Monat: Januar 2023

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NFT sales rose 26% in the first week of 2023

  • NFT sales jumped 26% as trading volume rose across major blockchains.
  • Ethereum accounted for the most NFT sales, while Bored Ape Yacht Club dominated among collections.
  • The broader crypto industry has started 2023 slightly higher, with notable rallies for coins such as Cardano, Solana and Ziliqa.

The NFT market size is expected to grow over the next several years, and 2023 has begun with a significant jump in sales on top NFT marketplaces. It is one of the interesting NFT statistics for the year.

According to data from Cryptoslam.io, NFT sales increased by 26% in the first week of the year. The platform showed the metric rose by the margin as 1.2 million NFT transactions registered across 400,740 NFT buyers.

As for the NFT collection with the highest transaction volume, the honour fell to the Bored Ape Yacht Club (BAYC). The collection registered $19,052,102 in sales, with trading volume rising by 53% in the week.

BNB Chain records 71% spike in NFT sales

Per the data, the most sales occurred on the Ethereum blockchain – where NFT sales accounted for $164 million of $209 million. Overall, the sales rose across all major blockchain networks. BNB Chain saw the largest jump in sales, with a 71% spike just higher than the 70% growth on Theta grew.

Solana remains a top NFT ecosystem despite recent upheaval following the collapse of FTX and saw its NFT sales increase by 28.8% last week.

Crypto prices up early in 2023

Cryptocurrencies entered 2023 on the back of major losses in the previous year, with Bitcoin and the rest of the crypto market having recorded massive dips from their all-time highs.

However, the first week of the year has seen crypto mirror broader market movements with gains pushing BTC above $17,000 and Ethereum to $1,340. While Bitcoin is up more than 4% in the past week, Ethereum has notched double figures with over 10%.

Among the most impressive performers include Cardano that’s up 28% and Solana that has rallied by more than 45% this past week. SOL’s surge came after the BONK  meme coin airdrop to the Solana NFT community. Ziliqa has soared over 50% amid major network upgrades and integrations – including with esports loyalty programs.

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Binance coin back to safety as buyers now aim for $295

  • Binance coin has recaptured crucial support at $266 after the latest crash

  • The cryptocurrency was previously weighed by adverse publicity

  • A recovery above $266 sets BNB to the next resistance at $295

Binance (BNB/USD) traded at $274 on Tuesday, slowing from a monthly high of $282 the previous day. BNB buyers would be delighted about how far the cryptocurrency has come since Binance began to be adversely mentioned.

Touching a low of $220 in mid-Dec, there were fears of further downside for BNB after the collapse of FTX. That’s particularly because, at the price level, BNB had lost crucial support at $266, which kept it stable. However, relentless buying has seen BNB recover to the level which now supports the price.

BNB price is at least now back to safety above $266. However, Binance’s woes seem to be far from over. The latest cryptocurrency news suggests that US federal prosecutors have started to investigate the crypto exchange. According to reports, several American firms have been issued subpoenas for their communications with Binance. The exchange is reportedly being probed for violations of the US Bank Secrecy Act. The regulations mandate financial entities to verify their clients in a bid to curb money laundering. BNB price is yet to react to the potential litigation.

BNB recovers above $266 support as price turns mildly bullish

BNB/USD Chart by TradingView

A technical outlook gives BNB $295 as the likely price target. This is the next resistance zone, and BNB has in the past hit the target each time price has recovered above $266. The MACD indicator is shifting above the neutral zone, underlining a bullish momentum. Similarly, BNB trades above the moving averages. The 50-day MA could hold as the dynamic support, coinciding with the $266 level.

Is investing in BNB now a good idea?

A retest of the $266 support would open buy trades on the cryptocurrency. Investors should watch for bullish price action signals at the support to buy BNB and ride to the $295 resistance.

Where to buy BNB

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy BNB with eToro today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy BNB with Binance today

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XRP witnessing increased institutional inflows. Here is the most important level now

  • XRP accumulation intensified in the first week of the year

  • Investors bank on Ripple’s win against the SEC

  • XRP has gained stability above $0.31, and the price could surge from here

If you have been following Ripple (XRP/USD), you already know its case with the SEC continues to be important. Investors have priced XRP depending on the direction of the case. However, the latest CoinShares report shows that institutional investors are banking heavily on a Ripple win.

According to CoinShares, the first week of 2023 saw $3 million in inflows into XRP. On the other hand, investors exited $6.5 million and $3 million from Bitcoin and Ethereum, respectively. This could be positive news as it shows how much trust the market has developed in XRP. According to CoinShares, the inflows reflected improved clarity on Ripple’s case with the SEC. But despite this positive development, XRP-associated investment products recorded $9.7 million worth of outflows.

From a fundamental perspective, we could argue that it is still a double-edged sword for XRP as the case drags on. There are positives to pick from the latest institutional inflow, with the settlement expected in the current first quarter. The technical outlook also supports a potential XRP accumulation of around $0.31.

XRP gains stability above support at $0.31

XRP/USD Chart by TradingView

A price outlook shows XRP is pushing higher after settling and consolidating above $0.31. The momentum has improved but remains weak. The MACD indicator is yet to cross above the neutral zone.

However, the volume indicators would be a little bit exciting. A spike in buy-side volumes suggests that buying is ongoing for XRP above $0.31. The previous bullish pin bar acts as the buffer against the bear pressure for XRP.

Will XRP become bullish?

XRP has a chance to become bullish if the price holds steady at the current level. The upside is likely to continue in the short and medium term to the $0.4 resistance. The ongoing case with the SEC will determine if XRP price sustains the recoveries.

Where to buy XRP

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy XRP with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy XRP with OKX today

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