Bitcoin Difficulty Soars to 40.0T as Price and Hashrate Surge

• Bitcoin mining difficulty recently reached close to 40.0T.
• The rise in network difficulty comes as price and hashrate saw a rise.
• A look at BTC price move reveals that it had increased by over 37% from the start of its surge to its present price.

Bitcoin Network Difficulty Inches Close to 40.0T

The remarkable ascent of Bitcoin [BTC] has been an important topic in the broader cryptocurrency community, with other coins and tokens following the king coin’s price increase. Blockchain.com’s stats revealed that the network difficulty had been increasing consistently over the past few weeks, and was very close to 40.0T at the time of writing – the highest level in more than a year.

What is Network Difficulty?

The Bitcoin network difficulty is a metric for gauging the difficulty of mining new blocks in the Bitcoin blockchain. It adjusts itself every 2016 block (about every two weeks) so that blocks are mined on average every 10 minutes regardless of fluctuations in processing capacity on the network, making it more challenging to mine a block as the difficulty increases, and vice versa.

Why is Difficulty Increasing?

Adding extra computing power (hash rate) to the Bitcoin network increases its difficulty, making it harder for miners to solve cryptographic puzzles needed to mine a block. To keep this time period consistent regardless of changes in hash rate, the difficulty needs to adjust accordingly – which explains why it has been climbing as more miners join with higher hash rates powered by greater incentives from rising prices for Bitcoin. At this writing, observed data revealed a surge in January 2023 indicating monthly contributions higher than 269,000 TH/s for Bitcoin’s hashrate..

A Look at BTC Price Move

Bitcoin has seen an impressive 37% growth since its surge began up until now – reaching almost 50% growth at peak times before dropping 4% during its latest trading period around $22,900 according to press time data. The Relative Strength Index (RSI) also shows that while market confidence remains bullish overall there have been signs of slowing down slightly recently as well as minor corrections along with bitcoin’s impressive climb over recent months..

Conclusion

Bitcoin has once again demonstrated its potential for strong performance within financial markets and cryptocurrency networks alike due both organic investor interest and developments such as improving infrastructure or regulatory advancements across various countries worldwide; despite some minor corrections along its way upwards, BTC continues displaying remarkable strength overall with no sign yet of any significant bearish reversal trends anytime soon

GMX Powers DeFi Boom: $427M Total Value Locked and 164% User Increase

• GMX is the project with the highest Total Value Locked (TVL) on Arbitrum, with a total of $427.72 million.
• Despite the bearish market in 2022, GMX’s TVL has grown by over 300%.
• The count of total users of the exchange has grown by 164% since 1 January, with daily counts of new and existing users consistently increasing.

GMX is a decentralized exchange for spot and perpetual trading on Arbitrum and Avalanche that has maintained its position as the project with the highest total value locked (TVL) on Arbitrum. Despite the volatility in the decentralized finance (DeFi) market in 2022, GMX’s TVL grew by over 300%, according to data from DefiLlama. At the time of writing, GMX had $427.72 million in TVL, giving it a 37.49% share of the overall TVL of $1.14 billion of the Arbitrum network. In addition, its deployment on Avalanche was ranked as the project with the fourth-largest TVL on the chain after Aave, Benqi, and Trader Joe.

GMX has seen a tremendous rally in the count of total users on the DEX since the year started. Per data from GMX Stats, the count of total users of the exchange has grown by 164% since 1 January, with daily counts of new and existing users consistently increasing. This increase in user activity has led to a growth in trading volume on the exchange. As of this writing, total trading volume on the platform was $1.13 billion, up from $351 million in January.

The success of GMX has been a major contributor to the growth of the DeFi market. In the past few months, the DeFi market has seen massive growth, with total value locked (TVL) across all networks reaching $100 billion. GMX’s impressive TVL growth and increasing user base prove that it is one of the leading projects in the DeFi space.

With its strong fundamentals, the GMX token may see a price drawdown with buyers‘ starting to experience exhaustion. However, the future of GMX still looks bright as the project continues to expand its user base, increase its TVL, and grow its trading volume.

Is Bitcoin in an Accumulation Zone? Analyzing Its Performance in 2022

• Bitcoin is currently in an accumulation zone, trading below its realized price, and the MVRV ratio is below one, signaling it is oversold.
• 2022’s biggest lesson for the crypto market was that economic factors have a heavy hand in Bitcoin’s performance.
• If the U.S cannot combat inflation, this might lead to higher inflation and a dive into economic recession, which could have an impact on Bitcoin depending on the state of the dollar.

The cryptocurrency market has been through a rollercoaster of a ride in the past few months. The price of Bitcoin has been fluctuating significantly, and the market is still trying to get a grasp of its current state and the path it may take in the future. The question that many investors and traders are asking is whether Bitcoin is indeed in an accumulation zone and when the next bull run is likely to occur.

To answer this question, it is important to look at the pricing model of Bitcoin and how it has been performing since September of 2022. According to data from Glassnode, Bitcoin has been trading below its realized price since then, which is a significant indicator that the bearish cycle is coming to an end. This is further reinforced by the MVRV ratio, which is still below one, meaning that Bitcoin is still oversold. This suggests that accumulation is likely to take place and that there is renewed hope for a long-term recovery.

However, in order to make informed decisions as to whether a major rally in 2023 and 2024 is likely, it is important to consider economic factors as well. The economic outlook for the U.S. is particularly concerning. Inflation has been on the rise and the government has been borrowing money in order to combat it. If the U.S. is not able to successfully tackle the issue, it could lead to a dive into economic recession.

In this situation, the value of the dollar is of utmost importance. If more countries start to abandon the dollar as the global reserve currency, it could lead to a shift in favor of hard assets, such as gold and Bitcoin. On the other hand, if the U.S. is able to successfully tackle inflation and maintain its status as the global reserve currency, then the impact on Bitcoin may not be as significant.

Overall, the state of Bitcoin is still uncertain and it is impossible to predict how it will perform in the long-term. Investors should be aware of the economic factors that could have an impact on the cryptocurrency market and make their decisions accordingly. The best strategy may be to diversify one’s portfolio and invest cautiously.

Explore the Potential of Crypto Market with Bitget’s MegaSwap!

• Bitget has launched a new feature called “MegaSwap” which bridges the gap between CeFi and DeFi by allowing users to trade over 10,000 cryptocurrencies in a secure and efficient manner.
• MegaSwap provides users with access to 10 important DEXs through 8 influential chains while staying on Bitget’s platform.
• This feature helps traders to enjoy the perks of both Web2 and Web3 worlds.

Bitget, one of the leading cryptocurrency exchanges, has recently launched a new feature on its platform called “MegaSwap”. Aimed at connecting CeFi and DeFi, this feature has been introduced to bridge the gap between the freedom and diversity of DeFi and the security and ease of CeFi. The feature allows users to trade over 10,000 cryptocurrencies and enjoy the best of both worlds.

The traditional centralized version of the internet has given ultimate power to a few conglomerates to run and control the system. This has disrupted various industries and has created various new opportunities for innovation and collaboration. The advent of Web3 has given rise to decentralized exchanges (DEXs) which have become a top pick for various investors due to their time-efficiency. However, due to a lack of protection with assets stored on DeFi wallets and a knowledge barrier for many users, DEXs have still not become a go-to form of trading amongst traders.

Thus, MegaSwap has been curated to satisfy users with the benefits of both CeFi and DeFi. This feature enables traders to access 10 important DEXs through 8 influential chains while staying on Bitget’s platform. This is done to provide users with the convenience and security of a centralized exchange (CEX) along with the freedom and diversity of a decentralized exchange (DEX). Furthermore, users also get to enjoy the perks of both Web2 and Web3 worlds.

MegaSwap has acted as a game changer in the financial arena by providing users with a secure and efficient way to trade over 10,000 cryptocurrencies. This has given users the power to transact according to their own terms and conditions and the freedom to access a wide variety of digital assets. MegaSwap has opened up the doors to a new and exciting world of digital assets and has given users an opportunity to explore the potential of the crypto market.

Overall, Bitget’s new feature has provided users with a one-stop solution to access the financial system of Web2 and Web3 and to enjoy the best of both worlds. This feature has given users the power to make secure, efficient and reliable transactions in a decentralized manner.

SushiSwap to Undergo Comprehensive Tokenomics Redesign

• SushiSwap’s tokenomics is set to be redesigned, focusing on decentralization and incentivizing liquidity.
• The proposed tokenomics will aid in providing more governance and sustainable economics for SushiSwap.
• The majority of the swap fees will go to the pools that produce the most volume, while providing a fee share to liquidity providers from the 0.05% swap fee.

SushiSwap, a decentralized exchange platform, is set to go through a comprehensive redesigning process soon of its tokenomics. The changes will focus on promoting decentralization and incentivizing liquidity. The proposal, pitched by Sushi’s CEO Jared Grey, seeks to promote value and utility, in addition to incorporating novel concepts that will help promote maximum value for the DEX and its stakeholders.

Under the proposed tokenomics, the majority of the swap fees will go to the pools that produce the most volume, while providing a fee share to liquidity providers from the 0.05% swap fee. The liquidity providers will have the option to lock their liquidity to earn boosted, emissions-based rewards. As for xSushi, time-locked tiers will be rewarded based on emissions.

Additionally, the proposed tokenomics will aid in providing more governance and sustainable economics for SushiSwap. A variable percentage of the swap fee will be used to facilitate the buyback of Sushi to permanently take it out of circulation by burning. This percentage will be contingent on the total time-lock tiers selected.

This proposal comes less than a month after SushiSwap’s community and token rebranding. The rebranding saw the DEX’s token renamed to SUSHI and its community governance token renamed to xSUSHI. The rebranding also saw the launch of a new type of liquidity mining, which has been a major factor in the DEX’s success.

With the proposed rebranding and tokenomics changes, SushiSwap aims to promote a more decentralized and sustainable economy. The DEX also seeks to provide incentives to liquidity providers and to bolster its treasury reserves to ensure continual operation and development.

Overall, these changes are expected to promote a more efficient and secure DEX, with improved liquidity and better reward systems for users. As such, these proposed changes could potentially be beneficial to SushiSwap and its stakeholders in the long run.

Polygon: The Network to Watch in 2023 with No-Loss Prediction Market Feature

• Polygon’s prediction market feature, Bhavish Finance’s No-Loss prediction market, has been a key development for the network in 2022.
• MATIC has entered the list of the top 10 most purchased tokens among the 100 biggest ETH whales.
• Polygon is set for a clearer path for investors in 2023, thanks to the developments and partnerships it achieved in the previous year.

Polygon is a blockchain network that has seen a lot of growth in the past year. The network has achieved many key milestones and developments, including Bhavish Finance’s No-Loss Prediction Market feature. This development has been integral for Polygon as it allows investors to make educated decisions about their investments. With the launch of its No-Loss Prediction Market, Polygon has been able to create a clearer path for investors in 2023.

Additionally, MATIC, the network’s native cryptocurrency, has also seen an influx of activity in the last few weeks. MATIC has entered the list of the top 10 most purchased tokens among the 100 biggest ETH whales. This is a positive sign that MATIC is becoming increasingly popular and accepted in the cryptocurrency world.

All of these developments and partnerships have been great for Polygon and MATIC in the last year, despite the bearish market conditions. As such, Polygon can look forward to 2023 with optimism. The network has done a lot of work in the last year and this should help investors make better decisions in the year ahead. Furthermore, the No-Loss Prediction Market feature should provide investors with the tools they need to make informed decisions.

Looking to the future, Polygon has a lot of potential to grow in the year ahead. MATIC has already seen an increase in activity, with the cryptocurrency entering into the list of the top 10 most purchased tokens among the 100 biggest ETH whales. This is a great sign that MATIC is becoming increasingly accepted in the cryptocurrency world. With Polygon’s developments and partnerships, it’s clear that the network is in a great position to make some exciting developments in the year ahead.

Dogecoin Momentum Bearish: DOGE Could Decrease Below Support Zone

• Dogecoin Foundation announced a fund of $5 million DOGE to the ecosystem’s development fund.
• DOGE briefly increased in light of the development but has since been unable to sustain resistance.
• According to the Moving Average Convergence Divergence (MACD), momentum is bearish and the short-term movement for DOGE might end in a decrease.

The Dogecoin ecosystem recently received a surprise end-of-the-year gift from the Dogecoin [DOGE] Foundation as it announced a fund of five million DOGE to the ecosystem’s development fund. The blog post stated that the fund will be used to reward developers of Dogecoin Core for their contributions, no matter how big or small. In light of the news, the price of DOGE briefly increased, however, it seems that the coin is unable to sustain the resistance as the price has since decreased.

The daily chart of DOGE reveals that the resistance further fell from $0.11 to $0.07 on 21 December. Additionally, the Moving Average Convergence Divergence (MACD) revealed that DOGE might not be able to sustain the recent price increase. The MACD signal showed that momentum was bearish as the 12-26 Exponential Moving Average (EMA) difference was beneath the histogram. Furthermore, the selling control (orange) overtook the buying power (blue). Therefore, the short-term movement for DOGE could end in a decrease below the support zone, which is currently at $0.067.

The contribution from the Dogecoin Foundation is certainly a generous one and could be beneficial for the project in the long run. However, it remains to be seen whether the recent increase in DOGE will be sustained or if it will decrease further in the near future. It is important to note that these are merely predictions and that the actual results may differ.

Shiba Inu Struggles but Optimism Remains: Investors Still Bullish on Canine Coin

• The price of Shiba Inu (SHIB) has fallen by around 65% since the collapse of the Terra ecosystem in May this year.
• Despite its efforts to build a full-fledged ecosystem consisting of blockchain games, NFTs and a metaverse platform, the Shiba Inu coin has struggled to perform well, losing roughly 90% of its all-time high price.
• The most active crypto community on Twitter, on the other hand, remains optimistic about the canine coin’s future.

The Shiba Inu (SHIB) coin has been struggling since the collapse of the Terra ecosystem in May 2021. The crash of the now-bankrupt cryptocurrency exchange FTX had a particularly adverse impact on the Shiba Inu coin, causing it to decline by around 65%. With a market capitalization of $4.7 billion, Shiba Inu is the 17th largest cryptocurrency today and the second-most popular memecoin, only trailing Dogecoin (DOGE).

Despite the coin’s attempts to build a full-fledged ecosystem which consists of blockchain games, NFTs, and a metaverse platform, it has been unable to perform well. In fact, the Shiba Inu coin has lost roughly 90% of its all-time high price. Nevertheless, the most active crypto community on Twitter remains optimistic about Shiba Inu’s future.

Shiba Inu was founded in 2020 by an anonymous techpreneur and has since grown in popularity. Elon Musk and Vitalik Buterin, both tech billionaires, have praised the project. Shiba Inu has been successful in attracting people who missed out on the Dogecoin craze previously. Investors seeking to join the joke have increased the popularity of memecoins, which are not supposed to be taken seriously.

The Shiba Inu project has been known to be a disrupter when it comes to management and operations. The enterprise is managed by a decentralized autonomous organization (DAO) which is made up of Shiba Inu holders. This model allows for the coin to be managed in a completely decentralized manner, free from the influence of a centralized authority.

In addition, Shiba Inu has also been successful in introducing a unique reward structure for its holders. Shiba Inu has implemented a new “Shiba Inu Rewards” program which rewards holders with a percentage of the total supply of SHIB tokens. This reward structure is intended to incentivize SHIB holders to remain loyal to the project and to increase the demand for the coin.

With the end of 2022 on the horizon, investors are still hopeful that the Shiba Inu coin will once again rise in value. This hopeful sentiment is driven by the promising reward structure, the project’s innovative approach to management, and the strong support of influential tech figures. Despite the coin’s struggles, investors remain optimistic that the Shiba Inu coin will eventually reach its all-time high price once again.

Hedera [HBAR] Sees Promising Developments in 2022, Poised for Growth

•Hedera [HBAR] saw some significant developments in 2022 that may lay the foundation for strong growth ahead.
•Notable developments and partnerships in 2022 included the network’s collaboration with LG Art Lab, aimed at facilitating NFT distribution.
•Hedera’s NFTs saw healthy trade volumes at the start of the year, however, the demand tapered as the market faced external economic pressures.

Hedera [HBAR] saw some major developments in the year 2022 that are likely to propel its growth in the coming years. The most noteworthy of these were the partnerships and developments made in the NFT (Non-Fungible Token) sector. This included the partnership with LG Art Lab, which is focused on facilitating the distribution of NFTs over the Hedera network.

At the beginning of the year, the demand for Hedera’s NFTs was healthy, with high trade volumes. However, as the market was affected by external economic pressures, the demand for these tokens began to slow down. Despite this, the partnership with LG Art Lab was still operational, with the Art Lab committed to building over 150 projects on the Hedera network. This has contributed to a healthy network adoption, despite the unfavorable conditions of the external market.

The partnership with LG Art Lab and the developments made in the NFT sector will give Hedera the platform to become a major player in the mass adoption of NFTs. This is especially true as the market works out the details of FTX’s collapse and the HBAR token experiences volatile movements. Chief Legal Officer of the HBAR Foundation has already issued grants to continue the development of the platform and has made a commitment to the success of Hedera.

It is likely that the developments made in the NFT sector over the last year will set the stage for solid growth in 2023 and 2024. Although HBAR was shy of oversold conditions, a price pivot still may be on the way. As the year 2022 comes to an end, it is important to take a look back at the performance of the top layer 1s and Hedera is definitely one to keep an eye on in the coming years.

SOL Struggles to Overcome Bearish Structure: Can Bulls Find Support?

• SOL was in a highly bearish structure at press time. Its FUD remained strong, undermining the asset’s performance and causing a 70%+ loss in the past 8 weeks.
• The Relative Strength Index (RSI) on the daily chart was deep in oversold territory, indicating that the buying pressure had diminished greatly and that selling pressure was intensifying.
• If selling pressure continued, a break below $9.43 was possible and bulls may find new support at $8.12 or $5.99. A breakout above $10.74 would invalidate the bearish bias.

Solana [SOL] was facing a bearish structure at press time, with its FUD remaining strong and causing a 70%+ loss in the past 8 weeks. This downward trend was observed in the Relative Strength Index (RSI) on the daily chart, which was deep in oversold territory and indicated that the buying pressure had diminished greatly while the selling pressure was intensifying. If this pressure continued, a break below $9.43 was possible and bulls may find new support at $8.12 or $5.99. However, a breakout above $10.74 would invalidate the bearish bias.

The FUD surrounding SOL was strong at press time, undermining the asset’s performance and causing a significant drop in its price. According to Santiment, this decline could be related to flattening development activity. This was further confirmed when the on-balance volume (OBV) fell sharply, removing the trading volume needed to reinforce buying pressure. Therefore, selling pressure intensified and pushed SOL down.

At the same time, the RSI on the daily chart was deep in oversold territory, indicating that the buying pressure had diminished greatly and that selling pressure was intensifying. This further confirms that SOL was indeed in a bearish structure and could fall below $9.43. Bulls may find new support at $8.12, however, if this level failed to hold, another at $5.99 may suffice. Thus, the levels can serve as short-selling targets, with a stop loss above the 23.6% Fib level of $10.74. A breakout above this level would invalidate the bearish bias.

Overall, Solana [SOL] still needs to overcome the FTX debacle and its FUD remained strong at press time, undermining the once-thriving asset’s performance. The RSI on the daily chart was deep in oversold territory, indicating that the buying pressure had diminished greatly and that selling pressure was intensifying. If selling pressure continued, a break below $9.43 was possible and bulls may find new support at $8.12 or $5.99. However, a breakout above $10.74 would invalidate the bearish bias. Therefore, the future of SOL remains uncertain, and investors should be cautious when entering the market.