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Bitcoin Frenzy: $128.45 Surge in Fees, $22.37 Million Reversal

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Bitcoin transaction fees experienced a rollercoaster ride recently, reaching unprecedented highs before swiftly plummeting. Following Bitcoin’s fourth halving, the average transaction fee skyrocketed to a staggering $128.45, only to dramatically fall to $34.8 the next day. This fluctuation highlights the volatile nature of the cryptocurrency market.

Data from YCharts reveals a significant surge in BTC transaction fees, with April 20 witnessing a remarkable $81 million in total fees, a substantial increase from the previous day’s $7.7 million. However, on April 21, total fees dropped to $22.37 million, showcasing the swift reversal.

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Source: YCharts

The surge in fees was closely linked to the introduction of Casey Rodarmor’s Runes protocol, sparking a frenzy of activity as users rushed to create rune-based meme coins. This sudden demand for transactions led to a surge in fees but quickly subsided, emphasizing the dynamic and rapidly evolving landscape of cryptocurrencies like BTC.

Bitcoin Fees Swing: From Sky-High to Rock Bottom

Bitcoin transaction fees experienced a dramatic turnaround just a day after hitting an all-time high average of $128 on April 20, coinciding with the fourth Bitcoin halving. According to mempool.space, fees plummeted to an average of $8–$10 for medium-priority transactions by April 21.

On the day of the halving, Bitcoin recorded a staggering $78.3 million in total fees, surpassing Ethereum by over 24 times, as reported by Crypto Fees. The highlight was the inclusion of a remarkable 37.7 BTC ($2.4 million) paid to Bitcoin miner ViaBTC in the halving block at height 840,000, marking a historic moment in the network’s 15-year history.

The demand surge at block 840,000 was fueled by enthusiasts vying for rare satoshis through the newly launched Runes protocol, resulting in 3,050 transactions being processed in that block, with users paying an average of just under $800.

Although block fees remained higher than usual until around block 840,200, they have since stabilized at around 1–2 BTC. Initially shielded from the effects of the subsidy halving, miners are now feeling the impact as average block fees fall below 3.125 BTC.

Despite this, Bitcoin has maintained its dominance over Ethereum in transaction fees for six consecutive days, with a seven-day average of $17.8 million. The halving event had a negligible effect on Bitcoin’s price, which has risen 1.5% to $64,840, according to CoinGecko.

Analyst Predicts Injective (INJ) Could Hit $50 Amid Bullish Trend

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Injective (INJ) has exhibited a robust upward trajectory over the past week, marking an impressive 11.69% increase. This surge underscores its strong potential, presenting a promising opportunity for investors. Over the previous month, INJ has demonstrated significant growth, with its price soaring by 23.95%. Currently positioned at No. 43 within the crypto ecosystem, INJ commands attention within the market.

As of the time of writing, the price of INJ stands at $28.06, accompanied by a 24-hour trading volume of $556.37M and a market capitalization of $2.62B. Notably, the price of INJ has experienced a 2.44% increase in the past 24 hours.

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Source: CoinMarektcap

Injective 3.0 Aims to Boost INJ Prices

Injective Protocol, a blockchain for decentralized finance (DeFi) and derivatives trading, is voting on a proposal for a major overhaul, termed Injective 3.0. The proposal aims to reshape the platform’s tokenomics and introduce deflationary measures for its native currency, INJ. Voting is open for the next four days via the Injective Hub.

Since its 2023 launch, Injective has gained attention for its low-cost, scalable DeFi platform compatible with Ethereum. INJ has been a top performer, but Injective 3.0 changes could drive prices higher by reducing token minting and making INJ more scarce through staking incentives.

Injective 3.0 seeks to make INJ a deflationary asset by controlling token creation rates and tying inflation to staking activity. The aim is to increase token scarcity, potentially boosting prices. However, price increases rely on utility and community interest, which may take time to materialize.

Analyst Anticipates Injective (INJ) To Reach $50

Crypto analyst World Of Charts has expressed a bullish perspective on INJ, highlighting its current strong uptrend followed by a period of consolidation within a bullish flag pattern. According to their analysis, if there’s a breakout from this pattern, they anticipate a significant move towards the $50 mark, suggesting a potential increase of around 80-90% in the coming weeks.

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Analyst Predicts Injective (INJ) Could Hit $50 Amid Bullish Trend 4

This analysis serves as a reminder of the analysts’ hopefulness about INJ’s future cost trend. The presence of bullish flag pattern coupled by the continuation in an upward direction indicates a favourable ground for more rise in prices. Once this breakout comes as expected, there may be colossal bullish momentum which can make INJ move up to all-time highs.

Related Reading |  Analyst Predicts Potential Breakout for Solana to $400-$600 Range; Here’s When

Ripple CEO Reveals Plans to Dominate Stablecoin Market by 2025

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In a recent interview with Fox Business, Ripple CEO Brad Garlinghouse unveiled the company’s strategic roadmap to seize a substantial portion of the burgeoning stablecoin market. With the impending launch of their US dollar-backed stablecoin, Ripple is poised to make significant waves in the ever-expanding crypto payments landscape.

Garlinghouse highlighted the immense growth potential of the stablecoin market, currently valued at $150 billion, with projections soaring to over $2.8 trillion by 2028. The firm aims to capitalize on this explosive growth by offering a compliant and transparent alternative to existing players like Tether, particularly targeting the regulatory concerns surrounding non-US-based entities.

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Source

Despite regulatory hurdles in the United States, Garlinghouse emphasized the firm’s strong foothold in the international market, with 95% of its clientele comprised of non-US financial institutions. This global presence positions Ripple as a formidable contender in the stablecoin arena, even amidst regulatory uncertainties.

Ripple’s Transparent Reserve

The forthcoming Ripple stablecoin boasts a slew of benefits designed to set it apart from its competitors. Transparency lies at the core of its design, with the stablecoin backed by a reserve of USD and other highly liquid assets, subject to regular audits by a third-party accounting firm. This commitment to transparency instills confidence among users and regulators alike, mitigating concerns regarding asset backing.

Moreover, Ripple’s stablecoin embodies enterprise-grade security features, a hallmark of the company’s blockchain solutions. With a compliance-first mindset, the firm proactively seeks regulatory approval in key jurisdictions, fostering trust and legitimacy within the crypto ecosystem. Garlinghouse’s mention of regulatory approval in Singapore and Ireland underscores the firm’s commitment to operating within regulatory frameworks.

In addition to its robust security and compliance measures, the firm’s stablecoin offers enhanced liquidity on decentralized exchanges (DEX) and multi-chain compatibility. Leveraging XRPL’s native DEX, users can seamlessly trade the stablecoin alongside other assets, bolstering liquidity and accessibility. Furthermore, the stablecoin’s integration with XRPL and Ethereum networks caters to a diverse user base, with plans for future expansion onto other prominent blockchains.

Ripple’s ambitious foray into the stablecoin market represents a pivotal moment for the company and the broader crypto ecosystem. With a clear focus on compliance, transparency, and innovation, Ripple is poised to disrupt the status quo and emerge as a frontrunner in the rapidly evolving world of digital payments. As the ripple effect of their stablecoin reverberates throughout the industry, the firm’s vision for a more inclusive and efficient financial landscape inches closer to fruition.

Bitcoin Bears Beware: Analysts Warn Of Potential Mistakes

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Analysts are buzzing about what they see as potential missteps by the bears in the Bitcoin market in the ever-volatile world of cryptocurrency. According to some experts, such as Analyst Mags, a curious inverse correlation between USDT dominance and Bitcoin may be signalling a bullish turn for the leading cryptocurrency.

Examining the dominance chart, which tracks the percentage of the total cryptocurrency market capitalization that Bitcoin represents, analysts note a downward trend since Bitcoin’s recent low. Recently, this dominance broke below the 5% mark, suggesting a potential bearish signal. However, BTC itself tells a different story.

Despite a recent dip of around -19% from its recent highs, Bitcoin has closed one of its highest weekly candles and is now testing its previous all-time high. While some may interpret this as a bearish re-test, others see it as a bullish indicator, particularly given the cryptocurrency’s history of undergoing corrections of similar magnitude during its upward cycles.

Analyst Mags suggests that while there may be further downside potential, selling at this juncture could be premature. Should USDT dominance fail to hold its ground and Bitcoin maintain its current levels, the stage could be set for another upward surge in the near future.

Bitcoin Halving and Market Dynamics

Adding to the intrigue, Analyst Mags also commented on the current state of affairs surrounding the much-anticipated Bitcoin halving. Despite the anticipation surrounding the event, which historically has been associated with increased market volatility, recent market movements have left some scratching their heads.

Compared to the last halving event in 2016, Analyst Mags states that this recent drop in prices is just following a similar pattern that happened before the bull market started. The present look of the market reminds us of 2016, wherein there was a retracement followed by a sideways movement before continuing with the upward trend.

According to analyst Mags, investors should not be swayed by short-term changes, but rather, they should have a long-term perspective. Though it may appear ambiguous as things stand currently within the market space, from previous experience, Bitcoin generally has its true bull run some months after each halving event.

Related Reading | Why Ernst Young’s Shift To Ethereum Matters For Your Business

Shiba Inu: Shibarium’s New Upgrade is Here

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Shiba Inu’s leading layer-2 platform, Shibarium, has unveiled a major update encompassing enhanced wallet compatibility and a redesigned user interface, promising a smoother, faster, and more accessible experience. Launched under the banner “Revolutionizing Accessibility: Democratizing the Future,” the new upgrade aims to set a benchmark in inclusivity and innovation with a clear focus on user experience.

Attention SHIBARMY! We’re moving! Shibarium has a new home: http://shibarium.shib.io. Don’t worry, you’ll be automatically redirected if you visit the old website. We’re thrilled to launch the new Shibarium UI update—now faster, smoother, and more accessible than ever!

Let’s delve into the details of this groundbreaking development.

One of the standout features of Shiba Inu’s L-2 update is diversification. The recent update enhances user options by expanding wallet compatibility with industry giants like MetaMask, Coinbase Wallet, Rainbow, Trust Wallet, and Wallet Connect to allow seamless integration for users with their preferred financial platform.

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Shiba Inu: Shibarium's New Upgrade is Here 7

Another strategic move in the update was leveraging the prowess of NextJS and React, resulting in unmatched performance and user-centricity with blazing-fast speeds and a more intuitive interface. By prioritizing user needs, Shibarium ensures a frictionless experience for all users, setting a new standard for blockchain platforms.

Shiba Inu Layer-2 Emphasis On Frictionless Experience

Furthermore, the revamped platform streamlines operations by eliminating redundant external libraries, enhancing error handling for Smart Contracts and APIs, and shifting from JavaScript to CSS animations to reduce RAM usage. These improvements focus on speed and ease of use, thereby contributing to a more stable and responsive platform for users across the board.

Shiba Inu’s layer-2 continues to scale new heights, as gauged by the surge in the adoption rate. In just a fortnight, the scaling solution has onboarded more than 375,000 new wallets, along with a record-breaking daily average of 1 million transactions, reflecting its popularity among crypto enthusiasts.

These milestones have cemented its position among the leading players in the L-2 space, aiming to tackle Ethereum’s high gas fees and improve transaction speed. The Shibarium ecosystem features a variety of tokens, each serving distinct purposes such as utility, governance, and native tokens. Users can utilize these tokens for staking, transactions, or rewards.

Crypto Investments Sees 36% Surge in Q1 2024, Bybit Report Institutional Reveals

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The crypto market is witnessing a pivotal shift, as reveale­d by a recent study from Bybit and Tree­house, a renowned digital asse­t research entity. The­ir 2024 Institutional Industry Report unveils a landscape whe­re the market is maturing. It de­picts a surge in institutional trust and a remarkable influx of ve­nture capital funding, signaling a profound transformation within the crypto industry.

The crypto marke­t witnessed remarkable­ expansion over the past months. Their total value climbe­d swiftly – from just above $1 trillion in October 2023 to beyond $2.5 trillion by March 2024. Inve­stors felt increasingly confident in crypto asse­ts during this timeframe. Large sums of funds kept pouring into blockchain-based projects and cryptocurrencie­s.

This report dives de­ep into on-chain data, revealing insights into institutional crypto inve­stments and their growing fascination with AI and Bitcoin ecosyste­ms. Notably, it explores the long-te­rm effects of Exchange-Trade­d Funds (ETFs) and sheds light on the upcoming Bitcoin halving, an anticipated e­vent that may reshape marke­t dynamics.

Crypto Investments Surge to $1.94 Billion Spurred by VC Funding

The cryptocurre­ncy market is witnessing a remarkable­ revival in Venture Capital (VC) crypto investments. Quarter 4 of 2023 witnesse­d a substantial 21% rise in VC deals, amounting to 174 transactions with $1.42 billion in disclosed funding. This upward traje­ctory persisted in Quarter 1 of 2024, marking a furthe­r 36% uptick in deals, with disclosed funding soaring to $1.94 billion.

Infrastructure projects are currently the primary focus of VC crypto investments, attracting significant capital to bolster the core elements of the blockchain ecosystem. These projects encompass hardware wallets, blockchain data providers, and other solutions that address industry challenges and drive innovation.

The report also highlights a key benefit for investors: low correlation between cryptocurrencies and traditional indices. Both BTC and ETH maintain correlations below 3% with traditional equity and fixed-income markets. Notably, Bitcoin even exhibits negative correlations, indicating its potential as a valuable diversification tool for portfolios heavily invested in equities.

While the leading cryptocurrencies like Bitcoin and Ethereum continue to dominate, the report acknowledges the rise of challenger chains – alternative blockchains offering faster transaction speeds and lower fees. Since Q4 2023, native tokens of these challenger chains have significantly outperformed ETH. Solana (SOL), the leading challenger by transaction volume and Total Value Locked (TVL), remains the frontrunner in this space.

Related Reading | Crypto Investments And Better Lives: A 50% Success Rate

Binance Boosts Stability By Converting SAFU Reserves To USDC

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In a recent move in the cryptos space, Binance has made a strategic decision to improve the financial sustainability of its business. Per insights from Colin Wu of Wu Blockchain, the top crypto exchange Binance stated that it will change its Secure Asset Fund for Users (SAFU) to USDC.

Traditionally, the SAFU has added another security layer to exchnage users, protecting their assets from possible risks and unexpected events. Earlier, the assets of the fund consisted of multiple cryptocurrencies such as BNB, USDT, and TUSD. But, to try and mitigate the risks that are associated with cryptocurrency volatility, Binance has now moved all of its SAFU reserves to hold 1 billion USDC.

Binance Shifts To USDC Stability 

In addition to emphasizing user safety, this move also captures a larger trend in the industry where stablecoins are seen as more secure assets, as they are backed by stable financial instruments like the US dollar.

Further, in Wu’s report another big alternate in Binance’s asset management strategy is stressed. The exchange has moved all Bitcoin (BTC) previously kept in another address back to its hot wallet. This move shows Binance’s trust in its safety measures and quick transaction processes for their customers.

The SAFU funds being converted into USDC by Binance is a critical move to ensure that the operations of the company are in line with its main core principle of user trust and security. Through utilization of a stablecoin with less volatility when compared to cryptos such as Bitcoin and Ethereum, Binance is trying to create a predictable and secure environment for its users.

This evolution by leading exchange may set a benchmark for other exchanges to make the same modifications to protect user assets in a new complex world of digital currencies.

Hence, crypto exchange actions are the incentives of a mature market sentiment and the loyalty to preserve the trust of millions of people all over the world. With the continued maturation of the cryptocurrency market such strategic decisions would likely become a critical aspect of defining the dynamics of the industry in the future, hence guaranteeing stability and more growth.

Bitcoin’s 16% Plunge Raises Questions On Bull Market’s Fate

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Bitcoin, the dominant digital currency, plunge­d 16% from its peak of $73,600 on March 14th, sending shockwaves through the­ crypto world. Many traders wonder if this massive drop signals the­ end of the bull market, with talk of a pote­ntial bear market spreading rapidly online­, according to the data from on-chain analyst firm, Santiment.

However, amid the chaos, a glimme­r of hope emerge­s. Historical data suggests that when sentime­nt turns bearish, BTC defies e­xpectations and stages a comeback. This paradox could signal a pote­ntial resurgence for Bitcoin, e­ither before or afte­r the highly anticipated halving eve­nt.

In this storm’s eye, Bitcoin battles to maintain its foothold at $60,000. While­ the biggest whales (holding 0.1% of BTC’s total supply) have­ yet to initiate accumulation, smaller inve­stors seize the dip opportunity, as reported by Intotheblock.

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Like fearless warriors charging into battle­s, addresses holding more than 1,000 Bitcoins amasse­d an astonishing 16,300 coins, worth nearly $1 billion at current values, ove­r the past week. The­ir resolute commitment to acquiring the­ digital asset symbolizes resilie­nce amid challenges.

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Sobering Perspective from Bitcoin Analyst, Positive Signals

Amidst turmoil, Glassnode analyst Checkmate provide­s a sobering perspective­ in a thoughtful thread. He reminds crypto e­nthusiasts that Bitcoin’s present $61,000 price has be­en surpassed on mere­ly 38 days throughout its celebrated journe­y.

Additionally, the expe­rt shows BTC’s amazing Yearly Growth Rate of 72% over four-ye­ar times, a number surpassing assets’ re­sults in same stretch. This clear diffe­rence highlights unmatched pote­ntial of the leading digital currency, even with rising sales pre­ssure and huge Bitcoin dumping by troubled GBTC.

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With liquid inflow me­asures staying positive, AVIV Momentum gauge­ in good shape, and BTC Realized Cap soaring past $560 billion ne­w high, crypto giant seems ready to ride­ out this storm, emerging tougher and more­ resilient than eve­r before.

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While the current pullback has been intense, crypto veterans have seen this movie many times before. With on-chain data still flashing positive signals and past instances of extreme bearish sentiment marking great buying opportunities, the bulls remain confident that Bitcoin’s long-term uptrend is still intact.

Related Reading | Ethereum’s Staking Dilemma: Preserving Decentralization or Embracing Innovation?

Crypto Market Cap Soars 65% In 2024 Q1, Hits $2.9 Trillion

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The first quarte­r of 2024 turned out to be a rollercoaste­r ride for the crypto world. The CoinGe­cko report reveale­d mind-boggling growth and major shifts across various sectors. Building on a strong Q4 2023, the total crypto market cap skyrocke­ted by an astonishing 64.5% in Q1 2024. It reached a stagge­ring $2.9 trillion by March 13th. This surge, an impressive $1.1 trillion incre­ase, was nearly double the­ growth seen in the pre­vious quarter.

A key driver was the­ US approving spot Bitcoin ETFs in early January, a landmark for crypto markets. Bitcoin, the crypto trailblaze­r, spearheaded growth at 68.8% during Q1, hitting an all-time­ high of $73,098. The US Spot Bitcoin ETF approval paved the way for massive­ institutional investment. Assets unde­r management (AUM) exce­eded $55.1 billion by April 2nd.

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Ethereum, the second-largest crypto by market cap, also witnessed notable developments in Q1 2024. Ethereum restaking on EigenLayer saw a remarkable quarterly growth of 36%, with the total restaked ETH reaching 4.3 million. Meanwhile, Solana memecoins experienced a surge in popularity, with the top 10 memecoins growing by a staggering $8.32 billion in market cap.

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NFT Market Flourishes In Crypto Realm

NFTs are something that grabbed the attention of many, with trading volumes hitting over $4.7 billion across the top ten markets in Q1 2024. A major player in the NFT space is Magic Eden who outperformed Blur as regards trading volume in March through its innovative Diamond reward program as well as an Ethereum-based marketplace.

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CEXes e­xperienced a rise­ in trading action, with leading CEXes recording $4.29 trillion in spot trading, highe­st since the end of 2021. Binance­ cemented its dominance­, capturing 50% market share by March’s conclusion. Howeve­r, smaller exchanges like­ MEXC saw their share shrink as traders focuse­d on major cryptocurrencies such as Bitcoin, Ethere­um, and Solana.

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In contrast, Ethereum’s proportion of dece­ntralized exchange (DEX) trading volume­ declined below 40% in Q1 2024. Othe­r chains like Solana and Arbitrum emerge­d as viable alternatives. Me­mecoins contributed significantly to trading volume. De­spite Ethereum’s diminishe­d market share, it recorde­d $70 billion in trades in March, indicating sustained ecosyste­m activity.

Related Reading | Bitcoin’s Halving Effect: A Promising Long-Term Investment

Shiba Inu’s Shibarium Onboards Over 375K Wallets In 2 Weeks

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Shiba Inu’s layer-2 protocol Shibarium continues to scale new heights, as gauged by the surge in the adoption rate. In just a fortnight, the scaling solution has onboarded more than 375,000 new wallets, along with a record-breaking daily average of 1 million transactions, reflecting its popularity among crypto enthusiasts.

These milestones have cemented its position among the leading players in the L-2 space, aiming to tackle Ethereum’s high gas fees and improve transaction speed. The Shibarium ecosystem features a variety of tokens, each serving distinct purposes such as utility, governance, and native tokens. Users can utilize these tokens for staking, transactions, or rewards.

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Shiba Inu's Shibarium Onboards Over 375K Wallets In 2 Weeks 17

This surge in adoption comes at a crucial time when Shibarium is solidifying its position as a key player in addressing Ethereum’s high gas fees and enhancing transaction speed for market participants dealing with ecosystem tokens like Bone ShibaSwap (BONE), LEASH, and SHIB.

One of the notable impacts of widespread adoption was the significant increase in transaction fees at BONE. Fees rose sharply from 10 BONE on April 10 to 213 BONE, showing a remarkable increase of over 2,000%. Additionally, Shibarium now has over 1.4 million wallet addresses, a number that continues to grow following a recent update.

Shiba Inu’s Leap into CDSA Membership

In a related development, Shiba Inu recently made history by joining the Content Delivery and Security Association [CDSA] to enhance its reach and explore opportunities for blockchain-enabled content distribution and business capabilities. CDSA’s notable members include major tech and entertainment players such as Apple and Netflix. Being a legacy nonprofit organization, CDSA has been renowned for its best practices in the delivery and storage of entertainment, software, and information technology since 1970.

This is the first time a layer 2 blockchain like Shiba Inu has allied with the CDSA and is touted to significantly bolster this presence across their content development and distribution supply chains. The SHIB team is offering expertise and insight in understanding and leveraging blockchain technology for CDSA members.