Cryptocurrency

The cofounders have identified a key support level at $2.1K, once a formidable resistance, now transformed into a critical zone for the cryptocurrency’s short-term rebound. In a recent tweet, they highlighted Ethereum’s resilience on the market, emphasizing the significance of the current support level.According to their analysis, breaching this level may activate the 50-Day Exponential Moving Average (EMA), potentially signaling a shift in market dynamics. The cofounders pointed to the presence of an ascending triangle pattern, suggesting that $2.1K is crucial for short-term rebounds, and the breach could pave the way for further gains.The cryptocurrency market has been closely monitoring Ethereum’s movements, given its position as a leading blockchain platform and the second-largest cryptocurrency by market capitalization. The Glassnode cofounders’ predictions have sparked increased interest and discussion within the crypto community, with traders and enthusiasts eagerly anticipating the outcome of this .Their tweet not only underscores the technical analysis of Ethereum’s price action but also reveals broader market sentiment and enthusiasm. The cofounders have set their sights on the formidable $2.5K target, further fueled by the prevailing optimism on the cryptocurrency market.If successful, this ambitious push could pave the way for Ethereum to ascend to $2.7K, marking a significant milestone for the digital asset. Traders and investors are keeping a keen eye on whether the cryptocurrency can the resistance-turned-support and sustain the upward momentum.This article was originally published on U.Today More

The scalability issues and high transaction fees of Ethereum’s L1 have stifled the growth potential of its DeFi ecosystem. While Ethereum has long been the leading platform for decentralized applications, its inability to efficiently scale has led to exorbitant fees and slower transaction times, causing frustration for both developers and regular users.On the other hand, has been making significant strides, boasting a growth pace that starkly outshines Ethereum. With its promise of high throughput and low transaction costs, Solana is rapidly gaining traction. It has positioned itself as a more scalable and cost-effective blockchain, attracting a burgeoning number of DeFi projects and users. This has allowed Solana to carve out a substantial market share, positioning itself as a formidable competitor to Ethereum.Similarly, networks like Avalanche have demonstrated the critical importance of scalability in the blockchain trifecta of decentralization, security and scalability. Avalanche’s growth has been bolstered by its high-performance capabilities, which cater to the demands of modern-day applications seeking swift and affordable transactions.The scaling issue looms large over future prospects. If not addressed with urgency and efficiency, Ethereum risks losing its pioneering status in DeFi to more agile and scalable competitors. The race is on for Ethereum to deliver on its scaling promises, as the growth of its market cap alone is not a sufficient indicator of its long-term viability in an increasingly competitive landscape.This article was originally published on U.Today More

The transaction details are quite striking: the Vb-labeled address swapped 100,000,000,000,111 DOBE tokens for 10.44 ETH, equivalent to approximately $22.9K. In a separate transaction, the same address exchanged 1,858,140,000,000 DOJO tokens for 3.12 ETH, worth around $6.8K. These numbers are not just eye-catching due to their size but also because they involve meme coins, a type of asset known for its volatility and ties to internet culture rather than fundamental financial value.Interestingly, both of these assets were reportedly airdropped to address. This suggests that Buterin’s involvement with these tokens might have been minimal, if any. It is unlikely that he was even aware of these specific assets, given the sheer volume of tokens and projects in the cryptocurrency space. The decision to sell these tokens, therefore, seems to be a pragmatic one, aimed at converting what might be considered “digital clutter” into something of more recognized value and liquidity.The use of airdrops as a strategy to attract retail investors has become increasingly common in the cryptocurrency industry. Projects often send tokens to prominent figures in the crypto community, hoping to leverage their influence for a quick marketing boost. This tactic was notably used by , which airdropped a significant amount of its tokens to Vitalik Buterin’s address. Buterin, in a move that garnered widespread attention, chose to donate these tokens to charity.The idea is straightforward: by sending tokens to well-known figures in the crypto space, these projects aim to attract attention and legitimacy to their tokens. The presence of their tokens in the wallets of influential personalities is perceived as an endorsement, even if it is not officially.This article was originally published on U.Today More

In a recent post, Markus threw the contentious question to the crypto community: “Which is better, or Ethereum (ETH)? My opinion on which one is better is whichever community tips me more!” He attached the addresses of his wallets on both platforms and waited for the verdict.The response was swift and astonishing. Within just five hours, Markus amassed over $10,000 in various cryptocurrencies, with his Ethereum wallet receiving $8,200, primarily in ETH, comprising 88% of the total.The Solana wallet, while garnering fewer funds, secured nearly $2,000 in various assets. However, it was the eclectic mix of tokens that caught Markus by surprise.He conveyed that the wallets were now accumulating a diverse array of items. Originally intended as a lighthearted post, Markus shared that the situation took an unexpected turn when individuals began sending a variety of unfamiliar items to the wallets.He admitted to having limited knowledge about Solana, except for its frequent appearance in his recent online activity.This resurgence reignited the discourse over whether Solana could potentially “kill ETH,” prompting the founder to offer his unique resolution to the dispute.This article was originally published on U.Today More

The crypto market has witnessed a paradigm shift as SOL’s value soared by an astonishing 440%, hitting a pinnacle of $118.3 — a milestone not seen since April 2022.During the same period, the SOL/ETH price graph exhibited an unparalleled ascent, reaching 0.051 ETH per Solana token. This surge has not been observed since December 2021, and the trend shows no sign of abating.Notably, as Solana experienced this meteoric rise, Ethereum remained relatively stagnant, prompting speculations that the era of Ethereum dominance may be waning.Source: Even as Ethereum exhibited modest growth in response to the market dynamics, Solana’s remarkable rally has left it 20% away from its all-time high relative to Ethereum’s price.The lingering question now is whether can fulfill its moniker as the “Ethereum killer” and establish a new all-time high. ETH, on the other hand, faces the challenge of recovering from the recent weeks’ lag.With Solana’s newfound prominence, market observers are contemplating whether the cryptocurrency landscape is witnessing a default shift toward the innovative blockchain platform.This article was originally published on U.Today More

This article was originally published on U.Today More

As of the latest , the current price of Bitcoin stands at $43,806, reflecting a marginal 0.29% decrease in the past 24 hours. However, zooming out to a 30-day perspective, the leading cryptocurrency has exhibited a commendable 19.90% increase in value. Investors and enthusiasts are now eagerly seeking insights into the reasons behind the recent massive sell-off by Bitcoin whales.In a related development previously reported by U.Today, the total number of Bitcoin addresses with nonzero balances has a significant milestone, reaching 50 million. This statistic underscores the increasing adoption and distribution of Bitcoin across a growing user base. Notably, the average holding per Bitcoin user now stands at approximately $16,000, adding a layer of complexity to ongoing discussions about market dynamics.The implications of these recent events on the future performance of Bitcoin are of paramount interest to investors and market observers. The crypto community is keenly watching for signals of potential , considering the dynamic nature of the cryptocurrency space. As the market digests the influx of newly available Bitcoin, analysts and traders will be closely monitoring the price action and any potential cascading effects on the broader cryptocurrency landscape.This article was originally published on U.Today More

CoinMarketCap’s recent layer-2 sector token places Metis in eighth place, with a capitalization of $168.55 million. The token has demonstrated superior performance in the last 24 hours and an impressive 106% increase in the last 30 days, positioning itself as a standout performer in the Metis ecosystem.METIS to USD by The surge in the Metis price can be attributed to the announcement of the creation of a $100 million initiative aimed at supporting the growth of the Metis ecosystem.Scheduled for distribution in the first quarter of 2024, the fund will facilitate sequencer mining, retroactive funding and the development of new projects, fostering a community-driven approach managed by the MetisDAO Foundation and token holders.A distinctive feature of Metis lies in its storage strategy. While traditional layer-1 solutions store transaction data on-chain, adopts off-chain storage, utilizing Memo Labs storage by the Sequencer. This not only ensures streamlined data management but also significantly reduces storage costs compared to Ethereum’s layer 1.This article was originally published on U.Today More