Author: Sollcrypto

Bitcoin is edging towards the $70,000 mark, signaling a potential breakthrough for the digital gold. Currently trading around $69,311, market observers are keenly monitoring its next moves. While the chart depicts Bitcoin’s fluctuating trajectory without a clear pattern, its proximity to the $70,000 threshold is crucial. This pivotal level could determine whether Bitcoin resumes its ascent towards a new all-time high (ATH) or continues consolidating. A successful breach of this level could propel Bitcoin to even greater heights, heralding significant developments for the cryptocurrency market. However, the market is sending mixed signals, complicating predictions regarding Bitcoin’s imminent breach of the…

The meme-inspired cryptocurrency Dogecoin (DOGE) has capitalized on the current market surge, surpassing significant resistance levels as it aims for the coveted $1 milestone. Following Dogecoin’s recent price surge, the meme coin is rapidly approaching XRP in terms of market capitalization. At present, the difference in market cap between the two cryptocurrencies is nearly $4 billion, with XRP at $32.98 billion and DOGE at $29.98 billion. Forecasting Dogecoin’s Price It’s important to highlight that Dogecoin is presently trading above the critical $0.20 threshold, establishing it as a pivotal support zone. Consequently, the coin’s ability to maintain its price above this…

In the initial quarter of 2024, Ethereum and its Layer 2 scaling solution, Polygon, emerged as the top choices for new user adoption. According to the latest findings from Flipside, these two blockchain platforms attracted the highest number of new users among all observed EVM chains since the start of the year. Polygon welcomed 12.3 million new users, while Ethereum saw 13.4 million, collectively representing approximately 70% of all new users across observed chains by March 27th. Following closely was Arbitrum, which recorded 4.7 million new users within the same timeframe. Considering Ethereum and Polygon’s extensive track records compared to…

As per statements from Bitdeer, a publicly-listed mining corporation, the company has enlisted the services of Taiwan Semiconductor Manufacturing Company (TSMC) for its Sealminer A1 mining rigs, scheduled for deployment in the third quarter. Additionally, Bitdeer revealed that it mined 294 bitcoins in March, reflecting a 28.4% increase compared to its earnings in March 2023. In anticipation of Bitcoin’s upcoming halving, Bitdeer has partnered with TSMC to develop exclusive mining chips. Following the debut of its internally developed application-specific integrated circuit (ASIC), Bitdeer (Nasdaq: BTDR) has released its March 2024 business update. The announcement highlights the collaboration with Taiwan Semiconductor…

The price of Bitcoin has surged back above the midpoint of the March market range after a prolonged consolidation period below $66,391. Confirming the upward trend, a successful retest of the 50% Fibonacci level is awaited, with $69,000 identified as the key level to surpass. HUT 8 Mining CEO Asher Genoot highlighted that supply shortages on exchanges are compelling major banks to express interest in purchasing Bitcoin. Despite these shortages, reports indicate that large banks remain undeterred from acquiring BTC, showcasing the cryptocurrency’s enduring strength. Exchanges’ supply shortages prompt banks to seek out Bitcoin miners. During the early hours of…

The Ethena Protocol (ENA), creator of the synthetic dollar stablecoin USDe, has surged past the $2 billion mark in total value locked (TVL). This notable expansion occurs amid skepticism from experienced industry analysts, echoing worries akin to the Terra (LUNA) incident. Industry Experts Express Doubts Regarding Ethena’s USDe According to DefiLlama’s data, as of April 1, Ethena’s TVL was $1.54 billion. In merely four days, it has swiftly surpassed the $2 billion milestone, marking a growth of approximately 30%. This notable surge underscores the increasing investor enthusiasm towards Ethena’s offerings. The protocol’s appealing 27% Annual Percentage Yield (APY) and its…

In the past year, Bitcoin Ordinals have surged in popularity within the digital collectible realm, catching the attention of financial powerhouse Franklin Templeton. The digital assets arm of the global investment giant highlighted the emergence of Ordinal inscriptions in a recent prospectus. “In the last year, we’ve witnessed a resurgence of activity in Bitcoin innovation and development,” wrote Franklin Templeton Digital Assets. “This positive momentum in innovation is primarily propelled by Bitcoin NFTs, known as Ordinals, new fungible token launches like BRC-20 and Runes, Bitcoin Layer 2 solutions, and other Bitcoin DeFi primitives.” The firm also outlined the notable increase…

During the initial quarter of 2024 (Q1), memecoins surged as the leading profitable crypto narrative, boasting substantial average returns of 1312.6% across its primary tokens, as indicated by a recent analysis and report from CoinGecko. This exceptional figure notably exceeded returns from alternative narratives, underscoring the escalating appeal and fervor surrounding memecoins within the cryptocurrency realm. Real-world assets (RWA) versus Memecoins Three recently introduced tokens made their mark among the top 10 memecoins by market capitalization at the close of the quarter: Brett (BRETT), BOOK OF MEME (BOME), and Cat in a dogs world (MEW). BRETT emerged as the leader…

Litecoin has exhibited notable performance recently, distinguishing itself within the altcoin category. In just the past day, its price surged by 8.9%, a notable move fueled by a substantial increase in transaction volume over the previous month. Furthermore, there’s an intriguing shift in Litecoin’s on-chain dynamics: the average age of LTC investments is decreasing, indicating heightened activity among large holders who are circulating more coins. Regarding Litecoin’s price performance, it is presently hovering around $101.09. The resistance level of interest lies near $118, a point where previous selling pressure halted upward movements. A breakthrough past this resistance could potentially trigger…

The decline in Bitcoin’s price persisted, breaching the $65,000 support zone. BTC is currently consolidating its losses and may endeavor a recovery towards $67,000. Bitcoin’s price continued its descent below both the $65,500 and $65,000 levels. It remains below $67,500 and the 100-hourly Simple Moving Average. On the BTC/USD hourly chart (data feed from Kraken), a significant bearish trend line is taking shape, indicating resistance around $67,200. While a recovery could be in the cards, bearish pressure may persist around the $67,000 mark. Bitcoin’s Price Continues to Decline Bitcoin’s price turned bearish as it breached the $68,000 support zone, leading…