A brand new altcoin surged by more than 96% over the last three days after its mainnet went live earlier this week. Dymension (DYM) is a layer-1 blockchain that aims to serve as a network for “RollApps,” which the project defines as fast modular chains that work for games, decentralized finance (DeFi) protocols and non-fungible […]
The post New Modular Blockchain Altcoin Surges More Than 96% Just Two Days After Mainnet Launch appeared first on The Daily Hodl.
A mobile strategy gaming altcoin backed by top global crypto exchange Binance is skyrocketing after launching an airdrop campaign earlier this week, as well as several major listings on top crypto exchanges. MAVIA, the native token of the Heroes of Mavia web3 game, was listed on the crypto exchanges ByBit, KuCoin, HTX Global, and MEXC […]
The post Binance-Backed Web3 Mobile Strategy Gaming Token Rips 64% in One Day After Airdrop and Several Major Listings appeared first on The Daily Hodl.
A Solana-based (SOL) wireless crypto project is skyrocketing after partnering up with a telecom firm. In a new press release, Nova Labs, the team behind Helium Mobile (MOBILE), says it’s collaborating with Spanish telecom firm Telefónica to launch mobile hotspots in select parts of Mexico. According to Nova Labs, Helium and Telefónica together will not […]
The post Solana-Based Altcoin Surges 39% in Two Days As Crypto Project Partners With Telecom Firm appeared first on The Daily Hodl.
A top-100 web3 altcoin has surged by more than 67% this week amid a wallet update, a new partnership and a relisting on a Korean exchange. WEMIX, a subsidiary of South Korean video game developer Wemade, aims to build a web3 ecosystem that focuses on experience-based services. The project’s native token is trading at $3.91 […]
The post Top-100 Web3 Altcoin Surges by 67% This Week Amid Wallet Update, New Partnership and Token Relisting appeared first on The Daily Hodl.
Cryptocurrencies flash mixed signals as market participants digest the details of CZ’s guilty plea and the DOJ’s $4.3 billion settlement with Binance.
Crypto markets were subjected to a heavy dose of volatility on Nov. 21 as the United States Department of Justice (DOJ), Commodity Futures Trading Commission (CFTC) and U.S. Treasury announced a $4.3-billion settlement with Binance and that former Binance CEO Changpeng Zhao will plead guilty to one felony charge as part of a settlement over criminal and civil cases with the cryptocurrency exchange.
United States Attorney General Merrick Garland announced that the DOJ reached a $4.3 billion resolution with Binance and CZ. The agreement required CZ to plead guilty to willfully violating the Bank Secrecy Act.
In addition to the financial penalties, Garland stated,
“Moving forward, Binance must file the suspicious activity reports that were required by law. The company is required to review past transactions and report suspicious activity to federal authorities. This will advance our criminal investigations into malicious cyber activity and terrorism fundraising, including the use of cryptocurrency exchanges to support groups such as Hamas.”
At the time of publishing, price action within the crypto market continues to fluctuate, with Bitcoin (BTC) registering a 1.79% loss as it trades near $36,700 and altcoins reflect a slight recovery from their intraday losses.
The whipsaw price action within the market reflects market participants' attempt to digest the details of the Nov. 21 U.S. enforcement action against the cryptocurrency industry.
While the crypto market doesn’t have an opening bell like Wall Street, market participants and traders were broadly aware of the settlement, and prices had already reacted before the press conference by Garland, with Binance Coin (BNB) whipsawing to a 5-month high before retracing the majority of its gains and before the press conference even occurred.
Related: BNB price pops, then drops, following news of DOJ-Binance settlement
Despite the negative news regarding Binance, the exchanges’ users are not rushing to exit the platform or from centralized exchanges in general. According to Glassnode, the net Bitcoin position change on Binance is far below January and July numbers.
Despite the negative reporting, the crypto community is cheering on the decision as closing a chapter and hopeful that the entire industry can move forward in a positive manner.
Binance derisking is one of the biggest catalysts we could have in crypto.
— Ryan Selkis (d/acc) (@twobitidiot) November 21, 2023
+ Crypto is a "real" industry post $4 billion settlement
+ CZ takes a long-needed Miami vacation a la Arthur
+ Market rips higher, ETFs approved in Jan
+ GOP wins 2024 election, crypto laws passed
CZ
Binance exchange, which named Richard Teng CEO on Nov. 21 following CZ’s resignation, reiterated the crypto community sentiment on moving forward.
We’re pleased to share we’ve reached resolution with several US agencies related to their investigations.
— Binance (@binance) November 21, 2023
This allows us to turn the page on a challenging yet transformative chapter of learning that has helped us become stronger, safer, and an even more secure platform.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
TVL, fee revenue and wallet activity are just three metrics investors can use to assess the health of the DeFi sector.
The decentralized finance (DeFi) market has been one of the most exciting and volatile sectors in the crypto outside of Bitcoin (BTC). In 2020, the DeFi sector experienced a bull market that saw the total value locked (TVL) in decentralized finance protocols surge from $1 billion to over $100 billion. However, the DeFi market has also been prone to significant corrections. In 2021, the DeFi market experienced a correction that saw the TVL fall from $100 billion to $40 billion.
Despite the volatility of the DeFi market, there are ways for traders to catch onto when the niche crypto sector begins to show sustained bullish momentum. Three of the most important metrics to watch are TVL, a platform’s fee revenue and the number of non-zero wallets holding tokens.
Let’s dig in a bit deeper to explore how these metrics can be used to guage the health of the DeFi sector.
TVL is one of the most widely used metrics to measure the overall health of the DeFi ecosystem. TVL represents the total amount of cryptocurrency assets locked in DeFi protocols. When TVL rises, it suggests increasing demand and use of DeFi services, which can signify a bull market.
While current TVL is slightly below the 2023 peak set on April 15 of $52.9 billion, it has risen since the start of the year. Since Jan. 1, TVL across the crypto market is up $7 billion, eclipsing $45 billion.
Protocol fees measure the amount of fee revenue received by blockchains for completing transactions. Layer-1 blockchains are a key part of the DeFi ecosystem, as they allow for the building of decentralized applications (DApps) in which users can interact without a centralized intermediary.
When layer-1 fees are rising, it suggests that there is increasing interest in DeFi and that traders are utilizing DApps to interact with blockchains. In the past 30-days, the top 16 layer-1 blockchains by market cap all have shown a positive increase in fees. The 30-day fee total collected by Ether (ETH) is over $2.2 billion when annualized.
Related: Breaking into Liberland: Dodging guards with inner-tubes, decoys and diplomats
The number of non-zero addresses is a good indicator of the number of people who are actively participating in crypto. When the number of non-zero addresses increases, it suggests that there is increasing demand, which can be a sign of a bull market.
Non-zero addresses are a typically reliable indicator of demand as users are only likely to hold a crypto token if they believe that it will appreciate in value or actively utilize a protocol. Isolating statistics from the entire crypto market to focus on DeFi tokens, the number of non-zero addresses hit an all-time high on Nov. 8 of 1.1 million addresses. When looking at Nov. 8, 2020, there were only 267,180 non-zero wallet addresses.
Related: Solana (SOL), Avalanche (AVAX) and dYdX produce double-digit gains as Bitcoin reclaims $37K
The DeFi market has recovered and evolved since the Terra Luna implosion, but it is also volatile, so it is important to carefully consider on-chain metrics and other macro factors that can help identify bull markets.
By watching these metrics, traders can better understand the DeFi market’s overall health and possibly get early signals on the emergence of a new bull market.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
SOL, AVAX and DYDX rank among the top-performing altcoins this month. Cointelegraph investigates what is behind the move.
On Nov. 15, several altcoins continued to show strength alongside Bitcoin (BTC), which notched an intra-day high at $37,400. Leading into the week, DYDX, Solana’s SOL (SOL) and Avalanche’s AVAX (AVAX) currently reflect double-digit gains, with each chasing after new year-to-date highs.
The sustained bullish price action from altcoins has led some analysts to declare the arrival of an altcoin season, and at the time of writing, the total market capitalization of the altcoin market has hit a 2023 high at $659.5 billion.
Altcoin price rallies typically involve a slew of factors, some being sentiment-based and others based on project fundamentals. Let’s look at a few of this week’s top market performers to see what catalysts underlie their growth.
The platform behind the DYDX token is dYdX, a decentralized exchange that offers futures contracts on Ethereum Virtual Machine blockchain tokens like Ether (ETH). On Oct. 27, dYdX launched its layer-1 blockchain with the creation of its genesis block, which operates using native DYDX tokens. The launch allowed for the on-chain distribution of all fees received to validators and stakers. The protocol update has been fantastic for DYDX’s price, sending it up over 110% in the past 30 days.
Related: Exclusive: 2 years after John McAfee’s death, widow Janice is broke and needs answers
In addition to token price appreciation, the dYdX platform is posting substantial user numbers, including increased fees and revenues. Both metrics have witnessed 77.5% increases to $8.67 million in 30 days. Annualized, this could mean $105.5 million in fees for validators and stakers.
Solana’s SOL token has had an impressive 30-day return profile, gaining over 166%. Despite reaching a 2023 high on Nov. 10, Solana’s price is still over 4x below its all-time high of $259.96.
Solana’s price growth has been powered by an uptick in users, which is led by the top-performing decentralized application on the blockchain, Jito, a liquidity staking platform. Solana’s daily active users also hit a 2023 high on Nov. 10, reaching 200,000. Coinciding with the increase in users, Solana’s revenue has eclipsed $1 million in 30 days, recording a 78.2% increase.
Avalanche is a layer-1 blockchain similar to Solana, where validators process transactions and receive tokens. Compared with Solana and dYdX, Avalanche brings in less revenue, but that hasn’t stopped its token from going on a double-digit run this week.
Despite being relatively smaller, AVAX has been performing well. In the past seven days, AVAX reached above 59% in gains, and it hit an impressive 118% growth in 30 days. AVAX’s price is still more than 7x below its all-time high.
Related: Is it altseason? Altcoin 30-day performance and total market cap flash bullish
While these three altcoins are performing well, Bitcoin continues to dominate the overall market, with its dominance rate hovering above 50% since Oct. 16. When Bitcoin dominance decreases, those funds typically flow into altcoins, which is generally the start of an altseason.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
3 key data points highlight the 60-day strength shown by altcoins.
A wave of green has washed across the entire crypto market, and it won’t be long before traders on X (the social platform formerly known as Twitter) begin to explain that a new altcoins season has arrived.
Altcoin season, or ‘altseason’ as the crypto bros say, typically measures the rallying of altcoins and a positive market capitalization increase of the total altcoin market cap.
Let’s take a look at some key indicators that market participants use to determine whether or not an altcoin season has emerged.
The total crypto market cap recently hit a 14-month high, clearly reflecting the current bullish momentum.
Crypto total market cap broke out to its highest levels in over 14 months. pic.twitter.com/0c6CPxDSfQ
— TradingView (@tradingview) November 6, 2023
Similar strength is seen in the total altcoin market capitalization chart (TOTAL2). The metric measures the crypto market cap minus Bitcoin (BTC).
Since Sept. 8, the metric has springboarded from $526 billion to $622 billion on Nov. 9. The change shows traders’ growing interest and investment interest in altcoins, along with an increase in the prices of altcoins within the metric.
Related: Exclusive: 2 years after John McAfee’s death, widow Janice is broke and needs answers
Data from CoinMarketCap shows the top 13 altcoins by market cap (excluding stablecoins) reflecting double-digit gains within the last 30 to 60-days.
In particular, Ripple (XRP), which has won a host of legal battles against the Securities and Exchange Commission (SEC), witnessed 45% gains in the past 60-days. On top of the legal victories that helped to boost investor sentiment, it is rumored that Ripple will be announcing an IPO on Nov. 9.
For the past 3-months, Solana (SOL) has rallied significantly and started to lose its “Sam coin” moniker. Sam coins are cryptocurrencies with exposure to Alameda Research, FTX and Bankman-Fried. SOL price gained over 107% in the past 60-days as the project continues to rebuild and gain users in the aftermath of the FTX collapse. BitMEX exchange co-founder Arthur Hayes recently joined the Solana train, announcing that he purchased the altcoin on Nov. 2.
Similar to Solana, Chainlink (LINK) has seen massive 60-day returns of over 100% due to consistent building and usage. Link also has posted 26% returns in 6-days.
Related: New BTC price levels to watch as Bitcoin avoids $36K
Other notable performances came from BNB (BNB), Cardano (ADA), Tron (TRX) and Polygon (MATIC), which also produced double-digit gains in a 60-day period.
The altcoin market performance seemingly coincides with an improvement in investor sentiment. A gauge of market sentiment is the Fear & Greed Index. Since starting September as fearful, the market has turned to greed on Oct. 23 and has not reversed.
Whether it is truly altseason or not, it is clear that excitement is returning to the crypto market.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Solana’s scaling solution Firedancer is seen as a long-term solution to the blockchain’s once-frequent outages.
Solana (SOL) has posted 30-day gains of nearly 81%, and has rallied over 30% in the past week amid the testnet launch of the blockchain’s loawaited scaling solution Firedancer.
SOL reached over $41 on Nov. 2 touching highs it hasn’t seen since August last year, Cointelegraph Markets Pro data shows.
Long touted as an “Ethereum killer” — SOL has vastly outperformed its rival Ether (ETH) which posted under 11% gains in the past month.
SOL-related investment products have also seen millions of dollars worth of inflows over the past weeks according to CoinShares. SOL is, however, still down around 84% from its Nov. 6, 2021, all-time high of almost $260.
On Oct. 31 at Solana’s Breakpoint conference, Solana Foundation executive director Dan Albert announced the testnet launch of Firedancer which Web3 development firm Jump Crypto has been building since last August.
Firedancer is a new validator client for the network which Solana Labs founder and CEO Anatoly Yakovenko has said is aimed at increasing speed, reliability and validator diversity. Its slated mainnet launch is in the first half of 2024.
Firedancer has been dubbed the long-term fix to Solana’s past network outage problems which Yakovenko called a “curse.”
Solana suffered 14 partial or major outages in 2022 but its uptime improved in 2023 with only one major outage, reported in February.
However, there are concerns that selling pressure could hit SOL as $56 million worth of the cryptocurrency tied to FTX was unstaked and sent to an unknown wallet. An additional $32 million worth of SOL linked to FTX and Alameda Research also moved to a wallet suspected to be the firms’ designated liquidator Galaxy Digital.
Related: VanEck predicts a 10,600% Solana price rally by 2030
Other altcoins also saw strong price rallies over the month as crypto market sentiment turned positive. On Nov. 2 the Crypto Fear and Greed Index jumped six points from the day before to 72 out of 100 — reflecting a sentiment of “greed.”
Chainlink (LINK) saw an over 54% gain in the last 30 days. Meanwhile, Bitcoin (BTC), Avalanche (AVAX) and Near Protocol (NEAR) posted 30-day gains of 30%, 32% and 37.5% respectively.
Magazine: BitCulture: Fine art on Solana, AI music, podcast + book reviews
A crypto project using eye-scanning technology is reportedly under investigation in France just days after launching and signing up over two million users. According to a new report, Worldcoin (WLD) will be investigated by France’s privacy watchdog, the CNIL, over the legality of its biometric data collection, which involves iris-scanning orbs. Worldcoin was co-founded by […]
The post Worldcoin (WLD) Under Investigation in France Days After Launching and Signing Up Over Two Million: Report appeared first on The Daily Hodl.
