vijaypravin

why $ETH is undervalued now, and when $BTC goes to $90000, $ETH should be $4500 or so according to historical correlation data?The $ETH/$BTC ratio is currently at ~0.04, near historical lows. Previous crypto bull markets in 2017/2021 cycle saw this ratio peak at 0.08-0.12. The ETH/BTC ratio is bouncing back! For the past bull markets in 2021 and 2017, the ETH/BTC ratio reached around 0.05. This ratio represents how many $BTC are required to purchase 1 $ETH.

After reaching its lowest point in October, the ratio has now climbed back to almost 0.04. Will we see $ETH surpass the $4,000 mark again soon?

Guess which crypto category crushed it with +28% gains this month?

Meme Season is BACK! In a market full of ups and downs, one category has stood out this month: meme coins. With a staggering +28.12% growth over the last 30 days, it’s clear that Meme Season is back in full force. Let’s get into the top-performing categories and what this trend could mean for the market ahead.

30-Day Winners:

Memes: +28.12% (eg. $PEPE, $WIF, $DOGE )
Solana Ecosystem: +15.74% (eg. $SOL, $JUP)
Layer 1: +4.97% (eg. $BTC , $ETH , $SOL)

Meanwhile, Gaming, Layer 2 solutions and Real-World Assets (RWA) have struggled, with each seeing declines over the past month.

What’s Driving Meme Coin Resurgence?
The meme coin rally raises a common question: Is it smart money positioning itself, or are retail investors fueling another degen season? Meme coins have historically attracted speculative investment, often driven by social media buzz, community hype, and a fear of missing out (FOMO).
Market analysts suggest that meme coins may be benefiting from a broader sentiment shift as investors look for high-risk, high-reward assets. However, such rallies are known for their volatility and are typically fueled by speculative momentum rather than fundamental value.
What’s Next?
As Meme Season heats up, it’s an ideal time for investors to consider their risk appetite. For those with a high tolerance for volatility, meme coins offer potential gains, albeit with significant risk. Meanwhile, more cautious investors may look to the Solana ecosystem or Layer 1 network as more stable alternatives.
The next few weeks will reveal whether meme coins can sustain this momentum or if it's just a temporary spike.

So, what's your move—betting on the memecoins wave, or sticking to more grounded projects? Let's hear it in the comments! #MemeSeason #mememcoinseason2024 #meme_coin

@Pepecoin @Doge Coin @Solana Official @Jupiter 🪐 @Bitcoin @Bitcoinik @Bitcoinleef @Bitcoinworld @Ethereum @Ethereum Classic @Ethereum World News @eth.fi

Greetings, bitsCrunch Community!

Are you an adopter interested in contributing to the future of early-stage crypto projects?

bitsCrunch, an AI-enhanced data network that delivers high-quality #NFT analytics and forensic data, is running a phased incentivized testnet to test all aspects of the protocol as it progresses towards decentralization.

Today, we are calling all eligible users in our community to join “Task 3” of bitsCrunch’s incentivized testnet!

Complete the required activities on the bitsCrunch's UnleashNFTs platform and earn rewards for your contributions

Announcing bitsCrunch’s Incentivized Testnet

Our Testnet is now live, allowing users to participate and earn rewards. Participate now and be among the early adopters of Advancing Transparency in #NFTs and Digital Assets 💪💡

🔊 Participate in Task 3 on the UnleashNFTs by bitsCrunch platform!

🛰️ Test the performance, stability & scalability of bitsCrunch network API.

💎 Complete activities, earn points & be eligible for token rewards.

Participate Now, Earn Rewards! Visit UnleashNFTs by bitsCrunch for more details.

Entering Task 3, where we shift our focus towards testing the performance, stability, and scalability of the bitsCrunch network API.

Participants will engage in daily activities on UnleashNFTs by bitsCrunch

✍️ Offering Feedback,

🐛 Finding Bugs,

📝 Contributing Content,

🧐 Browsing Pages,

👨🏻‍💻 Participating in Marketing Tasks

🏆 💵 Earn points and Qualify for Token Rewards.

This Testing phase will allow us to fine-tune our API in a real-world scenario, and ensure that it can seamlessly handle and aim for a reliable experience for all users.

Prerequisites to participate in Task 3

Accept the cookie banner when opening the UnleashNFTs by bitsCrunch for the first time

Connect an Ethereum wallet $ETH (eg: Metamask) to the platform

Supported browser: Google Chrome

Certain jurisdictional limitations apply, as outlined in our Terms and Conditions ‘Eligibility for Testnet’ section

Eligibility

Users must meet the following criteria to be eligible for Task 3 participation:

Certain jurisdictional limitations apply, as outlined in the 'Eligibility for Testnet' section of the bitsCrunch Terms and Conditions.

Participants will need a device with a basic internet connection.

A non-custodial Ethereum wallet (e.g., via Metamask) is required to connect and engage with the UnleashNFTs by bitsCrunch platform.

Timeline

Task 3 of the bitsCrunch testnet began July 1st and last through the end of August. Users will be able to earn points by completing a number of tasks that will be updated daily or weekly at any time during this period. Additional information on the subsequent Tasks will be made available as the testnet progresses.

Leaderboard for Task 3

Navigate to the UnleashNFTs website to find the leaderboard and find your rank and score along with ongoing activities, upcoming activities, and the FAQ.

You’ve probably heard that #NFTs can easily be copied. This is a criticism that has been levelled against them ever since they came on the scene. However, it can’t be further from the truth. An NFT, by nature, remains unique. Its rarity gives it value, making it a digital certificate of ownership to a specific file minted on the blockchain.

Yet, there are ways to make people think that the NFT they are purchasing is in fact the original one, while the file it represents can be an image that has simply been copied off the original.

These are copycat NFTs which create confusion over the authenticity of a specific piece of art, and consequently affects its value. They can be so easy to pass off as originals, and can be quite difficult to sniff out as well.

BAYC - A Case Study in Copycats

Take the popular Bored Apes Yacht Club NFT collection for example. Consisting of unique jpeg images of apes in a variety of cool gear, this collection has garnered high sales volumes and engagement since its inception.

Bored Apes NFTs have sold for nearly $2 billion as of May 2022 with a lot of scope for further volumes as new NFTs are minted.

Here’s a look at some crucial information regarding the collection’s sales since they were minted:

Bored Apes NFTs sell for very high amounts, making them a valuable commodity on the NFT market. Their rarity makes them very desirable, making it easy for blockchain users to fall prey to copycats. No good.

Let’s put ourselves in the shoes of a buyer. You pay a huge amount of tokens or currency to add a Bored Ape to your collection. You showcase it on your social media channels, only to find that somebody else owns the very same NFT, and even claims that it’s the original.

How do you find out which NFT is the original? Is it even possible to get your money back at this point?

If only there was a way to identify copycat NFTs from the get-go? Hmm.

How Do You Identify Copycats?

There’s good news on that front!

From the stables of bitsCrunch, Forgery Detection is an AI powered tool that sniffs popular blockchains and marketplaces for potential copycat / forged NFTs.

You can do your due diligence on an NFT with ease, gaining a lot of insights about collections and individual NFTs, along with tracing their authenticity.

For instance, an analysis of nearly 850,000 #opensea storefront assets against the top 40 NFT collections on #Ethereum gave us very interesting results regarding the Bored Ape collection!

We found nearly 144 exact matches from the collection, meaning that there are as many duplicate NFTs in circulation at this very moment:

What’s more, there were 231 NFTs that were flagged as nearly exact matches, 814 NFTs that were extremely similar, and likewise we have categorised our findings into 6 buckets : Exact matches, Near exact matches, Extremely similar, Similar, Moderately similar, Mildly similar.

Overall the value impacted by these copycats with regards to just Top 40 collections in Ethereum alone sums up to 4.49M USD. Imagine what value will be impacted if we snipe through the entire blockchains available?

Exact Matches

Take a look at the example copycat mints of BAYC token id 840 in the Opensea marketplace.

Another example from Bored Ape Chemistry Club (BACC) token id 69!

Near Exact Matches

In the below examples, you could witness the near exact matches, with minor changes to the originally minted NFT from Azuki and mfer collection.

It can be very confusing for a potential NFT enthusiast / collector to find the right NFTs on the marketplace of their choice, and trace its history without the proper tools to help them.

When you think about the sheer number of popular NFTs, collections and marketplaces, coupled with an ever increasing volume of new art and concepts, it’s easy to grasp the scope of this problem!

Backtracking on the Blockchain:

bitsCrunch adds a layer of security to your searches by not only flagging copycats, but also providing you with the originating / minted wallet address linked to that NFT.

This lets you compare your specific purchase against the original minted data to verify authenticity, given that each NFT has a unique hash associated with it and the owner’s wallet at the time of minting.

If the flagged address is indeed the one that’s trying to sell you the NFT, you know that you are likely to end up with a fake.

‘With the power of our AI-enabled tools and the best of the blockchain to go with it, we aim to make copycat NFTs a thing of the past.’

As with all crypto assets, due diligence pays off, and bitsCrunch makes doing your homework all the more easy. Without further ado, check our UnleashNFTs.com and get in touch with us.

For more interesting updates on the latest NFT trends, follow bitsCrunch!

AI-powered #blockchain analytics aims to protect NFT users from security issues haunting the ecosystem.

The unhinged growth of nonfungible tokens (NFTs) has come with undesirable costs, and the tech sector is stepping up to fix it. In less than a decade, the NFT space has expanded from pixelated punks to an established proof-of-ownership for digital and physical assets. Like decentralized finance (DeFi), another subset of the crypto industry, the NFT market grew without traditional regulatory oversight.

While the uninterrupted expansion enabled true #decentralization across the NFT ecosystem, the lack of standardization caused the same adverse effects that the DeFi space faced during its infancy. The fragmented structure of the current NFT ecosystem leads to confusion for users between different marketplaces, diverse collections and inconsistent pricing methods — turning an informed decision for NFT purchases into a complex task.

Having so many unchecked transactions also leaves the door open for NFT-specific issues, starting with plagiarism, wash trading and copy minting. Without proper standards and toolkits, the NFT ecosystem will continue to witness malignant NFT owners using wash trading to artificially increase NFT prices via fake transactions, copy-minting another creator’s original work, or indulging in other malpractices and foul play.

The unhinged growth of nonfungible tokens (NFTs) has come with undesirable costs, and the tech sector is stepping up to fix it. In less than a decade, the NFT space has expanded from pixelated punks to an established proof-of-ownership for digital and physical assets. Like decentralized finance (DeFi), another subset of the crypto industry, the NFT market grew without traditional regulatory oversight.

While the uninterrupted expansion enabled true decentralization across the NFT ecosystem, the lack of standardization caused the same adverse effects that the DeFi space faced during its infancy. The fragmented structure of the current NFT ecosystem leads to confusion for users between different marketplaces, diverse collections and inconsistent pricing methods — turning an informed decision for NFT purchases into a complex task.

Having so many unchecked transactions also leaves the door open for NFT-specific issues, starting with plagiarism, wash trading and copy minting. Without proper standards and toolkits, the NFT ecosystem will continue to witness malignant NFT owners using wash trading to artificially increase NFT prices via fake transactions, copy-minting another creator’s original work, or indulging in other malpractices and foul play.

Keeping the NFT market secure

The #NFT ecosystem needs to take a leaf out of DeFi’s playbook to hold its ground against the ever-growing security issues and threats. Blockchain analysis tools have so far been helping users to get instant, unbiased information about any DeFi protocol, token or marketplace, effectively ending the “Wild West” era of decentralized finance. With the rise of artificial intelligence (AI) and machine learning (ML), the NFT space is well-positioned to detect security threats and provide users with a safe, accessible and trustworthy experience.

“While NFTs have been around for over seven years now, they were only recently recognized as one of the revolutionary technologies the world has seen,” noted Vijay Pravin Maharajan, the co-founder and CEO of bitsCrunch, a team of data analysts and AI experts focused on blockchain technology. He added that, apart from acknowledgment and development, “this industry needs more trust and transparency in the form of accurate and accessible NFT insights.”

Utilizing AI, bitsCrunch recently launched an NFT analytics and forensic platform named UnleashNFTs to equip users and creators with reliable insights into the NFT market, including NFT marketplaces and fast-growing collections. The in-depth analysis, research and statistics about the NFT ecosystem found on the UnleashNFTs platform aim to help users make informed decisions for each NFT transaction.

For more interesting updates on the latest NFT trends, follow bitsCrunch!