Author: dfmines

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Gemini’s entry to the market comes amid France gaining at least 2% in new crypto users over the past two years, according to the firm.

XRP peaked to $1.26, marking a new two-year-high for the coin. The uplift in the value of XRP has happened at a time when the rest of the cryptocurrency market anticipates some regulatory overhauls in the US, and more so after the results of the US elections. With over 90% gains within seven days, XRP’s price rally has brought back the excitement of investors towards the Ripple token. Related Reading: Poland Could Lead With Bitcoin Reserve, Presidential Hopeful Says Last Friday, the cryptocurrency closed at $1.05, a whopping 116% monthly increase. For comparison, XRP was barely moving at $0.50 a week ago. Although the altcoin appears to be making a rebound, Bitcoin’s recent spike above $93,000 probably contributed to an improvement in market mood overall. Google Trends Data Indicates Increasing Interest As XRP’s price has increased, so too has search interest. On Monday, Google Trends displays a peak popularity score of 100, a huge increase from just eight days earlier when it was only 8. This jump indicates a significant increase in public interest, which was probably spurred by XRP’s remarkable price movement and its return to the top market capitalization rankings. Remarkably, XRP has regained its position above Dogecoin with a market valuation of almost $65 billion. Cryptoes and other market observers have noted the historical significance of XRP’s most recent weekly closure. Nonetheless, some traders are wary, pointing out that the token may be overbought given the relative strength index (RSI) peaking above 93. #XRP Highest weekly close in 2 years | How high will it go? 🚀🌕 pic.twitter.com/BcoOWyt2Q1 — Cryptoes (@cryptoes_ta) November 18, 2024 Overcoming Resistance And Forecasts More than just pushing through the psychological barrier, the price rise of XRP also broke through long-standing resistance levels that had placed the price of this cryptocurrency below $1 for so long. Analysts say this might open a door for further long-term growth. If market sentiment and trading volume remain strong, the best forecasts hold it would experience another upswing. The price is expected to rise 14.35% during the following month, according to analysts’ optimistic short-term projections. Even more optimistic is the one-year projection, which predicts a 99% increase. Even while these numbers show strong growth potential, the cryptocurrency must hold onto crucial support levels to prevent steep declines. What’s Next For XRP? After a sharp increase, XRP is currently trading at $1.14. Thanks to rekindled enthusiasm and macroeconomic conditions that favor digital assets, its ecosystem seems stronger than ever. However, traders should continue to exercise caution. Given that XRP’s RSI is at its highest level since 2017, a consolidation phase may be imminent before another breakthrough takes place. Related Reading: The Year Of Solana: 2024 Sees Global Crypto Love Surge Nearly 40% Long-term outlooks appear promising, but the way forward will probably rely on market developments and Ripple’s capacity to build on its recent gains. Because cryptocurrency may change momentum quickly, investors are keeping a careful eye on things. Featured image from MoneyCheck, chart from TradingView

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PRESS RELEASE. Global leader in cryptocurrency payment solutions, Bit.Store, announced today a strategic partnership with the innovative blockchain platform Conflux Network. This partnership aims to bring diverse CFX spending experiences to users within the Conflux ecosystem through Bit.Store’s Web3 innovative CryptoCard product. This collaboration will significantly expand CFX’s real-world applications, enabling users to enjoy secure, […]

Shaquille O’Neal signed an $11 million settlement in exchange for dismissing a class-action lawsuit. 

Argentina has become the country where World, the biometric ID project, is most popular, with over 2.2 million registered users despite backlash from authorities. The company plans to expand its footprint in the country by implementing home-based iris scanning options next year. Argentina Becomes World’s No. 1 Nation Amidst Criticism World, the proof of personhood […]

On-chain data shows the Bitcoin Hashrate has seen a setback recently, a potential indication that miners may not believe the asset’s run would last. Bitcoin Mining Hashrate Has Declined Since Its All-Time High The “Hashrate” refers to a metric that keeps track of the miners’ total computing power currently attached to the Bitcoin network. This indicator’s value is measured in terms of hashes per second (H/s) or the larger and more practical, terahashes per second (TH/s). Related Reading: Is $135,000 Bitcoin’s Current Ceiling? This Model Says So When the value of this metric registers an increase, it means new miners are joining the network, and old ones are expanding their farms. Such a trend implies that blockchain is a lucrative opportunity for these chain validators. On the other hand, the declining indicator suggests some miners have decided to disconnect their rigs from the network, potentially because they can’t break even anymore. Now, here is a chart that shows the trend in the 7-day average of the Bitcoin Mining Hashrate over the past year: As displayed in the above graph, the 7-day average Bitcoin Hashrate had sharply moved up earlier and set new records. However, the metric has dropped since peaking near the 755 million TH/s mark at the start of this month. The earlier uptrend in the indicator resulted from the positive price action that the asset had been enjoying, as the price is directly linked to the miners’ revenue. There are two ways that these chain validators make their income: the transaction fees and the block subsidy. The former is dependent on traffic conditions and can drastically change from day to day. The latter, on the other hand, has very specific constraints attached to it. The block subsidy remains fixed in BTC value for about four years, at the end of which an event called the Halving cuts it exactly in half. These rewards are also given out at a more or less constant rate, meaning miners’ daily block subsidy income in BTC terms always remains quite predictable. Related Reading: Dogecoin Price Down 7%, But Whales Continue To Buy However, one variable is free to change, and it’s the USD value of these rewards. Whenever the price rises, so does the block subsidy revenue of the miners. This is why the Hashrate tends to see growth in bullish periods. Bitcoin has been exploring new highs recently, but the Hashrate has interestingly stayed muted. The indicator is around 723 million, which means it has declined by more than 4% since the peak. This trend could signal that the miners expect the current rally to face an obstacle. BTC Price At the time of writing, Bitcoin is floating about $91,900, up over 8% in the last seven days. Featured image from Dall-E, Blockchain.com, chart from TradingView.com