Daily Crypto Update

High-Risk Profit Levels in the Supply of BTC, ETH, and XRP

By AZC News | 2 hours ago

An astonishing 80% of Bitcoin, Ethereum, and XRP supplies currently reside in profit zones well beyond the typical range of 55-75%.

The Bitcoin market is grappling with significant selling pressure, experiencing a 7% decline in the past week and currently stabilizing around the $42,750 mark. Despite robust inflows into Bitcoin ETFs, the overall price movement has been relatively subdued.

Santiment, a reputable on-chain data provider, highlights that Bitcoin, Ethereum, and XRPLedger are currently displaying historically elevated levels of risk for profit, standing at 83%, 84%, and 81%, respectively. These figures surpass the typical ranges of 55%-75%, observed since 2018.

While the cryptocurrency market could potentially witness further growth due to increased ETF exposure and positive news, Santiment emphasizes the importance of a sustained long-term expansion, indicating that a drop below 75% of their supplies in profit would be a crucial indicator.

BTC Forms A Golden-Cross

In another development, Bitcoin has recently formed a "golden cross" as its 50-week simple moving average (SMA) crossed above the 200-week SMA. This phenomenon, occurring on the Bitcoin weekly price chart for the first time, is perceived by market enthusiasts as a positive signal for asset prices.

The concept of the golden cross, signaling a potential long-term bull market, originates from technical analysis and has its roots in Japan. Despite its forward-looking nature, some traders advise caution regarding crossovers, noting that they may be subject to lag due to their reliance on historical data and past price movements. The current golden cross on the weekly chart follows a substantial Bitcoin rally of over 70%, propelling it to $42,700 in the last four months.

Looking ahead at BTC price action, Bitcoin encountered difficulty breaking out of its range and remained below the $43,000 level on Tuesday.

$#Binance Loses 5% Market Share to Surging Competitors

| 5 hours ago
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Despite emerging competition from OKX and Bybit, Binance maintains a 50% market share, showcasing remarkable resilience in a volatile year, according to the latest analysis by leading cryptocurrency research firm Token Insight.

Binance Dominance Wavers: Competitors Gain Ground

The recent dip in Binance's market share is attributed to the conclusion of its popular zero-fee Bitcoin promotion, emphasizing that while promotional campaigns may provide temporary boosts, market fundamentals ultimately dictate outcomes, according to analysts.

Although legal challenges are not explicitly outlined, they likely contributed to this shift. Following the departure of Changpeng Zhao, Binance's dynamic leader, the market share temporarily dropped to 32%. However, a swift recovery propelled it back above 45% by year-end, highlighting the exchange's adaptability.

This competitive landscape is evolving, with OKX securing the second spot with a 16% market share, fueled by strategic partnerships and an innovative platform, marking a 4% gain from the previous year. Bybit closely followed at 12%, capturing a 2.2% share, signaling an intensifying battle for crypto exchange supremacy in the foreseeable future.

Simultaneously, Coinbase staged a notable comeback, surpassing pre-2023 levels despite a mid-year trading volume slump. This resilience suggests a renewed focus on customer experience and regulatory compliance, positioning Coinbase for potential growth and a larger market share in the future.

Gate.io Emerges as Token Leader Amid Crypto Evolution

Beyond the fierce competition for market share, Gate.io has quietly ascended as the king of tokens. Listing an impressive 362 new tokens, totaling over 1,871, the exchange has attracted enthusiasts seeking alternative crypto ventures. This strategic move underscores the expanding diversity of the crypto landscape and the potential for niche exchanges to establish their own realms.
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Here’s Why Ethereum Price May Outperform Bitcoin Recovery in Near-Term
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Ethereum, the second-largest cryptocurrency by market capitalization, has exhibited a notable bullish trend since the second week of January. This period coincided with the much-anticipated approval of the Spot Bitcoin ETF, a development that significantly contributed to Ethereum’s price surge from $2,170 to $2,714. In contrast, Bitcoin displayed continued volatility during this period. As previously reported by Coingape, there was a substantial increase in whale accumulation for Ethereum in December 2023. This trend suggests that ‘smart money’ investors showed a greater inclination towards Ethereum over Bitcoin, despite a historical milestone.

Will Bitcoin continue to rise as Ethereum ETF could be the next topic of investor’s focus?

Ethereum Price Project Strength for Prolong Recovery.

The ETH price may prolong recovery until the expanding channel is intact.

A falling coin price may find a surge in demand pressure $2430 and $2300 supports

The intraday trading volume in Ether is $11.03 Billion, indicating a 10.3% gain.



Ethereum Price| TradingView Chart

The Ethereum coin has rallied in a bullish trajectory for the past four months, where the price jumped from $1522 to a recent high of $2714, registering 77% growth. A look at the daily time frame chart shows that this recovery can be followed using two divergence trendlines which show the formation of an expanding channel.

The coin price rebounded at least thrice from both trendlines indicating the market participants took a stick on this pattern structure. In theory, this chart setup reflects increasing volatility in an asset but provides a directional trend, once price breaks from either trendline.

Amid the current downturn in the market, the Ethereum price recently reverted from a $2714 high to a plunge of 7.25% to $2517. This bear within the chart range could tumble the ETH value another 8-9% to lower the trendline around $23
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$BTC Ethereum Surpasses Bitcoin with a 20% Performance Boost

 14 hours ago.....

ETH's surge is supported by heightened on-chain engagement and market expectations for a network upgrade and spot ETF. The question lingers: will these factors suffice?

During the initial three days on the market, spot Bitcoin ETFs recorded a cumulative trading volume of around $10 billion, maintaining Grayscale Investments$ETH #BTC and BlackRock as frontrunners in this sector.

Grayscale's recently transformed Bitcoin Trust ETF (GBTC) reported Tuesday's trading volumes at approximately 25 million shares, equivalent to $970 million, based on data from Yahoo Finance analyzed by Blockworks. This followed trading volumes of $2.3 billion and $1.8 billion on Thursday and Friday, respectively.

Despite the substantial trading activity, the elevated volumes for GBTC did not indicate a net influx of funds. According to a CoinShares report released on Monday, the trust experienced net outflows of $579 million last week. Although recently converted to an ETF, GBTC had its origins in 2013 and currently manages approximately $27 billion in assets.



Industry analysts, as reported by Blockworks last week, anticipated continued outflows for GBTC over time, citing its comparatively high fee of 1.5% compared to competitors.

On the other hand, BlackRock's iShares Bitcoin Trust (IBIT) recorded trading volumes of nearly 15 million shares, amounting to approximately $370 million on Tuesday. Simultaneously, the Fidelity Wise Origin Bitcoin Fund (FBTC) saw around 8.2 million shares, valued at approximately $310 million, traded during the day.

Uncommon for Ether to Outperform Bitcoin by 15%

The last occurrence of Ether outperforming Bitcoin by 17% took place 14 months ago, as Ether surged from $1,305 to $1,615 within seven days leading to October 29, 2022. However, the subsequent closure of the gap occurred swiftly in the following 11 days, with ETH crashing below $1,100 on November 9, 2022.

Binance and Gulf Energy Launch Crypto Exchange in Thailand

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Gulf Binance, a partnership between global cryptocurrency leader Binance and Thailand’s Gulf Innova, has successfully introduced its exchange services in Thailand.

Gulf Binance, a partnership between global cryptocurrency exchange Binance and Thailand’s Gulf Innova, has officially launched its exchange services in Thailand. As of Jan. 16, Binance TH has opened its exchange to all eligible users, featuring a dedicated order book for Thai baht trading pairs. The platform seamlessly integrates with Thailand’s banking systems, facilitating local currency deposits and withdrawals.

This launch comes two months after Binance obtained authorization from Thailand’s Securities and Exchange Commission (SEC) to commence operations. Initially, the exchange operated on an invite-only basis, with plans to extend access to the general public in 2024.

Binance's initiative to establish a Thai-based crypto exchange was disclosed in May 2023, and it secured a digital asset exchange and brokerage operator license from Thailand’s Ministry of Finance the same month.

Operated by Gulf Binance, a joint venture combining Binance Capital Management and Gulf Innova's expertise, the exchange aligns with the broader investments of Gulf Energy, led by Thai billionaire Sarath Ratanavadi. A major player in Thailand’s natural gas distribution sector, Gulf Energy has a diverse portfolio covering renewable energy, infrastructure development, and digital infrastructure ventures.

The Binance and Gulf Energy collaboration reflects Thailand's changing stance on cryptocurrency regulation, signaling a more accommodating approach from the new government.

This shift is particularly significant in the Thai cryptocurrency exchange market, currently dominated by Bitkub, holding about 77% of the market share with daily volumes around $30 million. Bitkub's most traded pair involves the Thai baht and Tether (USDT).
Additional players in the Thai market include Upbit, commencing operations in 2021