This week, blockchain observers noticed that the “37X” wallet, once holding the title of the fifth-largest bitcoin wallet, was activated for the first time since 2019. This significant move involved the transfer of 94,504.03 bitcoin into three distinct addresses. One of these recipient wallets has now risen to become the sixth-largest bitcoin holder, showcasing a […]
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AVAX Price Soars To Highest In Nearly 2 Years, Over 80% Of Holders In Profit
Avalanche (AVAX), the 10th-ranked cryptocurrency, has been on a tear in the past week, not only emerging as the top performer among major digital assets but also reaching its highest price point in nearly two years.
According to CoinMarketCap data, AVAX surged by an impressive 20%, surpassing its previous peak in May 2022 and reaching a price of at the time of writing. This remarkable rally has ignited a wave of bullish sentiment within the crypto community.
AVAX Gets Boost From Strong Market Signals
Analysts are pointing to a confluence of on-chain activity and market signals that paint a bullish picture for AVAX. NewsBTC’s analysis revealed a key factor: 84% of AVAX holders are currently sitting on profits, signifying a wave of positive sentiment within the investor community. This profitable position fosters a more optimistic environment, potentially attracting new buyers to the market.
Digging deeper into on-chain data, market observers at NewsBTC noticed a significant rise in large buy orders on the Avalanche network. This trend suggests that institutional investors or whales might be accumulating AVAX, potentially fueling the upward price movement.
The bullish momentum isn’t confined to on-chain activity. The spot market is also exhibiting strong demand for AVAX. Coinalyze data indicates a steady rise in the token’s Cumulative Volume Delta (CVD) since March 17th. CVD is a metric that gauges the difference between buying and selling volumes, and its current uptick suggests a clear dominance of buying pressure in the spot market.
Positive Vibes In The Air For AVAX
The derivatives market is echoing the optimism as well. Open Interest (OI) in AVAX futures contracts has been on an upward trajectory, reflecting a growing interest from investors looking to leverage the potential price increase.
It’s important to note that OI doesn’t necessarily indicate a long-biased market (where more traders are betting on a price rise), but rather highlights increased participation from both buyers and sellers.
However, the rising price alongside surging OI suggests that buyers are currently more aggressive, potentially leading to a breakout above resistance levels.
With this bullish tailwind propelling AVAX forward, analysts are cautiously optimistic about its future trajectory. Some market observers are of the opinion that AVAX has the potential to reach soon.
However, they acknowledge the presence of a psychological hurdle at , where the price might encounter some resistance before continuing its climb. If the bulls can overcome this obstacle and achieve a decisive breakout, the bullish target of might be within reach.
Looking at the potential downside risks, the article warns of a possible rejection at , which could trigger a price correction back down to . The report also emphasizes that the predicted upswing might not be a linear path, with potential price fluctuations along the way.
Avalanche (AVAX) is experiencing a period of strong momentum, buoyed by positive on-chain data, a surge in investor interest, and a bullish market sentiment. While some resistance levels and potential price corrections are to be expected, the overall outlook for AVAX appears promising in the near future.
Featured image from Pexels, chart from TradingView
Prosecutors Demand 50 Years for Bankman-Fried, Citing FTX Founder’s Repeated Gambles ‘With Other People’s Money’
In a statement from U.S. Attorney Damian Williams and his team, the fallen FTX founder, Sam Bankman-Fried (SBF), faces a recommendation for up to half a century behind bars for his offenses. The prosecutors argue that SBF has a penchant for high-stake risk and “gambling repeatedly with other people’s money.” SBF’s Path From Finance Tycoon […]
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The March Revival — Unprecedented Movement of Early Bitcoin Hoards Move for the First Time in Years
As bitcoin’s value teeters on the brink of setting new price records, a significant batch of vintage bitcoins dating back from 2010 to 2017 has been transferred for the first time since their initial creation. Present data reveals that in the opening week of March 2024, a total of 4,237.73 ancient bitcoins, valued at over […]
Bitcoin News
Ethereum Recovers From Dip: ETH Hits $3,900 For The First Time In Two Years
After Bitcoin (BTC) recorded a new all-time high (ATH), Ethereum (ETH) rallied above ,800 before the price crashed over 10%. The second-largest cryptocurrency has recovered from the dip and reached ,900 momentarily for the first time in over two years.
Ethereum Recovers And Rallies to ,900
On Thursday, Bitcoin reached a crucial milestone after breaking above ,000 and recording a new all-time high (ATH). Before the euphoria was over, the flagship cryptocurrency’s price started to drop, trading as low as ,000. Since then, BTC’s price has recovered to hover between the ,000-,000 price range.
Fueled by the bullish sentiment, Ethereum rallied above ,800 before suffering a considerable price drop. The ‘king of altcoins’ lost momentum and shredded about 12% of its price to trade at a price as low as ,360, according to CoinMarketCap data.
After the dip was done, ETH started to show a recovery alongside Bitcoin. As reported by NewsBTC, a crucial resistance level to clear during this recovery was ,600. Ethereum surpassed this support level and has maintained its price above the ,800 range during the last 4 hours.
JUST IN: ,900 $ETH
— Watcher.Guru (@WatcherGuru) March 6, 2024
Ethereum reached the ,800 support level twice in the last 24 hours. This price range was not seen since January 2022, and the regained bullish momentum propelled the token’s price to a higher milestone.
Ethereum hit ,900 for the first time since December of 2021. The biggest altcoin briefly soared to ,901 before falling to the ,850 price range.
At the time of writing, ETH is trading at ,834, representing a 1.6% price drop in the last hour and a 2% increase from 24 hours ago. Similarly, the token exhibits green numbers on longer timeframes.
Ethereum’s price performance has surged almost 16% in the past week, 65% in the last month, and an impressive 145% in one year.
ETH’s market capitalization increased 1.55% to 9.7 million on the last day. Its daily trading volume has increased by 58%, with .16 billion in market activity in the previous 24 hours.
What’s Next For ETH’s Price?
Many analysts have forecasted that ETH’s rally is far from over. Analyst Altcoin Sherpa predicted that Ethereum could reach ,000 when it breaks through the ,000 price barrier.
Ethereum’s rally seems to be fueled not only by Bitcoin’s momentum but also by the general market dynamics. The date for the Dencun upgrade is approaching, and this update is expected to bring several technical improvements to Ethereum’s infrastructure,
Moreover, the possibility of Ether-based spot exchange-traded funds (ETF) being approved by the US Securities and Exchange Commission (SEC) in May has built expectations for Ether and the blockchain’s ecosystem.
Pseudonym trader Ash Crypto suggested to his Telegram subscribers that the price correction experienced after Bitcoin’s new ATH was not a “reason to panic.”
Related Reading: Ethereum Price Follows Bitcoin Surge, Why K Is Just A Matter of Time
The trader considers that the “late long flush to cut all the leverage” was expected and that a soon-to-come stabilization in BTC’s price will propel the run of ETH and all altcoins. Similarly, he announced the ‘incoming alt season’ after the price of ETH hit ,900 and suggested that Ethereum’s next support level will be ,200.
$ETH JUST MADE A NEW HIGH
,200 IS COMING NEXT !
GET READY FOR ALTSEASON pic.twitter.com/ZLirlerVDJ
— Ash Crypto (@Ashcryptoreal) March 6, 2024
Bitcoin Profitability Reaches 97% For The First Time In Over 2 Years
Bitcoin has had an eventful few weeks in terms of price action. The world’s largest crypto is currently at a 19% increase in the past seven days and a 43% increase in the past 30 days, its highest percentage gain in over a year. As a result, a huge number of BTC addresses have been pushed into the profitability zone. For the first time in over two years, 97% of all Bitcoin addresses are now in profit.
Number Of Bitcoin Addresses In Profit Skyrockets As Prices Surge
According to crypto on-chain analytics platform IntoTheBlock, 50.62 million Bitcoin addresses are currently in profit at the current price level. This huge figure represents over 97% of the total wallet addresses. Notably, the last time holders saw this much profitability was in November 2021 when the price of Bitcoin was around ,000, nearing its all-time high.
Notably, market playout has seen Bitcoin continue its massive gains over the past few months. Just last month, 91% of addresses were in profit. Despite some sporadic sell-offs and profit-taking from some investors attempting to break even, the percentage of addresses in profit continues to grow as the huge profitability means selling pressure no longer has a significant effect.
How Long Can Bitcoin Sustain This Upward Momentum?
Bitcoin prices have skyrocketed over the past several months, recently topping ,000 again. The top crypto is currently trading at ,233 at the time of this writing, and 1.28 million addresses, which account for 2.46% of the total addresses, are at a break-even point.
The price surge can be attributed to increased mainstream adoption in the traditional investing world spearheaded by Spot Bitcoin ETFs. This in turn has ushered in a new wave of holding mentality. In February, 69,244 BTC worth over .6 billion were withdrawn from crypto exchanges.
Notably, those who have profited the most are those who have been holding Bitcoin long-term. According to IntoTheBlock, 13.6 million Bitcoins are in the possession of investors who have held onto their assets for over a year.
However, new investors can still look forward to a continued price surge, as Bitcoin faces virtually little to no resistance in its path. Only 0.37% of addresses (193,000) are still waiting to make a profit at the current price.
Most experts remain optimistic about Bitcoin’s price potential for the rest of 2024 and beyond. With the bull run in full swing, many traders and crypto analysts think Bitcoin will continue setting new all-time highs in 2024. Price targets for the end of the year range from 0,000 up to 0,000 per Bitcoin.
Featured image from Pexels, chart from TradingView
Bullish Forecast: Analyst Predicts Surge To $88,000 As Bitcoin Hits Highest Level In Two Years
With Bitcoin recently surpassing the ,000 mark, marking its highest level since 2021, a surge in bullish outlook among analysts and experts has emerged.
Bitcoin To ,000
Among them is Ryan Rasmussen, a Senior Crypto Research Analyst at Bitwise, who recently shared his insights during an interview with Yahoo Finance. Rasmussen projected a bullish trajectory for Bitcoin, foreseeing a potential price surge to ,000 by the close of 2024.
According to Rasmussen, Bitcoin trading at this price mark is possible, citing factors such as excitement and bullish sentiment surrounding the upcoming halving event and future traders taking bullish positions.
Rasmussen noted, disclosing Bitwise’s prediction for 2024:
We think that Bitcoin will certainly set all time highs in 2024. That previous price is right around ,000 but we don’t think its going to stop there, we think we’ll at least see a 10% to 15% bump over the last all time highs in 2024. That will take us to the mid ,000 range so I think our target was ,00 by 2024, and I’m still sticking by that.
Despite Bitcoin trading below Rasmussen’s projected ,000 mark, it maintains a bullish trend, with recent highs surpassing ,000. Other analysts, including legendary trader Peter Brandt, share this optimism and predict a 0,000 target for the current bull market cycle.
Additionally, crypto analyst Ali has identified a “megaphone pattern” on Bitcoin’s daily chart, suggesting the potential for a substantial rally towards ,520 if ,000 to ,000 price levels are maintained.
Ethereum’s Momentum Surges
Notably, aside from Bitcoin, Rasmussen also talked about Ethereum. So far, Ethereum’s price has outperformed that of Bitcoin.
Rasmussen attributed this surge in Ethereum’s value to speculation surrounding approving a spot Ethereum exchange-traded fund (ETF) in the US and the DenCun upgrade scheduled for March, which is expected to reduce transaction costs.
However, regardless of Ethereum’s optimism, Rasmussen cautioned that the approval of Ethereum spot ETFs might not be as straightforward as BTC spot ETFs.
He pointed out the reluctance of the US Securities and Exchange Commission’s Chair, Gensler, towards spot Bitcoin ETFs, suggesting a similar stance towards Ethereum.
Rasmussen also noted that the recent Grayscale lawsuit may not have the same positive impact on Ethereum spot ETF approval as it did for Bitcoin. Looking ahead, he estimated a 50% chance of approval or rejection for Ethereum spot ETFs in May.
The introduction of BTC spot ETFs has already significantly impacted the market, with billions flowing into spot Bitcoin ETFs. Should Ethereum spot ETF get approved, Rasmussen anticipates a similar demand for Ethereum spot ETFs, which could drive buying pressure and potentially increase prices.
Featured image from Unsplash, Chart from TradingView
Ethereum (ETH) Price Reaches $3,000 After Two Years, More Excitement To Come?
On Tuesday, Ether (ETH), the second largest cryptocurrency by market capitalization, touched its highest level since April of 2022. Ethereum’s native cryptocurrency momentarily surpassed the ,000 before quickly facing a price pullback.
Ether Briefly Touches The Sky
The whole crypto market has been buzzing with a bullish sentiment in recent weeks after the massive inflows coming into the recently launched Spot Bitcoin ETFs (exchange-traded funds).
Since the approval of Bitcoin ETFs by the US Securities and Exchange Commission (SEC), eyes have moved to the possibility of other spot crypto-based ETFs in other cryptocurrencies like ETH and XRP.
$ETH vs ,000 ( •_•) (•_• ) ( ง )ง ୧( ୧ ) /︶ /︶
— Binance (@binance) February 20, 2024
The speculation surrounding the approval of Ether ETFs in May has been one of several actors fueling the recent price surge. The expectation for the approval and launch of the Bitcoin-based investment products filled the crypto market with positive sentiment on the BTC’s price uptrend.
As previously reported, Options traders expect the cryptocurrency’s price to reach ,000 in the upcoming months. This predicted price range would come closer to the token’s all-time high (ATH) of ,800, seen during the previous market bull run in November 2021.
However, the first test in a journey to ,000 presents as the ,000 resistance level. Analysts have evaluated Ether’s movements as its momentum reignited and considered the ,000 a possible milestone after the digital asset showed a strong resistance in the ,800 support zone.
Today, the second-largest cryptocurrency surpassed this key resistance zone momentarily, an achievement not seen since the end of April 2022. However, Ethereum’s native token could not maintain momentum for long and faced a price pullback to the ,900 level.
JUST IN: Ethereum surpasses ,000
— Watcher.Guru (@WatcherGuru) February 20, 2024
Whales Are pulling In Both Directions
Recent developments in Ether’s price have had many investors express a positive outlook for the second-largest cryptocurrency. Some analysts even made a bullish prediction on the Altcoin market in general.
Whales have also reacted to ETH’s recent uptrend. According to an X post by Spot on Chain, a whale allegedly bought 54,721 ETH at ,845 24 hours before the post. These transactions accounted for approximately 5.7 million and signaled a positive sentiment toward the asset by the large players in the market.
However, a dormant whale who participated in Ethereum’s ICO woke up after 8 years, according to the blockchain analyst platform Lookonchain.
After the price of $ETH surpassed ,000, an #Ethereum ICO participant woke up after 8.6 years of dormancy and deposited 1,732 $ETH(.15M) to #Kraken.
He received 3,465 $ETH(.3M) at #Ethereum Genesis, the ETH ICO price is ~.31.https://t.co/K6xOHILdne pic.twitter.com/o50JKxXxzP
— Lookonchain (@lookonchain) February 20, 2024
The whale seemingly deposited about half of its ETH holdings into Kraken after ETH’s price surpassed ,000. The transaction saw the transfer of 1,732 ETH worth approximately .15 million to the crypto exchange.
This transaction has raised a slight concern over the possibility of a massive sell-off that could affect ETH’s uptrend. Crypto investors now stay alert of large holders trying to offload their assets to profit from the market upsurge.
ETH Price Performance
At the time of writing, ETH is trading at ,923.50, representing a 1.6% decrease in the last hour. Despite this, the price has increased 11.2% in the last week.
More notably, Ether’s daily trading volume has shown a 47.10% increase, at .6 billion in the last 24 hours, suggesting a rise in market activity. Similarly, ETH comfortably maintains its spot as the second-largest cryptocurrency by market capitalization, with a 0.82% increase in the last day, totaling 1.29 billion.
16,000 Bitcoin Dormant Since 5+ Years Suddenly Moves, What’s Going On?
On-chain data shows 16,000 BTC, which have been dormant for 5-7 years, have finally shown some movement on the Bitcoin blockchain.
5-7 Years Old Bitcoin Age Band Has Made A Large Move
As pointed out by an analyst in a post on X, a large stack of dormant coins has moved across the network today. The relevant on-chain indicator here is the “Spent Output Age Bands” (SOAB), which keeps track of the movements of the various Age Bands on the blockchain.
“Age Bands” here refer to groups of coins divided based on their total holding time. For example, the 1-month to 3-month Age Band would include all coins that have been dormant (that is, staying inside the same address) since between one and three months ago.
If a large number of coins belonging to this holding time range would transfer on the blockchain, then the SOAB for this particular Age Band would register a spike. In the context of the current discussion, the 5-7 years Age Band is of interest.
The chart below shows the recent SOAB data for this Age Band specifically:
As displayed in the above graph, a large amount of coins aged between 5-7years old appear to have just been moved on the network as the corresponding Age Band has registered a spike.
This Age Band is a segment of the wider and “long-term holder” (LTH) group, which includes investors who have been holding onto their coins since at least 155 days ago.
Statistically, the longer a holder keeps their coins dormant, the less likely they become to sell at any point. As such, the LTHs are generally considered to be more resolute than the rest of the market (the “short-term holders“).
Since the 5-7 years Age Band would include coins that are old even in LTH terms, their owners would have to be diamond hands among diamond hands. Due to this reason, it can be something notable when such ancient entities finally decide to break their silence.
Related Reading: Cardano (ADA) To Break In Bull Run: Analyst Predicts Timeline
During the latest SOAB spike, these investors have moved a massive stack of 16,000 BTC (around 7.8 million at the current exchange rate). Now, what implications this move may have on the market depends on what these investors intend to achieve with it.
A dive deeper into on-chain data suggests the move was an outflow from the cryptocurrency exchange Coinbase, as the chart below shows:
The fact that it is an outflow may be a positive sign for Bitcoin, as it means that selling may not have been the goal here. Rather, the move implies the whale entity behind it may be moving towards self-custody to HODL further, or a large buyer like an ETF is gobbling this BTC up.
BTC Price
Bitcoin had made a visit down to ,600 during the weekend, but the cryptocurrency already appears to have bounced back as its price is now floating around the ,400 level.
Philippines to Develop Blockchainless Wholesale CBDC in Two Years
The Central Bank of the Philippines will develop a central bank digital currency (CBDC) in the next two years, according to Governor Eli Remolona Jr. The still unnamed CBDC will focus on the wholesale market and won’t use blockchain tech, instead relying on the Philippine Payment and Settlement System, owned and operated by the central […]
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