Ripple co-founder Chris Larsen has recently come forward as one of the corporate leaders endorsing Vice President Kamala Harris for the 2024 U.S. presidential election (as reported by Coindesk). This move contrasts with Ripple CEO Brad Garlinghouse’s political leanings, which have supported Senate Republicans. For the unversed, Ripple has long been engaged in a legal …
As the cryptocurrency market fails to reclaim the $2 Trillion mark, top tokens continue trading below their important support levels. While mid-cap and low-cap altcoins have gained momentum, major altcoins fear a massive drop with a potential bear market in the coming time. With the ongoing market condition, investors are concerned about their future investments. …
Bitcoin is currently on a downtrend and is trading slightly above the $55k levels at the time of writing. Altcoins are also stuck in red with many even recording double-digit losses. However, analysts across the industry are stressing that this is the right time to buy the dip. Analyst Altcoin Buzz opened up about promising …
Amid uncertainty in the crypto space, the ADA coin price continues hovering close to its crucial yearly lows. Moreover, the most anticipated “Chang Hard Fork” upgrade has failed to support the free-falling Cardano token. With a drop of 61.03% from its yearly high and needing a surge of over 206% to achieve its $1 mark, …
On-chain data shows that Dogecoin (DOGE) is among the altcoins that have observed significant losses for 6-month traders, which may help the coin’s price rebound. Dogecoin MVRV Suggests DOGE May Be Offering A Buy Window In a new post on X, the on-chain analytics firm Santiment has discussed how assets like Dogecoin and XRP (XRP) have been looking like regarding trader returns on various timeframes. The indicator of relevance here is the popular “Market Value to Realized Value” (MVRV), which keeps track of the ratio between the value that the investors of an asset as a whole are holding (that is, the market cap) and the value that they put into the asset (the realized cap). Related Reading: Bitcoin Could Drop To $40,600 If This Happens, Crypto Analyst Says When the metric has a value greater than 1, the investors are currently in a state of net unrealized profit. On the other hand, it being under the cutoff implies the dominance of loss in the market. Historically, whenever the investors of a cryptocurrency have been in a state of high profits, tops have become more probable to occur for its price, as the likelihood of a mass selloff with the motive of profit-taking becomes significant in such conditions. Similarly, bottoms in the asset’s price have tended to take place when most of the investors have been in losses and sellers have reached a state of exhaustion. Based on these facts, Santiment has developed an “Opportunity & Danger Zone Model,” which finds out how the mid-term versions of the MVRV have diverged from the norm for the different coins in the sector. Below is the chart for the model shared by the analytics firm. The “mid-term” versions of the MVRV specifically target the investors who bought inside 30-day, 90-day, and 6-month timeframes. When the divergences of these metrics are positive for an asset, it means said coin may be undervalued right now. Similarly, a negative divergence suggests potential overvalued status. From the graph, it’s visible that most of the altcoins are currently in the bullish region, with some of them even seeing their divergence surpassing the 1 level, corresponding to a region that Santiment classifies as the “Opportunity Zone.” According to the analytics firm, Dogecoin, Toncoin (TON), and Ethereum (ETH) have seen the lowest 6-month MVRV values recently, with traders who bought them in the last six months sitting at 32%, 23%, and 22% losses, respectively. Interestingly, unlike these assets, XRP’s 6-month traders are in profits instead. Related Reading: $170 Million In Crypto Longs Bite The Dust As Bitcoin Plunges Under $57,000 “As a trader, if you enjoy making profits, you WANT to be in assets where other traders are in pain and seeing losses,” notes Santiment. Based on this, Dogecoin may offer the best window among the top coins, while XRP may be the worst option. DOGE Price At the time of writing, Dogecoin is trading around $0.0975, down more than 3% over the past week. Featured image from Dall-E, Santiment.net, chart from TradingView.com
A strong outlier in the current market situation, Monero (XMR) moves against the broader downturn that plagues the market. According to CoinGecko, Monero gained nearly 13% since last week, putting the coin under the spotlight as one of the strongest gainers within the bear market. Related Reading: RENDER Flashes Red With 18% Short-Term Loss – Details Monero’s simplicity lends itself to its focus on privacy and reliability, providing great value for both investors and users of the platform. This led to Monero’s semi-autonomous price movement which might continue despite the market’s bearish nature. Monero Utilization Jumps On CoinCards CoinCards, a gift card vendor, recently released some statistics about cryptocurrency use on its platform. According to the platform, Monero has the monopoly beating Bitcoin in utilization. This huge utilization is due to Monero’s simplicity and utility, garnering the attention of analysts on X. Although the market is overwhelmingly bearish, analysts show bullishness with predictions about XMR’s future performance. “While everything else looks like pre-death, the privacy coin is making higher lows and higher highs. Complete decoupling from the market,” said Crypto Van Der Linde, a cryptanalyst on the X platform. Although Binance and Kraken have delisted XMR for their customers, the token still has a large user base that is mostly concerned with their privacy. With more individuals considering privacy to be a core issue, we might see cryptocurrency users using XMR despite its downsides of slow transaction times. Rally Turns Sluggish As of writing, Monero is well between the $170-$174 trading range giving the bulls a great position for more upside potential. However, the market’s bearishness has bled through to XMR’s market, slowing down gains in the long term. XMR’s less-than-significant correlation with Bitcoin makes the coin more attractive to investors scouring the market for profit-generating cryptocurrencies within the bearish market. The relative strength index (RSI) shows that although the coin has bullish momentum, XMR bulls are nearing exhaustion in the short term. Related Reading: SUI Crashes 23% As September Unleashes Market Panic—Is A Comeback Possible? The coin’s trading range is pretty weak as the bears are gathering momentum to cancel out short-term gains. Long-term, however, it seems that XMR bulls will rest and gather momentum before another attempt to regain lost ground. As it currently stands, XMR eyes a breakthrough on $190 in the short term, providing a support level for the bulls to prepare for a strong upward movement. After this movement, investors and traders can target $200 in the long term. However, if XMR succumbs to the bearish momentum within the market, the coin might retrace back to $164 with more possible losses in the short term. Featured image from Chainalysis, chart from TradingView
With the cryptocurrency market losing its status of $2 Trillion, top tokens have failed to hold the values above their crucial support zones. Following this, limelight categories have dropped significantly over the past few days. However, the ongoing market turmoil can turn out to be an excellent opportunity for top altcoins to outperform major cryptocurrencies …
As the month of September begins, there needs no reminder of the usual struggle associated with it. September has almost always designated a negative period for the cryptocurrency market. Normally, however, Q4 turns out to be profitable. However, with Bitcoin tumbling below $57000, the sentiment has already turned negative. Nevertheless, looking ahead towards Korea Blockchain …
Amid the heightened fear of further crypto capitulation in the coming weeks, some altcoins, led by Starknet (STRK) are gradually presenting opportunities for long-term investors to make more discounted purchases. The anticipated reversal in Bitcoin (BTC) dominance will accelerate the ongoing crypto cash oration to the altcoins. Moreover, the approval of spot Ether and Solana …
According to analyst Miles Deutscher, Bitcoin is nearing the end of it’s destructive ‘capitulation phase.’ However, he also said that BTC might trade sideways for a few more weeks before establishing a clear uptrend. During this phase, the analyst said that any major pullback would create an opportunity to accumulate various altcoins. In his latest …
The devastating impact of the August 5 stock market crash on the crypto industry is still fresh in most traders. The mixed reactions to the anticipated interest rate cuts in the United States on September 18 are evident in the crypto and stock industries. Furthermore, historical data reveals that September is a choppy month for …
Bearish sentiment remains supreme in the market today as RENDER flashes red, losing more value on the weekly timeframe. According to CoinGecko, the token bled by 18% since last week, continuing the bearish market consensus. With the market continuing to underperform, the altcoin might be on the pain train in the next couple of weeks. Related Reading: SUI Crashes 23% As September Unleashes Market Panic—Is A Comeback Possible? However, the market has shown signs of a possible flip in sentiment with Bitcoin and Ethereum retesting their crucial resistance levels in the short term. But with a macro-packed week alongside the broader market’s optimism, the upside potential for the crypto remains stunted in the short term if the market continues to fall. $5.1 Resistance Crucial For Long-Term Gain As of writing, the token is struggling to retake lost ground against the bulls in the short term. The coin is currently trading between the $3.3-$5.1 trading range, a pretty wide range leaving space for both the bulls and bears to maneuver. In the short term, the bears have the advantage by a small margin. The token’s relative strength index (RSI) shows that the bulls are gathering momentum for a medium-term swing with a breakthrough on the $5.1 resistance level occurring within the next few weeks. However, the current timeline for the altcoin remains blurry as the market’s volatility hinders altcoins from making semi-autonomous movements. As of press time, the broader crypto market has fallen by 10 basis points after rising by nearly a percent a couple of hours ago. This volatility coupled with investor FUD will continue to hinder its upside in the near future. For now, investors should exercise caution as the week might be more rocky for the broader market. Render: Macroeconomic Indicators As Focal Points This Week Multiple labor indicators will be released this week by the US Bureau of Labor and Statistics with investors optimistic that the United States economy will have a soft landing. The labor market has been scrutinized as it was one of the primary factors the August selloff occurred. Forecasts for the payroll indicators are surprisingly optimistic. The Nonfarm Payroll forecast is 164k from the previous 112k, indicating that the market sees a future rate cut. Related Reading: NEAR Investors Hope New Projects Will Help Coin Rebound From 21% Loss If this week’s macro indicators flash bullish, the market will see renewed strength with capital returning to cryptocurrencies in the long run. Investors are also eyeing the consumer price index (CPI) releases next week which will signal whether the US Federal Reserve will cut or keep the current rates. Market indices are bullish with the S&P 500 and Dow Jones up by a couple of percentage points in the short term. Featured image from Pexels, chart from TradingView
While the market has rebounded following a poor start to the month in September, some altcoins are still struggling with the leftover bearishness. NEAR continues with the list of altcoins that keep up their losses even as the majors, including Bitcoin and Ethereum, recover from their respective slumps. According to CoinGecko, the token fell by 21% since last week despite the market’s 3%uptick today. Related Reading: SUI Crashes 23% As September Unleashes Market Panic—Is A Comeback Possible? Although NEAR is underperforming, developments on-chain continue to offset the market’s bearishness. One of the most notable developments on NEAR is Libre Capital offering tokenized real-world assets (RWAs) on chain, bringing institutional interest to the platform RWAs Create Buzz For The Protocol Libre Capital is a new crypto asset management firm supported by market giants like Brevan Howard, Hamilton Lane, and Nomura’s Laser Digital. It was founded four months ago and has since experienced huge upward momentum. According to Libre Capital Founder and CEO Avtar Sehra, Libre surpassed the $100 million asset under management mark, cementing the firm as one of the fastest-rising crypto asset management companies on the market. Libre has achieved many milestones since our MVP launch four months ago, surpassing our $100 million aum target and expanding to multiple chains. Launch on @NEARProtocol marks a crucial step towards our multichain wealth strategy. Learn more here: https://t.co/dGCqKENTXu — Avtar Sehra (@avtarsehra) September 2, 2024 NEAR and Libre’s partnership will enable NEAR users to access tokenized versions of RWAs. As of writing, users have access to Hamilton Lane’s credit Fund, Brevan Howard’s Master Fund, and Blackrock’s ICS Money Market Fund, bridging the gap between crypto and the traditional finance space. According to Sehra, the launch of Libre on NEAR is “a crucial step towards our multichain wealth strategy” which hints at future support for more blockchains other than NEAR. But for now, this development might help bring in more institutional investors on the platform. NEAR On Goldilocks Zone Trading Range As of writing, the bears experienced a strong rejection on the $3.8 price floor giving the bulls time to regroup and bounce. NEAR is now trying to stabilize between the $3.8-$4.3 trading range, allowing investors and traders to target $5.2 in the long term. Related Reading: Ripple Unleashes 1 Billion XRP: Could This Trigger A Price Tsunami? NEAR continues to experience a strong bearish momentum in the short term, but the bulls have since gathered enough momentum to cancel out the token’s decline. The problem now is when will NEAR have enough push to break through $4.3 in the medium term. The relative strength index (RSI) suggests that the token might experience a period of low volatility where the bears and the bulls will have an equally strong momentum. But after this, NEAR will have enough push to drive the bears out of the market, breaking through $4.3 in the medium term before settling on the $4.3-$4.7 trading range. However, this price movement is completely dependent on the broader market momentum. If Bitcoin and Ethereum continue to struggle, NEAR will have a lot of ground to retake if the bears succeed in breaking through $3.8. Featured image from Electromechanical Contractor Philippines, chart from TradingView
The traders have gained immense interest in the RWA tokens during the last quarter of 2023, which triggered a bullish wave within the markets. The market capitalization of them soared massively from around $2 billion to as high as $57.60 billion by the end of Q1 2024. Since then, the markets have faced a massive …
Adam Back, the Blockstream CEO and a prominent figure in the Bitcoin community, has made a bold and alarming prediction about Cardano (ADA). According to Back, ADA, the native token of the Cardano blockchain, could see its price plummet by as much as 90%. This forecast comes amidst a heated debate within the cryptocurrency space, …
Highly publicized dog-themed meme coin based on the Telegram-backed Toncoin (TON) network, Dogs (DOGS), has played a crucial role in onboarding more users to the web3 space. In less than a week after its official trading launch on several centralized exchanges, the Dogs meme project has achieved major milestones including nearly 1 million on-chain holders. …
Once again generating news is Ripple as the company issued 1 billion XRP coins from its escrow accounts on September 1, 2024. Costing more than $560 million, the release has caused waves in the digital currency market. Related Reading: Market Slip Drags Injective Down 16% Despite Ongoing Developments First, 500 million XRP were released in three consecutive phases; next were 200 million and finally 300 million. Every one of the three transactions was completed within minutes, suggesting that Ripple was onto maintaining really good token supply control. Market Reaction To The Unlock The price of XRP did go slightly lower right after the unlock, at $0.55, which is a drop of 2.26% from the previous day. This shouldn’t really be a surprise, given how large-scale releases have time and again proved to affect prices. According to Whale Alert, at 10:50 UTC+8 today, 1 billion XRP were unlocked from the rDqGA…mKxEsF in three transactions, with a value of over $560 million dollars. The address: rDqGA…mKxEsF was marked as an official Ripple address by XRPSCAN and bithomp.… — Wu Blockchain (@WuBlockchain) September 1, 2024 Ripple’s Chief Technology Officer, David Schwartz, has previously acknowledged that mixed feelings when it comes to these monthly unlocks. While this may be an attempt to make the markets more transparent and predictable, in actual sense, such releases serve to inject volatility into the markets. Interestingly, the unlocked tokens remain in the “Ripple 24” wallet, which means there are no immediate plans to further distribute them. That can soften a more severe drop in price since these tokens are not yet on the market. However, analysts warn that the increased liquidity from such tokens may lead to possible sell-offs and further unpredictability of the token’s price in the near future. Historical Context And Predictions Up until now, Ripple had been releasing 1 billion XRP every month, a tradition that started in May 2024, while more than 43 billion XRP remain locked up in escrow until December 2027. In fact, the organization believes its approach will ensure gradual control dilution and further decentralization of its network. Ripple’s willingness to sell has recently drawn investors’ attention because such sales affect XRP’s price. Analysts are still divided about what could be the future of XRP. A few believe there could be a spike, similar to the exponential jumps in price that were seen in 2020, while others anticipate a flat, if not, stagnant trajectory. Related Reading: TIA Down 23% In A Week, As Investors Eye New On-Chain Projects Wider Ramifications For The Crypto Market Were XRP to break out from the shackles of its current trading patterns, some estimates put it as high as $4. This optimism is predicated on market demand and overall resilience in the crypto market. What Ripple is doing has effects that could spread well beyond just XRP in the market. More broadly, cautious optimism continues to define the crypto market while many investors remain in wait-and-see mode until clearer signs of an altcoin season materialize. Featured image from Nature, chart from TradingView
Amid intensified bearish sentiment in the crypto market, Bitcoin price has repeatedly failed to hold its value above the $60,000 level. Following this, top altcoins have recorded a similar price action by breaking down their important support levels. With the present market sentiment, XRP and ADA cryptocurrencies have gained significant attention. Following this, question like …
The market’s hostile environment is currently hindering altcoins gaining in the short term. With the broader market down by 2%, LDO losses mounted up to 18% since last week, continuing to end this week with pain for investors in the short term. This led to shaky investor confidence as fear, uncertainty, and doubt plagued the […]
The crypto markets are heading towards the end of the monthly trade, which attracts huge attention from the bulls. Meanwhile, the current trade setup suggests the bulls have remained off-the-shore which may compel the tokens to close the monthly trade on a bearish note. The XRP price has been maintaining a consolidated rise throughout the …
Alexander Lorenzo opens with a bold statement in his new video, claiming that at present altcoins offer one of the most lucrative opportunities for wealth creation, possibly breaking generational poverty. Lorenzo has analyzed every altcoin cycle in crypto history to predict the next big move, revealing some alarming signs. Read this interesting analysis to prepare …
As Bitcoin holds the $59K mark, the minor stability in the broader market puts the AI token on a bullish path. Despite last week’s failed attempt, the FET price regained bullish momentum and is expected to continue with an uptrend next month. Will the uptrend in Fetch.AI surpass $1.50? FET Price Performance With a bullish …
The total crypto market cap slipped 2 percent in the past 24 hours to hover around $2.18 trillion on Friday, August 30, during the mid-European session. Although Bitcoin’s (BTC) price has established a robust support range between $59k and $58k in recent times, several indicators point to a further bearish outlook in the coming weeks. …
In a recent video analysis by Investing Made Simple on YouTube, the analyst warns about the potential for a significant downturn in the crypto market, particularly for altcoins, in September. Here’s what it means for you! The Fed’s First Rate Cut: A Double-Edged Sword The analyst begins by highlighting the upcoming milestone in September: the …
The cryptocurrency market has grown significantly in the past few years due to its high decentralization, security, and throughput compared to traditional financial systems. Bitcoin’s (BTC) decentralization has largely been achieved through its proof-of-work (PoW) consensus method, which allows anybody to participate in the mining process. The altcoin industry- led by Ethereum (ETH), and Solana …
TON Coin has the undivided attention of the crypto community for a while now. One of the biggest reasons is the launch of tap-to-earn games. Recently, the DOGS project had a massive airdrop, and another one from Hamster Kombat is coming soon. But there’s more to why this coin might soar soon. A Closer Look …
The recent controversy surrounding Telegram CEO Pavel Durov is raising alarms within the cryptocurrency community, with some experts suggesting it could be a ‘black swan event’—an unforeseen incident with potentially catastrophic effects. Here’s a breakdown of the situation and its impact on the crypto market. Durov’s Legal Trouble Mounts Pavel Durov is facing multiple legal …
In a thread shared with his 538,000 followers on X, crypto analyst Miles Deutscher highlights the vital importance of retail investors to the sustainability of the crypto bull market. To understand the possible return of the crypto bull run, Deutscher believes it is essential to understand what has happened in recent years. Deutscher recalls the substantial rally from March 2020 through November 2021, highlighting the extreme gains made across various altcoins. Understanding The Crypto Bull Run Dynamics “From March 2020 until November 2021, the crypto market rallied 2,672%, with many alts pulling 50-100x+ multiples,” Deutscher states, pointing to a period characterized by significant financial stimulus and increased public interest due to global lockdowns. However, the glory days were short-lived, as Deutscher pointed out, marking the peak of the market in November 2021 followed by a steep decline. The downward spiral was accentuated by the LUNA & UST collapse in May 2022, which not only erased significant market value but also exacerbated the decline across the broader crypto market. “Crypto technically topped in November 2021. But it wasn’t until May 2022 that crypto would be delivered its final death blow: The LUNA & UST collapse,” he explained, illustrating the precariousness of crypto investments during that period. Related Reading: Signs Of A New Crypto Winter? Warren Buffett’s $1 Billion Stock Sales Spark Market Crash Fears The aftermath of these events led to a widespread exodus of retail investors, who were either financially devastated or disillusioned by the dramatic downturns. “If you were burnt financially, you left. If you weren’t burnt financially, you still left (price/time capitulation),” Deutscher explains, capturing the deep-seated anxiety that permeated the retail investor base following the market’s collapse. Despite the challenging environment, 2023 ushered in a new wave of optimism with significant institutional movements, notably BlackRock’s application for a Bitcoin spot ETF in June, which was later approved. “On the 16th of June, BlackRock applied for a Bitcoin spot ETF […] This not only signaled a positive catalyst on the horizon but a paradigm shift in the way BTC was being viewed by major institutions,” Deutscher highlighted, pointing to a critical moment that potentially marked the beginning of a new era for Bitcoin and possibly the broader crypto market. As of January 2024, the crypto market had seen a surge in Bitcoin prices, reaching new all-time highs following the successful launch of the ETF. “Over $17b has flowed into the BTC spot ETFs so far this year,” Deutscher notes, underscoring the significant impact of institutional investment on Bitcoin’s valuation and the broader market sentiment. However, Deutscher tempers expectations regarding the altcoin market, which has not seen parallel success. The lack of a similar rally in altcoins is attributed by Deutscher to the new market dynamics introduced by the ETF, which altered traditional liquidity flows and investment patterns. “The primary driver of this cycle has been the BTC ETF. This is vastly different from the last cycle, where the primary driver was macro conditions,” he remarks. When Will The Bull Run Return? Looking ahead, Deutscher speculates on the conditions that might entice retail investors to return. He emphasizes the critical role of Bitcoin achieving new all-time highs, suggesting that Bitcoin reaching or surpassing $100,000 could ignite renewed interest across the crypto sector. “Yes, many of the aforementioned issues like altcoin dispersion would still exist, but it would definitely pave over some cracks. A BTC rally = media attention, people front running an altcoin rotation, renewed optimism,” he added. Related Reading: New Memecoin Popcat Claws Its Way Up, Dominates Top 100 Cryptos With 62% Rally Deutscher also highlights the natural inclination of humans towards gambling, noting that the thrill of high returns might quickly attract retail investors back to the market if altcoins show sustained rallies. He referenced the Pareto principle to remind followers that significant market gains often occur late in the investment cycle. “80% of gains in a bull market come in the last 20%, of the move. Retail joins the party late. We simply may just be too early (in terms of cycle duration we comparatively still are), Deutscher states. Additionally, he points to the potential of emerging technologies in AI, gaming, and decentralized finance (DeFi) to create compelling new use cases for crypto. He suggested that just a few successful applications could drive widespread adoption, fostering a more sustainable interest in the crypto market. Because of that Deutscher remains optimistic about the return of retail investors. He concludes, “so in conclusion, yes – retail is (mostly) gone. There are valid reasons why, and this cycle is fundamentally different because of them. But it won’t take much for retail to return. And that day may be sooner than you think.” At press time, BTC traded at $59,650. Featured image created with DALL.E, chart from TradingView.com
Less than 72 hours to the monthly close, it is more evident that Bitcoin’s (BTC) price will likely end the turbulent August with a bearish outlook. Nevertheless, Bitcoin price established a robust support level above $58k in the past weeks, thus positioning the altcoin industry for a further rebound in the near term. Correlation Study …
During a recent disclosure, Ethereum co-founder Vitalik Buterin surprised the crypto community by revealing that he earns almost $139,500 from the Ethereum Foundation annually. Related Reading: $2 Billion Market Cap: Tokenized Treasuries Register Explosive Growth This revelation comes at a time when the Foundation’s spending habits have come under scrutiny and raise conversations of transparency […]