Bitcoin Sniffs Ninth Bearish Candlestick – ETH Transaction Fees At 10-Month Low
After the close of the weekly timeframe’s nine consecutive bearish candlesticks, Bitcoin, the world’s largest cryptocurrency, is beginning to show signs of a trend reversal. Bitcoin’s daily and weekly RSI (Relative Strength Index) have now turned bullish.
Bitcoin’s 9 Week Downtrend.
Bitcoin’s price action is beginning to correlate with a trend reversal, with Bitcoin up 6% in the past 24 hours. Bitcoin’s rally has led to a rise below $29k where it opened the week, reaching as high as $30,723.20 – a 14-day high for Bitcoin.
Transaction costs on the Ethereum NetworkBitcoin’s biggest competitor, dropped to just $2.96 per transaction Sunday afternoon — the lowest since July 11, 2021 on the network.
The average cost of making a trade on Ethereum is now 0.0026 ETH, or $5.03 USD, at the moment of writing† Transaction fees are a constant thorn in the side of the Ethereum network, and even recently they soared to $3,800 and $6,500 during the Land sale on the other side at the beginning of May†
A bullish trend reversal will be vital in easing fears surrounding the crypto market after nine consecutive weeks of downward trends across the board.
Terra 2.0 Launches But Price Drops 70% – Do Kwon Under Investigation For Price Manipulation
According to the successful approval of Terra’s recovery plan, as suggested by Do Kwon, the founder of Terraform Labs, the Terra 2.0 mainnet went live on Saturday, May 28, and began producing blocks.
Do Kwon announced via Twitter that the Terra 2.0 mainnet, called “Phoenix-1”, was live and that users now have their dropped tokens on supported exchanges. He added that public node services, wallets and explorers would follow the mainnet to go live soon.
Terra 2.0 got off to a less than ideal start to life, despite a largely successful launch. Shortly after LUNA was released, the token rocketed from its opening price of $0.5 to $30 within minutes.
The 72-hour price chart for Terra 2.0 (LUNA). Source: CoinMarketCap
What followed was a massive token dump by investors, paralyzing the price of LUNA. Shortly after reaching a trading point of USD 30, the price of LUNA quickly dropped to USD 3.63. The value of Terra (LUNA) is now trying to recover, with the token trading at $6.10 at the time of writing.
The 24-hour price chart for Terra 2.0 (LUNA). Source: CoinMarketCap
The landfill, which plunged the price of LUNA, is believed to have been caused by investors of the original Terra, who wanted to recoup some of their losses through the new token that was airdropped.
Tether’s USDT Stablecoin Launches on the Polygon Network
Despite ongoing concerns about the condition of the stablecoin marketTether, the company behind the world’s largest stablecoin by market value, has launched its USDT on Ethereum scaling solution Polygon.
The launch follows the recent release of the Peso-backed stablecoin from Tether† Following the Polygon integration, USDT is now available on 11 blockchains, including previously supported chains Ethereum, Solana, Avalanche, Algorand, Tron, Omni, EOS, Liquid Network, Kusama, and Bitcoin Cash’s Standard Ledger.
Tether claims that the launch of USDT on Polygon will enable faster transactions and offer its users cheaper transfer fees as they move money in and out of the ecosystem. In addition, the 19,000 decentralized applications currently running on Polygon can now access USDT as well.
To further expand its ecosystem, Polygon Studios CEO Ryan Wyatt announced that multi-million dollar fund to help Terra blockchain developers board the Polygon Network.
Total Value Locked (TVL) in TRON Hits $6 Billion with USDD Boost
Tron has seen tremendous growth in its DeFi ecosystem lately, with total value locked (TVL) in the chain reaching $6 billion. The rise in Tron’s TVL was catalyzed in part by the launch of its algorithmic stablecoin, USDD†
TRON’s total value locked (TVL). Source: DefiLlama
Ever since the collapse of TerraUSD (UST), once the largest algorithmic stablecoin, Tron’s Decentralized USD (USDD) has gained massive traction. On May 5, USDD had a market cap of $127 million. At the time of writing, it now has one worth $602 million.
While $602 million is a huge market cap, the USDD remains well below UST’s market cap of $18.7 billion. However, at $5.96 billion, TRON’s TVL is close to that of the Binance Chain, which currently stands at $10 billion at the time of writing.
If the USDD continues its trajectory without a hitch, the algorithmic stablecoin TRON could help overtake Binance as the second largest DeFi chain.
The 1 month market cap for decentralized USD (USDD). Source: CoinMarketCap
After a spectacular first month of trading, TRON founder Justin Sun has been making huge announcements for USDD in the coming weeks.
Global Interest in Non-Replaceable Tokens Drops 74% as Monthly Sales Drop
The non-fungible token (NFT) market made impressive progress last year as it opens strongly from 2022, with an average price of a NFT grows from $587 in the fourth quarter of 2021 to $1,057 in the first quarter of 2022. However, recent data suggests that interest in NFTs is beginning to wane.
According to Google Trend Data, worldwide interest in NFTs and NFT-related topics has fallen to a serious low, with search rates dropping more than 70% in May 2022. The study looked at Google searches for NFT content and listed their frequency as a number between 0 and 100.
The survey results show that searches for the term “non-fungible token” fell to 26 points from a high of 100 points in January 2022. This indicates a 74% decline in interest in NFTs from their peak at the start of the year. year.
Monthly NFT trading volume is in a similar downward spiral. In January 2021, NFTs posted all-time highs of $16.54 billion, but monthly revenue for May was about $4 billion — a noted 75% decline.
The decline in global interest in NFTs can be partly attributed to the market crash, which has caused the value of most NFT collections to drop, which has naturally led to lower sales.