Category: Cryptocurrency News

Congratulations on surviving 2022. Now, in 2023, it is time to look ahead and find a new hope. And who is better to do that than some of our finest social media moonboys and moongirls? I've scavenged the internet and found their best new hopium charts. I will present them below. Why is this meaningful?…
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Data from Santiment reveals both Bitcoin and Ethereum currently lack the trading volumes to justify their market caps. Bitcoin And Ethereum NVT Ratios Are Both Bearish Right Now According to the on-chain analytics firm Santiment, both the bitcoin and ethereum networks will need to see a pickup in activity this year. The relevant indicator here is the “Network Value to Transaction” (NVT) ratio, which measures the ratio between the market cap of any crypto and its transaction activity. Usually, the trading volume is considered as the transaction activity of a coin, but Santiment’s NVT ratio works differently. Instead of dividing the market cap by the volumes, this version of the metric makes use of the “daily circulation,” a measure of the total number of unique coins that have seen some movement in the past day. The advantage of the circulation indicator is that transactions, where the same coins jump through several wallets, are only counted once towards the measurement, while the normal trading volume metric would have counted them as many times as they were transferred. This helps eliminate duplicate transactions and gives a more accurate idea about the market activity. Now, what the NVT ratio tells us is how the market cap of Bitcoin or Ethereum currently compares against the activity on the respective networks. High values of the metric suggest the volumes are much lower than the cap right now, and hence the coin may be overvalued at the moment. On the other hand, low values suggest the price may be undervalued. Related Reading: Litecoin Whale Withdraws $32M In LTC From Binance, Good Sign For Rally? Now, here is a chart that shows where the NVT ratio has been valuing Bitcoin and Ethereum during the past few years: The value of the metric seems to have been bearish for both the coins recently | Source: Santiment As the above graph shows, the NVT ratio has been bearish for Bitcoin since August 2022. This means that in the last few months, the circulation on the BTC network has remained pretty low when compared to the market cap of the crypto. For Ethereum, the indicator’s value had been switching between bearish and bullish throughout 2022, but the coin seems to have ended the year being overvalued as the circulation was bearish in December. Related Reading: Bitcoin Taker Buy/Sell Ratio Can’t Give Any Clear Signals As Demand Remains Low If the cryptos continue to be overvalued according to the NVT, then a correction may be imminent for them. “The circulation rate of both networks need to pick up in 2023, and this week will be telling as non-holiday days begin,” explains Santiment. BTC Price At the time of writing, Bitcoin’s price floats around $16,700, down 1% in the last week. Looks like BTC has surged in the last couple of days | Source: BTCUSD on TradingView Featured image from mana5280 on Unsplash.com, charts from TradingView.com, Santiment.net

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Cameron Winklevoss, co-founder of the cryptocurrency exchange Gemini, published an open letter to Digital Currency Group (DCG) CEO Barry Silbert on Jan. 2, 2022, stating that it had been 47 days since withdrawals from Genesis had been halted. In the letter, Winklevoss claimed that DCG owes $1.675 billion to Genesis. Silbert, however, responded on social […]

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A look at the top performers over the past 24 hours reveals a trend that could trigger a boom among certain altcoins in 2023. We’re talking about Lido Finance (LDO), which has risen 7% in the past 24 hours and 17% over the past seven days, making it the 37th largest cryptocurrency by market cap. Lido Finance is a decentralized liquid staking application that allows users to generate additional yield for staking their assets. The application currently offers support for five cryptocurrencies: Ethereum (ETH), Polygon (MATIC), Solana (SOL), Kusama (KSM), and Polkadot (DOT). Of particular interest, however, is the first-mentioned altcoin, Ethereum. As Thor Hartvigsen, blockchain and defi researcher, explained, Liquid Staking Derivatives (LSD) altcoins could see a boom in 2023 as the second largest cryptocurrency by market cap implements the Shanghai upgrade. Of all major layer-1 blockchains, Ethereum has the lowest staking ratio of only 14%. In contrast, 90% of all BNB, 72% of all ADA, 68% of all SOL, and 62% of all AVAX are staked. The huge gap is likely related to the fact that ETH cannot yet be de-staked. However, the Shanghai hard fork planned for March will change that. Related Reading: These Altcoins Will Be Hit The Hardest If DCG And Grayscale Fall While the analyst expects a major unstaking initially, the upgrade could trigger massive growth for liquid staking solutions in the long run. And Lido Finance (LDO) is currently the undisputed leader in the liquid staking of ETH, providing further rocket fuel for the LDO token. Altcoins Poised To Skyrocket Based On The Narrative However, not only the LDO but rather small LSD altcoins could benefit from the new narrative. As anonymous analyst “Karl” says, numerous LSD solutions are poised to wobble at the throne of Lido Finance. Currently, LDO’s market share is about 65.62%, followed by Rocket Pool (3.10%), StakeWise (0.9%), Ankr (0.81%), Frax Finance (0.67%), and Stafi (0.25%). As the analyst assesses, the market caps of the altcoins Stakewise (SWISE) and Stafi (FIS) are still below $20 million, despite the fact that they control significant market share. “[T]heir tokenomics aren’t the best though, as there is still a considerable portion of the supply to be unlocked as team/investors’ allocation and liquidity mining rewards,” the analyst added. A look at the market share/market cap ratio also shows that both SWISE and FIS tokens are close behind the market leader, poised for future gains. Also remarkable is Frax Finance, which recently entered the LSD landscape of altcoins and has already managed to capture a significant market share. Hartvigsen stated that in less than 2 months, Frax has managed to attract more than 45,000 ETH (about $55 million TVL). According to the analyst, there are “no signs of slowing down” as APRs are consistently at 9-10%, far outperforming any competitor. Frax Finance accomplishes this by giving users frxETH when they are either liquidity pooled on Curve (frxETH/ETH) or staked on Frax Finance (sfrxETH). Related Reading: Craziest Bitcoin Price Predictions For 2023, 1,400% Rally Possible? “Only sfrxETH receives the ETH staking yield. This results in a higher APR as not all of the staked ETH is receiving the rewards as they are in the curve pool instead,” the analyst explained. But Rocket Pool is also a prime candidate to grow from the new narrative due to its relative size, recent popularity growth, and several differentiators, Hartvigsen added. Two Potential Spoilers For LDO However, in the near term, there could be two spoilers in particular for the price of the Lido Finance token, LDO. Both Nansen and Chain EDGE on-chain data shows that “smart money” has been selling LDO rather than buying it, Twitter user @AvaxGems pointed out. I guess not all of us are bullish on LSD coins. Both @nansen_ai and @ChainEDGE_io(by @OnChainWizard) showing “smart money” been selling $LDO rather than buying. pic.twitter.com/9k0nt0tHpG — rektGEMS🔺 (@AvaxGems) January 3, 2023 A second factor for LDO could be Alameda. The ex-company of Sam Bankman-Fried sold 719,498 LDO on December 28, worth about $717,451, for 601 ETH, and currently still has 1.86 million LDO left, the equivalent of about $1.81 million. Featured image from Nasa / Unsplash, Charts from Messari, Twitter, TradingView.com

The wallet address now contains around 68.56 BTC, which is worth around $1.1 million at the time of writing.

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So this is it, my dudes! After about 5 years in crypto, I'm leaving the space with a sense of calmness and accomplishment 🙂 Crypto was amazing for me in these past years: I started providing translation services for crypto ICOs in exchange for their tokens, got a University Certificate in Blockchain Development which helped…
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