Altcoins
Two Solana-Based Tokens Surge After Coinbase Announces Surprise Roadmap Listing
Published
1 month agoon
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adminTwo Solana (SOL)-based altcoins surged in price after Coinbase announced they could soon be trading on its platform.
On Tuesday, the top US crypto exchange added Shadow Token (SHDW) and Neon EVM (NEON) to its listing roadmap, which alerts customers that the company could soon add support for certain assets.
Shadow Token is a cryptocurrency designed for the sustainability and security of decentralized data storage infrastructure. It serves as the native token for the ShdwDrive network, a high-performance cloud storage platform.
SHDW, the 241st-ranked crypto asset by market cap, is trading at $2.11 at time of writing and is up more than 53% in the past 24 hours. The Singapore-based exchange Crypto.com also rolled out trading support for SHDW on its app on Wednesday.
Neon EVM is an Ethereum Virtual Machine (EVM) that aims to enable developers to build and deploy DApps from EVM chains to Solana. NEON serves as the project’s utility token for gas fees and governance.
NEON is trading at $1.70 at time of writing. The 527th-ranked crypto asset by market cap is up 21.5% in the past 24 hours.
Coinbase created its listing roadmap in 2022 to increase transparency and reduce the possibility of investors front-running new trading support announcements.
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Altcoins
Solana Witnessing ‘Dramatic Increase’ in Investor Allocations This Year, According to New CoinShares Survey
Published
15 hours agoon
April 28, 2024By
adminEthereum (ETH) rival Solana (SOL) is seeing a “dramatic increase” in professional investor allocations this year, according to a new survey conducted by the digital assets manager CoinShares.
CoinShares polled 64 investors worldwide who cover a combined $600 billion worth of assets under management.
The respondents include different investor types including wealth managers, hedge funds, institutions, family offices, financial advisors and individual investors.
Explains CoinShares,
“Investors have been broadening their exposure to altcoins, with Solana seeing a dramatic increase in allocations. Looking through the survey responses, this is due to a few large investors allocating, carrying more weight in the survey.
XRP has seen a significant decline, with none of the survey respondents holding it now.”
Digital assets represented an average of 3% of the respondents’ portfolios, the highest weighting since CoinShares’ survey began in 2021.
Explains the firm,
“Unsurprisingly, some of the largest contributors to this were allocation from institutional investors who finally had the ability to gain exposure to bitcoin via the US ETFs.”
CoinShares notes that investors who have refrained from purchasing digital assets cite regulation as the number one factor in their choice not to invest.
“We had expected this to fall, but it is clear from the survey there remain significant barriers to entry to the asset class for specific cohorts of investors – these are typically in the wealth management or institutional space.
Fewer investors believe digital assets lack a fundamental investment case.”
SOL is trading at $135.12 at time of writing. The fifth-ranked crypto asset by market cap is down over 6% in the past 24 hours.
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Altcoins
Altcoins in ‘Last Exit Pump’ Against Bitcoin Before Final Capitulation, Warns Top Analyst – Here’s the Timeline
Published
23 hours agoon
April 27, 2024By
adminA widely followed crypto analyst is issuing a warning that the altcoin market is about to implode against Bitcoin (BTC).
In a new video update, crypto strategist Benjamin Cowen tells his 800,000 YouTube subscribers that the TOTAL3 chart, which tracks the market capitalization of all altcoins minus Ethereum (ETH) and stablecoins, looks bearish against Bitcoin.
According to Cowen, the weakness of altcoins against Bitcoin suggests that alts may witness a collapse in the coming weeks.
“A majority of the altcoins are still putting in new lows on their Bitcoin pairs and to find ones that are not, you’d have to cherry-pick ones in the top 20 that are not or they’re on their way to new lows right now or you’d have to find a micro-cap that was created recently and show that one that’s not putting in new lows.
But a lot of them are and you can see that by looking at TOTAL3 minus USDT divided by Bitcoin. I think what you’re witnessing right now is the last exit pump of alt/Bitcoin pairs before we see final capitulation of alt/Bitcoin pairs as we go into May and June. That is what I think.”
The analyst says a TOTAL3/Bitcoin pattern that played out in 2019 may be repeating itself in the current cycle.
“This is a very similar pattern we saw last cycle where after setting a low here [in May 2019], we then had one final bounce [in June 2019] that ultimately faded just below the bull market support band and then it rolled over into the summer.
And a lot of times you will see alt/Bitcoin pairs capitulate in the summertime because a lot of people aren’t as glued to their computers as they are during the fall and the spring and the winter. During the summertime, people focus on other things a lot of times, and so the collective bid for the altcoin market can often dry up.
And so I think that that’s what you’re looking at right now. I think we’re seeing alt/Bitcoin pairs get this final bounce up, but I think they’re going to ultimately fail here and go back down to the range lows but this time when they break, I don’t think there’s going to be any mercy in another rally. I think it’ll just lead you into the final capitulation, going back to 25% of Bitcoin’s market cap.”
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Altcoins
Crypto Trader Issues Bitcoin Warning, Says Ethereum Liquid Staking Project Flashing Short-Term Bullish Signal
Published
2 days agoon
April 27, 2024By
adminA popular crypto trader says a liquid staking service for the Ethereum (ETH) blockchain is flashing a short-term bullish signal.
The analyst Ali Martinez tells his 60,600 followers on the social media platform X that the Tom DeMark (TD) Sequential indicator recently presented a buy signal on Lido DAO’s (LDO) 3-day chart.
“If LDO can hold above $1.85, we could see it rebound toward $3!”
Traders use the TD Sequential Indicator to predict potential trend reversals for tokens based on the closing prices of their 13 previous bars or candles.
LDO is trading at $2.05 at time of writing. The 63rd-ranked crypto asset by market cap is up 2.5% in the past week.
Martinez also updates his outlook on Bitcoin (BTC), noting that the top crypto asset presented two sell signals on the 12-hour chart.
“A death cross between the 50 and 100 SMA (simple moving average) and a red 9 candlestick from the TD Sequential.
If BTC falls below $63,300, brace for possible dives to $61,000 or even $59,000.”
A death cross occurs when the 50-day moving average crosses below the 200-day moving average, a sign that the asset could enter a more pronounced bear phase.
Bitcoin is trading at $64,676 at time of writing. The top-ranked crypto asset by market cap is up nearly 2% in the past week.
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