Spot bitcoin exchange-traded funds (ETFs) trading in the United States experienced their fourth straight day of net inflows on Friday. Data from sosovalue.xyz shows .05 million was added during the trading sessions, with Blackrock’s IBIT leading the pack. Spot Bitcoin ETFs Enjoy Four-Day Inflow Streak On Friday, the 11 spot bitcoin ETFs saw .05 million […]
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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
Tron’s Tether Volume Competes With Visa’s Daily Transactions Amid Crypto Slump
According to data from the X account Lookonchain, the 24-hour trading volume of tether on the Tron network has surpassed Visa’s average daily transaction volume. Additionally, despite a general downturn in the crypto economy, tron (TRX) has achieved a 2% gain against the U.S. dollar over the past week. Tron Network’s USDT Volume Hits […]
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Toncoin (TON) Flips Ethereum In Daily Active Users, Fueling $10 Price Target Predictions
Toncoin (TON), the native token of The Open Network, experienced a 12% price drop from its recent all-time high of .76 over the past week, following the overall market correction led by Bitcoin (BTC).
However, despite the temporary setback, the optimistic sentiment surrounding TON and its network has led crypto analysts to speculate on a potential continuation of the halted uptrend, with some even predicting a surge beyond the current record levels toward double-digit territory.
Setting The Stage For Price Target
Crypto analysis firm Delphi Digital made an intriguing observation, noting that TON’s daily active addresses have surpassed those of Ethereum (ETH) for the first time.
This surge in activity is attributed to the substantial 900 million user base of Telegram, the social media platform behind TON. Delphi Digital recognizes that TON’s success hinges on leveraging Telegram’s distribution capabilities.
In a recent social media post, renowned crypto and decentralized finance (DeFi) analyst known as “Crypto King” recommended newcomers to explore TON, highlighting its super-fast and user-friendly blockchain infrastructure.
The analyst also emphasized the credibility of TON’s development team, which is the same team behind Telegram. Crypto King believes TON could experience a significant price spike, potentially reaching as high as in the coming weeks.
Market expert Alex Clay shares a similar viewpoint, noting that despite the market downturn, TON maintains its bullish structure and is poised for double-digit gains.
According to Clay, TON is on track to reach , with the potential for short-term targets of .5 and .6. Clay also mentions the presence of a Daily Cup & Handle pattern, further bolstering the positive outlook for TON.
Toncoin Price Dips Despite Favorable Market Metrics
Token Terminal data reveals notable figures for TON’s blockchain by examining key metrics that indicate bullishness over the long term. The fully diluted market cap has seen a 3.6% increase over the past 30 days. However, trading volume for the token has decreased by 11.6% over the same period.
On the other hand, the number of token holders has witnessed a significant surge of 76.3%. In terms of revenue and fees, there have been positive increases of 26.0% and 26.0% respectively over the past 30 days.
Interestingly, the active user base on TON’s network has skyrocketed by an impressive 245.1%, with approximately 5.42 million monthly active users.
Despite the positive growth seen in various metrics over the past 30 days, Toncoin has experienced a 3% decrease in price during the same timeframe, resulting in a current trading price of .82.
In the short term, bullish investors will need to closely monitor the nearest support level at .80, effectively preventing the token from further declining to lower levels. Conversely, the nearest resistance level is .53, representing the last obstacle before a potential retest of Toncoin’s all-time high.
Featured image from DALL-E, chart from TradingView.com
Paxos International Debuts ‘Lift Dollar’ Stablecoin With Daily Yields
The blockchain and tokenization infrastructure platform Paxos has announced Paxos International has launched a new yield-bearing stablecoin called lift dollar (USDL). The stablecoin’s holders will earn overnight yield from short-term U.S. government securities and cash equivalent reserve assets with each USDL backed 1:1 in U.S. dollar value. New ‘Lift Dollar’ Stablecoin Offers Daily Returns on […]
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Notcoin (NOT) Scores 47% Daily Profit To Emerge Top Market Gainer
Popular play-to-earn token Notcoin (NOT), has continued to retain investors’ attention over the last week with a stunning positive market performance. According to data from CoinMarketCap, Notcoin gained 46.97% in the last day emerging as the top-performing asset in the market.
Notcoin Records Weekly Gains Of 238%
With the general crypto market showing a stable price movement, Notcoin’s explosive performance which indicates a high level of buying pressure has taken center stage among spectators, analysts, and prospective investors.
The crypto gaming project was initially introduced as a closed beta version in November 2023 by the Open Builders and supported by the Open Network (TON) Foundation. Following its official launch in January 2024, Notcoin quickly garnered much attention, registering millions of users due to its simplistic gameplay and strategic integration with the social media app Telegram.
In this play-to-earn game, players earn NOT coins by tapping continuously on a virtual gold coin and executing simple tasks. However, in recent times, Notcoin has introduced a new feature known as “earnings missions” which allows users to passively stack up NOT tokens.
The NOT token was officially airdropped on May 16 and has since showcased both sides of the crypto market’s volatility. Following this release, Notcoin initially dipped by over 60% falling from .012 to trade as low as .0050.
However, in the last week, the token has put up a remarkable performance gaining by 237.70% to attain an all-time high value of .01781. Notably, Notcoin’s market cap value has also grown from 6.77 million to about .81 billion pushing the token into the top sixty cryptocurrencies.
What’s Next For Notcoin?
At press time, NOT trades at .01735 following a 155.57% rise in its daily trading volume per data from CoinMarketCap.
According to a prediction by Coincodex, the sentiment around Notcoin is highly bullish with a Fear & Greed Index of 72. With the bulls retaining market control, Coincodex predicts the play-to-earn token to rise to .021 and .054 in five and thirty days respectively.
However, on the token’s 4-hour trading chart, the Relative Strength Index (RSI) is well in the overbought zone indicating a trend reversal may lie on the horizon and the current bull trend may soon be over.
Nevertheless, Notcoin’s future trajectory remains uncertain and will likely be influenced by future network developments/features and the project’s ability to retain its growing customer base. All investors are admonished to conduct proper research before investing in any asset as the crypto market remains subject to high levels of volatility.
Featured image from iStock, chart from Tradingview
XRP Ledger Daily Payment Volume Soars 350%, Hitting 2 Million Transactions
As a recent Messari report outlined, the XRP Ledger (XRPL) showcased notable progress during the first quarter of 2024. The decentralized public blockchain, which facilitates the transfer of XRP, fiat currencies, and other digital assets, has demonstrated substantial activity.
XRP Ledger Burn Rate Slows Amid Low Fees
During Q1 2024, XRP, the native token of the XRPL, secured its position as the sixth largest cryptocurrency by market capitalization, reaching .1 billion (currently M). Despite a slight price decrease, XRP’s circulating market cap witnessed a 1.3% growth quarter-over-quarter (QoQ).
The XRPL employs a deflationary mechanism by systematically burning transaction fees. This process exerts downward pressure on the total supply of XRP, which stands at 100 billion tokens.
Since the inception of the XRP Ledger, approximately 12 million XRP have been burned. However, the low burn rate during Q1 can be attributed to the network’s relatively low transaction fees (less than .002 per transaction).
Additionally, 1 billion XRP is released from escrow to Ripple each month, with any unutilized tokens being placed into new escrow contracts. This pattern will continue until the remaining approximately 45 billion XRP becomes liquid; at this point, the deflationary pressure from burned fees will be the primary variable affecting supply.
While XRP’s price decreased marginally 0.1% QoQ, lagging behind the overall crypto market’s 63.0% increase, it rose 14.8% year over year (YoY).
Inscription-Fueled Transactions Propel XRPL Daily Payments
The report highlights that revenue in the XRPL is measured as total fees collected by the network, which are subsequently burned, contributing to the redistribution of wealth from transaction fee spenders to XRP holders. Network activity showed significant growth, with active addresses and transactions increasing by 37% and 113% QoQ, respectively.
A substantial portion of transaction activity on the XRPL stemmed from inscriptions, a transaction type popularized in early 2023. Over 30 million transactions were sent to a single account by approximately 45,000 accounts engaged in inscription-related activities.
According to Messari, inscriptions, facilitated by XRP Script, played a key role in driving the surge in daily payments, which soared 350% QoQ to 2 million transactions.
Lastly, the report notes that the XRP Ledger blockchain witnessed a net increase of 150,000 accounts, driving the total number of accounts up by 3.1% to 5.15 million in Q1.
However, new addresses decreased 12.4% QoQ to 183,000, primarily due to the high number of addresses created in Q4, coinciding with the inception of inscription activity.
As of press time, XRP is valued at .5279, down 2.5% in the past 24 hours and 3.5% in the past seven days, which is in line with the broader market trend.
Featured image from Shutterstock, chart from TradingView.com
Ethereum Spot ETFs: Report Shows Grayscale Could Keep ETH Price Down With $110M Daily Outflows
A recent market report by research firm Kaiko noted how Grayscale’s Spot Ethereum ETF could have a negative impact on Ethereum’s (ETH) price. This is based on the firm’s expectations that Grayscale’s Ethereum Trust (ETHE) could follow a similar path to Grayscale’s Bitcoin Trust (GBTC).
Ethereum Could Face Significant Selling Pressure From Grayscale’s Outflows
Kaiko noted that Ethereum could face significant selling pressure from Grayscale’s ETHE once the Spot Ethereum ETFs begin trading. This is because the fund has been trading at a discount between 6% and 26% over the past three months, with a wave of profit-taking likely to concur. It is worth mentioning that Grayscale’s ETHE has previously operated as a closed-end fund, with Grayscale simply applying to convert it to an exchange-traded fund (ETF).
The research firm noted that Grayscale’s ETHE has over billion in assets under management (AuM). That means that 0 million of daily average outflows could leave the fund if Grayscale’s Ethereum ETF sees a similar magnitude of outflows to Grayscale’s Bitcoin ETF, whose .5 billion outflows in the first month of trading amounted to 23% of the fund’s AuM.
Grayscale’s Bitcoin Trust (GBTC) also operated in a similar fashion before it was converted to an ETF. This is believed to have contributed to the .5 billion outflows the fund recorded in the first month of trading, with many investors taking profit since they purchased the fund at a discount. Therefore, Kaiko expects that something similar could happen with Grayscale’s ETHE.
The outflows that Grayscale’s Spot Bitcoin ETF is known to have exerted significant selling pressure on Bitcoin’s price, causing the flagship crypto to decline significantly. As such, the same thing can be expected with Ethereum’s price if Grayscale’s Spot Ethereum ETF suffers a similar fate.
However, besides investors taking profit from Grayscale’s Bitcoin ETF, Grayscale’s fund fee is believed to be another factor that sparked the significant outflows it recorded back then. For context, Grayscale’s fee was the highest among all the Bitcoin ETF issuers. As such, the potential outflows from Grayscale’s Ethereum ETF could be minimally reduced if the asset manager makes it fee competitive this time around.
Ethereum’s Future Trajectory Still Bullish
Kaiko suggested that Ethereum is still bound to make significant price gains once other Ethereum Spot ETFs begin to record impressive inflows that can overshadow the outflows from Grayscale’s ETHE. Something similar happened with Bitcoin, as Kaiko noted that Grayscale GBTC’s outflows were offset and surpassed by inflows from other Bitcoin ETFs by the end of January.
Thanks to the impressive demand that these Bitcoin ETFs recorded, the flagship crypto hit a new all-time high (ATH) in March earlier this year. The Ethereum ETFs could also trigger such a rally for ETH’s price depending on the amount of inflows these funds record once they begin trading.
Meanwhile, Kaiko noted that even if the inflows disappoint in the short term, the mere approval of these funds already has “important implications for ETH as an asset” since it confirms that it isn’t a security. This has helped remove the regulatory uncertainty that has weighed on Ethereum’s price for some time now.
Aptos Reaches Milestone, Processes Over 95 Million Daily Transactions
The Aptos blockchain reached a milestone in its history, processing over 95 million in a single day. According to data provided by Artemis, a blockchain statistics platform, the number broke an L1 industry record on May 24, pushed by the tap to earn game Tapos, in which each tap or click constitutes a transaction. Aptos […]
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El Salvador Launches Treasury Holdings Site, Confirms Daily Bitcoin Purchases
The Bitcoin Office of El Salvador (ONBTC) has launched a site that allows anyone to confirm the treasury holdings of the country, offering a large degree of transparency in its finances. The site, composed as a custom instance of mempool space, a popular block explorer, confirms that the country has been purchasing one bitcoin per […]
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