Billionaire investor Mark Cuban, a minority owner of the National Basketball Association (NBA) team Dallas Mavericks, expects the price of bitcoin to go up due to the supply-demand dynamic. “I do feel that the demand is going to exceed the number of people selling,” he explained, adding that bitcoin is “a great store of value.” […]
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Bitcoin’s Scalability Foreseen by Satoshi Nakamoto to Outpace Visa, Historic Email Reveals
This week, crypto enthusiasts and historians alike have found themselves enraptured by the wealth of newly released emails from Satoshi Nakamoto, uncovering the visionary’s early efforts with Bitcoin. Specifically, one email, identified as number #3, offers unparalleled glimpses into Nakamoto’s considerations regarding Bitcoin’s scalability, economic framework, and prospects. Emails Suggest Satoshi Nakamoto Was Quite Confident […]
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Bitcoin ETF Surges: Last 4 Days Inflows Outpace Initial Weeks
Bitcoin (BTC) Spot Exchange-Traded Funds (ETFs) are currently in the limelight as the products have seen massive net inflows in the past few days than in the initial weeks of introduction, dominating the market of crypto investment products.
Bitcoin ETF Inflows Surges In The Last 4 Days
Thomas Fahrer, the co-founder of Bitcoin tracking platform Apollo, took to the social media platform X (formerly Twitter) to share the development with the community. Fahrer pointed out that BTC spot ETFs are presently experiencing a “total acceleration” of inflows.
Meanwhile, the products in the past 4 days have witnessed an inflow of 43,000 BTC tokens valued at .3 billion. This latest surge in inflows suggests renewed adoption of the products from crypto players and investors.
Data from Apollo reveals that Grayscale is the leading firm in Assets Under Management (AUM). Registered as Grayscale Bitcoin Trust (GBTC), the company boasts a whopping .7 billion AUM.
However, this is a notable drop from billion in assets it had on January 11, after transitioning to an ETF. This is due to the daily net outflows the fund has seen since it was approved by the US Securities and Exchange Commission (SEC).
Blackrock comes in second after Grayscale, with an asset under management of over billion since it started trading. It is followed by Wise Origin Bitcoin Trust (FBTC) and Ark/21Shares Bitcoin Trust (ARKB), which come in third and fourth place, respectively.
Investment firm Bitwise’s Bitcoin ETF (BITB) is the latest company to reach the billion-dollar milestone. As of the press, the company’s BTC ETF is the fifth largest behind the aforementioned asset management companies.
Blackrock Records Its Largest Inflow
On Tuesday, Blackrock recorded its largest inflow day ever since Bitcoin ET products were approved. A senior Bloomberg Intelligence analyst, Eric Balchunas, revealed information regarding the update on X.
He stated that Blackrock’s BTC ETF was booming on Tuesday, seeing almost “half a billion” inflow. According to the data shared by Balchunas, IBIT made 3 million in revenue during the trading day.
IBIT’s previous largest daily net inflow was 6 million, recorded on the second trading day of January 12. Consequently, Blackrock’s Bitcoin ETF overall inflow exceeded the billion mark after the Tuesday event. So far, of all ETFs, Blackrock’s IBIT leads by “7% by size in just 23 days of trading.”
These developments came in light of the recent rally around Bitcoin in the past few days, which took BTC’s price above $ 50,000. Many market enthusiasts believe that a major factor in the rally is the reason surrounding the BTC ETF flows.
Tim Draper Predicts Bitcoin Will Outpace Fiat Currencies, Asserts Its Superiority Over Traditional Banking
Renowned bitcoin investor and venture capitalist, Tim Draper, envisions a future where bitcoin emerges as a formidable competitor to the world’s fiat currencies. During a recent interview with Fox News, Draper argued that bitcoin’s inherent safety and superiority surpass those of traditional banking systems and government-controlled fiat currencies.
Venture Capitalist Tim Draper Says Bitcoin Is ‘Transforming the Way Currency and Commerce Is Done’
Tim Draper, a prominent advocate of bitcoin (BTC), has recently revised his prediction for the timeline when he anticipates BTC to reach 0,000 per unit. In an interview with Fox News published on Wednesday, Draper discussed the leading cryptocurrency asset on Fox Business’ “Claman Countdown” broadcast. Throughout the interview, Draper emphasized the significance of the Internet in society and expressed his belief that “the same is going to be true of bitcoin.”
“We’re going through one of the most exciting decades I think we’ll ever see in our lifetimes because we have bitcoin transforming the way currency and commerce is done,” Draper said. Currently, the venture capitalist stated that BTC was establishing its position amidst a vast array of other crypto assets.
“I think we are going to see bitcoin rise above the other cryptos,” Draper told the host. In fact, Draper adamantly asserts that bitcoin will further ascend to challenge other fiat currencies. According to the venture capitalist, bitcoin’s superiority and heightened efficiency surpass today’s conventional finance system.
“It’s just better technology — Having a bank and government decide on what currency is good is not as effective as having a bitcoin where there is a trusted third party, which are hundreds of thousands of nodes making sure the transaction was done properly,” Draper remarked. He added:
[Bitcoin is] just better, safer technology, and I think eventually the rest of world will come on board.
Draper further asserted that bitcoin is accepted worldwide and believes it is only a matter of time before retailers recognize the advantages of accepting bitcoin. He pointed out that they can avoid paying banks and credit card companies by utilizing BTC. The investor emphasized that eventually, BTC “will be the one everyone flies to when you can buy your food, clothing, and shelter.”
As we witness the continuing evolution of cryptocurrency, do you agree with Tim Draper’s prediction about Bitcoin’s supremacy over fiat currencies and traditional banking systems? Share your thoughts and opinions about this subject in the comments section below.
Ethereum Network Fees Surge 153% in 30 Days, While Arbitrum Daily Transactions Outpace ETH Following Shapella Upgrade
Ethereum network fees have experienced a significant upswing following the implementation of the Shapella upgrade on April 12th. In the last 30 days, onchain fees have soared by over 153%, from a prior rate of .65 per transfer to a current average of .80 per transaction. The data highlights a substantial surge in the costs associated with Ethereum network transactions, indicating a notable increase in onchain activity.
Onchain Fees on Ethereum Network Soar by 153% in a Month, While Arbitrum’s Daily Transactions Exceed ETH Post-Shapella Upgrade
Over the past month, Ethereum network fees have witnessed a material surge, with the cost of onchain transfers surging from .65 per transaction on April 1, to an average of 0.0064 ether or .80 per transfer at present. The data reveals a staggering 153% increase in the average fees charged by the Ethereum network in just 30 days. Moreover, even the median-sized protocol fees on the network have experienced a significant upswing, soaring 157% higher from .13 per transfer on the first of April to the current rate of 0.003 ether or .49 per median-sized transaction.
The upsurge in transaction fees on the Ethereum network has been particularly noteworthy since the implementation of the Shapella upgrade on April 12. From that day until April 22, the network processed more than one million transactions daily, with the exception of April 16. Since then, Ethereum’s transaction volumes have remained below the million mark, averaging between 800,000 and 900,000 transactions per day. Amid the increase in fees over the past 30 days, the cost of certain transactions on the Ethereum network remains relatively high, with an Opensea sale incurring .93 per transfer, and a trade on Uniswap costing .58 per transaction. Sending an ERC20 token, on the other hand, requires .50 per transaction.
Interestingly, since the implementation of the Shapella hard fork, the Ethereum network layer two (L2) scaling solution, Arbitrum, has been surpassing the network’s transactions on a daily basis. According to data collected from Dune Analytics, Arbitrum has processed between 1.1 million to 1.5 million transactions per day since Shapella, while the L2 competitor Optimism has recorded between 240,000 to 550,000 transactions per day since the Ethereum upgrade. Moreover, the average transaction fee on Arbitrum stands at .368 per transfer, while the average fee on Optimism is slightly higher at .682 per transaction.
Over the course of the last 14 days, ethereum’s (ETH) market worth has tumbled by 12.7% against the U.S. dollar. However, the second-largest digital asset in terms of market capitalization remains 1.4% higher than it was in the previous 30-day period. At present, ETH’s market value stands at 2.7 billion, accounting for a substantial 18.097% of the cryptocurrency economy’s total value, which amounts to .23 trillion on May 1, 2023.
What are your thoughts on the recent surge in Ethereum network fees? Share your opinions and insights in the comments section below.
Shiba Inu Down By 2.03% – Yet Bound To Outpace TRX And BTC?
Shiba Inu price has dipped by 2.03% overnight and is now at a current price of 0.000012 USD. Nevertheless, the most popular meme coin is now ranked as the 15th largest crypto according to market cap.
SHIB currently has a live market cap of ,573,280,152 USD and with 8,085,679 USD of 24-hour trading volume. The coin currently has a total circulating supply of 549,063,278,876,302 SHIB coins.
Despite the entire crypto space in the red for the past couple of months, SHIB has been performing well and have in fact raised their price by 31%. With that being said, many crypto investors have started to take SHIB way seriously.
In the face of the crypto crash and with major cryptocurrencies like Bitcoin, Ethereum, and others bleeding, Shiba Inu was still able to resuscitate many crypto wallets.
Shiba Inu Can Outperform TRX and BTC?
Shiba Inu has in fact outperformed Bitcoin and is gaining traction despite the turbulent crypto crash happening. The meme coin has been taking strides in maintaining the uptrend pattern. It has been consistently going for that positive momentum with much collaboration and projects happening that will ultimately take SHIB to the next level.
SHIB investors loved the experience of having a 34% boost with a breakout point pinned at US00116 as seen in the Shiba Inu price in June this year. The token is definitely winging it with a bullish streak signaling that the market is steering closer to a bullish run.
Many SHIB investors are looking forward and optimistic for the meme coin to go over the US.0000139 zone very soon.
With the issue concerning Shiba Inu hitting , Ethereum whales have definitely set their eyes on the top meme coin to gain as much as 11% and 24% respectively this current month.
The overall market trend is looking bullish for SHIB and the trajectory is uphill. With that in mind, many ETH whales have been hoarding and adding a total of 0 million SHIB tokens into their portfolios; that consist of around 22% of their entire digital assets.
SHIB total market cap at .57 billion on the daily chart | Source: TradingView.com
SHIB To Launch SHIB.io Metaverse
SHIB investors are also excited with Shiba Inu developmental projects in collaboration with The Third Floor such as Shibarium, which is a SHIB.io metaverse together with the SHIBASWAP V2 and SHI token that aims to design virtual environments or a metaverse.
Shiba Inu has recently launched this burning portal that is designed to reward investors. With the increased amount of pressured placed on the demand and supply of SHIB, the meme coin also skyrocketed in price.
SHIB is now outpacing Tron (TRX) in terms of total market cap. Tron has a market cap of .33 billion while SHIB has a total market cap of .66 billion.
The total SHIB supply is currently at 589,625,603,102,909 and the total that has been burned out of the initial supply is at 410.37 trillion.
Featured image from BeChewy, chart from TradingView.com
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Metaverse Tokens On Overdrive, Outpace Bitcoin And Ethereum
Trading volumes plummeted to at most 74% showing top metaverse tokens on hyperdrive as they outperform the market, surpassing the gains of their contemporaries by a huge margin.
In fact, the entire metaverse market value has jumped by 6.5% or a whopping .1 billion in just 24 hours.
Wednesday showed a bit of improvement in the crypto market with Bitcoin pulling off a major stunt at a hike of more than 3% with the rest of the other major cryptocurrencies blinking green.
It’s a major sigh of relief for many crypto investors and traders awaiting that upward trend movement.
Metaverse Tokens Vs Crypto Giants
To everyone’s surprise, metaverse tokens like GALA, Sandbox (SAND), and Apecoin (APE) bowled-over the major players like Bitcoin and Ethereum.
APE has remarkably increased by over 34% in 24 hours, topping off the list of gainers. The rapid developments happening with SAND and APE seem to have stirred interest and put the spotlight on the metaverse tokens. Now, investor eyeballs are on these top metaverse tokens.
Suggested Reading | Crypto Quick Look: BTC Touches ,000, ETH Notches 10-Day Peak
BTC total market cap at 5.46 billion on the daily chart | Source: TradingView.com
BTC total market cap at .96 trillion on the daily chart | Source: TradingView.com
The APE daily trade volume rose to approximately 360% as of presstime. In addition, APE has also overthrown Decentraland (MANA) which was originally coined as the biggest token in the metaverse.
The majority of Ethereum whales are heavily invested in GALA, APE, SAND and other high-performing metaverse tokens. These belong to the top 10 tokens generating the most sales in the virtual space.
The recent gains just pumped up the excitement further.
No Other Way But Up
The spike in the metaverse tokens is said to be triggered by a couple of factors such as APE being recently added to the Gemini trading platform and also Yuga Labs’ rumored launch of Otherside that is valued at 600 APE.
More so, Sandbox trading volume has risen by as much as 65% in the last 24 hours. Thanks to a Bloomberg story, Sandbox popularity has risen, pooling as much as 0 million in investments.
Suggested Reading | Bitcoin Bounces Back Past ,000, But May Struggle To Maintain Position
SAND has also spiked to around 8% in the last seven days with a market cap amounting to more than .4 billion.
The metaverse realm is highly optimistic about this upsurge which also fueled the curiosity of many investors to deep-dive into these digital assets.
While Bitcoin and Ethereum alongside other major cryptocurrencies remain to kill it when it comes to popularity vote, metaverse tokens are surely keeping up with the pace.
Featured image from Coingape, chart from TradingView.com
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Altcoins Significantly Outpace BTC as Crypto Markets Begin a Full-Fledged Bull Run
Bitcoin’s recent push above ,000 appears to have ignited a full out bull market, with many altcoins clocking massive gains as they begin seeing parabolic gains that are emblematic of those seen in the early stages of the 2017 crypto bull run.
The state of the market is clearly seen while looking towards major altcoins like Tezos, which has been able to post irrational gains without there being any sort of major fundamental or technical catalysts driving the movement.
Furthermore, it does appear that this ongoing “altseason” is still in its early stages, as data shows that most major cryptos just started outperforming Bitcoin earlier this month, meaning that there is significantly further room to rally.
Altseason Kicks Off as Major Cryptos Begin Seeing Parabolic Rallies
Although the bear market seen throughout 2018 and 2019 led many investors to believe that smaller cryptocurrencies would never see any massive momentum, the past couple of weeks have revitalized the sentiment amongst investors.
Bitcoin – which has been firmly guiding the aggregated crypto market – now appears to have established a firm foothold within the lower-five figure price region, and its overt stability at the moment is leading investors to grow more comfortable entering positions within major altcoins.
Currently, virtually all major altcoins are trading up significantly over a 24-hour period, with XRP rallying 8%, while Ethereum has posted a whopping 13% climb.
The current market leader, however, is Tezos, which has rallied 24% today and is showing no signs of slowing down anytime soon.
Big Cheds, a top cryptocurrency analyst on Twitter, spoke about Tezos’s insane rally in a recent tweet, while pointing to a chart that shows the significance of its parabolic uptrend.
“XTZ Tezos Daily – Going nuts, up more than 10% from 3 hours ago,” he explained.
$XTZ Tezos Daily – Going nuts, up more than 10% from 3 hours ago https://t.co/tE8EdBDXSh pic.twitter.com/ZFhNPABecV
— Big Cheds (@BigCheds) February 12, 2020
“Altseason” is Just Getting Started
Although the massive uptrend seen throughout 2020 may lead some crypto investors to believe that they have missed their shot at having a highly profitable entry, it is important to note that altcoins’ firm outperformance of Bitcoin really only started in the past few days.
MoonOverlord, a prominent cryptocurrency analyst on Twitter, elucidated this in a recent tweet, pointing to a graph showing the gains seen by major cryptocurrencies throughout February.
“ALT returns since the start of February. What season is it?”
$ALT returns since the start of February
What season is it? pic.twitter.com/SWra4kNSV9
— moon (@MoonOverlord) February 12, 2020
The coming few weeks should provide insight into whether or not the ongoing bull market is fleeting, or if it will mark the start of a macro uptrend.
Featured image from Shutterstock.
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