Solana’s price performance has been outstanding in recent times, surpassing Ripple and Binance Coin to become the fourth largest cryptocurrency by market capitalization. Over the weekend, SOL price breached the key $100 level for the first time since April 2022, bringing optimism to investors. However, altcoins have retraced 7%, showing that the market is overheated. As of this writing, the “Ethereum Killer” is trading just below $111.60. SOL Outlook Solana price has recovered significantly over the past few weeks, climbing above the psychological $100 level. The altcoin has been one of the best-performing assets this year, with gains of more…
Author: danygeemarketing
Ethereum has been making new attempts at recovery recently. Here’s what on-chain data suggests as to whether this run is sustainable. The growth and utility of the Ethereum network have been on the rise lately According to data from on-chain analytics companies saintRecently, the ETH blockchain has shown encouraging trends in daily active addresses and network growth. These two metrics are used to track the effectiveness and growth of the chain. The first, “Daily Active Addresses,” measures the unique number of addresses that participate in some type of transaction activity on the blockchain each day. This number of unique addresses…
Therefore, 2023 is going to be an epic year for Bitcoin. It’s like Bitcoin woke up and decided to make a big splash. We’re talking about a huge jump, over 140% in value – that’s huge! This isn’t just about outpacing traditional competitors like gold; it’s also about leaving other cryptocurrencies in the rearview mirror. Let’s dive into the on-chain activity and exchange craze to try to piece together the clues as to what might happen to Bitcoin in the year ahead. Bitcoin’s past explosive growthAccording to a report from Glassnode, we are seeing a sense of déjà vu in…
On-chain data shows that Bitcoin miners have been selling Bitcoin recently, but the quant analyst believes that this selling will not have much impact on the market. Bitcoin miner reserves have seen a recent decline In a CryptoQuant Quicktake post, an analyst discussed the latest selling pressure exerted on the market by miners. The metric of interest here is “Miner Reserves,” which tracks the total amount of Bitcoin currently held in miners’ wallets. This metric naturally provides information about the collective behavior of validators on these chains. Generally speaking, miners withdraw coins from their reserves when they want to sell,…
New York Community Bancorp, Inc. (NYSE: NYCB) shares plunged 45% today following a dividend cut and an unexpected profit loss. History has proven that when banks bleed, Bitcoin is often the beneficiary. This time is no exception, with BTCUSD hitting new highs against NYCB. New York Community Bancorp shares plunged 45% in one day In March 2023, Bitcoin fluctuated sharply from its bottom range as the banking system collapsed. At the time, Signature, Silicon Valley, and Silvergate were all experiencing massive bank failures. Each bank’s share price fell before the collapse, signaling to the market that something was wrong. Silvergate…
Leading stablecoin issuer Tether announced today that it has a strong balance sheet with over $2.8 billion in Bitcoin. This information came to light after an audit by the well-known audit firm BDO, and was detailed in the official audit report.The audit report provides a comprehensive analysis of Tether’s financial position, including more information about its Bitcoin holdings. Tether, best known for its stablecoin USDT, has been playing a huge role in the cryptocurrency market, facilitating transactions and maintaining a peg to the U.S. dollar.“At Tether, we are looking forward to a great 2024, with many new projects and products…
On-chain data shows XRP whales have made some moves over the past day. Here’s what these giant entities do. XRP whales made a number of exchange-related transfers over the past day Based on data from on-chain transaction tracking services whale alertIn the past 24 hours, three large transactions were discovered on the XRP network. The first of these transfers involved the movement of approximately 28.7 million XRP on the blockchain, and was worth approximately $14.7 million at the time of completion. Given the scale of this move, it’s likely that a whale entity was behind it. Whales can be influential…
In a recent legislative shift, Argentine President Javier Mire, together with Economy Minister Luis Caputo, effectively scrapped the proposed tax exemption for cryptocurrencies, changing key components of the “Foundations and Starting Points of Argentine Freedom” bill. The decision marks a significant departure from Argentina’s previous more favorable stance on Bitcoin and digital assets. Pro-Bitcoin President Milei cancels tax exemption As first reported by Argentinian tech outlet iProUP, the original draft of the bill included an asset regularization provision that proposed a one-time tax on various types of undeclared assets, including cryptocurrencies. The bill’s tax provisions plan to allow Argentinian citizens…
SDNY Judge Katherine Polk Failla ruled that the “self-driving” software Uniswap is not responsible for the losses suffered by users due to fraud and Ponzi schemes. Judge Failla, who dismissed lawsuits against Uniswap, Paradigm and other companies, also presided over the SEC’s lawsuit against Coinbase. Cryptocurrency supporters point to the industry’s growing momentum in court as a sign that the SEC may lose to Brian Armstrong’s cryptocurrency exchange.The SEC lost to Grayscale in court and in part in its securities campaign against Ripple’s XRP token. The judicial tide may be turning as U.S. cryptocurrency service providers such as Coinbase score…
Solana-based DEX aggregator Jupiter’s token surged to $905 million within 30 minutes of its release at 10 a.m. ET.Solana-based Jupiter has airdropped its JUP token, instantly becoming the sixth-largest decentralized exchange by market capitalization, according to CoinGecko.According to Coingecko, JUP had a market capitalization of $905 million within 30 minutes of its release at 10 a.m. ET. This would make it the sixth largest decentralized exchange. Jupiter is a DEX aggregator based on Solana.According to CoinGecko, JUP bounced between an initial $0.86 and a low of $0.5. At the time of writing, its price is hovering around $0.6.JUP Price -…