How does Crypto On-Chain Analysis work?

On-chain metrics turn blockchain-based transaction data into useful insights into the crypto market.

The vast majority of cryptocurrencies available on the market today utilize public Blockchains to verify and record data. This means that the data “on-chain” can be viewed by anyone at any time and from anywhere in the world. On-chain analysis guides the strategy of using information from a blockchain ledger to determine market sentiment. More specifically, it’s about looking at transaction data and crypto wallet balances, two things that are useful when trying to decide whether to make an investment or not, in short, when nobody is trading a token and the predominant Majority of its circulating supply is controlled by a handful of large forks known as whales, so investing is probably not a good idea.

On-chain tools you can use
You can use blockchain scanners like EtherScan for Ethereum and SnowTrace for Avalanche to search for smart contracts or wallet addresses. But they don’t collect data or proposal tools to make sense of the wealth of data points that exist.

In response, countless platforms and sources have sprung up offering detailed charts and dashboards to help users better visualize blockchain data and track individual cryptocurrency and wallet movements. Many of these on-chain analytics platforms are free, or at least offer a lot of features. Some of the most popular are:

Glassnode
Into The Block
Nansen
Dune Analytics
Messari
But the on-chain analysis doesn’t tell you what to do. It’s up to you to devise a technique based on available information. Here is some guidance on how to make the most out of the Blockchain data dump.

Bitcoin movements
Bitcoin (BTC) is the world’s first viable cryptocurrency and the biggest by market cap. Because of this, price movements can often cause a ripple effect on the rest of the market; This means that when the price of Bitcoin goes up, other crypto-assets go up, and vice versa. As such, many investors often keep a close eye on Bitcoin’s on-chain activity. Glassnode provides highly granular metrics for on-chain Bitcoin data such as Bitcoin whale movements.

Smart contracts and the flow of smart money
In the ancient world of finance, “smart money” refers to any capital controlled by skilled investors, institutions, and funds. The term has also entered the Defi lexicon, where it refers to institutions such as crypto venture capital funds or whales (those holding amounts of crypto). Nansen is a popular source for tracking where the smart money is going in and out.

NFT insights
The recent hot NFT trend has also spawned a variety of on-chain analysis tools specifically focused on the NFT market.
CryptoSlam provides NFT sales volume while Icy. Tools allow you to view real-time sales data. Since the price of items in an NFT collection is often determined by their rarity, traders use tools like Rarity.
Tools and LuckyTrader to understand where the rarity of an individual item in a collection lies based on on-chain data.
BlockProbe is an example of a platform with a deal spotter feature that lets users know when a specific NFT is selling at a bargain price based on data from a collection.

Bitcoin mining moratorium bill in New York, getting it’s attention back.


The bill to postpone crypto mining for 3 years is getting attention in New York State, while the state’s environmental agency states how much mining effects the environment.

New plan of the state
A New York State plan to postpone fossil fuel-powered proof-of-work mining for three consecutive years across the state has got support by two more members in the assembly. In addition to the three-year postponement of mining at former fossil fuel power plants, the bill would need the New York State Department of Environmental Conservation (NYSDEC) to maintain crypto mining industry of the state. The assessment would conclude the impact on air and water quality and greenhouse gas emissions.

Necessary measures will be taken by NYSDEC
Anna Kelles, New York State Representative told in February that the information from the NYSDEC assessment would be helpful in determining whether the outright mining ban would be in order “if that is what’s necessary to make sure that the industry cannot prevent us from stick to our climate goals.” She proposed the legislation to the state legislature last May.

Awating approval
A majority of Assembly members would be required to sponsor the bill in order to be sent to the Governor for the final approval into law. The bill is sponsored by only 45 out of 150 Assembly members currently and has a way to go before coming into force. Jumaane Williams, Gubernatorial candidate has also provided his support for the legislation due to environmental issues and what he thinks to be the harsh economic impact of the mining operations.
Proof-of-Work (PoW) crypto mining need the use of computers that has been specially designed to perform the mathematical equations to make new blocks on the blockchain. Bitcoin (BTC) and Ethereum (ETH) are the most famous PoW chains today, but Ethereum is expected to switch to proof-of-stake (PoS) this year or upcoming year and do away with the power-hungry mining process.

Bitcoin mining
The environmental effect of PoW mining has been a relevant point to environmentalists for years. However, it has been seen that a mere 0.08% of the world’s CO2 emissions comes from Bitcoin mining. Additionally, the Chief Marketing Officer at Slush Pool Kristian Csepcsar pointed out to Cointelegraph in February, that much of the focus on green mining is “marketing noise” due to the opaque processes in which the green energy can be produced.

Bitcoin network turns 13, celebrates with new hash rate all-time high

Satoshi Nakamoto, the founder of Bitcoin (BTC), mined the genesis block, or block 0 of the Bitcoin network, for the first time on Mon, 2009, and received a reward of 50 BTC. By 2022, the BTC network has reached a new all-time high hash rate of 207.53 million tera hashes per second (TH/s), indicating that it is showing no signs of slowing down.

The Bitcoin hash rate, which is based on the number of active miners and correlates to the network’s power, dropped temporarily when China barred citizens and corporations from participating in crypto mining and trading activities. The Bitcoin hash rate plummeted to 58.46 million TH/s as a direct result of China’s complete ban on crypto, which caused a sudden scarcity of miners.

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The Bitcoin hash rate eventually recovered, as shown in the graph above, when Chinese miners began relocating to more favourable jurisdictions. The Bitcoin network hit a new all-time high of 207.53 million TH/s on January 1, 2022, recovering the network’s security by raising the mining difficulty.

The Bitcoin network hash rate is 190.64 million TH/s at the time of writing, down 8.14 percent from its all-time peak.

According to on-chain researcher , private corporations’ BTC holdings have surged dramatically in the previous year.

Ethereum layer two TVL reaches all-time high

Over the last several months, Layer 2 TVL has more than quadrupled, reaching a new all-time high of $5.64 billion.

As gas fees continue to grow, the total value locked (TVL) on Ethereum layer two (L2) networks has risen to a new high, spurring more adoption.

The total amount of value locked across multiple L2 protocols and networks has hit an all-time high of $5.64 billion, according to layer 2 analytics platform L2beat.

L2 scaling solutions provide substantially better transaction throughput and lower transaction costs, and they saw a spike in popularity in November when the Ethereum network saw the highest average gas fees in history.

Arbitron controls the lion’s share of the L2 market, accounting for $2.67 billion, or around 45 percent of the total.

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With $975 million in TVL, the dYdX decentralized derivatives exchange is in the second position, while the Loopring L2 DEX is in third place with $580 million, although its own LRC token makes up the majority of its value frozen.

Since the beginning of October, Layer 2 TVL has more than doubled, rising 110 percent from $2.68 billion to current levels.

According to Bitinfocharts, the average Ethereum transaction cost is presently approximately $40. On Nov. 9, they reached their second-highest ever level of approximately $65 and had risen by 700 percent in the last four months.

According to Etherscan, a basic ERC-20 token transfer costs roughly $45 at the present, while a more involved smart contract interaction or Uniswap swap costs a painful $140.

Despite the fact that a domain name costs only a few dollars per year, registering a name on the Ethereum Name Service can cost hundreds of dollars in gas.

Since October, investors and developers have been flocking to multichain compatible Defi platforms to escape the Ethereum network’s skyrocketing gas prices.

Top 5 Cryptocurrencies To Buy In November 2021

Cryptocurrencies are no longer a passing phenomenon in the digital world. Instead, they support millions of use cases, power platforms, and house projects like Defi (Decentralized Finance), DApps (Decentralized Applications), DAOs (Decentralized Autonomous Organizations), NFTs (Non-Fungible Tokens), video gaming platforms, and P2P (Peer-to-Peer) payment systems – the next-generation technologies and protocols that will soon take over the digital space. With a market capitalization of $2.61, the global cryptocurrency market is experiencing a bull run, fueled by the introduction of ProShares’ first-ever Bitcoin ETF and significant inflows of money in October. As a result, investors and traders like us will be eager to take advantage of the opportunity.

There are already over 5,000 cryptocurrencies available on the market. Individual investors may find it difficult to invest in cryptocurrencies without first learning about the constantly changing markets and performance history of a specific currency.

The following are the most important things to consider while investing in cryptocurrencies:

Longevity: How long has the cryptocurrency been in existence?

Track Record: What has been the cryptocurrency’s track record during its years of existence?

Technology: How do you rate the platform in terms of usability and security?

Adoption Rate: The adoption rate refers to the number of people who are contemplating investing in cryptocurrencies.

Aside from the aforementioned considerations, concerns such as transaction speed, related costs, and whether the cryptocurrency can be used to make payments on other platforms or freely exchanged between exchanges must all be taken into account when making decisions. Here’s a rundown of the top 5 cryptocurrencies to consider investing in in November 2021:

BITCOIN (BTC)

Bitcoin has been around the longest and has the greatest price and market value, with the nearest rival accounting for a little over a third of Bitcoin’s market capitalization. Given Bitcoin’s market dominance of 45 percent, any changes in its price have a significant influence on the worldwide cryptocurrency market.

It’s a peer-to-peer digital currency that’s already accepted by hundreds of retailers and websites, including Visa, Mastercard, Tesla, JP Morgan, and a slew of other major financial institutions. The adoption of Bitcoin in El Salvador has become a famous example of BTC’s potential as a payment alternative to the prevailing currency system.

The first Bitcoin exchange-traded fund, or BTC ETF, debuted on the New York Stock Exchange in October. As a result, on October 20, BTC prices soared to a new high of $66,930 (up from a low of $47,045 in October). In October alone, it increased by more than 42%.

The currency is currently basking in the glow of the ETF, and it is projected to continue its upward trajectory in the coming month, after stabilizing around $60,000 following the rise.

Following the ETF’s introduction, crypto fund inflows totaled $1.5 billion, benefiting the whole crypto sector. Another significant development is that the Australian government has approved Bitcoin and Ethereum ETFs, clearing the way for BTC to advance even further.

This November, after a lengthy boom phase in October, Bitcoin might be a profitable investment. Understanding the volatility associated with BTC is necessary before considering it as a long-term investment option.

ETHEREUM (ETH)

Ethereum isn’t simply a cryptocurrency; it also serves as a platform for a variety of other digital assets and the execution of decentralized smart contracts. It is the most valuable altcoin in terms of market capitalization. Because of its unique technology, ETH has outperformed expectations in terms of the number and variety of use cases it enables, including Defi, DAOs, DApps, and NFTs, among others.

Its goal is to switch from the inefficient Proof of Work (PoW) consensus to the green PoS (Proof of Stake) consensus. The upgrading to the London Hard Fork was the first step toward the PoS transition, which is expected to be completed in 2022.

This year, the cryptocurrency has had a promising development trajectory, with gains of nearly $1,000 in October alone. Following the Australian government’s approval of the trading of ETH futures and derivatives, it gained roughly 6% in the last week of October and is projected to continue to rise in November. In October, the ETH/USD pair gained by 45 percent, and by 492 percent in 2021.

SOLANA (SOL)

Solana, one of the trendiest names in crypto, is an open-source project that harnesses blockchains’ permissionless characteristics to facilitate Defi systems on a bigger scale. By merging proof-of-history consensus with the underlying proof-of-stake consensus, it tries to enhance scalability. Its hybrid protocol enables for faster transaction and smart contract execution validation.

With the advent of the Degenerate Ape NFT, Solana has risen over 700 percent since July of this year, reaching an all-time high price above $60. On September 9 of this year, it surpassed all expectations by reaching a new all-time high of $216. Since then, it’s been on the rise.

Increased developer activity, stronger institutional interest, the developing DeFi ecosystem, and the emergence of NFTS and gaming platforms on Solana will all continue to attract investors. Those considering investing in Solana may be confident that the currency will provide them with significant rewards in the coming future.

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CARDANO (ADA)

Cardano, one of the earliest Proof-of-Stake blockchain technologies, allows for quicker and cheaper transactions while using significantly less energy. It aspires to be more flexible and safe.

Agricultural industries, educational institutions, and supply chain management firms are all using ADA to increase the efficiency and transparency of their operations. In September, Cardano underwent the Alonzo Hard fork, which included the smart contracts functionality. Within 24 hours after the launch, over 100 smart contracts had been implemented.

Cardano’s values soared by 116 percent after the announcement of the hard fork’s introduction. It hasn’t hit its all-time high of $3.10 in a long time and has been on a downward trend for several days. The downturn, however, appears to have reached saturation, and we may anticipate Cardano to reverse course in November. While investing in ADA, you might earn by following the ‘buy low, sell high approach.

XRP (XRP)

Ripple, a business that processes digital payments, created XRP. It performs a similar function to Paypal in that it allows for the exchange of crypto and fiat money. The platform has made significant investments in NFT projects that leverage the XRP ledger, positioning itself as a rival to Ethereum.

In the digital realm, NFTs and decentralized platforms are rapidly gaining acceptance. As a result, the platforms and cryptos that enable them to receive an instant increase in popularity and notoriety among investors.


In the year 2021, XRP has done spectacularly. It climbed from a low of $0.17 to a high of $1.96. The price of XRP increased by 2.24 percent in the last week of October, and analysts predict the trend to continue.

CONCLUSION

Cryptocurrencies are not a get-rich-quick scam. Cryptocurrencies, like traditional stocks and bonds, are a unique digital asset class that may be traded or invested in for long-term gains.

If you’re new to cryptocurrencies and want to try investing in them in November, go to Bitdenex, Europe’s largest and most trustworthy cryptocurrency exchange. Good luck with your investments!

Top 4 Cryptocurrencies To Watch This Week

The dominance of Bitcoin (BTC) has declined from almost 48 percent on Oct. 20 to 42.3 percent on Nov. 7, but the total crypto market valuation has continued to rise. This shows that the price activity has changed away from Bitcoin and toward alternative cryptocurrencies.

Bitcoin whales are selling, but this hasn’t resulted in a breakdown of the firm support near $60,000. He also noted that Bitcoin reserves have continued to decline across exchanges, indicating high demand from buyers.

According to a study performed by PlanB, the majority of market players remain bullish on Bitcoin and expect a climb to $288,000 by the start of 2022.

In an interview on Nov. 3, Real Vision founder Raoul Pal also painted a bullish picture for cryptocurrencies. According to him, the current bull market is unlikely to finish in December this year and may last until March or June the next year. Pal believes that the potential introduction of Ethereum 2.0, as well as the possibility of an Ether (ETH) exchange-traded fund being approved in the first half of 2022, will draw institutional investors and spark a big rise.

BTC/ USDT

On Nov. 2, Bitcoin broke above the bullish flag pattern, but buyers were unable to take advantage of the rally and push the price over the overhead resistance zone of $64,854 to $67,000. This suggests that the bears haven’t given up and are attempting to halt the upward trend.

Bulls are vigorously defending the 20-day exponential moving average ($60,794), which is a strong indication. Buyers will seek to push the price above the above resistance zone once more.

If they succeed, positive momentum will certainly increase, and the BTC/USDT pair will likely surge toward the pattern target of $89,476.12.

If the market breaks and sinks back into the flag pattern, this bullish view will be invalidated. After there, the pair might fall to the 50-day simple moving average ($54,883). The bulls are anticipated to find solid purchasing support in the area between the 50-day SMA and $52,920.

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DOT/ USDT

On Nov. 1, Polkadot (DOT) rose and broke through the overhead barrier at $49.78. The negative divergence was invalidated when the RSI broke above the downtrend line. This indicates that the upswing has resumed.

On November 6, the bears attempted to push the price down below the breakout level, but the long tail of the candlestick indicates that bulls are buying on dips. The rising moving averages and RSI near the overbought zone signal that the route of least resistance is up.

The DOT/USDT pair might surge to $63.08 if bulls push the price over $55.09. The bears may have different ideas and try to push the market below the breakout level of $49.78. A move like this would indicate a scarcity of buyers at higher levels.

The first clue that the bulls are losing their grip will be a break and closing below the 20-day EMA ($46.82). After that, the pair might fall to the 50-day SMA ($38.54).

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LUNA/USDT

On November 4, the LUNA token of the Terra protocol broke and closed above the overhead barrier at $49.54. On November 5 and 6, the bears attempted to drag the price down below the breakthrough level but were unable to maintain the lower levels. This indicates that bulls are looking to buy on dips.

If bulls can push the price over $53.18, the LUNA/USDT pair might rally to the wedge’s resistance line, where bears are expected to put up a strong fight. If bulls push the price above the wedge, bullish momentum could pick up.

Alternatively, if the price falls below the current level or above resistance, the pair may fall below the wedge’s support line. A break and close below this support level will indicate a possible trend change. The price of the pair may then fall to $35.

AVAX / USDT

Avalanche (AVAX) has broken over the overhead resistance at $79.80 after trading near it for the past three days. This could signal a restart of the upswing.

Bulls are in control, as seen by rising moving averages and an RSI in the overbought zone. The AVAX/USDT pair could rebound to $93.04 if the price stays above $79.80, and then try to attack the psychological barrier of $100.

In contrast to this premise, if the price drops below $79.80 from its current level, it indicates that the market has rejected the higher levels. The pair could then drop to the 20-day exponential moving average ($69.51).

On the downside, $79.80 is the first key mark to keep an eye on. A recovery of this level would signal that bulls are aggressively buying on dips, increasing the chances of the uptrend resuming.

A fall below $79.80, on the other hand, may send the pair below $72. A breach below this level will signal that the bears have re-entered the fray.

Sky Mavis Launches Katana, a Native Dex for Its Ronin Sidechain

Sky Mavis Introduces Katana, a Native Dex for Ronin’s Sidechainmavis in the sky.

Sky Mavis, the business behind Axie Infinity, has announced the launch of Katana, the first decentralized exchange for Ronin, its custom-built Ethereum sidechain. All of the tokens utilized in Sky Mavis’ products, including SLP and AXS, the Axie Infinity ecosystem’s native tokens, will be available in Katana. Users will be able to receive prizes for providing liquidity with this new offering.

Axie Infinity’s Katana DEX Launched

Sky Mavis, the creator of the groundbreaking play-to-earn blockchain game Axie Infinity, has created Katana, a new decentralized exchange built on top of Ronin. Sky Mavis’ own Ethereum sidechain, Ronin, was created in response to customer complaints about the hefty fees they had to pay for transacting on Ethereum’s Layer 1 network (L1). Sky Mavis’ Katana makes it easier to handle Axie Infinity and gives a new way for users to earn yield.

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Katana, like most decentralized exchanges, will have liquidity pools to assist other users in the exchange of their tokens on the same Ronin sidechain. The addition of USDC as a supported token is one of the exchange’s most intriguing suggestions, making it easier for Axie players to park their gains in stablecoins to prevent volatility.

Sky Mavis Introduces Ron Token, Prices React

Ronin’s finances are likewise affected by Katana. Ronin transactions were previously free, with each user having a daily quota of 100 free transactions. However, in the future, the Ronin sidechain’s native token, ron, will be required to pay for transactions as gas. Ron will also be available as a reward for staking liquidity in Katana, with this being the primary motivator. Sky Mavis claimed that they would be providing additional details on Ron in the near future.

AXS/ETH and SLP/ETH will be the first liquidity pools to be available in Katana, and each will share half of the incentives given.

The debut of the Katana decentralized exchange increased the value of the Axie ecosystem’s two currencies, AXS and SLP. On November 3, AXS was hovering around $140, then on November 4 (EDT), the token hit a high of nearly $160. SLP, the Axie platform’s “wage” token, soared from $0.06 to $0.11 in a single day, nearly doubling its value.

Elon Musk-named memecoin ‘Dogelon Mars’ gains nearly 4,000% in October

In October, the value of a so-called meme cryptocurrency named after Tesla and SpaceX CEO Elon Musk increased by 3,780 percent.

After beginning the month at $0.00000005, the cryptocurrency Dogelon Mars (ELON) reached $0.00000233 on Saturday, its highest level since May 13. (data from Poloniex).

Dogelon Mars’ market value soared from roughly $26 million on Oct. 1 to as high as $1.19 billion on Oct. 30, putting ELON the world’s 92nd-largest cryptocurrency by market capitalization.

What launched ELON price to the moon?

The performance of ELON on Oct. 29 and 30, when the token rose by more than 200 percent in conjunction with a listing on OKEx and Crypto.com on Oct. 29, accounted for a large percentage of the token’s October gains.

The significant gains in ELON come amid a shopping craze sweeping Dogecoin-like meme coins.

Shiba Inu (SHIB), a Dogecoin-inspired joke cryptocurrency, gained more than 850 percent in October to reach a market valuation of roughly $38.50 billion, surpassing Dogecoin (DOGE).

Similarly, the value of Samoyedcoin (SAMO) increased by roughly 2,925 percent to around $458 million. In October, Hoge Finance’s (HOGE) stock rose 2,923 percent to a $458 million asset, up from $15 million at the start of the month.

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“Everyone starts to assume this may be the next ridiculous rise whenever one of these coins starts to pump a little bit,” Eric Wall, a chief investment officer of cryptocurrency investing firm Arcane Assets, told the Wall Street Journal.

Bull flag in play

Dogelon Mars’ price has dropped about 30% since peaking out at $0.00000233 for the year. As a result, it formed a parallel descending channel that resembled a bull flag, indicating a bullish continuation.

Bull flags arise when the price consolidates down following a powerful upward run, which is referred to as a flagpole. Traders usually expect the price to break above the flag’s top trendline and then rise to the height of the flagpole.

In ELON’s example, the flagpole’s height is roughly $0.00000102.

If the price falls below the flag’s lower trendline, followed by high volumes, the entire bullish setup risks being invalidated. If this occurs, ELON may fall to roughly $0.00000140, its 50-hour exponential moving average (the velvet wave).

Leading African Conservancy to Raise Funds for Rhinos via Auction of Horn NFTs

Black Rock Rhino, a leading rhino conservation organization in South Africa, is planning an auction of non-fungible rhino horn tokens to raise funding for the endangered species (NFTs).

Auction Proceeds to Pay for Sanctuary’s Expenses

The rhino conservancy, which is home to over 200 rhinos, is teaming up with a blockchain technology business called Virtual Nation Builders to auction the non-fungible tokens at Momint, one of South Africa’s largest NFT marketplaces. The earnings from the November 11 auction, according to a statement posted by Black Rock Rhino, would be used to pay for part of the sanctuary’s day-to-day expenses.

“The net earnings will go toward safeguarding the area, feeding, immunizations, and other day-to-day conservancy operational expenses,” according to the statement.

The revenues from the sale are likely to benefit conservationists in their continued efforts to prevent rhino mortality, in addition to financing the conservancy’s daily expenses. The rhino population in government-run national parks has decreased from 18,000 to 2,000 in the last decade, according to a statement released by Black Rock Rhino.

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Rhino Horn Trade Ban

Although poaching is the primary cause of rhino population decrease, some researchers believe that rhinoceroses murdering each other are also a major cause of mortality. As a result, rhino specialists urge for the removal of the sharp end of the horns in order to decrease mortality in the event of a confrontation.

Since the trade of rhino horn, which is worth roughly $25,000, is prohibited, Black Rock Rhino conservationists believe the digital and photo-realistic horn NFTs will bring in more money at the auction.

In other words, rhino enthusiasts all over the world will be able to obtain a rhino horn without actually breaking the 1977 Convention on International Trading in Endangered Species (CITES) ban on rhino trade.

Ether scales $4,600 to hit record high, bitcoin trails

Ether, the world’s second-largest cryptocurrency, surpassed its previous high on Wednesday, catching up to bitcoin’s gain and riding on rumors of more blockchain usage.


In Asian hours, the ether token, which powers the ethereum blockchain network, climbed to $4,643, surpassing the previous day’s high of $4,600 and extending the week’s gains to more than 10%.


Other tokens on the base layer of blockchain networks, known as Layer 1 networks, have gained traction in the days after bitcoin, the world’s largest cryptocurrency, hit a record high of $67,016.5 on Oct. 20.

Bitcoin (BTC) was selling at $63,078 and has increased by 117 percent this year, while ether has increased by six-fold

“Ethereum’s strength has been rising in lockstep with BTC and other majors since the market reversal at the end of September,” said Ryan Rabaglia, managing director and global head of trading at digital asset platform OSL.

“For what we anticipate will be a significant shift in a potentially extended market mood uplift, Ethereum has been the obvious winner of the Layer-1s.

Ethereum will also continue to play a key role in the development of the NFT and metaverse ecosystems “he stated

Since October, several blockchain tokens, including bitcoin and ether, have risen due to a steady stream of news on cryptocurrency adoption by banks, the growth of non-fungible tokens on virtual gaming platforms, the launch of bitcoin futures-based U.S. ETFs, and a need among investors for diversification in an uncertain interest rate environment.

After Facebook Inc. was renamed as Meta to focus on establishing the “metaverse,” a shared virtual world, smaller tokens have received increased interest as well.

The Commonwealth Bank of Australia, Australia’s largest bank, announced on Wednesday that it will be the country’s first to offer crypto services to retail customers.

The value of digital investment products under management (AUM) increased by 45.5 percent in October to a new high of $74.7 billion. The total AUM for bitcoin-based products surged by 52.2 percent to $55.2 billion, while the AUM for ethereum-based funds increased by 30% to $15.9 billion, both of which are new highs.

Paraguay considered as new Bitcoin mining location

Several firms are considering Paraguay as a potential location for their bitcoin mining operations. Future Fintech, a Chinese business, announced formal plans to create a bitcoin mining facility in the country last week, noting that they were still determining the ideal location for the farm. Local media reported in June that eight Chinese economic entities were interested in visiting the nation.

Paraguay Considered for Its Bitcoin Mining Potential

Paraguay, a South American country that is often disregarded, has recently caught the attention of mining companies interested in establishing operations there. For these parties, Paraguay offers various advantages, including an extensive amount of idle hydroelectric power that might be put to use. Bitcoin mining has a reputation for being a “dirty” sector, but with this much clean electricity, companies could mine without concern for the environment.

Future Fintech, a Chinese business that was invited to Paraguay, has already expressed interest in establishing a bitcoin mining operation there. According to a press release issued last week, the company’s CEO, Shanchun Huang, will evaluate the facts to determine the best course of action for making this a reality. According to Huang,

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We intend to evaluate this development possibility in Paraguay carefully. We’ll engage with our local consultant to assess Paraguay’s hydropower and clean energy resources, as well as potential places for a mining farm and possible advantageous policy treatment for our capital commitment.

The corporation also made a specific mention of the government of Paraguay’s support for the cryptocurrency mining industry.

Many More Could Be Coming

Many more organizations may be covertly plotting to relocate their operations to Paraguay, especially in light of China’s recent cryptocurrency crackdown, which resulted in a bitcoin mining exodus. Juanjo Bentez Rickmann, the CEO of bitcoin mining startup Digital Assets, indicated in July that at least eight Chinese economic groups were interested in Paraguay, although he did not elaborate on who these groups were.

Furthermore, Rickmann indicated that he had information that one of these groups was already in the nation and planned to deploy 90,000 miners in the following months. The 5,500 megawatts of underutilized power that Paraguay is reported to produce might usher in a new era of bitcoin mining in the country.

DCG Reaches $10 Billion Valuation in Secondary Sale Led by Softbank and Capitalg

In a secondary sale, current investors sold part of their shares to new ones, valuing Digital Currency Group (DCG), a Manhattan-based crypto-focused VC conglomerate, at $10 billion. Softbank led the capital round, which included includes participation from Capitalg, Google’s investing arm. The deal resulted in the transfer of $700 million in stock.

A secondary sale was launched by Digital Currency Group (DCG), a crypto-focused corporation, in which current investors sold a portion of their shares to newcomers to the company. Softbank spearheaded the acquisition, which comprised the exchange of $700 million in shares, with Capitalg, Google’s private equity investment vehicle, taking part.

This further emphasizes DCG’s significance in today’s crypto-centric environment. With this fresh round of funding, the company’s valuation has risen to $10 billion. While the term DCG may be unfamiliar to some, it acts as the parent company for a number of major companies in the ecosystem. Grayscale, the world’s largest cryptocurrency asset management, and Genesis, a bitcoin service provider for institutions, are among them.

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Barry Silbert, the founder, and CEO of DCG, said :

In our business, we’re the finest proxy for investment. We were searching for backers who could be, and hopefully will be, with us over the next couple of decades on our adventure.

DCG will remain a private company

While several major crypto firms, such as Coinbase, have lately gone public, DCG does not appear to be interested in doing so, at least for the time being. According to Silbert:

Companies often go public or rush to go public in order to address liquidity or raise money for acquisitions, but we don’t have such constraints. As a private corporation, I like developing it.

Silbert does not rule out an IPO, although it is unlikely at this time because DCG has no liquidity issues. In fact, the firm is on target to generate more than $1 billion in revenue this year alone.

David Lawee, the creator of Capitalg, indicated that this was an investment to take advantage of the freedom that the cryptocurrency world, and specifically DCG, offers. DCG, according to Lawee, has the ability to adapt to new crypto trends and be relevant in the market for a long time.