Category: Cryptocurrency News

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Blast, a new Ethereum layer two (L2) scaling solution, paused its block production due to issues arising from the recent Dencun upgrade on the Ethereum mainnet, with its team diligently seeking a fix. Since launching its mainnet on Feb. 29, 2024, and amassing billions in crypto assets through its Ethereum bridge, the project has gained […]

Cryptocurrency analysts are abuzz with chatter surrounding NEAR Protocol (NEAR) as the token experiences a meteoric rise in value. The past month has been nothing short of phenomenal for NEAR, with its price leaping by an impressive 130%. Related Reading: Bitcoin Hodlers Eye Long Term: $520 Million BTC Go To Cold Storage Will NEAR Hit $8? This surge, which translates to an impressive $7.91 per token at the time of writing, has not gone unnoticed, igniting a firestorm of interest and speculation within the investment community. But is this a genuine upswing or simply a fleeting fad? Source: CoinMarketCap Breaking A Downtrend Or Chasing A Fad? While some analysts, like the prominent Rekt Capital, view this surge as a potential reversal of a multi-year downtrend, others urge caution. The cryptocurrency market, after all, is notorious for its wild fluctuations. A token’s price can reach dizzying heights only to come crashing down just as quickly. $NEAR Finally – Near Protocol has revisited its multi-year Macro Downtrend Now #NEAR will try to break this to further build on its current bullish momentum Breaking this Macro Downtrend would likely see price revisit the old All Time High resistance area #BTC #NEARprotocol… https://t.co/VmcLjkWFPn pic.twitter.com/wboVljOJsc — Rekt Capital (@rektcapital) March 11, 2024 Forecast: Bullish With A Side Of Caution Analysts have forecasted a bullish trend for NEAR in the immediate future. Their prediction suggests a 10% increase, placing the price at around $7.48 by March 13, 2024. This projected increase comes with a market capitalization of $7.65 billion and a notable 24-hour trading volume of $2.2 billion. However, forecasts, as some experts point out, should be viewed with a critical eye. The market is an intricate web of factors, and unforeseen events can easily derail even the most meticulously crafted predictions. Bitcoin is now trading at $73.319. Chart: TradingView Technical Indicators, Market Sentiment Technical indicators, while offering valuable insights, should not be the sole basis for investment decisions. The Fear and Greed Index, currently hovering at an “extreme greed” of 82 for NEAR, paints a picture of a market potentially fueled by euphoria rather than sound judgment. Investors piling in solely based on such sentiment, with NEAR having already surged 8.06% in the last 24 hours, might be setting themselves up for disappointment if a correction were to occur. Beyond The Hype: Examining NEAR’s Potential However, dismissing NEAR’s potential entirely would be unwise. To understand this, we need to examine thoroughly. NEAR Protocol is a blockchain platform designed to address scalability issues that have plagued older blockchain technologies like Ethereum. NEAR boasts features like sharding, a method for distributing processing power across a network of computers, to facilitate faster transaction speeds and lower fees. Related Reading: Cardano (ADA) Price Alert: Analyst Predicts 60% Rally In Next 7 Days This focus on scalability has attracted the attention of developers seeking to build decentralized applications (dApps) on a platform that can handle high volumes of traffic. Several promising dApps are already being built on NEAR, including DeFi (decentralized finance) protocols and NFT (non-fungible token) marketplaces. A thriving ecosystem of dApps could be a key driver of long-term growth for NEAR. Crypto experts, drawing insights from the price fluctuations observed at the onset of 2023, have formulated an average projected NEAR rate of $10.06 for March 2024. While this average is a benchmark, fluctuations within the market suggest potential variations, with the minimum expected price hovering around $9.8 and the maximum reaching $10.2. Considering these forecasts, investors may be enticed by the potential return on investment (ROI) of 35%, indicative of the promising growth prospects for Near Protocol in the coming months. Featured image from Pexels, chart from TradingView

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Coinbase Global, Inc. has unveiled its strategy to generate $1 billion through the issuance of convertible bonds set to mature in 2030. This plan includes a provision for initial buyers to acquire an extra $150 million to address any over-allotments. Coinbase revealed that the proceeds would be allocated for “working capital and capital expenditures.” Coinbase […]

As the Bitcoin price continues on an upward trajectory that has sent it toward new all-time highs, breaking above $73,000 this week. With this increase, the vast majority of BTC holders are currently seeing a profit, and large whales are taking advantage of this to cash out some profit. Large Bitcoin Whales Sell-Off Coins Crypto analyst Ali Martinez took to X (formerly Twitter) to share a chart that showed that large Bitcoin whales were selling off some of their coins. These large whales are those that hold at least 1,000 BTC in their wallet, which means on the lower end, these whales are holding at least $73 million worth of Bitcoin on their balances. Related Reading: Cardano Price About To Explode: Crypto Pundit Reveals Next Target As the chart shows, there has been a decline in the total number of BTC held by these large wallets and this signifies that they have been selling their coins. After the price first ran toward its 2021 all-time high of $69,000, these whales began reducing their allocation. The selling began in the month of February and has continued on into the month of March. Over this time, their total balances have reduced, leading to a decrease in the number of wallets that hold more than 1,000 BTC. As of February, there were around 2,150 wallets holding more than 1,000 BTC. However, in March, this figure has dropped toward 2,040 as the whales shave off their balances to secure some profit during the rally. Impact Of Whale Selling On BTC Price Given the size of these wallets, a decision to sell from them can have a notable impact on the BTC price. This is because they are able to dump a large amount of supply on the market in a short time and if there is not enough demand to soak it up, then it leads to a crash in the price. Related Reading: Shiba Inu Whales Are Accumulating SHIB, Do They Know Something You Don’t? The whale selling could be behind the flash dips that have plagued Bitcoin as it has surged to new all-time highs. One example of this was on Tuesday, March 12, when the price of Bitcoin touched $73,000. What followed was a flash crash that sent the price toward $68,000 before it recovered. So, while the whales dumping their holdings could have an adverse effect on the price, the performance of BTC in response to this flash crash shows that there is enough demand to meet this supply. In the case of Tuesday, the price would recover quickly to reach a new all-time high of $73,600. At this time of this writing, the BTC price is still maintaining its hold on $73,000 with a 7-day increase of 10.49%. BTC bulls reclaim control | Source: BTCUSD on Tradingview.com Featured image from Techeconomy, chart from Tradingview.com

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