Altcoins
Ethereum Breaking $3,100 Is ‘Just The Beginning’
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1 month agoon
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adminAnalysts see that Ethereum has the potential to reach a new all-time high by December after it achieved its first breakout in three months.
Its growth can be attributed to the growing optimistic sentiment on cryptocurrencies fueled by the results of the recently concluded national elections.
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Ether Breaks The $3,000 Barrier
Data has shown that Ethereum experienced a big price hike–a growth that analysts said could be the result of the triumphant victory of Donald Trump in the US elections.
Analysts said that the second largest crypto in terms of market capitalization was able to move past the “critical” $2,000 level, peaking at $3,179 on Sunday noon.
Ethereum’s price rally is being viewed as an indicator that after a period of stagnation, the digital currency will gain momentum and will be on the road to recovery, which is good news for ETH investors.
Many analysts suggested that the growth has something to do with the incoming Trump administration. During the campaign, Trump has already hinted that he is more inclined to have more favorable regulations on cryptocurrencies. Hence, his victory signaled great optimism about the future of crypto under his leadership.
Ethereum is among the digital currencies riding on this optimism, resulting in a 20% price hike in the past week.
Analysts also note that another major contributor to the bullish momentum is the significant increase in spot Ether ETF inflows. On November 8, data showed that inflows recorded a weekly high of $85.9 million, an indicator that investors are getting more confident about the long-term potential of Ether.
Ether market cap currently at $385 billion. Chart: TradingView.com
An All-Time High Is Possible
Market commentators said that many indicators showed that a new all-time high for Ethereum could be just around the corner, saying that it could reach $3,366 any time soon. They added that ETH increased by 8% last Thursday.
Analysts predicted that the crypto could hit a new all-time high by December, fueled by a growing demand for the top altcoin. One of these growth indicators is the coin’s open interest which is also on the rise.
#Ethereum $ETH at $3,000 today is just the beginning! https://t.co/gpAfqbe2v5
— Ali (@ali_charts) November 9, 2024
Reports illustrated that ETH’s futures open interest (OI) experienced a massive uptick. It increased by about 20% to $16.18 billion from $13.05 billion in the last two days.
Analysts explained that OI refers to the total number of outstanding contracts in a derivatives market. They added that if OI went up together with prices, it meant new funds were entering the market to fuel an upward trend.
If Ethereum’s OI keeps on growing, it might result in a massive price surge, propelling the digital coin to reach a new record high before the year ends.
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The $10,000 Projection
Analyst Ali Martinez forecasted that there is a possibility that Ethereum could reach the $10,000 mark, saying that breaching the $3,000 level is only the start of the upward price movement.
Martinez claimed that ETH is on the right trajectory to attain the $10,000 level, comparing the crypto to the S&P 500.
Geoffrey Kendrick of Standard Chartered agrees with the prediction, saying that ETH could hit that level soon.
Kendrick explained that the anticipation of clearer crypto regulations by the new administration and what is being perceived as a crypto-friendly government could fuel this massive growth.
Featured image from OneSafe, chart from TradingView
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Altcoin Season
End of Altcoin Season? Glassnode Co-Founders Warn Alts in Danger of Lagging Behind After Last Week’s Correction
Published
3 hours agoon
December 23, 2024By
adminThe creators of the crypto analytics firm Glassnode are warning that altcoins could lose all bullish momentum following last week’s market correction.
Jan Happel and Yann Allemann, who go by the handle Negentropic on the social media platform X, tell their 63,400 followers that “altcoin season,” which they say began in late November, could come to an abrupt end after alts witnessed deep pullbacks over the last seven days.
According to the Glassnode co-founders, traders and investors will likely have a risk-off approach on altcoins unless Bitcoin recovers a key psychological price point.
“Is This the End of Altcoin Season?
Bitcoin dominance is surging after dipping below $100,000, while altcoins are losing critical supports. Dominance has risen and resumed its upward trend, signaling a stronger BTC environment.
If BTC stabilizes above $100,00, we might see a pump in altcoins now in accumulation zones. Until then, Bitcoin appears poised to lead, leaving altcoins lagging behind.”
The Bitcoin Dominance (BTC.D) chart tracks how much of the total crypto market cap belongs to BTC. In the current state of the market, a surging BTC.D suggests that altcoins are losing value faster than Bitcoin.
At time of writing, BTC.D is hovering at 59%.
Looking at Bitcoin itself, the Glassnode executives say long-term Bitcoin holders are massively unloading their holdings as other investor cohorts pick up the slack.
“The Board Keeps Shifting.
As BTC continues flowing out of exchanges during this dip, long-term holders are exiting forcefully, while short-term holders step in without hesitation.
Whales quietly accumulate, miners remain neutral, and selling pressure has merely reshuffled the board.
New hands are absorbing the sales.”
At time of writing, Bitcoin is worth $97,246.
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Altcoins
Bitwise CIO Matt Hougan Predicts Institutional Interest in Altcoins, Says 2025 the Year of Crypto Diversification
Published
20 hours agoon
December 22, 2024By
adminBitwise CIO Matt Hougan says a wave of institutional interest in altcoins is coming next year, largely due to potential regulatory clarity and more exchange-traded funds (ETFs).
In a new interview with Bloomberg, Hougan says that institutional money is in the early stages of broadening out to other crypto assets besides just Bitcoin (BTC).
Hougan forecasts that 2025 will be the year that institutional investors will begin to incorporate more diversification in their crypto-investing strategies the same way they do in other asset classes like equities or bonds.
“You’re already seeing it broaden out actually. A lot of people were worried about the Ethereum ETFs for instance, which launched this summer and had tepid inflows.
But over the last month or so, you’ve seen billions of dollars flow into those products.
Again, the things that have happened in crypto in the past keep happening. Historically, most people enter crypto through Bitcoin, and then they discover Ethereum, and then they think about Solana. There’s no reason to assume that the institutions that came into Bitcoin won’t move on to other assets in the future.
In fact, I think in 2025, you’re going to see an explosion of interest in index space strategies that give diversified exposure to crypto. Of course, [that is] something we’ve been doing at Bitwise since 2017 when we pioneered that concept. I think 2025 is when that becomes a mainstream way to allocate to this space, the same way it is to stocks and bonds and real estate and everything else.”
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Altcoins
Analyst Says Altcoin That’s Rallied Over 21,000% Year-to-Date at a ‘Do-or-Die’ Level, Updates Outlook on Bitcoin
Published
3 days agoon
December 20, 2024By
adminA widely followed cryptocurrency analyst and trader is saying that an altcoin in the Solana (SOL) ecosystem is at a critical juncture.
The analyst pseudonymously known as Sherpa tells his 234,700 followers on the social media platform X that the memecoin Popcat (POPCAT) is at a “do-or-die” level.
Based on Sherpa’s POPCAT chart, it appears that the Solana-based memecoin has formed a head and shoulders pattern on the daily time frame and could plunge if the support level fails to hold. A head and shoulders pattern is typically considered a bearish pattern in technical analysis.
POPCAT is trading at $0.802 at time of writing, up by 21,147% since the January 5th low of $0.00379.
Next up is Bitcoin (BTC). According to Sherpa, there are several reasons to remain bullish on Bitcoin and other crypto assets, even after a recent correction that saw the flagship digital asset briefly dip below the $100,000 price.
“Bitcoin dominance has yet to come down.
Ethereum has yet to fully send.
January is an incredibly bullish time for crypto.
[US President-elect] Trump is pro-crypto, owns some, and has his own decentralized finance (DeFi) project.
….and you’re selling??”
Bitcoin is trading at $100,624 at time of writing. Bitcoin dominance, the ratio of the market cap of Bitcoin relative to the rest of the crypto market, is currently at 54.7% down by several percentage points from the 2024 high of 58.99% recorded mid-last month.
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