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Three Masters Identify 3 Explosive Altcoins: They Can Reach These Targets! – Kriptokoin.com

May 12, 2024 | Author: admin

The Arthur Hayes-linked crypto fund predicts a Chainlink rival could explode as much as 230 percent from current levels. According to an analyst who caught the 2022 Bitcoin crash, a leading altcoin Ethereum competitor has the potential to rise as much as 170 percent. Popular crypto analyst Ali Martinez is bullish on a Layer-2 token.

Maelstrom Fund, an early-stage crypto investment fund run by Arthur Hayes family office, says Flare (FLR), a relatively new blockchain and Chainlink (LINK) competitor, is currently probably undervalued. Chainlinks early mover advantage has given it a huge head start with numerous projects already integrated with its services. However, as Flare gains traction, it has the potential to quickly catch Chainlink, the fund said.

To further illustrate Flares potential, Maelstrom Fund says FLRs fully diluted valuation is currently about 23% of Chainlinks, but the startup has less than 10% of the project integrations that Ethereum (ETH)-based Chainlink already has. The fund points out how it differs from other oracle providers, including Solana-based Pyth Network. In this regard, it says that unlike them, Flare can also build its own local ecosystem. According to Maelstrom Fund, if Flare reaches 50% of Chainlinks valuation, the FLR token could increase by about 2.2 times. The fund also predicts that if Flare reaches 75% of Chainlinks valuation, FLR would increase by 3.3 times.

Crypto Capo, a widely-followed cryptocurrency analyst who accurately predicts that Bitcoin (BTC) will fall below $30,000 in 2022, says that if leading altcoin Ethereum rival Polkadot (DOT) manages to stay above a key support level of $6, it could jump as much as 172% from its current levels. In this context, the analyst makes the following statement:

DOT: After being rejected at resistance, it is now back at major support. If this support holds, we should see a move up to the same resistance ($10 to $11). If this level is broken, it could reach $15 to $17.

Popular crypto analyst Ali Martinez is bullish on Ethereum Layer-2 solution Arbitrum (ARB). The analyst says that ARBs TomDeMark (TD) Sequential Indicator gave a buy signal on the tokens weekly chart. The analyst predicts a rebound for ARB between one and four candlesticks.

The opinions and forecasts in the article are those of analysts and are not investment advice. As Kriptokoin.com, we strongly recommend that you do your own research before investing.

Follow us on Twitter, Facebookand Instagram, and join our Telegram and YouTube channelto stay up to date with breaking news !

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5 New Altcoins to Buy for Big Gains in 2024 – Watcher Guru

May 12, 2024 | Author: admin

Crypto investors are always on the hunt for the next altcoin with massive growth potential.

But with thousands of coins launched every year, it can be tough to separate the good from the bad.

In this article, well discuss 5 of the most promising altcoins that have hit the market in 2024, touching on why they could be set to soar in the coming months.

The first new altcoin that investors may wish to consider is Dogeverse (DOGEVERSE), which is making waves by bringing meme culture to multiple blockchains.

Launched on six chains, including Ethereum and Solana, the DOGEVERSE token can travel between these networks using bridging technology.

The projects mascot, Cosmo the chain-hopping Doge, symbolizes this use case.

Dogeverse has raised over $13 million in its presale so far and is offering a lucrative staking program for early investors.

Investors can earn passive rewards in DOGEVERSE over a two-year period at a rate of 70% per year.

This staking protocol, combined with Dogeverses multi-chain approach, has helped catapult the project into the public eye.

If Dogeverses team can sustain this level of momentum until the token is listed on a DEX in the coming weeks, then it could be considered one of the hottest altcoins to watch in 2024.

Visit Dogeverse Presale

Next up is WienerAI (WAI), which is looking to shake up the meme coin space with advanced AI tech.

Despite its hilarious name and sausage dog mascot, this project has some serious utility.

WienerAI offers predictive AI capabilities through a user-friendly bot that helps traders analyze the market for opportunities.

But it gets better WienerAI also offers seamless, zero-fee token swaps across DEXs with added MEV protection.

In addition to these AI trading features, theres a staking protocol where stakers can earn massive 692% APY rewards paid out in WAI tokens.

With 20% of the total WAI supply allocated to these staking rewards, it could help elevate it above the usual short-lived meme coin hype.

WienerAIs presale has raised over $1.3 million in its first week of going live and investors can still buy WAI tokens at the low price of $0.000705.

Visit WienerAI Presale

The team behind 99Bitcoins, one of the internets top crypto learning resources, is leveling up with their new 99Bitcoins Token (99BTC).

This Learn-to-Earn token rewards users for progressing through interactive crypto courses and participating in the community.

As users study topics like Bitcoin, DeFi, and more, they can earn 99BTC tokens directly to their crypto wallet.

Additionally, 99BTC will soon transition to the new BRC-20 token standard.

This standard is used to build on the Bitcoin network so by adopting it, 99BTC is making a bid to stand out in the crypto education space.

99BTC holders can even access premium content, VIP trading groups, and crypto signals.

With over $1.1 million raised so far in its presale, 99BitcoinsToken could be another new altcoin primed for a successful 2024.

Visit 99Bitcoins Token Presale

As a fresh face in the DeFi sector, Mode (MODE) is turning heads with its Layer 3 concept.

Built on the Optimism network, Mode introduces customizable, low-cost rollup chains designed for high throughput.

The project essentially aims to empower developers and users through unique incentive structures.

MODE acts as the heartbeat of the network and is used to facilitate governance, pay fees, and transfer value.

The token has been in the news recently following a massive airdrop campaign designed to raise awareness.

Now that MODE is available on several CEXs and attracting millions of dollars in spot trading volume, its shaping up to be a serious contender in the DeFi space.

Rounding off our list of new altcoins to buy for big gains is Panda Swap (PANDA).

This platform is positioning itself as the Solana blockchains premier DEX and swap service.

Panda Swap introduces valuable swap mechanics like dynamic routing across pools, super-fast transactions, and stop-loss orders.

However, Panda Swap goes beyond just swapping it also tackles liquidity issues head-on with token taxes.

At the time of writing, the native PANDA token is trading for just $0.0105, yet it has surged 11% in the past 24 hours.

If PANDA can maintain this momentum, it could be another under-the-radar altcoin to keep an eye on.

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Crypto Bull Run Update: BTC to $100k+, Whales Accumulating & Altcoins to Bottom Soon Before Breakout – Blockonomi

May 12, 2024 | Author: admin

The cryptocurrency market is eagerly awaiting the next altcoin bull run, and according to market analysts, the local bottom for altcoins could occur as early as June. However, for a significant altcoin rally to take place, Bitcoins price needs to break out to the upside first.

Popular crypto analyst Rekt Capital suggests that based on historical chart patterns, altcoins could find their local price bottom around the beginning of June, marking the start of the next altcoin bull cycle.

Despite a 21% drop in the altcoin market cap (excluding the top 10 cryptocurrencies) over the past month, the market is still up 24% year-to-date and an impressive 167% over the past year.

Altcoin sentiment is historically correlated with Bitcoins price, and a prolonged consolidation period may be in store due to the lack of sufficient new liquidity from Bitcoin ETFs in the U.S. and Hong Kong, according to Alex Onufriychuk, blockchain adviser and coach at Qubic Labs Accelerator.

He believes that for a significant turnaround, more fundamental changes are required, such as increased retail and institutional investment and favorable regulatory developments.

Bitcoins price action has been closely monitored, with the 200-day moving average (DMA) recently breaking above $50,000 for the first time.

This milestone is significant as the 200DMA is widely regarded as a pivotal indicator delineating bull and bear market cycles. In previous cycles, holding above the 200DMA was a bullish signal, while breaking down through it often presaged bearish momentum. Bitcoins ability to maintain prices over $50,443 could reinforce the uptrend.

Meanwhile, Bitcoin whales have intensified their accumulation despite the coins recent decline below $62,000.

According to on-chain data provider Santiment, BTC whales holding between 1,000 and 10,000 coins accumulated 15,121 BTC valued at $930 million between May 7th and 8th, pushing the cohorts total BTC holding to its highest level in 14 days.

However, bearish sentiments remain significant, with Bitcoin recently crossing below its 20-day simple moving average (SMA), putting it at risk of a further decline in the short term.

If the bears strengthen their position, they may pull the coins price down to the support line of BTCs descending channel pattern, potentially leading to a price around $57,000.

Despite the short-term volatility, venture capital firm Pantera Capital remains optimistic about the future of Bitcoins price. In a recent investor letter, the firm revealed its Bitcoin Halving rallies model, which predicts a bottoming out of the BTC price followed by a rise through the Halving rally.

Based on the average duration of previous rallies, Pantera Capital forecasts that BTCs price will peak at $117,000 in August 2025.

The firm highlights the relationship between Halving events and BTCs price, asserting that if the demand for new Bitcoin remains constant while the supply of new Bitcoin is reduced by half, it will create upward pressure on the price. The anticipation of a price increase has also historically driven increased demand for Bitcoin leading up to Halving events.

While altcoins may find their local bottom in June, a significant bull run will likely require Bitcoin to break out to the upside first. Despite short-term volatility and bearish sentiments, long-term projections for Bitcoins price remain bullish, with Pantera Capital predicting a peak of $117,000 by August 2025.

As the cryptocurrency market continues to evolve, investors and enthusiasts alike will be closely monitoring the interplay between Bitcoin and altcoins, as well as the impact of fundamental factors such as institutional investment and regulatory developments.

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Crypto Bull Run Update: BTC to $100k+, Whales Accumulating & Altcoins to Bottom Soon Before Breakout - Blockonomi

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Veteran Analyst Who Called Solana’s Rebound Says DeFi 2.0 Altcoin Launching on May 21 2024 is ‘the Next SOL … – Cryptonews

May 12, 2024 | Author: admin

Solanas recent price surge has intrigued the cryptocurrency market, with traders and analysts closely monitoring its movements. Veteran analyst Crypto Tonys astute observations and predictions have shed light on Solanas impressive rebound, offering valuable insights into its trajectory and signalling a bullish outlook for the digital asset.However, amidst the buzz surrounding Solanas resurgence, another groundbreaking development is on the horizon: the launch of a DeFi 2.0 altcoin, Retik Finance (RETIK), on 21st May 2024, set to make waves in the market and is termed the Next SOL according to Crypto Tony.

Veteran analyst Crypto Tonys insightful analysis revealed Solanas notable rebound against the US dollar, showcasing gains of 5.23% and 14.18% in the last 24 hours and seven days, respectively. This upward movement propelled Solanas price to $154.09, marking a significant recovery from previous lows. Delving deeper into Solanas price trends, Crypto Tonys analysis highlighted an overarching uptrend spanning from early 2023 to early 2024. During this period, Solana (SOL) exhibited a consistent pattern of green candlesticks, indicative of sustained price increases. These trends underscored Solanas resilience and potential for further growth in the crypto market.

Retik Finance (RETIK) emerged as a pioneering force in the realm of decentralized finance (DeFi), poised to revolutionize the global financial landscape. With a presale event generating a staggering $32,050,000 in funding, Retik Finance (RETIK) has garnered substantial interest from investors, reflecting the markets confidence in its vision and potential. Retik Finance (RETIK) experienced remarkable growth from $0.030 to $0.12 within a short period, underscoring its rapid ascent in the crypto space. As it gears up for its official launch on May 21, 2024, Retik Finance (RETIK) aims to bridge the gap between cryptocurrencies and traditional fiat applications, offering a comprehensive ecosystem designed to empower individuals and businesses worldwide. This launch heralds the advent of DeFi 2.0, signalling a new era of innovation and accessibility in decentralized finance.

Crypto Tonys bold prediction positions Retik Finance (RETIK) as the Next SOL in the crypto market, forecasting a monumental 1000% jump in its price by June. This ambitious projection underscores the analysts confidence in Retik Finances disruptive potential and transformative impact on decentralized finance. With its upcoming launch on May 21, 2024, across various exchanges, Retik Finance (RETIK) is poised to capture the attention of investors seeking high-growth opportunities in the crypto space. By leveraging its innovative features and visionary leadership, Retik Finance (RETIK) aims to emulate Solanas remarkable performance and emerge as a top performer in the market. As anticipation builds around Retik Finances market debut, investors are eager to capitalize on its projected growth trajectory and position themselves for lucrative returns in the coming months.

Retik Finance (RETIK) introduces many utility features designed to enhance user experience and drive adoption within the ecosystem. Through the Retik Wallet, DeFi Debit Cards, and Retik Pay, users can access a seamless fusion of digital and traditional finance, facilitating effortless transactions, earnings, and spending of cryptocurrencies. The $RETIK token serves as the backbone of the ecosystem, promoting financial autonomy, governance, and user engagement while driving value and utility across the platform. With its emphasis on security, accessibility, and privacy, Retik Finance addresses the limitations of traditional banking systems, offering users a decentralized alternative that empowers financial freedom and facilitates cross-border transactions. As users explore the myriad functionalities of Retik Finance (RETIK), they unlock new opportunities for growth and participation within the evolving landscape of decentralized finance.

Retik Finances imminent entry into the crypto market symbolizes a paradigm shift in the future of global finance, marked by innovation, inclusivity, and transparency. Retik Finance aims to democratize access to financial services and foster a more equitable financial ecosystem by addressing the shortcomings of traditional banking systems and embracing decentralized technologies. With its visionary leadership and commitment to driving positive change, Retik Finance (RETIK) is poised to redefine the standards of decentralized finance and pave the way for a more inclusive and efficient financial future. As investors and enthusiasts await Retik Finances market debut, the stage is set for a transformative journey towards a decentralized economy where individuals and businesses alike can thrive and prosper in a borderless financial landscape.

Visit the links below for more information about Retik Finance (RETIK):

Website: https://retik.com

Whitepaper: https://retik.com/retik-whitepaper.pdf

Twitter: http://www.twitter.com/retikfinance

Telegram: http://www.t.me/retikfinance

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2 key Bitcoin indicators have ‘cooled off’ Why it could be bullish – Cointelegraph

May 8, 2024 | Author: admin

Two key Bitcoin trading indicators the funding rate and three-month annualized basis rate could suggest the price is on track to go upward soon, according to a crypto analyst.

Looks like were consolidating before the next leg up, Reflexivity Research co-founder Will Clemente wrote in a May 7 post on X, explaining that Bitcoins funding and basis rates have cooled off after briefly dipping to negative readings.

The Bitcoin (BTC)funding rate is often used to track overall trader sentiment for the cryptocurrency market. Exchanges use this rate to balance out traders entering long positions with those opting for short positions to mitigate the risk of overexposure.

When long-position traders take more dominant positions, the funding rate turns positive, indicating their confidence in Bitcoins price increasing.

At the time of writing, the open interest-weighted funding rate is 0.0091%, having recovered from a negative rate of -0.0050% on May 4, according to CoinGlass data.

Sounds like the calm before the storm, saidpseudonymous crypto commentator Crypto Empire.

The Bitcoin funding rates still remaining this low, while Bitcoin is bouncing makes me feel extremely bullish, echoed pseudonymous crypto trader Mister Crypto to their 98,000 X followers.

The shift in the funding rate over the four-day period was also mirrored by a slight increase in Bitcoins price, which rose 1.11% to $62,361, per CoinMarketCap data.

Related: Bitcoin trader flags key levels as BTC price attacks $64K liquidity

However, liquidation data contradicts this, suggesting that futures traders are still leaning bearish and anticipate a near-term price drop.

A 3.5% rise in price to the key $65,000 level could liquidate $1.36 billion in short positions, whereas a 3.5% drop to $60,500 would only wipe out $650 million in long positions.

Meanwhile, some traders note that Bitcoins annualized basis rate has increased to the higher end of the 510% neutral range on major exchanges such as Binance, OKX and Deribit.

The annualized basis rate is a way to measure the cost difference between a Bitcoin futures contract and the actual price of Bitcoin.

Traders often view rates above 10% as a neutral-to-bullish signal.

Magazine: Buy altcoins now, but sell before mid-2025: Charles Edwards, X Hall of Flame

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.

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2 key Bitcoin indicators have 'cooled off' Why it could be bullish - Cointelegraph

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Bitcoin price today: slips to $62k as regulatory jitters, rate fears weigh – Investing.com

May 8, 2024 | Author: admin

Investing.com-- price slid on Wednesday, further reversing a rebound seen over the weekend as persistent concerns over more regulatory scrutiny against the cryptocurrency industry kept traders largely wary of buying in.

Broader crypto prices were also pressured by uncertainty over U.S. interest rates, after several Federal Reserve officials signaled this week that the central bank was more likely to keep rates unchanged in 2024. The dollar rebounded from recent losses after their comments.

Bitcoin fell 1.8% in the past 24 hours to $62,336.7 by 08:21 ET (12:21 GMT). The worlds largest cryptocurrency remained comfortably within a trading range seen for most of the past two months, as momentum in the token waned after it hit a record high in March.

Capital flows data released earlier this week also showed that crypto investment products, particularly Bitcoin, saw a third straight week of steep outflows as hype over exchange-traded funds launched earlier this year ran dry.

A report released earlier this week showed that over 90% of transactions in stablecoins- which are an important aspect of crypto trade- were inorganic and not from real users, raising questions over just how much retail demand there actually was for crypto.

The report also raised concerns over more regulatory action against stablecoin operators, specifically , which is the largest of the lot.

In instances of actual regulatory action, trading app Robinhood Markets Inc (NASDAQ:) said it was facing potential regulatory action from the Securities and Exchange Commission over the nature of crypto tokens traded on its platforms. The SEC has long argued that crypto tokens are securities, and is currently embroiled in legal battles with XRP issuer and crypto exchange Coinbase (NASDAQ:) over the matter.

The SEC is also reportedly investigating world no. 2 crypto over it potentially being a security, and had this week postponed a decision to approve spot-traded Ethereum ETFs for U.S. markets to July.

But the regulator is widely expected to reject applications for the ETF.

Broader cryptocurrency prices retreated, also coming under pressure from a resurgence in the dollar as Federal Reserve officials said the central bank was likely to leave interest rates unchanged this year.

Ethereum fell 2.5% to $2,996.41, while and XRP fell 6.1% and 2.7%, respectively.

High for longer U.S. rates bode poorly for crypto markets, given that the sector usually benefits from a low-rate, high-liquidity environment.

A Bitcoin price indicator known as volatility risk premium (VRP) currently indicates a relatively calm market environment ahead, which long-term investors might view positively, CoinDesk reported Wednesday.

The VRP measures the difference between an asset's option-implied volatility, which gauges expected price swings, and the realized volatility over time. This spread reflects the extra premium option sellers seek to offset the risks of future market uncertainty.

According to data from Bitfinex analysts, the one-month VRP has sharply declined from 15% to 2.5% following the Bitcoin blockchain's mining reward halving on April 20. The calculation relies on the difference between Volmex's bitcoin 30-day implied volatility index (BVIV) and the one-month realized volatility (VBRV).

"The significant narrowing of the VRP indicates a realignment of market expectations to a more stable and predictable environment post-halving," analysts at Bitfinex said in a note seen by CoinDesk.

"The market consensus seems to be that future volatility may be less than previously anticipated following the halving."

Put differently, uncertainty has diminished, and market participants anticipate more stable market conditions.

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Bitcoin exchange inflows drop to 10-year lows after $74K all-time highs – Cointelegraph

May 8, 2024 | Author: admin

Bitcoin (BTC) exchange inflows are plumbing lows not seen in nearly a decade, the latest data shows.

Figures from on-chain analytics platform CryptoQuant show daily BTC inflows declining significantly since Bitcoins $73,800 all-time highs.

Bitcoin traders are in no mood to keep coins available for quick sale on exchanges.

According to CryptoQuant, April and May 2024 have seen some of the lowest daily inflows to major exchange accounts in the past 10 years.

On April 20, when BTC/USD was around the same levels as at the time of writing, just 8,400 BTC flowed into exchanges.

The last time that such small flows were observed was when Bitcoin traded at less than $1,000 per coin.

CryptoQuant tracks a large number of both spot and derivative exchanges to compile the data.

The numbers reflect a significant shift in hodler sentiment this year as Bitcoin investment enters a new era of institutional involvement.

As Cointelegraph continues to report, appetite for increasing exposure to BTC has persisted despite short-term BTC price volatility including last weeks trip to $56,500.

Market observers continue to flag positive events tied to Bitcoin whale cohorts.

Related:Bitcoin trader flags key levels as BTC price attacks $64K liquidity

Whales in the range of 1k to 10k, which typically provide significant downward volatility to the market, have not been consistently participating in this current uptrend cycle, CryptoQuant contributor Mignolet wrote in one of its Quicktake research updates this week.

Mignolet referred to whale entities holding between 1,000 BTC and 10,000 BTC. An accompanying chart showed spent output age bands of on-chain transactions.

The post added that whales may not be willing to sell yet as the cycle has not ended.

There might be demand outside of exchanges, particularly in the OTC (over-the-counter) market, capable of absorbing large selling volumes even without deposits into exchanges post-ETF approval, Mignolet wrote.

Commenting on the current market landscape, however, Checkmate, the pseudonymous lead on-chain analyst at data firm Glassnode, said that the new spot Bitcoin exchange-traded funds were likely shaping the numbers.

Data around these entities is notoriously noisy, and I can almost guarantee that the big whale wallets youre watching are ETFs, and exchanges, he told followers in part of a post on X.

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.

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Bitcoin distribution ‘danger zone’ over, analysts say – Cointelegraph

May 8, 2024 | Author: admin

Bitcoins (BTC) price rose above the $65,000 mark on May 6 as analysts argued that the post-halvingdanger zone may be over, with more BTC upside on the way.

Bitcoins post-halving danger zoneis a three-week window after the halving, historically associated with downside volatility occurring below the reaccumulation range.

With Bitcoin rising above the current reaccumulation range of approximately $60,000, the post-halving danger zone may be over, according to popular crypto analyst Rekt Capital. He wrote in a May 6 post:

During the 2016 bull cycle, Bitcoin produced an 11% downside wick 21 days after the halving, which marked the beginning of the price reversal, noted Rekt Capital in a May 6 X post:

Meanwhile, Bitcoin analyst Willy Woo also expects higher BTC prices based on the volume-weighted average price (VWAP), a popular oscillator used by traders to determine the average asset price based on price action and volume.

Woo wrote in a May 6 X post:

Further showcasing a change in investor sentiment, the Crypto Fear & Greed Index rose to 71/100, signaling greed up from 43/100, or fear, on May 2.

Outflows from the 11 United States spot Bitcoin exchange-traded funds (ETFs) have contributed to Bitcoins correction. The U.S. ETFs recorded their highest week of outflows since launching, with nearly $900 million in net cumulative outflows over the past week, according to Dune data.

Related: Bitcoin enters new era as whales scoop up over 47K BTC during price pullback

Interestingly, data suggests that long-term holders (LTH) at the $70,000 price have finished selling to new investors. Thus, a new active accumulation phase could bestarting, according to CryptoQuant author Axel Adler Jr.s May 6 X post.

This can significantly reduce Bitcoins sell pressure, paving the way toward a gradual climb to new highs, according to Eitan Katz, the founder of Kima, a decentralized money transfer protocol. Katz told Cointelegraph:

However, Bitcoin could remain subdued in the short term, due to concerns over inflation and dampened expectations for rate cuts, according to Mithil Thakore, CEO of Velar, a Bitcoin-native liquidity protocol. Thakore told Cointelegraph:

After the current short-term consolidation, Thakore expects Bitcoin price to reach $100,000 before the end of 2024. He said:

Related: Mr. 100 buys the Bitcoin dip for the first time since halving Is the BTC bottom in?

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.

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Bitcoin reaches one billion transactions – Cointelegraph

May 8, 2024 | Author: admin

The Bitcoin network has processed its one billionth transaction marking a huge milestone moment for the network 15 years after its creation.

Clark Moodys Bitcoin dashboard showsthat transaction 1,000,000,000 was processed inblock 842,241 at 9:34 pm UTC on May 5.

It comes 15 years, four months and four days after thepseudonymous creator Bitcoin (BTC), Satoshi Nakamoto, mined the networks first block on Jan. 3, 2009.

The network has processed an average of 178,475 daily transactions in its 5,603-day existence.

However, the count doesnt include transactions made on the Lightning Network, a Bitcoin layer-2 payment protocol enabling faster transactions.

Data from the Bitcoin-only exchange River found the Lightning Network processed a lower-bound estimate of 6.6 million transactions alone in August 2023, suggesting that hundreds of millions of transactions have been made on Lightning since it launched in January, 2018.

Daily transactions on Bitcoin spiked around the networks fourth halving event on April 20, with a record high of 926,000 transactions processed on April 23.

Much of this demand came from the launch of the Runes protocolat block 840,000.

That said, Bitcoinsdaily transaction count has since cooled off to 660,260 on May 4.

Despite Bitcoin being the oldest cryptocurrency network, it isnt the first of its kind to process one billion transactions.

Bitcoins biggest rival, Ethereum, has processed well over two billion transactions since it launched in July 2015, Etherscan data shows.

Related: Impact of Bitcoin halving event on transaction confirmation times

Bitcoin is currently priced at $63,750, up over 12% since it hit a two-month low of $56,800 on May 2, according to CoinGecko.

However, it is still down 13,6% from its all-time high of $73,740 set on March 13.

Magazine: Get Bitcoin or die tryin: Why hip hop stars love crypto

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Bitcoin mining revenue hits post-halving yearly low – Cointelegraph

May 8, 2024 | Author: admin

Earnings from Bitcoin mining dropped significantly in May as the effects of the fourth Bitcoin halving event set in.

The Bitcoin halving mechanism was designed to increasingly limit the issuance of 21 million Bitcoin (BTC)spread over decades. The April 20 halving reduced mining rewards to 3.125 BTC from 6.25 BTC.

While initial hype around the halving and the launch of Bitcoin Runes temporarily sustained the miners daily earnings, a strong revenue drop was recorded in May. On May 1, the total revenue earned from block rewards and transaction fees fell to a new low of $26.3 million.

In contrast, Bitcoin miners earned roughly $6 million per day on average before the halving, according to data sourced from Blockchain.com.

All the other days in May also recorded similar revenue patterns, signaling a new normal in Bitcoin mining revenue. Coincidentally, mining revenue peaked on April 20, marking an all-time high daily earnings of over $107 million for the first time in Bitcoin history.

Anticipating this significant drop, miners worldwide restrategized operations to remain profitable in the next phase of the Bitcoin economy. If not, miners would have to rely solely on Bitcoins high market value to support operations.

Read Cointelegraphs guide to learn more aboutbeing a profitable Bitcoin miner from home.

CryptoQuant CEO Ki Young Ju calculated that Bitcoin needs to hold above $80,000 to keep mining profitable post-halving under current conditions. However, most miners took proactive measures to upgrade their mining equipment to reduce long-term operational costs while being competitive.

Related:Bitcoin reaches one billion transactions

For example, Bitcoin mining firm Bitfarms allotted $240 million to triple its hash rate. Previously speaking to Cointelegraph, Bitfarms chief financial officer Jeffrey Lucas laid out the firms drive to procure 88,000 highly efficient Bitcoin miners:

Despite the effort, Bitfarms recorded its lowest monthly earnings of 269 Bitcoin in over two years in April.

Magazine: CZ gets jail sentence, Gensler viewed Ether as security, and FBI targets mixers: Hodlers Digest, April 28 May 4

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