The BNB Smart Chain (BSC) experienced a mixed performance in the second quarter (Q2) of the year as the broader cryptocurrency market cooled off after a strong price surge in March. While BNB, the native token of the BSC, remained mostly flat, down 5% quarter-over-quarter (QoQ), the network’s key metrics showed both positive and negative trends. Binance Smart Chain Revenue Plunges According to a recent report by market intelligence platform Messari, the chain’s revenue, which measures the total fees collected by the network, fell 28% QoQ to $48.1 million during Q2, although it was only down 8% year-over-year from $52.4 million in Q2 2023. According to the report, this decline was largely driven by the decrease in BNB’s price, as revenue in the network’s native token terms declined 51% sequentially from 165,100 BNB to 81,300 BNB. Related Reading: Analyst Says ETH Price Will Struggle As Spot Ethereum ETFs Expectations Crash The report also highlighted a decline in network activity, with average daily transactions decreasing 10% QoQ to 3.7 million and average daily active addresses dropping 18% QoQ to 1.1 million. This trend was not isolated to the BSC, as on-chain activity decreased across most smart contract platforms in Q2 following a strong Q1. Despite the overall decline, the report noted notable shifts in user preferences within the BSC ecosystem as decentralized exchange (DEX) Uniswap experienced a significant increase in daily transactions, up 630% QoQ, while the previously dominant PancakeSwap saw a 46% QoQ decrease. Staking Surges 30%, TVL Drops Messari also highlighted that the total BNB staked increased 30% QoQ to 30.4 million BNB, with the total dollar value of staked funds increasing 24% to $17.7 billion. This ranks the Binance Smart Chain as the third-highest Proof-of-Stake (PoS) network by staked value, though it still lags behind the Solana blockchain by a significant $38.4 billion. The BSC’s decentralized finance (DeFi) ecosystem, however, saw a decrease in total value locked (TVL), down 24% QoQ to $5.5 billion, primarily driven by a 41% QoQ drop in borrowing on the DeFi protocol, Venus Finance. The company notes that this indicates that the overall decrease in value locked was partially due to the drop in value of the BNB token, which closed the quarter at a low of $567 after reaching an all-time high of $722 in March. Despite these fluctuations, Messari reported that the Binance Smart Chain maintained the third-highest decentralized exchange (DEX) trading volume during the second quarter of the year, with $66 billion in total volume, trailing only Ethereum (ETH) and Solana. BNB Price Analysis At the time of writing, the BNB token was trading at $586, up over 2% in the last 24 hours. However, trading volume in the last 24 hours was down 3% to $830 million, according to CoinGeko data. Since Friday, the token has been consolidating between $570 and the current trading price, following the lead of the largest cryptocurrencies on the market, after a failed attempt on Monday to break through its nearest resistance wall at $590, which is the last obstacle preventing a move upwards to the $600 milestone. Related Reading: Elliot Wave Theory Suggests Bitcoin Price Will Crash Below $40,000 Conversely, the key level to watch for BNB bulls is the 200-day exponential moving average (EMA) noted on the daily BNB/USDT chart below, with the yellow line just below the current price, which could act as a key support for the token, potentially preventing further declines. Featured image from DALL-E, chart from TradingView.com
Despite recent price declines, doggy-themed meme coin Shiba Inu (SHIB) has shown marked improvement in its performance, as several key metrics for the cryptocurrency have turned green. This bullish development could be an indication of a potential price recovery from bearish trends in the popular meme coin. Shiba Inu’s Metrics Show Positive Momentum Shiba Inu, the second-largest meme […]
The in-app browser is available on mobile and desktop, making Web3 “immediately” accessible to Telegram's 950 million users.
Scalpers are already trying to sell Donald Trump’s just-released limited edition Bitcoin-themed sneakers on eBay for $2,500.
Entity-adjusted Bitcoin metrics provide a refined view of market sentiment by filtering out non-economic transactions. This is especially important when analyzing net unrealized profit and loss, such as the LTH-NUPL and STH-NUPL. Non-entity-adjusted metrics can show skewed, unclear, or incorrect data because they include all transactions, even internal transfers within the same entity. These “in-house” […]
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On-chain data shows the utility on the Bitcoin network has been making a comeback recently, something that could pave way for another price rally. Bitcoin Circulation Has Spiked To Highest Levels In 5 Months In a new post on X, the on-chain analytics firm Santiment has discussed about the latest trend in the “Circulation” of […]
As summer is currently fast approaching, several crypto traders and analysts have cranked up their optimism for Bitcoin price trajectory. Among them is well-known crypto analyst, Rekt Capital, who has recently shared insights on BTC next move, suggesting that the asset is poised for a significant breakout in September. This sentiment is echoed by other market analysts who have been closely analyzing recent trends and historical data. What the Bullish September Sentiment Is Based On Rekt Capital pointed out that despite Bitcoin’s failure to break out from its reaccumulation range post-April’s Bitcoin halving, it is still “on track for a September breakout”. Reaccumulation phases are typically characterized by savvy investors accumulating assets in anticipation of a price surge. Related Reading: Is A Major Bitcoin Dip Coming? What the Coinbase Index Tells Us This phase often sets the stage for strong market rallies. However, the complexity of current market conditions means that patience is essential, and the expected movements may unfold more gradually. Rekt Capital noted: History suggests that a breakout from the ReAccumulation Range mere ~100 days after the Halving was always going to be unlikely. Meanwhile, another prominent analyst, Daan Crypto Trades, has recently highlighted the technical patterns forming around Bitcoin’s price. According to Daan, the proximity of lower highs suggests significant liquidity above these levels, likely influenced by stop losses and short liquidations. This setup indicates that surpassing the June 7th high could trigger a comprehensive breakout, overcoming previous resistance levels. Conversely, support levels around $63,000-$63.5,000 are also crucial, as they represent areas where many investors might have placed long stop orders. This creates a balanced playfield, with Bitcoin trading in what Daan describes as “the middle of nowhere,” reflecting a market awaiting a clear directional signal. #Bitcoin With a couple of lower highs in close proximity of each other. Likely for a lot of liquidity to sit above these levels in the form of stop losses/liquidation levels from shorts. Seeing it’s also at all time high, I think once we take the June 7th high we’ll break all.… pic.twitter.com/O4B0CA0dBM — Daan Crypto Trades (@DaanCrypto) July 30, 2024 Bitcoin Market Performance and Fundamentals Currently, Bitcoin is trading at a price of $66,352, at the time of writing, following a 0.7% increase in the past 24 hours. This price performance although small, has resulted in a roughly $6 billion added to the asset’s market cap. While Bitcoin’s current market performance might not be that appealing, a notable metric of the asset has suggested an interesting impending move. Related Reading: Elliot Wave Theory Suggests Bitcoin Price will Crash Below $40,000 Particularly supporting the bullish outlook mentioned above, a CryptoQuant analyst recently observed a notable increase in Bitcoin withdrawals from exchanges. This trend, according to the analyst, can be a positive sign which could result in upward movement for Bitcoin as the available supply on exchanges diminishes, potentially driving prices higher if demand spikes. Featured image created with DALL-E, Chart from TradingView
Riot managed to increase its revenue from Bitcoin mining despite reporting a staggering 340% increase in costs to mine a Bitcoin.
Bitwise CIO Matt Hougan believes the market is “not bullish enough” about Bitcoin, and investors need to rethink the flagship crypto’s potential upside after what happened at the Bitcoin2024 conference. Hougan’s reflections on the 2024 Bitcoin Conference in Nashville suggest a dramatic shift in what’s possible for Bitcoin compared to even two years ago. He […]
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Hedge fund manager James Lavish has predicted that Bitcoin could rise to $428,000 at some point. He also mentioned what needs to happen for the flagship crypto to reach such an ambitious price target. How Bitcoin Could Rise To $428,000 Lavish mentioned in an X (formerly Twitter) post that Bitcoin would rise to $428,000 when it becomes 1% of the $900 trillion investment assets worldwide. The hedge fund manager made this prediction while revealing that Bitcoin, at its current price, only accounts for 0.15% of the capital in these investment assets. Related Reading: Analyst Says ETH Price Will Struggle As Spot Ethereum ETFs Expectations Crash The idea is that BTC will become widely adopted to the extent that it sees most of the global liquidity flow into its ecosystem. Such an inflow of new money would undoubtedly spark a massive rally for the flagship crypto, seeing how much valuable assets like gold are currently worth, thanks to their liquidity. Interestingly, crypto pundit and Bitcoin maximalist Mark Harvey had previously shared a similar view to Lavish’s. Harvey predicted that Bitcoin could rise to $415,000 if it captured 1% of the global assets. Meanwhile, he made an ultra-bullish case for Bitcoin, predicting that it could rise to $17 trillion if it managed to capture most of the monetary premium of asset classes. The asset classes in question include gold, silver, equities, real estate, fiat money, and bonds. Harvey claimed that Bitcoin could steal a massive chunk of the global investment from these other assets as the flagship crypto becomes the most preferred option for people to preserve their money. The crypto pundit also described Bitcoin as a “superior form of property” to the rest. Indeed, a case can be made for BTC being superior to all other assets, considering how it has outperformed the traditional market over the last 14 years. NewsBTC recently reported that digital assets led by BTC have been the best-performing assets in 11 of the last 14 years. Bitcoin is again outperforming these traditional assets with a year-to-date (YTD) gain of over 50%. BTC Could Well Be On Its Way To Achieving The ‘1%’ Status Bitcoin is undoubtedly enjoying a broader adoption in this market cycle, especially thanks to the launch of the Spot Bitcoin ETFs, which are available not only in the United States but also in other countries like Hong Kong and Australia. Thanks to these investment funds, Bitcoin now has the attention of more institutional investors, who are becoming more inclined to the flagship crypto. Related Reading: Institutional Investors Show Interest In Cardano, Triggering 300% Surge Bitcoin will continue to enjoy an impressive liquidity flow into its ecosystem as more institutional investors become bullish. Moreover, Bitcoin’s being touted as a ‘digital gold’ has made it more attractive to investors since this narrative places it as a better option to gold. This has led to projections that Bitcoin could surpass gold’s market cap of $16 trillion. Meanwhile, it is worth mentioning that governments worldwide could also play a huge role in Bitcoin’s meteoric rise as they begin to adopt the flagship crypto as a reserve asset. A country like El Salvador is well on this path, while the United States could join soon enough, with Donald Trump promising to create a strategic national Bitcoin reserve if elected. Featured image created with Dall.E, chart from Tradingview.com
The Terra blockchain has suffered a significant breach involving a complex exploit that resulted in the theft of approximately $5 million in assorted cryptocurrencies. The specific assets stolen included approximately 60 million ASTRO tokens, 3.5 million USDC, 500,000 USDT, and 2.7 BTC. The smart contract audit firm Beosin revealed the nature of the breach in […]
Ethereum’s Achilles heel is institutional adoption, scalability, and sustainable DApp ecosystem growth.
Bitcoin miner Riot Platforms reported a net loss of $84.4 million for the second quarter, compared to a net loss of $27.4 million during the same period last year. Despite the financial setback, the company reported $70.0 million in revenue for the quarter, down slightly from $76.7 million in the prior year. The results reflect […]
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The pro-crypto Wyoming senator hopes the United States will purchase 5% of Bitcoin's total supply as a strategic reserve asset.
Solana (SOL) was recently in the spotlight after the US Securities and Exchange Commission (SEC) adjusted its complaint regarding the classification of SOL. The network also ranked as the second largest revenue-generating crypto project on Monday. Following this, some market watchers shared their predictions regarding the token’s recent performance. Some highlighted that a recent rejection of a key level could plunge the prince to $150 before it’s ready for a massive rally. Analysts Set New ATH Targets For Solana On Tuesday, crypto trader Yoddha forecasted his price target for Solana this cycle based on its performance over the years. According to his chart, SOL saw a 96% drop from its all-time high (ATH) during the last bearish rally. After the retrace, the token saw a 343-day accumulation period. Related Reading: Render Continues To Flash Red In All Timeframes – What’s Going On? This period was followed by a 600% surge to the yearly high above $200 seen in March. According to Yhodda, SOL is in an accumulation zone again, moving within a falling wedge pattern. The chart suggests to the trader that the token’s price could skyrocket over 455% in the coming months, hitting the $1,000 mark this bullish run. Meanwhile, analyst Inmortal Crypto highlighted that SOL rejected the weekly opening (WO) price of $190, which traded above last week’s WO. To the trader, if SOL’s price doesn’t hold the $180 support level, it could potentially drop to retest the monthly opening (MO) of $147 before resuming its climb. Poseidon, another pseudonym analyst, shared a similar opinion. He stated that investors “will have a chance to buy SOL below $150 again” before it rallies to $500. According to Crypto Jelle, SOL broke out of “the re-accumulation structure” this month. Per the chart, a similar structure preceded the price expansion that led to Solana’s ATH. Jelle considers that Solana “looks ripe to push higher” and will enter a “mania-like stage” once it gets moving. He also suggested that SOL will be scaling out aggressively” after it breaks above its ATH. Nonetheless, he set the token’s final target to $600, disagreeing with those expecting a new ATH above $1,000. “People expecting $1000+ are in for a rude awakening I’m afraid,” said the analyst. SOL Price Stays Still Despite Bullish News On Tuesday, Solana and its community received bullish news after the US SEC amended its complaint in the lawsuit against crypto exchange Binance. The regulator filed an amendment regarding its “Third Party Crypto Asset Securities” complaint, stating that there is no imperative need for the court to rule on “the sufficiency of the allegations regarding those tokens at this juncture.” Related Reading: Can Bitcoin Cash (BCH) Go Up 680% This Week? This Analyst Believes So Additionally, Lookonchain revealed that Solana was the second-largest revenue-generating crypto project on July 29. The network generated $940,000 in revenue in the previous 24 hours, surpassing Ethereum’s $844,300 revenue. Despite the news, SOL’s price didn’t register any notable performance, hovering between the $177 and $183 price range. As of this writing, Solana is trading at $182, a 0.3% price drop from yesterday and a mild 2.5% surge in the last week. Featured Image from Unsplash.com, Chart from TradingView.com
A crypto analyst has predicted a massive 2,900% increase to $18 for the XRP price, the native token of the XRP Ledger. Despite previous bearish sentiment and price declines, the analyst maintains an optimistic outlook on XRP’s potential, outlining an ambitious timeline for this dramatic rise in value. Timeline For XRP Price To Hit $18 […]
The proof-of-concept showed that real-time monitoring of stablecoin reserves could be achieved with cooperation among regulators, technologists and issuers.
The generative AI platform, which has served over a billion images, will still be available separately.
Early previews of the tech were remarkable, but fears remain over its potential misuse.
Steady growth in the market cap of many stablecoins highlights investors’ interest in all aspects of the crypto market.
Following her announcement of a historic proposal to supercharge the US dollar and pay down the national debt by establishing a strategic Bitcoin reserve, US Senator Cynthia Lummis (R-WY) officially introduced the “Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act” in the Senate on July 31. The legislation aims to establish a […]
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The price action happened as Iran's leadership reportedly ordered retaliatory attacks against Israel, increasing concerns about a broader conflict in the Middle East.
Bitcoin Layer 2 solutions could significantly enhance transaction speed, reduce costs, and expand Bitcoin's utility, fostering broader adoption.
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According to pseudonymous crypto trader Mags, the altcoin market broke out after 525 days of accumulation and will likely resume an uptrend.
On-chain data shows the total number of sharks and whales on the XRP network has seen a sharp increase recently, a sign that could be bullish for the asset’s price. XRP Sharks & Whales Have Witnessed Their Count Go Up Recently According to data from the on-chain analytics firm Santiment, the shark and whale wallets have registered a notable jump over the past five weeks. The indicator of relevance here is the “Supply Distribution,” which tells us about the number of addresses that currently belong to a given wallet group. Related Reading: Dogecoin & Other Memecoins Seeing Less Interest Than Bitcoin: Data The addresses are put into these cohorts based on the number of coins that they are carrying in their balance right now. Investors who own between 1 and 10 XRP, for example, fall inside the 1 to 10 coins group. In the context of the current discussion, the 10,000+ coins group is of interest. The cutoff for this cohort converts to around $6,500 at the current exchange rate. This amount in itself isn’t high, but the upper range of the group stretches to infinity, so it should also include heavyweight investors like sharks and whales. The sharks and whales are considered key investors in the market, so their behavior can be to keep an eye on, as it may end up affecting the cryptocurrency’s price. Naturally, the whales are the more influential of the two, due to their larger size. Now, here is a chart that shows the trend in the XRP Supply Distribution for the 10,000+ coins cohort over the past few months: As displayed in the above graph, the XRP Supply Distribution for this wallet group has observed a rapid increase recently. More specifically, around 2,390 addresses of this size have popped up on the network in just the past five weeks. This would suggest that entities like the sharks and whales have been busy accumulating the cryptocurrency. Following the latest increase, the indicator’s value has reached the 279,400 mark, which is the highest that it has been in about six months. From the chart, it’s visible that the indicator’s value had been observing a downtrend earlier in the year, alongside which, the asset’s price had also been riding bearish momentum. The indicator reached a bottom in April, which is around when the asset’s drawdown also slowed down. And since the recent uptrend in the Supply Distribution of the sharks and whales has appeared, the XRP price has also felt the return of bullish winds. “The correlation between these wallets and XRP’s market value has been undeniable throughout 2024,” notes Santiment. Related Reading: Minimal Bitcoin On-Chain Resistance Ahead: Price Set For New ATH? Given the pattern, this indicator should be monitored in the near future, as a continued rise in it could spell a bullish outcome for the cryptocurrency. XRP Price XRP has enjoyed a rally of around 5% during the past 24 hours, which has taken its price to the $0.65 level. Featured image from Dall-E, Santiment.net, chart from TradingView.com
In a scathing criticism, Brad Garlinghouse, the Chief Executive Officer (CEO) of financial giant, Ripple, has publicly condemned the United States Securities and Exchange Commission (SEC) over its sudden retracement from the legal tussle with Binance, the world’s largest cryptocurrency exchange. The Ripple Chief in his criticism of the SEC’s strategy charged that the regulatory […]
The market capitalization of stablecoins increased by 2.1% to $164 billion in July, the highest level since April 2022.
Two artists have taken legal action to demand clarification from the SEC over the status of NFTs.
Bettors on the leading prediction market largely favor the Republican Party in the upcoming 2024 U.S. presidential election.
Coinbase’s layer-2 blockchain hosts approximately 80% of Uniswap’s monthly active traders.