BTC
NFT Sector Keeps Developing – Number of Unique Ethereum NFT Traders Surged 276% in 2022 – Blockchain News, Opinion, TV and Jobs
Published
1 year agoon
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adminBy Paul Hoffman from BestBrokers
Looming Fed rate hikes were the hottest topic in the beginning of 2022. Shortly after that global markets dove even deeper into the red with the start of the war between Russia and Ukraine. Not long after the LUNA crash followed and crypto markets plunged deeply.
Unfavorable events for the global economy continued and caused further damage to all crypto assets. Despite all the negativity surrounding crypto and multiple published analyses, concluding with the announcement of “crypto winter”, the NFT sector kept developing at a good pace and our team at BestBrokers decided to pull some raw data out of the Blockchain with Dune Analytics and give a visual representation.
For the report Dune Analytics was used to run raw queries and analyse raw data from the blockchain. It also features breakdowns by year and quarter of the unique Ethereum NFT traders and the number of Ethereum NFT traders as well as expert opinion on the overall NFT trading activity.
The number of the unique active NFT traders on the Ethereum blockchain rose to over 2.07 million in 2022. Despite the negative conditions in 2022, the number of active NFT traders on the Ethereum network surged 276% compared to 2021.
Initially the number of trades plummeted 22.48% in the fourth quarter of 2022 but bounced back nicely in the first quarter of 2023, which already makes this year look promising.
Despite the falling prices and the much lower trading volume for most of the cryptocurrencies, the number of the unique active NFT traders on the Ethereum blockchain rose to over 2.07 million in 2022 or 276% compared to 2021.
“The fact that NFTs kept traders’ attention during such tough times for the whole investing world means that there is something special about this asset. With the crypto prices expected to only rise from this point on, NFT will become even more mainstream and eventually will bring a lot of younger investors to the markets”
Stable overall trading activity
Ethereum NFT trading activity initially skyrocketed to almost 3 million trades for the third quarter of 2021 with BTC and Ethereum reaching all time high. However, this trend remained stable despite the turbulent 2022, only dropping in the fourth quarter of 2022 when the Fed rate reached (and exceeded) the 4% mark for the first time in 15 years.
Even after the number of trades plummeted 22.48% in the fourth quarter of 2022, it still bounced back in the first quarter of 2023 with the number of trades in this current first quarter already 6.65% higher as of 15 March 2023.
“Such stable activity, despite crypto and global markets having one of the most turbulent years in their history, only strengthens the expectations that NFTs will be one of the most popular trading instruments in the future. We have seen the power of retail investors in the so-called ‘meme stocks’ rallies in the past year, now we see it in the NFT trading.”
– comments Alang Goldberg, analyst at BestBrokers.
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Bitcoin
Forbes Unveils 20 Crypto ‘Zombies,’ Declares Ripple And XRP Among The Undead
Published
4 hours agoon
April 27, 2024By
adminIn a controversial report, Forbes unveiled a list of 20 “crypto billion-dollar zombies,” Layer 1 (L1) tokens, which the news outlet defines as crypto assets with substantial valuations but “limited utility beyond speculative trading.”
These cryptocurrencies and projects include Ripple, XRP, Ethereum Classic (ETC), Tezos (XTZ), Algorand (ALGO), and Cardano (ADA), among others.
XRP And Ethereum Classic In The Spotlight
Ripple Labs, the company behind XRP, was highlighted as a prominent crypto zombie. Despite XRP’s active trading volume of around $2 billion daily, Forbes asserts that the token’s primary purpose remains “speculative” and “lacking meaningful utility.”
However, Ripple Labs and XRP are not alone in this regard. Forbes reveals that 50 blockchains, excluding Bitcoin (BTC) and Ethereum (ETH), currently trade at values surpassing $1 billion, with at least 20 of them classified as “functional zombies.” Collectively, these 20 blockchains hold a market value of $116 billion, despite having “limited user bases.”
According to Forbes, an example of a “functional zombie” is Ethereum Classic, which maintains the distinction of being the original Ethereum chain.
While ETC has a market value of $4.6 billion, its fee generation in 2023 was less than $41,000, raising questions about the blockchain’s viability for the news organization.
Another crypto project in Forbes’ report is Tezos, which raised $230 million through an initial coin offering (ICO) in 2017.
Tezos’ XTZ token currently holds a market capitalization of $1.2 billion. However, the blockchain’s fee earnings were meager, with $5,640 in February 2024 and a total of $177,653 for all of 2023.
Algorand, once hailed as an “Ethereum killer” due to its capability of processing 7,500 transactions per second, faces similar challenges.
Despite a market cap of $2 billion and a treasury holding of $500 million, Algorand earned $63,000 in blockchain transaction fees throughout 2023. For Forbes, this casts doubt on its actual adoption and utility.
Crypto ‘Zombie’ Blockchains
The zombie blockchains are categorized into two groups by Forbes: spin-offs and direct competitors to established blockchains like Bitcoin and Ethereum.
Spin-off zombies include Bitcoin Cash (BCH), Litecoin (LTC), Monero (XMR), Bitcoin SV (BSV), and Ethereum Classic.
These blockchains, collectively valued at $23 billion, reportedly emerged from “disagreements” among programmers regarding the governance and direction of the original chains.
Forbes notes that when such conflicts arise, hard forks occur, resulting in new networks that share the same transaction history as their predecessors. The agency claims that their market value “often exceeds” their real-world usage.
Overall, The report highlights a growing disparity between the valuations of certain projects in the cryptocurrency industry and their actual utility and usage. Consequently, Forbes refers to these projects as “zombies.”
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Crypto Analyst Predicts Massive Move For Bitcoin, What’s The Target?
Published
12 hours agoon
April 26, 2024By
adminDespite BTC’s recent unimpressive price action, crypto analyst Doctor Profit has shared his bullish sentiment for Bitcoin and the broader crypto market. The analyst further suggested that a parabolic move was imminent and that crypto investors should position themselves accordingly.
Crypto Market Preparing For A “Third Industrial Revolution”
Doctor Profit mentioned in an X (formerly Twitter) post that the crypto market “is preparing itself for the third Industrial Revolution,” thereby hinting at a trend reversal for Bitcoin and altcoins soon enough. “Be part of it, or regret for [a] lifetime,” the crypto analyst added as he warned crypto investors of missing this market rally.
Related Reading: HBAR Prices Crashes 35% As BlackRock Denies Any Ties To Hedera
In a previous X post, Doctor Profit gave an idea of what to expect from the crypto market (Bitcoin in particular) when it makes its next leg up. He stated that the flagship crypto will rise to $84,000 after it is done trading the sideway range between $60,000 and $72,000. In another X post, he claimed that the super cycle will start after Bitcoin hits $72,000.
Meanwhile, Doctor Profit suggested that the price corrections experienced were normal and usually occur in each crypto cycle. He further remarked that the 10 to 20% price fluctuations weren’t big moves. His statement echoes the sentiment of Alex Thorn, Head of Research at Galaxy Digital, who previously warned that bull markets weren’t “straight lines up.”
Bitcoin Is In The Re-Accumulation Period
In a recent X (formerly Twitter) post, crypto analyst Rekt Capital confirmed that Bitcoin is currently in the Re-Accumulation phase, which occurs after the Bitcoin Halving. He further noted that the goal now “is for Bitcoin to move sideways to catch a breather, for the market to cool off after [a] fantastic Pre-Halving price performance.
According to Rekt Capital, this Re-Accumulation period can last for multiple weeks “and even up to 150 days.” The analyst revealed that once this period is over, Bitcoin will experience a breakout from this sideways range, followed by a parabolic uptrend.
This uptrend phase is said to last for over a year. However, with the probability of this being an accelerated market cycle, Rekt Capital remarked that the duration for this uptrend could be cut in half. Crypto analysts like Tom Dunleavy, Partner and Chief Investment Officer (CIO) at MV Capital, predict that the flagship crypto will rise as high as $100,000 when that time comes.
At the time of writing, Bitcoin is trading at around $64,360, up in the last 24 hours according to data from CoinMarketCap.
BTC bears pull down price | Source: BTCUSD on Tradingview.com
Featured image from Kapersky, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Altcoins
Analyst Warns One Crypto Asset Category About To Face a Reckoning, Maps Path Forward for Bitcoin and Hedera
Published
16 hours agoon
April 26, 2024By
adminA widely followed cryptocurrency analyst and trader believes one type of crypto asset is about to implode.
The analyst pseudonymously known as Credible Crypto tells his 391,500 followers on the social media platform X that memecoins could suddenly collapse in value.
“Still a lot of salt in this space despite us being at new all-time high for BTC. Mainly because memes are the ‘only’ alts that have been pumping the last few months. Hearing lots of ‘this cycle is clearly different, it’s a meme supercycle’ etc. and ‘fundamentals don’t matter.’ Lots of people have lost hope on their non-meme alt holdings and the meme reply guys couldn’t be louder.
Three things:
1. We’re going so much higher with this market as a whole.
2. There’s a meme reckoning coming.
3. Other alts will get their turn, in time.”
Next up, the analyst says Bitcoin (BTC) could retest the lower $60,000 range before breaking through the upper trendline resistance.
“And there is our drop. Would like to see us go a bit lower here though before the reversal so ideally we aren’t done just yet. Watching to see how things develop.”
Bitcoin is trading for $64,496 at time of writing, up slightly in the last 24 hours.
Lastly, the analyst says Ethereum (ETH) competitor Hedera (HBAR) could increase more than 90% from the current value.
“Looking for something like this after completing a nice five wave impulse off the lows. Note the first step is a break in lower timeframe market structure to kick things into gear. After that if we can print a higher low we should be able to run it back to the highs.”
Hedera is trading for $0.11 at time of writing, down more than 2% in the last 24 hours.
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