Category: Cryptocurrency News

As the crypto market faces constant volatility challenges and regulatory pressures, major cryptocurrencies have experienced significant declines and slowed growth over the years. However, a new chart report has revealed that despite these downward trends, the crypto industry is still achieving new milestones in terms of adoption.  Chart Reveals Crypto Adoption On The Rise The broader crypto market has been recovering at a snail’s pace since the crypto crash in 2021. Cryptocurrencies were at their peak during this time, and Bitcoin had the highest growth rate, reaching a price of over $60,000 while Ethereum’s price was around $4,000.  Related Reading: Crypto Analyst Predicts Huge Double-Digit Breakout For Bitcoin Price However, the upward trend was short-lived and the industry was hit with many challenges including regulatory hurdles that restricted its advancement into different regions and market forces which constantly caused instability in crypto prices.  Amid all this, DeFi Researcher, Thor Hartvigsen has presented in an X (formerly Twitter) post, chart reports that display the continuous growth in adoption of the crypto industry despite negative trends in the ecosystem.  Hartvigsen disclosed the four charts showed an increase in crypto adoption in the industry. One of the charts shows a spike in total daily wallets for users in the Ethereum and Layer 2 (L2) landscape which was previously in a bear market. Another chart reveals a surge in traction in decentralized stablecoins which have been in decline since August 2022.  The third chart illustrates Ethereum’s growth rate over the years, surpassing $10 billion in revenue and promoting the emergence of innovative businesses in the crypto industry. The last chart shows liquid staking at an all-time high, growing from $7.9 billion to more than $20 billion in 2023. This report also adds to recent data which revealed a spike in liquid staking platforms in the United States after hitting 370,000 Ether (ETH) in only five days and reaching a new milestone of $20 million staked ether.  Total market cap struggles to hold above $1 trillion | Source: Crypto Total Market Cap on Tradingview.com Major Incentives Driving Growth Rates The evolution of the crypto industry has been pushed back a couple of years following the Terra Luna crash which saw one of the largest stablecoins declining by 99%.  After the LUNA crash, the crypto industry suffered another loss from the FTX descent and insolvency. The industry has been under scrutiny by major regulatory authorities like the United States Securities and Exchange Commission (SEC).  There have also been multiple crypto scams, rug pulls, and cyber attacks over the years on major exchange platforms and marketplaces in the industry.  Related Reading: ETH Gate Saga Continues: What Is Lubin’s ‘Piece Of Paper’? Presently, the crypto industry is slowly gaining back its strength and advancing rapidly, as seen in some major innovative developments like the integration of spot Bitcoin ETFs, and Ethereum spot ETFs. The ecosystem is also thriving with new infrastructure upgrades and improvements in the DeFi ecosystem, ensuring the sustainability and longevity of the industry. Featured image from CNBC, chart from Tradingview.com

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According to the central bank’s data, from January to August 2023, imports of crypto rose by 44.2% compared with the same period in 2022.

When I transfer some ETH to an other address by Metamask and sign with my trezor, the blockchain (on etherscan) shows my transfer, but also the transfer of some ERC-20 tokens which I didn't sign: The same amount in ERC-20 tokens: ETH….eum and the same amount in ETH….. are send from my sending address to…
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Bitcoin is still down 60% from its November 2021 all-time high so many traders are wondering if BTC price could crash further in the coming months.

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In a follow-up to his previous intricate analysis, renowned crypto analyst EGRAG CRYPTO has unveiled another riveting forecast for the XRP price trajectory. Drawing insights from his recent observations, Egrag points to a potential mammoth rise in XRP’s value, suggesting an impressive increase of 1,160%. This surge, he predicts, could elevate the digital asset’s price to an estimated $6.7, with possible fluctuations placing it within a range of $6.5 to $7. Here’s Why A 1,160% Move For XRP Seems Possible The genesis of this bold prediction lies in Egrag’s methodical approach to analyzing past price surges in XRP. Delving into the historical data, he assessed significant price jumps, specifically focusing on those candles that showcased a remarkable price increase of at least 300% in a single candle in the 4-month chart. Related Reading: XRP Price At Risk? SEC Chair’s Congressional Testimony Fuels Ripple’s Legal Battle The analyst found a total of six parabolic price spikes in the history of XRP that met this requirement. According to him, XRP recorded increases of 1,050%, 530%, 2,222%, 740%, 1,577%, and 841% within four months in the past. Through an average of these significant price moves, Egrag arrived at a potential 1,160% surge. Adding more weight to this forecast, he aligned this prediction with the Fibonacci extension level of 1.618. This is utilized to pinpoint potential resistance levels surpassing the swing high. Using the Fibonacci extension level, the analyst concludes that both indicators predict a similar price range. “This leads us to a tantalizing price prediction of $6.7, nestled within the range of $6.5 to $7. This prediction aligns beautifully with the Fib 1.618 level at $6.5,” the analyst concluded. A Steel Foundation For XRP Price In a foundational analysis preceding his latest forecast, EGRAG CRYPTO meticulously analyzed XRP’s price movements over a 4-month chart yesterday. He unveiled critical insights that now serve as the backbone of his current predictions. This prior analysis was punctuated by the identification of two salient price zones, termed by Egrag as zone A and zone B. Zone A encapsulates a price range from $0.00485 to $0.02483, which predominantly spanned from 2013 until early 2017. Within this zone, Egrag highlighted a robust support band ranging from $0.00485 to $0.00596, which he aptly named the “steel foundation”. What is remarkable about this foundation is its resilience; the price consistently held this level even during pronounced market downturns. Related Reading: XRP Price Analysis: 4-Month Chart Dynamics Decoded By Crypto Analyst Zone B, on the other hand, spans a price spectrum from $0.25939 to $2.00. The steel foundation for this zone was identified between $0.25939 and $0.32630. This foundation has exhibited strong support characteristics since 2017. However, Egrag noted that the combination of a prolonged bear market and external elements like the SEC lawsuit, momentarily nudged the price below this threshold. Furthermore, Egrag underscored that in the 4-month timeframe, XRP’s price never sealed a closing above the $2.00 mark. This observation is instrumental, as breaking this resistance could pave the way for XRP to approach its all-time high of $3.40, which it touched on January 7, 2018. According to the analyst, the $2 mark is the FOMO zone where investors will rush into buying XRP. At press time, XRP remained in its sideways trend of the past four weeks, trading at $0.4956. Featured image from Shutterstock, chart from TradingView.com

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