Estimates predict that there are over 13,000 cryptocurrencies on the market today for people to invest in, but one has stood the test of time and remained popular in a way that the others simply haven’t. Bitcoin is known all over the world, with millions of users and ways that the cryptocurrency can change hands daily.
Why is Bitcoin so popular? Myriad reasons contribute to this, and we’re breaking down the story of the best-known crypto and why it is still king in most peoples’ eyes.
Adoption and Everyday Use
Market cap statistics will tell you that Bitcoin has the highest level of adoption on the market (and the highest value) as of 2024. Cryptocurrencies are often seen as speculative investments by people, but this isn’t the case for Bitcoin, as it can be used on a day-to-day basis in a way a lot of meme coins or altcoins can’t yet.
Bitcoin can be used in a crypto wallet and then sent to a variety of retailers and companies who have adopted the currency just like a traditional, flat currency.
Gambling and the casino industry have had a huge amount of power here and have helped to catapult Bitcoin to where we see it today. Top online casino brands in the USA have started to use this as their main currency or adopt it alongside others, knowing that Bitcoin offers lots of potential benefits for gamblers. Estimates say that more crypto transactions take place in the gambling industry than in any other industry.
People actually use Bitcoin in this scenario rather than just holding it, something we have seen with some other cryptocurrencies. Casino gamers can move their money around a lot more quickly using Bitcoin and also know that it is secure, as well as having low fees compared to some other methods.
BitPay is one company that has also had a role to play and helps over 250 stores to provide Bitcoin payments including some household names like Adidas. People can pay in Bitcoin and the merchants can accept the currency even if they want it to be instantly exchanged into another currency. Payment processing companies using Bitcoin is one of the ways that the currency may become even more popular.
Not a lot of cryptos can be used to buy a shirt, pay for a meal, or head to the cinema with your friends, but Bitcoin absolutely can.
Bitcoin: The “OG”
To use a modern term, Bitcoin is the OG of cryptocurrencies. Though talk of a decentralized and cryptographic currency can be traced back decades, Bitcoin was the first to put this into action.
Bitcoin is issued by mining, something still done today, and which a lot of people have heard about.
The domain name bitcoin.org first got picked up in 2008, and also that year, there was a paper called “Bitcoin: A Peer-to-Peer Electronic Cash System” sent to a mailing list centering around cryptography. This paper was by someone called Satoshi Nakamoto, thought to be a pseudonym now. This is a mysterious figure that not a lot of people know about, and there is a lot of speculation even today about whether he is a real person, or who may be behind this pseudonym.
Bitcoin gained a lot of traction in the early years and its value started to rise. In 2013, the Wall Street Journal was paying close attention and reported that 12 million Bitcoin had been mined.
Alternatives and other cryptocurrencies started cropping up within years, and today there are tens of thousands of them, but they haven’t hit the heights of Bitcoin, which is further along its journey, especially when it comes to mainstream acceptance.
It is arguable that Bitcoin is still so huge today as it got to the market first.
Big-Name Support
Big-name supporters have definitely been one of the reasons why Bitcoin has stayed on people’s minds. Celebrities and businesspeople have been outspoken in their support. Elon Musk is one that springs to mind straight away. He was quick to spot the potential and is thought to hold a lot of the Bitcoin currency in circulation through his companies.
Sports stars have also potentially helped to keep the public’s attention on Bitcoin. Huge NFL stars like Odell Beckham Jr. have agreed to take their wages in Bitcoin, and this has become a trend in a few industries. People often trust their celebrity idols and the faith many millionaires are putting in Bitcoin will have done them no harm.
Conclusion
Cryptocurrencies aren’t restricted to just one main player. It has already been shown that there are lots of potential ways cryptocurrencies can grow together, but Bitcoin is seen as the first as well as the most successful at this moment, in terms of being a household name, no other decentralized has really hit these heights just yet, thanks to big-name support and the fact it has entered daily use for many people.
MAGA Shiba Inu (MAGASHIB) could turn early investors into multi-millionaires if it becomes a mainstream coin, like Shiba Inu (SHIB) and Dogecoin (DOGE).
MAGA Shiba Inu (MAGASHIB), a new Solana memecoin that was launched today, is poised to explode over 13,000% in price in the coming days.
This is because MAGASHIB has announced its first centralized exchange listing, which will be on MEXC – one of the largest exchanges in the world.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
Currently, MAGA Shiba Inu can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and MAGA Shiba Inu could become the next viral memecoin.
MAGA Shiba Inu launched with over $7,000 of locked liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy MAGA Shiba Inu on Raydium or Jupiter ahead of the MEXC listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for MAGA Shiba Inu by entering its contract address – 73mqxPkM9P59GeudJ2DT8i2v94QfLkfVVbfQnU2DTP5r – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like MAGASHIB.
Early investors in memecoins like Shiba Inu (SHIB), Bonk (BONK), and Dogecoin (DOGE) made astronomical returns, and Diamond Paws (DIAPAWS) presents a similar opportunity for a limited time.
Diamond Paws (DIAPAWS), a newly launched Solana memecoin, is poised to explode over 17,000% in a matter of days, as former Shiba Inu (SHIB), Bonk (BONK), and Dogecoin (DOGE) investors pour funds into this new token.
DIAPAWS will be listed on MEXC, one of the largest centralized exchanges in the world, within a few days – and this is a massively bullish development for the token, as millions of new investors will easily be able to buy Diamond Paws.
Currently, Diamond Paws can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy DIAPAWS on these platforms, users need to connect their Solflare, MetaMask, or Phantom wallet, and swap Solana for Diamond Paws by entering its contract address – HCEn3J1sKqMqPxrQDE33rGhJvyXh4r3YgyzD2wiAm3ga – in the receiving field.
DIAPAWS currently has a market cap of just under $16,000, with over $4,000 in locked liquidity, meaning it has huge upside potential.
Early investors could make returns similar to those who invested in Shiba Inu (SHIB), Dogecoin (DOGE), and Bonk (BONK) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
Black Donald Trump (BLATRUMP) could become a viral memecoin, like Shiba Inu (SHIB) and Dogecoin (DOGE).
Black Donald Trump (BLATRUMP), a Solana memecoin that was launched yesterday, is aiming to challenge other memecoin giants, such as Shiba Inu (SHIB) and Dogecoin (DOGE).
Early investors in SHIB and DOGE made astronomical returns, and Black Donald Trump presents a similar opportunity.
BLATRUMP rallied over 600% in the first few hours after its launch, before consolidating as some early buyers cashed out their profits.
However, most investors are still holding their tokens, as they are waiting for BLATRUMP to be listed on ByBit later this week, as this listing will cause the coin’s price to skyrocket.
Its current price presents a great opportunity for new investors to buy the dip before the next rally.
BLATRUMP has a market cap below $30,000 at the moment, meaning that when it just reaches a modest market cap of around $500,000-$1,000,000, early investors would generate returns of 2,000%-3,000% in a matter of days or hours.
The exciting memecoin is poised to rally another 12,000% in the coming two days, and Black Donald Trump (BLATRUMP) could potentially reach a multi-million dollar market cap within a few weeks.
Currently, BLATRUMP can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
To buy Black Donald Trump (BLATRUMP) on these platforms, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for BLATRUMP by entering its contract address – 29BiHVTBEo7RnbtwqwTmV3Hy6nDTadcCgopM6HUyjGRK – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like BLATRUMP.
Shibarium, the Layer-2 blockchain designed for the Shiba Inu community, has seen a dramatic increase in transaction fees, with a recorded 267% rise in the last 24 hours.
According to Shibariumscan, the gas fees, paid using BONE—the native token of the Shiba Inu ecosystem—escalated from 11.57 to 30.98 BONE.
This increase is primarily due to a surge in network activity, likely driven by a growing interest in Shiba Inu tokens following recent market shifts.
The Shiba Inu ecosystem, which uses BONE for transaction fees, is experiencing heightened transaction volumes.
As a result, the cost for users has significantly increased.
BONE not only facilitates transaction payments on Shibarium but also plays a key role in the ecosystem’s tokenomics.
READ MORE: SEC Denies Coinbase’s Appeal in Ongoing Securities Lawsuit, Citing Manipulation of Legal Queries
Each transaction using BONE helps in burning SHIB tokens, as a portion of the BONE fee is converted into SHIB and sent to a dead wallet.
This process reduces the total SHIB supply, potentially enhancing its scarcity and value.
This notable increase in fees raises several questions about the future of the Shiba Inu network and its tokens.
Stakeholders are now contemplating whether the spike is indicative of a long-term trend of increased activity or if it’s a temporary surge.
The sustainability of such high fees is also in question, as is Shibarium’s strategy to manage demand while maintaining network efficiency and scalability.
Additionally, the broader context includes recent integrations that have enabled Shiba Inu (SHIB) payments with major brands like Airbnb and Nike, expanding the token’s utility and exposure.
However, the overall market sentiment remains bearish, creating an uncertain environment for SHIB and BONE investors.
These developments suggest critical times ahead for Shibarium, as it must navigate through market fluctuations and user expectations to sustain growth and retain user engagement.
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Bitcoin‘s annual volatility has recently dipped below that of top tech stocks like Tesla, Meta, and Nvidia, positioning it closer to a more mature and stable asset class.
As of May 11, the 1-year realized volatility of Bitcoin was approximately 44.88%, which is lower than the over 50% seen in these major tech stocks.
This marks a significant shift from Bitcoin’s earlier days when its volatility exceeded 200%, reflecting the usual traits of a new asset class experiencing high capital inflows.
The decreasing volatility signifies Bitcoin’s evolution, as Fidelity Investments reports.
Notably, Bitcoin showed lower volatility compared to 33 out of approximately 500 S&P 500 index companies.
A pivotal observation made in October 2023 highlighted that “Bitcoin was actually less volatile than 92 of the S&P 500 stocks in October of 2023 when using the 90-day realized historical volatility figures.
Some of these names are also large-cap and mega-cap stocks.” This suggests a growing stability relative to significant market players.
Bitcoin’s stability trajectory mirrors that of gold in its early years, which initially faced high volatility followed by gradual stabilization.
Gold, after its decoupling from the U.S. dollar in 1971, saw its volatility soar above 80 in the 1970s, nearly double that of Bitcoin’s in April 2024.
However, as gold settled into an established asset class, its volatility lessened, paralleling Bitcoin’s current path toward integration into the broader financial landscape.
Recent comparisons further underscore Bitcoin’s maturation.
Its current volatility is around 44% at price levels above $60,000, significantly lower than the 80% noted three years prior when prices were similar.
Fidelity researcher Zack Wainwright explains the implications, stating, “Bitcoin was nearly half as volatile in 2024 at $60,000 when compared with 2021.
When putting this all together, a thesis pointing toward a growing acceptance of Bitcoin due to potential maturation begins to emerge.”
The reduction in volatility has often preceded substantial price surges, indicating an increase in investor confidence and accumulation behavior.
This pattern was observed in December 2023, when Bitcoin’s reduced volatility of about 43% was followed by a 75% price increase, driven by demand for spot Bitcoin ETFs in the U.S., which had attracted $11.68 billion by May 11.
Looking ahead, significant investment inflows are expected from major institutional players, including sovereign wealth funds and pension funds, engaging with Bitcoin ETFs.
BlackRock’s Robert Mitchnick and independent market analyst Scott Melker suggest that the growing institutional involvement, driven by Bitcoin’s newfound stability, could propel its price to between $100,000 and $150,000.
Melker emphasizes the importance of patience, noting, “The massive institutional flood of money that will drive bitcoin to all-time highs.”
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
OKX Ventures, a Crypto and Web3 investment fund, recently backed the action role-playing game Blade of God X, developed by Void Labs.
The game, which is still in early access, introduces a novel “play to train” feature.
This feature enables gamers to influence the training of an artificial intelligence (AI) model through their gameplay.
In a press release, OKX Ventures described this innovative concept as a fusion of “advanced AI agents with blockchain technology,” allowing players to directly train their AI agents as they play the game.
However, specifics about the AI models and the exact mechanisms by which gameplay aids in their training remain vague.
Inquiries made by Cointelegraph to OKX Ventures and Void Labs regarding these details have not yet been answered.
Blade of God X aligns itself with the “Souls-like” genre, recognized for its intricate action sequences, and is currently available for download on the Epic Game Store.
While the game itself is free, engaging with its blockchain components may necessitate payments or wallet interactions.
These blockchain features include functionalities that integrate with Immutable X and Ethereum Virtual Machine chains, as noted in the Epic Games Store’s FAQ section.
READ MORE: Mark Cuban Urges CFTC Regulation of Crypto and Suggests Impact on 2024 Election
Players interested in the game’s Web3 aspects can utilize tools like MetaMask, GameStop, Venly, Coinbase Wallet, Magic Link, or Immutable Passport to trade and customize their gaming experience.
According to the press release, the Blade of God series has amassed over six million downloads to date, with Blade of God X itself securing $6 million in funding.
The game’s partnership network includes notable investors such as Delphi Ventures, BreederDAO, and Eden Holdings among others.
Tnise, the founder of Void Labs, expressed gratitude for the support from OKX Ventures, noting, “This partnership will provide us with the necessary resources and guidance to continue innovating, broaden our horizons and deliver exceptional gaming experiences to players worldwide.”
Blade of God X represents a blending of traditional gaming with the emerging technologies of AI and blockchain, offering players both a rich gaming experience and an opportunity to partake in the development of AI through interactive gameplay.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
MAGA Shiba Inu (MAGASHIB) could turn early investors into multi-millionaires if it becomes a mainstream coin, like Shiba Inu (SHIB) and Dogecoin (DOGE).
MAGA Shiba Inu (MAGASHIB), a new Solana memecoin that was launched today, is poised to explode over 13,000% in price in the coming days.
This is because MAGASHIB has announced its first centralized exchange listing, which will be on MEXC – one of the largest exchanges in the world.
This will give the Solana memecoin exposure to millions of additional investors, who will pour funds into the coin and drive its price up.
Currently, MAGA Shiba Inu can only be purchased via Solana decentralized exchanges, like Jupiter and Raydium, and early investors stand to make huge returns in the coming days.
Early investors in SHIB and DOGE made astronomical returns, and MAGA Shiba Inu could become the next viral memecoin.
MAGA Shiba Inu launched with over $7,000 of locked liquidity, giving it a unique advantage over the majority of other new memecoins, and early investors could make huge gains.
To buy MAGA Shiba Inu on Raydium or Jupiter ahead of the MEXC listing, users need to connect their Solflare, MetaMask or Phantom wallet, and swap Solana for MAGA Shiba Inu by entering its contract address – 73mqxPkM9P59GeudJ2DT8i2v94QfLkfVVbfQnU2DTP5r – in the receiving field.
In fact, early investors could make returns similar to those who invested in Shiba Inu (SHIB) and Dogecoin (DOGE) before these memecoins went viral and exploded in price.
If this happens, a new wave of memecoin millionaires could be created in a matter of weeks – or potentially even sooner.
The Solana memecoin craze continues amid larger memecoins, like Shiba Inu (SHIB), Dogecoin (DOGE) and DogWifHat (WIF) trading sideways in recent weeks and losing momentum.
This is why many SHIB, DOGE and WIF investors are instead investing in new Solana memecoins, like MAGASHIB.
Bitcoin‘s trajectory is mirroring its post-2016 halving event, with current analyses suggesting a potential local bottom and future peaks reaching up to $350,000 in this cycle, as observed by cryptocurrency traders.
Rekt Capital, a pseudonymous crypto trader, noted in a May 11 post on X (formerly Twitter) that Bitcoin’s pattern closely follows its 2016 behavior.
“Bitcoin has repeated 2016 history perfectly, offering a downside wick below the bottom of its current re-accumulation range within a three-week window after the Halving,” Rekt Capital stated.
At this stage in the cycle, the reaccumulation range is defined as any price under $61,081. Presently, Bitcoin’s trading price slightly lags this benchmark at $60,901, based on CoinMarketCap data.
Rekt also pointed out that Bitcoin is in the last “pre-halving retrace” phase, which in 2016 led to a significant 48% price increase six months later, reaching $973 by December 30.
Despite the current prices, Timothy Peterson, founder and investment manager at Cane Island Alternative Advisors, sees a promising outlook based on the price drawdown from the all-time high (ATH) chart.
This chart tracks the decline from Bitcoin’s highest price point to its lowest within a certain period.
Peterson stated, “Based on adoption and prior drawdowns, we can guesstimate that the peak value of this cycle would be between $175,000 – $350,000 in the next 9 months.”
He anticipates the bull market concluding by January 2025.
Additionally, another indicator, the daily 100 moving average, is being closely watched by analysts.
This average, which forecasts long-term Bitcoin price trends, is calculated by summing up the last 100 days’ prices and dividing by 100.
According to Daan Crypto traders, this indicates that Bitcoin might be near its local bottom.
In their May 11 post, they drew comparisons to a similar trend observed following the approval of 11 spot Bitcoin exchange-traded funds in January.
A subsequent 32% price rise to $51,730 by February 25 supported their analysis.
Daan Crypto traders concluded with a cautious optimism: “Support until it isn’t, but bulls need to put in some work.”
This sentiment underscores the dynamic and speculative nature of Bitcoin’s market movements, hinging on both historical patterns and evolving market conditions.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Since its launch, the Runes protocol has witnessed a notable drop in activity.
Introduced by Casey Rodarmor, the creator of Ordinals, Runes enables the creation of fungible tokens on the Bitcoin blockchain.
Despite an initial surge in interest, recent weeks have seen a slowdown, with a significant reduction in both new mints and wallet interactions since May 10.
Data from Dune Analytics highlights a steady decline in the protocol’s fee revenue.
Although Runes continues to generate substantial daily fees on the Bitcoin blockchain, exceeding $1 million only twice in the last 12 days signals a declining trend.
“Although Runes still earns hundreds of thousands of dollars daily in fees on the Bitcoin blockchain, the total fees have only surpassed $1 million twice in the last 12 days,” noted a Dune Analytics dashboard.
The protocol was launched on April 20, coinciding with the latest Bitcoin halving event, and led to a frenzy among investors.
This frenzy was reflected in the Bitcoin network’s transaction fees, with Bitcoin miners earning a record-breaking $135 million in the first week following the Runes launch.
“The launch of Runes triggered a frenzy among investors, leading to a surge in transaction fees and a record-breaking windfall for Bitcoin miners, with over $135 million generated in fees during the first week alone,” reported Dune Analytics.
Initially, Runes-related transactions dominated the Bitcoin network, constituting the majority of the activity until April 24.
READ MORE: Grayscale Bitcoin Trust Struggles with Investor Outflows Despite May Influx
At its peak on April 23, Runes accounted for 81.3% of the transactions on the network.
However, the transaction share associated with Runes began to dwindle consistently over the following nine days, hitting a low by May 2. It briefly recovered, commanding over 60% of the transaction share on May 4 and 5.
Amid these developments, the mining community experienced fluctuating earnings, particularly after the Bitcoin halving when their revenues fell to below $30 million per day in May.
Despite the challenges, Runes has shown potential for significant market success. According to Magic Eden, several Rune collections have already achieved market capitalizations in the hundreds of millions.
Rodarmor recently teased further innovations at an Ordinals event in Hong Kong, hinting at an upcoming audioreactive generative art project, underscoring the continued potential and evolving nature of the Runes protocol.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.