News of cryptocurrencies of the 2nd week of March 2024

Dencun update successfully implemented on Ethereum

After the implementation of the Dencun hard fork in the Ethereum mainnet, gas fees in second-level networks that implemented EIP-4844 decreased several times. The core element of this update is the Proto-Danksharding feature, designed to scale the blockchain through a new type of binary large volume (BLOB) transactions.

Dencun's main goal was to reduce fees for L2 solutions, especially those based on Rollups technology. Thus, the gas commission in the Base protocol decreased from $0.7 to $0.0023. In Optimism, transaction costs fell from $0.66 to $0.0054, and in zkSync from $0.32 to $0.096. The lowest commissions were recorded in Zora, amounting to only $0.0009. While on the Ethereum mainnet, gas fees remained at the same levels, about $4 at 45 Gwei.

BTC rate collapsed to $66,000

On Friday, March 15, the Bitcoin rate fell to below $66,000, losing almost 8% of its value in one day.

This collapse also affected leading alternative coins, which found themselves in the red zone. Analysts from the portal noted that a decrease in BTC occurred during the American trading session, while an increase was recorded during Asian trading hours. In their opinion, after the cryptocurrency reached a new high, bullish sentiment has cooled a little.

TON grew by 25%

This week, Toncoin (TON) impressed with its success, the rate rose to $4.45, which is a 25% increase in one day. Currently, the price of TON is set at $3.6, with a total market capitalization of $15 billion. This growth was accompanied by a remarkable surge in trading volume, reaching $354 million, representing an increase of 30%. This is a clear indication of increasing investor interest and confidence in TON's prospects.

The rising price of TON can be attributed to various factors, including optimism about future price movements, supported by the relationship between volatility and trading volume. Moreover, a statement in Telegram about the possible distribution of 50% of profits from channels further attracted the attention of investors to TON.

Ethereum network fees temporarily hit two-year high

Growing activity on the Ethereum network amid activity around meme coins is benefiting investors by rapidly reducing inflation, but creates obstacles to the effective use of the blockchain, according to research from IntoTheBlock.

According to analysts, for the period from March 2 to 9, the volume of commissions on the Ethereum main network reached a record $193 million, which is the highest level since May 2022, increasing by more than 78% in a week.

This activity is largely due to a new surge of interest in meme tokens and an increase in speculative transactions with them, experts emphasize. Over the past seven days, coins such as SHIB, PEPE and FLOKI have increased in price by 35%, 30% and 95%, respectively.

According to DeFi Llama, in parallel, trading volume on decentralized Ethereum exchanges grew by 40%, reaching $20 billion. Analysts add that due to the fee burning mechanism, the ETH supply decreased by 33,000 ETH (~$125 million) this week.

Dogecoin again reacted with growth to the words of Elon Musk

One day, Tesla electric cars will be available for purchase with Dogecoin. This statement by Elon Musk was made during his visit to the company’s plant in Berlin.

Musk said that Tesla and SpaceX personnel have repeatedly approached him with a request to support Dogecoin as an official payment method. In his opinion, this indicates that DOGE is popular with a wide audience. He also noted that since the beginning of 2022, Tesla has already been selling its merchandise for Dogecoin.

Against the backdrop of this statement, the price of Dogecoin increased by 15%, reaching $0.1872. However, at the time of writing, the DOGE rate has dropped to $0.1603.

BNB Chain Launches Rollup-as-a-Service

The BNB Chain team has implemented an innovative infrastructure called Rollup-as-a-Service (RaaS), which provides the ability to create custom L2 networks within the ecosystem.

RaaS uses advanced rollup technology to increase transaction throughput and scalability of layer 2 blockchain solutions. Dapps developers can now take advantage of deployment options without having to write code.

To provide additional benefits, the BNB Chain team has partnered with leading service providers such as AltLayer, NodeReal and Movement Labs.

According to DeFiLlama, BNB Smart Chain ranks third in terms of value locked (TVL) with a total value of $6.1 billion.

Salvador transferred 5000 BTC to a cold wallet

The authorities of El Salvador have decided to move their recently acquired bitcoins to a cold wallet that is located “in the country.” President Nayib Bukele posted an address online that now holds 5,689.69 BTC, equivalent to about $406.6 million.

This number of coins is almost double the estimate associated with El Salvador in specialized aggregators such as Buy Bitcoin Worldwide, which indicated the presence of 2,381 BTC.

On March 12, Bukele also said that the country has additional sources of income in the form of the first cryptocurrency. At the end of February, the head of state estimated the unrealized profit from investments in BTC at 40%, which is about $41.6 million.

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