21 Feb

MultiversX (EGLD) TVL Surges 27% YTD, Network Activity Booms

• MultiversX, formerly known as Elrond, has seen a surge in its Total Value Locked (TVL) since the start of the year.
• Following the rebrand and launch of new products, user activity on the network has seen an increase.
• The team also plans to rename some of its current products and re-launch them under new names.

MultiversX’s TVL On A Yearly Rally

MultiversX’s Total Value Locked (TVL) has been increasing since the start of 2021. After the name change and rebranding in November 2022, there has been a surge in user activity on the network. Formerly known as Elrond, Multiversx is now a decentralized blockchain network focused on Metaverse capabilities. According to data from DefiLlama, its TVL has risen by 27% to reach $105 million at press time. This level was last registered two months ago.

Rebrand & New Product Launches

In November 2022, MultiversX decided to change its name from Elrond and move forward with a new brand focus on metaverse capabilities. This decision was accompanied by three new product launches: xFabric, xPortal and xWorld. As a result of these changes and incentive offerings that came with it, daily active addresses count on MultiversX hit an all-time high of 86000 on 8 February 2022 according to Artemis data provider. Similarly, shortly after this announcement transactions count reached 135000 on 9 February 2022 but gradually decreased to 85000 as per 19 February 2022 records from Artemis .

Increases In Fees Paid & Network Revenue

The increased user activity also resulted in higher fees for processing transactions which rose 38% according to Token Terminal data provider within one month period leading to 42% boost in daily network revenue during same timeframe as shown by Token Terminal figures . If this momentum continues then annual revenue is expected to rise 42%.

Upcoming Products Renaming & Re-Launching

MultiversX’s 2023 roadmap includes renaming some current products such as Ad-Astra Portal (which enables users bridge cross-chain assets into Multiverse), which will be relaunched under Multiverse Bridges name . Other projects such as TrueFi protocol integration are also planned for future developments .


Since beginning 2021 MultiVersX’s TVL has seen considerable growth due recent name change ,rebranding and launch of new products resulting increases in user activity leading higher fees paid and network revenues .Furthermore upcoming projects have been planned for future development making MultiVerse worth following closely in future times .

13 Feb

Bitcoin Price to Grow if it Detaches from Traditional Markets: Analysts

• Bitcoin’s [BTC] price has rallied by 32% on a year-to-date (YTD).
• CryptoQuant analysts have observed a pattern that suggests the formation of a long-term bottom.
• To experience strong bullish momentum, BTC needs to detach from traditional financial markets.

Bitcoin Price Rally

Bitcoin’s [BTC] price has rallied by 32% on a year-to-date (YTD). This indicates that it is significantly correlated to the traditional financial markets and its continued growth in the face of prevailing macroeconomic conditions is largely contingent upon its ability to decouple from them.

Pattern Observed in Market Bottoms

Pseudonymous analyst Grizzly observed BTC’s 200-day moving average and its realized price and found a pattern previously observed in market bottoms. The pattern, which suggests the formation of a long-term bottom, is characterized by the crossing or overlapping of the 200-day moving average and the realized price, moving from the top to the bottom. This was also observed in 2019, 2015, and 2012 after which BTC experienced a long-term upward trend.

Net Unrealized Profit/Loss Ratio

Another analyst Baro Virtual considered BTC’s Net Unrealized Profit/Loss ratio (NUPL). He found that this market situation was similar to what happened in spring 2019 when it broke its 365-day moving average and BTC experienced strong bullish momentum. However, after encountering rejection at 0.15 – 0.25 medium term resistance range, BTC’S NUPL index tested its 365 day MA which served as support for it. The successful hold of this MA will lead to solid bullish momentum if BTC detaches itself from traditional financial markets according to Baro Virtual.

Impact Of Federal Reserve Interest Rates On Crypto Prices

On 1 February 2021, The Federal Reserve raised interest rates by quarter percentage point marking smallest rate adjustment since March 2020 but surprisingly crypto prices fell slightly; Bitcoin’s price dropped by 0.2% while Ethereum dropped by 0.3%. This indicates that despite decoupling attempts crypto prices are still closely linked with traditional finance markets like US stocks etcetera

The success of Bitcoin’s growth depends heavily on whether it can successfully detach itself from other traditional finance markets so as not become hostage to macroeconomic indicators such as US stock market etcetera .

5 Feb

MATIC Flips SHIB to Become Top-Traded Token Among ETH Whales

• Polygon (MATIC) saw an increase in its DeFi space with the integration of Dopex, a decentralized options exchange.
• MATIC’s market cap in BTC terms increased and its daily and weekly charts were painted green.
• WhaleStats revealed that MATIC had become the most traded token among the top 100 Ethereum whales.

Polygon (MATIC) Integrates with Dopex

Polygon [MATIC] has seen growth in its DeFi space over the past few months, with several new integrations that help increase the network’s offerings and capabilities. The latest one is the integration with Dopex, a decentralized options exchange. This launch was a step forward for Dopex, allowing it to reach a wider audience and provide more opportunities for users to take advantage of its innovative features.

Positive Market Reaction

Polygon’s growth in the DeFi space was further proven by having a look at DeFiLlama’s data, as its Total Value Locked (TVL) gained an upward momentum since the beginning of this year. MATIC’s price also responded positively to these developments, and its daily and weekly charts were painted green. As per CoinMarketCap, MATIC was up by over 3% and 6% in the last 24 hours and past week, respectively. At press time, it was trading at $1.23, with a market capitalization of more than $10.7 billion.

Matic Becomes Most Traded Token Among Whales

The increase in MATIC’s price might have played a role in making the token popular again among whales; WhaleStats revealed that MATIC flipped Shiba Inu [SHIB] to become the most traded token among the top 100 Ethereum [ETH] whales. Moreover, MATIC’s daily on-chain transaction volume in profit also increased due to recent price gains.

MVRV Ratio Uptick

MATIC’s MVRV Ratio registered an uptick which looked optimistic; CMC reported that since mid-January 2021 until now (February 4th 2021), there had been 7 days where MVRV Ratio crossed 1x mark indicating investors‘ confidence towards Rallying asset prices & Bullish trend continuation expectations amongst traders/investors investing into assets like Polygon(MATICS).

Social Dominance Grows Alongside Price Increase

MATIC’s popularity grew along with its social dominance as well as price increase; according to CoinGecko’s Social Volume metric chart , there had been significant hikes from January 14 till Feb 4th 2021 indicating increasing interest & hype around Polygon & related projects built upon it like Quickswap etc..