Over the past week, bitcoin has declined by 4% against the U.S. dollar from June 9 to June 16, 2024, yet it has surged over 152% in the past year. This year, bitcoin has maintained a position above the ,000 mark for a record-setting 107 days so far. Bitcoin’s Resilient Streak: Maintaining Highs Amid Market […]
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Cardano Entry Of A Lifetime: Analyst Predicts 5,600% Rally To $25
Cardano is currently in a downtrend, continuing to show bearish tendencies as its price trends below .5. However, where many have seen an altcoin that does not have many prospects, crypto analyst FieryTrading believes that the digital asset is giving investors an opportunity to get in for cheap.
Cardano Can Break Out Of Parallel Channel
In an analysis on the TradingView website, crypto analyst FieryTrading alludes to Cardano’s ability to break out and go on a massive bull run. The analysis draws from a previous analysis where the analyst had pointed out that the Cardano price had entered a parallel channel.
This parallel channel emerged with the last cycle’s top going into the current cycle top with a line drawn from the last cycle’s bottom when the lockdown had sent crypto prices crashing. Despite the crypto analyst first pointing out this parallel channel back in 2023, they believe that it continues to remain valid, especially as the price continues to rtend low.
Back then, the crypto analyst had predicted that the ADA price, if it were to break out of this parallel channel, could rise as high as as . This bullish expectation continues with the most recent analysis, albeit with a price adjustment.
In the Wednesday analysis, FieryTrading notes that There is still the possibility for the altcoin’s price to reach the top of the channel. In this case, the price would fully complete the move toward . However, the crypto analyst’s chart carries a target, which would be a 5,600% rally from its current level.
ADA Bears Maintain Control
Despite the bullish outlook maintained by the crypto analyst, Cardano has succumbed to the bears. The price has dropped as low as .44 in the last day, indicating a 1.38% decline. On a wider timeframe, the ADA price looks even worse, with an almost 28% drop in one month.
However, despite this trend, the analyst still believes that investing in Cardano right now is a risk worth taking. FieryTrading refers to it as “the entry of a lifetime” that could guarantee good returns. Moreover, the analyst gives it a R/R (risk/reward) ratio of 116, which is a good number.
For now, the ADA price is still struggling to hold up in the market. This is not helped by the decline in market sentiment, leading to a nasty 22% drop in its daily trading volume, according to data from Coinmarketcap.
Bitcoin Shatters Lifetime Price High Breaking the $69K Barrier
On March 5, 2024, at 10:03 a.m. (ET), bitcoin’s value eclipsed its previous lifetime peak against the U.S. dollar, ascending beyond the ,000 threshold on Tuesday. This breakthrough in valuation marks a new all-time high (ATH), occurring 846 days since bitcoin last reached the ,000 mark on Nov. 10, 2021. From Uncertainty to Uncharted Heights: […]
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Bitcoin Futures’ Open Interest Reaches Lifetime High, Surpassing 2021 Bull Run
Bitcoin’s value has been on an impressive rise over the past month, and by the start of the week, the leading digital currency surpassed the ,000 range for the first time since Nov. 2021. This upward trend in value has stimulated bitcoin-based derivatives, causing open interest in bitcoin futures to hit an unprecedented level, exceeding […]
Bitcoin News
Bitcoin Breaks Records: Christmas Eve Sees Lifetime Surge in Daily Transactions and Hashrate
On Dec. 24, 2023, Bitcoin shattered yet another daily transaction milestone, with miners confirming 723,459 transfers in a single day. The transaction rate on Christmas Eve exceeded the former peak of 710,579 verifications on Nov. 19, 2023.
Bitcoin’s Festive Feat — Record Transactions and Hashrate Soar on Christmas Eve
Throughout the festive weekend, the Bitcoin network set two fresh records. On Christmas Eve, the network achieved a historic high with 723,459 bitcoin transactions confirmed by miners in a single day. It surpassed the previous high of 710,579 set 36 days earlier by an impressive margin of 12,880 transactions. The marked surge in daily transactions on Dec. 24 primarily stemmed from Ordinal inscriptions, contributing a considerable volume of the day’s transfers.
Dune Analytics data indicates that about 439,505 Ordinal inscriptions were verified on Sunday. Consequently, inscriptions outpaced traditional financial transfers, making up 60.75% of all transactions on Christmas Eve 2023. The previous record from Nov. 19 now ranks as the second highest, with Dec. 3, 2023, trailing as the third with 707,876 transfers.
Beyond setting a daily transaction record on Christmas Eve, bitcoin (BTC) miners also achieved a new pinnacle in the network’s total hashrate. The cumulative hashrate soared to 546 exahash per second (EH/s) on Dec. 24, climbing from 538 EH/s the previous day as network difficulty breached 72 trillion. This rate translates to 546 quintillion hashes per second (H/s) or 0.546 zettahash per second (ZH/s). From Jan. 1, 2023, to date, the hashrate has escalated by 311 EH/s.
What do you think about Bitcoin confirming 723,459 transactions in one day? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin’s Hashrate Hits Historic 527 EH/s Lifetime Peak, Shattering Previous Records
Recent data, analyzing the seven-day average of Bitcoin’s hashrate, reveals yet another lifetime peak in the network’s performance. On Dec. 20, 2023, Bitcoin’s hashrate climbed to an unprecedented high. The seven-day simple moving average (SMA) indicates that the hashrate hit 527 exahash per second (EH/s), surpassing the former high of 507 EH/s recorded on Dec. 16.
Bitcoin Miners Reap Record Rewards as Hashrate Skyrockets to 527 EH/s
On Wednesday, Dec. 20, 2023, Bitcoin’s total hashrate soared to a new record, as reported by Luxor’s hashrateindex.com seven-day SMA. The hashrate currently stands at 527 EH/s, surpassing half a zettahash per second (ZH/s), which translates to 527 quintillion hashes every second. Over the last 90 days, the average hashrate hovered around 462 EH/s, with the most recent 2,016 blocks showing an average of 496.8 EH/s.
Luxor’s data also reveals that the three-day SMA saw the hashrate peak at 539 EH/s on Wednesday. With block times currently ranging between 8 minutes and 47 seconds to 9 minutes and 31 seconds, the processing is faster than the standard 10-minute average. This increase in hashrate is contributing to shorter block intervals and is likely to lead to a rise in mining difficulty, with projections indicating a 3.11% to 5.2% increase. The next adjustment in Bitcoin’s difficulty is set for Dec. 23, 2023.
At present, about 49 mining pools are contributing to the BTC chain, with Foundry USA leading over the past three days. Overtaking Antpool, Foundry USA now boasts 164.24 EH/s, accounting for 31.76% of the total hashrate. Meanwhile, Antpool, previously the leader in hashrate, now holds 126.51 EH/s, or 24.46% of the total. Combined, these two pools command over 56.22% of Bitcoin’s total hashrate as of Dec. 20, 2023. This December, bitcoin miners have already surpassed previous records in fee earnings for the year.
In November, bitcoin (BTC) transaction fees brought in a record 2 million for miners, but December has already seen them collect a significant 2 million. Moreover, this month’s total earnings from block subsidies and transfer fees have reached 3 million. High priority transaction fees remain over , and there are currently over 300,000 unconfirmed transactions waiting to be processed by miners. To clear the existing mempool backlog, a total of 359 blocks are required.
What do you think about the Bitcoin network reaching a lifetime peak in terms of hashrate? Let us know what you think about this subject in the comments section below.
Bitcoin Achieves Lifetime Record With Over 710,000 Daily Transactions Confirmed on Sunday
On Sunday, November 19, 2023, Bitcoin achieved a historic milestone, registering the highest number of daily transactions ever confirmed within a 24-hour span. A significant 710,579 transfers were confirmed by miners that day, including a significant portion of 475,249 Ordinal inscriptions.
Bitcoin Hits Lifetime Peak: 710K+ Transactions in 24 Hours
This recent weekend marked a record-breaking moment for the Bitcoin network. Operating at a robust hashrate of 480 exahash per second (EH/s), the network verified an unprecedented total of 710,579 transactions – a new peak in Bitcoin’s storied history. This surpassed the previous high set on September 15, 2023, when bitcoin (BTC) miners verified 703,692 transactions.
Furthermore, on November 12, 2023, the daily transaction volume (703,327) nearly eclipsed the former record, now ranking as the third highest in history. All of these days featured unparalleled levels of inscription-based transactions, with the most recent record established on Sunday accounting for 475,249 inscriptions.
Sunday emerged as the second most prolific day for inscription-based transactions, slightly trailing the record set on November 12, which saw 505,345 inscriptions. As of 2:40 p.m. Eastern Time on November 20, 2023, the day’s data remains incomplete, yet 411,723 transfers have already been processed by bitcoin miners, with 300,452 being inscriptions.
Inscriptions have surged recently after a brief dip, sparking a rise in miners’ fees due to a backlog of more than 200,000 transactions, which has driven up the cost of block space. Concurrently, as miners set new benchmarks in transaction processing, the network’s hashrate has soared to an unparalleled peak of 480 EH/s, based on the seven-day moving average.
What do you think about Bitcoin confirming 710,579 transactions in one day? Share your thoughts and opinions about this subject in the comments section below.
Tether Achieves Lifetime High With $86.51B Valuation; Tron Version Surpasses ETH in Several Metrics
This week, the leading stablecoin by market capitalization attained a valuation of .51 billion, following a supply surge of 3.6% in the past month. Currently, the Tron network holds approximately 45.82 billion USDT, while the Ethereum blockchain is home to 40.02 billion tethers, with the remainder circulating across various other blockchain platforms.
Tether Supply Jumps 3.6% in 30 Days
The market capitalization of tether (USDT) continues its upward trajectory, now standing at an all-time high. From September 3 to November 9, 2023, the digital asset’s market value increased by 4.36%, with 3.6% of this growth materializing in the last month.
Over a 67-day period, since September 3, the supply has expanded by 3.61 billion tethers. The current market capitalization, at .51 billion, is roughly .23 billion above the stablecoin’s previous market cap peak, which occurred in April 2022.
In the last 24 hours, amid an upswing in various crypto assets, global trade volume jumped to 9.21 billion. Slightly more than 37% of this volume, equating to .57 billion, originated from tether (USDT) trades. The most traded USDT pairs involve USDC, BTC, and ETH, with Binance leading as the top exchange for USDT activity.
The majority of Tether’s supply is on the Tron network, which holds 45.82 billion USDT. The Tron-based USDT makes up 52.96% of all tethers in circulation today. While Ethereum hosts 40.02 billion USDT, Tron’s iteration of the stablecoin has surpassed its Ethereum counterpart in several aspects.
Notably, the ERC20 tether is held in 4,647,426 unique wallets, whereas the Tron version is held in 32,859,339 wallets. Although the ERC20 tether has been transferred 206 million times and has been around for a longer period, Tron-based USDT has amassed 1.38 billion transactions to date.
While USDT also circulates on other blockchains such as Solana and Avalanche, the bulk of its activity is concentrated on the Tron and Ethereum networks. USDT once started on the Omni network but has since discontinued operating on the chain and a bulk of activity shifted onto the Ethereum chain. With Tether issuing an abundance of USDT on Tron and the network’s lower fees, a great deal of users have gravitated to the Tron chain to receive, hold, and send their USDT assets.
What do you think about tether’s market cap roaring to a new all-time high in 2023? Share your thoughts and opinions about this subject in the comments section below.
Renowned Investor Jim Rogers Expects Worst Bear Market in His Lifetime — Says ‘You Should Be Extremely Worried’
Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, says he expects the next bear market to be the worst in his lifetime. “You should be extremely worried. If you’re not, you don’t know what’s going on,” he stressed, adding that there will be trouble in all markets.
Jim Rogers on US Debt Crisis, Worst Bear Market, and the US Dollar Losing Dominance
Veteran investor Jim Rogers reiterated his warnings about the biggest market downturn and the U.S. dollar losing its global reserve currency status during an interview with Real Vision last week. Rogers is George Soros’ former business partner who co-founded the Quantum Fund and Soros Fund Management. He cautioned:
The next bear market will be the worst in my lifetime, because the debt has gone up by such staggering amounts in the past 14 years.
Rogers reiterated his previous explanation that the U.S. experienced a bear market in 2008 due to excessive debt. He pointed out that since 2009 the debt level worldwide has skyrocketed. “We should always be concerned about Washington. They don’t have a clue what they’re doing. And they prove it day in and day out,” he opined.
The renowned investor also believes that the U.S. dollar will lose its status as the world’s reserve currency. Discussing the global de-dollarization trend, he emphasized that numerous countries are actively seeking alternatives to the U.S. dollar, partly due to concerns over its substantial debt issue. Moreover, he mentioned that the weaponization of the U.S. dollar creates an incentive for nations to reduce reliance on the USD. He warned:
You should be extremely worried. If you’re not, you don’t know what’s going on.
Rogers shared that he is “looking every day” for an alternative to the USD because he knows “something bad is going to happen in the currency markets in the next two or three years.” He recently said that the U.S. dollar’s time is coming to an end as countries seek alternatives to the USD.
The veteran investor also expects interest rates to increase worldwide. While admitting that he does not know how high central banks will increase interest rates to curb inflation this time, he stressed: “The world has never seen the debt and the spending and the money printing like in the last few years. So something is going to have to be very, very ruinous to solve this problem this time.” Rogers warned:
There’ll be trouble in all the markets — property markets, stock markets, bond markets, currency markets, everything.
What do you think about the warnings by Jim Rogers? Let us know in the comments section below.
Shapella Upgrade Hits, Economist Predicts Biggest Crash ‘in Your Lifetime,’ US Bank Lending Plummets — Week in Review
In crypto news this week, the Ethereum network’s long awaited Shapella upgrade took effect, unlocking staked ether. In the broader financial world, economist Harry Dent has predicted a massive crash to hit by mid-June, bank lending plummeted by a record 5 billion in two weeks, and the USD’s ability to maintain its value even in the short-term has once again been called into question. All this and more just below, in the Bitcoin.com News Week in Review.
Ethereum’s Shapella Upgrade Unlocks Staked Ether, Over 860K ETH Poised for Withdrawal, Price Surges 6%
On Wednesday, April 12, 2023, at 6:30 p.m. Eastern Time, Ethereum’s Shapella upgrade was successfully implemented, enabling validators to withdraw staked ether. Data reveals that more than 860,000 ether is poised for unlocking, and 77,000 ether is expected to be withdrawn on Thursday. Ether’s price has experienced a surge, rising 6% against the U.S. dollar within the past 24 hours.
Economist Harry Dent Expects Biggest Crash in Our Lifetime to Hit Between Now and Mid-June
Harry Dent, economist and author of several best-selling books, has warned that the biggest crash in our lifetime is “going to hit between now and about mid-June.” He stressed: “People are going to know this is not a big correction — it is a major crash, one that you have not seen … in your lifetime.”
US Bank Lending Drops by Record 5 Billion in Two Weeks, Trillions Moving to Money Market Accounts, Elon Musk Warns ‘Trend Will Accelerate’
The banking industry in the United States is still struggling after the collapse of three major banks. According to statistics, bank lending in the U.S. has dropped by close to 5 billion in the last two weeks of March, which is the largest decline on record. Additionally, Elon Musk, a Tesla executive and owner of Twitter, recently commented on trillions of dollars being withdrawn from banks into money market funds, and he insists that the “trend will accelerate.”
US Dollar Could Lose Most of Its Value in 5 Years, Investment Manager Warns
Investment manager Larry Lepard has warned that the U.S. dollar could lose most of its value within five to 10 years. Following the onset of the Russia-Ukraine war, “the U.S. did something which I perceived to be very stupid, which is it seized 0 billion of Russian currency reserves, and that sent the message to every other country in the world that ‘Hey if the U.S. doesn’t like what you’re doing, they can grab your money,’” the executive described.
What are you thoughts on this week’s Bitcoin.com News Week in Review? Let us know in the comments section below.