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Tag: CoinMarketCap

  • Ethereum ETF: Franklin Templeton Enters The Fray As ETH Rallies

    Ethereum ETF: Franklin Templeton Enters The Fray As ETH Rallies

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    Wall Street titan and Asset manager Franklin Templeton has applied for an Ethereum Spot Exchange-Traded Funds (ETF) after a struggle to gain approval for their Bitcoin Spot ETF in early January.

    Asset Manager Files For Spot Ethereum ETF

    Asset managers have gravitated toward the Ethereum spot ETF since the United States Securities and Exchange Commission (SEC) approved the Spot Bitcoin ETF. Franklin Templeton is the latest manager to apply with the SEC to get approval for this financial product. 

    The asset manager’s move came after successfully introducing the BTC spot ETFs. This is a notable step toward making more crypto investment products accessible to institutional and individual investors.

    James Seyffart, a senior analyst from Bloomberg Intelligence, also shared the update with the crypto community on X (formerly Twitter). Seyffart’s X post included a screenshot of the asset manager’s filing and data regarding other applicants.

    According to the post, Franklin Templeton is the eighth company in the cryptocurrency market to file for product approval. Previous asset managers to file applications for Ethereum ETFs include Hashdex, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco, and Galaxy. 

    Per the official filing, a Delaware statutory trust is how the Franklin Ethereum Trust is set up. The ETF aims to give investors access to ETH in a regulated manner by allowing them to store it directly through a custodian.

    It states in the company’s S-1 filing that the proposed “Franklin Ethereum Trust” will hold ETH and “may, from time to time, stake a portion of the fund’s assets through one of the more trusted staking providers.”

    Staking is the act of locking up digital currency to maintain the operations of a blockchain network. They plan to stake some of the ETF’s ETH holdings to supplement its income through staking rewards.

    The Price Of ETH Rallies Amidst The Update

    Franklin Templeton’s spot Ethereum ETF application was made in light of the price of ETH experiencing an uptick. However, no solid proof exists that the latest development impacted the price of crypto assets.

    Related Reading: Ethereum ETFs Approval Date Set For May 23, Forecasts Suggest ETH Could Reach $4,000

    Ethereum was trading at $2,661 as of press time, indicating an increase of over 7% in the past 24 hours. Data from CoinMarketCap shows that its market capitalization is also on the upside, marking an increase of over 7%. 

    Meanwhile, its trading volume has increased significantly by over 172% in the past day. Due to the rise, ETH now ranks third in the entire crypto market by trading volume.

    ETH trading at $2,679 on the 1D chart | Source: ETHUSDT on Tradingview.com

    Featured image from iStock, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Godspower Owie

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  • Shiba Inu Burn Rate Surges Over 1,400%, As Price Recovers

    Shiba Inu Burn Rate Surges Over 1,400%, As Price Recovers

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    Shiba Inu, an Ethereum-based meme coin, is presently in the limelight as its burn initiative has witnessed a significant surge in its token burn rate in the past day, suggesting increased engagement from the community.

    Shiba Inu Daily Burn Rate Skyrockets

    Data from Shibburn reveals that the last 24 hours have seen a notable spike in the Shiba Inu burn rate. The tracker reported that the burn rate has recorded a massive 1,411% increase today, January 30.

    According to the platform, over 61 million SHIB tokens have been incinerated in the last 24 hours. The increase in burn rate coincides with a recent rally in the price of Shiba Inu.

    Shibburn shows that the present rise in burn rate was caused by two large burn transactions. It was discovered that the two transactions destroyed a total of 48.9 million SHIB in less than one hour.

    The first transaction orchestrated by the wallet address 0x85a860003705c56…7eb2f4bcc7 witnessed about 21 million SHIB being destroyed. Meanwhile, the second transaction carried out by another wallet address 0x85a860003705c56…7eb2f4bcc7 saw over 27 million SHIB tokens being burned.

    The Shiba Inu burn rate might have been up in the past day, but in the past week, the rate appears to have been down. From the hourly SHIB burn update on X (formerly Twitter), the rate is down by over 48% in the past week. Furthermore, the report noted that over 113.42 million Shiba Inu tokens have been destroyed in the past seven days.

    Even though tokens have been burned virtually every day for more than a year now, the burn rate has not made a crater in the supply that is in circulation. So far, Shiba Inu has burned over 410.70 trillion SHIB since the initiative was introduced. 

    Currently, the overall supply in circulation is about 581.29 trillion SHIB. This indicates more work to be done by the SHIB community before the incineration has a weighty effect.

    SHIB Prices Recovers Amid Burn Rate Rise

    Shiba Inu price, as of today, appears to have recovered from a lengthy bearish trend it has been struggling with. However, there is no solid proof that the rise in burn rate had any impact on the crypto asset’s recent rally.

    As of the time of writing, the price of Shiba Inu was sitting at $0.000009254, indicating a 2.24% rise in the past 24 hours. CoinMarketCap reveals that its market cap and trading volume are up by 2.19% and 45.16% in the past day.

    Furthermore, the digital asset is now ranked 17th overall in terms of market cap due to its recent price recovery. With the recovery, SHIB has attracted attention from investors and sparked fresh sentiments over possible long-term growth.

    SHIB trading at $0.00000927 on the 1D chart | Source: SHIBUSDT on Tradingview.com

    Featured image from iStock, chart by Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Godspower Owie

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  • Birdeye refutes airdrop plans in latest announcement

    Birdeye refutes airdrop plans in latest announcement

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    Crypto trading aggregator Birdeye has unveiled a new feature to customize the data pool, while also addressing speculations surrounding a potential airdrop.

    In an X post on Jan. 27, Birdeye unveiled a tool called “Terminal,” designed to empower users to tailor their data pool for a more personalized trading experience, adding that, as of now, there are no plans for an airdrop. The team behind Birdeye said the Terminal feature allows users to customize notifications related to market movements, token performance, trading events, and technical indicators.

    Birdeye joins other data aggregators, such as CoinMarketCap and CoinGecko, in adopting a cautious approach to token issuance, opting against introducing their tokens. However, there are still platforms, like Arkham Intelligence, that have chosen to incentivize user activity by launching tokens. Arkham, for instance, introduced its ARKM token, rewarding users for contributing valuable intelligence insights.

    Birdeye’s statement regarding an airdrop coincides with a broader craze in the crypto community, where there has been a surge in excitement surrounding multiple token distributions in recent weeks. For example, the Jupiter decentralized exchange, based on the Solana network, is set to distribute 200 JUP tokens to its users starting on Jan. 31. Additionally, Solana’s WEN meme coin has garnered attention, experiencing an impressive 4,000% surge since its launch on Jan. 26, achieving a market capitalization exceeding $50 million within 12 hours of its debut.


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    Denis Omelchenko

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  • 1INCH rings in new year as top crypto gainer

    1INCH rings in new year as top crypto gainer

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    CoinMarketCap, the world’s most-referenced crypto price-tracking website, reports 1INCH, Filecoin, and Klaytn as top gainers with double-digit gains in the last 24 hours.

    Over the past 24 hours, 1inch Network (1inch) has risen 22.3%, currently at $0.5223. The 1inch Network combines decentralized protocols to facilitate efficient, high-yield, and secure operations within the decentralized finance (defi) sector—the initial protocol within the 1inch Network functions as a decentralized exchange (DEX) aggregator.

    While no significant releases were rolled out, the network presented an encouraging year-in-review report, shedding light on various aspects, including notable statistics, the 1inch portfolio new tool, which would enable users to manage assets across multiple wallets on all chains.

    Within one and a half months of its launch, the platform has garnered over 100,000 wallet addresses actively utilizing its services.

    Top Crypto Gainers Today | Source: CoinMarketCap

    Filecoin (FIL) sits in the runner-up spot, a decentralized storage system with a mission to preserve “humanity’s most important information.” Having raised $205 million through an initial coin offering (ICO) in 2017, the project initially anticipated a mid-2019 launch.

    On the first day of January 2024, the price of Filecoin sits $7.15, a 13.8% increase in the last 24 hours, and part of growing interest this week with a 34.4% surge in the last seven days despite no major updates for the project. At the same time, a known analyst released a bullish prediction that may account for continued interest.

    Crafted by the prominent Korean IT company Kakao, Klaytn (KLAY) rounds out the third spot in top gainers for Jan. 1. The project, which exists as a global Layer 1 public blockchain geared towards fueling the future landscape of on-chain activities, is said to provide the lowest transaction latency compared to other leading blockchains.

    The live Klaytn price is currently at $0.2656, a 13.1% increase. The increase follows the recent announcement from The Klaytn Foundation, reassuring stakeholders that it remains unaffected by the Orbit Bridge hack. 

    An analyst from the Crypto Banter YouTube channel recently highlighted that the cryptocurrency market is on the cusp of entering a robust altcoin season according to a Dec. 28 release, current numbers proving his prediction to be true.


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    Sarah Jansen

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  • PYTH down 12% days after Backpack airdrop, per CoinGecko

    PYTH down 12% days after Backpack airdrop, per CoinGecko

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    PYTH, the native token of the decentralized finance oracle Pyth Network, is down 12% in the last 24 hours.

    According to data from cryptocurrency price aggregator CoinGecko, PYTH is currently changing hands at $0.477896, which is 12% lower than its level from the previous day.

    Additionally, the current price is nearly 13% lower than its all-time high of $0.548655 attained on Nov. 24 but more than 70% higher than its all-time low level from Nov. 21.

    PYTH price chart | Source: CoinGecko

    The token, barely a week old, started life following Nov. 20 airdrops by the Pyth Network and crypto exchange startup Backpack. 

    Backpack, which is backed by funds from FTX’s venture arm, distributed 250 million tokens, then valued at about $77 million to Pyth NFT holders and the Pyth Discord community administrators across 27 blockchains.

    Following the airdrop, PYTH’s market capitalization soared to $765 million, with CoinMarketCap data showing the token was priced at $.053.

    Soon after, the price dropped to $0.28 before settling at the $0.32 level, giving it a market valuation of $468 million. At that time, the daily trading volume of the token reached $107 million.

    The token currently has a market capitalization of more than $719 million, with a 24-hour trading volume of $132.5 million. Of the total 10 billion tokens, about 1.5 billion are in circulation, with airdrop recipients expected to claim their tokens by Feb. 18, 2024.

    Pyth Network ranks fourth in total value secured, while its token stands at #75 on CoinGecko’s market cap ranking.


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    Julius Mutunkei

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  • Solana Price Prediction: ChatGPT Forecasts $1,000 In 2024

    Solana Price Prediction: ChatGPT Forecasts $1,000 In 2024

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    AI Chatbot ChatGPT from OpenAI has forecasted a tremendous price movement for the Solana (SOL) cryptocurrency, indicating an 8x price surge for the token from its current price level.

    Solana To Hit $1,000 By 2024

    ChatGPT believes Solana is well positioned for a bullish run, expecting to be at the $1,000 mark by 2024. The bot’s prediction results from positive market developments and the broad use of the cryptocurrency’s blockchain.

    The bot has also been seen predicting that the price of SOL could reach $1,000 by the end of 2024. This is due to the cosmic surge of innovations and widespread adoption. 

    Solana propelled by a cosmic surge of innovation and widespread adoption, could potentially reach a stellar price of $1000 by the end of December 2024.

    Source: ChatGPT

    ChatGPT‘s prospects seem promising due to several recent factors that spark growth for the cryptocurrency. The crypto’s blockchain has recently garnered strong interest from the cryptocurrency community.

    Its excellent performance, minimal transaction costs, and scalability have drawn an increasing number of users and developers. This sparks increased adoption of Solana-based innovations, positioning the digital asset for a potential price increase.

    In addition, the crypto asset’s increase in demand for leverage longs could also buttress this prediction. SOL reached its highest level of futures open trade since its all-time high price of $260 in November 2021.

    The demand for the cryptocurrency is anticipated to increase as the Solana ecosystem grows, pushing up the asset’s price.

    The crypto’s asset Total Value Locked (TVL) is not left out. Solana’s TVL recently experienced a significant surge in its TVL. Its TVL was approximately valued at $409.68 million, but now $584.59 million, indicating over a 42% increase, according to DefiLlama.

    Current Market Trend Sparks Price Increase For The Cryptocurrency

    Another factor that could propel the asset’s price is the current bullish sentiment of the cryptocurrency market. Without a doubt, Solana has been the market’s most optimistic large-cap cryptocurrency this year.

    SOL has increased by approximately 550% since the beginning of 2023. This puts it at the fifth position among all the top 100 cryptocurrencies in terms of performance.

    Last week, SOL experienced a significant price surge, reaching its yearly high of $68. Due to the general attitude of the market, the price of Solana could thrive in this conducive atmosphere.

    Currently, the crypto asset is trading at approximately $60 as of writing, indicating a 0.21% increase in the past 24 hours. Its market capitalization is currently valued at $25,435,629,906, indicating the same percentage increase in the past 24 hours, according to CoinMarketCap.

    Solana
    SOL trading at $60 on the 1D chart | Source: SOLUSDT on Tradingview.com

    Featured image by iShock, chart by Tradingview.com

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    Godspower Owie

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  • XRP Turn Around: Price Bounces Back Signaling Upward Trend

    XRP Turn Around: Price Bounces Back Signaling Upward Trend

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    XRP experienced a significant decline over the past week due to unprecedented market whirlwinds. However, the crypto asset has regained bullish momentum from this dip, signaling an upward trajectory.

    XRP Experiences Rebound After Plunge

    XRP daily chart has shown resiliency recently, pulling off a noteworthy rebound following a drop that unnerved traders and investors. The chart shows that the cryptocurrency is speedily recovering from its fall.

    The recent price movement indicates that XRP might be approaching the $0.70 mark. The token’s capacity to stay above the 50-day and 100-day moving averages indicates a bullish outlook for the asset.

    According to the chart, XRP may be ready for a run at the next resistance level, around $0.65, if it can sustain above the $0.60 mark. If the token manages to go past $0.65, the $0.70 mark seems plausible.

    These averages are significant pointers frequently pointing to the market’s long-term prospects. The fact that the price of XRP is rising above these lines indicates that the market is very confident.

    In addition, the digital asset’s RSI has leveled off following a brief excursion into the overbought area. This suggests that the recent price rebound was sustained market interest rather than a fluke. The RSI returns to neutral levels without a notable price decline, sparking possible future growth.

    XRP’s market is on an uptrend; the token seems to have benefited from these positive market emotions by raising its price. The price of XRP is growing and might keep rising, per a crypto analysis by ProSignalsfx on TradingView. 

    Nonetheless, the crypto asset is still relatively down from the $0.75 price mark it experienced on November 13. This was due to a false report shared by an X user about an exchange-traded fund (ETF) filing by BlackRock. However, the crypto experienced a price correction immediately after the report was debunked. 

    The Crypto Asset Is Set To Do Well In The Next Bull Run

    According to crypto influencer BoringSleuth, since XRP has no ties to the Chinese Communist Party (CCP), its price could gain impressively from the bull market. The influencer believes cryptocurrencies not connected with the CCP will benefit from the next bull run.

    “The protocols that weren’t in bed with the CCP will be the benefactors of future bull cycles. A protocol like DAG, which works with the DOD is one example of a well-positioned protocol. XRP is another,” he stated. 

    The crypto asset trades at approximately $0.639, indicating a 1.17% decline in the past 24 hours. Its market capitalization is currently at $34,288,273,612, indicating the same percentage decline in the past 24 hours, according to CoinMarketCap.

    XRP trading at $0.637 on the daily chart | Source: XRPUSDT on Tradingview.com

    Featured image by iShock, chart by Tradingview.com

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