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This On-Chain “Retest” Screams Of Mid-Cycle Bitcoin Correction, More Highs Ahead

On-chain data may show a retest of a Bitcoin indicator that has happened after mid-cycle corrections in the past. If it’s indeed one, more highs could be ahead. Bitcoin Net Unrealized Profit/Loss Retests A Lower Level As per the latest weekly report from Glassnode, the net unrealized profit/loss indicator has just retested the 0.50 level. The net unrealized profit/loss (NUPL) is a Bitcoin metric that’s based on the difference between the total unrealized gains and the total unrealized losses on the network. With its help, it can become possible to

On-Chain Data Shows This Is a Bitcoin Price Dip to Buy: Executive

Bitcoin has undergone a strong drop over recent days as legacy markets have been dragged lower. The cryptocurrency fell from its $11,200 local highs to lows at $10,200, marking a drop of nearly 10%. The coin now trades at $10,400 as of this article’s writing, only marginally above the aforementioned lows. Bitcoin is under the pivotal $10,500-10,600 support level despite the recovery, leaving some bearish. Not everyone thinks that this is it for Bitcoin’s bull trend, though. On-chain data shows that this may be a crypto market dip to be

Ethereum: Is the HODLing in yet?

When it comes to the altcoin market, the past few months have shown how important a cryptocurrency Ethereum is. With DeFi growing substantially in 2020, the gains have been felt by ETH in many ways. While ETH has miles to go before it can challenge the market cap and dominance of Bitcoin, its remarkable growth thanks to DeFi and the proposed ETH 2.0 shift cannot be overlooked. With Ethereum’s use cases diversifying, users and investors within the ecosystem are reaping its benefits too.Source: GlassnodeAccording to recent network data provided by

Ethereum Miners Hourly Revenue Hits Five-Year Record

Rate this post The transaction fee of Ethereum has now increased to around $1 million an hour. It has been observed that the hourly revenue of Ethereum miners has hit a 5 year high as the fees is currently at $880k per hour. It is believed that such an increase in price might be due to the recent announcement of Uniswap for launching its governance token, UNI. This is because as soon as the announcement for the UNI token came, around 70,000 users rushed to claim the free tokens. Due

Bitcoin: Survived – Yes, but has it recovered?

A perfect week, one that saw the market recover to an extent, came to an abrupt halt when Bitcoin dropped by $350 over the last 24-hours. Riding high on the charts, Bitcoin, trading at a price of $10,575, soon fell down to $10,204 in a matter of just 8 hours. In fact, the aforementioned fall was accompanied by other on-chain developments as well, with Glassnode indicating that miners have started to cash out their profits once again.Source: TwitterAs illustrated in the attached chart, Bitcoin miners have been selling a huge

ETH miner revenue reaching a new all-time-high may be bad news for low volume yield farmers

On September 2, the revenue of Ethereum (ETH) miners reached an all-time high of 51,541 ETH. While this may be good for the miners, it could turn popular DeFi projects into a mousetrap. Ethereum miner revenue, percent from fees and total gas used. Source: Glassnode.When denominated in USD, these numbers are still below the record set on January 10, 2018 — when miners earned $32 million versus $23 million on September 2. The price of ETH at the time was approximately three times the current rate. However, what is more

Huge Ethereum buy wall sends ETH to a 19-month high against Bitcoin

As the price of Ethereum’s Ether (ETH) surpassed $450, a huge buy wall on the major cryptocurrency exchange Bitfinex emerged. Shortly thereafter, ETH achieved $270, a 19-month high against Bitcoin (BTC).The price of Ether against the price of Bitcoin. Source: SkewThroughout the past two months, ETH has sustained strong upwards momentum buoyed the rising user activity on Ethereum. Data from Etherscan shows that the daily transaction volume on Ethereum rose from around 420,000 in January to over 1.2 million transactions per day in August.Why ETH price is surging and the demand