Over the past week, non-fungible token (NFT) sales declined by 8.99%, amounting to approximately 7 million. Ethereum topped the charts with million in sales, marking a 20.26% increase from the previous week. NFT Market Shrinks by 8.99%, Ethereum and Bitcoin Lead in Sales NFT sales experienced a decline this week, falling by 8.99% compared […]
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US Spot Bitcoin ETFs See $305M in Inflows; Blackrock’s IBIT Dominates
U.S. spot bitcoin exchange-traded funds (ETFs) saw an influx of 5.7 million on Tuesday, marking a seventh consecutive day of positive inflows. According to data, Blackrock’s IBIT led the day, capturing 94.86% of the total inflows for all the ETFs. Tuesday Sees 5M in Inflows Into U.S. Spot Bitcoin ETFs Amidst the excitement around proposed […]
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Liquid Staking Platforms See 60,000 ETH Outflow in 2 Weeks; Lido Dominates Reductions
In the last two weeks, liquid staking derivative (LSD) protocols have experienced a decline of 60,000 ether valued at over 8 million, with Lido accounting for 40,000 of the ETH withdrawn. LSD Sector Snapshot: 8 Million Ether Withdrawn in 2 Weeks Liquid staking has been witnessing a decrease; on April 15, 2024, the 27 distinct […]
Bitcoin News
NFT Sales Dip by Over 25% as Bitcoin Dominates a Cooling Market
Recent data over a seven-day period ending April 21, 2024, shows that non-fungible token (NFT) sales have declined by 25.48%, totaling approximately 6.96 million. Bitcoin dominated the NFT market this week, contributing 1.8 million to the overall sales since April 14. NFT Sales Tumble This week, NFT revenues fell 25.48% compared to the previous week. […]
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United States Dominates Global Crypto Market With Massive $9.3 Billion In Profits
In a recent report by market intelligence firm Chainalysis, it has been revealed that global crypto gains in 2023 amounted to a staggering .6 billion. This profit surge reflects improved asset prices and market sentiment compared to 2022.
Although this figure falls short of the 9.7 billion gains witnessed during the 2021 bull market, it signifies a significant recovery from the estimated losses of 7.1 billion experienced in 2022.
Sharp Surge In Crypto Gains
The report suggests that despite similar growth rates in crypto asset prices in 2021 and 2023, the total gains for the latter year were lower. According to Chainalysis, this discrepancy could potentially be attributed to investors’ decreased inclination to convert their crypto assets into cash.
The analysis further suggests that investors in 2023 seem to have anticipated further price increases, as crypto asset prices did not exceed previous all-time highs (ATHs) during the year, unlike in 2021.
Cryptocurrency gains remained relatively consistent throughout 2023, except for two consecutive months of losses in August and September, as seen in the image above. However, gains surged sharply thereafter, with November and December eclipsing all previous months.
United States Leads
Leading the pack in cryptocurrency gains was the United States, with an estimated .36 billion in profits in 2023. The United Kingdom secured the second position with an estimated .39 billion in crypto gains.
Notably, several upper and lower-middle-income countries, particularly in Asia, such as Vietnam, China, Indonesia, and India, achieved significant gains, each surpassing billion and ranking within the top six countries worldwide.
Chainalysis had previously observed strong cryptocurrency adoption in these income categories, particularly in “lower-middle-income” countries, which demonstrated resilience even during the recent bear market. The gains estimates indicate that investors in these countries have reaped substantial benefits from embracing the asset class.
Ultimately, the Chainalysis report suggests that the positive trends observed in 2023 have carried over into 2024, with prominent cryptocurrencies such as Bitcoin (BTC) hitting all-time highs of ,700 following the approval of Bitcoin exchange-traded funds (ETFs) and increased institutional adoption.
If these trends persist, the firm believes that it is conceivable that gains in 2024 will align more closely with those witnessed in 2021.
As of this writing, the total crypto market cap valuation stands at .5 trillion, a sharp drop of over 4% in the last 24 hours alone, and down from Thursday’s two-year high of .7 trillion. Bitcoin, on the other hand, is trading at ,400 after dropping as low as ,500 but has quickly regained its current trading price, limiting losses to 4% over the past 24 hours.
Featured image from Shutterstock, chart from TradingView.com
Lemon Report: Argentina Leads Crypto Adoption in Latam; Tether Dominates Stablecoin Sector
Argentina is leading the adoption of cryptocurrency in Latin America. According to a report titled “Argentina Crypto Capital,” produced by Lemon, a leading exchange in the country, four of every ten cryptocurrency apps in Latam are being used by Argentines, with over 70% of the deposits processed by the exchange corresponding to USDT, Tether’s dollar-pegged […]
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Are We Headed For Another $69K? Bitcoin Price Surges As Greed Dominates Crypto Market
Bitcoin, the undisputed king of cryptocurrencies, is making headlines again with a recent price surge that has pushed it past the coveted ,000 mark. This rally, coupled with an “extreme greed” reading on the Crypto Fear and Greed Index, paints a picture of a market brimming with optimism, but also raises concerns about potential overheating.
Greed Galore: Index Hits Highest Since ATH
The Crypto Fear and Greed Index, a widely used indicator of investor sentiment, recently skyrocketed to 79, its highest level since November 2021, when Bitcoin peaked at a record-breaking ,000. This “extreme greed” reading suggests that investors are feeling euphoric about the current rally, potentially leading to risky investment decisions.
Bitcoin’s Bullish Charge: 15% Gain YTD
Fueling this optimism is Bitcoin’s impressive performance year-to-date. Since January 1st, the cryptocurrency has climbed a staggering 15%, showcasing a sustained bullish trend. This surge comes on the heels of a volatile 2023, where Bitcoin saw both dramatic dips and exciting climbs.
Spot Bitcoin ETFs: A Catalyst For Growth?
Many analysts point to the recent launch of spot Bitcoin exchange-traded funds (ETFs) in the US as a key driver of the current rally. These ETFs offer investors a regulated way to access Bitcoin, potentially attracting new money to the market. While the initial launch saw a sell-off, analysts like Cathie Wood of ARK Invest believe it was short-lived, paving the way for long-term institutional participation.
Doubled Value In A Year: A Turning Point?
Bitcoin’s current price of ,000 is more than double what it was a year ago. This significant growth, coupled with the influx of new investors, leads some to believe that Bitcoin is entering a new era of stability and sustained growth. However, the cryptocurrency market is notoriously volatile, and past performance is not always indicative of future results.
Proceed With Caution: Experts Advise
Financial experts urge investors to exercise caution despite the current market enthusiasm. The “extreme greed” reading on the Fear and Greed Index serves as a warning sign of potential irrational exuberance. Investors should always conduct their own research, understand their risk tolerance, and not blindly follow market trends.
Bitcoin’s future remains uncertain, but one thing is clear: the crypto market is once again buzzing with excitement. Whether this translates into another ,000 peak or a sudden correction remains to be seen. Only time will tell if the current “greed” translates into long-term prosperity or a fleeting blip on the radar.
Featured image from Adobe Stock, chart from TradingView
NFT Sales Surge 16.8% This Week, Ethereum Dominates With Top Volumes
This week, sales of non-fungible tokens (NFTs) surged by 16.8% over last week, as per the most recent statistics on digital collectibles. The Ethereum blockchain led the charge among 21 blockchains, capturing the top spot with sales totaling 8.49 million, marking a substantial increase of 99.08%. Digital Collectibles on the Rise: Ethereum Tops 8M in […]
Bitcoin News
Quantum Cats NFT Collection Jumps in Value, Dominates Secondary Market Trade Volume
Following the launch of Taproot Wizards’ Quantum Cats non-fungible token (NFT) series, secondary market activity reveals significant trading volume and a significant increase in the collection’s minimum value. Initially offered at 0.1 bitcoin each, Quantum Cats’ lowest value now fluctuates around 0.303 bitcoin or ,062 for each NFT.
Quantum Cats Floor Values Leap to New Heights
Just 48 hours prior, Bitcoin.com News covered the Quantum Cats NFT launch, which had experienced some setbacks. Post-launch, having garnered over million through initial sales, Quantum Cats are now commanding prices well above the 0.1 BTC initial cost. According to Magic Eden’s figures, transactions totaling 257.6658 BTC, equivalent to .1 million, have been executed for Quantum Cat since they were introduced to the secondary market.
Moreover, on the Okx Bitcoin inscriptions trading platform, the Ordinals series has recorded 245.3061 BTC or .57 million in transactions since its debut. Magic Eden lists the Quantum Cats collection’s minimum value at 0.303 BTC or ,062, whereas Okx shows a minimum of 0.338 BTC or ,571 per collectible. This indicates that since their initial listing, the NFTs’ lowest value has surged to more than threefold the original sale price.
Currently, of the 3,333 NFTs, 533 are up for grabs on Magic Eden, with only 28, or 0.84%, available on Okx’s inscriptions marketplace. With 2,720 distinct holders, the collection ranks as the leading NFT series on both Okx and Magic Eden as of 9:00 a.m. Eastern Time on Wednesday.
At the moment, Bitcoin-centric NFT sales rank just behind Ethereum, with a total of ,615,064 in sales over the previous week, compared to Ethereum’s 0,712,013. Despite this, Quantum Cats face stiff competition from established Bitcoin inscription series like Bitcoin Punks and Ordinal Maxi Biz. Notably, five days ago, Bitcoin Punk #60 fetched 9,266, marking it as the priciest Ordinal inscription sold in the last week.
What do you think about the Quantum Cats NFTs rising in value on secondary markets? Share your thoughts and opinions about this subject in the comments section below.
Solana Dominates Ethereum, Bitcoin In NFT, Activity: What’s Next For SOL?
According to on-chain data from SolanaFloor, Solana is dominating other blockchains, including Ethereum and Polygon, across various non-fungible token (NFT) activity metrics in the third week of January.
Solana Dominates Ethereum, Bitcoin In NFT Activity
In a post shared on X on January 23, Solana maintained its NFT dominance among competing blockchains, mainly Ethereum and other high throughput alternatives. Thus far, the blockchain has the highest numbers in unique wallets, transactions, unique buyers, and first-time wallets over the past week.
To illustrate, Solana had over 106,000 unique wallets by the third week of January 2024. This is more than twice those created in Ethereum. Meanwhile, there were over 22,000 first-time wallets on Solana, roughly 3X those in Ethereum and 2X in Bitcoin.
At the same time, more than 2.8 million transactions were posted on Solana. This figure is over 20X those in Ethereum during the same time frame.
Extrapolating from this data suggests that the blockchain is increasingly popular among NFT projects, collectors, and traders. Several factors could be contributing to Solana’s NFT success.
The platform is known for its high throughput and low transaction fees. Considering how minters and active traders are sensitive to trading fees, Solana is emerging as a layer-1 option for projects wishing to enjoy the security of the mainnet while also benefiting from low transaction fees.
Legacy chains, including Ethereum, continue to struggle with on-chain scalability. Minting on the mainnet often translates to high fees, which can decrease profitability, especially for active traders and collectors.
Beyond scalability advantages, Solana’s ecosystem is rapidly expanding. Despite the catastrophic drop of SOL prices at the end of 2022, the spectacular revival in 2023 activated on-chain activity with meme coins blooming and NFT projects opting to launch on Solana.
The ongoing recovery of SOL and the increasing number of projects opting to deploy on the mainnet could further drive on-chain activities, including NFT minting and trading, to new levels in 2024.
Developers At Work, Will SOL Reclaim 5?
As the network draws users, its developers are also working to make the platform more robust and decentralized. In 2024, Solana developers plan to activate Firedancer, a validator client developed by Jump Capital. This client will help further decentralize Solana’s infrastructure, improve performance, and substantially improve reliability, eliminating network hitches that plagued the blockchain in 2022 and early 2023.
SOL is cooling off, trading at around when writing. The coin is down 34% from December 2023 peaks and below the dynamic 20-day moving average, pointing to bears.
Key support remains at around . If there is demand at this price point, SOL may recover and retest 5 in the sessions ahead.