Day: January 1, 2024

Ethereum “Set For Further Gains,” Analyst Puts This Target

An analyst has explained that Ethereum could be set to see a further rally based on on-chain data. Here’s the level ETH may end up surpassing. Ethereum Has No Significant On-Chain Resistance Ahead In a new post on X, analyst Ali has discussed how Ethereum’s support and resistance levels are looking like based on on-chain data. In on-chain analysis, the potential for any level to provide any notable amount of support/resistance to the price depends on the number of investors who acquired their coins. Here is a chart that shows…

Bitcoin Lightning Network transfer capacity continues growing

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The capacity of the Bitcoin Lightning Network to facilitate transactions continues on an upward trajectory, nearing all-time highs. According to data from LookIntoBitcoin, a site that tracks Lightning Network statistics, the network can handle over $210 million of transfers, or approximately 4,980 Bitcoin (BTC). Bitcoin Lightning Capacity chart. | Source: LookIntoBitcoin This approaches the record high of $223 million reported on Dec. 6. Lightning saw its highest-ever capacity in July when approximately 5,400 BTC could be transferred via the network. This metric nearly reached similar levels again last November before…

Bitcoin SV surges 102% in a week, reaching a near 2 year high

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Bitcoin SV continues its rally, crossing the $100 threshold for the first time since February 2022.  This significant uptick in price, representing an increase of over 102% within a week, is largely attributed to growing interest and trading activities in the South Korean market. The Korean cryptocurrency exchange Upbit has been a focal point of this heightened activity around BSV. Today, Upbit recorded a substantial $275 million in BSV trading volume.  The price jump follows an even more impressive trading day on Boxing Day last week, where the exchange saw…

$560m worth of crypto tokens to unlock this month

Seven cryptocurrency projects, including Injective and Sui, will release new tokens worth at least $10 million into their circulating supply within the next month.  In total, around $560 million in cryptocurrencies are scheduled to unlock in January 2024, according to a TokenUnlocks dashboard. The unlocks will happen over varying periods, with some releases occurring within 72 hours and others occurring in tranches across 30 days.  These emissions have been designated for various participants, such as core contributors, charities, staking rewards, and investors. Aptos (APT) Aptos, a layer-one blockchain, will unlock…

From $60,000 To $500,000, Top Experts Share Bold Predictions

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As the crypto market marches into 2024, various industry experts and financial analysts have recently cast their respective Bitcoin (BTC) predictions for the year. Among the voices offering insights, Mark Mobius of Mobius Capital Partners LLP stands out for his historically accurate predictions. Having correctly forecasted Bitcoin’s fall to $20,000, Mobius now envisions a climb to $60,000 by the year’s end. This optimism is further mirrored by Youwei Yang, chief economist at crypto mining firm Bit Mining, who projects a high of $75,000 for Bitcoin in 2024. Yang’s predictions hinge…

Global crypto ATM network shrunk more than 5,700 in 2023

2023 saw a significant decline in crypto ATMs, with more than 5,700 units discontinued. This reduction marks a historic first since the initial deployment of these machines in October 2013. According to the latest data from Coin ATM Radar, the global count of crypto ATMs has decreased from its peak of 39,350 in December 2022 to approximately 33,620, representing a 14.5% decline from the previous high. Bitcoin ATM Installations Growth | Source: coinatmradar.com Data also shows a fluctuating trend in the deployment and decommissioning of these ATMs throughout the year.…

Bitcoin MVRV at highest point since April 2022

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Bitcoin’s market value to realized value ratio has climbed to its highest level since early April 2022, potentially signaling that a long-term bottom is already in place for the cryptocurrency. According to data from on-chain analytics firm Santiment, Bitcoin’s (BTC) market value to realized value (MVRV) ratio currently stands at 61.3% — its highest since April 2022. At the time, Bitcoin was trading around $43,000 after retreating from a local peak of approximately $48,000. Bitcoin 10-year MVRV  Ratio | Source: Santiment The MVRV ratio calculates Bitcoin’s market capitalization relative to…

$47,600 Or $38,600? What Could Be Next For Bitcoin

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An analyst has pointed out two demand zones that could be important for Bitcoin. Here’s what could be next for BTC based on these supply walls. Bitcoin On-Chain Support And Resistance Levels Could Provide Hints For What’s Next As explained by analyst Ali in a new post on X, Bitcoin has recently been floating between two major supply walls of the asset. “Supply wall” refers to the amount of Bitcoin that addresses acquired in any given price range. The chart below shows what the different supply walls look like for…

2024 is the year crypto explodes

A YouTube analyst from the Crypto Capital Venture channel poses several arguments for bullish sentiment in 2024 in a new video. The analyst opens the video by reflecting on the resilience and growth of the market despite challenges like FTX’s collapse, the bankruptcy of 3AC, and the SEC suing Coinbase and Binance, all of which should’ve led to crypto failing but didn’t. “Bitcoin has just been putting in higher highs and higher lows on the macro,” said the analyst. “Zoomed out, the cycles are continuing just like clockwork.” The analyst…

Tectum leads community interest following staking announcement

CoinGecko reports Tectum as one of the top trending coins today, with a 20.8% price increase in the last 24 hours and a remarkable 156.9% surge over the past seven days. According to CoinMarketCap, Tectum (TET) is currently being marketed as the sole blockchain network, implementing a proprietary Proof-of-Utility (PoU) consensus and a high-speed network protocol. The PoU protocol enhances data distribution efficiency, while the network protocol empowers nodes to validate and distribute over 1 million digital events per second, establishing Tectum as the fastest blockchain globally, in contrast to Bitcoin,…