Featured Research: BTC Hash Ribbon indicator signals miner capitulation could be almost over Research: BTC Hash Ribbon indicator signals miner capitulation could be almost over Josh O’Sullivan · 8 mins ago · 2 min read Bitcoin (BTC) Hash Ribbon indicator signals market bottom might be in as worst of miner capitulation passes.2 min read Updated: January 13, 2023 at 5:45 pm Cover art/illustration via CryptoSlate Bitcoin (BTC) holders had it tough in 2022, but it was an even tougher year for BTC mining — mining stocks fell over 80%, and mining company bankruptcies solidified the bear market — but the worst of miner capitulation could be over, according to CryptoSlate analysis.With BTC price down 75% from its all-time high (ATH), the hash rate too reached an all-time high as miners increased efforts to ensure profitability in the energy crisis.BTC Miner capitulation decreasing The Hash Ribbon indicator chart above indicates that the worst of miner capitulation is over when the 30-day moving average (MA) crosses the 60-day MA — switching from light-red to dark-red areas.
When this paradigm shift occurs, a switch from negative to positive price momentum is expected, which historically reveals good buying opportunities (switching from dark-red back to white).It is suggestive that the worst of miner capitulation is almost over as BTC turns bullish and breaks out towards $19,000, according to Glassnode data in the chart above analyzed by CryptoSlate.BTC miner supply sell pressure abating The total supply of BTC currently held in miner wallets has hit roughly 1.8 million BTC after a drawdown of roughly 30,000 BTC.
This doesn’t directly indicate that the BTC was sold but could, in fact, have been moved to another wallet for long-term storage.Meanwhile, miner spending has drastically decreased as transfer volume from miners to exchanges falls greatly, as shown in the chart below.Miner sell pressure has reached its lowest in the last three years as less than 100 BTC is being sold on a seven-day MA.When compared to the vicious drawdown in 2022 — where miners were spending more BTC than was being mined — all charts indicate selling pressure is set to switch to buy pressure.Read Our Latest Market Report – Bullish rally continued as spurts in development activity kept investors interested.
– However, network activity dipped as whales shied away.In its attempt at addressing issues of scalability, Cardano [ADA] released a developer toolkit for building sidechains.Cardano network developers Input Output Global (IOG) stated that the toolkit could be used to create blockchains for specific use cases.
Read Cardano’s [ADA] Price Prediction 2023-24 IOG stated: “The EVM sidechain application is still being audited, and it will be available as a public testnet later in January 2023.
Developers will be able to try it out by running a few Solidity applications to get a feel for its potential.” The developers further added that the custom sidechain solution will be beneficial for the distributed application (dApp) ecosystem as well as stake pool operators.Earlier in 2022, IOG released the EVM sidechain, which was the first sidechain built by the network.Cardano backers are optimistic The announcement brought cheer to the Cardano community, with Twitter user @NicoArqueros remarking that the move would spread the usage of Cardano sidechains.Great move by @InputOutputHK I believe this help spread the usage of Sidechains for Cardano which is a good strategy if it evolves to use mithril / state proofs As a core contributor to @Milkomeda_com we will continue to lead and hopefully support others to join https://t.co/auqp2TkEg1 — nicoarq (@NicoArqueros) January 12, 2023 The announcement was also received well by traders as ADA’s price was up 0.5% at press time, data from CoinMarketCap showed.In fact, the coin has been in the middle of a short-term bull run, which has seen it attain pre-FTX levels.
All indicators painted a rosy picture for the smart contract platform.The ascending green bars of the Awesome Oscillator (AO) and the rising On Balance Volume (OBV) suggested that buying activity was dominant.However, the Relative Strength Index (RSI) has rested in the overbought area for the last three days, which signaled a possible price reversal.
The bulls may thus want to tread cautiously.Developers pull their socks up Cardano’s development activity has picked up remarkably after remaining calm in the first week of January.At press time, it comfortably surpassed other big smart contract networks like Ethereum [ETH] and Solana [SOL], data from Santiment revealed.This assured investors that big-ticket upgrades will most likely meet their deadlines.Moreover, whale activity tapered down, which was reflected in the sharp downward slope of the indicator, as per Santiment.The growth in active addresses narrated the same story.A contraction of about 80% was recorded from the previous day.The Weighted sentiment went into negative territory, implying that ADA failed to instill confidence among the investors.
In fact, the weighted sentiment sank to its monthly low.Is your portfolio green? Check out the ADA Profit Calculator Whether it was the Vasil upgrade or Ethereum’s transition to proof-of-stake (PoS), blockchain networks are aggressively investing in technological development to address the scalability question.This will increase their real-world utility and consequently their demand.
Cardano, which is arguably the strongest competitor to Ethereum, can process around 250 transactions per second as compared to ETH’s 30 per second, as per DappRadar.FET becomes reserve asset for Binance as AI token popularity rises Josh O’Sullivan · 12 hours ago · 3 min read The AI crypto sector continues its surge in popularity as FET token becomes Proof of Reserve asset for Binance, Huobi and Bitfinex.3 min read Updated: January 12, 2023 at 10:43 pm Cover art/illustration via CryptoSlate Fetch.ai (FET)has become a listed token on Proof of Reserves (PoR) for several exchanges, including Binance, Huobi and Bitfinex, according to Glassnode data.Artificial Intelligence (AI) token popularity surged over the last three months — leading to significant increases in AI token price and active addresses, according to CryptoSlate data.Fetch.ai FET is a decentralized digital representation of the world in which autonomous software agents perform useful economic work.
This involves delivering data or providing services, which are then rewarded with FET for their efforts.FET posted a 1.24% increase in price over the last 24 hours, but real growth can be observed over the last seven days — where FET price pumped 80.89%.FET popularity — amongst other AI coins — saw the transfer volume (USD) of FET break out as it approached $20 million.Binance FET Proof of Reserves Huobi FET Proof of Reserves Bitfinex FET Proof of Reserves Ocean Protocol The AI-infused data-sharing blockchain Ocean Protocol (OCEAN) saw the number of active addresses spike three times since November 2022, according to Glassnode data.OCEAN outflows exceeded $2.5 million in withdrawals over a 30-day period — beginning in mid-November 2022 and ramping up into mid-December 2022 — according to Glassnode data.OCEAN price fell 4.67% over the last 24 hours to $0.217 from $0.209 but remains up 23.41% over the last seven days.OCEAN saw significant gains in active addresses and price in the month leading up to 2023 but is — as of press time — now dethroned as the highest AI token market cap by FET.AI revolution The AI cryptocurrency sector posted steady but significant gains through December 2022, setting the foundations for 2023.
With the introduction of the AI-powered selfie editor Lensa and the prototype chatbot ChatGPT, AI quickly became a viral sensation across social media — tested by over one million users in early December 2022.Witnessing faster uptake than Netflix, Meta, and Instagram, ChatGPT began as a fun conversation simulator but quickly evolved.
Capabilities for coding, debugging, health advice, marketing, assistant task, and more were demonstrated — stimulating both AI tokens growth and general public interest in the AI sector.Read Our Latest Market Report Recent AI Stories – XRP prices surge due to social dominance and address activity.- Mixed indicators, including a decline in sentiment and activity, suggest an uncertain future for XRP going forward.Ripple [XRP], the third-largest cryptocurrency by market capitalization, witnessed a surge in prices over the last 24 hours, according to an 11 January tweet by Santiment.The spike, which saw prices increase by 6.2%, is being attributed to spikes in both social dominance and address activity.
Read Ripple’s [XRP] Price Prediction 2023-2024 This spike in social media mentions and discussions regarding XRP can be seen as a bullish indicator, suggesting that more and more people were talking about the cryptocurrency and potentially driving up demand.
📈 #XRPNetwork is +6.2% the past 24 hours while the majority of #crypto has declined today.In part, this is due to a major pump in address activity over the past week.We have also seen a pattern of big social dominance spikes leading to $XRP price gains.https://t.co/Pw4BIVCew7 pic.twitter.com/1c0QRWXUC7 — Santiment (@santimentfeed) January 11, 2023 The public sentiment Despite XRP’s growing social dominance, Santiment’s data also indicated a decline in sentiment towards the token within the crypto community.The weighted sentiment towards XRP observed a spike temporarily on 5 January, but continued to decline after 7 January.The current negative weighted sentiment implied that the crypto community still had a negative outlook toward XRP.Santiment’s data also showed that the daily active addresses of XRP increased from 27,228 to 148,000 in the last month.
However, daily activity on the network could soon decline as the velocity of XRP fell.This indicated that the frequency with which XRP was being exchanged amongst addresses decreased over the last week.Proceed with caution Another bearish indicator was the fact that the number of new accounts created on XRP decreased, according to data from XRPSCAN.The number of new accounts being created daily decreased from 4,788 to 194 over the last month.This could be a sign that fewer people are interested in buying XRP or using it as an investment.A 6.89x hike on the cards if XRP hits ETH’s market cap? Despite all these negative indicators, XRP’s market capitalization dominance increased by 1.96% over the last week.During press time, XRP captured 2.07% of the overall crypto market.
Coupled with that, the token’s volatility also decreased by 97% during the same period.This suggested that XRP’s prices were relatively stable.
The decline in volatility could reward potential investors looking to buy a less risky asset.At press time, XRP was trading at $0.378 and had grown by 3.86% in the last 24 hours, according to CoinMarketCap.Top posts Monero4 hours ago Monero Has Been On A Bullish Run But Will The Momentum Hold? The Monero price has rallied over the past week since the broader market recovered.
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