Author: dfmines

Welcome to today’s Daily General Discussion! Please use this thread to discuss Ethereum topics, news, events, and even price! Yes, we are trying something new and will allow price discussion, but only in this thread! Price discussion posted elsewhere in the subreddit will continue to be removed. As always, keep it friendly and follow the…
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The ongoing Bitcoin bull market has sparked renewed interest in on-chain metrics to fully understand the bullish trend behind the scenes. Earlier today, Avocado Onchain, a CryptoQuant analyst, shared his perspective on Bitcoin’s market performance, focusing on the widely-used Market Value to Realized Value (MVRV) ratio. This indicator is often used to assess Bitcoin’s valuation about its realized cap, which represents the aggregated value of all Bitcoin based on its last movement price. Related Reading: Bitcoin Hits S2F Threshold: Should You Hold Tight Or Take Profits? What Bitcoin MVRV Metric Currently Signals According to Avocado Onchain, the MVRV ratio provides key insights into market cycles. Historically, when the MVRV ratio dips below 1, it signals a market bottom, while values above 3.7 have coincided with potential market tops. As Bitcoin approaches new all-time highs, the MVRV ratio’s behavior suggests a shift in market sentiment from skepticism to optimism. This raises critical questions about how investors should interpret these metrics during a bull cycle. The MVRV ratio, calculated by dividing Bitcoin’s market cap by its realized cap, offers insights into whether the asset is undervalued or overvalued relative to its historical averages. Avocado Onchain emphasized that the ratio might not necessarily reach 3.7 in this cycle, as seen in prior bull markets, but could still signal overvaluation at lower levels. He noted that the ratio’s peaks and troughs have shown a narrowing trend, with higher lows and lower highs. MVRV Historical Patterns Drawing from historical patterns, the CryptoQuant analyst noted: In past cycles, detailed analysis of historical charts shows that in 2017, the MVRV ratio first reached 3.7, but Bitcoin’s price didn’t peak until six months later. Similarly, in 2021, the peak followed about three months after the ratio hit 3.7. Avocado Onchain suggested that while the MVRV ratio signals “overvaluation,” it does not guarantee an imminent price peak. Instead, the ratio often lingers around the overvaluation range, reflecting ongoing bullish sentiment with price fluctuations. Related Reading: Bitcoin Officially In Overheated MVRV Zone, Rally End Near? To mitigate risks, Avocado Onchain advises against relying solely on the MVRV ratio for investment decisions. He advocates for a gradual selling strategy as the ratio rises, allowing investors to balance potential gains with reduced exposure to market corrections. The analyst particularly concluded, stating: Asset prices often enter phases of extreme overvaluation that cannot be fully explained by numerical data alone. During a bull market, it’s essential to use not only on-chain metrics but also factors like investor sentiment, macroeconomic trends, and government policies to develop a well-rounded. Featured image created with DALL-E, Chart from TradingView

The dominance of Ethereum in defi makes it the top choice for stability and institutional-grade projects but Solana’s speed and affordability could see it outpace Ethereum in relative gains. Ethereum vs Solana: Who Emerges on Top Ethereum (ETH) and Solana (SOL) are two powerhouses in the blockchain industry, each representing different approaches to scalability, decentralization, […]

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Coin Center says that while a Trump administration will undoubtedly be positive for crypto, there are still several ongoing cases that could prove troublesome to investors and developers.

Ethereum (ETH) is gaining prominence as Bitcoin maintains its recent highs. Despite the fact that ETH is currently 36% below its all-time high of $4,878 from 2021, analysts anticipate that the second-largest cryptocurrency by market capitalization may be preparing for a significant shift. Related Reading: XRP Gains Momentum: Whale Activity Points To $15 Breakthrough Ethereum’s ecosystem is a hive of activity, with a surge in institutional investments, rising ETF interest, and increasing transaction volumes. From the 1.1 million recorded three months ago, the daily transaction volumes on Ethereum have climbed to 1.22 million, a notable rise according to the most current statistics from IntoTheBlock. Bitcoin has been the star of this rally, but what about Ethereum? Historically, Ethereum has been one of the first assets to benefit from profit rotations after Bitcoin’s move. Currently, Ethereum’s on-chain activity shows evenly spaced potential resistance levels, but in… pic.twitter.com/amkbZmtEyo — IntoTheBlock (@intotheblock) November 21, 2024 Despite the fact that the increase is not substantial, it indicates that network usage is consistent. This consistent activity serves as the foundation for Ethereum’s long-term value and underscores its ongoing significance in the crypto sector. Institutional Investors Place Bets In the past week, institutional buyers bought more than $1.4 billion worth of Ethereum (ETH), which caused a stir in the crypto community. During the same time frame, $147 million has been put into Spot Ethereum ETFs. This shows that people are becoming more optimistic about the future of ETH. #Ethereum whales have bought over 430,000 $ETH in the last two weeks, worth over $1.40 billion! pic.twitter.com/n7iTTADuax — Ali (@ali_charts) November 14, 2024 The activity surge continues; trading volumes for Ethereum ETFs reached a record $1.63 billion last week, representing a 44% weekly increase. According to analysts, this increase is consistent with the patterns observed in Bitcoin ETFs, which experienced an initial period of stagnation, followed by a period of sustained growth. In response, Ethereum’s price went through the roof, rising by 25%, which was the biggest weekly gain in six months. Many people see these changes as signs that Ethereum is gaining speed, which could possibly lead to more benefits. Shifting Landscape: Layer 2 Solutions While there are positives, growth in Ethereum’s network sends out a mixed signal. New ETH addresses created are lower than those seen in previous bull markets. The reason for this is seen by experts as Layer 2 options such as Base. Because these technologies are built on top of Ethereum’s infrastructure, transfers can happen more quickly and for less money. This makes it less important to directly connect to the main Ethereum chain. Nevertheless, Ethereum’s significance has not been eclipsed by Layer 2 growth. Tokens continue to be indispensable in the decentralized finance (DeFi) and NFT ecosystems. In reality, this expansion strengthens Ethereum’s fundamental function while simultaneously increasing its scalability and accessibility. Related Reading: Upbit Listing Sends BONK Skyrocketing 67% For A Fresh ATH In Memecoin Mania ETH is becoming less correlated with BTC. The 180-day BTC-ETH Pearson correlation is at a three-year low. A 10% rise in #Bitcoin could result in only a 3% gain for #Ethereum. Just because BTC is strong doesn’t mean you should buy ETH. Each asset is now following its own path. pic.twitter.com/4Dn4QoInXo — Ki Young Ju (@ki_young_ju) November 19, 2024 Ethereum Dissociates From Bitcoin Ethereum’s autonomy from Bitcoin is becoming increasingly apparent. The 180-day correlation between the two cryptocurrencies has plummeted to a three-year low, falling below 0.5. This change, according to analysts, indicates that Ethereum is now more influenced by its distinctive market dynamics than by the price fluctuations of Bitcoin. The necessity of independently assessing Ether’s potential is increasing as it continues to pursue its own course. Ethereum is demonstrating that it is more than just Bitcoin’s counterpart — it is forging its own path in the crypto world, whether through the adoption of Layer 2 solutions, institutional interest, or increasing ETF activity. Featured image from DALL-E, chart from TradingView

Binance expands its compliance team to meet the growing needs of the crypto industry and its user base. Compliance Remains Vital for Binance By the end of the year, Binance, one of the world’s largest cryptocurrency exchanges, plans to have 645 full-time compliance staff members—a 34% increase from November 2023—as it continues to expand its […]

Shiba Inu (SHIB) is currently consolidating after a massive rally earlier this month, which saw the token surge to $0.00003046 (on Binance). However, the momentum waned as SHIB retraced to levels below $0.00002303. With Bitcoin witnessing a push towards $100,000, SHIB investors have urged the development team to implement strategies that could catalyze a substantial rally Key Catalysts For Shiba Inu Price In response to these appeals, Shytoshi Kusama, the lead developer of the Shiba Inu ecosystem, addressed the community’s concerns by highlighting SHIB’s achievements and catalysts which will enhance the SHIB token valuation. Emphasizing the token’s prominence on the Ethereum blockchain, Kusama first stated via X: “‘Hey dude send Shib to the moon.’ Checks we are still #1 eth token in the world.” Addressing the notion that SHIB is merely a get-rich-quick scheme, a user commented: “What people don’t get is this token is about function and not just get rich quick.” Kusama agreed, replying that a superior technology and adoption are the key catalyst for the Shiba Inu token price: “Because through function we change the world and wagmi. No leader. Lots of tech. Unparalleled vision in the entirety of crypto. What more can you ask for?” Kusama wrote. Related Reading: Shiba Inu Could See A 53% Surge If This Resistance Breaks, Analyst Explains The conversation also turned to SHIB: The Metaverse, a project anticipated to drive broader adoption of the Shiba Inu ecosystem. When asked about its launch, Kusama revealed: “I expect a MV update in the Shib Mag soon :)” SHIB: The Metaverse is envisioned as a virtual world within the SHIB ecosystem, offering a digital playground where users can socialize, game, and trade digital assets. This metaverse aims to integrate Shiba Inu’s community, tokens, and services like ShibaSwap into a cohesive online environment. Users will be able to purchase virtual land, create unique experiences, and potentially mirror real-life businesses. Concerns about competition from other meme tokens were also addressed by Kusama. When a user asked about the competition from Dogecoin (DOGE) and BONK, Kusama emphasized that the SHIB ecosystem will be on an enterprise level: “I hope all memes do well so that wagmi. But they are playing ‘I Declare War’ and I am on the enterprise playing multilevel chess with the shields raised saying Check to a Klingon. #kipla” he stated. Related Reading: Shiba Inu (SHIB) Ready To Roar! Analyst Calls For A 200% Spike Further emphasizing upcoming developments, Kusama announced via X: “Analysis: Shib is still King! Bone is key. Leash is strong. TREAT is Coming.” He added shortly after: “Reminder that TREAT released by Shib Core is not yet available.” The TREAT token, designed as an access key to advanced features within the Shiba Inu ecosystem, is set to be released soon. This token will complement the existing SHIB, BONE, and LEASH tokens, each serving distinct roles within the ecosystem. While LEASH focuses on exclusivity and BONE on technology, TREAT will unlock advanced functionalities, enriching the overall user experience. In July, Kusama elaborated: “As you may know, Shib is home to a variety of tokens, including Shib, Bone, Leash, and our upcoming unreleased token: TREAT. Each token has its own utility and governance, and TREAT is the access token to all the advanced features of our system, in contrast to Leash, which is about exclusivity, or Bone, which focuses on technology.” Hinting at another potential catalyst, Kusama retweeted a post by artchick.eth (@digitalartchick), who speculated: “Memecoin ETF within 10 months.” Kusama commented: “I didn’t say it…. but I did RT it.” The prospect of a memecoin ETF in the United States is significant. Similar to the US spot Bitcoin and Ethereum ETFs, a memecoin ETF could attract substantial inflows from investors currently unable to access memecoin markets. Given its status as the second-largest memecoin by market capitalization, Shiba Inu would be a prime candidate for inclusion. At press time, SHIB traded at $0.00002502. Featured image from Shutterstock, chart from TradingView.com

India’s financial services secretary expressed deep skepticism about cryptocurrency, calling it a doubtful scheme, despite the nation’s top crypto adoption ranking. Indian Official Speaks Out: ‘Very Skeptical of Cryptocurrency’ M. Nagaraju, Secretary of India’s Department of Financial Services (DFS), expressed strong doubts about cryptocurrencies during the SBI Banking & Economics Conclave on November 18, 2024. […]