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Litecoin Trading Volume Spikes 55% After Pornhub Adds LTC As New Payment Method

Data collected by Glassnode analytics provider shows a 55% spike in trading volume over the past 24 hours following Pornhub adopting Litecoin as a mode of payment.

Litecoin has seen a surge in trading just two days after Pornhub, the world’s largest adult website, added Bitcoin and Litecoin as payment options for its premium subscription packages.

Cryptocurrency Gaining Popularity

Glassnode data over the last 24 hours indicates that the value of Litecoin’s mean transaction volume (2MA) has risen by 55.8% – from 163.225 LTC to 254.255 LTC. Meanwhile, since yesterday’s early hours, Litecoin has declined from the $53 level to the $48 zone but then recovered.

Besides that, the 1d MA has seen a 5-month high and reached 249.767 LTC, up from the value of 245.656 LTC reached on 13 April 2020.

The reason for the current spike is clear as many Pornhub users are now paying for their one-time and monthly subscription fees using Litecoin cryptocurrency. Pornhub’s 130 million daily visitors want security and choice when it comes to payments. With an uptick in crypto adoption, adding Litecoin to the Pornhub platform allows the company to cater for the millions of crypto holders around the world.

Consumers can now spend their Litecoin at more than 2,100 merchants worldwide. Data collected by Cryptwerk indicates that in August this year, the number of firms accepting Litecoin for their goods and services increased by 500 compared to July.

On Wednesday 2 September, Pornhub accepted Litecoin (LTC) and Bitcoin (BTC) as a payment method for its premium services. The Canadian-based company has been accepting Verge cryptocurrency (XVG) as payment for subscription since 2018. Pornhub is the largest adult entertainment online site and one of the most visited websites in the world.

Crypto and Pornhub

Porn and cryptocurrency have always been mixed up in the subconscious of society. Such a relationship dates back to pre-Bitcoin days, as several cipherers believed that pornography would be one of the early adopters of non-government digital currency.

In 2010, Satoshi Nakamoto mentioned such similar views: “Bitcoin would be handy for people who don’t have a credit card or don’t want to use the cards they have, either don’t want the spouse to see it on the bill or don’t trust giving their number “porn guys,” or afraid of recurring billing.”

Cryptocurrency has been associated with porn industry on several occasions as it has been acting as a major payment method in this sector. Pornhub first made headlines in 2019 when PayPal stopped processing payments associated with the adult platform. This cut off payouts to several hundreds of thousands of performers who rely on pornographic activities for their livelihoods. PayPal cut off the scenes, but cryptocurrencies came to rescue.

Uniswap Monthly Volume Surpasses Coinbase Under the Influence of the DeFi Craze

Under the influence of the decentralized finance (DeFi) craze, decentralized exchange Uniswap has processed $15.3 billion in monthly volume in September, surpassing Coinbase, which processed $13.6 billion.

The growth of Uniswap has been accelerated since the launch of its governance token UNI, and due to the expansion of the yield farming industry. Uniswap also recently became the first DeFi protocol to surpass $2 billion in total cryptocurrencies locked.

Yield farming involves users locking up their tokens while earning rewards, hence the cryptocurrencies are locked. Yield farming in the DeFi space has been seeing a growth in popularity, as crypto whales have been leveraging DeFi protocols to generate high rates of return. Although DeFi enables an ecosystem of decentralized applications to have access to financial products including cryptocurrencies, yield farming is most profitable only to crypto whales, who are able to have a high amount of crypto locked up in DeFi.

Ethereum’s Vitalik Buterin previously called out the craze of yield farming, saying that it was a “short-term thing,” which was not realistic in the long run.

According to DeFi Pulse, the DeFi industry currently has almost $11 billion in total value locked (TVL), and currently, Uniswap’s dominance is at 21.24 percent, surpassing 20 percent, up by almost 3 percent since last week.

Uniswap’s trading volume has also previously surpassed Coinbase when Uniswap’s hard fork, Sushiswap was launched, which offered greater rewards for liquidity providers on its platform.

Although Uniswap’s trading volume surpassed that of Coinbases’ once again, a cryptocurrency trader offered another perspective. Zack Voell said:

“I’m seeing lots of tweets celebrating Uniswap volume passing Coinbase volume. So an exchange with over 13,000 markets just barely passed volume of an exchange with 93 markets? Incredible. Wow.”

He added that many researchers and Uniswap backers have been picking data comparisons that are beneficial to DeFi, instead of looking at the bigger picture.

Is DeFi here to stay?

The cryptocurrency market has gone through a rough period of volatility in the past month, as Bitcoin has been failing to reach its resistance level at $12,000. Other altcoins have also made similar moves in the market, while the DeFi sector witnessed a record high in total value locked, although DeFi tokens have seen major losses.

Although most DeFi tokens have plunged in value in the past few weeks, the DeFi market still stands high in its total value locked, indicating that investor confidence is still high.

Crypto Exchange Trading Volumes Hit a Monthly High of $348 Billion in November

New data by CoinGecko reveals that the monthly trading volumes across crypto exchanges surged to an all-time high (ATH) of $348 billion in November, representing a 125 percent increase from $154 billion recorded in October.

Rollercoaster ride in November

The leading cryptocurrency ranking data provider alluded to the fact that the crypto market was on a rollercoaster ride in November and stated:

“While Bitcoin rallied with a 42% increase in November, other major altcoins also displayed strength. Ripple (XRP) was a surprise winner with an impressive 177% month-on-month rise, suggesting that there may be a surge of retail investors.”

The price rally experienced by Bitcoin (BTC) in November made BTC addresses either sending or receiving BTC to hit the third-highest level at nearly 19.6 million, causing the on-chain transaction volume to rise by 47%. This happened as Bitcoin bulls continuously tried to reach the $20,000 price, falling just shy of what would have been a new ATH price by getting to $19,832.

Glassnode, an on-chain metrics platform, also disclosed that Bitcoin withdrawals from crypto exchanges hit a 17-month high of 2,288.125 on Dec 1.

A yearly high of $554 billion recorded

The skyrocketing of trading volumes across crypto exchanges triggered a yearly high of $554 billion, surpassing its previous high of $378 billion in 2020.

Nevertheless, the monthly trading volume of decentralized exchanges (DEX) dropped by $3.3 billion (15.8%) to stand at $17 billion. CoinGecko noted that this happened even though they took the market by storm based on the DeFi boom. As per the report:

“Both Uniswap and Curve Finance bore the brunt of the losses with a fall of $2.39 billion and $2.41 billion respectively. Meanwhile, Sushiswap is the only winner with a $1.1 billion increase, raising its dominance to its highest yet at 11% (previously 4%).”

In other news, institutional investors have been on an investment frenzy as they pumped a whopping $429 million into crypto funds and products in the past week.

Ethereum’s Daily Transaction Volume is Going Parabolic Surpassing Bitcoin by $3 Billion

Ethereum (ETH) has been in a frenzy as it continues to stamp its authority in the crypto space. The second-largest cryptocurrency continues to make merry as it is just 5.28% below its all-time high (ATH) price of $1,400. ETH has enjoyed a remarkable bull run, with its price up by 22.14% in the past week.

Ryan Watkins, a researcher at MessariCrypto, has delved deeper into what Ethereum has to offer the crypto sector. He acknowledged:

“Ethereum’s daily transaction volume is going parabolic. It now settles $12 billion in transactions daily – $3 billion more than Bitcoin. Imagine not being bullish ETH.”

This analysis shows that ETH has been on overdrive because many participants have jumped on its bandwagon and the momentous daily transaction volume cements this fact. Recently, Ethereum addresses with at least 0.1 ETH went through the roof and broke the record at 3,716,113 coins.

DeFi is part of Ethereum’s rocketfuel

The decentralized finance (DeFi) sector has been a major catalyst propelling Ethereum’s incredible growth because its network is one of the most sought after in creating decentralized applications (dapps) and smart contracts.

This factor is acknowledged by IntoTheBlock, which noted that DeFi Fundamentals are strong based on the amount of ETH locked in. The blockchain analytic firm explained:

“And the DeFi fundamentals are strong! Total Value Locked: $24.74b. Percent of Ethereum Supply Locked in DeFi: 6.07%. Percent of BTC locked in Ethereum: $1.19b (0.18%).”

Ethereum seems to be on a journey to the moon because its current price of $1,329 has increased its market capitalization to $151.48 billion, according to CoinMarketCap. As a result, ETH has emerged to be more valuable than Softbank and Shopify, as attested by ranking company CompaniesMarketCap.com.

Crypto analyst Michael van de Poppe expects ETH to go ballistic as the year closes because it is continuously looking great on the BTC pair.

Ethereum Accounts for Nearly Half of the Trading Volume on Top Exchanges

Ethereum (ETH) has experienced a significant adoption rate thanks to booming non-fungible token (NFT) and decentralised finance (DeFi) sectors. As a result, ETH’s trading volume across different platforms has been on an upward trajectory.

Reportedly, Ethereum accounts for almost half of the trading volume on top exchanges compared to a quarter a year ago.

The Ethereum network is one of the most sought-after in the crypto ecosystem because it aids in the development of different features like smart contracts and NFTs.

The reason for the booming NFT sector is that it offers a unique application of blockchain technology when creating unique and finite tokens.

For instance, OpenSea, a popular marketplace, recently processed $95 million worth of NFT transactions in two days compared to the cumulative volume of $21 million recorded in the entirety of 2020.

Moreover, the big four accounting and auditing firm Ernst & Young (EY) created NFTs for an award-winning Italian film using its blockchain-as-a-service platform, which runs on the Ethereum network. Therefore, this explains why ETH’s trading volume has been on an upward trajectory on top exchanges.

It is still the early days for Ethereum in DeFi

According to crypto data provider Documenting Ethereum:

“Only ~1.81% of all Ethereum addresses have used decentralized finance so it’s still the very early days.”

DeFi is a blockchain-based form of finance that does not use centralised intermediaries like banks and brokerages to offer traditional financial instruments. Therefore, it uses blockchain-powered smart contracts.

Cryptoart’s value skyrockets

The total market value of crypto art recently hit $684 million.

September 2020 marked the first time a crypto art piece was bought for at least $100K, following the unprecedented sale of “Matt Kane’s Right Place & Right Time” on Async.art. This served as a signal to show the untapped potential in this emerging market.

The crypto art industry also heavily relies on the Ethereum network.

Non-Zero ETH Addresses Hit ATH, Ethereum Overtooks Visa in Trading Volume in 2021

Despite the crypto market limping due to massive liquidations, more participants continue to join the Ethereum (ETH) network.

Market insight provider Glassnode confirmed:

“The number of Non-Zero Ethereum addresses just reached an ATH of 73,439,200.”

Ethereum continues to be one of the sought-after networks based on significant demand from booming sectors like decentralized finance (DeFi) and non-fungible tokens (NFTs).

This is one of the factors that made Ethereum tick in 2021, given that it surpassed Visa’s trading volume, according to a recent report entitled “The Year in Ethereum 2021” by Josh Stark and Evan Van Ness of the Ethereum Foundation.

The value moved on the ETH network stood at $11.6 trillion at the end of last year, whereas that of Visa was $10.4 trillion.

Source: The Year in Ethereum 2021

On the other hand, Ethereum beat Bitcoin hands down by more than doubling its trading volume of $4.6 trillion. This correlates with the fact that ETH recorded an annual return rate of 399.2% in 2021 compared to Bitcoin’s 72.1%.

The CEO and founder of Real Vision, Raoul Pal, had previously opined that Ethereum outperformed Bitcoin based on its network burning mechanism and staking.

Charles Edwards, the founder of Capriole Investments, recently noted that Ethereum’s inflation was lower than Bitcoin’s. He explained:

“Ethereum has entered the hard money game. For the past 3 months, Ethereum’s inflation rate has been lower than Bitcoin. What a chart. Never thought I would see it.”

Source: Glassnode

A recent study by crypto service provider LuckyHash noted that a transition to the proof of stake(PoS) consensus mechanism through a full Ethereum 2.0 upgrade would prompt a 1% annual deflation rate.

Meanwhile, Joey Krug, the CIO of Pantera Capital, recently opined that Ethereum had the capability of dominating the global financial system in the next 10 to 20 years. He based this on the expectation that 50% of the globe’s financial transactions would involve Ethereum.

Trump NFT Floor Price Surges on Indictment News

The world of non-fungible tokens (NFTs) has been a hot topic in recent months, with an increasing number of investors looking to cash in on these unique digital assets. One of the latest developments in this space involves the Trump Digital Trading Cards NFT project, which has seen a surge in floor price following news of former President Donald Trump’s indictment.

According to data from OpenSea, the floor price for the officially licensed Trump Digital Trading Cards NFT project rose from 0.46 ETH (or $835 at current prices) to as high as 0.6 ETH ($1090) on March 30, the same day that a New York Grand Jury voted to indict the former president. However, the floor price has since fallen back to around the 0.51 ETH range, which is still significantly higher than the initial mint price of $99 when the project launched in December 2022.

The Trump Digital Trading Cards NFT project offered exclusive one-on-one experiences to certain NFT hodlers when it launched, including private golf sessions, dinners, and conversations with Trump. However, the recent news of his indictment could potentially impact his ability to deliver on these experiences.

The surge in the Trump NFT’s floor price is just one example of the increasing popularity of NFTs. According to a March 30 report from blockchain analytics platform DappRadar, there was $4.7 billion worth of NFT trading volume in Q1 2023, more than double that of the previous quarter. The report pointed to bullish action from the Blur marketplace, which took the market by storm during its token airdrop farming period in February.

The report also showed that there were 19.4 million NFT sales in Q1, marking an increase of 8.56%, with total volume increasing by 147% compared with the $1.9 billion posted in Q4 2022. The Ethereum network accounted for a whopping $4.1 billion worth of the volume, with second-placed Solana contributing $242 million, while Polygon ranked third with $85 million for the quarter.

Another recent development in the NFT space involves the Japanese gaming giant Square Enix, which has released NFT trading cards in celebration of the 25th anniversary of Final Fantasy VII. The Final Fantasy VII Anniversary Art Museum Digital Card Plus collection features five physical cards and a sixth digital NFT card. However, despite being called trading cards, Square Enix stated on its website that the NFTs couldn’t be traded or transferred at this stage unless the company decides to build a marketplace in the future.

The packs were dropped on March 31 and cost around $3.30 a pop, with the card artwork depicting various characters and scenery from the iconic Final Fantasy VII game. While it is unclear if the firm intends to build a marketplace to support its digital collectibles, Square Enix has been gradually ramping up its NFT and blockchain gaming-related initiatives over the past few years, suggesting something could be in the works.

BRC-20 Tokens Surge in Popularity as Traders Flock to Bitcoin's Latest Token Standard

BRC-20 tokens, the newest token standard on the Bitcoin blockchain, have gained significant traction in the cryptocurrency market. With the total market capitalization of BRC-20 Bitcoin tokens surpassing $1 billion and a trading volume of $207.7 million in the past 24 hours, BRC-20 tokens like ORDI, NALS, VMPX, PEPE, and MEME have emerged as some of the most notable tokens deployed on the Bitcoin blockchain.

Unlike traditional fungible tokens, BRC-20 tokens employ Ordinals and Inscriptions to manage token contracts, token minting, and token transfers on the Bitcoin base chain. This novel approach allows users to create unique digital assets on the Bitcoin blockchain, adding a layer of data to each satoshi, the smallest unit of Bitcoin.

Despite the criticism from the creator of BRC-20 tokens, who openly stated that the standard is “worthless,” traders and investors have been flocking to the token standard due to its potential for innovation and growth. The popularity of BRC-20 tokens has led to a surge in trading volume, with notable tokens like ORDI, NALS, VMPX, PEPE, and MEME experiencing price variance of between +11% and -55% within the past day.

As the adoption of BRC-20 tokens continues to grow, it remains to be seen how this new standard will fare in the highly competitive and rapidly evolving cryptocurrency market. Nonetheless, the development of the BRC-20 token standard highlights the potential of the Bitcoin blockchain to support new and innovative financial instruments beyond its traditional role as a store of value. With the surge in popularity of BRC-20 tokens, it is clear that traders and investors are eager to embrace Bitcoin’s latest token standard and reap the benefits it has to offer.

Shiba Inu's SHIB Price Up Nearly 10% and Trading Volume Doubles Over Last 24 Hours

The Shiba Inu’s SHIB price surged around 10% in the past 24 hours, while Bitcoin remains stuck at around $29,400. This surge makes SHIB one of the hottest cryptocurrencies, raising interest among traders. On Binance, 1000 SHIB are grouped together as one trading unit, symbolized as 1000SHIB.

In the meantime, according to Coinglass, 1000SHIB’s trading volume on Binance exchange increased over 100% to $1.32 billion, ranking third behind BTC and ETH, with trading volumes of $4.48 billion and $1.76 billion, respectively.

Additionally, the open interest in Shiba Inu increased over 33% to $101.65 million.

With the upward trend of SHIB token price, the funding rate has turned negative, meaning that short traders will pay fees for longer trading. Funding rates are periodic payments between traders in perpetual contract markets, based on the difference between these markets and spot prices. This alignment prevents lasting price divergence in crypto markets, with platforms like Binance Futures recalculating the rate multiple times daily.

The Long/Short ratio on Binance is 0.8907, indicating an increase in short traders. However, be warned: market makers and manipulators may pump the SHIB price to liquidate short traders.

Bitcoin SV (BSV) Surpasses $100

The cryptocurrency known as Bitcoin SV (BSV), which is a disputed fork of Bitcoin, has had a significant spike, and it has above the $100 threshold for the first time since April 2022. A spectacular reversal in its market value has occurred as a result of this large growth, which shows a striking increase of 108% over the course of the preceding week.

There are a number of favorable technical indicators that are contributing to this rise. These indicators include a bullish Relative Strength Index (RSI) and a Moving Average Convergence Divergence (MACD), both of which indicate that significant upward momentum is occurring. In particular, the Relative Strength Index (RSI), which is a momentum indicator that is used in technical analysis, is now at a high of 87.08, which indicates that there is significant buying pressure despite the fact that it is in the overbought zone. Based on this information, it seems like Bitcoin SV may continue its upward trend in the not too distant future.

Further evidence of a bullish trend is provided by the fact that the Exponential Moving Average (EMA) of BSV over the period of 20 days is much higher than the EMA over the period of 50 days. These positive sentiments are also supported by the MACD histogram, which is a measure of the velocity of the market. The fact that it is presently at 5.47, which is an increase from the previous day, is an indication that the bullish momentum is becoming more intense.

Upbit, a cryptocurrency exchange based in South Korea, has been a significant contributor to the recent price spike, since it is responsible for a hefty 65 percent of the trading volume of Bitcoin SV. This demonstrates that South Korean investors have a considerable effect on the dynamics of the Bitcoin SV market. New market activity in South Korea, particularly on Upbit, has been a key driving force behind this upsurge, underscoring the country’s significant position in the cryptocurrency industry. This upsurge has been a major driving factor behind this upsurge.

A notable surge has also been seen in the trading volume of Bitcoin SV, which has increased by 314.97% to reach $445 million in a span of twenty-four hours. It is abundantly obvious that the increasing investor interest and market activity around BSV is reflected in the spike in trade volume that has occurred.

Recent price behavior of Bitcoin SV is a consequence of a mix of strong technical indications and tremendous market activity, notably in South Korea. This is especially true in South Korea. Because the cryptocurrency market is still in the process of developing, it is still unknown how Bitcoin SV will fare over the next several days and weeks. On the other hand, the present signs and the mechanics of the market point to this cryptocurrency maintaining its upward path.