Digital assets continue to struggle as the crypto market cap dips 1.28%. It currently hovers at around $2.45 trillion — a 94.5% change one year ago.
In what could be a knock-on effect from the traditional market, which saw the Japanese yen tumble to a 34-year low against the U.S. dollar, leading cryptocurrencies such as Bitcoin (BTC), Solana (SOL), and Dogecoin (DOGE) all saw their prices drop in the last 24 hours.
Bitcoin
Per data from CoinMarketCap, Bitcoin is currently priced at $63,284, which is a 2.32% drop from 24 hours ago.
In that period, the number one crypto recorded a trading volume of $22.89 billion, which was the second-highest amount in the last 24 hours.
BTC 24-hr price chart | Source: CoinMarketCap
While Bitcoin’s price is still more than 118% higher than it was at the same point a year ago, it is in the red over several other time frames.
For instance, the current price signifies a 10% dip over 30 days, a 6.7% drop across a fortnight, and a more modest 1.3% loss in the last seven days.
Solana
On its part, Solana — fifth on the list of the biggest cryptocurrencies by market cap — saw its price go down by more than 4% in 24 hours.
Currently, the coin is changing hands at $137.21 and has a 24-hour trading volume just north of $2.4 billion.
SOL 24-hr price chart | Source: CoinMarketCap
SOL has not fared any better over different time frames either.
The current price represents a 25.6% drop from where it was 30 days ago, per data from CoinGecko.
It also marks a nearly 8% dip across 14 days, as well as a 2.6% loss over 7 days.
Ethereum
Ethereum seems to have bucked the general negative trend, albeit rather modestly. At the time of writing, it was trading at about $3,137, which is a 0.23% uptick over the last day.
The slight bump was accompanied by a 24-hour trading volume of $10.26 billion, making ETH the third most traded cryptocurrency after Tether and Bitcoin.
ETH 24-hr price chart | Source: CoinMarketCap
Ethereum’s gains over seven days are more significant, with the current price being a 4% improvement on where it was a week ago.
However, the bearish sentiment that seems to have washed over the crypto market in the last month has not spared ETH either. It has lost more than 12% of its value in that time.
Dogecoin
Dogecoin — the largest meme token — also shed some of its value in the last 24 hours.
The dog-themed coin shed nearly 3% of its price in that time. Trading at about $0.1451, Dogecoin’s value is also more than 30% lower than its level from a month ago.
DOGE 24-hr price chart | Source: CoinMarketCap
Its performance is reflected among other meme coins, including Pepe (PEPE), Dogwifhat (WIF), and Shiba Inu (SHIB), which are all currently in the red, with losses ranging between 2.82% and 7.87%.
On-chain data suggests traders haven’t been showing FOMO towards Dogecoin despite the latest rally, a sign that could be positive for its continuation.
Dogecoin Total Amount Of Holders Has Remained Flat Recently
According to data from the on-chain analytics firm Santiment, FOMO, which would normally be associated with tops, has been absent from the Dogecoin market recently.
The indicator of relevance here is the “Total Amount of Holders,” which, as its name suggests, keeps track of the total number of DOGE addresses that are carrying a non-zero balance right now.
When the value of this metric goes up, it can be because of a number of reasons. A major one would naturally be fresh adoption, as new investors coming into the sector would open up new addresses and add balance to them, thus raising the indicator’s value.
Other reasons can include existing users reconsolidating their holdings among multiple addresses (usually for a purpose like privacy) or old investors coming back to reinvest in the meme coin.
In general, whenever the metric shows this kind of trend, it means that some net adoption of the asset is taking place, which can be a positive sign in the long term.
On the other hand, a decline in the indicator implies some holders may have decided to exit from the cryptocurrency as they have completely cleared out their addresses.
Now, here is a chart that shows the trend in the Dogecoin Total Amount of Holders over the last few months:
The value of the metric appears to have been moving sideways for a while now | Source: Santiment on X
As displayed in the above graph, the ‘Total Amount of Holders’ for Dogecoin has been flat for many weeks now, implying that the adoption of the meme coin has hit the brakes.
Interestingly, this sideways trajectory has come despite the fact that DOGE’s price has gone through some volatile price action during this period. Generally, events like rallies are attractive to traders, so a notable amount of them tend to jump into the asset during them.
It would appear that the traders have either not been paying attention to the recent DOGE rally or just not taking it seriously. In the past couple of weeks, the ‘Total Amount of Holders’ for the meme coin has gone up by only 0.21%, despite the fact that the price has rallied more than 40% in the same window.
Historically, when a large number of traders join the blockchain at once during price surges, it’s a sign that FOMO around the asset is spreading. Usually, the meme coin’s price tends to go against the expectations of the majority, so when there is widespread FOMO, a top can become likely to take place.
As there hasn’t been any such FOMO for Dogecoin recently, it’s possible that it could be a positive sign for the rally’s continuation. There is also another signal brewing, however, that may not be so constructive.
From the chart, it’s visible that the Mean Dollar Invested Age, a metric that keeps track of the average age of DOGE investments, has plunged recently, implying that the experienced hands have been on the move. When this signal formed earlier in the year, the coin’s price approached the top not too long after.
DOGE Price
Dogecoin had surpassed the $0.22 level earlier, but it seems the asset has gone through some drawdown as it’s now back under $0.21.
Looks like the price of the coin has been going up in recent days | Source: DOGEUSD on TradingView
Featured image from Kanchanara on Unsplash.com, Santiment.net, 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.
The Dogecoin open interest has been on the rise over the past few weeks, breaking and setting new all-time highs twice this March. Unsurprisingly, the price of the meme coin has been reflecting the growth seen by its open interest.
According to data from CoinGlass, the Dogecoin open interest broke through the $2 billion mark on Friday, March 29. Although DOGE’s open interest stands at around 1.96 billion at press time, it rose as high as $2.21 billion on Friday, a new record for the meme coin.
Open interest is a metric that measures the total number of futures or options contracts of a particular cryptocurrency (Dogecoin, in this case) in the market at a given time. It provides insight into the amount of money investors are pouring into DOGE derivatives at this time.
The meme token’s open interest has had quite a performance since the start of March. DOGE’s open interest rose to $1.6 billion (an all-time high at the time) earlier in the month before retracing to below $1 billion by March 20.
It is worth noting that there has been a high correlation between open interest and Dogecoin’s price, with both climbing at the same time and at almost the same pace. Typically, a rising open interest can suggest a continuation of the trend around the asset’s price at the moment.
Ultimately, the current high open interest for DOGE could mean a rapid price movement for the meme coin in the near future. However, it would be difficult to tell the direction in which this spurt of volatility would take the price of Dogecoin, especially as open interest is not the most optimal indicator of trends or price action.
DOGE Price Overview
As of this writing, the Dogecoin price stands at $0.204, reflecting a 4.6% decline in the last 24 hours. While the meme token’s price has somewhat struggled since hitting the three-year high, it has managed to retain most of its profit from the past week.
According to CoinGecko data, the Dogecoin price is up by a whopping 18% in the past seven days. This positive performance has strengthened DOGE’s position as the largest meme coin in the market, with a market capitalization of $29 billion.
Dogecoin price sees slight correction on the daily timeframe | Source: DOGEUSDT chart on TradingView
Featured image from Pexels, chart from TradingView
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.
Dogecoin’s price surged past $0.20, with market cap nearing $30 billion, driven by increased trading volume and active addresses.
The rally coincides with speculative whale movements and endorsements from public figures like Elon Musk.
Dogecoin (DOGE) – often cited as the first meme coin – currently stands out as one of the market’s best performers.
Its price has spiked by over 30% on a weekly scale, surpassing the $0.20 mark for the first time since December 2021. DOGE’s market capitalization inches toward the $30 billion level, making it the ninth biggest cryptocurrency.
DOGE Price, Source: CoinGecko
Key indicators related to the asset’s ecosystem have taken off, too. According to IntoTheBlock, aggregated daily volume (where each transaction is larger than $100K) has jumped by nearly 100%. Daily active addresses are also on the rise, registering a 13% increase.
DOGE trading volume for the past 24 hours has been impressive. CoinGecko’s data shows that the figure has climbed to $5.5 billion, thus surpassing Solana’s SOL ($4.1 billion) and Ripple’s XRP ($1.9 billion).
Dogecoin’s latest rally coincides with a slight resurgence of the cryptocurrency market and increased activity from whales. As CryptoPotatoreported, a mysterious person (or entity) recently transferred more than 1 billion DOGE (worth over $200 million at current rates) to an unknown wallet.
The move triggered speculation within the crypto community, with many members trying to guess who this whale might be. Some suggestions even pointed out to Tesla’s CEO Elon Musk, an outspoken proponent of the memecoin and a HODLer.
Not long ago, the world’s richest man said the EV giant may accept DOGE as a payment method “at some point.” Musk also promised to continue supporting the token, adding “Dogecoin to the moon.”
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Dogecoin (DOGE) and Shiba Inu (SHIB), two of the biggest meme coins by market cap, have both lost ground in the last 24 hours.
DOGE, which is currently ranked ninth with an overall value of over $21 billion, shaved off more than 8% from its price amid a broader market correction.
While it ranked 12th in terms of daily trading volume, the $2 billion worth of DOGE that changed hands in the last 24 hours represented a 47% drop from the previous day’s levels.
Dogecoin 24-hour price chart | Source: CoinGecko
Over 30 days, Dogecoin’s current price is still a 75.8% improvement; however, it marks a steep 15.6% decline over seven days.
Dogecoin’s drab performance comes in the wake of a mysterious whale offloading more than $14 million worth of DOGE onto Robinhood.
Shiba Inu, another popular meme coin, has not faired any better. At the time of going to press, it was down 9.6%, per data from CoinGecko. The coin’s performance over the previous seven days was just as dismal, losing more than 26% of its value.
Shiba Inu 24-hour price chart | Source: CoinGecko
However, the news is better for long-term holders, with SHIB’s current price being 163% higher than it was a month ago.
As indicated by crypto.news analyst Ibrahim Ajibade, Shiba Inu has witnessed a notable change in its long-term investor demographics, with on-chain numbers indicating a decrease of 20,000 long-term investors in early March.
With long-term investors playing a vital role in the health of any cryptocurrency, a reduction in their numbers could potentially signal bearish trends to both current and prospective market participants, leading to the dip being witnessed.
Alongside the two meme coins, several other heavy hitters, including Polkadot (DOT), Toncoin (TON), and Chainlink (LINK), have also seen their prices come down from their level 24 hours ago.
Of the three, DOT has been the least affected, losing 3.8% then. Currently priced at about $10, the coin has a market capitalization of $13.4 billion, making it the 13th largest cryptocurrency.
Polkadot 7-day price chart | Source: CoinGecko
While its price is 10.2% higher than it was 2 weeks ago, the last seven days have not been kind to Polkadot, with the coin surrendering 4.7% of its value in that time.
Currently priced at $18.43, Chainlink has had a month full of peaks and troughs, as can be seen in the chart below. Its price across all timeframes is in the red, with the biggest difference being the 13.4% dip over the last two weeks.
Chainlink 30-day price chart | Source: CoinGecko
In the previous 24 hours, the price of LINK dropped 4.8%, marking about $624 million in trading volume.
In contrast, Toncoin has had a much better two weeks, with its price up 30.4% in that period.
The coin is still holding most of the value it gained following Telegram’s announcement of an ad revenue-sharing scheme that will utilize the TON.
Toncoin 30-day price chart | Source: CoinGecko
Its performance over the past seven days has also been positive. The price rose more than 225%, mostly buoyed by Telegram co-founder Pavel Durov saying the platform was considering an initial public offering.
However, over the last 24 hours, TON dropped 8.1% as it failed to overcome broader market contractions.
On March 13, Elon Musk said that Dogecoin might be accepted as a payment method for Tesla “at some point.”
The comments came while Musk was addressing the public at a Tesla manufacturing plant in Berlin.
Musk was asked by an audience member if the electric vehicles can be bought using DOGE in the near future. “At some point, I think we should enable that,” he responded before adding, “Dogecoin to the moon.”
Elon Musk said he started endorsing DOGE after walking around his factories and talking to people on the production lines. “DOGE is the people’s crypto, so I will support it,” he said before adding that lots of rich people were supporting Bitcoin, but “If the people on the line want me to support DOGE, I’ll support DOGE.”
BREAKING: Tesla will enable $DOGE payments “at some point” in the future
Moreover, it is not the first time the automaker has dabbled in Dogecoin. Tesla started accepting DOGE payments for company merchandise in January 2022.
Dogecoin Spikes Again
Dogecoin spiked 14% immediately after the comments went viral, surging from $0.166 to $0.189 during the Asian trading session on Thursday morning.
The doggy-themed token has now made a whopping 43% over the past fortnight as it rides on the coattails of Bitcoin, which hit an all-time high this week.
DOGE was trading at $0.184 at the time of writing but remains 75% down from its all-time high of $0.731 in May 2021.
It spent the first two months of this year trading around the $0.080 level before taking off in late February.
The meme coin is the tenth largest cryptocurrency by market capitalization which is a whopping $26 billion, according to CoinGecko.
Meme Coin Madness
Meme coins have been pumping recently, with Shiba Inu, PEPE, and BONK surging. PEPE is up 17% on the day, dogwifhat (WIF) has surged a ridiculous 35%, and BONK has made 17% over the past 24 hours.
The total market capitalization of all memecoins is $65.5 billion, which equates to around 23% of the entire crypto market, according to CoinGecko.
Total crypto market capitalization has reached $2.90 trillion as it nears all-time highs. Bitcoin hit a new peak of $73,700 during Thursday morning trading in Asia, but Ethereum has retreated below $4,000.
Binance Coin (BNB) and Solana (SOL) also performed well, with gains of 14% and 10% respectively.
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In a daring proclamation, cryptocurrency trader KALEO and two other top analysts, are shaking the foundations of the market with a bold assertion – the journey of Dogecoin to $1 is not a mere speculative venture but a palpable prospect within the current market cycle. Amidst the noise of market volatility, their confidence adds a fresh perspective to Dogecoin’s narrative.
$doge to a dollar isn’t going to be just a meme this cycle
Crucial market data from IntoTheBlock reveals an intricate dance between Dogecoin and Bitcoin, boasting a substantial price correlation of 0.95. This numerical symbiosis underscores the sway of broader cryptocurrency trends on Dogecoin’s market movements. Despite the undulating market landscape, Dogecoin has notched up impressive transactions exceeding $100K, totaling a staggering $4.5 billion in the past week.
Numbers Speak Of Inflows, Outflows, And Profits
Scrutinizing Dogecoin’s exchanges offers a glimpse into its current battlefield. A detailed breakdown of Dogecoin addresses reveals a nuanced picture – 58% are “In the Money,” basking in profits, while 34% find themselves “Out of the Money,” nursing losses.
DOGE market cap currently at $24.9 billion. Chart: TradingView.com
Dogecoin: Wild Ride Unfolds
In the annals of cryptocurrency history, Dogecoin’s trajectory has resembled a wild ride, marked by dizzying highs and abrupt descents. The meme coin’s ascent in early 2021, fueled by celebrity endorsements, hit a roadblock after Elon Musk’s lighthearted dismissal of Dogecoin as a “hustle” on “Saturday Night Live.”
Since then, Dogecoin has struggled to reclaim its former glory, down by a staggering 70% from its all-time high, according to CoinGecko data.
Analysts Ponder The Meteoric Ascent Of Dogecoin
Ali Martinez’s Time-Stamped Proclamation
A crypto luminary in his own right, Ali Martinez, with an ardent following of 50,700 on the X social media platform, is adding fuel to the Dogecoin fire. Pointing to historical patterns, Martinez prognosticates a potential surge, envisioning Dogecoin kissing the $1 mark by mid-April.
His charts depict a meteoric rise, reminiscent of the crypto boom in 2017 and 2021, injecting a dose of enthusiasm into the market where Dogecoin currently stands at $0.167.
Altcoin Sherpa’s Enigmatic Take
The mysterious Altcoin Sherpa, commanding attention with 209,800 followers, joins the chorus of optimism. Foreseeing Dogecoin’s potential to soar to $1, Sherpa cites its enduring appeal in meme culture and the influential backing of Elon Musk.
However, a note of caution resonates in Sherpa’s words – the timing remains an enigma. “When this happens? I have no idea. Could be now, could be six months from now,” muses Sherpa, embracing uncertainty in the volatile crypto space.
Featured image from Cottonbro Studio/Pexels, chart from TradingView
An analyst has explained that Dogecoin may be able to hit $1 if history repeats for it. Here’s when exactly this could happen for DOGE.
Dogecoin Has Been Breaking Out Of A Parallel Channel Recently
In a new post on X, analyst Ali has discussed a potential outcome for Dogecoin based on the historical pattern. Below is the chart for the weekly price of the memecoin shared by the analyst, which reveals a similar-seeming pattern that the asset has followed over the years.
The trend in the weekly price of DOGE over the last few years | Source: @ali_charts on X
As Ali has highlighted in the chart, before both of its previous two major bull runs, Dogecoin’s weekly price consolidated inside a specific parallel channel for a notable amount of time.
The “parallel channel” here refers to a pattern in technical analysis (TA) made up of two parallel trendlines inside which the price of the asset consolidates. Parallel channels can be of different types, like ascending and descending ones, but in the context of the current discussion, channels parallel to the time axis are relevant.
The upper trendline in such a pattern is drawn by joining together tops, while the lower line connects bottoms. When the price retests either of these lines, a reversal is more probable.
This means that a retest of the upper line could break the uptrend and cause the asset to go through a drawdown. Similarly, the lower line may be a source of support and help the price reverse itself back up.
However, a break out of either of these lines can imply a continuation of the trend in that direction. The graph shows that when the weekly price of Dogecoin saw breakouts like this out of the respective consolidation channels the last two times, it went through bull rallies.
In the past couple of years, it would appear that DOGE has once again gone through a similar period of consolidation as those previous two, and recently, the coin has been breaking out.
Ali has marked a potential trajectory that Dogecoin could follow in the chart based on the precedent set by these last two bull runs. “This may sound wild, but if history is any guide, Dogecoin $DOGE could hit $1 by mid-April!” says the analyst.
From the current cryptocurrency price, such a run would suggest an increase of more than 488% for the memecoin in less than a month and a half. Obviously, a rally like this would be super impressive if it ends up playing out like this.
It remains to be seen what trajectory Dogecoin follows now that it has seemingly broken free of its long parallel consolidation channel.
DOGE Price
When writing, Dogecoin is trading around $0.17, up 36% in the past week.
Looks like the price of the coin has slumped to sideways movement in the last couple of days | Source: DOGEUSD on TradingView
Featured image from Crystal Mapes on Unsplash.com, charts 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.
The Dogecoin open interest (OI) is surging after a week of remarkable price action. The meme coin which rose over 100% has continued to enjoy the attention of investors and traders alike, leading its open interest to reach a new all-time high.
Dogecoin Open Interest Taps Record $1.49 Billion
Data from Coinglass shows that there was an exponential growth in the Dogecoin open interest in the first five days of March. The open interest had closed out the month of February $870.22 million. However, only five days later, Dogecoin’s OI has risen to $1.49 billion. This rapid increase in less than one week translates to an over 70% increase in the open interest, reaching a brand new all-time high.
The increase did not come out of nowhere, as the DOGE price had begun to recover during this time. It closed out February at a price of $0.09, but by March 5, the price has already seen an 100% increase, briefly hitting $0.2 before correcting back downward to its current price of $0.18.
The open interest represents the interest in the meme coin as it is a total of all of the open derivatives positions in DOGE at any given time. This means that crypto traders are betting more on the price of Dogecoin and taking short and long positions in DOGE at an unprecedented rate.
Three exchanges currently control the vast majority of the DOGE OI, namely ByBit, Binance, and OKX. ByBit takes the lead, commanding $584.13 million of 3.25 billion DOGE OI. Binance takes the second position with $511.22 million or 2.85 billion DOGE, and OKX comes in third with $194.17 million or 1.08 billion DOGE.
DOGE Traders Caught In Tug-Of-War
Presently, the Dogecoin price seems undecided on where it is headed next, which has led to almost equal liquidations across the camps of bulls and bears. As mentioned above, the DOGE price had briefly touched $0.2, leading to liquidations across shorter. However, its downward correction has been just as detrimental to long traders.
Coinglass data shows that in the last 24 hours, DOGE traders have lost $33.92 million. Interestingly, long traders have actually lost more during this time as they account for $17.44 million in liquidations. While short traders have lost $16.32 million during the same time period.
On the shorter time frame, long traders are still suffering more losses with $2.26 million lost in the last four hours compared to $453,280 in short positions. However, while this shows bulls are taking a beating, it is also proof that bullish sentiment among traders when it comes to the DOGE price remains strong.
At the time of writing, DOGE’s price is siting $0.18 with a 7.49% increase in the last 24 hours, and an 85.98% increase in the last week.
Featured image from Markets Insider, 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.
Amidst surging network activity, striking parallels between Dogecoin’s recent price action and its historical behavior in 2020 have emerged.
Just as before, DOGE has broken out of a descending triangle formation and is now in a consolidation phase, reminiscent of its previous trajectory. In 2020, this pattern preceded an astounding surge of 28,770%.
Crypto analyst Ali Martinez suggested that history might repeat itself, hinting at the possibility of another substantial bull run for Dogecoin in the near future.
Despite sustaining steady growth amidst a broader market surge, Dogecoin has been ousted from the top 10 cryptocurrencies by market capitalization.
Nevertheless, a growth trajectory reminiscent of its 2020 cycle suggests the potential for the original meme coin to reach a new peak.
The price action of #Dogecoin is showing familiar patterns reminiscent of its 2020 behavior. Back then, $DOGE broke out from a descending triangle, entered a period of consolidation, and then skyrocketed by 28,770%.
However, such a trend may seem overly ambitious, given the asset’s supply constraints.
It is still important to note that Dogecoin witnessed a massive network surge on January 29th with the creation of 247,240 new DOGE addresses.
Italian sports car manufacturer Ferrari, which has recently been embracing crypto within its operations, announced the addition of Dogecoin to already existing assets such as Bitcoin, Ether, and USDC for payment options in the US.
Dogecoin also serves as a payment avenue for prominent brands such as watchmaker Tag Heuer and fashion label Gucci. Additionally, AMC Theatres, a movie theater chain based in the US, offers Dogecoin as a payment alternative for purchasing tickets.
More recently, SpaceX has said that it would accept the meme coin as payment for rescheduling the highly anticipated DOGE-1 Mission to the Moon.
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Proof of Work blockchains stand as the cornerstone of cryptocurrency technology, first popularized by Bitcoin, the original cryptocurrency. At their core, these blockchains rely on a consensus mechanism called Proof of Work (PoW). This mechanism is essential for validating transactions and creating new blocks without the need for a central authority.
In a PoW blockchain, miners compete to solve complex mathematical puzzles. The first miner to solve the puzzle gets the opportunity to add a new block to the blockchain and is rewarded with cryptocurrency. This process not only secures the network against fraudulent transactions but also ensures its decentralization and integrity.
The ingenuity of Proof of Work lies in its simplicity and effectiveness. It leverages computational power to maintain network security, making any attempt to alter transaction data not just difficult, but economically not feasible. As the pioneer of this technology, Bitcoin has demonstrated the robustness and reliability of PoW blockchains, setting a benchmark for countless cryptocurrencies that followed.
Understanding Proof Of Work Blockchains
Proof of Work (PoW) blockchains are foundational to the cryptocurrency ecosystem, embodying a consensus mechanism that is both secure and decentralized. This innovative approach to consensus ensures the integrity, security, and continuity of the blockchain without necessitating a central authority.
What Makes A Proof Of Work Blockchain?
A Proof of Work (PoW) blockchain is distinguished by its consensus mechanism, which is intricately designed to ensure network security, decentralization, and transaction integrity through computational effort. This mechanism revolves around several pivotal elements that together define the PoW paradigm:
Cryptographic Puzzle Solving (Hashing): At the heart of PoW is the requirement for miners to solve complex cryptographic puzzles. These puzzles involve calculating a hash—a fixed-size alphanumeric string—that meets specific criteria set by the blockchain network.
Adjustable Difficulty Target: The PoW algorithm adjusts the difficulty of the cryptographic puzzle to maintain a constant block time, despite fluctuations in the network’s total hashing power. This dynamic adjustment ensures consistent block creation rates, which are crucial for the stability and predictability of the blockchain.
Network Security Through Work: The foundational principle behind PoW is that the security of the blockchain is directly proportional to the amount of work (computational power) invested in it. Successfully solving a puzzle requires a significant investment in hardware and electricity, making it economically impractical to conduct attacks.
Decentralization And Participation: PoW encourages a decentralized network structure by allowing anyone with the necessary computational resources to participate in mining. This openness fosters a competitive mining environment and reduces the risk of centralized control, which is pivotal for the autonomy and resilience of the blockchain.
Miner Incentivization: Miners are rewarded for their efforts with a combination of block rewards (newly minted coins) and transaction fees.
Immutability And Trust: The PoW consensus model underpins the blockchain’s immutability. Altering any previously confirmed block would require re-mining not only that block but also all subsequent blocks, a feat that demands an unrealistic amount of computational power.
Advantages Of Proof Of Work Blockchains
The implementation of PoW consensus mechanisms brings forth several advantages that are critical to the functionality and security of blockchain technology:
Robust Security Model: The sheer computational work required to validate transactions and mine new blocks makes PoW blockchains incredibly secure. This security model effectively prevents the feasibility of 51% attacks, where an entity would need to control the majority of the network’s hashing power to manipulate the blockchain.
Immutable Ledger: PoW contributes to the immutability of the blockchain, ensuring that once a transaction is confirmed and added to the ledger, reversing it becomes computationally infeasible. This property is vital for trust and reliability in the system.
Network Integrity: Through the process of mining and the rewards system, PoW blockchains encourage participants to act honestly. The cost of attempting to cheat the system (in terms of wasted computational power and energy) outweighs the potential benefits, thereby maintaining the integrity of the network.
Transparent And Verifiable: All transactions on a PoW blockchain are transparent and can be independently verified by any participant. This transparency builds trust among users and is fundamental for the operation of a decentralized financial system.
Top 10 Proof of Work Blockchains Like Bitcoin
Below is a list of the top 10 Proof of Work (PoW) blockchains by market cap (as of February 2024):
Bitcoin: The Pioneer Proof Of Work Blockchain
Bitcoin stands as the original and most renowned Proof of Work blockchain. Launched by an anonymous entity or group under the pseudonym Satoshi Nakamoto in 2009, Bitcoin introduced the world to the concept of decentralized digital currency. At its core, Bitcoin operates on a PoW consensus mechanism, which is fundamental to its design for securing transactions and minting new coins.
Bitcoin: Proof Of Work Blockchain | Source. iStock
Technical Innovation:
Bitcoin’s introduction of blockchain technology represented a revolutionary leap forward in digital trust. By enabling a decentralized network of miners to validate transactions by solving complex cryptographic puzzles, Bitcoin solved the double-spending problem without the need for a central authority.
Security:
The security of the Bitcoin network is unparalleled, largely due to the massive amount of computational power contributed by miners around the globe. This distributed network of miners makes it nearly impossible for any single actor to manipulate the blockchain or reverse transactions, ensuring the integrity and trustworthiness of the entire system. The latest study by Lucas Nuzzi, Head of R&D at CoinMetric, showed that a 51% attack would cost at least $20 billion and is logistically near impossible.
Impact on Cryptocurrency:
Bitcoin not only pioneered the PoW mechanism but also laid the groundwork for the cryptocurrency industry. Its success has inspired the creation of thousands of alternative cryptocurrencies, many of which have adopted or adapted its PoW model. Bitcoin remains the gold standard in the space, often referred to as “digital gold,” symbolizing its status as a store of value and a hedge against traditional financial systems.
Network and Adoption:
Over the years, Bitcoin has seen exponential growth in both adoption and value. It has transitioned from a niche digital currency to a mainstream financial asset recognized by individuals, corporations, and even some governments. The network continues to grow, supported by a robust and dedicated community of developers, miners, and enthusiasts who ensure its ongoing development and security.
Dogecoin: From Meme To Mainstream
Dogecoin, originally created as a lighthearted joke in 2013, has evolved from a meme-inspired cryptocurrency to a significant player within the Proof of Work (PoW) blockchain ecosystem. Designed by Billy Markus and Jackson Palmer, Dogecoin was intended to mock the wild speculation of the cryptocurrency market. However, its fun and friendly approach led to a vibrant and supportive community, propelling Dogecoin from a humorous experiment to mainstream relevance.
Dogecoin Proof Of Work | Source: iStock
Community and Culture:
At the heart of Dogecoin’s unexpected rise to fame is its strong, welcoming community. Unlike other cryptocurrencies that focus on technical aspects or financial gains, Dogecoin emphasizes camaraderie and charitable endeavors. This unique culture has fostered a loyal following, contributing to its resilience and growth.
Technical Foundation:
Despite its whimsical origins, Dogecoin shares the PoW consensus mechanism with Bitcoin, albeit with some modifications. It uses the Scrypt algorithm, which is less energy-intensive compared to Bitcoin’s SHA-256. This choice was strategic, making Dogecoin mining more accessible to individuals without specialized hardware.
Market Impact And Use Cases:
Dogecoin’s journey to mainstream recognition was bolstered by social media and high-profile endorsements, including tweets from celebrities like Elon Musk. These endorsements have led to significant price fluctuations, highlighting Dogecoin’s volatility but also its growing relevance as both a digital currency and a cultural phenomenon.
Initially intended for tipping and small transactions on social media, Dogecoin’s use cases have expanded. It is now accepted by a variety of merchants and has been used in fundraising for charitable causes, showcasing its utility beyond mere speculation. Despite its origins, Dogecoin has demonstrated real-world value, contributing to its endurance in the crypto space.
Future Prospects:
Dogecoin continues to evolve, with its community and developers exploring ways to improve its functionality, efficiency, and scalability. While it may not match the technical ambitions of other cryptocurrencies, Dogecoin’s strength lies in its unique blend of humor, heart, and a committed community, making it a noteworthy and enduring participant in the Proof of Work blockchain landscape.
Litecoin: The Silver To Bitcoin’s Gold
Litecoin, created by Charlie Lee in 2011, is often considered the silver to Bitcoin’s gold. It was developed to address some of the perceived limitations of Bitcoin, primarily aiming to offer faster transactions and lower fees. As a Proof of Work (PoW) blockchain, Litecoin shares many of Bitcoin’s core principles but introduces key technical adjustments that distinguish it within the cryptocurrency space.
Technical Innovations:
One of the most significant innovations of Litecoin is its use of the Scrypt hashing algorithm, as opposed to Bitcoin’s SHA-256. The Scrypt algorithm is less susceptible to the kind of high-powered ASIC mining rigs that dominate Bitcoin mining. This decision was made to democratize mining, allowing individuals with less specialized hardware to participate in the network. Moreover, Litecoin offers faster block generation times—approximately 2.5 minutes compared to Bitcoin’s 10 minutes—enabling quicker transaction confirmations.
Market Position And Adoption:
Since its inception, Litecoin has consistently ranked among the top cryptocurrencies by market capitalization. Its longevity and stability have earned it a trusted position in the market. Merchants and users who seek faster transactions with lower fees have adopted Litecoin, using it for a variety of transactions, from e-commerce to cross-border payments.
Security And Network:
Despite its faster transaction times and different mining algorithm, Litecoin maintains a robust level of security. The PoW consensus mechanism, coupled with the widespread distribution of miners, ensures that the network remains decentralized and resistant to attacks. Litecoin’s active developer community continues to innovate, proposing upgrades and improvements to enhance security, scalability, and user experience.
Community And Future Directions:
Litecoin benefits from a strong, active community that supports its development and adoption. This community involvement has been crucial for Litecoin’s resilience and growth. Educational resources, developer contributions, and merchant adoption initiatives are regularly supported by the community, fostering a healthy ecosystem around the cryptocurrency.
Litecoin’s roadmap includes ongoing efforts to improve scalability and privacy on the network. Innovations such as the MimbleWimble extension block (MWEB) aim to enhance privacy features, addressing one of the criticisms of Litecoin and other similar cryptocurrencies. These developments indicate Litecoin’s commitment to evolving in response to user needs and technological advancements.
Bitcoin Cash: The Result Of The “Blocksize War”
Bitcoin Cash emerged in 2017 as a direct response to the debates surrounding Bitcoin’s scalability challenges. Created from a hard fork of Bitcoin, it aims to fulfill the original vision of Bitcoin as a peer-to-peer electronic cash system with enhanced transaction speed and lower fees. As a Proof of Work (PoW) blockchain, Bitcoin Cash retains many of Bitcoin’s fundamental characteristics while introducing critical changes to improve scalability and usability.
Technical Enhancements For Speed:
The primary distinction between Bitcoin Cash and its predecessor lies in its block size. Bitcoin Cash increased the block size limit from 1 MB to an initial 8 MB, with subsequent upgrades allowing blocks up to 32 MB. This expansion significantly increases the number of transactions that can be processed per block, reducing transaction fees and improving processing times. These changes address one of the core issues Bitcoin faced—its inability to process transactions quickly during peak usage times.
Market Reception And Adoption:
Since its inception, Bitcoin Cash has secured a place among the top cryptocurrencies by market capitalization. Its commitment to maintaining low transaction fees and fast processing times has attracted users and merchants looking for efficient digital transactions. The cryptocurrency has seen adoption for a variety of uses, including online payments, remittances, and as a means of exchange for goods and services.
Security And Decentralization:
Despite the changes in block size, Bitcoin Cash continues to uphold the security standards set by Bitcoin. The PoW consensus mechanism ensures the network remains secure against attacks, and the decentralized nature of mining activities promotes network health and integrity. However, debates have arisen within the community regarding the potential for centralization due to the increased block size, which could, theoretically, require more substantial computational resources to mine effectively.
Looking Forward:
The future of Bitcoin Cash hinges on its ability to balance scalability, security, and decentralization. Ongoing efforts to enhance the network’s underlying technology and address challenges related to block size and transaction efficiency are critical.
However, it needs to be pointed out that BCH has somewhat failed against Bitcoin. It has not managed to match BTC in terms of price performance. The following chart illustrates the price comparison of Bitcoin Cash to Bitcoin since 2017. Despite having backing from key figures like Roger Ver, BCH has not seen widespread adoption, mostly because of limited demand for its increased block size.
Ethereum Classic: Preserving Originality
Ethereum Classic (ETC) emerged from a philosophical divide within the Ethereum community, following a contentious hard fork in 2016. This split was the result of differing opinions on how to handle the aftermath of the DAO attack, a significant security breach that led to the loss of millions of dollars worth of Ethereum.
ETC embodies the principle of “code is law,” maintaining the original Ethereum blockchain without reversing the DAO attack transactions. As a Proof of Work (PoW) blockchain, Ethereum Classic upholds the sanctity of immutability and the original vision of Ethereum as an unalterable digital ledger.
Technical Foundation And Development:
The core ethos of Ethereum Classic is its unwavering commitment to blockchain immutability. In the blockchain context, immutability refers to the principle that once transactions are confirmed, they cannot be altered or reversed. Ethereum Classic’s stance on this principle reflects a fundamental belief in the importance of preserving the integrity of the blockchain, even in the face of challenges and disputes.
Despite sharing its roots with Ethereum, Ethereum Classic operates as a distinct entity with its development path. It maintains the original Ethereum blockchain’s capabilities, supporting smart contracts and decentralized applications (DApps) with the added emphasis on security and stability.
Security Considerations:
Ethereum Classic’s commitment to preserving the original Ethereum blockchain has not come without its challenges, particularly in the realm of security. The network has been subject to several 51% attacks, where attackers gained majority control of the network’s hash rate, enabling them to double-spend coins. These incidents have sparked discussions about the security of PoW blockchains, especially those with a smaller network size and hash rate compared to their larger counterparts.
Development And Future Outlook:
In response to security challenges, the Ethereum Classic community and its developers have been working on solutions to enhance network security and prevent future attacks. Proposals include modifying the consensus mechanism to make 51% attacks more difficult and expensive to execute. Additionally, Ethereum Classic continues to evolve, with ongoing development efforts aimed at improving scalability, interoperability, and the overall utility of the network.
Kaspa: The Newcomer
Kaspa emerges as the latest entrant in the Proof of Work (PoW) blockchain arena, distinguishing itself through innovative technology and a forward-thinking approach to scalability and transaction speed. As a newcomer, Kaspa aims to address some of the most pressing issues faced by traditional PoW blockchains, such as Bitcoin and Ethereum Classic, by introducing a novel blockDAG (Directed Acyclic Graph) structure.
This groundbreaking architecture enables Kaspa to offer unprecedented transaction throughput and minimal confirmation times, setting a new standard for performance in the PoW landscape.
Source: Kaspa.org
Innovative Architecture And Scalability:
The core innovation behind Kaspa is its use of a blockDAG framework, a departure from the traditional blockchain linear model. In this structure, blocks are connected in a DAG pattern, allowing for multiple blocks to be added to the network simultaneously. This parallel processing capability significantly increases the network’s capacity and transaction speed, effectively addressing the scalability limitations inherent in conventional blockchain systems.
Kaspa’s blockDAG architecture allows it to process thousands of transactions per second (TPS), a remarkable feat compared to the transaction throughput of legacy PoW blockchains. Furthermore, the DAG structure reduces transaction confirmation times to mere seconds, enhancing the user experience and making Kaspa an attractive platform for real-time applications and microtransactions.
Market Position And Adoption:
As a newcomer, Kaspa faces the challenge of establishing itself in a market dominated by well-entrenched blockchains. However, its technological advancements and promise of high scalability and low transaction costs have garnered attention from developers, miners, and users alike.
Security And Decentralization:
Despite its novel architecture, Kaspa remains committed to the principles of security and decentralization that are hallmarks of PoW blockchains. The blockDAG structure, while more complex than a linear blockchain, is designed to maintain a high level of security against attacks, including double-spending and 51% attacks. Moreover, Kaspa’s PoW consensus mechanism ensures that the network remains decentralized, with no single entity able to control the majority of the hashing power.
Future Directions And Challenges:
Looking forward, Kaspa aims to continue its trajectory of rapid development and community growth. The project’s roadmap includes enhancements to its core protocol, improvements in user interface and experience, and the exploration of new use cases enabled by its high-speed, scalable infrastructure.
However, Kaspa’s success will depend on its ability to overcome the challenges of network security, user adoption, and competition from both established blockchains and emerging technologies.
Monero: Privacy As A Priority
Monero stands out in the Proof of Work blockchain space with its unwavering commitment to privacy and security. Unlike many cryptocurrencies that offer transparent blockchain transactions, Monero ensures the anonymity of its users through advanced cryptographic techniques. This focus on privacy makes Monero a favored choice for individuals seeking financial confidentiality in their transactions.
Top Proof Of Work blockchain Monero | Created with DALL·E
Advanced Privacy Features:
At the heart of Monero’s privacy mechanism are ring signatures, stealth addresses, and Ring Confidential Transactions (RingCT). Ring signatures obscure the sender’s identity by mixing their transaction with others’, making it virtually impossible to trace the transaction back to its origin.
Stealth addresses add another layer of privacy by creating a one-time address for each transaction, protecting the recipient’s identity. RingCT further enhances privacy by concealing the transaction amount, ensuring all aspects of a transaction are kept confidential.
Monero’s advanced privacy features ensure that users can conduct transactions without the fear of surveillance or tracking. This level of anonymity is critical in an era where financial privacy is increasingly under threat. By encrypting transaction details, Monero provides a secure environment for users to send and receive funds without exposing their financial activities to the public or any prying eyes.
Market Adoption and Use Cases: Monero’s focus on privacy has led to a broad range of use cases, from individuals seeking to protect their financial privacy to businesses requiring confidential transactions. However, this emphasis on anonymity has also attracted controversy, with Monero being associated with illicit activities on the dark web.
Regulatory Challenges And Future Outlook:
The privacy features that make Monero attractive to users also pose significant challenges in terms of regulatory compliance. Governments and financial institutions are increasingly concerned about the potential for cryptocurrencies like Monero to be used for money laundering and other illegal activities. Several crypto exchanges worldwide have already delisted Monero, pressured by local governments and laws.
As the digital landscape evolves, Monero’s commitment to privacy remains unwavering. The development team and community are continually working on improving Monero’s privacy features and usability, ensuring that it remains at the forefront of secure and private digital transactions. Despite regulatory hurdles, Monero’s dedication to protecting user privacy positions it as a critical player in the ongoing discourse on financial privacy and security in the digital age.
Bitcoin SV: Craig Wright’s Vision
Bitcoin SV (BSV) represents a distinctive branch in the evolution of Bitcoin, advocating a return to what its proponents consider Satoshi Nakamoto’s original vision for the cryptocurrency. It emerged from a hard fork of Bitcoin Cash (BCH) in 2018, centering around disagreements on the direction and scalability of Bitcoin.
Craig Wright, a polarizing figure in the cryptocurrency community, has been a vocal advocate for Bitcoin SV, claiming it to be the true Bitcoin as originally intended by Satoshi Nakamoto. However, it’s crucial to note that Craig Wright’s assertions of being Satoshi Nakamoto are marred by controversy and lack conclusive evidence. The ongoing COPA (Crypto Open Patent Alliance) trial further scrutinizes Wright’s claims, highlighting discrepancies and alleged falsehoods in his assertions.
Controversy Surrounding Craig Wright: Wright’s claim to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin, has been a subject of intense debate and legal scrutiny. Despite his assertions, Wright has not provided irrefutable cryptographic proof of ownership of the early Bitcoin keys, a step that would be essential to conclusively proving his identity as Satoshi.
The COPA trial, among other legal challenges, casts a long shadow over Wright’s claims, with the crypto community and wider public remaining skeptical of his assertions due to the lack of verifiable evidence and the emergence of contradictory statements.
Bitcoin SV’s Proposition:
Despite the controversies surrounding its main proponent, Bitcoin SV aims to fulfill what its supporters believe was Nakamoto’s original vision for Bitcoin — a peer-to-peer electronic cash system capable of scaling massively to serve as a global payment system.
Bitcoin SV advocates for larger block sizes to handle more transactions and reduce fees, a key point of divergence from Bitcoin (BTC) and Bitcoin Cash (BCH). The network has implemented significant block size increases, aiming to facilitate greater transaction throughput and enable a wide range of applications, from micropayments to enterprise-level data processing.
Looking Forward:
Bitcoin SV’s market position has been influenced by its technical propositions as well as the controversies of its leading figure. While it has established a niche within the broader cryptocurrency ecosystem, BSV’s adoption and acceptance have been impacted by the ongoing debates over Wright’s claims to be Satoshi Nakamoto. BSV has never ever gained much traction. The BSV/BTC chart shows the lackluster performance.
Conflux Network: Bridging East And West
Conflux Network emerges as a unique Proof of Work (PoW) blockchain with a mission to bridge the technological and regulatory divides between the East and West. Leveraging a novel tree-graph consensus mechanism, Conflux Network aims to offer high throughput, scalability, and security without compromising decentralization — a proposition that addresses some of the most pressing challenges in blockchain technology.
Innovative Consensus Mechanism:
At the heart of Conflux Network’s innovation is its tree-graph consensus algorithm, which allows for the concurrent processing of blocks and transactions. This design significantly enhances the network’s capacity and speed, enabling higher transaction throughput compared to traditional blockchain systems. This technical advancement is crucial for achieving the network’s vision of supporting global decentralized applications (dApps) and services.
Strategic Positioning In The Global Market:
Conflux Network has strategically positioned itself as a bridge between the Eastern and Western worlds in the context of blockchain technology and cryptocurrency. By complying with regulatory standards in China, where it is primarily based, Conflux has managed to secure a unique position in one of the largest markets in the world. This compliance has opened avenues for collaboration with government and private sector projects, distinguishing Conflux from many other blockchain projects that face regulatory challenges.
Through its commitment to regulatory compliance and its technological infrastructure, Conflux Network facilitates cross-border collaboration and transactions. It aims to foster a global ecosystem where developers, enterprises, and users from different jurisdictions can participate in the blockchain economy with reduced friction and increased trust. By doing so, Conflux not only addresses technical challenges but also navigates the complex landscape of international regulations and policies.
Challenges And Opportunities:
Despite its innovative approach and strategic advantages, Conflux Network faces challenges common to many blockchain projects, including the need for wider adoption and recognition in the crowded cryptocurrency space.
However, its unique position as a compliant, scalable, and high-throughput blockchain presents significant opportunities. By continuing to build partnerships and expand its ecosystem, Conflux has the potential to play a pivotal role in the global blockchain landscape, facilitating a more interconnected and efficient digital economy.
Siacoin: Revolutionizing Storage
Siacoin stands out in the blockchain ecosystem as a pioneering platform aimed at revolutionizing digital storage by decentralizing it. As a proof of work (PoW) blockchain, Siacoin offers a secure, private, and cost-effective solution for storing data across a distributed network. This approach not only challenges traditional cloud storage providers but also aligns with the growing demands of the AI and decentralized private networks (DePIN) sectors for reliable, scalable storage solutions.
Decentralized Storage For AI:
In the era of AI, the need for vast amounts of data storage is undeniable. AI models require extensive datasets for training and operation, often entailing significant storage costs and security concerns. Siacoin’s decentralized storage model offers a compelling solution by distributing data across a global network of nodes. This method ensures redundancy, lowers costs, and enhances data privacy and security — key advantages for AI developers and companies seeking efficient ways to manage their data.
The concept of DePIN (Decentralized Private Networks) is gaining traction as a means to enhance privacy and security in digital communications and transactions. Siacoin’s infrastructure naturally complements this sector by providing a decentralized storage solution that can be integral to DePIN architectures. By ensuring data is stored securely and spread across multiple nodes, Siacoin mitigates risks associated with centralized data breaches and offers a robust foundation for DePIN applications.
The intersection of AI and cryptocurrency is an exciting frontier for innovation. Siacoin directly contributes to this narrative by addressing one of the most pressing needs in the AI space: scalable and secure data storage.
The platform’s use of blockchain technology ensures integrity and accessibility of data, which is crucial for AI applications that rely on vast datasets. Additionally, Siacoin’s payment model, which uses its native cryptocurrency (SC) for transactions, seamlessly integrates with the crypto economy, providing a streamlined approach for users to engage with decentralized storage services.
Innovation And Looking Ahead:
While Siacoin presents a groundbreaking approach to data storage, it also faces challenges typical of decentralized platforms, such as user adoption, competition from established cloud storage providers, and the ongoing need to prove its reliability and efficiency at scale. However, its innovative use of blockchain technology to disrupt the traditional storage market positions Siacoin as a potential key player in the future of both the blockchain and AI industries.
As the demand for AI capabilities continues to grow, alongside the increasing importance of privacy and security in the digital realm, Siacoin’s role in the ecosystem could become increasingly pivotal. Its ability to provide a decentralized, secure, and cost-effective storage solution places it at the heart of the convergence between blockchain technology and AI.
The ongoing development of the platform and its adoption by the AI and DePIN sectors will be critical in determining its success and impact on the broader technology landscape.
Comparative Analysis Of Top Proof Of Work Blockchains
The landscape of Proof of Work blockchains is diverse, with each platform offering unique features, advantages, and challenges. This comparative analysis aims to shed light on the top PoW blockchains like Bitcoin, exploring their speed, security, scalability, community, and developer support. Understanding these facets can help users, investors, and developers make informed decisions in the blockchain space.
Speed:
Transaction speed is a critical metric for any blockchain. Bitcoin, the first and most well-known Proof of Work blockchain, processes transactions relatively slowly, with a capacity of 7 transactions per second (TPS) on the base layer. In contrast, newer blockchains like Kaspa aim to dramatically increase transaction speeds using novel consensus mechanisms, claiming to support thousands of TPS. Litecoin and Bitcoin Cash have also implemented various improvements to increase their transaction speeds and reduce confirmation times compared to Bitcoin.
Security:
Security is paramount in the blockchain world. PoW blockchains are renowned for their robust security models. Bitcoin remains the gold standard in security, leveraging its extensive network of miners to prevent attacks. Monero offers additional security features focused on privacy, using ring signatures and stealth addresses to protect user identities. While all Proof of Work blockchains prioritize security, the trade-off often comes in the form of increased energy consumption and slower transaction speeds.
Top Proof Of Work blockchains | Created with DALL·E
Scalability:
Scalability remains a significant challenge for Proof of Workblockchains. Bitcoin has faced scalability issues, leading to high transaction fees and slower processing times during peak usage. Solutions like the Lightning Network for Bitcoin and sidechains like Stacks (STX) are being developed to address these limitations. Kaspa’s unique approach to scalability through its GHOSTDAG protocol highlights the ongoing innovation in this area, promising more scalable solutions within the PoW paradigm.
Community And Developer Support:
A strong community and developer support are crucial for the growth and sustainability of any blockchain. Bitcoin boasts the largest, active community of developers, contributing to the resilience and continuous improvement. Dogecoin, initially started as a joke, has garnered a massive community following, which has played a significant role in its adoption and endurance. Newer entrants like Kaspa and Conflux Network are rapidly building their communities, emphasizing the importance of engagement and support for long-term success.
FAQ: Top Proof of Work Blockchains
What Are The Top Proof Of Work Blockchains?
The top Proof of Work blockchains, known for their robust security and decentralization, include Bitcoin, Dogecoin, Litecoin, Bitcoin Cash, Ethereum Classic, Kaspa, Monero, Bitcoin SV, Conflux Network, and Siacoin. These blockchains leverage the Proof of Work consensus mechanism to validate transactions and secure their networks.
What Are Proof Of Work Blockchains?
Proof of Work blockchains are a type of decentralized ledger technology that uses a consensus mechanism requiring participants (miners) to solve complex mathematical problems to validate transactions and create new blocks. This process ensures security and integrity within the blockchain, preventing fraud and double-spending.
What Is The Biggest Proof Of Work Blockchain?
Bitcoin is the largest and most well-known Proof of Work blockchain in terms of market capitalization, user base, and network security. It was the first cryptocurrency to implement the Proof of Work mechanism, setting the standard for many that followed.
Who Invented Proof Of Work Blockchains?
The concept of Proof of Work predates Bitcoin, but Satoshi Nakamoto, the pseudonymous person or group of people who developed Bitcoin, was the first to implement it as a consensus mechanism for a cryptocurrency blockchain in 2009. This innovation paved the way for the development of other Proof of Work blockchains.
How Do I Invest In Top Proof Of Work Blockchains?
Investing in top Proof of Work blockchains typically involves buying the blockchain’s native cryptocurrency through a crypto exchange. Potential investors should create an account on a reputable exchange, deposit funds (fiat or crypto), and then purchase the desired cryptocurrency.
What Are the Alternatives To Proof Of Work Blockchains?
Alternatives to Proof of Work blockchains include Proof of Stake (PoS), Delegated Proof of Stake (DPoS), and other consensus mechanisms like Proof of Authority (PoA) and Proof of Space and Time. These alternatives seek to address some of the limitations of Proof of Work, such as its high energy consumption, by offering more energy-efficient and scalable solutions.
Featured image created with DALL·E
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.
Dogecoin is showing bullish signs above the $0.0875 zone against the US Dollar. DOGE could extend its rally toward the $0.100 resistance in the near term.
DOGE is showing positive signs above the $0.0875 zone against the US dollar.
The price is trading above the $0.0880 level and the 100 simple moving average (4 hours).
There was a break above a key contracting triangle with resistance at $0.0842 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
The price could extend its rally above the $0.090 and $0.092 resistance levels.
Dogecoin Price Aims Higher
In the past few sessions, Dogecoin price started a decent increase from the $0.082 support zone. DOGE cleared many hurdles near $0.0850 to enter a positive zone.
There was a break above a key contracting triangle with resistance at $0.0842 on the 4-hour chart of the DOGE/USD pair. It even broke the $0.0880 resistance to move further into a positive zone like Bitcoin and Ethereum. A high was formed near $0.0914 and the price is now correcting gains.
There was a move below the 23.6% Fib retracement level of the recent wave from the $0.0820 swing low to the $0.0914 high. DOGE is also trading above the $0.0875 level and the 100 simple moving average (4 hours).
On the upside, the price is facing resistance near the $0.0892 level. The next major resistance is near the $0.0915 level. A close above the $0.0915 resistance might send the price toward the $0.095 resistance. The next major resistance is near $0.100. Any more gains might send the price toward the $0.120 level.
Downside Correction in DOGE?
If DOGE’s price fails to gain pace above the $0.0915 level, it could start a downside correction. Initial support on the downside is near the $0.0865 level.
The next major support is near the $0.0855 level or the 61.8% Fib retracement level of the recent wave from the $0.0820 swing low to the $0.0914 high. If there is a downside break below the $0.0855 support, the price could decline further. In the stated case, the price might decline toward the $0.0820 level.
Technical Indicators
4 Hours MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.
4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.0865, $0.0855 and $0.0820.
Major Resistance Levels – $0.0915, $0.095, and $0.10.
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.
Dogecoin is gaining pace above the $0.085 zone against the US Dollar. DOGE could start a fresh rally above the $0.088 and $0.095 resistance levels.
DOGE is showing positive signs above the $0.085 zone against the US dollar.
The price is trading above the $0.0865 level and the 100 simple moving average (4 hours).
There was a break above a key contracting triangle with resistance at $0.0820 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
The price could extend its rally above the $0.088 and $0.095 resistance levels.
Dogecoin Price Turns Green
In the past few sessions, Dogecoin price started a decent increase from the $0.080 support zone. DOGE cleared many hurdles near $0.0820 to enter a positive zone.
There was a break above a key contracting triangle with resistance at $0.0820 on the 4-hour chart of the DOGE/USD pair. It even broke the $0.0850 resistance, but the upsides were less than Bitcoin and Ethereum. A high is formed near $0.0883 and the price is now consolidating gains.
It is trading above the 23.6% Fib retracement level of the recent increase from the $0.0795 swing low to the $0.0883 high. DOGE is also trading above the $0.0865 level and the 100 simple moving average (4 hours).
On the upside, the price is facing resistance near the $0.0880 level. The next major resistance is near the $0.0920 level. A close above the $0.0920 resistance might send the price toward the $0.095 resistance. The next major resistance is near $0.100. Any more gains might send the price toward the $0.120 level.
Downside Correction in DOGE?
If DOGE’s price fails to gain pace above the $0.0880 level, it could start a downside correction. Initial support on the downside is near the $0.0860 level.
The next major support is near the $0.0840 level or the 50% Fib retracement level of the recent increase from the $0.0795 swing low to the $0.0883 high. If there is a downside break below the $0.0840 support, the price could decline further. In the stated case, the price might decline toward the $0.0820 level.
Technical Indicators
4 Hours MACD – The MACD for DOGE/USD is now losing momentum in the bullish zone.
4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.
Major Support Levels – $0.086, $0.084, and $0.082.
Major Resistance Levels – $0.088, $0.092, and $0.10.
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.
The Dogecoin adoption trend has taken the crypto market by surprise after the number of new wallets being created on the network skyrocketed. Last week, new wallet creations were the center of attention as more than 890,000 new DOGE wallets were added in a single week. This time around, a new Dogecoin metric is taking the stage.
New Non-Zero Dogecoin Addresses Rise Rapidly
In a new report, the on-chain data tracking platform Santiment has identified rapid growth in one Dogecoin metric and that is the number of new non-zero addresses. These addresses include those that were created in the last week and are holding more than 0.001 DOGE on their balances.
The report shows that this category of addresses jumped more than 400,000 in the space of two weeks. More specifically, 413,800 new wallets have been added in the last week, with DOGE balances ranging from between 0.001 and 1 DOGE. This earns them the classification of non-zero balances.
Interestingly, this rapid rise in adoption happened at a time when the DOGE price was struggling to hold up in the market. As Santiment notes in its post, the DOGE price is down more than 23%, while network adoption has been on a bullish run.
However, this rise in adoption does not have a positive effect on the DOGE price, suggesting that there isn’t demand among the investors. More than likely, these new non-zero wallets are created by existing users who are looking to take advantage of and trade the newly introduced DRC-20 token standard on the network.
The Dogecoin price could be looking at more struggles ahead as more sell-offs could be looming on the horizon. Whale Alert, a platform that tracks the origin and destination of large crypto transactions, has flagged a large DOGE transaction that has sparked speculation in the community.
According to the report, the whale sent a total of 100 million DOGE coins worth over $7.8 million to the Robinhood exchange. The destination of the transaction is important because usually when investors send coins to centralized exchanges such as Robinhood, the purposes are more than likely to sell. In this case, a $7.8 million sell-off could put further pressure on an already struggling DOGE price.
For the DOGE price to climb as high as $0.2, there would need to be a catalyst, such as Elon Musk announcing Dogecoin payments for X (formerly Twitter). If the entire crypto market continues to perform poorly though, then the DOGE price could fall as low as $0.07 before bouncing back.
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.
In an exciting turn of events, Dogecoin (DOGE), the popular meme-based cryptocurrency, is once again attracting attention in the market as February approaches. Meme coins, including DOGE, are gearing up for a potential comeback amidst a renewed sense of recovery in the crypto market.
The surge in network expansion, if sustained, has the potential to positively impact the price of DOGE, according to market experts. Over the past week, the number of new addresses in the Dogecoin network has skyrocketed by over 1,000%, showcasing the increasing interest and participation in the cryptocurrency.
This surge reached an all-time high on January 29, with an unprecedented 247,200 new DOGE addresses created in a single day.
According to the most recent data available, Dogecoin is presently being traded at $0.07, accompanied by a 24-hour trading volume amounting to around $1 billion and a market capitalization of $11.50 billion.
Although Dogecoin witnessed a marginal 1.7% decrease in value within the last 24 hours, it has gained 1.4% increase over the course of the past week. This upward trajectory suggests a positive trend that is likely to be well-received by both investors and enthusiasts in the cryptocurrency community.
The projected minimum and maximum prices are expected to hover around $0.0816 and $0.0838, respectively. These figures provide investors with a glimpse into the potential price range for DOGE in the coming months.
Dogecoin currently trading at $0.07979 on the daily chart: TradingView.com
A recent post by crypto analyst Ali Martinez on X has shed light on a remarkable surge in growth within the Dogecoin network, indicating signs of a swift reversal in its price trend.
The #Dogecoin network is witnessing a remarkable surge in growth, with new addresses increasing by a staggering 1,100% over the past week!
On January 29 alone, a record-breaking 247,240 new #DOGE addresses were created, marking an all-time high. A sustained uptrend in network… pic.twitter.com/7tNAPzJaP2
And in a related development, prominent cryptocurrency exchange Changelly has released its most recent Dogecoin price forecast, predicting a marginal 0.05% increase that could propel the value to $0.08 by January 31, 2024.
Doge’s Momentum: Bullish Signals Amid Skepticism
However, it is important to note that the prevailing market sentiment, as indicated by Changelly’s analysis of technical indicators, leans towards bearish, with a Bearish Bearish score of 55%. The Fear & Greed Index stands at 55, indicating a slight inclination towards greed among market participants.
With the surge in new addresses and the positive outlook from analysts, the cryptocurrency community is eagerly monitoring Dogecoin’s movements.
Enthusiasts and investors alike are eagerly awaiting to see whether the meme coin will “pop” and break through in the coming weeks. The recent surge in network growth and the optimistic market sentiment surrounding Dogecoin indicate that it may continue to be a focal point of interest in the cryptocurrency market.
In the meantime, the question lingers: Can February be Doge’s month? With bullish indicators suggesting a potential price explosion, excitement is palpable. As Dogecoin gains momentum with its growing network and positive sentiment, the coming weeks will be pivotal.
Featured image from Shutterstock, chart from TradingView
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.
Dogecoin and Shiba Inu have posted identical price performance in January, with the two largest memes coins shedding 17% as of Jan. 26.
Positive speculations about a proposed XPayments platform were a major driver for both Shiba Inu (SHIB) & Dogecoin (DOGE) communities during the month, but as bearish headwinds swept across the broader crypto market, the mega-cap memecoins also succumbed to downward pressure.
Notably, Dogecoin miners’ recent trading activity could see DOGE prices fall behind SHIB in the weeks ahead.
DOGE and SHIB posted identical performance in January
With a market capitalization of $11.4 billion and $5.3 billion respectively, Dogecoin and Shiba Inu are the two largest memecoins. The fortunes of both ecosystems have remained closely interlinked since inception.
Dogecoin (DOGE) vs. Shiba Inu (SHIB) Price performance Jan 2024 | Source: TradingView
In January 2024, DOGE and SHIB posted strikingly identical price performances. The chart above illustrates that both assets shed 17% in value during the month as of Jan. 26.
However, Dogecoin miners’ current trading disposition could see the price correlation decouple from SHIB in February.
Dogecoin miners offload DOGE worth $22m in 3 months
Dogecoin recorded double-digit price gains in Q4 2023 as the crypto markets rallied on positive sentiment surrounding the Bitcoin spot ETF approval. However, as investors bought in on the hype, on-chain data reveals that Dogecoin miners had capitalized on the crypto market rally to book profits.
IntoTheBlock’s miners’ reserves chart tracks the real-time balances in the custody of recognized mining companies and mining pools.
Dogecoin miners held 4.6 billion DOGE in the cumulative balances as of Nov. 21, during the heat of the crypto market rally. But as of Jan. 26, the balances have dropped to 4.3 billion DOGE.
This implies that the miners have offloaded 290 million DOGE worth approximately $22.6 million in the last three months.
Miners are major stakeholders within any proof of work (PoF) cryptocurrency ecosystem. They dedicate computing resources to validate transactions in exchange for block rewards denominated in the native coin.
A selling trend is interpreted as a bearish signal for the underlying asset. As the miners unload more newly mined DOGE coins, it dilutes market supply and increases downward pressure on the price.
With market demand weakening, the miners’ selling trend could have a more pronounced impact on DOGE price in February 2024, opening the door to SHIB potentially overtaking the pioneer memecoin.
DOGE price forecast: Losing the $0.007 support could trigger larger losses
Like the rest of the cryptocurrency market, DOGE price has endured significant bearish price action in the past month. However, drawing inferences from the miners’ $22.6 selling trend analyzed above, the bears look set to gain more ground in the coming weeks. Bears must scale the initial support buy-wall around $0.07 to validate this outlook.
IntoTheBlock’s Global in/out of the money (GIOM) data groups the current DOGE holder wallets according to their historical entry prices.
The tool depicts that 528,180 addresses had acquired 45.6 billion DOGE at the average price of $0.071. Notably, this is the largest cluster of current Dogecoin holders. They could overturn the bearish trend if they make frantic purchases to defend their positions.
However, a break below the $0.07 support level could set off margin call triggers and open the doors to a $0.06 retest.
On the upside, the bulls could regain the momentum if the DOGE price can move above the $0.10 area. But in the short-term, the 786,930 addresses that acquired 14.1 billion DOGE at the average price of $0.095 could pose a major resistance.
DOGE (Dogecoin), the cryptocurrency propelled by internet memes, is gaining attention on Elon Musk’s X (formerly Twitter), as evidenced by a survey conducted by a leading Doge account.
The community’s interest in integrating Dogecoin (DOGE) into the platform for payments and tips is apparent, reflecting a desire to move away from traditional fiat currencies.
Elon Musk has been a vocal supporter of Dogecoin, praising its transaction speed and suitability in comparison to Bitcoin. Although there is no official confirmation, speculation is mounting following X’s acquisition of money transfer licenses across various US states.
Musk envisions transforming X into an “everything app” with a robust commerce engine, and Dogecoin could play a significant role in this vision.
However, obstacles exist before the potential integration of Dogecoin into the platform. Regulatory approvals for the acquired money transfer licenses are anticipated by mid-2024, posing a potential challenge to Musk’s ambitious timeline.
Additionally, technical details and integration methods for DOGE payments remain undisclosed.
At the time of writing, DOGE was trading at $$0.0802 down 1.2% and 4.4% in the last 24 hours and seven days, data from Coingecko shows.
Despite these uncertainties, the Doge community is actively preparing. Large transactions involving millions of DOGE tokens suggest anticipation for a potential surge in demand. The enthusiasm within the X community, evident in tweets and discussions, is noteworthy.
Just this week, almost a billion DOGE changed hands. An unidentified buyer removed 67,903,623 Dogecoin from the popular brokerage platform Robinhood during the last 24 hours, according to the blockchain sleuth at Whale Alert.
The identical source had earlier this week reported a substantially larger quantity of these meme currencies transferred—990,000,000 DOGE, which was valued $79,757,842 when the transaction was made.
The possibility of Dogecoin payments on X has the potential to bring about significant changes, not only for X but also for the broader online payment landscape.
Dogecoin currently trading at $0.0804679 on the daily chart: TradingView.com
Doge Challenges: Volatility, Community Transition
Envisioning the ability to tip content creators or settle bills with digital shiba inu coins adds an element of fun and community to online transactions, challenging the dominance of traditional payment providers.
However, challenges extend beyond regulatory approval. The inherent volatility of cryptocurrency markets, exemplified by Doge’s recent price dip, raises concerns. Integrating a meme-based currency into a major platform entails navigating potential financial risks and bubbles cautiously.
The future remains uncertain regarding Doge becoming the official currency of X’s “everything app” ecosystem. One undeniable fact is the readiness of the Doge community to transition away from fiat, envisioning a future where digital shiba inu smiles replace conventional currencies.
The extent to which this revolution translates into widespread adoption and lasting impact is yet to be seen. Regardless, the Dogecoin narrative is evolving, promising an intriguing journey shaped by memes, speculation, and the unpredictable nature of Musk.
Featured image from Freepik
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.
Meme coins are in the spotlight due to market changes, and their success in 2024 is uncertain and influenced by various factors.
Positive trends in the broader crypto market, including Bitcoin-related developments and social media hype, could impact meme coins’ performance.
Newer meme coins like Bonk Inu and dogwifhat have seen growth, with their future potentially linked to the overall performance of Solana.
Will Meme Coins Flourish This Year?
Meme coins have been making the headlines as of late due to numerous developments or enhanced price volatility. We decided to ask the most popular AI-based chatbot whether or not they will continue to be successful in 2024.
According to ChatGPT, the answer relies on certain essential factors and involves a high degree of uncertainty. It estimated that a potential bull run of the entire cryptocurrency market would positively impact meme coins, which tend to follow the overall trends. On the other hand, a bearish scenario might have the opposite effect.
ChatGPT added that social media interaction could also play a role in meme coins’ further rally as they thrive on hype and investor sentiment. A favorable regulatory environment, increased adoption, and technological developments were also mentioned.
Last but not least, the chatbot pointed out the influence of key figures. There were multiple examples when the value of a certain meme coin was pumped following comments from famous people. One example is Elon Musk and his frequent interaction with his favorite digital asset – Dogecoin.
The world’s wealthiest person has praised DOGE’s merits in the past, which has resulted in a substantial price appreciation for the token.
Meanwhile, those dealing with meme coins or investors who contemplate doing so should be aware of the risks and conduct proper due diligence before entering the ecosystem. More information can be found in the video below:
Evaluating the Chances of BONK and WIF
Two of the recent sensations in the cryptocurrency sector are undoubtedly the Solana meme coins Bonk Inu (BONK) and dogwifhat (WIF). The former made waves in December, reaching an all-time high price and surpassing the $1.5 billion mark in terms of market capitalization. This major milestone came amid listings from leading cryptocurrency exchanges such as Binance and Coinbase.
WIF also exploded last month, hitting an ATH of over $0.30 a few days before Christmas. It also caught the eye of well-known individuals such as BitMEX’s co-founder Arthur Hayes, who jokingly posted a photo on X wearing a hat (remarking with the asset’s name).
SOL recorded a whopping 1,100% price increase throughout 2023 and kept performing quite well in the new year, trading above the $100 mark. It also climbed the crypto ladder, becoming the fifth-largest asset by market capitalization.
If SOL’s positive performance continues, the meme coins on the network might have better chances of increasing in price.
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Dogecoin is currently the worst-performing token in yearly gains among the top-tier meme coins.
Dogecoin (DOGE) has experienced a 12% decline over the past month, underscoring a period of subdued performance with only a marginal 1% increase over the past year. This downturn is further accentuated by a 45% decline in its trading volume in the last 24 hours, signaling a notable shift in investor engagement.
In contrast, other leading meme coins are charting a different course. Shiba Inu has seen an increase of 2% in the past month and an overall growth of 3% over the year. This performance, although modest, highlights a resilience that Dogecoin currently lacks.
Bonk has had a stellar year with an extraordinary 1,400% surge in value, complemented by a 24% increase in the past month alone. This impressive trajectory illustrates the potential for rapid gains in this volatile market segment.
Despite facing a slight dip today, PEPE has shown a commendable 9% increase since last week. Another innovative entrant, CorgiAI, which merges memecoins with AI technology, has shown a remarkable 29% growth since last week.
Overall, it seems that DOGE’s gains have not been as handsome as its other major competitors, which could be attributed to the growing popularity of other meme coins. Despite this, Dogecoin remains the 11th largest token in the entire market.
Dogecoin started a fresh decline from the $0.0950 resistance against the US Dollar. DOGE could extend its decline unless there is a close above $0.090.
DOGE struggled near $0.0950 and started a fresh decline against the US dollar.
The price is trading below the $0.090 level and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $0.0920 on the 4-hour chart of the DOGE/USD pair (data source from Kraken).
The price could start a recovery wave if it clears $0.090 and $0.0950.
Dogecoin Price Faces Key Hurdles
In the past few sessions, Dogecoin price struggled to gain pace above $0.0920. DOGE remained below the $0.095 resistance zone and started a fresh decline, like Bitcoin and Ethereum.
There was a sharp drop below the $0.0900 and $0.0865 support levels. It even tested the $0.0760 zone. A low was formed near $0.0760, and the price is now attempting a recovery wave. There was a move above the $0.080 resistance zone.
It cleared the 23.6% Fib retracement level of the downward move from the $0.0943 swing high to the $0.0760 low. DOGE is now trading below the $0.090 level and the 100 simple moving average (4 hours). There is also a key bearish trend line forming with resistance near $0.0920 on the 4-hour chart of the DOGE/USD pair.
On the upside, the price is facing resistance near the $0.0875 level. It is close to the 61.8% Fib retracement level of the downward move from the $0.0943 swing high to the $0.0760 low. The next major resistance is near the $0.090 level.
A close above the $0.090 resistance might send the price toward the $0.092 resistance. The next major resistance is near $0.095. Any more gains might send the price toward the $0.105 level.
More Downsides in DOGE?
If DOGE’s price fails to gain pace above the $0.0875 level, it could start a fresh decline. Initial support on the downside is near the $0.080 level.
The next major support is near the $0.0760 level. If there is a downside break below the $0.0760 support, the price could decline further. In the stated case, the price might decline toward the $0.0710 level.
Technical Indicators
4 Hours MACD – The MACD for DOGE/USD is now gaining momentum in the bearish zone.
4 Hours RSI (Relative Strength Index) – The RSI for DOGE/USD is now below the 50 level.
Major Support Levels – $0.080, $0.0760, and $0.0710.
Major Resistance Levels – $0.0875, $0.0920, and $0.0950.
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.
