U.S. spot bitcoin exchange-traded funds (ETFs) attracted .8 million on Thursday, marking the third consecutive day of inflows. Bitwise’s BITB fund topped the list, bringing in million during the trading sessions. Demand for Bitcoin ETFs Continues Since Jan. 11, 2024, the 11 spot bitcoin ETFs have accumulated .45 billion in total net inflows, including […]
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US Bitcoin ETFs Record $226M in Outflows, Fidelity Led the Pack With $106M Exiting
U.S. spot bitcoin exchange-traded funds (ETFs) experienced a decline on Thursday, with 6.21 million in outflows recorded during the trading sessions. Fidelity’s FBTC saw the largest outflows, with 6 million exiting the fund. Massive Outflows Strike U.S. Bitcoin ETFs On Wednesday, the 11 spot bitcoin ETFs attracted 0.8 million, but on Thursday, they faced net […]
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Tron Price (TRX) Surges Ahead: Leading the Altcoins Pack
Tron price is gaining pace above the .1150 resistance against the US Dollar. TRX is outperforming Bitcoin and could rise further above .1180.
- Tron is moving higher above the .1150 resistance level against the US dollar.
- The price is trading above .1155 and the 100-hourly simple moving average.
- There is a key bullish trend line forming with support at .1160 on the hourly chart of the TRX/USD pair (data source from Kraken).
- The pair could continue to climb higher toward .1200 or even .1220.
Tron Price Regains Strength
Recently, Bitcoin and Ethereum saw a fresh decline below ,500 and ,750 respectively. However, Tron price remained stable above the .1120 support and even climbed higher.
There was a decent move above the .1150 resistance zone. TRX price cleared many hurdles and gained over 3%. There was a move above the .1165 level. A high is formed at .1170 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the .1102 swing low to the .1170 high.
Tron price is now trading above .1160 and the 100-hourly simple moving average. There is also a key bullish trend line forming with support at .1160 on the hourly chart of the TRX/USD pair.
On the upside, an initial resistance is near the .1170 level. The first major resistance is near .1180, above which the price could accelerate higher. The next resistance is near .1200. A close above the .1200 resistance might send TRX further higher toward .1225. The next major resistance is near the .1320 level, above which the bulls are likely to aim for a larger increase toward .150.
Are Dips Supported in TRX?
If TRX price fails to clear the .1200 resistance, it could start a downside correction. Initial support on the downside is near the .1160 zone.
The first major support is near the .1150 level or the 100 simple moving average (4 hours), below which it could test .1140. Any more losses might send Tron toward the .1136 support in the coming sessions.
Technical Indicators
Hourly MACD – The MACD for TRX/USD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for TRX/USD is currently above the 50 level.
Major Support Levels – .1160, .1150, and .1136.
Major Resistance Levels – .1180, .1200, and .1220.
Meme Coin Market Rises 4.6% With Presidential Meme Token BODEN Leading the Pack
With bitcoin exceeding ,000 on Wednesday, the leading meme coins experienced notable increases over the last 24 hours. Shiba inu (SHIB) advanced 7.7% in the past day, while dogecoin (DOGE) rose 2.1%. Among the top five meme coins by market capitalization, floki (FLOKI) saw a 21.2% increase over the past day. However, BODEN emerged as […]
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PEPE Leads the Pack: Outpacing Other MEME Coins In Market Surge
PEPE price is up over 10% and outpacing other meme coins. The price could continue to rise toward the .0000125 level in the near term.
- PEPE started a fresh increase above the .0000105 level.
- The price is now trading above .0000110 and the 100-hourly Simple Moving Average.
- There is a breakout pattern forming with resistance at .0000115 on the hourly chart of the PEPE/USD pair (data source from Kraken).
- The pair could rally further if there is a close above the .0000115 resistance.
PEPE Price Surges Over 10%
In the past few sessions, PEPE saw a steady increase above the .000010 resistance. It outpaced Bitcoin ,Ethereum, and MEME coins. There was a 10% increase, and the bulls were able to push the price above the .0000110 level.
It traded as high as .00001148 and is currently consolidating gains. The price is holding gains above the 23.6% Fib retracement level of the upward move from the .00000959 swing low to the .00001148 high. It is also well above the .000011 and the 100-hourly Simple Moving Average.
Immediate resistance is near the .0000115 level. There is also a breakout pattern forming with resistance at .0000115 on the hourly chart of the PEPE/USD pair.
The first key resistance is near .00001155. A close above the .00001155 resistance zone could send the price higher. The next key resistance is near .000012. If the bulls remain in action above the .000012 resistance level, there could be a rally toward the .0000125 resistance. Any more gains might send the price toward the .0000132 resistance.
Are Dips Limited?
If PEPE fails to clear the .0000115 resistance zone, it could start a downside correction. Initial support on the downside is near the .0000110 level. The next major support is at .0000105 or the 50% Fib retracement level of the upward move from the .00000959 swing low to the .00001148 high.
If there is a downside break and a close below the .0000105 level, the price might accelerate lower. In the stated case, the price could even drop below the .000010 support zone.
Technical Indicators
Hourly MACD – The MACD for PEPE/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for PEPE/USD is now above the 60 level.
Major Support Levels – .0000110 and .0000105.
Major Resistance Levels – .0000115 and .0000120.
Bitcoin Futures Open Interest Hits Record $37.55 Billion With CME Leading the Pack
On Friday, March 29, 2024, the combined open interest in bitcoin futures reached a new all-time peak of .55 billion. This uptick occurs amid buoyant bitcoin markets and a growing attraction from institutional investors. Bitcoin Futures Open Interest Reaches Unprecedented .55 Billion Since the close of 2023, interest in bitcoin (BTC) derivatives has escalated, reaching […]
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Leading The Pack: Solana Captures Nearly 50% Of Global Crypto Attention
The Solana ecosystem has achieved a significant milestone by becoming the most popular blockchain ecosystem of the year. This is due to its ability to capture nearly half of the world’s crypto investor interest in the chain-specific theater.
Together with the outstanding performance of native meme coins like dogwifhat and important ecosystem project tokens like Pyth, Solana’s comeback to 2021 peaks show a revived faith in the network.
Solana’s Dominance: Coingecko Study Insights
According to a study by Coingecko, as a result of Solana’s nearly 50% share of global chain-specific interest, and its affiliated projects’ increasing popularity and performance, the ecosystem has a significant mindshare that reinforces its leadership in the cryptocurrency market.
Currently priced at 1, Solana (SOL) has increased by 13% in value over the past 24 hours. The fifth-ranked cryptocurrency has a market capitalization of nearly billion, and its 24-hour trading volume amounted to billion.
The popularity of Solana’s meme coins and ecosystem initiatives are successful in attracting attention to the network’s lively and dynamic ecosystem. As long as Solana is drawing attention and capital, its ecosystem will continue to dominate the cryptocurrency investor scene, paving the way for network expansion and innovation.
Ethereum, on the other hand, is the second most popular blockchain ecosystem this year, having garnered nearly 13% of investor interest. Ethereum is probably not a new, hot crypto narrative anymore as its ecosystem and investors are already familiar with it. The Ethereum ecosystem is also seeing its focus spread out among the layer 2 ecosystems that are developing on top of it.
Factors Driving Solana’s TVL Increase
Meanwhile, according to DefiLlama’s data, the Solana blockchain has demonstrated a remarkable performance, with its decentralized finance (DeFi) total value locked (TVL) rising by nearly 80% in the previous month alone.
Related Reading: DeFi Turmoil: Over Million Wiped Out In Liquidations Amid Ethereum Price Drop
This incredible ascent represented a significant turning point for the network, with the Solana TVL reaching its highest point in the previous two years. According to the most recent report, Solana is among the top five with the fastest-rising TVL in DeFi, with nearly billion.
Much of Solana’s TVL is based on the increase in trade volume, which is tracked by the Defi protocols and operates across its Layer 1 (L1) network.
Just this past month, there was a 125% increase in the daily trading volume of these protocols; the level of trading reached a peak of nearly .7 billion.
Additionally, the network achieved an all-time high of .6 million in total daily fees, with fee income of .61 million.
Defi’s 30-Day Rise — TVL Increases by $9.3 Billion With Rocket Pool Leading the Pack
Since October 18, 2023, the aggregate value locked in decentralized finance (defi) has witnessed a substantial augmentation of .3 billion within a one-month span. Among the leading ten defi protocols, Rocket Pool, known for its liquid staking services, achieved the most notable growth, soaring by 26.94% during the preceding 30 days.
Defi TVL Swells by More Than 25% Since October 18
Approximately 32 days ago, the total value locked (TVL) in decentralized finance (defi) stood at about .38 billion, escalating by .3 billion to the present figure of .68 billion. This reflects a notable growth of approximately 25.56% in the past month. Data reveals that each of the top ten defi protocols by TVL experienced growth in the last month, with Rocket Pool leading the pack by surging 26.94%.
As of November 19, 2023, Rocket Pool’s TVL surpasses billion, with over 1.02 million ether committed to its liquid staking platform. At the forefront of the defi domain this weekend is Lido, with its dominant position marked by 8.98 million staked ether and a TVL hovering around .71 billion.
Over the past month, Lido has seen its TVL swell by 21.76%. The runner-up in terms of TVL size is Makerdao, with .14 billion locked, noting a 3.28% increase over the month. Tron’s Justlend follows as the third largest defi protocol by TVL, currently sitting at .931 billion. The lending protocol rose by 22.93% this month.
As of November 19, the Ethereum blockchain commands over 54% of the total value locked in defi, while Tron accounts for 17.98%. Binance Smart Chain (BSC) holds approximately 6.47%, with Arbitrum containing 4.56%. The infusion of value into Ethereum’s TVL has leaped to 32.59% this month, with Tron experiencing a 21.92% upturn. BSC has grown by 11.96%, while Arbitrum has seen a 27.11% increase.
Prominent liquid staking platforms today include Lido, STRX, and Binance Staked, while leading collateral debt position (CDP) protocols feature Makerdao, Juststables, and Helio. The top lenders as of this Sunday are Aave, Justlend, and Venus Core, and the foremost real-world asset (RWA) protocols are Makerdao, Stusdt, and Solv v2. In terms of trading volumes, the top decentralized exchanges (dexes) are Uniswap, Pancakeswap, and Thorchain.
The recent expansion in defi, marked by a .3 billion rise in TVL, highlights a rising confidence within the sector. Ethereum’s continued dominance, coupled with notable advancements by other blockchains such as Tron, further illustrates the ongoing diversification of the defi ecosystem. Yet, it remains to be seen how long this upward trend will persist and whether the TVL will eventually reclaim the peak levels it previously attained two years ago.
What do you think about the defi action over the last 30 days? Share your thoughts and opinions about this subject in the comments section below.
Defi Market Holds Steady at $49.31 Billion TVL, Lido Finance Leads the Pack With 24.82% Share
Since April 18, 2023, the total value locked (TVL) in decentralized finance (defi) has been fluctuating just below the billion threshold. As of today, the TVL amounts to .31 billion, registering a 1% increase within the last 24 hours.
TVL in Defi Shows Signs of Improvement, Yet to Surpass Previous Record of Billion
Currently, the combined TVL across all defi platforms stands at .31 billion as of May 6, 2023, with Lido Finance leading the pack by commanding a 24.82% share of .24 billion on Saturday. Over the past month, Lido’s TVL has grown by 9%, while posting a moderate 2.42% increase in the preceding week. The remaining top five candidates in today’s defi landscape include Makerdao, Aave, Curve Finance, and Uniswap; three out of these four experienced monthly downturns, with Uniswap being the exception by posting a 3.48% gain over the past 30 days.
Ethereum takes the lion’s share of this TVL with its .66 billion accounting for over 58% of the defi market cap. Following Ethereum are other contenders such as Tron, BSC, Arbitrum, and Polygon who boast relatively large TVL statistics. Both Tron and Arbitrum have recorded monthly gains of 7.77% and 9.98%, respectively. However, BSC stands as the top defi-chain loser in terms of TVL losses from last month with a decrease of approximately 6.52%.
A sizable .416 billion worth of ETH (8,550,940 ETH) is locked in liquid staking platforms out of the entire .31 billion amount locked in defi systems today. The dominant liquid staking platforms for Ethereum are Lido, Coinbase, Rocket Pool, Frax, and Stakewise. Rocket Pool and Frax have witnessed impressive 30-day increases of 29.75% and 39.49%, respectively. Furthermore, the largest number of defi applications belongs to Ethereum with 771 protocols in total.
While Binance Smart Chain and Polygon follow Ethereum’s protocol count with 593 and 409 applications, respectively, Tron — the second-biggest defi blockchain — has only 18 associated protocols. However, Tron boasts the highest user base among the top five defi platforms with 2,538,896 participants. Ethereum’s active user count for its defi apps is approximately 332,548. Although the TVL in defi has shown signs of improvement in 2023, it has yet to surpass its previous record of billion.
What are your thoughts on the current state of the defi market? Do you think it will continue to grow and surpass its previous record, or will it face challenges in the coming months? Share your insights in the comments section below.
Metaverse Tokens Outperform Top Crypto Assets in 2023 With Decentraland’s MANA Leading the Pack
During the first month of 2023, the top two leading cryptocurrencies, bitcoin and ethereum, experienced double-digit gains against the U.S. dollar. Meanwhile, several alternative cryptocurrencies saw even greater increases in value, with metaverse tokens like Decentraland’s MANA and The Sandbox’s SAND rising 92-150% against the greenback.
Metaverse Crypto Assets Outshine Bitcoin and Ethereum
Metaverse crypto assets have outperformed both bitcoin (BTC) and ethereum (ETH), the leading crypto asset and top smart contract token, respectively. In the past month, Decentraland’s MANA token has been the top performer, rising 150% against the U.S. dollar. Over the last two weeks, MANA climbed 7.3%, and in the past seven days, it rose 2.9%. On January 31, 2023, a single MANA was trading for .716 to .755 per unit.
The Sandbox’s SAND metaverse token has increased 92% in the past 30 days and has risen 5% in the last two weeks. However, despite the 30-day increase, seven-day metrics show a 7.5% decrease in SAND. On Tuesday, SAND was trading at a 24-hour spot price of .710 to .741 per unit. Another top-performing metaverse token this past month was Axie Infinity’s AXS, which has risen 80% higher than the previous month. In the last two weeks, AXS has climbed 21.5%, but it has fallen 11.4% in the last week. On Tuesday, AXS was trading at a price of .55 to .23 per coin.
Following Axie Infinity’s AXS increase in value over the past month, the Apecoin project’s APE token has risen 63.3% in the same period. APE has increased 19.4% over the last two weeks, with 5.5% of those gains occurring in the past week. As of writing, a single APE is trading for prices ranging from .71 to .96 per coin. The token associated with the Internet Computer project ICP has also risen 48.9% over the last 30 days. ICP has gained 16.5% over the past two weeks. On January 31, 2023, ICP was trading at prices between .65 and .88 over the last 24 hours.
A significant number of other metaverse tokens have risen in value this month as well, following a similar pattern to artificial intelligence (AI)-related cryptocurrencies. AI-based cryptocurrencies have seen even greater gains compared to metaverse-related coins. However, metaverse-focused crypto assets have still performed better than the top two cryptocurrencies; bitcoin (BTC) rose 40% this month, and ethereum (ETH) increased 33.5%.
What do you think is driving the success of metaverse tokens and do you see this trend continuing in the coming months? Share your thoughts in the comments below.