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What’s happening in crypto today? Daily Crypto News Summary

TokenTalk Staff

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What’s Happening In Crypto Today? Daily Crypto News Digest

Last updated: April 26, 2024 8:42 am EDT | 5 minutes of reading

What's happening in crypto today?  Daily Crypto News Summary

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.

crypto news todaySource: 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.

crypto news todaySource: 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 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.

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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We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Altcoins

Falling Cryptocurrency Speculation Index Suggests Bitcoin (BTC) Bull Market Reset

TokenTalk Staff

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Falling Cryptocurrency Speculation Index Suggests Bitcoin (BTC) Bull Market Reset

Bull markets are observed to stagnate during periods of excessive optimism, only to pick up again once the speculative froth has dissipated.

Capriole Investments Crypto Speculation Index Shows Speculative Excesses spread during First quarters have dissipated, indicating potential for further bullish bitcoin price action (BTC)the leading cryptocurrency in terms of market value.

The speculation index, which measures the percentage of alternative cryptocurrencies (altcoins) that have a 90-day return higher than bitcoin, has stabilized below 10%, down sharply from a January peak of nearly 60%. Bitcoin, the market’s top cryptocurrency, hit new records above $70,000 in the first quarter and has since fallen back to $58,000.

At the time of writing, there are over 14,800 altcoins in existence, according to data source Coingecko. Most of these coins are illiquid and have difficulty proving their utility. As a result, altcoins are generally considered speculative instruments, with volumes closely related to Google Trends, an indicator of retail investor interest, and the outperformance of altcoins relative to BTC are seen as a sign of speculative mania.

Speculative collapses serve as corrective mechanisms, helping to realign asset prices with fundamentals and tempering excessive speculation. They thus lay the foundations for a healthier long-term environment.

This is what happened in the cryptocurrency market. Since 2019, a speculation index below 10% has coincided with the beginning of strong increases in bitcoin, as observed in the first half of 2019, at the end of 2020 and in the second half of 2023.

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Bitcoin, Altcoins in Focus as Market Eyes Ether ETF, Fed Chair Commentary, and More

TokenTalk Staff

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Bitcoin, Altcoins in Focus as Market Eyes Ether ETF, Fed Chair Commentary, and More

The cryptocurrency market is abuzz with a series of key events expected to impact Bitcoin and altcoin trading this week. The cryptocurrency market has been highly volatile lately, with government BTC meltdowns, Mt. Gox repayment issues, and other related factors. However, this week would be a pivotal one for the digital asset space, with a series of events expected to weigh on market sentiment.

Bitcoin and Altcoin Traders Watch This Week’s Key Events

Ethereum ETF to Fuel Market Sentiment

The buzz that is skyrocketing above the Ethereum Spot ETF in the United States The SEC approval has been evidenced by the recent discussions in the cryptocurrency market. Apart from altcoins, the approval is also expected to show its impact on the performance of Bitcoin.

Meanwhile, recent comments from Bloomberg senior ETF analyst Eric Balchunas and ETF Store president Nate Geraci highlight the SEC’s silence on the matter. However, despite the regulators’ “mute” stance, experts have nonetheless provided an optimistic outlook for a possible approval or breakthrough in the coming week.

The market is particularly expecting Bitcoin and altcoins to rally following the approval of the Ethereum ETF. In addition, the recent massive inflow of capital into the Bitcoin spot ETF in the US has further boosted market sentiment.

Statements by Fed Chairman and Other Officials

In macroeconomic news, Fed Chairman Jerome Powell is scheduled to speak on Monday, July 15, and the financial sector is likely to be watching closely. Given the mixed inflation data of late, Powell’s commentary will be crucial in assessing the central bank’s current stance on monetary policy.

To put things in context, the latest US CPI data indicated a significant slowdown in inflation in the country. Notably, it also increased bets on three interest rate cuts in 2024, versus previous expectations of two rate cuts. However, IPP in the United States Last week was warmer than expected, which weighed on overall market sentiment.

That being said, if the Fed chair comments on the central bank’s upcoming interest rate plans, it could influence Bitcoin and cryptocurrency market sentiment. Additionally, other Fed officials, such as Fed Governor Adriana Kugler, New York Fed President Williams, and Atlanta Fed President Raphael Bostic, are also expected to provide remarks this week.

Ripple and SEC sue

The price of XRP rose significantly over the weekend, with July 13 being a significant date in Ripple’s lawsuit against the SEC. On July 13, 2023, Judge Torres ruled that XRP was not a security, and this year, Ripple executives welcomed the development.

Therefore, XRP The price of XRP has surged by more than 12%, reflecting the growing market interest in the cryptocurrency. However, in this context, the US SEC has announced that it will hold a “closed-door” meeting on July 18. That said, the XRP community is speculating that the meeting could be focused on a possible settlement in the Ripple vs. SEC lawsuit.

Moreover, many market experts also expect the legal battle to be concluded soon. Considering this, the conclusion of the lawsuit is likely to have a significant impact on the altcoin sector as well as Bitcoin.

Read also : Binance CEO Shares Post-CZ Era Developments and Crypto Outlook

What’s Next for Bitcoin and Altcoins?

Events will play a crucial role in the future of cryptocurrencies. In addition, the selling pressure from the German government has also decreased, as the government sold its last BTC in the previous week.

On the other hand, BTC Spot ETF in the United States According to the latest reports, issuers around the world are on a buying spree. If the momentum continues, the price of BTC could rise significantly. In a recent analysis, cryptocurrency market expert Ali Martinez said that if Bitcoin can break above $59,200, the next stop for BTC could be around $64,000.

Source: Ali Martinez

Let’s talk about the altcoinsCrypto analyst Michael van de Poppe sees a bright future for the sector. After a recent price correction, van de Poppe points to a strong weekly rebound and supports a market cap of around $500 billion. Based on this, he predicts that altcoins will reach a new all-time high by early 2025.

Source: Michael van de Poppe

Read also : Solana Co-Founder Highlights US Government’s ‘Mess’ Over Cryptocurrency

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Altcoins to be sold off as stablecoin volume drops

TokenTalk Staff

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Altcoins to be sold off as stablecoin volume drops

Attempts at a sustainable recovery in the cryptocurrency market continued to fail this week, starting with Bitcoin’s failure to break above $60,000 on Thursday. At the same time, stablecoin volumes declined significantly to a seven-month low of $970 million. At first glance, this outlook may not raise eyebrows, but further evaluation could prompt altcoin investors to sell this weekend to avoid the rabbit hole.

According to a report on the state of the stablecoin sector, June marked the third consecutive month of declines – 18%, mainly in USDT. Attached is the most dominant stablecoin, “accounting for 78.4% of volume among the top 10 stablecoins by market cap.”

Stablecoins are often the entry and exit route to the cryptocurrency market. They also help facilitate the majority of trading in the market. Therefore, a persistent decline in volumes may indicate a decline in trader interest.

For this reason, it might be prudent to consider selecting altcoins to sell before further price drops engulf cryptocurrencies.

3. Altcoins for Sale – Slerf (SLERF)

Slerf is one of the biggest crashes in the cryptocurrency market, and it was a good thing. The project presents itself as a fun and engaging project coin meme for the community. However, the launch was not a cakewalk as the developer accidentally burned all the tokens (liquidity and airdrop allocations). The combined value of the burned tokens exceeded $10 million.

The price of SLERF then surged, with market participants calling it the most secure meme coin on the blockchain. After reaching an all-time high of $1.3, or 7.7 times the launch price, SLERF began to retrace and is currently at $0.186, down 86%.

Slerf retains the title of the most liquid meme coin on Solana and has continued to secure partnerships across the Solana ecosystem. The 24-hour trading volume for SLERF is up 4.6%, indicating that investor interest in the token is increasing.

SLERF price is near a critical level. If it falls below this level, it could reach new all-time lows.

2. Arbitration (ARB)

Over the past week, ARB has been trading in a range between $0.6825 and $0.733, showing a notable 17% increase in value. The cryptocurrency reached its all-time high of $2.40 six months ago, but has since declined significantly, currently trading around $0.69.

Arbitration
ARB Price Chart | CoinGecko

Despite this decline, recent performance indicates a positive trend, recovering from its all-time low of $0.5773, recorded just seven days ago.

According to DefiLlamaArbitrum currently has a total value locked (TVL) of around $2.829 billion. In the last 24 hours, the platform has seen inflows of around $9 million. Additionally, Arbitrum’s treasury holds $44 million and the platform has raised $123 million to date.

Arbitrum price is currently experiencing a significant decline in a bearish market environment. If this negative sentiment persists, Arbitrum’s value could stabilize at $0.68. If market conditions deteriorate further, a drop to $0.67 could occur, reflecting a deeper bearish impact. An intensification of the downturn could push the price down to $0.68.

Conversely, Arbitrum Prize The cryptocurrency price could enter a bullish phase if investor confidence improves. A market reversal would likely push its value beyond the $0.70 resistance level. Continuing on this path, the cryptocurrency could approach $0.90. It could even reach $1 in the near future.

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Frequently Asked Questions (FAQ)

The term altcoins is used to refer to alternative cryptocurrencies to Bitcoin. Ethereum is the most dominant altcoin.

Stablecoins are cryptocurrencies pegged to real-world assets like the dollar to reduce price fluctuations, making them ideal for everyday transactions in the crypto world.

It depends on individual investors, their goals, and their understanding of the cryptocurrency market. The ongoing correction could be interpreted as a buying moment, especially if the selling pressure subsides.

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Cryptocurrency trader says Solana-based altcoin is poised for further plunge, outlines path ahead for Pepe and Dogecoin

TokenTalk Staff

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Cryptocurrency trader says Solana-based altcoin is poised for further plunge, outlines path ahead for Pepe and Dogecoin

A prominent cryptocurrency strategist believes that a dog-themed Solana (GROUNDThe memecoin based on ) is heading towards much lower prices.

In a new video, pseudonymous analyst Credible Crypto tell his 55,500 YouTube subscribers who dogwifhat (Wireless) has probably not yet reached the market floor.

“I think we might see some kind of dead cat twist here, but I don’t think the flip side is over.”

Source: Credible Crypto/YouTube

Looking at his chart, the trader suggests that WIF could correct to $0.80 with price bounces along the way.

WIF is trading at $1.60 at the time of writing, up nearly 3% in the past 24 hours.

Then the analyst says that the memecoin Pepe (PEPE) could see a correction of around 90% from its all-time high of $0.0000171.

“We obviously have a significant support area here in the green zone. [between $0.0000059 and $0.0000040] “So we could see some sort of rebound from there. But ultimately, I think it’s going to continue to go down.”

Source: Credible Crypto/YouTube

Based on the trader’s chart, he seems to predict that PEPE could drop as low as $0.00000185.

Pepe is trading at $0.00000876 at the time of writing.

Finally, the analyst claims that the dog-themed memecoin Dogecoin (DOGE) could retest higher resistance levels if Bitcoin starts to recover.

“Cryptocurrencies like DOGE could see some relief to the upside. You have reached our first target zone of downside demand – a logical place to see a bounce.

We’ll probably see a bounce with Bitcoin. And then we’ll probably find some resistance and then continue to bleed as Bitcoin continues to surge. And that’s where we get this kind of prolonged bleeding to the downside…

Dogecoin: A logical place to be interested at $0.10. But there is a chance we could go lower if this region is lost. We could definitely see a bounce here.

Source: Credible Crypto/YouTube

Looking at his chart, the analyst suggests that a possible scenario would be for DOGE to drop to around $0.084, retest resistance at around $0.15, and crash all the way to $0.06.

DOGE is trading at $0.108 at the time of writing, up slightly over the past 24 hours.

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