Tag: Data

Celestia to integrate with Polygon CDK for data availability in 2024

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The Celestia network will integrate with Polygon’s chain development kit (CDK) sometime “early next year,” according to a Dec. 11 announcement. The integration will provide an “easily-pluggable component” for Polygon-based networks to use Celestia for data availability. Celestia block explorer “Celenium.” Source: Celenium The announcement claimed that transaction fees could be reduced by more than 100 times if networks stored compressed transaction data on Celestia instead of Ethereum. The integration coming in early 2024 will simplify this choice, providing this option within the Polygon CDK software itself. “This is the…

Bitcoin price sell-off continues, but data highlights need for healthy correction

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Bitcoin price is down 5% over the last 24 hours to trade at $41,645 on Dec. 11. Despite the sharp price correction, technical indicators and on-chain data show that Bitcoin (BTC) still displays strength as bulls strive to push the price back above $44,000. On-chain data shows Bitcoin price “over-extended” Bitcoin dropped as much as 7.2%, falling to $40,300 on Coinbase, triggering a conversation among analysts. Julio Moreno, head of research at on-chain analytics firm CryptoQuant, said that the flagship cryptocurrency’s price was “overheating after the recent rally above” the…

Bitcoin (BTC) Price Drop Cools Overheated Funding Rates, Data Show

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On-Chain Data Reveals Dogecoin Has Broken All Major Resistance

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The price of Dogecoin has sometimes struggled this year, but the meme token has been on such a great run in the past few weeks, mirroring the current optimistic condition of the general cryptocurrency market. And if on-chain data is anything to go by, this current price rally might not be coming to an end anytime soon. Dogecoin Successfully Clears All Major Resistance – What’s Next? In a recent post on X, prominent analyst Ali Martinez revealed that the Dogecoin price has successfully cleared all major resistance levels. This latest…

Markets rethink Fed rate cuts as Bitcoin circles $44K on US jobs data

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Bitcoin (BTC) tapped $40,000 after the Dec. 8 Wall Street open as United States employment data shrunk market bets on interest rate cuts. BTC/USD 1-hour chart. Source: TradingView Bitcoin holds firm as jobs data unsettles U.S. dollar Data from Cointelegraph Markets Pro and TradingView covered the latest BTC price action as risk assets reacted to the latest U.S. inflation cues. Nonfarm payrolls came in above expectations at 199,000 versus 190,000, while unemployment was lower than forecast at 3.7% versus 3.9%, per an official release from the U.S. Bureau of Labor…

Bitcoin options data shows whales betting big — Will $50K BTC come in January?

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Bitcoin (BTC) options open interest reached an unprecedented milestone, surging to a staggering $20.5 billion on Dec. 7. This remarkable achievement signifies the active involvement of institutional investors in the cryptocurrency space. Unlike futures contracts, BTC options come with predetermined expiration prices, offering valuable insights into traders’ expectations and the markets’ sentiment. At the forefront of the Bitcoin options market stands Deribit, boasting an impressive 90% market share. The exchange currently holds a substantial $2.05 billion open interest for options expiring on Jan. 26. However, it’s worth noting that a…

Bitcoin Whales Driving The Rally Are Now Taking Profits, Data Suggests

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Data shows that the Bitcoin whales that may have been helping drive the latest rally have switched to profit-taking instead. Bitcoin Whales On BitMEX Have Changed Their Tune Recently An analyst in a CryptoQuant Quicktake post explained that the BitMEX whales were likely the ones helping fuel the latest rally. The relevant indicator here is the “Open Interest,” which keeps track of the total amount of Bitcoin derivative positions open on a centralized exchange. When this metric’s value increases, investors are opening up new contracts on the platform. On the…

Is Bitcoin Overvalued Yet? What Historical Data Suggests

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Here’s what the data of this historical on-chain indicator suggests regarding whether Bitcoin has become overvalued after its latest uptrend. Bitcoin MVRV Z-Score Hasn’t Climbed Too High Yet As the Reflexivity Research co-founder pointed out in a post on X, the BTC MVRV Z-Score readings have heated up little compared to the values observed in past bull runs. The “Market Value to Realized Value (MVRV) ratio” is an indicator that measures the ratio between the Bitcoin market cap and the realized cap. The “realized cap” refers to a capitalization model…

Fewer Transactions Sanctioned by U.S. Government’s OFAC Are Getting Through on Ethereum, Data Shows

This large percentage resulted, in part, from the fact that a small number of relayers were available in MEV-Boost’s early days, and the most popular ones were filtering out OFAC transactions. After a blowback from the Ethereum community, several “non-censoring” relayers entered the MEV-Boost fray, and it looked like the tide was turning back in favor of network neutrality. Today, only 30% of relayed blocks are “censored,” by Wahrstätter’s definition. Source CryptoX Portal