How many times has bitcoin been declared "dead"? 477 times: https://99bitcoins.com/bitcoin-obituaries/ and 477 times they've been wrong. But now in 2024, as you see the major players like Blackrock, nation states, major public companies holding or considering holding BTC on their balance sheets, you can't say its dead anymore. So who is the next biggest/easiest…
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Bitcoin exchange-traded funds (ETFs) reached a historic milestone, with a total net asset value of $100 billion across the 12 ETFs. Bitcoin ETFs Hit $100 Billion, Representing 5.4% of Bitcoin Market Cap Bitcoin’s rally to a record $95,000 high on Wednesday saw bitcoin ETFs also hit a historic milestone of $100 billion in total net […]
Hey there, I was really surprised to see an ad on Instagram in my feed from an account which pretends to be Vitalik. Usually I would ignore it, but the account therealvitalik has more than 700.000 followers, so I really think this needs to be reported. The ad is linking to a report from the…
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Cardano has outperformed most of the market with a sharp 50% rally during the past week. Here’s what’s driving this run, according to on-chain data. Cardano On-Chain Metrics Have Lit Up Recently According to data from the on-chain analytics firm Santiment, a couple of activity-related metrics have spiked for ADA recently. The indicators in question are the Transaction Volume and the Whale Transaction Count. The first of these, the Transaction Volume, keeps track of the total amount of Cardano that’s becoming involved in transfers on the blockchain every day. This metric basically tells us whether the ADA investors have a high interest in trading the coin or not. Related Reading: Bitcoin Is About To See A Historically-Profitable Crossover In This Metric Whereas the Transaction Volume is a general metric, the Whale Transaction Count provides information about the activity level of only a specific investor group: the whales. As the metric’s name implies, it measures the total number of transfers that these humongous investors are making on the network. More formally, it specifically tracks the transactions carrying a value of more than $100,000. Now, here is a chart that shows the trend in the Transaction Volume and the Whale Transaction Count for Cardano over the last few months: As displayed in the above graph, both of these on-chain indicators have shot up for Cardano recently, which implies activity across the board has risen on the network. This recent spike in activity has coincided with ADA’s sharp rally, which has put the cryptocurrency at impressive gains of more than 50% over the past week. Given the timing, it’s likely that the increased interest from the investors has played a role in the price surge. At present, the weekly Transaction Volume for Cardano is sitting at around $52 billion, which is a 7-month high for the metric. Similarly, the Whale Transaction Count has a value of 8,900, the highest in 6 months. From the chart, it’s apparent that ADA also saw a simultaneous surge in these metrics back in June. This previously elevated level of activity led to a 26% increase for the coin. Related Reading: Bitcoin Hashrate Falls Off, Miners Expecting Pause In Bull Run? Something to note, however, is that this last activity spike occurred alongside a bottom for the coin, while the recent one has come as the asset has been rallying. The current high interest in Cardano could certainly act as more fuel for the rally, but it could also very well turn into a profit-taking storm as investors’ gains balloon up. It only remains to be seen which scenario would follow for ADA in the coming days. ADA Price With positive returns of 12% during the last 24 hours, Cardano is currently the best performer among the top cryptocurrencies by market cap. Featured image from Dall-E, Santiment.net, chart from TradingView.com
Galaxy Research data revealed that $174 million had been invested in Bitcoin layer-2s between January and September.
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Bitcoin (BTC) achieved a historic milestone, reaching an all-time high of $98,367 per coin, just 1.66% shy of the coveted $100,000 mark. Bitcoin Approaches $100K, Eyes Market Milestone On Thursday morning at 6 a.m. Eastern Time, the leading cryptocurrency bitcoin (BTC) rose 5.2% against the U.S. dollar in the past 24 hours and 7.8% over […]
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