Ethereum fees had touched new highs thanks to the popularity of the decentralized finance (DeFi) space. As network activity had grown, so had the transaction volumes. The effects continue to linger even into the bear market, although fluctuations between low and high are now more common in the space. Presently, transaction volumes have fallen sharply and ETH fees have now plummeted to monthly lows. Ethereum Transactions At $0.5 Ethereum transaction fees have declined to one of their lowest points this year. Gas costs which have been fluctuating between high and low seem to have found their resting place at lower prices. In the early hours of Monday, the gas costs for the Ethereum network had declined to their lowest point for June. It sat at only 19.8 Gwei per transaction at the time of this writing, which converted to about $0.5 per transaction on the network. Related Reading | Bitcoin May Not Reclaim All-Time High For Another Two Years, Binance CEO This translates to a more than 80% drawdown from the peak of the gas costs last week at 151.3 Gwei per transaction. This coincides with a decline in transaction volume on the network, as shown on Messari. The data aggregation website shows that Ethereum’s transaction volume is down more than 80% from its monthly high. On the 13 of June, transaction volumes on the network had sat at more than $10 billion in real volume. Today, the real volume was sitting at $570 million, the lowest it has been for the month. ETH price declines to $1,179 | Source: ETHUSD on TradingView.com Supply has also taken a hit in the month of June. By the end of last month, there was more than 8.6% of all total ETH supply in DeFi. However, as of the time of this writing, there is less than 8.3% of the circulating supply in DeFi. This also translates to a dollar value of under $10 billion when three weeks ago, the value was at $30 billion. ETH Profitability Tanks With the recovery in the price of Ethereum has come some good tidings for investors. But, there is still a gap in the profitability levels from last year compared to this year. Going into the last month of the year in 2021, more than 80% of ETH investors had been swimming in profit. Given that the digital asset had hit a new all-time high in November, this was expected. However, there is a significant drawdown from this point. Data from IntoTheBlock shows that while the majority of ETH investors remain in profit, it is only by a small margin. 52% of wallets are currently in the green while 47% are in loss. This puts only 2% of all investors in the neutral territory, which remains shaky. Related Reading | Bitcoin Perpetual Open Interest Suggests Short Squeeze Led To Crash When it comes to the growth of the network, there is more negative sentiment among investors. The major reason for this is all of the competitors that are moving into the DeFi and NFT space. Solana especially has been giving Ethereum a run for its money in the NFT game, triggering an exodus towards the network which offers faster transactions and lower fees. Nevertheless, Ethereum remains the second-largest cryptocurrency by market cap. Currently trading at $1,200 at the time of this writing, the cryptocurrency boasts a market cap of $149 billion. Featured image from CryptoSlate, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
Data from these indicators reveal a historical pattern that has several times preceded a surging uptrend.
The cryptocurrency market has been facing a second bloodbath without any gap for the first time in history, disrupting the blockchain industry to a vast extent. Consequently, crypto-oriented businesses, including exchanges and payment channels, reduce their workforce due to decreased crypto trading volume affecting the revenue. Similarly, the Australian crypto payment channel, Banxa, used to […]
Bitcoin is a technological breakthrough rising as a new global monetary system. This article will offer you some guidelines to understand why it matters.
Bitcoin’s derivatives metrics reflect slight improvements since the $17,600 low, but whales and market makers continue to price higher risk of another breakdown.
The price of Shiba Inu on Friday July 27th was 0.00095, a change of -1.55% from the 24-hour period before. Shiba Inu prices for the […]
The Indian government has scheduled a panel meeting with its ministers to discuss tax rates within the country, with a potential 28% increase as reported by Bloomberg. The meeting is slated for next week Tuesday and Wednesday. Indian Crypto Income Tax Already Sits At 30% Back in February, a 30% crypto income tax was officially […]
Crypto liquidations had ramped up following the market crash. Even with the recovery had come more liquidations as short calls had also taken a hit. However, with the recovery moving over the last week, the market has begun to regain some semblance of balance and so the liquidations have begun to settle. Crypto Market Liquidations Relaxes Although liquidations cannot entirely stop, the liquidations have begun to subside. It had fallen from over $1 billion in liquidations at the height of the market crash and has slowly but surely returned to normal levels. This is obvious in liquidations for the past 24 hours which continue to trend at around $150 million liquidated. Mostly, it has skewed towards long traders given that the market had recorded a dramatic dip in the early hours of Monday morning. Related Reading | Market Wallows In Extreme Fear As Bitcoin Struggles To Hold $20,000 As expected, bitcoin and Ethereum take the lead for the digital asset with the most liquidations in this time period. Bitcoin alone has recorded more than $43 million in liquidations while Ethereum liquidations have come out to more than 24K ETH liquidated, amounting to more than $29 million in liquidations in the past 24 hours. Total market cap below $1 trillion | Crypto Total Market Cap on TradingView.com More than 74,000 traders have been liquidated in this time though, of which 69.73% were long trades. Okex and Binance exchanges have seen the highest liquidations. However, the largest single liquidation for the last day came from the Bitmex exchange on the XBTUSD with the trade coming out to $2.48 million. Market Takes A Nosedive Just as feared, the crypto market has lost most of the gains that it made last week. The swift decline in price had come following the return of faith in the market, indicating that the recent recovery had been a bull trap. Related Reading | Bitcoin May Not Reclaim All-Time High For Another Two Years, Binance CEO In this decline, Bitcoin had fallen sharply from above $21,000 where it had trended for the better part of the week and had fallen back to the $20,000 territory once more. The dip resulted in more than $500 lost from bitcoin’s value in a matter of minutes. As expected, this has triggered liquidations across various exchanges which brings the total value to $156 million liquidated. Bitcoin liquidations are ramping up on the one-hour chart with $28 million recorded over the same time period, coming out to 1,360 BTC liquidated. Featured image from Business Today, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
When human living space becomes an investment and store of value, the ownership of said land becomes distorted and centralized.
No matter whether you are a beginner or an expert investor, one of your biggest priorities in trading will likely be finding the correct entry…
The post Overbought vs. Oversold Signals appeared first on Cryptocurrency News & Trading Tips – Crypto Blog by Changelly.
Mercury Wallet, a Layer 2 scaling solution for Bitcoin, plans to integrate with the Lightning Network and blind its server.
Ethereum is slowly moving higher above the $1,200 zone against the US Dollar. ETH could continue to rise unless there is a clear move below the $1,150 support. Ethereum is facing resistance near the $1,250 and $1,280 levels. The price is now trading above $1,200 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $1,225 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if there is a clear move above the $1,250 resistance. Ethereum Price Eyes More Gains Ethereum remained well supported above the $1,150 level. ETH gained pace for a move above the $1,200 resistance zone to move into a positive zone. There was also a spike above the $1,250 resistance and a close above the 100 hourly simple moving average. Ether price traded as high as $1,281 and recently corrected gains. There was a move below the $1,250 level. The price declined below the 23.6% Fib retracement level of the upward move from the $1,042 swing low to $1,281 high. Besides, there was a break below a key bullish trend line with support near $1,225 on the hourly chart of ETH/USD. The price is now trading above $1,200 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $1,225 level. The next major resistance is near the $1,250 zone. A clear move above the $1,250 resistance zone could start a steady increase. In the stated case, the price could even surpass the $1,280 level. Source: ETHUSD on TradingView.com The next major resistance is near the $1,320 level. Any more gains could start a move towards the $1,440 resistance in the near term. Fresh Decline in ETH? If ethereum fails to rise above the $1,250 resistance, it could start a fresh decline. An initial support on the downside is near the $1,200 zone and the 100 hourly simple moving average. The next major support is near the $1,115 zone. It is close to the 50% Fib retracement level of the upward move from the $1,042 swing low to $1,281 high. A close below the $1,150 level might start another decline. In the stated case, ether price may perhaps decline towards the $1,050 level. Technical Indicators Hourly MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone. Hourly RSI – The RSI for ETH/USD is now near the 50 level. Major Support Level – $1,150 Major Resistance Level – $1,250
Cardano was bullish on the chart, as market movers picked up optimistic price movement, so did ADA. Over the last 24 hours, the coin rose close to 6% and in the last week, and in the past week ADA secured a 12% gain. The coin has been trading between the range of $0.46 and $0.51 over the last few days. Price of Cardano has steadied itself at the $0.51 price level. Both Bitcoin and Ethereum also logged double digit gains in the past week. Technical of ADA pointed towards bullishness, however, it is crucial that the coin moves past its rigid resistance of $0.51. A move above the $0.51 mark can help Cardano secure another 6% appreciation. Buying strength had grown over the past few trading sessions, however, if ADA continues to remain at the current price mark then buyers can exit the market. The coin noted a slight fall in buying strength on the four hour chart. Cardano Price Analysis: Four Hour Chart ADA was trading at $0.51 on the four hour chart. The coin has been facing considerable resistance at the $0.51 mark and it hasn’t been able to move past it despite daily gains. The next price ceiling for the coin stood at $0.53, if ADA manages to trade above that then the bulls could stick around for long. A fall from the current price level will push ADA to trade near the $0.48 level. Cardano portrayed bullishness and it formed an ascending triangle pattern in agreement with the same. Trading volume of the coin has remained low indicating that there has been a fall in buying pressure. Technical Analysis ADA formed an ascending triangle but it also noted a fall in buyers in the market. If there is continued fall in buying strength then the altcoin’s price can soon walk on a bearish trajectory. The Relative Strength Index was parked above the half-line which is a sign of increased buying strength, however, there was a small downtick on the indicator. Despite the downtick, Cardano was above the 20-SMA line, which meant that there was significant buying strength and buyers were driving the price momentum in the market. Related Reading | Why Pain May Not Be Over For Bitcoin Holders Just Yet ADA’s buying strength fell but the coin displayed a buy signal. The Awesome Oscillator portray the price direction and the trend of the coin. AO depicted green histograms which can be construed as buying signal for the coin. Directional Movement Index outline the price direction of the altcoin and also highlights the change in the same. DMI was positive as the +DI was above the -DI line which indicates bullishness on the chart. Suggested Reading | Sandbox (SAND) Blows Up 20% Over Last 24 Hours Following ‘Takeover’ Rumors Featured image from Unsplash.com, chart from TradingView.com
Two conspiracy theorist influencers have caused a lot of investors to lose crypto funds in a pump-and-dump scheme. They presented a portfolio of cryptocurrencies with dubious claims about authenticity and institutional backings. These claims aimed to create enough hype for the cryptos and raise their prices more than they should be. Given that they have […]