Category: Cryptocurrency News

According to a recent CryptoQuant Research post, Bitcoin (BTC) network activity has slumped to a 12-month low, with CryptoQuant’s Bitcoin Network Activity Index currently at its lowest level since February 2024. Bitcoin Network Activity Drops As Market Consolidates Data from CryptoQuant’s Bitcoin Network Activity Index shows that activity has declined by 15% from its peak in November 2024. As of February 5, the Index stands at 3,760, marking its lowest level in the past year. Related Reading: Bitcoin 4-Hour RSI Hits Oversold Zone – Is A BTC Rebound Near? The decline in network activity is primarily attributed to a sharp drop in the number of transactions on the Bitcoin network. From an all-time high (ATH) of 734,000 transactions in September 2024, the total daily transaction count has fallen by 53% to 346,000. According to CryptoQuant, this downturn in BTC network activity is largely driven by a decline in the use of the Runes Protocol for minting tokens on the blockchain. The post explains: This is evident in the total daily number of OP RETURN codes in Bitcoin transactions, which the RUNES protocol uses to write data about token mints and transfers on the network. When the RUNES protocol emerged in April 2024, the daily number of OP RETURN codes spiked to 802K. However, the number of OP RETURN code has plummeted since, with only 10K OP RETURN codes used. For the uninitiated, The Runes Protocol is a new token standard for BTC, designed to enable fungible token creation directly on the network without requiring off-chain data or complex smart contracts. It aims to be more efficient and scalable than previous Bitcoin tokenization methods like Ordinals and BRC-20. Further evidence of reduced network activity is visible in Bitcoin mempool traffic. The total number of pending transactions waiting to be confirmed in a Bitcoin block has plummeted by 99%, from 287,000 in December 2024 to just 3,000 as of February 5, 2025. Notably, this is the lowest level of mempool traffic since March 2022. Is BTC Overvalued At Current Price? The analysis suggests that, based on network activity, Bitcoin’s fair value currently falls between $48,000 and $95,000. This implies that BTC’s current market price of around $98,000 may be overvalued. Related Reading: Bitcoin Withstands DeepSeek Dip And FOMC Volatility – How Close Is A New ATH? However, another CryptoQuant contributor argues that the current Bitcoin price presents a strong buying opportunity for investors looking to dollar-cost average their holdings. Similarly, another analyst suggests that BTC’s recent market performance indicates it is in the distribution phase of the market cycle. Despite short-term concerns, the long-term outlook for BTC remains bullish. A Standard Chartered executive recently predicted that Bitcoin could reach $200,000 by the end of 2025. At press time, BTC trades at $97,914, down 0.1% in the past 24 hours. Featured image from Unsplash, Chart from TradingView.com

Ethereum price started a recovery wave above the $2,650 zone. ETH is now struggling to clear the $2,880 and $2,920 resistance levels. Ethereum started a decent upward move above the $2,620 zone. The price is trading below $2,750 and the 100-hourly Simple Moving Average. There was a break below a key bullish trend line with support at $2,800 on the hourly chart of ETH/USD (data feed via Kraken). The pair could start a fresh decline if it stays below the $2,800 level. Ethereum Price Recovery Could Soon Fade Ethereum price started a recovery wave above the $2,550 level, like Bitcoin. ETH was able to surpass the $2,600 and $2,620 resistance levels to move into a short-term positive zone. The price was able to surpass the 50% Fib retracement level of the downward wave from the $3,400 swing high to the $2,120 swing low. However, the bears seem to be active below the $2,880 and $2,920 resistance levels. The price is again moving lower. There was a break below a key bullish trend line with support at $2,800 on the hourly chart of ETH/USD. Ethereum price is now trading below $2,800 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,770 level and the 100-hourly Simple Moving Average. The first major resistance is near the $2,800 level. The main resistance is now forming near $2,920 or the 61.8% Fib retracement level of the downward wave from the $3,400 swing high to the $2,120 swing low. A clear move above the $2,920 resistance might send the price toward the $3,000 resistance. An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,050 resistance zone or even $3,120 in the near term. More Losses In ETH? If Ethereum fails to clear the $2,800 resistance, it could start another decline. Initial support on the downside is near the $2,630 level. The first major support sits near the $2,600 zone. A clear move below the $2,600 support might push the price toward the $2,500 support. Any more losses might send the price toward the $2,420 support level in the near term. The next key support sits at $2,350. Technical Indicators Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now below the 50 zone. Major Support Level – $2,630 Major Resistance Level – $2,800

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In 2024, Tron reached several important milestones, outpacing both Bitcoin and the broader altcoin market and expanding its user base.

Bitcoin price is consolidating above the $95,500 support zone. BTC is showing a few positive signs and might attempt a recovery if it clears $100,000. Bitcoin started a fresh decline below the $100,000 level. The price is trading below $99,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it clears the $100,000 zone. Bitcoin Price Holds Support Bitcoin price failed to continue higher above the $102,500 zone. It started another decline below the $99,000 zone. BTC gained bearish momentum for a move below the $98,500 and $96,500 levels. A low was formed at $95,700 and the price recently started a consolidation phase. There was a minor increase above the $97,000 level. The price surpassed the 23.6% Fib retracement level of the downward move from the $102,500 swing high to the $95,700 low. Bitcoin price is now trading below $98,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $98,000 level. There is also a connecting bearish trend line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair. The first key resistance is near the $99,100 level or the 50% Fib retracement level of the downward move from the $102,500 swing high to the $95,700 low. The next key resistance could be $100,000. A close above the $100,000 resistance might send the price further higher. In the stated case, the price could rise and test the $101,200 resistance level. Any more gains might send the price toward the $102,500 level. Another Decline In BTC? If Bitcoin fails to rise above the $98,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $96,200 level. The first major support is near the $95,500 level. The next support is now near the $93,200 zone. Any more losses might send the price toward the $92,200 support in the near term. The main support sits at $90,900. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level. Major Support Levels – $96,200, followed by $95,500. Major Resistance Levels – $98,000 and $100,000.

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Ripple USD (RLUSD) is expanding to more platforms, including Zero Hash and Revolut, strengthening its presence in trading, payments, and financial applications across multiple blockchains. RLUSD Lands on More Platforms Ripple is strengthening the presence of its stablecoin, Ripple USD (RLUSD), through new partnerships, adding Zero Hash and Revolut to its growing list of platforms, […]

Crypto app founder Firoz Patel will serve three and a half years in a US prison for hiding 450 Bitcoin after being sentenced for money laundering.