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Top Analyst Confirms Altcoin Season, What’s Next for XRP, SOL, HBAR, and SHIB?

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1 month ago

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The crypto market cap hits a new all-time high (ATH) today, surpassing the $3.50 trillion landmark. The Altcoin Season Index by platforms including Blockchain Center and CoinMarketCap indicated the market has entered altcoin season, with confirmation from one of the top analysts Markus Thielen, CEO of 10x Research. With Bitcoin price in consolidation mode, crypto such as HBAR, XLM, XRP, SUI, ALGO, and OM have led the rally in the last 3 months. Bitcoin dominance has dropped to 53.80% today.

Altcoin Season Driving Rally in XRP, SOL, HBAR, SHIB

The crypto market is witnessing a FOMO and panic simultaneously, reports 10x Research on December 4. Top analyst Markus Thielen confirmed that altcoin season has priced-in and the trend will sustain and potentially expand trading opportunities.

Besides, several altcoins have climbed in the altcoin season rally after Bitcoin retraced from the $99,700 range. BTC price now exchanged hands at $96K. HBAR has recorded an over 600% rally, XLM and XRP followed with over 500% and 400% price growth in the last 90 days.

Notably, the Altcoin Season Index has hit 86 today, signaling a massive sentiment towards further gains in altcoins. Markus Thielen expects the demand for crypto tokens will likely continue until Donald Trump’s inauguration in January.

Altcoin season indexAltcoin season index
Altcoin Season Index. Source: Blockchaincenter

South Korea Driving the Altcoin Season

According to 10x Research, retail-focused trading volumes in South Korean crypto market have surged immensely. In the past 24 hours, it surged to almost $34 billion, marking the highest level. This comes as South Korean President Yoon Suk Yeol declared emergency martial law. He now faces impeachment for his decision.

Ripple (XRP) led the trading volume, followed by Dogecoin (DOGE), Stellar (XLM), Ethereum Name Service (ENS), Hedera (HBAR), and Shiba Inu (SHIB). These high-momentum cryptocurrencies are being driven predominantly by retail traders, capitalizing on and reinforcing momentum-driven trends.

What’s Ahead For XRP, SOL, HBAR, and SHIB?

The market rotation for Ripple XRP surge shows no signs of slowing down, said Markus Thielen. He added that the rally stands out as “one of the most extraordinary developments in the crypto market this year.”

Further, XRP market cap has now surpassed $150 billion to become the third-largest crypto. This explosive move followed a breakout from a long-term triangle pattern, catalyzed by the U.S. election.

XRP priceXRP price
Source: 10x Research

As altcoin season has arrived, Ethereum and Solana are likely to drive the crypto market again. However, the current trends indicate rotation to XRP and other breakout crypto.

Ethereum price will gradually surpass the $4000 level if it breaks above $3800 resistance. On the other hand, Solana price will rally toward $400 and $600, as per crypto analysts.

HBAR price trades at $0.329, down 5% in the last 24 hours. The trading volume has decreased by 33% amid profit booking by traders. However, traders are bullish on Hedera amid multiple partnerships and developments amid altcoin season. HBAR price is anticipated to hit $0.57 next year.

Shiba Inu price jumped 4% in last 24 hours, with the price currently trading at $0.00003039. The trading volumes on both spot and derivatives market have surged in the last 24 hours.

Shiba Inu lead developer Shytoshi Kusama spotlighted upcoming dog-themed meme coin SHIFU coin launch. He also hinted at the TREAT token launch near Christmas. The developments could further trigger a rally in SHIB prices.

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Varinder Singh

Varinder has over 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 leading the news team to cover 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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Bitcoin Dips Below $95K, RUNE and INJ Drop 11%

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3 hours ago

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January 9, 2025

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Crypto market today remains in bearish territory as Bitcoin dipped below the $95K mark. Major altcoins followed the downtrend, with several tokens trading in the red. THORChain (RUNE) and Injective (INJ) became the worst performers, both dropping 11% from their daily highs.

The global crypto market today fell by approximately 2%, bringing the total market cap to $3.33 trillion. However, trading volume showed a slight increase of 4% over the last 24 hours, reaching $168 billion. Let’s take a closer look at the top cryptocurrencies by market cap and their current prices.

Crypto Market Today: BTC, ETH, SOL Drop in Bearish Trend

The crypto market today saw a continued bearish trend, with Bitcoin (BTC) down 3%, Ethereum (ETH) falling 2%, and Solana (SOL) dropping 2.5%. Despite the downturn, a positive sign emerged as Bitcoin whales began accumulating BTC once again.

Bitcoin Market Today: BTC Drops 3%, ETF Outflows Continue

Bitcoin price was trading at $94,390, reflecting a 3% drop in the last 24 hours. The 24-hour low and high for BTC stood at $92,559 and $96,666, respectively.

As per SoSo Value data, BTC ETFs witnessed an outflow of $458 million. Fidelity led the sell-off, offloading $258 million worth of Bitcoin. Ark and 21Shares also sold $148 million in Bitcoin, while data from BlackRock’s ETF remains anticipated.

Ethereum Market Today: ETH Price Down 1.5%, ETF Outflows Surge

Ethereum price was down by 1.5%, currently trading at $3,325. The 24-hour low and high for ETH were recorded at $3,210 and $3,387, respectively.

ETH ETFs saw an outflow of $159 million in the past 24 hours, with Fidelity contributing $147 million to the sell-off. The ongoing bearish sentiment continues to impact the crypto market today, reflecting declining prices and significant fund outflows from major institutions.

XRP Market Today: Only Gainer Among Top 10 Coins

XRP price stood out as the only coin in the top 10 to register a gain, rising by 0.40% in the last 24 hours. It was trading at $2.351, with a 24-hour low of $2.214 and a high of $2.396. Additionally, Ripple’s stablecoin RLUSD has been listed on the Bitstamp exchange, adding more utility to the XRP ecosystem.

Solana Market Today: SOL Price Drops 2%

Solana (SOL) price was down by approximately 2%, currently trading at $195.45. Its 24-hour low and high were recorded at $189 and $199, respectively.

SOL PriceSOL Price
SOL Price

Crypto Market Gainers Today

XDC Network

XDC price was up by 7%, now trading at $0.0973. Its 24-hour low and high were $0.087 and $0.0975, respectively. With a market cap of $1.45 billion and a trading volume of $59.35 million, XDC stands out amidst the crypto market today’s overall downturn.

Monero

XMR has been the 2nd top gainer for today, with its price trading at $196, reflecting a 4% increase. Its 24-hour low and high were recorded at $183 and $201, respectively. With a market cap of $3.61 billion and a trading volume of $86.49 million.

Hyperliquid (HYPE), GateToken (GT), and NEO token have also shown gains in the crypto market today, with each token up by 2% to 4% in the last 24 hours. Despite the broader market’s bearish trend, these tokens have managed to perform well.

Crypto Market Losers Today

THORChain

RUNE price was down by 11%, currently trading at $3.94. Its 24-hour low and high were recorded at $3.86 and $4.35, respectively, reflecting a significant decline in the crypto market today.

Injective

INJ price was down by 11% in the last 24 hours, trading at $21.60, with a 24-hour low of $20.54 and a high of $23.88. Despite the downward trend in the market, INJ price has been up by 11% in the last quarter and saw a 13% increase in the past week after the community passed a major governance proposal, amid growing market interest in AI coins.

WIF, MOVE, AIOZ, and SPX have also faced a decline of 7% to 9% in the last 24 hours. This adds to the overall bearish sentiment in the market.

Besides this, the hourly chart also shows a bearish sentiment in the crypto market, with Bitcoin down by 0.13% in the last 24 hours. Fartcoin dropped by 4% in the last hour, and major altcoins are also in the red, reflecting continued selling pressure across the market.

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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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FTX Breaks Silence On Backpack’s Alleged Acquisition Of The Defunct Exchange

Published

8 hours ago

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January 9, 2025

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FTX issued a formal statement clarifying details surrounding Backpack entities’ claim of acquiring FTX EU Ltd. The clarification, released on January 8, 2025, addresses inaccuracies in Backpack’s January 7 press release, which suggested its involvement in asset recovery for former FTX EU customers.

FTX Highlights Inaccuracy in Backpack’s FTX EU Acquisition Statements

In a recent press release, FTX addressed statements made by Backpack entities regarding its purported acquisition of FTX EU. FTX stated that the January 7, 2025, Backpack announcement was made without FTX’s knowledge or involvement. According to the exchange, Backpack’s press release contain multiple inaccuracies that could mislead stakeholders.

FTX emphasized that 100% of FTX EU share capital is still owned by FTX Europe AG, a subsidiary of FTX. While there was an earlier agreement to sell FTX EU to former insiders of FTX Europe as part of a settlement, the U.S. Bankruptcy Court overseeing the Chapter 11 process has not approved any transfer. The defunct exchange also confirmed that it was unaware of any indirect sale of FTX EU shares to Backpack before this week.

Bankruptcy Court and Asset Recovery Process

In addition, the defunct exchange clarified that Backpack has no role in the U.S. Bankruptcy Court-approved process for returning funds to creditors, including FTX EU’s former customers. The company reiterated that only FTX EU holds responsibility for determining and returning funds owed to its customers. The court’s Chapter 11 plan does not authorize the organization to make distributions to any creditors or former customers.

The defunct exchange further stated that the amounts owed by FTX EU to its customers would be assessed solely by FTX EU following its sale, not by the exchange or the Bankruptcy Court. Therefore, the exchange disclaimed Backpack’s liability for repayments of EU customer funds.

Furthermore, the defunct exchange expressed concerns about the accuracy and completeness of the information presented in Backpack’s materials. The report urged stakeholders to rely only on official FTX communications.

Initial Distributions Under Bankruptcy Plan

The defunct exchange also provided an update on its U.S. Bankruptcy Court-approved Chapter 11 plan of reorganization. The defunct exchange plan became effective on January 3, 2025, with the initial distribution record date set for the same day. Distributions to convenience class claimants are expected within 60 days, subject to regulatory requirements.

Meanwhile, the exchange reaffirmed its commitment to adhering to the court’s processes and ensuring accurate communication with creditors.

These developments come in light of recent media speculation that US President Joe Biden might pardon Sam Bankman-Fried, the founder of the defunct FTX Exchange. Biden’s recent pardon of his son has sparked further rumors that SBF could get the same treatment.

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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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Terraform Co-Founder Do Kwon’s Trial To Begin In 2026

Published

12 hours ago

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January 8, 2025

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The U.S. criminal fraud trial of Do Kwon, co-founder and former CEO of Terraform Labs, has been scheduled to begin in January 2026. The decision was announced during an initial hearing in Manhattan, as prosecutors and defense attorneys prepare to review an extensive six-terabyte trove of evidence.

Here’s Why Terraform Co-Founder Do Kwon’s Trial Is Delayed Until 2026

According to a recent report from Manhattan’s Southern District Court, the criminal fraud trial of Terraform Co-Founder Do Kwon has been tentatively set for January 2026. This extended timeline accommodates the need for both prosecution and defense to thoroughly review the massive six-terabyte trove of data included in the discovery process.

Prosecutors noted several challenges that contributed to the delay, including difficulties unlocking four cell phones provided by Montenegrin authorities during Kwon’s extradition. Additionally, the data extracted from these devices requires translation from Korean into English.

Therefore, accessing and interpreting data has posed unique hurdles. The encrypted cell phones are expected to contain crucial evidence related to the charges against the Terraform Co-Founder.

 

This Is a Developing Story, Please Check Back For More

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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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