Solana (SOL) has seen a massive 35% weekly surge to a new year-high of $220, closing last week above levels not since in nearly three years. As the cryptocurrency soars and whales accumulate, some market watchers suggested SOL is poised to fly to new levels soon. Related Reading: Ethereum Weekly Volume Hits $60 Billion As ETH Aims For Yearly Highs Solana Hits Three-Year High Price Solana has been one of the best-performing altcoins this bull run, seeing a massive surge in the past year. The cryptocurrency recently flipped Binance Coin (BNB) as the fourth-largest crypto by market capitalization after nearing the $190 price range last Wednesday. Since then, Solana has broken past the long-awaited $200 barrier and reached a $100 billion market capitalization, cementing its title as one of the cycle’s leaders. Moreover, SOL’s surge above $200 represented a breakout from a 34-week accumulation zone, which saw the token’s price move between the $210 and $110 range. SOL closed its massive week with a 35.6% jump above $215, recording the fourth-largest weekly close in the token’s history. Additionally, Solana hit a three-year high price, challenging November 2021 levels. SolanaFloor noted that SOL has seen a 291% increase in the past year, as the cryptocurrency was trading at $56 on November 11, 2023. The token has also seen a massive 1350% surge from its price two years ago when it fell as low as $10 after FTX’s collapse. Solana’s recent performance has fueled investor and market watchers’ bullish sentiment, with large-scale investors seemingly preparing for SOL’s new highs. According to On-chain data firm Lookonchain, whales have been accumulating the cryptocurrency. The post highlights that an investor has bought millions of dollars in SOL tokens since October 22. On Sunday, the whale purchased another 7,500 SOL, around $1.57 million, raising its total holding to 257,599 SOL, worth around $56.6 million at the time of writing. SOL’s Pathway To $260 Following SOL’s breakout, some crypto analysts suggested that Solana is about to hit a new all-time high (ATH). Market watcher CryptoHornHair asserted that the token will soon enter price discovery mode like Bitcoin (BTC). BTC is leading the crypto market’s rally, registering a staggering 23% weekly surge and hitting a new ATH of $84,929 today. The analyst stated that Solana has “no resistance to be found on SOL above $216 until new ATHs.” Altcoin Sherpa also noted that Solana is near ATH territory, suggesting that the $260 target is around the corner. Similarly, Rekt Capital pointed out that the token is “technically well-positioned to repeat history with a move to $260 over time.” Related Reading: Bitcoin Price Blasts Through $82,000: These Are The Key Reasons The analyst considers SOL’s “momentous weekly close” and retests of the old $202 resistance as support has primed Solana for a surge to the ATH resistance levels. Per the post, the last time SOL performed a weekly close like this, it rallied to $260. At the time of writing, Solana is trading at $219.56, a 6% surge in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
As Bitcoin (BTC) continues its notable ascent, breaking through the $85,000 mark and setting new all-time highs, market experts predict a shift in capital towards several major crypto altcoins that have yet to retest their previous peaks. Price Appreciation For Leading Crypto Post-Election Market expert Jesse Olson recently shared his altcoin watchlist on social media platform X (formerly Twitter), highlighting four cryptocurrencies, including Solana (SOL), as key players for what could be massive gains ahead. Currently trading at around $218, SOL has experienced a significant 36% increase in price over the past week, outperforming many of the top ten cryptocurrencies. Remarkably, Solana is only 15% below its all-time high of $259, achieved in November 2021. Related Reading: Bitcoin Hits New All-Time High Of $84,000: What’s Next After A 23% Surge? The recent surge has resulted in a nearly 50% increase in trading volume over the weekend, allowing SOL to surpass Binance Coin (BNB) and secure the fourth position in terms of market capitalization among cryptocurrencies. Key resistance levels for Solana are set at $222 and $230, which could pose challenges for further upward movement. Another altcoin featured on Olson’s list is Ethereum (ETH). While it has underperformed compared to SOL and BTC in the weekly timeframe, ETH is approaching a critical breakout point. Currently trading at approximately $3,300, Ethereum is just 33% shy of its record high of $4,878, reached in November 2021. The recent surge of 1.7% in the last 24 hours suggests potential momentum as it seeks to break through four months of resistance at $3,320 Chainlink Struggles To Break Resistance As Cardano Shines Chainlink (LINK) has shown slightly different dynamics. Although it experienced a minor 1% decrease in the last 24 hours, LINK has posted a substantial 43% surge over the week, with a trading price of $14.70 as of Monday. Despite this positive weekly performance, LINK remains 72% below its all-time high of $52.70 recorded in May 2021. The token’s nearest resistance wall is at $14.80, a level it has not breached since July. Finally, Cardano (ADA) has emerged as a standout performer, boasting an impressive 84% surge in the weekly timeframe and an 80% increase over the past two weeks. Currently priced at $0.5959, ADA is still significantly below its all-time high of $3.09, reached in March 2020, and is down approximately 81%. The nearest resistance for ADA is positioned at $0.6115, and if it surpasses this level, it could pave the way for a return to its yearly high of $0.81. Related Reading: Can The Donald Trump Win Drive Bitcoin Price To $170,000 This Cycle? Despite the challenges these altcoins face in the near term, Olson and other analysts maintain a positive outlook for the remainder of the year. The recent victory of Donald Trump in the presidential election is anticipated to enhance institutional adoption of cryptocurrencies and increase capital inflows into the market. This political shift could create a favorable environment for continued price appreciation across leading crypto assets of the ecosystem, including Bitcoin and the altcoins highlighted in Olson’s watchlist. Featured image from DALL-E, chart from TradingView.com
The Dogecoin price could be gearing up to reach the coveted $1 All-Time High (ATH) as the meme coin has just displayed a rare technical indicator known as the Textbook Weekly Golden Cross. Kevin, the crypto analyst on X (formerly Twitter) who identified this Golden Cross on the Dogecoin chart, predicted that the pattern could set off a price rally toward the $1 mark. Golden Cross Sparks $1 Target For Dogecoin Price The world’s largest meme coin, Dogecoin, has just completed the “Textbook Weekly Golden Cross“ for the first time in four years, signaling that higher prices are likely ahead. The Dogecoin price has been on a major bullish momentum this month, and recent price movements suggest that the cryptocurrency is poised for an even greater price rally. According to Kevin, a Golden Cross typically occurs when the 50-day Simple Moving Average (SMA) crosses above the 200-day SMA on a chart. This 50 MA represents the average price of a cryptocurrency over a shorter term, while a 200 SMA indicates a price average over a longer term. More often than not, during a Golden Cross formation, the shorter-term average moves above the longer-term average, which is usually considered a bullish signal that indicates a possible price uptrend. For the Dogecoin Textbook Weekly Golden Cross, the analyst has suggested that the meme coin could see greater upward momentum to new highs around the $1 price target. Kevin shared a price chart Depicting Dogecoin’s steady rise to new ATHs. With the Dogecoin price currently trading around $0.28, the analyst has highlighted several bullish targets for the meme coin, with some even surpassing the $1 target. Currently, at the 0.618 Fibonacci level, the Dogecoin price is projected to surge to the 0.73838 Fibonacci level at $0.8. Additionally, the meme coin is expected to rise steadily towards the 1.0866 Fib between $0.95 and $1.1. Notably, the crypto analyst disclosed that the last time the Dogecoin price experienced a Textbook Weekly Golden Cross was in 2020, during the previous crypto bull run. Kevin revealed that Dogecoin experienced a dip for weeks during that time, followed by a substantial rally to new ATHs. As a result, the analyst has urged investors to stay cautious, especially in the short term, as Dogecoin could display some volatility or experience a dip before moving upwards. Analyst Says Golden Cross To Drive DOGE Even Higher In another X post, crypto analyst Milkybull Crypto also announced that a Golden Cross has occurred on the Dogecoin weekly chart. However, instead of a $1 price target, the analyst has set a bullish target between $2 and $4 for Dogecoin. The analyst is confident that this bullish price prediction is possible this cycle, as Dogecoin has historically undergone what he describes as ”life-changing rallies“ when this Golden Cross occurs. Currently, the price of Dogecoin is trading at $0.28, marking a 23.24% increase in just one day and an 84.66% surge over the past seven days, according to CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Renowned economist Henrik Zeberg has released a technical analysis of Dogwifhat (WIF) on X, forecasting a massive 2,500% price surge for the memecoin. According to Zeberg’s analysis, WIF is poised for a significant rally, potentially reaching $78, driven by a larger ABC pattern and a series of smaller subwaves. How Dogwifhat (WIF) Price Could Hit $78 Zeberg’s weekly WIF/USDT chart illustrates a large ABC corrective pattern, a fundamental structure in technical analysis that indicates a retracement phase within a broader bullish trend. This ABC pattern, according to Zeberg’s analysis, could eventually culminate at point C around $78. This target is based on the completion of the larger ABC structure, with the price reaching new highs once the correction phase concludes which he describes with the words “economy catches up with bull market.” Within this larger ABC structure, Zeberg also maps out a series of five smaller waves, which are part of the overall upward momentum in the market. These five waves align with the principles of Elliott Wave theory, a method used to predict price movements based on market psychology. In Zeberg’s chart, the five waves (labeled 1 through 5) represent the early stages of the price rally, with the first wave being the initial breakout, and the subsequent waves following through with increasingly higher price points. Related Reading: Dogwifhat (WIF) Shines With 15% Rally In The Past Week — Is $2.8 The Next Stop? The first wave drove the WIF price to a high of $3.04, followed by a correction in the second wave that brought it down to $2.00. With the correction now complete, Zeberg predicts that WIF could catapult to $6.59. For wave 4, Zeberg anticipates a dip to $4.59 before the memecoin takes off towards $15.24. The chart also highlights important Fibonacci retracement and extension levels, which Zeberg uses to project potential support and resistance zones as WIF progresses. The 2.618 Fibonacci extension level, positioned around $6.59, aligns with Zeberg’s immediate short-term target. Following this, higher extension levels at 3.618 and 4.618 ($11.96 and $21.69, respectively) suggest further upward momentum, which could take the price to the anticipated $78 target if the market continues to follow this trajectory. Related Reading: Dogwifhat (WIF) Prepares For A Bullish Breakout – Analyst Sets $3 Target Zeberg’s prediction for the near term includes a price movement towards $6.3 by the end of this week, followed by a brief pullback. From there, he expects WIF to climb towards $13-$15 by late November or early December. These intermediate price targets are key milestones in the larger cycle that will eventually lead to the projected price of $78, marked by the completion of the ABC pattern. Zeberg writes via X: “Could we see ~6.3 USD by end of week. Then pullback before move to ~13-15 USD by end of November – early December? If WIF manages these steps – well then ~78 USD is a probable target. I’m extremely BULLISH!!!!” At press time, dogwifhat traded at $3.079. Featured image from Shutterstock, chart from TradingView.com
The Bitcoin price trajectory has been nothing short of impressive since the beginning of November. Notably, Bitcoin has been up by about 20.8% from its November low of $67,690, which has allowed it to break into new all-time highs successively. Interestingly, technical analysis of the Bitcoin price suggests this uptrend isn’t stopping soon, and Bitcoin holders can continue to expect gains as the year draws to a close. According to crypto analyst Tony “The Bull” Severino, CMT, the SuperTrend indicator is now pointing to a bullish continuation for the Bitcoin price. What’s more intriguing is the fact that this marks the first time the indicator is rising after 34 weeks of sideways movement. SuperTrend Indicator Points To Bullish Continuation Crypto analyst Tony “The Bull” Severino has added further weight to this positive outlook surrounding the Bitcoin price. According to his analysis, the recent bullish price action has seen the SuperTrend indicator, an indicator often used to gauge market direction, trending upwards for Bitcoin on the weekly timeframe. Interestingly, technical analysis of the Bitcoin price chart on the weekly candlestick timeframe shows that the SuperTrend indicator had been moving horizontally since March 2024 up until recently. Throughout this period, the indicator held steady despite volatility, even during Bitcoin’s downward spike in August, when Bitcoin dipped to $49,600. Even then, Bitcoin managed to recover, finding support on the weekly SuperTrend line. Next Target For The Bitcoin Price Recent market dynamics have seen the Bitcoin price reeling in bullish sentiment. To put this in context, the Bitcoin price has been trading within a range of $78,649 to $81,800 in the past 24 hours, with a trading volume of $83.7 billion, according to CoinGecko. As such, Bitcoin now has an all-time high of $81,800 at the time of writing, although it has corrected a bit and is currently trading at $80,965. Now, with the SuperTrend indicator turning upward, there is a renewed sense of optimism for Bitcoin’s price trajectory. As noted by Tony Severino in another post on social media platform X, the recent uptrend has seen Bitcoin kicking off a new upside move within an uptrend channel that has been in formation since October 2023. Interestingly, the first guaranteed target in light of this upside move is in the middle of the uptrend channel, which Severino highlighted to be $100,000. With Bitcoin currently trading at around $81,000, this target represents a further increase of about 23.5%. However, if the Bitcoin were to reach the upper trendline of this uptrend channel, it would see it reaching the $170,000 price threshold, which would represent a 110% increase from the current price. Featured image created with Dall.E, chart from Tradingview.com
Crypto trader Melika correctly predicted that the Dogecoin price would rally to $0.3 back in October. Interestingly, this was only the trader’s first target, as they also provided higher targets that the foremost meme coin could reach in the short and long term. Dogecoin Price To Rise To $3.80 In The Long Term In the TradingView post, Melika predicted that the Dogecoin price could rise to $3.80 in the long term. The crypto trader gave these price targets back in October based on a cup-and-handle pattern forming on Dogecoin’s chart. This is a bullish continuation pattern in which the price rallies after a consolidation phase. Related Reading: Bitcoin Price Enters ‘Second Breakout Of The Cycle,’ Analyst Puts Peak Above $150,000 Back in October, Melika stated that if the handle pattern completes and breaks upward, the Dogecoin price could reach $0.38 and $0.52 as immediate targets. He added that a breakout above the pattern’s neckline could lead to a long-term price target in the $3.80 area, which aligns with higher resistance levels, which he highlighted on the chart. In a recent update on the October post, Melika confirmed that the trade is still active and that the Dogecoin price is heading toward the target. As such, Dogecoin will likely rally to $0.52 soon enough and then $3.80 in the long term. Crypto analyst Dima James also recently highlighted a cup-and-handle pattern that was forming for DOGE, as he predicted that the Dogecoin price could reach $10. The analyst noted that the meme coin has formed this bullish pattern in every market cycle. Dogecoin rallied over 3,300% in 2016 and 12,000% in 2021 after this cup-and-handle pattern formed. DOGE Completes First Weekly Golden Cross In Four Years Self-acclaimed DOGE lead analyst on X Kevin Capital revealed that Dogecoin has completed the textbook weekly Golden Cross for the first time in four years, with the 50 SMA crossing the 200. The analyst noted that this signals that the Dogecoin price will likely rise soon enough. Related Reading: Can The Donald Trump Win Drive Bitcoin Price To $170,000 This Cycle? He further revealed that in 2020, when the Golden Cross happened, the Dogecoin price dipped for a couple of weeks before surging to new all-time highs. As such, he warned market participants to be slightly cautious in the short term since Dogecoin could again experience a correction, just like in 2020. However, he added that if the Bitcoin price decides to maintain its upward trend, then DOGE will also do so. Meanwhile, in another X post, Kevin Capital opined that a Dogecoin price rally to $3.90 in this market cycle looks unlikely. He added that a rise to $1.80 is also a stretch but can definitely happen depending on Bitcoin’s performance in this bull run. At the time of writing, the Dogecoin price is trading at around $0.28, up over 25% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
Analysts see that Ethereum has the potential to reach a new all-time high by December after it achieved its first breakout in three months. Its growth can be attributed to the growing optimistic sentiment on cryptocurrencies fueled by the results of the recently concluded national elections. Related Reading: Chainlink 125% Target In Sight As Whale, On-Chain Activity Soar—Analyst Ether Breaks The $3,000 Barrier Data has shown that Ethereum experienced a big price hike–a growth that analysts said could be the result of the triumphant victory of Donald Trump in the US elections. Analysts said that the second largest crypto in terms of market capitalization was able to move past the “critical” $2,000 level, peaking at $3,179 on Sunday noon. Ethereum’s price rally is being viewed as an indicator that after a period of stagnation, the digital currency will gain momentum and will be on the road to recovery, which is good news for ETH investors. Many analysts suggested that the growth has something to do with the incoming Trump administration. During the campaign, Trump has already hinted that he is more inclined to have more favorable regulations on cryptocurrencies. Hence, his victory signaled great optimism about the future of crypto under his leadership. Ethereum is among the digital currencies riding on this optimism, resulting in a 20% price hike in the past week. Analysts also note that another major contributor to the bullish momentum is the significant increase in spot Ether ETF inflows. On November 8, data showed that inflows recorded a weekly high of $85.9 million, an indicator that investors are getting more confident about the long-term potential of Ether. Ether market cap currently at $385 billion. Chart: TradingView.com An All-Time High Is Possible Market commentators said that many indicators showed that a new all-time high for Ethereum could be just around the corner, saying that it could reach $3,366 any time soon. They added that ETH increased by 8% last Thursday. Analysts predicted that the crypto could hit a new all-time high by December, fueled by a growing demand for the top altcoin. One of these growth indicators is the coin’s open interest which is also on the rise. #Ethereum $ETH at $3,000 today is just the beginning! https://t.co/gpAfqbe2v5 — Ali (@ali_charts) November 9, 2024 Reports illustrated that ETH’s futures open interest (OI) experienced a massive uptick. It increased by about 20% to $16.18 billion from $13.05 billion in the last two days. Analysts explained that OI refers to the total number of outstanding contracts in a derivatives market. They added that if OI went up together with prices, it meant new funds were entering the market to fuel an upward trend. If Ethereum’s OI keeps on growing, it might result in a massive price surge, propelling the digital coin to reach a new record high before the year ends. Related Reading: XRP On Fire: Analyst Predicts $4 Milestone As Token Rallies 11% The $10,000 Projection Analyst Ali Martinez forecasted that there is a possibility that Ethereum could reach the $10,000 mark, saying that breaching the $3,000 level is only the start of the upward price movement. Martinez claimed that ETH is on the right trajectory to attain the $10,000 level, comparing the crypto to the S&P 500. Geoffrey Kendrick of Standard Chartered agrees with the prediction, saying that ETH could hit that level soon. Kendrick explained that the anticipation of clearer crypto regulations by the new administration and what is being perceived as a crypto-friendly government could fuel this massive growth. Featured image from OneSafe, chart from TradingView
The Dogecoin price action since the beginning of the week has been nothing short of impressive. Notably, the price of Dogecoin has doubled in the past 30 days, with price data highlighting a 115% increase within this time frame. This impressive Dogecoin price rally has seen the meme coin break above $0.22 for the first time since April 1, which is more than seven months ago. Interestingly, this break means the memecoin price is now trading at its highest point so far in 2024. Furthermore, the Dogecoin price rally has seen many more holders crossing into profitability. Related Reading: Will Shiba Inu Price Jump Over 300%? This Analyst Thinks So Dogecoin 7-Month High Pushes Majority Into Profitability Data from IntoTheBlock indicates that the vast majority of DOGE holders are currently in profit thanks to the recent price rally. Particularly, IntoTheBlock’s profitability metric shows that 5.82 million addresses, representing 91.17% of the total addresses, are currently in profit. In terms of a specific buy zone close to the current price, the profitability metric from IntoTheBlock also shows that a majority (62.35%) of addresses that bought between $0.178537 and $0.242947 are making money at the current price. As we enter a new week, the price of Dogecoin faces two paths based on current market dynamics and holder profitability. One scenario is a substantial cool-off in the Dogecoin price rally. Although the price is on a rally streak, the recent attainment of a new 2024 high could see it challenges in surpassing key resistance levels. With a large number of holders now in profit, some may be inclined to sell and lock in their gains, which could introduce downward pressure on the price. If this wave of profit-taking exceeds buying interest, DOGE could experience a significant price pullback. On the other hand, Dogecoin may continue its rally, which would set the stage for further gains in the coming week. If buying momentum continues at this pace, Dogecoin could easily approach its all-time high of $0.7316 before the end of the year. At the time of writing, DOGE is trading at $0.2352 and is up by 11.5% in the past 24 hours. Analyst Says Dogecoin Will Reach $1.17 Soon Only time will tell whether Dogecoin’s price will sustain its upward momentum or enter a consolidation phase. Still in the interest of bullish momentum, a crypto analyst known pseudonymously as Mags (@thescalpingpro) on social media platform X has predicted a continued rally for the coin’s price. Related Reading: XRP On Fire: Analyst Predicts $4 Milestone As Token Rallies 11% According to Mags, we are currently in a meme coin supercycle. Furthermore, the Dogecoin price chart shared by the analyst highlighted an upcoming parabolic rally for Dogecoin, as it looks to break out above a test pump earlier in the year. As such, Mags predicted a Dogecoin price rally with a target at $1.17, which would represent a 400% increase from the current price. Image from X: @thescalpingpro “$DOGE pump will melt faces,” the analyst said. Featured image from Marly & Dan, chart from TradingView
The Notcoin price has been in red-hot form in the past day, and a popular crypto analyst on the X platform has offered an exciting update on his bullish prognosis for the altcoin. Is The Price Of NOT Making A Comeback? In a November 5 post on X, prominent crypto pundit Ali Martinez put forward an interesting bullish prediction for the price of Notcoin over the coming weeks. According to the analyst, the Telegram-based altcoin is primed for a rally before the close of 2025. This bullish projection is based on the formation of a falling wedge pattern on the NOT daily price chart. The falling wedge pattern is a technical analysis pattern that often consists of two converging trend lines; one connecting the price highs and lows. Related Reading: Chainlink Hits $13.5 For The First Time Since July – Smart Money Accumulation? The wedge formation, which could be of the rising or falling modality, can signal the reversal or continuation of a price trend, respectively. However, the signal depends on the direction in which a break out of the wedge occurs. Specifically, the descending wedge pattern is formed by prices sliding in a downward trend, and a successful breach of the upper trend line would confirm a trend reversal. On the other hand, a continuation signal can be spotted if the price breaks beneath the falling wedge. As highlighted in the chart above, the Notcoin price has been in a falling wedge pattern over the past few months, suggesting that the downward trend is losing momentum. However, Martinez noted that the altcoin would need to breach a major resistance level at $0.007 to break out of the wedge. In a November 9 update, the price of NOT appears to not have only broken the $0.007 resistance but also out of the falling wedge pattern. While this bodes well for the altcoin’s price over the next couple of weeks, investors might want to watch the close of the weekly candle above $0.07. If the next few weeks do play out as Martinez has postulated, investors could see the Notcoin price to among its highs of July. Martinez pinpointed $0.012 as the target for the altcoin, which would represent a 78% rally from the current price point. Notcoin Price At A Glance As of this writing, the NOT token is valued at around $0.0076, reflecting an almost 25% increase in the past 24 hours. This sudden burst of bullish momentum places the Telegram-based token amongst the best performers in the past day. Related Reading: Bitcoin Realized Cap At All-Time High As Price Hits $77,000 For The First Time Featured image from Pexels, chart from TradingView
Experts are confident that Shiba Inu could potentially undergo a massive price surge on the back of a positive overall outlook on cryptocurrency. Donald Trump’s victory in the recently concluded US election brings waves of optimism in the cryptocurrency market which SHIB Inu can ride on to propel it to a 306% price hike. Related Reading: XRP On Fire: Analyst Predicts $4 Milestone As Token Rallies 11% Shiba Inu: Explosive Growth A market analyst predicted that the price of Shiba Inu could soar by at least 306%, as the entire cryptocurrency market is going on an overdrive excited by the results of the US elections. In a post, analyst Javon Marks said that it could potentially hit the $0.00081 mark, adding that this price surge is imminent for the meme coin and being forecasted to happen really soon. Still fairly fresh off of a confirmed Hidden Bull Divergence and holding broken out, $SHIB (Shiba Inu), in the midst of a roaring Bitcoin market, can be getting ready for its next level performance towards the $0.00081 target! This target’s currently over 306% away and a push to… https://t.co/0ySjEfPQgF pic.twitter.com/DwklAFs8zj — JAVON⚡️MARKS (@JavonTM1) November 8, 2024 “Still fairly fresh off of a confirmed Hidden Bull Divergence and holding broken out, $SHIB (Shiba Inu), in the midst of a roaring Bitcoin market, can be getting ready for its next level performance towards the $0.00081 target,” Marks said. Data showed that the meme coin has formed a Hidden Bull Divergence pattern. Reports explained that the Hidden Bull Divergence is a bullish indicator that usually occurs before a price rally happens. Moreover, analysts said that the cryptocurrency has already breached the consolidation phase which could beef up the bullish outlook for the meme coin. Shiba Inu-Bitcoin Relationship Analysts pointed out that there is a relationship between the price movement of Shiba Inu and Bitcoin, saying that any price movement with Bitcoin could also mean price movement for the meme coin. It is a correlation being monitored by many analysts as Bitcoin prices are soaring on the back of the newfound optimism on the overall crypto market. In previous reports, analysts discussed that Shiba Inu usually trails the price movement of Bitcoin, showing that there is a strong correlation between the two cryptocurrencies. They noted that whenever Bitcoin collapsed, the meme coin’s price also went down. Hence, any massive hike in Bitcoin could propel Shiba Inu into exponential growth. Many market observers are predicting that Bitcoin is on track for a massive price surge and in the last few days, the firstborn crypto has been hitting an all-time high price per coin. Therefore, BTC’s predicted price movement could also push Shiba Inu to its projected price. We aren’t even close to my crypto total MC prediction. Will it get there? Seems possible and likely imo. $10T+ $SHIB .0002 likely$BONE $50-$100$LEASH $15k-$20k $ETH $17k+$BTC $250k best case scenario$CRO $2.70$DOGE $2.70-$5 There may be a lot of “projects” out there… — HorBull™ (@HorBull) November 6, 2024 Related Reading: SEC Shake-Up: Robinhood Legal Boss On Shortlist For Top Spot—Report $118 Billion Market Cap Seen Meanwhile, analysts suggested that the market capitalization of Shiba Inu would soar and its price would increase by 950% once the market valuation of the global cryptocurrency reaches the $10 trillion mark. Market commentators said that if the $10 trillion market cap happens, the meme coin would be traded at $0.0002 and elevate its market capitalization to $118 billion. As of writing, the total global market capitalization of the crypto sector is pegged at $2.61 trillion while the current market cap of Shiba Inu is about $11.21 billion. Featured image from Chewy, chart from TradingView
The momentum is on Bitcoin and crypto’s side, and it wouldn’t be surprising if the price surge continues until the end of the year. One of the biggest drivers of the current performance of Bitcoin is the election of Republican Donald Trump. Related Reading: XRP On Fire: Analyst Predicts $4 Milestone As Token Rallies 11% Trump’s rhetoric and friendly pronouncement on crypto helped propel the asset’s price past $76k, beating this year’s March record. Now, many market analysts remain bullish days after the US elections. Thomas Lee, CNBC contributor and the CIO of Fundstrat Capital, even pushed a bolder claim, saying that Bitcoin could trade in six digits by year’s end. Lee states that the current market and political environment favor the top coin and expects more upside for digital assets. Trump’s Election Boosts Crypto Industry This Friday, the Fundstrat Capital CIO shared his thoughts on Trump’s elections and BTC’s future at CNBC’s Squawk Box. In the same discussion, Lee shared that Bitcoin and most altcoins will have a price rally in the short term. “It’s going to be very difficult to fix the deficit with just changes in taxes and spending,” says @fundstrat‘s Tom Lee. He says bitcoin is “potentially a Treasury reserve asset. If Bitcoin rises in price, it actually helps offset the liabilities, which is the deficit.” pic.twitter.com/tVrnE37dhS — Squawk Box (@SquawkCNBC) November 8, 2024 Lee shared that right before the elections, the global markets faced plenty of uncertainties. However, with Trump winning the US elections and his favorable proposed policies on Bitcoin, the crypto industry can expect better days. Lee added that changes in regulations and pro-crypto policies could power the digital asset’s short run. He also credits Trump for his experience as a former president, which can help him better navigate future challenges. With Trump’s support and a favorable market environment, Lee reflects on his initial target of $150k for BTC, saying this is possible. Bitcoin, Digital Assets Can Help Offset US Debt One of Trump’s campaign promises is to cut the country’s growing budget deficit, which now stands at more than $35 trillion. Lee explained that it’s difficult for Trump to cut taxes and spending to address the deficit. Instead, Lee sees Bitcoin as the key to solving the country’s growing budget deficit. He sees the potential in BTC as a future Treasury asset, noting its increasing market value over the years. Interestingly, Trump has also explored the idea, saying that as president, he can arrange the country’s budget woes by handing “a Bitcoin check.” Bitcoin Act Gaining Momentum After The US Elections Before Lee’s comments, there had been discussions on Bitcoin’s growing role in the country’s financial system. Senator Cynthia Lummis filed a bill, the Bitcoin Act, to legitimize the crypto asset as an economic asset. Related Reading: SEC Shake-Up: Robinhood Legal Boss On Shortlist For Top Spot—Report According to Senator Lummis, Trump’s win will favor the push to make Bitcoin an asset to help combat economic uncertainties. One of the bill’s recommendations was to hold up to 1 million BTC over five years as a hedge against inflation. Featured image from UpFlip, chart from TradingView
Ethereum (ETH) registered a remarkable performance following Donald Trump’s victory in the November 5 US elections. The second-largest cryptocurrency by market capitalization has jumped 21.9% in the past three days, reigniting investors’ bullish sentiment for the crypto and ETH-based investment products. Related Reading: Ethereum L2 Project Spark Launches On-Chain Order Book On Fuel Network To Enhance Trading Ethereum ETFs See Third Best-performing Day Amid ETH’s price rally, spot Ethereum exchange-traded funds (ETFs) have recorded their best-performing day in 13 weeks. Launched in late July, ETH ETFs have seen a shaky performance in the past few months. The crypto investment products surpassed experts’ expectations during its first two days. However, ETH ETFs recorded massive outflows amid Q3 market retraces. Ethereum-based products saw their second-largest single-day inflow since launch during the early August correction. As the market recovered from the crash, Ethereum ETFs registered $98.4 million in positive net flows, led by Blackrock’s ETHA. Since then, the crypto products have struggled to break past the $20 million mark, only registering inflows above that range five times in three months. ETH’s current rally has seemingly improved sentiment around the cryptocurrency and the investment products based on it, as it has recorded a notable performance during the last two days. Ethereum ETFs recorded their best-performing day in six weeks, seeing $52.3 million in inflows on Wednesday. Meanwhile, the investment products saw their third-largest single-day performance on Thursday and their best day since August 6, with $79.7 million in inflows. ETH Rallies 16%, Is $3,500 Next? Ethereum has seen a massive 16.6% surge in the last seven days, jumping from the $2,500 support zone to the $2,900 mark lost mid-Q3. The “King of Altcoins” lost the $3,000 support zone in early August, recording a 23% correction during the market retraces. The cryptocurrency struggled to break past the crucial $2,800 resistance level, being rejected from this level for the past three months. However, Republican candidate Donald Trump’s victory in the Thursday presidential elections has given the whole crypto market a renewed push toward the second leg of the bull run. In the last three days, the flagship cryptocurrency, Bitcoin (BTC), has entered price discovery mode, setting its latest all-time high (ATH) at $76,800 on Thursday. Meanwhile, Ethereum saw its price move from the $2,400 range to near the long-awaited $3,000 resistance. Crypto analyst Rekt Capital noted that ETH’s recent performance filled its GME gap, which formed in early August. The gap saw ETH’s price go from $3,000 to $2,700 before crashing on August 5. Related Reading: Solana (SOL) Looks ‘More Bullish Than Before’ After Flipping BNB As 4th Largest Crypto Per the analyst, a weekly close above the current levels, followed by a retest, would confirm ETH’s breakout from the 3-month range. Moreover, reclaiming the $2,900 resistance would “set ETH up for a move to $3,500 over time,” which could further propel Ethereum’s rally toward its yearly high above $4,000. As of this writing, Ethereum is trading at $2,925, a 4.2% increase in the last 24 hours. Featured Image from Unsplash.com, Chart from TradingView.com
A major revamp is coming to the SEC. For many reasons, this year’s US presidential elections have become the most consequential for cryptocurrency. Crypto and blockchain technology has become an election issue, with both the Republican and Democratic candidates teasing the electorate with their plans on how to handle crypto. Related Reading: Binance Coin Breaks $600! Is There More Upside Ahead For BNB? Between the two, incoming President Donald Trump offered a more friendly stance over crypto, promising to make the US a “crypto capital” and suggesting a change in leadership at the Securities and Exchange Commission (SEC). Now that Trump is the next president, all eyes are on the SEC and the expected reshuffle. And the latest political chatter suggests that the high-profile job will probably go to Dan Gallagher, Robinhood’s Chief Legal Officer. Many expect Trump to announce in January 2025 the next SEC chief, as the clamor for the agency’s Gary Gensler’s exit intensifies. Gensler In Hot Seat Before Elections Many expect Gensler to be one of the high-profile exits once Trump takes office. Gensler has waged legal fights against the crypto community for years, including Binance and Ripple’s XRP. His aggressive policies against crypto and its personalities have earned him plenty of detractors and enemies. With Gensler’s increasing unpopularity, many have demanded his resignation. Trump acknowledged the issue and promised a revamp of the SEC once he wins. Even Ripple’s Brad Garlinghouse has blamed Gensler for the Democrat’s loss this election. Now, Reuters reports that Robinhood’s Dan Gallagher is considered the top contender for Gensler’s post. Robinhood’s Dan Gallagher As Next SEC Chair? Dan Gallagher currently serves as Robinhood’s Chief Legal Officer. Gallagher was a SEC commissioner from 2011 to 2015 before joining the company. Also, Gallagher enjoys wide popularity among cryptocurrency bigwigs, especially among Trump donors. At least two sources have confirmed that the former SEC commissioner is in the running to become the next chair of the agency. Although the selection process is still open, Gallagher’s pro-innovation policies give him an advantage over other hopefuls. He advocates for tighter regulation of cryptocurrencies and supports market liberalization. Previously, Gallagher campaigned to treat digital assets like Bitcoin as a distinct asset class, not as securities. In short, the SEC can see a more crypto-friendly policy once Gallagher takes oath. Related Reading: Solana Rockets Past BNB To Claim Coveted 4th Spot In Crypto Ranks Other Candidates In Consideration Aside from Gallagher, a few other names are floated as Gensler’s replacement. For example, some in the crypto industry are looking at Hester Pierce, who is a SEC Commissioner, to become the next SEC chair. However, some insiders have shared that Pierce isn’t keen on taking the job. Another candidate in the running is Mark Uyeda, who was appointed as SEC commissioner on June 30, 2022. Multiple reports also mentioned Paul Atkins, former Republican SEC Commissioner, and Robert Stebbins – who was named SEC General Counsel in May 2017 — as possible Gensler replacement. Featured image from CNBC, chart from TradingView
Ethereum has had a rough year, but recent insights from industry insiders indicate a possible comeback. Matthew Sigel, VanEck’s Head of Digital Assets Research, recently indicated that Ethereum is oversold. He thinks that raising speculative interest in the altcoin will enable its comeback. This comes as Ether tries to catch up with rivals such as Bitcoin and Solana, which far exceeded it in 2024. Related Reading: Binance Coin Breaks $600! Is There More Upside Ahead For BNB? A Shift In Market Sentiment Sigel spoke on The Tie’s latest episode in which he hopes Ethereum will go in the right direction. He also noted that, although Ethereum faces problems, particularly regarding EIP-4844 in which it changes its economic model, opportunities can still emerge for a “bottom.” .@matthew_sigel “I think ETH is oversold…Speculation will come back to this market and I don’t think it’s going to ignore Ethereum.” https://t.co/5pMcZBLzfi — VanEck (@vaneck_us) November 7, 2024 The market is now a little conservative, but Sigel sees the commodity drifting back into speculation, bringing price back up and advocates to the trade again. That also places it in line with larger Ethereum expectations. Analysts are even expecting ETH to trade between $2,199 and $3,019 in 2024, with some expecting a spike to above $5,000 by 2025. Excitement generated earlier this year by acceptance of spot Ethereum ETFs has brought a regulated gateway to investors for entering the market, both retail and institutional investors. This development may cause massive inflows into Ethereum with enormous financial inflows, further buttressing its price. Technical Analysis And Price Predictions According to the latest technical analysis, Ethereum must break above $3,000 to sustain its bullish sentiment, and many analysts believe this may well open roads for a new record high. According to the Ethereum Rainbow Chart, we can see all sorts of possible prices for the following years, with estimates reaching as high as $12,000 by 2030. However, some are concerned about Ethereum’s long-term economic strategy. Sigel said that Layer-2 networks have started to claim more of Ethereum’s blockspace, resulting in lower transaction fees and income. This development has led some investors to lose faith in Ethereum as a deflationary asset. If this trend continues without changes to link Layer-2 networks more closely with Ethereum’s ecosystem, VanEck’s long-term price targets may be jeopardized. Related Reading: Solana Rockets Past BNB To Claim Coveted 4th Spot In Crypto Ranks The Road Ahead For Ethereum Despite these problems, commentators express a genuine feeling of optimism about Ethereum’s future. The prospect of fresh speculative activity, along with the regulatory certainty given by ETF approvals, could be exactly the spark for a significant comeback. As the market evolves and reacts to these developments, investors are looking for signals that a positive trend will return to Ethereum. While Ethereum confronts challenges, experts believe that a combination of increasing interest and good market conditions might pave the way for a resurgence in 2024 and beyond. Featured image from DALL-E, chart from TradingView
Bitcoin has achieved new highs, surpassing $76,000 for the first time in history. This spike follows Donald Trump’s victory in the US presidential election, which many investors believe will create a more favorable atmosphere for cryptocurrencies. Related Reading: Solana Rockets Past BNB To Claim Coveted 4th Spot In Crypto Ranks Bitcoin’s price reached $76,152 on TradingView, translating to a 2% increase in the last 24 hours, and a 10% increase in the weekly timeframe. Election Euphoria Fuels Bitcoin’s Surge The cryptocurrency market is brimming with hope. Investors have long predicted that a Trump presidency would be good for digital assets. Trump’s past pessimism toward cryptocurrencies has altered considerably, and he now sees himself as a pro-crypto candidate. His campaign has even accepted cryptocurrency payments and suggested establishing America as the “crypto capital of the world.” What was the result? A rise in Bitcoin’s value has boosted shares of associated companies such as Coinbase and MicroStrategy. This rally goes beyond speculation. Bitcoin has grown due to institutional investment. More than $50 billion has gone into Bitcoin ETFs, indicating that traditional financial institutions are accepting cryptocurrencies. Analysts expect Bitcoin to hit $150,000 by 2025 if present trends continue. Record Open Interest Signals Confidence The Open Interest (OI) of Bitcoin, which is the aggregate number of outstanding futures and options contracts, has increased in tandem with its price. In the span of two days, OI experienced a significant increase of 13.29%, resulting in a remarkable $45.41 billion. The current surge suggests that traders are not merely passive observers; rather, they are actively taking measures to prepare for potential price increases. Although there are always hazards, the increase in OI is generally considered a sign of confidence in the market’s upward trend. Due to this, it is imperative to evaluate the market’s dynamics by taking into account a variety of factors. Related Reading: Binance Coin Breaks $600! Is There More Upside Ahead For BNB? Market participants are increasingly optimistic about the future of Bitcoin, with many predicting that institutional interest will only rise as regulatory clarity improves under Trump’s administration. A potent combination of market forces and political circumstances has the potential to further elevate Bitcoin. What Are The Future Prospects For Bitcoin? Volatility in the crypto markets is expected to persist as the results of the US election unfold. Early signs show that Trump’s actions may result in increased acceptance and support for cryptocurrencies. As investors consider these developments, many are wondering how high Bitcoin may go. The present market attitude mirrors a bigger trend: Bitcoin has demonstrated resiliency in previous election cycles, frequently reaching new highs following the election. As institutional investors stay optimistic and retail interest soars, the question isn’t whether Bitcoin will rise—but how quickly it will grow in this new political scenario. Featured image from DALL-E, chart from TradingView
Crypto analysts said that Bitcoin remains on course for a massive price hike after Donald Trump reclaimed the US presidency through a historic win against US Vice President Kamala Harris. Related Reading: Binance Coin Breaks $600! Is There More Upside Ahead For BNB? Bitcoin’s price trajectory has been the subject of many speculations in the last few weeks but with the election of a known pro-crypto candidate, it seems BTC is moving in the upward direction. At the time of writing, BItcoin was trading at $76,033, up 1.7% and 9.5% in the daily and weekly timeframes, data from Coingecko shows. The figure marks bitcoin new all-time high. Bitcoin: $85,000 Feasible? A prominent crypto analyst suggested that Bitcoin will soon reach $85,000, claiming that the price surge will be fueled by Trump’s return to the White House. In a post, Ali Martinez said that the firstborn cryptocurrency is “playing as predicted.” Martinez predicted that Bitcoin would hit $78,000 but would fall to $71,500 before soaring to an all-time high of $85,000. This is playing as predicted. I think #Bitcoin hits $78,000, retraces to $71,500 and then rebounds to $85,000! https://t.co/8xKUNGZYI8 — Ali (@ali_charts) November 6, 2024 Martinez assured that despite the coin experiencing brief pullbacks, BTC’s price trajectory remains on track, noting the coin’s price stabilized at $74,812 after reaching an all-time record of $76,493. In an earlier post, Martinez has already stated that Bitcoin is “going according to plan.” He said that BTC will increase to $72,000, and then go down to $69,000 before skyrocketing to $78,000. BTC’s Uptrend Another market observer predicted that there is a high likelihood that Bitcoin will increase by 30% to 40% but he does not see that the crypto will repeat the 368% hike which occurred in previous cycles. BTCUSD trading at $75,885 on the daily chart: TradingView.com Ki Young Ju of CryptoQuant made the prediction after BTC hit $75,000 which he believed was influenced greatly by the results of the US election. Ju explained that it triggered the price rally to reach that level, further positioning Bitcoin as one of the largest financial assets in terms of market capitalization. Ju urged investors for subtle profit-taking during the “max pain” phases which are essential to understand the market dynamics of BTC. He said that Bitcoin follows a cyclical nature, explaining that new traders usually endure losses when the market is bearish. After two years, investors see their digital assets change hands when the “max pain” phase dies down. According to him, BTC’s current market environment matched well with an easing period. Related Reading: Fueled By Election Buzz, Memecoins Soar 22% On Pure Speculation—Report Potential Cooling Off However, some analysts projected a possible cooling off for BTC coming after the recent price hike, saying that it has breached the upper Bollinger Band serving as a cue for overbought conditions. They suggested that there could be increasing pressure to sell and profit-taking because of the emergence of red candlestick formations. BTC used to be in the overbought zone or a score above 70 in the Relative Strength Index (RSI) chart but now, it has retreated to 67.34, indicating “a loss of bullish momentum” and a potential price correction. Featured image from StormGain, chart from TradingView
Spark, a decentralized trading protocol, announced the first fully on-chain order book for the Ethereum ecosystem. Launching on Fuel Network, the project aims to provide solutions for some of the limitations in the Decentralized Finance (DeFi) landscape and offer traders fast, secure, and transparent trading with minimized state and reduced storage. Related Reading: Solana (SOL) Looks ‘More Bullish Than Before’ After Flipping BNB As 4th Largest Crypto Spark Brings First On-Chain Oder Books To The Ethereum Ecosystem Decentralized trading protocol Spark is launching the Ethereum ecosystem’s first fully on-chain order book, seeking to offer traders a “secure, efficient, and decentralized” experience. Per the announcement, the state-minimized order book will move execution fully on-chain to enhance transparency. Moreover, it’s set to reduce data storage and processing needs to ensure faster transactions without compromising security. The Ethereum L2 project aims to address the limitations of Automated Market Makers (AMMS) and Centralized Exchanges (CEXs). Despite being instrumental in DeFi’s growth, AMMs struggle to meet the “advanced demands of institutional traders in high-frequency and algorithmic trading.” Meanwhile, CEXs have been criticized for the lack of transparency and control expected in decentralized systems. The project argues that DeFi needs to use traditional trading mechanisms to attract institutional traders. As a result, Spark will introduce Central Limit Order Books (CLOBs) to tackle these limitations. CLOBs are trading mechanisms used in traditional stock markets to match all bids and offers according to time priority and price. With this implementation, Spark is set to provide better price discovery, faster execution, and deeper liquidity while maintaining security and transparency. Additionally, it seeks to offer “the precision and capabilities necessary for professional and institutional traders.” Vitali Dervoed, Spark’s CEO and co-founder, highlighted the importance of order books for institutional and retail traders who seek accuracy and transparency while controlling their assets: Order books are the backbone of professional, institutional, and advanced retail traders who rely on precise execution and transparency. Spark’s shift to on-chain trading represents a significant leap in eliminating the trade-offs associated with off-chain systems. With full visibility into order depth and liquidity, users are protected from risks like front-running and manipulation while enjoying the security of self-custody. Unlike centralized exchanges, Spark ensures users have complete control over their assets, making it an ideal platform for traders prioritizing security, transparency, and efficiency. A ‘New Era’ For Decentralized Trading? Launched in October, Fuel is a modular rollup operating system designed for Ethereum. After three weeks, it achieved a Total Value Locked (TVL) of $33.5 million. According to data from DeFiLlama, Fuel saw a 700% TVL increase in one day, followed by a 1200% weekly increase. Spark is one of the first dApps in the Fuel Network. The Ethereum Layer 2 project is powered by Fuel’s modular architecture, aiming to “push DeFi closer to mainstream adoption” with speed, scalability, and interoperability. Related Reading: Shiba Inu (SHIB) Gearing Up For Massive Bullish Wave Following 8% Daily Surge, 110% Rally Ahead? The projects look to build a “new era for decentralized trading” that unlocks “new possibilities for institutional-grade DeFi” and evolves the Ethereum landscape. Ultimately, Fuel Network’s CEO, Nick Sway, noted Spark’s launch as a vehicle to “push” DeFi boundaries: Fuel’s mission is to foster an environment where builders can push the boundaries of DeFi, and Spark is a testament to this vision. By leveraging Fuel’s powerful high-performance design, Spark introduces a new level of transparency and efficiency to decentralized finance through on-chain order book trading, setting a new benchmark for scalability and precision. Featured Image from pexels.com, Chart from TradingView.com
Recently, Shiba Inu (SHIB) has exhibited promising momentum, thereby attracting the attention of both investors and traders. After achieving a significant 30-day high, SHIB has embarked on an upward trajectory, leading many to speculate about its potential to attain new heights—perhaps even its all-time high (ATH). Related Reading: Solana Rockets Past BNB To Claim Coveted 4th Spot In Crypto Ranks With increasing buying volume, confidence in SHIB’s future is growing. Some individuals are beginning to believe that this could signal the onset of something more substantial; however, there remains a crucial obstacle: a resistance level at $0.00001900, which must be overcome. Shiba Inu: Breaking Through Resistance SHIB needs to break out above this zone of resistance, thus keeping the upward momentum intact. It has acted as a barrier in the past and hence inaccessible for SHIB to record more. If successful at breaking through, there is high hope for higher levels-and that may just kindle the hopes among investors that anticipate SHIB to test its all-time high again. A significant volume break at this level would, however, bolster the bullish sentiment. Conversely, if it fails to overcome this obstacle, SHIB might encounter a pullback toward its support levels, which are around the 50-day moving average, where it could consolidate and gather strength for another attempt. A More Favorable Market Environment? The timing of this likely breakout also looks pretty good in the context of a much larger, more favorable market environment. With the US elections out of the way, political uncertainty has diminished significantly, and investors appear to be willing to take on risk once again. This has caused a “de-risking” environment, and the asset here is a beneficiary. The overall crypto market is slowly showing a recovery trend, and it will bode well for SHIB in the long term. This would be especially true if short-term runs continue to favor SHIB. The next week to 10 days will be pivotal as to whether SHIB can sustain this trend or not. Related Reading: Binance Coin Breaks $600! Is There More Upside Ahead For BNB? Bold Vision Besides the technical details, there is a vision for the future of Shiba Inu. Recently, principal developer Kusama introduced an ambitious initiative designed to place the US as a global leader in blockchain technology through “Strategic Hub for Innovation in Blockchain” (S.H.I.B.). This project that has the potential to convert US into the “Silicon Valley of Crypto” will aim at attracting blockchain talent, stimulating innovation, and generating employment. However, despite these requiring hefty investments estimated between $1.3 billion and $2.35 billion for the next decade, it shows the growing ambition behind Shiba Inu and its much bigger role in the fast-changing blockchain landscape. At present, if it can break through the critical technical barriers and the market remains favorable, there is always the potential for significant growth down the line. Statistics from CoinCheckup indicate a six-month prediction increase of 107% for the meme coin, with a one year forecast of 77%. Featured image from blog.shib.io, chart from TradingView
Memecoins are crucial to the blockchain and the cryptocurrency community, and Binance Research highlights their unique value proposition. According to Binance rerport, the rise of memecoins coincides with the expansion of the world’s money supply. As money and capital become readily accessible, risk-on investments like Bitcoin, altcoins, and memecoins become attractive options. Related Reading: Solana Rockets Past BNB To Claim Coveted 4th Spot In Crypto Ranks Although memecoins promise a strong upside, they are also a high-risk investment since they’re highly speculative and have few use cases. However, their recent performance seems to defy the odds—their market cap was up by 22% immediately after the US election. Doge and PEPE coins are two of the top gainers among coins this Wednesday, adding 15% and 11% to their values, respectively. Binance Research: 75% Of All Memecoins Were Launched Last Year According to a November 2024 Binance research, meme currencies are growing in popularity because people are now looking at risk-on investments. The report adds that the global money supply is expanding, and many retail investors are looking at alternative ways to generate wealth. This niche’s market value has tripled since 2022, thanks to these coins’ popularity. Binance’s report also mentioned the regulator’s distrust of Initial Coin Offerings (ICOs). With this order, developers will now consider private venture capital funding (VCs) to promote their projects. Experts call this the “Low Float and High FDV” approach, meaning only a few tokens are available for trading but boast a higher valuation. Memecoins Remain An Accessible Investment Option While the approach benefits developers and early adopters, it may put regular investors at risk. As such, many retail investors look for memes as alternative investment options. These are the primary reasons why meme tokens are popular and highly accessible to all. Binance adds that roughly 75% of all meme currencies were launched last year. The Binance team acknowledged that many found launching these projects easy, but sustaining their operations is challenging. According to the same report, around 97% of all memecoins have died, and the rest struggle but managed to ride on the election hype this year. Related Reading: Why One Analyst Says Now’s The Time To Buy XRP—Before It Hits $14 Memecoins Jump by 22% In A Day, Thanks To Election Hype While these coins are considered community-driven and accessible investments, they’re also highly speculative. Many in the community have placed their bet on a “meme coin supercycle” to coincide with Bitcoin’s run. The bet paid off, and the memecoins’ market cap is now above $73 billion, reflecting a 22% increase. Featured image from xtsupport.zendesk.com, chart from TradingView
As the Federal Open Market Committee (FOMC) meets today, the crypto market’s focus is on the Federal Reserve’s forthcoming announcements. Scheduled for 2:00 PM ET are both the Fed Interest Rate Decision and the FOMC Statement, with Fed Chair Jerome Powell’s press conference following at 2:30 PM ET. These events are poised to have significant implications for cryptocurrencies and broader financial markets. What The Crypto Market Can Expect Market participants overwhelmingly anticipate a rate cut. According to the CME FedWatch Tool, 97.5% expect the Federal Reserve to implement a 25 basis points (bps) rate cut. This expectation aligns with recent economic indicators and reflects a consensus that the Fed will continue its cautious monetary easing. “The Federal Reserve is expected to cut the Fed funds rate by 25 basis points at the November 7 meeting. This aligns with market expectations and follows a weaker-than-expected nonfarm payroll report,” Althea Spinozzi, Head of Fixed Income Strategy at Saxo Bank, notes. Related Reading: ‘Crypto Has Already Won’, Regardless Of Trump Or Harris Win: Bitwise CIO The Fed is likely to maintain a measured approach, emphasizing gradual rate cuts over abrupt policy shifts. Chair Powell is expected to underscore a data-dependent and restrained policy stance, focusing on the nuanced dynamics of the current economic landscape. Spinozzi adds, “The Fed is likely to continue its measured approach, emphasizing gradual rate cuts rather than drastic policy shifts. Chair Jerome Powell is expected to highlight a data-dependent and restrained policy stance.” While headline inflation appears to be easing, core components suggest persistent pressures. The overall Consumer Price Index (CPI) increased by 2.4% year-over-year in September, the lowest since February 2021. However, critical sectors like shelter and services continue to see elevated prices. Shelter prices are up 4.9% year-over-year, and services excluding energy rose by 4.7%. “The core PCE inflation rate—a key Fed measure—has stabilized at an annualized 2.3% over both three- and six-month averages but continues to run above the Fed’s 2% target,” Spinozzi highlights. Persistent inflation in these sectors could exert upward pressure on overall inflation, complicating the Fed’s efforts to achieve its target. The labor market remains robust despite recent disruptions from hurricanes and strikes. The unemployment rate stands firm at 4.1%, and temporary layoffs have declined in October. Wage growth is showing signs of cooling; the Employment Cost Index (ECI) for Q3 surprised to the downside at 0.8% quarter-over-quarter, the softest since Q2 2021. Year-over-year, the ECI remains elevated at 3.9%, significantly above the Global Financial Crisis (GFC) average of 2.16%. Weekly jobless claims are also well below the post-GFC average, indicating sustained labor market strength. Related Reading: Top Crypto Analyst Unveils Best Altcoins For The 2025 Bull Run Overall, the US economy has exhibited unexpected robustness. Third-quarter GDP grew by 2.8% annualized, and personal consumption rose by 3.7%, the strongest quarter since early 2023. However, concerns about the sustainability of this growth persist. Real disposable income has softened, and household savings are declining, potentially limiting future consumer spending. Adding to the complexity is the US presidential election. The victory by Donald Trump could significantly influence fiscal policies, thereby impacting the Fed’s longer-term rate path. “The Federal Reserve will be mindful of how its actions and commentary could influence financial markets that may already be experiencing quite volatile conditions,” James Knightley, Chief International Economist at ING, remarks. For crypto traders, Jerome Powell’s commentary during the FOMC press conference on anticipated inflationary effects stemming from the Trump election is the key focus. Experts expect that the Trump presidency could lead to policies that underpin inflation, such as tax cuts and increased fiscal spending, potentially forcing the Fed to keep rates elevated. Despite the political backdrop, the Fed is expected to proceed with the rate cut. ING analysts suggest, “Even after September’s 50bp rate cut, monetary policy is in restrictive territory, and the Fed has scope to keep cutting rates back to a more neutral level to give the economy a little more breathing space to continue growing strongly.” The current target range for the Fed funds rate is 4.75% to 5%, well above the estimated “neutral” level of 3% to 3.5%. The consensus is that the Fed has room to normalize its policy, especially with the labor market cooling. The crypto market will be closely monitoring not just the rate decision—which appears largely priced in—but also the Fed’s commentary on inflation, economic growth, and the potential impacts of the presidential election. Any indications from Chair Powell regarding future policy shifts could have significant implications for the Bitcoin and crypto markets. At press time, Bitcoin traded at $75,080. Featured image from Shutterstock, chart from TradingView.com
In the past 24 hours, the price of Binance Coin (BNB) increased by 5%, which is indicative of a consistent upward motion. BNB, which just broke the vaunted $600 barrier, is attracting the market’s focus due to indications of bullish momentum. Related Reading: Solana Rockets Past BNB To Claim Coveted 4th Spot In Crypto Ranks However, the data at CoinCheckup suggests that BNB is trading about 20% below its expected price for the next month. This undervaluation might thus be a sign of potential for near-term profits if this trend does not change anytime soon. Binance Coin: Mixed Sentiment & Cautious Optimism BNB’s technical figures indicate a cautious optimism regarding market sentiment. The Relative Strength Index (RSI) is consistently around 50, indicating a balanced sentiment that is not subject to significant pressure from either purchasers or sellers. This neutrality in itself says that the market is not overheating and, by extension, BNB could surge either way without a clear, outstanding trend. Another very important indicator to monitor is the Chaikin Oscillator, and it’s currently at -35K. Thus, there’s virtually no buying accumulation. Meanwhile, in the absence of a change in market sentiment that may attract more buyers into the fray, the lack of capital inflow might be the thing that keeps BNB from further rallies. The trading volume of BNB rises by 31% within 24 hours, therefore the market activity and interest are rising. Investor interest is observable via the figure for volume-to-market capitalization ratio, which is at 2.46% currently, and based on this increase, but what is being tested is whether interest supports the upward move of prices. Short-Term Pressures And Trading Volatility The liquidation map of BNB demonstrates concentration zones that may jeopardize price stability in the immediate term. The potential for price volatility exists if BNB surpasses $590; short positions are highly concentrated at the $583 level. This can push these short positions, and subsequently, act like a domino effect that might push prices up higher. Long liquidations are triggered when the price falls below $570. This means if the BNB price drops, sells can be accelerated as the positions near their end. These levels are the critical points a short-term trader should be watching. Depending on the behavior of the market, the price fluctuations around these levels can either have risks or present opportunities. Related Reading: Grab Ethereum Now? Expert Says Next Stop Could Be $10,000 After ‘Final Drop’ Long-Term Forecast With projections indicating a potential rise of 60% over the next three months and a subsequent increase of 30% over six months, BNB’s outlook remains optimistic (although it is important to remain cautious). Furthermore, the anticipated growth rate of 53% suggests that the 12-month forecast is robust, which is promising for investors. The recent token burn activity of BNB—leading to the definite elimination of 1.77 million tokens (which are estimated to be worth about $1 billion)—has emerged as the main reason for this positive sentiment. This supply reduction is crucial for price stability and BNB growth for long-term investors. Each burn increases the value of the remaining tokens, but the volatile market makes it uncertain how these dynamics will play out. Featured image from DALL-E, chart from TradingView
The crypto market is rallying 6.8% following the US presidential elections, which made Bitcoin soar to a new all-time high (ATH). As a result, most of the market saw a green daily close, with Solana (SOL) recording a 15.8% surge in the last 24 hours and regaining a key support level. Related Reading: Shiba Inu (SHIB) Gearing Up For Massive Bullish Wave Following 8% Daily Surge, 110% Rally Ahead? Solana Dethrones BNB As 4th Largest Crypto The result of the US elections gave the crypto market the long-awaited boost many investors and market watchers expected. In the early hours of Wednesday, the largest cryptocurrency by market capitalization surged about 8.6% toward its new ATH of $75,358. This surge, fueled by the victory of pro-crypto Republican candidate Donald Trump and a mostly crypto-friendly Congress over US Vice President Kamala Harris, ignited a bullish rally across the market. Solana followed BTC’s lead and jumped over 15% to turn the $180 level into support. Moreover, the cryptocurrency reached its highest price since July, nearing the $190 resistance level. SOL’s daily activity skyrocketed in the last 24 hours, rising 210% to a $10.7 billion daily trading volume. Meanwhile, the cryptocurrency saw a 14.66% increase in market capitalization, surging to an $88.1 billion market cap. As a result, Solana flipped Binance Coin (BNB)’s $85 billion market cap, dethroning BNB as the fourth largest cryptocurrency by this metric. This performance fueled investors’ bullish sentiment on the cryptocurrency, with some market watchers predicting a bullish wave towards Q1’s highs. Is SOL Getting Ready For $400? Solana was deemed one of the strongest cryptocurrencies during Q3’s market retraces, holding above its breakout levels while most altcoins struggled. Following last night’s performance, crypto Trader Koz called SOL’s chart “one of the absolute best-looking charts out there.” The cryptocurrency’s surge above the $180 mark represents a breakout from an 8-month consolidation range that started after Solana hit its yearly high of $202. Similarly, World of Charts considers SOL as ‘looking more bullish than before.” The analyst noted that the cryptocurrency finally broke above the upper line of a bullish flag pattern after nearly breaking above it in late October. World of Charts suggested that after the successful breakout, a massive bullish wave is around the corner. To the analyst, this wave could ultimately send Solana’s price toward a new ATH of $400. Moreover, crypto analyst Jelle highlighted the breakout, stating that SOL is ready to retest the yearly highs. Related Reading: PolitiFi Memecoins Soar: Trump-Themed Tokens Rally 30% Ahead Of US Elections A reclaim of the $200 mark, not seen since March, could propel the cryptocurrency above its ATH of $260 in the coming weeks. However, it is key that Solana holds the $180 mark to continue its bullish ascend, as a rejection from this zone could see SOL’s price pullback to the $160 support. SOL trades at $186.9, a 4.12% and 27.56% increase in the weekly and monthly timeframes. Featured Image from Unsplash.com, Chart from TradingView.com
Andrew Kang, founder and CEO of Mechanism Capital, has shifted his bullish outlook from Dogecoin (DOGE) to First Neiro On Ethereum (NEIRO) following Donald Trump’s landslide victory in the US presidential election. In a series of posts on X on Wednesday, November 6, Kang asserted that NEIRO is poised for exponential growth in the coming months. Better Than Dogecoin? “With a Trump win, NEIRO as the natural successor to Doge is on a path to billions over the next few months,” Kang wrote. He further elaborated, “Hard to think of better coins to hold post a Trump/Elon win than NEIRO. As the natural successor to Doge, its path to a Doge/Shib like run and eventual flippening debates are pre-ordained. Doge is great, but new dogs are even better.” Related Reading: Dogecoin Whales Record Largest Accumulation Week Since January With 2.10 Billion Tokens Bought Kang was among the first industry experts to designate Dogecoin as the premier “Trump trade” in the crypto market—a strategy for investors betting on a Trump victory. On October 15, he noted: “One of the most interesting ways to express a ‘Trump Victory’ trade would probably be owning DOGE (and other memes). Not only do you have high odds of a Doge ETF but the Department of Government Efficiency (DOGE) would be making headlines every week and be pushed forward by Trump.” This perspective gained traction among several crypto analysts who identified Dogecoin as the leading proxy for anticipating a Trump win. The association stems from Elon Musk’s proposal to lead a “Department of Government Efficiency” (D.O.G.E.) under a Trump administration to reduce the bloated US government spending. Since Kang’s initial post on October 15, the Dogecoin price has surged by over 70%, climbing from $0.1158 to above $0.20 at press time. In contrast, NEIRO experienced a significant downturn of approximately 22% during the same period. After reaching its all-time high of $0.002333 on October 15, NEIRO dipped but has recently shown signs of recovery, rising 42% in the last 48 hours to trade at $0.001786. Related Reading: Why Is Dogecoin Going Up Today? Key Drivers Of DOGE’s 10% Surge Kang’s endorsement of NEIRO has sparked a debate within the crypto community. Crypto analyst Crypto Stream (@CryptoStreamHub) questioned the trend of industry leaders promoting meme coins, commenting under Kang’s post: “When did it become normalized for the industry leaders to shill Memecoins, honest question? Raoul Pal started, yesterday I heard Arthur Hayes shill GOAT and now Kang is shilling NEIRO. Not wanna criticize that, I genuinely wonder when we made the pivot.” Another analyst, CryptoGugu (@Silivabrota), expressed skepticism about NEIRO’s potential and warned of an underlying market manipulation: “Guys please stop comparing NEIRO with DOGE. DOGE is the real deal NEIRO looking more like a liquidity grab scheme right now. Since the mm has been replaced chart looking awful. Mm only going up and down chasing liquidity, whales only dumping. Something needs to change asap or NEIRO will continue bleeding.” At press time, NEIRO traded at $0.001786. Featured image created with DALL.E, chart from TradingView.com
Among the largest cryptocurrencies by market capitalization, Solana (SOL) has surpassed Binance Coin (BNB) to secure the fourth position. SOL has recently experienced a 14% increase, which has enabled it to surpass BNB. Related Reading: Why One Analyst Says Now’s The Time To Buy XRP—Before It Hits $14 This represents an emerging market momentum of Solana. According to Coingecko, the market capitalization of Solana has reached over $87 billion in comparison to that of Binance Coin at almost the $84 billion mark. Thus, this shows the emergence of Solana’s strong appeal to investors. Solana’s most recent ascent has brought it into the limelight, prompting crypto devotees and analysts to contemplate whether this represents a new era for the network. Despite a nearly 4% increase in BNB during the same period, Solana’s rapid recovery and robust community support have eclipsed its rival. Increasing User Engagement and Activity Apart from market size, active participation and complete information on-chain have raised Solana’s price. The network just noted a historic first: 123 million active monthly addresses in October, up 40% from September. According to the latest data, active addresses increased month by month displaying participation and confidence in the promise Solana presented. According to the real-time economic activity reports by Blockworks Research, transaction fees and MEV tips recently peaked at a new all-time-high figure of $11 million on October 24th. These values have remained much above past ones, even though they have fallen somewhat lately. Particularly from regular users and small-scale transactions, the higher use and engagement show the dynamic character of Solana’s ecosystem and its capacity to draw each daily players. Memecoins Add To The Frenzy The memecoin mania has taken off within its network, thereby amplifying trading volume and attracting more users, which has contributed to Solana’s rally. Pump.fun, a memecoin generator, and Raydium, a decentralized exchange, have received substantial attention. Pump.fun generated $30 million in revenue in October. On the other hand, Raydium’s trading volume exceeded $30 billion. Memecoins have been a significant factor in the recent growth of Solana, as a growing number of users are flocking to these platforms to trade or generate meme-based tokens. The emergence of these niche areas has heightened the enthusiasm surrounding Solana, illustrating its adaptability as a blockchain that accommodates both mainstream and unconventional projects. Related Reading: Shiba Inu Set For Takeoff? Analyst Predicts 10-Fold Surge To Yearly Peak DeFi Expansion Boosts Solana’s Ecosystem The price and volume of token transactions are not the only factors that contribute to Solana’s growth. According to a research by Messari, the Solana decentralized finance ecosystem is experiencing growth in terms of value locked (TVL), reaching $5.8 billion in Q3 2024. This is a 25% increase from the previous quarter, which propelled Solana to the position of third largest network by TVL. Featured image from Reddit, chart from TradingView
Ethereum analysts are keeping a close look at the altcoin, which is stuck in a long downtrend. Some call for major upward breakout and others keep a cautious stance, warning to expect this downtrend will continue. Ali Martinez, a crypto analyst, is optimistic about the coin’s price trajectory, stating Ether would hit $10,000 in the coming bull run. Related Reading: Six Months, $1 Billion: TON Network’s Explosive USDT Adoption Milestone Martinez, whose research often links ETH with more general market movements, has compared Ethereum’s rise with that of the S&P 500, suggesting that a similar breakout might be just ahead. Nevertheless, not all individuals are satisfied with this optimistic outlook. Peter Brandt, another crypto expert, maintains an alternative perspective. Brandt, who is renowned for his technical expertise and precise predictions, has issued a cautionary note regarding a robust bearish pattern on the daily chart of ETH. In his most recent analysis, he emphasizes a “bearish flag”—a descending channel—that he believes indicates potential additional downside risk. The Stock Market Connection Martinez has grounded his case on the historical relationship between Ethereum and the S&P 500 (SPX). Examining ETH in tandem with SPX Martinez noted that both assets had a bottom in late 2022 and kept an increasing trend until 2023. #Ethereum $ETH has been mimicking the S&P500, and this could be the last dip before it triples and hits $10,000! pic.twitter.com/BgpbZQXM6I — Ali (@ali_charts) November 4, 2024 Based on the S&P 500 performance recently, he believes this alignment indicates ETH is preparing for a similar breakout. Martinez believes ETH might follow a similar trajectory, perhaps reaching the elusive $10,000 mark as the S&P 500 somewhat sank after its breakthrough to roughly $5,900. If such a trend is to follow through, then Ethereum needs a push to around 310% higher than the market price today. At the time of writing, Ether was trading at $2,618, up 8% in the last 24 hours. Martinez is cheerful about it, especially taking into account the development coming into the broader market perspective, although the objective has a very steep curve; however, Brandt’s warning is that ETH journey might not be as facile as envisioned, especially at the emergence of bearish signals. A Blend Of Signals The on-chain data from IntoTheBlock indicates that Ethereum holders have a divided sentiment. At present, nearly 23% of active addresses that hold ETH are in advantageous positions, which indicates that these holders are “in the money.” Although this implies that there is support at a certain level, the break-even level of 60% of the portfolios implies that the market remains uncertain. The holding by these individuals will determine how to buy more units or sell them in case of either a rise or drop in the price of Ethereum during the next weeks. More Losses Ahead? Veteran trader Peter Brandt warns that ETH’s bearish trend is severe and improbable to turn around. Brandt lately saw ETH’s daily chart’s negative predominance and projected more losses. Interesting to note that there was not a buy signal in $ETH In fact, chart remains bearish with unmet target at 1551 pic.twitter.com/sjkXyTQXU2 — Peter Brandt (@PeterLBrandt) October 31, 2024 October 31 saw seasoned analyst Brandt, known for his accurate forecasts, draw attention to Ethereum’s bearish trend on X (formerly Twitter). ETH’s one-day chart starting in August has indicated a declining trend. This “bearish flag” indicates that the fall will keep on. Brandt saw no Ethereum purchase signals or momentum changes. His negative view contradicts with the rally forecasts of speculators. Since the chart shows no reversal, Brandt thinks ETH’s price may fall below current support levels. Related Reading: Bitcoin Mining Costs Spike To Nearly $50K As Miners Look To AI For Survival A Differing Perspective Although both are highly contradictory in terms of their opinions, the analysis by Martinez and Brandt of what is likely to happen in the subsequent phases of Ethereum has revealed such unpredictability. Ether is seen to continue its rise upward like that of S&P 500 toward $10,000. On the other hand, a similar cautionary tale given out by Brandt suggests that even in the future, difficulties may lie ahead due to the continuous presence of downward forces. Featured image from DALL-E, chart from TradingView
Shiba Inu (SHIB), the second-largest memecoin by market capitalization, has seen an 8% daily surge following Bitcoin’s surge to $70,000. Amid the market volatility, the token is trying to recover a key resistance level, which could propel the price to a 110% rally. Related Reading: Bitcoin Price Crash Below $70,000: What Does It Have To Do With Whales And The US Presidential Elections? Shiba Inu To See 110% Surge Soon Shiba Inu’s recent performance saw the cryptocurrency display red numbers in several timeframes. Following the market’s most recent pullback, SHIB retraced 13% to its lowest weekly mark of $0.00001632, registered on November 3. However, the token has bounced 12% from its lowest seven-day price, recovering the $0.000018 resistance level on Thursday. SHIB’s performance is seemingly fueled by BTC’s recent jump back to the $70,000 mark, which sent the memecoin above the $0.00001855 resistance before retracing. Moreover, the token’s daily activity increased 67% in the past 24 hours, seeing a daily trading volume of nearly $730 million. Some market watchers highlighted Shiba Inu’s recent performance, suggesting that the token is preparing for a massive rally in the coming days. Analyst Globe of Crypto stated that SHIB is looking positively to retest the resistance of the Descending Broadening Wedge pattern. Per the post, if the 1-day candle surpasses the $0.000019 resistance level, the memecoin could see a breakout from the formation. This zone was a crucial bounce level for Shiba Inu’s 136% rally in early March. As a result, the analyst considers that a successful breakout and reclaim of this level could start a “100-110% bullish wave,” which could propel the price toward the $0.000040 zone. Is $0.000081 The Next Big Target? Crypto analyst Javon Marks predicted a 351% surge toward SHIB’s all-time high (ATH) levels. The analyst noted that Shiba Inu broke out of a multi-month falling wedge pattern in early 2024, which sent the price toward Q1 highs. Since then, the memecoin moved within another multi-month falling wedge formation after registering a 70% correction from its year-high of $0.000043. SHIB broke out of this pattern around the end of Q3, kickstarting the token’s one-month 58% rally. Despite the recent market retrace, the analyst notes that Shiba Inu held above the breakout levels, confirming “a bull pattern with the RSI on the daily chart.” Marks considers that the memecoin’s next leg up is in its early stage, setting the rally’s target at $0.000081. Related Reading: PolitiFi Memecoins Soar: Trump-Themed Tokens Rally 30% Ahead Of US Elections Similarly, another market watcher shared his positive outlook for Shiba Inu’s price. Analyst Investing Haven suggested that SHIB’s current levels are not a cause for concern since “there’s “no long-term trend violation.” To the analyst, the memecoin’s levels to watch are between the $0.0000133-$0.00001444 prince range, as losing this support zone could signal a trend shift. However, Shiba Inu must reclaim the $0.000020 mark to continue its ascending trajectory. As of this writing, SHIB is trading at $0.00001828, an 8% surge in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
As the US presidential election results loom, one analyst is expressing confidence in the continuous surge of memecoins, particularly in the context of the ongoing political landscape. In a recent social media post on X (formerly Twitter), Miles Deutscher asserted that dog-themed and cat-themed cryptocurrencies will continue outperforming the broader crypto market, regardless of whether Donald Trump or Kamala Harris emerges victorious. Dogecoin Leads Memecoins Resurgence On Election Day Bitcoin (BTC), the largest cryptocurrency on the market, is trading near the $70,000 mark, up a modest 2.2% over the past 24 hours, after several failed attempts to break above its all-time high of $73,700 last week. In stark contrast, Dogecoin (DOGE), the leading memecoin by market capitalization, has surged by 12% during the same period, demonstrating the sector’s performance relative to the top ten cryptocurrencies. Related Reading: Solana ‘Must Break Descending Resistance’ To Regain Bullish Momentum – Analyst Deutscher suggests that if Trump wins the election, Dogecoin’s positive momentum will likely increase. He cites Trump’s proposed Department Of Government Efficiency (DOGE) initiative, which he believes will increase Dogecoin’s visibility and liquidity, as a catalyst that could spark a broader rally in the memecoin space. “DOGE as the meme leader will drive attention and liquidity rotation to the broader meme narrative, he asserts.” This enthusiasm could lead to a significant influx of speculative investments, often called “fear of missing out” (FOMO). Increased Crypto Scrutiny Under A Harris Administration? Deutscher further predicts that a Trump victory would spark a rally in altcoins, especially memecoins, which have historically shown strength leading up to elections. Another clear example of this is that the largest tokens in the Solana memecoin ecosystem, Dogwifhat (WIF), Bonk Inu (BONK) and Popcat (POPCAT), saw surges of 6.3%, 8% and 6% respectively, on election day, all of which outperformed the top ten cryptocurrencies in the market. Deutscher also said that with many cryptocurrencies undergoing significant drawdowns as investors de-risked ahead of the election, they would likely experience a pronounced bounce if Trump secures the presidency. Conversely, if Kamala Harris wins, the analyst foresees a different dynamic. The possibility of increased regulatory scrutiny on utility tokens could prompt investors to seek refuge in more speculative assets, such as memecoins. Related Reading: Why Is Dogecoin Going Up Today? Key Drivers Of DOGE’s 10% Surge Deutscher notes that under this scenario, the fear of a crackdown, reminiscent of the operation chokepoint initiatives targeting certain crypto assets, may lead investors to gravitate towards nihilistic alternatives like memecoins. Ultimately, this shift could increase meme coins dominance, especially if traditional sectors like decentralized finance (DeFi) face heightened scrutiny. In this case, Deutscher asserts that investors might shy away from the broader altcoin market, favoring assets that have already demonstrated resilience and strength throughout the year. Based on price action trends, the analyst points out that some memecoins may be perceived as less risky than other altcoins, a sentiment that appears to be gaining traction among retail investors. At the time of writing, Dogecoin trades at $0.1755. Featured image from DALL-E, chart from TradingView.com
In October, the Solana blockchain registered 123 million active addresses. It has grown 42% since September and has risen dramatically from 12.7 million addresses at the start of the year. Latest data shows Solana’s steady rise in the crypto sector. The latest growth is due, in part, to memecoins, which have increased trade and user interest. Related Reading: Bitcoin Mining Costs Spike To Nearly $50K As Miners Look To AI For Survival The memecoin craze isn’t the only factor in Solana’s rapid growth. With a total value locked (TVL) of $5.7 billion, the decentralized finance (DeFi) ecosystem made major strides in the third quarter of 2024. With a 26% quarterly increase, Solana became the third-largest DeFi network surpassing Tron. Much of this growth comes from innovative platforms like Kamino. Memecoins Drive Unprecedented Trading Volumes Key to the recent surge in trade on Solana is platforms including Pump.fun, a memecoin generator, and Raydium, a decentralized exchange (DEX). Pump.fun brought in $30.5 million in October; Raydium recorded around $30 billion in trading activity. Particularly those looking for low-cost, high-frequency trades—an area where Solana’s infrastructure shines against more expensive networks like Ethereum—the activity generated by this memecoin has drawn more users to the network. Still, several business leaders are wary. Though memecoins have attracted a lot of attention in Solana, Eden Au, research director at The Block, pointed out that their long-term consequences are yet unknown. Au posits that changing market dynamics and shifting user preferences may impede current progress if fresh utility and attractiveness do not arise beyond memecoins. Solana DeFi Ecosystem Flourishes In addition to the memecoin excitement, Solana’s DeFi network has experienced significant growth. Solana’s DeFi industry, with a substantial $5.7 billion in total value locked (TVL), experienced a 26% growth in Q3, reflecting significant expansion propelled by platforms such as Kamino. Related Reading: Why One Analyst Says Now’s The Time To Buy XRP—Before It Hits $14 Renowned for its loan and trading innovations, Kamino implemented new services that captivated consumers and enhanced Solana’s position in the DeFi ecosystem. Integrations like PayPal’s PYUSD have strengthened Solana’s stablecoin ecosystem, making its programmable transfer features more appealing. SOL Price Target & Resistance Level Over the course of the past month, the value of Solana’s native token, SOL, has increased by around 12%. It is currently selling at $162, figures from Coingecko show. Market observers are currently looking at a resistance level of $185. It is possible that the token’s price will increase even further if it is able to break through this barrier; the expected price targets range from $220 to $240. If SOL is able to maintain its consistency and make the most of its current developments, then the next several weeks will be the determining factor. Featured image from MoneyCheck, chart from TradingView
Matt Hougan, Chief Investment Officer of Bitwise Asset Management, declared in an investor note today that the crypto industry has secured its place in the financial world, irrespective of the outcome of today’s US presidential election between President Donald Trump and Senator Kamala Harris. In his note titled “Crypto Has Already Won,” Hougan stated, “There is nothing left to say about Tuesday’s election.” He provided a succinct assessment for investors: “Short-term, a Trump victory is better than a Harris victory. Long-term, Bitcoin, Ethereum, and stablecoins will thrive regardless of who wins. Altcoins have more regulatory risk in a Harris regime than a Trump regime.” Hougan cautioned that the only unfavorable scenario for crypto would be a Democratic sweep. “It would embolden the fringe element of the Democratic Party that is overtly hostile to crypto. But even in that scenario, I’d buy the dip,” he wrote. Reflecting on the industry’s resilience over the past four years, Hougan emphasized, “If there’s one thing the past four years has taught me, it’s this: Washington can’t stop crypto. It can alter the trajectory. It can speed things up or slow things down. It can bring more confusion or new clarity. But it can’t stop it.” Related Reading: Crypto Expert Discloses ‘Hidden Altcoin Gem’ With 1,900% Upside According to the Bitwise CIO, the presidential election serves as a milestone to evaluate the crypto sector’s growth since November 2020. Despite a combative regulatory environment—including “Operation Choke Point 2.0,” numerous SEC lawsuits, and a host of contradictory or ambiguous statements—the progress made is remarkable. Hougan noted, “We focus so much in crypto on the moment-by-moment movement of prices that we often lose sight of the long-term trends. The presidential election provides a nice opportunity to step back and see how far we’ve come.” ‘Crypto Has Already Won’ He presented compelling statistics comparing November 2020 to November 2024. Bitcoin’s price increased from $13,677 to $69,492, a 408% rise. Ethereum went from $388 to $2,492, marking a 552% increase. Solana experienced a meteoric rise from $1.49 to $165.12, an increase of 10,982%. In terms of trading volume, the CME Bitcoin Futures Open Interest in October surged from $0.57 billion to $10.58 billion, a 1,756% increase. The seven-day moving average of crypto daily exchange volume expanded from $9.68 billion to $39.32 billion, a 306% increase. Decentralized exchange volume in October soared from $12.6 billion to $156.5 billion, reflecting an 11,142% increase. Assets under management also saw significant growth. The Bitcoin spot ETF assets under management, nonexistent in November 2020, reached $71.46 billion by November 2024. Stablecoin assets under management dramatically increased from $3.87 billion to $177.83 billion, a 4,495% rise. The total value locked in decentralized finance platforms increased from $9.57 billion to $139.3 billion, a growth of 1,356%. Related Reading: Top Crypto Analyst Unveils Best Altcoins For The 2025 Bull Run Network activity showed substantial increases as well. Monthly transactions on the Bitcoin network grew from 9.28 million to 20.48 million, a 121% increase. Monthly transactions considering Ethereum and Layer 2 solutions saw a massive rise from 33.3 million to 385.8 million, a 1,059% increase. Mainstream adoption indicators also highlighted crypto’s integration into traditional finance and politics. The number of top 20 asset managers with tokenized funds increased from none in 2020 to three in 2024. BlackRock’s adoption of Bitcoin and Ethereum, nonexistent in 2020, is one of the biggest stories in 2024. Because of all that, Hougan expressed strong confidence in the continuation of these positive trends. “The question to ask yourself as you look at the above statistics is whether they will continue. From my seat, the answer is a resounding yes,” he affirmed. He outlined several key expectations: spot crypto ETF inflows will continue; stablecoins will continue to grow rapidly; institutions will continue to ‘get off zero’ and add allocations to Bitcoin and crypto; Wall Street will continue to embrace tokenization and real-world assets; blockchains will continue to get faster and cheaper; and real-world applications like Polymarket will continue to break through and gain mainstream adoption. While acknowledging the election’s significance, Hougan minimized its long-term impact on Bitcoin’s and crypto’s trajectory. “Make no mistake: What happens in Tuesday’s election matters, particularly in the short term. But as I see it, over the long term, Tuesday will prove to be something between a speed bump and a wind gust. Neither is going to stop this train,” he concluded. At press time, Bitcoin traded at $68,932. Featured image from YouTube, chart from TradingView.com
After enjoying a mini price run in the last week of October, Bitcoin’s price has corrected below $68k to start the first week of November. While this is normal price action for Bitcoin, this trend also impacts the crypto industry, particularly altcoins. Historical patterns suggest that altcoins’ performance highly depends on Bitcoin’s price action. BTC’s market dominance has hit 60%, affecting altcoin market performance and restricting its price rallies. Related Reading: Bitcoin Mining Costs Spike To Nearly $50K As Miners Look To AI For Survival A crypto analyst, Benjamin Cowen, expects that altcoins will face a steep decline, probably in early 2025, before recovering. In a post, Cowen argues that the market will first witness a substantial loss in value for altcoins before signs of recovery emerge. According to Cowen, the altcoin market will face “a reckoning,” and holders and traders can expect the correct to happen by December 2024 or early January 2025. It looks like the grand finale of the altcoin reckoning has finally arrived. The altcoin reckoning should be over by December 2024 (2nd week of January 2025 at the latest). It has been a long journey, and many gave up along the way, but this process was always going to play out pic.twitter.com/WRVUvIHDTt — Benjamin Cowen (@intocryptoverse) November 3, 2024 Altcoin Market Revisits 2019 Price Action In a YouTube video, Cowen predicted the price action of altcoins after reviewing Bitcoin’s price and historical trends. The ITC Crypto founder explained that an altcoin market rally will not happen soon due to Bitcoin’s current performance and market conditions. Data suggests that altcoins are losing ground to the world’s top asset, and altcoins can only be appreciated if Bitcoin enjoys a parabolic run. According to Cowen, altcoins’ current market condition is similar to what happened in the bear market in 2019. Altcoins were bearish during this period before gradually recovering in 2020 and hitting new highs after one year. Cowen expects the same story for altcoins in 2025—altcoins’ prices will bottom first before they can start a price rally. Analysts Now Have Mixed Views On Altcoins’ Market Performance In another post, Cowen revisited the Bitcoin/altcoin pairing, saying that this pairing has been losing for three years. He stated that the pairing’s performance aligns with historical trends, with the last two “alt-seasons” happening after halving in 2017 and 2021. BTC Continues Its Crypto Market Dominance Bitcoin continues to lead the cryptocurrency industry, with its market share hitting 60.5%. According to Cryptographic, Bitcoin is enjoying a two-year high, stabilizing market prices within the $68k and $70k range. While Bitcoin continues to show strength, other alternative cryptos saw falling values, with some dropping by 20 to 40%. Related Reading: Six Months, $1 Billion: TON Network’s Explosive USDT Adoption Milestone Traditionally, Bitcoin’s dominance often coincides with declines in altcoin prices. However, many experts say a possible turning point can happen if BTC hits resistance at the 64 to 65.81% range. If it happens, BTC can achieve another all-time high or may move sideways. However, if BTC’s market share falls below 50%, we can expect a price rally for altcoins. Featured image from Pexels, chart from TradingView