Bitcoin Network Fundamentals Could Sustain $265,000 Price, CryptoQuant CEO Explains

The CEO of analytics firm CryptoQuant has explained how the Bitcoin network fundamentals could support a market cap three times the current size. Bitcoin Hashrate/Market Cap Ratio Could Reveal Ceiling For Cycle In a new post on X, CryptoQuant founder and CEO Ki Young Ju has talked about what the network fundamentals could reveal about [...]

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Australian Tax Office seeks data from 1.2M crypto exchange users: Report

The personal and crypto-transaction related details could help identify users who failed to report their tax obligations, according to the Australian Tax Office.

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Analysts Foresee Altcoins Explosive Rally Incoming, Is The Correction Phase Over?

Over the weekend, the crypto market started recovering from the largest retrace of this bull cycle. The strong correction caused Bitcoin and the altcoins market to drop to levels not seen since February. While some sectors of the crypto community felt like the bull run was over or needed to cool-off, others seemed optimistic about the cycles future. Now that the market is back from the correction, analysts foresee that the altcoin season might come soon. Related Reading: Heres When Bitcoin Could Peak In This Accelerated Bull Run: Analyst Is The Correction Phase Over? Over the weekend, crypto analyst and trader MilkybullCrypto shared with his X followers that the Altcoins market capitalization was at an RSI level that initiates an explosive rally. Per his chart, this level is a reset for a healthy rally, as seen in 2016 and 2020. During these two cycles, when the altcoins reached this level, a huge rally followed. The analyst shared his latest forecast on Monday after seeing the market strengthen its recovery. To Milkybull, the altcoins market cap finished a Heatly retest. The market displayed a similar correction during the 2020-2021 rally before skyrocketing to all-time high (ATH) levels. The chart seems to display the same performance, which could mean that altcoins are in preparation for an explosive rally, if history repeats itself. Altcoins resembling performance between cycles. Source: MilkybullCrypto Similarly, crypto trader and analyst Captain Fabik considers the Healthy Correction is done. In his X post, the analyst identified a bullish falling wedge pattern, which signals a bullish rally incoming. Altcoins Cool-Off Or Euphoria Incoming? According to analyst and trader Rekt Capital, the Altcoin market cap, excluding the top 10 cryptocurrencies, has successfully retested the $250 billion level as a support level over the last several weeks. Per the trader, the altcoins are following the proposed path of his Ultimate Altcoin Market Cap Game Plan For The Coming Months. On this plan, Rekt Capital forecasted altcoins market cap would surge to the $315 billion level before retracing back to the $250 billion mark. This retrace would be followed by an explosive surge above the $440 billion market capitalization. Altcoins have stayed above the $250 billion support zone despite the strong corrections, as seen in the chart below. To the analyst, this suggests the market is now showing initial signs of trying to curl up from here. Ultimate Altcoin Market Cap Game Plan For The Coming Months. Source: Rekt Capital Renowned figures have expressed their disappointment in altcoins performance this cycle. Altcoin Sherpa considers that many alts didnt even run that hard over the last few months, which could suggest that its time for a cool-off. At the time, the analyst deemed altcoins rally was done for the next 1-4 months. However, others believe the euphoria phase for altcoins is coming. According to Crypto Yhodda, The alts will rise again, and by the end of 2024, they will go crazy. Moreover, the analyst believes that Altcoins Cycle III will give us some crazy pumps. According to his chart, the altcoins cycle I and II displayed a symmetrical triangle pattern before the breakout. The surge was followed by a slowdown before the upward trajectory continued, called Round 1 by the analyst. Subsequently, the rally would repeat the pattern on a second round before reaching the cycles top. Cycle III appears to be in the middle of Round 1, which suggests to the analyst there is a long road ahead before it hits the euphoria phase. Related Reading: Crypto Analyst Reveals 6 Must-Buy Altcoins With The Most Potential Altcoins market capitalization sits at $1.045 trillion in the weekly-chart. Source: TOTAL 2 on TradingView Featured Image from Unsplash.com, Chart from TradingView.com

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Study Uncovers Surprising Data: 90% Of Stablecoin Transactions Not Driven By Human Users

In a recent report by Bloomberg, it has been revealed that more than 90% of stablecoin transaction volumes do not originate from genuine users, according to a new metric co-developed by Visa. Stablecoin Market Faces Data Reality Visa and Allium Labs have created a dashboard designed to filter out transactions initiated by bots and large-scale traders to isolate those made by real individuals. Out of approximately $2.2 trillion in total transactions recorded in April, a mere $149 billion was identified as “organic payments activity” by Visa. The data challenges the optimistic outlook of stablecoin proponents who believe these tokens can transform the $150 trillion payments industry.  Related Reading: 900 Million Telegram Users Send TON Token Soaring 15% Details Fintech giants such as PayPal Inc. and Stripe Inc. have been exploring stablecoins, with Stripe co-founder John Collison expressing bullishness on the tokens due to “technical improvements.”  Pranav Sood, the executive general manager for EMEA at payments platform Airwallex, commented on the findings: “It says that stablecoins are still in a very nascent moment in their evolution as a payment instrument.”  Sood emphasized the need to focus on increasing existing payment infrastructure in the short and mid-term while acknowledging the long-term potential of stablecoins. Accurately tracking crypto activity’s “real” value using blockchain data has always been challenging. Glassnode, a data provider, estimates that the record $3 trillion assigned to digital tokens at the bull market’s peak in 2021 was closer to $875 billion. Analysts Predict Massive Surge Ahead According to Bloomberg, the nature of stablecoin transactions often leads to double-counting, depending on the platform users employ for fund transfers. For example, converting $100 of Circle’s USDC stablecoin to PayPal’s PYUSD on the decentralized exchange (DEX) Uniswap would result in $200 of total stablecoin volume being recorded on-chain. Visa, which processed over $12 trillion the previous year, could suffer if stablecoins gain widespread acceptance as payment.  Interestingly, despite this troubling data, analysts at Bernstein predicted that the total value of all stablecoins in circulation could reach $2.8 trillion by 2028, nearly 18 times their current combined circulation. Related Reading: Crypto Analyst Reveals 6 Must-Buy Altcoins With The Most Potential While PayPal and Stripe have made strides in adopting stablecoins, Airwallex has observed limited demand for stablecoin-based payment solutions among its customers, primarily due to concerns about user-friendliness.  Sood emphasized the significant barrier of overcoming entrenched payment methods, citing the continued use of checks for 40% to 60% of business payments in the United States. The Bloomberg report sheds light on the dominance of non-genuine user activity in stablecoin transactions. The study underscores the importance of improving existing payment infrastructure and addressing user-friendly concerns to unlock the long-term potential of stablecoins. Featured image from Shutterstock, chart from TradingView.com

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Altcoins Maniac Phase Preparing, Analysts Call For Next Leg Up

The crypto industry has seen a positive shift with the recent market recovery. After a Q1 full of bullish sentiment, Q2 saw many sectors of the crypto space brewing a pessimistic feeling toward altcoins. Related Reading Experts and market watchers have reassured investors that the price corrections were part of the cycle, predicting that the [...]

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DeFi And Web3 Gaming Dominate Q1: Record Transactions Leave Stablecoins In The Dust, Report

In a recent report published by QuickNode, the first quarter of 2024 showed the dominance of decentralized finance (DeFi) and the notable growth of Web3 gaming in the crypto industry, which outperformed the stablecoin sector in key metrics, indicating investor preference and market sentiment during this period.  Hopes For Second DeFi Summer  Per the report, [...]

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Are Altcoins Cooling Off? Analyst Weighs In On This Cycles Market

Many investors expressed worries about the crypto market corrections during this cycle. Bitcoins price drop has dragged altcoins with them, and, as a result, a more pessimistic sentiment has started to brew among some sectors of the crypto community. Analysts and traders have reassured investors that the market fluctuations are a normal part of the journey. Some urge the community to look at the bigger picture, as altcoins remain above levels not seen in years. Related Reading: Traders Forecast Massive Rally For Altcoins, But Why Is Sentiment Down? Renowned crypto analyst Altcoin Sherpa weighed in on the matter, exploring some of the reasons and differences that make this bull cycle different from the 2020s. Time For An Altcoins Cool-Off? In an X post, Altcoin Sherpa asserted that theres a high possibility that altcoins are done for the next 1-4 months. The analyst considers that, right now, most of the market needs time to chill out and consolidate after such a big run. Despite recently falling below the $1 trillion market capitalization, altcoins have performed remarkably in the last few months. In 2024, cryptocurrencies market cap, excluding Bitcoins, has increased by 22.79%, according to TradingView data. Altcoins market cap has also considerably surged in longer timeframes, with a 91.31% and 52.46% jump in the last six months and the past year. This big run, as Sherpa called it, sits the cryptocurrency market at levels like those seen in 2022. However, what worries the crypto analyst is, despite the overall performance, many alts didnt even run that hard over the last few months. He illustrated his point with Chainlinks native token, LINK. Despite the +500 days of accumulation, LINK investors only got 3-4x gains depending on when they go in. Now, the tokens price is strongly pulling back. Expectations for altcoins during this cycle seemingly play a significant role in the current sentiment. As one X user pointed out, LINK was anticipated to be one of the biggest winners of this cycle, Sherpa replied that he expected more lol. The user playfully commented, No dino coins and new and shiny coins are the better bet. How Did The Market Change? The previous comment highlights what appears to be a significant difference between this bull run and the 2020s. Choosing your bag has become more difficult since the market has expanded significantly. Sherpa considers that now more than ever, it is super important to choose the altcoins that are going to run hard. In 2020, the massive altseason made everything go up consecutively. This time, the liquidity is more fragmented, and only a few sectors are pumping. The AI and memes sectors have been the hottest topic in 2024, and layer-1 (L1) tokens, like SEI, have also performed well. Everything else? Not great, remarked Sherpa. The massive number of tokens, both newly launched and old ones, are finding it more difficult to capture mindshare/attention. Regarding retail investors, the analyst is not surprised that the default choice is memecoins instead of trying to learn about some DeFi veRewards type of stuff. Or Oracle or L1s or modular or anything else. The analyst suggested investors move to real value like ETH and SOL. He also considers that big token launches, with significant money behind them, have some real value. These coins, as stated in the post, have the potential to do very well once Bitcoin stabilizes. Sherpas market analysis closes with a pretty bearish outlook for the following months. The growing difficulty in keeping user attention and for people to become strong users/community members for many projects has made the market a different playground. Ultimately, the analyst pointed out that portfolio rebalances are necessary and said he still believes this run is not over. Related Reading: Crypto Analyst Says Dont Buy Altcoins Just Yet Heres Why Altcoins market cap sitting at $981 billion in the weekly chart. Source: TOTAL2 on TradingView Featured Image from Unsplash.com, Chart from TradingView.com

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BlockDAGs Astonishing 2380% RiseCould It Hit $1 by 2025? Insights on Dogecoin Market Cap & ADAs Price Outlook

See why BlockDAGs massive $205 million presale and its 2025 price target are turning heads. Plus, updates on Dogecoin market cap and Cardanos price prediction.

The post BlockDAGs Astonishing 2380% RiseCould It Hit $1 by 2025? Insights on Dogecoin Market Cap & ADAs Price Outlook appeared first on Kanalcoin.

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Stablecoin Cap Shows Early Sign Of Reversal, Why This Could Benefit Bitcoin

Data shows the stablecoin market cap has returned toward equilibrium and may be gearing up for a reversal. Here’s how Bitcoin could benefit from this. Aggregate Stablecoin Market Cap Change Has Returned To Equilibrium According to data from the on-chain analytics firm Glassnode, the aggregate stablecoin market cap had previously been in a decline for around 14 months. The “aggregate stablecoin market cap” here refers to the combined market cap (that is, the total valuation in USD) of the top five stables in the sector. More specifically, the relevant stablecoins in the current discussion are Tether (USDT), USD Coin (USDC), Binance USD (BUSD), Dai (DAI), and TrueUSD (TUSD). The complete supply of these stables is considered here, regardless of how it is distributed among the different blockchains. Related Reading: Bitcoin Rally Stalls As Short-Term Holder Exchange Inflows Intensify Historically, the combined market cap of these assets has held important information for the sector, as it can provide hints about whether capital is flowing into or out of the market right now. To track the flow of capital, Glassnode has looked at the 30-day percentage change in the aggregate market cap of these fiat-tied tokens. Here is a chart that shows the trend in this indicator over the past few years: The value of the metric seems to have approached the zero mark in recent days | Source: Glassnode on Twitter Naturally, when the value of this metric is positive, it means that the top 5 stablecoins have registered net inflows during the last thirty days. On the other hand, negative values imply outflows have taken place in the past month. From the graph, it’s visible that the 30-day percentage change in the aggregate stablecoin market cap was quite positive during the 2021 bull run. This would imply that these assets were constantly seeing an expansion in their supplies in this period. Usually, investors make use of stables whenever they want to escape the volatility associated with other cryptocurrencies. Such holders keep their capital in the form of these assets until they want to buy back into a volatile coin like Bitcoin or withdraw into fiat. Obviously, in the former scenario, the purchasing can have a positive effect on the price of the asset they are shifting into. During bull markets, a ton of capital flows into the sector, which is what helps sustain such rallies. Thus, it’s not a surprise that the stablecoin supply observed expansion during the 2021 bull run. As the bear market began in 2022, however, the indicator’s value decreased toward the zero level, implying that the outflows started to equal the inflows. A confirmed transition toward net outflows then occurred, as the bearish period kicked into full gear. There was a small period during the relief rally in the middle of the year where the 30-day percentage change again approached the zero market. A transition toward inflows, however, failed, and the indicator became negative once more. The negative values have continued until now, meaning that these top stablecoins have been observing net redemptions for 14 straight months. Recently, though, the metric has again neared equilibrium, meaning that there is potential for breaking into the inflows regime. Related Reading: Bitcoin Correlation To Gold, Silver Drops To Cyclical Lows: Glassnode It’s unclear whether this reversal will be complete, or if a rejection will happen like during the aforementioned relief rally. If the stablecoin market cap does begin to see an expansion, then it would be a bullish sign for Bitcoin, as it would mean that there is now more capital present in the market in the form of the stables, which may be used to purchase the asset. BTC Price At the time of writing, Bitcoin is trading around $30,400, up 1% in the last week. BTC continues to move sideways | Source: BTCUSD on TradingView Featured image from CoinWire Japan on Unsplash.com, charts from TradingView.com, Glassnode.com

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Research Shows Asia as Center of Blockchain Gaming

Asia has the majority of gamers around the globe. Thus, game developers who will integrate blockchain technology will attract web3 adoption.

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Shiba Inu Declines 6%, Gets Flipped By Litecoin In Market Cap Again

Shiba Inu has once again been flipped by Litecoin in terms of market cap as the meme coin has recorded losses of 6% in the past 24 hours. Shiba Inu Is Down More Than 6% Today The year 2023 so far has overall been a pleasant time for SHIB holders as the coin is up around 40% year-to-date. But in the past day, the market hasn’t been so kind on the meme coin as its price has observed some significant decline. At the time of writing, Shiba Inu is trading around $0.00001132, down 6% in the last 24 hours. Here is a chart that shows the trend in the price of the asset over the past month: The value of the crypto seems to have sharply risen during this period | Source: SHIBUSD on TradingView As can be seen in the above graph, Shiba Inu caught an upwards momentum in the first week of this month and continued to rapidly rise until forming a local top above the $0.00001270 level around a week ago. In the days that followed, however, the coin mostly displayed a sideways movement, until today came around and the asset plunged. Related Reading: Bitcoin Price Just Saw Technical Correction But Key Uptrend Support Intact Over the last seven days, SHIB is now down around over 8%. For comparison, rival coin Dogecoin has only seen a decline of less than 2% in this period, while Bitcoin has observed decent profits of almost 7%. One question arises here: why did Shiba Inu see such a drop? According to crypto whale tracker service WhaleStats, the DOGE-cousin coin has been the most traded token among the top 100 Ethereum whales today: ?? JUST IN: $SHIB @Shibtoken flipped $NMR for MOST TRADED token among top 100 #ETH whales Check the top 100 whales here: https://t.co/N5qqsCAH8j (and hodl $BBW to see data for the top 5000!)#SHIB #NMR #whalestats #babywhale #BBW pic.twitter.com/WnD70M3mVj — WhaleStats (tracking crypto whales) (@WhaleStats) January 25, 2023 While high trading activity from whales can sometimes have a bullish effect on the price, as it may be a sign of accumulation from them, today’s movements from this cohort may actually have been done with the purpose of selling instead, which would provide an explanation behind the decline in the crypto’s price. Related Reading: Repeat Of April 2019? Bitcoin Rally Shows Similar Break Above These Key Levels Nonetheless, the 500 largest ETH whales were still holding onto more than $600 million worth of SHIB as of yesterday, so even with some short-term selling today, this cohort might have some large long-term positions still set up. ?? The top 500 #ETH whales are hodling $606,186,035 $SHIB$149,861,656 $BEST$87,204,580 $LOCUS$82,520,983 $MATIC$70,925,015 $BIT$68,961,547 $LINK$64,312,686 $QNT$62,585,574 $UNI Whale leaderboard ??https://t.co/tgYTpOm5ws pic.twitter.com/5EWZ77PN4k — WhaleStats (tracking crypto whales) (@WhaleStats) January 24, 2023 Litecoin Has Flipped SHIB In Market Cap Again Litecoin and Shiba Inu have been fierce rivals on the list of the top cryptocurrencies by market cap in recent weeks, with both coins getting a chance to take the lead at a few different points. With SHIB’s most recent drawdown, LTC has once more overtaken the meme coin as its decline hasn’t been as sharp. The below table shows where the two coins stand in the wider crypto sector right now. Looks like SHIB has a market cap of $6.2 billion now | Source: CoinMarketCap From the table, it’s visible that Shiba Inu has now dropped to being the 14th largest crypto in terms of market cap, while Litecoin has moved up to the 13th position. The coin just below SHIB is the stablecoin Dai, and it’s not too far off from the meme coin’s market cap. This means that if SHIB continues to decline, it may quickly fall down to the 15th spot. Featured image from Ferhat Deniz Fors on Unsplash.com, chart from TradingView.com

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Litecoin Surges 7% In Strong 2023 Start, Jumps To 12th On Market Cap List

Litecoin has kicked off 2023 to a bright start as the crypto has surged 7% in the last 24 hours and has climbed to 12th on the market cap list. Litecoin Starts 2023 On A Positive Note 2022 was a terrible year for the entire cryptocurrency sector as the long bear market resulted in losses of more than 50% for most of the coins. Litecoin was no exception; the asset ended the year with a drawdown of about 53%. This year, however, may very well turn out to be different for LTC as the coin seems to have observed a strong start so far. At the time of writing, Litecoin is trading around $75, up 7% in the last 24 hours. The below chart displays the recent trend in the crypto’s price. Looks like the value of the crypto has shot up during the past day | Source: LTCUSD on TradingView The reason why this year could be better for LTC investors is that the next halving is set to take place this year. A “halving” is a periodic event where the block rewards of miners are permanently cut in half, meaning that the supply production of the coin itself is halved. Related Reading: Most Public Crypto Firms Underperformed Bitcoin In 2022, Miners Hit Worst Since supply being constrained like this makes the asset scarcer, such an event can have a bullish effect on the price. Therefore, Litecoin holders have been hoping that a rally would build up soon, ahead of the halving scheduled for this August. As the graph shows, Litecoin has certainly already made a great start to the year, observing sharper upwards momentum than any other top coin. Though, currently, it’s unclear whether this would be the push that leads the coin to a proper halving rally, or if it’s another temporary rise before the real rally starts. Despite LTC’s poor performance during 2022, there were still some positive takeaways for the coin. For example, the network processed over 39 million transactions in the year, a new record. The Litecoin Network completed over 39 million transactions in 2022. A new record! ?$LTC? pic.twitter.com/DXbnuur2tI — Litecoin (@litecoin) December 31, 2022 Also, the chain added 52 million new addresses in 2022, the second highest out of all the cryptocurrencies. Litecoin added 52 million new addresses to the network in 2022. The second most of any crypto. #YearInReview pic.twitter.com/p5jAr9wZI0 — Litecoin (@litecoin) December 30, 2022 These achievements show that Litecoin is still very popular among users who want a reliable network for making cheap transactions, and continues to see more adoption. Related Reading: Ethereum Finishes 2022 With ATH Correlation To Bitcoin, Despite The Merge LTC Is Now The 12th Largest Crypto In The Sector The recent amazing growth in Litecoin has meant that its standing on the top crypto by market cap list has improved. Here is a table that shows where LTC ranks among its peers now: Shiba Inu (SHIB) seems to be 15th at the moment | Source: CoinMarketCap As shown above, Litecoin has now overtaken Polkadot (DOT) to become the 12th largest coin in the market. Also, LTC’s cap is currently quite close to Dai (DAI), which means that with some more growth, the crypto can easily take the 11th spot from the stablecoin as well. Featured image from Michael Förtsch on Unsplash.com, chart from TradingView.com

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Litecoin Continues To Slide, Now Below Shiba Inu In Market Cap

Litecoin has been having a hard time recently, and it would appear that its struggles haven’t stopped yet as the coin has now dropped below Shiba Inu in terms of market cap. Litecoin Has Taken A 15% Beating During The Past Week While the last week has been red for most of the coins in the crypto market as the FUD due to the controversy around Binance’s Proof-of-Reserves has spread, LTC has taken an especially hard hit during the period. At the time of writing, Litecoin is trading around $63, down 1% in the last 24 hours. Here is a chart that shows how the price of the asset has changed in the last five days: The value of the crypto seems to have gone down recently | Source: LTCUSD on TradingView As the above graph displays, it was only a few days ago that Litecoin was still above the $75 level. The coin had been consolidating between this level and $80 since the last week of November, but now this sideways trend seems to have fully broken down as the coin has rapidly dropped in value during the last few days. Related Reading: Bitcoin Price Prints Bearish Technical Pattern, Why It Could Continue Lower The asset has now lost the $65 level, which means it has almost entirely retraced the gains of the 22 November rally. As it currently stands, LTC is down almost 15% during the past week. For comparison, Bitcoin and Ethereum are only down 1% and 4%, respectively, in the same period. In terms of monthly returns, Litecoin holders are still in a profit of about 2%. The coin is still in the green for this period thanks to the strong November rally, which some thought would lead to a pre-halving bull run for the coin, as its halving, an event where its block production rate will be cut in half, is scheduled for next year. As it turns out, this rally wasn’t what some believed it would be, since LTC has already lost most of its gains. LTC Is Now Below Shiba Inu (SHIB) In Market Cap As a result of Litecoin’s recent sharp downtrend, the cryptocurrency’s market cap has rapidly gone down. Since its competitors haven’t seen losses to such a degree, LTC’s market cap has seen a relatively sharper decline, leading to it dropping spots on the top cryptocurrency list based on market cap. Related Reading: Stablecoins Flow Into Spot Exchanges, Fuel For Christmas Bitcoin Rally? The below table shows where the asset stands in the wider crypto market at the moment. Looks like LTC is now only the 15th largest coin in the sector | Source: CoinMarketCap Litecoin had recently dropped to 14th on this list, but its continued decline has meant that it has now lost the spot to meme coin Shiba Inu. Featured image from Unsplash.com, chart from TradingView.com

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Bitcoin Market Cap Falls By $315 Billion As Crypto Adoption In 2022 Fails To Materialize

Cryptocurrencies’ values have been diving due to the current bloodbath in the crypto market. Likewise, the largest and most popular cryptocurrency, Bitcoin, also continues to lose its value. The coin has consecutively dropped since the year 2022 has turned. Per the statistics provided by Tradingview.com, the market value of the giant Bitcoin was fledging around $883.89 billion on January 1. However, after the continuous downtrend in the value, its market capitalization as of May 10 stands around $568.55 billion. Related Reading | Market Downtrend Trigger Bitcoin Inflows From Institutional Investors It means that the Bitcoin market cap has lost more than 35% by outflowing $315 billion since the beginning of the year. The DeFi asset’s drop in price has similarly declined the DeFi market cap. Meanwhile, Bitcoin faced an ever-decreasing price falling from $46,726 on January 1 and trading at $29,865 as of May 11. In other words, the BTC price at the time of writing had lost 35%. Or say the price has decreased by $17,861 compared to its value before the year started.  Crypto Bloodbath Occurs Amidst Bitcoin’s Growing Adoption Bitcoin’s inability to capitalize on the crypto adoption of 2022 across the global industries, became the reason for these year-to-date (YTD) losses. It also encircles the recent adoption of Bitcoin in the Central African Republic (CAR), the second country after El Salvador to make Bitcoin a legal tender. In terms of the adoption, the Bitcoin network has reportedly installed 3,000 ATMs in 2022 where users can buy and sell Bitcoins. The number of such machines is 37,338 as of May 11. Players in the industry put their efforts in 2021 to spread the growth of Bitcoin, installing over 10,000 ATM machines globally.  It is not only Bitcoin that recorded increasing adoption; nearly 700 new cryptocurrencies and 30 crypto exchanges have rolled out solely in March. At the time of writing this news piece, 19,384 cryptocurrencies are circulating in 525 total crypto exchanges. Cryptocurrency Is Now Linked With Stocks Cryptocurrencies’ relationship with stocks has grown up since many financial institutions have adopted blockchain technology over the past year.  Traditional financial markets, alongside the crypto industry, have been seeing a big sell-off due to tightening monetary policies of the Federal Reserve spreading fear. Therefore, Wall Street is having difficulty, and its index has decreased by 3.75%. Related Reading | Bitcoin Long-Term Holders Start Capitulating Amid Panic Bitcoin’s price lastly went below $30,000 in July 2021 when its value reached the $29,301 mark before rebounding. “Bitcoin could perhaps receive a mini-bounce near $35,000, but unless we break the trend line at around $37,000, I’m predicting for $29,000 in the coming weeks or week,” said Wendy O, a crypto analyst, in a new social media video. Many investors called BTC the gold of the digital era and a potential safety investment posing inflation hedge. But, seeing the volatile price actions of cryptocurrencies, the market doesn’t consider virtual assets as a reliable value repository. Featured image from Pixabay and chart from TradingView.com  

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Bitcoin Indicators Looking Nearly Identical To 2017, According To Analyst TechDev

Crypto market analyst TechDev is weighing in on his perspective for the remainder of the Bitcoin bull run.  Covered:  Bitcoin Flashback to 2017 Altcoin Market Update Bitcoin (BTC) is trying to hold the line above $58,000 USD. After breaking through resistance from its April highs, Bitcoin ran to a new all-time high of $69,000 before […]

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Bitcoin reaches 50% market dominance for first time in 2 years

Bitcoin (BTC) dominance, the measure of how much Bitcoin makes up of the total crypto market cap, has breached the 50% mark. On June 19 at 6 pm UTC, Bitcoin dominance hit just above 50% and has since settled to 49.9% at the time of publication, according to data from TradingView. This means that Bitcoin [...]

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Dogecoin Trounced: Chainlinks 34% Jump Kicks DOGE Out Of Top 10 List

After Chainlinks impressive run of more than 34% over the past week, LINK has dethroned Dogecoin (DOGE) from the top 10 crypto by market cap list. Chainlink Has Pulled Away From The Crowd With A Sharp Surge Recently While most cryptocurrency sectors have observed minimal movement recently, Chainlink has emerged as an outlier, enjoying a [...]

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Stablecoins Join The Crypto Bull Run With $140B Market Cap, Highest Since 2022

February has been an overall notable month for cryptocurrencies and the crypto industry. Weve seen Bitcoin and Ether, the two largest cryptocurrencies by market capitalization, reach milestones not seen since the crypto winter started. The bull run has seemingly started, as many analysts and investors have announced, and it appears to be following a 2-year [...]

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Altcoin Market Cap Break From Wyckoff Accumulation Phase: Will Ethereum, XRP Fly?

In a post on X, one analyst observes that the altcoin market capitalization has broken from the Wyckoff accumulation phase. With this upswing, the trader expects altcoin prices to move higher. This refreshing breakout coincides with Bitcoin’s (BTC) stellar performance when writing on February 28. At spot rates, the coin is trading above $60,000, a psychological round number- now supported- and is closely approaching $70,000.  The Altcoin Breakout From Accumulation The “Wyckoff accumulation pattern” is a concept developed by technical analysts to pick out potential buying opportunities, in this case, altcoins. Whenever prices are in this phase, it is widely believed that the so-called “smart money” or large institutional players are accumulating at low prices.  Currently, prices consolidate at tight ranges and with low trading volumes. A signal marking the end of this accumulation is a sharp breakout, lifting prices above the defined range. Often, this upswing is with rising trading volume.  Related Reading: Ethereum Price Primed To Hit $3.5K After Bitcoin Rallies Past $60K Looking at the chart, the altcoin market cap has broken above the accumulation phase. With previous resistance and support, the altcoin market cap will likely continue floating higher. As such, top altcoins, including Ethereum (ETH), Solana (SOL), and XRP, will follow suit, posting fresh 2024 highs.  Why Spot Bitcoin ETFs Give BTC Edge In This Bull Run So far, Bitcoin is leading the way, posting over $10,000 in less than a week. However, with the coin trading above $60,000, its demand-side drivers differ entirely from what’s influencing altcoins. The approval of spot Bitcoin exchange-traded funds (ETFs) by the United States Securities and Exchange Commission (SEC) has seen billions of dollars flow to the world’s first cryptocurrency. Therefore, while altcoins have historically outperformed BTC when crypto prices rally, there is an edge with spot Bitcoin ETFs. As such, this bull run will likely differ from 2017 and 2021. This forecast is because institutions will likely favor a regulated asset over altcoins whose status remains undefined.  As of late February 2024, the United States SEC has not approved spot ETFs of any altcoin, including that of Ethereum. Additionally, the agency has labeled several top altcoins, including Cardano (ADA), unregistered securities. The agency even filed lawsuits against major exchanges like Binance and Coinbase, accusing them of facilitating the trading of what the commission described as “unregistered securities.” Related Reading: CEO Of German VC Firm Predicts XRP To Become World Reserve Bridge Currency It is not immediately clear whether the United States SEC will change their preview of leading altcoins, especially Ethereum (ETH), which has a market of over $400 billion. Wall Street heavyweights like BlackRock and Fidelity remain interested in launching spot Ethereum ETFs.  Feature image from DALLE, chart from TradingView

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XRP Market Cap: Is XRP Set to Flip Bitcoin in Market Capitalization?

Let's break down the current market scenarios and implications of Ripple's recent legal victory. Let's take a look at this XRP market cap article

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