📊‍ Infographics Alex Morris

Chicken-or-Egg Problem: Breaking Down Holo’s Recent Bull Run in Relation to Its Twitter Hype

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Was Holo’s rising popularity on Twitter a major catalyst for the token’s impressive growth this January?
Chicken-or-Egg Problem: Breaking Down Holo’s Recent Bull Run in Relation to Its Twitter Hype
Contents

This January turned out to be a great success for Holo (HOT) with a monthly gain of 199 percent. A recent DataLight study shows the correlation between its Twitter hype and price in order to determine what caused what.

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A precursor to a future price pump?    

Holo has been hovering within the top 60 range without any sizeable gains since Nov. 16. Its Twitter hype (the total amounts of mentions, likes, and retweets) also was on the same level given that the token mostly remained under the radar of crypto enthusiasts.

On Jan. 7, Holo’s Twitter hype surpassed the 3,000 mentions mark for the first time (3,212 mentions), which was quickly followed by a huge spike in Twitter activity (5,125 mentions) on Jan. 8. Notably, Jan. 8 was also the first time the token cracked the CMC top 50, occupying 49th place.

Witnessing a bull run amidst the crypto winter    

After a minor success, Holo’s Twitter activity fizzled out. Things were relatively quiet until Jan. 24 when Twitter hype witnessed more than a two-fold increase and reached a brand new peak position on CMC — 38. The bullish trend continued, and HOT price reached its current year-high of $0.001527, landing 30th place on CMC. Yes, you guessed it — its Twitter mentions also skyrocketed to 9,049.

At the end of January, Holo’s impressive price pump started to lose steam (the token’s Twitter activity also took a plunge). However, HOT started February with a new 30 percent price uptick.

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USD Coin (USDC), Gemini Dollar (GUSD), Paxos Standard (PAX), and TrueUSD (TUSD) Experienced Significant Supply Reduction This February: Research

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Tether (USDT) and Dai (DAI) are the only major stablecoins whose circulating supply remained unchanged throughout February
USD Coin (USDC), Gemini Dollar (GUSD), Paxos Standard (PAX), and TrueUSD (TUSD) Experienced Significant Supply Reduction This February: Research
Contents

Stablecoins were one of the biggest crypto trends of 2018, but a recently published Diar study shows that might not be the case this year. USD Coin (USDC), Gemini Dollar (GUSD), Paxos Standard (PAX), and TrueUSD (TUSD) all saw their outstanding supply decreasing this February.

The stablecoin market hits a snag  

Overall, the aforementioned cryptocurrencies had a 10 percent net decrease in market capitalization. USD Coin (USDC) is the biggest stablecoin from the pack, currently occupying 23rd place on CMC with a market cap of $247 mln. The circulating supply of Circle’s coin was standing at almost $300 mln at the beginning of February, but now it’s at $244 mln.  

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Nevertheless, the stablecoin ecosystem is getting even more crowded with JPMorgan recently launching JPM Coin, a new dollar-pegged cryptocurrency.        

Tether remains unbothered

Notably, the circulating supply of Tether (USDT), the flagship stablecoin, remains practically unchanged. USDT, despite its numerous controversies, was recently praised by Michael Gronager, the CEO of Chainalysis. Dai (DAI), an Ethereum-collateralized cryptocurrency, also didn’t experience supply reduction.

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Bitcoin (BTC) Transaction Fees Continue Declining Despite Trading Volumes Being on the Rise

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Why are Bitcoin transaction volumes going through the roof while transaction fees continue plunging?
Bitcoin (BTC) Transaction Fees Continue Declining Despite Trading Volumes Being on the Rise
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A new DataLight report shows that the average commission paid for executing Bitcoin transactions has fallen to $0.244 as of Feb. 16. In stark contrast to that, the transaction volume has actually substantially increased.

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No correlation?

Bitcoin fees reached their peak on Dec. 23, 2017, with more than 250,000 transactions being stuck in the mempool. The average transaction fee reached $54.901.  

After that, Bitcoin trading fees fell as abruptly as the price of the coin itself. On Feb. 7, it reached a brand-new low of $0.161 (a world of difference compared to $4.588 a year ago).     

Transaction volumes are skyrocketing   

Meanwhile, the transaction volume has reached its highest peak in two years, almost matching December’s bull run. This is not surprising since major cryptocurrency exchanges saw their volumes spiking in 2018. However, as U.Today reported earlier, their volumes dipped substantially in 2019.     

That can be attributed to the rise in the Blockchain efficiency — as blocks are getting fuller, there is no incentive to pay miners higher fees. The low demand for new blocks results in underwhelming mining rewards.

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Zcash (ZEC), Litecoin (LTC), and Dash (DASH) Had Biggest One-Year Increase in Circulating Supply

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Circulating supply is one of the main factors one should consider before investing in a certain cryptocurrency
Zcash (ZEC), Litecoin (LTC), and Dash (DASH) Had Biggest One-Year Increase in Circulating Supply
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New DataLight study reveals what cryptocurrencies had the biggest one-year change in the total number of coins. Zcash (ZEC) leads the pack with a whopping 80.31 percent increase.

Zcash is in the lead

At press time, the total circulation supply of ZEC currently stands at 5.8 mln. For comparison, it had only  3.2 mln coins at the same point in 2018. Still, even with the above-mentioned increase, that’s a very low coin supply, and one of the leading privacy coins has plenty of room for growth.

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Just like Bitcoin (BTC), ZEC has a fixed circulating supply of 21 mln. BTC, the world’s flagship cryptocurrency, saw its number of coins grow by 4 percent. Bitcoin’s circulating supply exceeded 17 mln back in April 2018.

Meanwhile, Monero (XMR), the main competitor of Zcash in the privacy coin niche, is expected to have 18.4 mln coins in circulation by 2022. With a 6.85 percent yearly increase, there is currently 16.7 mln XMR.

Less is more in the world of crypto

Litecoin (LTC) and Dash (DASH) are in second and third places with their circulating supply growing by 9.52 percent and 9.49 percent respectively. Tron (TRX), for comparison, only witnessed a 1.4 percent gain, but it already has the biggest coin supply on the list with 66 bln TRX.

A small circulating supply creates more demand, which is why the likes of Bitcoin and Zcash can be considered scarce assets. Subsequently, many investors are shooed away by cryptocurrencies with mammoth-size supply, but the coin’s market cap is the only thing that matters in the end.  

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LocalBitcoins Trading Volume Increases Exponentially in Venezuela as Political Crisis Escalates

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After Venezuela and the whole world said a firm ‘no’ to Maduro’s Petro cryptocurrency, the popularity of Bitcoin continues to rise
LocalBitcoins Trading Volume Increases Exponentially in Venezuela as Political Crisis Escalates
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According to a new DataLight study, the popularity of Bitcoin, the top-of-the-line cryptocurrency, has skyrocketed in Venezuela amidst the ongoing political turmoil. On Feb. 2, the trading volume on LocalBitcoins reached a brand-new peak of 17.33 bln Venezuelan bolivars, which equals roughly $5.2 mln.     

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Bitcoin comes to the rescue  

Notably, Venezuela is also responsible for 20 percent of the LocalBitcoins traffic. As trading volumes are increasing, more people are visiting the exchange, with a 40 percent increase in January. It’s one of the most popular websites in the country that is being plagued with food shortages, political crisis, and riots in the street.   

For comparison, the country’s top stock exchange had a minuscule trading volume of $8,117 USD on Feb. 11, which signifies how much of a non-factor the bolivar has become here.

Bitcoin revolution in Latin America

The rapid surge in trading volume comes amidst the news about the Venezuelan government imposing limits on cryptocurrency remittance services. U.Today reminds readers that President Nicolas Maduro has tried to push his own oil-pegged cryptocurrency (the Petro), which was supposed to shore up the country’s struggling economy, but his plan failed miserably.    

Latin America remains the stronghold of Bitcoin adoption. For instance, it’s the second market for Dash (DASH), whose white paper was blatantly copied by the Petro.

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Bitcoin Fees Greatly Depend on Your Time Zone, New Study Shows

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Find out at what time of the day you have to perform Bitcoin transactions in order to save money on fees
Bitcoin Fees Greatly Depend on Your Time Zone, New Study Shows
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In its latest issue, Blockchain research startup Diar examined how Bitcoin fees correlate to different parts of the day. It turns out that those who perform Bitcoin transactions at 1 PM UTC have to shell out a substantially higher fee than those users who want their payments confirmed in the morning or at night.

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It’s all about the timing

As the graph shows, those who send BTC at night have to pay 15,000 satoshis less, but getting your transaction confirmed at 1 PM will result in a much higher fee — almost 30,000 satoshis. Since EST and CST are five and six hours behind UTC respectively, it’s the best bet for Americans to avoid making Bitcoin transactions early in the morning. Meanwhile, Japanese Bitcoin owners will have to pay much more at 10 PM.  

Forking out big fees (not anymore)

As U.Today revealed earlier, all unconfirmed transactions go to a memory pool (mempool) where they remain in limbo before being validated by miners. Miners are obviously incentivized to pick transactions with the highest fees. During the peak of the crypto craze, more than 200,000 transactions were stuck in the mempool, and the fees went through the roof. However, the Diar report also shows that Bitcoin fees dropped to their lowest level in 4 years despite the current transaction count nearly matching the bull market peak.

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