Looking at growth over the past couple of years, the global NFT market size was estimated to be $15.54 billion in 2021. Current projections indicate that it is likely to reach the $231 billion valuation mark by 2030, mostly driven by the widespread adoption of NFTs.Continue Reading on Coin Telegraph More
2022 was brutal in many aspects for the Web3 world. Scams ran rampant, while prices kept falling owing to macroeconomic conditions. Despite roadblocks, NFT royalties can play a crucial role in creator revenue generation. It can also help with customer loyalty for organizations incentivizing the buying and selling of collectibles and giving a chunk of revenue back to their customers, creating a greater brand experience. Continue Reading on Coin Telegraph More
The on-chain analysis platform, Glassnode, recently shared on Twitter that the mean block size of Ethereum (ETH) has reached a new 1-month high, measuring 121,439.928. This surpassed the previous high of 121,327.386, which was observed on 27 May 2023. ETH mean block size (Source: Glassnode)The block size refers to the amount of data or transactions included in a single block of the blockchain. This increase indicates a larger average data volume in recent blocks, potentially improving network capacity and transaction throughput.Meanwhile, at press time, CoinMarketCap indicated that ETH was trading hands at $1,847.37 after a 0.96% price increase over the past 24 hours. As a result, ETH was trading closer to its daily high of $1,859.79 than its 24-hour low of $1,817.49.However, the leading altcoin’s positive performance was not enough for it to strengthen against its biggest competitor Bitcoin (BTC). At press time, ETH was 0.93% down against BTC. On the other hand, ETH’s recent increase did push its weekly performance further into the green to +1.73%.4-hour chart for ETH/USD (Source: TradingView)ETH’s price had flipped the resistance levels at $1,816.5 and $1,842.6 into support over the past 48 hours. At press time, the altcoin leader’s price continued to trade above the key $1,842.6 mark. The RSI indicator on the 4-hour chart suggested, however, that ETH’s price would drop below the key level in the next 24 hours, as the RSI line was sloped negatively towards oversold territory. In addition to this, the RSI line was on the verge of crossing below the RSI SMA line.Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.The post ETH’s Mean Block Size Reached A 1-Month High: On-Chain Data appeared first on Coin Edition.See original on CoinEdition More
The market intelligence page Messari shared in a tweet published yesterday that the usage of Polkadot(DOT) cross-consensus message format (XCM) has expanded beyond asset transfers. According to the post, the number of XCM channels increased by 60%.At press time, DOT was changing hands at $5.37 following a 24-hour gain of 1.88% according to CoinMarketCap. Despite the recent increase in DOT’s price, its weekly performance remained in the red at -0.32%.The altcoin not only strengthened against the dollar over the past 24 hours, but also outperformed the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH) during this time period. At press time, DOT was up 0.06% against BTC and 0.96% against ETH.4-hour chart for DOT/USD (Source: TradingView)DOT’s price had flipped the resistance level at $5.3350 into support over the last 24 hours and had attempted to do the same with the next major resistance obstacle at $5.3951. Bears, however, had stepped in to defend the price mark and introduced some sell pressure to DOT’s charts, as evident by the wick that was present above the latest 4-hour candle.This selling pressure had resulted in the RSI line establishing a peak, which suggested that DOT’s price would retrace in the following 8 hours. Should this brief correction in the altcoin’s price happen, DOT’s price may drop back down to the recently-flipped level at $5.3350.DOT’s price dropping to around $5.3350 in the next 24 hours may be seen as a buy entry for traders, which will result in DOT’s price climbing again and possibly breaking above $5.3951 in the following 48 hours. On the other hand, if DOT’s price loses the support of the $5.3350 level, then it is at risk of falling further to $5.2406.Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.The post Polkadot’s XCM Channels Increase by 60%: Intelligence Firm appeared first on Coin Edition.See original on CoinEdition More
On May 26, the proposal to restore control to the original governance tokenholders of Tornado Cash passed successfully. A total of 517,000 token votes favored the proposal, with none opposing it. This resolution brings a swift conclusion to a governance takeover that, fortunately, did not impact the protocol itself, but did lead to the theft of specific governance tokens.Continue Reading on Coin Telegraph More
The Ripple Labs versus U.S. Securities and Exchange Commission (SEC) legal battle has taken yet another intriguing turn, this time with speculation surrounding the potential involvement of Coinbase (NASDAQ:COIN), a leading US-based crypto exchange.The discussion was initiated by a tweet from Mr. Huber, a well-known crypto enthusiast and Twitter user operating under the handle @Leerzeit. Mr. Huber’s tweet pondered the possibility of Coinbase requesting access to the highly coveted “Hinman emails,” provided Ripple agrees not to make them public. The Hinman emails, named after William Hinman, former director of the SEC’s Division of Corporation Finance, have become a focal point in the Ripple-SEC lawsuit as they contain crucial information regarding the SEC’s classification of XRP.However, Mr. Huber doubts that Coinbase would willingly immerse itself in anything remotely connected to the Hinman emails. He hinted at Coinbase’s entanglement in the legal complexities and suggested the exchange was already privy to Hinman’s actions on March 18.Ripple’s Chief Technology Officer, David Schwartz, responded to Mr. Huber’s tweet to shed light on the matter, though he cautiously mentioned that he is not a lawyer. Schwartz indicated that Ripple might lack the authority to agree to keep the emails confidential.He referred to a recent judge’s ruling, emphasizing that the emails were considered judicial documents and that the public’s right of access outweighed any potential counterarguments.Another Twitter user contributed to the conversation by sharing their interaction with someone believed to be John Deaton, a crypto lawyer associated with the case. The person inquired whether a settlement could include a provision to prevent the release of the emails. Deaton’s supposed response humorously alluded to the unlikelihood of such an outcome, comparing it to the possibility of a comet hitting the Earth.The post Ripple vs SEC: Coinbase Connection to Hinman Emails Sparks Controversy appeared first on Coin Edition.See original on CoinEdition More
Data analytics platform Glassnode reported that the Bitcoin transfer volume sent by long-term holders in profit has experienced a noteworthy rise year-to-date (YTD), surging from $25 million to $489 million, marking an almost 2000% increase.Nevertheless, the current profitable transfer volume for BTC stands at $1.24 billion, which is 71.4% lower than the peak of $1.74 billion witnessed during the 2021 Bull Market.Bitcoin Transfer Volumes by long-term holders in profit by GlassnodeMeanwhile, upon examining the breakdown of the Bitcoin long-term holder (LTH) spending by age cohort, Glassnode expressed that it becomes apparent that the 6-month to 12-month cohort stands out as the largest spenders. They have recorded a transfer volume three times greater than all other LTH cohorts – 1 year or more.Bitcoin Entity-Adjusted Spent Volume Age BandsMoreover, when analyzing the spending range for coins aged 6 months to 12 months, Glassnode says it is important to note that out of a total of 183 potential acquisition days, 167 of them (92%) are currently in a profitable position relative to the current spot price. This information helps to contextualize both the high volume of spending within the 6-month to 12-month age cohort and the recent surge in profitable transfer volume.Bitcoin Entity-Adjusted Spent Volume Age BandsAdditionally, in a previous tweet, Glassnode noted that The Bitcoin market continues to operate in a state of unrealized profit, with the supply currently in profit being almost twice as large as the supply in loss, at a ratio of 1.9 to 1.However, the platform emphasizes that it is important to note that this ratio is still considerably lower than the peak reached during the exuberance of the 2021 Bull Market. At that time, the Supply in Profit and Loss Ratio soared to a staggering value of 554.5, indicating a much higher degree of profitability in the market.Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.The post Bitcoin LTH Drive Surge In Profitable Transfer Volume: Glassnode appeared first on Coin Edition.See original on CoinEdition More
A study published by CoinGecko shows that popular metaverse properties, such as Otherdeeds, The Sandbox, Decentraland, Somnium and Voxels, have all depreciated in value during the period studied, from January 1, 2022, to May 24, 2023. Continue Reading on Coin Telegraph More
