Cryptocurrencies To Watch

Author: Jonathan Agozie

  • Bitcoin Hits 1B Transactions After 15 Years

    Bitcoin Hits 1B Transactions After 15 Years

    Bitcoin has seen an average of 178,475 daily transactions during its 5,603-day lifespan.

    According to SolanaFloor, Bitcoin processed its one billionth transaction since its launch 15 years ago, marking a significant milestone. This exceeds the previous peak, which was reached on April 23 at 927,000.

    According to information from Clark Moody’s Bitcoin dashboard, the transaction was mined into block 842,241 on May 5 at 9:34 p.m. UTC. Excluding transactions via the Lightning Network, Bitcoin has experienced an average of 178,475 daily transactions throughout its 5,603-day lifetime.

    Data from River indicates that in August 2023, the Lightning Network alone processed at least 6.6 million transactions. This shows that since its inception in January 2018, the network has enabled hundreds of millions of transactions.

    Recent Surge in Bitcoin’s Daily Transactions

    The crypto industry has been abuzz with talks about Bitcoin transactions and their associated fees lately. This is primarily due to the recent introduction of Bitcoin Ordinals and Runes. The introduction of Bitcoin Ordinals has paved the way for a new breed of tokenized assets to exist on the network by embedding data onto satoshis, the smallest unit of Bitcoin. This has opened up new possibilities for the network, including the ability to create unique NFTs that can live on the blockchain.

    Similarly, fungible tokens can open up new options for the network with the introduction of Runes, including more decentralized finance applications. Furthermore, the introduction of Bitcoin ETFs may have played a role in the spike in transactions.

    A recent news report from CrpytocurrenciesToWatch (CTW), has shown that Grayscale’s ETF (GBTC) saw a $63 million inflow on Friday. “After a challenging period of 80 days with billion-dollar outflows, Grayscale’s Bitcoin Trust (GBTC) has shown resilience. It has stopped the bleeding and ended the day on a positive note,” CTW reported. The report also noted that the Bitcoin ETF market had a total inflow of $378.3 million, which is its highest since the past 28 market days.

    Bitcoin is currently trading at $63,750, up more than 12% from a two-month low of $56,800 on May 2, according to CoinGecko. However, it is still 13.6% down from its all-time high of $73,740, set on March 13.

  • Bitcoin Price Surges Amidst Challenging Market Condition

    Bitcoin Price Surges Amidst Challenging Market Condition

    Bitcoin continues to showcase resilience with sustained upward momentum in challenging market conditions.

    Recent data from CryptocurrenciesToWatch shows that Bitcoin has surged in price by a remarkable 6%, currently trading at $62,500 at the time of writing. This is a surprising turn of events, as the world’s leading crypto asset has exceeded expectations by experiencing a significant price surge despite witnessing its largest ETF outflow on May 1.

    According to a recent post by SolanaFloor on X, one of the contributing factors could be the inflow of $63 million into Grayscale’s ETF (GBTC) on Friday. This marks the first inflow since the launch of Bitcoin ETFs and ends the 78-day outflow streak that GBTC has been experiencing.

    A Surprising Price Surge

    In addition to the GBTC’s first inflow, the recent surge in the price of Bitcoin can be partly attributed to the integration of Runes, which promises to revolutionize the Bitcoin ecosystem by enabling the creation of fungible tokens in a more efficient and streamlined manner. Developers can leverage Runes to build decentralized finance (DeFi) protocols on the Bitcoin network, as well as launch new cryptocurrencies that benefit from the security and stability of Bitcoin.

    The integration of Runes has brought about a new wave of excitement and hope in the world of cryptocurrency. Referencing a recent post on X by IntoTheBlock, the number of Bitcoin transactions has witnessed a significant rise, reaching up to 927,000 on April 23, following the launch of Runes. This is a clear indication of the positive impact that Runes has had on the cryptocurrency market.

    Bitcoin has been proving its resilience in the face of challenging market conditions. Despite significant outflows from institutional investors, the cryptocurrency has managed to weather the storm while also benefiting from technological advancements such as Runes integration. These factors underscore its status as a formidable player in the financial landscape, demonstrating the potential for a decentralized digital currency to hold its own against traditional forms of currency.

  • Whale Deposits 101B SHIB to Coinbase, Faces $560K Loss

    Whale Deposits 101B SHIB to Coinbase, Faces $560K Loss

    A crypto whale is facing a paper loss of $560,000 after transferring over $2 million worth of SHIB into Coinbase.

    According to a recent post from on-chain analyst Data Nerd, there has been significant activity from a crypto whale involving the token Shiba Inu (SHIB). The whale, identified by the wallet address 0x9f55748426BfE3cB78D73a7A3d5c680F4F119A60, has been engaging in notable trades that could test market liquidity.

    Referencing data from Arkham Intelligence, this individual recently deposited 101.068 billion SHIB, worth $2.15 million, into a Coinbase account. This transaction follows after the trader purchased the exact token (101.068B) of SHIB for $2.71 million just seven days earlier. Interestingly, investors may often transfer tokens to exchanges when they are preparing to sell. If the trader were to sell their SHIB holdings at current market prices, they could potentially face a significant loss of around $560,000.

    Why Dump?

    Shiba Inu is currently experiencing a downturn. In an X post, Shiba Inu marketing strategist Lucie described the recent price dip as “bumps on the investment road.” She also provided some insights into the possible reasons behind the recent decline in SHIB’s price, making it an interesting read for anyone interested in the cryptocurrency market.

    Lucie listed post-halving sell-offs and miner adjustments as one of the factors that led to the dump. Although the Bitcoin halving event provides a lot of benefits, such as increasing scarcity and potential price surges for BTC and other crypto assets, it also puts a strain on miners. As the rewards are slashed in half (from 6.25 BTC to 3.125 BTC), miners often need to sell most of their BTC holdings to cover their operational costs. This adjustment, especially the sell-offs, can cause massive volatility in the market.

    The overall market conditions for SHIB have been somewhat mixed. However, crypto analyst Ali Martinez recommends a potential entry point at $0.000018343, which could lead to a significant increase in SHIB’s value to $0.000072323. This bullish scenario could offer a promising opportunity amidst the current market setbacks.

  • This Solana-to-Bitcoin Cross-Chain Bridge Aims for Q3 2024 Launch

    This Solana-to-Bitcoin Cross-Chain Bridge Aims for Q3 2024 Launch

    The Zeus Network’s bridging protocol, APOLLO, will enable Bitcoin holders to interact with the Solana DeFi ecosystem

    Zeus Network has recently announced the upcoming launch of its much-anticipated Zeus Program Library (ZPL) by the third quarter of 2024. This innovative development is set to integrate the Solana (SOL) and Bitcoin (BTC) ecosystems seamlessly, enabling developers to incorporate Solana support into decentralized applications.

    “With a market cap of approximately 1.2 trillion dollars and over 11,000 Runes generating over $135 million in fees within the first week on the Bitcoin blockchain, the potential for value transfer is immense,” Zeus said on Medium.

    This demonstrates the significant activity and financial participation inside the Bitcoin ecosystem, which ZPL intends to tap upon.

    The Zeus Network is designed to support versatile digital interactions, from DeFi to GameFi and SocialFi on the Solana blockchain. These assets can be either fungible or non-fungible, providing flexibility and ease of use for a variety of use cases. Unlike Bitcoin, which has structural limitations that make it difficult to implement these types of interactions, Solana’s advanced technology helps unlock the full potential of ZPL-Assets.

    Enabliing Solana-Bitcoin Interoperability

    The Zeus Network’s bridging protocol, APOLLO, enables users to seamlessly deposit Bitcoin and receive ZPL-wrapped Bitcoin (zBTC) tokens in return. These tokens can be conveniently utilized across a wide range of platforms within the Solana ecosystem, such as decentralized exchanges, NFT marketplaces, lending, borrowing, and gaming sectors. With this integration, users can enjoy greater flexibility and convenience in managing their digital assets.

    Zeus Network has some exciting plans for the future of ZPL-supported assets on Solana. The upcoming are the highly anticipated Bitcoin Runes and Ordinals, which are set to be introduced as zRuneX and zOrdX, respectively. These additions are expected to enhance flexibility and utility for digital assets across both blockchain networks.

    Additionally, Zeus Network plans to enable Bitcoin staking on its Apollo mainnet within the same timeframe. This development aims to boost the potential of digital assets, providing investors with even more opportunities to reap the benefits of the expanding blockchain ecosystem.

  • BlackRock’s Spot Bitcoin ETF Records Outflows for the First Time

    BlackRock’s Spot Bitcoin ETF Records Outflows for the First Time

    Bitcoin exchange-traded funds have had another terrible day, recording a ground-breaking $563.7 million outflow.

    On Wednesday, the Bitcoin exchange-traded funds (ETFs) suffered another terrible day, witnessing a cumulative, groundbreaking $563.7 million outflow. BlackRock’s iShares Bitcoin Trust (IBIT) saw $36.9 million exit the fund for the first time, marking a significant event in its history.

    While all ETFs experienced outflows, the departure of funds from IBIT for the first time highlights a notable shift in investor sentiment. This move sheds light on a potential re-evaluation among investors regarding their exposure to Bitcoin via ETFs, indicating a need for caution and further analysis.

    According to data source Farside Investors, Fidelity’s FBTC led the outflow with a significant loss of $191.1 million, while Grayscale ETF (GBTC) witnessed the second-largest outflow of $167.4 million. These were followed by ARKB’s $98.1 million and BlackRock IBIT’s $36.9 million.

    Wednesday’s cumulative net outflow marked the largest since the funds began trading on January 11. Investors have withdrawn nearly $1.2 billion from the ETFs since April 24. This might be alarming to bullish on FBTC and IBIT as these ETFs were consistently attracting funds in the first quarter, making up for the regular large outflows from the relatively expensive GBTC.  Although this may cause short-term volatility, it could also open up opportunities for long-term gains.

    What the Outflow Means for ETFs

    Nate Geraci, president of the ETF Store, recently commented on the recent outflows recorded by the ETFs. He pointed out that such outflows are common and do not necessarily indicate a problem. According to Geraci, “This is simply what ETFs do. Inflows don’t go up in a straight line.”

    Furthermore, the Federal Reserve recently announced its plans to curtail its quantitative tightening program, also known as QT, starting in June. In addition, the U.S. Treasury has launched a new program to buy back government debts worth billions of dollars, which is the first such buyback in the past two decades. This move is expected to have a significant impact on the market.

  • Coinbase Finally Adds Support for Bitcoin Lightning Network

    Coinbase Finally Adds Support for Bitcoin Lightning Network

    Coinbase users can now receive, send, or pay with Bitcoin through Lightning directly from their Coinbase account.

    The cryptocurrency exchange, Coinbase, has recently announced the implementation of the Lightning Network to facilitate instant and low-cost Bitcoin transactions. This implementation aims to transform Bitcoin’s transaction capabilities and improve its overall usability.

    Coinbase Now Supports Bitcoin Lightning Network

    The Lightning Network is a Bitcoin Layer-2 solution that enables users to send Bitcoin units called satoshis instantly and at almost zero cost. It was initially referred to as the ultimate solution to Bitcoin’s scaling issues, but widespread adoption has been slow due to concerns about usability and the perception that Bitcoin is still in its early stages as a store of value.

    According to the official blog post by Coinbase, Lightning Network reduces the cost of sending BTC by 20 times less than the average 2% credit card fees, making it an affordable and efficient alternative. Furthermore, it significantly reduces the transaction fees for wire transfers, which can cost users up to $30.

    Blockchain Revolutionizing Global Payments 

    The current global payments system is plagued by its sluggish pace and exorbitant fees, making it challenging for individuals worldwide to access seamless and affordable payment solutions. Nevertheless, blockchain technology is revolutionizing the way we make payments, offering faster, more secure, and cost-effective alternatives to traditional finance.

    Coinbase is currently ranked as the fourth largest cryptocurrency exchange in the world, according to CoinGecko. It is also the largest digital asset trading platform in the United States. In a bid to improve the user experience and facilitate faster and cheaper transactions on its platform, Coinbase has partnered with Lightspark to integrate the Lightning Network. This move reinforces its commitment to supporting Bitcoin and the crypto ecosystem

    Viktor Bunin, a protocol specialist for Coinbase, couldn’t contain his excitement as he announced the news of the partnership. In his recent post on X, he said, “I could not be more proud of the team for shipping it so quickly. Growing Bitcoin adoption increases economic freedom in the world.”

    Notably, Coinbase’s Lightning Network integration is not available in New York and Canada.

  • Ripple Reveals Major Partnership to Storm Japanese Market

    Ripple Reveals Major Partnership to Storm Japanese Market

    Ripple joined forces with HashKey DX and SBI Ripple Asia to introduce XRP Ledger-powered solutions to the Japanese market.

    Ripple has partnered with HashKey DX, the Tokyo-based specialized consulting company of the HashKey Group, to launch XRP Ledger-based enterprise solutions in Japan.

    The use of blockchain in supply chain finance has increased in recent years, as businesses seek to address security and transparency issues in their supply chain operations. A report by Verified Market Research has shown that the blockchain in the supply chain finance market is projected to grow from about $360 million in 2021 to about $13.4 billion by 2030.

    According to Ripple’s official website, the HashKey Group has made significant progress in developing blockchain-based supply chain finance solutions that have gained widespread acceptance in mainland China. The solution was launched in July 2019 and currently has over 4,000 registered companies, including 23 banks and 4,300 suppliers. It recorded a total trade amount of more than $7 billion, financing almost $3 billion in transactions.

    Utilizing this achievement, HashKey DX will introduce supply chain finance solutions to Japan by partnering with Ripple and SBI Ripple Asia (a joint venture between SBI Holdings and Ripple). This collaboration will utilize the XRPL blockchain to build the solutions.

    Andy Dan from HashKey DX noted that the XRP Ledger was the “ideal blockchain infrastructure” for HashKey to build their “proven supply chain finance solution.” Dan expressed his confidence in the “ability” of the collaboration to drive “innovative solutions” for businesses in Japan.

    Ripple’s Persistent Expansion Endeavor

    In May of last year, Ripple acquired Metaco in order to expand its reach in the custody industry. Recently, Ripple has partnered with HSBC to further broaden its scope.

    Earlier this year, Ripple announced that it plans to launch a USD stablecoin on both the XRPL and Ethereum platforms. This move is aimed at penetrating the $150 billion-valued stablecoin market. Despite its ongoing legal battle with the U.S. SEC, Ripple has continued to make expansive moves in the industry.

  • Dogwifhat (WIF) Price Rises on Bybit Listing After Market Dip

    Dogwifhat (WIF) Price Rises on Bybit Listing After Market Dip

    Solana’s memecoin WIF price rises after Bybit announces listing on its spot trading platform

    Dogwifhat (WIF), a meme coin based on Solana, surged following a listing announcement by crypto exchange Bybit. This comes as the overall cryptocurrency market struggles with a recent downturn.

    Bybit said that it is listing the memecoin on its spot trading platform as it meets the liquidity requirements of the platform. 

    According to the announcement, Bybit will include WIF on its Spot trading platform. Deposits have been available since 8 AM UTC on April 29. Withdrawals will begin on April 30. Deposits and withdrawals can be made through the Solana network.

    WIF Price Regains Momentum

    According to data on CoinMarketCap, the price of WIF has risen by 0.93% and is trading at $2.75 at the time of writing, its trading volume has also increased by more than 17% to about $288.20 million.

    Dogwifhat’s circulating supply and maximum supply are pegged at 998.93 million tokens, with the memecoin currently ranking 44th by market cap.

    The Solana Jungle

    Bybit’s listing is a significant development for Dogwifhat, potentially attracting new investors and propelling the coin’s market presence. This development coincides with a growing interest in the memecoin sector.

    The memecoin industry is a fascinating and dynamic market that offers a unique opportunity for those interested in investment and exploration. With a vast array of options to choose from, investors can delve into this exciting and ever-changing landscape to discover new possibilities and potential for growth

    Just like WIF, MEW and BONK are also Solana-based memecoins. The surge in popularity of these memecoins within the Solana blockchain ecosystem has brought to the forefront the enduring and ever-growing interest in this unique sector of digital assets.

    However, with the cryptocurrency market remaining volatile, WIF’s price could experience significant fluctuations in the near future. Investors should be cautious despite the rapid growth of the memecoin as its long-term sustainability is uncertain. Thorough research is advised before investing in the speculative memecoin market.

  • Solo Bitcoin Miner Makes $200K in Rare Outcome

    Solo Bitcoin Miner Makes $200K in Rare Outcome

    The solo miner made about $200,000 by mining block 841,286.

    On April 28, Con Kolivas, a software engineer and administrator from the solo mining pool ckpool, shared on X that a miner solved the 282nd solo block in the history of Bitcoin.

    Kolivas noted that the miner had a significant hash rate of about 120 PH (peta hashes) at that time, equivalent to around 0.12 EH (exa hashes). Its average weekly hash rate was roughly 12 PH, approximately 0.02% of the total network hash rate.

    The reward for solving block 841,286 (282nd solo block) had been reduced from 6.25 BTC to 3.125 BTC in the Bitcoin halving event at block 840,000 on April 20. This meant that the reward was worth approximately $200,000 based on the BTC prices.

    The Significance of Solo Mining

    After analyzing the block-solve summary, Kolivas speculated that the miner had moved from pooled mining to solo mining after the halving. This was probably because they were no longer able to recoup their electricity costs. Alternatively, the miner may have been intermittently renting or hashing large amounts of solo blocks.

    Bitcoin mining involves using computational power to solve and add the next block to the network. As the price of Bitcoin has increased, mining has become more popular, resulting in increased competition and hash rates. As a result, it has become almost impossible to solve a block alone.

    It is worth noting that mining a valid block solo is a highly uncommon occurrence, which is often compared to winning the lottery. This feat is so rare that it has only occurred 282 times out of approximately 841,300 blocks mined in Bitcoin’s history.

    The financial impact of achieving solo mining is noteworthy. Following the recent halving, the reward has been reduced to 6.25 BTC, but its value remains significant due to Bitcoin’s high market price. For example, in March 2023, a solo miner earned a full 6.25 BTC reward, valued at about $150,000 at that time. This demonstrates the variable profitability of mining, which is closely tied to Bitcoin’s market value fluctuations.

  • Runes Launch Sparks Surge in Bitcoin Transactions

    Runes Launch Sparks Surge in Bitcoin Transactions

    Bitcoin’s transaction volume has surged in recent weeks, breaking previous records. On Tuesday, the network processed 927,000 transactions, surpassing the previous high of 724,000 set in December 2023.

    A tweet by IntoTheBlock attributes the surge to the launch of the Bitcoin Runes protocol in April 2024, which coincided with the last Bitcoin halving event. Similarly, a tweet by Lucas Outumuro, head of research at IntoTheBlock, has shown that Bitcoin transaction fees skyrocketed to $80 million on April 20th, following the launch of Runes.

    Unveiling the Functionality of the Runes Protocol

    Runes is a new protocol built by Casey Rodarmor, a Bitcoin developer. The project aims to make creating fungible tokens on Bitcoin more efficient.

    According to a recent protocol breakdown shared by Rodarmor, “Runes allow Bitcoin transactions to etch, mint, and transfer Bitcoin-native digital commodities.”

    Runes introduces a revolutionary mechanism for interacting with the Bitcoin blockchain. They serve as a standardized tokenization system that enables users to “etch” or permanently inscribe any data of their choice onto the Bitcoin ledger. This permanent inscription facilitates secure and tamper-proof record-keeping on the blockchain.

    Rodarmor also highlighted that Runes allows the creation and exchange of “interchangeable tokens” that can serve various purposes. These tokens are similar to traditional cryptocurrencies such as Bitcoin, where every unit is identical and easily tradable.

    By enabling tokenization directly on Bitcoin, Runes aims to bring a significant advancement to the Bitcoin ecosystem, as it opens a wide range of opportunities. Developers can leverage Runes to create decentralized finance (DeFi) protocols on Bitcoin, as well as launch new cryptocurrencies with the security and stability of the Bitcoin network supporting them.

    It’s important to acknowledge that the Runes protocol is still developing. Its long-term impact on Bitcoin’s scalability and fee structure remains to be seen. However, with Runes’ potential to unlock a world of possibilities for digital assets and decentralized applications, Runes could be a major catalyst for the continued growth and evolution of the Bitcoin ecosystem.