institutional demand is a key driver.
On Monday, Bitcoin and Ethereum, the second-largest cryptocurrency, saw notable price jumps following indications that asset managers are preparing to launch Hong Kong-listed ETFs on both tokens. Bitcoin rose 4.3% to ,575, while ETH jumped 6.2% to ,260.
These rallies had a positive impact on the broader crypto market, lifting other notable tokens such as Polygon (MATIC), Cardano (ADA), the dog-themed meme coin Dogecoin (DOGE), and Solana, which is now the top 5 cryptocurrency market winner, up over 8% on Monday.
Interestingly, the Bloomberg Galaxy Crypto Index, which measures the performance of the largest digital assets traded in US dollars, has more than tripled since the beginning of last year, marking a significant rebound from the bear market experienced in 2022.
Lastly, investors and traders eagerly anticipate the upcoming Bitcoin Halving, an event that will cut the new supply of the token in half, expected around April 20th.
Previous Halving events have acted as a tailwind for prices, although there are growing doubts about whether history will repeat itself given BTC’s recent all-time high achievement.
BTC has successfully maintained its position above the ,000 threshold and has consolidated in this range. However, it is important to note that losses have accumulated over longer time frames.
Over the past fourteen and thirty days of trading, the cryptocurrency has experienced significant declines of over 21% and 24% respectively.
Featured image from Shutterstock, chart from TradingView.com
The Only Path Forward to Web3 Adoption: Unlocking Tech Synergy Through Collaboration
History has shown that collaboration is a powerful driver of digital innovation, propelled by the exchange of knowledge between scientists and engineers. Indeed, instrumental to the birth of the Internet was the collaboration between Bob Kahn and Vint Cerf in the 1970s, which enabled communication between computers and networks and unlocked the new digital era […]
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Russian Central Bank Chief: Mass Adoption of Digital Ruble Expected in 5 to 7 Years
Elvira Nabiullina, head of the Russian central bank, has stated that the mass launch of the digital ruble will take five to seven years. This appears to contradict recent suggestions by the chairman of the State Duma Committee on the Financial Market that the launch will begin next year. No Decision Before 2025 Elvira Nabiullina, […]
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‘Garbled Circuits’ Enable Transactional Confidentiality, Encourage Enterprise Web3 Adoption — COTI Co-Founder
According to Shahaf Bar-Geffen, CEO of the privacy-centric Layer 2 network COTI, enterprises and mainstream organizations are not yet fully convinced of the benefits of complete privacy or true anonymity in any system. Bar-Geffen said the primary reason for this is that such systems often get exploited by individuals with dishonest intentions. Regulators’ Perceptions of […]
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Venom Blockchain Launch Triggers Huge Surge In User Adoption, Surpassing 1 Million In A Single Day
With the growing adoption of blockchain technology in various digital asset infrastructures, a team from Abu Dhabi, known for its wealth from the oil industry, has made a significant entry into the space with the launch of the Venom Blockchain.
Venom Blockchain Market Cap Soars
Venom operates as a foundational Layer 0 blockchain network, equipped with dynamic sharding and a proof of stake (PoS) consensus method. Designed to offer a scalable and efficient infrastructure, this advanced blockchain platform is tailored for the development of diverse products. It seamlessly bridges governmental applications and traditional Web3 projects through its sophisticated mesh network architecture.
The distinguishing feature of the Venom blockchain is its infrastructure, which, according to its official website, is capable of processing 100,000 transactions per second, with an average fee per transaction of just .0002.
As a result, the Venom Blockchain is currently attracting significant attention, as evidenced by various metrics. The Venom Blockchain currently boasts a market capitalization of over .2 billion and a trading volume of over 0 million, highlighting Abu Dhabi’s interest in the technology.
Over One Million Users In The First Year
The launch of Venom had a significant impact, attracting over one million users in 24 hours, demonstrating the platform’s appeal to investors and developers for building Web3 products.
In addition, the platform reportedly has over 20 projects ready to debut on the platform and several pilot stablecoin initiatives in different countries, underscoring the confidence developers have in its infrastructure.
Overall, the rise of Venom Blockchain underscores Abu Dhabi’s ability to adopt innovation beyond its traditional sectors and demonstrates the emirate’s interest in promoting the advancement of blockchain technology.
On March 27, the native token of the blockchain, VENOM, was listed on KuCoin, leading to a significant price surge of over 27% within 24 hours. Presently, the token is trading at .6580, reflecting a recent increase of 3.8% in the past trading hour.
In the past 24 hours, the trading volume of the VENOM token has reached ,515,705, marking a notable increase of 193.60%, according to CoinGecko data.
Featured image from Shutterstock, chart from TradingView.com
Crypto Exec Reveals Why Meme Coins Are The Next ‘Trojan Horse’ For Crypto Adoption
Maartje Bus, Vice President of Research at Messari, a prominent crypto market intelligence company, has declared meme coins as the Trojan Horse of the cryptocurrency space. She has highlighted their potential to foster massive adoption and increase engagement within the cryptocurrency space.
Why Meme Coins Are Crypto’s Trojan Horse For Adoption
Speaking at BUIDL Asia, a global developer community in Seoul, South Korea, on Thursday, March 28, Bus gave a presentation on the emerging trends in crypto in 2024. The Messari crypto executive had primarily focused on the impact and potential benefits of meme coins in driving adoption within the crypto space.
According to Bus, meme coins have become an integral part of the crypto market and are evolving towards potentially establishing themselves as a distinct asset class. The Messari executive has described these humor themed coins as a “Trojan horse” which could potentially facilitate the entry of new users into the realm of cryptocurrency, effectively boosting adoption.
During her speech, Bus disclosed that the introduction of these coins has successfully attracted the attention of both crypto and non-crypto enthusiasts. This is seen in the cryptocurrency’s ability to capture the attention of investors, utilizing its meme-based marketing strategies to fuel engagement while also providing opportunities for massive profitability due to its speculative nature.
Bus believes that meme coins could be likened to a long tail speculative service like lottery tickets which attract investors seeking high risk, high reward opportunities. Additionally, owing to their relatively low price value, they cater to individuals across various income brackets, who are willing to take speculative bets in the hopes of securing significant returns.
Moreover, according to the Messari executive, meme coins serve as a gateway for newcomers to the Web3 space, exposing them to fundamental crypto concepts like decentralization.
The Growing Allure In Crypto Space
Lately, the rise in interest in meme coins has been growing at an exceptional rate, attracting both investors and traders from all over the world. This surge in interest has propelled meme coins in the spotlight, pushing their prices to unprecedented highs.
Unlike traditional cryptocurrencies, which are backed by underlying projects and practical use cases, meme coins derive their value largely from their community and speculative appeal. Additionally, these cryptocurrencies offer a more approachable entry point into the realm of crypto investments, utilizing their affordability and susceptibility to social media trends and user sentiments to attract seasoned investors and newcomers alike.
Cardano Ready For Breakout As Network Adoption Hits Major Milestone
Cardano is yet to venture into the .8 price level this year, despite most cryptocurrencies breaking past old price levels. Although the blockchain has seen some exciting developments, the price action has been a little bit behind when compared to its peers. However, Cardano continues to give investors a glimmer of hope, as activity keeps soaring to new highs.
On-chain data shows that the active addresses on the Cardano network are spiking, with the monthly active count reaching its highest in the past year.
Monthly Cardano Active Addresses Hit One-Year High
Cardano’s active address count just hit a one-year high, signaling major network adoption and hinting at big things to come. According to data from Danogo, the active addresses in the past 30 days reached 596,915 on March 11, its highest since May 2023.
Interestingly, this number almost doubles the 279,000 active addresses recorded in September 2023, the lowest monthly active addresses in the past year.
Active addresses are one of the few metrics to look at when measuring the adoption rate of cryptocurrencies. Notably, various metrics have shown a surge in activity on the Cardano network and its ability to process a high number of transactions.
A further look at the chart data presented by Danogo shows that the monthly active addresses reversed to start a spike at the end of February after going on a free fall in January.
Data from Cardano Blockchain Insights tells a similar tale of increased activity, with the active daily addresses steadying above 50,000 since February 29. Active addresses in the past 24 hours were 66,970.
A similar activity metric from IntoTheBlock shows increased activity from Cardano whales. Its large transaction metric, which measures transactions greater than 0,000, puts the number of whale transactions at 6,810 in the past 24 hours and .86 billion in the past seven days. For comparison, Ethereum’s large transactions stand at .17 billion in the same time frame.
The supply in the top 1% has also shown a strong accumulation from whales, spiking by around 60 million ADA on March 10.
ADA To Reclaim ?
Interestingly, ADA has more than tripled from a .24 price in the monthly active addresses low in September. At the time of writing, ADA is trading at .79, up by 42% in the past 30 days.
ADA has been rejected at .8 twice this month already, but it is now on its way to retesting the price level again. If the bulls can push ADA above .8, this could give the cryptocurrency free rein to reach for the first time since April 2022. Overall, the overall crypto market continues to retain a bullish sentiment, which could push ADA above this month.
TRON Integrated With Amazon Web Services to Accelerate Blockchain Adoption
PRESS RELEASE. Geneva, Switzerland, March 13, 2024 – TRON DAO is glad to announce the integration with Amazon Web Services (AWS). This integration introduces the TRON Full Node on AWS, enabling users and developers to launch a TRON Full Node with unparalleled ease and efficiency. Seamless Full Node Deployment on AWS Through this integration, launching […]
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