Analysts from leading international cross-border bank, Standard Chartered have made a bold prediction that Bitcoin could witness a significant rise to new all-time highs above $73,700. This projection, slightly higher than the cryptocurrency’s previous peak, comes with an unexpected and wholly ambitious timeline. Bitcoin Poised To Reach New All-Time Highs Geoff Kendrick, Head of EM FX Research, West and Crypto Research, Standard Chartered, has made a bullish prediction for Bitcoin, the world’s largest cryptocurrency. In an email to TheBlock, Kendrick stated that Bitcoin is poised to break out of its previous all-time high on March 14, 2024, to witness a massive surge to approximately $73,798. Related Reading: Crypto Market Liquidations Top $330 Million In 24 Hours With Ethereum In The Lead The analyst has projected a rather grandiose timeline for this bullish rally, expecting Bitcoin to hit the forecasted price target by the weekend. Kendrick attributed this potential price increase to the recent inflows into Spot Bitcoin ETFs. Earlier on May 21, data from Farside investors indicated that Spot Bitcoin ETFs had recorded their best inflow week in the last two months. The digital asset saw over $305.7 million in inflows, with BlackRock’s Bitcoin Trust ETF (IBIT), amassing the largest inflows of $290 million. Cumulatively, Spot Bitcoin ETFs have recorded inflows of more than $13 billion from its launch on January 11 to the present. This increased demand and influx of capital which had been a major contributor to Bitcoin’s previous rise to a new all-time high in March, could propel fresh surges for the cryptocurrency. Kendrick has also disclosed that the possible approval of Ethereum Spot ETFs by the United States Securities and Exchange Commission (SEC) could have a significant impact on Bitcoin’s price dynamics. The analyst has doubled down on his previous price prediction which anticipates Bitcoin’s rise to $150,000 by the end of 2024 and a whopping $200,000 increase in 2025. BTC Price Analysis As of writing, the price of Bitcoin is trading at $70,013, reflecting a slight decline of 1.39% in the last 24 hours, according to CoinMarketCap. The cryptocurrency has been on a steady bullish momentum over the past week, experiencing consistent price surges, which have led to a sharp increase of 12.86%. Related Reading: Solana Cup And Handle Pattern Means An At Least 90% Move Against Ethereum, Analyst Says Popular crypto analyst, Michael van de Poppe has reported that Bitcoin is up more than 20% since its previous lows of $56,000 earlier this year. The approval of an Ethereum Spot ETF could see the cryptocurrency’s price potentially rising more, following previous patterns when the SEC’s approval of Spot Bitcoin ETFs triggered a major price spike for the pioneer cryptocurrency. This sentiment for a bullish breakout is shared by crypto analyst Ali Martinez, who has asserted that Bitcoin is currently showing a strong potential for further gains, underscoring the cryptocurrency’s robust price potential and strong fundamentals. Featured image created with Dall.E, chart from Tradingview.com
Polygon, the Ethereum scaling solution aiming to solve the network’s scalability woes, has blasted past a monumental milestone: 4 billion total transactions. This achievement is particularly impressive considering the network launched just four years ago in June 2020. Bitcoin, for comparison, took a staggering 15 years to reach 1 billion transactions, highlighting the breakneck speed […]
Could the US Federal Reserve’s potential pivot on inflation be the catalyst for a multi-trillion dollar surge in the cryptocurrency market? That’s the bullish prediction from some of Wall Street’s top analysts as they eye a seismic shift in monetary policy. Related Reading: Investors Pile Into Bitcoin: Over $1 Billion Inflows Fuel ETF Rally, Price […]
Former US President Donald J. Trump has announced that his campaign will accept donations in Bitcoin and various cryptocurrencies, marking a significant milestone as the first major party Presidential nominee to employ this strategy for fundraising. The announcement came via an official campaign press release. The Trump campaign’s new fundraising initiative integrates the use of […]
Uniswap Labs, the creator of one of the largest decentralized trading platforms, is challenging a potential enforcement action by the US Securities and Exchange Commission (SEC), arguing that crypto tokens should not be classified as securities. The New York-based firm recently refuted the allegation that it operated as an unregistered exchange and broker-dealer. This response follows the SEC’s issuance of a Wells Notice to Uniswap Labs, signaling its intent to recommend legal action against the company. Uniswap Labs Challenges SEC’s Claims In a 40-page filing submitted to the SEC, Uniswap Labs outlined numerous reasons why the agency’s pursuit of legal action should be reconsidered. The SEC’s claims are primarily based on the assumption that all tokens are securities, a premise that Uniswap Labs disputes. Related Reading: Institutional Investors Pour $942 Million Into Bitcoin, Will This Trigger A Rally To $80,000? Marvin Ammori, Chief Legal Officer of Uniswap Labs, emphasized that tokens are merely a file format for value and not inherently securities. He criticized the SEC’s attempt to redefine the terms “exchange,” “broker,” and “investment contract” to encompass Uniswap’s operations. This year, the SEC has taken action against numerous crypto firms through Wells notices, lawsuits, or settlements. The commission’s scrutiny has increasingly focused on Ethereum and decentralized finance players, including Uniswap, ShapeShift, TradeStation, and Consensys. Additionally, reports suggest that the Ethereum Foundation is under investigation. Distinction Between Tokens And Securities Uniswap Labs believes that the SEC’s case against them is flawed. It fails to recognize the distinction between tokens as files for value and tokens as securities. If the SEC proceeds with a lawsuit accusing Uniswap Labs of operating as an unregistered exchange, it risks facing adverse consequences regarding its authority over crypto tokens. Uniswap Labs warned that such litigation could set a precedent undermining the SEC’s ongoing rulemaking efforts. The company expressed its willingness to litigate if necessary and expressed confidence in a favorable outcome, stating: But we’re prepared to fight. Our lawyers are 2-0 in high-profile SEC cases. Andrew Ceresney, a former head of enforcement at the SEC, represented Ripple in their victory over the SEC. Don Verrilli, a former U.S. solicitor general, has argued more than 50 cases before the U.S. Supreme Court and represented Grayscale in its successful case against the SEC. Related Reading: Why Is The Ethereum Price Up 20% Today? SEC Chairman Gary Gensler has consistently maintained that decentralized exchanges are not genuinely decentralized and should fall under the regulator’s purview. Gensler has also argued that many digital assets qualify as unregistered securities subject to SEC regulations. Uniswap Labs, in its response, contended that its governance token, UNI, does not meet the requirements of the Howey Test, a legal framework used to evaluate investment contracts. The company also disputed the SEC’s classification of LP tokens, which are used as securities for liquidity provision in Uniswap pools. Uniswap Labs asserted that LP tokens are accounting tools rather than investment instruments. Uniswap’s native token UNI has seen significant gains of nearly 20% in the last 24 hours alone, as the market rebounded from a two-month consolidation period to trade at $9.34. Featured image from Shutterstock, chart from TradingView.com
In a recent crackdown on illicit transactions involving crypto assets, the US Department of Justice (DOJ) arrested Rui-Siang Lin, a 23-year-old individual from Taiwan. Lin, who also goes by the names Pharoah and Faro, is accused of owning and operating a dark web drug marketplace known as the “Incognito Market.” The platform allegedly facilitated anonymous […]
In a move that has the crypto community buzzing, the US Securities and Exchange Commission (SEC) has asked major exchanges to refine their applications for spot Ethereum ETFs. According to a Reuters report, sources familiar with the process say this request is interpreted as a positive signal that the regulator may be ready to greenlight […]
In a significant departure from their previous skeptical stance, US regulators are reportedly leaning toward approving the long-awaited spot Ethereum ETFs for the second-largest cryptocurrency by market capitalization. SEC Staff Signals Spot Ethereum ETFs Approval According to a report by Barron’s, the US Securities and Exchange Commission (SEC) staff communicated to exchanges on Monday that […]
A crypto analyst has predicted a massive bull rally for doggy-themed cryptocurrency, Shiba Inu (SHIB). The analyst points to a new technical pattern emerging for SHIB, indicating the potential for a surge to new highs. SHIB Sets Sights For Next Upside Target A crypto and Bitcoin analyst identified as ‘Clifton Fx’ on X (formerly Twitter) […]
In a new YouTube analysis released to his 502,000 followers, crypto strategist Miles Deutscher shared his insights on the evolving landscape of crypto investments. Deutscher’s discourse delved deep into the inefficacies of traditional venture capital (VC) investment models in the crypto space and proposed an alternative strategy focusing on certain altcoins which he believes are poised for significant growth. Deutscher criticized the conventional VC-backed token launches, stating, “VCs get in at super low valuations […] Then, when these tokens launch, they’re incentivized to launch them as high as possible in fully diluted valuation terms.” This practice, he argued, results in launch prices that are too steep, blocking effective price discovery mechanisms essential for healthy market participation by retail investors.The subsequent overvaluation typically leads to rapid price declines as initial investors quickly sell off their holdings to realize gains. Highlighting a shift in market dynamics, Deutscher pointed out that meme coins have gained popularity as a form of retaliation against the VC-dominated ecosystem. “People do feel like the game has been rigged and they want to gain an edge,” he explained. According to him, the success of meme coins can be attributed to their generally fairer launch processes compared to traditional VC-funded tokens. To 8 Altcoins To Buy Now Throughout his video, Deutscher listed eight altcoins that align with this new investment “meta,” emphasizing tokens that are “fully diluted and have equally good narratives.” Each coin is selected based on its tokenomics, Fully Diluted Valuation” (FDV), market position, and potential for growth without significant sell pressure from initial large holders: Related Reading: BitMEX Founder Predicts The Dawn Of ‘Crypto Valhalla’: When Will It Start? Solana (SOL): Deutscher views Solana as a leader due to its technological prowess and significant community backing. It has shown resilience and innovation, making it one of his largest holdings due to consistent outperformance. “Solana has climbed to be one of my biggest holdings due to its outperformance. It’s a leader in the market for a reason, and congrats to everyone that’s gotten on board the Solana train with me.” Ton (TON): TON’s attractive FDV ratio suggests a stable market entry with less speculative risk compared to other high-valuation launches. Deutscher highlights its potential for growth without overwhelming sell pressure. He stated: “TON, being another layer one, is not just another blockchain. Okay, it’s relatively highly valued, but it’s mostly diluted in the market, which is good. Its FDV ratio is actually 68, so it’s a stable investment.” NEAR Protocol (NEAR): NEAR is emphasized as a strong AI proxy due to its technological foundation and leadership. Its high level of dilution (91% FDV) means most tokens are in circulation, reducing sell pressure. “NEAR comes in at a whopping 91% fully diluted, which means there isn’t much sell pressure. I do think NEAR is one of the top L1s, especially acting as a very strong AI proxy because the founder has his roots in AI,” Deutscher remarked. Injective Protocol (INJ): With a 94% market cap to FDV ratio, INJ is seen as having robust market health and less price suppression from unlocks. Deutscher believes it is poised for resurgence based on its strong fundamentals and recent market behaviors. “Injective has a 94% market cap to FDV ratio, which is really impressive and is one that outperformed earlier in the year but has just started to stagnate a bit. I think at some point, this is definitely going to rear its head again as a narrative,” he stated. Related Reading: Cardano Founder Predicts Crypto As Election Game-Changer: Impact On Price Arweave (AR): Deutscher praises Arweave as one of the top infrastructure plays, not just for data storage but also for its potential integration with AI. The fact that it’s fully diluted means minimal sell pressure moving forward. “Arweave positions itself as one of the top infrastructure plays. It’s still not a crazy FDV at 3.1, considering it has a 100% circulating market cap, which means all of the unlocks have taken place.” AIOZ Network (AIOZ): AIOZ fits into the AI and decentralized content narrative with its unique offering in decentralized streaming and storage solutions. The fully diluted status of AIOZ tokens makes them particularly appealing.”AIOZ is another coin that is fully diluted in the market. It’s a coin in the deep tech/AI sector. I like what they’re building and it also includes decentralized storage, but also it’s decentralized AI compute network,” Deutscher explained. WIF: Dogwifhat’s fair launch process and full dilution are major pluses, helping it to achieve strong price performance without the usual VC-induced sell pressure, according to Deutscher. PEPE: Deutscher has personally seen substantial returns from Pepe, noting its recent “healthy cool off” as an opportune time for accumulation. The coin’s community-driven approach and meme status offer unique market resilience. “Pepe is another leading meme coin in my opinion. Very healthy cool off and one that I’m welcoming as someone that would like to get more exposure,” he revealed. High Potential Cryptos With Low Float, High FDV Deutscher also discussed the potential of investing in low float, high FDV tokens under specific conditions. Using Ondo Finance (ONDO) as a case study, he detailed how a deep understanding of tokenomics could reveal hidden opportunities. “ONDO’s vesting schedule is public, showing that most insiders are locked till 2025, minimizing sell pressure and allowing for price appreciation,” he noted. Concluding his analysis, Deutscher urged his viewers to adopt a nuanced investment strategy that leverages both market trends and in-depth token analysis. He emphasized the importance of buying during periods of “extreme fear” and selling during “extreme greed” to maximize returns. At press time, SOL traded at $183.33. Featured image created with DALL·E, chart from TradingView.com
The Biden administration may be preparing for a strategic pivot on crypto regulations, potentially aligning closer with the digital asset community ahead of the upcoming November election. This speculation follows recent developments indicating a possible approval of a spot Ether ETF, a significant change in stance by the Securities and Exchange Commission (SEC). On Thursday, […]
Dogecoin creator Billy Markus, the internet personality also known as “Shibetoshi Nakamoto,” fired a shot across the bow of social media advertising with a recent critique. Markus, a major figure in the cryptocurrency world, took to his favorite platform, X, to express his frustration with the prevalence of scam ads. This issue has long been […]
Lilian Nurieva, former Head of Networks at Russian crypto Investment fund Finiko, has been sentenced to three years for defrauding private investors and participating in an organized criminal group. The $55 million pyramidal scheme is considered the second-largest financial scam in Russia’s post-Soviet history by the Federal Foundation for the Protection of Investors and Shareholders […]
The post Crypto VC Funding Surges to $2.4B in Market Resurgence appeared first on Coinpedia Fintech News
The crypto industry has shown an exceptional resurgence, with VC funding rising to $2.4 billion, a 40.3% increase from the last quarter, exhibiting market resilience and potential for growth. It also displays a 44.7% rise in deal volume. The deals included $106 million raised by TogetherAI, $100 million secured by Eigenlayer, and $73 million garnered …
Venezuelans, once seeking solace in the digital gold rush, now face a harsh reality. The country, grappling with hyperinflation and economic instability, has banned all crypto mining farms connected to the national grid. This decision, announced by the Venezuelan National Power Ministry, prioritizes the crumbling power grid over the once-booming crypto industry. Related Reading: X […]
A crucial Bitcoin metric has just turned bullish, sparking optimism from a crypto analyst regarding an impending rally for Bitcoin. This unique technical pattern suggests that the world’s largest cryptocurrency could see its price ascending further, potentially kick-starting a highly welcomed bull run this cycle. Bitcoin Technical Pattern Flips Bullish Bitcoin’s price has often followed distinct historical patterns, with the majority of these indicators preceding significant rallies or bearish trends. One of the most compelling signs that Bitcoin may be turning bullish again is seen as the Stablecoin Supply Ratio (SSR) Oscillator breaks below the lower Bollinger Bands, a technical indicator used to measure a market’s volatility and momentum. Related Reading: Crypto Analysts Reveal Sub-$1 Altcoins Set To Outperform In The Bull Run According to a crypto analyst identified as ‘Dominando Cripto’ on X (formerly Twitter), the SSR is a unique technical tool designed to evaluate the market sentiment by comparing the supply of stablecoins to Bitcoin. This tool is used by analysts and traders to identify buying and selling opportunities for Bitcoin. Additionally, it quantifies how the 200-day Simple Moving Average (SMA) of the SSR moves within the Bollinger Bands. Dominando Cripto has provided an in-depth explanation of how the SSR oscillator is calculated and how to interpret its signals for identifying bullish trends. “The oscillator is calculated by taking the difference between the current Stablecoin Supply Ratio value and its 200-day Simple Moving Average (SMA), then dividing it by the standard deviation of the SSR over the same period,” the analyst stated. Sharing a price chart depicting movements of the SSR oscillator, the crypto analyst suggests that when the oscillator moves above the upper Bollinger Bands, it suggests that the SSR is significantly higher than normal levels. This indicates that stablecoins are dominating the market, signaling bearish sentiment and a potential downturn for Bitcoin. Conversely, when the oscillator falls below the lower Bollinger Band, it indicates that the SSR is low, highlighting the reduced dominance of stablecoins and signaling bullish sentiment that could potentially trigger an incoming rally in Bitcoin. In the above price chart, Dominando Crypto pinpointed several instances when the SSR oscillator displayed bearish and bullish sentiment, identifying these periods as heated zones and cold zones, respectively. Recent market movements indicate that the SSR oscillator is in the cold zone, indicating a potential bullish outlook for Bitcoin. More Bullish Signs For BTC On May 18, Blockchain analytics platform, Santiment, revealed a new market trend where small traders are consistently liquidating their BTC holdings, even as the cryptocurrency has shown positive performance lately. Related Reading: This Crypto Trader Just Sold All His Bitcoin For Altcoins Like Cardano And XRP, Here’s Why The analytics platform noted that historically, when small wallets dump coins into larger wallets, it is considered an encouraging sign for Bitcoin, indicating a potential bullish turnaround for the pioneer cryptocurrency. At the time of writing, Bitcoin’s price is trading at $66,955, according to CoinMarketCap. The cryptocurrency has been on a major bullish momentum recently, witnessing an 8.94% increase in the last seven days and a 4.25% surge over the past month. Featured image created using Dall.E, chart from Tradingview.com
This week in the crypto market is marked by critical events and strategic developments that promise to influence trends and investor sentiment significantly. Here is an in-depth analysis of the most anticipated cryptocurrencies and their upcoming milestones. #1 US Spot Ethereum ETF Deadline Looms The United States Securities and Exchange Commission (SEC) faces pivotal deadlines […]
The tides are turning in the cryptocurrency world, with institutional investors making a big splash in Bitcoin exchange-traded funds (ETFs) while retail investors seem content to bob on the sidelines. A recent report by IntotheBlock paints a picture of a two-tiered market, where hedge funds and even pensions are accumulating Bitcoin through ETFs, but the […]
The world of finance is no stranger to colorful characters, and this week, the gloves came off between two titans with opposing views on Bitcoin: Peter Brandt, a crypto bull, and Peter Schiff, a Bitcoin skeptic. Their battleground? Social media, of course. Related Reading: Phony Philanthropy? Notcoin’s $6.8 Million Gift To Telegram Founder Rings Alarm […]
The Dogecoin army is barking with excitement after an insider hinted at the long-awaited integration of Dogecoin (DOGE) into X Payments, Elon Musk’s social media platform. However, a closer look reveals a reality check is needed before Doge rockets to the moon. Related Reading: Trump Crypto Boom: Ex-President’s Portfolio Soars 4,000% Amid Re-Election Frenzy Dogecoin […]
Cryptocurrency payment company Ripple has released XRP’s market report for the first quarter of 2024. The report sheds light on XRP’s soaring trading volume. It also highlights updates on the on-chain performance and recent technical developments of the XRPL ecosystem. Related Reading: NFT Market Crashes: 95% Of Assets Become Worthless XRP Spot Volume Surges According […]
Cardano (ADA), the proof-of-stake blockchain network known for its smart contracts, has defied recent predictions of a fall from the top 10 cryptocurrency rankings by market cap. In a surprising move, ADA has instead become the top performer among major coins, experiencing a 7% surge in the last 24 hours. This price action has ignited discussions about ADA’s potential to revisit its 2021 glory days, when it reached a peak of $3.10. Related Reading: Whale Watch: Ethereum Fresh Buy Signal Sparks Speculation A Tale Of Two Whales: Retail Accumulation Vs. Profit Taking The recent price increase can be attributed to two key factors: a surge in buying pressure and a potential upcoming “battle of the whales.” On-chain data reveals that retail investors, the so-called “whaley” masses, have been accumulating ADA aggressively, particularly between $0.48 and $0.50. This large cluster of buyers could act as a support system if the price reaches that level. However, lurking beneath the bullish sentiment is a potential obstacle. Data shows that only 40% of current ADA holders are in profit. A price increase to $0.49 could be particularly significant, as it could push the ratio of holders in loss below 55%. This milestone could trigger further buying pressure as more investors see an opportunity to move into profit territory. Whales Return? On Volume And Market Cycle Cardano’s price rally is also being fueled by a significant rise in trading volume, reaching a weekly high of $461 million according to Santiment. This surge in activity indicates growing interest in ADA, which could propel the price further upwards. But can this momentum be sustained? The answer might lie with the “original whales,” the large investors who hold a significant portion of the cryptocurrency. Interestingly, the current distribution of ADA shares some similarities with the market conditions in 2021, when the price hit $3. Back then, whales held roughly 6% of the total supply. Today, that number sits at nearly 7%, suggesting a potential return of these big players. However, analysts caution that the success of this “whale comeback” narrative depends heavily on the broader market cycle. If the current bull market reaches its peak, ADA’s price growth could be restricted, hindering its ability to revisit its all-time high. Can ADA Defy The Odds? Cardano’s recent price surge has instilled a sense of cautious optimism in the cryptocurrency community. While the strong buying pressure from retail investors and the potential return of whales are positive signs, the profitability of current holders and the unpredictable nature of the market cycle pose challenges. Related Reading: Filecoin On Fire: Analyst Torches Doubters With $15 Target In the coming weeks, it will be crucial to observe whether ADA can overcome the selling pressure at $0.49 and sustain its upward trajectory. If trading volume continues to rise alongside the price, and if the current bull market holds, ADA might just surprise everyone and revisit its much-anticipated $3 mark. Featured image from Pexels, chart from TradingView
The burgeoning world of cryptocurrency continues to grapple with issues of transparency, with a recent donation raising eyebrows across the digital currency landscape. Notcoin, a brand new play-to-earn game built on the Telegram messaging platform, sent a hefty $6.8 million worth of its own tokens (NOT) to Telegram founder Pavel Durov. While framed as a […]
Layer 2 (L2) scaling solution Optimism reported a series of strong network metrics in the first quarter (Q1) 2024, with its native OP token surging 9% on the back of this bullish momentum. Optimism Sees Higher Activity And Rising Transaction Fees According to a recent Messari report, Optimism’s circulating market cap increased 11% quarter-over-quarter (QoQ) to $3.7 billion, while its fully diluted market cap rose 1% to $15.7 billion. Despite the broader crypto market rally, with Bitcoin (BTC) and Ethereum (ETH) gaining 69% and 53% QoQ, respectively, OP’s market cap ranking slipped from 26th to 39th among all blockchain networks. However, within the Ethereum ecosystem, OP remains one of the top four rollups by market capitalization. Driving this growth was a significant uptick in Optimism network activity. Daily active addresses reached 89,000 in Q1 2024, a 23% QoQ increase, while daily transactions surged 39% to 470,000 over the same period. These metrics approached, but did not quite reach, their all-time highs in Q3 2023. Related Reading: Expert Sets Timeline For When Ethereum Price Will Begin Rally To $10,000 The network’s revenue also saw a substantial 78% QoQ increase to $16 million, driven by higher activity and a 48% rise in the average transaction fee to $0.42. However, this average fee dropped significantly in the latter half of March due to the implementation of Ethereum Improvement Proposal (EIP) 4844, which reduced L1 submission costs by 99%. Total Value Locked Jumps 18% In Q1 Despite the fee reduction, Optimism’s on-chain profit for Q1 2024 increased 14% QoQ to $2 million. The network’s Total Value Locked (TVL) also grew by 18% to $1.2 billion, though its TVL ranking among all networks fell to 11th place. Within Optimism’s TVL, the DeFi sector dominated, accounting for 86% of active addresses. According to Messari, non-fungible token (NFT) applications and gaming followed with 6.9% and 6.7%, respectively. TVL’s leading protocols included Synthetix ($307 million, +4% QoQ), Aave ($270 million, +52% QoQ), and Velodrome ($171 million, +10% QoQ). Optimism’s stablecoin market capitalization also grew significantly, reaching $809 million (+32% QoQ) by the end of Q1 2024. Circle’s USDC stablecoin and Tether’s USDT made up most of this, with USDT seeing a 64% QoQ surge to $512 million, or 63% of the total stablecoin market cap on Optimism. OP Rebounds Alongside Crypto Market Resurgence Despite Optimism’s strong performance across key metrics in Q1 2024, the network’s native token, OP, did not see a corresponding price increase at the end of Q1. Instead, OP followed the broader market downtrend, hitting an annual low of $1.80 just one month after hitting an all-time high of $4.84 in March. However, OP has followed suit as the overall cryptocurrency market has seen a resurgence of bullish momentum in the past few days. In the past 24 hours, the token has recorded a 9% price increase and a 3% uptick in the past week, currently trading at $2.56. Furthermore, CoinGecko data shows a 19% increase in OP’s trading volume over the past 48 hours, reaching $290 million. Related Reading: Bitcoin To $100,000: Infamous Head And Shoulders Pattern Appears To Signal The Start Of Another Rally While this renewed bullish sentiment is encouraging, OP still trades 46% below its all-time high and faces significant resistance levels soon before a potential retest of this milestone. The first key resistance is at $2.65, followed by $2.90, which must be overcome before the token can push towards the $3.00 level. Conversely, the $2.34 support level has proven crucial and must be monitored closely in case of any bearish resurgence. Featured image from Shutterstock, chart from TradingView.com
Crypto analyst Crypto Kaleo has laid out a bullish narrative for Dogecoin (DOGE). Based on his analysis, the foremost meme coin may make a parabolic run to the upside soon enough. The analyst also alluded to history to reaffirm that this rally will definitely happen. “It’s Almost Time” For A Good Dogecoin Pump Crypto Kaleo […]
Polkadot (DOT) has come under the spotlight with crypto analysts laying out bullish narratives for the crypto asset. One of them is crypto expert Michaël van de Poppe, who believes Polkadot could rise to as high as $25 in this bull run. Polkadot Could Reach $25 On Next Leg Up Michaël van de Poppe mentioned in an X (formerly Twitter) post that Polkadot’s next rally will see it climb between $20 and $25. He explained that the crypto token has seen a substantial correction in the past months, but it showed enough strength by coming back to pre-rally levels. The analyst further claimed that Polkadot has bottomed, “especially since JAM Whitepaper came out.” Related Reading: PEPE Whales Go On Massive 720B Shopping Spree Amid Campaign For New ATHs, Is It Time To Get In? As such, he believes that Polkadot is more than primed for this rally, which could propel it to such heights. The crypto analyst has been a big believer in Polkadot’s potential. He previously included Polkadot in a list of crypto tokens that he believes are undervalued. He claimed that DOT’s valuation was still at a cycle low, which had opened up a “huge opportunity” to invest in it. Van de Poppe is very much invested in Polkadot because of its technology. In a previous X post, he highlighted how the JAM (Join-Accumualte Machine) Paper, which ushered in Polkadot 2.0, would revolutionize DOT’s ecosystem. He also claimed that Polkadot is the “second largest blockchain in terms of developers and growth.” Therefore, he expects DOT’s price to complement the team’s efforts soon enough. Meanwhile, Van de Poppe expects Polkadot to reach as high as $20 in the third quarter of this year. For now, he believes that the $8 and $17 range are crucial resistance levels that the crypto token must break out of to enjoy such a parabolic rally. A More Bullish Prediction For DOT Crypto analyst Crypto Thanos offered a more bullish prediction for Polkadot, stating that the crypto token climbing above $50 is “easily achievable” in this bull run. He believes this price is attainable because he expects institutions to get interested in large caps like Polkadot. He also noted Polkadot’s collaboration with Tie, which aims to increase institutional exposure and access. It is worth noting that Polkadot’s all-time high (ATH) is currently $55, which makes Thanos’ prediction for the crypto token feasible. Crypto tokens are known to usually surpass their ATH in every bull run. Related Reading: Why Is This Crypto Pundit Warning XRP Investors To Be At Alert For The Next 3-12 Months Crypto analyst Captain Faibik provided insights into what to expect from Polkadot in the short term. He predicts the crypto token will record a 35% “bullish rally” soon enough. He said a “major trendline breakout/retest has already been confirmed” for DOT on the four-hour timeframe chart. At the time of writing, Polkadot is trading at around $7.11, up over 2% in the last 24 hours, according to data from CoinMarketCap. Chart from Tradingview.com
Former US President Donald Trump has found himself at the epicenter of a cryptocurrency-fueled windfall. Data from market intelligence firm Arkham Intelligence reveals that Trump’s cryptocurrency portfolio has surged by a staggering 4,000% – a gain largely driven by the meteoric rise of the “Save America” meme coin, affectionately dubbed “TRUMP.” Related Reading: NFT Market […]
Coinbase Research has issued a detailed report, written by David Han, emphasizing that the likelihood and timing of a US spot Ethereum (ETH) exchange-traded fund (ETF) approval are significantly underestimated by the market. The potential approval of such an ETF is poised to bring profound changes to Ethereum’s market dynamics. The Case For A Spot […]
In a recent development, Sam Trabucco, a key figure in Sam Bankman-Fried’s inner circle, has resurfaced after his absence from the public eye following the collapse of crypto exchange FTX in late 2022. According to Bloomberg, Trabucco has come forward to support Ryan Salame, another former FTX executive who awaits sentencing for his involvement in […]
The DEFINITY Foundation, the company behind developing the Internet Computer protocol, has recently unveiled an updated roadmap to facilitate increased artificial intelligence (AI) blockchain adoption. As the native token of the network, ICP continues to lead among AI tokens and holds the 22nd position in the top 100 cryptocurrencies. However, recent price drops have prompted the Foundation to focus on key areas of development to revitalize the token’s price action and further advance the protocol’s capabilities. Internet Computer Roadmap The highlighted aspects of the roadmap outline two critical steps called “milestones” in the Internet Compute platform domain: Tokamak and Stellarator. Tokamak focuses on reducing latency by maximizing the block rate of each subnet and introducing a new synchronous ingress submission endpoint. Related Reading: Shiba Inu Price Makes Decisive Move: Is Now The Ideal Time To Buy? Stellarator, on the other hand, will reportedly increase the storage layer, enabling subnet blockchains to host over 1TB of canister smart contract storage while improving the efficiency of the consensus layer. The DEFINITY Foundation aims to integrate AI capabilities as smart contracts on the Internet Computer protocol to address the resource-intensive nature of AI training and inference. The Cyclotron milestone outlined in the roadmap will increase on-chain inference for larger AI models through performance improvements in the WebAssembly runtime and inference engine. The Gyrotron milestone, on the other hand, explores the integration of AI-specialized subnets with GPU support, enabling compute—and memory-intensive computations on-chain. ICP’s Interoperability With Bitcoin, Ethereum, And Solana ICP’s Chain Fusion technology will allow direct interoperability with major blockchains, including Bitcoin, Ethereum, and other Ethereum Virtual Machines (EVMs). Nonetheless, the roadmap introduces several milestones to expand interoperability. Tritium milestone enables ICP to interact with Ethereum and EVM smart contracts, facilitating cross-chain communication. Deuterium milestone extends Chain Fusion support to emerging Bitcoin protocols. Interestingly, the Helium milestone aims to increase Chain Fusion for the Solana network, enabling decentralized applications (dApps) leveraging the capabilities of both networks. Related Reading: Whale Watch: Ethereum Fresh Buy Signal Sparks Speculation Next, the Solenoid milestone decentralizes the operation of the ICP boundary nodes, “empowering” the network’s participants. The Levitron milestone provides visibility into the Internet Computer’s edge infrastructure, allowing developers to gain insights into dApp usage patterns and generate user statistics. Lastly, ICP will incorporate two governance systems: the NNS (Internet Computer’s DAO) and the SNS framework governing individual dApps. Tokenomics incentivizes voting participation and aligns DAO decisions with long-term interests. These governance mechanisms will allegedly ensure decentralized decision-making and community involvement. As of the current press time, the price of ICP has experienced a significant increase of 120% year-to-date. However, it is currently trading at $12.05, 98% lower than its previous all-time high (ATH) of $700 achieved in September 2023. Once implemented, the impact of the roadmap on the cryptocurrency’s price and its potential to regain bullish momentum and drive adoption for various use cases remain to be seen. Featured image from Shutterstock, chart from TradingView.com