Bitcoin
WUFFI and KLAUS pump nearly 50% as global crypto market cap drops over 1.4%
Published
4 hours agoon
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adminAmidst the bearish crypto market conditions, Wuffi emerges as the top gainer with a 50% surge in the last 24 hours.
The overall crypto market cap nosedived by almost 1.4% in the last 24 hours. As per CoinGecko, the global crypto market cap stands at $2.38 billion at press time.
Bitcoin (BTC) and Ethereum (ETH) are showing no signs of movement in this timeframe. Bitcoin is down by over 2.1% in the last seven days, and Ethereum is down by almost 7% during this period.
However, amidst this bearish outlook, few meme coins are outpacing the overall market conditions. One notable meme coin called Wuffi (WUF) has surged by over 50% in the last 24 hours, earning the top gainer spot on CoinGecko.
WUFFI jumps 50% as team burns 317 billion WUF
WUFFI has reached a market cap of $103 million, as the coin has surged from a 24 hour low of $0.00000008106 to as high as $0.0000001233.
The coin is trading in the green territory when it comes to its price performance in the last 30 days with its 130% surge.
One of the most logical reasons for this pump is the latest initiative by the WUFFI team. The team has recently burned a total of 317 billion WUF.
The project’s X account has closed to 700k community members who have likely noticed this initiative. This decision has likely ended up being positive, which is evidenced by its recent pump.
KLAUS and STFC pump close to 50%
A meme coin called Klaus (KLAUS) has earned the position of the second-largest gainer on CoinGecko. The coin has surged by almost 49%, hitting the price level of $0.0269.
Klaus has a low market cap of $26.7 million. The exact reason for the surge in Klaus’ price is unclear.
However, their team had announced that they hit 6,000 Klaus holders yesterday.
STFX is moving right behind KLAUS with its 46% pump. The coin has surged from a 24-hour low of $0.02884 to a high of $0.04254.
The coin is also up by over 580% in the last 30 days. The project had announced that they are officially moving to Solana (SOL) soon. In addition, they mentioned that they are in the final stages of a full rebuild of their dApp.
STFX stated that they are seeing exponential growth happening on Solana, which is the primary reason for their transition.
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adminA longtime regular on the crypto scene, Sovryn and BitcoinOS founder Edan Yago learned the importance of financial sovereignty at an early age.
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Bitcoin UTXO Surpasses COVID 2020 Levels To New ATH
Published
19 hours agoon
October 27, 2024By
adminBitcoin’s consolidation below $68,000 extended throughout this week, with bulls holding steady above the $66,000 support level. Although the cryptocurrency hasn’t seen a significant push to the upside, its ability to avoid a deeper correction means that Bitcoin remains on track to end October on a bullish note.
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In support of this outlook, a crypto analyst has highlighted an emerging trend in Bitcoin’s UTXO metric, which suggests a looming breakout in the crypto’s price.
UTXO In Loss Reaches Highest Point Ever
The number of Bitcoin UTXO in losses recently reached a new peak on September 11, 2024, surpassing levels last seen during the COVID-19 crash in 2020 and the September 2023 market bottom.
This metric, known as Unspent Transaction Output (UTXO), refers to the amount of Bitcoin that remains unspent in a Bitcoin wallet after a transaction. When UTXO is measured in loss, it reflects the number of Bitcoin holdings that would currently sell at a loss compared to the last transaction price from the Bitcoin wallet.
According to Glassnode data, the number of UTXO in losses spiked massively in September to surpass previous numbers, indicating that a significant portion of active Bitcoin addresses are underwater. However, while this may appear to signal bearish sentiment at first glance, history has shown this isn’t the case.
As pointed out by crypto analyst CryptoCon, major spikes in UTXO loss don’t come right before terrible price action, but they mostly come at the end of it. Keeping this trend in mind, the new peak in September most likely was an inflection point for Bitcoin’s price action for the rest of the year.
What Does This Mean For Bitcoin Price?
Past data reveals a consistent pattern: when UTXO in loss reaches extreme highs, Bitcoin’s price is often near a reversal. For instance, during the COVID-19 crash in March 2020, UTXO in loss spiked significantly, followed by a strong rally that led Bitcoin to new all-time highs in the following months.
The last time the UTXO in loss spiked massively was in September 2023, serving as the forerunner for the latest bull market cycle which kicked off in October 2023. This run culminated in a new all-time high for Bitcoin in March 2024, effectively showcasing spikes in the UTXO in loss as a signal of positive market momentum.
If history were to repeat itself, the September spike in the UTXO loss numbers could also signal a market bottom, which in turn opens up the stage for a rally in the rest of the year.
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Interestingly, Bitcoin’s price action has been notably positive since this new peak in UTXO in loss. At the time, Bitcoin was trading around $57,000. Since then, it has experienced a considerable rally, inching closer to the $70,000 price level.
At the time of writing, Bitcoin is trading at $66,720.
Featured image from Pexels, chart from TradingView
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Bitcoin
Lisa Neigut’s Base58 Gets First-Ever Bitcoin Grant From Donor-Advised Fund
Published
1 day agoon
October 26, 2024By
adminOffchain Labs, the initial developer of Arbitrum, the biggest Ethereum layer-2 network, announced “Fast Withdrawals” – described as “a new feature allowing select Orbit chains and RaaS providers to achieve withdrawal finality in under 15 minutes, compared to the usual wait time of up to seven days.” According to the team: “Implementing Fast Withdrawals cuts withdrawal times by over 90%, making the process extremely similar to withdrawing funds from a bank account. Although it is not identical, it represents a substantial improvement over the traditional blockchain standard, bringing it much closer to the experience of conventional TradFi funds transfer.” According to a press release, “Orbit chains that plan future support for the new feature include Apechain, Cheese, Nova, Sanko, Xai and others. RaaS providers include Offchain Labs, Alchemy, Altlayer, Ankr, Caldera, Conduit, and Gelato.” Here’s how it works, according to the press release:
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