Ethereum is making waves in 2024, proving to be a star in the crypto universe. A recent snapshot of its performance shows a phenomenal 46.7% jump in February alone, with an overall yearly growth of 53.8%. This isn’t just good news; it’s a sign of Ethereum’s increasing strength and popularity. The network is buzzing with activity, attracting around 100,000 new users every single day this year. Big-time investors, also known as ‘whales,’ who’ve been quiet for years, are now back in action, trading large amounts of Ethereum, especially when prices soared past $3,500. These positive trends highlight the growing confidence in Ethereum’s future, suggesting that it’s not just bouncing back but setting the stage for a leading role in the crypto market. With Ethereum’s impressive climb in 2024, it’s clear that this cryptocurrency is not just surviving the market’s ups and downs—it’s thriving.

Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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The below is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

The United States federal government has once again added to its substantial Bitcoin hoard, transferring $922 million worth from wallets associated with Bitfinex hackers in a seizure.

Over the course of a series of various seizures and other asset forfeitures, the United States federal government has accumulated and holds enough…

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Bitdeer Technologies, a leader in Bitcoin mining innovation, has announced the launch of its pioneering SEAL01 mining chip, marking a significant leap forward in cryptocurrency mining technology. The chip, designed with sophisticated 4-nanometer process technology, boasts an unprecedented power efficiency ratio of 18.1 J/TH. This achievement heralds a new era of enhanced mining performance with reduced energy consumption, promising lower costs and a lesser environmental impact for miners worldwide.

Developed by an elite team of engineers under the vision of founder Jihan Wu, the SEAL01 is at the heart of Bitdeer’s strategy to navigate the challenges of the upcoming Bitcoin halving in 2024. The chip’s integration into the soon-to-be-released SEALMINER A1 rig underscores Bitdeer’s commitment to providing cutting-edge solutions that support the Bitcoin network’s security and sustainability.

With its focus on efficiency, stability, and scalability, Bitdeer is setting a new standard for the future of Bitcoin mining, ensuring that miners are well-equipped to thrive in a rapidly evolving digital currency landscape.

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Tether (USDT), the world’s largest stablecoin, has approached a circulating supply of nearly $100 billion, marking an all-time high range of around 99.5 billion, according to data from The Block’s Price Page. The stablecoin’s market capitalization exceeded $100 billion as its value fluctuated, with Tether claiming all USDT tokens are pegged at a 1:1 ratio with the U.S. dollar. Including minted and authorized tokens, the total USDT supply stood at 104 billion as of Monday. Tether’s growth parallels that of Bitcoin and the broader cryptocurrency market, particularly influenced by the launch of spot Bitcoin ETFs in the U.S. This surge in supply has widened the gap between Tether and its closest competitor, Circle’s USDC stablecoin, which has a circulation supply of 28.9 billion. Tether reported a record net profit of $2.9 billion in the fourth quarter of the previous year, primarily driven by the appreciation of its U.S. Treasuries, Bitcoin, and gold holdings, as per its attestation report.

Data

Bitcoin’s value soared to a year-to-date peak, surpassing $65,500 during European trading, marking a significant milestone as it edges within 8% of its historic high of $69,000 from November 2021. This resurgence highlights Bitcoin’s remarkable journey, overcoming numerous challenges to approach its all-time fiat value high, last seen 844 days ago. The momentum continues as Bitcoin, the leading cryptocurrency, experiences a second day of gains, fuelled by the anticipation of strong demand for exchange-traded funds (ETFs) at the beginning of the week. Central to this rally is the overwhelming interest from US-listed Bitcoin ETFs, which commenced trading on January 11. Over the past year, Bitcoin has witnessed an astonishing surge of approximately 186%, underscoring the growing investor confidence and the insatiable demand for Bitcoin ETFs, suggesting a bullish outlook for the world’s foremost cryptocurrency.

Data

$1M – $10M MarketCap:

1. Ribbit (RIBBIT): 544%
2. Fedoracoin (TIPS): 81%
3. PolyDoge (POLYDOGE): 53%
4. Gorilla (GORILLA): 40%
5. HyperCash (HC): 25%

$10M – $100M MarketCap:

1. Meme Mint (MEMEMINT): 280%
2. CumRocket (CUMMIES): 150%
3. Luna Inu (LINU): 103%
4. HOPR (HOPR): 90%
5. DeepFakeAI (FAKEAI): 75%

$100M – $1B MarketCap:

1. Numbers Protocol (NUM): 102%
2. The Doge NFT (DOG): 54%
3. Electroneum (ETN): 46%
4. ConstitutionDAO (PEOPLE): 36%
5. Myro ($MYRO): 35%

Disclaimer: Market capitalizations can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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Bitcoin is perhaps so far the greatest success story of the 21st century. It is also the most controversial and thought-provoking. It is, therefore, not at all similar to conventional success stories like Berkshire Hathaway, a storied American conglomerate. However, ‎SkyBridge Capital founder ‎Anthony Scaramucci, the major institutional investor, believes Bitcoin is the Berkshire Hathaway of the 21st century.

Who is Anthony Scaramucci?

Anthony Scaramucci aka The Mooch is a recognizable name in conventional investing circles. He is also a major Bitcoin proponent, one of the early such examples to come from a major fund manager. Scaramucci’s SkyBridge Capital firm is heavily invested…

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