Avalanche moved to its highest point since August, as the token rose by as much as 17% in today’s session. Cryptocurrencies surged across the board, following the latest Federal Reserve rate hike, with the global market cap 4.29% higher as of writing this. Polygon also hit a multi-month high on Thursday, rising by over 14% in the process.
Avalanche (AVAX) was one of Thursday’s notable movers, as the token rose to its highest point since August.
AVAX/USD hit a high of $22.71 earlier in the day, and came less than a day after it traded at a bottom of $18.80.
The move came as avalanche broke out of a long-term price ceiling at $21.65, on its way to its strongest point since August 26.
Looking at the chart, the move took place following a breakout of a resistance level at 72.00 on the relative strength index (RSI) indicator.
As of writing this, the index is tracking at 72.62, with the next visible resistance point around the 74.00 mark.
Should this zone be hit, there is a strong chance that AVAX could move above $23.00, recording a fresh five-month high in the process.
In addition to AVAX, polygon (MATIC) also rose significantly higher in today’s session, hitting a multi-month high in the process.
Following a low of $1.07 on Wednesday, MATIC/USD moved to a peak of $1.25 earlier in the day.
Thursday’s rally saw MATIC climb by as much as 15%, hitting its highest level since November 8.
As of writing this, polygon has given up some of its earlier gains, and is currently trading at $1.23.
This comes as bulls seem to be securing profits, as the RSI nears a resistance point at 70.00.
Price strength is currently tracking at 69.90, and unless it moves well above this upcoming hurdle, upwards momentum in MATIC could begin to shift.
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Will polygon extend today’s bullish momentum throughout the rest of the week? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.
Avalanche moved to its highest point since August, as the token rose by as much as 17% in today’s session. Cryptocurrencies surged across the board, following the latest Federal Reserve rate hike, with the global market cap 4.29% higher as of writing this. Polygon also hit a multi-month high on Thursday, rising by over 14% in the process.
Avalanche (AVAX) was one of Thursday’s notable movers, as the token rose to its highest point since August.
AVAX/USD hit a high of $22.71 earlier in the day, and came less than a day after it traded at a bottom of $18.80.
The move came as avalanche broke out of a long-term price ceiling at $21.65, on its way to its strongest point since August 26.
Looking at the chart, the move took place following a breakout of a resistance level at 72.00 on the relative strength index (RSI) indicator.
As of writing this, the index is tracking at 72.62, with the next visible resistance point around the 74.00 mark.
Should this zone be hit, there is a strong chance that AVAX could move above $23.00, recording a fresh five-month high in the process.
In addition to AVAX, polygon (MATIC) also rose significantly higher in today’s session, hitting a multi-month high in the process.
Following a low of $1.07 on Wednesday, MATIC/USD moved to a peak of $1.25 earlier in the day.
Thursday’s rally saw MATIC climb by as much as 15%, hitting its highest level since November 8.
As of writing this, polygon has given up some of its earlier gains, and is currently trading at $1.23.
This comes as bulls seem to be securing profits, as the RSI nears a resistance point at 70.00.
Price strength is currently tracking at 69.90, and unless it moves well above this upcoming hurdle, upwards momentum in MATIC could begin to shift.
Register your email here to get weekly price analysis updates sent to your inbox
Will polygon extend today’s bullish momentum throughout the rest of the week? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.
Amid the controversy surrounding the Ordinals project and the debate over what types of data should be stored on the Bitcoin blockchain, the network mined its largest block, nearly 4 MB in size, containing just 63 transactions. One of the transactions was a 3.94 MB Ordinal inscription featuring an image of a wizard, and the Bitcoin-issued non-fungible token (NFT) has generated significant discussion.
On Feb. 1, 2023, the Luxor mining pool mined the largest block (#774,628) ever recorded on the Bitcoin network, approximately 3.96 MB. The coinbase parameter of the block contains a message indicating its discovery by Luxor. The mining pool also took to Twitter to inform the community about the discovery and the reason for the large size of the block.
“Last night, Luxor harnessed its magic energy and freed an ancient wizard from his cosmic cage where he had been trapped for many epochs,” the mining pool tweeted. “Keen observers of the chain of time may have noticed a 4 MB anomaly, unlike anything seen before. Will there be others?” The tweet also included an image of the “Taproot Wizard,” an Ordinal inscription #652, attached to the block. Taproot, a feature applied to the Bitcoin network on Nov. 12, 2021, was activated at block height 709,632 and brought several new benefits to BTC users.
A 3.96 MB block #774628 has been just added to Bitcoin by @LuxorTechTeam exploiting buggy Taproot! The previous record was just 2.77 MB. Here's the list of the largest blocks: https://t.co/LsavqjLFEq
This will trigger many! Are we on the verge of a new blocksize war? 🤓
— Nikita Zhavoronkov (@nikzh) February 2, 2023
Essentially, Taproot allows multiple participants in a transaction to create a single combined digital signature, making transactions more efficient and private. Since the creation of Ordinals, it has been discovered that using a Segregated Witness (Segwit) “discount” in combination with Taproot allows for a full block to be 4 MB in size, bypassing the 1 MB limit encoded in the Bitcoin blockchain. It was previously known that Segwit slightly increased block sizes, with the largest block before Luxor’s 3.96 MB being 2.765 MB (#748,918) mined on Aug. 11, 2022.
Meanwhile, Ordinals were already controversial among some bitcoin maximalists, and the 4 MB block mined with only 63 transactions and a Wizard JPEG caused further upset. For instance, bitcoin developer Luke Dashjr, who called Ordinals an “attack,” quickly created a node patch to filter or censor Ordinal “spam.” “NOT a protocol change or soft fork/hard fork, just a harmless (if it works right) spam filter,” Dashjr wrote. “Also a quick hack and NOT suitable for opening a PR to Core – please write a proper fix for that.”
Many bitcoin advocates were dissatisfied with the record-breaking block size, and the topic was discussed on the Reddit forum r/bitcoin. The most upvoted comment in the thread read: “I would much rather see such a block full of real monetary transactions from thousands of people, instead of this idiocy.”
Another individual agreed with this opinion and argued that the Taproot scheme that produced a 4 MB block was dangerous. “Yeah … This is rather dangerous. We’re one bad actor or one automated miner away from cementing vile and disgusting things to a permanent, globally distributed, uncensorable database. It will be interesting to see if there is a free market solution to this.”
Someone has just uploaded DOOM to the BTC blockchain.
Go here to try it out:https://t.co/DLuBYj06CS
— Hector Lopez (@hlopez_) February 2, 2023
In addition to the stir caused by the Wizard-block Ordinal, an unsavory image was inscribed into inscription #668. Although the image was removed from the Ordinals website, it remains immutable and cannot be removed from the Bitcoin blockchain. Furthermore, a game, “DOOM,” was uploaded to the blockchain and can be found in inscription #466.
Some bitcoin advocates expressed dissatisfaction with the mining pool Luxor, which mined the 4 MB block. One person responded to Luxor’s tweet, saying, “There’s nothing revolutionary in what you did. You stuffed a nasty JPEG with zero artistic value into the blockchain. Okay…you could have crafted the same stupid image 10,000 times smaller. Why did you make it 4 MB? Because it’s mischief; you are trolls.”
What is your take on the 4 MB block controversy in the Bitcoin network? Do you believe it is a potential threat or a harmless addition to the blockchain? Share your thoughts in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Ordinal inscription #652
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Source From : News