The privacy coin monero (XMR) has experienced a 7.7% increase in the last 24 hours and a 16.5% rise over the past week. Monero Trading Volume Doubles in 24 Hours After a prolonged decline and hitting a significant low in mid-April, monero (XMR) has recovered in value. For instance, on April 13, XMR was trading […]
Bitcoin News
Bitcoin Rebounds After Nearing Cost Basis Of Short-Term Whales
Bitcoin has found a rebound back above the ,000 mark following a drop towards the on-chain cost basis of the short-term holder whales.
Bitcoin Drawdown Had Nearly Put Short-Term Whales Under Pressure
As pointed out by an analyst in a CryptoQuant Quicktake post, BTC’s price had neared the Realized Price of the short-term holder whales during the recent drop, but had still managed to remain above the level.
The “Realized Price” here refers to an on-chain indicator that, in short, keeps track of the cost basis (that is, the acquisition price) of the average investor in the Bitcoin market.
When the spot price of the cryptocurrency is trading above this level, it means that the investors as a whole are in a state of unrealized profits right now. On the other hand, it being under implies the overall market is carrying losses.
In the context of the current discussion, the Realized Price of the entire Bitcoin market isn’t of interest, but that of only a part of it: the short-term holder (STH) whales.
The STHs refer to the BTC investors who bought their coins within the past 155 days, while the whales are categorized as entities holding greater than 1,000 BTC. As such, the STH whales would refer to the large investors who bought during the last five months.
Naturally, the Realized Price of this group would indicate the average whale buying price over the past five months (and this price would obviously have to be one the cryptocurrency had traded at on some occasion inside this timeframe).
Now, here is a chart that shows the trend in the Bitcoin Realized Price for the STH whales over the last decade:
From the graph, it’s visible that the Realized Price of the STH whales has rapidly climbed alongside the sharp rally Bitcoin has gone through this year. This makes sense, as the STHs represent the new hands coming into the market, who would have to buy at higher prices as the asset’s surge would continue.
Not only that, but the STHs who age past the 155 days mark (that is, those who bought at the relatively low prices) exit out of the cohort, thus raising the average even further.
The group that these matured investors advance to is known as the long-term holder (LTH) cohort. In the same chart, the quant has also attached the data for the Realized Price of the LTH whales as well.
It would appear that these veteran whales have their cost basis at just ,500, meaning that these investors would be getting some big rewards for their patience. In contrast, the STH whales have their Realized Price at ,700.
During Bitcoin’s recent drawdown, the asset had come close to retesting this mark. Such retests have historically lead to reactions in the market and during bull runs, this reaction has often appeared in the form of buying. This may be why the cryptocurrency found its rebound near the ,700 level.
BTC Price
With its latest rebound, Bitcoin has so far managed to recover back towards the ,500 level.
Crypto Economy Rebounds With 2.13% Gain; Newcomers W, CORE, and ENA Face Downturns
The cryptocurrency market experienced a positive uptick on Thursday, reclaiming its position at .55 trillion, marking a 2.13% gain against the U.S. dollar. Despite a decrease in trading activity, with volumes at .78 billion over the past day, bitcoin rose by 2.3%, surpassing the ,000 threshold, while ether saw a 0.9% rise throughout the day. […]
Bitcoin News
Bitcoin’s Hashrate Rebounds From January Dip as Miners Eye Upcoming Difficulty Adjustment
Bitcoin’s cumulative hashrate witnessed notable swings starting in late December, with a pronounced decline occurring in mid-January. This decrease was primarily attributed to the severe cold in Texas, leading many miners to pause their operations temporarily. By Jan. 21, 2024, the hashrate’s seven-day simple moving average (SMA) dipped under the 500 exahash per second (EH/s) mark, plunging to a year’s low at 482 EH/s. However, since this low, the hashrate has rebounded, showing a 10.99% increase to 535 EH/s.
Bitcoin Network Demonstrates Strength With Hashrate Revival
In the past six days, the hashrate of Bitcoin ascended to 535 EH/s, according to the seven-day SMA from Luxor’s hashrateindex.com. The three-day SMA highlights a zenith of 559 EH/s, while the monthly average is recorded at 522 EH/s. The seven-day indicators point to a 10.99% surge from the trough of 482 EH/s, leading to block times now marginally outpacing the standard ten-minute interval.
Presently, block durations fluctuate between eight minutes and 52 seconds to nine minutes and 21 seconds. As block intervals consistently undercut the typical ten-minute benchmark and the hashrate gathers steam, an impending network difficulty adjustment, expected around Feb. 2, 2024, is likely to bring an increase. Current forecasts hint at a mining difficulty rise ranging between 1.21% and 6.9%.
Since January’s onset, miners have collected roughly .1 billion in fees and subsidies combined. From this amount, 0.46 million was derived from transaction fees, while block rewards contributed 7.7 million. Data from Jan. 26 shows Bitcoin’s hash price at approximately .23 per petahash per second (PH/s) per day. The hash price, which reflects the daily estimated earnings of 1 PH/s of hashing power, has dropped more than 23% from its monthly high of 3.77 per PH/s per day.
According to three-day figures, Foundry USA dominates as the leading pool with 152.23 EH/s, constituting 28.10% of the overall hashrate. Antpool follows with 139.92 EH/s (25.83% of the total), and Viabtc with 71.64 EH/s, representing 13.22% of the collective. Monthly data reveals Foundry holding 29.34% of the total hashrate, having mined 1,272 blocks out of the 4,336 found so far. As the network deals with the latest hashrate shifts, its ongoing resilience and adaptability to market dynamics remain evident.
The fluctuations in Bitcoin’s hashrate are significant for the network and its users, as they directly impact the security and efficiency of verifying transactions. A lower hashrate can lead to slower transaction processing times. These changes also affect miners’ profitability, as the difficulty of mining adjusts based on the total hashrate. As the fourth halving event looms only 12,370 blocks away, miners are intensifying their operations to secure the highest rewards before they are halved.
What do you think about the hashrate rebounding? Let us know what you think about this subject in the comments section below.
Defi Rebounds: Total Value Locked and Token Prices Surge as 2023 Marks a Year of Recovery and Growth
On April 3, 2022, decentralized finance (defi) protocols held approximately 3 billion total value locked (TVL). By the start of January 2023, this amount declined to .30 billion. Concurrently, in April 2022, the leading defi tokens by market capitalization were collectively worth 5 billion, but by Jan. 1, 2023, their total value had diminished to .9 billion. However, both these indicators have seen an upward trajectory over the past year; the TVL rose by 39.16%, and the market valuation of the foremost defi tokens today escalated by over 129% within 12 months.
Defi Witnesses Dramatic Recovery as TVL and Token Valuations Soar in 2023
As 2023 draws to a close, the decentralized finance (defi) landscape has experienced consistent growth throughout the year. Currently, the total value locked (TVL) in defi stands at approximately .30 billion, rising from a low of .9 billion.
This ascent signifies an impressive increase of over 39%, adding .4 billion to the defi space. As we look at the year’s end, prominent defi protocols leading by TVL size include Lido, Maker, Aave, Justlend, and Uniswap.
Notably, Lido, a liquid staking defi protocol, holds a considerable share of the TVL in defi, amassing .82 billion, representing 39% of the combined TVL in the entire defi ecosystem. In the realm of defi, Ethereum continues to lead with 53.93% of the total value locked on its blockchain.
Tron follows with a significant 15.27%, while Binance Smart Chain (BSC) captures 5.97% of the total locked value across the sector. Currently, as reported by coingecko.com regarding the top defi coins by market capitalization, the defi token crypto economy boasts a valuation of .03 billion.
Over the past year, this top-tier defi token market has expanded by billion. The leading defi tokens, ranked by market valuation, currently include STETH, LINK, DAI, UNI, and INJ, in that order.
At the close of last year in December, the dominant five defi tokens were STETH, DAI, UNI, LINK, and FRAX, respectively. Among these, DAI and FRAX are stablecoins, with DAI maintaining a relatively stable market cap at billion and FRAX’s circulation decreasing from billion to the current 7 million.
STETH, which aligns somewhat with ETH’s value, was priced at ,185 per coin on Dec. 30, 2022, and now hovers around ,268 per STETH. LINK, which was valued at .45 per coin last year, has risen to .54 per unit.
Meanwhile, INJ has experienced a significant increase from .29 per coin to .96, marking a 3,152% increase. As 2023 concludes, the defi landscape presents a narrative of recovery and cautious optimism.
With total value locked climbing to .30 billion and defi tokens appreciating significantly, the year marked a notable turnaround from its subdued start. While these figures represent current health and growth, the future of defi remains open to diverse possibilities, reflecting the inherent dynamism and evolving nature of decentralized finance.
What do you think about the state of defi improving in 2023? Share your thoughts and opinions about this subject in the comments section below.
Stablecoin Market Rebounds — $5.48 Billion Growth in 22 Days
Over the last few weeks, the market value of leading stablecoins has experienced a notable increase. The economy of these fiat-pegged tokens expanded from 3.66 billion to the present 9.14 billion. This substantial growth of almost billion comes after the stablecoin industry shed tens of billions in the last year. Notably, tokens such as BUSD, USDP, and USDC recorded considerable redemptions over the past 12 months.
Stablecoins Experience Multi-Billion-Dollar Market Expansion in Three Weeks
Recent data indicates that from November 2 to November 24, 2023, spanning 22 days, the stablecoin market expanded by .48 billion. Over the previous 24 hours, fiat-pegged cryptocurrencies achieved a trading volume of .74 billion, in contrast to the global total trading volume of .65 billion.
The metrics show stablecoin swaps constitute 57.23% of the overall trading volume worldwide. Tether (USDT) leads with a market value of .59 billion, comprising 68.59% of the total 9.14 billion market capitalization and accounting for 5.93% of the entire .4 trillion crypto economy.
In the last 22 days, USDT’s market cap has increased by 4.24%. Usd coin (USDC) also experienced a modest growth since November 2, with its market cap rising 0.81% from .5 billion to the present .7 billion.
DAI’s market value has risen by 43.2%, while trueusd’s (TUSD) supply has decreased by 5.38% since November 2. BUSD has been declining throughout the year following Paxos’s decision to stop minting BUSD.
Twenty-two days ago, BUSD’s market cap was at .95 billion, which has now fallen to .74 billion, a 10.76% drop. The newcomer first digital usd (FDUSD) has seen its market value increase from 0 million to 3 million, marking a 24.23% rise.
Tron’s USDD fell slightly from 5 million, down by 0.82% to the current 9 million. Frax Dollar (FRAX) also saw a slight decrease of 0.44%, going from 1 million to 8 million in the same period.
Paxos, which supports the issuance of Paypal’s PYUSD, observed a 1.10% reduction in the supply of pax dollar (USDP) from 3 million to 8 million. The tenth-largest stablecoin by market value, liquity usd (LUSD), experienced a drop in its supply from 0 million to 5 million. The market capitalizations of alchemix usd (ALUSD) and paypal usd (PYUSD) remained relatively unchanged.
What do you think about the stablecoin market’s growth over the past three weeks? Share your thoughts and opinions about this subject in the comments section below.
AI-Driven Crypto Market Rebounds Back to $3 Billion Amid Surge in Leading Tokens
In the early months of 2023, the AI-driven crypto market soared, reaching a peak of over billion. Yet, by the end of July, this sector experienced a notable decline, dropping to .6 billion. Despite this downturn, the last three months have witnessed a recovery in the AI-focused crypto landscape, with its value increasing to .32 billion, bolstered by an infusion of roughly 0 million.
AI Cryptocurrencies Experience Substantial Uptick
As the AI-influenced crypto market once again surpasses the billion mark, the leading AI cryptocurrencies have experienced substantial growth in the last 30 days. This sector, centered around AI-related digital currencies, has seen a dynamic year, reaching a high of more than billion in February.
Following this peak, however, there was a substantial decline, with .5 billion in value disappearing by July 2023. Specifically, at the end of July, the valuation of the AI-centric crypto economy stood at .6 billion.
AI tokens are digital assets in AI-driven crypto initiatives, playing a role in embedding artificial intelligence into a range of projects. These ventures span from asset management and generative art to price prediction, as well as the functioning of decentralized autonomous organizations (DAOs), among other applications like Web3 and the Internet of Things (IoT).
The leading AI-related cryptocurrency in terms of market capitalization is the graph (GRT), boasting a valuation of .15 billion. This week, GRT experienced a 7.55% decline, yet it has surged by 60.26% against the U.S. dollar over the past month.
The digital currency fetch (FET) recorded a 3.4% increase this week and triple-digit growth over the last month, climbing 110.49%. Additionally, singularitynet (AGIX) and ocean protocol (OCEAN) saw their values rise by 53.18% and 44.37%, respectively. A significant number of AI coins have enjoyed notable gains recently.
VAI soared by 147.83%, and delysium (AGI) increased by 163.83%. In contrast, neuroni ai (NEURONI) faced a 34.34% decrease, arcona (ARCONA) dropped 29.03%, and ai meta club (AMC) declined by 18.83% this month. GNY, BCUBE, and XRT were also notable losers during the 30-day period.
As the AI cryptocurrency market navigates through a year of fluctuating fortunes, its future remains uncertain. This confluence of technology and finance, while promising, poses unanswered questions about the long-term impact and stability of AI-driven digital currencies in the global financial ecosystem.
What are your thoughts about the AI-centric crypto economy? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin, Ethereum Technical Analysis: BTC Rebounds From Recent Declines to Start the Weekend
Bitcoin started the weekend tracking around the ,000 level, as prices rebounded following a two-day winless run. The cryptocurrency has begun to consolidate in recent days, following strong gains earlier in the week. Ethereum moved back closer to the ,800 level.
Bitcoin
Bitcoin rose back above the ,000 level on Saturday, which comes following recent price consolidation.
After hitting a low of ,416.89 on Friday, BTC/USD rallied to an intraday high of ,201.77 to start the day.
The move saw bitcoin snap a two-day losing streak, which came after the cryptocurrency was significantly overbought.
Despite the uncertainty of the past few days, the 14-day relative strength index (RSI) remains in this territory.
As of writing, the index is tracking at 81.21, which comes as bulls implemented an interim floor at the 80.00 mark.
If this level holds throughout the weekend, bulls may make another run towards the ,000 level.
Ethereum
Ethereum (ETH) rebounded from Friday’s drop, making a run back towards the ,800 level to start the weekend.
ETH/USD peaked at ,796.57 on Saturday, which comes after the price fell to a low of ,751.44 less than 24 hours ago.
This climb means that the world’s second largest cryptocurrency has traded higher for nine of the last ten sessions.
Looking at the chart, this latest rally comes as the 10-day (red) moving average continues its uptrend versus its 25-day (blue) counterpart.
Additionally, the RSI found a floor at 68.00, using it as a springboard to a current reading of 69.94.
Bulls will likely make further runs towards ,800, despite overall price strength being overbought.
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Do you expect ethereum to hit ,800 this weekend? Leave your thoughts in the comments below.
Biggest Movers: MATIC Drops to 10-Day Low, ATOM Rebounds From Key Support Level
Polygon fell for a fourth straight session on Tuesday, as traders pushed the cryptocurrency to a ten-day low. The decline comes as the global market cap remained in the red, having fallen by 0.37% at the time of writing. On the other hand, cosmos rebounded from its lowest point since mid-September.
Polygon (MATIC)
Polygon (MATIC) extended a recent losing streak in today’s session, as price fell for a fourth consecutive day.
Following a high of .5396 to start the week, MATIC/USD dropped to an intraday low of .5241 earlier in the day.
This move resulted in the cryptocurrency falling to its weakest point since September 29, when price bottomed out at .5163.
From the chart, it seems as though sellers are attempting to push MATIC to a support point at .5070.
In order to achieve this, the relative strength index (RSI) will need to hit its own floor at 40.00. It is currently sitting at 43.75.
Bulls may also be waiting to reenter the market, the closer polygon gets to the aforementioned support.
Cosmos (ATOM)
After finding its own level of support to start the week, cosmos (ATOM) rebounded strongly on Tuesday.
ATOM/USD jumped to a peak at .14 earlier in today’s session, less than a day after trading at a low of .63.
Monday’s bottom was the lowest level that cosmos had hit since September 15, which is the last time price broke out of a floor at .65.
Today’s bounce comes as bulls rejected this downward sentiment, and they now look to be targeting a resistance zone of .60.
A upcoming ceiling at the 48.00 level on the RSI indicator will likely pose a big threat to this prospect occurring.
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Do you expect a rally towards .60 this week? Let us know your thoughts in the comments.
Bitcoin, Ethereum Technical Analysis: BTC Rebounds From Key Price Floor on Wednesday
Bitcoin marginally rebounded on Wednesday, after the cryptocurrency collided with a key support point in yesterday’s session. Markets have consolidated Tuesday’s losses, with the global crypto market cap up 0.7% as of writing this. Ethereum remained under the ,700 level.
Bitcoin
Bitcoin (BTC) climbed marginally higher on Wednesday after the price bounced off a recent support point.
Following a low of ,216.00 on Tuesday, BTC/USD surged to a peak of ,632.90 earlier in the day.
The move pushed bitcoin further away from a recent floor of ,200, and closer to a ceiling at ,800.
From the chart, it appears that the rebound comes as the 14-day relative strength index (RSI), bounced from a support level of its own at 58.00.
At the time of writing this, price strength is now tracking at 60.52, with the next visible point of resistance at 67.00.
Should this upcoming ceiling be broken, then there is a good chance that BTC will re-enter the ,000 zone.
Ethereum
Ethereum (ETH) was largely lower in today’s session, despite moving away from a price floor of its own.
ETH/USD has fallen from an earlier peak of ,662.45, and as of writing this is now trading at ,648.07.
Although the cryptocurrency has moved away from its earlier peak, the price is trading above a floor of ,620.
This comes as bulls rejected a breakout of the 50.00 level on the RSI indicator, with the index now tracking at 50.63.
In the event that momentum begins to pick up in the upcoming days, ethereum could be soon back over ,700.
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Are markets consolidating ahead of the weekend? Leave your thoughts in the comments below.