On Wednesday, bitcoin’s value ascended past the K threshold, peaking at a 24-hour high of ,389 by 10:45 a.m. (ET). Concurrently, South Korea observed a pronounced premium over the international exchange rate, with local platforms such as Upbit and Bithumb displaying prices that are ,251 higher. In a Worldwide Bitcoin Frenzy, South Korea and 30+ […]
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Cardano Activity Sees New Life That Could Send ADA Price Soaring, Here Are The Targets
Cardano (ADA) has been stuck in a price rut recently, but behind the scenes, activity on the Cardano blockchain is exploding. Transaction volumes and wallet addresses are all growing, showing that interest and adoption of the network are growing rapidly. All this activity has prompted analysis of how far the crypto can spike in the near future.
Cardano On-Chain Activity Points To Future Price Growth
Cardano’s growth in development activity in recent months has rivaled other cryptocurrencies, putting it on the map among developers. Metrics show that there are currently 1,322 projects under development. Similarly, Plutus V2 scripts recently reached 18,821, and Plutus V1 scripts also stand at 6,536 to make a total of 25,357, indicating the growth of smart contracts.
Related Reading: Massive .3 Million Whale Transfer Threatens XRP Price With More Sell Pressure
These scripts are essential for deploying smart contracts on the Cardano chain and have seen a 76% growth from 14,379 scripts recorded on January 1.
At the same time, Cardano’s transaction count in the past two months has been something to boast about. The Cardano ADA network recently successfully completed 255,000 payments in 24 hours. Particularly, December and January saw Cardano process over 4 million transactions each month, showing the increasing network usage.
Active daily addresses have steadied above 30,000 since the beginning of the year, recently reaching 57,304 active addresses on February 4th. The total transaction count is now at 83.58 million. These metrics reflect the network’s ability to process a high number of transactions and its appeal to developers looking to build innovative crypto projects.
Price Targets Suggest ADA Could Reach To Long Term
Despite the gloomy price action in the past month, these metrics point to Cardano price sentiment changing to a more favorable one. As a result, analysts predict a bullish turnaround, with one even putting a to price target by 2026. This represents a 730% and 1140% growth from the current price level.
In a similar vein, crypto analyst Ali Martinez predicted a more bullish surge to by January 2025, representing a 1558% surge from the current price level. Nevertheless, ADA has a lot of room to grow if Cardano can continue to attract developer and investor interest.
At the time of writing, Cardano is trading at .4825, with 44% of addresses still making a profit and 51% of addresses currently at a loss. While short-term volatility is likely and the road ahead still has obstacles, the long-term price outlook for ADA looks bright, and Cardano appears well positioned for future success in a wider crypto market bull run.
XRP Could Hit $0.39 Before Soaring 1000%: Crypto Analyst
The price of XRP is currently navigating bearish territory. Following its descent below the 200-day exponential moving average (EMA), the digital currency has further dipped beneath the critical 0.618 Fibonacci retracement level. Despite this downward trend, renowned crypto analyst Dark Defender offers a glimmer of optimism for the XRP army.
However, he also suggests that the market might face additional challenges first before embarking on a remarkable 1000% surge. In his latest analysis, the crypto analyst shared the weekly XRP/USD chart, employing a range of technical indicators including the Ichimoku Cloud, Fibonacci levels, ABC corrective patterns, and Elliott Wave theory.
XRP Price Could Drop Further
The chart provided depicts XRP’s price movements within the context of an Elliott Wave structure, which postulates that markets move in predictable, repetitive cycles. The analyst is identifying the progress of an ABC correction pattern within a larger Elliott Wave cycle. This correction consists of three waves: A (down), B (up), and C (down again), which is purportedly nearing completion.
Dark Defender’s analysis suggests that the current market structure for XRP mirrors that of a period in early 2021 when the crypto asset surged by 1,060% in less than four months. According to Dark Defender, this is indicated by the confluence of the RSI readings and price action.
The RSI, a momentum oscillator that measures the extent of recent price changes to evaluate overbought or oversold conditions, is marked with a white circle at a level of approximately 47.61, indicating neutrality. This is similar to the RSI level noted in 2021, suggesting a potential repetition in market sentiment and behavior. Moreover, the RSI is currently in an uptrend, as previously stated, with plenty of room to the upside.
The Ichimoku Cloud, a collection of indicators that show support and resistance levels, as well as momentum and trend direction, shows that XRP is trading within the cloud on the weekly timeframe. A breakout from the cloud could signal a strong trend in the direction of the breakout.
Fibonacci levels, derived from the Fibonacci sequence, are used to predict the extent of a correction or a continuation of a trend. The chart highlights several key Fibonacci retracement levels from a recent high to a low. These levels are .3917 (23.60%), .4623 (38.20%), .5286 (50.00%), and .6649 (70.20%).
According to the analysis, holding above or below the 50% retracement level at .5286 could indicate the likelihood of testing the next levels at .6649 or falling towards .3917, respectively. “#Equation: 1. XRP stays below .52 for 3 days —>.39 in play 2. XRP stays above .52 for 3 days—> .66 in play,” the analyst remarked.
Followed By 1000% Price Rally
Looking further ahead, the Fibonacci extension level at 161.80%, which translates to a price target of .8815, is highlighted as potential objectives for Wave 3 of the Elliott Wave cycle. The analyst has outlined a substantial potential increase, with a range up to .85, which would exceed the 161.80% Fibonacci extension level.
However, it’s important for traders to note the main resistance trend line that has been pressing down on the price (red line), as well as the support trend line that has been upholding the price during retracements (blue line) are the most crucial price levels at the moment. The convergence of these trend lines forms a triangle that is a focal point for the price action going forward. A decisive break in either direction could lead to significant price moves – either to .39 or .66 in the short-term.
In conclusion, Dark Defender’s analysis presents two pivotal scenarios, both leading to the anticipation of a major wave up (Wave 3) after the completion of the current corrective phase. “One way or another, wave 2 will be completed & wave 3 is expected to target .88 – .85 for both scenarios,” Dark Defender concludes.
At press time, XRP traded at .53195.
Ark Invest Now Sees Higher Probability of Bitcoin Soaring to $1.5 Million, CEO Says
Ark Invest CEO Cathie Wood has doubled down on her bullish bitcoin forecasts, now seeing a higher probability of the price of bitcoin soaring to .5 million per coin. She emphasized that the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) has raised the probability of her bull case prediction.
Ark Invest Sees Increased Probability of Bitcoin Reaching .5 Million
Cathie Wood, the CEO of Ark Investment Management (Ark Invest), doubled down on her bitcoin price predictions on Thursday following the approval of 11 spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
Referencing Ark’s Big Ideas 2023, the asset management firm’s yearly report highlighting “the technological breakthroughs evolving today and creating the potential for super-exponential growth tomorrow,” Wood explained: “Our base case is in the 0,000 range” for the price of bitcoin. Ark’s “bull case” prediction sees the price of BTC reaching .48 million per coin. Wood detailed:
We think the probability of the bull case has increased with this ETF approval, this is a green light. Our bull case is .5 million by 2030.
“This is a big idea. It is the first global decentralized digital … rules-based monetary system in history. It’s a very big idea,” the Ark Invest executive opined.
Ark and 21shares’ spot bitcoin ETF proposal was one of the 11 spot bitcoin ETFs approved by the SEC on Wednesday. On the first day of trading, spot bitcoin ETFs racked up .6 billion in trading volume. Blackrock, the world’s largest asset manager, debuted its Ishares Bitcoin Trust with billion in trading volume.
Wood recently said that she expects spot bitcoin ETFs to attract “substantial” institutional flows into bitcoin, pushing the price of BTC “much higher.” Despite the approval of 11 spot bitcoin ETFs, SEC Chair Gary Gensler stressed that the agency did not approve or endorse bitcoin.
What do you think about the bitcoin price prediction by Ark Invest CEO Cathie Wood? Let us know in the comments section below.
Shiba Inu Team’s Record 9.35 Billion SHIB Burn Sends Burn Rate Soaring
The Shiba Inu burn rate is not slowing down, especially now that the SHIB team has officially joined the effort. This participation from the Shiba Inu team has led to some of the largest daily SHIB burns that have been recorded since the burn initiative started. And now, once again, the team has carried out another massive burn that sent the burn rate surging.
Shiba Inu Team Burns 9.35 Billion Tokens
In the latest iteration of the Shiba Inu team burn, a total of 9.35 billion SHIB have now been sent to the burn address. At the time of the transaction, the 9.35 billion SHIB was worth a total of ,953.36. This makes it the largest burn that the team has carried out since it began burning tokens.
The token burn which took place on January 9 triggered a substantial surge in the daily SHIB burn rate. According to data from the Shiba Inu burn tracking website Shibburn, the team’s burn caused the burn rate to spike by 28,659% in the 24-hour period. This spike represents the highest spike in the burn rate in 2024 so far, suggesting a bullish start to the year for the token.
However, the burn rate has since taken a nosedive as the burn figures fell short of expectations between Wednesday and Thursday. Shibburn data shows a 99.94% decline in the burn rate at the time of writing, with only a little over 5.3 million SHIB tokens burned in the last day.
There have also been only four burn transactions carried out in the 24-hour period at the time of writing, following the same trend from the last few days.
SHIB Burn Gains Steam
Despite the decline in the burn rate in the last day, the community is still looking at more significant burns as time goes on. One of the developments that guarantee these burns is the fact that Shiba Inu burns are now being automated directly through the Shibarium network.
The burn automation was revealed by the Shiba Inu team which revealed that there will be a two-pronged approach to this process. The first, which is how the team has been burning tokens, is manually sending tokens from the deployer wallet to the burn address.
The second approach, which is the most significant, will see an automated SHIB burn system from Shibarium put in place in January. This automated burn mechanism has sparked excitement in the SHIB community as some expect as much as 9.25 trillion tokens to be burned monthly.
December 2023 Sees Record Bitcoin Mining Revenue: $1.51 Billion Amassed With Soaring Onchain Fees
In December, bitcoin miners garnered the highest monthly revenue of the year, amassing .51 billion. Additionally, this month marked a record in fee collection, with miners securing 4.83 million in onchain transaction fees.
Bitcoin Miners Smash Records — Highest Monthly Haul of .51 Billion in December 2023
December 2023 has set a new benchmark for monthly revenue garnered by bitcoin (BTC) miners through block discovery and transaction verification. By Dec. 31, 2023, a total of .51 billion was amassed, including 4.83 million in onchain fees. This surpasses the former monthly revenue record set in May, where miners collected a total of 9.22 million, with 5.92 million from onchain fees.
In July, miners collected a total of 5 million, with .21 million from fees. December, however, marked a significant increase, standing 1.64 times greater than May’s record, representing a growth of 64.27% or an additional 0.78 million. At the moment, according to bitinfocharts.com, December’s onchain transaction rates are soaring, with the average fee at 231 satoshis per virtual byte (sats/vB) or .86 per transaction.
On Dec. 31, 2023, the median-sized fee is noted at .60 per transaction or 106.3 sats/vB. Moreover, on Dec. 17, 2023, fees spiked to as much as per transfer, averaging around .43 per transaction — the year’s peak in on-chain fees, surpassing the previous high of on May 8, 2023.
Also, on Dec. 17, the hash price of Bitcoin — the value of a single petahash per second (PH/s) produced daily — hit a 2023 zenith of 3.62 per PH/s, exceeding the earlier record of 5.64 per PH/s on May 8. Despite the high onchain fees, miners face a backlog of over 496,000 unconfirmed transactions and congestion of 430 blocks.
What do you think about the record-breaking haul bitcoin miners gathered in December 2023? Share your thoughts and opinions about this subject in the comments section below.
Phantom Expands Web3 Wallet to Embrace Bitcoin, Ordinals, and BRC20 Tokens Amid Soaring Demand
Phantom, the Web3 cryptocurrency wallet initially developed for Solana, has expanded to include Ethereum and Polygon, and is now introducing support for Bitcoin, Ordinal inscriptions, and BRC20 tokens. Users of Phantom have the ability to integrate their existing bitcoin wallets, allowing them to manage their Bitcoin-centric digital collectibles and fungible tokens through the Web3 platform’s interface.
From Solana to Bitcoin: Phantom Wallet’s Latest Expansion Embraces Inscriptions and BRC20s
In 2023, Ordinals and BRC20 tokens, developed atop Bitcoin, have gained considerable traction, leading numerous companies to adopt the supporting infrastructure. As of December 21, 2023, the Bitcoin blockchain boasts over 50 million inscriptions.
On Wednesday, Phantom, the Web3 wallet that secured 9 million in Series B funding from key investors last year, announced its foray into the Bitcoin realm. Phantom acknowledges Bitcoin’s foundational role, stating that without it, there would be no Solana, Ethereum, or Web3.
“Introducing Bitcoin on Phantom,” the company said in a post shared on X. “You can now buy, sell, trade, transfer, and HODL Bitcoin, Ordinals, and BRC20 tokens with your favorite multi-chain wallet.”
Phantom’s integration of Ordinals and BRC20s coincides with a surge in demand for Bitcoin digital collectibles and fungible tokens. Recent data from cryptoslam.io reveals that Bitcoin-based NFT sales have exceeded 0 million in the past week.
Phantom’s Bitcoin feature is currently in beta and available on an opt-in basis. Users can also link with the NFT marketplaces Magic Eden and Unisat, and Phantom indicates that additional “trusted” applications will be introduced shortly.
What do you think about Phantom supporting Bitcoin, Ordinals, and BRC20 tokens? Share your thoughts and opinions about this subject in the comments section below.
Solana Q4 Triumph: Soaring Activity Leaves Ethereum In The Dust – Report
Solana (SOL) has undeniably emerged as a standout performer in the recent cryptocurrency landscape, showcasing a remarkable surge in value that has captured the attention of market participants.
Its extraordinary performance, marked by substantial gains, has propelled Solana beyond the ranks of other leading cryptocurrencies, securing a coveted position among the top five by market capitalization.
Solana’s Surge: Outshining Rivals, Proving Dominance
The impressive rally of Solana stands as a testament to the blockchain’s underlying strength and the growing confidence of investors in its capabilities.
This bullish momentum has not only allowed SOL to outshine some of the traditionally dominant cryptocurrencies but has also affirmed its relevance and potential within the broader digital asset ecosystem.
The daily user activity on Solana has increased as a result of this outstanding performance. As the year’s final quarter draws to a close, the most recent statistics reveals a noteworthy growth of about 400%. According to a recent study by on-chain data company Messari, this far outpaced Ethereum’s pitiful 3% gain.
The research firm claims that several protocols located within the Layer 1 (L1) blockchain network have completed a series of token airdrops, which is what is responsible for the recent rise in new demand for Solana.
On December 16th, the trading volume of decentralized exchanges (DEX) on Solana temporarily surpassed that of Ethereum for the first time. This occurred as the smart-contract-enabled blockchain ecosystem continued to expand.
According to data from DeFillama, Ethereum’s trading volume during that time was only .164 billion, whereas the trading volume of DEXs on the blockchain surpassed .5 billion.
Bitfinex Cheers Solana
One of the biggest cryptocurrency exchanges in the world, Bitfinex, recently tweeted about Solana’s expansion. The tweet claims that in the previous three months alone, SOL’s price has increased by more than 340%.
Good morning, @Solana fam!
Today’s a great day to celebrate the 343% growth of $SOL. From .80 per SOL 3 months ago to .94 today! Stay bullish.https://t.co/Ltajh1l15C
— Bitfinex (@bitfinex) December 18, 2023
Three months later, the token’s value had increased to .94 from .80 at the start of its bull surge.
As this developed, Jupiter, one of the biggest decentralized finance (DeFi) protocols on Solana and a swap aggregator, revealed that its much awaited 4 billion JUP token airdrop would happen in January.
$SOL is on a tear.
For the first time since 2021, the SOL/ETH price ratio saw a strong reversal as the Solana network recovers from the devastating collapse of FTX. pic.twitter.com/hAlCC23Yq0
— Kaiko (@KaikoData) December 19, 2023
Meanwhile, data analytics provider Kaiko said Solana is seeing a sharp increase in price, and the price ratio of SOL to ETH is strongly reversing.
The Solana (SOL) to Ethereum (ETH) ratio is close to 0.04, according to a post on X published on December 19. Prior highs were around 0.06 in 2021 and lows were at 0.01 in early 2023.
At the time of writing, the price of SOL is currently trading at .40, up 3.5% over the last day and rallying 17% over the last week, data from CoinMarketCap shows.
Featured image from Shutterstock
Bitcoin Blockchain Surpasses Half-Terabyte Amid Soaring Transactions and Increased Block Capacity
Although bitcoin’s price hasn’t eclipsed its historic peak, this year the network has shattered multiple records. These include reaching the highest level of difficulty, achieving an all-time high in total hashrate, and setting a new record for daily confirmed transactions. In 2023, another new milestone was achieved as the distributed ledger expanded to half a terabyte, surpassing 500 gigabytes in size to accommodate the entire blockchain’s records.
Bitcoin Exceeds 500 GB Blockchain Size Amidst Unprecedented Transactional Growth
To maintain an unpruned Bitcoin blockchain, node operators now need in excess of 500 gigabytes (GB) of available storage. Downloading the full blockchain would take about 47 hours and 44 minutes using a standard 24 Mbps ADSL connection.
Conversely, with a 100 Mbps fiber optic connection, the process shortens to roughly 11 hours and 22 minutes, assuming there’s no network congestion or server restrictions. Current data reveals that the Bitcoin blockchain’s size has reached 534.49 GB, exceeding half a terabyte (TB).
Around 431 days ago, or one year and two months back on October 15, 2022, the blockchain was approximately 432 GB. This indicates a growth of just over 100 GB in the past year, a rate faster than usual.
This acceleration is primarily due to the average Bitcoin block size increasing significantly in 2023, with this trend notably beginning on January 2, 2023. The rise of Bitcoin block sizes stems from the Ordinals inscription trend that started in December 2022.
By the first week of January, the average block size increased and by Feb. 12, 2023, it ramped up to 2.517 megabytes (MB). A great example is the mean average block size for Bitcoin between Jan. 1, 2020, and Nov. 30, 2022, (1,064 days) was approximately 1.2 MB.
But the mean average block size for Bitcoin from Jan. 3, 2023, to Dec. 19, 2023, (350 days) was approximately 1.705 MB. Across the entire 365 days in 2016, the mean average block size for Bitcoin was .781 MB, and in 2017 across the entire year, the mean average was .949 MB.
Besides 2018, the following years thereafter the average block size and the mean average across 365-day intervals has always been above 1 MB. The mean average for 2022 was 1.19 MB and so far, while 2023 is close to done, the mean average is now 1.70 MB.
While it is a considerable increase from yesteryears, 1.7 MB is still not enough for current block space demand. Presently, there are 306,379 transactions stuck in the mempool (a backlog of unconfirmed transfers) and miners need to clear 349 blocks just to get ahead.
A high-priority fee onchain on Dec. 20, 2023, is .32 per transaction. With Ordinal inscriptions and traditional monetary transfers, BTC is seeing upwards of 600,000 transactions per day or an average of 7.93 transactions confirmed per second.
The growth and evolution of the Bitcoin network in 2023 underscore the dynamic nature of the crypto landscape. While the size of the blockchain is increasing, surpassing the half-terabyte mark, Bitcoin continues to display remarkable resilience and adaptability.
The significant increase in average block size, primarily driven by the Ordinals inscription trend, reflects the ever-changing demands and innovations within the network. However, this growth has also highlighted the limitations of the current infrastructure, as evidenced by the considerable number of transactions stuck in the mempool and the need for higher transaction fees to expedite processing.
What do you think about the Bitcoin blockchain crossing beyond 500 GB? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin Difficulty Set for Upturn Amid Escalating Hashrate and Soaring Miner Fees
After the last adjustment that resulted in a slight 0.96% reduction, the upcoming difficulty retarget on Dec. 23, 2023 is anticipated to bring about an increase, eclipsing the previous decline, as the hashrate regains its upward trajectory. The seven-day average hashrate reached a low of 473 exahash per second (EH/s) on December 11, and has since ascended to 487 EH/s.
Bitcoin’s Total Hashrate Regains Upward Momentum Alongside Hash Price Rise
Barring any major shifts in the coming week, Bitcoin’s difficulty is poised for an upswing. Projections based on current data suggest an increase ranging from 1.64% to 4.5% on Dec. 23. According to data from Luxor’s hashrateindex.com, the hashrate is currently coasting along at 487 EH/s following a temporary dip last week. Presently, block generation times are fluctuating between 8 minutes and 6.6 seconds to 9 minutes and 35 seconds.
Despite a decrease in BTC’s price per unit compared to its levels from Dec. 5-10, the network’s hash price has reached a peak of 2 per petahash per second (PH/s) per day. This spike is attributed to a significant rise in onchain transfer fees. On Dec. 6, the average transaction cost exceeded , and on Dec. 14, it soared to around per transaction. Data from mempool.space reveals an accumulation of 230,000 to 265,000 unconfirmed transactions in the backlog from December 14-16, 2023.
While Foundry USA initially led 2023 as the dominant mining pool, Antpool has since emerged as the frontrunner. As of Dec. 16, 2023, 46 identified entities are mining BTC, with Antpool dominating 27.31% of the total hashrate, contributing 138.80 EH/s to the Bitcoin blockchain. Foundry USA remains strong with 124.59 EH/s, accounting for 24.52% of the overall hashrate. Other notable competitors over the last three days include Viabtc, Mara Pool, and Binance Pool.
In light of the escalating hashrate and the predicted rise in difficulty, bitcoin (BTC) miners are also preparing for the impending halving, which is now less than 19,000 blocks away. The current block reward stands at 6.25 coins, which will halve to 3.125 coins per block following the event. This significant change is expected to occur within the next 104 to 129 days, or from the end of March to sometime in April 2024.
What do you think about the hashrate rising and the estimated difficulty increase? Share your thoughts and opinions about this subject in the comments section below.