Ether approaches $4,000 driven by market rally and Ethereum’s
post-Merge deflationary impact
With a 63% surge in 30 days, Ether (COIN:ETHUSD) stands out in
the crypto market, outpacing Bitcoin’s (COIN:BTCUSD) performance
and nearing the $4,000 mark at the time of writing, a milestone not
seen since December 2021.
Since Ethereum’s transition to the Proof of Stake (PoS)
mechanism in September 2022, there has been a significant decrease
in ETH supply. Over 540 days, the total supply of Ethereum
decreased by 417,413 ETH, resulting from the burning of 1,509,991
ETH and the issuance of 1,092,578 ETH. This change has led to a
negative annual inflation rate of -0.23%, reflecting potential
deflationary effects for ETH compared to Bitcoin’s constant
inflation. Comparison with a Proof of Work (PoW) simulation
suggests that without the transition to PoS, the Ethereum supply
would have increased significantly. In the simulation, if Ethereum
had maintained the PoW model, the value of the 5.5 million ETH
issued would have reached an impressive $21.865 billion, reflecting
an inflationary scenario avoided with the transition to PoS.
Meme coins follow Ethereum’s rise and surge in the market
Pepecoin (COIN:PEPEUSD) registers gains of up to 24% in the last
24 hours, while Shiba Inu (COIN:SHIBUSD) and Doge (COIN:DOGEUSD)
rise by 6.3% and 3.5% respectively, driven by Ether’s advance
towards $4,000. The meme coin sector, in general, saw an average
increase of 8.6%, reflecting market optimism and the trend of using
these coins as an indirect bet on Ethereum’s growth. This movement
signals a bullish phase, with expectations of transitioning to
altcoins with solid fundamentals.
Goldman Sachs revises Coinbase outlook following Bitcoin’s rally
Goldman Sachs (NYSE:GS) upgraded Coinbase’s (NASDAQ:COIN) rating
from Sell to Neutral, influenced by Bitcoin’s (COIN:BTCUSD) record
performance and the surge in trading volume, unseen since 2021. The
bank also adjusted the price target from $170 to $282, reflecting
moderate optimism in the future adoption of cryptocurrencies and
Coinbase’s profit management.
JPMorgan evaluates Bitcoin’s market potential compared to gold
JPMorgan Chase (NYSE:JPM) estimates that for Bitcoin
(COIN:BTCUSD) to reach the same share of investment portfolios as
gold, its market value would need to reach $3.3 trillion, doubling
its current price. However, due to the cryptocurrency’s high
volatility, about 3.7 times higher than gold, this parity seems
unlikely. A risk-adjusted comparison suggests a more realistic
market allocation of $0.9 trillion for Bitcoin, resulting in a
token value of $45,000, below the current price.
Bitcoin ETFs receive robust influx, threatening GBTC’s supremacy
On March 7th, Bitcoin ETFs witnessed a significant influx of
around $473 million, representing approximately 7,000 BTC,
according to BitMEX data. Fidelity’s ETF (AMEX:FBTC) led with a
record $473 million in a day, raising its holdings to 120,000 BTC.
Meanwhile, BlackRock’s ETF (NASDAQ:IBIT) recorded approximately
$244 million in inflows, bringing its total net inflow to about
$9.7 billion. This expanded its Bitcoin holdings to approximately
191,000 BTC. Other intermediate ETFs also saw considerable
increases. Conversely, Grayscale Bitcoin Trust’s (AMEX:GBTC) ETF
experienced outflows of $375 million. The newly approved Bitcoin
ETFs in the United States are poised to surpass GBTC in terms of
holdings. Currently, the nine ETFs hold 397,847 bitcoins, nearing
GBTC’s 400,186.
Commencement of Bitcoin and Dogecoin restitution by Cryptopia after
hack
Following the 2019 hack, New Zealand-based Cryptopia initiates
the restitution of Bitcoin (COIN:BTCUSD) and Dogecoin
(COIN:DOGEUSD) to eligible users. This first phase of restitution
will occur over the next three months, following an approved plan
after a recent court decision. Future distributions will include
other significant cryptocurrencies by the end of 2024.
US seeks extradition of Do Kwon following Montenegro court decision
The United States plans to appeal a Montenegrin court decision
that determined the extradition of Terraform Labs co-founder Do
Kwon to South Korea. Kwon, involved in the collapse of Terra
resulting in significant financial losses, was detained in
Montenegro for possession of forged documents. The US Department of
Justice expresses its intention to adhere to international
extradition agreements, reaffirming its commitment to the rule of
law.
Aevo announces innovative token’s pre-market
Derivatives exchange Aevo initiates pre-market trading of its
new token, scheduled for launch on March 13th. Operating on a Layer
2 network on Ethereum, Aevo stands out by offering pre-market
trading of its own token, a potentially pioneering move in the
crypto sector. Despite skepticism from some, Aevo prohibits
employee trading in the pre-market and focuses on expanding
platform awareness. The strategy includes pre-farming to boost the
airdrop, with the community receiving a small portion of the total
token supply.
Optimism conducts $90 million private token sale
The Optimism Foundation (COIN:OPUSD) concluded a private sale of
19.5 million OP tokens, raising approximately $90 million. The
tokens, part of the unallocated treasury, are subject to a two-year
lockup with governance delegation options. In the past week, the OP
token has experienced notable appreciation, reaching a peak of
$4.86 on March 6th, representing a growth of over 115% compared to
the previous year. Additionally, there has been an increase of over
20.6% in just the last week and 34.74% in the last month. However,
there has been a retracement in value in the last 24 hours, quoted
at $4.43 at the time of writing. The OP token faces considerable
selling pressure as the unlocking of 24.16 million tokens,
equivalent to approximately $110.65 million, is scheduled by March
29th.
AI crypto market explosion reflects technological advancement
The valuation of the AI-linked crypto market recently surpassed
$25.1 billion, reflecting global fascination with AI. Projects such
as Internet Computer (COIN:ICPUSD), Bittensor (COIN:TAOBUST), The
Graph (COIN:GRTUSD), Fetch (COIN:FETUSD), SingularityNet
(COIN:AGIXUSD), and WorldCoin (COIN:WLDUSD) stand out with a growth
of 150% in less than a month. The sector, driven by innovative
initiatives and substantial investments in infrastructure, aligns
with the upward trend in the crypto market, benefiting from renewed
interest in cutting-edge technologies.
Ethena Labs drives innovation in high-yield stablecoin
In less than two weeks since its inception, Ethena Labs has
raised over $4 million for its treasury, reaching a significant
milestone with its USDe stablecoin. Leveraging short selling of
Ether futures to maintain its parity with the dollar, the project
offered annualized yields exceeding 68%, raising its treasury to
over $16 million. The strategy has positioned Ethena among the top
revenue generators in the crypto market, standing out for
innovation and high yields derived from future Ether funding
rates.
Binance Labs supports innovation with investments in 6th incubation
season
Binance Labs, the investment arm of the giant Binance, selected
seven innovative startups for investment after the 6th season of
its incubation program. Among them are Ethena Labs, focusing on
synthetic dollars, and Derivio, a decentralized derivatives
exchange. The program, which began with 12 candidates, highlights
Binance Labs’ commitment to nurturing the cryptocurrency and
blockchain ecosystem, although not all incubated projects receive
direct investment.
Oyl advances in simplifying Bitcoin Ordinals trading
Oyl, backed by notable figures such as Arthur Hayes, is
reshaping Bitcoin Ordinals trading with its browser-based wallet,
facilitating direct exchange on the platform. With a $3 million
funding round, Oyl aims to integrate Bitcoin infrastructure
innovations, such as Metashrew, to drive the creation of protocol
indexers. As the Bitcoin Ordinals market grows, Oyl positions
itself at the forefront, offering a simplified solution for digital
asset trading and management.
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