XRP Breakout Might Happen in Two Days, MicroStrategy Has 90% Chance of Being Added to Nasdaq 100, Bitcoin Miners' Revenue Hit $71 Billion in Epic Milestone: Crypto News Digest by U.Today
2024-12-13
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Check out U.Today's top three news stories over the past day.
XRP breakout might happen in two days: Key pattern to watch
XRP's price chart reveals an interesting setup, as the asset is trading hands within a descending price channel, suggesting a potential breakout on the horizon. Following a parabolic rise, the asset is in a consolidation phase, with its price maintaining higher lows and demonstrating resilience close to the $2.30 support level, which indicates bullish momentum. The consistent trading volume and a relative strength index hovering around overbought levels further affirm XRP's fundamental strength despite recent declines. The upper boundary of the descending channel, currently at $2.50, is a critical level to monitor, as a decisive break above it could propel XRP back to previous highs. If XRP fails to break out, there could be another chance for accumulation should a retest of the lower support level near $2 or the 26 EMA occur. If a breakout takes place, the next target might be $2.80, and then the psychological barrier at $3. As XRP approaches the peak of the descending channel, the next 48 hours will be critical. A resolution of the current pattern is likely to lead to a continuation of the trend, especially if trading volume stays strong.
MicroStrategy has 90% chance of being added to Nasdaq 100
According to estimates from Polymarket bettors, the likelihood of MicroStrategy being added to the Nasdaq 100 index is currently at 90%. In addition to MicroStrategy, it is anticipated that Axon Enterprise, a safety technology firm, and Palantir Technologies, a data analytics platform, will also be included in the Nasdaq 100 index. Conversely, information technology company Super Micro Computer (SMCI) and Massachusetts-based biotechnology company Moderna are on track to be removed from the index. MicroStrategy's stock has surged by 500% year-to-date, with its market capitalization exceeding $100 billion. The company recently made another massive Bitcoin purchase of $2.1 billion; now MicroStrategy's BTC holdings stand at $42 billion. A decision regarding MicroStrategy's inclusion in the Nasdaq 100 index is anticipated today, Dec. 13.
Bitcoin miners' revenue hit $71 billion in epic milestone
As reported by Glassnode, on Dec. 5, Bitcoin miners earned a cumulative $71.49 billion, achieving a major milestone. The same day, Bitcoin's price surpassed the $100,000 mark for the first time, with its market cap briefly exceeding $2 trillion. The total earnings for miners for processing transactions and protecting the network include $67.31 billion from block subsidies and $4.18 billion from transaction fees. So far, a total of 19,791,952 BTC have been mined, representing 94.2% of the total 21 million supply cap. Since the Genesis Block, 873,304 blocks have been mined, with an average block time of 11.8 minutes. Additionally, Bitcoin has experienced remarkable transaction growth, processing over 1.12 billion transactions (unfiltered) and facilitating a total transfer volume of $131 trillion since its inception.