Latest News and Updates on blockchain industry by AlexaBlockchain (“Alexa Blockchain”).

“It is now easier than ever to build on UTXO blockchains, empowering builders to unleash UTXO’s superior scalability and programmability,” states sCrypt CEO, Xiaohui Liu.

The post sCrypt Launches A New Developer Toolkit for UTXO Blockchains appeared first on AlexaBlockchain.

The post sCrypt Launches A New Developer Toolkit for UTXO Blockchains appeared first on CryptoSens.

According to data from CoinMarketCap, Bitcoin has had an unimpressive week with its market price falling by 4.65% over the last seven days. However, prominent crypto analyst Ali Martinez has released a price alert indicating that the market leader could be set for more losses if it fails to secure a certain support zone.

Bitcoin URPD Chart Shows Potential Correction – Analyst

In an X post on June 15, Martinez stated that Bitcoin needs to quickly rise above $66,254 else it risks a potential decline to around the $61,100 price mark. Martinez based his theory on the UTXO Realized Price Distribution (URPD) chart generated by the data analytics platform Glassnode.

#Bitcoin needs to climb back above $66,254 quickly to avoid a potential correction down to $61,100! pic.twitter.com/WMr7jcAVJU

— Ali (@ali_charts) June 14, 2024

For context,  an unspent transaction output (UTXO) refers to units of Bitcoin that are unspent after a transaction. Each UTXO has a realized price i.e. the price the market price at the time of UTXO was transacted. In a UTXO Realized Price Distribution chart, Bitcoin’s supply is broken down based on the realized prices of UXTOs showing how much BTC was acquired at different levels. 

This data can be used to study market sentiment, distribution analysis as well as support and resistance levels. More importantly, investor behavior can also be studied as a high concentration of UTXOs indicates levels at which most investors bought Bitcoin which can translate into a potential resistance or support level. 

According to the URPD chart shared by Martinez, 504,619 BTC was purchased at $66,254 thus indicating a strong potential to serve as a support for Bitcoin amidst its current downtrend. Furthermore, the next realized price with the highest number of Bitcoin (191,366) bought is $61,101 representing the next support level should the premier cryptocurrency fail to reclaim the $66,254 price mark.

Bitcoin Price Overview

At the time of writing, Bitcoin trades at $66,151 reflecting a price decline of 1.15% in the last day. In tandem, the BTC’s daily trading volume is also down by 5.54% and valued at $25.4 billion. However, Bitcoin remains in the green on the monthly chart with a 5.80% gain which is a notable positive, especially for long-term traders. 

According to Coincodex, the general sentiment is bearish nevertheless, the fear and greed index stands at 74 which indicates current optimism as well as risk-taking behavior among investors which highlights a potential for high market volatility.

The post Analyst Pinpoints Critical Support Zone For Bitcoin appeared first on CryptoSens.

Andreas Brekken, founder of SideShift.ai, recently shared his insights on the emerging Runes Protocol and its implications for the Bitcoin ecosystem. Crypto.news received exclusive comments via email on Brekken’s views about the Runes Protocol, which gained hype and popularity during…

The post Exploring Runes protocol: Insights into its impact on Bitcoin’s ecosystem appeared first on CryptoSens.

Only 157 new Runes were etched on Bitcoin on May 13, which contributed to just $3,835 in transaction fees paid to Bitcoin miners.

The post New daily Runes etched on Bitcoin falls 99% from post-halving peak appeared first on CryptoSens.

Delving into the unique financial ecosystem of Bitcoin involves unpacking the concept of Unspent Transaction Outputs (UTXOs), a distinct characteristic that sets Bitcoin transactions apart from traditional financial transactions and offers a unique lens through which to analyze market behavior and investor sentiment.

Unlike traditional financial transactions where balances are tracked, Bitcoin uses a system of UTXOs, which represent the unspent value from Bitcoin transactions. A UTXO is the amount of digital currency remaining after a cryptocurrency transaction is executed. This output waits to be used as an input in a future transaction.

Bitcoin’s surge past the $40,000 mark has led to a notable trend in UTXOs. Since Oct. 28, the creation of UTXOs has consistently outpaced their spending. A ‘created UTXO’ refers to the output of a new transaction that hasn’t been spent, while a ‘spent UTXO’ is an input used in a transaction and is thus no longer available. The distinction between these two types of UTXOs reveals insights into how Bitcoin is used and stored.

This indicates a growing trend of Bitcoin accumulation, as new UTXOs represent new Bitcoin holdings that have not yet been spent. In contrast, spent UTXOs indicate Bitcoins that have been transferred or used in transactions. This distinction between created and spent UTXOs is pivotal in understanding market sentiment and behavior.

Between Oct. 28 and Dec.14, 2023, the daily average of created UTXOs was approximately 1.43 million, significantly higher than the 984,000 UTXOs spent on average per day. This resulted in a net increase in UTXOs, averaging around 442,000 daily. Despite some variability in the daily figures, as indicated by the standard deviation for UTXO creation and spending, the overall trend remained consistent. This trend signifies not only an increase in network activity but also a potential expansion in Bitcoin ownership, as indicated by the growing total count of UTXOs.

Concurrently, the percentage of Bitcoin UTXOs in profit rose from 88% to 92% during the same period. A UTXO is considered ‘in profit’ if the current market price of Bitcoin exceeds the price at which the Bitcoin in that UTXO was last transacted. This increase suggests that if these UTXOs were to be transacted or sold at the current market price, a profit would be realized, indicating a bullish sentiment in the market.

The observed patterns suggest a holding behavior among investors, possibly due to expectations of further price appreciation. This behavior is a hallmark of bullish market conditions, where the anticipation of future gains discourages selling or spending. The combination of a growing number of UTXOs and an increase in profitable ones might signify the entry of new investors or the augmented holdings of existing ones.

Another factor influencing this trend could be the significant rise in Bitcoin Inscriptions. Between Oct.28 and Dec. 14, 11.4 million new Inscriptions were created. While not every Inscription results in a new UTXO, the notable increase likely impacted the number of UTXOs created.

The trend of UTXOs created outpacing those spent has multiple implications for the market. Primarily, it suggests a preference for holding Bitcoin, indicating a positive market sentiment. This trend, coupled with the rise in profitable UTXOs, which signifies the potential earnings if these were to be sold at current market prices, reinforces the notion of Bitcoin as a promising investment, potentially attracting more investors and leading to more stability in the Bitcoin ecosystem.

This trend, influenced by both investor behavior and technological factors like Inscriptions, points to a period of accumulation and optimism among Bitcoin investors, which is mirrored in the strong support Bitcoin seems to have created above $40,000.

The post Bitcoin owners hold tight as new UTXOs outstrip spending appeared first on CryptoSlate.

The post Bitcoin owners hold tight as new UTXOs outstrip spending appeared first on CryptoSens.

Data provided by CryptoQuant and Glassnode shows that long-term bitcoin (BTC) investors may drive prices even higher in the coming days or weeks

The post Long-term bitcoin indicators suggest a slow but steady rise ahead appeared first on CryptoSens.