Altcoins
What’s happening in crypto today? Daily Crypto News Summary
Last updated: April 26, 2024 8:42 am EDT | 5 minutes of reading
Get your daily digest of blockchain and crypto news today, investigating the stories that are flying under the radar in today’s news.
In crypto news today:
- Why is crypto up today?
- Stablecoin trading volume hits all-time highs
- Immutable Launches Main Quest with Up to $50 Million in Rewards Already Committed
- Arbitrum, Optimism, Polygon, StarkWare and zkSync integrate with Avail
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Why is crypto up today?
The global crypto market cap increased by 0.4% in the last 24 hours. According to has CoinGeckoit amounts to 2.494 trillion dollars.
Unlike yesterday, where almost all coins in the top 100 category were red, many have appreciated since then.
ON is at the peak, up 23.4% in one day to $2.4.
Next is Wormhole (W)whose price increased by 14.9% to $0.6135.
The remaining green coins are all up less than 9%.
On the other hand, the drops are fewer and smaller.
Immutable (IMX) is the one that fell the most: 5.3% to $2.06.
ONDO is nearby, with its price dropping by 4%, trading at $0.7965.
In the top 10 category, the prices of four coins are up and four are down (not including stablecoins).
Solana (SOL) this is the price that fell the most: 1.9% to $144.
Ethereum (ETH) is the one that fell the least: 0.1%, trading at $3,142.
On the other hand, the increases are also small.
BNB rose the least, with 0.3% to $609.
Bitcoin (BTC) 0.5% is the highest. The coin changes hands at $64,401.
Meanwhile, an “epic sat”, mined from the fourth Bitcoin halving block, was recently sold for $2.1 million at an auction on CoinEx Global.
This rare satoshi, marked with a unique sequence number, sold for 33.3 BTC.
Also, Blockled by Jack Dorsey, now allows Square merchants to convert between 1% and 10% of their daily sales into BTC using Cash Appfor a nominal sum of 1%.
Source: CoinGecko
Stablecoin trading volume hits all-time highs
In crypto news today, in April 2024, the stable coins trading volume on centralized exchanges (CEXs) increased by 98.9% to $2.18 trillion, reaching the highest ever stablecoin trading volume on CEXs.
The surge in trading activity coincides with the increased volatility produced by BTC hitting new all-time highs in March for the first time this cycle. according to to an on-chain analytics company CCData.
USDT still dominates trading activity on CEXs. It represents 77.5% market share among the top 10 stablecoins by market capitalization.
Source: CCData
At the same time, the total market capitalization of stablecoins increased by 4.76% to $147 billion as of April 24.
This is the seventh consecutive monthly increase in market capitalization and the highest market capitalization for stablecoins since May 2022.
Stablecoin market dominance stands at 6.3%. This is an increase from 5.43% in March and the first increase after markets retraced on higher-than-expected US inflation data and escalating geopolitical tensions.
Source: CCData
Finally, the market capitalization of the two main gold-indexed stablecoins, Gold Tether (XAUT) And Pax Gold (PAXG)rose 4.2% and 4.77% to $573 million and $425 million, respectively.
This is an all-time high for Tether Gold and the highest level for Pax Gold since December 2023.
This came as the price of gold surpassed its previous all-time high amid geopolitical tensions in the Middle East.
Source: CCData
Immutable Launches Main Quest with Up to $50 Million in Rewards Already Committed
Web3 gaming platform and ecosystem Immutable announced the launch of “The Main Quest,” described as “the largest Web3 gaming quest and rewards program ever.”
According to According to the press release, these are token rewards of up to $50 million already secured for players, with more to be announced.
Players can get rewards immediately by exploring quests, playing games, and owning collections on Immutable.
Players who registered with Immutable Passport or connected their wallet on Immutable zkEVM can acquire gems by joining tasks and quests.
Bonuses and rewards include game tokens and NFTs that can be used in-game.
The immutable ecosystem’s core quest is the largest Web3 gaming rewards program ever.
With up to $50 million in rewards prepared for all players and more to be announced, the Immutable Ecosystem Rewards program offers players incentives to explore games in the vast Immutable… pic.twitter.com/Agh3nJ37bE
– Immutable (@Immutable) April 25, 2024
The Immutable Ecosystem Rewards program is launched in partnership with Digital Worlds Foundation.
It offers incentives for players to explore games from the Immutable ecosystem of over 270 titles currently in development.
The team said that some of the most anticipated Web3 games are featured in the current phase of The Main Quest.
These include Pixelmon, Illuvium, Guardians Guild, Space NationAnd Metal core.
“This is single-handedly the largest rewards program in Web3 gaming,” said Robbie Ferguson, president and co-founder of Immutable.
“As more of our 300 signed games come to market, the opportunities for players to be rewarded through the Immutable ecosystem will increase exponentially.”
Arbitrum, Optimism, Polygon, StarkWare and zkSync integrate with Avail
In other crypto news today, Enjoya modular blockchain solution designed to unify Web3 and optimize data availability (DA) for highly scalable and customizable rollups, announced that five major Web3 ecosystems will integrate with its DA architecture.
According to the press release, the ecosystems include Arbitration, Optimism, Polygon, StarkWareAnd zkSyncrepresenting approximately 10% of Web3’s monthly active developers.
Prior to the launch of Avail mainnet, developers and rollup creators will be able to access Avail DA, ecosystem, development, and integration across these five chain stacks.
This is the way.
Avail is an infrastructure for scaling rollups and then allowing them to connect to each other.
I’m excited to work alongside Ethereum L2 industry giants – Arbitrum, Optimism, Polygon, Starkware, and zkSync – to build the stack-centric future of blockchains. https://t.co/c5T0HlLBjK
-Anurag Arjun (@anuragarjun) April 25, 2024
Avail DA is the first of three parts of the Avail unification layer, he adds. It is a “complete full-stack architecture” that encompasses three solutions: DA, Nexus and Fusion Security.
The goal is to “help usher in the future of unified rollup and address the blockchain industry’s growing scalability, fragmented UX, and cross-chain liquidity challenges,” Avail said.
Limited data availability is one of the biggest obstacles to widespread adoption of the blockchain industry, noted Ramon Canales, head of product at Matter laboratories, the team behind zkSync. “Without adequate DA, data availability quickly becomes the bottleneck for unlimited scaling. »
Data availability solutions such as Avail’s opinionless base layer can support any blockchain, he said, addressing precisely this problem. “The additional redundancy provided by erasure coding ensures a high degree of confidence and redundancy for continued data accuracy and efficiency,” he added.
This integration will expand the range of options available to Arbitrum Orbit developers, allowing builders to choose the solution best suited to their needs, said Nina Rong, head of ecosystem development at Arbitrum Foundation.
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Altcoins
Altcoins with huge potential Bonk and Mpeppe (MPEPE)
The cryptocurrency market is full of potential, and two altcoins that have recently caught the attention of investors are Bonk (BONK) and Mpeppe (MPEPE)Both of these tokens offer unique features and promising growth prospects that set them apart in the crowded altcoin space. In this article, we will explore what makes Bonk (BONK) and Mpeppe (MPEPE) attractive investment opportunities and how they could shape the future of the cryptocurrency market.
Bonk (BONK): The viral sensation
Bonk (BONK) burst onto the scene with a playful and viral take on cryptocurrency. Here’s a closer look at what’s made Bonk (BONK) a sure bet in the altcoin space.
The Viral Marketing Strategy
Bonk (BONK) Bonk has harnessed the power of internet memes and viral marketing to quickly gain popularity. Its branding, which features a humorous and engaging mascot, has resonated with the crypto community and beyond. By harnessing the viral nature of meme culture, Bonk (BONK) has quickly established a strong presence and captured the imagination of a wide audience.
Merging meme culture and blockchain innovation
Mpeppe (MPEPE) is emerging as a new and exciting player in the altcoin market. With its unique blend of features and innovative approach, Mpeppe (MPEPE) is attracting the attention of investors and cryptocurrency enthusiasts.
Mpeppe (MPEPE) combines the fun and relatable aspects of meme culture with advanced blockchain technology. Inspired by football and blockchain innovation, Mpeppe (MPEPE) offers a distinctive brand identity that appeals to a wide audience. This fusion of entertainment and technology sets Mpeppe (MPEPE) apart from other altcoins and offers an attractive investment opportunity.
Community impact
The strength of each cryptocurrency’s community will play a vital role in its future trajectory. Bonk (BONK) and Mpeppe (MPEPE) Cryptocurrencies build strong, engaged communities, but how they foster and grow those communities will determine their long-term success. Active, supportive communities can generate lasting interest and value, making them essential to the future of every cryptocurrency.
Conclusion: Invest in Bonk and Mpeppe
Bonk (BONK) and Mpeppe (MPEPE) represent exciting opportunities in the altcoin market. While Bonk (BONK) has established itself through its viral marketing and strong community support, Mpeppe (MPEPE) offers a unique blend of meme culture and advanced blockchain features. Both coins have the potential to make a significant impact in the cryptocurrency space.
For investors looking to explore high-potential altcoins, keeping an eye on Bonk (BONK) and Mpeppe (MPEPE) offers interesting opportunities. As the market evolves, these tokens could play a significant role in the future of cryptocurrencies, making them attractive options for those looking for growth and innovation in the altcoin space.
For more information on the Mpeppe presale (MPEPE):
Visit Mpeppe (MPEPE)
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Altcoins
Top 6 Altcoins Expected to EXPLODE Before 2025: Buy Now!
As we approach 2025, the cryptocurrency market is poised for a major shift. According to Austin, an analyst at Altcoin Daily, potential policy changes could trigger a major surge in altcoins. A potential change in the Federal Reserve’s policy rate in September could lead to substantial growth in the cryptocurrency market, benefiting Ethereum, Solana, and several promising new altcoins.
Here’s a look at some altcoins priced between $1 and $2 that could offer good returns during the current market downturn. Dive right in.
Top 6 Altcoins to Watch
Aethir: The Decentralized GPU Marketplace
Aethir is becoming a key player in decentralized cloud infrastructure for gaming and AI. With over $36 million in annual revenue, Aethir is meeting the growing demand for GPU computing from large tech companies like Google and Microsoft. By utilizing underutilized GPUs, Aethir is making a significant impact in the tech world. Current Price: $0.07176.
Ondo: The Best Bet in the RWA Sector
Ondo is transforming the way financial assets are tokenized with its real asset protocols. The ONDO token, used for Ondo DAO and Flux Finance, offers a 5.3% annual dividend in USDY. Despite a recent 35% price drop, ONDO’s price action suggests a potential breakout. With less selling pressure and an increase in off-exchange holdings, the outlook appears positive. Current price: $0.9251.
Lukso: Blockchain for Creators and Social Networks
Lukso is creating a unique blockchain focused on connecting creators, brands, and users. As an alternative to Ethereum, Lukso offers universal profiles and gasless transactions, making blockchain technology more accessible. With a strong vision and strong leadership, Lukso is poised for wider adoption. Current Price: $1.71.
AIT Protocol: Decentralized AI Data Annotation
The AIT protocol addresses the need for decentralization of work in AI data annotation. It connects human trainers with AI model owners through a decentralized marketplace, thereby improving AI models. Its growing adoption in Asia and strategic investments suggest that it could be a major disruptor in the AI space. Current price: $0.1169.
Foxy (Linea): A meme piece with level 2 potential
Foxy, a cryptocurrency associated with Linea’s Ethereum layer 2 scaling, has received support from ConsenSys. It stands out in Ethereum layer 2 due to its MetaMask integration and fast transactions. With Linea’s growing adoption and low transaction costs, Foxy is well-positioned for growth. Current price: $0.01116.
Off-grid: Emerging Altcoin in Video Gaming
Finally, Off The Grid, developed by Godzilla, is generating excitement in the crypto gaming sector. Although it has not yet launched, it has received positive feedback from industry experts, suggesting strong potential. Other infrastructure projects like Immutable and games such as Xers and Star Heroes are also worth considering for those interested in crypto gaming.
Who’s excited about the potential altcoin rally?
Altcoins
Bitcoin Dominance Hits 3-Year High: Is Altcoin Season Coming?
As Bitcoin dominance hits a three-year high of 56%, analysts are predicting the potential start of an altcoin season. Although Bitcoin’s current valuation has fallen below $63,600, the high dominance level suggests a significant shift in the market.
Experts point out that Bitcoin dominance is a key factor in predicting altcoin trends. If Bitcoin holds its price while its dominance declines, it could signal a flow of investment into altcoins. This triggers what many call an “altcoin season.”
Conversely, if Bitcoin price and dominance fall simultaneously, it usually indicates a broader market correction rather than an altcoin boom.
What Factors Suggest an Imminent Altcoin Season?
Markus Thielen of 10X Research noted that Bitcoin Price Tends to Stabilize in August. Therefore, a stable Bitcoin price, coupled with declining dominance, may create the ideal conditions for altcoins to thrive.
Learn more: Bitcoin Dominance Chart: What Is It and Why Does It Matter?
Bitcoin Domination. Source: TradingView
In addition, Ki Young Ju, founder of the chain analysis CryptoQuant platform has highlighted increasing activities by crypto whales that appear to be preparing for an altcoin rally.
“Limit buy order volume for altcoins, excluding Bitcoin and Ethereum, is increasing, indicating that strong buy walls are being put in place” said.
Ju explained that limit orders, which are preferred by institutions for large trades to minimize price impact, create “quote volume.” His analysis, which includes a graph of the 1-year normalized cumulative buy/sell volume difference, indicates that altcoins like Solana (SOL)Cosmos (ATOM) and Polygon (MATIC) experience significant accumulation activities.
“The indicator is calculated by taking the cumulative sum of the difference between the buy and sell quote volumes, using a one-year rolling window. If there is an upward trend, it means the buy volume of the quotes is increasing, indicating stronger buy walls,” Ju explained.
Normalized cumulative difference over 1 year between purchase and sale volumes. Source: CryptoQuant
This bullish sentiment is reflected in the trends following recent developments in crypto financial products. Crypto Vikings, a renowned analyst, suggests that current market conditions are conducive to altcoin season.
“Many alts are down 60-80% in the last couple of months, and many of them have already bottomed and are in a good buy zone. Bitcoin Domination is also facing major resistance relative to where the massive altcoin season began each cycle,” Crypto Vikings declared.
Sentiment is increasingly optimistic, as many believe that the disillusionment that follows periods of prolonged economic downturn opens the way to profitable investments.
Another trader, Mags, noted that altcoins are only up 58% after breaking a 525-day accumulation. Therefore, he predicts a possible continuation of the altcoin rally after a reaccumulation consolidation.
“Permanent bears will tell you that altcoins are done and in a distribution phase. But if you look at the chart, altcoins are only up 58% since they broke out after 525 days of accumulation. Do you really think a breakout after 525 days of consolidation will end after only a 58% move?” wrote on X (Twitter).
Learn more: 11 Cryptos to Add to Your Portfolio Before Altcoin Season
On the other hand, Brian Quinlivan, senior analyst at Santiment, told BeInCrypto that there is a lack of enthusiasm for the altcoin season due to the recent price drops.
“As far as mentions of altcoin season go, we’re not really seeing any significant enthusiasm from traders about it. Traders have at least been a little bit more vocal since we started seeing prices drop over the last three days,” Quinlivan told BeInCrypto.
Disclaimer
In accordance with the Trust Project This price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.
Altcoins
On-chain data confirms whales are preparing for altcoin surge with increased buy orders
Ki Young Ju, CEO of analytics platform CryptoQuant, believes whales are preparing for an upcoming surge in altcoins.
In a recent revelation about X, Ju underlines that the volume of limit buy orders for altcoins, excluding Bitcoin and Ethereum, is increasing. This pattern suggests the formation of substantial buy walls, highlighting significant buying pressure from large-scale investors.
Ju’s chart identifies two main phases in limit order volume for altcoins: the limit sell phase and the limit buy phase. The limit sell phase saw a notable increase in cumulative sell orders in 2022, demonstrating strong selling pressure from whales and other market participants. This phase coincided with a period of falling altcoin prices due to unfavorable market conditions.
Then, the limit buying phase began, marked by a significant increase in cumulative buy orders. This indicates a period of strategic accumulation where whales establish substantial buy walls.
According to Ju, the increase in buying volume suggests confidence in the future conditions of the altcoin market. This buying pressure creates strong support levels, indicating that whales are preparing for a positive change in the market.
Buying pressure on specific altcoins
Ju also provided a heatmap of the 1-year normalized cumulative buy/sell volume difference for various altcoins, showing the buying and selling pressure over time. Solana (SOL) has seen alternating strong buying and selling phases, with recent activity showing increased buying interest. Cosmos (ATOM) and Polygon (MATIC) have also shown increased buying pressure despite mixed activity trends.
Cardano (ADA) and PancakeSwap (CAKE) have shown balanced buying and selling phases, with recent trends proving increased buying pressure. Coins like AMP and ANKR have also demonstrated increased buying activity. The heatmap reveals that most altcoins are seeing increased buying pressure as whales and large investors accumulate altcoins in anticipation of a rally.
Meanwhile, coins experiencing selling pressure, as indicated by the predominantly red areas on the heatmap, include DOGE, DASH, AXS, XRP, COMP, and AAVE, BNT.
Bitcoin whales are also buying
It is important to note that while whales are accumulating altcoins, Bitcoin whales are also active. Crypto Basic note an increase in buyer activity on Binance, which aligns with an increase in the buy/sell ratio of takers and whale movements. Analyst Ali Martinez highlighted the ratio fluctuations from below 0.8 to above 1.7 between July 27 and 31. Ratios above 1.0 indicate aggressive buying, often preceding price rallies.
From July 27 to July 28, the ratio remained mostly above 1.0, corresponding to the rise in Bitcoin price from around $66,500 to over $67,000. A spike to around 1.5 led to a sharp increase in price to around $68,500. However, on July 30 and 31, the ratio fell below 1.0 several times, corresponding to a drop in price to around $66,000, before a final spike to 1.7 indicated another slight increase in price.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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