Crypto traders holding Ethereum have been put through the wringer this month. Just days ago, the outlook was quite gloomy around ETH's chances of finally earning that long-awaited regulatory stamp of approval for a spot ETF. Analysts largely dismissed such a milestone as nothing more than a pipe dream given the SEC's historical crypto hostility. But just yesterday, Ethereum blasted past $3K, regaining a major resistance level. This blessed event seems driven by not one, but a confluence of positive catalysts potentially aligning, reviving hopes for the spot ETF among ETH holders. So let's unpack all the details of the big developments that happened in crypto in the past 24 hours. Here is a quick rundown of the top headlines: |
- Bitcoin is holding strong above $66K, suggesting the worst volatility may be over. But are we truly entering a bull run phase? What do the experts think?
- Solana's Phantom wallet soared to #3 on the App Store's utility category, behind tech giants Google and Chrome. But what helped Phantom achieve this position?
- XRP Ledger transactions skyrocketed by 108% in Q1 2024 compared to the previous quarter. But what pushed its demand to this extent?
- Ethereum blasted past $3K. But what exactly fueled ETH's rally this week?
- LayerZero Labs hit pause on its "Sybil Hunting" bounty program. But do they already have a solutionto this issue?
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Let's dive into the details! |
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| | GLOBAL MARKET CAP | | $2.43T | | ▲0.28% (24h) | | | 24H MARKET VOLUME | | $60.99B | | ▲30.06% (24h) | | |
| | BITCOIN'S DOMINANCE | | 54.52% | | ▼0.03% (24h) | | | FEAR & GREED INDEX | | 60 | | Neutral | | |
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 | Bitcoin | | | $67,240.7 | | ▲0.2% (24h) | |
|  | Ethereum | | | $3,107.27 | | ▲0.56% (24h) | |
|  | BNB | | | $574.3 | | ▼0.77% (24h) | |
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Data as of: 20 May 2024 11:15 UTC |
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Bitcoin Holding Tight Above $66K |
Bitcoin is holding its ground above that crucial $66,000 support level this week - and a growing contingent of crypto traders are taking it as a strong signal that the worst volatility may already be in the rearview. Despite a few hard moments over the past weeks that saw BTC briefly dip under $57,000 at one point, the OG crypto has reclaimed the $66K zone. A price revival that has many analysts dismissing prospects of any deeper incoming corrections, at least in the near term. Rekt Capital also went on record stating Bitcoin has likely already put in a local bottom according to his analysis. So are we finally and officially entering the "bull run" phase? What do experts think? Read the full story! |
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Ethereum just surged past $3,000 for the first time in over a month. The recent 5.3% price surge that propelled ETH past that milestone appears to be driven by a surprising court ruling that could have profound implications for crypto's ongoing regulatory issue. The rally began brewing last week after April's stalling U.S. retail sales data increased speculation that the Federal Reserve may soon be forced to cut interest rates to reinvigorate economic growth. That classic risk-on backdrop coupled with another potentially bullish development unfolding in the judicial branch. Just days earlier, Robinhood was served with a Wells Notice over regulatory scrutiny of its custodial crypto operations. So what exactly fueled ETH's rally this week? What regulatory case did it win in the court? Read the full story! |
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Monday, 20 May on 3PM UTC |
| Join CMC's Research Lead, Alice, as she shares crucial insights for the upcoming week ahead. |
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Solana's Phantom Wallet Soars to #3 on App Store |
Solana's flagship Phantom wallet has surged up to the #3 in Apple's App Store utility category rankings. The self-custody wallet is now behind only tech titans Google and Google Chrome in that top utility leaderboard. Of course, vaulting up the App Store rankings is never as simple as just pulling in monster user numbers. Metrics like retention rates, uninstalls, in-app purchases and customer reviews all factor into those all-important category positions. Still, Phantom's ability to crack the upper echelons alongside household names should be seen as an undeniable accomplishment. How many users downloaded this app? What are the stats? Read the full story! |
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XRP Ledger Transactions Skyrocket 108% |
Ripple's latest XRP markets report is shedding light on some staggering growth of XRP Ledger (XRPL) in early 2024. According to the Q1 data, on-chain transaction volume across XRPL more than doubled from the previous quarter - surging 108% to clock a massive 251.39 million total transactions. To put that into perspective, the ledger handled "only" 121.03 million transactions during Q4 2023. But what pushed its demand to this extent? Read the full story! |
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Visualize Your Gains and Losses with Portfolio Tracker | |
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CoinMarketCap's Portfolio Tracker provides powerful visualization tools to monitor your crypto investments. Get a clear view of your gains and losses, helping you make informed decisions and adjust your strategies based on real-time data. |
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LayerZero Labs Hits Pause |
Seems like the high-anticipated LayerZero airdrop has devolved into an absolute warzone barely hours after launching its "Sybil Hunting" bounty stage. According to CEO Bryan Pellegrino, the team was utterly overwhelmed by the sheer volume of bounty submissions and appeals that immediately started pouring in. We're talking over 3,000 bounty reports and 30,000 appeals crashing their servers on the first day! In the face of this utter chaos, Pellegrino announced a temporary pause on the entire bounty hunter program for at least the next day or two while they regroup and strategize solutions. Do they already have a solution to this issue? When are they expected to resume this program? Read the full story! |
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And that's a wrap. We will be back with more updates tomorrow! |
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