The recent increase in the appeal of spot Bitcoin exchange-traded funds (ETFs) in the United States has temporarily ceased. Related Reading: 5 Million Strong: Active Ethereum Wallets Drive Strong Momentum On Tuesday, these funds underwent a reversal, resulting in net outflows of $79.01 million, following an extraordinary seven-day streak of positive inflows. Farside Investors are the source of this data, a company that specializes in the analysis of ETF flows. A Brief Obstacle The $79 million outflow represents a significant shift in sentiment among investors who had previously demonstrated a strong interest in Bitcoin ETFs. Over the span of two days last week, the market attracted around $1 billion in inflows, implying a robust demand for these financial products. The main cause of this negative change was Ark and 21Shared’s ARKB, which resulted in a substantial $134.7 million outflow. BlackRock’s IBIT, the best-performing bitcoin ETF by net assets, drew $43 million. Fidelity’s FBTC and VanEck’s HODL, which received $8.8 million and $3.8 million, respectively, also helped. There were no new flows on the remaining eight funds, including Grayscаle’s GBTC, during the day. Nevertheless, Bitcoin ETFs could bring in more than $21 billion to date. This number clearly signifies the rising use of Bitcoin as a new asset class and it is only going to see more hedge funds take larger positions. US-traded spot Bitcoin ETFs have also seen significant interest from institutional investors, with 20% of the market owned by them as of October 22. Institutional ownership of U.S. #Bitcoin Spot ETFs is around 20%, with asset managers holding 193K BTC (per Form 13F filings). pic.twitter.com/9YTOEH3G5w — Ki Young Ju (@ki_young_ju) October 22, 2024 Institutional Demand Is Still Strong Regardless, while the latest ETF flow swings have been significant in themselves, they can not distract from what is an ongoing push towards institutional Bitcoin adoption. Among the main companies who have made large investments in these funds are Goldman Sachs and Millennium Management. The SEC’s approval of options trading on 11 Bitcoin ETFs will help investors manage their Bitcoin exposure, boosting interest. Through more efficient position hedging made possible by options trading, investors can help to steady the market and lower volatility over time. Analysts argue that this would draw more institutional money to the industry, therefore supporting Bitcoin’s reputation as a credible investment tool. Bitcoin ETF: Looking Ahead Although outflows may cause concern, many analysts are positive about Bitcoin ETFs. Options trading’s SEC approval is a turning point that could improve market efficiency and liquidity. More institutional players coming into the space are likely to change the dynamics. The current pause in inflows could be a temporary phenomenon only; investors are repositioning their strategies given the shift in market conditions. Related Reading: Shiba Inu Soars: Analyst Predicts 71% Rally In ‘Meme Super Cycle’ – Details The outlook for spot Bitcoin ETFs, looking into the long term, appears quite positive with the current uptick in adoption from the institutional space and trading of Bitcoin at or near three-month highs. The recent outflows from spot Bitcoin ETFs may indicate a temporary setback; however, the prevailing trend of heightened institutional interest and regulatory support indicates that this asset class is here to stay. Investors will be intently monitoring the rapid evolution of this market for any new developments. Featured image from The Rio Times, chart from TradingView
Ava Protocol, the event-driven EigenLayer Active Validated Service (AVS), has seen notable growth since launching in July. The Web3 automation provider reported a significant increase in demand for its “super-transactions” solution ahead of its token launch. Related Reading: Analyst Says Fantom (FTM) Downtrend Is Over, Is $1 The Next Stop? Web3 Automation Provider Sees 900% Demand Increase Ava protocol reported a 900% surge in demand for its blockchain automation solution. The EigenLayer AVS offers Web3 infrastructure to support cross-chain automation, enabling composable autonomous transactions and allowing developers to deploy dApps rapidly. The protocol records $3 billion in restaked assets since launching on EigenLayer’s mainnet four months ago. Ava Protocol’s operator Total Value Locked (TVL) reportedly spiked to $1.7 billion worth of Ethereum (ETH) within two weeks of its launch. Additionally, the report reveals it has gained over 11,500 unique wallets and reached over 1,000 daily automated transactions running on the testnet. The Web3 automation provider’s solution “super-transactions” aims to offer “seamless, private, and composable automation” for any smart contract function, eliminating the need for developers to write code. Ava Protocol simplifies blockchain for developers and non-technical users. With the automation provider’s solution, users can access enhanced privacy, composability and significantly lower transaction costs. The Future Of The Blockchain Automation Landscape Chris Li, the founder of Ava Protocol, remarked on how super-transactions “are transforming the landscape of blockchain automation” by assisting creators to build more efficiently and simplifying the creation of Web3 applications: By offering no-code, composable automation, we empower developers and creators to build more efficiently, whether they’re working in DeFi, NFTs, or RWAs. Our platform brings simplicity to complex processes, making them accessible to non-technical users through intuitive tools like our drag-and-drop interface, or our AI-powered automation copilot. The Web3 infrastructure provider recently partnered with Soneium, Sony’s Ethereum Layer 2 (L2) blockchain, to bring automation to the network through Soneium Spark’s Incubation program. The collaboration seeks to “simplify blockchain” for Soneium developers and users with limited technical knowledge by executing transactions and smart contracts based on predefined conditions. The partnership is set to enable creators and developers in Sony’s blockchain to monetize their work with intent-base, no-code automation, allowing them to tokenize Real-World Assets (RWA) and unlock fractional ownership alongside new distribution methods. Related Reading: SUI To Face Another Pullback Following 5.3% Dip, Analysts Forecast 30% Correction Moreover, Ava Protocol has also partnered with other EigenLayer AVSs to offer its automation services, including fixed-rate lending dApp Term Finance, quantitative trading DEX Lhava, RWA ecosystem Zoth, and restaking rewards provider Hourglass. Ava Protocol expects to issue its token following its recent development and collaborations in the following months. The automation provider seeks to “cement itself” as a leading player in the sector by launching its cryptocurrency in the next two to three months. At the time of this writing, further details about the token’s launch have not been revealed. Featured Image from Unsplash.com, Chart from TradingView.com
American institutions are making ripples in the cryptocurrency market, having invested a staggering $13 billion in spot Bitcoin ETF shares since its inception in January 2024. Many people are surprised by this move, given that traditional financial institutions were first hesitant to enter the world of digital assets. Related Reading: Dogecoin Rockets 30% In A Week, Sparking Hype For Uptober Rally According to CryptoQuant CEO Ki Young Ju, 1,179 institutions currently own a total of 193,064 BTC, indicating a major shift in opinion towards crypto investments. Institutional Adoption Grows The adoption of Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) has contributed significantly to the spike in institutional interest. This legal approval has created new opportunities for financial institutions to provide cryptocurrency investments, allowing them to tap into more revenue streams. Institutional ownership of U.S. #Bitcoin Spot ETFs is around 20%, with asset managers holding 193K BTC (per Form 13F filings). pic.twitter.com/9YTOEH3G5w — Ki Young Ju (@ki_young_ju) October 22, 2024 Big Chunk Of The Pie Interestingly, big players such as Millennium Management and Jane Street now hold over 20% of the total market through various Bitcoin ETFs worth about 961,645 BTC. This rapid absorption immediately shows that the anxiety over money related to digital currency was shorter-lived. Analysts think the more the establishments engage with Bitcoin ETF, the price will keep going. Even so, the current price of Bitcoin stands at around $67,000 and is likely to go to $100,000 in early 2025, based on past trends, but more importantly, how people’s thinking is changing towards embracing Bitcoin as a legitimate asset class. Options Trading Approved Another major turning point came when the SEC lately approved options trading for spot Bitcoin ETFs on NYSE American LLC and CBOE. This implies that with conventional financial instruments, institutional investors can now effectively reduce their Bitcoin exposure. A big change has happened for institutional buyers since they can now trade options on these ETFs. It not only makes Bitcoin easier to use, but it also makes it more like regular banking. Now that options trading is possible, experts think that more institutional buyers will get into the Bitcoin market. Institutional investors’ ability to trade ETF options is a turning point. Bitcoin becomes increasingly accessible and integrated into standard banking. Now that options trading is possible, experts expect more institutional investors to join Bitcoin. Related Reading: Shiba Inu Soars: Analyst Predicts 71% Rally In ‘Meme Super Cycle’ – Details A Bright Future Ahead Bitcoin and its ETFs appear to have a promising future. Institutions’ continued engagement with this asset class is anticipated to have a favorable impact on other digital assets. The SEC’s regulatory system provides a layer of protection that many investors value. This clarity may lead to increasing participation from traditional financial institutions, thus cementing Bitcoin’s position in the investment scene. Overall, the combination of institutional demand and governmental support suggests that Bitcoin is more than a passing fad; it is becoming an essential component of modern finance. As time passes, it will be interesting to see how this changing landscape affects both the digital currency market and broader economic trends. Featured image from StormGain, chart from TradingView
The latest weekly digital asset fund flow report from CoinShares has revealed that last week, crypto asset investment products saw roughly $2.2 billion in net inflows globally, marking the largest inflow since July. This rise in inflows comes amid the gradual recovery of top crypto assets last week, with the majority now reclaiming major highs and registering nearly double-digit gains over the past 7 days. Related Reading: Can Bitcoin Price Reach A New All-Time High? This Golden Cross Suggests So Who Led the Charge? Bitcoin-based products were the standout beneficiaries of last week’s inflows. US spot Bitcoin exchange-traded funds (ETFs) added $2.1 billion, with BlackRock’s IBIT ETF alone generating over $1.1 billion. The cumulative inflows for these Bitcoin ETFs, which began trading in January, now stand at $21 billion. These funds have grown to manage a record $66 billion in assets under management, highlighting their significant role in the market. Notably, the renewed confidence in Bitcoin products mirrors earlier this year’s positive sentiment. Last week’s inflows were the largest since March, when US spot Bitcoin ETFs saw $2.6 billion as Bitcoin reached its all-time high above the $73,000 price mark. This strong demand suggests that investors remain bullish on Bitcoin’s long-term prospects, despite recent market fluctuations. While Bitcoin stole the spotlight, other cryptocurrencies also experienced inflows last week although way lesser than that of BTC. Ethereum-based products attracted $58 million in net inflows, while Solana, Litecoin, and XRP-based funds saw smaller inflows of $2.4 million, $1.7 million, and $700,000, respectively. However, multi-asset investment products did not fare well, experiencing net outflows of $5.3 million, ending a 17-week streak of consecutive inflows. What Prompted The Surge In Crypto Inflow? According to CoinShares, this surge in inflows is tied to growing optimism about the upcoming US elections, with a potential Republican victory driving investor sentiment. Many believe that a Republican administration would favor the digital asset market more favorably, leading to an increase in investor confidence and positive price momentum. James Butterfill, Head of Research at CoinShares, particularly noted: We believe this renewed optimism stems from growing expectations of a Republican victory in the upcoming US elections, as they are generally viewed as more supportive of digital assets. Notably, Butterfill, reiterated these views, adding that trading volume for these investment products surged by 30% last week. Total assets under management (AUM) for crypto funds are now nearing the $100 billion mark on a global scale, highlighting the substantial interest in digital assets. Related Reading: HODL Fever: Bitcoin Holders Refuse To Sell As Data Shows Record BTC Stash However, while US-based funds thrived, investment products in other countries such as Canada, Sweden, and Switzerland experienced net outflows, indicating a more polarized global market. Featured image created with DALL-E, Chart from TradingView
With an impressive increase in coin acquisition, Ethereum aficionados are causing waves in the crypto space. From January’s 11.5 million, the most recent statistics reveal a solid 19 million ETH now stashed in long-term holding addresses, almost doubled, data from CryptoQuant shows. With investors apparently increasing their bets, this huge surge points to a growing faith in Ethereum’s future. The crypto world is rife with conjecture since many estimate this count will reach 20 million by year’s end. Related Reading: XRP Could Skyrocket Over 4,000%, Analyst Forecasts Price Hitting $27 Clearly, there is a significant optimism in Ethereum’s long-term potential despite market swings, which leaves many wondering what is behind this increase in confidence and what this could mean for the scene of cryptocurrencies going forward. A number of factors are encouraging institutional and individual investors to increase their holdings. Notably, the US Securities and Exchange Commission’s (SEC) approval of spot Ethereum exchange-traded funds (ETFs) has allowed new players to enter the market. Spot ETFs Push Demand More interest from mainstream investors has come from Ethereum spot ETF approval in great part. This indicates that both individual investors and institutions are getting ready for Ethereum’s long-term future. One researcher of cryptocurrencies even thinks that by the end of 2024, the ETH in accumulating addresses will equal the market value of the biggest companies worldwide. Furthermore, assuming Ethereum prices remain around $4,000, the analyst projects that if these patterns continue, the total value of ETH held in these addresses may reach $80 billion. At $2,737 right now, ETH has increased in value by over 3% over the last 24 hours and over 10% over the last week. Staking Secures More Ethereum The other main reason why less ETH is found in the market to trade is through the increase in Ethereum staking. According to Dune Analytics, staking contracts have locked up over 34.6 million ETH that equates to nearly 30% of the entire Ethereum supply, hence showing the statistics. This led to a lack of tokens for sale and therefore played a part in taming prices. More price growth for ETH may be possible if the amount staked keeps increasing. The Ethereum market may experience less volatility and more long-term growth potential if there are less sell-side pressures. Related Reading: Could Bitcoin Break $100,000? Analysts Predict 6-Figure Milestone The Price Outlook Is Good The current price swings of Ethereum are primarily upward. ETH is currently trading above $2,700—a crucial support level—thanks to the support of its 50-day moving average. The 200-day moving average, which is $3,022, remains a barrier, though. If Ethereum is to experience consistent price growth, it will be imperative to break over that obstacle. Ethereum’s long-term supporters are undoubtedly upbeat about the platform’s future, and the accumulating tendency along with staking and spot ETFs suggest that this confidence might not be unfounded. It will be interesting to see if Ethereum can overcome significant pricing obstacles, but one thing is certain: for the time being, the long-term picture looks promising. Featured image from Pexels, chart from TradingView
Although flying under the radar concerning price movements during Bitcoin’s recent bull run, the dog-themed cryptocurrency Shiba Inu (SHIB) was able to appreciate 8.18% in the last week while Bitcoin reclaimed the $69,000 mark on Friday. Analysts have already predicted further upward potential for this meme coin. Related Reading: Could Bitcoin Break $100,000? Analysts Predict 6-Figure Milestone Analyst Predicts 200% Surge For Shiba Inu Crypto analyst MMBTtrader seems rather positive about the future prospects of Shiba Inu as he expects a 200% increase to $0.000038. As he says, the SHIB had already registered a 75% gain from the $0.000011 support level within the price chart. The altcoin had indeed rallied from the demand zone in the early periods of August and September, accelerated its pace, and settled at $0.000019. For SHIB, MMBTtrader predicts that it will not just consolidate to $0.00003852. As a matter of fact, he expects the higher highs and higher lows pattern where the initial push to May’s highs at $0.000028 will then be corrected to September’s highs at $0.000021. In case those levels hold, the meme coin could pull to the targeted $0.00003852. Conflicting Views: Bearish Outlook From SwallowPremium MMBTtrader still remains bullish about Shiba Inu, but SwallowPremium, on the other hand, is a little more conservative. He says that the cryptocurrency would continue to go up until it hits $0.0000216, and then correct 35% down to $0.000014075. His analysis reads that the downtrend would be triggered by a correction down to $0.0000195, which may be a good time to open a short position. However, Premium also cautions that if SHIB breaks over the price of $0.0000216, a bearish outlook could be invalidated, sending the price much higher than what it has already recorded. Related Reading: TRON Market Cap Hits Nearly $14 Billion On Strong Revenue Growth Shiba Inu’s Price Path Forward Shiba Inu trades at $0.00001925, close to 11% below the level of $0.0000216 resistance. Various predictions made by market experts convey a divergence of sentiment on SHIB trajectory. MMBTtrader projection for a possible 100% increase is based on an underlying conviction for perpetuation of an upward trend. SwallowPremium sounds a note of caution with a ‘critic’ view of correcting it. Shiba Inu’s future price action depends on breaking key resistance levels and maintaining momentum. As SHIB nears crucial price points, traders will watch for breakout signs. The coming weeks will be critical in determining whether it can rise further or face another rejection. Featured image from Pexels, chart from TradingView
In a notable turn of events, meme coin Dogecoin is now flashing a sell signal for corrections ahead after a 30% rally in seven days. The Dogecoin price has been on an unprecedented rally in October, taking many investors who have been on the sidelines by surprise. However, according to a take by crypto analyst Ali Martinez, the meme coin might actually undergo some price correction in the short term before a continuation of the uptrend. Related Reading: Could Bitcoin Break $100,000? Analysts Predict 6-Figure Milestone His insights are grounded on the signal provided by the TD Sequential indicator, a technical tool known for identifying market exhaustion points. Dogecoin Might Be Overbought In a recent post on X, Martinez highlighted the TD Sequential setup on the Dogecoin/TetherUS daily candlestick chart. This analysis reveals that Dogecoin is currently experiencing its ninth consecutive bullish close on the daily candlestick, aligning with the ninth count by the TD Sequential indicator. While this sustained surge in the Dogecoin price has been impressive, it also indicates that the meme coin may be reaching a pivotal moment where a price retracement could occur. Adding to the caution, this sell signal coincides with a newly established overbought condition for Dogecoin. The Relative Strength Index (RSI) has shown that the recent buying momentum has pushed Dogecoin deep into the overbought territory. At the time of writing, the RSI 14 close sits at an elevated 75.80, having recently peaked at 78.36, which is its highest level since March. This overbought condition suggests that the buying frenzy may be unsustainable, raising the likelihood of a pullback very soon. Is It Time To Sell DOGE? Martinez’s observations serves as a crucial reminder of Dogecoin’s volatility leading into the new week. At the time of his analysis, Dogecoin was trading at $0.14575. However, at the time of writing, Dogecoin has fallen to $0.1424, translating into a 2.3% decline in the few hours. Despite this, the meme coin is still on a 29% gain in the past seven days. Nonetheless, it is crucial to remain patient with the Dogecoin outlook, especially as the RSI is now pointing to an overbought condition. On the other hand, Dogecoin isn’t the only cryptocurrency in overbought condition, as the entire market is now in a greed condition, according to the Fear and Greed Index. If the 24-hour correction for DOGE were to extend for the rest of the weekend, it could cascade into a break below $0.14 in the short term and a return into $0.13 territory. Related Reading: TRON Market Cap Hits Nearly $14 Billion On Strong Revenue Growth Crowd attention and discussion surrounding Dogecoin remain at their highest level since March. This suggests that any corrections may be temporary, and there is a high chance for the uptrend to resume as the new week unfolds. According to one crypto analyst, Dogecoin is on track for a price rally with a return of over 400%. Featured image from Medium, chart from TradingView
Once again, Bitcoin has brought excitement to the cryptocurrency landscape as analysts predict an upward trajectory for the price of the alpha coin. The buzz of a Bitcoin price upsurge is making headlines as two crypto experts raised the possibility of it hitting the six-figure mark per coin, intensifying the discussion on the coin’s future. Related Reading: 100% Uptick For Shiba Inu? Experts Eye Global Reversal As Catalyst Bitcoin: On The Road To $100,000 Bitwise CIO Matt Hougan predicted that Bitcoin price will likely breach the six-figure level, saying that it is inevitable for the coin to reach that milestone. Hougan said, in his X post, that the bullish sentiment on the digital asset put Bitcoin on a path towards trading above $100,000. He explained that several favorable factors fuel the coin’s amplified growth, exciting traders and enthusiasts on what lies ahead for the virtual currency. We’re heading to six-figure bitcoin. * ETF flows reaccelerating * Election approaching * Infinite deficits (bipartisan agreement!) * Economic stimulus in China * Global rate cuts (Fed, ECB) * Halving supply shock starting to bite * Whales accumulating — Matt Hougan (@Matt_Hougan) October 18, 2024 Keiser’s Projection Meanwhile, Bitcoin maximalist Max Keiser shared the same sentiment about the future of BTC price, but his prediction is more than twice the price estimate given by Houghan. Keiser, who is also an advisor to El Salvador’s president Nayib Bukele, made a bold statement that Bitcoin price would surge to $220,000, saying that the coin is on track to reach a new all-time record for its price. The new ATH Gold price is predicting Bitcoin will trade over $220,000 very soon. — Max Keiser (@maxkeiser) October 18, 2024 Key Factors For The Six-Figure Price Houghan explained that a surge in BTC price is more likely due to several factors driving its price appreciation such as institutional interest, on-chain factors, and macroeconomics. All of these, he said, greatly contribute to the crypto’s price moving upward. On the other hand, Keiser believed that the alpha coin’s price would skyrocket because of gold, saying it is another “safe haven asset.” Currently, gold reached a new record of $2,713.88 per ounce, the first time it has happened in the last four years. Keiser suggested a correlation between gold and the crypto, arguing that once gold price hits an all-time high, Bitcoin will follow and reach a similar milestone. Related Reading: ETF Hopes Propel Litecoin 12% Higher, Bullish Predictions On The Cards He tweeted that for every $1 price hike in gold, Bitcoin moves up by $20. Hence, he is confident that Bitcoin can quickly reach the $220,000 level in the near future. Bitcoin And The US Election The looming US presidential election in November is seen as another catalyst in Bitcoin’s price appreciation. It has been observed that Bitcoin has been one of the key issues that US political candidates face in this year’s elections, wherein it has become necessary to stipulate their stance on cryptocurrencies. However, some believe that BTC prices will continue to have a strong performance regardless of who wins the presidential race. Featured image from IG, chart from TradingView
As communities of the crypto space increase so does the amount of ludicrosity that comes with it, as meme coins are now starting to shine and seemingly trying to change the digital currency landscape. On the spotlight today is the meme coin BONK. If the meme coin breaks $0.000041 in October, it will have already made history because it set a new milestone and secured a tough spot for itself in the market — and setting the stage for what an analyst says is the “start of the dog season.” Related Reading: ETF Hopes Propel Litecoin 12% Higher, Bullish Predictions On The Cards BONK: Recent Price Movements Signal A Shift Recently, the price activity of BONK suggests a trend reversal. After hitting bottom at $0.000001567, the coin recently started gaining traction upward and grabbed the attention not only of the retail but also of the institutional market. Of interesting note here, the last increase in price was 8.59%. Until the date of this rise, it hasn’t changed much from this percentage. $BONK – This setup is now ready, cat season is over it’s time for the dogs. pic.twitter.com/Hbr9owNcoz — Astekz (@astekz) October 16, 2024 Over the past week, BONK has surged almost 20% and traded from $0.000001917 to nearly $0.000002395. Technical Indicators suggest it forms a rising wedge and may follow through with the double bottom pattern formed on June 24 at the level of $0.000001984. An upward-pointing MACD with a bullish crossover further complements its upward momentum. Key Resistance Levels And Analyst Predictions BONK has met strong resistance at the 38.2% Fibonacci retracement, which stands at $0.000002265, ignoring the recent rally. If it cannot break through this level, the coin will proceed into a consolidation rather than upwards. The next resistance that BONK needs to break through is the 50% Fibonacci retracement standing at $0.0000025. According to estimations from the analysts, at this level, the price will advance to a high of either $0.0000035, $0.0000048, or $0.0000070. Related Reading: 100% Uptick For Shiba Inu? Experts Eye Global Reversal As Catalyst Potential Setbacks And Market Volatility However, BONK does not have an easy ride ahead. On one hand, the coin recently faced a minor 1.07% intraday drop in price accompanied by signs of price rejection, this may speak to or lead to possible short-term volatility, which can further detriment the growth of the meme coin. Another retest of the broader falling channel pattern might thus lie ahead, which could precede yet another breakout attempt. With meme coins back on the map in the crypto sphere, everything about BONK in October will be followed closely as the market waits to see if the coin continues upward, hitting new heights, or runs into new low points in the weeks to come. Featured image from WIKIWIKI, chart from TradingView
Shiba Inu (SHIB) is now priced at about $0.00001783, just below a key resistance zone which means that the market is in a good mood. Market analysts are ready to witness another possible rally in the meme coin space. Related Reading: Market Data Hints At 500x XRP Rally In Upcoming Altcoin Season Crypto influencer Davinci Jeremie noted that during the last bull cycle, Dogecoin (DOGE) reached a market cap of $88.8 billion, while SHIB peaked at $40 billion. The bull run will take the market cap of meme coins to a trillion dollars. Last cycle we saw $DOGE coin hit $88.8 billion market cap & $SHIB hit $40 billion. I think we’ll see memes as an asset class hit close to $1 trillion market cap this cycle — Davinci Jeremie (@Davincij15) October 17, 2024 Currently, the market capitalization of meme coins has surged to $58 billion, although still behind other up-and-coming crypto sectors such as AI-based tokens and real-world asset cryptos, but still a solid amount nonetheless. On the bullish side, investors would have a pretty good chance of significant profits upon its break from resistance levels into $0.000028, with the current momentum at their side, there is hope that the rest of the meme coins might also witness good performance, too. The Current Status Of Meme Coins It might have ended its global trend reversal and gone off a prior downtrend but do not count it out yet since during the late parts of September 2024, SHIB saw a huge spike as it recorded an all-time high at $0.00002135. This peak successfully broke two strong resistance levels which can only mean good for the coin and other meme coins. From the technical analysis from PS Trade, there is a high resistance point that is at $0.00002052 where around 83.75 trillion tokens are kept at this price level. $SHIB Although the price of #SHIBUSDT is still not rising very confidently on the 3-day timeframe, the global downward trend reversal structure is complete. Therefore, our target for this cryptocurrency is 100% growth. pic.twitter.com/DhOcxx3j1T — PS trade (@PStrade2) October 16, 2024 PS Trade said the global downward trend reversal structure is complete even if the price of SHIBUSDT is still not increasing very strongly on the three-day period. For this coin, he said their aim is therefore 100% increase. It was found that by the end of September, a double local top had been formed in two successive days above its high made in the middle of July. However, the strongest resistance band lies between $0.000018 and $0.000020 since 439.16 trillion tokens are dispersed across 45,620 wallets. If the bullish trend of SHIB continues, then it might test the next major hurdle at $0.000028. Related Reading: Analysts On Bitcoin: 2024 US Election Could Steer The Crypto’s Future Shiba Inu: Technical Indicators And Market Challenges Large-position institutional investors pushed SHIB back below $0.000018. As the CMF is still negative at – 0.22, this presents selling pressure from the large holders. Meanwhile, the StochRSI has revealed that SHIB was already entering into an overbought position due to its values oscillating between 71 and 57. That makes it important that the oscillators and charts begin to show signs of short-term volatility and further corrections if the selling pressure continues. However, given the strong bullish setup, a further rally is quite possible. Investors need to keep an eye on key resistance levels as well as technical indicators for further movements in SHIB. Featured image from CNBC, chart from TradingView
According to market analysis, XRP might be near to having a significant price blowup. The next altcoin season could go anywhere from 10x to the amazing 500x, experts believe. Two important charts by renowned market analyst Kevin Cage on XRP’s relationship with Bitcoin’s supremacy in past bull markets form the basis of this favorable prediction. The Last 2 Times $XRP Pumped Was during the previous 2 Alt Seasons when #Bitcoin was drawing higher highs first. 2017: Over 500X (over 300x with Monthly Candle Bodies) 2021: 10x (During Lawsuit & Exchange Delistings) Will history rhyme or will the future be different?… pic.twitter.com/V8nb9yh8qR — Kevin Cage (@Kevin_Cage_) October 16, 2024 Recently, financial analyst Gary Cardone generated enthusiasm within the XRP community with a cryptic tweet suggesting a possible “launch” for the cryptocurrency. Historically, Bitcoin’s market dominance has significantly influenced the performance of altcoins, such as XRP. When Bitcoin’s dominance declines, altcoins frequently experience significant increases. Related Reading: WLFI Token Launch, Backed By Trump, Falls Flat On $300 Million Fundraising Target We are waiting….I confirmed w/ authorities they are ready for you, this was the message; XRP- LAUNCH PAD IS: Green……. Proceed with launch codes….. Repeat: Launch pad is green lite for XRP. XRP may Launch. General Barnaby Anushopium https://t.co/JB2BMQDoHs — Gary Cardone (@GaryCardone) October 15, 2024 This trend was apparent in previous altcoin seasons, as XRP flourished when Bitcoin’s market dominance diminished. Proponents such as Zach Rector assert that XRP is poised for a substantial breakout, bolstering the belief that the token’s future may be promising. Historical Performance Indicates Potential Cage emphasizes two critical epochs in XRP’s history. During the 2017 bull market, XRP surged more than 500-fold, increasing from $0.006 to $3.50 by early 2018. This increase occurred as Bitcoin’s dominance decreased from 95.91% to 35.46%. Altcoins including XRP surged significantly when Bitcoin fell, grabbing the chance to shine. Though delisted from multiple exchanges and facing legal challenges from the US SEC, XRP had an incredible 10x gain in value during the 2021 bull run. It increased from $0.18 to $1.96 with a corresponding decrease in Bitcoin’s supremacy, which fell from 73.51% to 39.54%. These historical examples demonstrate a distinct trend: XRP typically excels when Bitcoin declines. Altcoin: Market Dynamics Currently, Bitcoin’s dominance is approximately 58%, having recently increased. Should its dominance begin to wane once more, according to previous cycles, XRP may be poised for another substantial price surge. A tenfold rise is possible, which would push XRP above $5. This shows that altcoin seasons are still a big reason for the token’s price changes. Even though these predictions are getting a lot of attention, it’s still not clear how much XRP will rise. Things like the present lawsuits against Ripple could change how the market works. The SEC’s recent appeal in its case against Ripple makes things more complicated. It makes the legal fight last longer and makes investors less sure of what will happen. Related Reading: Dogecoin Jumps Over 16% In The Last Week — More Gains To Come? Community Discourse And Speculation The XRP community is full of speculations. Cardone’s tweet made while using military imagery indicated some kind of upcoming development for XRP. Some members of the community seemed to take it as good news. Supporters of XRP, such as Zach Rector, interpreted Garry’s tweet as an indication of the growing recognition of the altcoin. “Gary is hopping onboard the XRP train,” he remarked. Featured image from HTX, chart from TradingView
Crypto asset manager Grayscale is in the process of converting its Grayscale Digital Large Cap Fund (GDLC) into an exchange-traded fund (ETF), according to Bloomberg ETF expert Eric Balchunas. The strategic move aims to provide investors with a diversified portfolio that includes major digital assets such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP and Avalanche (AVAX). Diversified Exposure To Bitcoin, Ethereum, And More The proposed ETF comes at a time when investor interest in regulated cryptocurrency products is on the rise. Grayscale’s Digital Large Cap Fund currently holds approximately $524 million in assets under management, with a significant focus on Bitcoin and Ethereum. Specifically, about 75% of the fund is allocated to Bitcoin, while Ethereum comprises roughly 19%, with the remaining investments distributed among Solana, XRP, and Avalanche. Related Reading: Dogecoin Sees Sharp Decline: Over 106,000 Wallets Abandon The Memecoin According to reports on the matter, this diversified approach is designed to offer a balanced entry point for investors seeking broader exposure to the cryptocurrency market. The New York Stock Exchange (NYSE) had previously filed a 19b-4 application on behalf of Grayscale, seeking the Securities and Exchange Commission’s (SEC) approval to amend its rulebook to permit the listing of this new ETF. This filing follows a pivotal year for the market, which recently saw the approval of spot ETFs for Bitcoin and Ethereum in January and July respectively, allowing these funds to hold actual tokens rather than relying on futures contracts. This shift comes after years of rejections of such index funds, spurred by a court ruling in favor of Grayscale that prompted the Securities and Exchange Commission led by Gary Gensler to reconsider its stance. Grayscale Aims For Fifth ETF Launch This Year The successful conversion of Grayscale’s Digital Large Cap Fund into an ETF would mark the fifth launch by the firm this year, highlighting its strategy to expand its product offerings in response to increasing demand for diverse digital asset exposure. Balchunas noted that the ETF’s holdings, predominantly consisting of Bitcoin and Ethereum, could provide enough flexibility to accommodate smaller, less liquid assets, potentially paving the way for approval. Over the course of the year, Grayscale’s Bitcoin and Ethereum funds have seen significant outflows, with around $20 billion and $3 billion withdrawn respectively. In response, the firm has introduced lower-fee versions of these funds, attracting over $700 million in inflows thus far. These approvals have contributed to a surge in Bitcoin and Ethereum prices, indicating a renewed investor confidence in the cryptocurrency market. Related Reading: Crypto Analyst Says Bitcoin Price Can Port To $86,600 If It Breaks This Level Other asset managers are also positioning themselves to launch ETFs that include smaller tokens such as Solana, XRP and Litecoin, with recent filings from Canary Capital and Bitwise Invest highlighting a broader trend to integrate a wider range of cryptocurrencies into regulated investment vehicles, despite increased scrutiny from regulators in the US. At the time of writing, the largest cryptocurrency on the market, BTC, is trading at $67,750, up a substantial 11% on a weekly basis. Featured image from DALL-E, chart from TradingView.com
SUI has lately attracted a lot of interest and peaked in its development. It finished the week at its all-time high price of $2.30 and ranked higher than top altcoins such as Polkadot (DOT), therefore ranking itself among the top 15 cryptocurrencies. Among those who support SUI, this achievement has inspired hope since they believe it will become a major competitor in the market. Related Reading: As Bitcoin Tops $66K, Fear & Greed Index Moves To Neutral—What’s Next? DeFi noted SUI’s price surge and $1 billion Total Value Locked (TVL). The coin ranks higher than Avalanche (AVAX) and Polygon (MATIC). Investors are noting SUI’s growing position in the DeFi market, with SUI projections showing a continuous positive trend and a whopping 240% increase over the next three months, $SUI passes $DOT. Congrats to those that listened to me. pic.twitter.com/FtU5vk8f8M — MartyParty (@martypartymusic) October 13, 2024 At the time of writing, SUI was trading at $2.04, down 4.3% in the last 24 hours, but sustained an 8.7% in the last seven days, data from Coingecko shows. Valuation Inquiries Arise The rapid rise of SUI has evoked excitement among many but it has also raised doubts. In fact, some analysts are questioning whether there is a justification in the prevailing market capitalization of the token to its real fundamentals. The rising value has sparked a debate because people are trying to measure SUI’s market capitalization in order to come up with underlying problems. Such an occurrence is not unusual for coins and even tokens on the rapid expansion corner; however, it also tends to instill some doubts into potential buyers. Insider selling is another worry. Significant transactions from a foundation wallet during the token’s recent rise have raised questions about its price sustainability. Divesting during a price spike may indicate insider insecurity, making investors doubt long-term prospects. SUI market cap currently at $5.6 billion. Chart: TradingView.com Comparison Of Fully Diluted Valuation The complexity of SUI’s current condition is exacerbated by its Fully Diluted Valuation. The FDV of SUI is $1.2 billion, far lower than Solana’s $4.7 billion. Several market experts claim that Solana could be mispriced because the fully diluted valuation of Solana is less than one-third that of Ethereum. This has led some to conclude that SUI is overvalued at this time. Such a comparison also raises the issue of possible mispricing in the market, which makes it necessary for investors to weigh the pros and cons before getting involved. At present, there is a competition among various cryptocurrencies and knowing the valuation of such projects relative to other tokens makes one comprehend better each of the tokens. Related Reading: Dogecoin Revival: Active Addresses Skyrocket To Highest Level In 8 Months What’s Next For SUI? Despite the concerns, SUI’s pictured development in the near future is optimistic. The examination of the movement of prices points out that an upward trend will occur since the estimates show that there will be a substantial increase in the market size in a few months. In the coming three months, the price of SUI is expected to shoot up by 244%, which attracts many hopeful investors. It is advisable for the investors to be careful. Considering the high volume of insider sales and concerns on valuations, the future might not be so rosy as it has been projected. Keeping track of market dynamics and technical analysis will be very important for addressing the risk that comes with the rapid rise of SUI. Featured image from Boxmining, chart from TradingView
Donald Trump new cryptocurrency initiative, World Liberty Financial (WLF), has encountered significant challenges since its launch. According to a report by CNBC, the project aims to establish a crypto bank and was expected to attract considerable investor interest. However, the token sale, which began on Tuesday, was marred by website outages and technical issues, severely limiting participation. Trump Crypto Venture Faces Setbacks Zachary Folkman, co-founder of WLF, had previously indicated that over 100,000 individuals were on the whitelist for the investment opportunity. Despite this promising start, the reality was starkly different. Related Reading: XRP Price Growth: Analyst Breaks Down The Movements And Why It’s So As of Tuesday afternoon, blockchain data from Etherscan revealed that only about 4,300 unique wallet addresses held the WLF token, amounting to roughly 4% of the registered investors. The platform reported selling more than 532 million tokens at a price of 15 cents each, which represents less than 3% of the total 20 billion tokens available for public sale. Throughout the day, users faced consistent disruptions, with the website often displaying a message stating, “We are under maintenance.” WLF has yet to provide an official comment regarding these technical difficulties. These setbacks come at a crucial time for Trump, who is the Republican presidential nominee and has heavily promoted the project since August under the branding “The DeFiant Ones,” a nod to decentralized finance (DeFi). The project’s roadmap indicates an ambitious goal of raising up to $300 million at a $1.5 billion valuation during the initial sale. Investors To Receive Voting Rights On WLF Platform Folkman, who has a varied entrepreneurial background, including a previously owned company, Date Hotter Girls, has stated that 20% of WLF’s tokens are allocated to the founding team, which includes members of the Trump family. The WLF token, WLFI, is structured as a Regulation D offering, allowing it to raise capital without registering as a security with the SEC, provided it meets certain conditions, such as limiting the sale size and restricting participation to accredited investors. So far, details about the project’s functionalities remain sparse. Related Reading: Worldcoin Gains Upside Momentum: Is A Major Breakout Ahead? Individuals associated with the Trump family project have suggested that the platform will facilitate borrowing, lending, and investing in cryptocurrencies. However, a formal white paper or comprehensive business plan has not been made public, and the primary disclosure has been that investors will receive voting rights on the forthcoming WLF platform. In a step toward legitimacy, WLF has also initiated the process of obtaining approval from Aave, a DeFi ecosystem and lending platform known for its open-source framework and reputation in the crypto community. Featured image from DALL-E, chart from TradingView.com
An expert believes that Dogecoin is on the verge of a huge price rally never seen since December 2021 as the cryptocurrency landscape showed it is ready for a breakout. Crypto analyst Ali Mаrtinеz weighed in on the coin’s technical landscape, saying Dogecoin’s price could rise to 200% in the upcoming weeks if the current pattern of indicators continues. Related Reading: Tron Token Burn: 10 Million Gone—What Does It Mean For TRX Price? Dogecoin’s Price On The Rise Martinez observed that Dogecoin was able to break out from a multi-year downward trend, noting that this usually led to an upsurge in the meme coin’s price. He noted that historically, the coin’s price rose by 200% after breakouts. History often repeats itself, and #Dogecoin might be doing just that. A familiar pattern: breakout from a multi-year descending triangle, 200% surge, 60% retracement—then a bull run. After a recent 65% pullback, $DOGE could be gearing up for the next big rally! pic.twitter.com/c93A4Fec7V — Ali (@ali_charts) October 6, 2024 He predicted that Dogecoin could potentially breach the $0.2236 mark, а level not seen since Dеcеmbеr 2021. In late September, the token experienced a breakout, leading to a 25% price surge. However, Dogecoin failed to sustain the price rally, falling off once again to $0.11. Other analysts shared the same forecast saying that if the coin successfully got ahead of the $0.1120 level, it would likely breach the $0.1315 mark easily this month. Howеvеr, analysts urged traders to be cautious with the potential price rally of Dogecoin, noting that а 60% rеtrаcеmеnt usually preceded in previous brеаkouts bеforе it gained momentum for an upwаrd trend. A Key Driver Of Growth An increase in Dogecoin’s active addresses is a primary reason why analysts are banking on a possible huge price rally for the cryptocurrency. Mаrtinеz revealed that аctivе DOGE аddrеssеs recorded its highest level in the last eight months, surging to 133,880. Active #Dogecoin addresses recently surged to 133,880—the highest level in 8 months! pic.twitter.com/DojEsDscXk — Ali (@ali_charts) October 12, 2024 This rise of active addresses indicates that people are regaining their interest in the coin, noting a recent spike of nеw usеrs. It also implies that the additional traders are helping push for the token’s growth. For example, about 110,000 investors flocked to Dogecoin, putting the token ahead of its cryptocurrency rivals Shibа Inu and Pеpе. The growth in trading volume showed that the coin is regaining its appeal to traders seeking for a quick profit. Related Reading: Uniswap: New Crypto Developments Lift UNI Price Up by 17% – Details Whale Activity Surged Experts also see whаlе аctivity as another driver in the resurgence of Dogecoin. In over a week, whales, large holders of the meme coin, have accumulated at least 2.07 billion DOGE, which is the lаrgеst sincе Jаnuаry. The amassing demonstrated traders’ growing confidеncе in the token. In past instances, huge buying usually resulted in significant pricе adjustments, serving as indicators of upcoming mаrkеt trеnds. One analyst noted that whales do not make lаrgе purchases unless they see a pricе growth in the future. Featured image from CNBC, chart from TradingView
TRON (TRX) recently garnered attention by incinerating over 10 million tokens, demonstrating its dedication to a deflationary approach intended to enhance its value. Currently, TRX is trading at roughly $0.1605, indicating a small increase. Related Reading: Uniswap: New Crypto Developments Lift UNI Price Up by 17% – Details Analysts express optimism on TRON’s future, forecasting a 57% price increase during the next three months, and an even more remarkable 208% rise over six months, figures from CoinCheckup show. This optimistic perspective indicates that TRX may be poised for a substantial upward trajectory in the cryptocurrency market. A Robust Technical Foundation The technical indicators for TRX are converging towards a positive sentiment. The price chart demonstrates a modest upward trend, while the Relative Strength Index (RSI) is presently at 57.58. This statistic indicates that TRX is approaching overbought area, however there still potential for more gains. The Stochastic indicator, currently at 66.63, reinforces this bullish perspective by demonstrating momentum without indicating imminent exhaustion. Collectively, these factors suggest that TRX may sustain its upward trend in the short future, rendering it an appealing opportunity for investors. Increasing Enthusiasm For TRON Alongside the token burn, TRON has had a decent increase in daily active addresses, indicating a growing investor interest, data from IntoTheBlock shows. Although the general trend seems constant, this minor uptick suggests that more people are entering the market. This increasing participation may enhance the token’s upward trajectory, particularly when coupled with the current deflationary strategies. As TRON endeavors to diminish its circulating supply, these elements may establish a foundation for heightened prices. Market Sentiment And Trading Conduct Despite the positive statistics, traders remain extremely cautious. The Long/Short Ratio shows shorts slightly outstrip longs with 54% shorts and 46% of longs. This is a ‘wait-and-see’ attitude by traders while awaiting a possible volatility in the price movement of TRX. Related Reading: Shiba Inu Could Surge 340%, Echoing Its 2021 Bull Run Peak — Analyst The TRX OI-Weighted Funding Rate is at approximately 0. That means that the balance of longs to shorts is neutral, and hence it may also reflect positively on market sentiment pending short-term variability for TRX’s price. Recent burning of tokens by TRON and the steady increase in active addresses can boost the momentum TRX needs to post solid growth rates for the next couple of months. Technical indicators depict a positive trend and solid price projections, which shows TRX will gain substantially in the short term. Featured image from Pixabay, chart from TradingView
Uniswap has surprisingly outpaced the broader market with the token experiencing an outstanding 17% uptick since last week, gaining bigger retail interest. This has been caused by a recent development that provided a new level of user experience on the platform. Related Reading: Helium (HNT) Falters 15% As Crypto Market Tries To Bounce Back This week, Uniswap announced Unichain, a new L2 with faster block times and cross-chain interoperability designed to be “the home for liquidity across chains.” Unichain: What’s The Gist? According to Uniswap’s most recent blog post, Unichain is designed to support Ethereum’s scaling which draws transaction fees to be as low as 95% compared to the Ethereum mainnet with the goal to drop it even further. Another feature that current and future users will love is the fast transaction times thanks to Unichain’s 1-second block times. As the platform matures, Unichain aims to release 250 millisecond block times in the future further decreasing transaction times while increasing the number of transactions the platform can handle. The faster transaction times are only possible because of the trusted execution environment (TEE), a feature designed with Flashbots, an R&D organization on Ethereum. Since Uniswap is already part of the Optimism Superchain, users of Unichain will enjoy built-in cross-chain interoperability, which only means that users can interact with other L2s that are part of the Superchain without any hitches. Right now, Uniswap has launched the Unichain Testnet Bridge Rewards program which will allow users to bridge to the Unichain testnet and experience the new L2. The platform has also set up a 20,000-participant Early Adopter Rewards program to encourage new users to join the infant platform. Once Unichain matures, Unichain will continue to grow to be a major competitor in the market. Continued Rejection On $8.186 Puts UNI In Awkward Position Despite the token experiencing a move upward, the $8.186 resistance level proves to be a tough nut to crack for investors and traders. As of writing, UNI is still trading between $7.518 and $8.186, placing the token in a very awkward position. UNI’s relative strength index (RSI) continues to signal that the token will fall below the $7.518 support level in the short to medium term. But it remains to be seen whether the current trading range will yield to the bears in the medium term. Related Reading: Whales Hoard $90 Million In Bitcoin: A Sign Of What’s To Come? At its current rate, UNI bulls will have to deal with a growing bearish sentiment that will wipe out the gains made within the previous week. In this case, investors and traders should be careful with entering the market right now as the token’s momentum will put UNI well below $7.518 short term. Featured image from Printler, chart from TradingView
Popular crypto analyst Ali Martinez shared data suggesting an interesting accumulation trend among XRP investors despite ongoing price uncertainty. According to Martinez, who referenced data from on-chain analytics platform Santiment, XRP whales have made substantial purchases totaling around 40 million XRP within the last 48 hours. Related Reading: Baby Doge Coin Rockets 200% In 30 Days – What’s On The Horizon? This significant accumulation trend coincides with a rise in large transactions to and from cryptocurrency exchanges, as highlighted by whale transaction tracker Whale Alerts during the same period. Whales Buy Millions Of XRP In a recent post on social media platform X, Martinez shared a Santiment data chart that illustrates the total holdings of XRP addresses containing between 1 million and 10 million XRP tokens. He highlighted that these specific cohorts of traders have collectively acquired approximately 40 million XRP over the past 48 hours, amounting to an investment of around $22 million. While this figure might appear modest in comparison to the more substantial movements typically seen from XRP whales, it marks a significant development as it represents the first notable inflow into these wallets since the beginning of the month. The chart shared by Martinez reveals a concerning trend. The total holdings of these whale wallets have been in a steep decline since the start of October. On October 1, the cumulative holdings for this group were recorded at approximately 3.93 billion XRP. However, in a matter of days, these wallets experienced a substantial loss of around 130 million XRP, driving their total holdings down to a three-month low of 3.8 billion XRP by October 8. However, recent accumulation by the whale addresses has seen their collective holdings increase to 3.85 billion in the past 24 hours. According to data from Whale Alerts, there have been multiple instances of large XRP transactions entering and leaving crypto exchanges in the past 24 hours. The largest transaction occurred with the transfer of 104 million XRP tokens worth $55 million from an unknown wallet into a new unknown wallet. Another notable transaction was the transfer of 52 million XRP tokens worth $27.8 million from an unknown wallet into crypto exchange Bybit. A while later, 30 million XRP tokens were transferred from Bybit into another private wallet. Is XRP Headed To $0.5 Or $0.6? Current price action shows XRP consolidating between an upper range of $0.54 and a lower range of $0.52 within the past seven days. This lack of clear direction suggests low volatility and a lack of interest among crypto traders, as evidenced by a trading volume decline of approximately 30% in the last 24 hours. Related Reading: Whales Hoard $90 Million In Bitcoin: A Sign Of What’s To Come? However, the recent increase in whale holdings could signal a renewed interest among large investors in XRP, hinting at a potential shift in market sentiment as the new week begins. Historically, increases in whale accumulation have often been accompanied by a steady rise in the XRP price. If this trend continues, it could replicate the accumulation seen in September, which propelled XRP to a peak of $0.668. Featured image from Pexels, chart from TradingView
Rising roughly 200% since mid-September, Baby Doge Coin (BABYDOGE) has fundamentally rocked the digital currency market. Reaching early August, it has climbed an impressive 237% from its lowest price this year. The enthusiasm commenced when Baby Doge was listed on Binance. Such listings frequently generate excitement and attract interest in tokens, and BABYDOGE proponents are evidently capitalizing on this momentum. Related Reading: SUI Rallies 100%, But Signs Of Fatigue Emerge – Is A Drop Incoming? Baby Doge: Surpassing September Peaks Following its lows on September 6, Baby Doge experienced a 215% increase within three weeks, albeit undergoing a significant regression to test the $0.0018 level. This 33% decline was promptly rectified in the first week of October. Even as Bitcoin failed to breach the $64,000 barrier level, Baby Doge did even better with a 60% rise in just the same time frame. The rapid rises have also stoked online interest and more buyers are coming in hoping for higher profits. Source: Coinglass Recently, the Open Interest (OI) in Baby Doge has surged from $18 million to an impressive $39 million. The increase in open interest indicates that sentiment is decisively optimistic. The approximately 10% decline in the last 24 hours coincided with a reduction in open interest, indicating that traders are responding to the recent volatility. Speculative Sentiment And Price Forecasts Analysts express optimism on Baby Doge’s potential. Given its substantial community and the recent Binance listing, many anticipate that a price target of $0.0000000045 may be attainable in the forthcoming upward movement. Confidence is increasing, particularly as traders commence purchasing more, perhaps catalyzing more expansion. Currently, Baby Doge is viewed as bullish; according to the forecasts, the price is likely to rise by 227% and may reach $0.00000009113 by 10 November 2024. For the last 30 days, the coin has shown 18 green candles, denoting it has been in good form despite showing an unusually high volatility rate of 25%. Related Reading: Cardano Surges In Strength—Now 10x More Powerful, Analyst Says But it’s not all rosy. The Fear & Greed Index is at 32, a fear signal in the market. That means even as there’s a possibility of expansion, the trader would need to be cautious since the mood can change in the market quite rapidly and external influences can significantly impact price changes. In the event that buying activity continues and optimism prevails, then we may see significant upside momentum. However, if selling pressure is becoming more marked or market conditions deteriorate, then perhaps a test at lower support levels may be encountered before any rally. Featured image from Finanznachrichten, chart from TradingView
Many XRP holders expect the altcoin to break $1 soon. XRP has traded around $0.50 for a while despite lingering pressure in the crypto market. Some analysts recently predicted that XRP’s long-awaited bull run will commence as Bitcoin’s dominance declines. Related Reading: $6 Million ETH Sale: Ethereum Foundation Joins Whale Liquidation Frenzy XRP Price Forecast: Positive Signs Ahead? The current price projections for XRP from CoinCheckup suggest a bullish trajectory. Analysts anticipate a 14% increase in the altcoin over the next three months, despite the fact that it is currently trading 18.77% below the estimate for the following month. This modest ascent can be a precursor of a sustainable rally, which will present traders with steady increases. XRP is seen climbing 150% in the next half-year period and 125% by 2025. The positive forecasts for this coin, therefore, suggest that this is the beginning of a strong price growth phase, courtesy of increased consumer confidence and broader adoption. Very crucial for #XRP to close this weekly candle above 55 cents or else we’ll test the support at 40 cents. The #Bitcoin dominance is almost near the top and once it starts dumping we’ll see all #Altcoins pull a 2-5x easy. Just accumulate coming year is very bullish! #Crypto pic.twitter.com/Dk0ARRnjE9 — THE GOAT TRADERS (@TheGoatTraders) October 6, 2024 Key Resistance Levels To Watch Even with these positive outlooks, XRP still has to break over a few significant resistance levels before a real bull run can start. The “GOAT” trader pointed out that in order for XRP to keep moving higher and hit $1, it needs to close above $0.55 on the weekly chart. If it fails, the altcoin might fall as low as $0.40, testing crucial support levels before attempting another rally. Another technical analyst, “Charting Guy,” has joined in, suggesting that XRP’s price movement will be greatly influenced by Bitcoin’s performance. According to him, XRP will trade between $0.43 and $0.67 until Bitcoin overcomes its $70K resistance. for people asking me when will $XRP moon or is it over, etc etc. i will repeat for the millionth time$XRP and other lagging altcoins will do NOTHING significant until $BTC breaks into price discovery it’ll range between 0.43 – 0.67 until then monthly bollinger bands continue… pic.twitter.com/GwSrwJEDI0 — Charting Guy (@ChartingGuy) October 6, 2024 Bitcoin’s Impact On XRP’s Future Bitcoin has been in a quite limited trading range and has not yet broken beyond $70,000. Although the top coin peaked in March at $73K, it struggled to maintain the level and finally encountered continuous obstacles that is preventing it from reaching a new price discovery phase. So long as Bitcoin is below this crucial level, Altcoins that are underperforming, such as XRP could continue to trade sideways. According to Charting Guy, breaking resistance would be the critical support for the upward trajectory of XRP. Related Reading: Analyst Foresees 90% Cardano Price Drop in Next 6 Months Bollinger Band Tightening: What It Means For The Altcoin Meanwhile, XRP’s Bollinger Bands have tightened on the monthly chart. This tightening typically indicates that a significant price shift is approaching. Charting Guy speculated that if XRP closes over $0.67, it might spark a big rise. On the other hand, a monthly close below $0.43 could result in a significant drop. Investors should keep a close eye on these important levels to see where XRP may go next. Featured image from Pexels, chart from TradingView
Hedera, a proof-of-stake platform, wasn’t spared from aggressive bears in early October. After HBAR, its native token, floated higher in September, the rejection of bulls in early October resulted in a double top. Overall, there is optimism that bulls will resume and push prices to new Q4 2024 highs. The pace of this growth will depend on how the market performs and whether fundamental factors around the project will prop up buyers. Will HBAR Rise By At Least 30X? While there are cracks in the HBAR price action, considering the dump from April highs of around $0.18, one analyst on X thinks the token is set for major gains. From his assessment, Hedera can easily score 30X in the coming sessions, mirroring the gains posted by Cardano in the last cycle. Then, ADA soared by over 170X. If HBAR is to follow the same path, the token can easily soar to $6, over 60X from its 2024 highs. Related Reading: Bitcoin’s Non-Realized Profits Hit Negative Levels—What Does This Mean for Investors? Presently, technical candlestick arrangements favor sellers. After the rally to $0.18 in April 2024, HBAR has been falling. To put the numbers into perspective, the token is down 70% but is stable after finding support in August and September. The local resistance is the double top at around September highs. If prices break above this liquidation zone, HBAR bulls could embark on the journey to drive the coin to $0.18. In effect, this will resume the uptrend set in motion in Q1 2024 and early Q2 2024. Hedera Fundamentals Key To Driving Growth There are fundamental factors to consider that may propel HBAR, helping the token shake off weaknesses. Early this month, Canary Capital released the first United States HBAR Trust. Like Grayscale products, including the ETHE and GBTC, the HBAR Trust allows institutional investors to gain exposure to HBAR. Accordingly, this could drive demand, lifting prices. Related Reading: ETH’s Fate Hinges On $2,300: Will Ethereum Soar To $6,000 Or Dive To $1,600? In September, Hedera launched the Asset Tokenization studio. Through this solution, the network would be at the forefront of driving the tokenization of real-world assets (RWAs) while adhering to existing laws. Already, BlackRock, one of the world’s largest asset managers, believes tokenization will rapidly grow in the coming years, managing trillions. According to rwa.xyz, over $12.7 billion worth of RWAs has been tokenized. Additionally, there is interest. In the last month alone, the number of RWA holders rose to 68,929, a 4% increase. Most of these assets are tokenized on Ethereum and Stellar. Feature image from DALLE, chart from TradingView
In a year marked by significant volatility in the cryptocurrency market, memecoins have emerged as key players, outperforming Bitcoin (BTC) and the rest of the largest cryptocurrencies in the ecosystem. This trend was underlined by recent insights from market expert Miles Deutscher, who highlighted a presentation by memecoin analyst Murad at the TOKEN2049 conference in Singapore. Memecoins Challenge Traditional Cryptocurrencies According to Murad, only 43 tokens have surpassed Bitcoin’s performance in 2024, with 13 of those being memecoins. Notably, eight of the top ten performers in the market this year are also memecoins. Murad emphasized that this cycle is distinct from previous ones, asserting, “The memecoin cycle is not a prediction; it has already begun—memecoins are dominating by virtually every metric.” Related Reading: TON Recovery Stalls: Another Price Decline Hinders Bullish Efforts The rise of memecoins can be attributed to several factors, particularly their ability to resonate with retail investors seeking community, identity, and excitement, rather than merely potential financial gains. As Murad puts it, “Memecoins are a superior version of altcoins.” The appeal of memecoins extends beyond speculation; it is alleged that they have cultivated a culture that fosters community and “emotional connection” among investors. Murad noted that these tokens enable users to engage in a shared experience, bringing real value through stories that “create trends and spark movements”. Success stories of significant gains—such as those seen with tokens like dogwifhat (WIF) and Pepecoin (PEPE)—propagate quickly, fueling interest and excitement in the memecoin space over the past year. According to Deutscher, the most successful cryptocurrencies have developed strong communities, often resembling “cult-like followings.” Cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin have thrived on this dynamic, and memecoins are fully embracing it. SPX And GIGA Capture Retail Attention Murad further explained that the recent performance of altcoins on platforms like Binance has further fueled the memecoin narrative. Almost every altcoin listed this year is trading below its listing price, with only two exceptions: WIF, a memecoin, and JUP, which facilitates memecoin trading. Murad further alleges that retail investors prioritize making money (70%), having fun (20%), and feeling a sense of belonging (10%). Murad argues that memecoins embody this speculative nature, akin to the Initial Coin Offering (ICO) boom of 2017, but in a new form. Instead of initial coin offerings, Murad sees that memecoins are allowing early-stage investments at lower valuations, which contrasts sharply with altcoins, where most upside is captured in private markets. Related Reading: Bitcoin Price Turns Green In October Once Again, Is The Bull Run Here? Deutscher also praised that as the memecoin phenomenon continues to grow, Murad’s insights have already influenced market dynamics, sparking one of the strongest memecoin rallies of the year. Tokens dubbed “Murad coins,” such as SPX and GIGA, have seen substantial gains, resonating with retail investors who are drawn to the excitement of potential profits. At the time of writing, the SPX is trading at $0.575, up a remarkable 35% in the 24 hour time frame, showing the impact of Murad’s participation in the TOKEN2049 in early September this year. Featured image from DALL-E, chart from TradingView.com
Layer-1 chain Sui (SUI) has been capturing significant attention lately. As of this writing, SUI has surged by 125% over the past 30 days and has skyrocketed 345% from its yearly low of $0.46 on August 5. These impressive figures position SUI among the top performers in the crypto market over the last two months and as one of the few altcoins which reached their all-time high. SUI Vs. Solana Yesterday, the buzz intensified when several accounts on X shared charts suggesting that SUI had overtaken Solana in daily transactions for the first time. Enthusiasts quickly touted SUI as the next “Layer-1 killer,” poised to surpass Solana, which has been a leading contender among Layer-1 blockchains behind Ethereum. Related Reading: Solana (SOL) Path To New Highs: Analyst Eyes $160 As Critical Breakpoint However, this claim faced scrutiny from industry experts. Developer João Mendonça took to X to rebut the assertions, stating: “SUI did not surpass Solana in daily transactions — there’s no free lunch. On the left = a deceptive chart where each instruction of each transaction is counted as a transaction on SUI. On the right = Artemis’s genuine read of daily transactions.” Mendonça referenced a detailed explanation by analytics firm Artemis from May. The firm highlighted that in traditional Ethereum Virtual Machine (EVM) architectures, users submit transactions that execute a set of instructions. In contrast, on the SUI blockchain, users submit a transaction block containing multiple transactions that update objects in the global state. Therefore, comparing transaction counts directly between SUI and other chains like Solana can be deceptive. They explained: “Artemis decided to count Sui transaction blocks instead of transactions when comparing activity with Ethereum and other chains. This decision was based on the fact that Sui has a different architecture than the EVM, and counting transaction blocks gives a more accurate picture of user interactions.” Prominent crypto analyst VirtualBacon also weighed in on the discourse, analyzing the SUI/SOL price chart. He remarked: “SUI vs SOL ratio almost at resistance. One must question the upside potential of this ‘new killer L1’. For this to keep running another month, it either completely takes over the market share of Solana, or we rotate back to the proven chain.” Expressing skepticism about SUI’s ability to maintain its momentum against Solana’s price, he added: “Somehow people in comments believe they’re still early to $SUI at ATH and 20B FDV. It’s nowhere close to Solana level adoption imo.” Related Reading: Solana ‘In Serious Danger’ If $137 Support Breaks – Analyst Shares Targets Crypto analyst Michaël van de Poppe also casted doubts that the SUI price can run above the all-time high immediately. Via X, he wrote today: “SUI did run away and printed a new all-time high. The first one! Didn’t allow me to enter, but it might be topped for now. Looking at the same region or $1.85 for entry zones. Massive runner.” Despite the debates, SUI has undeniably been gaining traction. In September, Raoul Pal, founder and CEO of Global Macro Investor and RealVision, lauded SUI as a “groundbreaking ultra-fast L1, super efficient, full blockchain ecosystem”. He emphasized that SUI, developed from the remnants of Meta’s Diem project, is designed to scale for billions of users transitioning from Web2 to Web3 technologies. Pal’s endorsement amplified interest in SUI within the crypto community. Adding to its growing ecosystem, Circle—the company behind USDC, the world’s second-largest stablecoin by market capitalization—announced in September that the Sui network would support USDC. This integration is expected to enhance liquidity and utility on the Sui blockchain, potentially attracting more developers and users. Most recently, on Monday, crypto exchange Bybit announced support for SUI on its Launchpool platform. This move makes SUI only the second chain available on the service after Mantle (MNT), providing users with new opportunities to earn rewards and participate in the Sui ecosystem. At press time, SUI traded at $2.01. Featured image from CoinDCX, chart from TradingView.com
Popcat (POPCAT), yet another memecoin that recently gained momentum, is making headlines as it closes in on an all-time high. In this context, whale activity is peaking for big investors buying millions of tokens. As the market buzz grows, many people are asking what the future holds for this whimsical cryptocurrency. Related Reading: Analyst Foresees 90% Cardano Price Drop in Next 6 Months Whale Activity Generates Interest Popcat has recently gained attention due to major purchases made by whales. One investor made news by purchasing 2.36 million tokens for approximately $1.75 million, at an average price of $0.68. This investor had previously liquidated their shares but chose to re-enter the market with a large purchase. Another whale has gone on a purchasing binge, collecting 5.67 million tokens worth almost $3 million in just three days. These trades have resulted in a remarkable 25% increase in Popcat’s daily trading volume, which is now $151 million. As these whales stock up on POPCAT, the token has risen 20%, reaching approximately $0.067 earlier today. Popcat is now one of the top gainers among memecoins, fueling investor optimism. Positive Outlook And Market Sentiment According to CoinCodex, Popcat’s current price projection indicates a potential 220% increase, with a rise to roughly $4.26 by November 7, 2024. Technical indications point to a bullish market attitude, but the Fear & Greed Index is at 49, indicating a neutral investor stance. Popcat has performed well on 20 of the last 30 days, resulting in a strong 67% success rate. The considerable price volatility of 23%, in conjunction with the persistent upward trend, suggests that investors are in an opportunistic trading environment. The current market atmosphere and Popcat’s exceptional past performance make it a favorable time to contemplate purchasing, according to market analysts. Navigating Volatility The future of Popcat looks good, although experts advise to tread carefully as the token is very volatile. The price movements are fast, and among the very important supports set around the levels of $0.50 and $0.40-0.45; a bounce from those levels could be an indication that the bullish momentum is still intact. Related Reading: Starknet: Long Positions Liquidated Lead To 16% Losses Many believe Popcat is well-positioned for growth despite some risks, given its leadership role in the current “Cat Season,” the colloquialism for growing popularity in cat-themed cryptocurrencies. The meme coin also has exhibited a solid 6-month result with an increase of 17% in the given timeframe. This still sounds rather optimistic when talking about Popcat, given the whale activity and positive predictions. The investor needs to be watchful of market volatility here. Therefore, entry points have to be carefully assessed and a balanced approach has to be maintained. Any investment in the cryptocurrency space, especially memecoins, like Popcat, does call for tempering enthusiasm with prudence and serious research before any commitment is made. Featured image from Vecteezy, chart from TradingView
BlackRock’s stance on cryptocurrencies—especially Bitcoin and Ethereum—has lately made headlines. While Ethereum is considered as a “technology bet,” the investment behemoth sees Bitcoin as a “gold alternative.” This point of view captures a major change in the way conventional finance is starting to welcome digital assets. Related Reading: Bittensor (TAO) Soars 130% – What’s Behind The Altcoin’s Recent Surge? The company’s findings show that people are becoming more and more sure that Bitcoin can protect against inflation, just like gold has in the past. BlackRock’s Chief Investment Officer, Rick Rieder, recently said that Bitcoin is appealing to investors who want to protect their wealth in uncertain economic times because there is a limited quantity. Many investors who are growingly concerned about market volatility and inflation will find resonance in this mindset. Bitcoin: The Modern Gold? For those looking for stability in the realm of finance, gold has traditionally been the preferred asset. BlackRock contends, though, that Bitcoin is filling in this function. As the company points out, Bitcoin’s limited supply and spread-out nature could make it a more interesting purchase than gold. Central banks around the world are printing money at rates that have never been seen before. This makes Bitcoin an even better way to save money. “More institutional investors entering the market will only speed up the acceptance of Bitcoin at an incredible rate,” says Rieder. With this new money coming in, demand will grow even faster, making Bitcoin even more of a digital gold standard. Additionally, BlackRock believes that with increased realization of worth and scarcity, the price of the blockchain will keep moving upwards. BlackRock considers Bitcoin a “risk-off” asset like gold. At a recent conference, BlackRock’s Robbie Mitchnick argued that Bitcoin might hedge against fiat currencies and government trust. Mitchnick said Bitcoin is a safe shelter for investors, especially during economic turmoil. As inflation, monetary devaluation, and banking crises develop, Bitcoin’s potential as a worldwide monetary alternative makes it important for financial security. Ethereum: A Technological Transformation Although Ethereum is seen via another perspective, Bitcoin attracts attention as a store of value. BlackRock sees Ethereum as a platform for innovation as much as a cryptocurrency. With its smart contract capability, developers may create decentralized apps (dApps), therefore transforming many sectors, including gaming and banking. Ethereum has great future potential. Ethereum demand may explode as more companies investigate blockchain technology. The analysts of BlackRock are positive about Ethereum’s future and indicate that its core technology might cause rapid increase in the coming years. Related Reading: Starknet: Long Positions Liquidated Lead To 16% Losses The Future Of Digital Assets With BlackRock continuing to invest in these types of cryptocurrencies, that spells massive influence for the financial market. The general financial market is responding in such a trend, with old-time investors now becoming conscious of the potential attached to such digital assets. Featured image from Unsplash, chart from TradingView
Max Kaiser, a famous Bitcoin backer, recently caused a stir by saying that Cardano (ADA) could lose 90% of its value against Bitcoin in the next six months. His prediction has gotten a range of responses, from doubt to fun, especially from people who support the ADA like the Cardano Whale. Some people see this prediction as a chance to buy at a lower price, while others are more wary because the crypto market is so unstable. Related Reading: Starknet: Long Positions Liquidated Lead To 16% Losses It’s easy to see why so many people are sticking with Bitcoin: it keeps looking like the best asset for long-term buyers. Bitcoin has a good brand associated with their value and a decentralized nature that gives it the push. It’s also a relatively stable cryptocurrency compared to many, with the sheer size of the network effect, an infrastructure firmly supported by institutional players, and high liquidity. Cardano (ADA) will lose another 90% vs. Bitcoin over the next 6 months. pic.twitter.com/jQHhJg1m59 — Max Keiser (@maxkeiser) October 5, 2024 What Makes Cardano Stand Out Although Kaiser made a somewhat negative forecast, Cardano is demonstrating that cryptocurrencies are a real competitor. By offering a solution that can last longer and expand with the demands of the society, it seeks to be superior to Ethereum and other smart contract platforms. Cardano focuses on scalability, energy efficiency, and building a strong base for decentralized applications and finance projects. It uses a peer-reviewed academic method and proof-of-stake consensus. But things haven’t been easy for ADA. Some market observers say that the fact that it is taking a long time to catch on and grow is a big problem. Many investors are confused as to whether ADA is going to maintain its edge in the smart contract platform space post the price going down quite sharply over the last year. Cardano has to step up the act as it is playing against stiff competition in a game by renowned companies. A Mixed Bag For The Short Term Even though there are problems, Cardano has a small chance of getting a boost in price. CoinCodex recently made a price prediction that says Cardano’s price will go up by 17% and hit about $0.42492 by November 6, 2024. The current mood of the market is neutral, and the Fear & Greed Index also has a score of 50, which means it is balanced. In the last 30 days, there have been 63% “green days” for Cardano, and the price has changed only 6%. Related Reading: Bittensor (TAO) Soars 130% – What’s Behind The Altcoin’s Recent Surge? These details imply a level of stability that could lead people to invest. Thus far, Cardano has done well, which is an indication that it could well catch on, notwithstanding its remaining concerns. Analysts feel that these are the best times to buy-in since the probability of going up is consistent with the general trend of the market. Featured image from Vecteezy, chart from TradingView
In a recent trading activity on the crypto exchange Binance, 72% of ETHUSDT traders have taken long positions. This interesting sentiment is revealed through the trading analytics platform CoinGlass. This surge in long position is more notable as it comes after a week of Ethereum trending downwards. Related Reading: Injective (INJ) Down 20% As Market Retracement Forces Sell-Off The strong tilt toward long positions suggests that most traders are confident Ethereum’s price will rebound in the coming week. On the other hand, 27.97% of Binance traders are still holding short positions on ETHUSDT. ETHUSDT Long Positions Soar: What’s Behind It? According to data from CoinGlass, the ETHUSDT traders are currently leaning toward a bullish price for Ethereum in the coming weeks. Notably, the data is mainly confounded by the ETHUSDT perpetual traders. The data reveals that the number of traders currently opening long ETH positions on Binance significantly outweighs those opening short positions by a ratio of 2.58, highlighting the bullish sentiment among some cohorts of traders. At the moment, it is unclear why the majority of Binance perpetual traders are going long on Ethereum, except for just a general bullish sentiment on the longer term, as there are no expiration dates for their positions. 72.03% have long ETHUSDT positions opened in the past 24 hours. Meanwhile, 27.97% of ETHUSDT traders remain cautious and have taken short positions within the same timeframe. These traders may be skeptical about Ethereum’s price recovery in the long term. In comparison, 58.15% of BTCUSDT traders are going long, while 41.85% have short positions opened in the past 24 hours. However, looking beyond Binance and at the wider crypto market, the sentiment appears to be less bullish. Data from aggregated crypto exchanges shows that spot traders are adopting a more neutral stance on Ethereum, and market participants are equally split between buyers and sellers. Particularly, the Exchanges ETH Long/Short Ratio shows 49.05% of market participants are buyers, while 50.95% are sellers in the past 24 hours. What’s Next For Ethereum Price? While the long positions on Binance suggest confidence in a rally, the neutral sentiment among spot traders points to a more cautious outlook. At the time of writing, Ethereum is trading at $2,420. According to data from Coinmarketcap, the altcoin is currently down by 8.38% in the past 24 hours. Related Reading: Shiba Inu Burn Rate Shoots Up 1,000% – Are New ATH Levels Just Around The Corner? Technical analysis shows that Ethereum is retesting a bottom trendline and is on the verge of breaking to the downside. If the bulls are unable to hold this trendline, it could cascade to a further 10.7% fall towards $2,150. On the positive side, a rebound on this trendline could push the crypto to the upside and retest $2,700 as October continues to play out. Featured image from Pexels, chart from TradingView
Following a major price decline in Bitcoin (BTC), market sentiment dropped back to strong levels of fear, indicating that investors are becoming increasingly cautious and risk-averse. Despite this trend, on-chain data analytics provider CryptoQuant has revealed a significant increase in BTC buying momentum, resulting in the Bitcoin balances on various exchanges dropping to six-year lows. Related Reading: Injective (INJ) Down 20% As Market Retracement Forces Sell-Off Bitcoin Reserve On Exchanges Sees Sharp Plunge With ongoing market volatility and the recent decline in Bitcoin, on-chain data has identified a significant shift in the cryptocurrency’s market activity. CryptoQuant’s data has revealed a substantial decline in the total amount of Bitcoin held by various Centralized Exchanges (CEXs) in the market. As of October 2, the Bitcoin balance of centralized exchanges, according to Coinglass, sat at 2.34 million, marking the lowest number in six years. This sharp decline contrasts with the 3.05 million Bitcoin held on exchanges in January this year, highlighting a significant reduction in available supply in just a few months. Typically a low Bitcoin balance on centralized exchanges could be an indication of an impending price appreciation, as fewer BTC available on these platforms can create upward pressure on its price due to the limited supply. The reduction in Bitcoin reserves could also be signaling a shift in investor sentiment from selling to accumulating. Following Bitcoin’s price drop to around $60,000, various exchanges experienced mass withdrawals from investors. In one of its QuickTake blogs, CryptoQuant described this large-scale withdrawal as “the largest outflow of Bitcoin from exchanges since November 2022.” This development also follows the recent increase in Bitcoin accumulation by whales and a rise in the demand for Spot Bitcoin Exchange Traded Funds (ETFs). Additional information from CryptoQuant reveals that institutional investors moved from net selling 5,000 BTC on September 2 to buying 7,000 BTC by the end of the month. This represents the highest daily purchase of Spot Bitcoin ETFs since July 21. #Bitcoin demand from US spot ETFs is rising. They went from net selling 5K $BTC on Sept 2 to buying 7K BTC at September’s end—the highest since July 21. In Q1 2024, spot ETFs bought nearly 9K #BTC daily, boosting prices to new highs. If this trend continues, prices may rise… pic.twitter.com/6EQ9JXUzdw — CryptoQuant.com (@cryptoquant_com) October 4, 2024 Moreover, in the first quarter of 2024, Spot ETFs were reportedly buying nearly 9,000 BTC daily, boosting prices to new levels. CryptoQuant also disclosed that if this increase in demand continues, the price of Bitcoin may appreciate further. Analyst Stays Bullish On BTC, Predicts $100,000 Surge A popular crypto analyst, known as ‘The Bitcoin Therapist’ on X (formerly Twitter) has uncovered a massive bull flag in Bitcoin’s price chart. The analyst revealed that this bull flag had formed over the last seven months, signaling a potential for a price increase in the future. Related Reading: Market Signals Hint At Bitcoin’s Potential Fall To $52,000—Analyst Sharing a video representation of his Bitcoin chart analysis, the analyst disclosed that if the price of BTC can break above the $66,000 resistance level, it could skyrocket to new all-time highs around $80,000 to $90,000. He also expressed a strong bullish sentiment on Bitcoin’s future price, predicting an even higher price surge to $100,000. Featured image from CNN, chart from TradingView
Bitcoin, which started the month on a negative note, has begun to regain some positive momentum and is up by 1.66% in the past 24 hours. This recovery comes amid renewed optimism in the crypto space, as traders and investors remain hopeful for a solid finish to the year. In a recent post on social media platform X, popular crypto analyst Inmortal revealed Bitcoin is still on its way to creating a new all-time high very soon. The only thing the bulls need to do is to ensure a break above the $64,000 price tag. Related Reading: Market Signals Hint At Bitcoin’s Potential Fall To $52,000—Analyst Bitcoin New All-Time High Coming Soon? The general consensus is that Bitcoin is going bullish in October, although different analysts have varying outlooks as to how this will happen. Taking to his social media account, Inmortal noted that the only prerequisite for a new Bitcoin all-time high is for the price to break above $64,000. According to an accompanying Bitcoin/TetherUS chart, this price level is situated just above the October monthly open. This means a sustained break above $64,000 would nonetheless translate to a green monthly close in October. Breakout above 64k = New ATH$BTC pic.twitter.com/mUvDN5sTyi — Inmortal (@inmortalcrypto) October 4, 2024 Interestingly, Inmortal had noted in an earlier X post that Bitcoin’s drop from $66,000 on September to $60,000 on October 2nd feels like the flagship digital asset has reached a local bottom. This is because Bitcoin seemed to retest this level three times before eventually rebounding upwards. However, he did clarify that this is only based on a hunch because there is no market structure break or confirmation yet. Interestingly, this local bottom sentiment is supported by analysis from a CryptoQuant analyst known as “caueconomy.” Inmortal further emphasized that he is currently only interested in taking long positions on Bitcoin, and he has identified two specific entry points for these trades. The first opportunity would arise if Bitcoin retests the $60,000 low, providing a potential buying window at a key support level. The second entry point, according to his analysis, would be triggered by a breakout above the $63,000 price level. What’s Next For Bitcoin? At the time of writing, Bitcoin is trading at $62,200 and has already gained 3.5% from the October 3 low. However, the flagship cryptocurrency is still down by 5.7% in seven days and there remains the possibility of a break to the downside in the short term. Related Reading: Injective (INJ) Down 20% As Market Retracement Forces Sell-Off Another popular crypto analyst known pseudonymously as Kaleo suggests that there may be another retest of lower levels before Bitcoin resumes its upward trajectory. Specifically, he anticipates that Bitcoin could dip to around the $57,000 to $58,000 range, testing support in that area before ultimately reversing course and going higher for the rest of the month of October and after the US election in early November. Featured image from CNBC, chart from TradingView
Shiba Inu is making waves after wrapping up an astounding 1,000% increase in its burn rate, Shibburn data shows. This has occurred simultaneously with a nearly 7% increase in the value of the meme coin. Market observers are investigating what this may potentially mean for the future of SHIB, especially in light of the increased confidence in the cryptocurrency sector. Related Reading: Injective (INJ) Down 20% As Market Retracement Forces Sell-Off Over 6 Million SHIB Incinerated The Shiba Inu community’s increasing dedication to lower the token supply reflects in the latest burn rate. Shibburn statistics show that during just the past 24 hours, almost 6.54 million SHIB tokens were burned. Usually, this kind of supply-chain cut indicates a positive trend. Such supply cuts sometimes point to a bullish trend. The people in the SHIB community seem to rally for this cause, hoping to juice up the price of the token. It is a good moment to buy altcoins now before the next big rise, according to analyst Alan Santana, who recently pointed out that the market is approaching its final accumulation for 2024. #Altcoins ✴️ Shiba Inu Long-Term Bull-Market Accumulation Zone To Become Active As we get closer and closer to 2025, the Altcoins market is preparing to enter the last accumulation phase of 2024. This will be the last chance to buy at low prices before the major 2025… pic.twitter.com/L2mPYvEyhr — Alan Santana (@lamatrades1111) October 2, 2024 Burn Rate Increases Local Support The last week has seen the incineration of almost 26.63 million tokens. Investors are feeling optimistic as a result of this level of activity. From the initial supply, 410.73 trillion SHIB tokens have so far been destroyed. The amount of tokens in circulation, at 583.51 trillion, is still substantial. The SHIB community is still upbeat that the meme coin will exceed expectations and perform well in the upcoming weeks, or months. Santana’s assessment indicates that the present weak market, particularly the growing turmoil in the Middle East, may cause some disruptions. However, investors shouldn’t worry too much as cryptocurrencies can sometimes bring big surprises. Many people are keeping a close watch on this since the Shiba Inu community is working together to limit the supply. Does the price appreciation for SHIB have anything to do with the current rush to burn? Investors hold their breath and hope for a breakout as the year 2025 approaches. Related Reading: Market Signals Hint At Bitcoin’s Potential Fall To $52,000—Analyst Shiba Inu Price Action Shiba Inu currently hovers at $0.00001594 as the cryptocurrency falls 1.40% from its price a day ago and also lags by 5.40% in the past week. However, it has traded around $784 million in a 24-hour period. While it just had a massive price fluctuation, this trading volume indicates that the community is still active and keen. Featured image from Pexels, chart from TradingView