Cryptocurrency

“We are about to embark on a new crypto era, marked by unprecedented mainstream institutional adoption, driving capital from traditional markets to crypto markets. This moment is unprecedented,” analysts said in a client note.“We are also in a favorable macro, with rates peaking, inflation declining and chances of monetary stimulus in a major election year globally. We are not brave enough to be circumspect, and we like Bitcoin and Bitcoin mining stocks way too much here.”The analysts fully expect the world’s leading asset managers to go live with a Bitcoin ETF either this week or next. While the ‘buy the rumor, sell the news’ scenario may take place, they urge investors to focus “on multiple bullish Bitcoin catalysts (halving, transaction fees inflection, ETF marketing) through the year.”“Don’t sell the news, buy the dip. ‘Sell the news’ is like selling for a 15-20% correction, but miss out on the multi-bagger returns ahead,” the analysts added.One of the potential catalysts for BTC prices to propel higher in 2024 and 2025 could be much bigger-than-expected demand from corporate treasuries.“We expect Bitcoin to touch all-time highs in 2024 in the second half-post halving and may likely close the year at ~$80K (based on our marginal cost based estimate). Our estimate for 2025 remains $150K as cycle high.”“Crypto equities will hit mainstream institutional interest in 2024, as bears continue to get squeezed (given short interest) and equity investors feel under-exposed to crypto.”Elsewhere, the analysts also expect ETH to be the only non-BTC asset to get a spot ETF.“[C]ombined with its growing fees, scaling roadmap and sustainable token model, [this] will position ETH as the primary blockchain tech asset,” they added. More

Bitcoin touched a 21-month peak of $45,532, having gained 156% last year in its strongest yearly performance since 2020. It was last up 3.5% at $45,727 but remains far off the record high of $69,000 it hit in November 2021. Ether, the coin linked to the ethereum blockchain network, was 2.6% higher at $2,414 on Tuesday, having surged 91% in 2023.Crypto stocks, which closely track bitcoin prices, surged in U.S. premarket trading with Riot Platforms (NASDAQ:RIOT), Marathon Digital (NASDAQ:MARA) and CleanSpark (NASDAQ:CLSK) gaining between 11.3% and 14.8% after sharp falls in the final trading days of 2022.U.S. crypto exchange Coinbase (NASDAQ:COIN) rose 6.3% and software firm and bitcoin investor MicroStrategy added 9.4%.Investor focus has squarely been on whether the U.S. securities regulator will soon approve a spot bitcoin ETF, which would throw open the market to millions more investors and draw billions in investments. The U.S. Securities and Exchange Commission has rejected multiple applications to launch spot bitcoin ETFs in recent years, arguing that the cryptocurrency market is vulnerable to manipulation. In recent months, however, there have been increasing signs regulators are prepared to sign off on at least some of the 13 proposed spot bitcoin ETFs, with expectations the decision will likely come in early January. The reaction to a possible rejection would be clear cut and likely see an immediate tumble, said Chris Weston, head of research at Pepperstone. “However, should we see the green light the obvious question is whether we get a buy-the-rumour, sell-on-fact scenario playout or whether it promotes another leg higher,” he added in a note. Rising bets that major central banks will cut interest rates this year has also been a boon for cryptocurrencies, helping shake off the gloom that had settled over crypto markets following the collapse of FTX and other crypto-business failures in 2022. Crypto markets could further their gains in 2024 as bitcoin tends to perform during U.S. election years, coinciding with Bitcoin halving cycles in 2012, 2016 and 2020, said Markus Thielen, founder of digital asset research firm 10x Research. More

This sudden and robust price action on Bitcoin is a clear indication of the continuation of the bull run, signaling a potent start to the year. A breakthrough above the $45,000 mark not only indicates good things for market sentiment but also fortifies the belief that the bullish market is continuing. The next major event on the horizon is the anticipated approval of a spot Bitcoin ETF in the second week of January.Source: Investors, while optimistic, should brace for volatility as the market might experience a “sell the news” event post-ETF approval. Such events typically occur when the price of an asset rises in anticipation of a positive event and then falls after the event occurs as traders take profits.The moving averages on the chart present a strong bullish pattern, with the price now well above both the 50-day and the 200-day moving averages, suggesting a strong uptrend. The 50-day moving average, in particular, appears to be acting as dynamic support for the price, indicating sustained bullish pressure.Volume bars show an increase in trading activity around the breakout point, confirming the momentum behind the move. The Relative Strength Index is ascending toward overbought territory, reflecting the strong buying pressure that has accompanied the recent price surge.This article was originally published on U.Today More

By 06:43 ET (11:43 GMT), Bitcoin rose 6% to $45,168.6, reaching its highest level since early-April 2022. But trading volumes remained slim on account of the New Year holidays. Bitcoin’s gains came as an extension of a stellar recovery in 2023, where the token surged more than 100% in value after starting the year at around $17,000. The cryptocurrency’s recent gains were driven chiefly by speculation over the approval of a U.S. ETF that directly tracks the token’s prices. The SEC has a January 10 deadline to approve or reject a spot ETF application from Ark and 21 Shares, according to a Reuters report. The ruling could set the precedent for ETF applications from several other fund managers for a similar product.The Reuters report also said that the SEC will notify other applicants by as soon as this week on whether they have been cleared to launch their products by Jan 10. BlackRock Inc (NYSE:BLK)- the world’s largest asset manager- has also applied for a spot bitcoin ETF. The SEC has repeatedly rejected applications for a spot bitcoin ETF over the past two years, citing concerns that the token’s decentralized and volatile nature will prevent fund managers from protecting investors against market manipulation. Currently, all U.S.-traded bitcoin ETFs track the futures of the token, which are traded on the Chicago Mercantile Exchange. Grayscale, which currently operates the GBTC (OTC:GBTC) ETF, has an application to convert the product into a spot ETF. The firm had marked a legal victory against the SEC over its repeated rejection of a spot ETF, which saw the regulator reconsider Grayscale’s application. Proponents of the cryptocurrency argue that the approval of a spot ETF will spur a deluge of capital inflows for bitcoin, given that the product allows traders to invest in the token without directly holding cryptocurrency. But analysts have cautioned that the approval may not trigger as large a bull run as expected, especially given that the crypto industry is still grappling with a massive loss of faith over the past two years.A series of high-profile bankruptcies, coupled with a regulatory crackdown against the world’s biggest crypto firms largely dented retail interest in crypto. This saw bitcoin slump to as low as $15,000 by late-2022. While hopes for an ETF approval drove a strong recovery for the token through 2023, trading volumes remained at a fraction of those seen during the 2021 bull run. High interest rates also limited the amount of capital flowing into crypto.Ambar Warrick contributed to this report. More

Cryptocurrencies are distinct from traditional fiat currencies as they are not regulated by a central authority, offering a form of financial autonomy and privacy. They can be used for a variety of purposes, including investment, remittances and as a means of payment. The value of cryptocurrencies can be highly volatile, and their legal status varies across countries. Since the inception of Bitcoin in 2009, cryptocurrencies have sparked significant interest and debate regarding their impact on the global financial system.Bitcoin (BTC) operates on a peer-to-peer network, allowing users to transact directly without an intermediary like a bank. Transactions are verified by network nodes through cryptography and recorded on a public ledger called a blockchain. The Bitcoin (BTC) supply is capped at 21 million coins. Its security and integrity are preserved by a sophisticated process dubbed Bitcoin (BTC) mining or finding hashes of Bitcoin (BTC) blocks by high-performance computers.Ethereum (ETH) was the first mainstream altcoin with programmable functions. Some altcoins aim to address perceived limitations of Bitcoin, such as transaction speed or energy efficiency.Bitcoin (BTC) in 2024Bitcoin (BTC) is the first cryptocurrency and the largest digital asset by market capitalization. Despite being surpassed technically by the majority of altcoins in terms of speed, throughput and resource-efficiency, Bitcoin (BTC) remains the dominant cryptocurrency. In the past years, it evolved into a mature asset compared to Gold, S&P500 Index and so on.Bitcoin (BTC) price chart on log scale // Image by In 2024, Bitcoin (BTC) is set to undergo its fourth halving: Block rewards for miners will be reduced by 50%. This means that BTC as an asset becomes scarcer than ever before. Typically, such events (in 2016 and 2020) were interpreted as bullish catalysts for the Bitcoin (BTC) price. Also, the potential approval of a Bitcoin-based ETF in the U.S. might catalyze a new phase of capital injection into the asset.Ethereum (ETH) in 2024Launched in 2015, Ethereum (ETH) is the largest smart contracts platform. It means that it acts as a distributed computations platform for decentralized applications, a class of cryptocurrency software programs. Although Ethereum (ETH) is lagging behind many of its analogues when it comes to transactional throughput, it still retains the status of the safest and longest-running blockchain for dApps. Also, it is the backbone of L2 solutions’ ecosystem.In 2024, Ethereum (ETH) will see the activation of or “proto-danksharding,” an upgrade that will increase throughput and lower transaction costs by 600%. Also, the implementation of “account abstraction” and zero-knowledge technologies on Ethereum (ETH) is underway. As a result, the community is optimistic about its midterm prospects.Tether (USDT) in 2024U.S. Dollar Tether (USDT) by Tether Limited is the largest stablecoin, i.e., cryptocurrency with its price pegged to the U.S. dollar. It is minted by a centralized entity that controls the basket of assets that is “backing” the circulating USDT supply. As of printing time, its market cap exceeded a whopping .Tether (USDT) market cap soared by almost 50% in 2023 // Image by In 2023, USDT made its portfolio way more conservative: It increased the share of cash and its equivalents and U.S. T-bills. This results in stability of USDT, but the platform remains unaudited. Tether (USDT) only publishes “attestations” to prove sufficiency of reserves.Polygon (MATIC) in 2024Polygon (MATIC) initially launched as the first mainstream second-layer platform on top of Ethereum (ETH): It bundles multiple transactions into a single data structure before validating them on the Ethereum (ETH) mainnet. This allows Polygon (MATIC) users to enjoy Ethereum’s level of stability and reliability, but paying reduced fees and at a much higher speed.In 2024, Polygon (MATIC) will remain the leader of L2 innovation on Ethereum: It acquired a number of zero-knowledge tech startups to offer the most secure and cost-efficient experience. At the same time, within the massive , the MATIC asset will be replaced by POL, a token for Polygon’s staking design.Binance Coin (BNB) in 2024Binance Coin (BNB) is the core native cryptocurrency of Binance (BNB), the largest cryptocurrency exchange in the world, and BNB Smart Chain, an Ethereum-like smart contracts platform. Initially launched on Ethereum (ETH) for Binance ICO, it then migrated to the native blockchain and is now used as a utility token and an optimal fees instrument on Binance (BNB).The BNB price in 2024 will be affected by the outcome of the legal battle between former Binance CEO Changpeng “CZ” Zhao and U.S. regulators. In November 2023, Changpeng Zhao agreed to pay record-breaking fees and step down as CEO. However, the verdict on his personal trial is yet to be announced.Dogecoin (DOGE) in 2024Launched back in 2013 as a fork of Litecoin (LTC), Dogecoin (DOGE) is the first-ever memetic cryptocurrency. It means that it is based on a semi-ironic ethos and a funny narrative instead of innovation and tech disruption. Dogecoin (DOGE) commemorates Kabosu Shiba Inu dog from the 2013 internet meme.Dogecoin (DOGE) logo // Image by As the new spike of Dogecoin (DOGE) popularity was triggered by shilling on Elon Musk’s accounts, announcements of Starlink, Starship, X and Tesla (NASDAQ:TSLA) products might catalyze new rallies of the Dogecoin (DOGE) price in 2024. At the same time, just like many other meme coins, Dogecoin (DOGE) is subject to increased volatility.Cardano (ADA) in 2024Cardano (ADA) is the second-largest proof-of-stake (PoS) network and one of the most decentralized blockchain networks in the Web3 segment by various indicators. Introduced by Charles Hoskinson in 2017, released staking and smart contracts in the previous bull run.DeFi ecosystem of Cardano (ADA) sees its TVL soaring // Image by For Cardano (ADA), the upcoming rally will be the first one it will meet equipped with a growing dApps ecosystem. Despite much criticism from Ethereum (ETH) maximalists, it gained traction in the NFT and DeFi segments. The net TVL of Cardano-based dApps exceeds $255 million, getting closer to multi-month highs.XRP in 2024XRP, the core native cryptocurrency of the XRP Ledger blockchain is a veteran digital asset known since 2012. Its popularity is associated with Ripple Inc., a U.S.-based fintech heavyweight. Ripple uses XRP as a medium of exchange in its numerous cross-border payments systems known as “on-demand liquidity corridors.”Since December 2020, Ripple and its directors have been accused of illegally selling unregistered securities to U.S. citizens in the form of XRP. However, as Ripple scored in Q3, 2023, the prospects for the XRP price in 2024 might be optimistic. At the same time, the process is very far from being over.Optimism (OP) in 2024Optimism (rebranded as in 2023, but still known under its initial name) is one of the largest second-layer platforms on top of Ethereum (ETH). It means that it indexes transaction data and verifies it on the Ethereum (ETH) mainnet in compressed form to save its computational capacity.Despite the savage rivalry in the L2s segment, Optimism remains a smart bet for dApps thanks to low transactional fees, detailed documentation and the “network effect.” Also, its team released OP Stack, an instrument for the development of Optimism-like commercial blockchains by third parties.Solana (SOL) in 2024SOL is the native cryptocurrency of the Ethereum (ETH) rival Solana, a proof-of-history blockchain launched in 2019. Thanks to advanced tech design, it can process thousands of transactions per second for negligible fees. At the same time, in the past, the network went through a series of painful outages and received strong criticism.In 2024, Solana (SOL) is expected to get rid of its “FTX Legacy”: Many products incubated by FTX and its associated trading platform Alameda Research were running on . As such, SOL might be in the spotlight for the next bull run as it has managed to keep its large and passionate community.Shiba Inu (SHIB) in 2024Launched in August 2020 by an anonymous team, is the second largest meme cryptocurrency inspired by the success of Dogecoin (DOGE). The token started as a typical “meme coin,” but step by step it evolved into a full-stack ecosystem with its own exchange, dApps and even a native Polygon-like L2 blockchain.At the same time, the success of SHIB in 2024 will depend on the overall status of meme coins. Major technical and community announcements might catalyze the SHIB price as well as periodical token burn reports, but these spikes are unlikely to be sustainable.USD Coin (USDC) in 2024Developed by U.S. conglomerate Circle, is the second largest USD-pegged stablecoin. As of early 2024, its market capitalization equals $24.4 billion in equivalent. The USDC cryptocurrency is natively available on all mainstream smart contract platforms and is listed by top cryptocurrency exchanges.USDC’s capitalization started shrinking in March 2023 amid rumors about its fund insufficiency caused by the insolvency of Silvergate and other crypto-friendly banks in the U.S. At the same time, in Q3-Q4, 2023, the team of the stablecoin made a number of hyped tech announcements, so USDC will likely remain a reliable modern alternative to Tether (USDT).Arbitrum (ARB) in 2024Arbitrum (ARB) by Offchain Labs is a dominant second-layer platform on top of Ethereum (ETH). It is responsible for over 51% of all value deposited to second-layer platforms on top of Ethereum (ETH). Hundreds of dApps have been deployed to Arbitrum (ARB) since its launch in mainnet in August 2021.Arbitrum (ARB) remains dominant Ethereum’s L2 // Image by In general, the Ethereum (ETH) community is optimistic about the prospects of the Arbitrum (ARB) price for 2024. The token underpins the leading L2 platform that recently introduced , a protocol designed to move the Arbitrum (ARB) blockchain beyond the Solidity programming language. With Stylus, developers of Rust and C++ will also be able to run their dApps on Ethereum Virtual Machine.Tron (TRX) in 2024Launched in mainnet in 2018, Tron (TRX) was the second-largest blockchain by TVL behind Ethereum (ETH) for years. It gained popularity thanks to very cheap transactions, fast block finality and stable performance. is part of the ecosystem of cryptocurrency services associated with Justin Sun, who is also the owner of BitTorrent and the HTX exchange (formerly Huobi).In 2024, Tron (TRX) will remain the dominant blockchain for USDT transfers: Over 50% of the aggregated USDT supply is issued on top of the Tron (TRX) blockchain. Meanwhile, Justin Sun will face severe legal pressure in 2024: Troubles with U.S. regulators might be an obstacle for TRX’s growth.Chainlink (LINK) in 2024Chainlink (LINK) is the first-ever decentralized network of blockchain oracles. It facilitates the transfer of data between on-chain applications (dApps) and off-chain systems (weather trackers, points of sales and so on). As such, Chainlink (LINK) is a critically important service for integrating blockchains into real-world economies. LINK, the core native cryptocurrency of Chainlink (LINK), gained much traction in the 2020-2021 bull run.In 2024, Chainlink’s (LINK) growth might yet again be catalyzed by an array of solid partnerships or an aggressive social media promotion campaign by “LINK marines,” a group of passionate Chainlink (LINK) supporters.The meme coin segment might be overshadowed by new trending narratives (real-world assets, liquid staking, AI coins and so on), while stablecoins will struggle with macroeconomic uncertainty and regulatory hostility.This article was originally published on U.Today More

The surge in monthly revenue is attributed to the miners’ relentless efforts in discovering blocks and verifying transactions on the Bitcoin blockchain. Kapoor highlighted that the $1.51 billion includes an impressive $324.83 million earned from on-chain fees alone, showcasing the growing importance of transaction fees in the overall revenue generated by Bitcoin miners.Jameson Lopp, a renowned software engineer and advocate for Bitcoin, provided into the surge in transaction fees. According to his tweet, transaction fees collected by Bitcoin miners averaged nearly $2 million per day throughout 2023, marking a staggering 400% increase compared to the previous year. This substantial growth in transaction fees emphasizes the robustness and increasing demand for Bitcoin transactions.Over the past year, Bitcoin has experienced an impressive surge, with its value soaring by 157.50%. The over the year, coupled with the record-breaking monthly revenue for miners, has stirred discussions on the potential correlation between mining revenue and the Bitcoin price.Market analysts and experts are debating whether the surge in mining revenue could translate into a for Bitcoin, potentially driving the cryptocurrency to new all-time highs. Bitcoin’s decentralized nature and limited supply have historically been key drivers of its value. The increased revenue for miners may further enhance the cryptocurrency’s attractiveness, especially as institutional interest continues to grow.Investors and enthusiasts are eagerly awaiting further developments, as the cryptocurrency market remains dynamic and subject to rapid shifts. The record-breaking monthly revenue for Bitcoin miners undoubtedly adds a new layer of intrigue and anticipation to the ongoing narrative surrounding the world’s leading cryptocurrency.This article was originally published on U.Today More

The main network layer of Ethereum has faced significant challenges in scaling to meet the demands of its growing user base and application field. High gas fees and network congestion have highlighted the limitations of the current infrastructure, making the need for efficient L2 solutions more pressing than ever. These L2 networks are designed to offload the burden from the mainnet, offering faster transactions and lower fees, making them an attractive alternative for developers.ETH/USD chart by This shift toward L2 networks does not just represent a stop-gap solution but is becoming integral to Ethereum’s future. It is reasonable to expect that the initial signs of a rally within the Ethereum ecosystem will emerge on these scalable platforms. They are set to be the breeding ground for innovation and the go-to space for new projects in DeFi, NFTs and beyond.The new road map, as outlined by Vitalik Buterin, underscores this transition. Key updates to the road map include the solidification of single slot finality (SSF) in post-Merge proof of stake (PoS) improvements, which aims to enhance the efficiency and security of the network. Buterin has also highlighted the importance of cross-rollup standards and interoperability as areas requiring long-term development. These would enable seamless communication and transaction execution across different L2 solutions, furthering the composability of the ecosystem.Further developments such as the redesign of The Scourge, the nearing readiness of Verkle trees for inclusion, and the shrinking of “state expiry” to reflect a broader consensus show a commitment to continuous improvement. Additions like deep cryptography, including obfuscation and delay-encrypted mempools, suggest a forward-looking approach to security and privacy within the network.This article was originally published on U.Today More

However, SOL has recently experienced a pullback, hinting at a period of consolidation. This could be attributed to active profit-taking from venture capitalists (VCs), which was a foreseen event given the asset’s substantial appreciation over the past months. The retracement is also part of the natural market cycle following such an impressive rally.The Solana ecosystem has seen significant growth, particularly in decentralized finance (DeFi) and the proliferation of meme coins. The rapid expansion of DeFi on has been fueled by its high transaction throughput and relatively low fees, making it a competitive environment for DeFi applications. The meme coin phenomenon has also found a foothold on Solana, attracting both positive attention for its viral nature and negative scrutiny due to the high magnitude of scams and market manipulations associated with this niche.While these factors have contributed to Solana’s visibility and adoption, they have also led to increased volatility. The ecosystem’s resilience is being tested as it navigates the fallout from various high-profile scams and manipulative practices, most notably within the meme coin market. These events have triggered skepticism among investors, as they weigh the platform’s innovative potential against the risks posed by these malicious activities.Looking forward, for to continue its upward path, the ecosystem will need to address these challenges head-on. Enhancements in security protocols, more rigorous vetting of projects and an overall shift toward more sustainable and utility-driven applications will be critical. The network’s capability to scale effectively, maintain uptime and foster a secure environment for both DeFi and other applications will be key determinants of its trajectory.Despite the current correction and associated challenges, the fundamentals of Solana, especially its blockchain’s architecture designed for speed and efficiency, remain strong. If the community and developers can collaborate to bolster the network’s robustness against scams and ensure a more stable platform, Solana has the potential to resume its upward trend. The path forward for SOL will likely hinge on its ability to mature as an ecosystem, prioritizing security and long-term utility over the transient hype of meme coins and speculative ventures.The price chart of Ethereum indicates a mixed scenario. After a period of bullish trend, ETH is showing signs of consolidation. The moving averages are providing support at lower levels, and the price is oscillating around these key indicators, suggesting a balancing act between bullish optimism and bearish caution.The L2 networks, like and Optimism, have been a beacon of growth, with transaction volume skyrocketing by 90 times compared to 2021. This incredible expansion signifies a shift in focus to scalability and efficiency. The L2 solutions are not just a technical improvement but also a strategic realignment, positioning Ethereum to better handle the burgeoning demands of DeFi, NFTs and other blockchain applications.Buterin’s new Ethereum vision, which emphasizes single slot finality, cross-rollup standards and the inclusion of Verkle trees, points to a more secure, efficient and scalable network. The road map update also hints at long-term improvements to Ethereum’s architecture, ensuring its place at the forefront of blockchain innovation.Despite these promising developments, Ethereum’s price rally has been lagging when compared to some of its competitors. This underperformance could be due to market dynamics that have seen investors chase higher yields elsewhere. However, the solid rise in traction on L2 networks suggests that the groundwork is being laid for a more robust and expansive ecosystem.This article was originally published on U.Today More