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The current price of Ethereum (ETH) today is No data found for ethereum on 9 mins ago as of No data found for ethereum on 9 mins ago. Ether prices hit a daily high of No data found for ethereum on 9 mins ago today after sliding No data found for ethereum on 9 mins ago% on October 22.
Why is Ethereum Price Down Today?
Ethereum price dropped 2.0% but currently trades at $2,653 on October 22, 2024. On Monday, Bitcoin’s sudden crash took Ether and the rest of the crypto markets down with it. Although the ETH price recovered in the early Asian session, investors must remain cautious of a potential trend continuation in the New York trading session.
Ethereum Price Performance Chart
*Ethereum price updated as of No data found for ethereum on 9 mins ago.
Ethereum has been a popular altcoin due to its smart contract technology. The first-mover advantage it has since its launch in 2015 is not enough, as ETH continues to disappoint investors due to its lackluster performance. However, the Ethereum blockchain remains at the forefront of smart contract technology due to the major network upgrades that it receives regularly.
Ethereum’s Price History
The year-to-date (YTD) performance of ETH has dropped to 13% after nearing 20% just a few days ago. Regardless of Ethereum’s lackluster performance and volatility, the market capitalization of ETH stands at No data found for ethereum on 9 mins ago, making it the second-largest cryptocurrency.
Ethereum: The Second-Largest Cryptocurrency
Clubbing Ethereum’s No data found for ethereum on 9 mins ago market cap with Bitcoin’s (BTC) $1.15 trillion constitutes nearly 70% of the total crypto market capitalization. This duo captured an even bigger share as ETH’s market cap at an all-time high (ATH) was $571 billion, as seen on November 9, 2021.
Although Ethereum’s market cap has been slashed in half since its ATH, it overshadows other popular cryptos like Solana (SOL) and Ripple (XRP), whose market capitalization hovers around $78 billion and $30 billion.
Ethereum’s Trading Volume
Despite the recent drop in Ethereum’s popularity, the 24-hour trading volume of Ethereum is No data found for ethereum on 9 mins ago. Binance, one of the largest cryptocurrency exchanges, contributes about 11% to this metric, followed by exchanges like OKX, Bitget, etc. Popular cryptocurrencies like SOL, XRP, and BNB have at least seven times lower trading volume than ETH.
Ethereum Blockchain Upgrade to PoS
While ETH has received plenty of network updates, the London hard fork is the one that stands out since it converted the blockchain from Proof-of-Work (PoW) to Proof-of-Stake (PoS). While many criticized it due to its impact on miners, it has made the network visibly faster and less expensive to transact. Regardless, many are still not satisfied with the shift to PoS. Vitalik Buterin, the co-founder of Ethereum, recently replied to one such person on X (formerly Twitter) on how PoS is more decentralized than PoW.
Ethereum Blockchain Upgrades in The Last 5 Years
Here are some key milestone upgrades to the Ethereum network over the past five years.
2024
- Cancun-Deneb (“Dencun”): Enhanced network scalability and security.
2023
- Shanghai-Capella (“Shapella”): Enabled unstaking of ETH and improved validator withdrawals.
2022
- Paris (The Merge): Transitioned Ethereum from Proof-of-Work to Proof-of-Stake.
- Bellatrix: Prepared the Beacon Chain for The Merge.
- Gray Glacier: Delayed the Difficulty Bomb to facilitate The Merge.
2021
- Arrow Glacier: Delayed the Difficulty Bomb to prevent network congestion.
- Altair: Introduced light client support and improved validator incentives.
- London: Reformed gas pricing and introduced burning mechanism.
- Berlin: Enhanced gas efficiency and security.
2020
- Beacon Chain genesis: Launched Ethereum’s Proof-of-Stake transition.
- Staking deposit contract deployed: Enabled ETH staking.
- Muir Glacier: Delayed the Difficulty Bomb to maintain network stability.
Ethereum Gas Price Influence
Ethereum’s blockchain upgrades aim to solve the trilemma of balancing decentralization, security, and scalability. The switch to Proof-of-Stake (PoS) has successfully boosted these aspects. As a result, gas fees have plummeted, attracting more investors. Currently, the Ethereum transaction gas fee stands at 8.16 Gwei. Think of Gwei as a small tax for secure transactions on the Ethereum network. When Ethereum’s on-chain value surges, presenting lucrative opportunities, gas fees may rise as investors flock in, especially during bull runs when prices reach new heights.
Ethereum Price Prediction & Trends
The recent spike in Ethereum price can be attributed to Bitcoin’s uptick toward $69K. This shift in momentum for BTC could end the seven-month consolidation and potentially kickstart a comeback for ETH.
Ethereum prices 2024
As of ‘October 22, here are some popular cryptocurrencies’ price-performance comparisons. The one-month performance shows Ether is up 6.37%, while year-to-date returns show ETH at YTD data unavailable for ethereum on 9 mins ago
3-month returns:
- SUI +134%
- APE +73%
- AAVE +56%
YTD returns:
- BTC +52%
- SOL +51%
- SUI +135%
- ETH +15%
Although Ethereum price today trades at $2,653, investors can expect a shocking performance if Bitcoin ends its seven-month consolidation and heads for an all-time high.
The post Ethereum Price Today: ETH is Down 2%, Trades at $2,653 appeared first on CoinGape.
22 Oct 2024, 2:58 amWith the bulls showing dominance and the user’s sentiments turning greedy, the Bitcoin price is playing bullishly, and the upcoming US election has played a role in that. Now, the US Presidential election are just two weeks away, creating hype around the next president’s name and how it will impact the crypto market.
Interestingly, all candidates have interacted with the crypto community, making many predict that the election outcome would not impact the BTC price rally. However, Donald has made many advances in interaction with the crypto community, including the launch of World Liberty Financial. With that, a few believe Trump’s win will boost the BTC price more. Amid this confusion, a few AI chatbots have made the most straightforward Bitcoin price prediction for the post-election days.
Bitcoin Price Prediction Per 9 Popular AI Chatbots
Donald is leading the race on Polymarket with 60% votes in his favor. However, Kamala is winning in the mainstream media polls, confusing the netizens. More importantly, people are curious about how their presidency will impact the BTC price and the rest of the crypto market.
A few analysts asked the top nine AI chatbots to make an accurate Bitcoin price prediction for the past election days. The bots like Chatgpt (4,4o,01), Inflection Pi, Google’s Gemini, Microsoft’s Co-Pilot, and many others were a part of this experiment, and the results were impressive. Among these, eight provided an answer based on their knowledge of the subject, but Gemini refused, leaving only eight answers to analyze. The analysts provided a common prompt to these and asked the AI chatbots to foresee the future of the biggest crypto token.
This experiment aims to predict where bitcoin’s price will land once the 2024 U.S. election wraps up. As an expert in the world of bitcoin and crypto assets, your task is to evaluate the likelihood of bitcoin’s price under two scenarios: if former President Donald Trump clinches the victory or if Vice President Kamala Harris takes the win. Considering what you know about these two political figures, you’ll need to put forward a dollar amount estimate for each outcome. So, in your professional opinion, what’s bitcoin’s price tag if Trump wins, and what will it be if Harris secures the presidency? Bitcoin is trading for $69K at the time of writing.
Openai’s Chatgpt (4,4o,o1) Bitcoin Price Prediction
ChatGPT is among the most famous AI Chatbots and is often used in crypto market forecasting. In this, Chatgpt 4 predicted that there is quite an uncertainty around the election outcome. However, if Donald Trump wins, the market might witness volatility before pumping the BTC price to $75K. In contrast, with Harris’s win, the price may hover around $70k, closer to the current level.
Talking of Chatgpt 4o, it predicted that Trump’s win could push the BTC to $75K to $80K. This analysis was made after analyzing his prior administration, but Kamal’s presidency could push it down to $60-$65K based on her tighter regulation and tax policies.
Lastly, the o1 mini analyzed that Trump’s win could bring stricter regulation, where his conservative approach could push the BTC price to $60K. However, its analysis reveals that Kamala’s presidency will bring more favorable regulation. With it, the market can expect the price to reach almost $85K.
Microsoft’s Co-Pilot
Microsoft’s Co-Pilot called the US election result speculative, but Donald’s win could boost the Bitcoin price to as high as $90K, thanks to his pro-crypto stance. Interestingly, it also revealed that the price might stay bullish in Kamala’s win, where it might stabilize at $75K.
Venice.ai BTC Price Prediction
After analyzing the current political climate and market trends, Venice.ai predicts that Donald Trump’s victory could push the BTC to $85K-$90K. It clarified that this Bitcoin price prediction is based on Trump’s pro-market policies and his deregulation plans, which might boost investor’s confidence. It will increase the capital investment in the crypto market, bringing new gains. However, the price may stay at $75K-$80K amid Kamal Harris’s administration, as she might focus more on crypto regulation, leading to uncertainty among investors.
Anthropic’s Claude 3 Sonnet
Anthropic’s Claude 3 Sonnet also called Trump’s victory a more favorable condition for the token’s future. It believes that the BTC price might grow as high as $85K with his win, with his pro-crypto stance. However, Harris’s administration could bring stricter regulations, pushing the token down to $65K. However, it is also evident that these are not the only factors impacting the future of this digital asset, as many others could influence its price trajectory.
Mistral AI’s Le Chat Bitcoin Price Forecast
After understanding the impact of political events on Bitcoin, Mistral AI’s Le Chat believes that Donald’s pro-business and deregulatory stance will boost the token price higher, where it can hit the $85K mark with his presidency. However, during the VP’s presidency, the BTC price might increase modestly to $75K because of her focus on regulations and social policies. More importantly, it also mentioned that there is a possibility that the outcome might vary due to many technical factors and global economic events.
Inflection AI’s Pi
Inflection AI’s Pi believes a modest uptick to $71,500 in the case of Donald’s presidency. This AI chatbot focused on the previous presidential experience with Trump, where his economic policies were perceived as inflationary, and the same might happen this time, which could boost the BTC price. However, in contrast, the price might hover around $67,500, calling Kamala’s stance on cryptocurrencies less known, which could cause uncertainties.
What’s There For You In This Bitcoin Price Prediction?
Except for Gemini, all these AI Chatbots had some sort of prediction for the biggest cryptocurrency, where almost all predicted that Donald Trump’s win could result in better Bitcoin performance. Interestingly, the Chatgpt o1 mini believes that Kamala Harris’s win could be much more significant in pushing the crypto market, where the Bitcoin price might rise past $85K. With the AI chatbots having mixed results with the US election result outcome, the same is happening with the netizens in real life. However, the Presidential elections are a major economic event that will boost the crypto industry in one way or another. Regardless, the Bitwise CIO predicted that the BTC price might hit ATH even before the elections.
The post 9 Popular AI Chatbots Predict Bitcoin Price After the US Election appeared first on CoinGape.
22 Oct 2024, 2:31 amThe impact of blockchain on technology and society can not be overstated. Since entering the picture following the discovery of Bitcoin in 2009, the blockchain has influenced many industries, even as it’s become a vital institutional technology itself. Blockchain technology has disrupted institutions and traditional social systems across the globe, creating new economies and incentives that have filled gaps left unattended by conventional institutions.
Drew Pascarella, a senior lecturer of Finance at Cornell University opined that “Blockchain has the potential to be quite disruptive and make the way people work fundamentally more transparent and collaborative in the future.” This opinion is a general consensus across the industry.
The global blockchain technology market wasvalued at $17.57 billion in 2023. This figure has grown to $27.84 billion in 2024 and is poised to reach $825.93 billion by 2032. The CAGR in this forecast period is 52.8%. Figures like these show how far blockchain technology has come, an evolution that we’ll be discussing in this article. Some diverse applications of this disruptive technology include Layer-1s, Layer-2s, and Real-World Assets (RWAs) and these are what we will be focusing on — highlighting the growth through some key projects.
Understanding Blockchain Technology
The blockchain is a decentralized ledger technology that records transactions across multiple nodes (re: computers) within a business network. Before the advent of the blockchain, transactions, and record-keeping in industries suffered from vulnerabilities like fraud and cyber-attacks. A limited level of transparency also affected the operations and bottom lines of businesses in different sectors. All these have since been drastically reduced or eradicated with the introduction of blockchain technology. Now there’s greater trust, improved security, and efficiency with faster transaction speeds becoming the norm.
Layer-1 Solutions
Layer-1 blockchains like Bitcoin and Ethereum provide the core infrastructure for the blockchain. These chains provide network security and process transactions with Bitcoin processing up to 7 transactions per second (TPS), while Ethereum processes around 15 TPS. Traditional payment systems on their part depend on banks and payment processors to facilitate transactions. Settlements for these transactions often take 1-3 business days to reflect depending on the banking institution and the type of transfer.
Layer-1’s are becoming increasingly important for cross-chain transactions. The need for communication and data sharing with other networks has seen the rise of interoperable platforms like Aptos and MANTRA Chain.
Aptos is a layer-1 community-driven network governed by the people who build on it. It leverages the novel Move programming language and a parallel execution engine to improve the throughput of transactions significantly. The blockchainprocesses approximately 160,000 TPS, validating them in under one second.
MANTRA Chain is a purpose-built layer-1 blockchain ecosystem that integrates RWAs into the blockchain space. According to Boston Consulting Group (BCG) research, the tokenized asset market willreach $16 trillion by 2030 (10% of the global GDP). Another study by Binance shows that the market value of tokenized RWAs has surged past $12 billion. This is proof that RWAs are quickly becoming a huge market with the MANTRA blockchain at the forefront of this niche offering an innovative solution: a permissionless environment where permissioned applications can flourish. This bridges the gap between traditional finance (TradFi) and decentralized systems.
Scaling Solutions With Layer-2
The blockchain trilemma is a term coined by Ethereum co-founder Vitalik Buterin, and it refers to the challenge of achieving three critical aspects of blockchain technology: decentralization, security, and scalability. The first pillar, security, is vital because only robust defenses can prevent and withstand malicious attacks. The peak of scalability is having blockchains accommodate an increased number of transactions and users, without a substantial increase in fees or slower transaction times. As highlighted in this article, decentralization is an essential feature of blockchain technology as control over a network is evenly distributed among participants, ensuring fairness and transparency.
Layer-2 solutions are solving this trilemma, and a great example of this is Metis. Metis is an Ethereum layer-2 Rollup platform that offers simple and fast smart contract deployment within the network. Metis provides solutions to some of the big challenges present on the Ethereum network, including transaction speed, cost, and scalability. This layer 2 is also the first Optimistic Rollup that has achieved sequencer decentralization, eliminating single points of failure and properly aligning incentives between all network participants.
Privacy and Censorship Resistance
The need for privacy and censorship resistance has seen the rise of privacy-preserving cryptocurrencies like TOMI. TOMI is the native token of tomiNET, a parallel worldwide web designed as an alternative to the government-controlled and censored web. It is targeted at users in locations where their access to open information is limited, or where businesses cannot ensure their domain-based property rights on the existing Web2 infrastructure. TOMI combines the best Web2 and Web3 technologies for a privacy-preserving, self-governing internet.
The need for blockchain interoperability
There are currently over 55 blockchains, and these networks communicate with each other, sending and receiving data and tokens are important, especially in today’s blockchain landscape. This is blockchain interoperability. Emerging blockchains with unique features and use cases must be able to communicate and share data. This allows for seamless collaboration between different networks, thereby improving the overall utility and efficiency of blockchain technology.
While most layer-1 blockchains don’t inherently support cross-chain interoperability, Aptos champions building a flexible and adaptable infrastructure, allowing for potentially easier integrations with cross-chain protocols. Because MANTRA is a blockchain designed for RWAs, it likely focuses on the interoperability between TradFi systems and blockchain networks. As an Ethereum layer-2 solution, Metis inherently offers interoperability with the Ethereum ecosystem. And even though tomiNet’s main focus is creating a censorship-resistant internet, it will likely adopt interoperability features that ensure seamless communication between its network and the existing Web2 infrastructure.
Conclusion
The blockchain industry continues to grow, and the technology is marked by innovative projects like the ones mentioned in this article. These platforms offer unique solutions to the challenges of scalability, security, and decentralization on the blockchain, as they shape a more inclusive and digital ecosystem.
The post Layer-1 and Layer-2 impact of blockchain on technology and society appeared first on CoinGape.
22 Oct 2024, 1:46 amWith the US Presidential Elections in 2024 just two weeks away from now, crypto donations have been once again in the limelight while crossing $190 million. Crypto industry veterans and attorneys like John Deaton are making the final push by convincing voters of healthy crypto environments in the US.
US Election Crypto Donations on the Rise
Crypto political donations have topped $190 million in the US Presidential Elections 2024 this year with the CNBC report stating that $130 million out of which have been spent on congressional races including the primaries.
2024 elections have received $190 million of #crypto donations
— Quinten | 048.eth (@QuintenFrancois) October 21, 2024
The discussions around crypto donations have caught fire once again as Ripple’s Chris Larsen has been donating massive sums to Democratic nominee Kamala Harris. Recent reports suggest Larsen has donated over $10 million to Kamala Harris which has led to a major outrage from the XRP community. Previously, Larsen also donated $1 million in XRP to the Harris Victory Fund.
This is surprising considering the fact that the Biden administration waged an all-around war on Ripple over XRP sales as securities. Commenting on this development, Ripple co-founder Brad Garlinghouse said: “We need to immediately change course from this administration’s misguided war on crypto”.
Donald Trump PAC Raises $7.5 Million
A political action committee (PAC) backing former President Donald Trump has raised approximately $7.5 million in cryptocurrency donations. Donors to the Trump 47 joint fundraising committee contributed in Bitcoin, Ethereum, XRP, as well as dollar-pegged stablecoins like Tether (USDT) and USDC, according to a filing with the Federal Election Commission.
Fairshake, one of the top-spending PACs this year, has been targeting close House races in US elections. Last month in September, the committee gave out a total of $29 million. Of the total, $20 million went to two affiliated political action committees (PACs) including:
- $15 million to the Defend American Jobs PAC, a Republican-leaning committee focused on cryptocurrency and blockchain policy.
- $5 million to Protect Progress, which exclusively supports Democrats.
Fairshake spent the remaining $8.8 million on House races in New York, Nevada, and California. Speaking to CNBC, Crypto market analyst James Delmore said:
“Fairshake’s donations to candidates in toss-up districts are critical. It’s not just about securing pro-crypto politicians in key House seats, but also maintaining California’s position as a hub for the crypto industry.”
Impact on the Crypto Market
The crypto market has more or reacted positively to the rising odds of Trump’s election-winning chances. Also, as per the Polymarket data, Donald Trump has taken considerable lead over Kamala Harris with his odds of winning surging to 63.5%.
With Bitcoin surging to $69,000, altcoins also joined the crypto market rally over the past weekend. However, the market faces rejection as crucial resistance levels waiting for the next big trigger.
Thus, market analysts are hopeful that if Donald Trump gets re-elected to the White House, it will be beneficial to the broader crypto industry during his tenure. Ryan Lee, Chief Analyst at Bitget Research said:
“The main drivers are Trump’s rising odds of winning the election and a technical rebound in Bitcoin’s price. Trump is a known supporter of Bitcoin, and his increasing odds of winning are seen as a positive signal for the market”.
The post US Election Crypto Donations Top $190M: What’s the Impact on the Market? appeared first on CoinGape.
22 Oct 2024, 1:38 amRipple co-founder Chris Larsen’s recent XRP donation to US Vice President Kamala Harris faces heavy criticism from the crypto market as well as from the XRP community. Besides, a top lawyer has also sparked speculations about how the donation would impact the ongoing Ripple SEC lawsuit going ahead. The legal expert questioned whether this donation could influence the SEC’s stance on the firm, especially with the agency’s Chair Gary Gensler’s involvement.
Chris Larsen Faces Criticism Over Kamala Harris’s Donation
The latest backing from Ripple co-founder Chris Larsen to US VP Kamala Harris has sparked discussions in the crypto market. Larsen said that his donation is to promote tech innovation in the US, and he believes that Harris will play a key role in shaping favorable policies for crypto space.
He said that it’s time for Democrats to adopt a more crypto-friendly approach to ensure American leadership in the blockchain space. Besides, Larsen has also revealed reasons behind his donations to the US Vice President in an interview, believing Harris would play a crucial role in shaping crypto-friendly policies.
Commenting on the update, Ripple CEO Brad Garlinghouse showed support for Larsen’s right to back his favorite candidate in the upcoming US election. However, he stressed the importance of bipartisan engagement in the crypto space. He believes that the crypto administration’s stance on crypto has hindered growth and innovation in the space.
Besides, many in the digital assets space, as well as the XRP community members have slammed Larsen for his donation. For instance, pro-XRP lawyer Bill Morgan expressed frustration, labeling his financial support for Harris as “misguided”.
On the other hand, ex-CEO of Messari crypto, Ryan Selkis also took a strong stance, criticizing Ripple co-founder for what he sees as exploiting retail investors through XRP. He has also slammed XRP, saying that stablecoin now holds more value than the crypto, dismissing Ripple’s contributions to the financial world.
Will This Donation Influence Ripple SEC Lawsuit?
Chris Larsen’s XRP donations to Harris have also sparked discussions over its legal impact, with legal experts weighing in on the matter. For context, in a recent X post, pro-XRP legal expert MetaLawMan sparked speculations about how this legal donation can affect the ongoing Ripple SEC lawsuit.
As the donation involves a significant amount of XRP, the process of converting it into fiat currencies or dollars could require the US SEC to monitor. This, as per the lawyer, could impact the US SEC’s appeal in the ongoing XRP lawsuit.
Meanwhile, the US SEC and the agency’s Chair Gary Gensler have faced immense criticism due to the recent appeal in the ongoing Ripple SEC lawsuit. Many believe that Gensler’s approach toward digital assets has hindered growth in the crypto space.
Given Gensler’s hawkish approach to the crypto industry, the legal expert speculates if the US VP will need to clear the transaction with the US SEC to cover the XRP donation into campaign funds. This development has sparked speculations that it could potentially complicate the battle between Ripple and the SEC in the ongoing lawsuit.
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22 Oct 2024, 1:18 amAvalanche (AVAX) price has been bullish recently, hovering near support levels despite minor market corrections. Over the past day, a slight market pullback has caused further fluctuations, though the overall sentiment remains optimistic for AVAX. This comes as the Avalanche Foundation announced the launch of the Avalanche Card, which allows users to make cryptocurrency payments at any Visa-accepting location. This could further influence the altcoin’s market performance in the coming weeks.
Avalanche Price Launches Credit Card for Crypto Payments
Avalanche has introduced the Avalanche Card, a major step toward integrating cryptocurrency into everyday financial transactions. Announced through a social media post, the card allows users to spend WAVAX, USDC, sAVAX, and other supported cryptocurrencies at any location where Visa is accepted.
The Avalanche Card is here. Crypto-friendly spending, anywhere Visa is accepted.
Waitlist sign up, terms & conditions, and all card details https://t.co/JGMmu5p2l9 pic.twitter.com/mHvrNjsvoc
— Avalanche9000 (@avax) October 21, 2024
The card is currently available in both physical and virtual formats and is being rolled out initially in Latin America and the Caribbean. By targeting these regions, the Avalanche Foundation aims to improve financial inclusion and accessibility through its innovative payment solution. This marks a significant development in making cryptocurrency more usable in daily life.
AVAX Price Analysis: Is Rebound Possible Soon?
The layer 1 blockchain has been trading around the $28 mark, showing fluctuations in recent market activity. The latest AVAX price is $28.18, reflecting a 2.74% decline over the past day.
The price-performance has ranged from a low of $27.41 to a high of $29.03 within the last 24 hours. Despite these fluctuations, the broader market trend for Avalanche remains uncertain as it faces bearish pressure in the short term.
The crypto market experienced a correction today, with Bitcoin (BTC) slipping to the $67K level over the past day. ETH also followed this setback, hovering around $2,600. This movement has raised concerns across the market, as other major cryptocurrencies also show signs of bearish momentum.
The technical chart for the token reveals a period of consolidation. Despite recent bearish momentum, the AVAX price prediction has shown signs of resilience by holding key support levels. The current support is $28, while the resistance level is nearly $30.
A potential breakout above this resistance could signal a bullish reversal to the $40 level, with a possible 41% price increase. The Average Directional Index (ADX) value of 11.92 indicates a weak trend strength.
Despite recent fluctuations and bearish momentum, layer one remains resilient near support levels. Launching the Avalanche Card could drive future growth by increasing cryptocurrency adoption. A potential breakout above the $30 resistance level may push Avalanche toward highs in the near term.
The post What’s Next For Avalanche Price After Launching Crypto Payment Card Integration? appeared first on CoinGape.
22 Oct 2024, 1:08 amA Dogecoin whale has once again caught the eyes of crypto market participants globally, making a highly bullish move recently. On-chain data showcased that a whopping 155 million DOGE was accumulated by a whale, sparking optimism among investors surrounding the meme coin’s future movements. DOGE price’s broader charts indicate that the token is currently on a bull run. However, market watchers speculate whether the renowned dog-themed meme crypto could pump further in light of the recent accumulation.
Dogecoin Whale Accumulates 155M Coins Igniting Market Frenzy
According to data revealed by Whale Alert on October 21, a Dogecoin whale accumulated 155.11 million DOGE, worth $21.65 million, from the crypto trading division of Robinhood Markets. Per the data, the unknown address DP1…Wdj was recorded as bagging the abovementioned amount of coins. This massive accumulation, hinting at increased market confidence in the asset’s potential, has reverberated optimism surrounding future movements.
Simultaneously, it’s worth mentioning that the dog-themed meme coin is currently on a price rally, as pointed out by broader charts. This bullish trajectory is primarily attributable to Elon Musk’s support of Donald Trump amid the ongoing U.S. presidential elections. As Trump’s winning odds rose substantially to 63.7%, whereas Harris’ stood at 36.1%, per recent Polymarket data, Elon Musk’s D.O.G.E post under the Trump cabinet has garnered significant attention toward the token. Further as the U.S. presidential elections loom as of November, the massive accumulation by the aforementioned Dogecoin whale has poured additional market optimism on the meme crypto.
DOGE Price Dip Over?
Simultaneously, DOGE price traded at $0.1457 at press time, down nearly 2% intraday. This drop primarily aligns with today’s broader market trend. The meme coin’s 24-gour low and high were $0.1384 and $0.1495, respectively. Nevertheless, weekly and monthly charts for the coin illustrated a 26% and 35% surge, respectively.
While the upside movement sparked investor optimism, Coinglass data indicated a 5.33% drop in Dogecoin futures OI to $1.02 billion today. Besides, the derivatives volume soared 8% to $3.46 billion. These stats underscore an uncertain market sentiment for the token.
Nonetheless, a recent DOGE price analysis by CoinGape Media indicates that the coin could potentially rise to $0.37 ahead in light of bullish metrics. Notably, the 50-day moving average is rising, implying strong short-term momentum. Given this trend continues, it could bolster a price increase ahead. Crypto market enthusiasts continue to monitor the meme token for further price shifts ahead in the wake of dynamic market trends.
The post Dogecoin Whale Accumulates 155M DOGE, Is the Dip Over? appeared first on CoinGape.
22 Oct 2024, 1:03 amSouth Korea’s largest crypto exchange Upbit on Tuesday said it will list Solana meme coin Bonk today. Traders responded immediately as BONK price saw a sudden 7% jump after the announcement, extending the rally this month to over 35%.
Upbit Lists Solana Meme Coin Bonk for Spot Trading
Crypto exchange Upbit in an official announcement on October 22 revealed the listing of one of the most demanded digital assets for spot trading. The exchange has finally decided to list Solana meme coin Bonk for spot trading.
Users can start trading BONK in USDT pair from 06:00 PM KST on October 22. The deposits and withdrawals through networks other Solana networks is not supported.
“BONK digital asset withdrawal fees are provided free of charge for approximately 24 hours after the start of deposits and withdrawals, and fees are charged from the 24-hour mark, said Upbit.
Transaction restrictions apply as usual, with trading limit price determined based on the price at CoinMarketCap. The crypto exchange also informed users about the minimum sell price restriction. Sell orders at prices less than 10% of the previous day’s closing price are restricted for approximately 5 minutes after trading begins.
The Dog on Upbit https://t.co/BvYa6M7UiC
— BONK!!! (@bonk_inu) October 22, 2024
Recently, Bonk announced plans to launch a BONK ETP in the US ahead, sparking optimism over its future price movements.
BONK Price to Rally Ahead?
BONK price jumped 7% immediately within an hour after Upbit announced listing with USDT pair. Traders anticipate a new all-time high as the Solana meme coin has consolidated for months now.
Bonk to make “golden cross” as the 50-day moving average (blue) is expected to cross above its long-term moving average of 200-DMA (red). It is a bullish indicator and signals an upcoming rally. The price targets are 0.000035 and 0.000045, as it is currently bouncing from $0.0000232, a 0.236 Fib retracement level.
BONK price today currently trades at $0.00002425. The 24-hour low and high are $0.00002304 and $0.00002485, respectively. Furthermore, the trading volume has increased by 30% in the last 24 hours, indicating a rise in interest among traders.
Furthermore, the open interest in futures has surged to over $300 million, reflecting a growth of 20% in the last 24 hours. This spike implies increased market participation and investor confidence as more traders are opening positions, potentially anticipating significant price movements or trends.
The post Bonk Price Eyes 2X Rally After This Major Listing appeared first on CoinGape.
22 Oct 2024, 12:53 amAptos price has made headlines with a significant 12% price surge, driven by a spike in staking activity on the MEXC exchange. The prominent Layer-1 blockchain has caught the attention of investors as this recent increase has pushed it above crucial resistance levels on its daily chart. Additionally, Aptos’ decentralized finance (DeFi) ecosystem has reached a new milestone, with its Total Value Locked (TVL) hitting an all-time high of $920 million. This combination of strong staking demand and DeFi growth has positioned Aptos for continued bullish momentum.
The APT price today is $11.05, which represents an 8.6% increase in the last 24 hours.
MEXC Staking Surge Fuels 12% Surge in Aptos Price
The primary catalyst behind the recent APT price increase is the surge in staking activity on the MEXC exchange.
$APTOS @Aptos Harvest is LIVE – Reap the $1.5M in rewards
0 fees on $APT/USDT spot trading
Up to 20% APR on a 30-day locked staking
Trade APT futures to share a 200,000 $USDT bonus poolSpread the word now to share an extra 150 $APT: https://t.co/BXujyOhXl5
— MEXC (@MEXC_Official) October 21, 2024
Staking allows investors to earn rewards by locking up their tokens, which reduces the circulating supply and can drive up the price. The increased demand for staking Aptos on MEXC has created upward pressure on the price.
Traders on MEXC will share in a $1.5 million reward pool for staking their APT tokens with up to 20% APR if they lock the tokens for 30 days.
The Aptos price spike marks a notable recovery from its recent low of $9.61 last week. However, the broader crypto market is down 3.3% after the Bitcoin (BTC) price showed weakness around and dropped to the $66,000 level.
What’s Next For APT Price?
The Aptos price chart shows a strong upward trend from the lows around $5.50 in September, with a series of higher lows and higher highs. The recent price action has broken above key resistance around $9.00, confirming bullish momentum.
The next major resistance is around $15.00, followed by the higher target of $19.00 based on the bullish structure’s 76.41% measured move. Based on the technical breakout from the previous resistance level and the projected target from the current structure, a sustained rally could take the price beyond $19.00.
On the flip side, Aptos price could retest the $9.00 support area before continuing higher. A confirmed bounce off this level could lead to further gains. However, if the price falls below this support, it could test the $7.45 support, which coincides with the top of the range. Below that, the current bullish thesis will be invalidated.
Can Aptos Price Reach $19?
The chances of the APT price reaching $19 are high. Aptos has been making significant strides in its technological advancements. The integration of Chainlink Data Feeds and the launch of the Shoal++ consensus protocol have enhanced the network’s performance and reliability, bolstering investor confidence and contributing to the price increase.
Positive sentiment around Aptos price has been growing, partly due to its strong performance in the decentralized finance (DeFi) sector. Santiment data shows social volume grew by about 127% in the last 24 hours, showing investors interest is gaining traction.
Moreover, DeFiLlama data shows the total value locked (TVL) in Aptos’ DeFi ecosystem increased significantly, hitting an all-time high of $920 million. This indicates growing adoption and usage, a positive sentiment that has likely contributed to the recent price surge.
Most notably, the overall cryptocurrency market has been recovering after the Bitcoin price surged above $69,000 for the first time in about three months. While the BTC price is currently in correction, some altcoins, including Aptos, are surging.
This is likely because investors are directing profits locked from Bitcoin into APT. Hence, Aptos price is likely to surge to $19 in the coming days or weeks.
The post Aptos (APT) Price Shoots 12% As TVL Hits $920M New All-Time High appeared first on CoinGape.
22 Oct 2024, 12:09 amThe spot Bitcoin ETF inflows have accelerated since the past week and refuse to stop anytime soon. On Monday, BlackRock’s iShares BTC ETF (IBIT) created a milestone taking its total inflows to more than $23 billion since inception. This puts IBIT among the top three ETFs by inflows, launched in 2024.
BlackRock Bitcoin ETF Hits Fresh Milestone
Last week, the US BTC ETF clocked more than $2 billion in inflows suggesting a huge institutional demand for the asset class. On Monday, October 21, the total inflows stood at $294 million with BlackRock’s IBIT single-handedly stealing the show. Yesterday, IBIT clocked $329 million in inflows while the rest of other ETFs recorded zero or net outflows.
Just over the past six trading sessions, IBIT has registered inflows totaling $1.5 billion. Bloomberg ETF strategist Eric Balchunas stated that this has been the best week for BlackRock Bitcoin ETF as it now surpasses VIT to occupy a place among the top three ETFs by inflows in 2024. Furthermore, IBIT assets under management have now crossed $26 billion which is the top 2% of all ETFs.
$IBIT had one hell of a week, +$1.1b in new cash, best week since March, passed $VTI for 3rd place overall in YTD flows (insane for new launch, esp late in year, the rest of the top 5 is each over 20yrs and old and over $300b. $IBIT's aum is $26b which is in top 2% of all ETFs. pic.twitter.com/KX7eD3EzFP
— Eric Balchunas (@EricBalchunas) October 21, 2024
However, these strong ETF inflows haven’t had much impact on the BTC price as it failed to surge past the crucial resistance of $69,000. The Bitcoin price is once again facing selling pressure trading 2.29% down at press time, at $67,528.79. However, the daily trading volume has surged 60% to $37 billion.
Market analysts at Bitfinex suggest that Bitcoin could see a delayed effect of the ETF inflows. They stated:
“ETF inflows can have a muted impact for a few days, and then the market reverses lower once the aggression from spot market buyers fades”.
Donald Trump Trade in Play?
As the odds of Donald Trump’s victory improve, market analysts say that the massive Bitcoin ETF inflows suggest that the Trump trade is in play. As per Polymarket data, Trump’s victory odds have improved to a massive 63.5% against Kamala Harris.
Ryan Lee, Chief Analyst at Bitget Research, noted that institutional interest is evident, with six consecutive days of inflows signaling strong momentum. Lee added:
“The main drivers are Trump’s rising odds of winning the election and a technical rebound in Bitcoin’s price. Trump is a known supporter of Bitcoin, and his increasing odds of winning are seen as a positive signal for the market”.
Additionally, the recent approval of Bitcoin ETF options by US SEC could further boost greater liquidity into ETFs. “With the SEC’s approval of ETF options, we believe this will provide the ETF with the needed liquidity to attract sustainable inflows,” noted QCP Capital.
The post BlackRock Bitcoin ETF Enters Top 3 Amid $23 Billion Inflow appeared first on CoinGape.
21 Oct 2024, 11:01 pmDogecoin price has been a subject of intense speculation and analysis as recently, a top trader predicted that the asset could surge to $0.37 within the next two weeks. This bold prediction has sparked curiosity among investors, especially since that’s an over 100% move from the current price.
DOGE price is trading at $0.1445 today, down 0.4% in the last 24 hours.
Nevertheless, it has already increased 24% in the last seven days, and Dogecoin’s profit percentage has almost surpassed 81%. The main question remains: Can the price of DOGE double to “37 cents” in the next two weeks?
Can Dogecoin Price Hit “37 Cents” In the Next Two Weeks?
As of now, Dogecoin is trading at approximately $0.1445 per CoinGecko data. This represents a significant increase from its earlier lows but is still far from its all-time high of around $0.73, achieved during the 2021 crypto boom.
The current market sentiment for Dogecoin price is currently mixed, with some market participants anticipating further gains while others foresee potential declines.
For instance, data from Coinglass shows Short-term futures traders have turned bearish on the daily while long-term weekly and monthly traders remain bullish. This imbalance suggests that the majority of the market remains bullish as they anticipate the price of DOGE will increase soon.
The following two on-chain metrics could explain why investors are divided. According to data from Santiment, Dogecoin holder profitability broke a four-month high, and 81% of all Dogecoin in circulation is now in profit. The last time this was the case was July 7, 2024.
Further more, the short-term DOGE holders (30-day) surpassed long-term holders (365-day) in profit making, hence, it would only be logical for the to lock in profits when DOGE shows signs of weakness around historical resistance zones.
Reasons Why DOGE Price Could Hit $0.37 In Two Weeks
Dogecoin price surging to 37 cents in two weeks is not out of this world. For comparison, in the past 7 days, the meme coin soared by about 25%. Double this, and we have 50% in two weeks. Combining this organic growth with several other factors and $0.37 price target comes into clear focus. Here are some reasons why $0.37 DOGE is possible before the November 5 U.S. elections:
- The price of DOGE has historically been influenced by social media trends and endorsements from high-profile figures like Elon Musk. A renewed wave of positive sentiment and social media buzz could drive up the price significantly.
- Dogecoin price forecast shows that the asset has been experiencing a bullish trend in the short term. The 50-day moving average is rising, suggesting strong short-term momentum. If this trend continues, it could support a price increase.
Additionally, the fibonacci retracement tool shows a potential retrace to $0.1322, which would explain the bearish sentiment among short-term traders. However, after that, the DOGE price is primed to surge to $0.37 with some occasional stops at $0.15, $0.18, and $0.23.
- The overall cryptocurrency market has been showing signs of recovery. If major crypto assets like Bitcoin (BTC) and Ethereum (ETH) continue to rise, they could pull DOGE price up with them due to the correlated nature of crypto assets.
Conclusion
While the prediction of Dogecoin price reaching $0.37 in two weeks is ambitious, it is not entirely out of the realm of possibility. The factors supporting this bullish outlook include positive market sentiment, technical indicators, and broader market movements.
The post Top Trader Predicts Dogecoin Price To Reach $0.37 in Two Weeks appeared first on CoinGape.
21 Oct 2024, 10:33 pmMetapplanet, popular as Asia’s MicroStrategy raised fresh capital of 10 billion yen earlier today through a stock sale in the 11th series of Stock Acquisitions Right. The company will be following in MicroStrategy’s footsteps to use the raised capital to buy more Bitcoins. On the other hand, BTC price once again facing rejection at $69,000 while dropping 2% earlier today.
Metaplanet Raises 10B Yen for Bitcoin Buying
A total of 13,774 individual shareholders participated in the recent stock sale by Metaplanet in the company’s 11th series of Stock Acquisition Rights. The full exercise by EVO FUND has resulted in total proceeds of ¥10 billion.
*Metaplanet Announces Results of Stock Acquisition Rights Exercise* pic.twitter.com/MquO6JFNEX
— Metaplanet Inc. (@Metaplanet_JP) October 22, 2024
With participation from big players like BlackRock, a large number of corporate players have been willing to seek exposure to BTC. Furthermore, market players are conducting stock sales in what seems to be the Bitcoinization of traditional securities markets. Commenting on the development, Metaplanet CEO Somin Gerovich said:
“The Company has also approved the transfer of unexercised rights to EVO FUND, which has committed to exercising all transferred rights by October 22, 2024. Once completed, the total funds raised via the stock acquisition rights will reach 10 billion yen”.
Following today’s stock sale, the Metaplanet share price tanked by 5.85% under 1,200 JPY, however, it is still trading 644% gains on a year-to-date basis.
As we know, the Japanese firm has been on an aggressive Bitcoin buying spree over the past month. As of date, the company already holds more than 850 BTC on its balance sheet, all of which were acquired in the past 6 months since May 2024.
Enhancing the BTC Acquisition Strategy
Metaplanet is making every effort to increase its Bitcoin stash as quickly as possible until the BTC price continues to trade under $70,000 levels. As a result, the company has been adopting different methods to raise cash for its BTC purchases.
On the other hand, the company has also recently indulged in trading Bitcoin options while collaborating with QCP Capital for this initiative. Through this strategy, the company has also made healthy profits of over $2 million.
As the BTC price remains rangebound between $60,000-$70,000, long-term investors are making the most of the opportunity to build their Bitcoin holdings. Currently, the BTC price is experiencing selling pressure at $69,000 and is trading down 2% at $67,389.12.
The post Asia’s MicroStrategy Metaplanet Raises 10B Yen for Bitcoin Acquisition appeared first on CoinGape.
21 Oct 2024, 9:50 pmThe crypto prices today appear to have faced a setback, as Bitcoin (BTC) price waned to the $67K level over the past day. Ethereum (ETH), Solana (SOL), & XRP prices also mirrored a downside momentum, sparking market concerns. Simultaneously, the global crypto market cap dipped 1.79% over the past day to rest at $2.33 trillion. However, the total market volume witnessed a 29.45% increase in value to $85.17 billion.
Here’s a brief collection of some of the top cryptocurrencies by market cap and their price movements today, October 22.
Crypto Prices Today: BTC, ETH, SOL, & XRP Encounter Turbulence
BTC price slipped as low as the $66K level in the past 24 hours after it touched a $69K level high. Simultaneously, ETH price backtracked to the $2,600 level today. Further, SOL and XRP prices dropped 1-2% in the interim. However, Aptos (APT) has defied the broader market trend to emerge among the day’s top gainers. So, let’s dig deeper into the prices of leading coins today.
Bitcoin Price Today
BTC price illustrated a nearly 2% dip in value at press time, reaching $67,302. The flagship crypto’s intraday low and high were recorded as $66,581.37 and $69,151.64, respectively. Notably, today’s waning action drastically contrasts with $294.29 million worth of inflows in Bitcoin ETFs as of October 21. Besides, BTC’s market dominance gained 0.02% from yesterday to 57.16%, hinting at a broader slumping action within the altcoins sector. Bitcoin’s market cap rested at $1.33 trillion today.
Ethereum Price Today
ETH price chart indicated a drop of roughly 3% over the past day and is currently trading at $2,641. The coin’s intraday low and high were $2,616.95 and $2,742.59, respectively. Notably, spot Ethereum ETFs registered $20.80 million in outflows as of October 21, per Sosovalue data. This decline in institutional interest aligns with today’s slumping action. Ethereum’s market cap rested at $318.07 billion today.
Solana Price Today
The crypto SOL’s price cracked nearly 2% in the past 24 hours and is now trading at $166. Solana’s intraday low and high were $161.81 and $171.43, respectively. Further, SOL’s market cap rested at $78.01 billion today. Intriguingly, Solana co-founder Anatoly Yakovenko recently questioned the Ethereum ecosystem’s vitality in light of Base L2, garnering considerable attention to the SOL ecosystem.
XRP Price Today
XRP price witnessed a roughly 1% drop in value and is currently sitting at $0.5429. The coin’s intraday low and high were registered as $0.5407 and $0.5594, respectively. XRP’s market cap stood at $30.79 billion today. Meanwhile, Ripple moved 200 million XRP amid the ongoing legal developments in the XRP lawsuit, adding to intrigue among market participants.
Meme Coins Performance Today
Besides, Dogecoin (DOGE) followed the broader market trend, declining 0.5% to $0.1446 today. Further, even Shiba Inu (SHIB) price sunk nearly 3% over the past day and is currently trading at $0.00001839. Meanwhile, Pepe C0in (PEPE), dogwifhat (WIF), and Bonk (BONK) prices slipped by 3%-6%.
Top Crypto Gainers Prices Today
Aptos
APT price surged nearly 11% at press time and is currently trading at $11.04. The coin’s 24-hour low and high were registered as $9.83 and $11.18, respectively.
Cat un a Dogs World
MEW price soared roughly 7% in the past 24 hours and is currently trading at $0.009147. The Solana meme coin’s 24-hour low and high were $0.008453 and $0.01043, respectively.
Axelar
AXL price noted gains worth 7% over the past day and is now trading at $0.8951. Its 24-hour low and high were $0.8245 and $0.9148, respectively.
Top Crypto Loser Prices Today
Bittensor
TAO price dipped nearly 7% over the past day and is now trading at $555.23. Its intraday low and high were $543.98 and $595.76, respectively.
Aerodrome Finance
AERO price tanked roughly 6% in the past 24 hours and is currently sitting at $1.20. The coin’s intraday low and high were $1.19 and $1.28, respectively.
Mog Coin
MOG price cracked 5% from yesterday and is now trading at $0.000002109. The coin’s 24-hour low and high were $0.00000207 and $0.00000229, respectively.
Besides, the hourly time frame charts sparked further speculations over the crypto prices today as BTC slipped 0.14%, whereas ETH waned by 0.12%.
The post Crypto Prices Today Oct 22: BTC Slips To $67K, Altcoins Mimic Dip, But APT Up 11% appeared first on CoinGape.
21 Oct 2024, 9:38 pmSolana price has declined by 1.56% in the last 24 hours after the Pump fun Fee Account sold 40,000 SOL worth $6.68 million. The sale happened only five hours ago and has added to the market fears on the further price movement of Solana.
Currently, the social platform has recorded 969,945 SOL ($162 million) in total revenue from selling 503,343 SOL at an average price of $156.40, which equals to $78.70 million.
Pump Fun Sells Another 40,000 SOL
Pump fun, a Solana-based meme coin launchpad, has been actively selling large amounts of SOL in recent weeks. The 40,000 SOL sold recently adds to its ongoing trend, fueling speculation about its impact on the broader Solana market. The total amount of SOL sold by Pump fun is now over 500,000 tokens.
With the platform’s continued liquidation of its SOL holdings, traders fears are if these sales are contributing to short-term price pressure.
The platform has also been noted for its fee-generation capabilities, having raised more than $140 million since the beginning of the year. It has been involved in the generation of more than 2.5 million Solana tokens and has been instrumental in many of this year’s meme coin trends. However, owing to bearish pressure on Solana’s price, there are questions regarding the time frame of these sales and how they may affect the market.
New Developments at Pump fun
During the week that Pump fun had one of its most successful weeks, it made new announcements during a Twitter Spaces event, including the release of a new trading terminal known as Pump Advanced.
This new tool aims at challenging other platforms such as Photon and Bull X and it will charge 0% fees for the first month as a way of attracting traders.
At the same event co-founder Sapijiju mentioned possibility of launching a new token and an airdrop. In terms of time frame, Sapijiju said, “We are definitely planning on launching a token at some point in the future” and pointed out that the airdrop could be more generous than those offered by competitors.
Solana Supply Increases Amid Scheduled Unlocks
Solana is scheduled to unlock an additional 524,030 SOL tokens this week, worth approximately $88.46 million. This comes after a previous unlock in early October where $81 million worth of SOL was released into circulation. In this period, SOL price went down by 6% but quickly reversed the trend shortly after.
The market is currently waiting to see if this is going to be the case and if the new supply will put more short-term pressure on the price of Solana. Analyst have projected that Solana might face price pressure in the short-term but the asset could bounce back in the weeks following due to high demand from traders.
In the past, SOL has been able to accommodate more supply that comes into the market, but these back-to-back unlocks make it difficult to predict short-term price fluctuations.
However, despite Pump fun’s recent SOL sales and future token unlocks, analysts continue to remain optimistic about the Solana network and its potential. As per CoinGape analysis, a cup-and-handle pattern has been observed on the weekly chart of Solana, and the price could rise to $4,500, a 2600% increase.
The post Pump Fun Sells Another 40,000 SOL, Is Solana Price Rally Delayed? appeared first on CoinGape.
21 Oct 2024, 9:00 pmRipple has moved 200 million XRP tokens worth about $109 million to an unknown wallet. This is notable especially at this time as it happens ahead of the next phase in Ripple’s legal case against the U.S. Securities and Exchange Commission (SEC).
The appeal is a significant moment in Ripple’s fight against the SEC, which claims that Ripple’s XRP sales constituted an unregistered securities offering.
Ripple’s 200 Million XRP Transfer Ahead of US SEC Appeal
The large XRP transfer has elicited questions on what Ripple may be up to given that the transfer was made at the time of the SEC appeal. The appeal is expected to be a direct challenge to the ruling made by Judge Analisa Torres, who had earlier granted a motion in favour of Ripple stating that the sale of XRP through exchanges was not a violation of the U.S securities laws.
Stuart Alderoty, the Chief Legal Officer of Ripple, shared his thoughts on the potential scenarios of the appeal. He said the optimal outcome of the proceedings for the Securities and Exchange Commission could be to have the case sent back to Judge Torres.
Nevertheless, Alderoty explained that the Securities and Exchange Commission would struggle to challenge the decision, saying: “The SEC could end up arguing to Judge Torres that she wasn’t a person of ‘ordinary intelligence’ when she ruled against them.” Concurrently, Ripple’s legal team remains optimistic about their position in the case, despite the ongoing litigation.
XRP Price Movement and Market Reaction
During this legal fight, XRP has seen an increase in both derivatives and spot trading Data from CoinGlass revealed that XRP’s derivatives trading volume jumped more than 130%, with spot trading volume rising by 108% from the previous day.
With the total market trading volume at $2.5 billion for both futures and spot markets, the trading volume/market cap ratio is 8%, which indicates that traders are paying more attention to the asset. Concurrently, crypto analysts continue to share varying predictions for XRP’s price movement.
Crypto analyst Amonyx also identified the bullish pennant formation on the XRP weekly chart and expects a breakout that may take the price to as high as $589. As noted by CoinGape, the current consolidation within the pattern, together with the overall market conditions, may open the door to major price fluctuations in case of positive change in the legal status of Ripple.
MetaMask Integrates with XRP Ledger Amid XRP Transfer
During the massive XRP transfer, Ripple revealed that the XRP Ledger (XRPL) is now integrated with MetaMask, a Web3 wallet service. By integrating XRPL Snap, users of MetaMask can now engage with the XRP Ledger from their wallets.
This integration enables XRP account management, transaction signing, and interaction with the XRPL-based decentralized applications (dApps).
In addition, the integration will enable the XRP Ledger to be taken to MetaMask’s 30 million monthly active users making XRP and the XRPL more accessible to developers and the retail audience. The new tool provides functionalities such as network flexibility, security checks, and developer documentation for developers seeking to integrate with the XRP Ledger.
The post Ripple Moves 200M XRP Ahead Of US SEC Appeal, What Next? appeared first on CoinGape.
21 Oct 2024, 6:46 pmJohn Deaton, a pro-XRP lawyer, criticized Senator Elizabeth Warren’s comments attributing rising prices to corporate greed. Deaton argued that the true cause of inflation is government actions, specifically the printing of money by central banks.
He emphasized that such inflationary policies have historically led to the devaluation of the US dollar and contributed to the country’s current economic challenges.
John Deaton Challenges Sen. Warren’s Take, Blames Government For Inflation
Replying to Senator Warren’s tweet on X, Deaton highlighted that since the establishment of the Federal Reserve in 1913, the US dollar has devalued by 98%. He pointed out that a significant amount of US currency was printed in the last four years, correlating with the highest inflation rates seen in four decades.
Additionally, the pro-XRP lawyer referenced former Treasury Secretary Larry Summers, who had predicted severe inflation if monetary expansion continued under current policies. More so, John Deaton accused Senator Warren of supporting such policies and expressed a strong desire to debate these topics publicly.
The pro-XRP lawyer added,
“If Senator Warren would’ve accepted my single issue debate challenge, which included inflation, we would’ve debated the issue of inflation for one hour.”
However, Senator Warren has consistently framed the issue of rising prices as a result of corporate greed. She advocates for stricter regulations on major corporations to curb price increases at essential places like grocery stores and gas stations. Warren’s approach targets a crackdown on what she perceives as exploitative pricing practices that harm consumers and exacerbate economic inequality.
Meanwhile, John Deaton’s critique extends to Warren’s overall economic policies, which he views as misguided and harmful to economic stability. This sentiment is part of a broader discourse on the role of government in regulating emerging technologies and financial systems.
Similarly, the crypto industry has expressed frustration with Senator Warren’s adversarial approach to crypto regulations. Most recently, Coinbase CEO Brian Armstrong said,
“Crypto holders in MA should realize Senator Warren is the one who got Gary Gensler his job and encouraged him to (unlawfully) try and kill the crypto industry in America.”
Moreover, the Coinbase co-founder asked Massachusetts residents to support John Deaton, emphasizing his stance as a pro-crypto advocate
Predictions of Inflation-Driven Bitcoin Surge
Amidst these economic discussions, Arthur Hayes, co-founder of BitMEX, has made predictions regarding Bitcoin’s potential surge due to inflationary policies. Hayes argues that geopolitical tensions and the consequent monetary expansion by the US government could weaken the US dollar and enhance Bitcoin’s appeal as a “digital gold.”
Hayes suggests that increased military spending and monetary policies that expand the Federal Reserve’s balance sheet will lead to inflation ahead of US elections. This would make Bitcoin an attractive hedge against depreciating fiat currencies. He believes that this scenario will boost demand for Bitcoin as investors seek stability in alternative assets.
The post Lawyer John Deaton Calls Senator Warren Clueless on Inflation Claims appeared first on CoinGape.
21 Oct 2024, 6:38 pmThe artificial intelligence sector has become one of the most exciting and innovative developments in 2024. While many altcoins leverage artificial intelligence (AI) to disrupt industries and drive technological advancements, investors can consider these assets to sell as they could underperform in Q4.
5 AI Tokens to Sell Before October Closes
TAO, ICP, RENDER, GRT, and GLM are currently among the top AI altcoins to sell despite the crypto market entering a Q4 rally. Their expected correction is driven by whale selling, bearish price patterns, centralization concerns, or weakness in the derivative market.
Bittensor (TAO)
Bittensor is a decentralized AI network that allows users to contribute and earn rewards by sharing their machine-learning models. The TAO price showcased a massive recovery from $219 to $682 from September to early October, accounting for a 210% surge.
However, as no trend remains the same in a tradable asset, the Bittensor price is poised for a notable correction. Currently trading at $558, the coin price is 2.8% away from offering a breakdown below $542 and 23.6% Fibonacci retracement level.
This breach will accelerate the selling momentum and trigger a prolonged downfall in TAO coins.
Internet Computer (ICP)
Internet Computer stands second in our list of AI altcoins to sell, currently trading at $8.03 and maintaining a market cap of $3.79 Billion. Over the past four months, the ICP price has traded sideways, resonating within a bear pennant pattern.
Theoretically, this consolidation within two conjuring trendlines indicates temporary consolidation for sellers to regain bearish momentum. Thus, the ICP price could plunge 4% before challenging the bottom support trend.
A potential breakdown will accelerate the bearish momentum and resume the prevailing downtrend.
Render (RENDER)
Render is a decentralized GPU rendering network that enables creators and developers to tap into distributed computing power to render high-quality graphics and visual effects. Since early June, the Render price has been trading sideways, ranging from $6.2 to $3.36.
While the coin price consolidated, the Render supply held by top addresses surged from 51.5% to 74.6%, according to Santiment data. While this may indicate increasing confidence among large holders, retail traders must remain cautious.
The majority of the supply is controlled by a short group, which increases centralization and the risk of market manipulation.
The Graph (GRT)
Similar to other AI altcoins to sell, the Graph coin shows a multi-month consolidation trend, to currently settle at $0.17. Consecutively, the market cap wavers at $1.63.
However, Santiment data reveals that whale wallets holding between 1 million and 10 million coins have reduced their holdings from 1 billion to 979.5 million since September. This decline indicates that large investors may be offloading their positions, potentially signaling reduced confidence in the asset or preparing for a market downturn.
Golem (GLM)
Golem is a decentralized platform that allows users to share and rent out computing power for tasks such as rendering, AI model training, and scientific simulations. Since late June, the GLM price showcased a sideways action, struggling to surpass the $0.4 resistance.
Unlike other altcoins to sell, the GLM futures open interest has remained neutral for months, wavering around $10.5 Million.
This stability implies that traders are neither highly bullish nor bearish on the asset, suggesting a lack of significant speculative activity and potential price stagnation in the near term.
The post Top 5 AI Altcoins to Sell Before the End of October appeared first on CoinGape.
21 Oct 2024, 3:46 pmThe chair of the Commodity Futures Trading Commission, Rostin Behnam, recently highlighted the issue of Congress’s inaction around cryptocurrency regulations and predictive election betting. At the SIFMA meeting, Behnam discussed the need for setting up specific legal regulations for these developing industries.
CFTC Presses For Action on Crypto Regulations and Election Betting Laws
At the SIFMA annual meeting, CFTC Chair Behnam continued to stress his prior appeal to Congress to provide directives on it’s stance on cryptos regulation. Nevertheless, he criticized the existing legal environment mentioning the signs of fast movement and the growing popularity of digital assets. According to him, the framework does not have adequate coherence to effectively regulate cryptocurrency markets.
In addition, Behnam pointed out that there were gaps in the system due to the absence of proper crypto regulation. He noted the issue with the regulation of spot markets and with the potential effects of blockchain and tokenization technology in financial markets. He stated,
“Digital assets come top of mind when it comes to regulating spot markets, but the broader question is, what is blockchain and tokenization going to do for financial markets?”
Behnam urged Congress to provide more explicit guidance on these issues.
Despite the pressing need for clearer laws, CFTC Chair expressed skepticism about the possibility of any meaningful legislative action on crypto regulations this year. Given the short legislative calendar and the focus on other urgent matters like passing a federal budget. He suggested that significant progress might have to wait until after the 2024 elections.
The Debate Over Predictive Election Betting
In addition, Behnam also called for legislative clarity on predictive election betting. The CFTC has found itself at the center of this issue, particularly regarding prediction markets that allow users to bet on the outcomes of events, including elections. Behnam noted that while these markets provide valuable forecasting tools for various sectors, they raise legal and ethical concerns when it comes to elections.
The CFTC has consistently maintained that contracts betting on election outcomes are unlawful. Behnam expressed frustration over the agency being placed in the role of an “election cop.” He suggested that the regulation of such markets should fall under more explicit legal guidelines set by Congress. He stated,
“This is a classic area where Congress should weigh in.”
Additionally, the debate over election betting has recently come to a head in a legal battle between the CFTC and Kalshi, a predictions market platform. Last year, the commission blocked Kalshi from offering election contracts, arguing that such offerings were against the public interest. Kalshi responded by suing the commission, leading to a legal dispute that remains unresolved.
In September 2023, a federal court ruled that the commission had overstepped its statutory authority in attempting to block Kalshi’s election contracts. Despite this ruling, the CFTC has continued to fight the decision, filing an appeal last month.
The post CFTC Calls For Clear Laws on Crypto and Predictive Election Bets appeared first on CoinGape.
21 Oct 2024, 3:38 pmIn a recent discussion, Solana’s co-founder, Anatoly Yakovenko, raised questions about the vitality of the Ethereum ecosystem without the contributions from Base, a Layer 2 solution. This query comes amidst observing the metrics of growth shown by Base, particularly in user activities and transaction volumes.
Rapid Growth In Base Layer 2 Solutions
Base has seen an exceptional increase in key activity metrics such as Active Addresses, Transaction Count, and Throughput, all achieving new peaks recently. This growth trajectory is also mirrored in its Stablecoin Market Cap and Total Value Locked (TVL), which are reported at all-time highs.
Base Layer 2 integration with Coinbase’s existing large user base is seen as a significant factor driving its demand and subsequent rise in these metrics.
Additionally, the surge in Base’s activity is attributed partly to the popularity of meme coins within its ecosystem, notably MOG and BRETT. These coins have ascended into the top 100 cryptocurrencies by market cap and are nearing their peaks.
According to DefiLlama reports, Aerodrome Finance has played a significant role in the surge of Base’s Total Value Locked (TVL), with memecoin trading as a key driver. The platform has contributed to $1.36 billion TVL on Base Layer 2, making it a substantial force behind the rapid growth.
Following the impressive performance by Base Layer 2, Anatoly Yakovenko commented,
“So basically without Base, Ethereum ecosystem would be dead in the water right now.”
However, on-chain economist Lily Liu highlights a potential issue with how the visualization groups active addresses, suggesting it could be misleading. According to Liu, Solana reports significantly higher monthly active addresses, about 100 million, more than four times the 22 million reported by Base. This substantial difference shows that the grouping used in the visualization is not an accurate representation of the ecosystem’s activity levels.
Liu proposes a more precise method of presenting this data would be to use a single bar chart with EVM and non-EVM bars shaded differently. This would allow for a clearer distinction and more accurate comparison.
Additionally, the claim that “Base and Solana” have the highest monthly active addresses overlooks that the NEAR Protocol has 31 million MAA, outpacing Base. Liu highlighted,
“The headline should therefore read, …Solana and Near as the most active.”
Impact on Ethereum Market Position
Conversely, Ether has faced challenges since its Dencun upgrade, marked by an inflationary supply and declining revenues. In contrast, Base Layer 2 rise has been conspicuous, capturing a notable share of transactions and revenues. This has positioned it as a leading contender among Ethereum’s Layer 2 solutions.
The divergence in performance between Ethereum and Base highlights the evolving dynamics within the blockchain ecosystem. Layer 2 solutions are becoming ecosystems in their own right with distinct communities and economic activities.
At press time, ETH price is $2,678, showing a slight 7-day increase of 2%. The 24-hour trading volume surged by 68% to $19.68B showing heightened trading activity and investor interest.
Moreover, most recently, Anatoly Yakovenko shed light on the differences between Solana and ETH. Despite its technological advantages, Solana has not gained the same institutional attention as Ether. He pointed out that the contrasting scaling methods of the two platforms might impact institutional interest. Solana emphasizes hardware scaling, while Ethereum focuses on software solutions.
The post Solana’s Co-Founder Questions Ethereum Utility Without Base Layer 2 appeared first on CoinGape.
21 Oct 2024, 1:21 pmThe Bitcoin (BTC) hashrate, a measure of the total combined computational power used to mine and process transactions on the proof-of-work blockchain, has continued to grow. While this metric is crucial to gauge the adoption and network security level, many still wonder what will keep the BTC hashrate sustainable.
Since the Bitcoin halving, the difficulty to mine the coin has increased across the board. Despite this, the investment in mining has grown remarkably to date. This article explores three major reasons why the Bitcoin hashrate will surpass the current All-Time High (ATH) of 925 Eh/s.
Let’s dive in;
1, The Prospect of Bitcoin’s Profitability
Per the 7-day Moving Average, the BTC hashrate surpassed the 700 EH/s range. This marks a 13% surge since the halving event. Amid this trend, the hashprice rallied above $50 PH/s temporarily. With this statistics, the profitability in mining also soared to match with this cost.
While the Bitcoin halving reduced the rewards accruable to mining, miners are making up for this with fees. While the profitability is not at its peak yet, the projection is that it will keep growing despite the Bitcoin Hashrate. Additionally, the potential growth in the price of Bitcoin will also contribute to this profitability.
If this plays out as projected, it is the miners that remain operational that will benefit. This is enough incentive to keep plugging in machines that can push the metric higher.
2, Natural Selection Among Bitcoin Miners
The Bitcoin mining business is a very volatile one as it can sway based on market conditions. At a time during the crypto winter, many miners filed for bankruptcy as cost of operations far outweighs the profit.
This trend is bound to also play out in the long term. When this happens, many miners without proper established capital might go out of business. When this happens, surviving miners will have more motivation to increase their share and boost the Bitcoin hashrate in the long term.
3, Bitcoin Hashrate and Service Diversification
It is worth noting that Bitcoin miners are now exploring AI services. This pivot is mostly showcased in data center establishments, a viable way to boost their relevance and profitability.
Already, some Bitcoin mining giants like Marathon Digital are investing in AI data centers, a move analysts have noted is strategic in a fast-evolving world.
With this diversification, most Bitcoin miners adopting this trend have the motivation to add more miners, hence increasing the hashrate in the long term.
The post 3 Reasons Why Bitcoin (BTC) Hashrate Hits New ATH of Over 925 Eh/s appeared first on CoinGape.
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