The Bitcoin Cash network has completed its latest upgrade which essentially implemented the highly anticipated adaptive blocksize limit (ABL) algorithm. The new feature will make it much easier to change the block size limit in order to meet the demand of the network’s throughput. As of 9:24 a.m. Eastern Time on Wednesday, five blocks have […]
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Lightspark CEO David Marcus: Lightning Network Will Become the World’s ‘Interoperability Neutral Settlement Layer’
David Marcus, CEO of Lightspark, a company that offers lightning network (LN) related services, has stated that LN will become the “interoperability neutral settlement layer” for the world. Marcus declared that only Bitcoin is “neutral enough” to be implemented as the enabler between national payment systems, granting companies and institutions adopting it an edge for […]
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Theta Network Breakout Imminent: Why A 100% Rise Is Possible From Here
While the focus has mainly been on Bitcoin and Ethereum through the downtrend, other smaller altcoins such as Theta Network with much more potential have been flying under the radar. However, crypto investors are no longer ignoring these altcoins and have begun to call out the opportunities in these cryptocurrencies.
Theta Network Is Looking At A Breakout
Crypto analyst CobraVanguard has called out an interesting formation in the THETA chart that suggests that a massive breakout might be on the horizon. In the analysis which was posted on the TradingView website, the analyst points out that a bull flag is currently being formed.
This bull flag pattern started with the most recent decline below the price level after a period of brief dips and recoveries. Interestingly, since this bull flag pattern is still only forming, it does not mean that the breakout will happen immediately.
CobraVanguard’s chart shows that there will be more uncertain movements in the THETA price, coupled with the possibility of the price actually falling below .9. At the same time, the crypto analyst points out that the price is currently bouncing from the middle line around .99.
However, once the formation is complete, then the breakout can happen. The upper end of the target presented by CobraVanguard shows that the THETA price can rise as high as .7. This would mean an almost 100% increase in price from its current level.
Holding Up Well Amid Uncertainty
2024 has been a rather eventful year for Theta Network. The network’s native token, THETA, had begun the year trending below . However, within the month of March alone, it saw an over 250% increase, going from .1 to over .7 before correcting back downward.
Since then, the THETA price has lost around 40% of its value. But this is only due to the negative headwinds that can be attributed to the decline in the Bitcoin price. The altcoin has moved upward in the market since then, rising over a billion market cap to become the 51st-largest cryptocurrency in the space.
Amid the broader market downturn, THETA is still seeing positive metrics, especially when it comes to its volume. According to data from CoinMarketCap, the daily trading volume of the altcoin has jumped 13% in the last day alone, suggesting that interest is returning to the cryptocurrency.
At the time of writing, the THETA price is seeing small daily gains of 1.47% to trade at .02. However, on the weekly and monthly timeframes, the altcoin has performed poorly, dropping 13.73% and 12.97%, respectively.
Lightning Labs CEO Elizabeth Stark States Stablecoins Are Coming to the Lightning Network
Elizabeth Stark, CEO of Lightning Labs, stated that tokenized assets, such as stablecoins, are next to appear on top of the lightning network (LN), Bitcoin’s layer two scaling protocol. Stark highlighted the transformative possibilities of this upgrade, stressing that it would allow users to complete stablecoin payments leveraging affordable LN transaction fees. Lightning Labs CEO […]
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Bitcoin Network Adjusts to Lower Fees and Reduced Hashrate After Latest Halving
Based on the three-day simple moving average, Bitcoin’s hashrate has continued its downward trend, registering at about 550 exahash per second (EH/s). Following the halving, onchain costs have decreased significantly, with data indicating transfer fees ranging from .50 to .65 per transaction. Bitcoin’s Hashrate Slides 19% in 16 Days According to statistics, the three-day simple […]
Bitcoin News
The Akash Network Phenomenon: Breaking Down Its 2400% Uptrend And Market Outperformance
Decentralized and open-source computing platform Akash Network has captured significant attention in the cryptocurrency market as its native token, AKT, has outperformed the top 100 cryptocurrencies with a 2400% price increase year-to-date.
While Bitcoin (BTC) and other major cryptocurrencies experience price corrections, the Akash Network and its native token are surging at a remarkable pace. To comprehend the driving factors behind this uptrend, it is crucial to delve deeper into what the Akash Network represents and its underlying technology.
What Is The Akash Network?
The Akash Network, founded in March 2018 by Overclock Labs, emerged as a distributed cloud computing marketplace with the objective of decentralizing cloud computing. Originally focused on building a traditional multi-cloud deployment platform, Overclock Labs decided to launch Akash.
According to Messari, the network facilitates the connection between server owners in need of computing power to host applications and users offering cloud computing resources through the Akash Marketplace, where computing resources are bought and sold.
At the core of the Akash Network lies its blockchain infrastructure known as Akash, built using the Cosmos SDK and based on the Tendermint consensus mechanism.
Since the launch of Akash Mainnet in September 2020, the network has undergone notable upgrades to increase its functionality. These upgrades include the introduction of the Akash Marketplace, flexible bid pricing, Inter-Blockchain Communication (IBC) compatibility, deployment tools for improved user experience, audited attributes, and Tendermint’s State Sync.
Subsequent upgrades introduced features such as persistent storage, authorized spending, an inflation decay curve, fractional uAKT to eliminate minimum cost deployment, IP leases, provider service splits, Cosmos IBC3 update, and Interchain Accounts (ICA).
Messari points out that the most recent upgrades have positioned Akash as a prominent player in the cloud computing and artificial intelligence (AI) development space. Mainnet 6 introduced support for GPUs and stable payments, establishing Akash as an open-source marketplace for high-density GPUs and a distributed cloud for large language models (LLM).
In conjunction with this upgrade, Overclock Labs launched Akash ML, a cloud infrastructure that offers AI developers GPU spot instances, with plans to provide on-demand access in the future.
Subsequent upgrades focused on enforcing minimum validator commissions, improving GPU visibility, and ensuring validated bids on multi-service deployments.
AKT Token Breaks Key Trendline
In terms of price action, the Akash Network’s native token, AKT, has recently demonstrated a notable breakthrough. Over the past 24 hours, AKT has experienced a significant surge of 15.63%, propelling its trading value to .64.
One key indicator of this positive development is the token’s ability to surpass a diagonal trendline in the 4-hour timeframe. Breaking this trendline suggests a potential reversal of the previous downward trajectory and opens up the possibility of further bullish market sentiment for AKT.
Moving forward, the focus for AKT is to sustain the previous week’s high of .095 as a crucial level of support. By maintaining this level, the token aims to consolidate its recent gains and solidify its position in the market.
In summary, the price increase of AKT can be attributed to several factors. The success of the Akash Network’s underlying technology and its value proposition in the decentralized cloud computing space contribute to the positive sentiment surrounding the token. As the network gains recognition and attracts users, demand for AKT may increase, resulting in upward pressure on the price.
In addition, the successful break of the diagonal trend line represents a potential shift in market dynamics as investors may take this as a bullish signal, leading to increased buying activity and further price appreciation.
Featured image from Shutterstock, chart from TradingView.com
Bitcoin Network Fundamentals Could Sustain $265,000 Price, CryptoQuant CEO Explains
The CEO of analytics firm CryptoQuant has explained how the Bitcoin network fundamentals could support a market cap three times the current size.
Bitcoin Hashrate/Market Cap Ratio Could Reveal Ceiling For Cycle
In a new post on X, CryptoQuant founder and CEO Ki Young Ju has talked about what the network fundamentals could reveal about how much more market cap Bitcoin can sustain.
BTC is a cryptocurrency that runs on the proof-of-work (PoW) consensus mechanism, meaning that validators called miners compete with each other using computing power to get the chance to add the next block to the blockchain.
Miners have to pay constant electricity costs to run this computing power. Generally, these chain validators do so by selling their block rewards. These rewards are fixed in BTC value and given out at a more or less constant rate, so the main variable in miner finances is the asset’s USD value.
Mining-related economics are very much related to the cryptocurrency’s price. A metric central to the miners is the Hashrate, a measure of the computing power this cohort has connected to the Bitcoin blockchain.
Below is a chart that shows the trend in the 7-day average value of this BTC indicator over the past year.
As the graph shows, the Bitcoin Hashrate has been riding an uptrend during this period, largely due to the rally that the asset’s price has enjoyed in this window.
To relate this fundamental metric with the price of the asset, the CryptoQuant CEO has referred to the “Hashrate/Market Cap Ratio,” which is an indicator that keeps track of how the market cap (that is, the total valuation) of the cryptocurrency compares against its Hashrate.
Here is the chart shared by Ju that shows the trend in this metric over the last few years:
The graph shows that the Bitcoin Hashrate/Market Cap Ratio has been at low levels compared to the highs the metric achieved during the 2021 bull run.
This is despite the fact that the asset’s price is currently at similar levels to back then. The reason behind this trend is that the network’s Hashrate is now more than three times what it was then.
If the ratio’s high from the previous cycle top is where the cycle peak will also be observed this time around, then it means that the asset’s market cap could increase over three times from its current value.
Based on this, Ju suggests that the current network fundamentals could potentially sustain a price of 5,000.
BTC Price
At the time of writing, Bitcoin is trading at around ,300, up more than 9% over the past week.
Forget The Price Dip: Ethereum Network Activity Hints At Imminent Takeoff
Ethereum, the world’s second-largest cryptocurrency by market cap, finds itself in a curious position. While the price struggles for direction, its underlying network is experiencing a surge in activity.
Ethereum Network Sees Increase In New Users
According to crypto data firm Santiment, May 4th saw a whopping 200,000 new Ethereum addresses created, marking the highest single-day growth in nearly two years.
This surge suggests a renewed interest in the Ethereum ecosystem, potentially driven by factors like the burgeoning Decentralized Finance (DeFi) space and the ever-evolving world of Non-Fungible Tokens (NFTs).
#Ethereum rebounded back above ,200 this weekend, and saw massive network growth. 196.71K new addresses were created on the $ETH network on May 4, 2024, the largest single day of growth since October 8, 2022. This should be viewed as a #bullish sign. https://t.co/l9iFVWCJpE pic.twitter.com/MlHQTvKKN0
— Santiment (@santimentfeed) May 6, 2024
This network growth is a bullish signal, and indicates strong and increasing interest in Ethereum, which could translate to significant capital inflows when macroeconomic conditions become more favorable.
Is The Price Dip A Buying Opportunity?
While the network thrives, Ethereum’s price currently sits at ,995, a 1.8% decline in the past 24 hours. This puts it precariously close to falling below its 200-day Exponential Moving Average (EMA), a technical indicator often interpreted as a sign of bearish momentum.
However, a closer look reveals a potentially bullish twist. The price decline is accompanied by a drop in trading volume, which could indicate that selling pressure is waning. Historically, such a scenario has sometimes preceded a price reversal, where buyers re-enter the market, pushing prices upwards.
Investor Optimism Buoyed By Potential Fed Pivot
The recent weakness in the US economy, highlighted by a disappointing jobs report, has sparked speculation that the Federal Reserve might consider easing interest rates. This could inject fresh liquidity into the market, potentially benefiting riskier assets like cryptocurrencies.
According to analysts, a dovish pivot from the Federal Reserve could be a game-changer for Ethereum. Lower interest rates generally make holding cryptocurrencies more attractive compared to traditional fixed-income investments.
The future path of Ethereum remains uncertain. While the network’s fundamentals appear robust, the price faces immediate challenges. Navigating this complex scenario will require investors to carefully consider both the on-chain activity and the broader economic landscape.
Regulation and Innovation: Key Factors to Watch
Regulatory clarity around cryptocurrencies will undoubtedly play a crucial role in attracting institutional investors, a potential catalyst for significant price growth.
Related Reading: Cardano (ADA) Trading Activity Goes Quiet: Will This Drag Down The Price?
Featured image from Book My Flight, chart from TradingView
Bitcoin Lightning Network Infrastructure Provider Mash Is Shutting Down Its Current Version
In a recent announcement, Mash, a provider of Bitcoin Lightning Network infrastructure, has decided to shut down its current version. This comes nearly two years after Mash successfully closed a million seed round in June 2022 to build out its usage-based revenue model for content creators. All products and services will cease to function […]
Bitcoin News
SUI Gets Spicy: Network Fires Back At Token Supply FUD
Sui, the year-old Layer-1 blockchain darling, is facing a harsh reality check. While celebrating its first anniversary on May 3rd, 2034, the network finds itself embroiled in a controversy surrounding its tokenomics, the design and distribution of its cryptocurrency, SUI.
SUI Supply: Cause for Concern?
The fire was ignited by Justin Bons, founder of Cyber Capital, who tweeted concerns about the SUI token supply being overly concentrated in the hands of the founders and early contributors.
Bons pointed to a potential 80% allocation – 160 million out of a total 10 billion – going to Mysten Labs, Sui’s creator, and another 600 million earmarked for “early contributors,” raising eyebrows about potential centralization.
1/16) SUI has a great design, except for its token economics:
SUI claims to have a capped supply of 10B, with 52% being “unallocated” till 2030
The problem is that over 8B SUI is being staked right now!
Over 84% of the staked supply is held by founders! SUI is centralized:
— Justin Bons (@Justin_Bons) May 2, 2024
This alleged lack of decentralization worries investors. If these significant token holders decide to sell their SUI holdings (dump), it could cause a dramatic price drop, harming regular investors.
Sui Fights Back: Transparency On The Agenda
The network wasted no time in refuting these claims. The network vehemently denied any accusations of a centralized token supply, calling them “misleading” and “inaccurate.”
In a bid to assure investors, Sui emphasized that Mysten Labs doesn’t have control over the Sui Foundation treasury, community reserves, or investor tokens.
The network further clarified that the foundation, as the largest holder of locked tokens, will release them according to a publicly available schedule. They reiterated their commitment to transparency, stating that “every token that will be released has been allocated.”
Additionally, Sui highlighted that all staking rewards earned by the foundation are reinvested back into the community, a detail also reflected in the public emission schedule.
Trust Issues: The Market Responds
While Sui attempts to quell concerns, some market participants remain skeptical. They question the network’s motives, labeling the token distribution strategy as potentially manipulative. This skepticism coincides with a recent slump in SUI’s price.
Despite impressive gains in the past, the token has shed over 25% in the last month and sits a staggering 90% below its all-time high. This price performance fuels doubts about the project’s long-term viability.
The Importance Of Transparency: A Lesson For Blockchain Projects
The SUI tokenomics controversy underscores a critical lesson for the entire blockchain industry: transparency is paramount for building investor trust.
Justin Bons’ concerns, though potentially exaggerated, highlight the need for clear communication and verifiable token distribution plans.
As the blockchain space matures, projects that prioritize transparency and fair distribution models will likely garner stronger investor confidence and ultimately, a more sustainable future.
Featured image from Penn Today – University of Pennsylvania, chart from TradingView