Bitcoin Falls 17% in April; Bored Ape NFT Sale Drives Up Ethereum Fees
The highly anticipated online sale of non-fungible tokens (NFTs) of a Bored Ape-themed metaverse world called “Otherside” was concluded by Yuga Labs on May 1, driving up Ethereum fees. There were 55,000 NFT Otherdeeds for sale and Yuga Labs tweeted that they were all sold out.
In other news, Cloudflare, a web security solutions company, successfully stopped a massive HTTPS-based Distributed Denial of Service (DDoS) attack against a cryptocurrency company.
The global crypto market cap rose 2.16% to $1.74 trillion as of 8:50 a.m. ET. However, global crypto volume declined by 6.68% to $80.16 billion, according to data from Coinmarketcap.
It was the biggest NFT mint in history by several multiples, and yet the gas used during the mint shows demand far exceeded anyone’s wildest expectations. The scale of this mint was so large that Etherscan crashed.
— Yuga Laboratories (@yugalabs) May 1, 2022
“After slight swings, Bitcoin (BTC) is back to where it started this weekend. Bitcoin ended April with a 17% retracement, the worst month for the market leader so far in 2022. Ether and major altcoins follow a similar pattern. Currently, there is no bullish catalyst in sight. However, further price breakdown in the market may continue,” says Gaurav Dahake, CEO and Founder of Bitbns.
BTC, the world’s oldest cryptocurrency, was trading at $38,658.93, up 1.68% in the past 24 hours. Ethereum (ETH) was also trading up 2.68% at $2,840.58.
Among other major coins, Cardano (ADA) was up 2.49% at $0.7865, Algorand (ALGO) was trading with a 3.63% gain at $0.5993, Binance Coin (BNB) was up rose 1.98% to $390.41, Solana (SOL) was trading with gains of 2.43% to $89.79, and Polkadot (DOT) was also up 3.56% to 15.40 $.
Today’s top gainer was MetaPay (METAPAY), which rose 536% to $0.000003658. The big loser was NINJA INU (NINJA) which lost 87.88% to $0.000001349.
Meme Coin and DeFi prices
Dogecoin (DOGE) rose 1.65% to $0.1323. Its volume to market capitalization ratio is 0.05134. Rival Shiba Inu (SHIB) rose 4.49% to $0.00002143.
Dogelon Mars (ELON) rose 0.04% to trade at $0.0000009193 and Samoyed Coin (SAMO) gained 0.75 cent to $0.00001513. Floki Inu (FLOKI), however, fell 3.54% to $0.00001513.
In the DeFi segment, YFI (yearn.finance) rose 3.42% to $17,186.07, Terra (LUNA) traded with a gain of 4.58% to $83.06, Avalanche (AVAX) gained 1.28% to $59.02, Uniswap (UNI) rose 3.48% to trade at $7.04, and Aave (AAVE) traded with a 1.7% gain at $146.14.
Over the past three years, the Crypto Forum research group of the @inretafo worked on the specification of the next generation of public key encryption (PKE) (hybrid). The result is Hybrid Public Key Encryption (#HPKE), published today as RFC 9180. https://t.co/LrPqiu2oXb
— Cloudflare (@Cloudflare) February 24, 2022
Data from Etherscan showed that Ethereum users paid nearly 64,000 ETH (equivalent to $175 million) in gas fees. “This is the largest NFT mint in history by multiple multiples, and yet the gas used during the mint shows that demand has far exceeded anyone’s wildest expectations. The scale of this mint was so great that Etherscan crashed. We are sorry to have turned off the Ethereum lights for a while,” Yuga Labs said, Cointelegraph reported.
Cloudflare said in a blog post that the latest hacking incident involving a cryptocurrency company was one of the biggest HTTPS DDoS attacks on record. It mitigated 15.3 million requests per second (rps) on the server at its peak. They also noted that it was an expensive hack because it involved an HTTPS encryption hack, for which hackers needed significant computational resources to break the Transport Layer Security (TLS) encrypted connection.