• SEC sues Binance, but the exchange sees no major ETH and BTC withdrawals. 
• However, BNB witnessed a significant drop and was controlled by the bears at the time of writing. 

The US Securities and Exchange Commission (SEC) started a new week with a bang as it filed another lawsuit. This time the regulatory body decided to target the world’s largest exchange Binance.

The lawsuit that extended to the Binance [BNB] CEO CZ claimed that Binance unlawfully solicited investors to buy, sell, and trade crypto asset securities. And this was done through unregistered trading platforms.

In light of these events, Binance didn’t stand back. As of 5 June, Binance responded to the lawsuit. The exchange claimed that the SEC was trying to unilaterally define the crypto market structure. Furthermore, the exchange also stated its disappointment toward the U.S. regulatory authority.

Is your portfolio green? Check the BNB Profit Calculator

The aftermath of it all

Despite all that went down, Binance received support from several notable personalities in the crypto world. Additionally, Binance supporters could also breathe a sigh of relief as the CryptoQuant CEO Ki Young Ju posted this update about the exchange.

The CryptoQuant co-founder stated that no major BTC and ETH withdrawals were seen on Binance. Contrary to the expectations of many, user balances witnessed a rise.

Additionally, the CryptoQuant exec also pointed out that BSC had taken off 10% of its reserves which was concerning. However, a look at the Binance BTC reserve hourly chart pointed out an outflow of 4k BTC, which was an everyday affair as per Ki Young Ju.

A helping hand would be great…

With all the events that transpired, BNB did seem in a position where it could use a helping hand. At the time of writing, BNB seemed in a distraught state as it exchanged hands at $276. Additionally, a look at the four-hour chart also depicted some miserably positioned indicators.

The Relative Strength Index (RSI) that hovered around the neutral zone in the early hours of 5 June dropped to 10.48 at the time of writing. This indicated the presence of significant selling pressure in the market. Furthermore, BNB’s Moving Average Convergence Divergence (MACD) also painted a grim scenario.

The MACD line (blue) witnessed a freefall and moved significantly lower than the signal line (red) below the zero line. This was a clear indication that the bears had gained control of the market in light of the events that transpired.

Is your portfolio green? Check the BNB Profit Calculator

Additionally, the Money Flow Index (MFI) too painted a bearish picture as it stood at 8.53 at the time of writing.

Source: TradingView

In addition to the aforementioned information, BNB’s market depth dropped by more than half since the news of the lawsuit broke. This indicated that investors in the market weren’t as interested in the exchange’s token.

• Data from IntoTheBlock stated that daily DOGE transactions surged by 8220% in May.
• At press time, DOGE was exchanging hands at a loss with its RSI moving towards the oversold region. 

The last few days could be considered quite eventful for Musk’s preferred memecoin, Dogecoin [DOGE]. This was because DOGE’s transaction count surpassed that of Bitcoin [BTC] and Ethereum [ETH] on 29 May. However, that wasn’t all.

On a related front, DOGE’s daily transactions saw an 8220% increase over the month of May. Furthermore, as per data from IntoTheBlock the number went from 25k to 2.08 million on 27 May.

How much are 1,10,100 DOGEs worth today?

A gloomy day for DOGE

Data from the intelligence platform Santiment showed that as of 30 May DOGE addresses holding 10,000 to 100,000 DOGE saw a drop in their holdings. Furthermore, addresses holding 10 to 100 DOGE were also seen dumping their holdings. Additionally, addresses holding 100-1000 coins also witnessed a slight decline in their holdings.

Contrary to the movement of the aforementioned addresses, the only addresses that showed significant accumulation were the addresses holding 1,000 to 10,000 DOGE. This indicated that addresses holding smaller amounts of DOGE had been selling their holdings as of 31 May.

Furthermore, the addresses that didn’t show significant activity were addresses holding 1 to 10 DOGE.

Source: Santiment

Furthermore, as of 31 May, DOGE’s weighted sentiment also witnessed a drop and stood at -0.299. This meant that investors didn’t exactly have a positive outlook towards the memecoin despite its latest achievement. Furthermore, a look at the volume showed a slight rise.

However, DOGE’s volume at 203.15 million didn’t stand anywhere near its April highs, which meant that investor activity around the memecoin on the chain wasn’t at its best.

Source: Santiment

Have the bears caught up to DOGE?

At the time of writing, DOGE was trading in the red and exchanged hands at $0.0714. Furthermore, upon considering its Relative Strength Index (RSI) it could be seen that DOGE was losing its buying momentum and was moving towards the oversold region. DOGE’s RSI stood at 40.77 at the time of writing.

Although the Moving Average Convergence Divergence (MACD) didn’t show a bearish crossover yet, it could change course if the selling pressure increases. At press time, the MACD line (blue) moved above the signal line (red). However, the signal line’s slight upward movement indicated the possibility of an upcoming bearish crossover.

Read Dogecoin’s [DOGE] Price Prediction 2023-2024

Furthermore, the Money Flow Index (MFI) was also seen moving toward the overbought region and stood at 43.89 at the time of writing.

Source: TradingView

Additionally, despite a positive seven-day performance on the price front, DOGE’s 24-hour performance didn’t flash green. At the time of writing, data from CoinMarketCap showed that DOGE’s dropped by 1.18% over the last 24 hours.

• Lido witnessed quite a few notable developments over the last seven days
• However, metrics and its price action didn’t exactly mirror the sentiment 

Over the last 30 days, Lido [LDO] has majorly operated in the red as per data from CoinMarketCap. At the time of writing, LDO exchanged hands at $2.16 and stood in the green.

LDO’s surge of 5.33% over the last seven days could be attributed to these developments on the network.

Is your portfolio green? Check out the Lido Profit Calculator

Bulls all the way…

As posted by the Lido Finance Twitter account, Lido had quite an eventful week as per data from Dune Analytics. As per the tweet, Lido’s TVL crossed $13 billion for the first time since May 2022. The growth could be attributed to new deposits and a surge in token prices.

Lido’s TVL witnessed a massive 11.24% surge in the last seven days.

Furthermore, Lido deposits were 35 times larger than the requested withdrawals last week. The requested figure stood at 8,998 ETH whereas the finalized claims stood at 8,523 ETH as of 30 May. That wasn’t all as Lido also managed to take 43.6% of new ETH staking deposits with a total value of 321.2k ETH.

All these signs showed tremendous growth for the liquid staking protocol. However, despite all the aforementioned developments, these LDO metrics didn’t seem to favor the altcoin’s position.

As can be seen from the chart given below, LDO’s network growth wasn’t anywhere near its high of February 2023. To add to the sentiment, its network growth dropped as of 29 May and stood at 50 at the time of writing.

Furthermore, the weighted sentiment toward LDO also stayed quite far from its last peak of April and at the time of writing, stood at -0.309. This wasn’t a great sign for the LDO token despite quite the buzz it created on the performance front over the last seven days.

Source: Santiment

A diminishing momentum on the price charts

LDO’s price action at the time of writing didn’t favor a clear bullish or bearish sentiment and preferred to stay between the two extremes. LDO’s Relative Strength Index (RSI) hovered above the neutral line indicating the presence of some buying pressure. However, the RSI could move the other way considering its press time position of a slight tilt towards the neutral line.

Realistic or not, here’s LDO’s market cap in BTC’s terms

Furthermore, the Awesome Oscillator (AO) although flashed green above the zero line, could fall back below the zero line in light of rising selling pressure. Additionally, the Moving Average Convergence Divergence (MACD) line (blue) also moved above the signal line (red) which was a bullish sign.

However, the closeness of both lines depicted that the bullish momentum wasn’t enough to anticipate a full-fledged bullish rally.

Source: TradingView

• The total number of Tron accounts surpasses 162 million as of 26 May.
• However, the number of stakers, weighted sentiment, and volume took a hit. 

Tron’s [TRX] performance over the last 30 days has been nothing short of commendable. TRX was trading at $0.06518 as of 26 April and at the time of writing, it exchanged hands at 0.077. The token surged by approximately 20% over the last 30 days.

However, the efforts taken by the network could be considered a significant reason behind this growth on the price front. A tweet posted by TRONSCAN stated that the total number of Tron accounts exceeded 162 million and stood at 162,207,183.

How much are 1,10,100 TRXs worth today

TRX on a roll…

Apart from the aforementioned development, another tweet posted by Tron Community gave an update on the number of coins burned. As of 25 May, the network burned 17,304,991 TRX tokens. This was also a positive development for the token and its community.

Despite the positive developments fostering a growing environment, some metrics didn’t seem to favor the community and the token. At press time, data from the intelligence platform Santiment showed that over the last 30 days, TRX weighted sentiment, as well as volume, didn’t perform very well.

At the time of writing, TRX’s weighted sentiment witnessed a significant drop after going as high as 0.922 just five days earlier on 21 May. This wasn’t a good sign for the network. Furthermore, TRX’s volume also followed a similar pattern and witnessed a notable peak on 22 May. However, it started to decline from 24 May and stood at 198.24 million.

Source: Santiment

Where does TRX stand?

At the time of writing, TRX was trading in the red as per the chart given below. However, TRX’s Relative Strength Index (RSI) moved slightly below the oversold region to stand at 68.70. Although the RSI moved out of the oversold region, the RSI still showed the presence of buying momentum.

Furthermore, the Awesome Oscillator (AO) also flashed moved above the zero line and flashed green bars at the time of writing. This showed that TRX was on a bullish spree at the time of writing.

Another indicator of Tron’s journey in the green was the Moving Average Convergence Divergence (MACD). At the time of writing, the MACD line (blue) moved significantly above the signal line (red). This could be taken as a significant bullish indicator.

Read Tron’s [TRX] Price Prediction 2023-24

Additionally, considering the movement of both these lines also showed that the bullish crossover could go on for a while unless TRX witnesses a sudden rise in selling pressure.

Source: TradingView

Despite TRX holders having much to celebrate around TRX’s price action, data from Staking Rewards presented a concerning picture. Over the last 30 days, the number of stakers did witness a gradual rise on the network. However, the number of stakers witnessed a sharp drop to stand at 332,841 from a high of 341,550 as of 23 May.

Source: Staking Rewards

• Cardano’s TVL surged by 4.53% in the last 24 hours 
• However, ADA’s RSI didna seem to second the TVL update and stood in the neutral zone at press time

Cardano’s [ADA] performance over the last 30 days has been equal parts of up and equal parts of down. The network and the altcoin saw healthy growth lately courtesy of Cardano’s high transaction count.

However, the Cardano ecosystem had a lot more going on in the background. As of 23 May, Cardano’s Total Value Locked (TVL) seemed to be going parabolic as per Cardano Feed’s latest tweet. This meant that a significant number of investors were staking their ADA.

Read Cardano’s [ADA] Price Prediction 2023-24

A moment of celebration

Data from the intelligence platform DeFiLlama stated that as of 23 May, ADA’s TVL stood at $158.16 million. The TVL saw a 4.53% raise in the last 24 hours. Furthermore, the number of active users on the network stood at 63.31k at the time of writing.

Although the number of active users stood lower than 21 May, it still hovered around the same number for the last two days. This could be deemed as a bullish narrative for the altcoin since more and more users were willing to stake their ADA.

Source: DeFiLlama

Despite the rise in TVL, what looked concerning for ADA was the long/short ratio. At the time of writing, ADA’s long/short ratio favored short-term traders over long-term traders. At press time, short-term traders held 54.85% of the positions as compared to 45.15% of long-term traders.

At the time of writing, the long/short ratio stood at 0.8232.

Source: coinglass

Reversal on the charts?

As per data from the intelligence platform Santiment, ADA’s metrics didn’t exactly seem in a bullish mood. The amount of ADA holders did witness a steady rise as of 23 May but rose only after witnessing a drop around mid-April. However, the weighted sentiment witnessed a significant rise which was a good sign for the network.

On the contrary, ADA’s development activity took a hit and dropped down to 79.02 from the high of 94.39. This indicated that developers weren’t contributing enough toward making developments on the network.

Source: Santiment

At the time of writing, ADA was exchanging hands at $0.371 and the bullish narrative seemed to getting onto ADA since it was moving in the green. Additionally, ADA was trading 0.68% higher in the last 24 hours and 1.28% higher over the last seven days as per data from CoinMarketCap.

How much are 1,10,100 ADAs worth today?

Furthermore, as per additional data from CryptoQuant, ADA’s Relative Strength Index (RSI) stood in a neutral zone at 55. This indicated that ADA’s price could move toward the overbought zone in light of higher buying pressure.

Source: CryptoQuant

Thus, traders could keep a further watch on ADA’s TVL to assess a further upswing in the bullish momentum over the next few days.

• 60% of LTC holders stood in profit as of 22 May as per data from IntoTheBlock 
• However, LTC’s long/short ratio saw higher short positions than long positions at press time

It’s nothing new under the sun that Litecoin [LTC] saw an influx of users wishing to escape Bitcoin’s [BTC] high transaction and miner fees. However, that’s not all the LTC community had to rejoice about. As per data from IntoTheBlock, LTC witnessed significant growth in 2023.

Is your portfolio green? Check out the Litecoin Profit Calculator

Up and up in 2023

As per the tweet, as of 2 May, 60% of LTC holders stood in profit, and 50.55% of the total supply was held by retail investors. Furthermore, transactions on the LTC network witnessed a surge of more than 397% at the time of writing. This was not all as LTC hashrate also saw a 25% surge on a year-to-date basis.

However, a look at LTC’s daily chart did seem a little concerning. LTC was exchanging hands in the red at the time of writing. But, LTC’s Relative Strength Index (RSI) managed to stay above the neutral line at 55.69. This indicated that a small push in the buying trend could push the RSI higher.

Furthermore, the Awesome Oscillator (AO) and Moving Average Convergence Divergence (MACD) flashed bullish signals at the time of writing. The AO flashed green bars above the zero line which could be taken as a bullish indication.

Furthermore, the MACD line (blue) stayed above the signal line (red) at the time of writing, which strengthened the bullish narrative.

Source: TradingView

LTC holders going strong

At the time of writing, the amount of LTC holders witnessed an increase over the last two months and stood at 8.38 million. However, LTC’s social dominance and weighted sentiment didn’t reflect the LTC’s holder sentiment.

As of 22 May, LTC’s social dominance witnessed a sharp decline and stood at 0.466% which indicated that LTC’s dominance on the social front wasn’t at its best. Furthermore, LTC’s weighted sentiment too declined over the past few days, especially after 16 May. The weighted sentiment stood at -0.83 at the time of writing.

Source: Santiment

What could also act in favor of the bears was Litecoin’s long/short ratio. At the time of writing, short holders overpowered long holders. Long holders held 48.88% of positions at press time whereas short holders held 52.12% of positions.

Realistic or not, here’s LTC market cap in BTC’s terms

Source: coinglass

The short-term holder narrative was also reflected in LTC’s 24-hour performance as the altcoin was trading 0.84% lower in the last 24 hours. In light of increased selling pressure from short-term holders LTC could witness a price correction.

However, at press time, LTC’s seven-day performance still flashed green. LTC traded 3.35% higher in the last seven days as per data from CoinMarketCap.

Ethereum’s [ETH] price trajectory of the last 30 days has been nothing short of disappointing. ETH traded at $1,966 on 19 April and stood 8.66% lower at $1,813 at the time of writing. However, that didn’t stop ETH from making progress on other fronts.

One such development was highlighted by glassnodealerts. The total value locked (TVL) in ETH 2.0 Deposit Contracts reached an all-time high as of 19 May. However, will this development give ETH’s price a much-needed boost?

Is your portfolio green? Check the Ethereum Profit Calculator

Bear relief squad on the way

As per a recent CryptoQuant analysis, by Woominkyu, a rise in the Deposit Contracts could act in favor of ETH’s price in the near future. As per the analyst, the rise in the deposit contract symbolized the ongoing participation of validators preparing for Ethereum 2.0.

Despite the analysis favoring a bullish narrative in the days to come, ETH’s press time price trajectory didn’t favor the bulls or the bears. Although ETH was exchanging hands in the green, its Relative Strength Index (RSI) stood at 44.73 at the time of writing. The lack of buying pressure was evident despite the RSI tilting slowly toward the neutral line.

Additionally, although the Awesome Oscillator (AO) flashed green below the zero line, the Moving Average Convergence Divergence (MACD) moved otherwise. The MACD indicator still showed the signal line (red) moving above the MACD line (blue). This was an indicator that the bears still managed to gain control of the market.

However, considering the placement of both the signal and MACD line, a reversal in trend could occur in the presence of some buying pressure.

Source: TradingView

An ordinary sight over here

Data from the intelligence platform Santiment also didn’t exactly paint a positive picture for the king of altcoins. At press time, development activity on the ETH network stood at 48.98, after witnessing a drop over the last few days.

Furthermore, the weighted sentiment also stood at -1.418 and witnessed a drastic drop on 15 May and moved sideways since then. ETH’s network growth also witnessed a gradual downfall over the last couple of days. These signs didn’t paint a great picture for ETH.

Source: Santiment

To add to the aforementioned sentiment, data from coinglass also didn’t favor the position of long-term holders. As per the chart given below, at the time of writing, short-term ETH holders overpowered the position of long-term ETH holders.

Read Ethereum’s [ETH] Price Prediction 2023-24

51.27% of traders held short positions, whereas 48.73% of traders held long positions.

Source: coinglass

However, data from LunarCrush, stated that ETH ranked #2 on the social engagements front over the last week.

Despite various developments that stood in favor of ETH, the altcoin failed to break from its bear spell. Traders would thus, have to tread carefully over the weekend and see what the new week brings in for the altcoin.

• Polygon Developers announced the release of the Polygon Supernets’ latest test version with various features.
• At the time of writing, MATIC was seen in a position of recovery as its price action stood in the green.

Most altcoins were at their peak and operated in the green of the summer amid the ongoing altcoin season of 2023. Polygon [MATIC] too wasn’t far behind as it traded 5.03% higher in the last 24 hours as per data from CoinMarketCap.

That’s not all as Polygon did have something else in store. Polygon Developers, a Twitter account by the developers of Polygon announced the release of Supernets’ latest test version.

Read Polygon’s [MATIC] Price Prediction 2023-2024

As per the announcement, the test version would offer features including staking, bridge, EIP support, along with a few additional features.

The announcement also stated that this could be a significant move with regards to the upcoming v1.0 production release. But the question remains — did MATIC react positively to this? These metrics could offer some clarity.

To cheer or not to cheer?

Data intelligence platform Santiment showed that the amount of MATIC holders witnessed a rise since December 2022. The metric, at the time of writing, stood at 42.8 million. Furthermore, a look at the daily on-chain transactions in loss (orange) stood at 16.6 million.

However, upon considering the daily on-chain transactions in profit (purple), it could be stated that addresses in profit outnumber the addresses in a loss. Although the difference between the two wasn’t extreme, most sellers stood in a profitable position at the time of writing.

Source: Santiment

Furthermore, data from coinglass came bearing some good news. At the time of writing, MATIC’s long/short ratio stood at 1.0886. At press time, 52.19% of traders held long positions as compared to the 47.81% of traders that held short positions. This could be considered a bullish sign for the altcoin.

Source: CoinGlass

Have no fear when MATIC is here…

At press time, MATIC’s daily chart could be seen in recovery mode. This was because the Relative Strength Index (RSI), although below the neutral line, was seen in an ascending position. The RSI stood at 40.50.

Realistic or not, here’s MATIC market cap in BTC’s terms

Furthermore, the Chaikin Money Flow (CMF) could also be seen moving in an upward direction which could be taken as a buy signal. A look at MATIC’s Awesome Oscillator (AO) also indicated that, at press time, MATIC was operating in the green. This could be taken as a sign that the bulls were trying to gain control of the market.

Source: TradingView

• Ripple and SEC have the next 21 days to file public and redacted versions of the summary judgment.
• At the time of writing, XRP was exchanging hands 4.98% higher than the last 24 hours.

What once seemed like a never-ending battle between Ripple and the Securities and Exchange Commision (SEC) now seems to be coming to an end. James K. Filan stated that as per the court’s order of 12 September, both parties would have a 21-day period to file public and redacted versions of the summary judgment.

On 16 May, Judge Torres denied the SEC’s motion to seal the Hinman documents. As per Filan, 6 June happens to be the date considering the 21-day timeframe given by the court.

The latest ruling denying the SEC’s motion was also considered a small win by Ripple CEO Brad Garlinghouse. He also cited the latest ruling as a win for transparency.

Getting you up to speed

In 2020, the U.S. regulatory watchdog stated that Ripple raised more than $1 billion in 2013 via the sale of XRP as an unregistered security. Since then, the battle between the regulatory authority and the global payment provider has kept the cryptocurrency market on its toes.

In addition to its lawsuit with Ripple, the SEC also managed to stay in the news thanks to its lawsuits with various exchanges. Coinbase and Bittrex have been the latest to face the wrath of the SEC and the unregulated landscape in the country.

Furthermore, SEC chair Gary Gensler’s views about Bitcoin [BTC] as a commodity, his unclear stance about the nature of Ethereum [ETH], and his frequent comments on XRP’s status as a security added to the chaos.

The state of XRP

At the time of writing, XRP made it to CoinMarketCap’s list of trending cryptocurrencies at rank #11. Additionally, the token was exchanging hands at $0.4438 and was trading 4.98% higher in the last 24 hours. XRP was also trading approximately 5% higher in the last seven days.

Furthermore, as per data from LunarCrush XRP made it to rank #4 on the social activity and trading activity front.

Will XRP finally emerge victorious of what seemed like a topsy-turvy lawsuit with roadblocks at every step? Nothing can be with utter certainty. However, the much-talked-about lawsuit holds great importance for the future of the cryptocurrency world. The much-awaited decision would finally clear the air about the disputed term “security”.

• Memecoin PEPE made to unarCrush’s list of trending cryptocurrencies on the social front
• However, PEPE’s price action and on-chain activity showed that the bears could strengthen their position in the coming days

Memecoin Pepe [PEPE] has managed to take over the cryptocurrency market by storm. The token has managed to dethrone some veterans in the memecoin community. But how long till PEPE makes its way to the cryptocurrencies that manage to claim the throne?

As per LunarCrush’s data, PEPE made its way among the top three trending cryptocurrencies on all social dimensions. Although Bitcoin [BTC] held its #1 position, the memecoin managed to earn the #2 position. PEPE was followed by Ethereum [ETH] which ranked #3 on the social front.

Is your portfolio green? Check the Pepe Profit Calculator

Jumping around town

Despite its noteworthy performance on the social front, PEPE’s on-chain activity had a slightly different tale to tell. At press time, although the total amount of holders stood at its highest, PEPE’s volume did take a hit.

As per data from the intelligence platform, PEPE’s total number of holders stood at 113k. However, its volume decreased over the last 4 days to stand at 322.04 million at the time of writing. A decreasing volume wasn’t exactly a great sign for the memecoin.

Furthermore, the weighted sentiment too witnessed a decline since the beginning of May and stood at 0.984 at the time of writing. This too wasn’t a great sign for the frog-themed token.

Source: Santiment

Some tired frogs around here?

Although PEPE made it to the list of trending cryptocurrencies on CoinMarketCap and ranked #1, the press time scenario didn’t favor the memecoin. PEPE’s seven-day performance didn’t paint a rosy scenario for the memecoin. Furthermore, as per the chart given below, PEPE’s Relative Strength Index (RSI) showed lack of buying pressure.

The RSI hovered below the neutral line and stood at 46.65 at the time of writing. Additionally, the Moving Average Convergence Divergence (MACD) indicator also depicted a neutral picture for PEPE. The signal line (red) was running above the MACD line (blue) at the time of writing.

Read Pepe’s [PEPE] Price Prediction 2023-2024

This indicated the lack of significant bullish or bearish pressure for PEPE at press time.

Source: TradingView

In addition to the aforementioned bearish narrative, data from Santiment also showed that as of 16 May, PEPE’s supply on exchanges stood at 131.19T. A rise in the supply on exchanges could mean that investors and traders were interested in trading their PEPE for other cryptocurrencies.

Source: Santiment

Considering the aforementioned scenario, the question remains — Will PEPE see recovery or will the frog jump back into its pond? The answer to that could lie in PEPE’s seven-day performance as the memecoin exchanged hands approximately 14% lower in the last seven days to trade at a press time price of $0.0000016771.

• BTC short-term holders could be the reason for BTC’s latest price drop as per CryptoQuant’s latest analsysis
• However, as of 10 May, market panic and FUD led to BTC dropping from $28k to 26k in an hour

There has been a lot of speculation in the market ever since Bitcoin [BTC] fell from its high of $29,703 on 5 May to $27,333 on 8 May. Although BTC exchanged hands 0.65% higher over the last 24 hours, its seven-day performance still flashed red at press time.

The fall of BTC could be a solid indication that there was massive ongoing selling activity in the market. As per the CryptoQuant analyst onchained, short-term holders could be blamed for BTC’s movement in the red.

Read Bitcoin’s [BTC] Price Prediction 2023-24

Can’t hold on to BTC anymore?

As per the CryptoQuant analyst, the analysis of Exchange Inflow Spent Outputs Age Bands (%) reveals which holders influence BTC’s price. BTC’s drop from $31k to 27k was a result of the increased inflow of BTC into exchanges. As per onchained, 58.33% of spent outputs, acquired between November to January, were transferred to exchanges.

These holdings were acquired between 15.4k to 18.3k and were held on for a period of 3 to 6 months. Furthermore, these holdings made a significant portion of the spend output.

Source: CryptoQuant

Additionally, the second significant age band that transferred their BTC to exchanges held onto it between a day and a week. This age band comprised 10.27% of the total outputs.

Contrary to the activity of short-term holders, the analysis pointed out that long-term holders took a different route. As seen below, long-term holders didn’t contribute much towards the spend outputs.

Spend output for holders of 6 to 12 months comprised 0.38%, whereas 0.12% output belonged to holders between 12 to 18 months. Furthermore, spend outputs for holders of 2 to 3 years stood at 0.3% and for 3 to 5 years stood at 0.444%.

Source: CryptoQuant

The horrid state of BTC

The king of cryptocurrencies went from $28,221 to $26,996 in a matter of minutes on 10 May. This panic and FUD in the market could be due to the fake news of the U.S. government selling its holdings.

The now-deleted tweet by a crypto analyst @1kbeetlejuice stated that the U.S. government had sold its BTC holdings. The analyst published a thread explaining the error that led to the panic.

Furthermore, it was also proved that the U.S. government didn’t make any changes to their holdings as of 10 May.

With regards to the FUD of the last few hours, BTC did manage to recover and at press time, was trading up by 0.34% in the last hour. However, it surely didn’t mean that BTC was off the hook. A look at BTC’s four-hour chart indicated that its Relative Strength Index (RSI) stood at 39.99.

Is your portfolio green? Check out the Bitcoin Profit Calculator

What was even more worrying was that it stood in freefall and would drop lower in the presence of ongoing sell pressure. Furthermore, at press time, although the MACD line (blue) was moving above the signal line (red), it could change its course. BTC’s Chaikin Money Flow (CMF) also stood at 0.00 at the time of writing.

Source: TradingView

Considering the shaky position of short-term traders combined with the panic caused in the market, BTC’s position could be in a tight spot. As per a tweet from crypto trader Ash Crypto, the latest FUD in the market could have led to a significant number of small traders getting wiped out from the market.

• On 9 May, Polygon developers announced the launch of the Polygon Solution Provider Network.
• MATIC’s RSI stood in an oversold position at press time, however, this was also an indication of a trend reversal in the works.

Following the launch of the PolygonID, developers on the Polygon [MATIC] network had something to look forward to yet again. Polygon Developers (@0xPolygonDevs) announced the launch of the Polygon Solution Provider Network for developers on the chain.

As per the announcement, the tool would help bring developers and solution providers (SPs) together. The aim of this latest move was to facilitate connectivity between developers and SPs in the Polygon zkEVM ecosystem.

Realistic or not, here’s MATIC’s market cap in BTC terms

As per the Twitter thread, the network is for developers who often find it difficult to discover and connect with suitable SPs. The tool would offer a direct line of communication between the developers and SPs thus making things easier and more convenient for both these stakeholders.

MATIC’s state of affairs

At the time of writing, data from the intelligence platform Santiment showed that the total amount of holders witnessed a surge over the last month. The total number of MATIC holders stood at 42.02 million and the growth of this metric could be considered impressive.

Furthermore, MATIC’s network growth witnessed a tremendous rise on 7 May. This could be a strong indication that recent developments on the Polygon network were attracting new users. However, MATIC’s social dominance wasn’t at its best but wasn’t at its worst either. The social dominance stood at 1.47% and could be considered positioned in a neutral zone.

Source: Santiment

All in vain?

At press time, MATIC didn’t seem to be anywhere close to where its metrics were. MATIC was exchanging hands at $0.872 at the time of writing, which was almost 10% down in the last seven days. Furthermore, MATIC was also trading almost 3% lower in the last 24 hours.

MATIC’s Relative Strength Index (RSI) made its way into the oversold territory and stood at 28.82. However, this could be taken as a consideration that a trend reversal could follow in the days to come.

How much are 1,10,100 MATICs worth today

Additionally, MATIC’s Moving Average Convergence Divergence (MACD) indicator had the signal line dominating at press time. The MACD line (blue) was running under the signal line (red), below the zero line. This was a strong indicator of the ongoing bearish momentum.

The Chaikin Money Flow (CMF) too favored the bears at the time of writing.

Source: TradingView

However, MATIC could witness a change in its bearish sentiment given the expected developments on the chain. This was because the Polygon SPN tool, which as of 8 May supported only Ploygon zkEVM, will open up for the public roll out. This could have users flocking over the protocol, thus flipping its bearish narrative.

• As of 8 May 2023, Cardano’s load stood at 94% and was expected to hit 100% in the near future
• Furthermore, at press time, most traders favored shorter positions which wasn’t a good sign 

Cardano [ADA], just like most cryptocurrencies in the market, witnessed a downfall over the weekend (6-7 May). However, as per Sebastian Guillemot, co-founder of dcSpark and contributor to the Cardano platform, Cardano’s load stood at 94% as of 8 May 2023. What does this mean for Cardano and ADA in the near future? Let’s find out…

How much are 1,10,100 ADAs worth today?

Some specifics to know here…

The Cardano contributor stated that all transactions on the network were processed on a first-come first-serve basis. However, upon hitting the 100% load, transactions would be queued up and users may have to wait for their transactions to go through.

Additionally, the higher the load after 100%, the longer the transaction wait time. Another outcome of the load hitting 100% would be that stake pools could sell priority access to users and dApps. They may also reach a point where they could prioritize one DEX over another.

Addressing the age-old issue of whether the blockchain was in a better position than in 2021, the executive stood in an affirmative position. Furthermore, the exec stated that block sizes could be increased and tiered fees could be introduced.

Guillemot also stated that Cardano could improve its overall scalability.

Will ADA fend off the bears?

At the time of writing, the news didn’t show any impact on the performance of ADA. The altcoin was exchanging hands at $0.363 and was down by 4.12% in the last 24 hours.

Additionally, the altcoin was trading 5.75% lower over the last seven days. Furthermore, data from DefiLlama showed that, at press time, ADA’s Total Value Locked (TVL) stood at $145 billion.

Is your portfolio green? Check the Cardano Profit Calculator

ADA’s TVL dropped by 3.6% over the last 24 hours. The number of active users on the network also witnessed a decline. Furthermore, as of 7 May, the number of active users stood at 48.4k and was more so in the same area as compared to the last few days.

Source: DeFiLlama

Additionally, as per data from CoinGlass, ADA’s long/short ratio didn’t exactly paint the best picture. The narrative could be deemed as bearish since most traders favored shorter positions, especially over the last two days.

Source: coinglass

Data from Santiment also revealed that the total amount of ADA holders witnessed a fall since the end of April. The press time number of 43.7 million did show a slight increase in the last few days but couldn’t be considered significant enough for a bullish narrative.

However, ADA’s social dominance skyrocketed and reached its second-highest peak over the last three months. This indicated that there was much chatter about the chain on the social front. However, ADA will have to do much more than just be the talk of the town to reverse its ongoing bearish narrative.

Source: Santiment

• The amount of supply last active (5y-7y) reached an all-time high as of 5 May.
• ETH’s RSI and MACD also flashed bullish signs that may extend into the coming week. 

The last seven days have been quite the roller coaster for Ethereum [ETH] with its price going up and down after regular intervals. As per data from CoinMarketCap, the king of altcoins traded 4.63% higher than the last seven days and was up by 5.86% in the last 24 hours.

At press time, ETH was exchanging hands at $1,984. However, that wasn’t all ETH had to offer. As per data from LunarCrush, ETH made it to the top ten trending searches on LunarCrush. Although at #6, ETH was drawing the attention of the market.

Read Ethereum’s [ETH] Price Prediction 2023-2024

A bullish wave in the making?

In addition to the aforementioned information, data from Glassnode stated that ETH’s supply last active (5y-7y) reached an all-time high. The nine-month high indicated that investors were holding on to their ETH holdings for the long term.

Furthermore, at the time of writing, data from Santiment showed that ETH’s exchange outflows outnumbered the exchange inflows. This was a bullish sign as more and more investors were moving their ETH out of exchanges than into the exchanges. At press time, ETH’s exchange outflows stood at 27.7k whereas exchange inflows stood at 24.7k.

Source: Santiment

However, a look at ETH’s on-chain metrics in the last month didn’t exactly paint a pretty picture. Although ETH’s social dominance mostly saw peaks throughout the month, the amount of ETH holders didn’t show any drastic changes.

The number of ETH holders did rise consistently throughout the month, but at press time, it remained at the same level as the last three days. Additionally, ETH’s development activity at press time stood at 12.4. Furthermore, it witnessed a drop, which meant that developers weren’t making enough contributions to the chain.

Source: Santiment

The price could unleash some…

…bulls? Traders looking for some signs of positivity in ETH’s price action may have their wish fulfilled. This was because, at the time of writing, ETH was exchanging hands in the green. ETH’s Relative Strength Index (RSI) also stood at 58.51.

What was noteworthy about the RSI was that, at press time, it was in a sharp uptrend. In the presence of the ongoing bullish momentum, ETH’s price could manage to surge higher over the weekend.

Realistic or not, here’s ETH’s market cap in BTC terms

Furthermore, ETH’s Moving Average Convergence Divergence (MACD) indicator showed that the MACD line touched the signal line with a strong possibility of the MACD line crossing over the signal line. The MACD line crossing over the signal line above the zero line was a strong bullish indicator for ETH.

Source: TradingView

• As per CryptoQuant’s latest analysis, BTC’s MVRV ratio crossing 1.5 could be a sign of a bullish wave.
• However, at the time of writing, BTC’s RSI put up a neutral front and didn’t show any bullish momentum.

Now that the fear of Bitcoin [BTC] being crippled due to the results of the FOMC was out of the way, investors could have something to look forward to.

As per an analysis from CryptoQuant analyst onchained, BTC’s Market Value to Realized Value (MVRV) was fluctuating between 1.55 and 1.45. This could be taken as a healthy sign of a bull run.

So how is BTC’s MVRV ratio floating between 1.55 and 1.45 related to BTC’s bullish wave? Let’s find out…

Is your portfolio green? Check the Bitcoin Profit Calculator

The importance of 1.5

As per the CrytpoQuant analysis, the 1.5 threshold serves as Bitcoin’s entry point into a bull run. The analyst also stated that upon examining historical data, it was seen that BTC’s MVRV ratio witnesses a change when it breaks the 365D Simple Moving Average (SMA).

Furthermore, a bull run can be anticipated when the MVRV ratio breaks the moving average in an upward trend. Thus, the MVRV ratio reaches a point between 2 to 3.75. The analyst also stated that BTC’s 365DSMA as of 4 May stood flat. This was because the MVRV ratio managed to break the 1.5 level.

Source: CryptoQuant

Are we tagging along for the bull ride?

At press time, data from Santiment showed that BTC’s social dominance witnessed a drop in the last few days. The cryptocurrency’s social dominance also managed to witness quite a few peaks and drops over the last few months.

However, the total amount of BTC holders did witness a straight rise and stood at 46.46 million at the time of writing. The rise in the number of holders was surely a positive indicator of investors having faith in the king coin.

However, at press time, its weighted sentiment managed to lay low at -0.129 despite witnessing a surge since the end of April.

Source: Santiment

At the time of writing, BTC’s funding rate painted a positive picture for the cryptocurrency. Long position traders dominated the market over the last 24 hours as per the chart given below. Furthermore, the taker buy seller ratio also favored the buying sentiment in the derivatives market.

Source: CryptoQuant

Not all that rosy here

Despite the positive picture painted by the aforementioned information, BTC’s Relative Strength Index (RSI) didn’t seem at its best. At the time of writing, BTC’s RSI stood slightly above the neutral position at 54.

Although the good news was that the RSI stayed above 50, a downside could be that BTC could turn bearish in the absence of enough momentum.

Furthermore, the Stochastic RSI also stood at a neutral positon of 58.

Source: CryptoQuant

How much are 1,10,100 BTCs worth today?

As per data from CoinMarketCap, although BTC was trading 1.27% higher in the last 24 hours, it was exchanging hands 3.42% lower than the last seven days.

However, the CryptoQuant analyst stated that if BTC manages to break past the $30k level, BTC’s MVRV ratio can shift rapidly. Additionally, the MVRV ratio would then be expected to stand anywhere between 1.8 and 2. This could act as a much needed bullish momentum for BTC.

• Former OpenSea employee was proven guilty in insder trading case.
• The ex-employee used confidential knowledge to make profits illegally. 

OpenSea, one of the largest marketplaces for NFTs, was in the limelight again. However, this time around, the news was related to an ex-employee. On 3 May, a former manager at OpenSea was convicted of fraud and money laundering as per a report from Reuters.

The ex-employee managed to launder money by using OpenSea internal information. The culprit knew the projects that would be featured on the marketplace’s home page.

A quick dive into the specifics

The accused, Nathanial Chastain had allegedly bought NFTs that he decided to feature on the OpenSea website. He then sold the NFTs shortly after and made at least $50,000.

Prosecutor Thomas Burnett stated that,

“He abused his status at OpenSea to line his own pockets, and he lied to cover his tracks.”

The case initially began in June 2022 when the charges were brought against Chastain and he pleaded not guilty. Furthermore, the lawyers of the accused argued that he didn’t consider the knowledge of NFTs featured on the home page as confidential.

“You can’t hold Nate to a standard that didn’t exist. Nobody told Nate that he couldn’t use or share that information”, stated Daniel Filor, Chastain’s lawyer.

However, the prosecutor stated that the ex-employee knew what he was doing and did so via an anonymous OpenSea account.

• The month of April saw exchanges witnessing an inflow of more BTC as compared to the outflow.
• The outcome of the latest FOMC meeting did show a slight uptick in the performance of BTC but not enough for a sizeable rally

The state of the cryptocurrency market stood in a frenzy considering the expected outcome of the latest Federal Open Market Committee (FOMC) meeting. Bitcoin [BTC], thanks to its highly volatile nature, seems to be the focus of most traders operating in the crypto space.

The same was highlighted by data analyst Arkham Intel in a thread posted just minutes before the FOMC meeting result.

Read Bitcoin’s [BTC] Price Prediction 2023-24

The ‘before’ of the event

The thread posted by Arkham Intelligence highlighted three exchanges and activity levels throughout April. Considering the activity levels on Binance, BTC witnessed significant withdrawals and deposits. However, traders and investors showed a higher inclination towards depositing their BTC in the exchange.

Furthermore, OKX witnessed a similar pattern with a massive surge in activity towards the end of April. Considering the activity on BitFinex, it could be seen that on 12 April, the exchange recorded $3 billion worth of BTC inflow into the exchange. Additionally, traders deposited $300 million more than they withdrew.

The ‘after’ of the event

At the time of writing, the outcome of the FOMC meeting was announced with interest rates up by .25%. As per crypto reporter, Walter Bloomberg interest rates went from 5.00% to 5.25%. Additionally, the revised rate stood at a 16-year high.

Just minutes after the outcome of the FOMC meeting, BTC’s four-hour chart indicated that the king of cryptocurrencies was moving in the green. At press time, BTC was trading at $28,619. The Relative Strength Index (RSI), although at 50.09, did show an indication of moving above the neutral line.

Furthermore, the Moving Average Convergence Divergence (MACD) indicator showed some movement toward the positive. This was because the MACD line stood slightly above the signal line. This could be taken as a very low bullish indication.

Source: TradingView

Does it all scream bullish?

Data from the intelligence platform Santiment showed that at press time, neither BTC’s volume nor the number active addressed surged drastically.

Following the FOMC announcement, BTC’s volume, although witnessed a slight hike, stood at 16.79 billion. Additionally, the number of active addresses also stood at 669,000 at the time of writing.

Source: Santiment

Furthermore, a look at BTC’s long/short ratio over the last four hours showed that a higher number of traders favored longer positions than investors who supported shorter positions. At the time of writing, BTC’s long/short ratio stood at 1.02.

Source: coinglass

Additionally, a look at BTC’s exchange inflow and outflow indicated that at press time, exchange inflow dominated the outflow, although by a tiny margin. However, this couldn’t be considered a great indication for BTC.

Is your portfolio green? Check the Bitcoin Profit Calculator

If traders continue depositing their BTC in exchanges over the next two or three days, BTC could turn bearish in no time. Additionally, the lack of a strong bullish momentum could also add to a strengthening bearish sentiment.

Source: Santiment

Despite the aforementioned information, a tweet posted by IntoTheBlock stated that as of 3 May, 68% of BTC holders would make a profit if they sold their BTC at the current price. Additionally, 28% would be selling their BTC at a loss.

Furthermore, considering the king coin’s movement over the last seven days, BTC didn’t particularly show any signs of moving in either direction. However, the risk of a sizable downside persists especially with the lack of bullish momentum in the BTC trading cycle.

• Cardano’s daily digest shared a number of developments that could act in favor of ADA’s growth.
• However, at the time of writing, ADA was exchanging hands at a loss. 

Cardano’s [ADA] efforts with the Voltaire era helped the altcoin see some recovery on its Total Value Locked (TVL) and Long/Short Ratio front. However, as we step into a new month, the ecosystem had something more to offer to the community.

The Twitter handle, Cardano Feed, published Cardano’s daily digest on 1 May and stated some important updates about the ecosystem. Adding to the Voltaire development, the roadmap presented other important updates related to the ecosystem.

How much are 1,10,100 ADAs worth today?

Some high expectations doing the rounds

The Twitter thread highlighted Cardano’s collaboration with a next-gen Web3 gaming platform DEADPXLZ to develop its initial game on the Paima Engine. This would be integrated with Cardano.

Additionally, the roundup also stated that the SummonsPlatform was launched on the Cardano mainnet. This would enable users to create and manage DAOs in a better way.

With so much to offer, Cardano could be on a winning spree. However, was that the case with ADA’s price and its metrics? Let’s find out.

All about the bears

At the time of writing, Cardano’s native token ADA didn’t exactly step up its game. This was because the token was exchanging hands at $0.3842 and stood in the red. The Relative Strength Index (RSI) also stood at 44.28 and didn’t show any signs of making a recovery in the days to come.

ADA’s Moving Average Convergence Divergence (MACD) indicator too witnessed a bearish crossover. Although, at press time, the signal and MACD line stayed above the zero line, it was only a matter of time before the two lines make their way past to the other side of zero.

Source: TradingView

Data from the intelligence platform Santiment also seemed to be in support of the bears at the time of writing. Although ADA’s development activity did witness an uptrend over the last few days, at press time, it slipped. ADA’s development activity stood at 83.83, which was a drop from the chain’s development activity over the last few days.

Furthermore, a look at the number of holders also didn’t make a significant recovery at the time of writing and moved in a sideways direction. However, ADA did manage to maintain its social dominance despite a bearish outlook on most fronts.

Source: Santiment

Furthermore, as per data from CoinMarketCap, ADA was trading 0.18% lower in the last 24 hours and 3.46% lower over the last seven days. Thus, ADA traders would have to tread slowly at least over the next few days.

Read Cardano’s [ADA] Price Prediction 2023-24

However, despite ADA being controlled by the bears, the Cardano Foundation shared some good news with the community. As of 1 May, Cardano’s on-chain stats managed to show some growth.

This could, thus, change the state of ADA but only if investors managed to garner some bullish momentum.

• Tron’s development activity and weighted sentiment witnessed a decline over the past few days. 
• Although trading in the green, TRX’s metrics too didn’t show enough bullish momentum.

Tron [TRX] started Q2 of 2023 with a bang when it announced the launch of Tron Stake 2.0. The blockchain further announced the addition of more features to Stake 2.0.

However, that’s not all Tron had to offer in April. As we are about the enter a new month, crypto researcher Emperor Osmo, highlighted that as of 28 April, Tron had over $5 billion in TVL. The chain ranked #3 after Ethereum [ETH] and Binance Smart Chain [BSC].

However, the crypto researcher was disappointed that not many where using the chain. Does this mean bad news for Tron?

How much are 1,10,100 TRXs worth today

Tron could be in for some stunted growth

In addition to the aforementioned development, data from TronScan also pointed out that the average daily transfer volume of stablecoins on the network had reached 9,745,288,645.

Despite much to cheer about, data from Santiment didn’t exactly show the best picture for Tron. At the time of writing, development activity on the network wasn’t at its best. Additionally, development activity witnessed a decline over the past few days and stood at 2.31 at the time of writing.

This indicated that developers weren’t as active in their contributions. Tron’s weighted sentiment also took a toll at the time of writing, which indicated that the market didn’t exactly have a positive outlook toward the network. At press time, Tron’s weighted sentiment stood at -1.093.

Although social dominance did witness a slight surge, it couldn’t be considered enough to conclude that much was being talked about on the social front. Tron’s social dominance stood at 0.352% at the time of writing.

Source: Santiment

TRX the savior?

At the time of writing, TRX was exchanging hands in the green at $0.0666. However, things didn’t seem very great on the price front either. This was because, at press time, TRX’s Relative Strength Index (RSI) stood at 53.81. Although above the neutral zone, its movement over the past few days indicated that the RSI had been hovering around the neutral zone.

Furthermore, the Moving Average Convergence Divergence (MACD) indicator also didn’t show a clear picture. At press time, the signal line and the MACD line were running over each other. However, upon making a careful observation, it could be seen that the signal line was over the MACD line. This wasn’t a good indication for TRX either.

The Money Flow Index (MFI) too didn’t show any bullish support at the time of writing. Standing at 39.35, and moving sideways, the MFI indicated that buying pressure at the time of writing was extremely high.

Source: TradingView

Read Tron’s [TRX] Price Prediction 2023-24

Some good news here?

TRX may be in the control of the bears at the time of writing, however, that didn’t stop the chain from aiming for better things. For instance, Tron and BitTorrent announced their partnership with the blockchain student organization of Tsinghua University in Beijing, China.

Additionally, at the time of writing, as per CoinMarketCap, TRX was trading 1.08% higher than the last 24 hours and 3.17% higher as compared to the last seven days.

• Development activity on the Cosmos network wasn’t impressive at the time of writing.
• However, ATOM made it to the list of top gainers as per data from LunarCrush.

Q1 of 2023 wasn’t particularly kind to Cosmos [ATOM] as data from CoinMarketCap showed that it was a downhill road. However, there could be a change in the direction of the crypto winds.

This was because as per data from LunarCrush, ATOM combined social and market activity hit the #1 rank.

Furthermore, the altcoin exchanged hands at $11.63 at the time of writing. ATOM traded 7.67% higher than the last 24 hours and saw a surge of 1.79% over the last seven days as per CoinMarketCap.

Read Cosmos [ATOM] Price Prediction 2023-24

Can ATOM move on from its past?

At the time of writing, data from Santiment showed that not much had been accomplished on the development end of the Cosmos blockchain. As can be seen below, development activity stood at 52.12, which indicated that fewer developments were taking place on the network.

Furthermore, the development activity also witnessed a sizeable drop since the beginning of April. Moving on to the development activity contributors count, that too stood at 11. This wasn’t a great sign for the Cosmos blockchain either.

Source: Santiment

A look at ATOM’s market cap dominance also painted a gloomy picture for the chain. Although ATOM’s price witnessed a rise, its market cap dominance stayed at 0.263 which wasn’t exactly the best scenario for Cosmos.

Source: Messari

Furthermore, data from Staking Rewards also showed that the number of stakers also witnessed a significant drop in the last seven days. However, at press time, there was a slight improvement in the number. But this was definitely a negative sign for the altcoin.

Source: Staking Rewards

A ray of hope here

Despite the disappointing front presented by Cosmos, ATOM investors could be in for a surprise. At the time of writing, ATOM’s Relative Strength Index (RSI) was moving toward the neutral zone. This indicated that recovery could be on its way for the altcoin.

Furthermore, the Moving Average Convergence Divergence (MACD) indicator showed that at press time, the signal line was above the MACD line. Although the two lines were below the zero line, the position of the MACD line seemed to be ready to move in the upward direction, which could be an indication of a bullish crossover.

Additionally, the Awesome Oscillator (AO) also managed to flash green at press time.

Source: TradingView

Realistic or not, here’s ATOM’s market cap in BTC’s terms

Additional data from LunarCrush also pointed out that as of 27 April, ATOM managed to make it to the list of LunarCrush Trade Top gainers. The altcoin ranked #4 and gained 9.1%.

• Development activity on the Polkadot network painted a gloomy picture at the time of writing.
• However, DOT could see some positive movement over the next few days as Mythical Games moves to the chain

The last three months saw Polkadot [DOT]  struggling to maintain its price in the green and failed to do so on multiple instances. However, that didn’t stop the chain from bringing fresh developments to the ecosystem.

Polkadot Insider, a Twitter handle that offers insight into the Polkadot ecosystem, recently posted an update on the NFT front. As per the Twitter handle, various NFTs projects were choosing the Moonbeam Network smart contract platform for deployment.

Is your portfolio green? Check the Polkadot Profit Calculator

NFTs in full swing then?

Despite the aforementioned development, data from the intelligence platform Santiment showed a different picture of the ecosystem’s NFT landscape. As of 26 April, the total NFT trades count on the Polkadot network didn’t seem at its best. The press time figure was 1207.

Furthermore, the total NFT trades volume in USD also failed to impress as it stood at 2.62 million at the time of writing.

Source: Santiment

A look at Polkadot’s development activity depicted that developers were actively contributing to the network. At press time, this value stood at 100.

However, DOT’s weighted sentiment and social dominance weren’t very enthusiastic at the time of writing. DOT’s weighted sentiment stood at -0.788 whereas its social dominance stood at a mere 0.255%.

Source: Santiment

Is DOT suffering in the cold?

Polkadot Insider also posted a tweet on 25 April stating that in terms of the Nakamoto Coefficient measure, Polkadot stood as the most secure and decentralized chain in comparison to any other network.

Despite much to cheer about DOT could be seen clenching its jaws.

At the time of writing, DOT, although trading in the green, didn’t put up a very brave front. DOT’s Relative Strength Index (RSI) stood at 43.95 and was seen to be moving toward the neutral zone. Could this be the beginning of a trend reversal? It could very well be the case.

Furthermore, the Moving Average Convergence Divergence (MACD) indicated that the signal line was over the MACD line, a bearish sentiment. The MACD line also didn’t show any signs of going into a reversal anytime soon.

The Chaikin Money Flow (CMF) also stood at a value of -0.02, which indicated a selling pressure at the time of writing.

Source: TradingView

Read Polkadot’s [DOT] Price Prediction 2023-24

However, DOT investors could be hopeful about the future as DOT could take a turn for the better in the days to come.

As of 26 April, Mythical Games announced that it would be leaving the Ethereum [ETH] network to launch its Mythos ecosystem on the Polkadot network.

Additionally, the CEO of Mythical Games, John Linden, stated that,

“After discussions with numerous blockchain protocols, this was an easy decision: Polkadot’s commitment to innovation, security, and governance provides the most value for our community.”

• BTC’s NVT golden cross stood above the 2.2 mark which wasn’t a good sign for the king of cryptocurrencies.
• BTC’s fear and greed index also stood in a neutral position at the time of writing. 

The last 20 days have been nothing short of a rollercoaster ride, not only for Bitcoin [BTC] but also holders and investors alike. As exhilarating as BTC’s price above $30k was, its movement over the last few days could be deemed as the opposite.

How many are 1,10,100 BTCs worth today?

Traders and investors could also have to brace for some more impact. As per a CryptoQuant analysis by gigisulivan, BTC’s price could drop further in the days to come. As per the analysis, BTC’s NVT golden cross ratio hit 2.235 on 25 April.

Note that anytime the NVT cross ratio goes above 2.2, the cryptocurrency is overbought. The NVT ratio surpassing the 2.2 mark meant that BTC was overbought and that a price correction could be on the cards.

Source: CryptoQuant

It’s all about the mixed tape

At the time of writing, data from CoinMarketCap indicated that BTC was exchanging hands at $28,224 and witnessed a surge of 2.85% over the last 24 hours. However, its seven-day performance was down by ∼7%.

Upon considering BTC’s exchange netflow, it could be seen that at press time, the king coin’s outflow dominated the inflow. The exchange netflow stood at -1,110 at press time.

This meant that more traders were moving their BTC out of exchanges rather than into exchanges. Definitely a favorable factor for BTC.

Source: Glassnode

Furthermore, BTC’s Relative Strength Index (RSI) stood at the neutral value of 35, which did indicate an overlooking bearish sentiment rather than a bullish one. However, the Stochastic RSI stood in an oversold position at 17. This could be an indication that a trend reversal could follow soon. 

Source: CryptoQuant

However, data from intelligence platform Santiment depicted a not-so-convincing picture of the king coin. As per the chart given below, BTC’s weighted sentiment, at press time, wasn’t at its best and stood at -0.223. Furthermore, BTC’s social dominance although witnessed ups and downs, witnessed a fall at press time.

Source: Santiment

Is patience the ‘key’ to BTC?

As per an analysis by CryptoQuant analyst, CrazzyBlockk, investors that patiently held onto their BTC gained profits. As per the findings, the number of coins moved by long-term investors saw a considerable profit than those moved by short-term traders.

Is your portfolio green? Check out the Bitcoin Profit Calculator

Furthermore, a look at the long/short ratio still didn’t seem to favor the position of short-term holders. As per data from CoinGlass, BTC’s long/short ratio on 25 April favored long-term holders over short-term holders but only by a small margin. 

At the time of writing, the dominance of long-term holders stood at 50.83% whereas short-term holders stood at 49.13%. 

Source: coinglass

Whether one decides to hold BTC for the long or short run, at press time, BTC’s fear and greed index painted a very neutral picture. This indicated that there was no clear bullish or bearish indication in the market.

However, this also was a very strong indication that BTC could tip its scales in favor of either one in the days to come. Investors should thus, keep an eye out for any drastic market movements.

• ETH-base DeFi protocol Ordinals Finance exited the market on 24 April.
• The rug pull led to a loss of at least $1 million

Another ‘rug pull’ or exit scam hit the market on 24 April 2023 when Ordinals Finance made an exit from the market. Ordinals Finance was an Ethereum [ETH]-based DeFi protocol that enabled the lending and borrowing inscriptions.

As reported by the Twitter handle CertiK Alert, the scam resulted in a loss of $1 million. Additionally, the deployer removed the OFI tokens from the OEBStaking contract and began swapping them for ETH.

Another one hits the ground…

At the time of writing, it could be seen that Ordinals Finance’s Twitter account had been disabled or deleted. The same was the case for its website. Furthermore, data from Certik’s website showed that the token had at least 1,287 holders at the time of the rug pull.

Source: Twitter

As per additional data from CoinMarketCap, at around 7.20 am PST the price of OFI stood at $0.002476. However, at the time of writing, the value of the token was down by a whopping 94.39%.

Source: CoinMarketCap

As per data from CoinMarketCap, Ordinals Finance joined the Ethereum network on 26 February 2023. The OFI token managed to reach an all-time high of $0.006921 almost 20 days before the deployer planned to exit the market.

A word of caution

Addressing the state of the crypto market, crypto reporter Wu Blockchain, published a tweet informing crypto investors of the downsides of investing without studying the market.

Although the crypto reporter pointed out the state of memecoins, he did mention that deployers could manipulate investors after accumulating large amounts of funds. This could be considered as the order of events that went down with Ordinals Finance.

• The Zilliqa blockchain ranked #1 on the social and market activity front as per data from LunarCrush
• At press time, ZIL was trading 1.44% higher than the last 24 hours 

Crypto asset intelligence platform, LunarCrush released a list of the top 10 cryptocurrencies in the market. The tweet, dated 21 April, highlighted the altcoins with outstanding social and market activity.

As per rankings from LunarCrush, Binance Coin [BNB] secured third place, whereas Polymesh [POLYX] secured second place. Interestingly the altcoin that secured first place was Zilliqa [ZIL].

Read Zilliqa’s [ZIL] price prediction 2023-2024

Furthermore, as per LunarCrush’s findings, the blockchain’s 24-hour activity was worth noting. Its social engagements reached an impressive number of 17,975,812 with 4,686 social mentions. But what could be the reason for ZIL’s sudden surge?

What’s cooking ZIL?

CryptoBusy, a Twitter handle aimed at crypto education, posted a tweet on 21 April that on 25 April, the Zilliqa mainnet would activate the Ethereum Virtual Machine (EVM) compatibility. This would enable the native transfer of tokens, thus eliminating the conversion process.

The Twitter thread also stated that the EVM compatibility will make the transfer of NFTs and fungible tokens between EVM and Scilla interfaces easier. Additionally, the upgrade also aims to improve the overall speed and scalability of the network.

Is ZIL the next big thing?

At the time of writing, data from the intelligence platform Santiment stated that ZIL’s social dominance witness a sharp drop. This indicated that the market wasn’t actively talking about the altcoin on the social front.

Furthermore, development activity on 21 April did witness a small spike. However, it didn’t strengthen a bullish notion. A slow-moving development activity also indicated that developers weren’t contributing enough towards the development on the chain.

Source: Santiment

ZIL’s market cap too witnessed a decline after surging on 20 April. However, contrary to the aforementioned data, ZIL’s volume was much higher as compared to the beginning of April.

But a higher volume doesn’t necessarily mean higher buying of the token. It could also mean investors were in the market to sell off their holdings. So where does ZIL stand now?

Source: Santiment

In ZIL we (could) believe…

At the time of writing, ZIL flashed red bars and was exchanging hands at $0.0310. Furthermore, ZIL’s Relative Strength Index (RSI) stood right above the neutral line at 55.60. However, the RSI did witness a steep fall from the overbought zone to land at its press time position. This was a slightly bearish signal.

Is your portfolio green? Check the Zilliqa Profit Calculator

However, the Awesome Oscillator (AO) flashed green bars above the zero line at the time of writing. The Moving Average Convergence Divergence (MACD) indicator showed that the MACD line was still above the signal line. However, a drop in the buying pressure would lead to the MACD crossing the signal line to drop further.

Source: TradingView

Despite a skeptical view on the price front, as per CoinMarketCap, ZIL was trading 1.44% higher in the last 24 hours. Additionally, data from coinglass also showed that at press time, ZIL’s long/short ratio was higher. This indicated that most investors were interested in holding on to ZIL.

Source: coinglass

• AVAX’s market cap was up by 24.03% as per data from AVAX daily.
• However, its performance on the NFT and price front painted a disappointing picture. 

Avalanche Daily, a Twitter handle that posts important updates about the Avalanche [AVAX] ecosystem tweeted the week’s NFT highlights on 20 April. As per the tweet, at the time of writing, AVAX stood with a market cap of $27.51 million with a volume of $20.48k.

Although AVAX’s market cap was up by 24.03%, the network’s volume witnessed a downfall of 21.38%. Furthermore, the tweet also highlighted a 44.76% drop in NFT sales with the number at 833 as of 20 April.

Read Avalanche’s [AVAX] Price Prediction 2023-24

Laying low this quarter?

Data from the intelligence platform Santiment showed that the number of NFT trades on the Avalanche network witnessed a sharp decline. At press time, this number was down to 771 from a high of 3094 the network witnessed on 13 April.

Furthermore, development activity on the chain also witnessed a fall to stand at 30.19 at the time of writing. This was a clear indication that not as many developers were actively contributing toward developing the network.

Source: Santiment

Data from Santiment also pointed out that AVAX’s weighted sentiment wasn’t at its best. This indicated that investors didn’t exactly have a positive outlook toward the network at press time.

However, contrary to the information given above, AVAX’s social dominance witnessed a spike. This indicated that there was much chatter about the Avalanche network on the social front.

Source: Santiment

Can AVAX offer some support here?

At the time of writing, AVAX was exchanging hands at $18.748 and stood in the red. AVAX’s Relative Strength Index (RSI) was seen in freefall and stood at 52.74. Considering the sharpness of the plummet, it could be interpreted that the RSI could hit the oversold region over the next few days if selling pressure continued to increase.

The Awesome Oscillator (AO), although above the zero line, did flash red bars at the time of writing. However, it could change course considering AVAX’s ongoing performance.

The Moving Average Convergence Divergence (MACD) indicator denoted that the MACD line was gradually moving toward the signal line. Additionally, it is just a matter of time before the MACD line crosses the signal line thus confirming a bearish bias toward AVAX.

Source: TradingView

How much are 1,10,100 AVAXs worth today?

As per data from CoinMarketCap, at the time of writing, AVAX dropped by 5.87% in the last 24 hours and 2.70% in the last seven days. Furthermore, as per data from DeFiLlama, Avalanche’s Total Value Locked (TVL) as of 20 April stood at $830.65 million with a 6.31% drop in the TVL.

Source: DeFiLlama

• Bitcoin traded 3% lower than the previous day and stepped down to $29,278 at press time.
• However, the number of addresses holding 0.1+ BTC reached an all time high.

Ever since Bitcoin [BTC] crossed the $30k mark, traders and enthusiasts of the king coin have rejoiced their position. The beginning of Q2 also saw a revived interest in BTC from various beginners in the crypto community.

However, at press time, BTC exchanged hands below the $30k mark at $29,278 after dropping by almost 3% in the last 24 hours. So what disturbed BTC’s path of achieving new highs in the $30k zone?

Read Bitcoin’s [BTC] Price Prediction 2023-2024

Was all of it temporary?

As per data from CryptoQuant analysis by CryptoOnchain, a rise in the sale of BTC led to a price correction over the last 24 hours. As shown in the chart below, BTC long-term holders (18 months-2 years) selling their BTC led to a drop in the price of the king coin.

Source: CryptoQuant

However, the analyst also pointed out a rise in the BTC outflow exchange balance. This meant that a rising number of BTC investors were moving their coins to wallets. This could thus, offer BTC some much-needed support to jump back into its race to $30k.

Source: CryptoQuant

As per another CryptoQuant analysis, BTC’s ongoing trajectory could be similar to the 2018 bear market. Before the bull run of 2019, BTC’s price remained significantly below the realized price in 2018. Before BTC could embark on its bullish journey of 2023, the final capitulation phase saw BTC trading much lower than its realized price.

Source: CryptoQuant

Year of the bulls then?

Data from intelligence platform Santiment showed that the weighted sentiment towards BTC witnessed a rise as of 18 April. This indicated that traders in the market had a positive outlook towards BTC. However, the social dominance and Market Value to Realized Value (MVRV) witnessed a drop at the time of writing.

Although the MVRV ratio did witness a noteworthy rise since the beginning of March, a drop did indicate a subtle bearishness surrounding the cryptocurrency.

Source: Santiment

At press time, BTC’s Relative Strength Index (RSI) stood at 57 whereas the Stochastic RSI stood at 73.8. With the RSI and Stochashtic RSI in neutral zones, the price of BTC could up or down depending on a higher sell or buy pressure from the market. The neutral positions also indicated no significant bullish or bearish bias.

Source: CryptoQuant

Is your portfolio green? Check out the Bitcoin Profit Calculator

Despite the neutral press time market sentiment, BTC did witness growth in a few areas. For instance, as per data from on-chain intelligence platform Glassnode, the number of addresses holding 0.1+ BTC reached an ATH on 19 April.

• The Cardano Foundation recently revealed its first-ever yearly report with the highlights of 2022
• Although ADA’s metrics stayed neutral, ADA’s price witnessed a 10% surge in the last seven days 

The year 2022 could be considered as rough for the crypto market as a whole. The Cardano [ADA] blockchain stood no different and did witness ups and downs over the year. However, it wasn’t all that Cardano had been through in 2022.

The Cardano Foundation, on 18 April, published a tweet that it had launched its first ever yearly report. The report highlighted all the achievements of the network over the last year.

Is your portfolio green? Check out the Cardano Profit Calculator

Growing through the turmoil

Despite a challenging year on the ADA front, Cardano managed to achieve quite a few milestones in 2022. As tweeted by the non-profit organization, the number of ADA wallets by the end of 2022 reached 3.83 million. Furthermore, the total assets mined stood at 7,431,265.

The foundation also had a number of partnerships as mentioned in the thread. Furthermore, the total number of transactions also reached 57.9 million as per the report.

In addition to mentioning the foundation’s performance in 2022, the report also laid out its plan for 2023. The Twitter thread also stated that the Cardano Foundation plans to update the Cardano infrastructure. It also aims to drive the number of targeted partnerships.

Considering all that Cardano has in store for 2023 leaves us with only one question. Where does Cardano stand at the end of Q1 of 2023?

Where art thou Cardano?

As per data from DefiLlama, ADA’s Total Value Locked (TVL) as of 18 April stood at $169.79 million. Although ADA’s TVL still didn’t stand anyhwere close to its ATH, it was witnessing gradual growth.

Furthermore, as can be seen in the chart given below, ADA’s TVL has been recovering since the beginning of 2023.

Source: DeFiLlama

Furthermore, as per data from intelligence platform Santiment, development on the Cardano network witnessed a slight rise as of 18 April. This indicated that development on the chain was slowly and steadily rising.

A look at the social dominance metric witnessed a significant spike. This indicated that the blockchain was doing extremely well on the social front.

Source: Santiment

Realistic or not, here’s ADA’s market cap in BTC’s terms

Additionally, a look at ADA’s active addresses over the last 30 days indicated no noteworthy movement at all. This indicated a lack of increased activity on the network.

Furthermore, ADA’s market cap too witnessed a slight decline. It still managed to still stand strong at 15.31 billion.

Source: Santiment

However, ADA’s on chain activity could witness a change of scenario in the days to come. This was because ADA exchanged hands at $0.4425, which was up by 1.59% in the last 24 hours. Additionally, ADA was up by 10.32% over the last seven days. At press time, ADA ranked #7 as per data from CoinMarketCap.

• Weighted sentiment towards DOT wasn’t at its best at the time of writing.
• However, DOT managed to stay in the green at press time and surged by 6% over the last seven days.

Polkadot [DOT] Network’s official Twitter account published a latest roundup of all the events and updates the team had to share with its community. The tweet published on 17 April had a number of exciting developments that have been the latest on the ecosystem.

One of the updates was that the peaq network on Polkadot unveiled its integration with the Fetch.ai. The integration aimed to power peer-to-peer applications with automation and AI.

Read Polkadot’s [DOT] Price Prediction 2023-24

Another significant development that made it to the Polkadot roundup was about Polkadot’s NFT marketplace Raresama. As per the update shared by Polkadot, Raresama witnessed significant growth over the last year. Additionally, the number of NFTs on the marketplace also witnessed a significant growth since January 2023.

Are congratulations in order for DOT?

As per data from Santiment, DOT’s social dominance wasn’t near its highs of February. Additionally, at press time, DOT’s social dominance wasn’t in its best state. This indicated that there wasn’t much chatter about DOT on the social front. Furthermore, DOT’s weighted sentiment also failed to paint a positive picture for the altcoin.

At press time, DOT’s weighted sentiment witnessed a drop as compared to its last surge on 11 April. Although development activity did witness a surge as of 17 April, the metric wasn’t at its best since the beginning of April. However, a slight uptick could indicate a positive development environment on the network.

Source: Santiment

A look at DOT’s long/short ratio indicated that most investors didn’t favor long positions. At press time, DOT’s long/short ratio stood at 0.95 with 51.67% traders in favor of short positions. Thus, traders in the market could be expecting a price correction or fluctuation for DOT in the coming days.

Source: CoinGlass

Get in line for a green signal

At press time, DOT was trading at a value of $6.75 and managed to flash green. A look at its Moving Average Convergence Divergence (MACD) also showed the MACD above the signal line. This could be interpreted as a positive indication for the price of DOT.

Furthermore, the Awesome Oscillator (AO) too flashed green ascending bars and managed to stay above the zero line. However, the Relative Strength Index (RSI) indicated that a trend reversal could be in the works. At press time, DOT’s RSI stood at 67 after managing touch the overbought zone.

Realistic or not, here’s DOT’s market cap in BTC terms

At the time of writing, the RSI was seen in a downward position. This could be an indication of a correction over the next few days.

Source: TradingView

Furthermore, as per data from CoinMarketCap, DOT witnessed a price correction in the last 24 hours and fell by 1.22%. However, its price over the last days surged by a considerable 7.58% giving some hope to investors.

Thus, traders could consider thinking before going all out on DOT especially in light of the contradictory scenarios put forth by DOT’s metrics and its price.

— The individual responsible for defrauding dark web Silk Road was sentenced to a year in prison

— James Zhong, who committed wire fraud, stole at least 50,000 BTC from Silk Road 

On 14 April, the United States Attorney’s Office for the Southern District of New York released a press release with regards to the Silk Road debacle of 2012. The press release announced the sentencing of James Zhong for unlawfully obtaining 50,000 Bitcoin [BTC] from the silk road dark web in September 2012.

Deep diving into the specifics

As per U.S. attorney Damian Williams, after committing the wire fraud, Zhong managed to conceal his ways of obtaining BTC. Furthermore, the culprit made the use of a decentralized Bitcoin mixer, an overseas cryptocurrency exchange, and an array of technological tools to make the tracing process extremely difficult.

Williams further added,

“thanks to the relentless and skillful efforts of law enforcement in following the money, the federal government uncovered Zhong’s scheme and obtained final orders of forfeiture for over 51,680 Bitcoin.”

Time for a little flashback

In 2012, James Zhong devised a plan to defraud the dark web Silk Road of its money. The plan was created in a manner that conceals the identity of Zhong and triggers a bunch of transactions. Upon putting the plan in action, at least 140 transactions were triggered one after another, thus tricking Silk Road’s withdrawal system to release 50,000 BTC.

All the stolen BTC was deposited in Zhong’s account. It was then transferred to various addresses that were supposedly under Zhong’s control.  Zhong made an initial deposit in BTC and then made a series of withdrawals almost immediately. This enabled him to withdraw a higher amount than he initially deposited.

Additionally, in August 2017, due to the hard fork coin split, traditional BTC and Bitcoin cash came into existence. At the time of the split, any individual with a sizable amount in their wallet would be granted the same tokens on both the chains.

Thus, Zhong, possessed 50,000 Bitcoin Cash [BCH] in addition to the 50,000 Bitcoin that ZHONG unlawfully obtained from Silk Road. All in all, James Zhong possessed 53,500 BTC by the end of 2017.

James Zhong pleaded guilty to the wire fraud charges in November 2022. As of 14 April, he was sentenced for a period of one year and one day in prison.

• Dan Tapiero stated that the traditional banking system has definitely witnessed in a fall 
• Upon comparing BTC to gold, he stated that the former is much bigger than gold 

Dan Tapiero, CEO of a private equity fund was the guest on the latest episode of The Pompliano Podcast. During the same, the equity fund CEO shared his thoughts about the ongoing blowups in the banking system.

He further shared his thoughts on the current state of the cryptocurrency market and why Bitcoin [BTC] could never be irrelevant.

Deep diving into it all

Commenting on the prevalent FUD in the banking system, the exec stated that the banking system has definitely witnessed a crash. Furthermore, he also stated that the blowup in the banking system was a serious event.

Addressing the issue of high interest rates, Tapiero stated that every interest rate cycle has peaked due to ongoing debacles in the banking system. He also cited “failed oversight” on the part of the financial regulators as one of the major reasons for the uncertainty in the traditional banking environment.

Addressing the age old comparison of gold vs BTC, Tapiero stated that BTC is much bigger than gold. He also stated,

“Gold is a store of value, anti-dollar play and there’s a physical component which I think is very important. Bitcoin, and you know the Bitcoin Code in the Bitcoin network is a completely new innovation for the world. It’s the potential to change the way we move value or the way we store value.”

Furthermore, he agreed with Tudor Jones’ comment of BTC being the fastest horse. He attributed the strength of the BTC network to its Proof-of-Work (PoW) model. Additionally, he considered BTC’s security component as ‘bulletproof’.

Does ETH make its place?

Talking about the king of the altcoins, Dan stated that Ethereum [ETH] managed to achieve network effect. This has led to a number of blockchain developers flocking to the chain to come up with different use cases. He further stated that Bitcoin and Ethereum could be considered as the strongest chains in the cryptocurrency market.

Is Bitcoin in it for the long run?

Bitcoin’s ongoing bull run has been managed to give investors some hope about the condition of the ongoing market. Talking about the same, the BTC investor stated that the move to BTC was extremely natural. Furthermore, people generating wealth would look for various sources as investments.

He also stated that anytime there stands to be a problem with the banking system, people would automatically prefer an alternative way of investing. In this case, that being BTC.

Upon being asked about how big BTC would get, Tapiero stated that relying on gold and BTC would increase in the future. The increased dependence on gold would come only because of its physical component.

However, talking about the value of BTC in the coming years, he stated,

“It’s not about what Bitcoin is worth versus gold, it’s what this entire world that’s predicted on the Bitcoin code is going to be worth.”

Talking about the future of the cryptocurrency market as a whole, he stated that,

“We don’t necessarily know which area is going to run with a ball and be the largest grower. I don’t even think that’s so important. I think it’s just important to have exposure to this space generally, and here we are at the end of the bear phase. 1.7 trillion dollars in value is captured in this world and it’s not going to zero and it’s not going away.”