Connect with us

Ethereum

Bitcoin Jumps Above $66,000, Ethereum Rises 5% Following Weekend Massacre (Market Watch)

Bitcoin had one of its worst weekends in a long time but has managed to recover some ground and now trades at just over $66,000.

Most altcoins plummeted even harder but have begun their recovery now. SOL, TON, ETH, UNI, MATIC, and BCH are among the top performers.

BTC Rebound Starts

A lot can and has been said about what transpired in the past 72 hours or so. Bitcoin was relatively calm on Friday morning, in a tight range between $70,000 and $71,000. Then came the latest Fed statements from a few branch Presidents claiming that the central bank has no intentions to reduce the interest rates anytime soon.

Bitcoin, as well as most markets, reacted immediately. The cryptocurrency plunged by about six grand and fell to $65,000. It recovered some ground on Saturday and stood above $67,000, but then the tension between Iran and Israel escalated quickly as the former launched an attack against the latter.

Another massive leg down followed that drove BTC south to its lowest point in several weeks of $61,000. The asset faced more volatility on Sunday, leaving hundreds of millions of dollars in liquidations.

The start of the current business week has been more positive amid promising news coming from Hong Kong. Bitcoin now trades above $66,000, being up by 2.5% in the past 24 hours.

Its market capitalization has risen above $1.3 trillion, while its dominance over the alts has declined to 51.3%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Turn Green, too

The alternative coins suffered even more during the weekend, but the landscape is more favorable now. The second-largest digital asset dropped below $3,000 during the Saturday crash but has jumped to $3,250 as of now, following a 5% daily increase.

More impressive gains come from the likes of Toncoin (10%), Bitcoin Cash (12%), Solana (7%), Uniswap (8%), MATIC (7%), and others.

The total crypto market cap has recovered nearly $200 billion since the low on Saturday and is up to $2.540 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
SPECIAL OFFER (Sponsored)

LIMITED OFFER 2024 for CryptoPotato readers at Bybit: Use this link to register and open a $500 BTC-USDT position on Bybit Exchange for free!

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Read More

Ethereum

25 Fastest Blockchain Networks Revealed, Bitcoin and Ethereum Not in Top 15: CoinGecko

By examining the processing speed of the largest blockchain networks in terms of total value locked on DeFiLlama, CoinGecko outlined the fastest based on the actual and realized transactions-per-speed (TPS) metric.

The report concluded that Solana leads the way, followed by Sui and the Binance Smart Chain. Interestingly, Ethereum and Bitcoin are not even in the top 15.

Solana’s World

Despite its several outages in the past few years, the Solana blockchain has emerged as the fastest on CoinGecko’s list. The average daily TPS stands at 1,053.7, while the network marked a record on April 6 at just over 1,500.

According to the report, this makes Solana “46 times faster than Ethereum, and more than 5 times faster than Polygon, which has the highest TPS among Ethereum scaling solutions.”

Still, CoinGecko said that Solana’s average TPS is still far away from the theoretical maximum speed claimed by the developers of 65,000 TPS.

1/ Which blockchains are the fastest?

Our study shows that @solana has proven to be the fastest blockchain, with its actual daily average transactions per second (TPS) reaching a record high of 1,504 on April 6.

Read the full study: https://t.co/YNXbOBmsz7 pic.twitter.com/h7HXBbZavu

— CoinGecko (@coingecko) May 17, 2024

Perhaps due to its speed and the relatively low transaction fees, Solana became the home to numerous meme coins that popped up during this cycle, such as WIF, BONK, BOME, POPCAT, MEW, and others.

CoinGecko’s top 3 list is concluded by two other non-EVM networks – Sui and BSC. The paper said non-EVM blockchains are, on average, 4x faster than their EVM counterparts.

Polygon 8x Faster Than Ethereum

Ethereum transitioned from proof of work to proof of stake in late 2022 but it still cannot find a place within the top 15 on CoinGecko’s list. It takes the 17th spot with an average TPS of 22.7. In contrast, Polygon, the largest layer 2 network on Ethereum, posted 190 TPS.

“Polygon is therefore currently the fastest among the largest Ethereum scaling solutions and 8.4 times faster than Ethereum itself, even as Polygon lags further behind the top 3 fastest blockchains.”

Bitcoin, being among the few networks still on proof of work, is expectedly not in the top positions, either. The world’s largest blockchain’s average TPS was at 10.73, according to CoinGecko, which placed it at the 20th spot. Interestingly, though, Blast, Merlin, Mode, zkLink Nova, and Thorchain ranked behind Bitcoin.

SPECIAL OFFER (Sponsored)

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

Read More

Continue Reading

Ethereum

Bitcoin (BTC) Price Taps $67K, Ethereum (ETH) Climbs Above $3.1K (Weekend Watch)

Bitcoin’s most recent run continued in the past 24 hours as the asset’s price climbed to its highest price in over a month at just over $67,400 yesterday.

Ethereum has also joined the party at last, having surged past the coveted resistance line of $3,000 and jumping above $3,100.

BTC Sees 5-Week Peak

Bitcoin suffered a lot at the start of May as it dumped to a multi-month low of under $57,000. It began to recover some ground in the following week when it soared past $65,000 on May 6 but quickly reversed its trajectory and saw its price dropping to under $61,000 on May 10.

The bulls intercepted the move at this point and didn’t allow any further declines. Just the opposite, BTC maintained its ground last weekend and started climbing on Monday to just over $63,000. Another brief correction came on Tuesday to $61,200, but the lowering inflation rates in the US, which were announced on Wednesday, sent the cryptocurrency flying.

In a matter of hours, BTC skyrocketed by several grand and jumped past $66,000. Although there was another brief retracement, the growing Bitcoin ETF inflows meant more price gains for the underlying asset, which charted a 5-week high of over $67,400 yesterday.

Despite losing some ground since then, BTC still trades around $67,000 now. Its market cap has increased to $1.320 trillion on CG, but its dominance over the alts is slightly down to 51.6%.

Bitcoin/Price/Chart 18.05.2024. Source: TradingView
Bitcoin/Price/Chart 18.05.2024. Source: TradingView

ETH Goes Beyond $3.1K

The second-largest cryptocurrency was among those who trailed behind in terms of gains, as reported earlier and was losing ground to BTC. This was because ETH couldn’t reclaim decisively $3,000 despite several challenges in the past few weeks.

However, that resistance level finally gave in yesterday, which allowed Ether to shoot up above $3,100 for the first time in over a week.

Most other larger-cap alts are also in the green, with gains of around 1-2%. In contrast, Toncoin has retraced by more than 3%, and so has HEAR, which is down by 4%.

The total crypto market cap has added around $20 billion overnight and is now at $2.560 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
SPECIAL OFFER (Sponsored)

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER 2024 at BYDFi Exchange: Up to $2,888 welcome reward, use this link to register and open a 100 USDT-M position for free!

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Read More

Continue Reading

Ethereum

Base to Launch Online Hackathon With 200 ETH in Prizes, Sponsored by Stripe, Shopify, and More

Base, the Ethereum Layer 2 solution incubated by Coinbase, has announced the Onchain Summer Buildathon. The event, which runs from May 31st to June 30th, invites builders worldwide to showcase their skills in various onchain use cases, including payments, commerce, gaming, and social. The Buildathon offers 200 ETH in total prizes across eight sponsored tracks…
Read More

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.