In a crypto market filled with meme coins, one dog-themed token is turning heads (and filling wallets). PlayDoge (PLAY), the virtual pet sensation, has just passed the million mark in its ICO. And early investors are now wondering if they’ve stumbled on the next big thing in crypto gaming. PlayDoge Revives Virtual Pets Using […]
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Ethereum Technical Insights: ETH Crosses $3,100 Mark for the First Time in 21 Days
Ethereum’s price has been exhibiting a narrow intraday range between ,048 and ,139. With a market capitalization of 3 billion and a 24-hour trading volume of .83 billion, the cryptocurrency shows a mixed technical outlook. At 7:57 (EDT) on Monday, ether is exchanging hands for just under ,100 at ,093 per unit. Ethereum The hourly […]
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SOL Price Crosses $200 Milestone, What’s Next For Solana?
Solana is gaining bullish momentum above 0. SOL price is still showing positive signs, and it could even surpass the 0 resistance in the near term.
- SOL price gained bullish momentum and cleared the 0 resistance against the US Dollar.
- The price is now trading above 0 and the 100 simple moving average (4 hours).
- There is a connecting bullish trend line forming with support at 5 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rally if it clears the 5 and 2 resistance levels.
Solana Price Extends Rally
Solana price remained strong above the 0 level and extended its rally. There was a decent increase above the 5 and 0 levels.
The price is up nearly 20% and there was a move above the 0 level, outperforming Bitcoin and Ethereum. A new multi-month high was formed near 4, and the price is now consolidating gains. It is stable above the 23.6% Fib retracement level of the upward move from the 2 swing low to the 4 high.
There is also a connecting bullish trend line forming with support at 5 on the 4-hour chart of the SOL/USD pair. Solana is now trading above 0 and the 100 simple moving average (4 hours).
Source: SOLUSD on TradingView.com
Immediate resistance is near the 5 level. The next major resistance is near the 2 level. A successful close above the 2 resistance could set the pace for another major increase. The next key resistance is near 0. Any more gains might send the price toward the 2 level.
Are Dips Supported in SOL?
If SOL fails to rally above the 5 resistance, it could start a downside correction. Initial support on the downside is near the 5 level and the trend line.
The first major support is near the 5 level or the 50% Fib retracement level of the upward move from the 2 swing low to the 4 high, below which the price could test 5. If there is a close below the 5 support, the price could decline toward the 0 support or the 100 simple moving average (4 hours) in the near term.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – , and 5.
Major Resistance Levels – 5, 2, and 0.
Bitcoin Technical Analysis: BTC Crosses $73K; Bulls Eye $75K as Next Major Goal
On March 13, 2024, bitcoin achieved a new peak in its market value, reaching an unprecedented high of ,679. In the past 24 hours, bitcoin not only increased by 1.8% but also showed notable gains over the week (10.7%) and the last two weeks (23.3%), elevating its market cap to an impressive .43 trillion. Bitcoin […]
Bitcoin News
Total ETH Burned Crosses 1.5 Million Ahead Of Ethereum Dencun Upgrade
The Ethereum Dencun upgrade is fast approaching and there have already been notable developments leading up to it. Besides the price of ETH rising to new two-year highs, there has been a significant increase in the amount of ETH that has been burned so far.
Over 50,000 ETH Burned
The Ethereum burn, which was brought with the EIP-1559 upgrade, has been ramping up over the past year. The ETH burned from fees on the blockchain quickly crossed the 0 million mark, and has now climbed to a new milestone.
According to Ultrasound Money, a website dedicated to tracking the performance of Ethereum since EIP-1559 was implemented, there have now been over 1.5 million ETH burned. A more accurate figure is 1,502,518.84 ETH at the time of writing, which is more than .6 billion at current prices.
The number of burned ETH has also greatly surpassed that of ETH issued, which means that the network has turned deflationary. Compared to the 1,502,518.84 ETH burned, there have been only 1,089,809.20 ETH issued in the same time period. This shows that the supply has not increased despite the new issuance, and ETH already in circulation is being burned as well.
At the time of the upgrade in 2022, the total Ethereum supply was 120,521,245. However, since then, the burn has been slowly eating into this figure and is currently sitting at 120,108,332 ETH. This means that the ETH supply has reduced by 412,706 ETH worth .55 billion since 2022.
Ethereum Dencun Upgrade Looms On The Horizon
The Ethereum Dencun upgrade is the latest in a long line of upgrades that have taken place in an effort to make it a better network. This upgrade is expected to come with a number of improvements for the network, including boosting its efficiency and capacity.
It was launched on all testnets last week which is expected to be the final phase before the launch. The launch itself has been scheduled to take place less than a week from now on March 13. Once completed, an increase in block space is expected to follow.
Presently, the ETH price is performing quite nicely leading up to the upgrade. It recently touched ,900 for the first time since 2022, and while there has been a slight retracement, the altcoin continues to trend high above ,700 at the time of writing.
Bitcoin Crosses $59,000 In Surprise Pre-Halving Rally
The Bitcoin price has now successfully crossed the ,000 level after an incredibly bullish month of February. The market leader has also barreled ahead of all expectations during this time as well, continuing to rally at a time when prices are expected to crash ahead of the next halving.
Institutional Investors Drive Bitcoin Price Higher
One of the major drivers behind the Bitcoin performance over the last day has been institutional investors. These investors have continued to take advantage of the opportunities provided by the Bitcoin Spot ETFs approved by the Securities and Exchange Commission (SEC) in January.
While there have been outflows from the Grayscale Bitcoin Trust due to concerns about high fees, the inflows have not slowed. On Tuesday, Bloomberg Analyst James Seyffart revealed that Spot ETF inflows rose once again, to cross 0 million in a single day.
In the same vein, the trading volumes have been on the rise. With demand soaring, volumes crossed billion on Tuesday and it is the second time in a month that it has crossed this figure. This rise in both inflows and trading volumes shows a willingness among institutional investors to take positions in Bitcoin.
Fidelity Investments, one of the issues of the many Spot Bitcoin ETFs available for trading in the market, also recently encouraged investors to put a small portion of their portfolios in Bitcoin. According to the asset manager, a portfolio allocation of 1-3% in Bitcoin is ideal at this point.
Now, while a 1-3% allocation may seem small to the average investor, it is quite large when it comes to institutional investing. These portfolios are often made up of billions of dollars, and even a 1-3% allocation could work out to hundreds of millions of dollars being funneled into Bitcoin.
BTC Dominance Not Budging
While the price of Bitcoin has rallied in the last week, expectations are that Bitcoin will begin to consolidate and then give way to altcoins. However, the BTC dominance over the crypto market remains quite high, suggesting that the time for altcoins may not be here yet.
Presently, the BTC dominance is sitting at 54.1% after seeing a local peak of 54.4%. This shows that Bitcoin is still leading the entire market by a large margin, and until this dominance subsides, Bitcoin will continue to lead the rally while altcoins lag behind.
For now, the bulls are focusing on maintaining support at ,000, giving it a bounce point toward ,000. With the previous all-time high at ,000, the BTC price needs a less than 20% move from here to reach a new all-time high.
BlackRock’s IBIT Maintains Lead In BitcoETF Market, Crosses $2 Billion In Inflows
According to data from BitMEX Research, BlackRock’s Bitcoin spot ETF – IBIT – has now set a new record, achieving a total net inflow of billion. This feat allows IBIT to maintain its position as the best-performing fund of the bunch, following the approval of 11 Bitcoin spot ETFs by the US Securities and Exchange Commission on January 10.
BlackRock’s IBIT Maintains Dominance As Total Net Flows Reach 4.6 Million
On January 25, which marked the tenth trading day of the Bitcoin spot ETF market, BlackRock’s IBIT produced an unsurprising positive performance, notching 0.7 million in inflows. This gain allowed the investment fund to move into an exclusive list as the first Bitcoin spot ETF to amass billion in market cap.
Commenting on this feat, Bloomberg analyst James Seyfarrt has credited the recent rise in BTC’s price as a major contributing factor. He said:
Yes, the #Bitcoin price has pushed $IBIT‘s assets beyond billion. This plus likely new flows today should mean it will be above billion at close.
Following the trading debut of BTC spot ETFs on January 11, IBIT quickly emerged as an investor’s favorite, recording the highest individual daily inflows of the market at 6 million on January 12. BlackRock’s BTC spot ETF has managed to retain this investors’ attention over the first two trading weeks, evidenced by its consistent positive performances, which has culminated in a total flow of .086 billion.
IBIT’s performance is closely followed by Fidelity’s FBTC, which recorded 1 million in inflows on January 25, moving its total flows to .825 billion. Meanwhile, other Bitcoin spot ETFs with notable performances include Bitwise’s BITB and Ark Invest’s ARKB, both of which boast individual cumulative AUMs of over half a billion dollars.
In other news, the outflows in Grayscale’s GBTC remain a constant trend; however, there has been a notable decline in selling volume over the last few days. At the time of writing, GBTC’s total outflow is valued at .786 billion. In comparison with a cumulative inflow of .53 billion, total flows in the Bitcoin spot ETF market stand at 4.6 million.
Bitcoin Price Overview
At press time, Bitcoin is currently trading at ,725.19 following a 4.52% price gain in the past day, according to data from CoinMarketCap. This recent uptick is quite significant, considering the asset’s previous bearish form, marked by a 20% decline over the last two weeks which resulted in BTC’s dipping below ,000.
Bitcoin’s price has been negatively affected by GBTC’s massive outflows; however, as the selling pressure appears to be decreasing, coupled with consistent positive performances of other ETFs, notably BlackRock’s IBIT, that crypto market leader could soon pull off a market recovery.
Shiba Inu L2 Shibarium Crosses 4 Million Transactions As Burn Rate Explodes
Shibarium, the Shiba Inu layer-2 solution, recently reached a new milestone in the past few days, crossing the 4 million total transaction threshold. The launch of Shibarium, Shiba Inu’s layer-2 solution, has been a huge catalyst for the meme coin. At the same time, SHIB’s burn rate has exploded in the last two days, as investors look to push the price of SHIB in a positive direction.
Shibarium’s Rapid Growth, Burn Rate Skyrockets
In just the past few months, over 4 million transactions have taken place on the Shibarium network. According to Shibariumscan, the total transaction count now stands at 4.27 million at the time of writing, with the total block count also at 1.87 million, steadily approaching 2 million. The platform saw its daily transactions soar last weekend, reaching as high as 43,690 on November 23.
This milestone seems to have rolled over to Shiba Inu’s token burning. According to data from Shibburn, Shiba Inu’s burn tracker, the burn rate has increased significantly this week. The last 24 hours have seen the token burns reach 82,887,109 SHIB, an increase of 913.89% from the previous day.
SHIB tokens can be burned by any Shiba Inu investor by sending the tokens to any of the SHIB burn addresses. Apparently, most of the latest 24-hour figure came from one address, which incinerated 82.86 million SHIB tokens.
The uptick in SHIB burns has been going on for a while now. The burn rate increased by almost 500,000% over the weekend with more than 264.20 million SHIB tokens sent to inactive addresses.
What’s Next For Shiba Inu — Road To .00008?
Shiba Inu burns are a way to create artificial scarcity for SHIB, driving up the price of the tokens in circulation. However, the price of SHIB hasn’t reacted to the recent burns and the Shibarium transaction milestone.
Shiba inu is currently trading at .000008221 and is down by 1.62% in the past 24 hours. On the larger timeframe, the crypto is up by 13.68% from its October bottom of 0.000006. The fundamentals surrounding SHIB also point to a price rise in the coming months as support grows.
With increasing utility, the creation of new tokens in the SHIB ecosystem, partnerships like the recent one with boxer Manny Pacquiao, and more widespread mainstream interest on the horizon, analysts see SHIB revisiting and possibly surpassing its former high of .000088. However, this would mean the Shiba Inu price would rise 902% from its current price.
Ethereum L2 Blast Crosses $123 Million, Important Things To Know Before You Bridge In
Blast, a brand new Ethereum Layer 2 network, has drawn a startling amount of interest and security concerns due to a surge of investors using the network to bridge their assets.
Blast Hits 3 Million In TVL
Blast recently announced its mainnet access on X (formerly Twitter). The L2 network built by Pacman Blur has gained a staggering amount of attention from crypto investors following the declaration.
“Introducing Blast: The only Ethereum L2 with native yield for ETH and stablecoins. We’ve raised m from Paradigm and StandardCrypto to build the L2 that helps you earn more,” Blast stated.
Blast recorded over 23,368 users in just 24 hours of announcing the imminent launch of its mainnet. The influx of investors pushed Blast’s Total Value Locked (TVL) to million in a single day.
“23,368 users have joined the Blast Community in the past 24 hours. Thanks to them, Blast has reached Million in TVL in one day! We’re excited to share more with community members soon. There’s much more to come,” Blast said.
Presently, Blast has recorded over 3 million in TVL from assets bridged by investors. This unexpected surge in bridging demands has raised concerns especially due to the unusual conditions attached to the bridging process.
According to Blast, users can only access the Ethereum L2 network after receiving an invitation code. The network has also stated that users will not be able to withdraw their bridged funds until February 2024.
While the unconventional bridging conditions have raised some red flags, many investors continue to express their interest by actively bridging their assets
Details About New Ethereum L2 Network
Blast has outlined several important details of its bridging and staking processes. The Ethereum L2 network highlighted the potential yield benefits of investors when they bridge their ETH tokens and stablecoins. The network has also stated that investors who stake their ETH can gain profits over time as their assets grow in their Blast wallets.
“Once you have access, you can bridge to earn yield (4% for ETH + 5% for stablecoins) and Blast Points ahead of the Mainnet launch in February (2024). Early access members get more points based on how much they bridge and who they invite,” Blast stated.
The L2 network added:
Specifically, Blast natively participates in ETH staking, and the staking yield is passed back to the L2’s users and dapps. We’ve redesigned the L2 from the ground up so that if you have 1 ETH in your wallet on Blast, over time it grows to 1.04, 1.08, 1.12 ETH automatically.
Additionally, Blast has expanded its bridging capabilities to a diverse range of digital assets. According to the L2 network, investors can bridge beyond ETH and opt for stablecoins such as USDT, DAI, and more.
“It’s not just ETH on Blast that earns yield. Stablecoins do too. When you bridge stablecoins like USDC, USDT, and DAI to Blast, it’s deposited in on-chain T-Bill protocols like MakerDAO, and the yield is passed back to Blast users via USDB, Blast’s auto-rebasing stablecoin,” Blast stated.
Bitcoin Price Crosses $35,000, Here’s Why
The Bitcoin price barreled past the ,000 level on multiple exchanges about an hour ago and has continued to maintain impressive bullish momentum. The reason for the surge is once again tied back to the anticipation around a potential approval of the BlackRock Spot Bitcoin ETF and the expectations of it triggering a bull market.
BlackRock Spot Bitcoin ETF Listing Surfaces
The Bitcoin price rally was triggered by an image that has been circulated many times on social media platforms such as X (formerly Twitter) showing that the BlackRock iShares Bitcoin Trust had been listed on the Depository Trust & Clearing Corporation (DTCC) under the ticker IBTC.
Usually, a listing on the DTCC is taken as a step for ETFs that are ready for approval from the Securities and Exchange Commission (SEC). Additionally, BlackRock, which is the largest asset management company in the world, reportedly told the regulator that it plans to seed its Spot Bitcoin ETF in October. So the asset manager looks to be readying for an October launch as well.
Related Reading: ARK Invest’s Cathie Wood Reveals Why Bitcoin Will Reach .48 Million
As Bloomberg Analyst Eric Balchunas explains, “Seeding an ETF is when initial funding is provided (typically) by a bank or broker dealer used to purchase a few creation units (in this case bitcoin) in exchange for ETF shares which can be traded in open market on Day One.”
It should be noted that just because an ETF is listed on the DTCC does not mean that it will gain immediate approval. Some ETFs will sit on the DTCC for months or years at a time before gaining approval to trade, while some simply never launch. However, given BlackRock’s influence, expectations are the company is doing this in preparation for approval.
Following The Bitcoin Price Growth Trend
The Bitcoin price increase has been mostly an ‘up-only’ trend with some pits and stops along the way. In the last 24 hours, the digital asset is already up over 14% with other metrics following swiftly behind such as market cap and daily trading volume.
Bitcoin’s daily trading volume jumped over 257% since the rally began, currently sitting at .7 billion. Likewise, the Bitcoin open interest has seen a 6.36% increase across all exchanges, bringing total open interest to .05 billion at the time of writing.
The Bitcoin Fear & Greed Index has also jumped to a six-month high, flashing a very greedy 66. This means that investors are more willing to jump into the digital asset and the evidence of this is in its rising daily trading volumes, as mentioned above.
The Bitcoin price has since retraced from the ,000 level but continues to trade just above ,500 where the bulls seem to have established support. A successful retest of the ,000 resistance would set the Bitcoin price on a path to ,000.