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DeFiDynamo
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Bitcoin's price has seen significant volatility recently, peaking at nearly $72,000 before dropping to just over $67,000. Despite this, the market remains optimistic as Bitcoin's price has since stabilized around $68,000. The total crypto market cap has recovered $35 billion overnight and now sits above $2.7 trillion. In the altcoin realm, meme coins SHIB and WIF have seen impressive gains, with SHIB even surpassing Cardano to become the 11th largest cryptocurrency by market cap. WIF has also seen a significant surge, soaring by 20% in a day. Despite the volatility, the market's resilience and the strong performance of certain altcoins highlight the continued growth and potential of the crypto market. As the industry continues to evolve and mature, it's clear that there's still plenty of room for growth and innovation, particularly in the DeFi and BRC 20 sectors.

Bitcoin's price has seen significant volatility recently, peaking at nearly $72,000 before dropping to just over $67,000. Despite this, the market remains optimistic as Bitcoin's price has since stabilized around $68,000. The total crypto market cap has recovered $35 billion overnight and now sits above $2.7 trillion.

In the altcoin realm, meme coins SHIB and WIF have seen impressive gains, with SHIB even surpassing Cardano to become the 11th largest cryptocurrency by market cap. WIF has also seen a significant surge, soaring by 20% in a day.

Despite the volatility, the market's resilience and the strong performance of certain altcoins highlight the continued growth and potential of the crypto market. As the industry continues to evolve and mature, it's clear that there's still plenty of room for growth and innovation, particularly in the DeFi and BRC 20 sectors.

Disclaimer: Includes thrid-party opinions. No financial advice. May include sponsored content. See T&Cs.
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In a recent report by Glassnode, it was revealed that long-term Bitcoin holders have resumed accumulation for the first time since December 2023. This follows several months of selling, indicating a return to accumulation patterns. The report also noted a resurgence of buy-side demand, with U.S.-based spot Bitcoin ETFs experiencing an average daily net inflow of $242 million. This trend suggests that the uptrend seen in 2023-24 may be primarily driven by spot markets. The renewed interest has caused immediate buy-side activity, resulting in significant price movements across all timeframes. For the first time since late 2021, BTC experienced price shifts exceeding 20%. The report also highlighted the ETH/BTC trading pair, potentially signaling a more promising outlook. Despite Ethereum underperforming compared to other leading crypto assets over the last two years, the SEC’s approval of U.S. spot Ethereum ETFs has leveled the playing field between Bitcoin and Ethereum. Overall, the report paints an optimistic picture for the market, suggesting a more measured and sustainable growth pattern compared to previous bull cycles.
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In a significant development, Shiba Inu (SHIB) has seen a 16% surge in its daily value, reaching a market cap of $16.9 billion and making it the 11th largest cryptocurrency. This surge is part of an overall revival in the meme coin sector, which has seen its market capitalization surpass the $70 billion mark. Shiba Inu's rise in value has been accompanied by a surge in some key metrics related to its ecosystem. The trading volume in the past 24 hours has risen to nearly $1.9 billion, outperforming other meme coins such as Dogecoin (DOGE) and PEPE. Two major factors contributing to Shiba Inu's revival are the project's burning mechanism and the advancement of its layer-2 scaling solution, Shibarium. The burn rate increased by almost 600% a week ago, resulting in almost 10 million tokens being destroyed. Shibarium, which aims to reduce transaction fees and improve speed, has surpassed the 400 million mark in total transactions since its launch last summer. This news highlights the dynamic nature of the cryptocurrency market and the potential for innovative projects like Shiba Inu to make significant strides in a short period.
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Crypto data platform Santiment has revealed the accumulation and dumping trends of whale and shark wallets for top digital assets such as Bitcoin (BTC), Ether (ETH), Tether (USDT), and USD Coin (USDC). The report shows a decline in Bitcoin activity, with the percentage of BTC held by wallets with 10 to 10,000 BTC down 0.40% in the past two months. However, this decline is not a cause for concern as the long-term accumulation pattern of these market participants is moving northwards. Santiment analysts suggest that large stakeholders are not finding significant opportunities to profit take or accumulate at this time. In contrast, Ethereum stakeholders have been consistent in accumulating ETH. Over the past 14 months, wallets holding at least 10,000 ETH have accumulated 21.39 million ETH, increasing their balances by 27%. This trend is expected to continue, especially with the recent approval of spot Ethereum exchange-traded funds (ETFs). Overall, the report suggests a positive outlook for the crypto market, with Ethereum expected to continue gaining on Bitcoin if the accumulation trend persists.
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