As the weekend approaches, the crypto economy experienced a downturn, declining 4.38% in the past 24 hours to a total value of .42 trillion. Bitcoin saw a decrease of 5.5% against the U.S. dollar during this period, while ethereum’s value dropped by 5.3%. In contrast, fantom (FTM) enjoyed a 12% increase, and aptos (APT) rose […]
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Arbitrum Outpaces Ethereum in Daily Transactions Amidst L2 Networks’ Surge
Recent statistics reveal that the layer two (L2) network Arbitrum has experienced a significant increase in daily transactions. On Tuesday, the network’s daily transactions even exceeded those on the Ethereum platform. Additionally, following Ethereum’s Dencun upgrade, other L2 networks such as Optimism have also witnessed an uptick in activity. Arbitrum Transfers Spike Metrics indicate that […]
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MATIC Price Slumps 10% Amidst Market Downturn – Here Are Key Levels To Watch
MATIC, the native token of the Polygon network, has witnessed a significant decline in its value. It has fallen by more than 10% in the past week and 8% in less than 24 hours as the general cryptocurrency market continues to grapple with a cloud of negative sentiment.
Fortunately, the latest on-chain analysis has revealed the important levels that investors should look out for following the latest decline in the MATIC price.
Over 10,900 Addresses Bought 600 Million Polygon Tokens At This Price
According to a recent post on X by crypto pundit Ali Martinez, the price of MATIC has established a key support around its current price point. This evaluation is based on analytics firm IntoTheBlock’s on-chain data, which tracks the average acquisition price for any given wallet address.
Above is the chart highlighted by Martinez that shows the distribution of the Polygon token supply across various price ranges. The size of the dots in the chart represents the magnitude of coins purchased around the corresponding price range.
Most notably, over 10,900 wallet addresses bought a whopping 608 million MATIC around the .02 and .05 zone. According to the crypto analyst, this massive buying activity has supported the establishment of crucial support around this price region.
#Polygon has found crucial support between .02 and .05, supported by 10,900 addresses holding around 608 million #MATIC. Should this support falter, the next essential demand zone lies near .91, where 35,700 addresses collectively hold 394.6 million $MATIC. pic.twitter.com/rLn4ymcQf7
— Ali (@ali_charts) March 16, 2024
While the large size of the dot reflects the strength of this particular level, sustained bearish pressure could cause the price of MATIC to breach and fall beneath this support. In this case, investors could see the cryptocurrency drop to around .91.
This makes the .89 and .92 price range another level to watch, as it represents the next vital support area, where 35,680 wallet addresses purchased nearly 400 million Polygon tokens.
MATIC Price Overview
As of this writing, the price of MATIC stands at .04, reflecting an 8% decline in the past 24 hours. This price dip comes after the altcoin printed a multi-month high of .28 on Thursday, March 14.
According to data from CoinGecko, the Polygon coin has suffered a 9.7% price slump in the last seven days. From a broader perspective, though, the cryptocurrency has had a fairly positive performance in the past month.
With a market capitalization of more than .7 billion, the MATIC token ranks as the 18th-largest cryptocurrency in the sector.
NFT Market Faces 16.55% Drop in Sales Amidst Cryptocurrency Downturn
In tandem with the broader downturn of the cryptocurrency market this week, the non-fungible token (NFT) sector also experienced a downturn in sales over the preceding seven days. From March 9 to March 16, 2024, the NFT market witnessed sales amounting to 8,080,260, a decline of 16.55% from the previous week. NFT Sales Decline Across […]
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XRP To Skyrockets To $1.33 Amidst April Rally: Analysts
XRP has demonstrated significant strength for a while now, securing its spot as one of the best-performing cryptocurrency assets by market cap, after surging to its highest level since November.
XRP To Yield Gains From April Rally
The crypto community is buzzing about XRP’s latest price spike as several analysts predict the surge will be the start of the eagerly anticipated rally. With a 50% rise from .50 on Monday, March 11, to a weekly high of .75, it got off to a great start this week.
Cryptocurrency analyst and trader Dark Defender has shared his latest optimistic forecast for XRP with the community on X (formerly Twitter). Dark Defender highlighted that the crypto asset “broke out” from a strong resistance on Tuesday, just as he expected.
XRP broke out from a 6-year-long symmetrical triangle, which denotes a phase of consolidation with prices bouncing between the lower support line and the upper resistance.
According to the analyst, the monthly time frame clearly shows that the much-anticipated move has begun. Also, the daily time frame “confirms that the massive resistance level of .6649 has been broken.”
He further added that for the “weekly and monthly time frame, .6649 will possibly be confirmed.” As a result, Dark Defender underscored that his targets are now “closer to the mid-resistance around the .33” price mark. Meanwhile, he has placed his “Fibonacci price targets at .88 and .85 in the upcoming weeks.”
The post read:
XRP had the break-out yesterday, as we expected. In the Monthly Time Frame, it is obvious the move has started and the huge Resistance of .6649 has been confirmed to be broken in the Daily. .6649 will be Confirmed for the Weekly and Monthly Frames. Our targets are closer now to .33 mid resistance, and .88 and .85 Fibonacci targets in the upcoming weeks.
As a result, the expert has urged the community to watch out for “solid strikes” in the coming week. In addition, he noted that “April will be hot,” suggesting significant gains throughout the month.
Presently, the digital asset gradually gaining strength trading at .6897, indicating a weekly increase of over 12%. However, its market cap and trading volume are both down by 1.58% and 57% in the last 24 hours.
The Asset Does Not Belong In Your Portfolio
Despite XRP’s latest rally, crypto expert Jason Pizzino has claimed that investing in the token might not be a smart move. Jason Pizzino has issued a warning to the community never to consider adding XRP to their portfolio.
He claims that “even though it climbs this cycle, it still “needs to rise more than 2600%” in value to match Bitcoin‘s peak of 2017. “It achieved 500% in the previous cycle and is now only 30% away from shattering the SEC Lawsuit low,” he added.
Pizzino believes that the major advantage of influencers discussing XRP is that there is still a “large audience interested” in knowing about the project and “optimistic price projects that never appear.”
Hope Rises Among XRP Proponents for a Significant Upswing Amidst Crypto Market Expansion
In the last week, XRP experienced a 19.9% increase in its value against the U.S. dollar, reaching a peak of .744 per coin on March 11, 2024. Its price has since retreated a hair, now trading at .685 per XRP. Although the digital currency’s market results haven’t captured as much attention as bitcoin and ethereum, […]
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Bitcoin Fee Shock: Network Charges Double Amidst Excitement Of $70,000 BTC
Bitcoin transaction fees have experienced an unprecedented surge, doubling in just one week, as the market rallies towards the coveted ,000 mark. This surge cannot be solely attributed to the upward trajectory of Bitcoin’s price but is significantly influenced by the sudden rise in Ordinals transactions.
Ordinals: A Driving Force Behind Fee Escalation
Amidst the fervor of Bitcoin’s price rally, Ordinals transactions have emerged as a driving force behind the surge in transaction fees. Our in-depth analysis reveals that Ordinals, which started the week with approximately 48,000 daily inscriptions, witnessed an extraordinary surge, surpassing 93,000 by March 8th.
This surge in daily inscriptions has not only contributed to a substantial increase in fees, with the daily average fee standing at around eight BTC but has also added a staggering .8 million to the total network fees for the week.
Bitcoin Fees Break Records, Reflecting Market Dynamism
Bitcoin’s fee trend for the week has been nothing short of dynamic. While the initial daily fees stood at around 46 BTC, the momentum gained pace around March 5th, surging to an impressive 103 BTC. Towards the end of the week, the daily fee decreased slightly to around 40.7 BTC.
Despite the decline, the overall trend indicates a significant increase in daily fees compared to the preceding week, showcasing the dynamism and resilience of the Bitcoin market.
Bitcoin’s Ascent Towards K And Its Ripple Effect
As Bitcoin teeters on the edge of the ,000 price range, the cryptocurrency market is on the brink of a potential breakthrough. At the time of reporting, Bitcoin was trading at about ,950, marking a 10% increase in the last seven days.
A Closer Look At Bitcoin’s Fee Surge
Examining data provided by IntoTheBlock, it becomes evident that Bitcoin’s recent fee surge is not merely a consequence of its price rise. The notable increase in transaction fees, doubling compared to the previous week, is closely tied to the upward movement in the price of BTC.
Bitcoin fees more than doubled this week, with Ordinals-related transactions hitting a monthly high. pic.twitter.com/YXh9oMMYSK
— IntoTheBlock (@intotheblock) March 9, 2024
This movement has propelled transaction volumes to their highest levels in months, with NewsBTC’s analysis revealing a staggering volume surpassing 0 billion on March 5th and 6th, a level not witnessed since November 2022.
Ordinals’ Remarkable Contribution To Bitcoin Fees
NewsBTC’s detailed evaluation of Ordinals transactions over the past week sheds light on the remarkable contribution of this sector to Bitcoin’s escalating fees. With daily inscriptions skyrocketing and daily fees averaging around eight BTC, Ordinals has made a significant impact on the cryptocurrency landscape, contributing over 0 million in fees to date.
Featured image from Karolina Grabowska/Pexels, chart from TradingView
From Laughs to Loot: Meme Coins FLOKI and PEPE See Explosive Growth Amidst Crypto Surge
On Friday, bitcoin and ethereum experienced modest upticks, registering increases of 2% to 5%, respectively. Meanwhile, the meme coin FLOKI has soared by 70% in the last 24 hours, with PEPE also making notable gains of 32.7%. Friday saw around ten cryptocurrencies achieving double-digit increases, propelling the total crypto market valuation to .6 trillion. Crypto […]
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Stablecoin Giant Tether Hits $100 Billion Market Cap Amidst Crypto Market’s Surge
As the cryptocurrency market swells to a valuation of .6 trillion, the leading stablecoin, tether, has achieved a market cap of 0 billion. Beginning from the start of 2024, tether has seen an addition of 8.27 billion tokens to its supply. From 0K to 0 Billion: Tether’s Meteoric Rise Tether (USDT), the top fiat-linked digital […]
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Meme Tokens Skyrocket: Market Cap Hits $61.5 Billion Amidst Crypto Frenzy
As bitcoin edges closer to its peak historical value, the meme token domain is outperforming many within the crypto economy, boasting a more than 38% increase over the last day. Just four days prior, the meme coin market’s valuation stood at .32 billion, only to soar to .59 billion today. From Dogecoin to Shiba Inu: […]
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