Nearly 2 Million Worth Of Ethereum Was Stuck In Shibarium

Peckshield in a recent tweet, had some disturbing updates about Shibarium.

It turns out that Shibaruim had a rocky start after Peckshield reported that the new layer-2 solution has about $1.7 million worth of Ethereum stuck in the Shibarium Bridge.

This Shibarium Bridge features smart contracts that transfer money from Ethereum into the layer-2 solution. In the process of these transfers, about $1.7 million ETH got stuck.

Memecoins Suffer Across The Market

The launch of Shibarium was expected to be a good thing for the market in general, with the memecoins moving farther up than the rest of the market’s cryptocurrencies.

However, the opposite is the case.

Bitcoin and Ethereum are deep into the red zones, with more than 3.5% in weekly dips respectively.

Memecoins in particular, are facing some pretty rough weather as well, with SHIB plummeting 9.56% over the last seven days, Dogecoin is down by 10.82%, with BONE and LEASH down by a whopping 17% and 25% respectively, as Peckshield highlights in another tweet.

Customers To Stop On Transacting On Shibarium?

Sadly, this is the direction the Shiba Inu ecosystem is headed.

According to a tweet from the Blockchain security platform, Beosin Alert, users are advised to stop transacting on Shibarium.

The drop in the price of memecoins across the market is also understandable, given that according to Shibariumscan.io, there have been no new transactions since the news of $1.8 million worth of ETH being stuck first broke.

According to a tweet from @shroom_daddy, the issues Shibarium currently faces are due to a “nonfunctional RPC”.

RPCs stand for “Remote Procedure Call”, and are protocols that allow blockchain nodes to communicate to one another.

However, the Shibarium lead developer, Shytoshi Kusama denied this fact. He went further to say that Shibarium’s technical difficulties arose because of the “massive amount of traffic” it received on launch.

However, according to another disturbing and now-deleted tweet from Kusama, there are serious concerns about the possibility of recovering such a massive amount of ETH that remains stuck in this bridge.

This article was originally published at https://voiceofcrypto.online/

For more such content around crypto, blockchain and web3 head over to: https://voiceofcrypto.online/

Recently, there was an increased whale activity in Shiba Inu, Ripple’s XRP, Sandbox’s SAND and PancakeSwap’s CAKE.

Contents

Santiment Feed Indicates Whale BuyingShiba Inu (SHIB) Price AnalysisRipple (XRP) Price AnalysisSandbox (SAND) Price AnalysisPancakeSwap (CAKE) Price Analysis

Will these cryptocurrencies go bullish or will face a sell-off. Two of them are already amongst our top pick for this week.

In this article we will decode how big investors and smart money is behaving in these four cryptocurrencies.

Santiment Feed Indicates Whale Buying

Santiment recently tweeted about increasing whale activity in four cryptocurrencies, namely, SHIB, XRP, SAND and CAKE.

There was a surge in whale transactions that were considerably higher than past few months. Highest whale activity was witnessed in case of Shiba Inu which saw several $1m+ transactions.

This was followed by XRP which saw an increased number of $100k+ transactions.

CAKE and SAND also witnessed significant transactions with respect to their smaller market caps.

The increased activity can be the result of either fundamental reasons or due to recent price action.

Shiba Inu (SHIB) Price Analysis

Shiba Inu has been a whales’ favorite cryptocurrency. It has a strong community and has recently launched a blockchain, Shibarium. Its blockchain has been designed as a Layer-2 solution for Ethereum and can support all ERC-20 cryptocurrencies.

The launch of Shibarium could be considered as a shift in the project’s outlook towards its future as it progresses from meme coin to a utility based cryptocurrency.

Further, Shiba Inu enjoys a huge fan following with 1.3 Million addresses and 1.8 million watchlist bookmarks in CoinMarketCap. Compare this with XRP which has 6 times the market cap as Shiba Inu but has the same number of bookmarks on CoinMarketCap

Ripple (XRP) Price Analysis

Ripple has had many successes in the past 2–3 months. After winning the retails sales case against the SEC, it has now formed a strategic partnership with Amazon. The ecommerce giant intends to use the RippleNet for faster transactions on its platform.

RippleNet is a network of banks, financial companies that are integrated with the Ripple ecosystem through blockchain based banking solutions such as the blockchain based xCurrent software that is used to facilitate cross-border payments.

This news has given rise to further bullishness in Ripple and has attracted whales.

In the below chart, the red bars shows whale transactions above $100k and the blue bars show whale transactions above $1M.

We can see that there has been consistent investment in Ripple since the last few weeks. Whales have been buying taking the benefit of price drops to accumulate more. The reason is that XRP is very close to its pre-winning price range of $0.50-$0.55.

Sandbox (SAND) Price Analysis

Sandbox has attracted a good amount of whales in the last few months considering its small market cap. There has been a select few medium($100k+) and large transactions($1M+) in the past few weeks.

The accumulation could be in response to a price drop in SAND of more than 15% in August. During press time, the crypto traded at $0.36 sliding down from $0.46 on July 24, less than a month ago.

However, SAND remains a fundamentally strong candidate in the Metaverse space with its digital land where big names like Warner Bros, Ubisoft, CoinMarketCap, Binance, Atari, and several other giants have considerable holdings.

The SAND token in used for transactions, staking and even governance, which makes it a hidden gem for whales.

PancakeSwap (CAKE) Price Analysis

PancakeSwap is an automated market maker where users earn income by providing liquidity. CAKE is the governance token.

Despite being in a bad market, the platform still has more than 1.3 million users in the past 30 days with more than 14 million swaps being done on the platform for the same period.

It also has the third highest TVL after Uniswap and Curve. Some of its recent activities include:

• Distribution of rewards from its operations.
• PancakeSwap V3 launch which intends to make the platform cheaper and faster than Uniswap.
• Integration of ZKSync with V3.

These recent announcements indicate that CAKE is trying to ramp up its operations with technology.

The whale activity could be to accumulate CAKE while the prices are still down. Since the beginning of August, CAKE prices have fallen by more than 8%.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

For more such content around crypto, blockchain and web3 head over to: https://voiceofcrypto.online/

Bitcoin and the general crypto market have been trading in a literal range for the past few months, and investors may be getting tired, according to a new article published by Glassnode.

Contents

Key InsightsInvestors Are Getting TiredBTC’s Rising Cost BasisBitcoin Volatility Has SufferedBitcoin’s Supply “Temperature”In Conclusion:

One of the biggest allures of cryptocurrencies is their relative volatility.

With crypto, investors can jump into the market with a (relatively risky) trade, make some (relatively quick) profit and head back out again when they’ve had enough.

However, what happens when this same market continues to drag its feet for months on end, refusing to break out from ranges that continue to narrow down as the days go by?

Glassnode has a pretty good answer to that.

Investors Are Getting Tired

This might be the simplest way to put things.

In a recent article published by Glassnode, the amount of money pouring into Bitcoin is entering a very shallow climb.

Citing the realized cap metric on BTC, Glassnode explains that “investors simply ain’t investing” anymore.

Glassnode notes that over $16 billion in value ( representing a 4.1% increase over the last month), has flowed into BTC since January.

This seems like an impressive figure. But is it enough?

No.

The chart above shows Bitcoin’s realized cap as calculated by Glassnode.

Glassnode observes that the climb of BTC’s realized capital is quite shallow, and is a shadow of the steep rise we saw during the 2021–22 uptrend.

Glassnode says that while enough capital is flowing in, the pace is still incredibly slow, compared to the cryptocurrency’s performance in the past.

BTC’s Rising Cost Basis

Here’s a little background information:

Cost basis is defined simply, as the original price an asset is bought for.

According to Glassnode, the realized cap we mentioned earlier, can be divided into two components:

• The Long-Term Holder component
• The Short-Term Holder component

Interestingly, Glassnode mentions that the STH “cohort” has seen its wealth increase by $22 billion this year alone.

This contrasts with their LTH neighbours, whose wealth has actually decreased by $21 billion.

Why is this happening?

Glassnode says that a likely cause may be that

1. The Short term holders are chasing the market higher. In essence, this cohort shows that more people are willing to buy BTC at its current prices, raising the average cost basis for the cryptocurrency.
2. On the other hand, BTC’s lack of volatility may be a likely cause for this declining average cost basis.
3. Glassnode notes that the amount of BTC acquired for less than $24,000 in the first quarter of the year have now matured into long-term holder status.

As we can see in the chart above, the cost basis for short-term holders is up by more than 59% this year (sitting at about $28,600), while the average cost basis for the long-term holders is much lower, and is sitting at about $20,300.

What does all of this mean?

It means that most of the BTC holders at the moment, bought at a relatively higher price than others.

Bitcoin Volatility Has Suffered

BTC’s volatility issues are no longer a secret.

Citing the Bollinger bands on Bitcoin’s weekly chart, Glassnode notes that these bands are now separated by only 2.9%.

Bollinger bands, invented by John Bollinger, are one of the most potent indicators for determining a market trend.

When the Bollinger bands on an asset tighten on higher timeframes, it means that volatility is leaving the current trend. They are triggered when volatility reaches a six-month low and are one of the most important tools in a technical analyst’s toolbelt.

However, in a way, Bollinger band squeezes also happen when a massive breakout is underway.

Glassnode drew a comparison to a similar pattern in September 2016, when Bitcoin’s Bollinger bands were the same width apart.

Bitcoin went on to rally straight up from $604 to about $20,000 in 2018 as illustrated above.

So does this mean better days are coming?

Bitcoin’s Supply “Temperature”

Relating “investor holding time” (or the last time a coin moved on-chain) to “temperature”, Glassnode was able to make a pretty good guess about “investor conviction”.

The analytics company divides Bitcoin’s supply, according to how long they have been held, into:

• Hot Supply (held for less than 1 week):

Glassnode notes that the hot supply holders account for about 2.8% of all the invested Bitcoin.

Bitcoin’s hot supply distribution

Glassnode notes that investors who buy Bitcoin at its local peaks are to blame for raising the Hot Supply cost base.

Putting it all together, we can say that the people who are more willing to spend their Bitcoin, account for about 2.8% of the total circulating supply.

Another cohort in terms of Glassnode’s temperature scale is the:

• Warm Supply (supply held for 1 week to 6 months)

This cohort, according to Glassnode, packs a slightly harder punch than the hot supply holders.

According to Glassnode, they account for about 30% of the total circulating supply.

However, the article says, while the figures are impressive for the hot and warm spenders who are more willing to spend their coins, this leaves more than 65% of the supply to more mature long-term holders.

Bitcoin’s warm supply distribution

Glassnode notes that this similarity between warm and hot supply holders, the average cost basis for both are very similar.

This further supports the hypothesis that a massive amount of volatility is brewing for Bitcoin.

The final cohort Glassnode mentions are the:

• Single-Cycle Long-Term Holders (held for 6 months to 3 years).

These investors are highly seasoned HODLers, Glassnode says.

They are some of the HOLDers that have held on from before the last bull market, through the bull market, and fully through the current bear market.

If the harshness of the current bear market wasn’t enough to make these investors sell at losses, then one best believes that nothing else will.

Bitcoin’s realized cap HODL waves

Glassnode notes that these single-cycle investors’ cost basis is at $33.8K (compared to Bitcoin’s current price of under $30,000).

From this, we can conclude that the average member of this group still has an average unrealized loss of -13.3%.

We can make one simple conclusion from this.

Most people who are holding Bitcoin at the moment, are likely holding at losses and are unwilling to sell at these losses.

This indicates that the 2022 bear market still has a large part to play in the average Bitcoin owner’s spending and HODLing behaviour.

In Conclusion:

Glassnode’s article can be summarised into some of the following key points:

• Volatility in the crypto market is historically low, and more investors are holding, rather than spending
• Bitcoin’s current conditions resemble the bear market hangover seen in prior cycles.
• This low volatility on Bitcoin is leading to frustration, apathy and exhaustion, which is also seriously affecting its demand (and therefore, its price)
• Bitcoin’s Realized Cap (or inflow of money) is climbing, but only very slightly.
• And finally, a large majority of the Bitcoin market is still at losses on their holdings.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

For more such content around crypto, blockchain and web3 head over to: https://voiceofcrypto.online/

The beating that ADA has taken so far is a relatively massive one, and it may even be hard to believe that this cryptocurrency used to be worth around $3.

CoinMarketCap data shows that Cardano is currently trading at less than $0.3.

And as far as beating go, the cryptocurrency has declined by more than 90% since september 2021. Or so CoinMarketCap calculates.

However, what isn’t so glaring about ADA, is that it is doing pretty well under the hood. This chain, despite being a little less popular than it used to be, has about $177.64 million worth of TVL, and is on the rise from a year-to-date perspective.

What if someone told you ADA has more than an impressive TVL, and may even be headed towards a massive rally very soon.

Don’t believe it?

Read on:

Whales Know Something You Don’t — Santiment

In a recent tweet from Santiment, the on-chain and market intelligence platform noted that ADA is becoming more and more poised for greater heights very soon.

As per the detail of the tweet, Santiment mentioned that the trader sentiment towards ADA is at some steep lows. This is evident from the cryptocurrency’s decline over the last few years, and its apparent lack of popularity.

The cryptocurrency’s market cap even sits at a litle over $10.1 billion — down by about 35% since its year-to-date peak four months ago.

However, Santiment also includes some interesting information in the tweet.

While everyone else appears to be showing less than positive sentiment towards ADA, the whales and sharks seem to know something we don’t.

Santiment notes that there are now more than 25,000 wallets with more than 100,000 $ADA. Santiment says that this is the highest level of accumulation from the whales and sharks in a whole 16 months.

Why, we wonder, and the whales and sharks raking in so much $ADA?

Care to guess?

If anyone ever had a “buy the dip” strategy in mind, ADA would be a really good place to start from.

Cardano Shines In Terms Of On-Chain Activity

Remember how we mentioned Cardanos impressive TVL earlier?

According to a tweet posted on Monday from TapTools, ADA is doing very well in terms of the number of active addresses.

The Token, NFT, and Wallet Tracking Platform notes that ADA’s number of active addresses has shot up by a whopping 53.36%, to hit 29,680 active addresses in the last 24 hours.

This metric is properly visualized by peak in the right half of the chart above.

According to another tweet from Cardano Yoda, Cardano’s impressive growth in TVL is on the rise, not only in $ADA, but in USD and $ETH, all the way from 2022.

This growth of TVL, ADA Yoda says, is a “harbringer of success”.

This is mentioning that ADA is growing in terms of DeFi protocols and its stablecoin market, despite regulatory scrutiny from the SEC because of worries about the network’s compliance with US securities laws.

Analyst Says ADA Is On The Verge Of Another Price Explosion

According to a new tweet from analyst and trading expert, Ali on twitter, sometime between 2018 and 2020, Cardano was stuck in a range between $0.10 and $0.028 for a whole 665 days.

However, the analyst observed that right after this accumulation phase, a massive bull run shot ADA straight up by 2,985% to its $3 ATH.

This pattern, Ali says, is appearing again.

The analyst went further to say that ADA appears to be stuck in a range between $0.46 and $0.24 (which is a valid observation).

However, he also mentions that if history is anything to go by, we may see ADA breaking free of this range, sometime around February 2024.

Patience, Ali says, is the key. And those who are willing to wait will be rewarded.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

For more such content around crypto, blockchain and web3 head over to: https://voiceofcrypto.online/

NFTs are starting to come back!

This time, Coca-Cola, the largest soft drink company in the world by far, is at the forefront.

This collection already looks like it’s going to be a massive hit, and the soft drink company has even partnered with Coinbase.

It’s not every day you see such an unusual alliance.

Both of these giants are partnering on what they call an “Onchain Summer” event and will be releasing the new NFT collection to celebrate the launch of something big on Coinbase.

In this article, we will delve into the details of the latest updates about Conbase and Coca-Cola’s partnership, and everything you need to know.

Read on, will you?

Coca-Cola and NFTs

Recall that Coca-Cola held an NFT auction sometime in 2021 to celebrate International Friendship Day in July.

The auction included unique digital collectables that “re-imagined some of Coca-Cola’s iconic assets for the metaverse, with each NFT inspired by shared moments of friendship.”

And at the end of the day, the auction raked in more than half a million dollars.

This time around, Coca-Cola is back again, two years later, with another similar project.

Coca-Cola And Coinbase’s On-Chain Summer Event

According to an announcement tweet sometime on August 13th, Coinbase announced a new collaboration with Coca-Cola.

And just like the previous event in July 2021, the announcement mentions that this new NFT collection will bring Coca-Cola’s “global masterpiece campaign” to the blockchain.

This collection will feature “iconic works from leading artists” the announcement said.

Some of these art pieces include the “Girl With a Pearl Earring” by Johannes Vermeer from 1665, and “The Scream” by Edvard Munch from 1893.

Meanwhile, Grimes Rakes In Millions From NFTs

The hype on NFTs appears to have gone down since the bear market started a few years ago.

However, one has to admit that the hype helped a lot of people make a ton of money while it lasted.

One of these people is the Canadian musician and producer, Grimes. In a recent interview with Wired, the music star admitted that an NFT collection she released sometime in 2021 made her more money than she had made across her entire music career.

According to reports, Grimes made almost $6 million in income by selling her “War Nymph” NFTs on Nifty Gateway, during the 2021 hype cycle.

Reddit Isn’t Left Out Either

It turns out that Coca-Cola isn’t the only consumer company that is taking web3 and NFTs in particular seriously.

This time, the news is about Reddit’s Collectible Avatars.

According to a recent tweet from NFTGators and Dune Analytics, since the collection’s inception in 2022, more than 20 million Reddit Collectible Avatars have been produced.

The tweet mentions that the NFTs are stored in almost 16.1 million different wallets, of which more than 2.2 million have several avatars.

Dune analytics also mentions that the overall sales transaction volume of Reddit’s Collectible Avatars NFTs has surpassed $40 million.

Overall

NFT sales and revenue may have tanked over the last two years. However, the hype appears to be coming back as the next bull market draws closer.

Now may be the best time to get informed about the latest trends in web3, to be properly poised for a profitable 2024.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

While Bitcoin has made a progressive U-turn in its value since hitting its local bottom some time ago. The crypto has largely been hovering around the $29,000-$30,000 mark. It has struggled to hold above $30,000 for a sustained period.

The constant hostility from the SEC has played a part in this, with the Federal Reserve’s decision also proving vital. Although the favorable XRP ruling boosted BTC, after a short while, its value dropped.

But with the upward progressions, a break out from its almost three-month-long pattern seems likely.

Even at that, there are indications that an increased downside is possible. It is said that the coin has fallen inside a descending parallel channel since early April.

Therefore, where does Bitcoin go from here?

Bitcoin On the Up, But Not ‘There’ Yet

Bitcoin dropped below $25,000 last week due to the Federal Reserve’s halt in the interest rate hike. Yet, it was a case of one step backward and two forward for the coin.

BitBull Capital’s CEO, Joe DiPasquale, opined that it was a positive action for the market. To him, it creates an accumulation opportunity for the mid to long-term future.

He said, “With Fed having left interest rates unchanged, the environment appears supportive for crypto assets to rally again.”

DiPasquale further commented on how this bodes well for the biggest crypto.

“For now, however, all eyes will be on Bitcoin, especially as its dominance has increased due to selling pressure in altcoins.”

The Fear & Greed Index reads Fear, with a score of 50.

Can the premier crypto be propelled past $30k and above? Industry experts share their thoughts.

Bitcoin Chances of Growth

One economic indicator that can influence the direction that Bitcoin would take is the U.S. Consumer Price Index (CPI). The U.S. Bureau of Labor Statistics reported a 3.2% increase in inflation, lesser than the 3.3% that was expected.

For now, the impact of the inflation rate is uncertain as BTC has ranged below $30,000 since the data was released. Therefore, there is a possibility for the Federal Reserve to remain hawkish for a while, implementing volatility to the crypto.

Previously, inflation has driven BTC to its all-time highs. The most obvious case was in 2021 when it got to $65,000 during the Fed’s monetary policy expansion. Then, there was a sustained increase in inflation which enabled BTC’s rise through an enormous price rally.

Also, a prediction by “Captain Faibik,” a big Twitter shot, is that BTC is shaping for a colossal breakout to $42,000. His analysis was based on a cup and handle pattern on the weekly chart.

Bitcoin’s potential breakout

While bulls currently hold the advantage, traders must consider a possible reversal, mainly if the 100-day EMA support diminishes. That would enable increased losses below $25,000, while the opposite is expected if resistance at $27,000 allows the ultimate breakout to $42,000.

Another, by the name of “CrediBULL Crypto,” tweeted,

“Consolidation precedes expansion. Our last corrective structure lasted 48 days and was erased with four days of impulsive price action. Our current corrective structure is 83 days long. When we begin the next impulsive move, we probs erase three months of corrective PA within a week.”

Overall, opinions are torn on whether BTC’s current movement is bullish or can slip to bearish anytime soon. As always, time will tell.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

For more such content around crypto, blockchain and web3 head over to: https://voiceofcrypto.online/

Solana has been through some tough weather over the past few years. Asides being affected by the 2021 bear market like all the other cryptocurrencies, SOL was one of the most badly hit cryptocurrencies when FTX, Alameda Research and SBF went under, nine months ago in November 2022.

Solana’s path to recovery was promising over the better part of this year. The cryptocurrency even came very close to reclaiming its $39 pre-FTX high with a $32.13 high on July 14th.

However, Solana’s bears soon caught up to the bulls and have pulled the cryptocurrency under ever since.

However, SOL is starting to fight back. And as it turns out, the cryptocurrency is at one of its most bullish phases this year.

Let’s delve into some fundamentals and technicals.

Solana Makes Promising Comeback

CoinMarketCap data shows that Solana iscurrently one of the most bullish cryptocurrencies on the market, from a weekly perspective.

Compared to the two largest, Bitcoin and Ethereum with 1.47% and 1.2% weekly price rallies respectively, CoinMarketCap shows that SOL is showing some impressive numbers, and is up by 8.33%.

In the charts, we can see that right after SOL’s initial rally that took it face to fact to $32, the bears sent prices plummeting.

However, the bulls were quick to take action, catching SOL somewhere around $22.61.

As the charts illustrate, SOL has spent the past few weeks in a consolidation atop this price level.

The cryptocurrency’s most recent attempt to bounce off this price level is responsible for its +8% price increase over the last week.

It also appears that SOL is facing resistance somewhere around the $24.6 zone.

Because of this resistance, SOL now appears to be suck in a range between $22.6 and $24.6.

This leads to the question:

Solana Ready To Retake $30?

To answer this question, let us zoom out a litte bit, to get a clear picture of what is going on.

It appears that SOL was in a descending wedge formation, as far back as three months before FTX went down, and it plummeted by -90% in less than a day.

And as things turn out, Solana’s 133% price explosion from $13.5 on 7 June to $32.5 on 14 July was actually a breakout from this formation.

It follows that Solana’s current price hassle is the consolidation phase after the breakout.

The weekly RSI sits on the neutral zone, indicating that the bulls and bears may even be evenly matched.

Judging by the technicals on SOL, predicting that this cryptocurrency is on the verge of rallying massively very soon would not be so ridiculous.

How High Can Solana Go?

To have any chance at a massive rally we all expect, the fibonacci tool shows that Solana first has to clear out the $28.78 resistance.

This means that it first has to break out of the current range between $22.6 and $24.6

To put things simply, the following are the levels SOL has to watch out for:

• $24.6
• $28.7
• $32.6

If SOL manages to rally and break through $32 again, the cryptocurrency will have everything it needs to reclaim $37.16 and maybe become one of the cryptocurrencies that lead the charge towards the next bull market.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

For more such content around crypto, blockchain and web3 head over to: https://voiceofcrypto.online/

Ethereum has been the king of smart contract-capable blockchains since its inception in the 2010s.

Contents

Key InsightsSolana Overtakes Ethereum In Terms Of TVLEthereum Price ActionSolana Price Analysis

However, several other EVM-like chains show up once in a while and challenge Ethereum’s authority with amazing stats like NFT sales, network activity and short-term TVL increases.

In recent developments, it turns out that Solana is the latest contender to challenge Ethereum.

According to Messari, SOL managed to steal the spotlight from Ethereum in July.

What is even more impressive is how Solana managed to achieve this, despite how other chains declined. Let’s take a look at what Messari had to say.

Solana Overtakes Ethereum In Terms Of TVL

Keep in mind that Ethereum is still on top over longer timeframes, as far as most metrics go.

However, Solana’s victory is impressive, considering that Ethereum is a much larger and older network. Yet SOL managed to best the king by adding an impressive 14% to its TVL in July, while other chains like Avalanche, Polkadot and even Ethereum itself were experiencing declines.

If you didn’t know what DeFi TVL is, it stands for “Decentralized Finance Total Value Locked”.

It is an indicator of how much money is invested in a blockchain’s Decentralized Apps (or DApps). DApps (also known as DeFi protocols) enable users to trade, lend, and receive interest on their crypto holdings.

Recall that the DeFi market has been in a state of constant decline ever since the current bear market started in November 2021.

Solana’s woes didn’t even stop there. When FTX went under exactly a year after in November 2022, the cryptocurrency lost as much as 90% of its already declined price when it fell from around $40 to less than $10.

However, according to a recent tweet from the crypto market intelligence platform, Messari, SOL has recently experienced some extremely rapid development in TVL.

By gaining a total value-locked (TVL) increase of 14% over the previous month, SOL beat other chains and emerged at the top.

Is this a good sign that Solana is poised for another overtaking of Ethereum (even in terms of price)?

Let’s check out:

Ethereum Price Action

Ever since Ethereum’s break above $2,000 in April and its initial rejection from this zone, the cryptocurrency has been in an overextended consolidation.

From the chart above, it is clear that Ethereum is having a hard time breaking above the $2,000 zone again.

As it turns out, the bears even have the bulls pinned somewhere below $1,900.

The Bollinger bands are starting to tighten, and the RSI signal line remains perpetually below the neutral zone. This indicates that the bears may have a slightly stronger control of the market than the bulls.

Just like the rest of the market, Ethereum still sits atop an ascending trendline and is bullish from higher perspectives.

However, the Ethereum bulls are still at the mercy of the bears. And if the bulls fail to break above the $18,54 resistance, the bears may have them fully pinned as Ethereum falls straight down to $1,784 and then to $1,628.

Solana Price Analysis

Solana has been relatively impressive throughout this year.

After the initial massive drop from FTX’s collapse, the cryptocurrency entered a correction phase between the $26,6 and $18.2 zones.

However, the bears soon caught up to the bulls, bringing the cryptocurrency down to the longer-term ascending trendline around ($13.76) as illustrated below.

However, the cryptocurrency soon got up, clearing the $22.39 resistance again and breaking through the middle Bollinger band on its daily chart.

As it turns out, the cryptocurrency’s price has now entered a bounce off $22.39 and has a real chance of reclaiming $31.86 again, just like it did in mid-July.

The hurdle in front of Solana at this point, is the $26.7 resistance. Solana’s RSI is also flashing a crossover between its MACD and RSI, indicating that Solana may indeed be headed for some very bullish days ahead.

However, it is worth mentioning that if the bears manage to pull Solana down below the $22.37 zone, they would have asserted their dominance, and will pull the cryptocurrency straight down to $16.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

For more such content around crypto, blockchain and web3 head over to: https://voiceofcrypto.online/

The crypto market is still in a dilemma despite Bitcoin and a few major altcoins making some considerable moves in the market as Q3 took off.

Contents

Crypto Market CyclesBest Crypto Buy OpportunityCrypto Always Comes Out Stronger

The top cryptocurrency — Bitcoin has all investors’ eyes on it as the market waits for a move above the $30,000 mark confirming a price renewal.

The world’s largest digital asset manager, Grayscale Investments released its Insight report which compared the current bear market with other major cycles in crypto history to predict when we could expect a bull run again.

Crypto Market Cycles

The cryptocurrency space has been through some tough times. Earlier this year, the crypto market experienced what analysts are calling the worst bear market in history.

Crypto markets are subject to large fluctuations, with prices swinging up and down dramatically. According to reports a typical crypto cycle lasts for 1,275 days (4 years).

The firm noticed that by using Bitcoin’s realized price, which is the sum of all purchase values divided by the total number in circulation and can be used to determine a cycle timeline.

Grayscale noted that Bitcoin’s realized price went below market on June 13th, 2022. This indicated the start of a bear market and is an important event in Bitcoin’s history.

Best Crypto Buy Opportunity

Grayscale’s analysis has shown that the current market cycle could last for less than 250 days (about eight months) from June. But it also presents investors with a unique opportunity to buy in at an affordable price before things recover again.

From the report, it was discovered that Bitcoin’s movement in last year’s all-time high range was longer than in previous cycles. The firm attributed this to the market’s accelerated growth over recent years, which has made it easier for retail and institutional investors alike to get into crypto assets.

“The 2020 cycle appears to have had a longer run in the ATH range with two prolonged peaks in contrast to the sharp rise and fall in prior cycles. This may have been due to the growing maturity of the crypto market that did not exist in previous cycles.”

Crypto Always Comes Out Stronger

To conclude the report, Grayscale stated that regardless of the severity of each market cycle, the crypto industry always comes out stronger.

The firm also stated that each failure recorded in the space has helped shape the crypto industry and the current cycle has provided investors with “battled-tested” DeFi protocols.

“Despite price declines, liquidations, and volatility, the crypto industry continues to build and innovate, pushing the boundaries of what is possible,”

the firm said.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

For more such content around crypto, blockchain and web3 head over to: https://voiceofcrypto.online/

Rising macroeconomic pressures seem to be taking a toll on Bitcoin (BTC) price action. However, Bitcoin price has managed to maintain itself above key support zones, despite concerns about the rising inflation rates in the US and other major economies.

Even though faced with some volatility setbacks in the past week, BTC now appears to be stuck within a very small price range.

This, along with several other on-chain metrics like its low on-chain volumes shows that Bitcoin may need some help with rising above some of its seasonal lows.

In a recent insight article from Glassnode, the analytics platform pointed out that large portions of the cryptocurrency’s supply may still be sitting idle in investor wallets, among several other on-chain “weaknesses”.

The on-chain and trading volumes have also had a laggy performance of late, according to some metrics.

However, several other metrics like the RHODL ratio, liveliness and age bands indicate that the quietness may actually be due to investors stocking up on Bitcoin before the next bull market.

In this article, we take a deep dive into Bitcoin on-chain data and try to pinpoint their implications for the cryptocurrency.

Bitcoin’s Transfer Volumes Are Down

This might be a complicated topic to explain.

In the analytics article, Glassnode mentions that due to the bear market, there is a large decline in the performance of several sectors including Bitcoin.

This has been the case since early 2021. And ever since then, the Transfer Volumes handed by the Bitcoin network have fallen from a cycle high of $13.1 billion to a cycle low of $1.9 billion over an 85.5% decline.

Glassnode also acknowledged that over the last few months of 2023, this same metric has recovered slightly and now appears to be trending up.

Despite the recovery, though, its transfer volumes remain stuck near cyclical lows between $1.9 billion and $4.4 billion.

The same decline can be seen in the Exchange deposit volume metric, with a decline from a peak of $4.2B in May 2021, all the way down to a low of $343.4M in May 2023.

Bitcoin’s Realized Profit and Loss Hits Fresh Lows

Glassnode also noted that Bitcoin’s combined Realized Profit and Loss are now trading around the lowest levels in the last 3 years.

The Realized profit and Loss metric of any asset provides insights into how much money is flowing in and out of said asset as it gets revalued higher, or lower.

By this metric, the interest of investors in the cryptocurrency in terms of how much they are throwing into the network has waned massively.

This either suggests that the majority of holders with large profits are unwilling to invest, or that the ones with massive losses are unwilling to enter the market again.

Bitcoin’s Adjusted Realized Price Shows Lack Of Motivation

It is also likely that Bitcoin’s sluggishness may be related to a lack of motivation from both bulls and bears.

Glassnode noted that the Bitcoin market’s participants may have price targets that are too close to the current price of the cryptocurrency. The article goes further to explain that the market’s investors and traders may need a major push from Bitcoin’s price action as motivation to start spending again.

As illustrated by the Adjusted Realized Price chart above, the Spot prices of the cryptocurrency are too close to the Adjusted Realized Price ($25.2k), which many traders have probably marked by now, as an area of interest in case the Bitcoin market enters another surprise dip episode.

Glassnode also pointed out that Bitcoin’s Adjusted MVRV Ratio increased to a value of 1.21 during Bitcoin’s March–April rally above $30,000. This indicates that a relatively low amount of 21% unrealized profit was attained.

The adjusted MVRV ratio currently shows a value of 1.09, indicating that just 9% of unrealized profit is still available on the market.

Coincidentally, this level also happened to be the cycle lows in the March 2020, 2019 and 2018 bear markets.

Meanwhile, It isn’t all bad for Bitcoin though. Because…

More People Are Steadfastly HODLing

Despite the roughness of the crypto market over the bear market in the last two years, the amount of Bitcoins that has remained unsold for more than a year has continued to increase.

In fact, the Long-Term Holder Supply (coins held for more than 155 days) has hit an all-time high of about 14.46 million BTC.

If the Long Term Holder supply is rising, this might also mean that investors bought in massively after the FTX crash, and have been HODLing ever since.

The “Liveliness Metric” Shows Massive HODLing

Bitcoin’s “liveliness metric” measures the balance between how many investors are HODLing, and how many investors are actively spending their Bitcoin.

If the liveliness metric goes up, it means that more people are sending coins to each other and that the network is busy.

However, if the liveliness metric goes down, it means that more people are HODLing their coins.

Based on this, the Bitcoin network’s Liveliness has dropped to its lowest level since before the last bull market in December 2020. This suggests that HODLing is becoming more dominant, and more people are anticipating the next bull market.

Glassnode also notes that the short-term HODLers’ HODLing time appears to be weakening.

Because of this, we can assume that Short term HODLers are generally reluctant to spend within the current price range.

Bitcoin’s Realized Cap Ratio Suggests More Experienced HODLers

Bitcoin’s Realized Cap is a new variant of the RHODL Ratio that compares the number of coins held in a 2–6 year timeframe, to that of coins held between 6 months to 2 years.

Glassnode notes that this metric is increasing. This indicates that a huge portion of holders from the 2021–22 cycle are starting to become seasoned HODLers.

This points towards a strong technical and fundamental outlook for the cryptocurrency over the long term, especially since the next bull market is less than 200 days away.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.