The researchers claim the ideas driving the conclusions found in the original paper were based on flawed assumptions about the nature of Bitcoin.
Decentral Block Post
Access real-time blockchain and cryptocurrency news updates from around the globe.
Price analysis 6/21: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC, LTC, DOT
Bitcoin price surged to $31,000 as a handful of BTC spot ETF applications and Fed chair Jerome Powell's views on stablecoins appear to have improved crypto investors' view of the market.
Price analysis 6/21: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC, LTC, DOT
BlackRock’s application for a spot Bitcoin exchange-traded fund (ETF) has encouraged other financial firms to follow suit. First, it was the New York-based asset management fund WisdomTree, which made a new filing on June 21 for a Bitcoin (BTC) ETF. This was then followed by investment manager Invesco, which reactivated its application for a spot ETF.
These announcements boosted investor sentiment, resulting in a short squeeze and additional buying interest from traders who may have been waiting on the sidelines. The slew of events over the past few days has increased buying interest in Bitcoin, which sent its market dominance to above 50% on June 19.
Daily cryptocurrency market performance. Source: Coin360The short-term traders who are expecting a quick rally to the all-time highs may be in for a shock. In the latest edition of its weekly newsletter, “The Week On-Chain,” analytics firm Glassnode warned investors that their patience could be tested for another eight to 18 months before the market hits a new all-time high.
Will Bitcoin’s rally continue to rise for a few more days, or is it time to book profits? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin broke and closed above the 20-day exponential moving average (EMA) of $26,934 on June 17. The bears tried to sink the price back below the level on June 18, but the bulls held their ground.
Price analysis 6/21: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC, LTC, DOT
Bitcoin’s price surged to $31,000 as a handful of BTC spot ETF applications and Fed Chair Jerome Powell’s views on stablecoins appear to have improved crypto investors’ view of the market.
Wallet providers introduce BRC-20 token support despite market drawdown
There are currently more than 34,000 types of BRC-20 tokens in circulation.
Fed sees stablecoin as form of money, wants ‘robust’ role in its oversight, Powell says
The Federal Reserve chair gave his opinion on draft crypto legislation at the House Financial Services Committee’s semi-annual Fed policy hearing.
US lawmakers propose bills to hold bank execs accountable for failures and address risks
Maxine Waters did not specifically mention crypto in the proposed legislation, drafted in response to the collapse of Silicon Valley Bank, Signature Bank, and First Republic Bank.
3 reasons why Ethereum’s market cap dominance is on the rise
Ethereum has been the dominant smart contract and decentralized application (Dapp) network since its inception. An analysis based on Ether’s price (ETH), and its market capitalization, shows indisputable evidence that the blockchain has been gaining market share over time.
Ether market capitalization dominance (%). Source: TradingViewAs shown above, Ether’s dominance in market capitalization terms grew over the past couple of years, from an 18% average in July 2021 to the current 20%. Excluding Bitcoin (BTC) from the analysis, Ether’s market share presently stands at 40.6%, while the next competitor, BNB, holds a 7.2% share.
This shows the disparity from the leading Dapp-focused network to the incumbents, which is also evident when analyzing the total value locked (TVL) on each network’s smart contracts. Ethereum is the absolute leader with $24.6 billion in TVL, followed by Tron’s $5.4 billion and BNB Chain’s $3.3 billion.
Total value locked market share (%). Source: DefiLlamaThe above chart depicts the Ethereum network’s TVL market share declining from 70.5% in June 2021 to 49.5% in May 2022. The movement happened while Terra and Avalanche gained a combined 20% market share in smart contract deposits. However, after the Terra-Luna ecosystem collapse in May 2022, which culminated with developers halting network activity, Ethereum quickly regained a 58% market share.
Despite the emergence of Dapps on the BNB and Tron blockchains, Ethereum’s leadership has remained unquestioned over the past 12 months. This data shows the irrelevance of the total number of unique active wallets interacting with smart contracts (UAW) per chain.
3 reasons why Ethereum’s market cap dominance is on the rise
Bitcoin dominance is rising, but so is Ethereum’s share of market dominance among its altcoin competitors. Cointelegraph explains why.
3 reasons why Ethereum’s market cap dominance is on the rise
Ethereum has been the dominant smart contract and decentralized application (DApp) network since its inception. An analysis of Ether’s price (ETH) and market capitalization shows indisputable evidence that the blockchain has been gaining market share.
Ether market capitalization dominance (%). Source: TradingViewAs shown above, Ether’s dominance in market capitalization terms has grown over the past couple of years, from an 18% average in July 2021 to the current 20%. Excluding Bitcoin (BTC) from the analysis, Ether’s market share presently stands at 40.6%, while its next competitor, BNB (BNB), holds a 7.2% share.
The disparity between Ethereum and others is also evident when analyzing the total value locked (TVL) on each network’s smart contracts. Ethereum is the absolute leader with $24.6 billion in TVL, followed by Tron’s $5.4 billion and BNB Chain’s $3.3 billion.
Total value locked market share (%). Source: DefiLlamaThe above chart depicts how Ethereum’s TVL market share declining from 70.5% in June 2021 to 49.5% in May 2022 as Terra and Avalanche gained a combined 20% market share. However, following the Terra ecosystem collapse in May 2022 — which culminated in developers halting network activity — Ethereum quickly regained a 58% market share.
Despite the emergence of DApps on the BNB and Tron blockchains, Ethereum’s leadership has remained uncontested over the past 12 months. This data shows the irrelevance of the total number of unique active wallets (UAW) interacting with smart contracts per chain.
Bitcoin price taps $30K for first time since April
BTC price gains pass $30,400, marking the largest cryptocurrency's highest levels since mid-April.
Bitcoin price taps $30K for first time since April
Bitcoin (BTC) returned to $30,000 after the June 21 Wall Street open in a triumphant continuation of the week’s gains.
BTC/USD 1-day chart. Source: TradingViewBitcoin price destroys traces of multi-week downturn
Data from Cointelegraph Markets Pro and TradingView confirmed a new multi-month high of $30,340 on Bitstamp.
BTC price action continued to heat up throughout the day as bulls made the most of strength, which had come thanks to various announcements of legacy finance applying to launch a Bitcoin exchange-traded fund (ETF).
In so doing, BTC/USD erased many weeks of downside, adding over 20% versus local lows below $24,800 seen on June 15.
As traders lined up short-term targets, on-chain monitoring resource Material Indicators focused on $30,000 as an important level to overcome.
CleanSpark buys two Bitcoin mining campuses for $9.3M
Bitcoin miner CleanSpark entered into a definitive agreement to purchase two turnkey mining campuses in the U.S. state of Georgia.
How to track and report crypto transactions for tax purposes
Crypto assets are subject to tax and must be tracked and reported to the IRS. This comprehensive tax guide contains everything you need to know.
Ledger releases white paper for hardware wallet seed recovery tool
Despite facing notable criticism over the Ledger seed recovery tool, the hardware crypto wallet firm expects to launch the Ledger Recover tool in Q4 2023.
Singapore MAS proposes digital money standards with major industry players
The Monetary Authority of Singapore, with input from major tech giants, released a whitepaper on the standards for digital money usage such as CBDCs and stablecoins.
Bitcoin adoption in Mexico boosted by Lightning partnership with retail giant
“Imagine if Best Buy, Bank of America, Fox News and an NFL team were all owned by the same individual. All of them will have lightning capabilities in the future,” Jose Lemus, CEO of Ibex Mercado, told Cointelegraph.
Bitcoin 2023 in Miami comes to grips with ‘shitcoins on Bitcoin’
Shitcoins and NFTs invaded Bitcoin 2023, but most attendees didn’t seem to mind. Can Ordinals usher in a new era of Magic Internet Money?
Bitcoin 2023 in Miami comes to grips with ‘shitcoins on Bitcoin’
Among the more memorable displays at Bitcoin 2023 is a real-life toilet with the logos of various non-Bitcoin cryptocurrencies. It’s an ad for a booth selling “buttwipes” that are “moistened with the tears of no-coiners.” The marketing message is clear: Bitcoin is the real thing — everything else is a shitcoin that belongs in the toilet.
But only a few steps away is another booth selling trading solutions for BRC-20 tokens, which some have labeled shitcoins for Bitcoin. Across the walkway are more booths slinging NFT minting software — also on Bitcoin. The conference even hosts a Bitcoin NFT art gallery.
As Miami hosts the largest Bitcoin conference for the third year in a row in May, the air feels markedly different. Though there are only 15,000 attendees compared to last year’s 35,000, the atmosphere has an energy and freshness that’s a world away from the gloom and bear-market blues that one might expect after the massive drops from the 2021 highs.
Bitcoin is the real thing — everything else belongs in the toilet (Elias Ahonen)What’s changed this year is the ordinal renaissance, brought on by the recent reality of not only NFTs but tokens being issued on the Bitcoin blockchain. There are certainly haters — with some calling for a fork to undo the Taproot updates that made “spam” possible on the chain.
But despite the Bitcoin community’s traditional hatred for NFTs, tokens and DeFi, however, things are surprisingly quiet. Despite the blowback online, almost no one Magazine encounters at Bitcoin 2023 has anything particularly bad to say about Ordinals — and some did not even realize they are related to Bitcoin.
Bitcoin 2023 in Miami comes to grips with ‘shitcoins on Bitcoin’
Among the more memorable displays at Bitcoin 2023 is a real-life toilet with the logos of various non-Bitcoin cryptocurrencies. It’s an ad for a booth selling “buttwipes” that are “moistened with the tears of no-coiners.” The marketing message is clear: Bitcoin is the real thing — everything else is a shitcoin that belongs in the toilet.
But only a few steps away is another booth selling trading solutions for BRC-20 tokens, which some have labeled shitcoins for Bitcoin. Across the walkway are more booths slinging NFT minting software — also on Bitcoin. The conference even hosts a Bitcoin NFT art gallery.
As Miami hosts the largest Bitcoin conference for the third year in a row in May, the air feels markedly different. Though there are only 15,000 attendees compared to last year’s 35,000, the atmosphere has an energy and freshness that’s a world away from the gloom and bear-market blues that one might expect after the massive drops from the 2021 highs.
Bitcoin is the real thing — everything else belongs in the toilet (Elias Ahonen)What’s changed this year is the ordinal renaissance, brought on by the recent reality of not only NFTs but tokens being issued on the Bitcoin blockchain. There are certainly haters — with some calling for a fork to undo the Taproot updates that made “spam” possible on the chain.
But despite the Bitcoin community’s traditional hatred for NFTs, tokens and DeFi, however, things are surprisingly quiet. Despite the blowback online, almost no one Magazine encounters at Bitcoin 2023 has anything particularly bad to say about Ordinals — and some did not even realize they are related to Bitcoin.