The Bitcoin Store
First Bitcoin ATM in Canada
Best Value, Safe & Secure
Trusted, Friendly Support
Cryptocurrency ATMs across Canada
Find a Bitcoin ATM Read our BlogCoinGape
CoinGape - 24*7 Crypto Updates
Amid the volatile start to the week, Solana-based meme coins have suffered immensely, collectively posting losses of more than 11%, according to market data by CoinGecko.
Leading tokens like BONK and POPCAT plummeted in double-digits of 10% and 18%, restively not to mention the likes of MYRO and SLERF which are still languishing in extreme selling pressure.
These noticeable losses follow Bitcoin’s pullback from areas above $70,000. The largest cryptocurrency has sustained a downtrend in the last 24 hours to trade at $65,430 during US business hours on Tuesday, thanks to support at $65,000.
What’s Next For Solana Meme Coins?
Leading dog-themed meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) also faced turbulence in the market, falling by a modest 7.6% and 6.7% in the last 24 hours.
As for Solana-based meme coins, the next 12 to 24 hours will be important because investors might choose to continue to double down on the selling activities or by the dip while anticipating an immediate or short-term recovery.
If the former activity takes precedence and the selling pressure intensifies, market participants can acclimatize to more losses this week. On the other hand, losses could soon turn into profits if investors decide to dollar cost average (DCA) into the meme coins, to capitalize on potential price increases in April especially with the Bitcoin halving around the corner.
Dogwifhat (WIF), the largest meme coin in the Solana ecosystem, is still up 25% in seven days. After a more than 13% correction on Monday and Tuesday, traders were quick to buy the dip, significantly shrinking the correction to only 2.8% in 24 hours.
WIF stands at $3.9 at the time of writing and boasts a 14% rise in the trading volume to $895 million, underscoring the growing interest in the meme coin sector.
Unlike dogwifhat, BONK, the second-largest meme coin on top of a 12% dive in the last week, dropped by another 9.2% in 24 hours to hover at $0.00002292.
The BOOK OF MEME (BOME) is shaping the bullish outlook in the ecosystem, extending its 20% seven-day winning streak to $0.01678. This token remains relatively unchanged at 0.8% in the last 24 hours.
Cat in a dogs world (MEW) emerges as the leading Solana meme coin, with a staggering 143% rise in seven days, a 28% uptick in 24 hours, and a 10% surge on the day to $0.007.
Meme coins like MYRO, POCAT, SLERF, and BODEN are some of the most impacted by the recent downfall in prices, posting 20%, 20% 15%, and 18% declines, respectively on the day as seen on CoinGecko.
Before zeroing in on the meme coin dips, investors may want to consider Bitcoin’s price action. As discussed earlier, losing support at $65,000 may ignite another sell-off round to $64,000 and $62,000 ahead of the halving.
On the contrary, recovery from the same level may see BTC top the old all-time high at $69,000 thus spreading bullish sentiment across the market, especially among Solana-based memes.
The post Why Solana Meme Coins Razed Down The Most On April 2 appeared first on CoinGape.
According to a post on the X platform by FixedFloat, a Bitcoin Lightning-based exchange, the service experienced a security breach leading to unauthorized transactions and financial losses.
FixedFloat, a company providing exchange services of various cryptocurrencies, with the use of the Bitcoin Lightning network to increase the speed of transactions, reported the event, after noticing some of the suspicious activities where more than 3 million United States dollars were sent out of the exchange. This incident points out a troubling repeat of security issues for FixedFloat after a similar occurrence in the same year.
Security Breach Details
CertiK, which is a security firm, was the first to notice these transactions, stating that the funds were transferred in ether (ETH) and tether (USDT) to wallets on the Ethereum and Tron networks.
The transactions’ row pattern resembled the attack that FixedFloat had suffered on February 16, which inferred a potential weakness in the system or its related third-party services. The website of the exchange was shut down for “technical maintenance” in response to these situations, meaning that the users had no access and information for a long time.
Exchange’s Response and Measures
Upon the breach, FixedFloat came out with a note that recognized the attack and detailed the measures that were taken right at the spot and to avoid such in future. The organization stressed its dedication to protection of its infrastructure and the continuous improvement of the security against such attacks.
On April 1, we were again attacked by the attackers who were behind the February 16 hack. The attackers did not stop there and continued to use various methods to try to hack our service again. Thanks to the enormous work done to improve the security of our infrastructure, we…
— FixedFloat (@FixedFloat) April 2, 2024
FixedFloat informed its clients that the stolen funds constituted company reserves and the assets held or transacted via the service remained safe as FixedFloat is a non-custodial service.
Investigation and Industry Reaction
The occurrence has sparked a thorough investigation by FixedFloat, with information not being very forthcoming due to the delicate nature and magnitude of the probe. Given the potential consequences for trust as well as security in crypto exchanges, the crypto community and security experts are closely observing the situation.
The recurrent nature of the security breaches at FixedFloats as a result brings up doubts regarding the adequacy of the corrective action measures taken after the first breach and the difficulties exchanges encounter in protecting themselves from sophisticated cyber threats.
Read Also: ProShares Introduces First Bitcoin ETF To Target 2x Daily BTC Return
The post FixedFloat Exchange Hit by Hackers, Loses $3M to Ethereum, Tron appeared first on CoinGape.
BTC price has dropped to $65,228.72 after facing a dip of 7% from yesterday. Earlier, Bitcoin was trading around the $70K mark but has failed to maintain that with the beginning of the new month. The market capitalization of Bitcoin is also down, currently settling around $1,282,145,774,151.
The effect of BTC fall is also visible in the rest of the crypto market. Ethereum has fallen from the $3500 mark, and a 7% fall in the overall crypto market cap is also visible. Not only this, the fear and greed index has also shifted from extreme greed zone to simply greed.
Why Bitcoin price has dropped? Is it the end of the bull run? Let’s discuss all this through this blog.
Why has the Bitcoin Price fallen recently?
Bitcoin is the most important cryptocurrency in the market, and no minor disturbances can affect the prices. Three prominent reasons have pushed Bitcoin prices to fall, affecting the overall crypto market.
Upcoming Bitcoin Halving
As the Bitcoin halving event is approaching, increased selling pressure is visible in the market, which has pushed the value from its previous $70k mark to the $65K
Such price differences are always noticed and considered a part of the pre-halving events. During halving, the Bitcoin reward will be slashed in half and the miners will receive a lower share for the mining efforts. The sole purpose of the halving is to reduce Bitcoin production to maintain the scarcity of tokens, which will result in a price surge later in the future.
LMAX Digital has also spoken on this topic, mentioning: –
As we come into this halving event, bitcoin has just put in a fresh record high and could be less inclined to be wanting to extend its record run before first going through an overdue period of correction and consolidation
Bitcoin ETF Negative Flow
The second quarter of 2024 has started with the all Bitcoin Spot ETF turning negative. A total of $85.84 million in the net ETF outflow has been noticed on the 1st of April. The Grayscale ETF alone has faced $302 million in outflows.
Though the Bitcoin price has already started moving in a downtrend, the ETF data has become another factor pushing the value even lower.
Coinbase Bitcoin Outflow
CryptoQuant market data has pinpointed a huge outflow on the Coinbase exchange earlier. The outflow was led by a transaction of 16,800 BTC, with another 17,000 BTC shared out of the exchange.
Usually, such transactions lead to bullish conditions, but that did not happen in this case. Instead of a bullish push, these transactions helped to bring the BTC value down by initiating a selling trend.
Is The Bull Run Over?
Bitcoin is entering the halving event for the fourth time this year, and a bull run is anticipated to follow the halving event. BTC has been performing well in the last three months, creating a new ATH record, and was trading around $70K just two days ago. It is the pre-halving moment where Bitcoin is under a correction zone before jumping a bull run.
The same has happened in the past three halving events, each leading to a long bull run. During the first halving, the BTC price was just around $12.20, but that surged to above $1000 after halving. Similarly, in the second halving event, Bitcoin was around $650.3, but after that, the price went to $19,188. Lastly, during the last halving experience, the BTC surged to its previous ATH of $69K.
Analysts believe after this halving event, BTC price will start with an initial value of $80,000 before crossing the $100K mark if everything goes according to expectations.
Conclusion
A price decline has always happened during the halving waiting period. But once the Bitcoin halving comes to an end, the BTC price has always led to a long bull run. It has to see how Bitcoin will dominate the crypto market once it is all over.
Read More Elon Musk Continues AI Ambitions Despite Acknowledging 20% Risk to Humanity
The post BTC Price Is Falling: Is It The End of Bull Run? appeared first on CoinGape.
Bitcoin ETFs saw massive trading of $111 billion in March. The number was nearly the triple value of the trading that happened in February and January. The positive trading volume of Bitcoin ETFs showcases that institutional and retail investors have a high appetite for digital currency-related assets.
Bitcoin ETF March Trading
According to Bloomberg analyst Eric Balchunas in March, Bitcoin ETFs exchanged $111 billion, nearly three times the amount they did in February and January. However, Balchunas did show uncertainty around the trading in April being neck to neck with the current numbers.
Bitcoin ETF Emerges as a Cost-Effective Measure
As CoinGape previously reported, in 2024, Bitcoin ETFs completely altered the cryptocurrency scene, opening the door for new conventional investments. The market reached new heights not seen since 2021 last year thanks to the US Securities and Exchange Commission’s (SEC) optimism over spot Bitcoin exchange-traded funds
ETFs have had significant inflows over the past three months, with issuers reporting billions. Capital flows to more newly approved ETFs as older ones continue to be liquidated. The cost-effectiveness of the newly approved products on January 11 was the main cause of this.
Read Also: COTI Launches V2 Whitepaper To Drive Confidentiality On Ethereum
According to James Butterfill’s most recent analysis, there has been a significant $862 million inflow into BTC ETFs over the last week, indicating a stunning turnaround. Notably, this spike in investment indicates that stakeholders are once again confident.
Notably, a $845 million inflow into Spot BTC ETFs occurred last week, drastically reversing the previous week’s outflow of almost $900 million from BTC ETFs. Moreover, Grayscale’s GBTC cooling outflow contributes to the upbeat market sentiment.
Reason Behind Bitcoin ETF Popularity
The BTC ETF’s success can be partially ascribed to its capacity to reduce the gap between traditional trading and digital assets.
Institutional-grade Bitcoin investing solutions, like as IBIT, have demonstrated a noteworthy increase and uptake amid these advancements. Since its launch, IBIT has steadily positioned itself as one of the largest spot products for Bitcoin by consistently amassing considerable amounts of digital currency each day. This astounding increase reflects the increased demand from institutional investors for safe, regulated entry points into the cryptocurrency market.
Bitcoin ETF: ProShares Introduces First Bitcoin ETF To Target 2x Daily BTC Return
The post Bitcoin ETF Shatter Records with $111 Bln Trading in March; What’s Next? appeared first on CoinGape.
Ethereum-based Layer-2 (L2) protocol COTI has announced the launch of its V2 whitepaper which is focused on boosting confidentiality on the underlying network.
COTI Network To Live Up To Web3 Expectations
According to COTI, this newly launched whitepaper offers a guide to the fastest and lightest confidentiality L2 on Ethereum. The whitepaper showcases the revolutionary breakthrough that has been recorded in the blockchain encryption niche. It also describes the innovative implementation of decentralized sequencers.
Noteworthy, this is not the first time COTI is pushing for confidentiality on the Ethereum blockchain. At the beginning of 2024, the Israel-based blockchain development firm made a strategic move with the launch of an Ecosystem Growth Fund targeted at accelerating Ethereum privacy. This equally marked the beginning of the push to accelerate the development and adoption of COTI V2.
COTI V2 white paper is here!
Your guide to the fastest and lightest confidentiality L2 on @ethereum, this white paper describes the revolutionary breakthrough in blockchain encryption and our innovative implementation of decentralized sequencers
https://t.co/G3BapUUGCN1/12 pic.twitter.com/6pQG1qDBzu
— COTI Foundation (@COTInetwork) April 2, 2024
COTI regards confidentiality as a core human right. It is strongly believed that confidentiality was very crucial for the early adoption of Web2. This was a time when individuals enjoyed the privilege of private conversations, associations as well as transactions.
The protocol noted that with the coming of Web3.0 which focuses on data sharing and user empowerment, there are some paradoxical challenges linked to users’ privacy that the V2 upgrade hopes to address.
COTI V2 Engine To Boost Confidentiality
The Web3.0 ecosystem has been putting structures to effectively navigate the intricacies that exist between individual privacy and the inherent blockchain transparency. Unfortunately for Web3.0, its success lies in the capacity to boost confidentiality.
COTI V2 brings a new approach to optimizing performance without compromising on confidentiality.
The protocol achieves this dual function by engaging a unique combination of well-established privacy-preserving technologies, with the main ingredient being a Garbling Protocol. It is interesting to note that the upgraded Garbled circuits offer as much as 1000x faster computation and 250x smaller storage requirements compared to other solutions such as FHE. This is in addition to its 100x lower latency.
Another feature coming to COTI is gcEVM, an innovative extension of the Ethereum Virtual Machine (EVM) that is designed by Soda Labs. Its key function is to reinforce blockchain transactions with confidentiality and this translates to secured computations on encrypted data. In the long run, the protocol would be able to boast of data privacy and efficient functionality.
Despite this update, COTI token has kept its joined the broader market slump, dropping 6.2% in 24 hours to $0.1637.
The post COTI Launches V2 Whitepaper To Drive Confidentiality On Ethereum appeared first on CoinGape.
ProShares, a leading ETF provider, has unveiled two major offerings in the crypto ETF arena. It launched the ProShares Ultra Bitcoin ETF (BITU) and the ProShares UltraShort Bitcoin ETF (SBIT). These funds mark a significant milestone in the world of crypto investment and will provide investors with unprecedented access to leveraged and exposure to Bitcoin.
About ProShares New Bitcoin ETF Offerings
Listed on the New York Stock Exchange, BITU and SBIT are tailored for investors seeking leveraged or short BTC exposure, offering the accessibility, convenience, and efficiency of traditional ETFs. ProShares, renowned for its expertise in geared ETFs, further solidifies its position as a leader in the crypto ETF space with these new offerings.
“BITU and SBIT are designed to address the challenge of acquiring leveraged or short exposure to Bitcoin, which can be onerous and expensive,” stated ProShares CEO Michael L. Sapir in the latest press release.
In addition, he noted, “BITU offers investors the opportunity to pursue magnified Bitcoin returns or target a level of exposure with less money at risk. SBIT allows investors to seek to profit when the price of Bitcoin drops or hedge their Bitcoin exposure.”
This launch follows ProShares’ previous successes in the crypto-linked ETF arena. It includes the groundbreaking launch of the first U.S. BTC-linked ETF (BITO) in October 2021. Moreover, ProShares has expanded its offerings since then.
They now include the first U.S. short Bitcoin-linked ETF (BITI). They also offer ETFs tracking the performance of ether (EETH) and short Ethereum (SETH). Additionally, ProShares has ETFs targeting the combined performance of Bitcoin and Ethereum (BETE, BETH).
Also Read: Bitcoin ETFs Dominate US Market in Q1 2024
Spot BTC ETF Experiences Outflows
Amid the launch of new ProShares offerings, a significant shift occurred in the flows within the 11 Spot Bitcoin ETFs, as they collectively turned negative once again. This reversal was primarily driven by substantial outflows from the Grayscale Bitcoin ETF (GBTC). The GBTC outflows surged past the $300 million mark on that day alone.
Specifically, Monday saw Bitcoin Spot ETFs experience a net outflow of $85.84 million. Notably, GBTC recorded a notable single-day net outflow of $302 million, indicating a considerable movement of funds away from this particular ETF.
In contrast to GBTC’s outflows, the BlackRock ETF (IBIT) witnessed a net inflow of $165 million on the same day, while Fidelity ETF (FBTC) saw a net inflow of $43.99 million. These inflows into alternative Bitcoin ETFs demonstrate a diverse investor interest in the crypto market. Despite the fluctuations within individual ETFs, the cumulative net inflow for Spot BTC ETFs has reached an impressive $12.04 billion.
Also Read: Bitcoin ETF Flows Turn Negative As Q2 Begins, Halving Excitement Ends?
The post ProShares Introduces First Bitcoin ETF To Target 2x Daily BTC Return appeared first on CoinGape.
In a remarkable gust of developments, Tether, the entity behind the US dollar-pegged cryptocurrency USDT, recently revealed a statement claiming that it has awarded a staggering $100,000 grant to BTC Pay Server Foundation, the entity behind the world’s most renowned open-source payment processor software accepting Bitcoin & USDT payments (on Liquid). This move echoed a frenzy across the cryptocurrency landscape, further underscoring the rising demands of merchant-related crypto payments in today’s era.
$100,000 Award Grant: What’s The Scoop?
The abovementioned grant offered to the BTC Pay Server Foundation comes as a result of Tether’s acknowledgment of the pivotal role FOSS (Free and open-source software) plays in driving technological advancements, along with its ability to democratize access to state-of-the-art technologies for everyone. With this strategic offering of the grant, Tether further eyes fueling the development of open-source payment gateways, empowering enhanced accessibility, efficiency, and security for users across the globe.
Meanwhile, Paolo Ardoino, Tether’s CEO, stated, “Our grant to the BTCPay Server Foundation is a testament of Tether’s commitment to the open-source community and our belief in the transformative power of technology.” He added that by supporting the BTCPay Server Foundation, Tether not only sees investments in the future of digital payments but also aims to empower developers to craft inventive solutions that cater to users’ dynamic demands worldwide.
Also Read: Solana Memecoins Suffer 15% Outflows as Wider Market Falls
BTCPay Server Founding Member Further Highlights Tether’s Support
R0ckstar Dev, a core contributor and founding member of BTCPay Server, conveyed his gratitude concerning this venture. He proclaimed, “I’m thankful to Tether for recognizing BTCPay Server’s significance as a Bitcoin FOSS project and for its generous grant. This contribution greatly empowers us to concentrate on our mission, enabling anyone to accept Bitcoin, unhindered by geographic, political, or financial barriers.”
As Tether continues to forge ahead as a Bitcoin and USDT payment solutions pioneer, this partnership further underscores another significant milestone in the firm’s journey to bolster and enhance the FOSS community. This showcases Tether’s strategic vision and dedication to nurturing a financial era that prioritizes accessibility and fairness for everyone across the global crypto realm.
Also Read: Republic Crypto Acquires US Asset Manager GoldenTree’s Crypto Subsidiary
The post Tether Boosts Bitcoin & USDT Payment Solutions appeared first on CoinGape.
Dogecoin Price Prediction: Amid the recent market downturn, Dogecoin experienced significant selling pressure at the $0.22 mark, leading to a 20% price decrease to now trade at $0.18. In the 4-hour chart, this peak has formed a double-top pattern, intensifying the bearish sentiment among traders. With the Bitcoin pre-halving correction underway, there is speculation on whether this trend will extend the downward movement in altcoins.
Dogecoin’s Bullish Surge Fueled by Awakening Whale Wallets
Unlike other leading cryptocurrencies, Dogecoin, the popular dog-themed meme coin, displayed an aggressive bullish trend in March. The asset witnessed a notable inflow in the month’s fourth week, which propelled its value from $0.122 to $0.228 high to register 86.8%.growth.
As per a recent highlight from crypto analytics platform Santiment, this growth is largely driven by the awakening of major dormant whale wallets, which has injected Dogecoin back into the market without causing the typical FOMO that characterizes market peaks.
Moreover, the data reveals a marginal 0.21% increase in the number of DOGE wallets with coins over the past two weeks. While, the average age of Dogecoin investments has decreased from 510 to 416 days within five weeks, indicating increased movement of long-held coins.
#Dogecoin is up another +10% today, and +29% this week. The top #memecoin by market cap (#8 market cap #crypto asset overall) is being powered by major dormant whales moving $DOGE back into circulation, and a lack of #FOMO that would normally form tops. https://t.co/KKxqe4SBCm pic.twitter.com/Mb8YF71iIq
— Santiment (@santimentfeed) March 31, 2024
However, with the current market correction, the DOGE price reverted from the $0.22 barrier and developed a double-top bearish pattern. With a 9% intraday drop, the sellers gave a decisive breakdown from the neckline support at $0.195.
If the supply pressure persists, the Dogecoin price may plunge another 8% to hit combined support of the ascending trendline and 38.2% Fibonacci retracement level at $0.17. This confluence of technical levels should bolster buyers to counter and regain trend control.
Technical Indicator
- Exponential Moving Average: The 50-day EMA will be key support of memecoin holders amid the current correction.
- Relative Strength Index: A notable bearish divergence in the daily RSI slope reflects the weakening of buyers’ conviction and a higher potential for prolonged correction.
The post Bearish Pattern Sets Dogecoin Price for 8% Fall Ahead, But There’s a Twist appeared first on CoinGape.
Dogwifhat price forecast: WIF, a cryptocurrency hailing from the Solana blockchain, has recently demonstrated a bullish momentum, showcasing a significant uptick in its market value over the last month. Despite this upward trend, Dogwifhat has experienced a minor retracement from its peak values, suggesting a period of market consolidation.
Over the past day, the cryptocurrency dogwifhat price has experienced a significant decline in value, dropping by 11.60% to settle at $3.85. The market capitalization of the digital currency now stands at approximately $3.85 billion, ranking it 30th among its peers. Despite the downturn, the 24-hour trading volume saw a sharp increase of 32.45%, signaling heightened investor attention.
Dogwifhat Price Forecast: Navigating Market Volatility
Dogwifhat appears to be gearing up for a significant breakout. After consistently trading above the $4 mark with a bullish posture, it achieved a record high on March 31, 2024, soaring by over 194% within the month. However, WIF has broken below $4 since then, indicating a consolidation phase as it seeks to establish new support levels.
In the past seven days, the digital currency WIF witnessed substantial price swings, ranging from $2.90 to $4.80. These shifts underscore the inherent unpredictability of this asset class, with a notable uptick of over 19% as it entered a bearish phase this week.
April started with a strong price cool-off, with most of the cryptocurrencies also seeing a slight pullback from recent highs. Bitcoin has broken below $70,000 and tested support at $65,000 on Tuesday, while Ethereum has seen a decrease below the $3,200 level, with others experiencing similar declines in their values, indicating a broader market correction.
If the bearish momentum persists, the value of WIF could retract to a support level of $3.00. An intensification of the selling trend might further drive its price down to the $2.00 zone, indicating a pessimistic market forecast.
Conversely, a resurgence of bullish sentiment could see the Dogwifhat’s price surpass the $3.5 resistance level. Such a breakthrough could propel its value towards a new peak of $4 and potentially even to the $5 resistance level soon.
The four-hour price chart for the Solana-based Meme coin shows a noticeable fluctuation within the last trading periods. The Relative Strength Index (RSI) is currently at 42.33, providing no clear indication of overbought or oversold conditions.
The post Dogwifhat Price Forecast: Why WIF Eyes $5 Highs Amid Crypto Market Volatility appeared first on CoinGape.
Solana memecoins are taking hits in the market following wider cryptocurrencies recording liquidations in the last 24 hours. A glance at cryptocurrency charts shows sharp outflows from Bitcoin (BTC), altcoins, and memecoins. The reduced investor sentiment can also be seen in the declined number across decentralized finance protocols.
Solana memecoins have slumped 15% in the last 24 hours after weeks of rapid highs which sparked a frenzy in social spaces. The fall places the market cap of Solana memecoins at $7.9 billion with a $2 billion daily trading volume. Leading asset dogwifhat is down 15.6% today holding on to a 17% gain this past week. Similarly, BONK has lost 11.5% of its value and a much larger 14% this week.
Solana Memecoins in the Red Zone
Assets like Popcat and Myro have also posted losses of over 20% signaling weakened market sentiment in memecoins. Despite sharp exits, BOME and MEW remain the few top Solana memecoins to record gains in the last 24 hours. The assets gained 6.4% and 9.6% respectively and held on to 13% and 119.3% weekly gains respectively. The largest gainers in the category show BaoBaoSol notch a 21% increase in value amid plunging markets. The assets have spiked 57% this past week.
The wider memecoin ecosystem has tanked 15.5% to a market capitalization of $61.3 billion with Shapiro liquidations on top assets. Dogecoin (DOGE) and Shiba Inu (SHIB) plummeted 9.9% and 7.6%. These outflows have wiped out weekly gains recorded by DOGE placing the asset in the red zone. PEPE and FLOKI also recorded 15% and 17% losses.
Top Assets Plunged
Cryptocurrencies show weakened strength as macro factors continue to affect the markets. The stock market also lost points showing the correlation between both worlds. At press time Bitcoin trades at $64,915, a 7% drop in the last 25 hours. These losses have ushered in wider liquidations and sell-offs in the market.
The mass exit could be a result of the upcoming halving and progressive miner movements, some analysts opine. However, Bitcoin halving is seen as a bullish phase leading to upward price projections. Ethereum, Solana, and Ripple also lost 8.49%, 9.91%, and 5% respectively today.
Read Also: Telegram News: Telegram Launches Toncoin Payments Services For Ads
The post Solana Memecoins Suffer 15% Outflows as Wider Market Falls appeared first on CoinGape.
In a significant development in the crypto investment landscape, Republic Crypto has made headlines with its recent acquisition of GoldenChain, a subsidiary of GoldenTree Asset Management. Notably, this strategic move is poised to reshape Republic’s presence in the digital asset space, leveraging the expertise of GoldenChain’s team and bolstering its capabilities. Besides, it also reflects the growing institutional interest in the digital asset landscape.
Republic Crypto’s Latest Acquisition
Republic Crypto, a prominent digital investment firm, has made a bold move by acquiring GoldenChain, a subsidiary previously owned by GoldenTree Asset Management. With this acquisition, Republic aims to strengthen its foothold in the digital asset market and enhance its service offerings to investors.
In other words, the addition of GoldenChain’s seasoned team, led by Joe Naggar, will play a pivotal role in driving the Republic’s expansion strategy in the evolving crypto landscape. Notably, the Republic has shared the update in a recent press release.
Meanwhile, the integration of GoldenChain’s expertise into the Republic’s framework is expected to create synergies and unlock new growth opportunities. Republic’s President, Andrew Durgee, expressed optimism about the acquisition, highlighting its significance in advancing the firm’s mission to provide exceptional value to clients.
In addition, the move underscores the Republic’s commitment to innovation and leadership in the digital asset industry, positioning it as a key player in the global cryptocurrency ecosystem.
Also Read: Binance’s Announcement Sparks Buzz in the Crypto Community
Implications for the Crypto Investment Landscape
Republic’s acquisition of GoldenChain marks a notable shift in the dynamics of the crypto investment landscape. The move signals growing institutional interest and confidence in the long-term potential of digital assets.
Despite challenges and regulatory uncertainties, institutions like GoldenTree recognize the value proposition offered by the crypto market and are actively seeking strategic partnerships to capitalize on emerging opportunities.
Moreover, the acquisition highlights the evolving role of traditional asset managers in embracing digital assets as a viable investment avenue. While GoldenTree’s decision to divest its crypto subsidiary reflects a strategic pivot, it also underscores the dynamic nature of the crypto industry and the need for adaptability in navigating market trends.
Meanwhile, Joe Naggar, previously a partner at GoldenTree, will assume the roles of CEO and CIO at Republic Digital, a newly formed entity within Republic. However, Naggar declined to disclose the deal’s terms due to the confidentiality of the acquisition of GoldenChain. However, Naggar emphasized in an interview that while the ownership has changed, the fund itself remains unaffected by the acquisition.
Also Read: Top Analyst Expects A 30% Bitcoin Price Correction To Be Extremely Bullish
The post Republic Crypto Acquires US Asset Manager GoldenTree’s Crypto Subsidiary appeared first on CoinGape.
Bitcoin price prediction: BTC and the crypto market are back in the red, clawing back last week’s accrued gains. In the last 24 hours, the largest cryptocurrency extended its down leg, dropping by more than 6% and testing support at $65,000.
Major altcoins like Ethereum (ETH), Binance Coin (BNB), and Solana (SOL) gasping for air, down 6.5%, 5%, and 8% respectively. If immediate rebounds fail to occur on Tuesday, more losses will engulf the crypto market whose total cap has fallen by almost 6% to $2.6 trillion, CoinMarketCap data shows.
Bitcoin boasts the largest cap of $1.29 trillion amidst a 6% drop in 24 hours. Intriguingly, a 74% increase in the trading volume to $45 billion suggests traders are more willing to short BTC than buy the dip, at least for now.
Bitcoin Price Prediction As Positive Crowd Sentiment Soars
Blockchain data by Santiment points to a noticeable increase in positive crowd sentiment as Bitcoin plummets to test the $65,000 support. The crypto space is experiencing an influx “of words like buy, buying, bought, and bullish,” igniting prospects of an immediate rebound.
“Historically, the best dip buy opportunities occur when the crowd consensus is showing a bit of fear toward a further drop. This usually results in small wallets dropping their bags for whales and sharks to scoop them up,” researchers at Santiment said via a statement on X.
Based on the four-hour chart Bitcoin price has since the beginning of the year tended to make quick trend reversals following market dips. Hence, investors have been quick to jump on the dips using various dollar-cost averaging (DCA) strategies to maximize returns and in the process trigger bouncebacks.
#Bitcoin has seen a drop to $66.4K, and #altcoins have shed much more of their market caps as prices have continued their concerning retracement to kick off April. However, the crowd is staying quite strong and showing confidence toward the prospects of a quick rebound.
The… pic.twitter.com/tbGmtmTNIb
— Santiment (@santimentfeed) April 2, 2024
Related blockchain data from Glassnode revealed that long-term holders are concentrating on the distribution of their holdings by “selling to new investors at higher prices.”
This trend, to a large extent, highlights the injection of fresh capital into Bitcoin, which eventually tends to raise the realized cap to new levels. The new capital influx implies that investors have a long-term bullish outlook for BTC price.
As the #Bitcoin Spot Price consolidates below the new ATH of $73k, the Long-Term Holder cohort has entered their distribution phase, selling to new investors at higher prices.
This represents an injection of new capital into the asset class, driving the realized cap up to new… pic.twitter.com/gGECO2oyyt
— glassnode (@glassnode) April 2, 2024
Why Bitcoin Depends On The 200-day EMA Support For Recovery
Bitcoin continues to form a series of red four-hour candles below the $70,000 mark, adding credence to the short-term bearish outlook. On top of the sell signal flaunted by the Moving Average Convergence Divergence (MACD) indicator, a notable decline can be expected if losses overshoot the 200-day Exponential Moving Average (EMA).
A death cross pattern brought to light with the 50-day EMA (line in red) and the 20-day EMA (line in blue) reinforces the bearish grip. Bitcoin price also trades significantly below the previous day’s open and this is also a bearish signal.
Support at $65,000 must hold to keep further declines at bay.
However, if broken, investors can anticipate BTC to sweep through liquidity at $64,000, the grey marked zone — not forgetting $62,000 and $60,000 are also within reach.
An indexed Bitcoin price performance chart by Glassnode starting in April 2021 around the previous all-time high and according to the firm’s analysts is “where the bear market sentiment set in,” BTC has approached its peak, with similarities to previous circles in 2020 and 2018-21.
If we index the #Bitcoin price performance (black) since the April 2021 ATH (where we argue bear market sentiment set in), we can see a remarkable similarity to the prior cycle (blue).
By both duration and distance from the April 2021 peak, the market is in a near identical… pic.twitter.com/mOGfSF6apG
— glassnode (@glassnode) March 28, 2024
That said, investors must tread carefully even as the Bitcoin halving approaches. While Bitcoin price is expected to rally exponentially after this event, price corrections are also anticipated, especially with sell-news narratives taking precedence.
The post Bitcoin Price Prediction As 6% Dip Triggers Sweeping Buy The Dip Calls appeared first on CoinGape.
Bitcoin mining is one of the hottest streams in the cryptocurrency space. With a bunch of mining facilities looming around the market, for a beginner, it’s always super hectic to choose the best. Choosing a good mining facility is important, as it can make or break your way to profitability. But if you are reading this article, no more worries. Here, we will talk about the top 5 mining facilities that deserve your attention.
The post Top 5 Bitcoin Mining Facilities appeared first on CoinGape.
The world’s largest crypto exchange Binance on Tuesday said it is listing new W token by Wormhole, a leading interoperability platform powering multichain applications and bridges. The crypto exchange’s announcement sparked excitement in the crypto community, but the token is listed with seed tag applied.
Other crypto exchanges including OKX, MEXC, HTX, KuCoin, Gate, Bitget, WOO X, AscendEX, BitMart have also announced listing W token.
Binance Announces Wormhole (W) Token Listing
In an official announcement on April 2, crypto exchange Binance revealed Wormhole’s W token listing with seed tag applied. The W token will be available for trading in four spot pairs — W/BTC, W/USDT, W/FDUSD and W/TRY.
Users can now start depositing Wormhole’s W token for now. Also, the token will be available for trading from 12:00 UTC on April 3 and withdrawals for Wormhole will open at 12:00 UTC on April 4.
Binance listing Wormhole’s W token in seed tag that represents innovative projects that may show higher volatility and risks as compared to other listed crypto tokens.
“W is a relatively new token that poses a higher than normal risk, and as such will likely be subject to high price volatility. Please ensure that you exercise sufficient risk management, have done your own research in regards to W’s fundamentals, and fully understand the project before opting to trade the token,” as per the announcement.
Also Read: Experts Reveal Actual Reason Behind Sudden Bitcoin and Crypto Market Crash
Binance Ethena (ENA) Listing
Binance also announced listing Ethena (ENA) to a number of its products and services. ENA is added to Simple Earn, Binance Convert, Binance Margin, Binance Futures, and Binance Auto-Invest. Users can also trade ENA against BTC, USDT and any other tokens at zero fees on Binance Convert.
ENA price debuts 11% lower amid the crypto market selloff. The price currently trades at $0.615. However, trading volumes of over $800 million indicate massive demand for the coin.
Also Read: Crypto Derivatives Exchange Deribit Gets License in Dubai
The post Binance’s Announcement Sparks Buzz in the Crypto Community appeared first on CoinGape.
PeepalCo, the parent company of CoinSwitch, has embarked on an ambitious venture into the stock market with the launch of Lemonn. This strategic move comes at a time when the Indian equities market is experiencing unprecedented growth, having tripled in value since the outbreak of the Covid-19 pandemic. However, amidst this boom, the crypto trading sector has encountered hurdles, including the impact of transaction taxes and market instability.
Despite the remarkable expansion of the stock market, there persists a significant under-penetration, with only a mere 6% of Indians actively engaging in investing. This disparity underscores the urgent need for accessible and user-friendly investment platforms like Lemonn. The platform aims to democratize stock investing, making it more inclusive and empowering individuals from diverse backgrounds to participate in wealth creation opportunities.
PeepalCo Launches Lemonn: A Game-Changer in Stock Investing
Lemonn represents PeepalCo’s latest foray into the realm of fintech, offering a revolutionary approach to stock investing. With a focus on simplification and accessibility, Lemonn aims to demystify the complexities of the stock market, particularly for novice investors. Its unique features, including zero-trading brokerage for the initial three months, curated stock offerings based on industries, and an extensive glossary explaining financial terms, set it apart in the market.
Operating as a distinct business division within PeepalCo, Lemonn is led by Devam Sardana, who assumes the pivotal role of Business Head. In giving clarity to the significance of Lemonn, Ashish Singhal, Co-Founder and Group CEO of PeepalCo, underscores the significance of Lemonn in expanding financial inclusivity. Also Singhal, made few remarks as well emphasizing Lemonn’s role in leveling the playing field and enabling a broader segment of the population to participate in India’s economic growth story.
Also Read: Republic Crypto Acquires US Asset Manager GoldenTree’s Crypto Subsidiary
Market Landscape and PeepalCo’s Vision
In a highly competitive Indian equities market dominated by established players such as Zerodha and Groww, PeepalCo recognizes the importance of differentiation and innovation. Singhal acknowledges the persistent complexity surrounding stock market participation for many Indians, citing the need for intuitive and user-friendly investment platforms like Lemonn.
PeepalCo’s vision extends beyond profit-making to encompass a broader mission of financial empowerment and inclusivity. With Lemonn, PeepalCo aims to democratize investing, ensuring that financial opportunities are accessible to all segments of society. Singhal expresses confidence in Sardana’s leadership, envisioning Lemonn as a catalyst for greater financial literacy and inclusivity, ultimately contributing to the socio-economic development of India.
Also Read: Solana Memecoins Suffer 15% Outflows as Wider Market Falls
The post CoinSwitch’s Parent PeepalCo Set To Rival Zerodha, Groww With Zero Brokerage appeared first on CoinGape.
Crypto Price Prediction: The cryptocurrency market kicked off April in a bearish tone witnessing a notable correction in the majority of major cryptocurrencies. The leading digital asset Bitcoin fell to $66284 in the Asian trading session, registering 7.3% in the last 48 hours, while Ethereum plunged 8.5% to hit $3339.
The selling pressure picked up additional momentum yesterday as Bitcoin spot ETFs experienced a significant total net outflow of $85.84 million highlighted by Wu Blockchain. Notably, the Grayscale ETF GBTC saw a substantial single-day net outflow of $302 million. Conversely, the BlackRock ETF IBIT and Fidelity ETF FBTC registered net inflows of $165 million and $43.99 million, respectively.
According to SoSoValue, Bitcoin spot ETFs had a total net outflow of $85.84 million on April 1. Grayscale ETF GBTC had a single-day net outflow of $302 million, BlackRock ETF IBIT had net inflow of $165 million, Fidelity ETF FBTC had net inflow of $43.99 million, and the Bitcoin… pic.twitter.com/hCp6nk7T1Q
— Wu Blockchain (@WuBlockchain) April 2, 2024
According to a derivatives market analytics platform Coinglass, 140,149 traders faced liquidation since yesterday, totaling $448.81 million in liquidations across the market.
However, several analysts perceive this pullback as a pre-halving correction/consolidation to shake weak hands and draw in more steadfast market participants.
Also Read: Crypto Prices Today April 2: Bitcoin Plunges To $66K, Ethereum Below $3400, SOL & XRP Crash
1)Ethereum (ETH)
Ethereum stands as a pioneering force in the blockchain space, being the first to implement smart contracts that enable decentralized applications (dApps). Ether (ETH), the native cryptocurrency of this ecosystem is currently trading at $3328 and has a market cap of $398.7 Billion.
The Ethereum price has been under a correction trend for the past three weeks, projecting an 18.6% drop from the last high of $4093. Last week, the sellers bolstered for a new lower high formation around $3675, indicating the downward pressure is intact.
Adding to the downturn, the ETH price slipped 5.25% accompanied by $19.1 Billion in trading volume. If the supply pressure persists, the coin holder may seek support at $3250 and $3050 levels.
Also Read: Will Ethereum Price Stay Bullish in April? Historical Data Says Yes
2) Shiba Inu (SHIB)
Shiba Inu (SHIB) originated as a meme token, often regarded as a Dogecoin competitor. It has grown into a decentralized ecosystem with its own decentralized exchange, ShibaSwap, and has plans to expand into NFTs and game development.
Amid the recent market consolidation, the SHIB price recovery witnessed a notable downturn from the $0.0000328 resistance in late March. The bearish reversal plunged the coin value by 21.5% in the last six days.
By the press time, Shiba Inu’s market cap stands at $15.29 Billion, while the trading volume is around $15.92 since yesterday. According to the recent data by Shibburn, the memecoin has seen a dramatic increase in its burn rate, soaring to 2307.19% over the last 24 hours. During this period, a massive total of 110,384,799 SHIB tokens were removed from circulation.
However, if the supply pressure from broader markets persists, the Shiba Inu price will retest the 61.8% FIB level at $0.00002368.
Also Read: Why Dogecoin and Shiba Inu Prices Fell Today?
3)CORE
CORE, known formally as cVault.finance, is a DeFi project renowned for its unique approach to yield farming and liquidity provision. Defying the recent market correction, the CORE coin emerged as a high-performing asset in the fourth week of March.
From the March 20th low of $0.53, the asset rallied 685% to reach a year’s high of $4.19. This rally gained notable momentum from Core DAO’s launch of coreBTC, facilitating a trustless bridge for Bitcoin to the Core Chain and integrating Bitcoin’s robust security into its DeFi ecosystem.
However, the overextended rally coupled with market correction plunged the CORE price 15% to currently trade at $3.2. As per the Fibonacci retracement tool, the CORE price could obtain suitable support at $2.8 and $2.37 levels.
Takeaway
The cryptocurrency market sparked a new correction trend in April, following the lead of Bitcoin and Ethereum prices. A notable outflow from Spot BTC ETF on April 1st further accelerated the supply pressure among top altcoins. However, this downturn is still perceived as a pre-halving correction that can offer investors a suitable pullback before the anticipated rally.
The post ETH, SHIB, and CORE Price Prediction As April Sparks Fresh Correction Wave in Crypto Market appeared first on CoinGape.
Bitcoin (BTC), the world’s largest crypto, has caught attention today due to the massive price crash. The Bitcoin price slumped below $66,000 after days of sustaining above $69,000. This has sparked concerns regarding a further price slump. However, a crypto analyst believes that a 30% correction in the BTC price could be extremely bullish.
Is A 30% Correction In Bitcoin Price Really Bullish?
Ali Martinez, one of the renowned crypto analysts on X, made a bold statement regarding the Bitcoin price correction. In a post on X, he wrote, “A 30% price correction is the most bullish thing that could happen to #Bitcoin.”
When netizens questioned the analyst about such a comment on the BTC price trajectory, Martinez noted that liquidity will play a major role. The crypto analyst noted that a Bitcoin price correction of 30% will help “market makers grab liquidity.” This would eventually propel BTC’s value to a new all-time high.
Moreover, in another post on X, Martinez spotlighted a crucial level for the Bitcoin price rebound. Martinez is closely monitoring critical support level on the four-hour chart – the 200 Exponential Moving Average (EMA). Since early February, this level has proved to be a formidable barrier against further downward spirals for BTC.
In addition, Martinez emphasized the significance of this level, stating that its ability to hold could pave the way for a substantial rebound in Bitcoin’s price. However, a plunge lower than support, similar to what occurred in mid-January, could spell more losses for the Bitcoin price.
While it could lead to a massive correction in the BTC price, it could also be bullish in the long run. The pullback would provide a better entry point for new investors, leading to an influx of liquidity, aligning with Martinez’s prediction.
Also Read: Peter Schiff Warns “Bigger” Bitcoin Fall In a Dire Warning
BTC Price Crash Today
At press time, the Bitcoin price crashed 5.66% to $65,776.07 on Tuesday, April 1. Whilst, the crypto held a market capitalization of $1.29 trillion. On the contrary, the trading volume for BTC soared 74.04% to $45.68 billion in the last 24 hours.
The recent pullback in the BTC could be attributed to the gigantic long liquidations recorded today. According to Coinglass, longs accounted for $108.78 million liquidations of the total figure of $149.54 million. Meanwhile, short traders leveraged the opportunity to realize profits.
QCP Capital recently highlighted the options market’s early indications of a looming downturn, notably the downward skew in risk reversals. Both Bitcoin and Ethereum options have sustained elevated volatility, coupled with increasing selling pressure amidst waning sentiment.
The abrupt crash was expedited by substantial liquidations on crypto exchanges frequented by retail investors. On Binance, where perpetuals funding rates plummeted from a peak of 77% to neutral levels. Moreover, this has reset spot prices to the risk levels observed around $63,000 in mid-March. Furthermore, dwindling trading volumes suggest a potential further decline in prices on the horizon.
Also Read: Bitcoin ETF Flows Turn Negative As Q2 Begins, Halving Excitement Ends?
The post Top Analyst Expects A 30% Bitcoin Price Correction To Be Extremely Bullish appeared first on CoinGape.
Telegram, a messaging application, has recently announced a new feature that allows users to buy the platform’s advertisement services with cryptocurrency. The platform has chosen the Toncoin (TON) token for this and has mentioned that they preferred this over others because of its low cost.
We chose the TON Blockchain because it has low fees, and high transaction speeds – and holds a record for the number of transactions it can process per second. Anyone can now promote their bot or channel – with budgets as low as a handful of Toncoins. When creating a Telegram ad, you choose the exact channels where you’d like it to appear, so you have full control over their context.
This plan is the next step for the Telegram ad revenue distribution program discussed in late February.
Telegram Channels To Get 50% Revenue
With the recent announcement, Telegram has become one of the few social media platforms that provide a fair reward system. Telegram channel owners will get a 50% reward of the total revenue.
Also Read: 5 Top Cardano Tokens to Invest in April 2024
This reward is for those channel owners who have 1000 plus subscribers and will get 50% of the revenue collected from the ads run on their channel. Additionally, there are no hidden withdrawal charges or fees. The user can directly access their rewards and even can choose to reinvest them for other telegram features like running telegram ads, collectibles usernames, and premium giveaways.
Telegram’s popularity has increased with its involvement with the crypto industry. The company is receiving over 1 Trillion views from its channels every month. Implementing such a reward system can boost the image of the platform.
Toncoin Price Surged With Telegram Announcement
Toncoin was originally a Telegram project in the early days. At that time, it was known by the name Telegram Open Network. Later, the platform backed off from the token because of the SEC dispute and a non-commercial group took over the project. That is how it got the name ‘The Open Network,’ with the native cryptocurrency Toncoin (TON). Toncoin has always been affected by Telegram, where any new update with the messaging app leads to price fluctuations.
Also Read: Can You Really Get Ethereum Gas Fees Refund
Soon after the announcement on 31st March, Toncoin price surged to a high of $5.49 after a 7% price surge. Toncoin has surged almost 90% in the last month, clsoing at $5.28. At the time of writing, the price has dropped to 4% from yesterday and is $5.08.
The token is ranked 11th for its market cap with a value of $17,637,4799,717 after a decline from yesterday. However, the trading volume is high by 12%, pushing the value to $240,554,849. With this value, Toncoin is just 13% away from its all-time high goal and might cross that soon. It is possible, if the trend continues for the next few days.
Toncoin has always been a preferred choice for Telegram. The Telegram founder, Pavel Durov, had earlier presented his views on the importance of fast and secure transactions for ad payment and withdrawal and why they prefer Toncoin.
To ensure ad payments and withdrawals are fast and secure, we will exclusively use the TON blockchain. Similar to our approach with Telegram usernames on Fragment, we will sell ads and share revenue with channel owners in Toncoin. This will create a virtuous circle, in which content creators will be able to either cash out their Toncoins — or reinvest them in promoting and upgrading their channels
Conclusion
Telegram has chosen Toncoin for its payment and withdrawal services along with the 50% rewards distribution to the channels. As a result of the announcement, the token finally surged to a week high, aiming for an all-time high value of $5.84
Read More Top 7 Crazy Crypto April Fools Day Pranks 2024
The post Telegram News : Telegram Launches Toncoin Payments Services For Ads appeared first on CoinGape.
In a bid to boost optimism amid the recently witnessed crypto market corrections, Shiba Inu, a renowned Ethereum-based meme coin, recorded a colossal surge in its burn rate, stemming from its community’s actions. Following the Shiba crypto community’s recent transfer of nearly 100 million SHIB tokens to a dead wallet, a prompt rise in the meme coin’s burn rate added a tint of optimistic sentiments to Shiba Inu.
SHIB’s burn rate surge came as a pivotal move today, as the meme coin’s price dipped to the $0.000026 mark, resulting from the abovementioned market corrections. Mirroring the broader downtrend that came in tandem with BTC’s slip to $66K, Shiba Inu piqued significant investor attention, with its on-chain dynamics pushing SHIB to a bearish stage today.
Shiba Inu Community Burns 105 Mln SHIB
According to the insights streamlined by Shibburn, the Shiba crypto community shifted a whopping 105.46 million SHIB to a dead wallet today, giving rise to the 2307.19% upswing. This measure added an optimistic dash to Shiba Inu, as the meme coin’s community showcased efforts to prevent SHIB from taking a drastic fall amid the recently witnessed market corrections.
105,469,546 $SHIB -> transferred to dead wallet. https://t.co/elwPwURNeD
— Shibburn (@shibburn) April 2, 2024
As mentioned above, Shiba Inu already dipped as low as the $0.000026 mark today. However, the abovementioned effort by the community further aims to cushion Shiba Inu’s fall by shredding the token’s supply. This sparked considerable investor enthusiasm as the community continued its burning endeavors in order to jack up SHIB’s tokenomics.
However, on-chain metrics and technical indicators shrouded the token in mixed market sentiments.
Also Read: Crypto Market Selloff: Experts Reveal Why BTC, ETH, XRP, & Other Altcoins Fell Suddenly
Shiba Inu Price Slips
The Shiba Inu token noted a massive 9.77% drop as of writing, reaching $0.000026. This drop by the meme token comes subsequent to a consolidation phase witnessed over the past few days, illustrating a bearish win over the token.
On-chain data spotlighted by Coinglass revealed substantial SHIB liquidations over the past 24 hours, aligning with SHIB’s aforestated plunge.
The technical indicators for Shiba Inu further showcased a selling sentiment prevailing within the market, with the RSI hovering at 46. This hinted that although the current momentum appears bearish, the asset’s overall condition is neither overbought nor oversold, signaling a neutral market sentiment.
Collectively, this showcased short-term volatility for the token as a bullish or bearish trend may emerge in the long term. Meanwhile, aligning with the law of supply and demand, if Shiba Inu’s burning endeavors continue to burgeon, a bolstered price action remains imminent as supply continuously takes hits.
Also Read: Binance Lists Ethena (ENA) Across Products, Here’s How to Claim Token
The post Shiba Inu Burn Spikes 2300% Amid Market Corrections, SHIB Price Recovery Looms? appeared first on CoinGape.
The cryptocurrency market enters April with a notable downturn, witnessing a decline across various assets. Amidst this shifting tide, Solana (SOL), Cardano (ADA), and Toncoin (TON) stand out as three top Ethereum rivals, facing the challenging dynamics head-on. After a period of bullish momentum, these contenders now navigate through increasing bearish pressures, hinting at a critical juncture in their journeys.
1. Solana (SOL)
Solana (SOL), a cutting-edge open-source initiative, leverages blockchain technology’s permissionless nature to offer solutions in decentralized finance (DeFi). The Solana protocol is ingeniously crafted to support the development of decentralized apps (DApps), aiming for enhanced scalability through a unique proof-of-history (PoH) consensus, which works in tandem with the blockchain’s inherent proof-of-stake (PoS) consensus mechanism.
The value of SOL Coin has seen an extraordinary rise, indicating a strong market performance with over a 500% increase since October, signaling a bullish trend. Despite experiencing a slight 8% decline in the last 24 hours, which saw Solana price adjust to $189, the outlook for the altcoin remains optimistic, with expectations of continued upward momentum, albeit with potential minor retracements.
In recent months, the Solana price has encountered and surpassed several resistance levels, marking significant highs. Currently, it ranks fifth on CoinMarketCap, boasting a market capitalization of $80 billion, highlighting its significant presence in the cryptocurrency sphere.
2. Cardano (ADA)
Cardano (ADA) is a leader in the third-generation blockchain space and is renowned for its adoption of a proof-of-stake (PoS) system. This approach significantly surpasses older proof-of-work (PoW) models in terms of energy efficiency.
Over the past year, Cardano has seen an impressive 52% increase in price. This uptrend is also reflected in its Total Value Locked (TVL), as reported by Defi Llama, alongside a spike in interest from the crypto community. These developments have positioned it as a formidable competitor to Ethereum, especially as the cryptocurrency market faces a downturn in April.
Despite a recent 8.84% drop in Cardano price, now at $0.5877, ADA remains the ninth-largest cryptocurrency by market cap, exceeding $20 billion. Market analysts anticipate a potential rise in its value shortly despite the current setback.
3. Toncoin (TON)
Toncoin (TON), a groundbreaking layer-1 blockchain developed by Telegram, is reshaping the blockchain arena. It is known for its scalability and ease of use, and it has been designed to accommodate vast numbers of users. It boasts tiny fees for transactions and swift processing speeds. Positioned at number 11 on CoinMarketCap, TON’s market value stands at $17 billion.
Despite a 4% decrease in its price recently, setting it at $5.02, Toncoin has shown impressive growth. Over the past year, it surged by 123% and achieved a more than 90% increase in the last month alone. This remarkable ascent highlights TON as a top pick for investment, suggesting a potential uptick in its value shortly despite the early month’s minor market pullback.
Bottom Line
The crypto market’s present state poses significant tests for Solana, Cardano, and Toncoin. As these Ethereum challengers confront April’s bearish pressures, their responses and strategies will be crucial in determining their standings. Amidst market fluctuations, the resilience and adaptability of these platforms could chart the course for their future growth and influence in the crypto landscape.
The post What’s Next For 3 Top Ethereum Rivals As Crypto Market Turns Bloody In April appeared first on CoinGape.
Leave A Review
How are we doing? How can we improve?