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APE’s momentum slows down and a pullback looked likely — but what can follow?

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APE’s momentum slows down and a pullback looked likely — but what can follow?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • The momentum on the 12-hour and the daily timeframe was bullish but the lower timeframe momentum began to shift
  • A pullback to an area of interest can be a buying opportunity but will be risky

Bitcoin has climbed past the $17k mark in recent days and traded at $17.4k at the time of writing. It faced intense resistance near the $17.6k and $17.8k marks. A drop for the king of crypto will likely drag the rest of the market down as well.


Read ApeCoin’s Price Prediction 2023-24


ApeCoin also traded within a higher timeframe zone of resistance. A pullback was likely for APE, but this could be followed by a northward move. Will Bitcoin’s rejection, if it occurs, break this setup for ApeCoin? Or can traders wait for a bullish breakout over the next few days?

APE posts a bearish divergence on the 4-hour chart as it bounds into a resistance zone

Source: APE/USDT on TradingView

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On the daily timeframe, the red box marked a bearish order block that ApeCoin registered on 5 November. This move upward to $5.25 was followed by a sharp drop to the $2.82 level just a few days later.

The intense reaction at this zone of resistance marked it as a place where a similar reaction could occur once more. A rejection remained likely, and only a daily session close above $5.25 could flip this bias.


How many APEs can you buy for $1?


On the four-hour chart, the RSI was receding even as the price climbed higher- a bearish divergence. Hence the bullish momentum was visibly slowing, even as the OBV climbed higher to indicate steady buying pressure.

A rejection at the order block could see a pullback to the bullish breaker at the $4.4 zone. The $4.26-$4.37 area also has an inefficiency on the chart, highlighted in white. A push beneath this inefficiency to $4.14 was a possibility before a jump upward.

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Mean coin age showed some accumulation but profit taking was also a possibility

The weighted sentiment was near neutral, and had pushed strongly positive right after Christmas. At that time a bullish price action did not follow. In the past week, the 30-day MVRV ascended steeply and breached the highs from late November. The inference was that holders can look to sell and take profits.

Combined with the price action, this added to the evidence behind the idea of a pullback.

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2miners.com

Ethereum Classic’s Hashrate And Price Trend Lower After Ethereum PoW To PoS Transition

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Ethereum Classic’s Hashrate And Price Trend Lower After Ethereum PoW To PoS Transition

Just before the Ethereum network transitioned from a proof-of-work (PoW) blockchain to proof-of-stake (PoS), Ethereum Classic’s hashrate saw a significant increase. Three days after The Merge, Ethereum Classic had 214.37 terahash per second (TH/s) of hashrate. However, since then, the network’s hashrate has decreased significantly as 44.33% of it has been lost over the last 134 days.

Ethereum Classic Loses Luster After The Merge

Ethereum Classic (ETC) was the center of attention just before Ethereum’s (ETH) big transition, but has since lost its PoW dance partner. Since Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS), the Ethereum Classic (ETC) network has seen an increase in hashrate. On Jan. 17, 2022, ETC had 23.87 terahash per second (TH/s) of hashrate. As of Jan. 30, 2023, over a year later, Ethereum Classic has a total of 119.32 TH/s in hashrate, a 399% increase in 12 months. However, 134 days ago, ETC’s computational power was more than 44% higher.

ETC’s price and hashrate both saw a significant increase on Sept. 15, 2022, the day of the Ethereum transition from proof-of-work (PoW) to proof-of-stake (PoS). On that day, ethereum classic (ETC) was valued at around $35.81 per coin, after reaching $39 per unit the day prior. Ethereum Classic’s price was on fire at the time, but it has since cooled off like a wet campfire. As of Jan. 30, 2023, ETC is trading at $22.98 per unit, a decrease of 35.82% from its value after the transition. Archive.org records show that on Sept. 18, 2022, 214.37 terahash per second (TH/s) was dedicated to the Ethereum Classic network.

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Presently, F2pool is the largest Ethereum Classic mining pool, with 26.91 terahash per second (TH/s) of the total 119.32 TH/s, equating to 22.55% of the network’s hashrate. Ethermine.org follows with 16.48 TH/s, accounting for about 13.81% of ETC’s hashrate. The other mining pools in the top ten include 2miners.com, Ezil.me, Dogpool.one, Hiveon.net, Poolin, richpool.pro, Pool.btc.com, and Antpool. These ten ETC mining pools have a total hashrate of approximately 95.11 TH/s.

Moreover, Ethereum Classic had approximately $873,161 in total value locked (TVL) in decentralized finance (defi) protocols on Sept. 15, 2022. As of today, the TVL in Ethereum Classic defi protocols has decreased 56.84% to $376,803. Currently, the decentralized exchange (dex) platform Hebeswap dominates with 58.74% of the TVL, amounting to $221,335. However, Hebeswap was also the dex with the worst seven-day TVL decrease of -6.87% in the past week.

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2miners.com, Altcoins, Antpool, COIN, computational power, decentralized exchange, decentralized finance, Decrease, Defi protocols, Dogpool.one, ETC, Ethereum, Ethereum Classic, ethereum classic (ETC), ethermine.org, Ezil.me, F2Pool, Hashrate, Hebeswap, hiveon.net, increase, mining pool, Pool.btc.com, Poolin, Price, Proof of Work, Proof-of-Stake, richpool.pro, seven-day decrease, terahash per second, total value locked, transition, TVL, unit, Value

What do you see for the future of Ethereum Classic? Let us know what you think about this subject in the comments below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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$3 Billion

Stablecoin Economy Sheds Another $3 Billion In 44 Days

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Stablecoin Economy Sheds Another $3 Billion In 44 Days

The stablecoin economy continues to deplete as more than $3 billion has been erased from the stablecoin market ecosystem over the last 44 days. While statistics show that tether’s market valuation has risen by 2% over the last 30 days, usd coin’s market cap slid by 2.9%, BUSD valuation shed 7.2% over the last month and gemini dollar’s market capitalization slid by 1.5%.

$3 Billion in Dollar-Pegged Tokens Erased in 44 Days as Stablecoin Swaps Represent Nearly 80% of Global Crypto Trade Volume

The overall value of the top stablecoins by market capitalization has shed roughly $3 billion during the last 44 days or since Dec. 15, 2022. At that time, the stablecoin economy was worth $141.07 billion. On that day, stablecoin swaps represented $44.55 billion of the $53.91 billion in global trade volume.

The total market capitalization of the entire stablecoin economy on Jan. 28, 2023.

After losing more than $3 billion, the stablecoin economy is valued at $138.07 billion, and stablecoin trades equate to $46.33 billion of the $58.76 billion in global trades on Jan. 28, 2023. Out of the top ten stablecoin assets, three market capitalizations have lost value during the last 30 days.

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Statistics show that usd coin (USDC) has shed 2.9% in the past month, and BUSD lost the most with a 7.2% reduction in 30 days. The Binance-affiliated and Paxos-managed dollar-pegged token BUSD has seen a significant number of redemptions over the last few months. At the time of writing, BUSD’s overall market cap in U.S. dollar value is $15.8 billion.

Top five stablecoins by market capitalization on Jan. 28, 2023. USDC shed 2.9% and BUSD lost 7.2% over the last 30 days in terms of tokens in circulation.

USDC’s market capitalization on Saturday is around $43 billion. On Dec. 15, 2022, the valuation was around $45 billion. Similarly, gemini dollar’s (GUSD) market cap was around $591 million 44 days ago, and today it is around $571 million. While there were a few stablecoin projects that saw market capitalizations slide, tether, DAI, trueusd (TUSD), and pax dollar (USDP) saw increases.

Tether (USDT) saw a 2% increase in coins in circulation over the last 30 days. Makerdao’s DAI increased by 1%, and trueusd (TUSD) climbed 25.3% higher. Pax dollar (USDP) rose by 5.1% and Tron’s USDD saw a small increase of around 0.6% over the last 30 days. Liquity usd (LUSD) managed to rise by 24.4% over the past month, and Abracadabra’s stablecoin MIM jumped 3.9%.

While tens of billions in stablecoin assets have been removed since last year, they still represent a dominant force in the crypto economy. Since May 2022, three stablecoin assets have remained in the top ten market cap positions: USDT, USDC, and BUSD. Both USDT and USDC have been in the top ten positions for much longer.

Furthermore, the entire stablecoin economy, valued at $138 billion, represents 12.71% of the entire crypto economy’s value of $1 trillion. In trade volume alone on Saturday, Jan. 28, stablecoins equated to 78.85% of all crypto asset trades worldwide on both centralized and decentralized exchange (dex) platforms. That means more than seven out of ten crypto asset trades today, have been swapped with a stablecoin.

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$3 Billion, 30-days, 44 days, Abracadabra, Assets, Binance, BUSD, BUSD decline, Centralized, Circulation, Crypto, crypto economy, Cryptocurrency, DAI, decentralized exchange, decline, Dollar-Pegged, Dominance, Economy, Gemini Dollar, Global, Liquidity, loss, LUSD, makerdao, market, Market Capitalization, market positions, MIM, Pax dollar, Paxos, redemptions, Stablecoin, Stablecoin Economy, Tether, Tether (USDT), Top Ten, trade, tron, trueusd, usd coin, usd coin (USDC), USDD, Value, volume

What does the recent decline in the stablecoin economy signify for the overall cryptocurrency market? Share your thoughts in the comments.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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All time high

Litecoin’s Hashrate Reaches All-Time High, Difficulty Follows Suit

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Litecoin’s Hashrate Reaches All-Time High, Difficulty Follows Suit

The blockchain network Litecoin’s computational power reached an all-time high (ATH) on Wednesday, Jan. 25, 2023, at block height 2,411,048, reaching 798.43 terahash per second (TH/s). In addition, Litecoin’s difficulty also reached an all-time high this week, hitting 23,505,031 the following day.

Litecoin’s Computational Power Climbs 38% in 30 Days

A significant amount of hashrate has been dedicated to the Litecoin (LTC) network over the last 30 days as the blockchain’s computational power climbed 38% higher from 576 terahash per second (TH/s) on Dec. 28, 2022, to the all-time high of 798 TH/s recorded on Jan. 25, 2023. Currently, Litecoin’s hashrate on Jan. 28, 2023, is around 691 TH/s, which is 20% higher than the hashrate last month. Litecoin’s price has also been climbing higher as LTC’s value increased by 34% against the U.S. dollar in the past 30 days.

On Jan. 25, 2023, LTC’s hashrate tapped an all-time high of around 798 TH/s, and the following day, LTC’s difficulty jumped to 23.50 million.

The all-time high hashrate of 798 terahash per second (TH/s) is roughly 202 TH/s away from a single petahash per second (PH/s), which equates to 0.798 PH/s. Viabtc is the top Litecoin mining pool with 192 TH/s, or 27% of the total Litecoin hashrate. The crypto mining pool Viabtc is followed by F2pool (121 TH/s), Antpool (104 TH/s), Litecoinpool.org (77 TH/s), and Binance (69 TH/s), respectively. All five Litecoin mining pools also participate in dogecoin (DOGE) merge mining through a process called auxiliary proof-of-work (AuxPoW).

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Over the last week, LTC’s difficultly jumped 3.28%, in 30 days it increased 14.80%, and over the last three months it increased 32.41%.

Litecoin will be the first of a few proof-of-work (PoW) cryptocurrencies to halve its mining reward, as its network precedes protocols like Bitcoin Cash (BCH), Bitcoinsv (BSV), and Bitcoin (BTC). The LTC network is expected to reduce its reward from 12.5 LTC to 6.25 LTC on or around Aug. 3, 2023. Litecoin’s difficulty increased to 23.50 million on Jan. 26, and it was 3.28% higher over the last three days. Like Bitcoin, Litecoin’s difficulty adjustment occurs every 2,016 blocks, but LTC blocks are discovered at a rate of about 2.5 minutes per block.

Worldwide Google Trends data for the search term “Litecoin” on Jan. 28, 2023.

This means Litecoin’s difficulty adjustment retargets every three days to keep the block time at a consistent rate. In the last month, the difficulty increased by 14.80%, and it rose 32.41% in the last 90 days. LTC has lost much of its market dominance since its early days, as it was once the second-largest cryptocurrency by market capitalization at the end of Jan. 2014. By the next year, around the same time, it was knocked down to the third-largest cryptocurrency by market cap. In the years following, LTC has gradually dropped to its current 17th position.

Interest in LTC has also dropped since 2013, as data from Google Trends (GT) indicates that, out of a score from 1-100, the search term “Litecoin” reached a score of 6 in 2013. In Dec. 2017, the term reached the highest score of 100, but today the score is half of what it was in 2013, at 3. GT data further shows that the search term “Litecoin” saw a rebound at the end of 2020, and a much larger spike throughout 2021. Most interest in Litecoin comes from Nigeria, the Netherlands, Czechia, the United States, and Slovenia.

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All time high, Antpool, Binance, Bitcoin, Blockchain, computational power, crypto mining pool, Cryptocurrency, difficulty, F2Pool, Google trends, Halving, Hashrate, litecoin, litecoin (LTC), Litecoin interest, Litecoinpool.org, LTC mining, LTC network, Market Capitalization, Mining Reward, network, Proof of Work, terahash per second, ViaBTC

What do you think the future holds for the Litecoin network as it approaches its next mining reward halving in August 2023? Share your thoughts and predictions in the comments below.

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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