Bitcoin network fortifies as mining difficulty records ATH of 31.251T

Further distancing itself from any concerns of planned attacks on the blockchain, the Bitcoin (BTC) network established a new mining difficulty all-time high of 31.251 trillion — exceeding the 30-trillion mark for the first time in history. The creator of Bitcoin, Satoshi Nakamoto, warranted the security of the BTC network through a decentralized network of BTC miners who are tasked with confirming the legitimacy of transactions and minting new blocks. Given the extensive community support — from developers to hodlers to traders to miners — that spans over 13 years,…

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Bitcoin is 40%+ down from its ATH, but on-chain analysts say it’s ‘starting to bottom out’

The cryptocurrency market has experienced another rollercoaster week that saw Ether price drop below $3,000 and Bitcoin price hit a new multi-month low at $37,700. Equities markets also endured a sharp sell-off primarily due to investor fear over potential changes to the size of the Federal Reserve’s next rate hike. To date, Bitcoin price 41.72% down from its $69,000 all-time high and while price might be in what some describe to be a bear market, a deeper dive into various on-chain and derivatives data shows that a drop in inflows…

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AVAX traders anticipate a new ATH even as Avalanche DApp use slows

Avalanche (AVAX) jumped 43.8% between March 14 and March 31 to a $97.50 daily close, which is the highest level since Jan. 5. This layer-1 scaling solution uses a proof-of-stake model and has amassed $9 billion in total value locked (TVL) deposited on the network’s smart contracts. AVAX token/USD at FTX. Source: TradingView Subnet adoption propels the recent price rally Some analysts attribute the rally to Avalanche’s incentive program to accelerate the adoption of subnets which was announced on March 9. According to the Avalanche Foundation, subnets enable functions that…

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Polygon’s focus on building L2 infrastructure outweighs MATIC’s 50% drop from ATH

After a devastating 50% correction between Dec. 25 and Jan. 25, Polygon (MATIC) has been struggling to sustain the $1.40 support. While some argue this top-15 coin has merely adjusted after a 16,200% gain in 2021, others point to competing scaling solutions growth. MATIC token/USD at FTX. Source: TradingView Either way, MATIC remains 50.8% below its all-time high at an $11 billion market capitalization. Currently, the market cap of Terra (LUNA) stands at $37 billion, Solana (SOL) is above $26 billion and Avalanche (AVAX) is at a $19 billion market…

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Solana TVL and price drop 50%+ from ATH, but gaming DApps could turn the tables

2022 has not been a good start for cryptocurrencies and to date, the total market capitalization has dropped by 21% to $1.77 trillion. Solana’s (SOL) correction has been even more brutal, presenting a 48.5% correction year-to-date. Solana (blue) vs. Ether (orange), AVAX (purple), BNB (yellow). Source: TradingView Solana leads the staking charts with $35 billion in value locked, which is equivalent to 74% of the SOL tokens in circulation. Multiple reasons can be identified for the underperformance, including four network outages in late 2021 and early 2022. The latest incident…

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Ethereum hash rate scores new ATH as PoS migration underway

Over the previous year, Ether (ETH) has increased in value to the point that it significantly outperformed Bitcoin (BTC) in terms of returns. The rise of Ethereum has made mining on its network more lucrative over time. This appears to have resulted in additional miners, resulting in an expansion of the network’s hash rate. The hash rate for Ethereum has hit a new high, approaching record levels of 1.11 PH/s according to data from Glassnodes on Jan. 27. The previous ATH was reached previously on Jan. 13, when the ETH…

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OpenSea surpasses $3.5B in monthly Ether trading volume setting new ATH

With two more weeks left in Jan., NFT marketplace OpenSea has seen its monthly trade volume in Ether (ETH) exceed $3.5 billion for the first time ever. According to data from Dune Analytics, OpenSea has now surpassed the all-time high of $3.42 billion set in Aug. 2021 to establish a new all-time high, surpassing the $3.5 billion mark in Ether trading volume. OpenSea’s record-high volume on Jan. 9, as per Dune Analytics, was $261 million. Thus far in Jan., OpenSea has broken $169 million in trading volume for each day.…

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Bitcoin hash rate jumps to ATH as Jack Dorsey confirms Block’s mining system

Bitcoin (BTC) hash rate has returned to all-time highs despite losing a key hash rate contributor. Meanwhile, amid lackluster price action, Block CEO Jack Dorsey confirmed the creation of an open Bitcoin mining system. The BTC space continues to surprise and bewilder critics and fanatics alike. Kazakhstan, the network’s second most important BTC mining country, experienced an internet blackout last week due to civil unrest. However, the hash rate faltered no more than 13.4% before regathering to reach all-time highs. As shown in the below data from Glassnode, with the price checking…

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3 key metrics show DeFi’s TVL on the verge of a new ATH

As 2022 gets underway, the decentralized finance (DeFi) sector of the cryptocurrency ecosystem appears to be gaining momentum in what could be an echo of the bullish market seen in seen in early 2021.  Data from crypto market intelligence firm Messari shows that over the past 30 days, five out of the top 10 DeFi protocols have seen their tokens post double-digit gains. This is in spite of the struggles that Bitcoin has faced, a dynamic that usually places bearish pressure on the wider crypto market. Top 10 DeFi assets.…

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Ethereum Rallies 5%, Why ETH Could Surge To New ATH Above $5K

Ethereum gained pace above the $4,550 resistance against the US Dollar. ETH is trading above $4,700 and it could accelerate further higher in the near term. Ethereum is trading in a bullish zone above the $4,550 level. The price is now well above $4,650 and the 100 hourly simple moving average. There was a break above a major ascending channel with resistance near $4,560 on the hourly chart of ETH/USD (data feed via Kraken). The pair could continue higher if it stays above the $4,650 support level in the near…

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