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Altcoins Including ETH, SOL, SUI, LINK Take Charge
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2 hours agoon
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adminThe broader cryptocurrency market has displayed a strong show over the weekend with the Bitcoin (BTC) price rallying close to $70,000 and altcoins taking the charge in a fresh surge. With 3.72% gains in the last 24 hours, Ethereum (ETH) leads the alt space shooting all the way to $2,750 levels. The recent crypto market rally sees participation from other alts like SOL, ADA, SUI, LINK, and others.
Altcoins Take Charge of the Crypto Market Rally
After holding strongly to $2,600 levels during the past week, market analysts believe that the Ethereum price has largely bottomed with 11 weeks of accumulation and is heading for a rally to $3,000 and above. Also, with Donald Trump’s odds of winning the next US Presidential election on the rise, investors are cheering with a broader crypto market rally.
The technical chart by Crypto McKenna clearly shows that ETH is forming an inverse head and shoulders pattern. Thus, it could continue its rally further to $3,000, and a further breakout above this could trigger a rally to $4,000 levels.
On the other hand, Ethereum competitor Solana has extended its rally with an additional 6.39% gain and is moving all the way to $170. levels. For the past several months, the SOL price has remained range bound between $130-$210. Popular crypto analyst Peter Brandt stated that the SOL is forming a cup and handle pattern on a multi-year chart. Thus, a breakout above $210 would set the stage for the Solana price rally.
Another altcoin joining the crypto market rally, and everyone’s favorite recently, is SUI. While comfortably taking support at $2.0, the SUI price has reversed its trajectory and is currently trading 33.88% up at $2.15. The SUI price, which is already up by a staggering 460% over the past year, is set to continue to rally further to $2.60, noted crypto analyst Ali Martinez. He added that as long as SUI holds $2.0 and reverses its trajectory, it will continue to rally to $2.60.
$SUI remains within a rising parallel channel, signaling a possible bounce that could push it to $2.60! Keep an eye on the key $2 support level, though, for any potential trend shifts. pic.twitter.com/mM9iyFaYNW
— Ali (@ali_charts) October 20, 2024
Will Bitcoin (BTC) Follow With New All-Time High?
The world’s largest crypto Bitcoin (BTC) has staged a strong recovery with more than 7% gains over the past week being very much part of the crypto market rally. However, the BTC price still needs to clear past the $70,000 resistance to hit a new all-time high in October. On the other hand, the Bitcoin futures open interest is surging pretty fast showing that investors continue to remain bullish over the long term.
Last week, the US spot Bitcoin ETFs netted more than $2.4 billion in weekly inflows amid the growing optimism and outlook ahead of the US elections. Republican candidate Donald Trump is openly pro-crypto, with Bitcoin often being considered a “Trump trade”. David Lawant, head of research at crypto prime broker FalconX said:
The Bitcoin options market indicates that “forward implied volatility is heavily clustered around the election day and somewhat subdued leading to it and some time after it”.
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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Ripple CLO Reveals The Likely Outcome Of The SEC Appeal
Published
8 hours agoon
October 20, 2024By
adminStuart Alderoty, the Chief Legal Officer (CLO) of Ripple, recently provided an insightful perspective on the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). As the case progresses, Alderoty suggests that the possibilities range from a full affirmation of Judge Torres’s decision by the Second Circuit to a potential expansion of her rulings.
A less likely outcome, according to Alderoty, could see the case remanded back to Judge Torres for further deliberation.
Ripple CLO Stuart Alderoty Shares Major Insight Ahead of SEC Appeal
In a recent post on X platform, Alderoty suggested that the Second Circuit, might either affirm the decision by Judge Analisa Torres or possibly expand on her ruling. Further, Ripple CLO expressed confidence in the XRP company’s position, noting that the best outcome the SEC could hope for would be a remand to the lower court.
He highlighted the improbability of the appeal succeeding in overturning Judge Torres’s original decisions, suggesting that the best the SEC could hope for would be a remand.
Such a scenario would reopen Ripple’s original defenses, including the “Fair Notice” defense. This defense questions whether a party of ordinary intelligence would have known that their actions were against the law. Alderoty said,
“ The SEC could end up arguing to Judge Torres that she wasn’t a person of ‘ordinary intelligence’ when she ruled against them. Awkward.”
Additionally, the Ripple CLO drew an analogy between the SEC’s persistent legal pursuit and the literary work “Moby Dick,” with SEC Chair Gary Gensler cast in the role of Captain Ahab. More so, Ripple CLO humorously added that the situation now mirrors comedic elements similar to the movie “My Cousin Vinny.” This light-hearted comparison underscores the perceived overreach and determination of the SEC in its regulatory enforcement against Ripple.
Previous Rulings and Community Reactions
In the earlier stages of the litigation, the court ruled in favor of Ripple, rejecting the Securities and Exchange Commission’s arguments regarding XRP status as a security. Most recently, Alderoty shared updates with the XRP community, reassuring them that the verdict that “XRP is not a security” remains unchallenged. This clarification boosted community sentiment, with expectations of a potential rebound in XRP price.
In addition, legal analysts like James Murphy and Fred Rispoli, along with former Securities and Exchange Commission lawyer Marc Fagel, have commented on the proceedings. They highlighted that while the SEC opted not to appeal the decision on disgorgement during the remedies phase, the final judgment remains open for argument in the appellate briefs.
However, despite the Ripple vs SEC legal challenges, the impending launch of its RLUSD stablecoin could elevate XRP price towards $2 milestone.
At press time, XRP price is $0.54, marking a 3.5% increase over the past week. The cryptocurrency’s market cap stands at $30 billion, with a 24-hour trading volume of $622 million.
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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Why Is The ApeCoin Price Up 100% Today?
Published
15 hours agoon
October 20, 2024By
adminApeCoin (APE), a fundamental asset within the Yuga Labs ecosystem, has witnessed a remarkable price surge of over 100% today. This increase in value is attributed to the recent launch of new technological advancements and incentive programs that will enhance user engagement and expand utility across its network.
ApeCoin Price Skyrockets Due to LayerZero Integration
ApeCoin has recently upgraded its smart contract to integrate with Layer Zero’s Omnichain Fungible Token (OFT) standard. This development allows APE to function as a utility and governance token and as the native gas on its blockchain, ApeChain.
More so, the integration ensures that APE can transfer across ApeChain, Ethereum, and Arbitrum. This sets a new standard for token interoperability and functionality.
Moreover, the introduction of a Native Yield mechanism, developed in collaboration with Decent.xyz, is another notable enhancement. It enables ApeCoin holders to automatically earn yields on their tokens without manual intervention.
This feature is the default for all externally owned accounts (EOAs), where yields accrued are added directly to the user’s balance with each new block.
Market Response and Liquidity Boost
The market has responded positively to these updates, with ApeCoin’s trading volume surging over 6,400% to reach $1.84 billion. The positive market response and ApeCoin price surge is reflected in its market cap, which has crossed the $1 billion mark increasing over 100% in 24 hours.
In addition, the liquidity on ApeChain has been boosted by the introduction of bridges that facilitate the migration of APE, ETH, and various stablecoins between networks. This capability has enhanced the fluidity of asset movement, attracting both developers and investors to the ecosystem.
Similarly, ApeChain’s performance since the update has been impressive, with over $25 million in volume traded within the first 12 hours. This activity includes the creation of 148 liquidity pools and the execution of 62,700 transactions, indicating robust engagements.
ApeChain is off to a strong start, with $25m volume traded in the first 12 hours 🍌
Over 148 pools have been created with 62,700 transactions. Memes launched on @ape_express_ are then traded on Camelot.
Be a Knight and start aping now 👇https://t.co/aRc3dH1Iry pic.twitter.com/QOCBvjeKzn
— Camelot (@CamelotDEX) October 20, 2024
Expanding Utility and User Incentives
In addition to technological upgrades, ApeCoin has announced a core user incentive program will go live soon. Although specifics of the program are pending, its expected implementation may further boost ApeCoin price.
The expansion of ApeCoin’s utility beyond transactional purposes, encompassing governance within the ApeCoin DAO and usability in real-life purchases, boosts APE value. More so, the broadened functionality aligns the token more closely with the needs and expectations of its user base.
At press time, ApeCoin price is $1.51, reflecting a substantial increase of 103.21% in the last 24 hours.
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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BTC At $68K, XRP Lawsuit & Meme Coins Steal Spotlight
Published
24 hours agoon
October 20, 2024By
adminThe crypto market concludes another week with remarkable developments unfolding across the broader sector. Against the backdrop of an ‘uptober’ rally sentiment, Bitcoin (BTC) closed the week at the $68K level, whereas the meme coins sector stole the spotlight with attention-nabbing gains. Simultaneously, the XRP lawsuit saw new developments, sparking investor speculations over Ripple’s coin’s price.
Here’s a brief report on some of the top crypto market headlines reported by CoinGape Media over the past week, which have echoed a frenzy across the broader market.
Bitcoin Holds $68K Sparking Optimism
BTC price held the $68K level as this week ended, primarily due to bullish market dynamics. Spot Bitcoin ETFs recorded $2.13 billion in inflows over the past seven days, underscoring increased institutional interest in the asset. Simultaneously, Robinhood rolled out plans for Bitcoin and Ethereum futures trading this week, adding to optimism surrounding the assets.
Japan revealed plans to unveil a massive stimulus package, exceeding last year’s $87 billion injection, this week. This development has added to optimism surrounding BTC price movements.
Further, American entrepreneur Elon Musk’s Tesla moved a $760 million BTC stash this week, adding to investor speculations. Also, the leading publicly listed German firm Samara AG revealed plans to add more BTC to its holdings. In addition, Mike Novogratz’s Galaxy Digital also bagged nearly 500 BTC this week, sparking market discussions. Altogether, the flagship crypto leverages significant buying pressure this week amid recent market events.
XRP Lawsuit Sees New Developments
Simultaneously, the XRP lawsuit saw a riveting turn of events this week. The U.S. SEC filed Form C as a part of its appeals against Ripple recently. However, the XRP community rejuvenated as the XRP status as a non-security was not appealed.
Subsequently, attorney Fred Rispoli criticized Ripple execs Brad Garlinghouse and Chris Larsen for questioning some SEC charges rather than missing a chance for a full trial defense. On the other hand, Ripple announced Uphold and Bitstamp as exchange partners for the RLUSD stablecoin launch. Further, XRP whales continued dumping to exchanges, raising market speculations. Overall, the abovementioned developments brought significant attention towards Ripple’s native crypto, XRP, which closes the week at the $0.54 level.
Meme-themed Crypto Echo Frenzy
Simultaneously, the meme coins sector saw attention-nabbing developments this week. Dogecoin price kicked the week off optimistically, gaining amid Elon Musk’s donation worth $75 million to elect Donald Trump. Meanwhile, DOGE whales took action to accumulate heavily, adding to optimism over the asset’s price movements. DOGE price closed the week at the $0.14 level. Further, Grayscale hinted at a potential listing looming for the meme token.
In the interim, Goatseus Maximus (GOAT) price soared heavily amid a major listing this week, emerging as the talk of the crypto town.
On the other hand, Shiba Inu reverberated optimism in light of remarkable ecosystem developments. The SHIB burn soared remarkably in the past seven days. Whilst Shytoshi Kusama revealed a game-changing partnership for the SHIB financial layer.
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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