Cardano (ADA) whales are back in the picture, with recent data suggesting their confidence in the crypto token may have been revived. If so, this will be massive for ADA, which could experience significant price surges soon enough based on this development.  Related Reading: Solana On The Brink? Price Stalemate At Crucial $140 Support Cardano Whales Add To Their Holdings The market intelligence platform IntoTheBlock recently revealed in an X (formerly Twitter) post that Cardano whales (who hold between 100 million and 1 billion ADA) have now added 11% to their balances over the past 30 days. These investors now hold 6.71% of Cardano’s total supply.  This represents a bullish development for Cardano since whale accumulation usually suggests that these investors are positioning for a potential price surge. These whales also contribute to the price surge since buys of such magnitude could trigger a rally in the price of any crypto token.  Besides the whales, retail investors are also heavily invested in Cardano. Data from IntoTheBlock shows that the bid-ask volume imbalance is bullish for ADA. Furthermore, the ‘In The Money’ metric has also turned bullish for Cardano, meaning that most of these investors are currently in profit.  Generally, the confidence in the Cardano ecosystem is growing once again. Data from DeFiLlama shows that the Total Value Locked (TVL) on the network has increased by over 5% in the last seven days. Lately, there has also been a significant increase in Cardano’s trading volume, meaning users are actively trading on the network.  Cardano’s Rally Is Imminent  Crypto analyst World of Charts suggested that Cardano might soon experience a significant rally, noting that the crypto token’s breakout was already confirmed and moving toward the projected price targets. The analyst had previously predicted that a successful breakout would take Cardano’s price to $1 in the coming weeks.  Crypto analyst Trend Rider also confirmed that Cardano is already witnessing a bullish reversal, highlighting the bounce the crypto token made after flashing a bullish signal on the daily chart. In the short term, the analyst expects ADA to climb back above $0.5 and added that Cardano will need to hold above $0.51 on the weekly to end the price correction and confirm a bullish continuation.  Related Reading: Whale Watch: Ethereum Fresh Buy Signal Sparks Speculation Crypto analyst Dan Gambardello, the founder of Crypto Capital Venture, also provided insights into Cardano’s future trajectory. He noted that Cardano is currently breaking its 20-day moving average (MA), which the analyst claimed is a very “nice sign” for ADA.  Gambardello pointed out on Cardano’s daily chart that the 50-day MA has crossed the 200-day MA, which likely means that the bottom is already in, and this is the lowest Cardano will go. This occurrence is referred to as a golden cross and is a bullish signal, indicating the beginning of an upward trend.  Featured image from Pexels, chart from TradingView

Geoffrey Hinton also warns that advanced AI could pose an existential threat within the next five to twenty years.

This week, the price of one ounce of silver has seen a significant rise. Over the past five days, silver has increased by more than 11% against the U.S. dollar, surpassing gold’s 2.3% five-day gain. Silver reached $31 per troy ounce for the first time since February 2013. Silver Hits $31 per Ounce, Outperforms Gold […]

AGIX is one of the leading AI tokens in the crypto space with a total supply of 2 billion, and a total trading volume of over $105 million, which is over 11% down in the last 24 hours. For over two days, the price of AGIX has been holding strong above the 100-day Simple Moving Average (SMA). The token which has been on a downward ally for quite some days, is showing some signs of price reversal and if this happens a change of direction might occur and the price of AGIX will start a new movement upward. As of the time of writing, AGIX was trading around $0.98817 above the 100-day simple moving average, about 1.68% up in the last 24 hours. Currently, there are two main resistance levels of $0.99038 and $1.04237 and two main support levels of $0.82620 and $0.75779, respectively. Technical Indicators Suggest Upward Rally For AGIX 4-Hour MACD: A technical look at the MACD indicator from the 4-hour timeframe, the MACD histograms are trending above the zero line, and both the MACD line and the Signal line have crossed and are trending above the MACD zero line, indicating a bullish trend. This can be seen in the below image. 4-Hour RSI: The formation of the Relative Strength Index (RSI) in the above image also suggests that the price of AGIX is bullish as the RSI signal line is seen trending above the 50% level. This indicates that buyers are active in the market therefore overpowering the strength of sellers. Alligator Indicator on the 4-hour timeframe: A look at the alligator indicator from the 4-hour time frame shows that the price is trading above the alligator lines as the alligator lip and teeth have both successfully crossed above the alligator jaw, suggesting that the price might continue to move in an upward direction. Support And Resistance Levels To Break Conclusively, the price of AGIX is currently trading around the $0.99038 resistance level and if it manages to break above this level, AGIX’s price will continue to move further toward the $1.04237 resistance level and if it breaks above this level, an upward trend might begin.  However, should the price of AGIX fail to break these resistance levels, it will reverse and start a downward movement toward its previous support level of $0.82620. If it manages to break below this support level, the price might move further to test the $0.75779 support level. Featured image from X, chart from Tradingview.com

It has been 29 days since the halving and the launch of the Runes protocol, and since May 1, Runes activity has been underwhelming, falling short of the expectations set months prior. Similarly, the trend of Ordinals inscriptions has significantly declined over the past month. Runes Protocol’s Initial Excitement Dwindles Amid Decreased Activity Before the […]

Crypto lender Genesis Global obtained court approval Friday to return approximately $3 billion to its customers as part of its bankruptcy liquidation. U.S. Bankruptcy Judge Sean Lane approved Genesis’ Chapter 11 plan, overruling an objection from its equity owner, Digital Currency Group (DCG), which argued that repayments should be based on January 2023 cryptocurrency values. […]

The cryptocurrency market has been on a hot streak in the past few days, with several large-cap assets posting significant gains in the past week. Most notably, the Bitcoin price bounced back from around $61,000 to above $67,000 for the first time in nearly a month. As expected, this latest price movement has sparked a lot of speculation and discussion around the premier cryptocurrency. Popular blockchain analytics firm CryptoQuant has shared on-chain insights into the recent Bitcoin price rally and its future trajectory. How Did Bitcoin Price Reach $67,000? In a recent report, CryptoQuant revealed the catalyst and on-chain manifestations behind BTC’s latest rally to above $67,000. According to the analytics firm, the price of Bitcoin rode to its new highs on the back of the news of lower-than-expected inflation in the United States. Related Reading: Is Dogecoin About to Take Off? Indicators Suggest Upward Momentum Ahead The inflation data released on Wednesday, May 15 showed that the Consumer Price Index (CPI) rose by 0.3% in April – lower than the expected 0.4%. This revelation suggested that inflation might be on a downward slope in the US, making risky assets like Bitcoin more attractive. In its report, CryptoQuant revealed that there has been a decreased selling pressure in the BTC market, as short-term holders are selling at low or negative profits. Meanwhile, Bitcoin balances at over-the-counter (OTC) desks have steadied, implying that fewer coins are entering the open market. What’s more, the analytics platform highlighted a particular on-chain signal that might have predicted the recent Bitcoin price rally. According to CryptoQuant, BTC miners have been extremely underpaid over the past few weeks, which often correlates with price bottoms. The Catalysts For Sustained BTC Rally? CryptoQuant, in its report, identified potential catalysts for a continued rally for the Bitcoin price. According to the on-chain data company, demand from permanent holders and largest investors is on the rise but it needs to climb rapidly to push the price of BTC even higher. Related Reading: Solana Takes The Crown: CoinGecko Ranks It The Best, Leaving Ethereum Behind In Key Metric Furthermore, the latest data shows that Bitcoin ETF (exchange-traded funds) purchases have dwindled to nearly zero daily, while stablecoin liquidity growth is also on a decline. CryptoQuant noted that these two metrics need a jolt, which might be critical for a sustained Bitcoin rally. As of this writing, the Bitcoin price continues to hover around $67,000, reflecting a 2.5% increase in the past 24 hours. According to CoinGecko data, the premier cryptocurrency is up by a significant 10% in the past week. Featured image from iStock, chart from TradingView

According to data from CoinMarketCap, Bitcoin rose by 2.9% on Friday to trade above $67,000 for the first time since April 24. This positive price performance by the maiden cryptocurrency has been attributed to the low inflation levels reported in the latest Consumer Price Index (CPI) data.  However, Bitcoin is an asset subject to the influence of several forces. According to a report by blockchain analysis platform LookonChain, BTC may soon experience another price rally following an increase in the supply of a specific stablecoin. Related Reading: Unstoppable Bitcoin? CryptoQuant’s CEO Foresees Bull Run Extending To 2025  Can USDT Replicate Surging Effect On Bitcoin?  In an X post on Friday, LookonChain reported that the Tether Treasury has minted an additional 1 billion USDT indicating a consistent rising demand for the stablecoin. USDT which ranks as the third largest cryptocurrency doubles as the most dominant stablecoin in the crypto space with a market cap value of $111.25 billion.  The USDT token has famously recorded much growth in the last year with over 31 billion new tokens minted on the Tron and Ethereum network. Interestingly, LookonChain reveals that this rise in USDT market share contributed significantly to Bitcoin’s ascent from $27,000 to $73,000 in the past fifteen months. The theory behind this relationship stems from an increase in traders’ liquidity provided by investments in USDT.  This increased market liquidity can alter the status of Bitcoin’s supply and demand and oftentimes lead to a rise in BTC’s price.  Following the most recent 1 billion USDT minted by the Tether Treasury,  most investors and spectators could be expecting a similar boosting effect on Bitcoin’s price, especially with the crypto bull season in play.  However, Bitcoin’s price in the coming months is still likely to be influenced by other factors such as the BTC spot exchange-traded fund (ETF) market. According to data from SoSoValue, net inflows on Friday reached $177.01 million bringing the total value of the Bitcoin spot ETF market to $12.58 billion. As more major traditional finance players gain a piece of this novel market, Bitcoin is expected to experience monumental levels of demand which will translate into weighty price gains. Related Reading: Bitcoin Whales Quiet Down – Here’s Why And What It Means For The Market BTC Price Overview At the time of writing, Bitcoin was trading at $66,853, reflecting a 9.64% gain in the last week. The crypto market leader is currently in a consolidation state as it gathers momentum to break past the 67,000 resistance zone.  Bitcoin is likely to remain the “diamond” of the crypto bull season for many investors based on historical price data. However, there remains a need for proper research by all investors and traders before engaging the market.  Featured image from The Independent, chart from Tradingview

Initially, the team identified over two million addresses as potential sybils but later refined their criteria to minimize false identifications, resulting in a more precise classification.

Between May 10 and May 17, non-fungible token (NFT) sales totaled $150.56 million, marking an 8.97% decline from the previous week’s figures. NFT sales have consistently decreased on a weekly basis, as four out of the top five blockchains by sales volume experienced reductions during this period. NFT Market Sees Consistent Decline In February, from […]

The Ethereum burn address is a null address where ETH and other Ethereum-based tokens are sent to be permanently removed from circulation.

Following the recent resignations, OpenAI has opted to dissolve the ‘Superalignment’ team and integrate its functions into other research projects within the organization.

The Securities and Exchange Board of India (SEBI) has submitted its recommendations for regulating crypto assets to a government panel. SEBI suggests multiple regulators for different aspects of cryptocurrency trade. India’s central bank, the Reserve Bank of India (RBI), however, views crypto as a macroeconomic risk, highlighting concerns about tax evasion and fiscal stability. SEBI […]

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Cardano (ADA), the proof-of-stake blockchain network known for its smart contracts, has defied recent predictions of a fall from the top 10 cryptocurrency rankings by market cap. In a surprising move, ADA has instead become the top performer among major coins, experiencing a 7% surge in the last 24 hours. This price action has ignited discussions about ADA’s potential to revisit its 2021 glory days, when it reached a peak of $3.10. Related Reading: Whale Watch: Ethereum Fresh Buy Signal Sparks Speculation A Tale Of Two Whales: Retail Accumulation Vs. Profit Taking The recent price increase can be attributed to two key factors: a surge in buying pressure and a potential upcoming “battle of the whales.” On-chain data reveals that retail investors, the so-called “whaley” masses, have been accumulating ADA aggressively, particularly between $0.48 and $0.50. This large cluster of buyers could act as a support system if the price reaches that level. However, lurking beneath the bullish sentiment is a potential obstacle. Data shows that only 40% of current ADA holders are in profit. A price increase to $0.49 could be particularly significant, as it could push the ratio of holders in loss below 55%. This milestone could trigger further buying pressure as more investors see an opportunity to move into profit territory. Whales Return? On Volume And Market Cycle Cardano’s price rally is also being fueled by a significant rise in trading volume, reaching a weekly high of $461 million according to Santiment. This surge in activity indicates growing interest in ADA, which could propel the price further upwards. But can this momentum be sustained? The answer might lie with the “original whales,” the large investors who hold a significant portion of the cryptocurrency. Interestingly, the current distribution of ADA shares some similarities with the market conditions in 2021, when the price hit $3. Back then, whales held roughly 6% of the total supply. Today, that number sits at nearly 7%, suggesting a potential return of these big players. However, analysts caution that the success of this “whale comeback” narrative depends heavily on the broader market cycle. If the current bull market reaches its peak, ADA’s price growth could be restricted, hindering its ability to revisit its all-time high. Can ADA Defy The Odds? Cardano’s recent price surge has instilled a sense of cautious optimism in the cryptocurrency community. While the strong buying pressure from retail investors and the potential return of whales are positive signs, the profitability of current holders and the unpredictable nature of the market cycle pose challenges. Related Reading: Filecoin On Fire: Analyst Torches Doubters With $15 Target In the coming weeks, it will be crucial to observe whether ADA can overcome the selling pressure at $0.49 and sustain its upward trajectory. If trading volume continues to rise alongside the price, and if the current bull market holds, ADA might just surprise everyone and revisit its much-anticipated $3 mark. Featured image from Pexels, chart from TradingView