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On December 30th, Senior Analyst at Arcane Research Vetle Lunde posted a thread highlighting the largest crypto exchange’s substantial list of accomplishments in 2022. According to him, “Binance dominates the crypto market.” He asserts that “Binance is the clear winner of 2022,” with 92% of the spot volume, 66% of the worldwide perp volume, 49% of the […]
Arcane Crypto and Opennode teamed up to release a Bitcoin Lightning Network research paper detailing growth in the network, adoption and plateaus.
Bitcoin’s “scaling solution” for fast payments, the Lightning Network, is becoming increasingly popular around the globe.
The post Bitcoin Lightning payment volume increased 400% in a year, here’s why appeared first on CryptoSlate.
Out of 172 institutional clients surveyed, leading global investment bank Goldman Sachs found out that 51% of them had crypto exposure. (Read More)
While the recent market downturn has sent cryptos down -30% on average, DOGE and SHIB have dropped more than twice.
Leading data analysis platform Arcane Research published an extensive report on Tuesday titled, ‘The Weekly Update’, highlighting major events that dominated the crypto market along with providing numerous predictions focusing primarily on Bitcoin [BTC], altcoins, nonfungible tokens [NFT], etc. Here’s what crypto investors can expect moving forward. Bitcoin will remain closely linked to that VIX. […]
The research firm made numerous predictions about crypto in 2022 about the price, regulations, Bitcoin's hashrate, and even the fate of XRP and ADA.
It’s official, this was Binance Coin’s year. There are no two ways about it, BNB crushed it throughout 2021 and cemented itself as the third more popular coin in the world by market capitalization. Not a small feat, considering the phenomenal year that altcoins had. Several projects had their moment in the sun, capturing capital, headlines, and attention. No one got near Binance Coin, though. Binance Coin's stellar performance | Source: The Weekly Update According to Arcane Research’s The Weekly Update: “Bitcoin may have beaten the stock market in 2021, but it has been left in the dust by other cryptocurrencies. Binance Coin (BNB) is the best performer of the three biggest cryptocurrencies by market cap, with a 1344% gain. The Binance Smart Chain ecosystem has seen massive growth in 2021, taking some market share from Ethereum.” That’s why they dubbed Binance Coin as “the winner of 2021,” and their point is well taken. However, there’s more to the story. Binance as a company was in hot water for a while there. And their own validators blasted the Binance Smart Chain, saying things like, “There doesn’t appear to be any reasonable testing process in place. Every update appears to make things worse.” Let’s explore the Binance Coin ecosystem’s tumultuous year. Big Projects Decided To Operate On The Binance Smart Chain There’s no denying it. As The Weekly Update says, “Ethereum has lost its indisputable position as the “one and only” smart contract platform.” And Binance has a lot to do with that. A controversial project from the start, the Binance Smart Chain has been dubbed a centralized Ethereum clone. And the critics have a point. However, even though the Binance team did fork Ethereum’s code, they were always upfront with the direction of the project. In BSC’s documentation, the team shamelessly claims that the “Binance Smart Chain uses a consensus model called Proof of Staked Authority (PoSA). (…) This consensus model can support a short block time and low fees, and it only requires 21 validators to run.” Contrast that with the 11.000 nodes that reportedly support the Ethereum ecosystem. However, their plan worked and projects flocked to it: “Binance Smart Chain was developed explicitly to solve Ethereum’s rising gas fees and offers faster, scalable, and cheaper transactions. In the past, several alternative blockchains have tried to become ‘Ethereum Killers’ but couldn’t succeed in capturing new project’s interest. However, Binance Smart Chain is hosting numerous blockchain, Defi, and crypto projects.” Problems And Connection To The Binance Coin However, as in Ethereum’s case, success came with scalability problems. A set of validators took to GitHub to raise concerns about the state of the network and how running a complete node’s cost has increased tremendously. “There is no code review, patches are simply committed, in most cases even without a proper description of what they do or what problem they try to solve,” the original poster said. “I’ve rarely seen something handled so unprofessionally,” the OP accused. “I have many full nodes running there and now all of them are unable to sync. Each of these servers costs me $800 per month (previously only $200), then you told me that I need faster bandwidth and disk which means the cost will keep rising,” a commenter claimed. What does this have to do with the Binance Coin? Everything. As the native currency of the Binance ecosystem, BNB’s success is tied to the success of the whole network. Binance is still doing amazing, but, can Binance Coin holders count on that to be the case in 2022? BNB price chart for 12/29/2021 on Binance US | Source: BNB/USD on TradingView.com Make No Mistake, Binance Coin Won 2021 It was an action-packed year, but Binance Coin rose to the test. Besides the validators uprising, the Binance team took care of these flash loan hacks and kept BNB’s price rising throughout the year. When CZ himself called for other entrepreneurs to create their own coins, NewsBTC was the voice of reason: “Binance is not only the biggest exchange in the world; it also has the most activities, features, things to do. BNB powers all of that. How many coins support that huge of an ecosystem? How many coins have that many use cases? And yes, BNB provides its user with superpowers while in the Binance ecosystem and helps them save money. How many other coins can do something similar?” Let’s not kid ourselves, the Binance Coin AKA BNB is a unicorn. A one-of-a-kind project that did many things right and rewarded the early believers with a phenomenal year. A 1344% increase in price is not something we see every day. Congratulations to Binance Coin for owning 2021. Featured Image: Foundry on Pixabay | Charts by TradingView & The Weekly Update
As the downtrend in the crypto market continues, so does extreme fear. What’s inspiring the sell-off? Is it Omicron? Or is it Evergrande? Is it a conspiracy? Or is it the holidays? All those questions and more have had the Fear and Greed Index pointing left for a month straight. What does this mean? Where do we go from here? That’s what we’re here to explore. Related Reading | Blood In The Streets: Crypto Market Becomes Fearful As Bitcoin Dives But first, let’s talk about the Fear and Greed Index. One of the many Bitcoin indicators, it measures the market’s general sentiment at the moment. Zero is extreme Fear. A hundred is extreme Greed. And the indicator oscillates between those two at any given time. It’s been said that the crypto market is very emotional. The Fear and Greed Index is there to keep investors from making irrational decisions based on sentiment alone. Fear And Greed Index shows Extreme Fear | Source: Arcane Research’s The Weekly Update What’s The Fear And Greed Index Saying Now? According to Arcane Research’s The Weekly Update, fear has settled in: “The Fear and Greed Index has now signaled “Fear” or “Extreme Fear” for almost one month straight. The last time we saw such a prolonged fearful market sentiment was at the beginning of the summer when the market sentiment was fearful for more than two months straight. With the sustained consolidation of bitcoin, the late autumn euphoria has dampened, and the overall sentiment seems very negative at the moment.” The report also says that, “during steady sell-offs, bitcoin tends to outperform the overall crypto market.” And this time was no exception, BTC “outperformed all indexes so far in December, seeing a negative return of -18% after a relatively flat second week of trading this month.” On the other hand, “the Small Cap index has seen a loss of nearly a third of its value in December.“ What does this mean in general? “The bitcoin dominance has risen by 1.13% in the last week. This is the third time we’re seeing bitcoin dominance bottom at 40% in 2021. The last two times were May 19th and Sep 13th. It seems that the 40% threshold is a difficult area for alts to sustain” BTC price chart for 12/15/2021 on Eightcap | Source: BTC/USD on TradingView.com What Can We Expect In The Future? To get our dose of technical and on-chain analysis, let’s give the mic to this month’s Fear & Greed Newsletter: “A major factor here is the cycle support band. We cannot ignore the fact that Bitcoin had just closed 2 consecutive weeks below the market support band. Historically, this meant that we’d see a longer consolidation phase before we could have a true reversal in the trend. The takeaway here is this, as long as Bitcoin closes the week below the cycle support band, we shouldn’t expect any major breakout in price to take place.” Every dog has its day, though. A week ago, analyzing a very similar market sentiment, NewsBTC informed you: “A “Fear and Greed” Index on Extreme Fear levels, according to certain analysts, has historically preceded crypto market local bottoms. However, a run into new highs could see an obstacle as the macro-economic outlook turn complex.” Related Reading | Bitcoin Price Bloodbath: Is El Salvador A “Sell The News” Event? It’s also important to remember that only two months ago, we were in a similar situation and the sentiment did a complete 180 in a matter of weeks. “The indicator dipped all the way down to extreme fear on 30th September, but in under two weeks the sentiment has already rebounded back to extreme greed. The report notes that this shows how fast the sentiment can change among the crypto market.” With that being said, and a disclaimer that this isn’t financial advice, in a situation like this there’s only one thing we could say… hodl the line! Featured Image: PublicDomainPictures on Pixabay| Charts by TradingView
Arcane Research says that Lightning Network usage has been on a steep upwards trajectory since late last year, but in September growth went parabolic off the back of El Salvador's Bitcoin adoption.
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