Increasing Ethereum network use strengthens the case for ETH price rally to $3K
Surging Ethereum network activity and growing adoption of layer-2 scaling solutions pave the way for an ETH price rally to $3,000.
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Surging Ethereum network activity and growing adoption of layer-2 scaling solutions pave the way for an ETH price rally to $3,000.
Ether futures show little confidence in the chance of ETH breaking above $4,000 in the near term.
A surge in Solana network activity, memecoin prices and optimistic derivatives markets could be a sign that SOL is aiming for $180.
Three key Ethereum price metrics suggest ETH is primed for a rally above $3,400.
The pastsix months could have been some of the most significant in Bitcoin's history.However, the continuing decline in prices from historical highs has led toreduced investor activity, resulting in a 20% decrease in average spot volumesamong the largest digital asset exchanges. Compared to June 2023, the resultfor the last month was still more than double.
Crypto Spot Volumes DownMonthly, Yet Growing Annually
June sawthe third consecutive month of declines in spot volumes for the top tencryptocurrency exchanges, dropping to $812 billion from over $1 trillionreported in May.
Accordingto Finance Magnates Intelligence, the month-over-month depreciationaveraged almost 20% in June 2023. Nearly all the exchanges analyzed reporteddecreases. OKX, for example, lost 26%, falling from third place and now out ofthe top rankings.
Huobi tookadvantage of the situation, being the only one to overcome the adverse markettrend and achieve a modest increase in volume by 6% to $72.1 billion.
Yet, as inprevious months, the monthly declines do not reflect the annual condition.Year-on-year volumes are still higher, growing by 120% compared to June 2023,when they stood at $422 billion.
The ranking leaders grew by more than threefold annually, as seen with ByBit and evenfivefold in the case of Huobi.
The CEXindustry has experienced significant growth in 2024. Total aggregate spotvolumes have reached $10.6 trillion in the first half of 2024, compared to$4.32 trillion in the second half of 2023, a 145% increase and demonstratingthe resilience of this sub-sector compared to others within the broaderindustry, commented CCData.
Binance Continues to Leadthe Way
Binance andByBit remain the two largest exchanges by spot volumes. Binance's market sharemodestly decreased by 2 percentage points to 54%, while ByBit's grew by thesame amount to 14%.
OKX,meanwhile, dropped out of the top three and was replaced by Huobi, which now accountsfor 9% of the market share. Binance, ByBit, and Huobi currently account forover 75% of the total turnover among the top ten exchanges by spot volumes.Binance also recently reported that it surpassed the 200 million user mark.
Thecryptocurrency market is now entering a quarter that historically has been oneof the worst for Bitcoin returns. The oldest cryptocurrency barely held aboveits February lows, bouncing back from the $53,000 level.
Throughoutthe summer, significant selling pressure may persist on digital assets, drivenby the monetary policies of major central banks and the liquidation of assetsbelonging to Mt. Gox.
This article was written by Damian Chmiel at www.financemagnates.com.
BNB Chain activity and BNB derivatives indicate a healthy bull run, but no room for further upside.
Bitcoin (BTC)has been maintaining its multi-month highs for another consecutive month, justa step away from its historical highs. It is driving investor activity and,consequently, the trading volumes of the largest crypto exchanges. In May, thespot volume for the top ten platforms exceeded $1 trillion, growing by 173%compared to the same month a year earlier.
Cryptocurrency ExchangeVolumes up YoY, but Falling in 2024
Looking atthe statistics of the largest cryptocurrency exchanges in terms of volume, we notice that May brought the second month of declines after arecord-breaking March. April saw a 60% plunge post-halving, and the month-over-month depreciation averaged 22% in May.
All exchanges included in the Finance Magnates analysis recorded visible declines between April and May. The leading platform, Binance, gave up 22%, and itsvolume shrank to just under $550 billion.
Thedecline in trading activity follows previous historical patterns, where tradingvolumes on centralised exchanges decreased in the months following the Bitcoinhalving event, CCData commented in its newest report. However, the addedvolatility stemming from the unexpected approval of an Ethereum ETF has boostedtrading activity in the last few days of the month.
However, itshould be emphasized that compared to the previous year, these results arestill multiple times better. In May 2023, the total volume for the top tenexchanges was $367 billion, which is less than the current monthly volume ofBinance alone. In the meantime, the biggest crypto exchange exceeded the 200 million registered users mark.
Theturnover of Binance, compared to May 2023, grew by 151%. In the case of therecord holder, which turned out to be Bybit, the jump was over 560%, from alevel of less than $18 billion to $119 billion last month.
Huobi alsorecorded a significant year-over-year (YoY) volume increase, with this value jumping by nearly 400% from less than $14 billion. Only three out of ten exchanges reported YoY growth of less than 100%.
No Change on the Podium,but with Reshuffles in the Top Positions
The firstthree places in terms of volume still belong to Binance, Bybit, and OKX, andthey also have the largest percentage share of the market, which totals 75%.
However,there have been changes in the fourth and fifth positions. Due to strongmonthly volume declines of over 40%, the Upbit exchange dropped out of the top,while Coinbase jumped to fourth place (volume of $89 billion), and Huobi rankedfifth ($71 billion).
This article was written by Damian Chmiel at www.financemagnates.com.SEI has seen a bullish breakout occur for the first time since October and it remains above important support.
After arecord-breaking March driven by equally impressive Bitcoin (BTC) performance,spot volumes on the top 10 cryptocurrency exchanges dropped by more than 60% inApril. According to a benchmark by Finance Magnates Intelligence, theirtrading volume fell from $2.1 trillion in March to just under $1.3 trillion inApril.
Cryptocurrency ExchangeVolumes Plummet Post-Bitcoin Halving
In March,volumes on the largest cryptocurrency platforms reached their highest levels innearly four years, increasing by an average of 120%. This surge coincided witha new all-time high (ATH) for Bitcoin, recorded on March 14, when the pricetested nearly $74,000, sparking significant investor activity.
In April,anticipation centered on Bitcoin's halving, which reduced the reward for miningnew BTC blocks, historically leading to strong price increases. However,post-halving, the price has dropped, losing over 16% from its ATH.
Consequently,volumes on major exchanges also declined, with monthly drops averaging 64%.KuCoin saw the most significant decline, with a 150% decrease to $30 billion,and Upbit experienced a 135% drop to $94 billion.
Thisdecline followed unexpected macroeconomic data, an escalation in thegeopolitical crisis in the Middle East, and negative net flows from U.S. spotBitcoin ETFs, leading to major crypto assets retracing the gains they made inMarch, commented CCData in its newest crypto exchange volumes report.
Binanceremains the market leader, accounting for 54% of total trading volume with $699billion in April 2024. ByBit secured the second spot with 11%, followed by OKXwith 9%. This reshuffling saw Upbit fall from second to fifth place, ByBit riseto second, and OKX take third.
The spottrading volume on Binance fell, recording the first decline in spot volumes, onthe exchange since September 2023, CCData added.
Annual Spot Volumes StillRising
ComparingApril 2024 to April 2023, the results are not as bleak. Average year-over-year(YoY) volumes grew by 155%, demonstrating a robust growth trend compared to theprevious year.
ByBit ledthe charge with a 610% increase, rising from just under $20 billion to $138billion over the year. Huobi saw nearly a fourfold increase in spot volumesfrom $15 billion, and OKX's volumes doubled.
Bitcoinfailed to build on the momentum of the week prior, with the price not able tomake a higher-high above the $66,800 level, commented Simpon Peters, MarketAnalyst at eToro. Instead weve seen a retreat back towards the $60,000 mark,which has been tested on numerous occasions since March.
This article was written by Damian Chmiel at www.financemagnates.com.
Marchproved to be another breakthrough month for the cryptocurrency market, withspot volumes on the 10 largest exchanges growing by an average of 119% comparedto March, responding to Bitcoin's historical highs, which tested levelsabove $73,000.
Tradingactivity among investors on the largest centralized platforms reached levelsnot seen since May 2021. The record-breakers over the past year, on the otherhand, grew two, three, or even six times.
Cryptocurrency VolumesContinue to Grow for Six Months Straight
In March,Bitcoin closed its seventh consecutive month of uninterrupted growth, addinganother 17% to its value and setting a new all-time high. As a result, thevolumes of the most popular cryptocurrency exchanges grew dynamically,increasing on average by more than 100% compared to February.
I believethat crypto, in general, is gaining more momentum as it finds increased usecases, shifting regulatory landscape and positive price action which indicatesprice recovery, Vivien Lin, Chief Product Officer at BingX, commented forFinance Magnates. With spot trading on the rise, we can use this a goodindicator of newer entrants to trading since it is one of the moststraightforward strategies.
"The combinedspot and derivatives trading volume on centralized exchanges rose 92.9% to anew all-time high of $9.12tn, as traders flocked to the markets while Bitcoinalso reached new all-time highs," commented CCData in its newest marketreport.
Theundisputed leader of this list remains the Binance cryptocurrency exchange,whose volume increased to $1.13 trillion from $506 billion reported inFebruary, an increase of 123%. Binance's market share thus gained onepercentage point and increased to 54%, Upbit accounted for 11% of all activity,ByBit for 9%, and OKX ranked fourth with 8%.
"Spottrading volumes continue to outpace the derivatives markets, with volumesrising 108% to $2.94 trillion, the highest monthly figures since May2021," added CCData.
Record Annual VolumeGrowth, ByBit Up 600%
Althoughthe monthly increases are impressive, the average annual increases were morethan 150%, and the record-breakers gained much more.
"Aresurgent cryptocurrency market has defied the naysayers who dismissed therapidly evolving digital token space as nothing more than hype," commentedAviessa Khoo, the Executive Director at Mercuryo Singapore.
Among them,the ByBit exchange recorded the largest development, with volumes growing 633% from $25 billion to $189 billion compared to March 2023. Huobi ranked second in this list, with growth amounted to 341% from $19 billion.
Upbit,Coinbase, and KuCoin volumes grew over 200% year-on-year (YoY). The remaining exchanges grew over 100%, with Kraken being the only exception. Its volume increased YoY 76% to $49 billion from $28 billion reported inMarch 2024.
The marketis keenly anticipating the upcoming halving event, scheduled to occur in just twoweeks. Historically, halvings have led to substantial increases in Bitcoin'sprice, and analysts already speculate that it could soon hitsix-figure prices. The increasing importance of the newly introduced crypto spot ETFs cannot be forgotten.
The totalmarket cap of crypto in general is predicted to rise greatly by end of year,forecasted Lin. With new institutional entrants, an upcoming halving andgrowing retail demand, these factors combined with a larger trader base makefor building a healthy ecosystem.
This article was written by Damian Chmiel at www.financemagnates.com.
Solana Total Value Locked (TVL) in SOL terms has reached a record high, indicating a growing interest in decentralized finance (DeFi) on the Solana blockchain. The surge in TVL reflects the increasing adoption and activity within the Solana ecosystem, particularly in decentralized exchanges (DEX) where trading volumes are showing remarkable strength. With the rising TVL [...]
The post Solana TVL Surges in SOL Terms as DEX Volumes Demonstrate Strength: How will SOL Price Respond? appeared first on Crypto Breaking News.
The recent surge in Bitcoin’s price to $88.5K has left bears in the dust as spot volumes reach new highs. Despite concerns about a potential tariff war dampening the party, the cryptocurrency market remains resilient. Bitcoin’s impressive rally has defied expectations and surpassed many analysts’ predictions. The surge in spot volumes indicates strong demand among [...]
The post Bitcoin Surges to $88.5K, Crushing Bearish Sentiment as Trading Volumes Skyrocket – Could a Tariff Conflict Spoil the Celebration? appeared first on Crypto Breaking News.
Bitget, one of the biggest cryptocurrency exchanges by volume, has released its Q1 2024 Transparency Report, revealing visible growth across various metrics. Thereport highlighted a 100% increase in both spot and futures trading volumescompared to previous quarters, along with a significant rise in the value ofits platform native token, BGB.
Bitget Reports Growth inQ1 2024 Transparency Report
Accordingto the report, Bitget's futures trading volume reached approximately $1.4trillion, an escalation of 146% from the previous quarter. The exchange witnessed thehighest increase in derivatives market share, with a growth of 2.4% in Marchalone. The spot trading volume also saw a substantial uplift of 113%, surpassing$60 billion in Q1 2024.
According to an independent report by Finance Magnates Intelligence, these figures coincide with the overall boost in volumes across the cryptocurrency industry.In March, spot volumes for the largest cryptocurrency exchanges grew 119%compared to the previous year and over 100% compared to February.
Bitget'suser base has expanded significantly, now serving over 25 million usersacross 100+ countries and regions.
"Thisyear, Bitget is doubling down on its commitment to enhance our spot marketofferings, Gracy Chen, the Managing Director of Bitget, commented. We aim notonly to bolster our market position but also to contribute tremendously to thebroader crypto ecosystem, supporting startups with high potential togrow."
Thanks @CryptoSlate for featuring us. Proud to become the world's largest #crypto copy trading platform! With over 25 million users globally, #Bitget now stands proudly as a Top 5 crypto exchange on various lists.Explore our latest achievements
Bitget (@bitgetglobal) April 11, 2024Bitget Bets on Its CryptoToken
Theplatform's native token, BGB, had a really good run last quarter, breaking itsall-time high and surpassing the $1 mark in February. Since the beginning of2023, BGB has delivered gains of 434%, outperforming Bitcoin and establishingitself as a top performer among centralized exchange tokens.
Currently,it is one of the 70 largest cryptocurrencies, with a market capitalization ofover $1.8 billion and a daily trading volume of $81 million. Binance exchange's BNB token has a market capitalization of $89 billion.
Bitget's listingstrategy led to the introduction of 186 new tokens in the first quarter,expanding its offerings to over 750 tokens and 820 spot trading pairs. Severaltokens, such as XAI, GPT, and PIXEL, experienced extraordinary growth, surgingover 3000%.
Accordingto the latest exchange report, more people are tradingcryptocurrencies in Europe. In Germany alone, the number of traders hasescalated 69% over the year.
In the meantime,Bitget Wallet hired a new Chief Operating Officer, Alvin Kan, to accelerate its globalexpansion.
This article was written by Damian Chmiel at www.financemagnates.com.
The rise ofBitcoin (BTC) to historical highs has led the cryptocurrency exchange Bitget toincrease its number of clients to over 25 million and achieve a significantjump in spot and futures volumes in February.
Bitgets User Base Surgesto 25 Million amid Crypto Market Boom
Just threemonths ago, Bitget boasted its 2023 results, in which it increased its clientbase from 8 to 20 million and nearly doubled its trading volumes. Given thatthe beginning of 2024 has brought a dynamic increase in the broadcryptocurrency market, and these have continued to attract the interest ofretail investors, Bitget added another 5 million investors in the first twomonths. As a result, the exchange surpassed the milestone of 25 millionclients.
"Thismilestone, coupled with our strategic expansions and innovations underscoresour commitment to providing the most dynamic and secure trading environment forour users, commented Gracy Chen, the Managing Director of Bitget.
Recent moves aimed at global expansion aided the acquisition of new clients. To this end, in February, the company hired Alvin Kan as the new Chief Operating Officer. It further announced plans to leverage its partnership with Leo Messi, a global football legend, more effectively to attract traders inLatin America.
Atención #Argentina #MuyPronto El #FootballChallenge que estabas esperando. Mantenete atento!Buenos Aires #Argentina¿Qué te gustaría que ocurra?#HacéQueCuente#MakeItCount@bitgetglobal #EventWithBitget#Staytuned pic.twitter.com/tMh4FwB8SX
Bitget Español (@BitgetES) February 19, 2024Bitgets Spot and FuturesVolumes Jump in February 2024
Thecryptocurrency market experienced a notable uptick in momentum during February,with the total open interest in BTC and Ethereum (ETH) reaching newhighs. This bullish trend was amplified by the excitement in the AIsector, particularly driven by the advancements in OpenAI's Sora project.
Thisoptimism is reflected in the trading volumes of Bitget, which experienced an increase of 21% in the spot market and an uplift of 22% in the futures market, despite areduction in trading days due to the Lunar New Year holiday. Additionally, theplatform's native token, BGB, enjoyed a surge of 64%, surpassing the $1 thresholdand achieving a record high of $1.15.
Thecompany's copy trading feature additionally continued to grow, with 5,200 professionaltraders and over 21,260 new followers joining the platform in January. Bitgetmaintains its position as the leading global crypto copy-trading exchange, withtraders collectively sharing over 780,000 USDT and followers gaining nearly11.4 million USDT in profits.
The futurelooks incredibly bright, and we're just getting started, Chen concluded.
This article was written by Damian Chmiel at www.financemagnates.com.
HyperLiquid DEX Trading Volumes Impact CEX Market Share Data A recent analysis of trading volumes in the cryptocurrency market has revealed that decentralized exchanges (DEX) like HyperLiquid are making significant strides in cutting into the market share traditionally held by centralized exchanges (CEX). The data shows that more and more traders are turning to DEX [...]
The post Data shows Hyperliquid DEX trading volumes impacting CEX market dominance appeared first on Crypto Breaking News.
The XRP cryptocurrency has experienced a surge in spot market trading volumes, signaling a potential continuation of its parabolic price rally. Analysts are optimistic about the next stage of XRP’s price growth as the increased trading activity suggests growing investor interest in the digital asset. Market experts believe that the rise in spot market volumes [...]
The post Analyst Predicts Parabolic Price Rally as XRP Spot Market Volumes Surge appeared first on Crypto Breaking News.
The outlook for Ethereum’s price has taken a hit as decentralized exchange (DEX) volumes on the Ethereum network plunged by 34% in just one week. This significant decrease in DEX activity is raising concerns about the impact on Ethereum’s price. The drop in DEX volumes is a worrying sign for Ethereum investors and traders, as [...]
The post Ethereum DEX Volumes Plummet 34% in One Week, Casting Shadow on ETH Price Outlook appeared first on Crypto Breaking News.
The Bitcoin(BTC) rally to historical highs in February has caused a significant increasein spot trading turnover on the largest cryptocurrency exchanges. There has been a notable reshuffle among the top platforms: thanks to a sevenfoldincrease compared to February 2023, ByBit is currently the second-largestexchange in terms of volume, surpassing UpBit, OKX, and Coinbase.
Crypto Spot Volumes Growsfor 5 Months, ByBit Becomes the Second-Largest Exchange
AlthoughFebruary was a shorter month in terms of trading sessions, the dynamic Bitcoinrally and the test of historic highs above $69,000 provided tremendous fuel forthe growth of trading activity indicators.
This isalso evident from the spot volumes of the ten largest exchanges, whose turnovergrew 5% from the $916 billion reported in January to nearly $960 billion inFebruary. The result marks the fifth consecutive month of growth and asignificant improvement compared to February 2023. On a year-over-year (YoY)basis, volumes jumped 22%, growing from $783 billion.
"In February, the combined spot and derivatives trading volume on centralized exchanges rose 2.28% to $4.73tn as trading activity remains at a heightened level with Bitcoin nearing new all-time highs," CCData commented in its newest volume report.
There wasalso a reshuffle among the top five exchanges regarding volume. ByBit jumped tosecond place, growing 16% month-over-month and an astonishing 708% YoY,reaching a volume of $97.4 billion. As a result, it overtook Upbit and OKX,whose monthly volumes slid 13-14%. Coinbase remains in fifth place with aresult of $73 billion.
"The exchange also recorded its highest-ever daily spot trading volume onFebruary 28th, trading $8.58 billion," CCData added.
Thesechanges significantly increased ByBit's share of the entire spot trading market, which currently stands at 10%. Binance remains the undisputed leader, and its share grew by four percentage points compared to January. As aresult, Binance's turnover currently accounts for more than half of the spotmarket.
Annual Volume Growth forMost Exchanges
Binance isthe only exchange that experienced a decline in volume, dropping modestly by 7% compared to February 2023. However, other platforms record high growth rates.Apart from ByBit, which surged over 700% as mentioned earlier, Huobialso saw an almost threefold increase in volume, and Bitfinex doubled its trading activity.
The result increased from $13 billion to over $47 billion for Huobi, while it grew from $4 billion to nearly $9 billion for Bitfinex.
The factthat we are almost halfway through March and the Bitcoin price is still testingnew historical highs above $70,000 suggests that trading volumes of the largestexchanges will record increases this month.
Inparticular, inflows to new ETF funds continue to grow, and Grayscale wants toadd another wave of fresh demand with its newest Mini Bitcoin Trust ETF,offering tax-free crypto exposure.
Moreover,the market eagerly awaits the halving event, which is set to take place in justover a month. In the past, halvings have caused significant price jumps forBitcoin, and analysts are already speculating that it may soon reach six-figurevalues.
This article was written by Damian Chmiel at www.financemagnates.com.
Bank of Americas Merrill Lynch and Wells Fargo’s wealth management arm have reportedly begun offering some clients access to spot bitcoin exchange-traded funds (ETFs). Other investment platforms that offer some clients access to spot bitcoin ETFs include Fidelity, Charles Schwab, Robinhood Markets, and UBS. Major Banks Embrace Bitcoin ETFs Bank of Americas investment arm, Merrill [...]
The post Bank of America Merrill Lynch and Wells Fargo Begin Offering Spot Bitcoin ETFs to Clients, Report appeared first on Crypto Breaking News.
A recent study by Dappradar discloses the May loan volumes for non-fungible tokens (NFTs) reached a high of $375 million. The findings emphasize the significant influence of Blur within the NFT lending market, as the NFT marketplace platform constitutes 82% of the entire value settled in the NFT lending sector. Blur Emerges as NFT Lending
The post Blur Dominates NFT Lending Market With 82% of All Loan Settlements Across the Sector, Dappradar Study Reveals appeared first on BTC Ethereum Crypto Currency Blog.
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