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Bitcoin futures trading shows an interesting trend. While traders paid $120M weekly to maintain bullish positions during March's peak, this has dropped to just $15.3M now, showing less speculation during sideways markets. However, recent payments have risen above normal levels, suggesting renewed trading interest.
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#BITCOIN WEEKLY TF UPDATE :
#BITCOIN on Weekly TF, played very well as per the analysis and we reached nearly to towards the All-Time high levels. Price had a quick liquidity sweep of the old highs and rejected all the way down. This was mainly happened due to the Elections polls. Although we already said, with play wild with these quick moves.
What is #MVRV-Z Score ?
MVRV Z-Score is a bitcoin chart that uses blockchain analysis to identify periods where Bitcoin is extremely over or undervalued relative to its 'fair value'.
It uses three metrics:
1. Market Value (black line): The current price of Bitcoin multiplied by the number of coins in circulation. This is like market cap in traditional markets i.e. share price multiplied by number of shares.
2. Realised Value (blue line): Rather than taking the current price of Bitcoin, Realised Value takes the price of each Bitcoin when it was last moved i.e. the last time it was sent from one wallet to another wallet. It then adds up all those individual prices and takes an average of them. It then multiplies that average price by the total number of coins in circulation.
In doing so, it strips out the short term market sentiment that we have within the Market Value metric. It can therefore be seen as a more 'true' long term measure of Bitcoin value which Market Value moves above and below depending on the market sentiment at the time.
3. Z-score (orange line): A standard deviation test that pulls out the extremes in the data between market value and realised value.
How It Can Be Used
The MVRV Z-score has historically been very effective in identifying periods where market value is moving unusually high above realised value. These periods are highlighted by the z-score (orange line) entering the pink box and indicates the top of market cycles. It has been able to pick the market high of each cycle to within two weeks.
It also shows when market value is far below realised value, highlighted by z-score entering the green box. Buying Bitcoin during these periods has historically produced outsized returns.
Bitcoin Price Prediction Using This Tool
MVRV Z-Score bitcoin chart is useful for predicting Bitcoin price at the extremes of market conditions. It is able to forecast where Bitcoin price may need to pull back when MVRV Z-score enters the upper red band, and also when $BTC price may rally after spending time in the lower green band.
Historically it has picked major Bitcoin price highs to within 2 weeks.
#IO had a 10% - 13% move from the support real quick but unfortunately it dropped due to volatile market conditions. If you took profits then its good or took you out at Breakeven. Currently, price reaching the major support zone and expected a same reaction from there around $1.36 - $1.50.
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NY came with strong moved with #NFP and due to elections events more of these manipulation and random move can come.
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Hash Rate in Cryptocurrency
Cryptocurrency mining uses computers to solve complex math problems to verify transactions on a public ledger called the blockchain. This process, known as mining, secures, stores, and tracks cryptocurrency. The more computing power a miner has, the more likely they are to win the race of verifying transactions and earning digital currency.
The hash rate of a cryptocurrency is the measure of a miner's processing power. This number indicates how long it takes for a single miner to process all the transactions in a block.
If the number is lower, transactions will be processed faster because there will be fewer miners competing for the same block reward. However, if you have a low hash rate, then it will take longer to receive your first payment.
Back in 2009, when Bitcoin was just emerging as a currency, ordinary desktop computers were able to mine blocks with ease. As more people started mining, the difficulty of finding new blocks increased significantly to the point where the average time for solving a single block began exceeding 10 minutes.
The Bitcoin network adjusts difficulty so that one block is found every 10 minutes on average. That means there are lots of blocks that need fewer than one solution, so lots of your work is wasted (because finding those solutions only earns you transaction fees). The higher your hash rate, the more often you'll be able to successfully mine Bitcoins.
The effect of this is clear: a miner with a 3 GH/s hashing speed will find approximately three times as many Bitcoins per month as a miner with a 1 GH/s mining speed.
Hash rate is the single most important factor when determining profitability. Mining hardware efficiency increases every day while Bitcoin exchange rates continue to rise. This is an important factor in determining how much energy it costs to mine Bitcoin. More hashes mean more electricity is needed to solve the mathematical problem so it's all relative.
As a general rule of thumb, the lower your electricity costs (or the better your mining rig) the more profitable mining will be for you.
What Are Terahashes Per Second?
Terahashes per second is a measurement of the rate of data processing power. A hash is a unit of measurement for the amount of computer processing power required to solve a problem. The more hashes you get per second, the more processing power you have.
Terahashes per second is one unit that shows how much computing power you have. Hash rate is measured in units, such as megahashes, gigahashes, terahashes per second, and so on.
One terahash is 1 trillion (1,000,000,000,000) hashes per second. In the context of Bitcoin mining or blockchain, the rate of hashes per second is important because it determines how long it takes to complete a block.
#STMX given a close below and had a retest properly and respect the zone. Price dropped 6% - 8% in favor for shorting, make sure to move Stops to breakeven as market might turn aggressively today by NY Market Open.
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Here's the Analysis of #ENA :
#ENA forming a Reversal Inverse Head and Shoulder Pattern and now retesting the neckline area support. Overall market corrected itself and so altcoins too. In LTF we can see price going through the flag pattern and looks like we can rally up from here.
The URPD metric reveals the current cost basis of the circulating Bitcoin supply. The spot price sits within a dense cluster of coins, suggesting small price changes can significantly impact investor profits.
Key observations from the URPD chart:
- The Short-Term Holder (STH) cost basis is in the middle of this dense cluster, a crucial indicator of near-term sentiment.
- Large supply nodes at the True Market Mean and Active Investor Price act as important support levels.
- Nearby "air gaps" with few transactions could signal potential downside risk.
Overall, the market appears fragile, with a substantial volume of supply sensitive to the next major price movement.
#BTC fails to hit the #ATH level and surpassing it but now gone though a small retracement phrase forming a Bull Flag Pattern. HTF & LTF looks bullish and expecting a #ATH level sooner before weekend. Elections are coming, we can expect wild moves randomly in between of the market.
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Analyzing the market's broader cost basis paints a constructive picture. Bitcoin's current spot price sits above both the True Market Mean ($47k) and Active Investor Price ($52.5k) - metrics that estimate the average cost for investors participating in the current cycle. The price has only briefly dipped below the Active Investor Price this year, suggesting fairly robust demand. This pricing position above these key levels is typically seen during bull markets, offering support during pullbacks.
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#BTC continues to it uptrend and moved strong towards near the All Time Highs but missed by few dollars. Price had some minor retracement now and $71,500 is the ideal area for it go get it zone. Expected a sweep of al ATH by any news event.
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What Is Tendermint?
Tendermint is a consensus mechanism that allows applications to launch across different machines securely and consistently. It works with a Byzantine Fault Tolerance of up to 33%. That means applications on Tendermint work even if up to one of the three machines they run on fails.
Tendermint uses a proof-of-stake consensus, where a random node from a validator set is selected in each period. The node proposes a new block, which is added to the chain with instant transaction finality. The blockchain has a modular architecture, meaning its consensus and network layers are separate from its application layer. That allows developers to build blockchain applications without having to worry about bootstrapping a consensus mechanism.
How Does Tendermint Work?
There are two components to Tendermint: the blockchain consensus engine and a generic application interface. The consensus engine is called Tendermint Core and ensures transactions are recorded on all nodes in the same order. The application interface is called Application BlockChain Interface (ABCI), which enables transactions to be processed in any programming language. Developers can use Tendermint to build applications on top of it. Moreover, unlike monolithic blockchains, they are free to choose the programming language and development environment.
Tendermint Core
Tendermint Core is an asynchronous BFT consensus protocol. Validators take turns proposing and voting on blocks. If a block is not committed, the protocol moves on to the next round and a new block is proposed. Voting happens in two blocks, with a pre-commit and a pre-vote stage. If two-thirds of validators pre-commit to a block, it is committed.
A block can fail commitment because the proposer is offline or the network is slow. Before moving on to the next block, validators wait for a brief period of time to receive a complete block proposal. This timeout reliance defines Tendermint as a weakly synchronous protocol. Validators then continue after they have heard from two-thirds of all validators.
Safety is guaranteed as long as less than one-third of the validators are Byzantine. Therefore, validators can not commit conflicting blocks at the same height. Once a validator pre-commits a block, it is locked. The block is then pre-voted on or can be unlocked and pre-committed for a new block.
#GOLD UPDATE :
#GOLD kept on printing the new ATH and now formed a head and Shoulder pattern which is a reversal pattern. Well, in this bullish market the probability of this pattern to play out decreases. Also, we can see price gone into the consolidation range and on its way to break it and discovery of new ATH's.
Here's the Analysis of #FTT :
#FTT is been moving with in a consolidation range and rejected strongly from the Strong resistance area of $2.67 - $2.81. price now declining towards the support zone of $1.49 and lower zones around $1.00. Not expecting much from here and accumulation looks good at support and lower zone too.
#DXY UPDATE :
#DXY had a very little move where global market played very well but with the Friday closing, we have a sharp move up and strong crash in market. Now Daily TF had a fakeout and Weekly had a rejection. We can expect this continue to happen and expected to hit towards the 104.87% - 105.18%.
Here's the Analysis of #IMX :
#IMX is been reached the a key/Major support zone of $1.04 - $1.06 and price falling too hard to better stay away from it. We're already into the Bull Market, so this can been area to buy in part till $0.52.
Short-Term Holders (people who bought recently) can be measured by seeing if they have paper profits or losses. We use the MVRV ratio to compare current market value to what they paid. New investors are doing better now than in early August, when the yen trades caused a drop. The ratio is now above its 90-day average, which is a good sign.
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#BITCOIN DAILY TF UPDATE :
#BITCOIN on Daily TF, had a retracement nearly from the #ATH area and dropping hard reached the support area. Anticipating a reversal from here very soon by market open.
Here's the Analysis of #PYTH :
#PYTH is been going through the messy price action and forming a Inverse Head & Shoulder hitting resistance right now around $0.38 - $0.40. Wait for the price to break and close of H4 candle over the zone and can take the buys. Price already at a Listing price, so this might push the price further.
Short-Term Holders' profit-to-loss ratio currently stands at 1.2, indicating most are in profit. This metric has recently exceeded its 90-day average by more than one standard deviation, suggesting growing market confidence. Given these holders' influence on near-term price movements, this shift towards profit dominance could signal improving market sentiment.
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#BTC just strongly slides lower very wild, and price reached a a key support zone as expected to be a healthy retracement. Well, LTF turned bearish and below H4 and all so we need to see Daily Price rejecting the support or sustaining it.
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ABCI
With ABCI, developers can write Byzantine fault-tolerant applications in any programming language. ABCI bridges the Tendermint Core consensus layer and the Cosmos software development kit (SDK). It consists of three message types that get delivered from Tendermit Core to the application layer. ABCI relays three corresponding response messages from the application layer:
1. The DeliverTX message delivers each transaction in the blockchain. Applications validate each received transaction with this message.
2. The CheckTX message is for validating transactions. The mempool checks a transaction's validity and relays it.
3. The Commit message is placed into the following block header and is used to compute a cryptographic commitment to the current application state.
Tendermint Core creates three ABCI connections to the application; one for the validation of transactions when broadcasting in the mempool, one for the consensus engine to run block proposals, and one more for querying the application state.
Tendermint Consensus and Cosmos
Cosmos is a layer-1 blockchain with three layers:
1. An application layer for processing transactions and maintaining the network state.
2. A networking layer for relaying communication between the transactions and the chain.
3. A consensus layer for determining the state of the network.
The Tendermint consensus is the backbone of the Cosmos consensus layer. The ABCI application layer allows developers to build either on top of the Cosmos blockchain or use the Cosmos SDK to build on one of the IBC-compatible blockchains. The Cosmos SDK is the implementation of the ABCI and stands for the modular part of the Cosmos ecosystem.
To illustrate the above with an example: a developer team could choose to build a new DApp for decentralized finance. They lack the means and motivation to build their own chain. At the same time, the team is looking for a flexible programming solution to maximize interoperability. It could use the Cosmos SDK as a plug-and-play option to build a decentralized app compatible with Cosmos and other IBC chains. It would be connected to the Tendermint Core consensus mechanism through the ABCI.
The Future of Tendermint
As a core contributor to the Cosmos ecosystem, Tendermint (the company behind the eponymous consensus) provides software and development kits to Cosmos. It is also developing a crypto app store (Emeris) that will serve as a single platform to interact with decentralized applications.
Furthermore, Cosmos is branching out its ecosystem with an update to a Cosmos 2.0 version. The Cosmos blockchain will serve as the connective layer between the different IBC chains and add value to the Cosmos economic system.
You can read more about Cosmos in our Deep Dive Into The Cosmos 2.0 Network.
#TROY is had a great move to the upside and breaking its resistance and tapped into key area. With that its rejected, back to the zone as support. Price moved 68% in profits. I hope you secure profits at resistance, still we can expect see some sort of up move.
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Here's the Analysis of #FET :
#FET is been moving within steep downtrend channel pattern and nearly bouncing off from the support zone at $1.00. The main support is at $0.92 - $0.95 and as market is at bullish phrase, we can expect this zone as accumulation and movement higher is expected.
#ZEC made a fakeout of the support zone and moved to its previous highs. Now price action looks good enough to move higher now. The zone is pretty big so, but now high probable to see the move higher.
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Here's the Analysis of #TROY :
#TROY going though the retracement phrase after a strong bullish move to the upside and now moving within a range at support area of $0.0020 - $0.0021 and resistance area of $0.0028 - $0.0030. Market looks good and healthy now and looks good enough for the buys here targeting resistance and higher.
One key metric for gauging market health is the average purchase price of different investor groups. Right now, the Short-Term Holder cohort - representing new market demand - is particularly telling. Bitcoin's price has recently pushed above these newer investors' average cost basis of $62.5k, a positive development suggesting reduced selling pressure. However, if the price falls back below this threshold, these recent buyers could face mounting pressure to sell, especially given the already challenging market conditions of recent months.
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#BTC gone as per the expected move, price just broke thought he accumulation range and kinda rejected the resistance marked. #Bitcoin again attempting to break the zone and we might see some struggle now here in this zone.
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What Is Tardigrade (Storj)?
Tardigrade, launched by the Storj (STORJ) platform in March 2020, is an S3-compatible decentralized cloud storage service.
Cloud storage is a technology that allows for the storage of digital data – text, image, audio, video files and more – “in the cloud,” i.e. on a remote server operated by a dedicated service provider. Using cloud vs. local storage offers a range of advantages, such as the increased efficiency of server setups (resulting in a lower cost of storage per byte) and the ability to access stored data from anywhere in the world.
Many companies use cloud storage services to store and access digital data, as well as serve it to their customers – and the S3 application programming interface (API), first released by Amazon Web Services in 2006, serves as the industry standard for interfacing with files in the cloud. Most established cloud storage providers are compatible with this standard, which allows for a great degree of interoperability across the industry and makes the migration of data between clouds easy.
Tardigrade, named after a resilient microscopic animal, is a similar S3-compliant storage service, albeit a decentralized one – instead of employing large server clusters situated in dedicated data centers for its operation, Tardigrade relies on a distributed network of small-scale storage nodes.
The files stored on Tardigrade are broken down into as many as 80 parts, which are encrypted and sent to multiple storage nodes on the network. Only 29 of these parts later need to be retrieved from the nodes to reassemble the file – such redundancy is implemented to make the system resilient against possible downtime — or complete shutdown — of individual storage nodes.
The fact that files are split into multiple parts and spread across many storage nodes also prevents both individual nodes and the protocol at large from unauthorized mining of uploaded data. According to Storj, Tardigrade was the first decentralized S3-compatible cloud storage solution to enter operation.