Category: Cryptocurrency News

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On-chain data suggests Bitcoin has recently experienced an influx of investors while Dogecoin, Cardano, and other altcoins have seen a slowdown. Bitcoin Total Amount Of Holders Rise While Altcoins See Flat Movement According to data from the on-chain analytics firm Santiment, the number of Bitcoin investors has sharply increased recently. The on-chain metric of interest here is the “Total Amount of Holders,” which keeps track of the total number of addresses on a given network carrying some non-zero balance. When the value of this indicator goes up for any asset, it can be due to several things. The first and most obvious contributor to this trend would be adoption, as a fresh influx of users would naturally create more addresses. Related Reading: This Bitcoin Metric Foreshadowed Recent Price Drops, Quant Reveals Another contributor could be old investors returning to reinvest in the coin after selling out their balance earlier. The indicator would also increase when investors spread out their holdings among multiple wallets for reasons like privacy. In general, some net adoption occurs whenever the Total Amount of Holders goes up. Historically, adoption has been a constructive sign for any blockchain in the long term. Naturally, when this metric’s value goes down, it implies that some investors have decided to exit from the cryptocurrency as they have completely cleaned out their wallets. Now, here is a chart that shows the trend in the Total Amount of Holders for some of the top assets in the sector: Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Cardano (ADA), Dogecoin (DOGE), and Chainlink (LINK). How the number of investors has changed for some of the top cryptos | Source: Santiment on X As displayed in the graph, Dogecoin started 2024 with some rapid adoption as its Total Amount of Holders had been observing a sharp uptrend. However, this growth only lasted for the first couple of months, as the metric has since flattened for the memecoin. Other altcoins like Chainlink and Cardano have also witnessed flat action in the metric in this period. The trend had been just the opposite for Bitcoin, where more or less flat movement had occurred in its number of investors earlier in the year, but the asset has seen some uptrend in the metric this month. It’s possible that investors were previously attracted to Dogecoin and other networks, but now that markets have been undergoing bearish price action, traders are back to preferring the original cryptocurrency. Overall, DOGE’s holders are still up 13.8% in the past three months, while BTC’s growth stands at 2.6%. Naturally, the latter’s userbase is also larger, so a relatively small percentage could be due to that. Related Reading: XRP Whales Are Active: Here’s Where They Are Sending Coins Cardano is among the few networks in the sector that have observed negative action in the Total Amount of Holders during this window, although the decrease is a mere 0.1%. BTC Price Bitcoin has been struggling to make any recovery run count recently, as its price is back at $63,000 after the latest failed attempt. Looks like the price of the coin has been heading down recently | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, Santiment.net, chart from TradingView.com

MicroStrategy has yet to adopt the new accounting standard that would have taken the billions of dollars in paper gains from Bitcoin’s 65% price rally into account.

While bitcoin mining has become increasingly difficult and block rewards have dropped from 6.25 bitcoins to 3.125 bitcoins, a solo miner discovered block 841,286. Bitcoin’s Harsh Mining Climate Yields Treasure for One Solo Entity Mining bitcoin (BTC) has become significantly challenging, with the network’s difficulty reaching an all-time high of 88.10 trillion. This complexity, coupled […]

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Crypto analyst DonAlt has outlined a scenario where the Bitcoin price could drop to as low as the mid-$40,000. He further suggests that this price breakdown might be necessary for the continuation of BTC’s bull run. How Bitcoin Could Drop To As Low As $47,000 In an update to his Bitcoin analysis, DonAlt noted that Bitcoin had dropped back to around the $60,000 price range and could eventually break that support if it continues to be tested. From the accompanying chart he shared, the crypto analyst hinted that a price breakout below the $60,000 range would see Bitcoin drop to $52,000 or even further down to $47,000.  Related Reading: XRP Price Prediction: Analyst Says Prepare For 700% Jump To $4, Here’s When Source: X Meanwhile, he added that this might be something even the bulls want, so there could be a washout below $60,000, which would shake off weak hands. DonAlt also seems to support a price breakout below the support area, as he shared his belief that there is currently complacency in the market.  This is when crypto investors ignore the risks associated with Bitcoin, having seen price increases for an extended period. DonAlt said he would continue to hold this complacency belief until proven otherwise. For that to happen, he remarked that Bitcoin would need to reclaim $68,000 or drop below $60,000 and reclaim that support level again.  Denis Baca, Head of Product at Zivoe Finance, also recently suggested that BTC could drop below $60,000 before it makes any parabolic move. This was a huge possibility, especially since Baca noted that the flagship crypto historically retests the support level of the 20-week SMA (small moving average) in May. He claimed this could cause Bitcoin to drop to $56,000.  BTC Bulls Are Getting Overwhelmed By The Bears Bitcoin bulls look to be succumbing to the pressure from the bears. Crypto analyst Ali Martinez revealed in an X post that there has been a “noticeable dip in Bitcoin whale activity” since March 14. This suggests the current market downtrend could be diminishing their confidence, as these whales are always known to accumulate more during every price dip. Martinez added that a “surge in whale transactions could be the spark needed to boost” BTC’S price. Related Reading: Brace For Price Impact: Dogecoin Whales Move Massive 456 Million DOGE To Exchanges Meanwhile, CryptoQuant’s Head of Research, Julio Moreno, recently noted that Bitcoin’s price has remained tepid due to the slowdown in demand. He alluded to the Spot Bitcoin ETFs, which have seen their demand decline this month. Like Martinez mentioned, Moreno stated that there needs to be a “demand growth” for Bitcoin to experience another rally.  At the time of writing, Bitcoin is trading at around $62,300, down over 2% in the last 24 hours, according to data from CoinMarketCap.  BTC price trending at $62,200 | Source: BTCUSD on Tradingview.com Featured image from Xataka, chart from Tradingview.com

Proposal to Form an Unincorporated DAO We are committed to expediting further development and reinstating moon distributions, as voted on by the community (https://snapshot.org/#/cryptomods.eth/proposal/0xe0023693d8c263b40378866be5b21f00d89c0c6f3cabb31228475706c8e99c09). After further debate and discussion, the mod team proposes that the best approach is to proceed as an unincorporated DAO for at least the first year and thus defer the plan…
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