Despite concerns over network congestion and high gas fees, Ethereum remains bullish in the long term, according to borovik.eth–a partner at Rollbit, who posted on X on December 26. The key factors driving the positive outlook are pointing to Ethereum’s developer ecosystem, its role in the broader blockchain ecosystem, and the launch of numerous Layer-2 solutions (L2s). 

Will Layer-2 Activity Drive ETH To New Highs?

Borovik.eth remained deviant and optimistic about ETH, even with Solana (OSL) and other layer-1 coins like Cardano (ADA) soaring in 2023. In the analyst’s view, Ethereum’s scaling challenges are manageable, believing that developers will find ways of “resolving this concern permanently over the long term.”

Based on this optimism, the Rollbit partner believes that ETH will likely recover strongly in the coming sessions considering the level of development, especially of layer-2 scaling options meant for the pioneer smart contract platform. According to Borovik.eth, the development of layer-2 off-chain options backed by massive companies, for instance, Coinbase, a crypto exchange, and venture capitalists (VCs), positions Ethereum (ETH) favorably for a bull run.

As of December 26, ETH remains in an uptrend but is cooling off after solid gains in Q4 2023. At spot rates, ETH is underperforming most layer-1 platforms like Injective Protocol (INJ) and Solana (SOL), whose prices rallied, reaching new 2023 highs. ETH prices are still trending below $2,400, a critical resistance level. If bulls overcome this line, ETH may fly towards $3,500 or better in the months ahead.

The spike in SOL’s valuation, especially in H2 2023, has led to a comparison with ETH. Even so, most traders are optimistic. Arthur Hayes recently stated that users should begin rotating funds from SOL to ETH, an endorsement of the second most valuable coin by market cap.

Ethereum Layer-2s Manage Over $18.8 Billion

While Ethereum faces challenges around on-chain scaling, developers have been working hard to resolve this issue. The release of layer-2 off-chain options using rollups has been key in this drive. Most of these solutions, including Arbitrum and Optimism, have been critical in alleviating pressure from the mainnet, thus reducing gas fees. According to L2Beat, layer-2 protocols manage over $18 billion as total value locked (TVL). There are also 34 active projects, with 23 more being developed.

Among the big companies hitching the layer-2 ride is Coinbase, where through Base, users can transact cheaply while relying on the Ethereum mainnet for security. According to Borovik.eth, over 60% of Base’s revenue is from rollup fees charged, highlighting the importance of their scaling solution and the role Ethereum plays in all this. 

Related Reading: Shiba Inu Whale Moves $45 Million In SHIB, Bullish?

The upcoming Dencun Upgrade set for integration next year will further slash layer-2 fees. Developers plan to release this update in the Goerli test network as early as mid-January 2024.

Mt. Gox, the infamous Bitcoin exchange that suffered a major hack over a decade ago, has allegedly finally begun the process of repaying its customers for the 850,000 lost Bitcoin. This news has sent shockwaves through the market, causing a momentary disruption in the Bitcoin price uptrend.

As a result of these developments, the current price of Bitcoin stands at $42,625, with a 24-hour trading volume of $22,655,498,534.64. 

However, the market has witnessed a -2.40% decline in the past 24 hours, reflecting the uncertainty caused by the Mt. Gox repayment proceedings.

Bitcoin Price Plunges Amidst Mounting Speculation

Reports from participants in the mtgoxinsolvency subreddit group indicate that some individuals have already received payouts in yen via PayPal. 

However, those who opted for cash deposits into their bank accounts have not reported any inflows as of yet. Several users have shared notifications they received, alerting them to a system error that resulted in double payments. 

These users are now allegedly being requested to return the excess funds to the Rehabilitation Trustee promptly.

Moreover, the Rehabilitation Trustee has reached out to affected individuals to refund the mistakenly transferred amount, which was the second transfer, as the first transfer was the official repayment. 

Users have been instructed to use PayPal’s “Refund” feature to return the funds to the Rehabilitation Trustee’s account. Alternatively, they can transfer an equivalent amount of money to the Rehabilitation Trustee’s PayPal account if the “Refund” feature is unavailable.

While some users have confirmed receiving their repayments, there is uncertainty surrounding the timing of Bitcoin reimbursements or if they are taking effect.

No Bitcoin Outflows Detected From Mt. Gox?

In a recent statement by CryptoQuant co-founder and CEO, Ki Young Ju, it has been confirmed that “no Bitcoin outflows have been recorded from the Mt. Gox Trustee wallet at this time.” 

Furthermore, the trustee responsible for managing the rehabilitation proceedings of Mt. Gox, the now-defunct Bitcoin exchange, has yet to provide any official statements explaining the absence of outflows from the wallet. 

Consequently, the cryptocurrency community finds itself on edge, eagerly awaiting updates regarding the timing and method of Bitcoin reimbursements.

Once again, the cryptocurrency community has been hit by another bout of misinformation surrounding the long-awaited Mt. Gox exchange repayment to its customers. 

The spread of this news has had a notable impact on market sentiment and has stirred volatility in the Bitcoin price. The future timeline and potential effects of the exchange’s repayment, slated for 2024, remain uncertain.

Featured image from Shutterstock, chart from TradingView.com  

Inflows into crypto investment funds have resumed after a brief hiatus two weeks ago, as evidenced by CoinShares’s latest analysis. According to James Butterfill, Head of Research at CoinShares, digital assets saw a net inflow of $103 million last week, as the wider crypto industry went through a few days of bullish sentiment. This is particularly exciting, as it signaled a change from the net outflows in digital asset investment funds witnessed two weeks ago. 

Crypto Fund Inflows Surge To $103 Million

Crypto asset investment funds witnessed a minor net outflow of $16 million two weeks ago, bringing an end to 11 consecutive weeks of inflows since September. However, according to a social media post by Butterfill, these investment funds attracted a $103 million net inflow last week. As expected, Bitcoin, again, led the charge, attracting 85% of the total inflow. Bitcoin saw an inflow of $87 million last week, bringing its total net inflow this year to $1.758 billion. 

Ethereum led the altcoin market with a net inflow of $7.9 million, bringing its total net inflow this year to $23 million. Solana followed suit with a $6 million net inflow. At the time of writing, Solana’s total inflow this year stands at $162 million, reflecting the better sentiment Solana has seen with institutional investors this year. 

On the other hand, Litecoin and Avalanche investment products were the only ones registering a net outflow during the week, with $0.4 million and $2.6 million respectively.

In terms of geographical location, Germany had the most inflows with $41.6 million, Canada with $25.8 million, USA with $20.4 million, and Switzerland with $15 million. On the other hand, Sweden had a net outflow of $8.7 million. 

Total assets under management now stand at $52 billion, representing 31% of the entire crypto market cap of $1.65 trillion. Most of this is traded in the United States, with US-based investment funds holding $37.8 billion worth of assets under management.

US$103m inflows in digital assets last week, no report on Monday. Merry Christmas! pic.twitter.com/xAVzCrPPkQ

— James Butterfill (@jbutterfill) December 23, 2023

State Of The Market

Investment in digital asset funds is largely tied to the sentiment among the spot market prices. As a result, the net inflows last week were a mirror of the price surge led by Bitcoin, with the crypto crossing over $44,000 multiple times during the week. Bitcoin has since corrected and is now trading at $42,390.

Ethereum’s lead in the altcoin market has been overshadowed by Solana since October. The crypto is up by 53% in a 7-day timeframe, hitting a yearly high of $124.92 on Christmas day. At the time of writing, Solana is trading at $114.  

023 has emerged as a significant year for crypto airdrops. A recent analysis revealed that out of the 50 most substantial crypto airdrops since 2020, 13 occurred in 2023, collectively distributing roughly $4.56 billion worth of tokens.

These figures are calculated based on the tokens’ values at their respective all-time highs (ATHs), painting a picture of substantial distribution.

The year 2023’s airdrop landscape was less crowded than 2021, which had 18 entries in the top 50, but the impact was notable. A report from CoinGecko highlights this trend shift, contrasting it with the mere 5 airdrops in 2020 and 14 in 2022.

Arbitrum Leads 2023’s Airdrop Charge

Arbitrum, an Ethereum layer 2 scaling solution, topped the 2023 airdrop chart by distributing ARB tokens valued at $1.96 billion on March 23. This move significantly impacted its total value locked (TVL), which surged by 147% during the anticipation period.

This airdrop alone constituted a substantial portion of the total value distributed in the year. Celestia, with its TIA tokens, followed suit, distributing $728 million on October 31.

The airdrop targeted a diverse group, including developers, Ethereum rollup users, and stakeholders in the Cosmos Hub and Osmosis.

Blur’s first airdrop, which handed out $446 million worth of BLUR on February 14, ranked third. The success of this initial airdrop set the stage for a second, which distributed an additional $327 million, ranking fourth.

A Closer Look At 2023’s Crypto Airdrop Trends

While Arbitrum, Celestia, and Blur’s first airdrop made up 69.9% of the total airdrop value in 2023, the year saw diverse contributions across the sector. Jito, Worldcoin, Aidoge, and other projects followed, each adding to the cumulative value and diversity of the airdrops.

The total value distributed in 2023 may have seen a decline compared to 2022, but it’s essential to consider the market cycles these newer tokens have experienced.

Unlike earlier tokens which saw the 2021 bull market and the 2022 non-fungible token (NFT) market surge, many of 2023’s airdropped tokens are yet to undergo a full bull market cycle.

In terms of performance, Arbitrum and Worldcoin have shown significant gains, with ARB rising by 22% in the past week to trade at $1.33, at the time of writing and WLD by over 60% in the past two weeks to trade at $3.86, at the time of writing.

Celestia and Blur follow closely in terms of price appreciation, with both tokens up by 10.7% and 5.7% respectively in the past 7 days.

Conversely, Jito, despite being the newest among them, has seen a dip in its value down by 9.4% in the past two weeks but shows signs of recovery in the past week, up by 9%, illustrating the dynamic and often unpredictable nature of token valuations post-airdrop.

Featured image from iStock, Chart from TradingView

Another year, another Crypto Christmas special for our team at NewsBTC. In the coming week, we’ll be unpacking 2023, its downs and ups, to reveal what the next months could bring for crypto and DeFi investors.

Like last year, we paid homage to Charles Dicke’s classic “A Christmas Carol” and gathered a group of experts to discuss the crypto market’s past, present, and future. In that way, our readers might discover clues that will allow them to transverse 2024 and its potential trends.

Crypto Christmas: A Deep Look Into The Bull Market And A Secret Pattern

Once again, the crypto analytics firm Material Indicators joined us to discuss the current market structure.
This year, we spoke with Keith Alan, one of the co-founders and analysts at the firm. Alan gave us his perspective on the bull market or what looks like the beginning of a bullish trend.

Material Indicators is well known for their reliance on hard data, and for sharing views that often questioned the general beliefs in the crypto market. This time was no difference as Alan pointed to the evidence favoring both sides, bulls and bears. This is what he told us.

Q: In light of the prolonged bearish trends observed in 2022 and 2023, how do these periods compare to previous downturns in severity and impact? With Bitcoin now crossing the $40,000 threshold, does this signify a conclusive end to the bear market, or are there potential market twists investors should brace for?

MI:

Nobody could argue that 2022 was anything but a bear market. After Bitcoin reached an ATH in November of 2021 we saw the bear market develop in classic fashion by losing support at key technical levels. While the bear was playing out in somewhat predictable fashion, the market was caught off guard by the events that led to the FTX crash in November 2022. Because the contagion from FTX had a devastating ripple effect that was felt by the largest institutions with crypto exposure as well as banks, I actually expected prices to fall even lower. 

At the time, fear and fighting among institutional players like Galaxy, Gemini and Grayscale (under DCG) who were among SBF’s largest institutional victims added to the concern that price would grind down towards the lower teens, yet somewhat remarkably and perhaps not so coincidentally on January 1, 2023 Bitcoin started to rally. What was first considered weekend whale games evolved long past the weekend, and in fact, through Q1/2023 I identified an entity on FireCharts which I nicknamed “Notorious B.I.D.” that was double stacking large blocks of bid liquidity to push price higher. There was a pattern to the behavior that made it somewhat predictable and tradable. Those moves were well documented in my X feed during that period of time. Once price reached $25k that entity disappeared. Even without the help of that manipulation pushing price up, and despite the fact that the macroeconomic situation was horrible, the geopolitical situation went from bad to worse and the US political situation evolved from a dysfunctional sh*t show to a full blown circus, the market continued to rally. 

Now, nearly 12 months and > 150% from the day the rally began, the debate between bulls and bears over whether this is a confirmed bull market or a sequence of bear market distribution rallies literally continues today. While it’s understandable that someone could look at 150% and immediately assume bull market, it does require a deeper understanding of what distribution and accumulation look like. From my view, that still isn’t as clear as one would expect. Historically, the Purple Class of Whales with orders in the $100k – $1M range have had the most influence over BTC price direction. The order flow data I’ve been monitoring on Binance shows that through most of the year they (along with larger MegaWhales) have been buying dips and distributing significantly more than they bought on those dips on the uptrends that followed.

Only recently have we seen an uptick that could be an indication that the trend is shifting. Parallel to that, some on-chain data providers are showing an increase in the number of wallets holding BTC which is also an indication that we could be transitioning from a distribution phase to an accumulation phase and I’m looking for more clear evidence of that. One of the things I look for to get a sense of that is bid liquidity. I believe that “Liquidity = Sentiment,” and it’s no secret that order books have been thin on both sides of price through most of the year, however in the last 3 weeks or so, we’ve started seeing more institutional sized bid ladders coming into the order book and that fact supports a bullish thesis, as long as they don’t dump through the next pump.
With all of the above in mind, there are most certainly turns and twists that investors should look out for. Sure we are starting to see some improvements on the U.S. inflation and unemployment numbers, but something in those reports doesn’t jive with reality. For most middle and lower income Americans, credit card debt is climbing to new highs, rents have soared, home ownership is unattainable, grocery prices are high and a Metallica “Standing Room Only” Field ticket is $575.  So in my mind, we still have a percolating macroeconomic problem and the geopolitical and U.S. political issues seem to get worse by the day.

Aside from that, the RSI has been over cooked for an extended period of time and we just had 8 consecutive green weekly candles. Both of those factors have historically led to corrections. I could give you the “History doesn’t have to repeat itself…” spiel or I can show you what historically happens after moves like this and let you decide. 

Another potential twist to consider is that the current PA has a striking resemblance to the first leg of the 2019 rally that turned out to be a Fib retracement, that ultimately got rejected from the top of the Golden Pocket at .618 Fib. That led to a 53% correction before the Covid Crash took it down more than 70% from the .618 Fib.

At this stage, I’d be surprised to see a downside move that deep without the aid of a Black Swan, but we are currently having some interaction with the Golden Pocket that seems familiar. While it is reasonable to expect some resistance entering and exiting the Golden Pocket, there is one very weird twist to what we are seeing and that is a strange pattern I’ve noticed occurring on or around December 17th. Every year since 2017 there has been a move on December 17th that had Macro implications. The only exception to that is last year when it happened on December 20th. On each occasion the price action led to a macro breakout or breakdown. It’s too soon to tell if this move will validate the pattern on the day of writing (Dec 19th), but on the 17th we saw BTC get rejected from the lower end of the Golden Pocket and also lose the 21-Day moving average. Price has been flirting with both of those levels ever since so we’ll have to wait to see how it plays out over time. Aside from those things I’m watching the upcoming ETF window very closely. I think that the market is numb to SEC delays on these decisions, but there is so much anticipation that this time we’ll see an approval, that a flat out rejection has the potential to be the catalyst that triggers a correction. 

Regardless of where you side on whether we are or are not in a confirmed bull market, we’re seeing a lot of evidence that if we are not in it, we’re close to it. If you’re a long term investor and you haven’t already started building a position, it’s a good time to identify some targets to start scaling into one. This of course depends on your time horizon and risk appetite, but if you have a long term outlook and 6 figure targets for BTC it’s still early enough to get in, but it’s also a good idea to save some dry powder for a correction because in my opinion, it’s not a matter of if it will come, but when.

Q: Right now, we are seeing Bitcoin reach new highs. Do you think we are in the early days of a full bull run? What has changed in the market that enabled the current price action; is it the Bitcoin spot ETF or the US Fed hinting at a loser policy or the upcoming Halving? What is the big narrative that will go on in 2024?
MI:

Despite the ongoing debate between bulls and bears over whether or not we’ve been in a bull market, I can say that despite the uptrend, there has been no clear confirmation that we’ve been in a bull market through most of the year. However, the fact that we’ve recently started to see more institutional sized bid ladders coming into the order book along with the on-chain data that indicates more wallets holding for longer and the recent buying after the R/S flip at $40k are indications that we may be on the verge of a breakout.

There’s no doubt in my mind that a lot of the momentum we’ve been seeing is related to the next ETF decision window opening January 5-10 and the April 2024 Halving. The FED’s recent decision to pause rate hikes and hint at a pivot to cuts in 2024 certainly added fuel to that momentum that pushed price above $40k. In typical crypto form, we also had some help in late October through early December when I noticed some familiar patterns in the order book. I can’t confirm with absolute certainty if it was the Notorious B.I.D. spoofer we saw in Q1 returned, but it was the same game I identified through Q1 being executed and there is no question that it helped push price up through the $35k – $40k range before it disappeared.

(…) As much as I’d like to see a correction come before we get there (the Bitcoin spot ETF decision), the market doesn’t care what I want. I would expect it to come before the Halving. Whether it comes before or after the ETF decision window closes remains to be seen. In the meantime, I’ll continue to watch order book and order flow data and trade what’s in front of me.

Q: Last year, we spoke about the most resilient sectors during the Crypto Winter. Which sectors and coins will likely benefit from a new Bull Run? We are seeing the Solana ecosystem bloom along with the NFT market; what trends could benefit in the coming months?

MI:

The vast majority of my focus is on Bitcoin and to be honest, after seeing so many ponzi’s in the space, it’s the only digital asset I truly trust. There are certainly some great opportunities with certain alts, but with that comes increased risk. As for sectors, it’s no secret that AI and Gaming have been hot. According to some research I’ve been reviewing Memes, DePin and GambleFi are dominant narratives right now.

The fact that Memes are more dominant than something that’s actually physical like DePin speaks to the immaturity of this market. Perhaps a better way of stating that is, “We are still early.” That said, if I’ve learned anything in crypto there is an opportunity cost associated with having high standards and principles for projects you invest in. As ridiculous as that may sound, the biggest upside potential seems to come from some of the most meaningless projects because they have large communities of “Crypto Bros” pumping them and thin liquidity makes them easy to pump. Just know that they also come with a huge risk and like every other ponzi, you don’t want to be the last guy holding the bag.

I personally tend to avoid memes for all the reasons I mentioned above, but I do trade DOGE on occasion because it’s been a relatively easy scalp lately. Elon Musk playing kingmaker with that coin doesn’t make me like it any more or less (okay maybe less), but the results have been predictable.  The fact he has obtained a money transfer license for X (Twitter) and that he has a DOGE logo on his X profile has me considering taking a flier on DOGE, but that’s not something I’m recommending to anyone who isn’t willing to lose that money. The fact he has SpaceX launching a DOGE sponsored satellite next month should at the very least bring a short term pump.

Of the leading narratives mentioned, Memes may be the most dominant, but DePin is the most interesting to me, because it’s associated with something very real and very hot right now. For those who may not be familiar, DePin stands for Decentralized Physical Infrastructure Networks which are blockchain protocols that build, maintain and operate infrastructure for the AI industry. (Do Your Own Research).

The fact that you mentioned Solana is proof that nothing changes sentiment like price. Solana has been through the ringer since falling from it’s ATH in November 2021 and the FTX crash of 2022 delivered another 80% correction that took it to single digit levels. There is no denying that it has been on an epic run recently. It’s somewhat puzzling to me how that is happening at the exact same time FTX liquidators have started the long process of distributing over $1B worth of $SOL back into the market.

Rather than speculate on what may be behind that, I’ll say that it is apparent that they have a very strong community and despite the network issues they’ve had in the past, they seem to be growing in popularity in staking pools. Then again, nothing influences sentiment like price, so I expect we’ll see a number of coins filter their way in and out of the leading narratives through the year. I’m just hoping more of them do so for legitimate reasons rather than fake news or P&D groups. IMO, until we see the projects with real teams, real use cases, real adoption and real revenue establishing themselves as the best projects to invest in for their fundamentals, “We’re still early.”

Keith Alan is President at Keith Alan Productions, Inc., Co-Founder at Blacknox, LLC and Material Indicators, LLC. Nothing written should be taken as financial advice. For more insight and analysis follow @KAProductions and @MI_Algos. Find premium tools for traders at Material Indicators.

Cover image from Unsplash, chart from Tradingview

Bitcoin’s resurgence in 2023 has created wealth for many crypto investors, as there has been a significant rise in the number of Bitcoin millionaires. These Bitcoin millionaires happen to be wallet addresses whose BTC holdings equal $1 million or above. 

Number Of Bitcoin Millionaires

According to data from BitInfoCharts, there are currently 97,497 Bitcoin millionaires. This represents a significant increase from the beginning of the year when the number of wallet addresses equal to $1 million and above stood at 23,795, according to data from Glassnode. 

This development is attributed to the resurgence in Bitcoin’s price this year, with the crypto token seeing over 158% gain year-to-date. At the beginning of the year, Bitcoin’s price stood at just over $16,000. However, as the flagship cryptocurrency’s price began to rise, so did its number of millionaires. 

Further data from BitInfoCharts breaks down these Bitcoin millionaires into two categories. The number of addresses that are greater than $1 million stands at 90,040, while 7,457 wallet addresses hold $10 million or more. 

Meanwhile, other addresses below $1 million have also seen enormous profits. Market intelligence platform Santiment recently reported that 89% of the total Bitcoin supply is in profits. 2024 could be a better year for these addresses, considering that the Bull market is expected to kickstart next year. 

In the meantime, some of these Bitcoin millionaires and persons with significant holdings seem to be taking profits. NewsBTC recently reported how Bitcoin whales had sold around 50,000 BTC which equals to about $2.2 billion. 

About Two Weeks To Go For Spot ETFs

One of the biggest moments for Bitcoin and the crypto industry could come as early as January 10. This is around the period when experts are predicting that the Securities and Exchange Commission (SEC) will approve the pending Spot Bitcoin ETFs, and there is optimism in the air as many actions point to an approval happening. 

Crypto stakeholders have had their eyes fixed on developments revolving around these Spot Bitcoin ETFs. The reason isn’t farfetched, as these funds could unlock fresh liquidity into the Bitcoin ecosystem. Trading firm QCP Capital had highlighted this as the catalyst to Bitcoin hitting its all-time high (ATH) and possibly new ATHs. 

At the same time, people like the former CEO of crypto exchange BitMEX, Arthur Hayes, will be hoping that these ETFs don’t achieve much success as he says they could lead to Bitcoin’s downfall. 

At the time of writing, Bitcoin is trading at around $42,678.76, down over 1% in the last 24 hours according to data from CoinMarketCap.

Amid the joyous mood of the festive season, the Ethereum-based meme coin, Shiba Inu has witnessed massive whale activity over the past 24 hours, causing speculation around the crypto community.

Shiba Inu Sees Substantial Whale Activity

A recent report revealed that a Shiba Inu whale has moved about 4 trillion SHIB tokens to an unidentified wallet. The whale activity came amidst the crypto asset’s price decline in tandem with the decline in the SHIB burn rate.

Data from the on-chain tracker, Whale Alert, shows the unknown wallet 0x9c570088…a22fd8b51b move 4,239,147,213,294 SHIB to the unknown wallet address 0x72c3f4fc…fa8d75d719. 

The on-chain tracker reported that the whale transaction was valued at $45.12 Million as of the time the transfer was made. Despite the magnitude of this transaction, the gas fee used to initiate the transfer was significantly low.

Shiba Inu appears to be experiencing substantial whale activity of this size lately. This marks the second time that such transactions have been carried out in the past few days.

On Sunday, December 24, Whale Alert also reported another whale transaction carried out by an unknown wallet. The whale transaction saw a staggering 4.25 trillion SHIB being transferred to an unidentified wallet, according to the on-chain tracker.

The data shows that the aforestated SHIB was sent to the unknown wallet address 0x9c570088…a22fd8b51b by the wallet address 0x3ce6bed2…87d896c59f. As of the time of the transaction, the 4.25 trillion SHIB was valued at a whopping $46 million.

In just two days, over 8.4 trillion SHIB tokens have been moved between unknown wallet addresses. This has since sparked speculations within the Shiba Inu community about whether these transactions signify a bearish or a bullish move.

Nonetheless, the transfer of SHIB between unidentified wallets during a price decline might suggest that traders are feeling more confident. 

Shibarium Reaches Another Transaction Milestone

Shiba Inu Layer 2 blockchain network Shibarium, has recently crossed a whopping 190 million in network transactions. This marks another major milestone for the project, indicating robust strength and activity within the ecosystem.

According to data from Shibariumscan.io, the total number of completed transactions within the network is approximately 192,000,000. In addition, approximately 1,320,000 active addresses on the network contributed to this significant number of transactions.

Furthermore, the Shibarium network’s daily transactions are currently sitting at about 7.53 million. Shibarium’s transaction volume has since increased from an average of 20,000 daily to over 7 million daily, putting the network in the limelight.

Since it initially went past 7 million transactions daily over the past weeks, the blockchain has continued to maintain within that range. The rise in daily transactions demonstrates the meme coin’s quick growth and widespread adoption in the past few months.

Currently, the price of Shiba Inu is down by 1% in the past 24 hours, trading at $0.00001067 as of the time of writing. Data from CoinMarketCap shows thatiIts trading volume is also down by 5%, currently sitting at $185.31 million.

Billionaire Tim Draper has predicted a new all-time high for Bitcoin, foreseeing a staggering $250,000 rise for the cryptocurrency in 2024. 

Bitcoin To Reach $250,000

In a recent exclusive interview with Coin Bureau, a crypto informational portal, American venture capital investor, Tim Draper and Co-founder and CEO of Real Vision, Raoul Paul shared compelling insights on the outlook of Bitcoin and other cryptocurrencies in the space.

During the engaging conversation, Draper expressed highly bullish sentiments regarding Bitcoin’s future trajectory. When asked about his thoughts on Bitcoin’s price prediction, Draper confidently stated that BTC is poised to reach $250,000 soon. He hinted at the possibility of that surge happening in 2024, due to the present bullish trend on Bitcoin and several other cryptocurrencies.

Draper, known for his success in Bitcoin investments also revisited a past Bitcoin projection he made. He stated that he had foreseen Bitcoin reaching $10,000 in three years and true to his foresight, the cryptocurrency achieved the milestone. 

“I would say that my number $250,000 will probably come pretty soon, so I’ll stick with $250,000. I think that if it hits $250,000, it’ll go way past it,” Draper stated. 

While addressing his $250,000 BTC forecast, Draper also mentioned a prior prediction where he anticipated the price of Bitcoin reaching $250,000 when its value was at $4,000. Despite the non-fulfillment of this particular prediction, Draper hinted at the possibility that the United States’ archaic approach towards cryptocurrencies may be stifling innovation and growth. 

“When I predicted that, what I didn’t expect was how fearful and just old thinking the US would be. I think with a receptive US, we would be having conversations like the ones I have with the people from El Salvador,” Draper stated. 

Presently, El Salvador is one of the few countries that has accepted Bitcoin as a legal tender. The country became the first to make Bitcoin a legal tender in September 2021, allowing its citizens to utilize BTC as a legal form of payment.

Draper Unveils Stablecoins Crucial Role In Shaping BTC

During the interview, Draper highlighted the role of stablecoins in the crypto space. The billionaire asserted that stablecoins could serve as a valuable support mechanism for BTC due to its price stability and seamless portability.

“The role of stablecoins, I think, will be a bridge to bitcoin. I think the way stablecoins will operate, they will be viable as long as the dollar is viable, and then when there’s a run on the dollar, people will move to Bitcoin,” Draper stated. 

The billionaire also expressed a particular interest in smart contracts, highlighting its diverse use cases. He discussed the transformative impacts Bitcoin could bring into the financial sector through smart contracts. 

Draper stated:

I’m a big fan of smart contracts. I can’t wait for the moment when I can raise all my investor money in Bitcoin, invest it all in Bitcoin, have them all pay their employees and suppliers and their taxes and everything else [in Bitcoin], and have it all be completely accounted for, audited, without an accountant, an auditor, a bookkeeper, a transfer agent, or a tax lawyer. This new economy will have far less friction. I think that’s very exciting.”

An analyst has explained that Worldcoin is currently showing a breakout from a pattern that could potentially lead to a rally of 80% for WLD.

Worldcoin Appears To Be Showing A Bullish Breakout Currently

In a new post on X, analyst Ali shared a chart for the 4-hour price of Worldcoin, which shows the formation of a bull flag for the cryptocurrency. A “bull flag” is a continuation pattern in technical analysis that, as its name suggests, looks like a flag on a pole.

Bull flags form when a rapid uptrend in the price slows down and reverses in the opposite direction while consolidating inside a specific channel. The preceding uptrend forms the “pole,” while the channel shapes up the “flag.”

There are also bear flags, which form during periods of downtrend instead. The downward trajectory naturally forms the pole in this case and the flag corresponds to the consolidation towards a slight upside.

In the context of the current discussion, the normal bull flag isn’t of interest, but rather a variant often called a “pennant” is. The usual bull flag forms when the consolidation happens between two parallel levels, while a pennant observes the asset moving between converging lines.

Here is the chart posted by the analyst that reveals this pattern recently forming in the 4-hour price of Worldcoin:

In this pattern, the top line is created by joining together lower highs, while the bottom line connects lower lows. Typically, the asset is probable to feel resistance at the upper level, while the lower level could act as support.

A break beyond either of these lines can signal the continuation of the trend. From the chart, it’s visible that the 4-hour Worldcoin price had been consolidating inside the pennant channel just recently, but has now seen a break, as its price is surging above the upper level.

Such a bullish breakout has generally led to strong uptrends in the past, with the length of the resulting uptrend often being comparable to the pole of the pattern.

The break has only just started to form, though, so a more sustained uptrend will have to be seen first to see if the pattern has truly taken place. “If confirmed, this could pave the way for WLD to enter an 80% rally, targeting $6.30,” says Ali.

WLD Price

Worldcoin had broken off toward the $4 level earlier in the past day, but the asset has quickly cooled off as it has already receded to the $3.7 mark. The below chart shows how WLD has performed during the last few days.

Had this pullback not taken place, the bullish breakout may well have been confirmed. The coin would have to show some fresh momentum again now if the pattern has to complete.

The past few weeks have been a rollercoaster ride for Ethereum. Buoyed by a waning Bitcoin dominance and an influx of traders seeking greener pastures, Ethereum’s price surged towards critical resistance levels near $2,500.

Yet, a palpable anxiety lingers in the air, fueled by questions about Ethereum’s long-term scalability and the increasing chorus of bearish whispers. Can the second-largest crypto navigate this tightrope walk and reclaim its DeFi crown, or will it take a tumble from grace?

Ethereum Rises: Growth, Innovations, And Challenges

Beneath the surface of rising price charts lies a complex story of intertwined strengths and weaknesses. Ethereum’s impressive 87% year-on-year market cap surge, catapulting it from $140 billion to a hefty $267 billion, paints a picture of robust growth.

The Merge upgrade, a landmark event streamlining Ethereum’s blockchain, and the burgeoning DeFi ecosystem pulsating with innovative applications are key contributors to this ascent.

However, lurking beneath this facade is a critical bottleneck: Ethereum’s Layer 1 scalability limitations. The network’s notorious high transaction fees and sluggish throughput have become thorns in the side of DeFi expansion, frustrating both users and developers yearning for a smoother experience.

As of writing, on this 26th of December, Ethereum’s price hovers around $2,233, painting the daily and weekly charts red with a dip of roughly 1.5%, data from Coingecko shows. This recent descent adds further intrigue to the complex dance Ethereum is performing near the critical $2,500 resistance level.

This delicate dance between bullish aspiration and bearish pressure underscores the fragile equilibrium in the market. On one hand, the optimism surrounding Ethereum’s future potential continues to draw in traders.

On the other hand, the specter of high transaction fees and scalability woes, alongside whispers of a potential bear market, keeps selling pressure simmering just below the surface.

Ethereum At $2,300: Bulls’ Battle, Bears’ Threats

For Ethereum bulls, the $2,300 level is a crucial battleground. If they can muster enough buy-side force to sustain a climb above this mark, it could pave the way for a surge towards the coveted $2,500 resistance level. This breakthrough would be a significant psychological victory, injecting fresh confidence into the market and potentially triggering a new upward trend phase.

However, the bears are not out for the count. Their sights are set on breaching the $2,200 support level, which would solidify their grip and potentially trigger a more substantial decline. Should this scenario unfold, the $2,000 mark could come into play, with further losses possible if selling pressure remains unchecked.

Adding to the intrigue is the factor of exchange supply. A recent increase in Ethereum tokens on exchanges indicates more readily available ETH for sellers, potentially amplifying downward pressure. This highlights the delicate balance between market sentiment and technical factors in determining Ethereum’s future trajectory.

Meanwhile, the ETH traders’ profit-taking is evident in the Network Realized Profit/Loss between October 31 and December 23. A significant amount of profit-taking may cause the price of ETH to decline.

Ethereum’s Critical Crossroads Ahead

Looking ahead, Ethereum’s path hinges on its ability to navigate this complex landscape. Addressing its scalability issues through Layer 2 solutions and potential future upgrades will be crucial for maintaining and expanding its DeFi dominance.

Rekindling developer and user confidence by reducing transaction fees and improving network throughput is also paramount. Only by tackling these internal challenges and adapting to the ever-evolving crypto sphere can Ethereum truly reclaim its throne as the king of DeFi.

The next few weeks are likely to be pivotal for Ethereum. Will it scale the $2,500 height and cement its position as a leader in the crypto revolution? Or will internal limitations and external pressures force it to face a precipitous drop?

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