The long-term Bitcoin trend indicators, the 200-day and 200-week moving average, are at the highest-ever levels with Anthony Pompliano saying BTC is “as strong as ever.”
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A bullish wave sweeps through the Dogecoin (DOGE) ecosystem as a staggering 82.66% of its wallets now stand in profit. According to recent data from IntoTheBlock (ITB), out of a total of 5.21 million addresses, the majority are currently experiencing gains. This surge signifies a significant upturn in market sentiment, with DOGE holders reaping the benefits of the cryptocurrency’s recent price movements.
In contrast, only 13.5% of addresses find themselves at a loss, totaling around 850,400 wallets. However, optimism remains high among investors, as these losses could be reversed if DOGE’s price manages to climb back to the $0.183729 to $0.671001 range. Notably, approximately 3.83% of addresses hover around the breakeven point, holding their ground in the $0.150461 to $0.167839 price range. This remarkable shift in wallet profitability underscores Dogecoin’s resilience and its ability to align with broader market trends.
BitMEX co-founder Arthur Hayes believes the ongoing period of price consolidation in the cryptocurrency market presents an excellent chance to accumulate crypto before the next bull market phase. In an interview with Cointelegraph, Hayes emphasized that individuals with fiat and spare cash should consider investing in crypto during this stable period, as he expects inflationary monetary policies to soon propel Bitcoin and other cryptocurrencies to new heights.
Hayes foresees major economies worldwide increasing money supply significantly in the next 18 to 24 months. He believes this trend will fuel the next bullish run in the cryptocurrency market, particularly Bitcoin. Furthermore, Hayes predicts that the upcoming U.S. presidential elections will serve as a bullish catalyst, as financial authorities may ease monetary policies to bolster President Joe Biden’s re-election chances.
Historically, periods of monetary expansion have led to crypto rallies. Hayes notes that governments can easily print money, borrow, and distribute it in various forms, boosting the crypto market.
Memecoins are underperforming Bitcoin today, which could be a sign that traders will pay more attention to BTC’s post-halving recovery.
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On Monday, the experimental currency Ore won $50,000 from a Solana Foundation-supported hackathon focused on identifying Solana’s “next wave of high-impact projects.”
“High-impact” presumably refers to Ore’s potential for making a positive change to Solana’s adoption figures. But so far, Ore’s impact has been more like a gut punch: The project halted mining in mid-April after the avalanche of network usage from mining the currency made it difficult for Solana users to get their transactions included in blocks.
Ore is an experiment in using the proof-of-work security mechanism on the Solana blockchain. PoW systems essentially pay miners native currency rewards in exchange…
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Bundesbank’s president Joachim Nagel urged central banks to revamp their business models and adopt digital currencies during the BIS Innovation Summit.
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Ethereum (ETH) has made a remarkable rebound, surpassing the $3,200 mark over the weekend. The network experienced an extraordinary surge in growth, with 196.71K new Ethereum addresses being created on May 4, 2024. This is the largest single day of network growth seen since October 8, 2022.
The influx of new wallets is a positive indicator for the network, highlighting increased adoption and usage. This significant growth suggests a growing confidence in the Ethereum network, despite recent market volatility. As the number of non-empty wallets reaches 121.17 million, it emphasizes the expanding adoption of ETH among new users and investors.
With Ethereum’s network growth reaching a 19-month high, market sentiment remains positive. This sharp increase in new wallet addresses is being seen as a bullish sign, reflecting heightened interest and optimism in Ethereum’s future prospects. The latest data points to a strengthening network that is potentially laying the groundwork for further growth.
Originally published on Unchained.com.Unchained is the official US Collaborative Custody partner of Bitcoin Magazine and an integral sponsor of related content published through Bitcoin Magazine. For more information on services offered, custody products, and the relationship between Unchained and Bitcoin Magazine, please visit our website.
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