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Ethereum: 5M Active Addresses Fuel Massive Growth

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  • Ethereum’s active address count surpasses 5 million, showcasing significant adoption.
  • Investors remain divided on ETH’s long-term prospects, with some optimistic and others cautious.
  • Despite market challenges, Ethereum’s unique value proposition and ambitious roadmap suggest a promising future.

Ethereum, the leading altcoin continues to strengthen its foothold as a dominant player in the cryptocurrency landscape. According to data from IntoTheBlock, there are now more than 5 million active ETH addresses across the ETH mainnet and leading Layer 2 networks. This significant feat surpasses any other Layer 1 asset, underscoring the blockchain’s widespread adoption and usage.

While the increasing number of active addresses is a positive indicator, market sentiment surrounding ETH remains mixed. Some investors expressed optimism about the long-term potential, citing its ambitious roadmap and resilience. Others are more cautious, pointing to the challenges and uncertainties that come with the cryptocurrency market.

One Ethereum enthusiast highlighted the importance of a long-term perspective when evaluating ETH’s investment potential. They emphasized that the smart contract platform’s journey to success has been marked by significant milestones, including a price increase from $10 to $4900 and back. While the investment has already yielded substantial returns, the long-term outlook remains promising due to Ethereum’s unique value proposition and ambitious roadmap.

Ethereum’s Hidden Gem: POC Presents Buy Opportunity

It’s important to note that the current price of ETH may not accurately reflect its average cost basis for many investors. As the cryptocurrency market has matured, the average cost basis for ETH has likely risen, potentially limiting the potential for short-term gains.

Ethereum
Source: Wealthmanagerrr

Currently, ETH is presenting a potential long-term opportunity. As seen in the above chart, the price level appears to be a Point of Control [POC], which is a significant support or resistance level. This indicates that the market may find it difficult to break below this price, making it a potentially attractive entry point for a long position. Still, it’s essential to consider other factors such as broader market trends, technical indicators, and fundamental analysis before making any investment decisions.

Despite the challenges and the evolving ecosystem, Ethereum’s commitment to building a sustainable and resilient network positions it as a strong contender in the cryptocurrency space. As the market evolves, Ethereum’s ability to adapt and innovate will be crucial to its long-term success.

TON’s User Base Explodes 10x in Just Months

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The TON [The Open Network] blockchain has made some rapid strides this year. Data from IntoTheBlock showed that the network has expanded from 3.6 million addresses with a balance on January 1st to over 39.5 million addresses as of now. This dramatic surge underscores TON’s growing popularity and adoption within the blockchain ecosystem.

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TON's User Base Explodes 10x in Just Months 3

The chart above showcases a steady and significant rise in the number of active addresses, which correlates with the overall price trend of the network’s native token. This growth trajectory suggests a robust future for the TON blockchain as it continues to attract more users and developers to its platform.

TON is a community-developed, decentralized Layer 1 blockchain built using technology built by Telegram. Recently, top crypto exchange Binance added the token to its platform, with trading live since August 8, 2024. Initially, deposits were activated, with withdrawals commencing on the next day, ie., August 9th. Available trading pairs include with BTC, USDT, FDUSD, and TRY, with no current listing fee.

TON Binance Integration

Although the listing looks promising for the token’s future, Binance has applied a “Seed Tag” due to the coin’s novelty and potentially volatile nature. Additionally, trading TON is subject to user location. Residents of specific countries including Canada, the United States, and Japan are currently restricted from trading the token on the crypto exchange.

In a related development, Tether, the issuer of the top stablecoin USDT, has integrated TokenPocket, a leading multi-chain wallet, on the Telegram Open Network. With this, the coin joins Ethereum and Binance Smart Chain on its list of supported blockchain networks.

Earlier, the leading stablecoin issuer leveraged the TON network to revolutionize the use of cryptocurrencies as a means of payment, offering users a seamless and convenient way to transact. As per the then-official statement, the move was deemed a “new era of accessibility, efficiency, and convenience for users worldwide”. This is because over $200 million worth of USD₮ has since been issued on TON’s blockchain. 

TRON Adoption Soar By 52% YTD

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TRON network has registered a surge in network activity as the daily active addresses count is up 52% year-to-date. Per data from IntoTheBlock, the current daily average stands at over 2.42 million addresses, compared to 1.59 million on January 1st. This significant growth highlights the increasing adoption and utilization of the TRX blockchain.

It also demonstrates the network’s ability to handle a large number of transactions efficiently and its low cost has been a key factor driving its popularity. While the exact reasons behind this surge can be multifaceted, several factors likely contribute to the trend. The thriving DeFi ecosystem on TRON, coupled with the network’s support for stablecoins and its role in the global payments landscape, have attracted a growing user base.

TRON
Image credit: @Chching

TRX comes with a market cap of $11 billion, 100% of the total supply in circulation, and an average of 6,000,000 TRX tokens burned daily.

TRON’s founder, Justin Sun, has consistently highlighted the network’s commitment to scalability and user experience. The recent developments, including the launch of new dApps and partnerships, have further bolstered TRON’s position as a leading blockchain platform.

TRON’s Zero-Fee Transfers: Stablecoin Revolution Arrives Q4

As reported by TronWeekly, the blockchain’s latest innovative feature will allow gas-free stablecoin transfers and is scheduled to launch in the fourth quarter of this year, per Sun. With zero fiat fees, users would be able to transfer stablecoins in a seamless and hassle-free manner. The fees will be deducted directly from the stablecoins being transferred, similar to how trading fees are managed on centralized exchanges [CEX].

This launch is part of Tron’s broader strategy to improve user experience and drive adoption of its blockchain ecosystem. The gas-free transfer feature will first be rolled out on the TRX blockchain before expanding to Ethereum and all EVM-compatible public chains.

That being said, as the number of active addresses continues to rise, it is evident that TRON is gaining traction among both individual users and businesses. This positive momentum would likely fuel further growth and development within the TRX ecosystem.

$13M TRX Outflow Hints at Big Moves

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A whopping $13.1 million worth of TRX [Tron] was withdrawn from exchanges yesterday, marking the largest single-day withdrawal in over a month. According to IntoTheBlock data, the sharp spike in withdrawals signals potential accumulation as traders and investors pull their holdings from exchange platforms to personal wallets or cold storage. These movements are a precursor for future price increases or could mean strategic investment moves.

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Source: InToTheBlock

In the chart above, the blue line represents the aggregated exchange balance of TRX, while the black line shows the aggregated exchange netflow. The recent spike in the Netflow line indicates a substantial outflow, correlating with the withdrawal of $13.1 million worth of TRX.

Most importantly, this significant transaction indicates heightened activity and interest in TRX. While the token’s withdrawal pattern has shown fluctuations in the past month, the recent uptick has attracted attention, suggesting a strategic shift in the behavior of TRX holders.

Despite volatile market conditions, the withdrawal demonstrates growing confidence in TRX’s long-term value or a strategic move to safeguard assets from market uncertainties. The move comes amidst a significant upgrade announcement in the Tron blockchain.

TRX Blockchain to Introduce Gas-Free Stablecoin Transfers

The Tron blockchain’s latest innovative feature will allow gas-free stablecoin transfers and is scheduled to launch in Q4 of this year, per founder Justin Sun. With zero fiat fees, users would be able to transfer stablecoins in a seamless and hassle-free manner. The fees will be deducted directly from the stablecoins being transferred, similar to how trading fees are managed on centralized exchanges [CEX].

This launch is part of Tron’s broader strategy to improve user experience and drive adoption of its blockchain ecosystem. The gas-free transfer feature will first be rolled out on the Tron blockchain before expanding to Ethereum and all EVM-compatible public chains.

When I told you that the next bull run was a battle of the blockchains, I wasn’t kidding. Even the @trondao blockchain ( $TRX) is gearing up to launch an improvement that allows gas-free stablecoin transfer. So it’ll work similarly to how trading on a CEX works where the fees will be deducted from the stablecoin you’re transferring. This feature will first be released on the Tron blockchain before expanding to Ethereum and all EVM-compatible public chains.

Missed Out on Ethereum? Discover Supervised Loans Now

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Ethereum’s robust DeFi ecosystem presents many high-yield opportunities with lower economic risks, such as Real-World Asset [RWA] tokenization and Liquid Staking token [LST] growth. Ethereum and its derivatives are the main assets that provide high-yield opportunities, with other major cryptocurrencies such as BTC or LINK largely left out. For those willing to make money with cryptocurrencies, InToTheBlock shed light on something called “supervised loans.”

With RWA tokenization and LST/LRT growth, there are many high TVL markets where users can deploy capital with almost no impermanent loss (IL) and very little to no liquidation risks. However, the market is currently exceptionally lopsided in the distribution of asset types that are generating high yields. Stablecoins, ETH, and ETH derivatives have been the primary assets used in the currently available high-yield opportunities. 

This strategy allows one’s cryptocurrencies, like Bitcoin or Ethereum, to be used as collateral to borrow other cryptocurrencies. These borrowed assets can then be invested in high-yield opportunities to make even more money. Here’s how it works.

Ethereum: The Power of DeFi Lending

For instance, a user locks up Bitcoin on a lending platform as collateral, kind of like a digital pawn shop. Next, they can borrow other assets with the locked BTC. Market experts recommend borrowing digital currencies that come with higher earning potential. The final step involves investing these borrowed assets in platforms like Automated Market Maker [AMM] pools, where users can earn interest by providing liquidity.

However, similar to traditional trading, there are risks involved:

  • Liquidation Risk: If the value of your collateral [BTC] falls rapidly, the platform might sell it to cover the loan.
  • Recall Risk: One can get back their borrowed assets quickly to avoid losses.
  • Depeg Risk: If the borrowed assets lose their value, there could be losses.
  • Pool Distribution Risk: An imbalance in where one’s money is invested can lead to extra fees.
  • Depositor Concentration Risk: If most of the money in a pool comes from a few big players, one might face difficulties in withdrawing funds.
  • Available Liquidity Risk: If everyone borrows at once, there is also a chance that there might not be enough money left to withdraw.

While supervised loans may appear complex to new investors, they provide the chance to earn high yields on users’ blue-chip assets in DeFi. With proper risk management and smart moves, one can earn attractive returns while minimizing potential risks.

Ethereum Now Mirrors Nasdaq More Than Bitcoin

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Ethereum is gradually becoming the leading indicator of the crypto market to mirror the movements of major stock indices such as the Nasdaq 100. Recent data from InToTheBlock revealed that ETH is displaying a higher correlation with the traditional financial markets. The remarkable shift has caught the attention of both investors and analysts, who are monitoring the potential implications for investment strategies and market behavior.

This increased correlation could be due to many reasons. but the most logical explanation could be Ethereum’s ongoing developments and the overall adoption of its blockchain technology in various sectors. Most importantly, its transition to a proof-of-stake model, known as Ethereum 2.0, and the recent upgrades. All these could potentially redefine market strategies, more in line with traditional stocks, particularly those comprising the tech-heavy Nasdaq 100.

Ethereum
Ethereum Now Mirrors Nasdaq More Than Bitcoin 7

Furthermore, the growth in institutional interest in Ethereum is something not to be overlooked. Major financial institutions are increasingly integrating the token into their offerings, viewing it as a stable investment compared to other cryptocurrencies. This could be another reason behind its growing alignment with traditional market behaviors.

Despite Ethereum’s rising prominence, Bitcoin remains a significant player in the market. Its comparative detachment from traditional market indices might now be seen as an advantage for investors seeking diversification in their investment portfolios. As Ethereum continues to chart a path closely aligned with the Nasdaq 100, it remains to be seen how this correlation will evolve.

Ethereum: EIP Implementation Delays

On the other hand, the prominent blockchain network has again come into focus due to delays in implementing EIPs. Interestingly, lead developer Tim Beiko highlighted this delay, drawing a comparison with Canada’s pace in implementing significant tax reforms. This revelation highlights blockchain governance’s complex and often slow-moving nature, contrasting sharply with national policy changes.

Known for numerous pioneering contributions in the crypto sphere, such as its decentralized framework, smart contracts, and decentralized applications [dApp], the network follows a rigorous EIP process that involves multiple stages of peer review, testing, and final approval from the ETH community, which can significantly extend the timeline for implementation changes.

Bitcoin On The Edge: Will $64.3K Support Hold Or Crash?

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Bitcoin’s financial landscape is displaying key signals that investors shouldn’t overlook. As per a recent analysis by IntoTheBlock, BTC is teetering over its critical demand zone with historical data highlighting support levels. Close to 1 million addresses bought over 530k BTC tokens at an average price of $64.3K. This price threshold could act as a significant demand zone, offering major support to the coin’s value.

BTC is right on top of a major demand zone. 1 million addresses historically acquired 530k+ BTC at an average price of $64.3k. This area could serve as significant support. But what if it breaks? The next major demand zone is around $56k. While this doesn’t mean that Bitcoin has to go this low, it is good to keep this range in mind while the price is exploring recent lows.

However, there are concerns that this support level might ultimately break down. Market experts suggest the next major demand zone to be near the $56k mark, indicating the price may continue to decline. Over the past weekend, Bitcoin underwent a significant price correction, in tandem with the broader market volatility.

Bitcoin
Bitcoin On The Edge: Will $64.3K Support Hold Or Crash? 9

Despite the recent price fluctuations, large-scale Bitcoin holders–often capable of influencing market trends have exhibited caution, refraining from accumulating more of the cryptocurrency. This cautious approach by the whales could be interpreted in multiple ways, but it generally reflects a strategy of wait-and-see, possibly anticipating further price declines or simply assessing market stability before making substantial investments.

Bitcoin Whales Freeze Buying Ahead Of Halving

Bitcoin’s position hovering just above a key demand zone and the current purchasing behaviors of BTC whales could be crucial for predicting the cryptocurrency’s short-term financial health. Given the historical buying trends, the reluctance of whales to buy more BTC might add further complexity to this situation, potentially leading to a lack of immediate recovery momentum if the prices dip further.

With just less than one week away from the halving, crypto exchange Coinbase’s new commercial has shone the spotlight back on the event. The advertisement, posted on Twitter, showcased Bitcoin’s increasing value by illustrating its purchasing power through pizza comparisons.

Cardano Tops Developer Charts: Launch USDM Stablecoin

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Cardano, a leading blockchain platform, has notched up the top spot in developer activity, boasting the highest number of weekly commits amongst the top L1s. Often, a surge in developer activity indicates the network’s ability to deliver all the tools and opportunities. This feat underscores Cardano’s commitment to innovation and progress within the crypto realm.

Adding to its list of accomplishments, Cardano recently launched a new USDM stablecoin with plans to go live by April. The move signals the blockchain’s expansion into the stablecoin market, providing users with a reliable and stable digital asset pegged to USD.

Being one of the first blockchains built in the highly secure Haskell programming language, Cardano is developing a smart contract platform that seeks to deliver more advanced features than any protocol previously developed. However, amidst its achievements, experts caution against focusing heavily on transactions per second [TPS]. While higher TPS are commendable, they often come with compromises and trade-offs affecting the functionality and security of the blockchain.

In terms of decentralization, Cardano comes at the top of the list compiled by EDI, emphasizing its commitment to an inclusive and distributed ecosystem. As it prepares to scale, it holds the potential to outmatch other blockchains.

Cardano’s Three-Week Red Streak

Pricewise, Cardano has been red for three weeks, and experts are optimistic about a trend reversal. Such short-term corrections offer opportunities for profit-taking, new entries, and favorable prices for investors.

Cardano
Cardano Tops Developer Charts: Launch USDM Stablecoin 11

In the latest update, Cardano has joined the ranks of the top 100 blockchains with liquid staking. The Switzerland-based protocol Liqwid Finance, in partnership with Swiss AG, is launching CASL, an innovative ETP in the world of staking digital assets. As per the press release, CASL not only tracks the performance of ADA but also distributes interest earned from staking, providing investors with a unique opportunity for double returns and lower management fees.

Until now, most of the financial instruments available to investors in the crypto universe gave them access to developments in the underlying assets (Bitcoin, Ethereum, ADA, etc.). We’re going one step further, by putting ADA’s outstanding assets to work and redistributing the interest to investors.” Investors benefit from a double return on their investment, as well as lower management fees (1.5%) than the average of competing products.

Bitcoin Bulls Roar: Over 97% Addresses Profitable Amidst Halving Anticipation

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Quite promising to Bitcoin enthusiasts, this week ended with more than 97% of BTC addresses in the money. The latest report by IntoTheBlock revealed that this was an astounding figure, pointing out that a significant number of Bitcoin holders are economically better off.

To determine whether an address is “In the Money” or “Out of the Money,” IntoTheBlock compares the average purchase price for tokens held by any address with their current market value. In other words, they verify if today’s price exceeds yesterday’s average cost for purchasing these coins. If it does, then such an account is “In the Money.” Otherwise, if today’s price per coin drops below what one paid when acquiring them before, then this account is “Out of the Money.”

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This profitability increase is a major development similar to November 2021, which saw BTC prices almost reach an all-time high of $69,000. Over 97% of addresses being profitable has led to a decline in selling pressure from those trying to recover their cost. In other words, new market participants purchase coins from existing users who have already generated some profit.

Let us take a closer look at the market dynamics depicted by long-term BTC holders. These hodlers own 13.6 million BTC, which they have held for over a year, demonstrating that they are long-term investors. Hodlers seem to have an instinct for timing market cycles skillfully, buying when prices touch the bottom and selling near the cycle’s peaks.

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Recent data on January 16 showed an average holding period for sales exceeding one year, reaching its highest level since February 1, 2022. Another interesting case was on February 19th which again emphasized how resilient long time holders are even during volatile market times.

Anticipating The Bitcoin Halving

The upcoming Bitcoin halving scheduled for April 19th, 2024, is something to watch closely. This will see the number of new bitcoins given to miners as a reward being reduced by half, affecting the 900 or so bitcoins distributed daily worldwide.

Miners presently get rewarded with 6.25 freshly minted Bitcoins per block mined. This, however, will be reduced to 3.125 BTC once the halving takes place. This way, halving events lowers the speed at which new Bitcoin gets made, eventually cutting out inflation. The scarcity of Bitcoin and increased demand has always been associated with its economic principles and therefore its value could potentially increase significantly.

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Halving events like this interact with market dynamics like those around long-term holders and continue altering Bitcoin’s price trajectory. Decreased supply versus increased demand may lead to appreciation of the value of Bitcoin hence giving investors an insight into navigating through ever changing world of cryptocurrencies.

TRON Overtakes ADA: Hits 95M Addresses, $23B TVL

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The TRON network is beaming with user engagement. Based on on-chain statistics, the total number of addresses on the blockchain has surpassed 95 million. With this new feat, TRON has trounced other layer 1 networks like Cardano [ADA] and Avalanche [AVAX] in terms of its address growth. On the DeFi front, TVL on the chain has surpassed $23.4 billion, reflecting the growing strength of the TRX ecosystem.

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TRON Overtakes ADA: Hits 95M Addresses, $23B TVL 16

The developments coincided with the recent unveiling of its Bitcoin layer 2 Roadmap by founder Justin Sun. With a plan to decentralize and intertwine with the Bitcoin network and its Layer 2s, this integration would facilitate access to over $55 billion in value for the Bitcoin network, thereby injecting financial vitality into TRON-focused projects.

Let’s make Bitcoin fun again! As the protocol behind the world’s largest stablecoin market, boasting $55 billion, and the decentralized finance Total Value Locked [TVL] of $22 billion, TRX is set to unveil its groundbreaking Bitcoin Layer 2 solution. This integration will not only link TRX directly with Bitcoin but also facilitate access to over $55 billion in value to the Bitcoin network.

According to the crypto entrepreneur, Bitcoin network-based assets would be expanded and bridged to TRON. “Efforts will be made to integrate various TRON tokens, including USDT, TRX, BTT, JST, SUN, NFT, WIN, and USDC, into the Bitcoin network via cross-chain technology. This will enable TRON’s tokens to interact and interoperate with the Bitcoin network seamlessly,” he wrote.

TRON: Ordinals, Bitcoin Layer 2, and More

Next on the roadmap are the investment initiatives by TRON DAO into ordinals and Bitcoin Layer 2 solutions to build a user-friendly wallet and tools to support BRC-20 tokens, signifying the DAO’s venture into ordinals and Bitcoin Layer 2 solutions.

Other notable plans include forging alliances that will facilitate users’ participation in restaking initiatives across major Bitcoin Layer 2 networks. The roadmap concludes with the launch of a new protocol that is compatible with BTC, aiming to maintain the speed and low fees of POS systems while ensuring the safety of POW & UTXO in conjunction with BTC L2.