Ethereum, the second-largest cryptocurrency by market cap, is facing another bout of turbulence as it experiences a fresh influx of coins into exchange addresses.According to recent data, this surge in Ethereum inflows is reminiscent of a similar occurrence that coincided with a drop in the cryptocurrency’s value below the $2,080 mark.The question on the minds of traders and enthusiasts alike is, will this latest wave of inflows lead to a similar outcome? Ethereum Inflow Analysis In the past week, Ethereum experienced a decline of 3.51%, with bulls barely managing to keep prices above the $2,000 support zone.However, when Bitcoin was rejected at the $30,000 mark, Ethereum also saw a drop in value.Despite this bearish trend, the cryptocurrency managed to post a 1% gain in the last 24 hours and is currently priced at $1,886 according to CoinMarketCap.The 30-day MVRV (Market Value to Realized Value) ratio for Ethereum, which measures the average profit or loss of all addresses that acquired ETH within the past month, retreated from a three-month peak in mid-April to negative values at the time of writing.
This drop was a result of intense selling pressure over the past two weeks, which saw ETH’s value decline from $2,125 to $1,820.The MVRV values indicated that short-term holders of ETH were at a loss, and that the average age of the coins has not changed much in the last week, but it has gone up a little bit in the last few days.
Based on the data of exchange inflow over the past week, it appears that there is a high likelihood of further selling taking place soon.Source: Santiment Ethereum Could See Further Losses; Sentiment Bearish Given the current market sentiment and technical indicators, it’s possible that Ethereum could see further losses in the coming days.If the bears continue to dominate the market, the cryptocurrency could break through the $1800 support level and head towards the $1,600 range.However, if the bulls manage to gain momentum, Ethereum could potentially see a price movement towards the $2,000 range.
The 4-hour chart shows a resistance level at $1,890, which, if broken, could lead to a potential price increase.ETH total market cap currently pegged at $226 billion on the daily chart at TradingView.com It’s important to note that cryptocurrency markets are notoriously volatile and unpredictable, and unexpected events could always occur that impact the price of Ethereum.As always, traders should exercise caution and carefully analyze market trends before making any investment decisions.While Ethereum has experienced losses in the past week, there is still potential for a price increase if the bulls manage to gain momentum.However, the current market sentiment and technical indicators suggest that further losses could be in store.It remains to be seen how the market will develop in the coming days and weeks, and traders should remain vigilant and adapt to changing conditions.
-Featured image from TipRanks Leave a Reply [Cancel reply](/ethereum/ethereum-exchange-inflows-trigger-drop-below-2080-will-it-slide-lower-this-week/#respond) Leave a Reply Cardano (ADA) is a blockchain-based platform that allows developers to build decentralized applications (dApps) and smart contracts.Created by Charles Hoskinson, one of the co-founders of Ethereum to address some of the scalability and interoperability issues faced by existing blockchain networks.Given the asset’s potential, ADA has gained a lot of attention in the crypto community over the years.
However, lately, many investors and traders have wondered about the crypto’s next move amid the uncertainty in the crypto market.In the past week, Cardano (ADA) has seen some significant bearish price action.The asset crashed in the past 7 days with the price down by nearly 20%.
This bearish trend can be attributed to several factors, including the ongoing downtrend in the market.However, despite the bearish trend, ADA may be poised for a bullish breakout, according to the asset’s price chart.On the 1-day time frame, Cardano has just tapped into an order block indicating a likely reversal (upward movement).An order block is basically the last bullish or bearish candle before the formation of a significant move in the market.
It refers to a price level where a large number of buy or sell orders are clustered, creating a significant level of support or resistance.Large institutional traders, hedge funds, or other market participants who place big buy or sell orders at a specific price level create order blocks.
An identified order block at a certain price level may be that price will bounce off that level and move in the opposite direction.In this case, ADA could form a reversal to the upside given the asset tapping into the order block at the $0.37 region.Though it is uncertain when ADA will execute the reversal, it could happen soon given the precision in the chart.Meanwhile, at the time of writing, ADA bears seem exhausted as the asset has only been down only 0.2% in the last 24 hours.ADA currently trades at $0.38, slightly above the above-identified order block price level.Should ADA continue an opposite direction to the upside and not invalidate the marked out order block.
ADA’s price could tap into major highs such as the one at the $0.46 zone.Fundamentals That Could Contribute To ADA’s Breakout Technicalities aside, Cardano also has some fundamentals that could be a part of its possible bullish breakout.An instance is the Snowmantastic NFT project transition from the Ethereum network to the Cardano network.Snowmantastic has collaborated with over 200 projects in the industry.Its transition to Cardano could drive a huge amount of investors into this ecosystem, therefore, increasing the native’s token price in the long run.On the Cardano network, we can already see a similar scenario where the accumulation of ADA is on the rise.
According to a chart shown by the popular crypto analyst, Ali Chart, on April 1, the number of large transactions on Cardano reached 4,000.By April 13, the transactions climbed up nearing 5,000.The analyst noted, Large ADA transactions are on the rise, suggesting that Cardano network activity is heating up as institutional players and whales make their moves.This is a bullish sign supporting the ADA uptrend! Featured image from iStock.com, Chart from TradingView OKB, the native cryptocurrency of the OKX exchange, is defying the odds in the midst of the current crypto market downturn, registering an unexpected surge in price and demand.Despite the latest turbulence in the crypto industry, OKB has managed to maintain its bullish momentum.This sudden upswing has caught the attention of investors and crypto enthusiasts alike, who are now scrambling to jump on the OKB bandwagon.
But what is behind OKB’s remarkable resilience in the face of a bleeding crypto market, and what does this mean for the future of the cryptocurrency? OKB Continues To Defy Crypto Market Trends With Impressive Rally According to CoinMarketCap, OKB is currently trading at $52.98, up an impressive 12.34% in the last seven days.This surge in price has left many investors and analysts curious about the factors contributing to OKB’s bullish momentum, especially given the overall downward trend of the crypto market in recent weeks.Source: CoinMarketCap The crypto market is currently facing a bleak state, with leading crypto Bitcoin struggling to reclaim the $30,000 mark and Ethereum falling below $2,000.Despite multiple attempts by Bitcoin to break past the crucial $30,000 resistance level, it has remained unsuccessful in doing so, resulting in a dip in investor confidence.Ethereum, on the other hand, has been facing its own set of challenges, with a drop in demand and increasing concerns about network congestion.The overall market sentiment has been bearish, with many investors pulling out of the market in anticipation of further price drops.
Fundamental Factors Behind OKB’s Bullish Momentum Meanwhile, OKB’s latest surge cannot be solely attributed to technical analysis, as fundamental factors played a significant role in its growth.Two key factors can be identified, the first being the announcement of the SUI blockchain and its integration with OKX.
OKB holders will have the opportunity to purchase SUI tokens at a discounted rate, which has led to a significant increase in trading volume.The second factor driving OKB’s price is the upcoming launch of OKBChain, an L2 chain on Ethereum that will utilize ZK technology.The new chain will feature OKB as the token for gas fees, solidifying its role in the OKEx ecosystem.OKB/USD trading at $52.98 on the daily chart at TradingView.com These fundamental developments have contributed to the resilience of OKB in the face of the current market downturn, and investors are closely watching to see how they will impact its future price trajectory.As the crypto market continues to evolve and adapt, it will be interesting to see where OKB’s price trajectory is headed.-Featured image from Blockchain News Altcoins Tether Stablecoin Sees 22% Growth In 2023 Despite Dollar-Pegged Token Economy’s Contraction Since January 2023, the number of tether stablecoins in circulation has grown from 66 billion to the current 80.9 billion, representing growth of more than 22% this year.Tether’s growth is approaching the high of $83 billion in stablecoins in circulation that the project saw almost a year ago, in May 2022.Tether Supply Is Nearing Its All-Time High The stablecoin market has recently contracted and is currently hovering around $131.94 billion.
The decrease in the stablecoin market can be attributed to several dollar-pegged coins that have reduced their token supplies.In the last month, usd coin (USDC) has decreased its supply by 12.6%, while binance usd (BUSD) has seen an 18.9% reduction in supply.Additionally, Makerdao’s DAI has experienced a 9.8% decrease in supply, and Tron’s USDD supply has decreased by 1.3% in the past month.Tether (USDT), on the other hand, has increased its supply by more than 22% this year, rising from 66 billion tethers in January to the current 80.93 billion.Roughly 6.3% of USDT’s growth was recorded during the past 30 days alone, according to statistics.Tether’s market capitalization is the third-largest in the cryptocurrency economy, accounting for 6.213% of the $1.2 trillion in value.Moreover, tether accounts for $29 billion of the current $52.2 billion in 24-hour global trades as of Monday, April 17, 2023.With a 24-hour trade volume of around $29 billion, tether trades account for 55.56% of every trade settled during the last day in the crypto economy.
Tether’s market capitalization was around $80 billion on April 17 after briefly reaching $81 billion.The last time Tether’s market valuation was this high was in May 2022, when USDT’s market valuation exceeded $83 billion.The lowest drop in valuation after that point in time was $65 billion in November 2022.
According to data from coincarp.com, the ERC20 version of tether built on top of Ethereum has 4,266,498 unique holders, and 37.3% of it is controlled by the top 100 wallets.The tether minted on Arbitrum has 276,383 unique holders, and 10 wallets hold 49.15%.The tether minted on Solana, however, is a different story, with 480,388 holders, and the top ten wallets only hold 2.16%.Tether is also issued on several other blockchains including Polygon, Tron, and others, but the majority is stored on the Ethereum chain.Tags in this story Altcoins, Arbitrum, Blockchain, BUSD, crypto economy, Cryptocurrency, DAI, decentralized finance, DeFi, Digital Assets, Dollar Altcoins, dollar-pegged coins, ERC20, Ethereum, Global Trades, growth, Holders, Market Capitalization, Market Valuation, Polygon, Solana, Stablecoin, Supply of Tethers, Supply of USDT, Tether, tether stablecoins, tether supply, token supply, tron, USDC, USDD, USDT, USDT supply, Wallets What do you think the future holds for tether and stablecoins in general, given the recent market contraction? Share your thoughts 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.
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