While June was a lackluster period for crypto assets as many experienced double-digit losses against the U.S. dollar, the stablecoin market also saw minimal growth over the past 30 days. Ethena’s USDE led the growth, with its supply increasing by 21.4% since May. Stablecoin Economy Shows Little Change in June The stablecoin market remained relatively […]
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Ethereum Technical Analysis: ETH Faces Bearish Sentiment Amidst Continued Downtrend
Ethereum’s price stands at ,311, with a market capitalization of 4 billion. The 24-hour intraday trading range has fluctuated between ,277 and ,500, while the 24-hour trade volume has reached .82 billion. A technical analysis across various timeframes highlights significant bearish indicators. The confluence of oscillators and moving averages suggest a continuation of the downward […]
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Bloomberg Analyst Doubles Down on July 2 Spot Ether ETF Launch Date Amidst Surge in S-1 Filings
Bloomberg’s senior ETF analyst has reaffirmed his prediction of a July 2 launch date for U.S. spot ethereum exchange-traded funds (ETFs) after observing a surge in amended S-1 (registration statement) filings on Friday. U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has indicated that spot ether ETFs will launch this summer, pending the SEC’s […]
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Solana Records New Monthly User High Amidst Persistent Price Drop
Solana (SOL) has had a turbulent time lately evident with a consistent decline in its market price. According to data from CoinMarketCap, the “Ethereum Killer” is down by 6.36% on its weekly chart, emerging as the biggest loser among the top 10 tokens.
Interestingly, this price dip depicts the larger negative performance of SOL in which it has lost 24.61% of its value in the last month. However, amidst this mayhem, the Solana network has hit a significant milestone which may spark some excitement for investors.
Solana Records All-Time High Of 30 Million Monthly Users
In an enthralling development for SOL enthusiasts, data from blockchain analytics platform Artemis shows the network has attained a new peak of 30 million active addresses (users). This development was shared on X on Friday by the data analysis handle SolanaFloor.
BREAKING: Monthly active addresses on @Solana surpass 30 million, a new all-time high. pic.twitter.com/F9ujQE2OiC
— SolanaFloor (@SolanaFloor) June 21, 2024
After reaching the 25 million mark in 2022, the Solana blockchain experienced a steep decline in monthly active users going as low as 5 million in 2023. However, the smart contract platform has appeared rather attractive in 2024 with a steady rise in monthly users throughout the year so far.
In the crypto ecosystem, the importance of growth in network users stems mainly from an indication of growing market confidence from investors, which is quite vital considering SOL’s current price dip. For the fifth largest cryptocurrency, this rise in the active addresses is likely due to the current hype around Solana meme coins – a .65 billion ecosystem that has provided investors with an avenue of recording insane trading profits.
In addition, an increase in network users can also translate into larger liquidity, more stable network security, and the development of more use cases, all of which are important features in attracting further investment and boosting a token’s value.
What’s Next For SOL?
At the time of writing, SOL trades at 3.36 following a 0.34% decline in the last day. Furthermore, the token’s daily trading volume is down by 6.81% and valued at t .19 billion.
For Solana, the bulls face strong resistance at the 1 price zone. If the buying pressure proves sufficient to push through this region. SOL could return as high as 0 over the next few weeks. However, a rejection at this zone could result in a further decline in the token’s price reaching as low as 0.
All traders are reminded to perform due diligence before engaging with the cryptocurrency market.
Bitcoin Technical Analysis: BTC Faces Continued Downtrend Amidst High Selling Pressure
Bitcoin’s price continues its downward trajectory, coasting along at ,950 per unit on June 21, 2024. Despite showing potential entry points, the market is experiencing significant selling pressure across all time frames. Technical indicators suggest a cautious approach for traders as bearish trends dominate the charts. Bitcoin In the short term, the 1-hour chart indicates […]
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Bitcoin Miners’ Reserves Deplete Amidst High OTC Selling, What This Means
Recent data from CryptoQuant has highlighted a significant shift in Bitcoin Miners behavior, with miner reserves dropping to their lowest levels since 2010 while over-the-counter (OTC) selling activity has surged to higher levels.
What This Means For BTC
At the beginning of the year, miner reserves stood at approximately 1.87 million BTC but have yet to grow to about 1.81 million BTC today, a level not seen since 2010. This reserve decline is notable as it indicates a higher propensity for miners to sell off their holdings.
Typically, this could lead to increased market supply and potential price depreciation, but the scenario has unfolded differently this year.
Despite the drop in miner-held BTC, the value of these reserves remains high, buoyed by a nearly 150% price increase since October last year, keeping the total dollar value of miner holdings near all-time highs at over 0 billion.
Additionally, data from CryptoQuant indicates that Bitcoin miners’ over-the-counter (OTC) sales have peaked daily since March.
Bitcoin In The Spotlight
This miner activity comes amid broader market movements that have seen significant price fluctuations. BTC’s price has retreated by nearly 7% in the past day, dropping from a peak of ,436 to around ,269.
The decrease aligns with a general volatility trend that has recently characterized the crypto market. Analyst Willy Woo commented on the situation, indicating that BTC might not see new highs until the current phase of miner capitulation and market boredom resolves, which historically precedes a significant rally.
I know it sucks, but BTC is not going to break all time highs until more pain and boredom plays out.
On the bright side, miners are capitulating and when that is through, it nearly always ends in a huge rally.
Look for compressions in this ribbon. Buy and hodl in these regions. pic.twitter.com/MkPKk3AF47
— Willy Woo (@woonomic) June 19, 2024
Meanwhile, MicroStrategy, a major corporate backer of BTC, has continued its strategy of accumulating Bitcoin amidst these market conditions. Following a recent fundraising effort through the sale of 0 million in convertible notes, the company has added 11,931 bitcoins to its holdings.
This acquisition, conducted at an average price of ,883 per bitcoin, brings MicroStrategy’s total holdings to 226,331 bitcoins, acquired at an aggregate cost of approximately .33 billion, reflecting an average price of ,798 per bitcoin.
MicroStrategy has acquired an additional 11,931 BTC for ~6.0M using proceeds from convertible notes & excess cash for ~,883 per #bitcoin. As of 6/20/24, $MSTR hodls 226,331 $BTC acquired for ~.33B at average price of ,798 per bitcoin.https://t.co/jE9dGqqnON
— Michael Saylor
(@saylor) June 20, 2024
Featured image created with DALL-E, Chart from TradingView
Bitcoin Technical Analysis: BTC Holds Steady Amidst Consolidation Phase
Bitcoin’s price stands at ,352, within a 24-hour intraday range of ,213 to ,840. The leading crypto asset’s market capitalization is .36 trillion, with a 24-hour trade volume of .83 billion. Bitcoin The hourly chart for bitcoin (BTC) indicates a phase of consolidation with minor fluctuations. The price hit a high of ,840 before retracting […]
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Analyst Predicts Shiba Inu to Soar 50% Amidst Meme Coin Market Rise
Well-known cryptocurrency expert and enthusiast Dami Defi has offered his insights on the price action of Shiba Inu, predicting a surge in the crypto asset as the Meme coin market sees a fresh wave of demand.
Given the optimism around meme coins lately, Dami Defi is confident that Shiba Inu could rise by over 50% shortly.
Shiba Inu Price Could Rise By 20%
Shiba Inu (SHIB) has become one of the leading meme coins, attracting positive outlooks from several analysts in the crypto space today. Even though Shiba Inu began the week on a negative note, Dami Defi believes the meme coin can potentially surge in the short term.
Related Reading: Crypto Analyst Predicts 350% Surge For Shiba Inu – Here’s The Target
According to Dami Defi, the digital asset’s price has formed a descending wedge pattern in the 1-day timeframe. Should SHIB break out of this falling wedge pattern, Dami Defi anticipates an over 50% surge in Shiba Inu’s price. This 50% increase will take the crypto asset from its present price to the .000035 level.
The analyst predictions align with Ali Martinez’s forecast, highlighting that the digital asset’s price is moving in a descending parallel channel.
While Dami Defi anticipates an over 50% price surge for Shiba Inu, Martinez expects the crypto asset to rise by over 20% in the short term. Martinez’s anticipated 20% increase will take the crypto asset from the .00002444 price to the .00002954 level.
Martinez appears bullish on Shiba Inu, as he had predicted the asset to reach .000072323. He highlighted that SHIB on the daily chart seems to be forming a bull flag, indicating an impending movement on the upside. Due to this, the expert opened trade at around .000018343 in hopes of a strong breakout that will take Shiba Inu to .000072323.
Martinez’s prognosis, fueled by March’s rally, indicates that SHIB’s value may rise even further, providing investors in this thriving and active sector of the cryptocurrency market with a positive outlook for the meme coin.
SHIB Predicted To Repeat 2021 Price Trend Or Even Better
Shiba Inu’s marketing head, Lucie, delved into the memecoin’s price action. Lucie claims that during October 2021, SHIB, with no burns and no significant adoption at the time, witnessed a surge from .000007 to .000088 in just a matter of days, indicating an over 1,100% rise.
With the massive burns and widespread seen today within the SHIB ecosystem, Lucie might be suggesting the potential for the asset to reiterate this move or even further in this bull cycle. If this trend repeats, SHIB’s price might reach .00025 in this bull cycle.
Lucie also underscored the consistent support by SHIB’s robust community and strong Shibarium ecosystem since 2021, which might also catalyze Shiba Inu’s growth.
At the time of writing, SHIB was trading at .00002366, demonstrating an increase of over 4% in the past week. Despite the price rise, its market cap has been down by 2.59%, while its trading volume has been up by 1.79% in the past day. Given the momentum in the meme coin market, SHIB may be able to see more gains in the coming months.
Solana Snowfall? Price Plunges Amidst Market Correction – Will It Get Worse?
Solana, the high-speed blockchain once hailed as an Ethereum killer, finds itself in choppy waters. After reaching an all-time high of 3 in March 2024, the cryptocurrency has experienced a significant correction, currently trading at 5. Analysts warn of a potential freefall, citing both external market forces and internal ecosystem woes.
Solana’s Descent: A Shooting Star Loses Its Luster
Technical indicators paint a bleak picture for Solana. Alan Santana, a prominent crypto analyst, points to the emergence of bearish candlestick patterns like shooting stars and inverted hammers, alongside declining trading volume. These signals suggest a potential loss of momentum and investor confidence.
Further fueling the bearish sentiment, the broader cryptocurrency market has entered a correction phase. Bitcoin, the bellwether of the industry, has dipped from its highs, dragging other digital assets down with it. This market-wide pullback weakens the overall demand for Solana, pushing its price lower.
Solana 4X SHORT (222% Profits Potential)
Solana peaked March 2024, together with Bitcoin.
One month later, April 2024, a market correction was confirmed. This is confirmed by the fact that support broke, in this case we have a “cap” pattern.
Notice the shooting star,… pic.twitter.com/JKynUDENJd
— Alan Santana (@lamatrades1111) May 11, 2024
Solana’s Internal Struggles: Network Congestion And Founder Feuds
Beyond external market pressures, Solana faces internal challenges that threaten its stability. The network has experienced periods of congestion, hindering transaction speeds and scalability. These hiccups undermine Solana’s core value proposition of being a faster and more efficient alternative to Ethereum.
Adding fuel to the fire, recent public spats between founders of prominent Solana-based projects have cast a shadow of disunity over the ecosystem. Such internal conflicts raise concerns about leadership and the long-term viability of the platform.
Solana: Can It Weather The Storm?
The current situation presents a critical juncture for Solana. The cryptocurrency’s future hinges on its ability to navigate these challenges.
On the one hand, some analysts remain optimistic. Investment giant Franklin Templeton recently identified Solana as a potential contender for the number three spot in the cryptocurrency market, highlighting its potential for long-term growth.
Additionally, the upcoming Breakpoint conference in Singapore, a major gathering for the Solana community, could serve as a catalyst for renewed investor confidence.
Solana’s story is far from over. Whether it emerges from this storm as a resilient leader or fades into the background remains to be seen. The coming months will be crucial for determining the cryptocurrency’s long-term trajectory.
Featured image from Reformed Journal, chart from TradingView
Ethereum Whale Offloads Holdings Amidst Market Downturn
Ethereum (ETH) tumbled 6.45% in the past week, marking a rough stretch for the world’s second-largest cryptocurrency. Generally, Ether has left investors much to desire in recent times with a price decline of 16.57% over the last few months. Amidst this bearish market, a crypto whale has sold off all his Ethereum tokens drawing much attention from traders and market experts alike.
ETH Whale Liquidates Holdings, Incurs Substantial Loss
In an X post on May 11, blockchain tracking platform Lookonchain reported that a crypto whale offloaded all its 6,714 ETH tokens at a market price of .5 million. While the profit looks quite massive, LookonChain states that the investor actually recorded a loss of .5 million based on the acquisition price of these tokens.
Generally, whale transactions gain much attention among investors as they are viewed as indicators of market trends. Thus, if a whale suddenly sells a large portion or all of their holdings it may be interpreted as a bearish signal prompting other investors to follow suit, resulting in a price dip.
However, that may not necessarily be the case with the ETH market following this recent whale sell-off. With the Bitcoin halving completed in April, the crypto bull run is expected to begin in the following months based on historical data.
In previous times, Ethereum has proven as one of the most favorable assets for investors in this period. Notably, the altcoin gained by over 2000% in the months following the Bitcoin halving in 2020. Thus, most ETH investors are likely to hold on to their tokens.
Aside from Ethereum, the whale also liquidated all its 428,047 Optimism (OP) and 901,685 Arbitrum (ARB) at a loss of 2, 000 and .08 million respectively. In total, they incurred a loss of .43 million in offloading their investments in the three prominent altcoins.
ETH Price Overview
At the time of writing, ETH trades at ,919 reflecting a slight price gain of 0.27% in the last day. The altcoin appears to be heading for the $,2940 resistance zone. With sufficient buying pressure, ETH could push through this region with the next resistance level set at the 50 price zone.
However, the altcoin’s daily trading volume has currently declined by 44.85% falling to a value of .71 billion. Ethereum, which ranks as a bigger altcoin remains 40.4% off its all-time high value of ,891.70 achieved in November 2021z