Binance Coin
Price analysis 7/20: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX
Bitcoin (BTC) briefly extended its recovery above $24,000 and the altcoins continued to make smart gains on July 20, but the bullish momentum of the week experienced a brief setback after Tesla’s earnings report showed the company had sold 75% of its BTC position. Although the sharp breakout of this week is a positive sign, analysts were quick to point out that a sustained recovery depends on a strong performance from Wall Street. Analyst Venturefounder pointed out that the rally was largely macro-driven and Bitcoin’s correlation with NASDAQ remained at a historical high of 91%. Bitcoin’s sharp rally in the past few days has awakened hibernating bulls who are dishing out lofty targets. Analyst TechDev projected a target of $120,000 in 2023, while Galaxy Digital CEO Mike Novogratz tol...
Price analysis 7/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX
Bitcoin (BTC) rose above $22,000 and Ether (ETH) traded above $1,500 on July 18, indicating that bulls are gradually returning to the cryptocurrency markets. This pushed the total crypto market capitalization above $1 trillion for the first time since June 13, raising hopes that the worst of the bear market may be behind us. In another positive sign, more than 80% of the total Bitcoin supply denominated in the United States dollar has been dormant for at least three months, according to crypto intelligence firm Glassnode. During previous bear markets, such an occurrence preceded the end of the bear phase. Daily cryptocurrency market performance. Source: Coin360 However, a report by Grayscale Investments voices a different opinion. It suggests that the current bear market in Bitcoin started...
Price analysis 7/15: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX
The recovery in the cryptocurrency markets is being led by Bitcoin (BTC), which has risen above the $21,000 level. However, BlockTrends analyst Caue Oliveira said that on-chain data shows a decline in “whale activity” since the month of May, barring the flurry of activity during the Terra (LUNA) — since renamed Terra Classic (LUNC) — collapse. A survey conducted in China shows that most participants believe that Bitcoin could fall much further. About 40% of the participants said they would buy Bitcoin if the price dropped to $10,000. Only 8% of the voters showed interest in buying Bitcoin if it drops to $18,000. Daily cryptocurrency market performance. Source: Coin360 Millionaire investor Kevin O’Leary told Cointelegraph that crypto markets are likely to witness “massive volatility” and en...
Price analysis 7/13: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, LEO
The United States Consumer Price Index soared to 9.1% in June, exceeding expectations of an 8.8% rise year-on-year. Currently, the Fed funds futures point to an 81 basis points rate hike for July, suggesting that some participants anticipate a 100 basis points hike. Several on-chain indicators have been pointing to a likely bottom in Bitcoin (BTC) but the analysts from market intelligence firm Glassnode are not convinced that the low has been made. In “The Week On-Chain” report on July 11, the analysts said that the market may have to fall further “to fully test investor resolve, and enable the market to establish a resilient bottom.” Daily cryptocurrency market performance. Source: Coin360 While the short term remains bearish, strategists are confident about its long-term prospects. ...
Price analysis 7/4: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, LEO, SHIB
The crypto markets have remained relatively stable over the weekend and on July 4, which is a holiday for the United States financial markets due to Independence Day. Although Arthur Hayes, former CEO of derivatives platform BitMEX, was expecting a “mega crypto dump” around July 4, it has not materialized. The drop in Bitcoin’s (BTC) volatility in the past few days has resulted in the squeezing of the Bollinger Band’s width. This indicates a possible increase in volatility in the next few days, according to popular analyst Matthew Hyland. Daily cryptocurrency market performance. Source: Coin360 Meanwhile, crypto investors seem to be waiting for clues from the U.S. equities markets and the U.S. dollar. Bitcoin’s correlation coefficient with the dollar in the week ending July 3 slumped to 0....
Price analysis 7/1: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, LEO, SHIB
Bitcoin dropped 56.2% in the second quarter of 2022, according to crypto analytics platform Coinglass. That makes it Bitcoin’s worst quarter since the third quarter of 2011 when BTC price fell by 67%. A large part of the damage was done in the month of June when Bitcoin plunged 37%, the worst monthly drawdown since September 2011. It is not all gloom and doom for crypto investors. On June 29, JPMorgan strategist Nikolaos Panigirtzoglou said that the “Net Leverage metric” suggests that crypto’s deleveraging may be on its last legs. The eagerness of crypto companies with stronger balance sheets to bail out crypto firms in distress is also a positive sign. Daily cryptocurrency market performance. Source: Coin360 Another positive view on Bitcoin came from Deutsche Bank analysts. In a recent re...
Price analysis 6/27: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX
Bitcoin’s (BTC) current bear market is one of the worst, according to a report by on-chain analytics firm Glassnode. This was the first time in history that the Mayer Multiple slipped below the previous cycle’s low. Bitcoin’s fall below $20,000 on June 18 also marked the biggest loss ever booked by investors in a single day at $4.23 billion. Considering the above factors and a few other events, Glassnode believes that the capitulation in Bitcoin may have started. Bitcoin whales seem to have started their purchasing, suggesting that the bottom may be close and on June 25, analytics resource “Game of Trades” highlighted that demand from whales holding 1,000 to 10,000 Bitcoin witnessed a sharp spike in demand. Daily cryptocurrency market performance. Source: Coin360 Another sign t...
Price analysis 6/24: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, LEO
A handful of on-chain metrics suggest that Bitcoin could be close to bottoming, and if true, the eventual relief rally could induce sharp gains from altcoins. The United States equity markets and the cryptocurrency space are witnessing a relief rally this week. Supporting the rise in risky assets is the U.S. dollar index (DXY), which retreated from its multi-year high. Generally, cryptocurrencies move inverse to the price of the U.S. dollar, but this week’s bounce does not necessarily mean that bulls’ grip over the market has come to an end. Citing on-chain data, CryptoQuant senior analyst Julio Moreno, said that Bitcoin (BTC) miners may have already capitulated. Historical data suggests that miner capitulation usually precedes market bottoms. Daily cryptocurrency market perfor...
Price analysis 6/22: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, SHIB
Bitcoin (BTC) continues to face a tough battle near the psychological level of $20,000 as the bulls and the bears attempt to assert their supremacy. Trading firm QCP Capital said in their latest market circular that funding rates on derivatives markets were stable and bearish conditions were fading. Another ray of hope for the Bitcoin bulls is that Bitcoin miners may be capitulating as the recent decline in the price has made some mining machines unprofitable. Data from Arcane Research shows that public Bitcoin mining companies that had only sold 30% of their mined production from January to April of this year had dumped 100% of their Bitcoin production in May. Some analysts believe that miners giving up was a bullish signal. Daily cryptocurrency market performance. Source: Coin360 However...
Price analysis 6/20: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, AVAX
The crypto markets have been in a strong bear phase for the past several months but JPMorgan Chase analysts expect that to change and they have projected a significant upside from the current levels. The analysts cited the rising share of all stablecoins in the total crypto market for their bullish outlook. Unperturbed by the current fall, retail traders have been adding Bitcoin (BTC) to their portfolios. The number of wallet addresses holding one Bitcoin surged by 13,091 to a record high of 865,254. Similarly, the number of addresses holding about 0.1 Bitcoin has also witnessed a sharp rise in the past 10 days, according to data from Glassnode. Daily cryptocurrency market performance. Source: Coin360 Bitcoin’s sharp recovery from the June 18 fall shows strong buying at lower levels&n...
Price analysis 6/17: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, AVAX
The sharp fall in cryptocurrencies has pulled the total crypto market capitalization below $900 billion. According to CoinGoLive, 72 out of the top 100 tokens have declined in excess of 90% from their all-time highs. In comparison, the top-10 coins have outperformed during the fall, dropping an average of 79% from their all-time high. Bitcoin (BTC) is down more than 70% from its all-time high but the bulls are struggling to arrest the decline. Jurrien Timmer, director of global macro of Fidelity, highlighted that Bitcoin could be “cheaper than it looks” considering the metric of price-to-network ratio, which is similar to the price-to-earnings ratio used in the equities market to value a stock. Daily cryptocurrency market performance. Source: Coin360 Billionaire investor Mark Cuban s...
How Ankr transformed the scalability of the BNB Chain
Cryptocurrency’s tussle with scalability is well known. Ethereum suffers from sky-high gas fees making it unusable for a lot of customers, leading to a lot of alternative Layer-1’s popping up. Binance, one of the world’s leading exchanges, was one such firm to develop its very own blockchain. While some criticise the BNB Smart Chain for being centralised, one cannot argue against the basement-level fees and impressive scalability that it offers. Its impressive performance is partially due to Ankr, the Web3 infrastructure provider. Consulting with the Binance team, Ankr implemented several open-source performance improvements which transformed the network. There was a 10x increase in RPC request throughput, 75% reduction in storage requirements, a sync process that is 100x faste...
