Following Vaneck’s application with the U.S. Securities and Exchange Commission (SEC) to launch a solana-based exchange-traded fund (ETF), solana has appreciated 8.1% against the U.S. dollar. Apart from bitcoin, ethereum, and stablecoins, solana now boasts the highest daily trade volume among all other crypto assets on market aggregation platforms. Vaneck’s ETF Filing Catalyzes Increase in […]
Bitcoin News
Kaching! Kaspa (KAS) Climbs 18% As Bitcoin Mining Heavyweight Goes All In
The world of cryptocurrency witnessed a surge in Kaspa (KAS), with its price jumping nearly 18% in the last week. This sudden bullish trend coincides with a major announcement from industry leader Marathon Digital (MARA), stirring excitement through the crypto ecosystem.
Marathon Makes A Move Into The Kaspaverse
On Wednesday, June 26th, Marathon Digital, a behemoth in Bitcoin mining, sent ripples through the crypto market by revealing they had begun mining Kaspa. This strategic move signifies a potential diversification of their revenue stream, venturing beyond the well-trodden path of Bitcoin.
Kaspa, a fellow proof-of-work cryptocurrency, boasts a unique advantage: speed. With a current value of a little over million, Marathon has mined close to 94 million KAS thus far.
#Kaspa has clearly broken through the 18 cent barrier and is heading for 19 cents!
After that we can expect a new all-time high for $KAS!#crypto #pow $BTC pic.twitter.com/ruNt9kfeoL
— KASPA Enthusiast 𐤊 (@KASPAEnthusiast) June 27, 2024
Unlike Bitcoin’s 10-minute block processing time, Kaspa leverages a BlockDAG (Directed Acyclic Graph) architecture, enabling it to churn out multiple blocks simultaneously. This translates to faster transaction processing, a potential game-changer in the ever-evolving world of digital payments.
Aligning With Profitability: Kaspa’s Allure
Marathon Digital’s decision to embrace Kaspa mining wasn’t solely driven by technological innovation. The company clearly sees an opportunity for increased profitability. Kaspa currently offers miners the potential for higher block rewards compared to Bitcoin.
Additionally, Marathon secured a significant amount of specialized Kaspa mining hardware (ASICs) last year, estimated to generate profit margins as high as 90% under optimal conditions.
Adam Swick, Marathon’s Chief Growth Officer, emphasized the strategic importance of this move:
“By mining Kaspa, we’re establishing a revenue stream separate from Bitcoin, one that directly aligns with our expertise in digital asset computing.”
Swick added that the organization’s existing infrastructure, strong relationships with hardware manufacturers, and a robust financial reserve positions them “perfectly to mine Kaspa and capitalize on the high margins it offers.”
Is This The Dawn Of A New Era For Kaspa?
The news of a Bitcoin giant entering the Kaspa arena has undoubtedly bolstered investor confidence in the cryptocurrency. The price surge reflects this newfound optimism, with Kaspa inching closer to its all-time high.
However, the cryptocurrency market remains notoriously volatile. While Kaspa’s technological edge and potential for profitability are undeniable, its future trajectory hinges on various factors, including wider adoption, developer activity, and overall market sentiment.
KAS Price Action
With a market size of .3 billion as of the time of publication, the price of Kaspa was trading at .1799, placing it in the top 25 cryptocurrencies. Additionally, Kaspa’s daily trade volume has increased by over 130% to 0 million. The altcoin is currently trading near its all-time highs and may be about to reach a price discovery.
Featured image from LiveAbout, chart from TradingView
Tron’s USDT Triumphs: Daily Volume Climbs Above $53 Billion, Dwarfing Visa
USDT, Tether’s digital token pegged to traditional currencies, is leading a quiet revolution in the world of finance. In a landmark development, USDT has surpassed Visa’s average daily transaction volume on the Tron blockchain, underscoring its position as the undisputed leader in the stablecoin space. This surge signifies a growing confidence in stablecoins and their potential to disrupt the financial landscape.
USDT Flexes Muscles
USDT’s dominance is evident. Available on multiple blockchains, it has seen its market cap explode since its inception in 2014. But the recent milestone on Tron, a blockchain known for its lower transaction fees, is particularly noteworthy. Lookonchain data reveals USDT transactions on Tron hitting a staggering billion in a single day, exceeding Visa’s daily average of billion. This 20% lead underscores the increasing adoption of stablecoins for everyday transactions.
The 24-hour trading volume of $USDT on #TronNetwork is B, exceeding Visa’s average daily trading volume.
Visa’s trading volume in Q1 2024 was .78T and the average daily trading volume was B. pic.twitter.com/jolGKIUcxE
— Lookonchain (@lookonchain) June 21, 2024
Why The Rise Of Stablecoins?
So, what’s driving this surge? Unlike traditional cryptocurrencies known for their wild price swings, stablecoins offer a haven of stability. They are typically pegged to fiat currencies like the US dollar, meaning their value remains relatively constant. This stability makes them ideal for everyday transactions, eliminating the fear of sudden price drops that plague traditional cryptocurrencies. Additionally, stablecoins leverage the power of blockchain technology, enabling faster, cheaper, and more transparent transactions compared to conventional systems.
Regulation On The Horizon
As stablecoins gain traction, governments are scrambling to establish regulatory frameworks. The Lummis-Gillibrand Payment Stablecoin Act in the US and similar initiatives in the UK highlight a global concern for ensuring user protection and financial stability in the face of this innovation. While these regulations are crucial for responsible growth, navigating the ever-changing political climate adds another layer of complexity. For instance, the UK’s crypto policy remains uncertain with a looming general election.
The Future Of Finance
Despite the challenges, the momentum behind stablecoins seems unstoppable. Their ability to bridge the gap between traditional finance and the crypto world offers undeniable advantages. While daily transaction volume can be volatile, and concerns like rising transaction fees on Tron need to be addressed, the overall trend is clear.
Stablecoins are here to stay, and their impact on the global financial system is likely to be profound. As regulations take shape and the technology matures, stablecoins have the potential to revolutionize the way we conduct everyday transactions, ushering in a new era of financial inclusion and efficiency.
Featured image from Pexels, chart from TradingView
Bitcoin Takes Control In Market Meltdown, Dominance Climbs To 9-Week Peak
The cryptocurrency market is currently experiencing significant turbulence, prompting a shift in investor behavior towards Bitcoin, which has traditionally been seen as the safest asset within the digital currency ecosystem.
This shift has resulted in Bitcoin’s dominance climbing to a nine-week high of 57%. Amidst the market chaos, Bitcoin has emerged as a beacon of relative stability, while altcoins are bearing the brunt of the sell-off.
In times of market uncertainty, investors often gravitate towards what they perceive as safer assets. This behavior is evident in the recent crypto market dynamics, where Bitcoin has become the preferred choice for investors looking to weather the storm.
The broader market sell-off, which saw a staggering 0 billion in market value vanish in just one week, has particularly impacted altcoins. Projects such as Akash Network, Floki, and Chiliz have experienced significant declines, each plummeting over 30%.
The Appeal Of Bitcoin
Bitcoin’s appeal lies in its established track record and perceived stability compared to newer, more volatile altcoins. This perception has driven many investors to seek refuge in Bitcoin, while altcoins are left exposed to harsh market conditions. This shift in preference underscores a broader belief that Bitcoin offers a safer haven during periods of market distress.
Long-Term Perspective On Bitcoin’s Dominance
Despite Bitcoin’s current dominance, some analysts advise caution. Jelle, a seasoned crypto trader, suggests that Bitcoin’s dominance might not be sustainable in the long run.
#Bitcoin dominance continues to lose steam as price consolidates right below all-time highs.
Almost as if #Altcoins will outperform as soon as BTC breaks out.
Almost. pic.twitter.com/tjVOaUHskm
— Jelle (@CryptoJelleNL) June 17, 2024
He argues that altcoins, with their innovative features and potential for significant growth, could reclaim their lost ground once Bitcoin surpasses its previous all-time high of ,000. This perspective highlights the cyclical nature of the crypto market, where different assets can outperform at different times.
Market Sentiment And Future Prospects
The broader market’s current downturn has led to a bearish sentiment, with Bitcoin struggling to maintain its footing within a crucial support zone around ,500. The prevailing sentiment is one of caution, as the market grapples with uncertainty.
However, there are glimmers of hope on the horizon. Interestingly, while the crypto market has been experiencing a decline, tech stocks have been performing well, marking their seventh consecutive day of gains. This divergence suggests that the current downturn might be specific to the crypto market rather than indicative of a broader economic malaise.
Volatility And Potential Reversals
The notorious volatility of the crypto market means that swift reversals are always a possibility. Historically, digital assets have been prone to dramatic swings, and what goes down can just as quickly go back up.
This inherent volatility is both a risk and an opportunity for investors. The recent uptick in the Fear & Greed Index to 64 indicates that despite the sell-off, some investors remain optimistic, exhibiting a degree of irrational exuberance.
Featured image from Photlurg, chart from TradingView
CBDC Interest Climbs Steadily Over Five Years, Google Trends Data Shows
Google Trends data reveals a consistent increase in search interest for “CBDC,” which stands for central bank digital currency, over the past five years. The term has maintained a score above 20 since August 2022, on a scale of 1 to 100, where 100 signifies peak interest. CBDCs See Consistent Search Growth, Top Regions Include […]
Bitcoin News
Bitcoin Price Gradually Climbs: Steady Ascent Points to Bullish Momentum
Bitcoin price started a decent increase above the ,500 resistance. BTC is showing positive signs and might gain bullish momentum above the ,000 resistance in the near term.
- Bitcoin extended its increase above the ,000 and ,500 resistance levels.
- The price is trading above ,000 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support at ,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it settles above the ,000 level.
Bitcoin Price Regains Strength
Bitcoin price remained stable above the ,500 zone its extended its increase. BTC was able to clear the ,000 and ,200 levels to move further into a positive zone.
The bulls even pushed the price above ,500. A high was formed at ,682 and the price is now consolidating gains. The price is holding gains above the 23.6% Fib retracement level of the upward move from the ,285 swing low to the ,682 high.
Bitcoin is now trading above ,500 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at ,600 on the hourly chart of the BTC/USD pair.
On the upside, the price is facing resistance near the ,400 level. The first major resistance could be ,650. The next key resistance could be ,000. A clear move above the ,000 resistance might send the price higher. In the stated case, the price could rise and test the ,200 resistance. Any more gains might send BTC toward the ,000 resistance.
Are Dips Limited In BTC?
If Bitcoin fails to climb above the ,400 resistance zone, it could start another decline. Immediate support on the downside is near the ,600 level and the trend line.
The first major support is ,000. The next support is now forming near ,500 or the 50% Fib retracement level of the upward move from the ,285 swing low to the ,682 high. Any more losses might send the price toward the ,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – ,600, followed by ,000.
Major Resistance Levels – ,600, and ,000.
Bitcoin-Based DOG Token Climbs to 8th Largest Meme Coin, Nears $1B Capitalization
The Runes-based meme token DOG•GO•TO•THE•MOON, initiated by Leonidas, the founder of Ord.io, has reached a new pinnacle in its journey. It has ascended to become the 8th-largest meme coin by market capitalization. The token, which combines the fun of a meme coin with the trust of Bitcoin and the efficiency of the Runes protocol, has […]
Bitcoin News
Bitcoin-Based DOG Token Climbs to 9th Largest Meme Coin, Sees 216% Rise in 30 Days
A meme token named DOG•GO•TO•THE•MOON, created by Leonidas, the founder of Ord.io, has reached a new peak and is now the ninth-largest meme coin by market capitalization. At the time of writing, the token’s market value stood at 5 million. The Top 10 Meme Coins Now Have Bitcoin-Centric Member A new meme coin has entered […]
Bitcoin News
Stablecoin Market Climbs $2.81B in a Week, Nearing $160B Valuation
Over the past seven days, the stablecoin sector has expanded by .81 billion, bringing the dollar-pegged cryptocurrency market close to a total valuation of 0 billion. A significant portion of this growth, exceeding billion, is attributed to the increase in USDT’s market capitalization, which reached 9.38 billion by Friday at 1:00 p.m. Eastern Time. […]
Bitcoin News
Shiba Inu Climbs To Second Spot In Crypto Searches As SHIB Rallies
The ever-vibrant Shiba Inu community is thriving once more as SHIB gains widespread recognition surpassing top cryptocurrency assets in the market to become the second most sought-after digital asset in the entire European continent, securing its stance in the crypto landscape.
Shiba Inu Takes Europe By Storm
XRP enthusiast and market expert Marcel Knobloch, also known as Collin Brown, reported the coin’s latest milestone on X. According to Brown, Shiba Inu has seen significant growth in its long-term investor base, taking Europe by storm by becoming the second most search crypto in the continent.
Brown noted that the milestone is reminiscent of the peak of 2021, having rallied a startling 300% in just 8 days. SHIB’s interest is not limited to Europe, and it has taken the top spot on search charts all the way from Italy to Nigeria.
As a result of the development, WazirX’s poll has crowned SHIB the king of meme cryptos. Thus, Collin Brown has urged the cryptocurrency space to watch out for Shiba Inu, noting that the Shiba pack is at the forefront of the race.
The rankings were determined following a comprehensive analysis of Google Trends data in the past 1 year in order to ascertain the cryptocurrency that, based on searches, each nation in Europe desires to invest in. After gathering collective data, the findings showed a noteworthy pattern that indicated changes in people’s interest in the crypto market.
Shiba Inu went past notable coins like Ethereum (ETH) – the second largest crypto asset, Cardano (ADA), and Dogecoin (DOGE) – the largest meme coin, securing the top pick in about 7 European countries. These include Russia, France, Italy, the United Kingdom, and among others.
Meanwhile, Bitcoin (BTC) – the largest crypto asset remains the most searched coin in the continent acquiring top choice in about 21 European nations, such as Poland, Germany, Belgium, Romania, etc.
Latest Milestone Buttresses SHIB’s Price
SHIB’s recent achievement displays a constant rise in its interest, reflecting the trust of its community members around the world. In addition to bolstering SHIB’s standing, this ranking indicates that European investors are considering adopting the token even more.
Following the project’s landmark, the Ethereum-based memecoin has managed to secure gains of over 18% in the past week. SHIB has experienced a rebound to the .000030 threshold, after falling as low as .000025 during the start of the week. With the memecoin market demonstrating momentum presently, SHIB might be poised for more significant gains in the coming months.
Consequently, SHIB’s rise to the aforementioned price has taken advantage of the market’s general recovery and its seven-day upswing. As of the time of writing, Shiba Inu was trading at .0000305, indicating a decline of 1% in the past day. Meanwhile, its trading volume and market cap have decreased by over 1% and 16%, respectively.