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Here’s Why BTC, ETH, And Other Altcoins Are Falling

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2 months ago

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The recent crypto market crash has fueled fresh concerns among investors, especially after the recent US Job data cemented bets over a potential 0.5% rate cut by the US Fed. The US stock market has also noted gloomy trading today, while the crypto sector also moves in tandem with it.

With the recent slump in prices, the market watchers are looking for potential reasons behind the recent dip. So, let’s take a quick tour of all the possible factors that may have contributed to the recent bearish trend in the market.

Reasons Behind The Recent Crypto Market Crash

US Job Data Sparks Volatility

The recent US nonfarm payroll data showed that the US has added fewer jobs than Wall Street expectations. In addition, the unemployment rate also stayed at 4.2%, which appeared to have fueled optimism among investors initially.

However, soon after the data, the market witnessed massive selling pressure, as witnessed by the recent performance of the US stock market. In addition, the latest crypto market crash is also likely to be attributed to the job data, which has caused immense volatility in the broader financial market.

Recession Fears Fuel Crypto Market Crash

The latest job data has also spooked investors, with many market pundits anticipating a possible US recession. Chicago Fed President Austan Goolsbee has recently hinted towards a potential recession, sparking market concerns.

This development might have weighed on the traders’ sentiment, potentially causing a massive dip in the broader financial market. However, it’s worth noting that several market experts see Bitcoin and other crypto as a hedge against economic woes. Having said that, it is expected that the market will soon regain its momentum.

For context, a recent Morningstar report, citing Vetle Lunde, senior analyst at crypto research firm K33 Research, suggests that a recession is potentially bullish for Bitcoin in the long term. The analysis notes that investors seek scarce assets like bitcoin and gold in times of economic turmoils. This contrasting outlook highlights the intricate interplay between macroeconomics and cryptocurrency markets, suggesting Bitcoin’s resilience may ultimately prevail.

Stock Market Dip

The US equity market bleeds today, with all three stock indices ending the session in red. According to the latest data, the DJIA closed at 1.01% down, while the Nasdaq and S&P 500 noted a plunge of 2.55% and 1.73%, respectively.

Meanwhile, according to several market experts, the crypto market tends to move in tandem with the US stock market. In a recent report, Citi analysts said that the stock market is highly correlated with the stocks, especially amid the macroeconomic woes and other uncertainties.

Having said that, the recent US stock market performance also reflects the waning risk-bet appetite of the investors towards risk-bet assets, which might have contributed to the recent crypto market crash.

Crypto Market Crash; Why BTC, ETH, & Others Are Falling?

The AI Coins was one of the worst performing sectors today, following a dip of over 4% in NVDA stock. The Nvidia stock price closed at $102.83, down 4.09% on Friday, while noting a further decline in the after-hours trading session.

In addition, BTC price was down 5.07% to $52,893, with its trading volume soaring 58% to $49.02 billion. Simultaneously, ETH price plunged nearly 7% to $2,217, while its trading volume rocketed 88% to $25.56 billion.

According to the latest sentiments, the top altcoins tend to follow Bitcoin’s performance. Considering that, the investors appear to be staying on the sideline after the recent topsy-turvy scenario noted in BTC price.

Additionally, experts like Peter Brandt predicted a Bitcoin crash to $46,000, which has further dampened the market sentiment. However, market pundits expect the economic concerns to create short-term pressure on the crypto market, while remaining bullish in the long run.

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Rupam Roy

Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

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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Cardano (ADA) Whale Activity Jumps 145%, Mega Rally to $6 Ahead?

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1 hour ago

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November 20, 2024

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The Cardano (ADA) price has been outperforming the rest of the crypto market today with more than 12% gains while extending the rally to $0.83. This comes amid a staggering 145% surge in the Cardano whale accumulation over the past month. Over the last week, ADA has gained nearly 54% being among the top-performing altcoins, with investors soon eyeing a rally to the crucial milestone of $1.0.

Cardano (ADA) Whale Accumulation Triggers Price Rally?

Crypto analyst Ali Martinez pointed out a significant surge in the Cardano whale activity and accumulation. This shows growing confidence in Cardano’s native token ADA. According to Martinez, wallets holding over $10 million worth of ADA have increased their positions by an impressive 145.72% over the past month.

Courtesy: Ali Charts

Furthermore, the Cardano blockchain has also witnessed a healthy uptick in decentralized finance (DeFi) activity on the network. Cardano’s Total Value Locked (TVL) has surged to $479.8 million, approaching its all-time high as the blockchain continues to gain traction, as per the data from DeFiLlama.

This growth comes amid ADA’s rising price and increased activity across decentralized exchanges (DEXes), lending platforms, and other protocols within the Cardano ecosystem. The momentum underscores the expanding utility and adoption of Cardano’s DeFi infrastructure.

This surge in the DeFi activity along with bullish Cardano on-chain metrics shows that the ADA price rally can continue further from here.

Is ADA Preparing for a Mega Rally to $6?

Blockchain analytics platform Santiment reported that ADA is already decoupling from the altcoin pack with the price approaching an 8-month high. The ADA-to-Bitcoin price ratio is also nearing an 8-month peak, reflecting growing strength against the leading cryptocurrency. Santiment noted that current ADA transaction and whale activity levels were last observed in June, just before a 26% surge in the ADA/BTC pair.

As of press time, the ADA price is trading at $0.786 with a market cap of $27.54 billion and daily trading volume surging by 25% to $2.27 billion.

Courtesy: Santiment

On the other hand, crypto analyst Ali Martinez noted that the Cardano price is showing very similar patterns to the 2020 bull run. Sharing a chart earlier in November, he showed that ADA could be heading for a 2000% rally all the way to $6 while hitting a new ADA all-time high. Martinez wrote:

“I believe Cardano is following a similar pattern to 2020. If history repeats, we might see a pump around November 18—about two weeks after the US elections—and a potential market top by September 2025”.

Courtesy: Ali charts

On the other hand, Cardano founder Charles Hoskinson is putting some focus on their partnership with XRP. Hoskinson recently engaged in a technical exchange with Ripple CTO David Schwartz, capturing the blockchain community’s attention.

The conversation delved into Midnight, Cardano’s privacy-focused blockchain initiative, and XRP, Ripple’s digital asset, sparking excitement about potential collaborations ahead.

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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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Popular Analyst Makes Bold $10K Prediction For Ethereum

Published

7 hours ago

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November 20, 2024

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Ethereum price looks stuck amid the rally in Bitcoin and altcoins, as it dropped more than 1% in a week. However, a popular analyst has made a bold Ethereum prediction as ETH price trades around the $3,100 level. He thinks it will outperform Bitcoin by mirroring the rally in the S&P 500. Whale activity and on-chain metrics signal Ethereum rally to the $10,000 level.

Ethereum Prediction of $10K By Analyst Sparks Buzz

Popular crypto analyst Ali Martinez has recently predicted an ETH price rally to $10K, outperforming the Bitcoin rally. The bold Ethereum prediction came based on ETH historical market cycle when Ethereum outperforms Bitcoin. It is yet to happen in this cycle as he hints at a potential opportunity for investors to fill their bags before the rally begins.

“Every market cycle has experienced a phase where Ethereum outperforms Bitcoin. That hasn’t happened yet in the current cycle, but it is certainly on the horizon,” Martinez stated.

Despite a 10% Ethereum price correction from the November high of $3,400, the bulls have managed to hold the strong support of $3,000. Where nearly 2.82 million addresses have purchased a total of 6.14 million ETF coins.

As per the ascending channel pattern, the ETH price will first test the targets of $4,000 and $6,000 subsequently, said Martinez.

Courtesy: Ali Charts

However, Martinez noted that there’s another bullish story wherein “Ethereum could be mirroring the price action of the S&P 500, which puts a $10,000 target on ETH”.

ETH Whales Accumulation Continues

Another crypto analyst IamCryptoWolf also made a similar Ethereum prediction if the price crosses $4,000. The analyst wrote:

“ETH has been building solid momentum with higher lows over the past 2.5 years. Yes, it’s moving slow, but building momentum takes time. Once it clears 4k, it’s off to the races. 10k is the target”.

Courtesy: TradingView

With Bitcoin dominance still close to 60%, the altcoin season hasn’t started yet and remains incomplete without Ethereum participation. On the other hand, Ethereum’s Market Value to Realized Value (MVRV) Momentum suggests that ETH still holds considerable upside potential.

Additionally, since the beginning of November, Ethereum whales are accumulating the ETH coins. In just the last two weeks, the whales have bought a total of 430,000 ETH worth a staggering $1.40 billion. These are in line with Ethereum prediction by Martinez.

As of press time, ETH price changed hands at $3110, down nearly 1% over the last day. Trading volume has dropped by 23%. Meanwhile, Total ETH Futures open interest has surged by 1% in the last 4 hours, indicating buying activity across derivatives exchanges.

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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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BTC Hits New ATH, GOAT and BONK Rise 8-13%

Published

11 hours ago

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November 20, 2024

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Crypto Prices Today, November 20: The crypto market experienced mixed sentiment as Bitcoin touched $94K intraday, marking a new all-time high, before settling above $92K. Major altcoins showed negative sentiment, with declines of 2-3% over the last 24 hours. Meanwhile, GOAT and BONK emerged as top gainers, surging 8-13% in the same period.

The global crypto market cap dropped by 0.3% in the past day, standing at $3.07 trillion. Total trading volume reached $179 billion, reflecting a 10% decline from the previous day.Here’s a look at some leading cryptocurrencies by market cap and their price movements today.

Crypto Prices Today: BTC Hits $94K ATH While SOL, ETH, and XRP See Declines

Bitcoin touched an all-time high of $94K in intraday trading today before facing a rejection, currently holding above $92K. GOAT and BONK led the market, posting impressive gains of 8-13% over the last 24 hours. Major altcoins experienced slight turbulence, with most trading 2-4% lower. Meme coins showed mixed sentiment; DOGE rose by 1%, while SHIB dropped 3% in the same period.

Bitcoin Price Today

Bitcoin price is up by 0.5% over the last 24 hours, currently trading at $92,050. The coin’s intraday low and high are $91,059 and $94,002, respectively. BTC’s market cap stands at $1.81 trillion with a 24-hour trading volume of $75 billion, reflecting a market dominance of 59.21%.

According to sosovalue, daily inflows have reached $600 million, although data from BlackRock and Grayscale is yet to be updated. The debut of Bitcoin ETF options on Nasdaq, including BlackRock’s iShares Bitcoin Trust ETF (IBIT), has sparked a surge in demand. This pivotal development offers investors new tools for hedging risks and managing exposure to Bitcoin’s price fluctuations.

Ethereum Price Today

Ethereum is down by 2.33% in the last 24 hours, currently trading at $3,087. The 24-hour low and high for ETH are $3,070 and $3,160. With a market cap of $371.5 billion and a 24-hour trading volume of $28 billion, Ethereum holds a market dominance of 12.51%, making it the second-largest cryptocurrency in the world. The price decline is also reflected in Ethereum ETFs, with a daily outflow of $67 million, though BlackRock and Grayscale’s inflow data is awaited.

Solana Price Today

Solana is currently trading at $232, showing a 4.5% decline over the last 24 hours. The 24-hour low and high for SOL are $231 and $247, respectively. With a market cap of $110 billion, Solana ranks as the fourth-largest cryptocurrency in the world. Its 24-hour trading volume stands at $6.87 billion, with a market dominance of 3.61%.

XRP Price Today

XRP is currently trading at $1.08, reflecting a 4% drop in the last 24 hours. The 24-hour low and high for XRP are $1.0738 and $1.138, respectively. XRP’s 24-hour trading volume is $5.74 billion, with a market dominance of 2%. On a positive note, XRP whales moved 210 million coins, sparking rumors of a partnership with Cardano.

Meme Crypto Prices Today

Dogecoin price saw a gain of approximately 1.3%, currently trading at $0.38. Its 24-hour low and high are $0.3767 and $0.4183, respectively. On the other hand, Shiba Inu (SHIB) is down by 3% in the last 24 hours, now trading at $0.00002404. Its 24-hour low and high are $0.00002409 and $0.00002601, respectively.

Top Crypto Gainers Prices Today

Goatseus Maximus

Goatseus Maximus is currently up by 12%, trading at $1.20. Its 24-hour low and high are $0.9988 and $1.231, respectively.

BONK

BONK is trading at $0.00005609, reflecting a 10% increase in the last 24 hours. Its 24-hour low and high are $0.00004847 and $0.00005768. The market volume stands at $4.23 billion.

UNUS SED LEO

UNUS SED LEO (LEO) is currently trading at $8.50, showing a 9% increase over the last 24 hours. The 24-hour low and high are $7.73 and $8.50, with a market cap of $7.85 billion.

Top Crypto Losers Prices Today

Hedera

Hedera (HBAR) is currently trading at $0.1258, reflecting a 16% decrease over the last 24 hours. Its 24-hour low and high are $0.1241 and $0.1561, respectively, with a market cap of $4.69 billion.

Akash Network

Akash Network (AKT) is currently trading at $3.813, showing a 12.7% decline in the last 24 hours. The 24-hour low and high are $3.779 and $4.494, respectively.

The hourly time frame charts show a positive trend with BTC up by 0.02%. However, ETH has experienced a slight decline of 0.1% during the same period.

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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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