Ethereum

2024

David

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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/coinbase-and-glassnode-highlight-crypto-market-resilience-in-q2-2024/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Coinbase and Glassnode Highlight Crypto Market Resilience in Q2 2024</a><br></p>
<p style="text-align: justify">The cryptocurrency world hosted an interesting landscape in the second quarter of 2024. <strong>Coinbase</strong>‘s institutional division and crypto intelligence firm Glassnode’s joint report highlights that the <a href="https://en.coin-turk.com/current-state-of-the-cryptocurrency-market/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency </a><a href="https://finance.coin-turk.com/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">market</a> continued to remain robust and showed signs of growth despite price consolidation.</p>
<h2 style="text-align: justify" id="price-consolidation-and-market-resilience-are-encouraging">Price Consolidation and Market Resilience Are Encouraging</h2>
<p style="text-align: justify">After significant price increases in the first quarter, the market moved within a narrow price range in the second quarter. This consolidation period indicates a phase of market indecision. However, broad market indicators suggest that cryptocurrencies have healthy long-term growth potential. The report states that price correction is a natural part of the market cycle and supports this view with strong trading volumes, continuous new investor entries, and regulatory advancements.</p>
<p style="text-align: justify">Another notable point in the report is the increase in on-chain activities on the Ethereum network and Layer-2 solutions. A 127% increase was observed in the average daily active addresses on <strong>Ethereum</strong> and Layer-2 networks. This growth stems from increased activities in scalable solutions and shows a 59% increase in transaction volume within the Ethereum ecosystem. These <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> indicate the expanding use cases of Ethereum in the DeFi and NFT areas.</p>
<h2 style="text-align: justify" id="mvrv-ratio-and-market-sentiment">MVRV Ratio and Market Sentiment</h2>
<p style="text-align: justify">The report also highlights the importance of monitoring the market value to realized value (<strong>MVRV</strong>) ratio. Glassnode’s chief analyst James Check notes that periods when the MVRV ratio trades above the 365-day average typically align with strong upward trends. This metric is considered a critical indicator to determine whether the market is overheated or undervalued.</p>
<p><img fetchpriority="high" decoding="async" class="wp-image-374413 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/07/coinbase-1.png" alt="" width="732" height="558"></p>
<p style="text-align: justify">Another remarkable finding is the decrease in correlations between cryptocurrencies in the second quarter. This divergence in asset correlations is interpreted as a sign of a healthier and more diversified market. Coinbase’s head of institutional research David Duong states that this trend has increased portfolio diversification.</p>
<p><img decoding="async" class="wp-image-374414 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/07/crypto.png" alt="" width="723" height="535"></p>
<p style="text-align: justify">Despite the positive outlook, the report also highlights the security issues faced by the cryptocurrency market. According to Immunefi’s data, losses from hacks and scams reached $509 million in the second quarter of 2024, representing a 91% increase compared to the same period last year. However, a decrease in losses observed between May and June indicates an improvement in security measures.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/coinbase-and-glassnode-highlight-crypto-market-resilience-in-q2-2024/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Coinbase and Glassnode Highlight Crypto Market Resilience in Q2 2024</a></h5>
<p>The post <a href="https://en.coin-turk.com/coinbase-and-glassnode-highlight-crypto-market-resilience-in-q2-2024/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Coinbase and Glassnode Highlight Crypto Market Resilience in Q2 2024</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Coinbase and Glassnode Highlight Crypto Market Resilience in Q2 2024

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