Altcoins
Network Upgrade Gives Token 24% Price Boost
Published
4 months agoon
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adminNEAR has continued to rally despite the market slipping by 2% today. According to CoinGecko, NEAR, the native token of the platform, achieved almost 23% gains since last week. This is largely due to positive on-chain developments, showing that the altcoin has enough muscle to remain in its current position within the market.
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Just recently, NEAR announced that Nightshade 2.0, NEAR’s touted “novel sharding design”, was deployed on the platform’s mainnet, improving the already robust and reliable system users have been enjoying for years.
Nightshade 2.0 Brings New Light To The Validators
According to a recent blog post, network upgrade have brought in stateless validation, the new sharding architecture for the protocol. This new architecture improved upon the single-shard performance of the network. NEAR already has six shards deployed on the network with a target of ten by the end of the year.
It also lowers hardware requirements to become a validator. Nightshade 2.0 improved the validator experience by omitting the need to track all of NEAR’s shards, stimulating the growth of the validator side of the crypto.
“In particular, the new sharding implementation paves the way to significantly increase the coin’s already-fast transaction throughput,” said Bowen Wang, Head of Protocol at NEAR One.
According to Illia Polosukhin, Co-Founder of NEAR Protocol and the CEO of the NEAR Foundation, the network upgrade fixes “the fundamental bottleneck issue on most L1s of how to scale while preserving both usability and security.”
Rejection Candle Forms Marking Start Of NEAR Correction Phase
With the market’s slippage on today’s trading activity, NEAR is currently trading on a red candle as the token is rejected by the $5.2 ceiling, flipping the momentum to the bears in the short term. This will make losses inevitable in the short term.
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With the market dip flipping the momentum to the bears, it will continue to affect the crypto’s performance if the bearishness continues. However, NEAR’s recent developments might slow the fear, uncertainty, and doubt as the recent development helps network growth in the long term.
Once Nightshade’s effect matures, NEAR will have a solid base for investor confidence to stand on.
Right now, NEAR has two possible paths that it may take in the medium term. If the market rebounds after the current dip, it has the potential to break through $5.7 in the coming weeks. However, if the dip continues to worsen by the day, NEAR might return to $3.8 with the worse-case scenario being at $3.0 if the situation worsen.
For now, investors should be cautious by monitoring the market’s broader movement as any swing can affect the altcoin’s performance.
Featured image from Rebank, 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
8 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
24 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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