Category: Cryptocurrency News

Ethereum price is gaining pace above the $3,600 resistance zone. ETH could extend its upward move if it clears the $3,725 resistance zone. Ethereum is aiming for more gains above the $3,725 and $3,740 levels. The price is trading above $3,650 and the 100-hourly Simple Moving Average. There is a connecting bullish trend line forming with support at $3,480 on the hourly chart of ETH/USD (data feed via Kraken). The pair could extend its rally if there is a close above the $3,725 resistance zone. Ethereum Price Jumps Over 8% Ethereum price formed a base and started a decent increase above the $3,500 resistance, like Bitcoin. ETH surpassed the $3,600 and $3,650 levels to move into a positive zone. A new weekly high was formed at $3,726 and the price is now consolidating gains. The price is well above the 23.6% Fib retracement level of the upward move from the $3,224 swing low to the $3,726 low. It is up over 8% and there are chances of more upsides. Ethereum is trading above $3,650 and the 100-hourly Simple Moving Average. There is also a connecting bullish trend line forming with support at $3,480 on the hourly chart of ETH/USD. It is close to the 50% Fib retracement level of the upward move from the $3,224 swing low to the $3,726 low. Immediate resistance is near the $3,725 level. The first major resistance is near the $3,750 level. The next key resistance sits at $3,800, above which the price might test the $3,880 level, above which Ether could gain bullish momentum. Source: ETHUSD on TradingView.com In the stated case, the price could rise toward the $3,880 zone. If there is a move above the $3,920 resistance, Ethereum could even rise toward the $4,000 resistance. Are Dips Limited In ETH? If Ethereum fails to clear the $3,725 resistance, it could start a downside correction. Initial support on the downside is near the $3,620 level. The first major support is near the $3,500 zone or the trend line. The next key support could be the $3,420 zone. A clear move below the $3,420 support might send the price toward $3,350. Any more losses might send the price toward the $3,220 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now above the 50 level. Major Support Level – $3,500 Major Resistance Level – $3,725

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I dont know what to do with mine, I wanted to withdraw or convert it back to ETH but I cannot. submitted by /u/DullOne [link] [comments]

Charles Hoskinson has criticized “all the dunking of Cardano,” and asserted that the protocol offers the “optimal route for scalability, governance, and innovation.” According to Hoskinson, the crypto industry’s problem is that it allows “carnival barkers [to] dominate the conversation.” Cardano FUD Charles Hoskinson, co-founder of Input Output Global Inc., has criticized “all the dunking […]

Bitcoin price is moving higher above the $71,200 resistance. BTC is showing positive signs and might soon extend gains above $72,500. Bitcoin climbed higher above $69,500 and $70,000 resistance levels. The price is trading above $70,000 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support near $70,750 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate higher if it clears the $72,500 resistance zone. Bitcoin Price Regains Momentum Bitcoin price started a decent increase above the $68,500 resistance zone. BTC cleared the $69,500 and $70,000 resistance levels to move into a positive zone. The price even cleared the $71,200 resistance zone. A high was formed near the $72,609 level and the price is now correcting gains. There was a move below the $72,000 level. The price corrected lower below the 23.6% Fib retracement level of the upward wave from the $68,954 swing low to the $72,609 high. Bitcoin is now trading above $70,000 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $70,750 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the upward wave from the $68,954 swing low to the $72,609 high. Immediate resistance is near the $72,000 level. The first major resistance could be $72,500. The next resistance now sits at $72,800. If there is a clear move above the $72,800 resistance zone, the price could start a fresh increase. Source: BTCUSD on TradingView.com In the stated case, the price could rise toward $73,500. The next major resistance is near the $74,000 zone. Any more gains might send Bitcoin toward the $75,000 resistance zone in the near term. Are Dips Supported In BTC? If Bitcoin fails to rise above the $72,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $70,7500 level or the trend line. The first major support is $70,350. The next support sits at $70,000. If there is a close below $70,000, the price could start a drop toward the $68,500 level. Any more losses might send the price toward the $67,500 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level. Major Support Levels – $70,750, followed by $70,000. Major Resistance Levels – $72,000, $72,500, and $73,500.

Bitcoin (BTC) has shown an impressive performance in the first quarter (Q1) of 2024, as highlighted in a recent report by market intelligence data research firm Messari. The research firm finds key factors contributing to Bitcoin’s price increase, market cap dominance, and the emergence of new trends in the cryptocurrency ecosystem. Inscription Activities Drive Bitcoin Fees Up Analyzing the key figures detailed in the report, Bitcoin’s price experienced a significant increase in Q1 2024, rising 68.78% quarter-over-quarter (QoQ) to reach an all-time high (ATH) of $73,100.  This price increase propelled Bitcoin’s market cap dominance to 49.7% in March 2024. Interestingly, the research firm notes that such dominance is a typical feature at the start of a new halving cycle, with Bitcoin often leading the way for other cryptocurrencies. Related Reading: XRP Price Drops After Massive Whale Dump, Casting Doubt On $1 Target In April Another relevant figure is the inscription activity in Q4 2023, which drove fees up by 699.4% QoQ. However, in Q1 2024, subscription-related fees decreased by 41.9%. Despite declining total fees, inscription-related transactions still accounted for 18.4% of Bitcoin’s total fees, demonstrating their continued relevance. Average daily transactions and daily active addresses also experienced a decline of 15.3% and 4.7% QoQ, respectively. The report suggests that the decline in transaction activity may be attributed to decreased activity from bots or “super users.” This shift aligns with the decrease in inscription-related activities and fees.  Inscription-related activity initially surged in February 2023, leading to a considerable transaction increase. Although Q1 2024 witnessed a decline in inscription-related activity QoQ, it remained significantly higher year-over-year (YoY), indicating its continued impact on the network.  ETFs Amassed 212,000 BTC In Q1 Messari highlights that Q1 2024 showed the growth of programmable layers in the cryptocurrency ecosystem. Established layers such as Rootstock and Stacks led the way regarding total value locked (TVL), while newer layers such as BOB and Merlin experienced rapid growth.  TVL’s 127% QoQ growth was primarily in non-BTC assets, as Bitcoin-locked amounts lagged behind the Lightning Network and alt-L1 networks, which host significant amounts of BTC. Ultimately, the approval and launch of nine spot ETFs and one ETF conversion marked a significant milestone for Bitcoin’s legitimization by the US government and traditional finance (TradFi).  The report notes that these ETFs garnered over $12 billion in inflows within the first month. Notably, BTC ETFs surpassed silver ETFs in assets under management (AUM) but still lagged behind gold ETFs.  Institutional BTC holdings were also surpassed by MicroStrategy, the largest institutional holder, with 215,000 BTC. The ETFs accumulated 212,000 BTC in inflows during Q1, further establishing Bitcoin’s prominence in the financial markets. Related Reading: Ripple CEO Makes Bold Prediction For Crypto Market – $5 Trillion In 2024 Bitcoin’s exceptional performance in Q1 2024, marked by a significant price increase and market cap dominance, has solidified its position as the leading cryptocurrency.  Anticipation for the supply halving, along with the success of BTC ETFs and institutional inflows, has contributed to Bitcoin’s growth and recognition in traditional finance.  Featured image from Shutterstock, chart from TradingView.com 

If you hold, or will hold cryptocurrency, you will eventually search for a tool to distribute parts of your private keys to multiple locations or parties. This guide is a recipe for you to build a read-only offline Raspberry Pi 400 device for you to split and combine BIP-39 mnemonic seed phrases using the Shamir39…
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A pattern in the holdings of the Bitcoin long-term holders may suggest that the current bull run is 40% of the way to completion. Bitcoin Long-Term Holders Have Been Distributing Recently In a new post on X, Glassnode lead analyst Checkmate discussed the recent behavior of the long-term Bitcoin holders. The “long-term holders” (LTHs) here refer to the BTC investors who have been holding onto their coins for over six months. Statistically, the longer an investor holds onto their coins, the less likely they become to sell them at any point. Since the LTHs hold for significant periods, they are considered quite resolute. Related Reading: Dogecoin Whale Takes $52.3 Million In DOGE Off Binance, Sign Of Buying? And indeed, they display this resilience in their behavior, rarely selling despite whatever is happening in the broader market. As such, the times they sell are all the more noteworthy. Historically, the LTHs have taken to distribution during bull runs when the asset has broken its previous all-time high (ATH) price. Due to their long holding times, these investors amass large profits, which they start to spend when a high amount of demand comes in during bull rallies that happily take coins off their hands at high prices. Checkmate explained that the recent ATH break of the cryptocurrency has looked similar to any other past one, with the LTHs already having started spending for this round. The chart below shows the trend in the supply of Bitcoin LTHs over the past few years. The value of the metric seems to have been going down in recent weeks | Source: @_Checkmatey_ on X As displayed in the above graph, the Bitcoin LTHs have recently observed their supply heading down. Remember that when it comes to increases in this metric, there is a delay associated with when buying is happening and when this supply is going up. This is natural because the newly bought coins must age for six months before they can be considered a part of the cohort’s holdings. When it comes to drawdowns, though, the same delay doesn’t emerge, as the age of the coins instantly resets back to zero, and they exit the group. Thus, the latest distribution from the LTHs is indeed happening. “In the prior two cycles, new demand for Bitcoin was able to absorb this LTH sell-side for around 6-8 months while pushing prices multiples higher,” explains the Glassnode lead. Related Reading: Polygon (MATIC) In Buy Zone That Earlier Led To 112% & 87% Surges The chart below shows that the LTH supply has typically gone through a drawdown of around 14% during these bull run selloffs. The data for the drawdown in the LTH supply over the various cycles | Source: @_Checkmatey_ on X Checkmate notes that, based on this historical average drawdown in the LTH supply, the current Bitcoin cycle would be around 40% completion for this process. BTC Price Bitcoin has surged during the past 24 hours as its price has now returned to $71,800. Looks like the price of the asset has been going up over the last few days | Source: BTCUSD on TradingView Featured image from Shutterstock.com, Glassnode.com, checkonchain.com, chart from TradingView.com