NFTs on Cardano Experience Decline Following Last Month’s DominanceBy AZC News | Feb 01 2024NFTs
NFTs on Cardano Experience Decline Following Last Month’s Dominance
By AZC News | Feb 01 2024
NFTs on Cardano Experience Decline Following Last Month’s Dominance
Cardano [ADA] has witnessed a significant price downturn in the past month. While this decline might raise concerns about the Cardano network, there are factors that could contribute to ADA overcoming these challenges.
Noteworthy NFT Growth
During the previous month, Cardano’s NFTs emerged as dominant players in the market, marked by substantial transactions within various collections. Surpassing Ethereum and Solana in both sales volume and the overall value of each transaction, Cardano’s NFTs established themselves as formidable contenders in the NFT market.
⚡️The Biggest #NFT Sales of the Past 30 Days
In this post, we highlight the largest Non-Fungible Token (NFT) sales that have occurred over the past month, delving into the details of each sale, including the specific NFT that was sold, and the price it fetched. Data from… pic.twitter.com/vW0W8pzm0v
— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) January 30, 2024
The network’s supremacy in terms of transaction quantity and total sales value positions Cardano as an attractive choice for artists, creators, and collectors seeking a platform for NFT creation and trading. This success not only strengthens Cardano’s standing in the NFT market but also enhances its reputation and credibility within the broader blockchain industry.
The positive market sentiment generated by successful NFT sales has the potential to draw attention from investors and developers alike. This increased interest could lead to additional investments and the development of more decentralized applications (dApps) on the Cardano platform.
Challenges on the Horizon
Despite the increasing trade volume of NFTs on the Cardano network, the overall protocol activity has been on a decline, paralleled by a decrease in network transactions. Consequently, the generated fees have witnessed an 11.3% decrease over the past month.
Notably, the code commits on Cardano’s GitHub repository have also experienced a decline, indicating a slowdown in development activities on the network. Turning to the ADA token’s value, it was observed trading at $0.505, reflecting a 4.26% decrease in the last 24 hours.
While ADA’s trading velocity has surged during this period, signaling an increased frequency of ADA transactions, these developments raise concerns about the network’s sustained growth and performance.
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Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their ownFormer Bitcoin President Nayib Bukele Successfully Re-elected
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Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a deciBitcoin $53K Push Sparks $300M Liquidation Wave
By AZC News | A day ago
Bitcoin $53K Push Sparks $300M Liquidation Wave
Bitcoin surged by several hundred dollars, hitting $53,000 for the first time in over two years, only to face a swift and forceful rejection. Yesterday witnessed a notable surge in Bitcoin, propelling it by several hundred dollars and reaching the $53,000 milestone for the first time in over two years. However, this achievement was short-lived as the cryptocurrency faced a swift and forceful rejection at that critical point.
The broader cryptocurrency market experienced a widespread decline on a daily scale, with many altcoins, including ADA, AVAX, SOL, ICP, APT, and others, displaying significant retracements.
Bitcoin Touched But Failed at $53K
Bitcoin Price
The leading cryptocurrency, Bitcoin, had been demonstrating an impressive upward trend in recent weeks, escalating from under $40,000 to surpassing $50,000. This surge was fueled by the positive response to recently approved spot Bitcoin ETFs in the United States, attracting substantial investment in the initial weeks of trading.
Although Bitcoin’s price had flirted with the $52,000 mark on multiple occasions, it struggled to sustain the momentum required to breach the $53,000 threshold. Yesterday, the bulls made another attempt to push the price higher, successfully touching the coveted level and marking a new high since late 2021.
However, the bullish momentum was short-lived, as the bears swiftly intervened, initiating a sharp decline in Bitcoin’s price. In a sudden and forceful rejection, the cryptocurrency lost over two thousand dollars in the span of an hour, dropping below the $51,000 mark.
Bitcoin experienced another unsuccessful attempt to recover losses, currently hovering just above the $51,000 mark. The heightened volatility, coupled with the performance of alternative coins, resulted in approximately $300 million in liquidations over the past 24 hours, with long positions accounting for two-thirds of the total.
Alts in Retrace Mode
Bitcoin and altcoin
As Bitcoin teeters on the edge of losing its $1 trillion market cap status, its dominance over alternative coins remains steady at 49.2%. Altcoins, following a brief surge, witnessed retracements as well. Ethereum briefly surpassed $3,000, marking its highest point since April 2022. However, it retraced nearly $100 and now rests around $2,900. On the other hand, Binance Coin continued its positive momentum, registering a 2.4% increase to reach $362.
Related: Bitcoin Mining’s Minor Share in U.S. Power Usage
Despite these individual performances, the majority of larger-cap altcoins are in the red. Cardano experienced the most significant decline at 5%, followed by SOL, AVA, DOT, LINK, TON, ICP, APT, NEAR, and others.
The overall cryptocurrency market cap experienced a slight overnight decline and currently stands at $2.050 trillion according to CoinGecko.
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Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own rCourt Allows Genesis to Sell $1.3 Billion Worth of GBTC Shares
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Genesis has been approved for bankruptcy by the court and allowed to sell $1.3 billion worth of GBTC shares, similar to what FTX has done.Court Allows Genesis to Sell $1.3 Billion Worth of GBTC Shares
The bankruptcy court has approved the proposal to sell the assets of the esearch when making a decision.sion. research when making a decision.
