Greetings Exclusive Member,
Grab your coffee and settle in because we’re diving deep into the thrilling world of blockchains. This year, the competition for blockchain dominance has reached scorching levels, with clear leaders emerging across key metrics. Let’s break down who’s leading the pack:
- Monthly Active Users: Solana has surged ahead in the race for monthly active users, climbing from 6th place to snatch the top spot. Meanwhile, Bitcoin has slipped to 5th place, struggling to maintain its position amidst fierce competition.
- Number of Weekly Transactions: Solana continues to shine with an astounding 1.8 billion weekly transactions, overshadowing its competitors by a significant margin. Tron holds steady in second place, while TON has seen remarkable growth, catapulting from under 5 million to over 40 million weekly transactions in record time.
- DEX Volume: Ethereum leads the charge in DEX volume, closely followed by Solana. Base has been the dark horse of the year, rising from obscurity to claim the 5th spot, battling it out with BNB and Arbitrum in a tight competition.
- Total Value Locked (TVL) in DeFi: Ethereum dominates with a staggering 61.2% of the market share in Total Value Locked (TVL) in DeFi. Tron and BNB follow distantly, while Layer 2 solutions, predominantly supported by Ethereum, secure the next three spots.
- Transaction Fees: Ethereum reigns supreme in transaction fees, collecting nearly $1.75 billion and leading the pack by a wide margin. Tron and Bitcoin trail behind, striving to match Ethereum’s lucrative fee earnings.
Tracking metrics on the blockchains is essential for understanding adoption, as it provides concrete evidence of usage, growth, and the popularity of the different blockchain networks.
CHARTS
BITCOIN (BTC) WEEKLY CHART
Bullish case:
- BTC is in a bull and *if* support gets above and holds 56.5K – we can expect a rally.
- Price is holding inside the parallel channel so far.
- Noticing our Fixed Range Volume Profile, price must rally back up and claim above the POC which is where the most volume has transacted in this entire range.
- Not shown but keep an eye out for a Stochastic cross back up and confirming over 20.
- Not shown but RSI needs to get back above the 50 level and attempt to rally.
Bearish case:
- Bitcoin has the potential to form an M topping pattern, currently unconfirmed.
- Observing a lower high on the weekly time frame.
- Bitcoin is currently below the VAL which is the fixed range volume profile value area low AND price is hovering just above the 50EMA blue line (price should remain above).
No matter what happens, always manage your risk and have a plan.
ETHEREUM (ETH) WEEKLY CHART
Bullish case:
- ETH is currently holding support above 2800.
- Price is holding the 50EMA (blue) support.
- SRSI looks like it could posture up above the 20 if price can rally.
- RSI looks like it could hold above the 50 level if price can bounce back.
- Looking at the entire fixed range volume profile, ETH needs to get back above the VAL or value area low and make a run towards the POC or point of control where the most volume has interacted in this 4+ month price range.
Bearish case:
- ETH has an M topping pattern, unconfirmed, if price holds the 2700-2800 level as support (*not flipping that into resistance).
- Stochastic RSI faked out and retraced 100% of the move (however the 50EMA is holding for now).
- RSI is either breaking under or faking out the 50 level on the RSI so keep an eye out.
- Observing a lower high on the weekly time frame.
Regardless of what happens use risk management and have a plan.
HIGHER LEARNING
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