Bitcoiners, assemble! Attribute value to not only satoshis the asset, but also Bitcoin the network!
Gate.io’s Tom Yang clarifies his thoughts on the current state of the market, the industry’s expansion and the future of Bitcoin.
Capital in the crypto markets is shifting to meme coins as a new week kicks off. The Ethereum-based dog-themed crypto asset Shiba Inu (SHIB) soared 40% in the last 24-hours, briefly shattering a $10,000,000,000 market cap. The Dogecoin (DOGE) rival’s rise from $0.00001259 to as high as $0.00001762 comes just after Bitcoin and Ethereum tapped […]
Non-fungible token (NFT) sales managed to climb higher during the last seven days than the previous week’s overall sales. This week’s NFT sales managed to jump over 6.3% after recording more than $153 million in sales compared to last week’s $144 million. Non-Fungible Token Sales This Week Climb More Than 6% Higher, 2 NFT Collections More
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In a press release dated August 1, 2022, New York Attorney General Letitia James issued an investor alert calling upon New Yorkers who have been deceived or affected by the cryptocurrency crash to contact her office. A statement from the NY Attorney General read: “The recent turbulence and significant losses in the cryptocurrency market are […]
On-chain shows Bitcoin miners have been in a phase of distribution recently, a sign that could prove to be bearish for the price of the crypto. Bitcoin Miner Reserve Observes Downtrend As Miners Look To Dump As pointed out by an analyst in a CryptoQuant post, the latest selling from BTC miners may force the […]
Bitcoin NUPL data suggests that the crypto’s cycles are getting less sharper with time as profit tops and loss bottoms aren’t following a horizontal line. Bitcoin NUPL Didn’t Exceed The 0.75 “Greed” Mark During This Cycle As explained by an analyst in a CryptoQuant post, the BTC profit and loss cycles shouldn’t be treated with horizontal lines. The “Net Unrealized Profit and Loss” (or the NUPL in brief) is an indicator that tells us whether the market as a whole is holding a net profit or a net loss right now. The metric’s value is calculated by taking the difference between the market cap and the realized cap, and dividing it by the market cap. NUPL = (Market Cap – Realized Cap) ÷ Market Cap When the value of this indicator is greater than zero, it means the average investor is currently holding some profits. On the other hand, negative NUPL values imply the overall market is holding a net amount of unrealized loss at the moment. Related Reading: Ethereum Market Observes Pileup Of Leverage As ETH Breaks $2k Now, here is a chart that shows the trend in the Bitcoin NUPL over the course of the history of the crypto: Looks like the value of the metric has surged up and turned positive again recently | Source: CryptoQuant As you can see in the above graph, the quant has marked the relevant zones of trend for the Bitcoin NUPL indicator. In the past, many traders used to believe that cycle tops form whenever the metric’s value surges above 0.75, entering into the “greed” zone. Similarly, bottoms were thought to take place when the indicator went below the -0.4 mark, reaching into the “fear” region. Related Reading: Bitcoin Bearish Signal: Whales With 1k-10k BTC Depositing To Exchanges However, the analyst from the post argues that horizontal lines like these shouldn’t be used to mark these cycle tops and bottoms. During the previous two cycles, the top that came after was lower than the one before. In the current cycle, the metric never crossed into the greed zone and topped out just around the 0.75 level. This could mean that tops are getting lower and lower with each cycle. Similarly, the last two bottoms also had descending loss amounts. Just a while ago, the NUPL’s value sharply dropped off into negative and subsequently rebounded back up into positive values after forming a potential bottom. However, this low was far from the conventional 0.4 mark. If this low was truly the bottom for this cycle, then it would add further credence to the idea that profit and loss fluctuations in the market are getting less drastic with time. BTC Price At the time of writing, Bitcoin’s price floats around $24.4k, up 5% in the past week. The value of the crypto seems to have been moving sideways recently | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com
While the crypto market remains in its winter, some other sectors in the industry are experiencing a steady rise, one of the prominent examples of these sectors is the operational teams in the Polygon network. As of March this year, its total monthly active teams were around 8,000. However, recent data shows that the current monthly active teams for the network as of last month are about 11,800. Meanwhile, the DApps (decentralized applications) on Polygon, the Ethereum scaling platform, has also attained a new high. Based on recent data, the total number of decentralized applications on the blockchain is now 37,000. This figure projects a 400% increase from the beginning of this year. Related Reading: Polkadot (DOT) To Retest $9.88 Resistance – Can Bulls Regain Solid Footing? The blockchain team revealed this through a blog post on Wednesday. Sources stated that the information originated from Alchemy, a partnered web3 development company. The data provides the total number of applications the blockchain has launched on the mainnet and testnet. We’re having quite a year at @0xPolygon 💻 ~500 dApps in November, now 37,000+ with 11.8k active teams. “Many projects are increasingly choosing to build solely on Polygon. Alchemy data shows that 74% of teams integrated exclusively on Polygon”https://t.co/ERiLHJiVdh pic.twitter.com/UzKZPlazWD — Ryan Wyatt (@Fwiz) August 11, 2022 According to the information, the number of active teams on the blockchain has hit 11,800. This figure shows a 47.5% increase in the last four weeks, dating from the end of July. Reports On Polygon DApps Reports from the project team cited an interruption regarding decentralized applications. The integrated teams on the polygon blockchain alone were 74%. On the other hand, those deployed on the blockchain and Ethereum were 26%. Furthermore, the proof-of-stake blockchain is renowned for hosting decentralized applications from several notable projects. These projects include Decentraland, The Sandbox of the Metaverse platform, and NFT marketplace OpenSea. Others include Animoca Brands, an NFT venture gaming/fund company, and Aave, a DeFi lending platform. The reports indicate that the blockchain carries out its hosting tasks through its EVM (Ethereum Virtual Machine). Moreover, over 142 million addresses are attached to the decentralized applications used on the Polygon blockchain. These are more pieces of information drawn from the blog post. Related Reading: Filecoin Cruises Near Resistance, Now Attempts For A Breakout According to the post, these unique user addresses contain up to $5 billion worth of assets secured on the network. Additionally, about 1.6 billion transactions are already carried out on the blockchain. Ryan Wyatt, the CEO of Polygon, has expressed how excited he is about the growth. He revealed this on a Twitter post, noting that the team is experiencing a good year at the company. The Polygon team announced the primary cause of the growth of the decentralized applications earlier this year. They acknowledged that their partnership with the web3 development platform, Alchemy was what facilitated the growth of the DApps. They added that the partnership made it easy for the Polygon developers to build decentralized applications. Featured image from Forbes, Chart from TradingView.com
The crypto analyst who accurately called the 2018 bear market bottom for Bitcoin (BTC) says a trio of altcoins is in the midst of a breakout. The pseudonymous analyst known in the industry as Smart Contracter tells his 210,500 Twitter followers that Ethereum (ETH) challenger Solana (SOL) has taken out the resistance of its symmetrical […]
Bitcoiners have a higher chance of making meaningful change in state-level Bitcoin policy by building relationships with their local politicians.
Macro guru Raoul Pal says he believes with a high degree of certainty that the bottom for the crypto markets is in. In a new interview with asset management firm Arca, the former Goldman Sachs executive says that the macroeconomic environment that has kept the crypto market bearish for most of the year is beginning […]
A closely followed crypto analyst is predicting a surge for a popular Ethereum (ETH) challenger while saying that Bitcoin (BTC) may have already printed this cycle’s low. Pseudonymous analyst Cantering Clark tells his 142,300 Twitter followers that smart contract platform Solana (SOL) is gearing up for a move that could trigger a strong rally from […]
Changing the phrases Bitcoiners use also reframes the way people think about Bitcoin and could make it easier to adopt.
The India Enforcement Directorate (ED) has frozen up to $46.5 million owned by an offshoot firm of Vauld, Flipvolt Technology. The ED made this revelation […]
Ethereum’s co-founder Vitalik Buterin in a tweet today hinted that the actual date of the Ethereum Merge would depend on hashrate. Bordel.wtf had earlier predicted that the upgrade would take place on September 15 and although Ethereum Foundation and Ethereum co-founder Vitalik Buterin have not strongly asserted a date, September 15 seems to be the More
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