Crypto News Ethereum

Ethereum Fees Touch Monthly Lows As Transaction Volumes Plummet

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…

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“Buy The Dip” Sentiment Fails To Save Crypto Market, New Data Reveals Why

Since crypto prices have fallen to their lowest point, now is the ideal time to “Buy-the-Dip.” But during these brief price declines, traders appear to be shorting cryptocurrency more than they are buying it. “Buy-the-Dip” Sentiments Does Not Stop Crypto Shorting More short sales or shorting occur in altcoins than in bitcoin. In the past day, short holdings in Bitcoin (BTC) have averaged roughly 51% across exchanges, while short positions in altcoins have averaged about 55%. BTC/USD hovers around $20k. Source: TradingView Santiment, an on-chain analytics tool, states that data on the average funding rate for Bitcoin and altcoins relative to the price of bitcoin shows that traders continue to short altcoins at every minor decline. The long/short ratio for Bitcoin, in contrast, is unchanged despite price swings. “As prices gradually fell on Sunday, traders have shown that though they may proclaim to be buyingthedip, they are shorting more on these mini drops. Interestingly, this only applies to altcoins right now, indicating that Bitcoin is being flocked to as the safe haven.” According to Coinglass data, traders kept shorting crypto on Monday. In the last 24 hours, a $25 million liquidation of Ethereum (ETH) witnessed 56 percent shorts. Polkadot (DOT), Solana (SOL), XRP, Cardano (ADA), and BNB, meanwhile, saw 55 percent, 59 percent, 63 percent, 67 percent, and 53 percent shorts. Related reading | Bitcoin Perpetual Open Interest Suggests Short Squeeze Led To Crash Bitcoin and Altcoin Short Selling. Source: Santiment It’s interesting to note that in the past 24 hours, short positions in Tether (USDT) have increased by 85% across exchanges. Some short sellers think that Chinese real estate brokers back the majority of Tether’s assets in commercial paper. Since the previous month, USDT has experienced significant redemptions, causing its market cap to drop close to $66 billion. Amidst a dim market outlook, hedge funds are also progressively shorting the U.S. dollar-pegged stablecoin Tether (USDT). Liquidation OF Altcoins Rises Amid Short Selling Liquidations are also increasing as traders continue to short altcoins. Altcoins that were actively traded in the morning are currently in the negative. Due to a recent increase in liquidation, the price of Ethereum (ETH) has decreased by around 4% during the past 24 hours. Other altcoins have also given up gains and are currently declining. Related reading | Doom To Fail: Tether Shorts Pile In As Hedge Funds Seek To Profit From Crypto Winter

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Crypto Liquidations Settle As Bitcoin Recovers Above $21,000

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…

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ApeCoin Climbs 22% After Snoop Dogg-Eminem Bored Ape Video Launch

ApeCoin (APE), the native Ethereum currency of the famous NFT collection, is one of the fastest-growing NFT and Metaverse crypto projects in the blockchain ecosystem today. Upon its March 18, 2022 launch, ApeCoin instantly began a parabolic climb. The rally’s apex allowed Apecoin’s market capitalization to reach $7.45 billion. The APE token was valued at $4.92 at the time of writing, down marginally from its morning high of $5.26. In the past week, ApeCoin has increased by more than 35%. As of Friday, intraday trading volume for APE has plummeted by 43%. This indicates that APE is receiving peer selling pressure and is approaching the consolidation phase’s bottom trendline. The volume to market cap ratio of the coin is 0.3129. Suggested Reading – Uniswap Slingshots 45% – Can UNI Blaze Past Its 7-Day Rally? ApeCoin Getting Some Lift From Rappers The price of ApeCoin reached an all-time high of over $27 in late April ahead of virtual land NFT sales for the Bored Ape Yacht Club’s Otherside metaverse game. ApeCoin holders can vote on ApeCoin DAO governance proposals using ApeCoin. The recent price increase of APE may have been partially prompted by the release of a new music video featuring Snoop Dogg and Eminem as animated versions of their Bored Ape avatars. In the music video for their new single “From The D 2 The LBC,” Snoop Dogg and Eminem get stoned and transform into animated versions of their BAYC avatars. The song debuted at the conclusion of this year’s ApeFest, an annual New York event for BAYC NFT holders. At the end of last year, Eminem purchased his Bored Ape for 123.45 ETH (USD $452,000). His OpenSea account, Shady Holdings, displays 26 additional NFT purchases. APE total market cap at $1.47 billion on the daily chart | Source: TradingView.com Snoop Dogg & Eminem Video Fly High Snoop Dogg possesses numerous NFTs and has long been steeped in cryptoculture. He exposed himself to be the popular NFT Twitter user Cozomo di Medici a year ago. In February, he declared his intention to transform Death Row Records into an NFT label. The duo’s music video, which was trending on YouTube over the weekend, has received more than 7.5 million views. ApeFest, which occurred in New York the same week as NFT NYC, featured performances by, among others, Haim, LCD Soundsystem, Lil Wayne, Future, and Lil Baby. Over the past 24 hours, the price of ApeCoin has climbed by 12.68 percent because of strong positive momentum. Despite the fact that APE has produced its second consecutive green weekly candle on the price charts, it is still 82 percent below its all-time high reached in April 2022. Suggested Reading | Sandbox (SAND) Blows Up 20% Over Last 24 Hours Following ‘Takeover’ Rumors Featured image from SouthPawer, chart from TradingView.com

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Uniswap Slingshots 45% – Can UNI Blaze Past Its 7-Day Rally?

Uniswap is once again hogging the headlines following the token’s comeback in the wake of optimistic signs that the bear market may be winding down. In the past week, UNI, its native token, has seen enormous growth, as the decentralized exchange’s trading volumes have rivaled those of Ethereum, the blockchain on which it is constructed. Multiple news agencies stated that Uniswap had exceeded the Ethereum network in terms of transaction fees. The flagship DEX collected more than $4 million, surpassing the second-largest blockchain. UNI increased by roughly 45 percent in the last week, reaching $5.46, its highest level in more than three weeks. Uniswap Making Northbound Trajectory The biggest DeFi exchange has been trending upward since the beginning of the week. Looking at the price trend over the last few days, it appears that UNI’s main objective is to close June on a positive note. In addition, the stockpiling of UNI tokens by whales is a significant component in the token’s price bump. After a debilitating first half of the year, rising fees on Uniswap may be an indication that the DeFi market is beginning to recover. UNI total market cap at $4.14 billion on the weekend chart | Source: TradingView.com This year, total value locked (TVL) in DeFi has shrunk by more than 60 percent, according to data from DeFi Llama. Katie Talati, an analyst at Arca, attributes the DeFi exchange’s most recent accomplishment to quickly increasing volatility, which led to a substantial increase in trading volumes. Simultaneously, Ethereum has witnessed a significant fall in user activity, whereas layer-2 solutions are gaining popularity because of their low transaction fees. UNI Facing Bullish Momentum Uniswap is among those that have benefited from the recent market restoration, having lately attempted a price turnaround. UNI is up 2% in the last 24 hours, which is a significant increase for the token since it dropped to $3.39 during the last slump. Faced with the continued bullish advance, there is no selling opportunity for bears in the $5.8 to $6.2 resistance zone, which has been in place for more than 30 days and has been repeatedly retested. Although bears are still prominent in the bull market, bulls do not wish to relinquish their UNI token holdings. This year, Uniswap has lost less than 50 percent of its total value locked (TVL). This week has also seen modest inflows, with the TVL increasing by 11 percent to $5.1 billion. Enhanced participation with Ethereum Layer 2s may contribute to the exchange’s rising popularity. Already embraced by major organizations like Polygon and integrated into other Ethereum-based applications, Uniswap has a large user base. Featured image from Cryptokio, chart from TradingView.com

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Bitcoin Regains Some Luster With 15% Rally To $21,700 – Can It Maintain The Shine?

Bitcoin could be up with some positive vibe in the coming days. Following last week’s calamitous meltdown that chopped more than 30 percent off the value of prominent cryptocurrencies, including Bitcoin, the broader crypto markets have made a modest comeback. After a sharp decline, Bitcoin’s price has stabilized at $17K, which is a far cry from its all-time peak in November of last year. According to experts, this price range is a crucial support zone for the cryptocurrency. Sunday’s Coingecko statistics indicates that Bitcoin (BTC) has increased by more than 14% over the past week, trading at $21,700 at the time of writing. Suggested Reading | Sandbox (SAND) Blows Up 20% Over Last 24 Hours Following ‘Takeover’ Rumors Bitcoin Gets Some Good Dose Of Optimism Bitcoin rose beyond the top limit of its trading range on Friday as optimism settled back into the expectations of traders. Since Wednesday, when it dipped below $20,000, the BTC/USD pair has risen, while U.S. markets have cooled ahead of the weekend. Earlier this month, the leading cryptocurrency by market capitalization plummeted below $17,600 due to severe selling pressure. According to CoinGecko data, Bitcoin plunged by as much as 69% from its record high. Bitcoin’s mining difficulty achieved its second-largest decline for 2022 on Thursday. Bitcoin’s slump has paused after a quick decline from $32,000 following the breakout of a bearish flag. The $17K-$20K region of the coin’s ATH is providing stable foundation, resulting in a price rebound towards the $24K and possibly the $30K level of major resistance. BTC total market cap at $409 billion on the weekend chart | Source: TradingView.com In the meantime, Bitcoin’s focus on Sunday was $21,000 despite warnings that volatility might still shake the market before Monday. BTC/USD Trading In A Higher Range After U.S. stocks finished the week on a good note, TradingView data suggested that BTC/USD was trading in a generally higher range. As highlighted by market observer Holger Zschaepitz, the S&P 500 completed its second best week of 2022, indicating a minor improvement in risk assets. The supply of Bitcoin is capped at 21 million coins. However, the overall supply of Bitcoin is little more than 19 million, with 2 million remaining to be mined. Suggested Reading | Storj (STORJ) – A Relatively Unheard Crypto – Leads Gainers With 30% Rally Bitcoin’s institutional acceptance is increasing, and more institutions are seeking to add Bitcoin exposure to their balance sheets. This indicates that supplies will become more constrained in the future. According to the central bank’s chairman, the Federal Reserve is keeping a careful eye on the cryptocurrency industry but is not concerned. Fed Chairman Jerome Powell stated before a Senate committee that the central bank does not see any “macroeconomic repercussions” from Bitcoin and the larger crypto market’s dramatic price swings, but that stronger regulation is still necessary. Featured image from Watcher Guru, chart from TradingView.com

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Sandbox (SAND) Blows Up 20% Over Last 24 Hours Following ‘Takeover’ Rumors

Sandbox has become one of the most important Metaverse cryptocurrencies to keep an eye on this year. Sandbox (SAND) is currently selling at $1.31, an increase of 20% based on data from CoinMarketCap. The rally occurs just days after Microsoft and Meta, among other technology giants, announced the founding of the so-called “Metaverse Standards Forum.” Other facets of virtual reality are also being researched, as the Sandbox environment has expanded into much more than a gaming platform. Suggested Reading | Storj (STORJ) – A Relatively Unheard Crypto – Leads Gainers With 30% Rally Sandbox (SAND) Lights Up 7 Straight Green Candles As shown on the SAND chart, the daily time frame chart obtained seven consecutive green candles. Near the $1.11 mark, the SAND price confronts severe supply pressure, with intraday trading volume reaching $386 million, suggesting a 3.22 percent decline. Source: Tradingview Friday night’s bulls blasted over the 10-day horizontal boundary, propelling the price of SAND cryptocurrency well above the bearish’ critical hedging level of $0.90. The recent bottom of the SAND token, on the other hand, has served as a significant support level for the bulls. The Sandbox is an Ethereum-based game in which players can purchase parcels of virtual land. Occasionally, the value of these virtual properties may reach millions of dollars, and everyone could profit greatly if the metaverse becomes as successful as many anticipate. The ‘Metaverse Standards Forum’ Meanwhile, the Sandbox could be on the crosshair of an established tech company planning a takeover, based on rumors circulating on social media. The declared objective of the Metaverse Standards Forum, which was unveiled on Wednesday and is comprised of Sony and Alibaba, is to foster coordination and cooperation among the hundreds of enterprises competing for position on the enormous metaverse landscape. Suggested Reading | Top 5 Cryptos Taking A Major Beating In The Ongoing Market Mayhem Reuters quotes Nvidia executive Neil Trevett, who is chairing the MSF, as saying any company, including those in the crypto industry, can join the group. A property in Sandbox was recently acquired by HSBC, one of the world’s top banks. HSBC’s interest in Sandbox metaverse lands indicatesthat they appreciate its significance. SAND total market cap at $1.76 billion on the weekend chart | Source: TradingView.com Meta Eyeing Sandbox Buyout? On Sunday, The Sandbox co-founder and COO Sebastien Borget replied to Messari on Twitter if Meta purchasing a virtual world like The Sandbox Game makes him “bullish.” Borget’s response was brief and unequivocal: “This will never happen.” Many Web3 community members remain dubious. Animoca Brands’ founder and executive chairman, Yat Siu, has previously referred to Meta’s goals as “digital colonialism.” Animoca Brands is a $5 billion software and venture capital firm responsible for a variety of metaverse projects, including The Sandbox. Danny Greene, general manager of the Meebits DAO, stated to a crypto news outlet that customers will ultimately battle for a decentralized future and that “these are companies that represent shareholders.” Featured image from Smart Valor, chart from TradingView.com