Bitcoin NFT Sales Surge by 31% in One Week, Reaching $208.17 Million
NFT sales saw a significant increase of 31.22% in the past week, reaching a total of $208.17 million. This surge can be attributed to the presence of digital collectibles from the bitcoin blockchain, which ranked second in terms of blockchain sales.
Milady Meme Coin Announces Bridging between Ethereum and Arbitrum with LADYS Token and Launches Airdrop
Milady Meme Coin has announced that its native token, LADYS, can now be bridged between Ethereum and Arbitrum, transcending the limitations of blockchain technology and opening up infinite possibilities in the multi-chain world.
Bitcoin and Ethereum See Gains as Prices Climb Back Up After Weekend Low
Bitcoin and Ethereum both saw gains on Monday after a weekend of slipping prices. Bitcoin climbed back above the $27,000 level, breaking out of a ceiling on the relative strength index (RSI) and showing signs of a shift in sentiment after last week's bear run.
Ethereum Staking Returns Reach Record Highs After Major Upgrade
The recent upgrade to the Ethereum ecosystem has resulted in record-high staking returns for investors. The annualized rate of return for running an ETH validator currently stands at 8.76%, the highest since the implementation of unstaking.
Cryptocurrency Market Faces Bearish Pressure with Signs of Potential Recovery
The cryptocurrency market has been dominated by bearish momentum, with most cryptocurrencies trading around support levels. Bitcoin and major altcoins have experienced a decline, but there are signs of a potential recovery. Ethereum has seen a significant drop, with the possibility of further decline. XRP has been the most affected by bearish pressure, and the market could show signs of recovery if buying pressure increases next week. However, Bitcoin is facing pressure due to the relief rally in the U.S. dollar index, and the bears are firmly in control for now. Despite this, some coins may potentially recover in the near future, although the overall outlook for the crypto market remains bearish.
The Future of Bitcoin's Consensus Algorithm: Will it Follow Ethereum's Switch to Proof-of-Stake?
Bitcoin remains the leading cryptocurrency in the world of crypto mining, but concerns have been raised about the sustainability of its Proof-of-Work (PoW) consensus algorithm. Critics argue that the energy consumption and environmental impact associated with PoW mining are unsustainable, and that the concentration of mining power could compromise the decentralized nature of the network. While Ethereum has transitioned to Proof-of-Stake (PoS), Bitcoin is unlikely to follow suit due to its commitment to decentralization and security. However, layer-2 solutions such as the Lightning Network can be employed for scalability. Efforts are being made to address Bitcoin's environmental impact, and the upcoming halving event in 2024 could incentivize miners to seek cost-effective and sustainable solutions.
Ethereum Patch Set to Fix Transaction Finality Challenges After Second Bout Disrupts Network
The Ethereum blockchain experienced transaction finality challenges on May 11 and May 12, with the latter lasting for over an hour. The cause of the halts is uncertain, but it is speculated that it may be related to staking clients and MEV glitches. Despite the setbacks, developers reassured that there was no impact on chain activity and that solutions have been implemented to address the issue. The Ethereum Foundation is currently investigating the root cause and expects the optimizations to prevent any future occurrences.
Bitcoin and Ethereum Rebound from Recent Lows as Bulls Buy the Dip
Bitcoin saw a rebound on Saturday after hitting a two-month low, as investors bought the dip in price. The cryptocurrency rose from a recent support point following Friday's breakout, climbing above a key support point at $26,500. The 14-day relative strength index (RSI) found a floor at 36.00, and if bulls lead the charge to the possible target of 43.00, bitcoin could be back above $27,000 this weekend. Ethereum also saw an increase in position sizes as bulls took advantage of the multi-week low, rising above the $1,800 mark. The RSI found stable support at the 41.00 zone and price strength is now tracking close to a ceiling at 45.00, with a possible move back above a key point at $1,830.
SHIB Token Burn Rate Drops by 70% Amidst Ethereum Gas Fee Surge
The Shiba Inu (SHIB) community is concerned about the significant drop in token burn rate by 70% in the past week. This decline has raised questions about its relation to the recent surge in Ethereum gas fees, which have reached a 12-month high of 87 gwei before dropping to an average of 80 gwei. As a result, SHIB token burns have decreased due to the rising costs associated with using the Ethereum network. This has impacted the cryptocurrency market, particularly ERC20 tokens like SHIB. If the fees decrease, there may be a resurgence in SHIB token burns.
Ethereum Network Recovers After Two Performance Issues in 24 Hours
The Ethereum network experienced two performance issues in the past 24 hours, causing blocks to not be finalized. However, the network has since recovered and is finalizing blocks again. Clients are releasing updates to address the issue, but there are concerns about the network's reliability and credibility. Despite this, Ethereum remains an integral part of the blockchain ecosystem, hosting multi-billion-dollar networks of financial infrastructure and other applications. The native token ETH is currently trading at around $1,800, up by 2.0% over the past day but down by almost 7% over the past week.
