Stablecoin usage lost steam amid the recent crypto market downturn. From peaking at nearly $2 billion on May 19, the daily transaction volume has fallen off its 2021 average by about 60%. The significant drop begs the question about stablecoin activity in the current market environment.Unsurprisingly, the two cryptocurrencies that remain in a tight race for stablecoin dominance … [Read more...] about Stablecoin activity drops after May peak
Activity
New Bitcoin entities near all-time high as analyst heralds ‘positive whale activity’
Bitcoin (BTC) on-chain activity is "dead" but on-chain indicators are overwhelmingly positive right now, says analyst William Clemente.In the latest edition of Anthony Pompliano's weekly newsletters, Clemente highlighted multiple metrics showing no reason to be bearish about Bitcoin this month.50,000 new Bitcoin entities every dayWith BTC price action failing to impress, there … [Read more...] about New Bitcoin entities near all-time high as analyst heralds ‘positive whale activity’
Dogecoin whale activity slows down as billions of dollars depart blockchain
After a flurry of activity that saw Dogecoin (DOGE) briefly process a higher dollar-value of daily transactions than Bitcoin (BTC) and Ether (ETH) combined, the surge on the Doge blockchain appears to be slowing down.Dogecoin’s price increase throughout 2021 was accompanied by an equally outlandish increase to the value of transactions taking place on its blockchain. The dollar … [Read more...] about Dogecoin whale activity slows down as billions of dollars depart blockchain
Investors’ on-chain activity hints at Bitcoin price cycle top above $166,000
After breaking out of the two-months ascending triangle, the price of Bitcoin (BTC) is firmly staying above $60,000. Current on-chain volume suggests investors are still strongly buying Bitcoin at current price levels.Furthermore, the current price is not even close to a short-term price top when comparing to historic network valuation multiples.BTC price bull run not … [Read more...] about Investors’ on-chain activity hints at Bitcoin price cycle top above $166,000
Bitcoin on-chain data suggests no bull market top at $60K, selling activity declining
For the very first time in a Bitcoin (BTC) bull market, not only long-term investors but also short-term speculators who usually add to the daily sell pressure toward the end of a market cycle have become increasingly confident of higher prices as they hold on to their Bitcoin.This only adds to the already existing supply shock. If demand remains strong, this is a recipe for … [Read more...] about Bitcoin on-chain data suggests no bull market top at $60K, selling activity declining