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appears to be thawing, bouncing to the $43,000-$46,000 range, up 159% from last December as tracked by Dow Jones Market Data Group. The upward move could be the start of a new cycle.
"There seems to be a lot of retail investor sentiment that's been sidelined. There hasn't been the hype and excitement that you've seen kind of mid to late cycle of the last crypto rally. So that actually gives us confidence that we're still a little bit early innings, that there's a lot of capital that has a cushion," John Todaro, senior research analyst, Needham & Company, told FOX Business.
Several tailwinds are fueling the recent run. The Federal Reserve, which ends its final meeting of the year Wednesday, may start cutting rates in March 2024, according to forecasts tracked by the CME’s FedWatch Tool, which would be supportive of cryptos. After ending 2023 on a high, crypto investors will be watching central bank interest rates and a U.S. regulatory decision on new bitcoin products as they decide how to place their bets next year.
Cryptocurrencies staged a recovery this year after a torrid 2022 in which a market meltdown and a string of scandals, including the collapse of FTX and fraud charges against its CEO, Sam Bankman-Fried, undermined the credibility of the industry.
The price of bitcoin, the biggest cryptocurrency and the market's chief barometer, has more than doubled this year, reaching a 20-month high in November of $42,000 per token. As of Friday, 2023 was its best year since 2020 in terms of percentage gains.
The market has been buoyed by expectations that cooling inflation will allow central banks globally to forgo further rate hikes and start easing next year, making risk assets more attractive. A long-anticipated move by the U.S. Securities and Exchange Commission(SEC) to approve a spot bitcoin exchange-traded fund (ETF) has also been a boost.
Those themes, along with bitcoin's expected April "halving" - a process that reduces token supply - will continue to be positives for the market next year, said analysts, although some cautioned the market is unlikely to rescale its 2021 record highs. Breaking Records: Shibarium Layer 2 on Ethereum Sets Daily Transaction Record with 7.87 Million Transactions
#ShibaInu $SHIB , #shibarium ##BONE ##Layer2
In recent days, the Shibarium network, operating as a Layer 2 solution on the Ethereum blockchain, has achieved a remarkable milestone, recording an impressive 7.87 million daily transactions. However, this success has not been without its challenges, as the heightened network activity led to a surge in gas fees, surpassing 2000 Gwei.
Shibarium, renowned as a Layer 2 solution for Ethereum, has sustained positive momentum by establishing a new record for daily transactions. Designed to enhance scalability within the Ethereum network, Layer 2 infrastructure has facilitated faster transactions and reduced overall costs, reflecting the increasing adoption of this solution.
The surge in daily transactions also brought about network congestion, resulting in a significant backlog and, consequently, elevated gas fees. At its peak, gas fees on the Shibarium network exceeded 2000 Gwei, prompting users to compete for transaction priority by offering higher gas fees.
The impact of network congestion and heightened gas fees extends to user experience, posing questions about the network's long-term scalability. Some users may encounter difficulties in conducting transactions due to increased costs.
As the Shibarium community continues to grow, developers and stakeholders are likely considering strategies to address these challenges. Potential measures include enhancements to network capacity, optimization of gas fees, and exploration of additional Layer 2 solutions.
In conclusion, while Shibarium celebrates its daily transaction record, challenges such as network congestion and high gas fees present opportunities for innovation. Observers and users can closely monitor these developments, anticipating actions taken by Shibarium developers and stakeholders to optimize user experiences and sustain positive momentum. 
