The stablecoin sector experienced a .26 billion expansion within the last eight days, climbing from 0.82 billion to 4.08 billion by Sunday, March 3, 2024. During February, increases in supply were observed in four of the top five stablecoins by market cap, with FDUSD’s supply growth leading amongst the five. Stablecoin Economy Rises 2.31% in […]
Bitcoin News
Value Locked in Defi Nears $100 Billion Milestone Amidst Broad Market Uptick and Lido Dominance
Five days ago, the total value locked (TVL) in decentralized finance (defi) protocols exceeded the billion mark, and since that point, it has expanded by an additional .66 billion. As it hovers above the billion threshold, the TVL is approaching the 0 billion milestone, a figure not observed since before the collapse of […]
Bitcoin News
BNB Barrels Past $400, As Binance TVL Nears $5 Billion – Details
Recently, the Binance Smart Chain emerged as the top Layer 1 platform with the biggest number of BNB users. There has also been a noticeable increase in its volume.
The optimistic outlook for the cryptocurrency market as a whole has also contributed to BNB’s success. With a market capitalization of around .30 trillion, Bitcoin’s latest ascent beyond ,000 suggests that investor confidence has increased.
BNB Approaches Billion TVL
Total Value Locked (TVL) for BNB Chain increased steadily this year and is currently close to billion. It’s crucial to remember that the current upward trend in BNB is what’s responsible for the TVL spike.
According to data from DefiLlama, this represents a notable rise over the .50 billion reported at the beginning of the year and illustrates the growing presence of decentralized finance (DeFi) protocols on the chain.
With 425 million unique users, BNB chain held the top spot at the time of publication, according to Crypto Rank data, which displayed the total number of unique users across the top 15 networks.
Top 15 Blockchains by the Number of Unique Addresses@BNBCHAIN – 425M@0xPolygon – 406M@ethereum – 259M@trondao – 214M@FantomFDN – 172M@Optimism – 124M@NEARProtocol – 99M@base – 65M@Aptos_Network – 27M@MoonbeamNetwork – 20M@arbitrum – 17.9M@avax – 17.7M… pic.twitter.com/lGYGfjTaea
— CryptoRank.io (@CryptoRank_io) February 28, 2024
On-chain volume on BNB Chain saw a notable spike this week, peaking at about .4 billion. According to DefiLlama, this is the greatest volume seen in 2024 and the second-highest day volume on the chain in more than a year. An increase in activity suggests that users are more engaged and that the ecosystem has room to develop.
BNB Breaches 0 Level
The price of BNB has recently increased to levels not seen in months, which is quite notable. The coin has moved into previously unobserved price ranges as of April 2022.
The 24-hour period chart analysis showed that BNB ended trading on a high note. Though there has been a slight decline of less than 1% as of this writing, BNB is still trading at 5.
The excitement around the web3 game project Portal’s airdrop farming campaign is partly responsible for the recent increase in BNB’s price. Users were able to take part in Portal’s PORTAL token airdrop thanks to Binance’s Launchpool integration, which increased interest and engagement in the BNB Chain ecosystem.
Meanwhile, bulls will retake control and be ready to challenge the market’s upper resistance level of 0 this week if the price moves over the resistance level of 1. If the price stays there, the BNB coin will be ready to try testing its upper limit of 5 in the following weeks.
The notable variation in pricing is observed despite Binance being subjected to one of the most serious criminal penalties in the history of the United States. Following the consent of a judge, the exchange reached a plea agreement amounting to .3 billion, which pertained to allegations associated with violations of anti-money laundering regulations and penalties.
Featured image from Pexels, chart from TradingView
Arweave and Aptos Lead Crypto Market Surge With Stellar Gains as BTC Nears All-Time High
Bitcoin experienced a 6.8% increase on Wednesday, reaching a peak of ,000. This upturn also propelled several other digital assets upwards, notably arweave (AR) with a 50.3% increase and aptos (APT) with a 23.5% appreciation against the U.S. dollar. AR, APT, FET, DOGE, PEPE, and ORDI Post Impressive Gains Amidst Crypto Upswing As of 2 […]
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Satoshi Nakamoto’s Growing Fortune Nears Entry Into World’s Top 25 Richest Individuals
2024 has unfolded as a flourishing year for bitcoin’s valuation, as its market capitalization breezed past the trillion milestone, positioning the cryptocurrency as the world’s tenth-largest asset by overall market valuation. This uptick in price has significantly boosted the net worth of Bitcoin’s mysterious creator, Satoshi Nakamoto, elevating the value of the inventor’s holdings […]
Bitcoin News
Bitcoin Price Nears $50,000 Milestone Again With 91% Of Addresses Now In Profit
Bitcoin is edging closer to the ,000 mark after a week of extreme bullish price action, a level not seen since December 2021. Amidst this price surge, the number of Bitcoin addresses in profit has now crossed over 90%.
According to data from IntoTheBlock, 91% of Bitcoin addresses are currently profitable. This means the vast majority of holders and investors have an incentive to continue holding, particularly as the next halving for Bitcoin miners approaches.
91% Of Bitcoin Addresses Now In Profit As Price Nears ,000
Bitcoin has had an eventful week in terms of price action. The world’s largest crypto recently grew by 14.4% to reach ,500 on February 11, its highest point in 26 months. This price spike, although highly welcome, seemed to have taken most investors by surprise considering it was coming off four weeks of unimpressive action after the debut of spot Bitcoin ETFs in the US.
Notably, IntoTheBlock’s “Global In/Out of the Money” profitability metric shows that the total number of addresses in profit is now at 46.87 million addresses, representing 90.53% of the total addresses. At the same time, 3.44 million addresses representing 6.64% are still posting losses, while 1.46 million addresses representing 2.83% of the total addresses are at the money or break-even point.
Similarly, IntoTheBlock’s “In/Out of the Money Around Price” metric which follows addresses that bought between ,919.92 and ,413.77, shows that a majority (83.17%) of addresses are in profit. This is a hugely bullish signal and shows that the majority of Bitcoin holders are well in the money. As the price continues climbing as the crypto approaches the ,000 mark, more and more addresses are likely to move into profit.
Bitcoin Set To Keep Shining
With over 90% of Bitcoin addresses now in profit and the price nearing ,000, it’s clear this bull run still has room to run. The bullish action last week saw BTC closing over ,000 on the weekly timeframe for the first time in the current market cycle.
BitMEX Research recently reported that spot Bitcoin ETFs now have over billion worth of BTC under management. There is a high probability that the price of the top coin continue to surge if the activity surrounding these exchange-traded funds (ETFs) continues at this pace.
Bitcoin ETF Flow – 9th Feb
All data out. Strong day at 1.5m of net inflow
Invesco had an outflow, the first non-GBTC product to have an outflow day pic.twitter.com/UCFDVAaKD3
— BitMEX Research (@BitMEXResearch) February 10, 2024
Another catalyst for a sustained price increase is the upcoming halving. Historically, Bitcoin bull runs leading up to each halving have always trended up and gone parabolic after the halving event. A similar trend could see the crypto asset reaching ,000 before the next halving in April and 0,000 before the end of the year.
Featured image from Adobe Stock, chart from TradingView
Bitcoin’s Price Soars Past $48K, Nears $1 Trillion Market Cap Amidst Bullish Momentum
On Saturday, Feb. 10, 2024, bitcoin’s price soared beyond the K mark, reaching heights unseen since prior to Dec. 28, 2021. On Sunday, the leading digital currency maintained its robust momentum, consistently staying above the newly established price level. Over the last 24 hours, the crypto asset’s value has risen by over 2.6%, and it […]
Bitcoin News
Solana TVL Nears $2 Billion – Will SOL Cruise To $120 Before Valentine’s?
Solana, the high-speed blockchain platform, is back in the green after a rollercoaster week. Its native token, SOL, triumphantly hit the 5 mark today, defying naysayers and sparking renewed optimism. But is this just a fleeting bounce, or the start of a sustained climb towards 0 before Valentine’s Day?
Defi Frenzy Heats Up, Injecting Millions Into Solana
The key driver behind this recent surge seems to be the red-hot DeFi scene on Solana. Total Value Locked (TVL), a metric indicating the combined value of crypto assets deposited in DeFi protocols, has shot up by an impressive 0 million in just 16 days, pushing the network’s TVL at .95 billion.
This influx of capital, primarily directed towards projects like Jito, Kamino, and Blazestake, has fueled demand for SOL, pushing its price upwards.
Not Without Hiccups: Outage Raises Scalability Concerns
However, Solana’s journey hasn’t been entirely smooth sailing. A five-hour network outage on February 6th cast a shadow of doubt on its scalability and reliability. While investors largely held their ground, the incident served as a stark reminder of the challenges facing ambitious blockchain projects.
Technicals Paint A Bullish Picture, But Resistance Looms
Looking at the charts, things appear promising for SOL. The 33.6% price rally over the past two weeks aligns with the rising TVL, suggesting a strong correlation between DeFi activity and token value.
Technical indicators like the upper Bollinger Band point towards a potential resistance zone around 5, the previous local high. If bulls can overcome this hurdle, a push towards 0 could be on the horizon.
While some analysts are bullish, predicting a retest of 0, others urge caution. The crypto market remains inherently volatile, and unforeseen events can quickly alter the course.
Additionally, regulatory developments and broader market trends need to be carefully considered before making any investment decisions.
Solana’s Future: DeFi Ecosystem Holds The Key
Ultimately, the fate of SOL hinges on the continued growth and stability of its DeFi ecosystem. If projects within the network can attract sustained investment and foster user engagement, the positive feedback loop between DeFi activity and token value could propel SOL further upwards.
However, addressing scalability concerns and navigating the ever-evolving regulatory landscape will be crucial for long-term success.
One thing is certain: Solana’s recent price action highlights the growing potential of DeFi and its impact on blockchain platforms. Whether it reaches 0 or not, the story of Solana is far from over, and investors will be watching closely as the DeFi revolution unfolds.
Featured image from VistaCreate, chart from TradingView
Bitcoin Nears $45,000 Level In Historic Price Surge Following Spot ETF Debut
Bitcoin (BTC) shook off recent bearish whispers and roared back to life on Wednesday, clawing its way past ,000 and marking a four-week high as the top crypto asset approaches the vaunted K level. This bullish charge was fueled by a potent cocktail of factors, from resurgent accumulation by major investors to record highs in US equity markets and a surprise regulatory shift from Thailand.
Bitcoin Surges Amid Whale Activity
The day began with Bitcoin hovering around ,700, but it quickly gained momentum, reaching a peak of ,300 – its loftiest perch since January 12th. This 2.5% surge in 24 hours outpaced the broader cryptocurrency market’s 1.6% gain, showcasing Bitcoin’s renewed vigor. While Ether (ETH) and Cardano (ADA) saw modest increases, Bitcoin clearly stole the show.
What sparked this fiery comeback? Analysts at Bitfinex had initially pointed to heightened miner selling as a potential culprit for recent price dips. However, the narrative flipped as whales, those enigmatic holders of vast Bitcoin stashes, began gobbling up the digital gold.
Crypto sleuth Ali Martinez, analyzing data from Glassnode, revealed a multi-month high of 73 wallets holding over 1,000 Bitcoins (roughly million each). This whale activity signaled a renewed vote of confidence in Bitcoin’s long-term potential.
#Bitcoin whales are accumulating more $BTC! Around 73 new whales now hold 1,000 #BTC or more, marking a 3.66% increase in two weeks. pic.twitter.com/VFArJYTQZl
— Ali (@ali_charts) February 7, 2024
Adding fuel to the fire were record-breaking performances by US stock indices. The S&P 500, Dow Jones, and Nasdaq Composite all flirted with all-time highs, creating a positive ripple effect that buoyed riskier assets like Bitcoin. This synchronized surge suggested a broader investor appetite for risk, emboldening cryptocurrency bulls.
Thailand: VAT Elimination Spurs Crypto Adoption
Meanwhile, the Finance Ministry of Thailand announced the elimination of the 7% value-added tax (VAT) on Bitcoin and cryptocurrency trading.
This groundbreaking decision positions Thailand as a frontrunner in digital asset adoption, aiming to attract investment and establish the country as a regional hub for innovation.
This bold regulatory shift injected a powerful dose of optimism into the already bullish trend, showcasing government recognition of the potential of cryptocurrencies.
As Bitcoin navigates its next move, technical indicators and the supportive trend of the Simple Moving Average suggest continued upside potential. However, the cryptocurrency market remains inherently volatile, and investors should exercise caution.
Nonetheless, Wednesday’s surge, fueled by diverse factors, paints a promising picture for Bitcoin’s future, leaving many wondering if this is the beginning of another bull run. Only time will tell, but one thing is certain: the Bitcoin bulls are back, and they’re roaring loud.
Featured image from Adobe Stock, chart from TradingView
Coinbase Nears Historic 1 Million Bitcoin Milestone Amid Rise in Reserves and ETF Activity
Recent data reveals Coinbase Global is on the brink of holding 1 million bitcoins, requiring just an additional 5,019 bitcoins to cross this significant milestone. In the preceding fortnight, Coinbase has witnessed its bitcoin reserves grow by 16,404 bitcoins, inching closer to this noteworthy threshold.
Coinbase on Cusp of 1 Million Bitcoin
Coinbase (Nasdaq: COIN) is edging nearer to the 1 million bitcoin mark, currently possessing 994,981 BTC valued at .17 billion. Trailing only behind Satoshi Nakamoto, Coinbase stands as the most substantial bitcoin holder in the industry. Over the recent two weeks, the exchange observed a deposit of 16,404 bitcoins, amounting to 4 million. Meanwhile, Coinbase Pro, the firm’s trading platform, recorded a withdrawal of 4,624.56 BTC, as indicated by its 30-day outflow data.
There’s a significant flurry of activity among the ten new U.S.-based spot bitcoin exchange-traded funds (ETFs). Since Jan. 12, 2024, Grayscale’s GBTC reserves diminished by 114,367.39 BTC, while the other nine ETFs collectively accumulated 132,170 BTC since their inception. Notably, every single ETF, except for Vaneck and Fidelity, relies on Coinbase for custodial services. This reliance likely contributed to the modest increase of 16,404 bitcoins in Coinbase’s BTC reserves since Jan. 13.
The eight ETFs using Coinbase’s custodial services may have facilitated offchain swaps, with Coinbase acting as the sole intermediary. If the BTC deposit trend at Coinbase persists, the platform is poised to reach the 1 million bitcoin milestone soon, needing only an additional 5,019 bitcoins. Coinbase’s present holdings represent 5.07% of the total circulating supply of 19,611,049 bitcoins and constitute 4.73% of the overall 21 million bitcoin supply cap.
Separate from Coinbase’s custodial activities, other exchanges have experienced a bitcoin influx since January’s onset. According to cryptoquant.com, exchanges held 2,087,030 BTC on Jan. 1, 2024, which has risen to 2,100,984 BTC today, marking a 13,954 BTC increase over the last 28 days. Rising BTC reserves in exchanges generally suggest increased selling pressure, while substantial withdrawals imply the contrary, reducing liquidity in the market.
What do you think about Coinbase nearing the 1 million bitcoin mark? Let us know what you think about this subject in the comments section below.