There are 34 days left until the Bitcoin network’s halving event, expected on or around April 20, 2024, which will reduce miners’ rewards by half. Bitcoin’s price has remained above ,000 throughout March, reaching close to ,000 on March 14. Between onchain fees and the price increase, these factors could offset revenue losses from the […]
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Render (RNDR) Climbs 60% This Month, Keeps Investors Upbeat With These Developments
With AI enveloping much of the media we consume nowadays, Render (RNDR) rides the bullish wave around generative content. According to Coingecko, the token is up over 26% this week with the biggest jump occurring at the monthly timeframe at 60%. It shows that investors are still excited by Render’s possible role within the media space.
The protocol is continuing to develop its capabilities relative to the needs of the media and AI industries. For example, 2023 brought Render to the eyes of the broader public as it carried out its first rendering jobs for the Las Vegas Sphere and Apple with its Apple Vision Pro.
2024 is The Year For AI
The Render Network’s position as a decentralized GPU-based rendering solution provider is strengthened by this year’s developments in generative AI. One example that has been making rounds on the internet is Sora, OpenAI’s newest entry in the realm of generative content. Capable of creating high-fidelity prompts, Sora becomes the poster child of generative content.
“What is exciting about this level of quality is how well defined 4D scene elements are preserved in latent space – IMO that is key to blending/decomposing neural generated assets within a rendered scene graph,” said the founder and CEO of OTOY Jules Urbach, highlighting the role of Render in the coming future.
.@EMostaque 100% Yes!
And – beyond pixels – Gen AI at this fidelity means we are closing in on generating true rendering primitives (rays/surfaces/BDRFs).
We need to get there for non-raster devices and endpoints: real time video games, spatial platforms – or as @sama, myself… https://t.co/8ca5qNoR33
— Jules Urbach (@JulesUrbach) February 15, 2024
“I believe crossing over this threshold in the very near future will be life-changing for many creators and artists. High friction pain points in digital content creation may soon be re-imagined – without limiting the value and artistry of authentic human creativity and expression,” Urbach added.
Along with the variety of AI products released by big tech companies like META, NVIDIA, and Google, investors are eyeing the growth of Render as a major player in the cloud-based rendering space.
More Partners, More Growth
Since its implementation of RNP-004, partnerships with other Web 3 organizations has grown. This month, Nosana was added after RNP-008 was passed in the final vote. The new addition joins the likes of IO.net, Beam, and FedM1.
RNDR Slows As Market Becomes Sluggish
As the hot and bullish market cools, RNDR follows the broader market in its decline in the coming weeks. Investors and traders should be wary of how RNDR reacts to outside pressure. With this in mind, bulls should target the 50% retracement level to slow down any bearish pressure in the short to medium term.
If the bulls fail to materialize any resistance against the bears, the bears can bring RNDR down to .6.
Featured image from Pexels, chart from TradingView
Ethereum Price Rallies 5%, Why ETH Bulls Could Aim For $3K This Month
Ethereum price is up over 5% and there was a push toward ,700. ETH is consolidating gains and might aim for a move toward ,800 or ,000.
- Ethereum is consolidating gains below the ,700 resistance zone.
- The price is trading above ,600 and the 100-hourly Simple Moving Average.
- There was a break above a bullish flag pattern with resistance at ,500 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could start a fresh increase if it stays above the ,630 support zone.
Ethereum Price Starts Fresh Surge
Ethereum price remained stable above the ,420 resistance. ETH formed a base and started a fresh increase above the ,500 resistance, outperforming Bitcoin.
There was a break above a bullish flag pattern with resistance at ,500 on the hourly chart of ETH/USD. The pair gained over 5% and there was a clear move above the ,600 resistance. It even moved toward the ,700 level. A high was formed near ,681 and the price is now consolidating gains.
There was a minor decline below the ,660 level. Ethereum is still trading above the 23.6% Fib retracement level of the recent rally from the ,472 swing low to the ,681 high. It is also trading above ,620 and the 100-hourly Simple Moving Average.
If there is a fresh increase, the price could surge above the ,660 level. On the upside, the first major resistance is near the ,680 level. The next major resistance is near ,720, above which the price might rise and test the ,800 resistance.
Source: ETHUSD on TradingView.com
If the bulls remain in action, they could even push the price above the ,800 resistance. In the stated case, the price could rise toward the ,000 level.
Are Dips Limited In ETH?
If Ethereum fails to clear the ,680 resistance, it could start a downside correction. Initial support on the downside is near the ,630 level.
The next key support could be the ,600 zone. A clear move below the ,600 support might send the price toward ,575 or the 50% Fib retracement level of the recent rally from the ,472 swing low to the ,681 high. The main support could be ,520 or the 100 hourly SMA. Any more losses might send the price toward the ,400 level.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 level.
Major Support Level – ,630
Major Resistance Level – ,680
ERC-404 Euphoria Push Ethereum Gas Fees To 8 Month High
The new ERC-404 tokens have swiftly taken the spotlight, dominating the cryptocurrency market and consistently attracting interest from investors and traders. This surge in euphoria has led to a substantial increase in Ethereum gas fees, pushing costs to their highest levels in the past eight months.
Ethereum Gas Fees Skyrocket
Ethereum gas fees have surged to record highs, reaching unseen levels since March 2023, when the average gas price peaked at 101.26 Gwei. The sudden spike in Ethereum gas prices has been attributed to the recent hype surrounding ERC-404 tokens, an experimental token standard that enables native fractionalization of Non-fungible Tokens (NFTs).
Presently, reports from Etherscan, an Ethereum block explorer and analytics platform, reveal that on Friday, February 9, 2024, Ethereum gas fees reached an average gas price of 71.4 Gwei, with a maximum and minimum gas price of 59,956 Gwei and 34.4 Gwei respectively.
This price is the highest Ethereum gas fees have reached since its explosive peak in May 2023, when the average gas price surged to 155.8 Gwei.
The popularity of the ERC-404 can be attributed to the Pandora team heralding the unofficial token and taking advantage of its high liquidity. Additionally, various cryptocurrency traders have shown immense interest in the new token, aiming to capitalize on its potential and maximize its liquidity.
One trader recently made ,000 from the popular ERC-404 token. He revealed that his “secret to making money” was buying and selling the ERC 404 token, MINER, using the high gas fees as an advantage.
The co-founder of Gaslite GG, identified as ‘Pop Punk’ on X (formerly Twitter), has also predicted that introducing ERC-404 tokens will lead to a continuous daily rise in the average Ethereum gas price.
About The ERC-404 Token Standard
Earlier Thursday, the market capitalization of ERC-404 tokens soared to 6 million, announcing their arrival in the crypto market. The token standard was launched on February 5 and has gained immense traction in crypto.
Although ERC-404 tokens remain unofficial due to the absence of a complete audit and endorsement by Ethereum developers, they have witnessed a significant surge in the days following their launch. One of the prominent ERC-404 tokens, Pandora, recently saw a rise of over 400%.
The experimental tokens have gained widespread popularity due to their unique approach of bridging the gap between fungible and non-fungible tokens for better liquidity and fractionalization.
Chart from Tradingview
Can February Be Dogecoin Month? Bullish Indicators Point To Potential Price Explosion
In an exciting turn of events, Dogecoin (DOGE), the popular meme-based cryptocurrency, is once again attracting attention in the market as February approaches. Meme coins, including DOGE, are gearing up for a potential comeback amidst a renewed sense of recovery in the crypto market.
The surge in network expansion, if sustained, has the potential to positively impact the price of DOGE, according to market experts. Over the past week, the number of new addresses in the Dogecoin network has skyrocketed by over 1,000%, showcasing the increasing interest and participation in the cryptocurrency.
This surge reached an all-time high on January 29, with an unprecedented 247,200 new DOGE addresses created in a single day.
According to the most recent data available, Dogecoin is presently being traded at .07, accompanied by a 24-hour trading volume amounting to around billion and a market capitalization of .50 billion.
Dogecoin Upward Trajectory Signals Positive Trend
Although Dogecoin witnessed a marginal 1.7% decrease in value within the last 24 hours, it has gained 1.4% increase over the course of the past week. This upward trajectory suggests a positive trend that is likely to be well-received by both investors and enthusiasts in the cryptocurrency community.
The projected minimum and maximum prices are expected to hover around .0816 and .0838, respectively. These figures provide investors with a glimpse into the potential price range for DOGE in the coming months.
A recent post by crypto analyst Ali Martinez on X has shed light on a remarkable surge in growth within the Dogecoin network, indicating signs of a swift reversal in its price trend.
The #Dogecoin network is witnessing a remarkable surge in growth, with new addresses increasing by a staggering 1,100% over the past week!
On January 29 alone, a record-breaking 247,240 new #DOGE addresses were created, marking an all-time high. A sustained uptrend in network… pic.twitter.com/7tNAPzJaP2
— Ali (@ali_charts) January 30, 2024
And in a related development, prominent cryptocurrency exchange Changelly has released its most recent Dogecoin price forecast, predicting a marginal 0.05% increase that could propel the value to .08 by January 31, 2024.
Doge’s Momentum: Bullish Signals Amid Skepticism
However, it is important to note that the prevailing market sentiment, as indicated by Changelly’s analysis of technical indicators, leans towards bearish, with a Bearish Bearish score of 55%. The Fear & Greed Index stands at 55, indicating a slight inclination towards greed among market participants.
With the surge in new addresses and the positive outlook from analysts, the cryptocurrency community is eagerly monitoring Dogecoin’s movements.
Enthusiasts and investors alike are eagerly awaiting to see whether the meme coin will “pop” and break through in the coming weeks. The recent surge in network growth and the optimistic market sentiment surrounding Dogecoin indicate that it may continue to be a focal point of interest in the cryptocurrency market.
In the meantime, the question lingers: Can February be Doge’s month? With bullish indicators suggesting a potential price explosion, excitement is palpable. As Dogecoin gains momentum with its growing network and positive sentiment, the coming weeks will be pivotal.
Featured image from Shutterstock, chart from TradingView
Crypto Analyst Says February Will Be A Bullish Month For Bitcoin, Here’s Why
Crypto analyst and long-term crypto investor Jelle has highlighted an interesting historical pattern that suggests that February could be bullish for Bitcoin. This would no doubt be a relief for BTC investors who have to deal with a bearish January for the flagship crypto token.
Why February Could Be Bullish For Bitcoin
Jelle stated in an X (formerly Twitter) post that “February should be strong” for Bitcoin “if history keeps repeating itself.” The history which he alludes to is the pattern where February turns out to be a green month for Bitcoin after it has seen a bearish January and had closed in the green for the last four months of the previous year.
Data from Coinglass shows that the only other times (2015 and 2016) BTC closed the last four months of the year in the green, it went on to record a bearish January and a bullish February after that. Last year, Bitcoin closed September, October, November, and December in the green, thanks largely to the frenzy around the Spot Bitcoin ETFs.
Bearing the historical pattern in mind, Jelle expects that February will once again be a green month for Bitcoin. Interestingly, Bitcoin’s gains in February 2016 and 2017 were significant, recording 20% and 23%. As such, there isn’t only the possibility of this February being green for Bitcoin but also coming with huge gains for the crypto token.
The Bull Market Stays On
In a more recent X post, Jelle highlighted how Bitcoin was back above the ,000 level and hinted that there could be more move to the upside as he stated that the “bull market stays on.” The crypto analyst is known to be a reputable trader, as he had previously mentioned how his strategies helped him catch the BTC bottom and sell the top.
From his X post, one could see that Jelle was predicting that the next significant upward movement from Bitcoin could see it rise to as high as ,000. Interestingly, from the accompanying chart, there was a likelihood of this happening sometime in February. Such a move will once again establish that historical pattern which Jelle had earlier highlighted.
Whatever happens in February, Bitcoin investors can still take comfort in the fact that Bitcoin still has over 500 days of bullish momentum, according to crypto analyst Ali Martinez. Bitcoin whales have so far remained steadfast, with an increase in those holding 1,000 BTC or more despite the flagship crypto token’s recent price decline.
At the time of writing, BTC is trading just above ,000, down over 1% in the last 24 hours, according to data from CoinMarketCap.
Grayscale Moves Nearly $1 Billion Worth Of Bitcoin In Past Month – Report
According to the latest report, asset management firm Grayscale has been transferring large amounts of Bitcoin to various wallet addresses over the past month. This data revelation comes days after the asset manager’s application to convert its Bitcoin trust to a spot exchange-traded fund (ETF) was approved by the United States Securities and Exchange Commission (SEC).
It is believed that the Grayscale Bitcoin Trust is one of the largest Bitcoin entities in the world. In September 2023, crypto analytics platform Arkham Intelligence discovered the asset manager’s multi-billion dollar BTC holdings across more than 1,750 wallet addresses.
How Much Did Grayscale Send To Coinbase?
CryptoQuant’s founder Ki Young Ju revealed – via a post on the X platform – that Grayscale has moved about 21,400 BTC to different wallet addresses in the last 30 days. The CEO also highlighted that some of the funds were sent to Coinbase, the largest centralized exchange in the United States.
Grayscale sent 21.4k $BTC to multiple addresses, including Coinbase, in the last 30 days. pic.twitter.com/7WK9qV8wa3
— Ki Young Ju (@ki_young_ju) January 13, 2024
Specifically, the recent conversion of the Grayscale Bitcoin Trust to a spot BTC ETF has put some spotlight on the firm’s funds movement in recent days. This is because the shares of GBTC are now redeemable for Bitcoin following the ETF approval on January 10.
However, Arkham Intelligence data on Friday, January 12, a day after the spot Bitcoin ETFs began trading in the US, revealed that Grayscale’s Bitcoin trust sent 894 BTC (about million) to Coinbase in a single transaction. This amount sent to the exchange represents about 0.15% of GBTC’s total holdings.
Arkham’s data shows that an additional 9 million in BTC was sent to other addresses on January 12. Interestingly, these funds outflows from Grayscale Bitcoin Trust are believed to have caused the sudden downturn in the price of BTC on Friday.
Popular crypto trader Ran Neuner agreed with this belief, saying that the Bitcoin price is “dumping” as investors are selling their GBTC shares. Neuner said in his post on X:
GBTC held bn+ worth of Bitcoin that has been locked up for years with no option to be sold. As soon as the redemption option opened, for the first time people are starting to exit – as they exit the Bitcoin must be sold on the market.
Bitcoin Price is dumping as people are dumping their GBTC shares.
GBTC held bn+ worth of Bitcoin that has been locked up for years with no option to be sold. As soon as the redemption option opened, for the first time people are starting to exit – as they exit the Bitcoin… pic.twitter.com/EqHgpHyVdd
— Ran Neuner (@cryptomanran) January 12, 2024
Bitcoin Price Overview
As of this writing, the price of Bitcoin stands at ,805, reflecting a 7% decline in the past 24 hours. The premier cryptocurrency has reversed most of its gains in the past week after initially falling to below ,000 on Friday.
According to CoinGecko data, Bitcoin’s price is down by about 2.5% in the last seven days. Nevertheless, BTC maintains its position as the largest cryptocurrency in the sector, with a market cap of 8 billion.
Crypto Exchange Bitmex Sends Physical Bitcoin to the Moon — Expects to Land on Lunar Surface Next Month
Cryptocurrency derivatives exchange Bitmex is sending a physical bitcoin to the moon. “The bitcoin wallet in the shape of one coin will land on the Moon aboard the Peregrine spacecraft, making this the first financial asset to touch the lunar surface!” Bitmex detailed.
Bitmex Sending Bitcoin to the Moon
Crypto derivatives exchange Bitmex announced Saturday that it is “sending bitcoin to the Moon on January 8 at 02:18 am ET from Cape Canaveral Space Force Station, Florida.”
The announcement details: “The bitcoin wallet in the shape of one coin will land on the Moon aboard the Peregrine spacecraft, making this the first financial asset to touch the lunar surface!” Bitmex added: “After an Earth orbit, Vulcan rocket will launch and place Peregrine-1 on a lunar trajectory outside of the Earth’s atmosphere, where Peregrine-1 will power on and continue to the 7-week of lunar orbit phase.” The crypto exchange continued:
The bitcoin carried on the United Launch Alliance (ULA) Vulcan rocket, and integrated onto Peregrine-1, commercial lunar lander, is scheduled to reach the Moon in late February (tentative arrival date: February 23, 2024).
“The landing of Astrobotics’ Peregrine-1 on February 23 could mark the first Western soft lunar landing since NASA’s Apollo 17 mission in 1972 and the first commercially driven Moon mission,” the crypto exchange noted, adding that the physical bitcoin will remain on the lunar surface with Peregrine.
The crypto firm further detailed: “Bitmex’s physical bitcoin, weighing 43g and loaded with 1 BTC … is amongst the 201 payloads from governments, companies, universities, and NASA’s Commercial Lunar Payload Services initiative to travel to the lunar surface. Engraved with a public address (1MoonBTCixFH3XTrWRCbMpK23o74nQrA1Q) and a private key, this will be the first-ever financial asset sent to the Moon.”
Stephan Lutz, CEO at Bitmex, opined: “The mission is a momentous achievement in space exploration, representing the first step of creating a monetary system for a space economy. Perfectly preserved for future generations, the bitcoin on the Moon is a time capsule that captures one of the most significant human innovations and technological advancements. This decisive leap forward is just the beginning of a new era.”
What do you think about Bitmex sending a physical bitcoin to the moon? Let us know in the comments section below.
BONK Crashes 31% After A Solid Month – Is the Success Story Ending?
BONK has encountered a challenging period following its recent peak at an all-time high of .00003, which occurred just this past Wednesday. Since reaching this pinnacle, the price has undergone a significant decline, plummeting by more than 50%.
This notable downturn has raised concerns within the market, emphasizing the urgency for buyers to re-enter the scene promptly. The next moves by buyers will play a pivotal role in determining the trajectory of BONK’s price action.
BONK: Meme Coin’s Price Rollercoaster Ride
At the time of writing, the meme coin was trading at .000018, down 29% in the last 24 hours, and sustained a significant loss of 30.6 in the last seven days, data from Coingecko shows.
Latest BONK data mirrors a substantial price surge, drawing parallels to the remarkable and sometimes notorious ascents witnessed in other meme coins, such as Shiba Inu.
Yet, the chart now reveals the initiation of a descending pattern, with the emergence of red candles signaling a sell-off phase and hinting at the potential conclusion of the BONK narrative.
The evolving chart dynamics raise questions about the sustainability of BONK’s earlier success and introduce an air of uncertainty into its once-bullish trajectory.
This week, Binance announced a notable expansion of BONK trading on its platform by introducing it to Binance Margin. This strategic move followed the earlier listing of BONK on the exchange with three additional pairs, a decision fueled by substantial demand for the meme coin.
The introduction of BONK to Binance Margin fueled speculation within the crypto community, with expectations of a potential price boost for the meme coin. However, the unfolding events took an unexpected turn, diverging from the anticipated trajectory.
Despite initial speculations, the market dynamics surrounding BONK underwent a different outcome, introducing a layer of unpredictability to its trading journey.
As the price approaches the .000018 support level once again, the direction that BONK is moving in appears to be bearish. If it starts to decrease, it can soon reach the .000014 barrier.
RSI Decline Raises Concerns For BONK
The RSI on the three-day timeframe has been falling rapidly, going from 98 points in early December to 78 points today as the purchasing momentum has faded and the sell volume is increasing. Remaining bullish would be difficult if this kept up.
The chart’s high volatility, which is seen in its large price swings and suggests a struggle between buyers and sellers, is another important component. The market may be losing the sharp rising trend that typified previous rises as the Moving Averages (MAs) begin to flatten out.
According to CoinCodex technical indicators, the current sentiment is bullish despite the depressing numbers for BONK, and the Fear & Greed Index is currently displaying 74 (Greed).
As for the meme coin, the current price projection indicates a decline to the $ 0.000021 level by December 27, 2023, or a loss of 2.39%.
Despite an initially enchanting journey, BONK’s narrative now suggests a fading magic, leaving investors with another dog-themed asset lacking a clear use case.
The coin’s future appears to be navigating a cycle where exuberant explosions are followed by significant corrections, echoing the market’s sobering from speculative fervor.
Featured image from Pixabay
Osmosis Rally Intensifies With 77% Increase – Will OSMO Hit $2 This Month?
The price movement of OSMO has demonstrated significant volatility, moving through a largely bearish trend for the most part of the year. But in the last three months, the cryptocurrency has shown signs of a strong comeback and is now entering a phase of strong recovery.
Currently, a wide range of technical indicators are available to traders, each of which presents a complex picture of the possible future paths for the OSMO price.
Together, these signals create a mosaic of information that help traders traverse the complicated environment in which they must predict and react to market movements.
Osmosis Price Explodes In The Weekly Timeframe
Osmosis is a well-known player in the cryptocurrency ecosystem and one of the main forces shaping the market environment. Its native token, OSMO, has seen a significant increase, crossing the threshold and hitting its highest worth since July.
At the time of writing, OSMO was trading at .46, up 14.1% in the last 24 hours, and tallied a commanding 76.3% rally in the last seven days, data from Coingecko shows.
Osmosis’s successful merger with Umee, another prominent Cosmos network with assets exceeding million, is partly responsible for the company’s strong performance.
The token has experienced a remarkable rise, rising by almost 380% from its lowest point in 2023, in accordance with the merger’s plans.
With assets over 2 million, Osmosis holds a strong position, according to data from DeFi Llama.
Furthermore, in the last 24 hours, the platform has enabled transactions totaling more than million in token value, demonstrating its significant impact and activity in the decentralized finance domain.
A number of the Cosmos ecosystem’s constituent parts are thriving. Notably, THORChain has become one of the biggest players in the world of decentralized exchanges, or DEXs, and has emerged as a major participant in this space.
Will OSMO Reach ?
With a solid total value locked (TVL) of more than 5 million and available liquidity of more than 6 million, THORChain has cemented its place as a major participant in the independent financial market.
The cumulative validator bond has risen significantly, exceeding the remarkable 8 million mark. Concurrently, the unique swapper community has expanded tremendously, to include over 88,000 members.
In a related breakthrough, the Interblockchain Communication Protocol (IBC) has secured assets worth over billion spanning a vast network of more than 100 chains, demonstrating its strong functioning.
This emphasizes how crucial the protocol is to enabling smooth communication and interoperability across various blockchain ecosystems.
One notable newcomer to the Cosmos scene is Namada, a layer-1 network with cutting-edge interchain privacy capabilities. By introducing cutting-edge technologies to improve privacy and increase the capabilities of interchain communication, this introduction further improves the Cosmos ecosystem.
With a compelling 72% surge, the Osmosis rally is sparking speculation about OSMO hitting this month. Fueled by strategic mergers and a resilient ecosystem, OSMO’s upward momentum is closely watched by traders and enthusiasts, adding an exciting dimension to its evolving narrative in the cryptocurrency market.
Featured image from Shutterstock