This week, SOL’s value has seen a significant increase, elevating its decentralized exchange (dex) platforms and propelling the layer one (L1) blockchain to a leading position in 24-hour dex trading volume. Solana’s dex platforms have amassed .802 billion in trade volume over the past day, outperforming Ethereum’s dex platforms, which have recorded .03 billion in […]
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XRP Records Massive 80% Surge In Trading Volume – Can Price Reach A New ATH?
XRP continues to show strength despite largely underperforming during the ongoing bull market. Interestingly, the crypto witnessed a surge in activity last week, with trading volume surging in tandem. Particularly, the trading volume saw an increase of over 80% recently.
However, the boost in activity and trading volume has not necessarily translated into continuous price growth, as XRP is currently on a 13% percent correction from the .74 price level on Monday.
XRP Trading Volume Surges, But Will Price Follow?
XRP witnessed a surge earlier in the week which saw it breaking out of a 6-year-long symmetrical triangle, prompting analysts to anticipate a continued price surge.
During this period, the crypto witnessed a surge in trading volume from whales in particular, with large bouts of XRP leaving crypto exchanges.
This bullish sentiment allowed XRP to cross over .74 for the first time in eight months, albeit for a short moment. This surge in price was short-lived, as XRP fell as low as .6 in the days after.
However, a recent 80% surge in on-chain activity and trading volume has led to the price of XRP increasing by 4.45% in the past 24 hours and 2.2% in a seven-day timeframe.
Volume spikes of this magnitude often occur before a price rally, therefore, this massive spike in volume has the XRP community speculating that a strong price rally could be on the horizon.
Current Price Action: Can XRP Reach A New All-Time High?
At the time of writing, XRP is trading at .6398. The crypto’s journey to a new all-time high is definitely not going to be an easy one, as it is now down by 83% from its current all-time high of .84.
However, current market dynamics and various predictions from many crypto analysts indicate that the crypto might go on a surge of great magnitude in the near future.
One of these is a prediction from analyst Jaydee, who noted that XRP’s recent breakout from the six-year trendline mentioned earlier could lead to a surge to from the current price level.
The major resistance level to watch is .74. XRP tested this level a few days ago but failed to close above it. If bullish momentum continues and volume stays strong, XRP could break through .74 decisively in the new week. If it does, the next resistance levels are at .82 and .5.
One of the few factors that could contribute to a strong price increase is regulatory clarity regarding XRP’s status, which could boost confidence from institutional investors.
Notably, XRP’s non-security status seems to be gaining ground. The European Corporate Governance Institute (ECGI) recently published a research paper acknowledging this non-security status.
Featured image from Pexels, chart from TradingView
FDUSD Climbs the Stablecoin Ladder, Fueled by Trading Volume and Supply Growth
Statistics indicate that the first digital usd (FDUSD), a recently introduced fiat-pegged token launched in August 2023, has risen to become the fourth-largest stablecoin based on market capitalization. Currently, FDUSD holds the fourth position in terms of 24-hour global trading volume. FDUSD Claims Fourth Spot Among Stablecoin Titans In the realm of U.S. dollar-pegged cryptocurrencies, […]
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Solana DeFi Landscape Thrives With Record $11 Billion Trading Volume
The Solana decentralized finance (DeFi) sector is experiencing a period of phenomenal growth, with decentralized exchanges (DEXes) witnessing record-breaking trading volumes and the native token, SOL, reaching a new 20-month high. However, amidst the euphoria, experts advise caution due to potential market risks.
Solana: ‘Greed’ Index
While Solana’s DeFi landscape flourishes, it’s crucial to acknowledge the potential risks associated with the current market sentiment.
Market data from CFGI indicates that the current sentiment is characterized by “Greed,” implying a scenario where the market might be overbought. This raises concerns about the possibility of sharper price corrections in the near future.
DEXes Drive The Surge
Data from DeFiLlama reveals that between February 25th and March 2nd, Solana-based DEXes processed a staggering .24 billion in cumulative trading volume, marking a significant milestone in weekly activity.
This surge surpasses previous benchmarks and outpaces major blockchains, including Ethereum. NewsBTC analysis shows a remarkable 177% increase in Solana’s DEX activity over a single week, solidifying its position as a major player in the DeFi arena.
This growth is a stark contrast to the subdued performance during the recent bear market. However, the fourth quarter of 2023 witnessed a reversal of fortunes, culminating in December with the highest-ever monthly DEX volumes, exceeding billion.
Jupiter, the largest DEX on Solana, has been instrumental in this surge. CoinGecko reports that Jupiter executed .5 billion in trading volumes within the last day, temporarily surpassing the established leader, Uniswap V3.
Related Reading: Bitcoin On The Brink, Price Soars Above ,000 – Will BTC Break Its 2021 Record?
Beyond Trading: TVL And SOL Price Rally
The growth extends beyond trading volumes. Solana’s Total Value Locked (TVL), which represents the combined value of all cryptocurrencies deposited in its DeFi protocols, has surged by an impressive 52% in the last month, reaching .13 billion. This growth can be partly attributed to the remarkable gains observed in SOL, Solana’s native token.
SOL’s price performance has been exceptional, currently trading at 2, marking a 4% increase from the previous day. This upward trend includes a 30% surge in the past week and a stellar 37% increase in the last 30 days.
This price appreciation signifies a significant breakthrough, reaching a new peak not seen since November 2021, placing it 20 months removed from its all-time high of 0.
Featured image from Freepik, chart from TradingView
Bitcoin ETFs Break Trading Volume Record — Blackrock’s IBIT Now Holds Over 170K BTC
Ten spot bitcoin exchange-traded funds (ETFs) shattered their trading volume record on Tuesday, reaching a staggering billion. Blackrock’s Ishares Bitcoin Trust (IBIT) continues to dominate, surpassing billion in assets under management (AUM) and accumulating over 170,000 bitcoins. Record Volume Day for Spot Bitcoin ETFs Ten spot bitcoin exchange-traded funds (ETFs) extended their record-breaking […]
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Shiba Inu & Other Memecoins See 3,000% Spike In Volume: Good Sign For Rally?
On-chain data shows Shiba Inu (SHIB) and other memecoins in the sector have observed a sharp boost in their volumes alongside their rallies.
These Memecoins Have Enjoyed 3,000% Average Volume Increase
According to data from the on-chain analytics firm Santiment, the trading volume of the memecoins has shot up recently. The “trading volume” here refers to the total amount of a given cryptocurrency involved in trading activities on the various spot exchanges in the sector.
When the value of this metric is high, it means that the asset in question is observing a large amount of trades right now. Such a trend implies that the interest around the coin is high among the investors.
On the other hand, the low indicator suggests that investors may not pay too much attention to the cryptocurrency as they are not making trades.
Now, here is a chart that shows the trend in the trading volume for four different memecoins: Shiba Inu, Pepe (PEPE), FLOKI (FLOKI), and Bonk (BONK).
As displayed in the above graph, the Bitcoin trading volume for all four of these memecoins has surged to high levels recently as their prices have gone through a rally.
Santiment notes that, on average, the trading volume across Shiba Inu, FLOKI, Pepe, and Bonk has increased by more than 3,000% over the past week. This would imply that crowd interest in these assets has witnessed a significant uplift.
Generally, it’s not surprising to see the volume jump alongside price surges, as such sharp price action is attractive to investors, so they tend to make more moves in such periods.
For any rally to be sustainable, it must keep attracting fresh volume. This is because moves like these require a large amount of fuel to keep going, which they can only get if more and more interest comes into the asset.
Sometimes rallies start sharp, but fail to amass any appreciable volume, so, predictably die off before too long. As the volume of Shiba Inu and others has rocketed up recently, at least their current rallies shouldn’t face an issue like this.
Now, while the trading volume can be something that can help rallies stretch longer, a high volume itself doesn’t imply a bullish prediction. This is because the volume can also spike during a selloff, as the indicator merely keeps track of the activity and not whether said activity is buying or selling dominated.
As such, all that can be said about the implications of the current high trading volume on the prices of Shiba Inu and the company is that they should likely continue to see high volatility in either direction in the coming days.
Shiba Inu Price
Shiba Inu has enjoyed an extraordinary run of more than 180% in the past week, which has taken its price to the .00002746 mark.
10 Bitcoin ETFs Smash Inflow and Trading Volume Records
Ten new U.S. spot bitcoin exchange-traded funds (ETFs) have shattered both inflow and trading volume records. The 10 funds took in 3.4 million, with Blackrock’s Ishares Bitcoin Trust (IBIT) accounting for 2.1 million of the total inflow. The 10 bitcoin ETFs also set a new record for total trading volume. Spot Bitcoin ETFs Set New […]
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Blackrock Bitcoin ETF Shatters Inflow and Volume Records — Holdings Exceed 141K BTC
Blackrock’s spot bitcoin exchange-traded fund (ETF) has had a second consecutive record-breaking day with over .3 billion in trading volume. The world’s largest asset manager’s Ishares Bitcoin Trust (IBIT) also saw a record net inflow on Tuesday. The fund’s total bitcoin holdings have now surpassed 141K bitcoins. Another Record Day for Blackrock’s Bitcoin ETF Nine […]
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9 Spot Bitcoin ETFs Break All-Time Daily Volume Record
Nine recently launched spot bitcoin exchange-traded funds (ETFs) broke their all-time daily volume record on Monday as the price of bitcoin soared. “It’s official…the new nine bitcoin ETFs have broken all-time volume record today with .4b,” said a Bloomberg ETF analyst, noting that Blackrock’s Ishares Bitcoin Trust (IBIT) “went wild,” breaking its record by about […]
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Weekly NFT Sales Rise 17% With Bitcoin Climbing Back to Second in Volume
Based on the most recent international standings and weekly figures, sales of non-fungible tokens (NFTs) have surged by 17.66% in the past week, amassing slightly more than 6 million in sales. This uptick marks a jump from last week’s 16.8% rise in NFT sales, with the leading blockchains in terms of volume — Ethereum and […]
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