People Are Now Searching for NFT More than DeFi on Google

People Are Now Searching for NFT More than DeFi on Google

The Non-Fungible Token (NFT) mania is now outpacing decentralized finance (DeFi). The search interest for NFT gained traction in the middle of January 2021, and last week more people were busy learning about digital collectibles more than DeFi in the US, as per Google Trends.

In the US, interest in NFTs first gained more traction than DeFi briefly at the beginning of the month and then sustained this uptrend over the weekend of Feb. 13. On Feb. 19, while NFT had a reading of 100, on a 0-100 scale, the search interest in DeFi wasn’t even half of that, at 46. Qiao Wang of DeFi Alliance noted,

“A little bit surprised how fast this is happening but not really surprised either. As things *currently* stand, digital collectibles and gaming are much more appealing to the mainstream than permissionless casinos.”

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Source: Google Trends

Worldwide, NFT phenomena still had some catching up to do with the interest in the search term DeFi having a reading of 100 while NFTs have about half of that at 56.

This interest has the trading volume on NFT marketplaces skyrocketing, going from mere less than $500k in mid-January to now beyond $50 million. The most popular marketplaces are NBA TopShot, CryptoPunks, OpenSea, and Rarible, as per DappRadar.

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This makes sense given that NFT pieces are being sold for an exorbitant amount of money, in some instances more than a million dollars.

The average SuperRare piece is currently being sold for just over 3 ETH, which recently hit a new ATH above $2,000. Recently, the internet sensation Nyan Cat was sold for a whopping 300 ETH.

The primary benefit of these digital collectibles is that each NFT is unique and can be traced back to its original issuer. And because no two NFTs are identical, they cannot be exchanged with one another.

Ethereum is the popular platform for creating these NFTs, using its ERC-721 and ERC-1155 token standards. Other blockchains are now joining in, like Tron, BSC, and NEO, to capture this trend.

As we reported, major auction house Christie’s is also selling a completely digital artwork and accepting Ether for it as well.

NFTs are also gaining a lot of interest from celebrities and investors like Mark Cuban and Chamath Palihapitiya, who see them as the future and the next frontier of digital currencies.

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Author: AnTy

Uniswap Hits Over Bln in Weekly Trading Volume & 0 Billion Overall

The popular decentralized exchange Uniswap has hit a milestone of processing more than $100 billion in trading volume in its entire life.

Ever since the beginning of 2021, the DEX has been doing more than $5.5 billion per week, which went past $7 billion during the second week of February, as per Uniswap.Info.

With this much volume, Uniswap is the leading decentralized exchange (DEX), capturing the majority of market share, 54.4%, which is down from 70.7% on August 31st due to SuhsiSwap’s launch.

The TVL (total value locked) of the protocol has also surpassed $4 billion for the first time.

Much like the exchange, its token UNI is experiencing a significantly positive price performance. Uniswap Token, with a market cap of $6.34 billion, is trading above $21, up 345% this year so far.

After exchange balances peaked at 36.86 million UNI in early January, a 10% outflow of over 5.3 million UNI tokens occurred, supporting a price rally from $6.33 to over $23.26.

According to Glassnode, over this same period of time, the number of intra-day transactions transferring UNI tokens tripled from 277tx per hour to a peak of 830tx per hr. However, despite this continued price appreciation, there has been a marked slow-down of transaction counts for UNI tokens since the beginning of this month.

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Author: AnTy

More than 2,100 Bitcoin Mining Machines Auctioned by Chinese Local Court

More than 2,100 Bitcoin Mining Machines Auctioned by Chinese Local Court

Chinese local court has auctioned 2100 government seized Bitcoin mining machines.

The mining machine models on auction involved S9, S7, V9, T9+, Avalon 851, Avalon 6.01. of which there are more than 450 S9 units. These machines were seized from miners who were caught stealing electricity to mine Bitcoin and have been sentenced to up to 13 years in jail for that.

All the BTC seized were paid to the electricity company as compensation, reported cnLedger.

As for the mining machines, they were auctioned with a reserve price of only about 10,000 yuan ($15,000 USD) with a deposit of 2,000 yuan, and a price increase of 200 yuan.

The final price has been 702,600 yuan (about $108,850 USD) with hundreds of bidders looking to get their hands on the machines.

“The batch of mining machines has many models and different colors. It is not sure whether it can be used,” reads the rough translation of the special statement. It further says the bidder can see the samples on the spot with no guarantee from the court and “the buyer shall pick up the relevant items by himself at his own expense.”

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Author: AnTy

Uniswap Generating More Network Fees than Bitcoin; Total Fees on ETH Reaches BTC All Time High

Bitcoin has been the leader in generating more fees than any other network. But that has only been up until June 2020, when decentralized finance (DeFi) mania started kicking in.

Today, this DeFi craze even saw popular DEX Uniswap beating Bitcoin in daily fees of $2.3 million, as per Cryptofees.Info. While BTC only had $1.8 million, Ethereum is unreachable by collecting $8.8 million in fees.

Uniswap, which accounts for 48.5% of DEX volume market share, even without the liquidity incentives, saw $12.7b in traded volume, $36.543 million in fees, and liquidity increased to $3.6 billion over the past 15 days, as per IntoTheBlock.

Another DEX SushiSwap had just under $1 million in daily fees, followed by Synthetix and Balancer, but they only had about $100k to $200k.

In the past week, Ethereum did more than 3x of Bitcoin’s 7-day average fees of just over $3 million, while Uniswap recorded $2.4 million.

“It’s the first DeFi protocol, but not the last. The key feature here is that fees in DeFi benefit not only miners but also LPs and token holders,” noted Santiago R Santos, a partner at ParaFi capital.

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Ethereum entered the space in 2015, and its daily total fees in USD surpassed Bitcoin’s several times since then. But it wasn’t until DeFi exploded that ETH was able to beat the world’s largest network by a wild margin.

During the peak of the 2017 bill market, Bitcoin did nearly $21.4 million in total fees, while at its peak, Ethereum did only $4.55 million.

But earlier in June 2020, compared to Bitcoin’s $383k in total fees, Ethereum recorded a whopping $3.55 million. From here, as DeFi gained more traction, so did Ethereum fees, and this gap between BTC and ETH fees continued to grow.

At the peak of DeFi mania in Sept. 2020, the Ethereum network was used so much that it became unusable as the average fees and gas prices continued to hit new highs. On Sept. 1st, the Ethereum network received more than $17 million in total fees compared to $1.48 million on Bitcoin.

Bitcoin overtook Ethereum for a brief period, a fortnight and a small margin, from late October to early November.

Since then, Ethereum continues to generate millions of dollars in fees every day, setting yet another new record at $21.38 million on Jan. 11, the day the crypto market saw a sell-off.

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Author: AnTy

Everyone Wants to Know ‘WTF is Going On With Bitcoin’

What’s happening now, faster than anyone could ever imagine, is that “Bitcoin is moving from a fringe esoteric asset to the mainstream.”

This is why we are still early in the game.

Q4 has been an epic one for the world’s largest cryptocurrency. With a 160% uptrend in this quarter, 4Q20 has become the second-best one after Q4 of 2017 in which BTC recorded over 210% gains and hit $20k.

This time, the quarter started just around $10,500 and we pushed through several all-time highs, with the latest one made just today at above $28,500.

But nocoiners are having a hard time understanding why this is happening.

Youtuber KSI with 6.4 million followers asked about what is happening with the digital asset the day it first jumped past $28k.

Bitcoin’s price action got another no-coiner Sara Mauskopf, co-founder and CEO of daycare and parenting search app Winnie to enquire about this ‘number only go up’ technology.

“Does anyone understand why?? Not complaining just trying to make sense of what’s going on…” was her exact question.

Even China’s state media continue to feature Bitcoin articles, with the latest one titled “Why Bitcoin repeatedly breaks its ATH.”

“What’s happening now — and it’s happening faster than anyone could ever imagine — is that Bitcoin is moving from a fringe esoteric asset to the mainstream,” said Matt Hougan, a chief investment officer of Bitwise Asset Management.

“If it’s going mainstream, there is just so much money on the sidelines that is going to have to come in and establish a position that leaves me very bullish for 2021.”

Relentless Demand

In the meantime, Bitcoiners are throwing caution to the wind and going all the way in. As one degen wrote on Twitter, “I sold my house and borrowed from my 401k twice to buy bitcoin and would do it again at current prices.”

This isn’t’ the first and this won’t be the last.

Recently, Bitcoiner Peter McCormack also shared how he took out a $46,250 loan earlier this month and bought 2.55 BTC from it. “May do this again a few more times,” he had said at the time.

Bitcoin is actually on track for its longest monthly winning streak in over a year.

Thanks to central banks all around the world running the campaign of debasing fiat currencies, people are realizing the value of a hard asset that not only has a fixed supply but offers asymmetric returns.

Just this Sunday, President Donald Trump signed a $2.3 trillion stimulus into law. New stimulus checks, falling USD, and Brexit fueling investors’ risk appetite.

People are increasingly seeing Bitcoin as a hedge against dollar weakness and risk of inflation.

According to Edward Moya, senior market analyst at Oanda, demand for Bitcoin is “relentless.” “Bitcoin is still the trendy trade on Wall Street and that might not go away,” he wrote. “Volatility remains elevated, but for now seems like it will attract buyers on every major dip.”

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Author: AnTy

Grayscale Buys 13x of Bitcoin’s New Supply; 7% More than Last Week’s Purchase

Grayscale Buys 13x of Bitcoin’s New Supply; 7% More than Last Week’s Purchase

GBTC premium breaks mid-February high to make a new yearly high at 41%.

Bitcoin bears are going to get crushed.

Grayscale’s Bitcoin Trust added yet another 12,319 BTC to its product in a single day. This one-day accumulation by GBTC has been more than 11,512 BTC the world’s largest crypto asset manager added in the entire last week that saw BTC breaking above its ATH, $24,300.

This BTC accumulation is about 13x of the Bitcoin’s new supply that is mined as miners are generating 900 BTC per day since the halving in May.

In the past six months, up until this last week, Grayscale added 210,000 BTC to its stash, more than the 185,000 BTC that has been mined during the same period.

A clear sign of a supply crisis.

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Grayscale Bitcoin Trust’s latest BTC accumulation came amidst the fund temporarily not accepting any new institutional clients. In total, GBTC now holds 588,970 BTC, 3.17% of Bitcoin’s total circulating supply, up from 365k BTC just six months back.

It has also pushed the GBTC premium to 41% making a new yearly high by breaking mid-February’s high. Before this, the premium was highest in July 2019 at 43.21% while the week was set in May 2017 at above 132%.

This premium is thanks to the SEC’s refusal to approve a Bitcoin ETF. Ryan Selkis of Messari noted, This has,

“led to the exploitation of an esoteric loophole now known throughout the industry as “The Grayscale Trade,” where the asset manager’s investment vehicles serve as manna from crypto fund heaven and ticking time bombs for public markets investors.”

“They’ve also led to 5x growth in Grayscale’s AUM this year.”

All the demand from institutional investors and the continued bullish price movement has Grayscale’s assets under management surging to another record of nearly $16 billion.

Selkis sees Grayscale doubling its AUM next year without a price rally. Bringing the price rally into the mix, things could get explosive as “Grayscale does $1 billion in annualized EBITDA at $100k BTC.”

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Author: AnTy

SNX to Surge Past $2,000 & Reach 3x Ethereum’s Current Market Cap: Report

DeFi bluechip Synthetix (SNX) is one of the biggest gainers of 2020, with more than 863% YTD.

With a $707 million market cap, SNX is the 40th largest cryptocurrency trading at $6.32.

However, according to the latest report, the DeFi token has a potential to go 364x from here that would take the digital asset’s market cap to a whopping $242 billion, more than 3x of the second-largest cryptocurrency Ethereum’s current market cap at $73 billion.

These lofty predictions come from the “confidential” report by Teeka Tiwari’s Palm Beach Research Group, claims an unconfirmed report.

The report, which calls these numbers “conservative,” compares Synthetix with Tesla, Amazon, and General Motors, stating “disruptive tech projects tend to be worth more through their innovations and cutting of overhead costs.”

The decentralized platform on the Ethereum network trades everything from cryptocurrencies, commodities, forex, indexes and will soon add stocks to its list, too, by creating synthetic assets on the blockchain.

As per the report, since the beginning of 2020, Synthetix has grown its user base nearly 4x, and the assets held on its platform have also increased 4.4x to over $750 million. Since February, the platform has also generated over $1 billion in trading volume but “has massive potential to eat more market share from traditional exchanges.”

“Conservatively, we think Synthetic could come to command a premium five times higher than traditional exchanges,” further reads the report. This is because the decentralized protocol eliminates middlemen and expensive overhead costs needed to run an exchange.

With an estimated $130 trillion trading in equities every year alone, even capturing a tiny portion of the market would see the volume on the platform, trading fee, profits, price, and the market cap of the digital asset ballooning, argues the report.

With the bull market in focus, everyone is back to making wilder predictions. However, given that Synthetix is one of the hottest DeFi projects in the market, it can achieve a higher value, but it’s to be seen just how high they will go.

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Author: AnTy

Bitcoin Skeptics Busy Talking About Bananas, 2018 Bear Market & Missing Price Discovery

Despite the price of Bitcoin jumping more than 220% this year, billionaire Mark Cuban still isn’t interested in the leading cryptocurrency.

“My thoughts haven’t changed,” Cuban told Forbes a week before Bitcoin surged past an all-time high of $20,000 to hit a record $23,800 on Wednesday, in a story that was published Thursday.

Bitcoin is “a store of value…that is more religion than solution to any problem,” said Cuban adding that the cryptocurrency won’t be replacing government-backed currency.

“No matter how much (bitcoin) fans want to pretend that it’s a hedge against doomsday scenarios, it is not,” Cuban said.

“Countries will take steps to protect their currencies and their ability to tax, so the more people believe this is anything more than a store of value, the more risk of government intervention they face.”

However, Cuban does agree that bitcoin is like gold in the way that it is a store of value. Although with its supply being limited, as the demand for the digital currency fluctuates, so will the price, which will be volatile, “as long as people accept (bitcoin) as a digital version of gold, it’s investable,” he said.

Despite this optimistic view, Cuban went back to his banana having “more utility” because it has potassium, a “valuable nutrient to every person on the planet,” while Bitcoin is what it is because “enough people have agreed upon” it as an investable asset.

Absolutely crazy right now

Another person that remains skeptical of Bitcoin is the Rosenberg Research chief economist, who calls it a “massive bubble.”

However, given his Bitcoin issues, it looks like it’s him who is in a bubble because he didn’t even take time to understand it before ranting about it.

“You speak to most people that are asking me to put money in bitcoin, they can’t even tell you who the person was that developed it or even how it’s actually mined,” said David Rosenberg. Alright, uninformed boomer!

“It’s just a classic, follow-the-herd, extremely crowded trade. It’s in a massive bubble.”

He had a particular nugget to share with that “there’s really nothing in the protocol to suggest that the supply of bitcoin can’t go up once we hit that limit.”

From the March low of $3,800, during the coronavirus pandemic-induced sell-off recorded in gold, stock, especially oil prices, and every other asset class, BTC has seen a whopping 525% uptrend.

Since October, Bitcoin has rallied 114%, and the chart of the digital asset is looking “absolutely crazy right now” to Rosenberg, who took it as his civic duty to remind everyone of the 2018 bear market after the last time bitcoin behaved with such a “speculative fervor.”

Meanwhile, BTC/USD is holding firm around $23,000, embarking on its price discovery journey.

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Author: AnTy

Grayscale Recording Inflows “Unlike Ever Before;” Meanwhile Largest Gold ETF Yet to See Any

Bitcoin is enjoying a wild rally, having surged more than 20% since yesterday this too, while average BTC fees being just above $4.

Trading above $23,000 with $11.27 billion in ‘real’ volume, the market is euphoric with greens.

Bitcoin’s market cap has reached above $430 billion today, adding more than $70 billion since yesterday.

This is all the result of the factors at play in this bull market that we haven’t ever seen before in terms of “investment banks writing research highlighting bitcoin superiority to gold,” said Michael Sonnenshein, Managing Director of the largest crypto asset manager Grayscale Investments.

We also saw prominent investors like Paul Tudor Jones, Stanley Druckenmiller, BlackRock CIO, and many others coming out supporting this asset class and corporations like Square and MicroStrategy adding bitcoin to their balance sheet as a reserve asset.

As Sonnenshein shared in his interview with CNBC, Grayscale is currently seeing flows that “are now probably up 6x what they were last year.”

Elaborating on the type of investors that are buying GBTC at over 34% premium to Bitcoin price and ETHE at nearly 210% premium to Ether, Sonnenshein said these “investors that are putting capital to work are unlike any of the investors we’re seeing ever before.” He said,

“It’s some of the world’s largest investors and the allocations that they’re making are bigger than we’ve ever seen before and their time horizon for this is generally something over the medium to longer-term.”

As of writing, GBTC holds just above 569k BTC, worth more than $12 billion, representing just over 3% of Bitcoins’ circulating supply, while their Ether stash represents 2.58% supply at 2.94 million ETH worth $1.84 billion.

Unlike all the flows that Bitcoin sees currently, gold has yet to recover from all the outflows it started recording last month. Kevin Rooke noted,

“The world’s largest gold ETF sold 8.3% of its gold so far in Q4 (100+ tons), and hasn’t seen any inflows in 17 trading days. November 19th was the last day the NAV of GLD actually went up, almost a month ago.”

However, the price of gold did manage to uptrend some on the back of declining USD, and Federal Reserve Chairman Jerome Powell vowing that they will keep up with its massive monetary stimulus.

Climbing to $1,890, the bullion still recorded 22.32% returns in 2020 compared to Bitcoin’s 223%.

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Author: AnTy

Guggenheim Pumping its Bitcoin Bag with $400,000 Moon Target

Less than three weeks after filing for buying 27,700 Bitcoin, 0.15% of the digital asset’s total circulating supply, Guggenheim Investments has started pumping its bags.

According to Scott Minerd, chief investment officer at Guggenheim, Bitcoin’s scarcity combined with the Federal Reserve’s “rampant money printing” will push the price of Bitcoin to about $400,000.

Minerd’s BTC moon target came when the world’s largest cryptocurrency broke past $20,000 to well above $23k. Minerd told Bloomberg on Wednesday,

“Our fundamental work shows that Bitcoin should be worth about $400,000.”

“It’s based on the scarcity and relative valuation such as things like gold as a percentage of GDP. So you know, Bitcoin actually has a lot of the attributes of gold and at the same time has an unusual value in terms of transactions.”

Trader and economist Alex Kruger says signaling sky-high targets is how financial markets work to drive “further inflows in a pyramid-like fashion.” As institutions continue to enter the crypto market, Kruger expects them to come with their own more significant numbers.

$400k is not a whacked price target, anyway, at least not for the crypto market, where we have calls for $1 million per BTC in the future. Analyst Qiao Wang said,

“Not sure why people are shocked by the $400k target. Merely puts BTC at the same market cap as gold. But the total addressable market is way higher than gold. It’s gold plus all the zero- and negative-yielding debt.”

According to Seth Ginnis, managing partner at Crypto Fund, $150,000 to $200,000 is like the base case for Bitcoin adding, “I think we could pull forward the next cycle and go to $0.5M to $1M in the 2021-2022 timeframe” and then consolidate in that range for a few years.

For the crypto market beloved, Michael Saylor as well, $1 million per BTC is a real thing, but “one day.”

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Author: AnTy