It looks like the crypto market is all set to enjoy a bullish weekend as the star cryptocurrency, Bitcoin has surpassed yet another important resistance of $22,000 area.Ethereum is on a similar pace leading other top ten altcoins including BNB, XRP, Cardano and others.Among these altcoins, Cardano is considered to be among the top currencies that will enter the bullish momentum.Cardano’s ADA attained its ATH in 2021 and since then the altcoin has not spiked that level.
However, the Cardano network’s boosts of strong fundamental and development activity.Meanwhile, the experts claim that the upcoming updates of Cardano network will fuel ADA prices.
As per the reports, the update is scheduled to take place on Feb 11 and is set to happen on test networks.While immediately after three days, that is Feb 14 the next update will be introduced.Once the update is successful, the smart contract developers on Plutus will have multi-threshold signature designs.Charles Hoskinson : Token Burn Increase Market Volatility On the other hand, Cardano has a total supply of 45 billion ADA which is more than Bitcoin’s supply positioned at 21 million.Hence, the community is under discussion regarding token burn which will push ADA’s price rally.This token burning is a method used to reduce the total supply of a particular currency so that it creates demand.
This in turn will fuel the currency’s price action.However, even though this method has helped many currencies, Cardano founder Charles Hoskinson has opposed token burning.This is because he believes this method doesn’t create any fundamental value to the network and also he views this method as manipulative.Moreover, Hoskinson claims token burn will bring down liquidity and increase market volatility impacting investors.Hence, the Cardano network mainly focuses on upgrading its technology rather than token burning which is a short term solution.Was this writing helpful? No Yes Elena R Elena is an expert in technical analysis and risk management in cryptocurrency market.
She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.Statistics show over the course of 54 days, the number of wrapped bitcoin (WBTC) hosted on the Ethereum network has decreased by 40,156.This equates to a more than 18% redemption of the circulating supply of WBTC since Nov.
27, 2022.WBTC Remains Largest Operation in Terms of Bitcoin Custody Despite Recent Redemptions The Bitgo-backed Wrapped Bitcoin (WBTC) project has been officially in operation since the end of January 2019 and has grown significantly since its launch.At the time of writing, it is the largest operation in terms of the number of bitcoin (BTC) custodied to back the WBTC token value.On January 20, 2023, WBTC is the 19th largest crypto asset by market capitalization, valued at $21,278 per unit.
WBTC’s market valuation on Friday afternoon Eastern Time was around $3.8 billion.According to the project’s website and transparency dashboard, at 3:00 p.m.Eastern Time on Jan.20, 2023, there were approximately 180,197 WBTC in circulation on the Ethereum chain.The project also manages 99.89 WBTC which is hosted on the Tron blockchain network.The stash of ERC20-based WBTC tokens is substantially less than it was 54 days ago on Nov.27, 2022, when 220,353 WBTC ($16.4K per BTC) was circulating on the Ethereum blockchain network.
Ten months prior, on Feb.26, 2022, the number of WBTC in circulation was approximately 262,662 ($39.4K per BTC).That means over the last ten months, 31.39% of the WBTC in circulation was removed from the overall supply.More than half of that percentage, or 18.22%, of the WBTC supply was redeemed over the last 54 days, or 40,156 WBTC total, since Nov.27, 2022.While WBTC is the largest wrapped version of bitcoin, Lido’s staking token STETH, a derivative of Ethereum, is the largest synthetic version of a top crypto asset in terms of market capitalization.STETH, however, does operate differently than Bitgo’s management of simply holding the BTC for the given amount issued.While there’s 180,197 WBTC in circulation today, there’s approximately 180,205 BTC backing the WBTC supply in Bitgo’s custody, according to the website’s dashboard.
The supplies of wrapped or synthetic BTC tokens have followed the same trend as stablecoins, as the stablecoin economy has seen billions in redemptions over the last year.Tags in this story Asset-backed, asset-backed BTC token, Bitcoin, Bitgo-backed, circulating supply, collateralized, collateralized BTC, Crypto asset, Crypto-collateralized, custody, derivative, Eastern Time, ERC20-based, Ethereum, Ethereum chain, Jan.2019, Largest operation, Market Capitalization, redemption, STETH, Synthetic Bitcoin, Synthetic BTC, Token value, tokenization, tokenized, Transparency dashboard, Tron blockchain network, WBTC, Wrapped, wrapped bitcoin, Wrapped Bitcoin Token, Wrapped BTC, Wrapped BTC Token, Wrapper What do you think about the WBTC project seeing an 18% redemption of the circulating supply over the last 54 days? Share your thoughts about this subject in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.
Redman has been an active member of the cryptocurrency community since 2011.He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.
Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Solana native token SOL has been on a tear since the start of the year.But the token might be on its way to test its support as it faces rejection.Recent on-chain developments contributed to Solana’s climb.But with the rejection, can SOL regain its bullishness? Solana Keeps Things Aglow The Solana ecosystem is touted as an “Ethereum killer” as it rose in prominence due to its low transaction fees and its capability to go through thousands of transactions per second.Sam Bankman-Fried, former CEO of the now-defunct crypto exchange FTX, called the ecosystem “underrated” last year.
This connection with SBF and FTX led to both the ecosystem and the token to take a plunge, losing nearly half of its value.SOL total market cap at $7.6 billion on the daily chart | Chart: TradingView.com Because of this, the team behind the network made efforts to distance itself from FTX and Bankman-Fried.The Messari overview which was commissioned by the Solana Foundation, detailed how things went down with regards the crypto exchange and its former big boss.Image: BONK/Twitter But during the turn of the year, SOL and other altcoins started rallying as major cryptocurrencies like Bitcoin and Ether broke through crucial resistances.
And with the release of BONK during the rally, the network usage of SOL shot upwards, adding on to the already solid trajectory that SOL has.Source: Alchemy Despite the fear, uncertainty, and doubt that plagued the ecosystem, Solana is still considered as a fast growing ecosystem, according to a recent report, which shows that the development on the network is increasing compared to its competitors.1/ A new report by @ElectricCapital shows that Solana is the fastest growing developer ecosystem, surpassing 2,000 total developers in 2022.It’s second in raw numbers only to Ethereum.
Let’s dig into the numbers.https://t.co/HQvPbQzQD2 pic.twitter.com/xV6pnoT7db — Solana (@solana) January 17, 2023 This certainly had an effect on SOL’s price.At the time of writing, SOL is trading at $20.63, up 30% in the last seven days.Rejection Line And What It Means Meanwhile, the token was rejected at $25, which could mean that bears will be able to test the two support levels that helped SOL reach its peak price.In the next few days, SOL is seen retesting the $18 and $16 supports.
Chart: TradingView.com SOL’s bullish pace in the weekly timeframe would certainly have an effect on the token’s ability to recover from the rejection.Although it is highly likely that the $18 support will break, investors and traders can rely on $16 as a launching pad to retest $25 in the coming days or weeks.If $25 is broken, $30 should be the next target as a breakthrough in this area would give SOL bulls legroom for more upward movement.SOL can rely on a solid ecosystem and a bullish community to recover lost ground.
Featured image by Sunshine Adult Day Care While the second-largest crypto asset by market capitalization, ethereum, has risen 27% against the U.S.dollar in the last two weeks, the network’s average and median-sized gas fees have increased by more than 50%.On the first day of 2023, the average fee to spend ether was around $2.93 per transfer, but today the average cost is 54% higher at $4.52 per transfer.Rise in Ethereum Value Leads to Increased Onchain Transaction Costs Sending ethereum (ETH) is becoming more costly as the crypto asset’s value has risen greatly over the last 14 days.
At the time of writing, ether is trading at $1,542 per unit, after reaching a high of $1,606 per unit during the same 24-hour period on Jan.18, 2023.
As ethereum’s value in U.S.dollars has increased, the cost to move ether and the myriad of ERC20 tokens has also risen.
Data from bitinfocharts.com indicates that on Jan.1, 2023, the average ether gas fee was $2.93 per transfer.18 days later, the average fee to send ethereum is 54% higher at $4.52 per transaction.Bitinfocharts.com’s median-sized ethereum fee chart highlights a similar pattern.
18 days ago on the first day of 2023, bitinfocharts.com’s median ether fee chart showed the cost was around $1.06 per transfer to send ethereum.On Wednesday, the same chart showed the cost has risen to 0.0013 ETH per transfer or roughly $1.96 using current ether exchange rates.That means the median-sized ethereum fee has jumped 84% since Jan.1.Furthermore, while the gas measurement is usually estimated at a much lower rate, etherscan.io’s “Gas Tracker” also shows an increase since the start of the year.On that day, the web portal’s fee tracker indicates that the high-priority ether gas fee was around $0.30 per transfer or 20 gwei.18 days later, a high-priority fee is still 20 gwei or $1.14 per ETH transaction, which is an increase of around 280%.
On Jan.
1, the cost to transact with Opensea was an estimated $1.12 per transaction and today it’s up to $3.99.A swap on a decentralized exchange (dex) platform was $2.87 and now it’s up to $10.28 to make a trade on a dex like Uniswap.Sending an ERC20 token like USDT and USDC would cost a sender around $0.84 per transaction, and today it’s around $3.02 to send an ERC20.Furthermore, the cost of layer-two (L2) transactions has risen as well.
Three days ago on Jan.15, 2023, Bitcoin.com News reported on the rise of Arbitrum and Optimism transactions.On that day, an Arbitrum network transfer was around $0.101 per transfer, and today’s fee is around $0.188 per transfer, according to data from Dune Analytics.Similarly, Optimism’s network transaction costs were $0.1410 per transfer three days ago, and on Jan.
18, the cost to move coins on the L2 chain Optimism is $0.3039 per transaction.The rise in higher ether gas fees in recent times has broken the record of long months of low fees on the Ethereum network.Tags in this story Arbitrum, Average Fees, Bitinfocharts, cost per transfer, crypto assets, data, Decentralized, DeFi, Demand, DEX, ERC20, ERC20 Tokens, ETH, Ethereum, Ethereum (ETH), Ethereum fees, Exchange, fee charts, Fees, Gas, gas costs, high-priority, L2, Market Capitalization, median-sized fees, Network costs, onchain transactions, Opensea, Optimism, second-largest crypto, swap, Transaction, transfers, U.S.dollar, uniswap, USDC, USDT, value rise What impact do you think the rising gas fees will have on the Ethereum network and its users? Share your thoughts in the comments below.
Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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