U.S. spot bitcoin exchange-traded funds experienced slight losses on Tuesday, with .62 million in outflows recorded. Grayscale’s GBTC was the primary contributor, losing .38 million during the trading sessions. Blackrock’s IBIT Secures Top Spot With .12M Inflows Amidst ETF Outflows Following inflows on Monday, the 11 spot bitcoin ETFs saw a modest decrease the next […]
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Bitcoin Miner Riot Platforms Records Modest Revenue Gain Despite 36% Decrease in Mined BTC
Riot Platforms Inc., an integrated bitcoin mining company, reported revenues exceeding .3 million in the first quarter of 2024. The revenue increase was slight, rising from .2 million to .3 million. Remarkably, this was achieved even as Riot Platforms experienced a 36% decrease in the number of bitcoins mined, down to 1,364. Modest Growth Noted […]
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Bitcoin Outshines Gold: Digital Asset Surges 166% in 2023, Dwarfing Gold’s Modest 9% Gain
Gold achieved a record high of ,117 per troy ounce on Dec. 3, 2023, yet its price per ounce has decreased by 5.33% in the previous week. Despite hitting this unprecedented peak, its year-to-date increase against the U.S. dollar is relatively modest at 9.9%. In contrast, bitcoin, the leading crypto asset in terms of market capitalization, has experienced a significant surge of 166% since the beginning of 2023.
Gold Hits Record High, Yet Bitcoin Steals the Spotlight With Stellar 2023 Surge
Prominent gold supporter and economist Peter Schiff, along with several other gold enthusiasts, expressed satisfaction with gold’s recent ascent to ,117 per ounce. Concurrently, Schiff remarked that bitcoin’s rise was not particularly noteworthy. However, objective analysis and factual data reveal that Schiff’s preferred investment in gold has fallen significantly short of the impressive gains achieved by the digital asset bitcoin.
Gold’s current trading price has dipped by 5.33% from its record high of ,117 per ounce, and in the past month, its value has risen by 2.7% against the U.S. dollar. At present, from its recent peak of ,729, the price of bitcoin stands at ,976 per coin, marking a 1.68% decrease. However, bitcoin’s all-time high tells a different tale, having reached ,044 per coin on Nov. 10, 2021. Presently, its value is just over 36% below its apex price.
In the last six months, as well as year-to-date and over the past year, bitcoin has consistently outperformed gold in all metrics. Over the last six months, gold has seen a 2.2% increase, whereas bitcoin has soared over 69% in the same period. Since the start of 2023, gold has risen by 9.9% against the U.S. dollar, but bitcoin has leaped by 166%. Comparing twelve-month statistics, gold has increased by 12.04%, while bitcoin has surged by 155%.
When examining five-year gains, bitcoin substantially eclipses gold. In the last five years, the value of gold has increased just over 60% against the U.S. dollar, while bitcoin has skyrocketed by 1,145%. The data indicates that over this period, bitcoin’s gains were roughly 19 times greater than those of gold. Currently, the overall market capitalization of gold stands at .5 trillion, compared to bitcoin’s 0 billion, suggesting that gold’s market value is about 15.7 times larger than that of bitcoin.
While gold’s recent peak of ,117 per ounce is noteworthy, its performance pales in comparison to bitcoin’s robust growth. Despite gold’s steady gains, bitcoin’s dramatic 166% surge this year and 1,145% increase over five years highlight its significant edge as an investment asset. Although gold remains dominant in market capitalization, bitcoin’s trajectory suggests a shifting landscape in asset value appreciation.
What do you think about bitcoin’s market performance compared to gold’s performance in 2023? Share your thoughts and opinions about this subject in the comments section below.
Altcoin Surge Outshines Bitcoin’s Modest Gain Amid Anticipation of Potential Altcoin Season
Bitcoin saw a modest increase of 1.8% in the past 24 hours as of Dec. 9, 2023. Meanwhile, more than 17 crypto assets experienced much larger gains, ranging from 7% to over 35% in the same timeframe. Despite this rise in various altcoins against the U.S. dollar, current trends have yet to signal the start of an official ‘Altcoin Season,’ as suggested by the ‘Altcoin Season Index.’ Notably, such a season has not occurred since September 2022.
Despite Altcoins’ Impressive Gains, Altcoin Season Not Yet Declared
Several alternative digital currencies, or crypto tokens distinct from bitcoin, have registered notable increases in value over the previous day. Statistics indicate that the token bittorrent (BTT) surged by 35.48% in the past 24 hours, while bonk (BONK) climbed 24.62% against the U.S. dollar.
ADA, AVAX, KLAY, ALGO, and DOT all posted double-digit gains. SAND increased by 9.59%, and FTM grew 8.95% over the last day. Other notable gainers include LINK, TRX, MATIC, and TON.
Currently, the market value stands at .64 trillion, necessitating an influx of 0 billion to attain the trillion threshold. Although altcoins are experiencing a surge, the ‘Altcoin Season Index‘ on blockchaincenter.net reveals that the anticipated season has yet to arrive.
The criteria for an Altcoin Season is that 75% of the top 50 coins outperform bitcoin in the last 90 days. This benchmark has not been met so far. The last time it did happen was 14 months ago in September 2022.
Over the last three months, a total of 23 unique digital currencies have outperformed BTC in the market. Leading the pack, as per the index, was WEMIX, which astonishingly surged by 543%. Following closely were RUNE and SOL, with impressive increases of 318% and 304%, respectively.
Bitcoin, in comparison, secured the 24th spot with a respectable 69.8% gain in the same period. Although blockchaincenter.net has not formally declared it Altcoin Season, this hasn’t deterred enthusiasts from anticipating its arrival in the near future.
What do you think about the recent altcoin rally? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin Mining Difficulty Dips 2.65%; Network Clocks Modest Uptick in Hash Price
On Tuesday, September 5, 2023, Bitcoin’s mining difficulty experienced a 2.65% dip at block height 806,400, offering a slight reprieve for miners. This marks the first decline since July 26, when a 2.94% slide was recorded at block height 802,368.
Bitcoin Miners See Relief With 2.65% Difficulty Drop and Rising Hash Price
As of Tuesday evening, bitcoin (BTC) miners are finding the going a tad smoother. The network’s mining difficulty decreased by 2.65% on Tuesday evening at block height 806,400. This adjustment comes after the difficulty peaked at an impressive 55.62 trillion, holding steady for 2,016 blocks, or roughly two weeks.
Post-decline, the difficulty now stands at 54.15 trillion. Over the past 2,016 blocks, the network’s hashrate averaged a robust 386.2 exahash per second (EH/s). Currently, the global hashrate hovers around 400 EH/s, translating to a staggering 400,000,000 terahash per second (TH/s). Bitcoin enthusiasts are eyeing September 20, 2023, as the date for the next anticipated difficulty adjustment, which is just shy of two weeks away.
As of September 6, 2023, at 8:30 a.m. Eastern Time, a total of 19,477,693.07 BTC is in circulation, leaving 1,522,087.48 BTC yet to be mined. Dominating the mining scene over the last 72 hours is Foundry USA, boasting a hashrate of 104.57 EH/s, which accounts for 26.23% of the 3-day total. In the recent three-day span, Foundry secured 112 block rewards from the 427 blocks mined.
Hot on their heels is Antpool, contributing 24.82% to the total hashrate with 98.97 EH/s and claiming 106 of the 427 block rewards. Following the lead of Foundry and Antpool are F2pool, Viabtc, and Binance Pool. Notably, around 40 distinct mining pools are currently directing their SHA256 hashrate toward the Bitcoin blockchain.
The decline in difficulty aligns with a modest uptick in hash price. On August 29, miners were pocketing daily for every petahash per second (PH/s) generated. Fast forward eight days, and that figure has climbed to .72 per day for each PH/s produced. Given the present difficulty conditions and BTC’s prevailing market rate, miners can anticipate a daily bounty of .06173 for every terahash per second (TH/s) generated.
What do you think about the Bitcoin network’s difficulty reduction and the slight uptick in hash price? Share your thoughts and opinions about this subject in the comments section below.
PYUSD’s Modest Footprint: A Tale of Languid Activity Amidst Stablecoin Titans
Following Paypal’s declaration about the introduction of a fresh stablecoin, the smart contract address has revealed that the quantity of PYUSD stood at approximately 26.9 million. In the subsequent 22 days, the supply of PYUSD has risen by over 60%, now totaling 43.3 million.
Paypal’s Stablecoin Supply Surged by 60%, but the Dollar-Pegged Token Is Nowhere Near Today’s Stablecoin Giants
Paypal’s stablecoin has experienced a growth of more than 60% in its supply in under a month’s time. At present, there are 43.3 million PYUSD in existence, and approximately 346 distinct addresses hold PYUSD.
Despite the supply increase, the coin has only recorded a scant total of 1,462 transfers since its launch. Moreover, the Paxos-operated contract address holds 34.99 million PYUSD, approximately 80.8277% of the overall supply.
Paxos’ Treasury address ranks second-largest, containing 8.7797% of the supply or 3.8 million PYUSD. The third-largest PYUSD holding belongs to Crypto.com, with 2.79 million PYUSD, and the fourth-largest wallet also belongs to Crypto.com, controlling 1,101,601 PYUSD.
The fifth-largest PYUSD address, containing 500,005 tokens, lacks a label but is associated with a Kraken deposit address. The sixth-largest wallet is a Uniswap wallet, securing 47,722 PYUSD.
A substantial portion of the PYUSD cache rests with Paypal and essentially Paxos, alongside exchanges and market makers. The top 100 holders still collectively possess 99.99% of the entire PYUSD supply.
The PYUSD supply is notably small compared to today’s stablecoin giants, securing the 24th spot among the top 50 stablecoins. Other stablecoins with similar-sized market valuations include magic internet money (MIM) and bob (BOB), both boasting million in market capitalization.
When contrasted with the dominant stablecoin tether (USDT), PYUSD makes up a mere 0.052% of USDT’s billion market capitalization. When evaluating the .12 billion valuation of USDC, PYUSD accounts for a modest 0.16% portion of USDC’s comprehensive net valuation.
In recent weeks, the Paypal stablecoin has experienced growth. However, it falls considerably short of matching the scale, engagement, and trading levels set by numerous leading stablecoins.
Although the brand recognition and foundation provided by the payments giant offer some advantages, there is still a considerable journey ahead for PYUSD to emerge as a prominent player among stablecoins.
What do you think about Paypal’s stablecoin and its activity over the past few weeks? Share your thoughts and opinions about this subject in the comments section below.
NFT Sales See Modest Increase of 1.46% to Reach $149M in Past Week
In the past week, sales of non-fungible tokens (NFTs) have increased by 1.46%, raking in a total of 9,312,180. However, while the number of NFT buyers has risen by 22.48%, the number of NFT transactions has decreased by 8.78% compared to the previous week.
Azuki Emerges as Top-Performing NFT Collection This Week With 504.96% Sales Surge
Over the past week, non-fungible token (NFT) sales have experienced a modest uptick, rising by 1.46% compared to the previous week. In total, NFT sales amounted to 9.31 million, with Ethereum-based NFT sales accounting for 8,272,701 of that figure. Ethereum NFT sales made up 72.5% of all digital collectibles sold in the past week. The latest statistics reveal that Ethereum NFT sales have surged by 22.79% this week.
This week, Solana-based NFT sales made up ,225,000 of the total sales, however, this marks a 56.64% decrease from the previous week. Ethereum and Solana sales still lead the pack, followed by Mythos, Polygon, and Immutable X. Ethereum sales have seen a significant increase, and sales from Ronin have also jumped by 20%, while Arbitrum has experienced a 14% increase. Moreover, Panini blockchain digital collectible sales have taken a hit, dropping by 31.23% this week.
This week’s top-performing NFT collection is Azuki, which raked in ,189,076 in sales. This marks a staggering 504.96% increase from the previous week. The Bored Ape Yacht Club (BAYC) collection comes in second place, with ,615,168 in sales, representing a 13.32% increase from last week. The Mythos chain’s Dmarket collection didn’t fare as well as last week, recording ,762,049 in sales, which is 11.5% lower than the previous week. However, the Milady Maker collection has seen a significant surge in sales, with ,558,386 in total sales, marking a 367.58% increase.
The most expensive NFT sold this week was Bored Ape Yacht Club (BAYC) #811, which was sold for a jaw-dropping 5,825 just five days ago. Following closely behind is Sandbox Lands #139,686, which sold for 0,383, and BAYC #6774, which fetched 1,845. Otherdeed Expanded #5227 and Superrare #370,449 also made the list, selling for 1,845 and 0,449, respectively. According to nftpricefloor.com, Cryptopunks currently hold the top floor value (51.50 ETH) out of all the NFT collections, followed closely by Bored Ape Yacht Club’s floor value (48.30 ETH).
What do you think the future holds for the NFT markets? Share your thoughts in the comments section below.
Privacy Coin Interest Stays Tepid as Leading Coins Report Modest Gains in 2023
Over the past 90 days, the top privacy coins by market capitalization have seen an increase of just over billion, rising from .65 billion on Nov. 9, 2022 to .69 billion today. However, while crypto assets such as bitcoin and ethereum saw gains of 30% or more in 30 days, privacy tokens like monero and zcash saw more modest increases, with growth ranging from 8.7% to 10.6% in the last month.
Top Privacy Coins See Slow Growth as Market Capitalization Increases by a Mere Billion in 90 Days
Statistics show that top privacy crypto assets saw less growth in the past month compared to the top two crypto assets, bitcoin and ethereum. However, one privacy coin, dash (DASH), which is the second largest privacy token by market capitalization, saw a significant increase of 38.7% against the greenback last month. Meanwhile, monero (XMR) saw a rise of 8.7% in value, and zcash (ZEC) increased by 10.6% over 30 days. Currently, the top three privacy coins by market value are XMR, DASH, and ZEC.
90-day statistics show that while monero (XMR) and zcash (ZEC) saw modest gains, the privacy coin economy saw an increase of billion. Three months ago, XMR was trading at 9 per coin and as of Wednesday, it is trading at 8 per unit. Dash (DASH), which was trading at .60 per coin, is now changing hands for .83. Zcash was trading at .37 per coin on Nov. 9, 2022, and as of Feb. 8, 2023, ZEC is trading at .90. Although these three privacy coins make up the majority of the collective .69 billion in value, some lesser-known tokens have recorded larger gains.
The privacy coin daps coin (DAPS) saw an increase of 884.5% in one week, while phore (PHR) rose by 110.3% against the U.S. dollar in seven days. Other notable privacy coins that saw gains include raze network (RAZE), up 74.3%, axe (AXE), up 32.9%, and cloakcoin (CLOAK), up 31.8% in the past week. Privacy coin (PRCY), however, saw a decrease of 32.3% this week, iridium (IRD) slid by 17.3%, and deeponion (ONION) lost 16.7% against the greenback. Notable 24-hour gainers include horizen (ZEN), up 16%, dusk network (DUSK), up 11%, and digibyte (DGB), up 10.6% in fiat value.
What do you think is the future of privacy coins in the cryptocurrency market? Share your thoughts in the comments below.
Ethereum Prints Modest Losses, Consolidation Before Next Big Breakout?
The future of the second-largest cryptocurrency is hampered by the US dollar index’s recovery. On Thursday, the price of Ethereum (ETH) showed just slight decreases.
Ethereum Consolidates
On July 21, price movement in the cryptocurrency market as a whole was mostly muted as traders took a day to digest recent gains and book profits after the strongest relief bounce since early June.
The Ethereum Merge has remained at the top of the list despite rumors regarding what sparked the recent spike. After a preliminary date of Sept. 19 was chosen for the mainnet Merge, the market rally accelerated.
The price of Ether (ETH), which reached a high of ,620 on July 20, retraced to a low of ,463 in the early trading hours of July 21, according to TradingView data, and has since recovered back above support at ,500.
ethereETH/USD back around ,500. Source: TradingView
Following the initial price spike caused by the Merge news, here is what various analysts anticipate will happen as Ether’s mainnet switch to proof-of-stake draws near.
Market analyst Rekt Capital posted the following chart showing the significance of Ether’s weekly finish over ,300 and subsequent rise higher, describing the retreat on July 21 as a good development.
Rekt Captial said:
“Though #ETH could just continue higher to reach the upper orange region, it would be healthier for ETH to dip. Such a retest of the lower orange area would only increase probability of continuation.”
With this outlook in mind, the pullback on July 21 raises the prospect of a rise to ,700 soon.
Related Reading | Ethereum Merge: How ETHBTC Could Hint At A Return Of Risk Appetite
Vitalik Hints At Future Of ETH
The co-founder of Ethereum detailed his plans for future developments on Thursday at the Ethereum Community Conference in France that go far beyond the network’s switch to proof of stake. The upgrade—often referred to as “the merge” since it will integrate the Ethereum mainnet with the proof-of-stake beacon chain—is actually the first in a series of modifications that are being planned.
Ethereum will then go through additional improvements that Buterin refers to as the “surge,” “verge,” “purge,” and “splurge” after the merging, which he believes is extremely close because “the only thing left to do is do a merge on Ropsten [test network],” he said during the conference. Buterin mentioned a goal to strengthen the Ethereum network being the reason behind the network continuous updates.
Ethereum will only be about 55% complete after the integration, which is anticipated to be finished this September.
The surge is due to the addition of Ethereum sharding, a scaling solution that, according to the Ethereum Foundation, will make layer-2 blockchains even more affordable, reduce the cost of rollups or bundled transactions, and make it simpler for users to run nodes that protect the Ethereum network. Buterin added that following the spike
Related reading | Ethereum Cruised Past 00, Is There A Possibility To Retrace To 00?
Featured image from Shutterstock, chart from TradingView.com
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