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- Bitcoin defeats gold
Bitcoin defeats gold
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MATIC's NFT market witnesses a decline in sales volume and transactions
In January, Polygon led in new NFT mints and saw high trade activity.
NFT sales and transactions count dropped in February, thus raising concerns among the NFT holders.
News - Polygon's dominance in the NFT space during January 2024 raised questions about its ability to sustain the momentum. While early February shows positive signs in user adoption, key metrics hint at a potential slowdown.
January's triumph - Polygon led the pack with 16 million new NFTs minted, followed by Gnosis, Base, BNB Chain, and zkSync Era. NFT trade counts remained high, and a trade volume spike occurred on January 29th.
Despite showing promising signs initially, Polygon's NFT market faced challenges in maintaining its momentum in February. While certain metrics, such as the surge in the number of NFT buyers and sellers by over 29% in the last seven days, hinted at continued activity, broader indicators pointed towards a decline.
February's mixed signals - The number of NFT buyers and sellers jumped 29% in the last week, with Gas Hero, Farcana, and Collect Trump Cards among the top collections. However, sales volume and transactions plunged by 35% and 7%, respectively, according to CRYPTOSLAM. Santiment's data revealed a decline in the NFT trade count since February's beginning.
In conclusion - As the month progresses, stakeholders will closely monitor Polygon's NFT ecosystem to assess whether the blockchain can regain momentum or if the current trends persist. At press time, this development didn’t have any significant impact on MATIC’s price.
Shiba Inu's price could see rebound, suggests exchange netflow analysis
SHIB's exchange netflow volume shift from inflows to outflows suggests potential buying pressure.
Overall market sentiment towards SHIB remained cautious, despite positive on-chain indicators.
News - Shiba Inu could be poised for a price hike, fueled by a recent shift in token movement away from exchanges, according to an analysis by AMBCrypto.
Data from Glassnode revealed a significant change in SHIB's Exchange Netflow Volume, shifting from inflows of 13.36 billion on February 3rd to a negative outflow of -31.32 billion at press time. This metric, indicating more tokens leaving exchanges than entering, typically suggests buying pressure and potentially signals an upcoming rise in price.
What about other indicators? Shiba Inu's Accumulation/Distribution (A/D) line further strengthens the bullish outlook. It suggests that investors are holding and accumulating SHIB instead of selling, positioning the meme coin for a possible significant increase. Crypto analyst Ali Martinez added to the optimism, predicting an upswing based on the Tom DeMark (TD) Sequential indicator, with a potential price target of $0.010.
Despite a Weighted Sentiment reading of -1.017, indicating pessimism among market participants regarding SHIB's price action, there's a possibility that this perception may shift if SHIB manages to reach $0.000090. Thus, potentially prompting players to anticipate an upward movement and alter their perspective accordingly.
GoDaddy integration with ENS sparks 14% surge in ENS token value
On the back of the GoDaddy partnership, the ENS token (ENS) jumped 14%, leading the crypto market on February 5th.
GoDaddy customers can leverage domain names across Web3 applications with seamless integration.
News - The Ethereum Name Service (ENS) token surged 14% on February 5th, leading the cryptocurrency market, following a major partnership announcement with GoDaddy, the world's largest domain registrar.
What’s the purpose of this partnership? The collaboration aims to bridge the gap between traditional domain names and the Web3 universe. Starting February 5th, GoDaddy customers can integrate their Ethereum addresses with their domain names through a new "Crypto Wallet" section within their domain management interface. This seamless integration allows users to leverage their domain names across various Web3 applications like wallets, block explorers, and NFT marketplaces, replacing complex Ethereum addresses with readable names.
The partnership comes on the heels of ENS's January 29th launch of Gasless DNSSEC, a feature eliminating transaction fees for using domain names within the ENS ecosystem.
Interestingly, GoDaddy's vast reach, with over 20 million customers and a 31% global market share in domain registration, is expected to significantly boost ENS adoption and mainstream Web3 integration.
Investors shift from gold to Bitcoin with ETF launch, reveals ARK Invest CEO
ARK Invest CEO sees Bitcoin as a potential "risk-off asset" similar to gold.
The rising correlation between Bitcoin and gold suggests Bitcoin's growing safe-haven role.
News - Investors are increasingly trading gold for Bitcoin, according to Cathie Wood, CEO of ARK Invest. This shift, fueled by the recent launch of spot Bitcoin exchange-traded funds (ETFs), suggests a potential transformation in the role of these assets.
Is Bitcoin the new haven? Wood believes Bitcoin, like gold, could act as a "risk-off asset" during periods of financial instability. She points to the 40% surge in Bitcoin's price during the March 2023 US regional bank crisis as evidence. Notably, a recent analysis by Fidelity shows a rising correlation between Bitcoin and gold in 2023, potentially signifying Bitcoin's growing appeal as a safe haven.
Despite an initial 20% price drop following the January 24th spot Bitcoin ETF launch, Wood remains optimistic. She anticipated this dip as a "sell the news" event and emphasized the long-term holding patterns of a significant portion of Bitcoin, suggesting sustained investor belief.
ARK Invest, alongside nine other ETF issuers, launched the ARK 21Shares Bitcoin ETF on January 11, contributing to the broader accessibility and adoption of Bitcoin within traditional financial markets.
More stories from the crypto ecosystem
There's an island in Fiji called "Satoshi Island" aiming to become a haven for cryptocurrency enthusiasts and businesses.
Scientists are exploring using body heat to power cryptocurrency mining. They say it’s a more sustainable option.
Some analysts say, the future of Bitcoin could be threatened by advancements in quantum computing, which could potentially crack its encryption.
Top 3 coins of the day
Four whale wallets pulled 119,583 LINK tokens from exchanges, early on 5 February. This hints that whales are accumulating in anticipation of future price appreciation.
Historically, the $18 level has been a key level for LINK's price. A bounce off $18 could push LINK towards its $27 target.
What you should know - After trading in a tight trading range for more than three months, LINK saw a breakout in the upward direction on the 1st of February. Thus, reaching $17, a level last seen on 7th April 2022. There has been an influx of buying pressure in the past few days. From 1 January to the time of press, LINK has noted a 27% incline. However, over the last few days, the volume has considerably fallen. Whale accumulation can be considered one of the reasons behind this unprecedented rise. The market sentiment looked bullish. But traders should exercise caution since RSI, at press time, was in the oversold territory and a potential drawdown could be on the cards soon.
On a macro-frame, TRX has been on an upward trend since 14 November.
At press time, TRON was valued at 61.28% below its all-time high of $0.30.
What you should know - At the time of press, TRX was changing hands at $0.12 with a 7.66% increase over the past week. While most of the crypto in the top 15 list, posted a negative number, TRX was among the few which sustained its gains. On the 1-D chart, one can see the alt moving sideways for almost three months and it eventually saw a bullish breakout on the 13th of January only to fall again. An ascending channel was also seen to be forming, indicating an overall bullish trend. Even technical indicators like MACD confirmed the bullish sentiment.
Selling pressure has dominated the LTC market for the majority of January and February.
The fall in volume suggested decreasing interest and potential exhaustion of the trend.
What you should know - LTC has been currently trading within a relatively narrow range, oscillating between $63 support and $73 resistance levels. A strong buying interest is likely to emerge in the $63- $60 region. If buyers take charge, the prices could easily swing above $70. However, the market seemed to be in a state of fear, at press time. The current trading price could act as a good entry point for traders who are planning to hold for the longer term. The OBV indicator, as well, gave bearish signals.
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