The post Are Altcoins Prepping for 500% Gains? Here’s the Truth appeared first on Coinpedia Fintech News
Bitcoin’s recent downtrend and declining transaction volumes have sparked speculation among analysts about the impending altcoin season. Turning to the current state of the crypto market, analyst Altcoin Buzz noted Bitcoin’s struggle to hold support around $60,000. Santiment’s observation of heightened fear among traders despite Bitcoin’s recent price range between $65,000 and $66,000 was also …
The altcoin market is experiencing an early “crypto winter” as initial investors and founders of various projects sell off their tokens. According to a recent Bloomberg report, this decline can be attributed to a combination of factors, including the unlocking of tokens held by venture capitalists (VCs) and founders, as well as the selling pressure caused by the correlation between altcoins and major network tokens. Altcoin Market Hit By Token Unlock Wave As the crypto market recovered from the prolonged decline of two years ago, many projects’ tokens have reached their unlock dates this year. Per the report, venture capitalists and founders who received these tokens in exchange for investments or work contributions now have the opportunity to sell them. Out of the 138 tokens tracked by researcher TokenUnlocks, 120 have scheduled for this year, with a combined market value of approximately $58 billion. This anticipated selling from unlocking VCs has led to downside price reflexivity as non-VC holders attempt to front-run the selling pressure, often resulting in steep discounts to spot prices. Related Reading: Bitcoin Price Crashes Below $61,000: The Main Reasons The price performance of altcoins such as DYDX, Avalanche (AVAX), and Pyth (PYTH) has been significantly impacted by token unlocks. DYDX’s token price has more than cut in half since mid-March, while AVAX and PYTH have also seen significant declines. These three tokens had unlocks scheduled for May, adding to the selling pressure. Token unlocks, which had previously helped drive 2023 prices, are now receiving more attention from both VCs and public participants, prioritizing short-term profits over long-term holdings for altcoins with unlocks. Liquidity Crisis? Notably, since March 14, when Bitcoin (BTC) reached an all-time high of $73,700, only 12 out of the top 90 non-stablecoin assets tracked on centralized exchanges (CEXs) have posted positive returns, while 81 have recorded negative returns, according to the report. Bitcoin has dropped around 12% since its peak, and most of the top 100 tokens have declined by more than 25%. The smaller altcoins, including those correlated with major network tokens like Ethereum (ETH) and Solana (SOL), tend to be sold off first when there is a decline. The unlocking of tokens exacerbates this selling pressure, further impacting the altcoin market. Related Reading: Toncoin On Fire: Crypto Explodes To All-Time High – Can It Hit $10? According to Bloomberg, the current market presents challenges for infrastructure projects funded during the bear market phase. While these projects launch their tokens, there is limited demand from “regular buyers” at high prices. The altcoin market is currently characterized by a lack of liquidity and a surplus of tokens being unlocked, leading to downward pressure on prices. Featured image from DALL-E, chart from TradingView.com
The Bitcoin price has experienced a significant correction after failing to consolidate above the $70,000 level and retesting its all-time high of $73,700, which it reached in March. With a retracement of nearly 10% over the past week, BTC is now trading just above support at the $60,000 level. However, based on historical data, further price drops may be expected in the coming days, aligning with patterns observed before explosive bull runs. Bitcoin Price Analysis Crypto analyst Rekt Capital has compiled data showing the depth and length of retracements during previous market cycles. Historical patterns show retracements of approximately -23% (February 2023), -21% (April/May 2023), -22% (July/September 2023), -21% (January 2024), -23.6% (April/May 2024), and the current -16% retracement. Related Reading: Solana Developer Shares “Big News” That Could Send The SOL Price Flying Notably, the current retracement has not yet reached the average depth or length. Considering these statistics, Bitcoin could potentially retrace a further 6% to a trading price of $56,400. Additionally, the downtrend may continue for the next seven days until July 1st, possibly marking the final retrace below the sub $60,000 levels before a potential restart of the bull run and explosive price gains. However, the Bitcoin Crosby Ratio, a key indicator, is approaching the oversold territory. Throughout Bitcoin’s history, this has often signaled crucial reversal points for the cryptocurrency. Notably, the last time this occurred, Bitcoin rallied over 190% from approximately $25,000 to new all-time highs above $73,000. Furthermore, the Bitcoin daily Relative Strength Index (RSI) has entered the oversold zone for the fourth time since the $15,500 bottom reached in November 2022. In the past, such occurrences have frequently preceded rallies, resulting in gains of over 100%. Time To Buy The Dip? Renowned market expert Ali Martinez has identified a compelling correlation between Bitcoin’s market value to realized value (MVRV) Ratio and subsequent price jumps. The MVRV Ratio is a metric that compares the market capitalization of Bitcoin to the realized value of its coins. It provides insights into whether Bitcoin holders are at a profit or loss based on when they acquired their coins. Related Reading: Solana Slides 13% – Can It Recover Despite Analyst’s $1,000 Prediction? When the MVRV Ratio dips into negative territory, it suggests that many Bitcoin holders are in unrealized losses, potentially indicating an attractive buying opportunity. Analyzing the historical data, Martinez observed a consistent pattern where Bitcoin’s price experienced notable jumps following MVRV Ratio dips below -8.40%. On four occasions, these dips were followed by price surges of 63%, 100%, 92%, and 28%, respectively. These findings indicate that periods of negative MVRV Ratios can indicate strong market support and a subsequent bullish trend. Featured image from DALL-E, chart from TradingView.com
The post Ethereum Faces Over $80 Million in Liquidations as Whale Transactions Decline! What’s Next for ETH Prices? appeared first on Coinpedia Fintech News
Today, the cryptocurrency market faced a lot of selling, causing the price of Bitcoin to fall sharply below important support levels and head toward a low of $59,000. This drop was triggered by an announcement from Mt. Gox about starting repayments, which led to fears of more selling. At the same time, the price of …
The post Bitcoin Price Slips Below $61k: Another Drop And It’s Over For King Coin? appeared first on Coinpedia Fintech News
Bitcoin is experiencing a short-term downward trend, with new signals on larger time frames that merit attention. In a recent video, analyst Josh of Crypto World examined the 4-day Bitcoin chart and noted that despite the latest pullback, the Bollinger Bands are not expanding, indicating that a highly volatile move (20-30% change) hasn’t been confirmed …
The post Bitcoin Confirms ‘Summer Lull’: Price Nears $60K Amid Bearish Historic Trends appeared first on Coinpedia Fintech News
Why is Bitcoin dumping? Bitcoin recently fell below $62.5k, hitting a new monthly low. Analysts note that while this price action isn’t ideal, it’s not unusual for Bitcoin and altcoins. However, despite the sideways movement, this period is seen as a good time to position or reposition portfolios for future success. Major market dips should …
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The post Top Five Altcoin Gems Poised for 10x Gains by July appeared first on Coinpedia Fintech News
The crypto market is currently facing a challenging period and while Bitcoin struggles to remain above $65,000, several altcoins are experiencing a widespread decline in prices. Analyst Virtual Bacon took to his latest video and gave a list of altcoins to stack before July. He said that all the altcoins featured in the list have …
The post Identifying the Strongest Altcoins During the Crypto Market Crash appeared first on Coinpedia Fintech News
Analyst Miles Deutscher recently revealed that retail investors are losing faith in new token launches with high valuations and poor airdrop execution, leading to a preference for buying tokens with better public market liquidity. The analyst said that recent projects have had lower valuations in the public market compared to their private market valuations, suggesting …
The post Beercoin Down by 80%: Party Seems To Be Ending for Solana-Based Meme Coin appeared first on Coinpedia Fintech News
LookonChain’s analysis recently reported that another major wallet associated with the Beer Coin is on a selling spree, causing the price to plummet by over 80% in the last few days. Despite Beer Coin’s initial excitement and strong community, it now seems to be the end. Recently, the coin was listed on the Raydium decentralized exchange …
The post Everything Looks Well for Ethereum, Solana and Binance Coin; Altcoin Rally Soon? appeared first on Coinpedia Fintech News
Jason Pizzino recently explained in detail that the market is in a stealth zone, showing signs of a significant low. During these stealth periods, he said that fear increases, and market interest drops, leading to smaller range bars after initial scares. Despite possible future scares, key levels like the 50% mark are holding, with lows …
The crypto market has entered an undervalued region with market intelligence platform, Santiment, revealing three major altcoins to watch out for. Santiment’s analysis has indicated the potential for these three altcoins to outperform Bitcoin (BTC), Ethereum (ETH) and XRP in this market cycle. Cardano, Shiba Inu, and Dogecoin Are The Altcoins To Watch In an […]
Amid an overall market downtrend, crypto assets based on artificial intelligence (AI) have exhibited substantial gains, fueled by the AI frenzy permeating the traditional finance and crypto markets. This surge has been further augmented by the continuous rally of tech company Nvidia, which recently claimed the world’s most valuable company title, with its soaring share price reaching an all-time high. Fetch.ai Rides Nvidia’s Success Nvidia’s stock, now valued at $3.34 trillion, has nearly doubled in price since the beginning of the year, surpassing the likes of tech giants Microsoft and Apple. This rise has been attributed to Nvidia’s dominance in providing the essential chips required for artificial intelligence, often called the “new gold or oil in the tech sector” by analysts. Amidst these developments, AI-based crypto tokens have emerged as outperformers, overshadowing major cryptocurrencies that have experienced a sharp price correction led by Bitcoin (BTC). According to data from CoinGecko, notable gainers among AI tokens include Fetch.ai (FET), Singularity Net (AGIX), and Ocean Protocol (OCEAN), with gains of 24%, 23.5%, and 22%, respectively, within the past 24 hours alone. Related Reading: Ethereum Price To Hit $10,000, ‘Just The Way The Chips Have Fallen,’ Analyst Says On the one hand, FET experienced a significant recovery and broke its downtrend following a substantial price correction that brought it down to $1.10. Despite being down over 58% from its all-time high of $3.45 in March, blockchain research firm House of Chimera highlights potential real-world use cases for Fetch.ai. For instance, FET’s autonomous agents can optimize logistics by analyzing and predicting optimal routes, thereby reducing costs and improving delivery times. With the growing interest in AI applications in the industry and traditional finance, FET’s AI algorithms analyzing large datasets may lead to further price increases in the coming months. Currently, FET is trading at $1.44 with a market capitalization of $3.6 billion. Long-Term Potential For AI-Based Crypto Tokens Similarly, Singularity Net’s native token AGIX has followed a similar trajectory to FET, reaching a high of $1.46 in March but currently trading 58% lower at $0.6018. However, the underlying uses of the protocol, centered around the creation and monetization of AI services through its AI marketplace, suggest the potential for significant gains and investor interest in the long term. The native token of Ocean Protocol, OCEAN, also displays price actions comparable to those of AGIX and FET. Currently trading at $0.6094, OCEAN has witnessed a trading volume increase of over 20% in the last 24 hours. The protocol’s open-source model aims to facilitate the exchange and monetization of data and data-based services, with notable applications such as running AI-powered prediction bots or trading bots on crypto price feeds. Related Reading: Whales Dump Over $1 Billion In Bitcoin: Fire Sale Or Foreshadowing? Ultimately, Chris Penrose, the global head of business development for telco at Nvidia, firmly believes in future price gains for the entire AI sector, which will further adoption of crypto AI-based tokens. Penrose expressed utmost confidence in the transformative power of generative AI, emphasizing that investors have barely scratched the surface of its impact on businesses worldwide. Wedbush Securities, a renowned financial firm, echoed this sentiment by predicting an intense race in the tech sector. Nvidia, Apple, and Microsoft vied for a significant $4 trillion market cap in the upcoming year. Featured image from DALL-E, chart from TradingView.com
Cryptocurrency exchange Kraken recently revealed that it had fallen victim to a critical security flaw, resulting in the appropriation of $3 million worth of digital assets by a research team. The incident unfolded after the exchange received a bug report through its bug bounty program on June 9 from a self-described security researcher who claimed […]
Cryptocurrency exchange Kraken has announced that it has fallen victim to a major security flaw that has resulted in the theft of $3 million worth of digital assets. However, in a surprising turn of events, the party responsible has been identified as CertiK. This blockchain security firm claims to have initially reported the bug through Kraken’s bug bounty program. CertiK is now accused of exploiting additional vulnerabilities and extorting the exchange for more money, leading to calls for legal action and concerns among crypto investors. Kraken Security Flaws Exposed The incident unfolded when Kraken’s Chief Security Officer, Nick Percoco, revealed that the exchange had received a bug report on June 9 from a self-described security researcher. The researcher claimed to have discovered an “extremely critical” bug that allowed them to inflate their balance on the platform artificially. Upon further investigation, CertiK, which admitted its involvement in the incident in its social media post, uncovered several critical vulnerabilities in Kraken’s systems that could potentially result in losses of hundreds of millions of dollars. Related Reading: Whales Dump Over $1 Billion In Bitcoin: Fire Sale Or Foreshadowing? CertiK’s findings revealed shortcomings in Kraken’s deposit system, indicating a failure to differentiate between internal transfer statuses. Furthermore, CertiK’s testing revealed that Kraken failed all these tests, exposing the compromised state of Kraken’s defense-in-depth system. According to CertiK, “millions of dollars” could be deposited into any Kraken account, and a substantial amount of fabricated cryptocurrency (worth over $1 million) could be withdrawn and converted into valid digital assets. The security firm also claimed that no alerts were triggered during a “multi-day test period” and that Kraken only responded and blocked the test accounts days after the incident was officially reported. Following the identification of the vulnerability, CertiK alleges that Kraken’s security operations team “threatened” individual CertiK employees, demanding the repayment of a “mismatched” amount of cryptocurrency within an “unreasonable time frame,” without providing repayment addresses. However, Kraken’s Percoco countered that they had requested a full accounting of the then-unknown company’s activities and the return of the withdrawn funds. Percoco argued that CertiK’s refusal to comply with these requests violated the rules of ethical hacking and bordered on extortion. Will CertiK Face Legal Repercussions? The revelation of this incident has raised surprise and concerns within the cryptocurrency community, leading to calls for legal action against CertiK. One user accused CertiK of stealing the $3 million funds from Kraken, holding it ransom for a bounty, refusing to return the funds, and now transferring the money to Tornado.cash to protect it from potential seizure by authorities. Coinbase’s Director, Conor Grogan, pointed out that Tornado.cash is subject to the Office of Foreign Assets Control (OFAC) sanctions and highlighted CertiK’s US domicile, hinting at potential legal repercussions by US agencies. Market expert Adam Cochran also weighed in, astonished at CertiK’s actions and highlighting the firm’s history of compromised audits. Cochran went further to describe the situation as “Down right criminal.” Related Reading: Bitcoin Takes Control In Market Meltdown, Dominance Climbs To 9-Week Peak The next steps taken by Kraken and potential consequences for CertiK are yet to be seen. However, the involvement of US agencies and potential legal actions loom over the security firm. The unfolding developments in this case will undoubtedly shape the future of bug bounty programs and impact the relationship between cryptocurrency exchanges and security firms. Featured image from Shutterstock, chart from TradingView.com
The post Ethereum Price Gains Momentum Above $3,500 Amid Surging Whale Interest: What’s Next for ETH? appeared first on Coinpedia Fintech News
Ethereum has successfully overcome its regulatory challenges as the SEC concluded its investigation into ETH. This news has boosted buying confidence in ETH, even with bearish pressure on the Bitcoin price chart. Additionally, there is a notable increase in on-chain metrics, indicating potential for further upward movement in the coming hours. SEC’s Closure of Investigation …
The post Binance CEO Sets Bitcoin Price Target Above $80,000 by Year’s End; Explains Why appeared first on Coinpedia Fintech News
The Federal Reserve’s hawkish stance last week during the FOMC lowered institutional investors’ confidence, leading to major market outflows across all crypto Exchange Traded Products (ETPs). Last week alone, these outflows amounted to about $600 million. Reflecting on these developments, it’s evident that we’re in a different phase now and this could be influencing Bitcoin’s …
The post Altcoins Are Preparing for a Major 30% Crash, Analyst Issues Grave Warning appeared first on Coinpedia Fintech News
Analyst Josh of Crypto World said that right now, a massive warning signal is still flashing on the Bitcoin chart, with the price continuing to decline from a critical area of resistance. Meanwhile, a new trading setup has been revealed on an altcoin chart. Considering these developments, and as long as we see net outflows, …
Data shows the cryptocurrency derivatives market has suffered a high amount of liquidations in the past day after the crash the altcoins have seen. Altcoin Longs Witness Squeeze, Ethereum Leads In Liquidations The past day has been a volatile time for the cryptocurrency market, with the majority of the altcoins suffering from drops of more […]
Renowned crypto analyst Doctor Profit recently released “The big altcoin report” for the third quarter of the year, suggesting further downward movement for the market. Based on historical performance and the current state of the market, Doctor Profit warns of an impending altcoin market crash triggered by an episode of uncertainty and a recent price correction in the top 100 cryptocurrencies, led by Bitcoin (BTC). However, the analyst remains optimistic, highlighting potential buying opportunities and optimal entry points for several top altcoins. Altcoin Market Correction Doctor Profit draws attention to the altcoin market’s recent exponential growth, with market capitalization surging from $300 billion to nearly $800 billion between October 2023 and March 2024, representing a 150% increase in just five months. Related Reading: From Cheers To Tears: Beercoin (BEER) Dries Up, Loses 70% Of Its Value Corrections following such significant growth are deemed normal but can prove challenging for retail investors. The recent correction of 25%, bringing the market cap to around $550 billion, is regarded as a healthy adjustment by the analyst. Doctor Profit believes that altcoins have nearly reached their bottom and are poised for another substantial rise, potentially reaching a market cap of $1 trillion and setting new all-time highs. The analyst parallels the current market situation and previous cycles, emphasizing the repetitive pattern of sideways movement and dumps followed by explosive growth. Doctor Profit identifies several altcoins with optimal buying levels based on their current prices and expected retracements. For instance, the native cryptocurrency of the 3D metaverse game, The Sandbox (SAND), is currently trading at $0.31. Doctor Profit suggests a potential retracement of $0.22 would present an optimal buy zone. Another altcoin, Stacks (STX), a Bitcoin Layer 2 token, currently trades at $1.61. Doctor Profit recommends a downside target and buy zone of $1.48. Similarly, Arbitrum (ARB), a Layer 2 token, is currently trading at $0.78, with losses of over 10%. Doctor Profit identifies $0.61 as the best-buy zone for this token, suggesting further losses in the coming days. Mid-July Rally Forecasted Moving on to larger altcoins, Doctor Profit analyzes Ethereum (ETH), the second-largest cryptocurrency. Despite being the largest altcoin, Ethereum has witnessed a 3% drop, with the current trading price at $3,430. Doctor Profit’s analysis suggests a potential decline towards $2,890, indicating an entry point for a long position. Binance Coin (BNB), which recently reached a new all-time high of $725, is expected to retrace almost 50% to $396, presenting the best entry point according to the expert. Currently, BNB has retraced to $585. Doctor Profit further notes that other altcoins expected to retrace substantially include Optimism (OP), the Sei (SEI) token, Toncoin (TON), Notcoin (NOT), and Omni (OMNI). These altcoins have recorded price drops ranging from 8% to 17%, reflecting investor sentiment. Doctor Profit provides specific price targets and optimal buying levels for these altcoins. Doctor Profit advises caution due to potential “market maker manipulation” and order placements at the same levels. The analyst sets orders 3-5% higher or lower than the identified optimal buying levels to avoid missing out. Related Reading: Bitcoin, Solana Suffer As Institutional Investors Pull $600 Million Out Of Crypto Funds Lastly, Doctor Profit highlights the upcoming Ethereum ETF launch on July 2nd. While not expecting a significant pump on that day, similar to the Bitcoin ETF launch, the analyst predicts a sideways or bearish trend for altcoins in the next 3-4 weeks. However, a significant reversal and the start of a new altcoin rally are anticipated by mid-July. The analyst emphasizes that altcoins are currently low, and only a few will succeed. Based on the provided analysis, Doctor Profit believes that the altcoin market cap is 10-15% away from its bottom, making it an opportune time to invest for long-term gains. Featured image from DALL-E, chart from TradingView.com
Bitcoin has been on a bumpy ride in recent days. The world’s most popular cryptocurrency has seen its price steadily decline, raising concerns about a prolonged bear market. However, beneath the surface, some analysts are detecting faint bullish whispers that could signal a potential reversal. Related Reading: XRP Whale Goes On Shopping Spree: 27 Million Coins Snapped Up As Price Dips Buying Pressure Emerges, But Can It Overcome The Downtrend? One glimmer of hope comes from the Bitcoin Taker Buy Sell Ratio, a metric that tracks the balance between buy and sell orders on exchanges. According to NewBTC’s analysis, this ratio has recently dipped below one, indicating a bearish sentiment. On several exchanges, the ratio is rising back above one, suggesting that the trend is recovering. This indicates a change in the psychology of the market, as more buyers than sellers are making orders. This is a positive development, the data shows. It indicates that some investors are seeing the recent price drop as an opportunity to accumulate Bitcoin at a discount. However, it’s crucial to remember that this is just one metric, and the overall trend remains bearish. Exchange Inflows: The Other Narrative Another interesting wrinkle in the story comes from Bitcoin’s exchange netflow. This metric measures the difference between Bitcoins entering and leaving exchanges. A positive netflow indicates more Bitcoins flowing into exchanges, which is typically seen as a bearish signal because it could signify investors preparing to sell. However, the current inflow seems relatively low compared to past outflows, suggesting that the overall trend of accumulation might still be intact. This is the other part of the narrative, analysts said. On the one hand, increased exchange inflows could lead to selling pressure. On the other hand, the relatively low volume compared to past outflows suggests that some investors might be transferring their holdings to private wallets for safekeeping, which could be a bullish indicator in the long run. A Cautious Outlook Despite the emergence of these bullish whispers, the overall sentiment surrounding Bitcoin remains cautious. The price continues its downward trajectory, with the current support level of $65,000 under immense pressure. If this level breaks, it could trigger a further sell-off and exacerbate the bearish trend. Related Reading: Polkadot (DOT) Struggles Near $6.30 – Is Now The Time To Accumulate? Bitcoin is at a critical juncture, and the recent signs of buying pressure and exchange inflows are encouraging, but they need to be backed by a sustained price recovery. Until then, investors should adopt a cautious approach and be prepared for continued volatility. The coming days will be crucial in determining the fate of Bitcoin’s current price movement. Whether the bullish whispers can transform into a resounding roar or get drowned out by the bearish undercurrent remains to be seen. Featured image from Getty Images, chart from TradingView
The post Top analyst explains why most altcoins fail and lose 99 percent of their value appeared first on Coinpedia Fintech News
Analyst Lark Davis recently explained that assessing altcoins starts with understanding their simplicity. In a new analysis video, he said that while some altcoins have easy-to-digest summaries, most do not. The more novel a token, the harder it is to package and assess, leading to higher risks. These altcoins can surge in bull markets but …
Two prominent crypto market experts have shed light on the future of meme coins in this market cycle, predicting the potential launch of a Dogecoin Exchange-Traded Fund (ETF) soon. Crypto Heavyweights Affirm Dogecoin ETF Is Coming Co-founder of BitMEX, Arthur Hayes and Chief Executive Officer (CEO) and co-founder of Real Vision, Raoul Pal have appeared […]
The new NiceHash firmware will combine the advantages of two products.
In a noteworthy move for the cryptocurrency sector, crypto supporter and the Chief Executive Officer (CEO) of San Francisco-based exchange Coinbase Brian Armstrong, has met with United States Senators to advocate for a more consistent and more lucid regulation of digital assets. This engagement from Armstrong demonstrates that industry leaders are taking the initiative to […]
The post Analyst says Bitcoin’s struggle to break beyond $70k has proven advantageous for overall cycle appeared first on Coinpedia Fintech News
In the cryptocurrency market, the debate revolves around whether the recent Bitcoin movement marks a final push over the past week or two. On Crypto Banter’s The Sniper Trading Show, the analyst, reviewing the chart, said that it’s evident that there was a disappointing fake-out. Essentially, this means that yesterday, signs indicated that the market …
Venture capital firm Paradigm has reportedly raised $850 million for its third fund, supporting early-stage cryptocurrency initiatives led by Coinbase co-founder Fred Ehrsam and ex-Sequoia Capital partner Matt Huang. Increased Venture Capital Interest In The Industry Paradigm’s previous investments include prominent projects like decentralized exchange (DEX) Uniswap and Optimism, a scaling solution for the Ethereum blockchain. According to Bloomberg, with the capital raised in the latest funding round, Paradigm aims to contribute to early-stage crypto work and plans to prioritize such projects in the future. Related Reading: Solana On-Chain Indicators Suggests A Return Of Bullish Sentiment, Is It Time To Buy SOL? The latest fundraising comes after Paradigm’s notable achievement in 2021 when it secured a $2.5 billion fund, the largest-ever crypto investment vehicle at that time. The current surge in interest and confidence within the venture capital community towards the crypto industry has led to increased funds focused on cryptocurrency strategies. Paradigm’s fundraising success reflects the growing market appetite for crypto investments. Recent developments, such as the introduction of Bitcoin ETF and the impending approval of ETFs centered around Ethereum, have fueled the industry’s expansion. Hivemind Capital Joins Paradigm In Venture Funding Race Paradigm is not the only venture firm seeking to raise funds within the crypto space. Hivemind Capital, for instance, is actively raising a specialized $50 million non-fungible token (NFT) fund. Hack VC, which previously announced a $150 million fund, is also exploring opportunities to raise over $100 million for another investment vehicle. These initiatives highlight the increasing interest and confidence in the potential of the crypto industry from venture capitalists. While Paradigm faced criticism, including temporarily removing cryptocurrency references from its website, the firm rectified the situation and reaffirmed its commitment to the industry. Fred Ehrsam transitioned from managing partner to general partner at the firm in October, further solidifying Paradigm’s dedication to fostering crypto innovation. Despite setbacks, Paradigm continues to support crypto projects actively. Recently, the firm led an investment round in Merkle Manufactory, a company responsible for developing software infrastructure for the Farcaster social media network. The funding round valued Merkle Manufactory at approximately $1 billion, underscoring Paradigm’s ongoing belief in the potential and value of the crypto industry. Related Reading: Memecoin Fight: DADDY Surpasses MOTHER Despite Insider Trading Activity Allegations Overall, Paradigm’s successful fundraising efforts for its third fund demonstrate investors’ continued interest and confidence in supporting early-stage cryptocurrency projects. In recent months, the crypto industry has experienced a consistent outflow of funds, resulting in a decline in the total market capitalization from its yearly peak of $2.7 trillion to the current level of $2.3 trillion. The dominant cryptocurrency in the market has been the primary driver of the recent price drops. It is currently valued at $66,700 and has experienced a 3% decrease within the past 24 hours. Similarly, Ethereum has also declined, with its price dropping by 4% to approximately $3,475. Featured image from DALL-E, chart from TradingView.com
The post Solana Faces Bearish Pressure Despite Bullish On-Chain Metrics: What’s Next for SOL’s Price? appeared first on Coinpedia Fintech News
In recent weeks, Solana (SOL) has gained considerable attention as its price faces extreme volatility due to the recent CPI news. This follows Bitcoin’s recent challenge in maintaining a clear trend above the psychological threshold of $70K. Amid a bearish pressure, Solana has experienced shifts in key on-chain metrics, suggesting the potential for a significant …
The post List of strong altcoins to stack before the bull run appeared first on Coinpedia Fintech News
The crypto market is known for its volatility, but seasoned analysts know how to spot potential in the chaos. One such analyst of Selected Investments recently brought to attention a selection of altcoins that show resilience and potential for rapid growth once market sentiment shifts. Here’s a detailed analysis: Identifying Resilient Altcoins Livepeer: Livepeer is …
Meme coins have received a high-risk score from Coin Metrics reports, underscoring the increased volatility and market manipulation within this market. The analysis conducted by Coin Metrics aims to spread awareness of the speculative nature of these digital assets, urging caution for investors considering jumping on the meme coin bandwagon. Report Flags Meme Coins As […]