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Altcoin Rally Won’t Happen Until 2025 As Bitcoin Eyes 60% Market Dominance

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5 hours ago

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While the Bitcoin (BTC) price has been eyeing a move above $70,000 recently, top altcoins like Ethereum (ETH), BNB, and Solana (SOL) have picked up much pace in this resurgence. Market analysts believe that it’s too early to call for an altcoin rally and might not happen in the fourth quarter of this year.

Don’t Expect An Altcoin Rally in Q4 2024, Here’s Why

Popular crypto analyst Benjamin Cowen stated that the current drop in the ALT/BTC pairs is mainly due to the drop in the net liquidity along with the strengthening of the U.S. Dollar Index (DXY). He believes that this trend will continue until 2025 while pushing the Bitcoin market dominance even higher this quarter.

Cowen predicts that BTC dominance will peak around 60% between September and December 2024, and might as well overshoot this milestone. He expects the dominance uptrend to end by early January 2025.

However, with the potential for interest rate cuts and the reintroduction of quantitative easing (QE), Cowen suggests that 2025 will bring about different market conditions that could shift the dynamics for altcoins. Here’s the list of some best altcoins to bet on before the rally begins.

Bitcoin Eyes 60% Market Dominance

As the odds of a Donald Trump victory in the upcoming US Presidential elections improve, analysts are hopeful that he might end the crypto regulatory headlock as seen during the Biden administration.

On the other hand, the demand for spot Bitcoin ETFs has skyrocketed this week clocking nearly $1.4 billion in inflows within the first three days of the week. The BlackRock Bitcoin ETF IBIT has been leading the pack taking its total inflows above $22.5 billion since inception in January. Vetle Lunde, the Head of Research at K33 Research writes:

“After super strong ETF flows lately, new milestones have been reached! Yesterday, U.S. spot ETFs surpassed 950,000 BTC under management, marking a new all-time high. These relentless flows have pushed global BTC ETP beyond 1.2m BTC for the first time”.

Another reason why Bitcoin dominates over altcoins is that the BTC whale transactions have reached their highest in over 10 weeks with 11,697 transfers exceeding $100,000 on Tuesday, earlier this week.

Furthermore, on-chain data provider Santiment reports that social media discussions have shifted heavily toward Bitcoin over altcoins, with the leading cryptocurrency accounting for more than a quarter of all crypto-related conversations. This comes as Bitcoin’s price surpassed $68,000 for the first time since July, drawing heightened attention from traders.

Courtesy: Santiment

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Robinhood Announces Bitcoin and Ethereum Futures Trading, Launches ‘Legend’

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8 hours ago

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October 17, 2024

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Robinhood, a commission-free stock trading and investing platform, has announced Bitcoin and Ethereum futures trading. The company has also launched the desktop trading platform ‘Legend‘ and added futures trading and index options on mobile for active traders.

Robinhood to Offer Bitcoin and Ethereum Futures Trading

Robinhood kicks off its first-ever customer-focused conference HOOD Summit in style by announcing several products and services. It launched the long-awaited desktop platform ‘Legend‘ and added futures and index options trading features to its mobile app on Wednesday. It also announces HOOD Week, offering exclusive bonuses to users for transfers from external brokerages.

The company said they are launching futures trading directly in the app, enabling customers to trade the S&P 500, oil, Bitcoin, and more in the coming months. The crypto offerings include Bitcoin contracts, micro Bitcoin futures, Bitcoin Friday futures, Ethereum futures, and micro Ethereum futures.

We’re doing futures the Robinhood way,” said JB Mackenzie, VP and GM of Futures and International at Robinhood. “With some of the lowest fees in the industry and an elegant mobile user interface that allows customers to trade simply, quickly, and efficiently, there will be no reason to trade futures anywhere else.”

Customers will be able to trade with one tap and no PDT rules, enjoy low commissions, get 60/40 tax treatment, and trade in a nearly 24-hour trading window.

Recently, the company launched crypto transfers in Europe, enabling users to deposit and withdraw more than 20 cryptocurrencies and also earn a 1% yield on deposits. However, it excluded XRP, TON, ZK, W, ARB, ATOM, DOT, EOS, FTM, JUP, NEAR, OP, & TIA from service.

Legend Desktop Platform To Boost Markets?

The company continues to expand into the financial services industry, with focus now on derivatives as a bid to compete with established players. The Legend platform will allow users up to eight charts opened in a single window, offering more technical indicators available for traders than its competitors.

“With Robinhood Legend, futures, and index options, we’re helping customers harness the full power of the markets so they can take control of their financial future,” said Vlad Tenev, Chairman and CEO of Robinhood.

The company believes its products and services will boost adoption, including in the crypto markets similar to the case in 2021.

HOOD stock price closed 0.49% higher at $26.93 on Wednesday. It rose 2.49% after market hours and likely to open higher today amid the HOOD Summit.

Private wealth management company Bernstein projected Robinhood’s operating income to soar to about $900 million this year. Analysts at the firm wrote that the company is expected to notch revenues hitting $3.4 billion next year with its market capitalization soaring between $19 billion and $23 billion.

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Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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BTC Holds $67K, Altcoins Battle Turbulence, DOGE Up By 6%

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11 hours ago

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October 17, 2024

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The crypto prices today have shown fluxing trajectories, sparking investor speculations globally. While Bitcoin (BTC) price held the $67K level, Ethereum (ETH), Solana (SOL), and XRP prices embarked upon a rollercoaster ride, gradually entering the green territory. Simultaneously, Dogecoin (DOGE) emerged as the day’s top gainers, gaining alongside the broader market trend.

The global crypto market cap witnessed a slight 0.20% jump at press time to $2.32 trillion. However, the total market volume witnessed a 24.81% drop in value to $81.29 billion. Here’s a brief collection of some of the leading cryptocurrencies by market cap and their price movements today, October 17.

Crypto Prices Today: BTC, ETH, SOL, & XRP Jump

BTC price gained slightly to maintain a break above $67K today. Similarly, ETH, SOL, and XRP prices have followed, keeping a hold near the previous day’s levels. ETH rested at the $2,600 price level today, while SOL and XRP gained slightly below 1%. Let’s take a deeper dive into the coins’ prices.

Bitcoin Price Today

BTC price chart indicated a nearly 0.5% uptick in value and is currently trading at $67,518. The coin’s intraday low and high were recorded as $66,776.05 and $68,375.29, respectively. Bitcoin’s market cap rested at $1.34 trillion today. Simultaneously, Sosovalue data indicated that spot Bitcoin ETFs registered $458.54 million worth of inflows as of October 16, aligning with the coin’s slight pump. The flagship coin’s market dominance today increased by 0.08% to 57.50%. Intriguingly, a recent CoinGape Media report further revealed that new BTC whales held 1.97 million coins, pouring bullishness on the asset.

Ethereum Price Today

ETH price chart illustrated a 0.5% rise in value over the past day and is now trading at $2,633. The coin’s intraday low and high were recorded as $2,592 and $2,645, respectively. Further, the crypto’s market cap stood at $317.28 billion today. ETH rises against the backdrop of $24.22 million worth of inflows in spot Ethereum ETFs as of October 16.

Solana Price Today

Simultaneously, SOL price showcased gains worth 0.2% over the past day and is now trading at $154. Its intraday low and high were registered as $153.08 and $158.14, respectively. Solana’a market cap rested at $72.57 billion today. The coin gains in tandem with the broader market trend.

XRP Price Today

Meanwhile, XRP price illustrated a roughly 1% uptick in value and is currently trading at $0.5482. Its 24-hour low and high were recorded as $0.538 and $0.5531, respectively. XRP’s market cap was evaluated as $31.06 billion today.

Meme Coins Performances

The meme coins sector has shown noteworthy gains over the past day, garnering significant attention. Dogecoin (DOGE) price soared nearly 8% over the past day to $0.1254. Shiba Inu (SHIB) price jumped over 1% in the past 24 hours to $0.00001845. Also, even Pepe Coin (PEPE) and dogwifhat (WIF) soared nearly 1% today.

Top Crypto Gainers Prices Today

FTX Token

FTT price surged nearly 12% in the past 24 hours and is currently sitting at $2.08. Its intraday low and high were recorded as $1.78 and $2.29, respectively.

Mog Coin

MOG price soared nearly 8% over the past day and is currently trading at $0.00000205. Its intraday low and high were $0.000001837 and $0.000002109, respectively.

Bonk

BONK price gained roughly 9% over the past day and is trading at $0.00002444. The coin’s 24-hour low and high were $0.00002185 and $0.00002509, respectively.

Top Crypto Losers Prices Today

Hedera

HBAR price dipped nearly 6% in the past 24 hours, reaching $0.05297. Its intraday low and high were $0.05289 and $0.05622, respectively.

Ethena

ENA price cracked 9% over the past day and is currently sitting at $0.3996. The coin’s intraday low and high were $0.3838 and $0.4495.

Bittensor

TAO price tanked 6% over the past day, reaching $583. The coin’s 24-hour low and high were $572.64 and $633.38, respectively.

Besides, the hourly time frame charts sparked further optimism over the crypto prices today. Notably, BTC gained 0.12% while ETH gained 0.76% in the hourly duration, sparking investor optimism about future movements.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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ETH, WBNB, USDC Stolen as Radiant Capital Suffers $50M Loss

Published

14 hours ago

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October 17, 2024

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Radiant Capital, a decentralized finance (DeFi) lender, reported a significant security breach across multiple blockchain networks, resulting in substantial financial losses. On Wednesday, unidentified attackers exploited vulnerabilities in Radiant’s blockchain contracts on both the Binance Smart Chain (BSC) and Arbitrum platforms. 

This breach allowed the perpetrators to siphon off digital assets, including USD Coin (USDC), Wrapped BNB (WBNB), and Ethereum (ETH), totaling over $50 million.

USDC, WBNB, ETH Vanish in $50M Radiant Capital Cyberattack

In a recent report by web3 security startup Ancilia, the attack involved exploiting the ‘transferFrom’ function in the blockchain contracts. Through this vulnerability the attackers were able to perform unauthorized transactions from users accounts leading to the direct theft of USDC, WBNB, and ETH from Radiant’s liquidity pools.

The firm, however, stated that the exploitation of this function could have been prevented by the implementation of more security measures together with regular audits of contract changes.

In addition, revelations show that out of the eleven private keys used for protection and enhancement of the Radiant protocols, three had been tampered with. Security experts are investigating how the keys were obtained, suspecting a phishing attack on key holders or a compromised interface.

De.Fi Antivirus Web3De.Fi Antivirus Web3
Courtesy: De.Fi Antivirus Web3

Security Measures and Community Response

As a result of the breach, all the lending operations on the Binance Chain and Arbitrum markets initiated by Radiant Capital have been suspended. The organization has partnered with blockchain security companies, SEAL911 and Hypernative, to combat the issues and prevent other future cases.

Radiant has also called on its users to delete questionable approvals on their profiles and temporarily suspended new transactions.

The community response has been one of worry since similar incidents have occurred in the DeFi sector over the past few months. The loss at Radiant Capital poses a question about the effectiveness of existing measures to protect user’s assets.

Moreover, experts suggest that multi-signature wallets, although used by Radiant Capital, require real-time monitoring to prevent unauthorized access. Likewise, it increases support for the higher measures and enhance the protection against such ETH, WBNB, and USDC losses.

With higher regulatory attention towards the growing crypto hacks, Ilya Lichtenstein received a proposed 5 years imprisonment from the US prosecutors. This is for planning the 2016 hack of the Bitfinex exchange, where $6 billion was stolen. Lichtenstein pleaded guilty to charges of money laundering alongside his wife, Heather Morgan, who is facing an 18-month imprisonment.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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