Category: Cryptocurrency News

Data shows large transactions are rising in dominance as whales are moving their coins. This hints at Bitcoin’s increased maturation as a macro asset. Large Transactions Are On The Rise On The Bitcoin Network According to the latest weekly report from Glassnode, large transactions are becoming increasingly dominant on the BTC network, hinting that whales and institutional investors are showing rising interest in the crypto. The relevant indicator here is the total transfer volume breakdown by size (7-day moving average). This metric classifies the total transactions happening on the network into specific ranges based on the size of the transfer. Here is a chart showing the trend in the Bitcoin volume based on the various transaction sizes: Large transactions are growing dominant in the BTC market | Source: Glassnode The above graph shows that trading volume has again surged back recently after plunging down during the month of June and staying low ever since. Such high volumes show that there is a lot of interest going on in the coin right now. There is a box on the chart that covers the volumes between $13.6 billion and $16.8 billion. This box highlights the two regions of most volume where values were close to the all-time-high (ATH). Related Reading | Bitcoin S2F Creator PlanB Thinks BTC Will Reach $135k By December The difference between both the peaks becomes apparent on a closer examination of the chart. It looks like transactions of size higher than $10 million have become increasingly dominant recently, when it wasn’t the case during the bull run in the first half of the year. Such large transactions belong to whales, institutional investors, trading desks, and other high worth entities. A rise in these entities shifting around their coins suggests that Bitcoin has become more mature as a macro asset. BTC Price At the time of writing, Bitcoin’s price floats around $49.9k, up 20% in the last seven days. Over the last thirty days, the crypto has lost 0.6% in value. Related Reading | Bitcoin Shakes Off Bloody September As Price Breaks $50K, Headed For New All-Time Highs? The below chart shows the trend in the price of the coin over the last five days: Bitcoin’s price shows some uptrend after moving sideways for the past few days | Source: BTCUSD on TradingView Over the last few days, BTC mostly moved sideways after a very sharp move up. This changed yesterday when the coin finally showed some movement up and today the coin retested $50k. Right now, the coin has rebounded back down a little, but Bitcoin will probably continue to test the level in the next few days. It’s unclear if BTC will break through the level anytime soon, or if it will correct lower in the short term. Featured image from Unsplash.com, charts from TradingView.com, Glassnode.com

BTC’s futures markets premium and options risk gauge show that there are not any signs of excessive leverage or FOMO from traders — yet.

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OK so I am looking at a couple basics ENS names but am I missing something? The name only costs $5 but the gas is $130???? Am I missing something, is there some way around this huge charge? Is there a fix coming? submitted by /u/MiMedicalMJ [link] [comments]

So right now, SHIB up 60%, DOGE up 11%, Safemoon up 11%. Anyone know what's pushing the memecoin action right now? I know Elon made a tweet yesterday but I find it difficult to believe that's where all the forward momentum is coming from with these coins. I'm not knocking it btw, if regular people…
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The bulls have taken over the crypto market with Bitcoin and Ethereum recording gains across the board. A year ago, the price action that preceded the end of the year took the market into new highs. The expectations are similar, but experts are yet to find a consensus. At the time of writing, Ethereum (ETH) trades at $3,466 with a 2.5% profit in the 24-hour chart. In his most recent report for Bloomberg Intelligence, Senior Commodity Strategist Mike McGlone believes the “biggest surprise” would be to not see higher prices for Bitcoin and Ethereum. Related Reading | Bitcoin Shakes Off Bloody September As Price Breaks $50K, Headed For New All-Time Highs? The two main cryptocurrencies by market cap have been experiencing short-term bearish obstacles but with long-term bullish fundamentals. The crypto ban imposed by China is one of the most prominent examples. McGlone expects $40,000 to become the new critical support for Bitcoin in the coming months. Conversely, Ethereum could move into the $2,000 to $3,000 support zone in case of any downside risk. Both cryptocurrencies have been increasing their price floors after May, June, and July brought in a high amount of selling pressure into the market. Ethereum has major price tailwinds in the non-fungible token (NFT), fintech, stablecoins, and decentralized finances (DeFi). Thus, the analyst believes ETH’s price is still in its early days of price discovery moving into more appreciation. Related Reading | TA: Ethereum Could See “Liftoff” if It’s Able to Hold One Crucial Level The introduction of EIP-1559 has added a new bullish factor for the Ethereum chart. According to McGlone: Demand and adoption are rising, but our graphic depicts a notable difference from a year ago — plunging supply. At the start of 4Q20, the 12-month rate of change in the measure of Ethereum supply from Mosaic was closer to 5%. Now it’s on track to drop toward 2% because of a recent upgrade Ethereum Taking Market Share From Bitcoin It is due to its use cases that Ethereum has managed to attract major players and take over an important market share. As seen below, the second cryptocurrency by market cap is starting to look more of a leader. The digitalization of money and finances, as the analyst said, will continue to create demand for Ethereum. In the DeFi sector, the growth has been exponential with the total value locked of these assets reaching $100 billion versus the $20 billion recorded in 2020. On Oct. 4, the market cap of the No. 2 crypto was about 20% of the total, vs. closer to 10% at the start of 2021. Bitcoin’s dominance has weakened to about 40% from 70%. Mosaic and Coin Dance data place Ethereum atop the food chain, indicative of rising crypto values and it’s prominence as the go-to platform for smart contracts, NFTs and decentralized finances. In that sense, the report claims that investors without a position in the crypto market could be making a similar mistake to missing out on the early days of the internet.

Privacy activist and whistleblower Edward Snowden says that bitcoin is up about 10 times since he tweeted about buying it. Bitcoin is stronger “despite a coordinated global campaign by governments to undermine public understanding of — and support for — cryptocurrency,” he said. Edward Snowden Says Bitcoin Stronger Despite Governments’ Anti-Crypto Campaign Former computer intelligence […]

LINA, SCRT and PRE each rallied by 20% and Bitcoin’s attempt to flip $50,000 to support could extend the current rally seen across the altcoin market.