Bitcoin Retraces 17% in April; Bored Ape NFT Sale Pushes Ethereum Fees Higher

The highly anticipated online non-fungible token (NFT) sale of a Bored Ape themed metaverse world called ‘Otherside’ was concluded by Yuga Labs On May 1, pushing Ethereum fees higher. There were 55,000 Otherdeeds NFTs for sale and Yuga Labs tweeted that all of them were sold out.

In other news, Cloudflare, a web security solutions company has successfully stopped a massive HTTPS-based distributed denial of service (DDoS) attack on a cryptocurrency company. 

Cryptocurrency Prices

The global crypto market cap increased by 2.16 per cent to $1.74 trillion at 8.50 am. However, the global crypto volume was down by 6.68 per cent to $80.16 billion, as per Coinmarketcap data. 

“After slight variations, Bitcoin (BTC) is back to where it started over the weekend. Bitcoin finished April with a retracement of 17 per cent, the month being the worst for the market leader yet in 2022. Ether and major altcoins are following a similar pattern. Currently, no bullish catalysts are in sight. However, further breakdown of price in the market may continue,” says Gaurav Dahake, CEO and founder, Bitbns.

BTC, the world’s oldest cryptocurrency, was trading at $38,658.93, higher by 1.68 per cent in the last 24 hours. Ethereum (ETH) was also trading higher by 2.68 per cent at $2,840.58.

Among other major coins, Cardano (ADA) was up by 2.49 per cent at $0.7865, Algorand (ALGO) was trading with a gain of 3.63 per cent at $0.5993, Binance Coin (BNB) was up by 1.98 per cent at $390.41, Solana (SOL) was trading with gains of 2.43 per cent at $89.79, and Polkadot (DOT) was also up by 3.56 per cent at $15.40.

Today’s top gainer was MetaPay (METAPAY), which was up by 536 per cent at $0.000003658. The top loser was NINJA INU (NINJA), which was down by 87.88 per cent at $0.000001349.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was up by 1.65 per cent at $0.1323. Its volume to market cap ratio stands at 0.05134. Rival Shiba Inu (SHIB) was up by 4.49 per cent at $0.00002143.

Dogelon Mars (ELON) was up by 0.04 per cent to trade at $0.0000009193 and Samoyed Coin (SAMO) gained 0.75 cent at $0.00001513. Floki Inu (FLOKI), however, lost 3.54 per cent at $0.00001513.

In the DeFi segment, YFI (yearn.finance) was up by 3.42 per cent at $17,186.07, Terra (LUNA) was trading with a gain of 4.58 per cent at $83.06, Avalanche (AVAX) gained 1.28 per cent at $59.02, Uniswap (UNI) was up by 3.48 per cent to trade at $7.04, and Aave (AAVE) was trading with a gain of 1.7 per cent at $146.14.

Latest Updates

Data from Etherscan showed that users of Ethereum paid almost 64,000 ETH (equivalent to $175 million) in gas fees. “This has been the largest NFT mint in history by several multiples, and yet the gas used during the mint shows that demand far exceeded anyone’s wildest expectations. The scale of this mint was so large that Etherscan crashed. We’re sorry for turning off the lights on Ethereum for a while,” said Yuga Labs, reported Cointelegraph.

Cloudflare said in a blog post that the latest hacking incident involving a cryptocurrency company was one of the largest HTTPS DDoS attacks on record. It mitigated a 15.3 million request-per-second (rps) on the server at its peak. They also noted that this was an expensive hack since it involved HTTPS encryption hacking, for which hackers needed substantial computational resources to break the Transport Layer Security (TLS) encrypted connection.


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