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Home > News
Published: 18/03/2024
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Author: Leexim
Bitcoin NFT NodeMonkes Surpasses BAYC, Surging 50% in Price
Bitcoin NFT NodeMonkes has experienced a significant surge in demand, surpassing BAYC, with its base price increasing by over 50%.
Azcnews
Bitcoin NFT NodeMonkes has recorded significant growth, surpassing BAYC with a more than 50% increase in base price. Separate from the general trend of the stagnant non-fungible token (NFT) market, interest in Bitcoin NFT tokens is growing.
Recently, Bitcoin NFT NodeMonkes has undergone a major boost, surpassing the interest of some of the most famous and reputable companies in the market. This is evidenced by the fact that NodeMonkes has surpassed BAYC in the NFT market.
Bitcoin NFT NodeMonkes Soars
The underlying price of the Bitcoin NFT NodeMonkes increased significantly to 0.82 BTC within 24 hours, equivalent to a market capitalization of approximately $150 million. This puts NodeMonkes ahead of Bored Ape Yacht Club (BAYC) and firmly in second place in the NFT market, behind only CryptoPunks, thanks to this surge in growth.
According to data from CoinGecko, the market value of CryptoPunks currently reaches $1.76 billion, while the market capitalization of Bored Ape Yacht Club (BAYC) is only at $490.9 million.
Meanwhile, NodeMonkes recorded a sharp increase in sales, reaching a total of $5.1 million after increasing 140.8% over the previous 24 hours. At the same time, another Bitcoin non-fungible token project, known as Runestone, has also recorded significant growth, with its value surpassing the 0.04 BTC mark after increasing by more than 50% in last week.
Nodemonke
Nodemonke
In the ranking of the most important non-fungible token (NFT) projects, Runestone overtook Mutant Ape Yacht Club (MAYC) to take sixth place, with a market valuation of $310 million.
Investors in non-fungible tokens (NFTs) are gradually turning their attention to Bitcoin NFTs, a significant reaction in the cryptocurrency industry. This also reflects the shift noticed between SOL meme currencies from Ethereum (ETH).
This model has attracted growing interest from buyers and enthusiasts, causing them to flock to platforms that host non-fungible Bitcoin tokens (NFTs). Notable projects such as Runestone and NodeMonkes are also receiving special attention.
Related: Founder of NFT Collection Milady Targeted by Hacker Attack
NodeMonkes’ success in toppling the popular Bored Ape Yacht Club (BAYC) NFT has sparked broader interest, especially given that BAYC has faced massive selling pressure in recent weeks. Analysts believe that the move could be partly influenced by rising gas prices on the Ethereum network coupled with a perceived saturation in the NFT market, evident in falling prices even among projects famous as PudgyPenguins.
According to a data dashboard provided by The Block, monthly trading volume on Ethereum-based NFT platforms has dropped significantly. Total volume in February fell from $867.8 million to $786.5 million, and to $503.1 million year-to-date in March. Despite these market fluctuations, the Interest in Bitcoin non-fungible tokens (NFTs) continues to grow, highlighting a shift in the tastes and techniques of NFT traders in general.
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Home > News
Published: 18/03/2024
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Author: Kane
Canto Abandons Plan to Become Layer-2
Canto has decided to abandon its plan to become a Layer-2 solution on the Ethereum network and return to Cosmos Layer-1, resulting in an immediate significant price increase.
Azcnews Breaking
The layer-1 blockchain Canto made a surprising turnaround when it decided to abandon its plan to become a layer-2 solution on the Ethereum network as previously announced.
The plan to switch to layer-2 was disclosed by Canto in September last year. At that time, Canto collaborated with Polygon to utilize the CDK toolkit of the Polygon blockchain. However, this decision has been scrapped. The latest announcement from the project stated:
In the past few months, we have closely collaborated with Polygon to explore integration and decided to use their Type-1 prover to maintain the essence of layer-1, instead of transitioning to layer-2 as initially planned. This decision has been unanimously agreed upon by the project team.
In the same announcement on March 15, Canto introduced a new update named the “Cyclone Stack,” aiming to expand the scale and enhance the performance of the blockchain. This update includes 3 main upgrades: Calristo, Kallichore, and Elara.
Canto stated that their Cyclone Stack will be fully compatible with all current EVM tools and applications. They assessed this comprehensive upgrade as a significant step towards achieving high performance and scalability for Canto.
Canto was launched in September 2022 with the goal of developing DeFi solutions. This layer-1 blockchain is built on the Cosmos infrastructure and has integrated EVM to seamlessly connect with the Ethereum network. The protocol peaked in early 2023 when the CANTO token saw significant price increases and entered the top 10 blockchains with the highest DEX trading volume.
Related: Layer-2 Networks Begin to Reap Benefits from Dencun
CANTO chart after this announcement
Chart Canto
Chart CANTO
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18/03/2024 at 8:55 am
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News | Editor Choice | NFT 18/03/2024
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Home > News
Published: 18/03/2024
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Author: Leexim
Short-Term Bitcoin Investors Have Reaped Profits
Bitcoin has dropped below $69,000 amid short-term investors taking profits.
Azcnews (1)
Table of Contents
Bitcoin (BTC) is recording significant profit fluctuations, especially from short-term investors. The price of this digital currency is currently hovering at $68,740.53, having shown signs of recovery and significant growth in recent times.
Short-term investors take advantage of the profits
However, blockchain data and market analysis show a notable profit-taking trend among investors holding BTC for less than five months, according to data from CryptoQuant. The Spent Output Profit Ratio (SOPR) points to a significant move parallel to the profit-taking trend observed in previous bull markets.
Short-term investors are taking advantage of this opportunity to withdraw profits. Analysis of SOPR data shows that short-term BTC holders are actively taking profits, creating a trend similar to what the market has seen in the past.
This marks a pivotal period for Bitcoin, reflecting market sentiment from record high prices. Crypto Dan emphasized that, “This opportunity only comes around every few years,” given its rarity and importance given the current market situation.
Regardless of the potential effects of this trend, the launch of a spot Bitcoin ETF and the expected inflows from institutional and individual investors are creating a complex landscape, making it difficult to interpret the activities. This profit-taking action in the current bull market context becomes a challenge.
Bitcoin’s Resilience
The analyst argues that Bitcoin is set for a strong resurgence in 2024 after a short correction period. Bitcoin’s resilience has been highlighted by crypto experts such as James Check, who is known as @Checkmatey on social media, giving further insight into the market’s behavior.
By analyzing Bitcoin’s Market Value to Actual Value (MVRV) ratio and Actual Price, Check reveals the psychological valuation patterns that influence investor decisions. He noted that the +1 standard deviation, currently at $70.8k, serves as an incentive for many investors to secure their profits.
Related: Miners Exert Pressure Leading to Bitcoin Price Drop
This resulted in the re-introduction of approximately 735k BTC into the market, with an estimated 60% coming from the Grayscale Bitcoin Trust (GBTC) and the remainder from individual holders. Regardless of this selling activity, the Bitcoin market only recorded a 20% correction from the FTX lows, showing the strength and demand-driven nature of the current bull market. “This is one of the strongest BTC emergences in spot demand in bull market history,” he added.
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Azcnews
News | Editor Choice | NFT 18/03/2024
Bitcoin NFT NodeMonkes Surpasses BAYC, Surging 50% in Price
Azcnews Breaking
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