Crypto Highlights Week #31 – Recent Bitcoin Rally Pushes ‘Addresses in Profit’ to 93%

Crypto Highlights: Gold price at All-Time High as Bitcoin Breaks Above $11k, Visa Announces Plans For Crypto Payments, 93% of Bitcoin addresses now in profit, Ethereum’s 5th anniversary,  SaTT’s monetization campaign: These and more in this week’s crypto highlights. 

Top Headlines Of The Week:

• MakerDAO, the foundational protocol of DeFi on Ethereum, hit an all-time high of over $1 billion in the total value locked in the liquidity protocol with a whopping 30% dominance. 
• Glassnode has reported that about 93% of all Bitcoin address balances are valued to be in profit as Bitcoin continues to trade above $11,000.
• With the news that the U.S. government has approved the second stimulus payout, it appears that U.S. residents are planning to use the $1,200 stimulus package to buy Bitcoin.

Maker’s Value Locked Breaches $1B Ceiling, but There’s a Caveat

MakerDAO, the foundational protocol of DeFi on Ethereum, hit an all-time high of $1 billion in the total value locked in its vaults. Subsequently, yield farmers create new Dai as Ether rallies. 

This development is due to the recent price rally of Ether which is the most used collateral asset for minting Dai. Definitely not a coincidence, as the Maker community voted for two separate proposals to raise the “debt ceiling” for ETH on July 17 and 20. These events have pushed the amount of DAI that could be minted with ETH from 160 million to 220 million. 

While the TVL (Total Value Locked) measurement is much celebrated in the DeFi community, it fails to paint an accurate picture of the true value locked. A report by DappRadar shows that just 30 wallets account for 65% of the supply and 73% of the borrowing volume.

Recent Bitcoin Rally Pushes ‘Addresses in Profit’ to 93%

Glassnode has reported that about 93% of all Bitcoin address balances are valued to be in profit as Bitcoin continues to trade above $11,000. “Addresses in profit” is used to measure balances of assets transferred into a wallet at an average price lower than the current price. 

A high percentage of addresses “in profit” increases the probability of investors selling those Bitcoins to realize their profit, said Josh Olszewicz, a cryptocurrency trader at Techemy Capital. Balances in profit are up by 29% points from the 72% mark recorded on July 20.

More than 90% of Bitcoin addresses were last in profit through July and August 2019 when Bitcoin traded around $11,500. The 11-month high for in-profit addresses comes amid Bitcoin’s rally to $11,400 and follows steady long-term accumulation by investors at lower prices.

Americans to Buy Bitcoin With Their Second Stimulus Checks After Initial Investment Turned in 50% Profit

With the news that the U.S. government has approved the second payout, it appears that U.S. investors are planning to use their second $1,200 stimulus money to buy Bitcoin. Ordinarily, this bailout is intended to cushion families against the Covid-19 fallout. 

Instead of buying groceries, many Americans chose to invest in Bitcoin when they received their first stimulus checks in April. Coinbase and Binance reported a spike in exactly $1,200 equivalent deposits on their platforms in April. 

The good thing is that those that converted the free money to Bitcoin have raked in up to 54% in profit in three months as the price of BTC barrelled past $10,700 on July 27. As of April, 1 Bitcoin traded for about $7,000. Today, each $1,200 check invested in BTC is worth over $1,829.

More Headlines Of The Week:

A Birthday Look: 5 Years of Ethereum Network Updates, Delays and Changes

Since its inception in July 2015, Ethereum has progressively disrupted the Crypto space, although its move into proof-of-stake has faced a bevy of delays.

Ethereum unveiled details showing an expected launch of its first upgrade called Frontier on July 28, 2015. Frontier is the network’s inaugural framework. The project started up on July 30, as planned. Interestingly, since February 2016, Ethereum has become a key player in the blockchain and crypto industry, with its Ether asset holding the spot as the second most valuable crypto asset on the market.

Ethereum had four main stops along its development journey: Frontier, Homestead, Metropolis, and Serenity.

The fourth phase, Serenity, aka Ethereum 2.0 remains in the works — the result of a lengthy string of delays. A move that ushers in PoS, Ethereum 2.0’s completed test network reportedly opens on August 4. Hence, this news pieces has secured a top spot twice in a row in the weekly crypto highlights. 

How to Monetize Your Publications on Social Networks Using SaTT Solution

SaTT is an advertising platform that is founded on the Ethereum blockchain.  All promotional transactions on the platform are fully automated and transparent. What differentiates SaTT among other advertising platforms is the utilization of blockchain while eliminating the huge costs of launching a campaign. 

The blockchain-based advertising network connects brands with social media influencers who promote or make recommendations of their products. In return the influencers get paid for their efforts.  Incentives earned by publishers or social media influencers are determined by the performance (likes, shares, comments, views)  of the publication. 

With the SaTT platform, advertisers can list their advertising campaigns with the assurance of getting an effective result. It deploys an incentive-based approach in creating maximum engagement.

This Week’s Crypto Adoption

Payments Giant Visa Announce Their Roadmap For Facilitating Crypto Payments

It is no news that cryptocurrencies have forged huge expansions in the payments network. Cryptocurrency merchant payment reached $10billion in May.  With this understanding, VISA is making conscious efforts to incorporate cryptocurrencies like Bitcoin into its payments network. VISA boasts of over 61 million merchants and consumers globally.  

Visa has said that it has been working with regulatory bodies like the World Economic Forum and crypto platforms such as Coinbase to create a connection between digital currencies and its own payments system.  

As a result, about 25 crypto wallets are now linked to the services offered by VISA. Their fast-track program will allow consumers to make payments on a much quicker level. Consequently, VISA’s work has yielded several promising innovations, including Zether and FlyClient. 

This Week’s Market Sentiment

Gold Reaches All-Time High as Bitcoin Breaks Above $11k

Coindesk recently reported that the price of gold has reached a new all-time intraday high of $1,942 on Monday. This progressively extended the rally that started in the year2019.

It appears that a record high for the yellow metal has come during an approximately 28% rally since January 2020 to date. Before now, Gold’s previous record high of $1,924 was reached on Sept. 6, 2011.

Bitcoin, occasionally referred to as the Digital Gold has also bridged this year’s highs as after a massive rally to the $12k area as the stalwart cryptocurrency keeps pace with gold. OnChainFX has disclosed that Bitcoin gained more than 13% within 24 hours of its rally.

As Bitcoin and Ethereum reach a new level this year, the entire cryptocurrency market seems to be gearing for what the community could term as possible signs of a renewed bull run. 

This Week’s Crypto Meme

We hope you enjoyed the latest crypto highlights from last week. For a peek at the our last edition of crypto highlights & blockchain news, click here.