Ethereum Sees Notable Rise In Daily Activity, But Why Is Price Down?

Ethereum’s network has seen notable growth recently in both daily active users and daily transaction volume, yet the price of ETH, Ethereum’s native cryptocurrency, has undergone corrections in the past few days. Notably, Ethereum is down by over 10% in the past seven days, underperforming Bitcoin and the S&P 500. While this decline can be felt through the majority of large cryptocurrencies in the industry, the number of daily active Ethereum addresses has been steadily rising over the past month.  Related Reading: BONK Bonked: Price Crashes 30% In 7 Days More Pain Ahead? Ethereum’s Network Activity Surges But Price Remains Stagnant An increase in network activity is usually a bullish sign for the price of cryptocurrencies as more activity means more demand. Interestingly, the number of daily active Ethereum addresses has increased by over 46% since January 3.  This increase in active addresses largely came with a surge in price over the past few months. Ethereum shot up from $2,909 on February 24 to reach a two-year high of over $4,000 on March 12, representing a surge of over 39%. According to data from YCharts, the number of daily active addresses increased simultaneously from 432,647 to 515,145 during the same time frame.  However, Ethereum has been on a price decline since its brief cross over $4,000 and is currently down by 17% in the past 10 days. On the other hand, the network has witnessed a continued surge in activity in terms of on-chain data, with the number of daily active addresses now at 618407 in the past 24 hours, its highest point since October 2023.  According to data from IntoTheBlock, ETH’s daily average volume has been steadily growing in a similar manner to the one recorded in 2020’s early bull market. This growth has now pushed the amount of ETH transferred on Ethereum to its highest level since May 2022 this week. Ethereum is now trading at $3,420. Chart: TradingView Can Ethereum Resume Its Uptrend? At the time of writing, Ethereum is trading at $3,355. The price of any cryptocurrency, including ETH, depends heavily on market sentiment and speculation. While growing adoption and network activity are positive signs for long-term price growth, speculation is what really drives the price, at least in the short term. At the same time, its price remains under pressure from several areas. One of such pressures is a recent report that the SEC is poking around Ethereum and the Ethereum Foundation and is looking to classify ETH as a security.  As the second-largest cryptocurrency, ETH’s classification as a security could cause chaos that would eventually cascade into other crypto assets. Related Reading: Halving Sparks XRP Frenzy: Analyst Predicts 100% Surge Against Bitcoin Ethereum seems to have now formed a minor support at the $3,280 price level. Failure to hold above this price point could mean a further move to the downside. Featured image from Pexels, chart from TradingView

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XRP Records Massive 80% Surge In Trading Volume Can Price Reach A New ATH?

XRP continues to show strength despite largely underperforming during the ongoing bull market. Interestingly, the crypto witnessed a surge in activity last week, with trading volume surging in tandem. Particularly, the trading volume saw an increase of over 80% recently.  However, the boost in activity and trading volume has not necessarily translated into continuous price growth, as XRP is currently on a 13% percent correction from the $0.74 price level on Monday. Related Reading: Sell Sign Ignites Speculation: Solana Fate Hangs In The Balance? XRP Trading Volume Surges, But Will Price Follow? XRP witnessed a surge earlier in the week which saw it breaking out of a 6-year-long symmetrical triangle, prompting analysts to anticipate a continued price surge. During this period, the crypto witnessed a surge in trading volume from whales in particular, with large bouts of XRP leaving crypto exchanges. This bullish sentiment allowed XRP to cross over $0.74 for the first time in eight months, albeit for a short moment. This surge in price was short-lived, as XRP fell as low as $0.6 in the days after. However, a recent 80% surge in on-chain activity and trading volume has led to the price of XRP increasing by 4.45% in the past 24 hours and 2.2% in a seven-day timeframe. Volume spikes of this magnitude often occur before a price rally, therefore, this massive spike in volume has the XRP community speculating that a strong price rally could be on the horizon. Total crypto market cap currently at $2.5 trillion. Chart: TradingView Current Price Action: Can XRP Reach A New All-Time High? At the time of writing, XRP is trading at $0.6398. The crypto’s journey to a new all-time high is definitely not going to be an easy one, as it is now down by 83% from its current all-time high of $3.84.  However, current market dynamics and various predictions from many crypto analysts indicate that the crypto might go on a surge of great magnitude in the near future. One of these is a prediction from analyst Jaydee, who noted that XRP’s recent breakout from the six-year trendline mentioned earlier could lead to a surge to $3 from the current price level. The major resistance level to watch is $0.74. XRP tested this level a few days ago but failed to close above it. If bullish momentum continues and volume stays strong, XRP could break through $0.74 decisively in the new week. If it does, the next resistance levels are at $0.82 and $1.5.  Related Reading: Crypto Carnage: Over $800 Million Wiped Out In Market Plunge One of the few factors that could contribute to a strong price increase is regulatory clarity regarding XRP’s status, which could boost confidence from institutional investors. Notably, XRP’s non-security status seems to be gaining ground. The European Corporate Governance Institute (ECGI) recently published a research paper acknowledging this non-security status. Featured image from Pexels, chart from TradingView

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Dogecoin Network Activity Surges 47% In A Month Whats Next for DOGE?

Dogecoin (DOGE) is facing a critical moment, having lost over 40% of its value since the start of March. The entire crypto market is under intense selling pressure, driven by macroeconomic uncertainty and heightened volatility. However, meme coins like DOGE have been hit the hardest, as bears continue to short them aggressively, pushing prices lower with no signs of relief. Related Reading: Bitcoin Lost And Retested The 200-Day MA As Resistance Heres What Happened Last Time Despite the heavy downturn, on-chain data suggests potential signs of recovery. Glassnode metrics reveal that Dogecoin network activity is surging, with a 47% increase in active addresses over the past month. Historically, increased network usage and transaction activity can indicate renewed interest and potential accumulation by long-term holders. If this trend continues, DOGE could see a rebound once market conditions start to improve. However, bulls still have a lot of work to do to regain lost ground and push Dogecoin back into a bullish trend. The coming days will be crucial, as traders closely watch whether network growth can translate into price stability or if further downside is ahead for DOGE and the broader meme coin sector. Dogecoin Down 70% As Network Activity Shows Grows Dogecoin has suffered a brutal sell-off, now trading 70% below its December high as selling pressure remains relentless. Meme coins, in general, have been the most affected assets in the market, as fear and speculation drive investors away from high-risk assets. With DOGE failing to find strong support, bulls have a lot of work to do before any meaningful recovery can take place. Related Reading: New ONDO Addresses Surge 390% In 24 Hours A Sign Of Growing Interest In Ondo Finance The broader crypto market downturn has only added to the struggles. Bitcoin (BTC) has been in a downtrend since late January, and as fear continues to spread, investors are lowering their expectations and setting even lower targets. If this truly marks the end of BTCs bull cycle, meme coins like Dogecoin will be among the hardest hit, as speculative assets tend to suffer the most in bearish conditions. However, not all signals are negative. Analyst Ali Martinez shared on-chain data on X, revealing that Dogecoins network activity is increasing. Active addresses have surged by 47% in the past month, rising from 110,000 to 163,000. Historically, rising network activity has often preceded a recovery in price, as it indicates renewed interest and engagement in the ecosystem. While DOGE still faces significant resistance, this spike in activity could be an early sign that buyers are returning. If Bitcoin stabilizes, the meme coin sector could see a relief bounce, potentially leading Dogecoin back toward key resistance levels. For now, DOGE remains under pressure, but its growing network activity provides a glimmer of hope for bullish traders watching for a turnaround. Dogecoin Struggles At $0.17 As Bears Maintain Control Dogecoin is currently trading at $0.17 after enduring massive selling pressure and a dramatic shift in market sentiment toward fear. The broader crypto market downturn has hit meme coins the hardest, with DOGE struggling to find stability amid relentless sell-offs. For a potential recovery, DOGE must hold above the crucial $0.15 support level. If bulls manage to defend this zone, they could attempt a push toward the $0.20 mark, a key psychological resistance. Reclaiming $0.20 would signal a possible reversal, providing DOGE with the momentum needed to sustain a recovery rally. However, if selling pressure continues and DOGE loses the $0.15 level, the situation could become even more bearish. A break below this support could trigger a further decline toward $0.10, a level that hasnt been tested since early 2023. Related Reading: XRP Flirts With A Daily Range Breakdown Price Must Hold Above $2 Level With market sentiment still fragile, traders are closely watching whether DOGE can hold its current range or if more downside is ahead. The next few trading sessions will be crucial, as bulls must step in quickly to prevent another major drop. Featured image from Dall-E, chart from TradingView

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Cardano Records Over 20 Million Transactions Ahead of DEX Launches

The Cardano network remains one of the most stable blockchains in the crypto space. Founded in 2017, the network remains the largest proof of stake network in the industry. It holds the title for the proof of stake network with the highest amount of coins staked, only recently conceding to Solana to become the smart contracts platform with the second-largest amount of coins staked. Nevertheless, Cardano remains a force to be reckoned with and its latest achievement has shown that. Network activity has picked up on the network since the launch of smart contracts capability. Now, a little over two months after, the network has marked its 20 millionth transaction after only four years in operation. Related Reading | Cardano Active Addresses Shoots To New Highs Amid Downtrend Cardano Remains At The Top The project has done some impressive things in its four years of operation, one of which is barely experiencing any downtime. Most projects in the market have experienced downtime at some point. Most notably the Solana network blackout that saw the network go dark for about 24 hours. Cardano itself has experienced downtime which occurred in April but it lasted for only an hour and was over so quickly that a good portion of the community does not know this happened. Despite the lack of decentralized exchanges (DEXes) on the blockchain, it has managed to ramp up more activity than leading smart contracts platform Ethereum. Users can mint NFTs on Cardano, which has contributed greatly to this increased network activity. However, given that Ethereum has DEXes and NFT capability, this is an incredible feat for Cardano. ADA begins recovery trend | Source: ADAUSD on TradingView.com With this, Cardano has proven that it will be one of the leading DeFi platforms once decentralized finance takes off properly on the platform. ADALend, credited as the first lending protocol on the platform, is building its decentralized lending protocol on Cardano, which has been positively received by the community so far. How ADA Is Doing In The Market Cardano’s native token ADA has not had the best of weeks in the market recently. The digital asset had been the victim of major FUD that has seen its price sink to three-month lows. This has mostly been the result of crypto exchange eToro announcing that it would be limiting Cardano (ADA) capabilities for U.S. users on the platform starting in December. Related Reading | Cardano Ambassador Addresses FUD Surrounding The Project The token had taken a big hit following this, dropping down to the $1.4 range before picking up steam again. Despite the recovery, the coin continues to trade at about $50% less than its all-time high above $3 in September. Dropping prices have however not affected the amount of tokens being staked on the network. Cardano still maintains over 70% of its total supply staked by holders, one of the largest in the space. Featured image from Binance Academy, chart from TradingView.com

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Cardano Transactions Rise To Multi-Year Highs Metrics Support Bullish Outlook

Cardano (ADA) is trading above the critical $1 level, fueling optimism among investors anticipating further upside in the coming weeks. After a strong bullish run in recent weeks, the recent pullback appears to be a temporary pause in an upward trend. Crucial on-chain data supports this outlook, indicating robust network activity that reinforces the bullish [...]

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Cardano Reclaims $1 As Network Growth Surges Larger Breakout Ahead?

Cardano (ADA) surged past the $1 mark over the weekend, marking a significant milestone in its recent rally. However, after reaching a multi-year high of $1.15, the cryptocurrency is now navigating a 17% correction as profit-taking sets in. Despite the pullback, the long-term outlook for Cardano remains bullish, fueled by renewed market momentum over the past three weeks. The price action reflects a maturing market, with ADA consolidating gains and building a foundation for its next move. On-chain data from IntoTheBlock highlights robust growth in network activity, signaling increased interest and adoption. This uptick in activity suggests that the consolidation phase could be temporary as the broader market gains strength. Related Reading: Bitcoin Realized Profit Hits ATH At $443 Million Local Top Or Continuation? Cardano’s ability to maintain key support levels during this correction will be crucial in determining its next direction. Analysts are optimistic that the networks growing fundamentals and favorable macro environment will drive ADA to new heights.  As traders and investors monitor the $1 support level closely, Cardanos evolving network metrics and bullish sentiment hint at a potential breakout shortly. Whether ADAs price action will capitalize on these factors remains a key question for market participants. Cardano Daily Active Addresses Growing Cardano’s network activity shows strong growth signs, with daily active addresses increasing significantly. On-chain data from IntoTheBlock reveals that the number of new user addresses has reached its highest since June 2023. This surge in network activity signals growing adoption and increased interest in the Cardano ecosystem, which is crucial for its long-term development. Over the weekend, Cardano reclaimed the $1 level, marking an important psychological milestone. While the price is currently consolidating, this movement comes amid a surge in network growth, indicating that market participants remain optimistic about ADAs future. IntoTheBlocks analysis on X suggests that Cardano could be preparing for a bullish breakout, with the potential to rise to new price levels as the current consolidation phase stabilizes. Despite the recent pullback from its multi-year high of $1.15, Cardano is still well-positioned for further growth. ADA remains more than 230% away from its all-time high (ATH), around $3.1, suggesting significant room for upside as the network matures and attracts more users. Related Reading: Bitcoin Rally Benefits From US Buyers Coinbase Premium Gap Reveals Strong Demand If the price maintains support above the $1 level and network growth continues to trend upwards, Cardano could be primed for its next bullish move. With the growing number of daily active addresses and a significant gap to its ATH, the potential for a strong rally remains intact. Investors are watching closely to see if Cardano can sustain this momentum and capitalize on the surging network activity in the coming months. ADA Demand Remains Strong Cardano is trading at $0.93 after an impressive 250% run from November 5 to its yearly high of $1.15. The price has since retraced more than 17% since Saturday morning’s peak, as it now attempts to find strong demand above the $0.90 level. This retracement is part of the natural consolidation process following a sharp rally, and ADA must hold above $0.90 to maintain bullish momentum. If ADA manages to hold above this level, it could position itself for a potential breakout, with the next key supply levels lying above $1.25. Such a move would indicate that the current pullback is simply a healthy correction before another leg up. However, if ADA loses the $0.90 level and fails to reclaim support, a deeper correction could follow, potentially bringing ADA to test lower levels. In that case, the next critical support zone would likely be closer to the $0.80 mark, where ADA might find further demand. Related Reading: Massive Ethereum Buying Spree Taker Buy Volume hits $1.683B In One Hour Overall, ADAs price action remains bullish in the longer term, but it needs to maintain support above the $0.90 mark to continue its upward trajectory and reach new supply levels above $1.25. Featured image from Dall-E, chart from TradingView

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XRP Network Activity Surges As Price Seeks To Break $0.55 Resistance

The entire crypto market is enjoying a strong surge, yet XRP has been lagging, remaining stuck below the crucial $0.55 level since the start of October. Analysts and investors are closely watching for signs of strength and confirmation that XRP is poised for significant gains in this market cycle.  Key data from Santiment offers a glimmer of optimism. It shows a notable spike in active wallets on the XRP Ledger, which could signal growing interest and accumulation. Related Reading: Dogecoin Breaks Above $0.12 Level Time For DOGE To Catch Up? As the broader market continues to push higher, the coming days are pivotal for XRP. Investors hope for a breakout from the weeks of sideways consolidation that have kept its price action subdued.  A decisive move above $0.55 could ignite bullish momentum and put XRP on track to catch up with the broader market rally. For now, the market eagerly awaits further developments, with many anticipating that XRPs moment may finally be approaching. XRP Ledger Activity Signals A Shift XRP remains one of the most popular altcoins in the crypto market, yet many investors are increasingly concerned as the price has struggled to reclaim local highs around $0.65. Despite the lack of upward momentum, critical data from Santiment offers a glimmer of hope.  The XRP Ledger recently experienced a significant spike in activity, with 35,799 unique wallets making at least one transfer daily, marking the highest activity level in over three months. In addition, 3,858 new wallets were created in a single day, the largest increase over seven months. This surge in network activity is a promising sign for XRP, as spikes in active wallets and new addresses often precede major price movements. The growing interest in XRP could be an early indicator of an impending shift in price action, especially as the broader market trends upwards.  However, the price must still exceed the local highs of around $0.65 to confirm a bullish trend. While the network data points to potential growth, the coming weeks will be crucial for XRPs price movement.  Related Reading: Bitcoin Whales Grew Substantially During Last Dip, Data Shows Large-Holder Accumulation If it can reclaim key resistance levels, XRP may finally align with the overall markets bullish sentiment, providing a more optimistic outlook for its investors. Price Action: Technical Levels To Watch XRP is trading at $0.555 after three weeks of sideways movement. It remains below the 4-hour 200 exponential moving average (EMA), but it is now testing this key indicator as resistance.  A successful breakout above the 200 EMA, followed by consolidation and holding it as support, would likely signal a surge to higher supply zones around $0.60 and potentially $0.65. This breakout would confirm renewed bullish momentum, encouraging investors to wait for a clear upward trend. However, if XRP fails to break above the 200 EMA and these critical resistance levels, a retrace to $0.52 or even lower could be imminent. Failing to breach this resistance would point to further consolidation or even a correction as the market seeks lower liquidity levels.  Related Reading: Solana Struggles To Break $160 Resistance As Top Analyst Predicts A Coming Surge As XRP continues to test this key technical level, the next few days will be pivotal in determining whether the altcoin can finally break out of its range-bound trading and follow the broader market’s bullish sentiment. Featured image from Dall-E, chart from TradingView

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XRP Bucks Market Trend as Proponents Remain Optimistic About Lawsuit Outcome

Although the crypto economy has dipped 1.5% in value over the past 24 hours, XRP, the sixth-largest digital asset by market capitalization, has posted gains recently. In the last week alone, XRP has surged over 10%, and year-to-date, this digital currency has increased by 35% against the U.S. dollar. XRP Defies Market Trends as Network [...]

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