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BTC Flippening: What Are the Chances It Loses its #1 Spot?




bitcoinc usd chart

Bitcoin soared past $22,000 on Monday,July 18, recording the highest price in over a month. Cryptocurrency investors remain hopeful that the market infirmity and shakeout witnessed these past months is approaching its end.
The bullish sentiment comes as the stock market plummeted between Europe, Asia, and the United States stock futures. Because cryptocurrencies are also an asset class, they move in direct proportion to the stock market. BTC closely correlates with the equity trade market, which means a rise in stocks will often elevate sentiment within the crypto space.

Nonetheless, investors remain keen to observe whether the crypto massacre witnessed in the past few weeks could be over even as they continue mourning the carnage that saw billions of dollars wiped off the market and shake Bitcoin’s solidity right from its roots.

Led by Nikolaos Panigirtzoglou, strategists at Wall Street banking published the decline in production costs for Bitcoin. Per the report, BTC production cost was $24,000 in June 2022 before taking a nosedive to the prevailing $13,000 at the time of this writing. According to the strategists, this drop could have a long-term effect on the prices of digital tokens.

Beyond that, they also explained that the main cause of the drop in Bitcoin production cost is associated with the limited use of electricity, according to a data report from the Cambridge Bitcoin Electricity Consumption Index. JP Morgan confirmed this by adding that reduced electricity use can affect BTC prices. The opinion came as the bank considered the drastic price change that inspired a lot of uneasiness among Bitcoin miners. Most BTC miners sold off their digital assets, especially during the second quarter of 2022.

Barely one month ago,Bitcoin funding rates fell lower than the neutral level in June. The price of BTC at that time was higher than $30,000 before successive market crashes, and price dips took effect, sending the people’s crypto to lose over $10,000 in value alongside a struggling streak to hold above the previous cycle peak.

This happened following prolonged fluctuation between funding rates at and below neutral levels. The downtrend lasted longer than investors and crypto pundits expected as BTC prices struggled.

Ethereum Merge

There is confidence among Ethereum believers to support the hypothesis that ETH will overtake BTC. The Ethereum Merge talks have catapulted ETH up by 39% over the past week, with programmers spending the past several years pushing towards the migration of their whole network off the high-energy-drawing proof-of-work (PoW) validation method to a more sustainable option, proof-of-stake (PoS).

The move is expected to reduce the amount of electricity spent per transaction and theoretically develop a smaller carbon footprint. The network’s leadership argues that with this Merge, blockchain users will enjoy faster settlement speeds for their transactions, together with better throughput courtesy of the network’s lower congestion and reduced overall fees.

Nonetheless, despite Ethereum Merge benefits, the network is the backbone of most of the NFT, play-to-earn, and DeFi traffic within the cryptocurrency ecosystem. The Ethereum blockchain is also home to most app developers actively developing new applications atop its platform to provide more use cases, applications, and user engagement. As such, investors and crypto players strive to dollar-cost average into ETH with hopes to benefit when the network matures.

Bitcoin Flippening

Bitcoin has held the fort as the most valuable cryptocurrency for more than a decade before taking a turn to start Flippening and inspiring fear among investors. Flippening refers to the hypothetical point where ETH overtakes BTC in market capitalization, thereby positioning Ethereum as the most valuable crypto over Bitcoin.

Last week, Ethereum displayed a decent wave of recovery from the $1,000 zone against the USD, clearing the $1,120 and $1,150 resistance levels. The same week, Ethereum software developers announced that September 19 was their soft target date for the rolling out of the Ethereum Merge across its blockchain to every user.

The Ethereum Merge would be a programming project intended to pivot the blockchain from its prevailing transaction proof-of-work consensus process to a more sustainable proof-of-stake model. The program has proven to be much-anticipated news among crypto believers, as the sector has managed to reclaim a $1 trillion valuation across the market.

Market pullbacks in the cryptocurrency ecosystem have sparked debates on whether Ethereum can flip Bitcoin in market cap parameters. The current market downtrend has seen Bitcoin lose 68.2% of its value from the $69,000 ATH in November last year. On the other hand, Ethereum has lost 69.9% of the $4,800 ATH recorded in November 2021. Both coins are slowly recovering with market cap dominance of 40.056% and 16.731%, respectively.

Bitcoin’s Market capitalization accounted for up to 86.74% of the total crypto market cap in 2017, and while its unit price went higher, the market share of the people’s crypto has dropped by a significant margin to 40%. With the price of BTC and ETH at $22,137 and $1,477, respectively, investors now see the “Flippening” as an imaginable possibility.

The bitcoin price crash has caused the deposition of multiple high-profile companies within the crypto ecosystem, compelling some of them, like esteemed hedge fund Three Arrows Capital and Celsius cryptocurrency lender, to file for bankruptcy.

The effects of the market collapse have also been felt by other companies who responded to the contagion with de-staffing or employees absconding to look for greener pastures on their own. Some crypto-based companies went to sell off some of their assets to meet their expenses following the hefty pressure from the broader market.

With the price of bitcoin floating above $20,000 again after a long time, some positive sentiment has returned to the market, although the marketplace remains rather shaky because of the absence of significant support. As such, the bears can easily pull down the price.

The drop in BTC funding rates, therefore, remains a concern. In essence, funding rates should increase when the price of the concerned digital asset has decreased as much as BTC prices. However, the reverse is seen with Bitcoin, meaning that the amount of money coming into the ecosystem is insufficient.

BTC Analysis: Weekend turn-around

The crypto market has surprised many over the weekend as the bulls finally lead the broader market. With an additional 5% in total market cap, the total crypto market cap now records $1 trillion for the first time since May. The correction has not been easy for Bitcoin, which has struggled a lot over the past few weeks despite its leading market capitalization. Nonetheless, BTC added over 4% in value within 24 hours.

Also, within the past 24 hours, proxies such as Grayscale Bitcoin Trust (OTG:GBTC) recorded +6.2%, and ProShares Bitcoin Strategy ETF (BITO) recorded +4.6% in value, climbs that catapulted them to catch a bid in pre-market trading.

BTC/USD Daily Chart

Trading past the $22,000 resistance level (blue), chances are that Bitcoin will climb higher to breach the $23k psychological level and hopefully sustain a positive rally as the week unfolds. Even so, there is no evidence of a key catalyst explaining the sudden market recovery, even as most Altcoins and tokens continue to trade in the green.

Should the bulls maintain control, BTC could climb above the $23,200 resistance level before the day closes. The extension of this bullish performance would then see Bitcoin make a run for the 24K resistance level in a few days. It should be noted, however, that the bear market remains ongoing, and the leading crypto could still retrace some of the gains to drop below the $21,247 support level (yellow).

However, it should not be so hard for Bitcoin to defend the position above the $20,895 support level, at least for the short term.

According to Marcus Sotiriou, a positive reaction from the market to the wave of negative news is a potential sign that a local bottom has started. The negative news, in this case, refers to the fear that may have prompted the price rally. The GlobalBlock analyst believes that with cryptocurrencies recording what seems like a market recovery, the upswing may not be the ideal relief rally, as is the hope of crypto investors.

Reporting to clients, David Moreno, an analyst at CroptoCompare, opined that following the poor Q2 performance, a relief bounce would be premature, and the market will maintain its range-bound momentum for a few more months.

With the recent market development, miners’ profitability may increase, with a reduced craze to sell their assets. However, analysts think the Bitcoin price might prove resilient in the long run because of the reduced production price. Should this trend continue, investors who are already BTC hodlers may lose more.

What are the chances that Bitcoin will lose its #1 spot?

Flippening remains a controversial topic in cryptocurrency, with one side of the debate thinking it is inevitable while the other supporting that it is impossible. However, the lion’s market share is still cautiously observant to watch the two flagship cryptos slowly approach populous market adoption. Bitcoin has been the crypto for over a decade, but there have been concerns over the sustainability of its proof-of-work consensus.

With the Ethereum Merge happening later this year, the Ethereum community believes that ETH will overtake BTC. Ethereum converting to a POS consensus set to reduce energy consumption by 99% is a win for Ethereum because institutional investors will be driven toward sustainable options.

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.

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PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP




PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP




When the first decentralised blockchain was popularised in 2008 by Satoshi Nakamoto, the door was open for people across the globe to transact more securely and seamlessly. Many blockchain networks have been built and powered by native crypto tokens, including PrivaCrip (PRCR).

Native tokens exist for several reasons. Aside from acting as digital currencies, they perform various functions. Helping blockchains improve data traceability, security, transparency, and trustworthiness shared throughout the network. They also assist in reducing costs through their ever-evolving efficient methods.

Cardano (ADA) and Ripple (XRP) are among the best blockchain-based cryptos that this article will discuss. We will also look at how PrivaCrip (PRCR) will power a blockchain network set to launch into the crypto space.

Top Tier Crypto Makes its Mark – Cardano (ADA)

Cardano (ADA) has been around in the crypto space since 2017. The Proof-of-Stake (PoS), Ouroborous Cardano (ADA), was established using a research-based methodology.

Research is the backbone of Cardano (ADA) and is integral to its success in the cryptocurrency market. Cardano (ADA) uses an evidence-driven mechanism and peer-reviewed research to run its ecosystem to drive its evolution.




Among many things, Cardano (ADA) helps establish DeFi products and provides a suite of financial solutions. Crypto enthusiasts can stake Cardano (ADA) for a chance to earn rewards for their holdings.

With 2022 providing challenges in cryptocurrencies across the globe, Cardano (ADA) is one of the few cryptos to see a surge in on-chain trading volume this year. CoinMarketCap lists Cardano (ADA) as the 7th largest crypto by market capitalization at the time of writing.

Making Waves – Ripple (XRP)

Launched in 2012, Ripple (XRP) is a leading provider of crypto solutions for businesses. Ripple (XRP) provides developers with a solid open-source foundation for executing demanding projects. It is fast, energy-efficient, cost-effective, and reliable.

The solutions provided by Ripple (XRP) enable developers to solve inefficiencies, including asset tokenization and remittance. Therefore, individuals and businesses may apply Ripple (XRP) for DeFi, payments, tokenization, and more.

Crypto enthusiasts with a long-term focus may find Ripple (XRP) a valuable investing tool. Token holders can use Ripple (XRP) for staking its mainnet platform for a chance to grow their earnings and maximise profit.

At the time of writing, it ranks number 6 on CoinMarketCap, making it a cryptocurrency to buy now.

The New Face Of Privacy – PrivaCrip (PRCR)

The soon-to-launch PrivaCrip (PRCR) is a cryptocurrency built for Web3 data privacy. It will allow users to develop and use permissionless and privacy-preserving applications. This unique feature of PrivaCrip (PRCR) secures apps, protects users, and fosters the creation of many new Web3 uses.

PrivaCrip (PRCR) will drive a blockchain that creates a more empowering and inclusive internet. It will enable developers to build secure dApps using private contracts based on original privacy research (OPR) to revolutionise Web3.

PrivaCrip (PRCR) will begin pre-sale soon and has an initial token price of 0.10 USD. According to the whitepaper, there will be a total supply of 190 million tokens, of which 40% of the total supply will go to the pre-sale.

Crypto enthusiasts who purchase PrivaCrip (PRCR) during the pre-sale will receive the most significant long-term rewards and bonuses. Those who buy with Bitcoin (BTC) will receive a 10% bonus. Also, those using Ethereum (ETH) to purchase will receive 15% of the total PrivaCrip (PRCR) they purchase as a bonus.

10% of PrivaCrip’s (PRCR) total supply is up for distribution as staking rewards, meaning that token holders who stake will receive rewards for their contribution to the crypto’s advancement.

The Bottomline 

Blockchain networks are continuously evolving, and so are the crypto tokens that power them. Cardano (ADA) and Ripple (XRP) have contributed tremendously to the success of their blockchain networks, gathering mass appeal.

PrivaCrip (PRCR), for its part, will drive a security-enabled blockchain and scalability in private DeFi, empower data tokenization, and bring together a fast-growing community. Acting on its promise, it has the potential to become the next big mover in cryptocurrency.

For more on PrivaCrip (PRCR), check below:





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Cardano (ADA) Withdrawal Fees Waved by Bitrue Exchange




Cardano Reaches “Important Milestone” on Road to Vasil Upgrade

Alex Dovbnya

Singapore-based cryptocurrency exchange made Cardano one of its base trading pairs earlier this year

Singapore-based cryptocurrency exchange Bitrue announced that it had temporarily waived withdrawal fees for the Cardano (ADA) cryptocurrency.

The trading platform says that the move is meant to celebrate the support it received from the community behind the cryptocurrency.

Users will be able to withdraw ADA without paying any fees until mid-September.

Bitrue has stressed that it wants users to have “as much choice as possible” when it comes to custody options. Those who want to hold their ADA tokens will not be able to do so without paying an additional commission.

At the same time, Bitrue has touted its “Power Piggy” yield-farm investment program for those who want to earn passive income with ADA.

As reported by U.Today, Bitrue introduced the token as its base currency back in February.

In June 2021, it also became the first cryptocurrency trading platform to add support for Cardano-based native tokens.

Last month, Bitrue also announced a staking initiative with the ADA cryptocurrency. It decided to contribute a million tokens to some of the top Cardano staking pools in an effort to boost the level of decentralization.

Earlier this year, SundaeSwap (SUNDAE), the native token of the SundaeSwap exchange, also became available on Bitrue.

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WingRiders Losses 59% Of Its Total Value Locked, Plunges Cardano TVL Below $100M




Cardano Founder Charles Hoskinson Criticize SEC Cracking Down on Companies Outside Its Jurisdiction

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Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano. 

WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days. 

At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming  42% of TVL On Cardano. However, the DEX has fallen from glory ever since. 

Minswap Is Now Cardano’s Most Valuable DEX

The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped. 

cardano total value locked
Cardano total value locked

Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL. 

At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano. 

SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL. 

Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.

Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said: 

“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.” 

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