The cryptocurrency is trading at US$2310.43. This price shows a variation of 1.03% of the value of the last 24 hours

So far, Ethereum appears to be showing signs of an imminent bull run, according to Crypto Tony, a renowned analyst in the crypto space. Crypto Tony suggests that Ethereum’s journey towards bullish momentum could begin if it successfully maintains its position above the crucial $2,130 level.

Fortunately, the asset is trading above this price level and appears to be rising even further above it, with its current trading price at $2,264.

Key Levels for a Major ETH Rally

The price of $2,130, as revealed by Crypto Tony, is considered a crucial point for Ethereum, as holding this level could indicate “strength and stability,” setting the stage for further gains. This optimism increases further if Ethereum reclaims the high of the $2,500 range, a price level that Crypto Tony revealed would reinforce the bullish sentiment in the Ethereum market.

Crypto Tony’s bullish outlook aligns with the sentiments of other analysts in the crypto community: “The ETH range is simple. Remain above $2,130 and we are bullish. Reclaim the range high at $2,500 and we are really bullish,” he posted on X.

Ali Chart, another well-known crypto analyst, has identified the $3,830 and $5,100 price levels as the next top targets for Ethereum based on the market value to realized value (MVRV) price bands.

MVRV is a key on-chain metric or indicator that compares a cryptocurrency’s market value (market capitalization) to its realized value, offering an alternative approach to evaluating network valuation by considering the price at which each moved. unit for the last time.

The MVRV ratio is a crucial indicator that can especially be used to measure the relative valuation of a crypto asset like Ethereum. When the MVRV ratio is high, it often suggests that the price of the cryptocurrency may be overvalued, and when it is low, the asset could be undervalued.

According to a chart recently shared by Ali Chart on X, Ethereum is currently on an upward trajectory, with the next major MVRV price bands at 2.4 and 3.2. These levels indicate that Ethereum may become overvalued, which correlates with Ali’s price targets for Ethereum at around $3,830 and $5,100, respectively.

Ethereum Whale Movements Support Bullish Sentiment

Adding to the bullish sentiments are recent whale movements. Spot On Chain has revealed that an Ethereum whale, identified as ‘0x931’, made a significant purchase of 21,192 ETH, valued at approximately $48 million, at an average price of $2,265.

This accumulation of ETH is a strong indicator of confidence in Ethereum’s future performance, as the whale now holds approximately 79,500 ETH as of January 2023, with an unrealized gain of $36.84 million.

Furthermore, Santiment’s on-chain data from last week revealed that Ethereum’s largest private wallets now hold a record 56.25 million ETH, representing 46.8% of the cryptocurrency’s total circulating supply.

This concentration of ETH in large portfolios could be interpreted as a sign of long-term holding strategies among mainstream investors. Amid these developments, Ethereum has shown signs of recovery since its recent pullback. Despite a week of decline, the altcoin is starting to show an upward trajectory, up close to 2% in the last 24 hours, trading at around $2,272.

Such recovery is further evidenced by an increase in trading volume, which has risen from a low of $11 billion last Monday to over $20 billion, indicating a possible increase in buying activity.

By Leonardo Perez

Cardano leads development activity among blockchain networks, with an average of 449 daily commits on GitHub. Still, the Cardano decentralized finance (DeFi) ecosystem is experiencing a notable decline in participation. Cardano DeFi holds a total value locked (TVL) of digital assets worth $356 million, led by the Indigo Protocol.

Recent studies indicate that Cardano (ADA) has the most development activity among blockchains. Despite this, there is a notable gap between this vibrant activity and its decentralized financial ecosystem.

The latest listing of cryptocurrency development activity from blockchain analytics platform Santiment included some surprising networks.

ADA: Cardano Leads on GitHub

On-chain data shows that Cardano saw an average of 449 daily builds over the last 30 days on GitHub. Developer activity is a crucial indicator of a network’s dedication to improvement. Measure attention, resources and expertise to improve blockchain.

In particular, when developers introduce new features and expand their capabilities despite a market downturn, investor confidence in their long-term sustainability is reinforced.

Other notable networks that saw notable activities were Hedera, Polkadot, and Cosmos, with around 282, 281, and 280 development activities. Interestingly, Cardano’s figure surpassed that of Ethereum, which only saw an average of 183 GitHub commits.

About 49% of Cardano Addresses in the Red

According to IntoTheBlock, a useful crypto tool, the majority of Cardano addresses are back in the red. About 48.6% of addresses are recording losses. A little less, around 47.6% of addresses, are still in the black. Almost 4% are at the break-even point and would register neither profit nor loss when selling their ADA tokens.

Cardano has a notably low number of whale addresses. These are the addresses that each own more than 1% of the token supply. There are only three whale addresses that together represent around 8.41% of the ADA token supply. On the contrary, Cardano has a very high number of addresses of large investors.

165 major investor addresses own about 25.53% of ADA tokens. Large investor addresses are those addresses that each own between 0.1% and 1% of the token supply. Two-thirds (66%) of ADA tokens are held by small investors. These are the addresses that each own less than 0.1% of the token supply.

The network is currently going through a phase of stagnation. Since the last analysis, the number of ADA addresses with balances has remained unchanged. On average, around 4.44 million addresses were registered with ADA tokens in the last 30 days.

However, activity on the Cardano network has increased again. The number of new Cardano addresses has increased by around 10.3% in the last seven days, while the number of Cardano addresses without ADA balance increased by almost 15%.

ADA DeFi Ecosystem Slows Down

Despite this increase in GitHub commits, the Cardano decentralized finance (DeFi) ecosystem is facing a decline in engagement. It has seen relatively moderate network activity since the year began.

Data from DeFiLlama indicates an increase of just 0.62% in the Cardano DeFI ecosystem in the last 24 hours.

Further analysis reveals a significant 21.58% decline in trading volume within the network, with approximately $6.87 million traded in the last 24 hours and $67.72 million in the last seven days. Additionally, stablecoin transfers on the network have seen a 9.15% decrease over the last week.

Cardano’s DeFi landscape currently has a total value locked of $356.54 million, predominantly led by Indigo, which captures 23.94% of the share. Indigo’s dominance coincides with the anticipation surrounding the launch of the V2 protocol, highlighting the changing dynamics within the Cardano DeFi space.

By Audy Castaneda

This week closed with positive news for the world of NFTs. In this work we present a summary of the most important points.

As expected, the news of this first week of the year for the non-fungible token (NFT) market is highly positive. Trading volume and interest from investors and companies is increasing amid a strong recovery in the crypto market.

Much of the burden of the sector’s recovery is on the shoulders of Solana and Bitcoin. In the first case, investors are active in that network considering the advantages it offers in low costs, speed and small commissions. This makes it an ideal universe for a trade that brings good profits.

In the case of Bitcoin, it contributes twice. On the one hand, with the price increase it attracts capital to the entire crypto market. On the other hand, the rise of Ordinals continues to report high commercial volume that is reflected in the numbers of the NFT sector.

Solana Dominance Week on Ethereum in the NFT World

One of the positive news that emerged this week in the NFT world has to do with Solana’s continued dominance over its main rival. During the month of December, the ecosystem once again led the trading volume of collectibles above even Ethereum.

As reported by the CryptoSlam portal, the network remained solidly above Ethereum, with sales totaling $366.5 million. For its part, Ethereum added a total of $353.2 million in the same month. An important aspect is that the data on this portal excludes suspicious activities that generally add to the volume.

Consequently, some $381 million in sales were excluded on Ethereum because they corresponded to Wash Trading activity. In Solana, for its part, only $10 million of the same activity was reported. In this way, with December numbers, the Solana network was close to exceeding its monthly record of $375 million reported in October 2021.

Solana’s superiority over Ethereum was limited to daily days and even weeks, but not to full months. With this in perspective, it can be said that this is one of the striking news this week in the world of NFTs.

Bitcoin in First Place for Collectible Sales in December

Bitcoin Ordinals remained at the top of collectible sales during the month of December. Sales exceeded $853 million dollars, allowing this network to remain firmly in first place. This represents a large portion of total sales during the last 31-day stretch of 2023.

In December, sales were $1.7 billion dollars, which represents a notable increase. Compared to November, sales were 69% higher in December, suggesting that the recovery maintains a healthy growth trend.

In general terms, after Bitcoin came Solana followed very closely by Ethereum. The list was completed with Polygon and Arbitrum. On the other hand, the biggest sale of December was an NFT of Vincent van Gogh’s Self-Portrait for a surprising amount of $1.19 million.

With all this data on the table, it can be said that the explosive recovery of the NFT sector will continue this week.

Logan Paul Reimburses CryptoZoo Affected People

A total of $2.3 million is made up in the reimbursement fund for those affected by CryptoZoo. Thus, the NFTs composed of base animals and eggs will be paid to the holders for the same acquisition cost that they had. In a post on social media, Paul said he was happy to keep his word. Likewise, he highlights that his project complied with all the seriousness of the case. However, he regrets that it has been sabotaged.

By Leonardo Perez