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Polygon Network Matched Ethereum for Growth in 2023, Can $GFOX Outpace $BONK

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News that the Polygon network is on par with Ethereum regarding growth in user adoption sent shockwaves through the crypto industry.

Similarly, Galaxy Fox, the new P2E blockchain project is an interesting one as users wait to see if $BONK can recover from its massive sell-off during the recent market downturn.

Polygon Nearly Levels Up with Ethereum in User Growth

Recently, data revealed that Polygon Network experienced significant growth in 2023, making it almost exactly even with Ethereum in terms of growth in user adoption. While Ethereum gained 15.4 million users last year, Polygon came within a hair’s breadth by gaining about 15.24 million – a remarkable 142% increase in its user adoption since 2022.

At the start of 2023, Polygon took the lead over Ethereum in user growth by acquiring an impressive 2.8 million users. However, the momentum slowed down a bit, allowing Ethereum to take over and maintain the lead till the end of the year. Moreover, both networks experienced their peak in user growth in May 2023.

This increase in the adoption of  Polygon’s network shows that it is getting better at attracting users with its faster and cheaper transactions. This update also hints that Layer-2 solutions, the basis of the Polygon network, will significantly make blockchain more scalable and increasingly adaptable.

Although Ethereum still maintains the top spot in overall blockchain performance right now, several crypto experts believe it will continue to experience intense competition from Polygon’s Layer-2 scaling solution over the coming years.

Bonk Price Prediction: Massive Sell-off Keeps $BONK Price in the Red

After $BONK got listed on Binance and other major crypto exchanges, it experienced an uptrend, which saw its price rise 1000% within one month. However, this rally was followed by a decline when traders began to sell their $BONK tokens massively to lock in their profits.

Among the sell-offs that triggered a decline in the price of $BONK was the one that happened on December 15, 2023. According to data from Lookonchain, a blockchain analytics platform, a trader who had earlier bought 69 billion $BONK for $0.000021 sold over 70% of its $BONK portfolio for almost a million dollars gaining about $750,000 in the process.

As a result, the $BONK price dropped by over 65%, and it dipped from its all-time high of $0.00003419 to trade at the current price of $0.00001189.

Galaxy Fox Reveals Features Worthy of Outpacing Top Coins

While $BONK experienced a price decline due to massive selling pressure, $GFOX stands out as an interesting project, though it is yet to launch.

Galaxy Fox blends many opportunities that bring much interest to the industry. These opportunities are not limited to token ownership but include staking, play-to-earn (P2E), and trading NFTs.

Notably, Galaxy Fox ecosystem controls an interesting Web3 endless runner game in the play-to-earn aspect, allowing investors to have fun while earning rewards in $GFOX tokens. Top players who are among the 20% of the highest-ranked will also receive rewards from the prize pool every season. Also, players can temporarily boost their in-game abilities with cool NFTs to have better chances of winning.

For investors who choose to hold their tokens in loyalty to the ecosystems, Galaxy Fox ensures they are adequately rewarded by reserving rewards for them in the platform’s central hub for distributing funds called Galaxy Fox Stargate. Funds get into this hub with contributions of 2% of every transaction within the ecosystem.

Galaxy Fox also runs a treasury that provides funds for community initiatives and future developments to prove how transparent and accountable it can be. Moreover, it supports a strategy called ‘token burn’ to curb possible inflation of the $GFOX. Galaxy Fox is in stage 7 of its presale, and it sells for $0.00198. Over 93% of the tokens allocated for this stage have already been sold, and the presale is expected to progress to stage 8 within the next few days, where its price will increase by 10%.

While Polygon continues gaining adoption, many analysts predict it might outpace Ethereum at some point. Meanwhile, $BONK’s recent downtrend is expected to ease once the massive token dump stops. As for $GFOX, it serves as an interesting alternative to watch.

Learn more about $GFOX here:

Visit Galaxy Fox | Join the Community

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Cryptocurrency

BTC Rejected Off $64,000 As Crypto Market Suffers $600 Million Of Liquidations

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The price of Bitcoin (BTC) experienced massive volatility on Wednesday, soaring to nearly $64,000 before sinking again to $60,500 within one hour.

Amid the chaos, crypto traders have experienced $638 million in liquidation over the past 24 hours, including $391 million of liquidations in the past 4 hours alone.

  • According to Coinglass, about $55 million of liquidations in the last hour impacted a consortium of little-known altcoins, while $96 million was liquidated on BTC trades directly.
  • Meanwhile, ETH traders suffered $45 million of liquidations, and DOGE traders lost $29 million.
  • In the past 24 hours, a massive 168,988 traders were liquidated. The largest single liquidation occurred on OKX on a BTC-USDT trade for $9.45 million.
  • The price of BTC is $61,400 at writing time, up 21% within the past five days alone.
  • Many credit the asset’s recent surge to the launch of several bitcoin ETFs last month.
  • BlackRock’s Bitcoin ETF – the largest of all newcomers – now holds over $8 billion in BTC, and absorbed a record $520 million of flows on Tuesday.
Bitcoin / USD. Source: TradingView
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BlackRock Bitcoin ETF Smashes Daily Inflow Record, Ranks 2nd In United States

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BlackRock’s Bitcoin (BTC) ETF has cracked a new daily inflow record, helping push Bitcoin’s above $60,000 for the first time since November 2021.

The iShares Bitcoin Trust (IBIT) absorbed another $520 million on Tuesday, bringing the fund’s total flows since launch above $6.5 billion. Furthermore, thanks to Bitcoin’s rising price during that period, the value of the firm’s Bitcoin stash has appreciated to over $8 billion.

BlackRock Breaking Record

By comparison, Fidelity’s Bitcoin ETF now holds $5.6 billion in BTC, but absorbed a much smaller $126 million flow on Tuesday.

Meanwhile, Grayscale – IBIT’s largest competitor – suffered another $125 million of outflows. Though Grayscale still bears a significant lead in total assets at $25 billion, BlackRock’s ETF is slowly gaining ground against the incumbent fund due to its much lower management fee.

According to Bloomberg ETF analyst Eric Balchunas, BlackRock’s stellar inflow figure made it the number two ETF for inflows in the United States yesterday, only behind BlackRock’s iShares Core S&P 500 ETF (IVV).

“This means a good portion of that massive volume was new buying vs arb/algo,” Balchunas wrote to X on Tuesday.

The analyst also noted that individual trades for IBIT’s ETF surpassed those of both the SPY and QQQ. This suggests that a large component of buyers trading the ETFs are retail-based – an unexpected finding given the ETF’s popularity as an institutional trading ground.

Bitcoin ETFs And Surging Price

The price of Bitcoin has skyrocketed by over 25% in the past five days, now trading at over $63,000 at writing time. Many analysts credit its success to the launch of Bitcoin spot ETFs, which have collectively absorbed over $6.7 billion of flows since going live on January 11.

After 30 days, BlackRock and Fidelity’s Bitcoin funds had already broken records as the two most successful ETF launches in history based on flows. BlackRock also tapped a new daily high for trading volume on Monday, surpassing $1.3 billion and entering into the top 11 ETFs in the country by volume.

Bitcoin now approaches its all-time high of $69,000 USD, though, in some currency denominations, it has already broken its prior records. For instance, one BTC is now worth over 95,000 Australian dollars, compared to $87,000 at its peak in November 2021.

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3 Catalysts That Suggest More Gains for Bitcoin After Price Broke $60K

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Bitcoin surged above $61,000 on Wednesday, marking its highest level since November 2021. The rally seems fueled by significant inflows into US-based spot Bitcoin ETFs.

With bullish momentum building, all eyes are on the leading crypto asset’s trajectory, and data suggest that it might be able to break its previously established all-time high of $69,045.

MVRV Ratio Signals Buying Opportunity

The MVRV Ratio, derived from dividing an asset’s market capitalization by its realized capitalization, serves as a pivotal metric in cryptocurrency trading. When below 1, it indicates most holders are at a loss, signaling a potential buying opportunity.

On the other hand, a rising ratio suggests increased profit-taking, potentially leading to selling pressure and market corrections.

Historically, an MVRV Ratio nearing 4 signaled market tops, though this threshold has decreased in each cycle. According to Intotheblock’s latest observation, the value stands at 2.22, essentially hinting at a bullish market that is not yet excessively overheated.

Bitcoin MVRV. Source: ITB
Bitcoin MVRV. Source: ITB

Subdued Retail Crowd

Despite Bitcoin’s remarkable price movement, current data suggests an absence of retail investors. While there has been a rise in the number of new addresses, Intotheblock said it is likely attributed to active market participants engaging with Ordinals.

However, new addresses have since declined and remain relatively consistent. The same pattern is observed with active addresses. Both Google trends and app store data show no significant surge in retail interest yet.

On-chain volume is gradually increasing, reminiscent of the early phases of the 2021 bull market, but it has not reached the frenzy levels seen during the peak.

This implies that institutional investors might be driving this phase, with attention focused on ETFs as potential accumulators.

Meanwhile, those monitoring altcoins are speculating on whether renewed retail interest will shift Bitcoin’s upward trend towards broader market movements. However, the upcoming halving could change this dynamic and push the crypto asset to a new peak.

Bitcoin Halving: A Major Catalyst

The analysis from ITB suggests that the upcoming Bitcoin halving in April typically triggers a surge in price according to historical patterns. However, in the current cycle, the price rally has occurred earlier than anticipated.

This deviation may imply that investors are aware of the potential impact of the halving and are adjusting their investments accordingly ahead of time. In short, these market players are anticipating and acting upon the expected price movement associated with the halving event well before it actually takes place.

Bitcoin Price History. Source: ITB
Bitcoin Price History. Source: ITB
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