Price analysis
XRP vs Solana: Where Should You Invest?
Published
2 weeks agoon
By
adminOn Friday, the Bitcoin price breakdown below $55000 sparked concern about an extended correction in September. While the bearish momentum may shake out speculative traders, smart money may capitalize on this opportunity to accumulate top altcoins like XRP and Solana.
Will Solana or XRP Prove Resilient to a Potential Market Correction?
Large-cap altcoins like XRP and Solana (SOL) are crucial for crypto investors to have a diversified portfolio. While such coins offer stable investment opportunities in the long term, they are often under the eye of regulatory authorities or witness some developments that diverge their growth potential from others. As broader market signals prolong correction in September, here are the top crypto to buy for a potential rally.
Solana
SOL, the native cryptocurrency of the Solana network, showed a notable correction from $162 to $127 within two weeks. This 22% drop in value is likely linked to a stumble in Solana’s revenue and volume following declining market interest in Memecoin. Some analysts speculate that Tron’s “Sun Pump” meme generator has drawn away participants from Solana’s popular Pumpfun platform.
While there may be some truth to this, Pump.fun generates significant daily revenue, booking between $300,000 and $400,000, while the “Sun Pump” sees only a fraction of that transaction volume. Thus, Pumpfun dominance in his business could boost the SOL price to regain momentum.
The Solana price currently trades at $127.4 and shows a market cap of $59.5 Billion.
Interestingly, the Solana onchain data shows a dramatic increase in active addresses from mid-August to 982.5 to 2.75M. This 180% increase highlights the growing engagement interaction in the SOL network, a core precursor of market demand.
XRP
The XRP price currently trades at $0.53, and a 6.5% weekly hint at a prolonged consolidation. The ripple cryptocurrency has been sideways since January 2022, failing to ignite the anticipated rally even after the recent SEC settlement.
This uncertainty among buyers may stem from Ripple and the SEC’s decision to delay the final judgment payment of $125 million.
According to attorney Fred Rispoli, Ripple and the SEC have agreed to a trust arrangement where 111% of the monetary judgment will be held in trust. This amount will be paid to the SEC either 30 days after the appeal deadline or once an appeal concludes. While this does not guarantee an appeal, the move suggests a heightened likelihood.
#SECvRipple Update: Well, the odds have increased of an appeal. @Ripple and SEC have agreed to an arrangement where 111% of monetary judgment will be held in trust, to be paid to SEC only on (1) 30 days after appeal deadline or (2) after appeal concludes. This is not a…1/2
— Fred Rispoli (@freddyriz) September 4, 2024
However, the recent data from Santiment shows renewed interest from large holders that control between 100M to 1B XRP, as accumulation spiked to 9.56B XRP. Whale buying often boosts market sentiment and is observed to coincide with the bottoming of the downtrend.
Conclusion
The momentum buyers can consider Solana for a dynamic move in the near future, while the long-term investors can keep an eye on XRP as it offers a discounted value for legal challenges.
Frequently Asked Questions (FAQs)
Solana has demonstrated strong recovery potential after a 22% drop, primarily due to the continued dominance of its Pump.fun platform, which generates significant daily revenue
XRP’s consolidation is likely due to ongoing regulatory uncertainty, including Ripple and the SEC’s decision to delay the final judgment payment of $125 million
Momentum buyers may prefer Solana for short-term gains, as it shows recovery potential, while long-term investors may look to XRP
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
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.
Source link
You may like
Bitcoin on the Cusp of Breakout Into Parabolic Phase, Says Crypto Analyst – Here’s the Timeline
Germany's Commerzbank and DZ Bank To Offer Bitcoin and Crypto Trading
Hut 8 deepens Bitmain partnership with launch of new ASIC miner in 2025
Binance CEO Says Institutional Investors Grew 40% This Year
Solana’s New Phone Promises More for Less—And Already Seeing Huge Demand
Federal Reserve Cuts Interest Rates by 50 Basis Points to Address Economic Uncertainty
APT token
Can Aptos Price Hit $10 Following Stacks Integration of BTC into APT Protocol?
Published
2 days agoon
September 17, 2024By
adminAptos (APT) price, a layer 1 cryptocurrency, is currently exhibiting an upward trajectory in its market trends. The APT price movement has entered a bullish phase, showing a noticeable recovery recently. This resurgence comes on the heels of an announcement regarding Bitcoin integration, which promises to spur innovation within the Layer 2 protocol.
Aptos Price Surges Following BTC Integration Announcement
Aptos price might see new interactions as the Aptos Foundation has teamed up with the Bitcoin Layer 2 protocol, Stacks. This partnership introduces Bitcoin into the Aptos environment.
Through this integration, Bitcoin will be accessible in various decentralized applications and for other purposes on the Aptos network. Aptos utilizes the Move programming language, which is known for its flexibility and security.
This collaboration is poised to foster developers’ innovative uses of Bitcoin. Stacks, known for enabling smart contracts on Bitcoin’s secure base layer, is preparing to launch Nakamoto and BTC. These releases are expected to enhance transaction speeds and guarantee that Bitcoin secures transactions.
Stack is a leader in market capitalization and developer engagement among Layer 2 solutions. It seeks to leverage Bitcoin’s vast passive capital, valued at about $500 billion, making it a programmable and active financial asset.
APT Price Eyes 70% As Bullish Gain Momentum
The Aptos price has risen significantly by 4.50% over the past 24 hours. At the time of writing, the APT price hovered at $6.00. During this period, the price ranged from a low of $5.67 to a high of $5.95, indicating strong market activity. This positive momentum shows continued interest in Aptos, with its current price performance reflecting an upward trend.
The Relative Strength Index (RSI) is showing a slight recovery. With an RSI value of 44, the market is still below the 50-point neutral line, indicating a slightly bearish or neutral market sentiment at present.
According to Coinglass data, the Aptos price has experienced a notable shift. The total volume saw a decline of 31%, bringing it to $122 million. Open interest, which measures the total number of outstanding derivative contracts, has increased by 5%, reaching $95.90 million. Meanwhile, both options volume and open interest highlight ongoing activity in the Aptos derivatives market.
The Layer 1 crypto is currently encountering resistance at the $6.10 mark. However, if it manages to breach the critical $7 threshold, this could trigger a notable upward trend. Analysts are eyeing the next targets at $9 and possibly $10, which may signal strong buying momentum. Market participants closely watch these levels, as a successful breakthrough could lead to sustained bullish action.
Frequently Asked Questions (FAQs)
Stacks is a Layer 2 solution that enables smart contracts on Bitcoin’s blockchain. Its integration allows Bitcoin to be used on Aptos, unlocking new possibilities for developers.
The integration of Bitcoin into Aptos enhances its decentralized applications (dApps) and expands its market reach by leveraging Bitcoin’s liquidity and security.
Analysts suggest Aptos could reach $10 if it breaks key resistance levels, especially if the bullish momentum continues.
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.
Source link
Price analysis
Experts Call For $0.001 SHIB, But Can Shiba Inu Price Defy This Bearish Pattern?
Published
2 days agoon
September 17, 2024By
adminShiba Inu price has been consolidating for most of the last months following the August 5 crash. There was a price outburst around August 20, but it was quickly quelled, and the asset dropped back into its range. Several crypto analysts think SHIB price is about to rip to $0.001, but is this truly the case? Technical analysis may tell a different story.
Why Experts Think Shiba Inu Price is About to Surge
Over the past seven days, two analysts have predicted Shiba Inu price increase to $0.001. Krao shared a chart showing that the asset was currently consolidating and forecasted that at the end of the consolidation, SHIB would quickly delete two zeros.
LuckSide, another analyst, has also projected that the SHIB price could surge to $0.001 as all factors are aligned for this rally. Some of his reasons for the bold prediction include whales acquiring 3 trillion SHIB in the last two days as large investors pulled out $4 million worth of SHIB from exchanges.
Will SHIB Price Rise Anytime Soon?
While Krao and LuckSide have merits in their analysis, there is reason to believe that the Shiba Inu price may not rise soon. Firstly, even though whales accumulating is a bullish sign, it doesn’t always translate to a number-go-up, especially when the charts tell a potential drop may be coming soon.
Moreover, Krao analyzes the data on a monthly timeframe, making the surge appear likely to happen sooner rather than later. This could be misleading, as shorter timeframes indicate a potential sell-off is imminent.
According to the Shiba Inu price 4-hour chart, there is a different story. The price action has formed a month-long head and shoulders, a bearish reversal sign. After the August 5 crash, crypto prices began surging as investors bought the dip. This H&S shows that the market decline is not over yet.
SHIB price currently has support at $0.00001280, which, if broken, could lead to an 18% drop, setting the price at $0.00001000. Conversely, SHIB price prediction shows if the meme coin bounced off the support, it could rally to the top of the range ($0.00001440) before trying to break out.
The Federal Open Market Committee (FOMC) will be meeting tomorrow to make the decision on the U.S. interest rate cuts. This data will adversely affect the crypto market, including the SHIB price. Investors await a 25bps or 50bps, but there is still much uncertainty.
If Fed Chair Jerome Powell fails to cut rates, it may signal bearish sentiment, which could be the final nudge that pushes Shiba Inu below $0.00001280.
Frequently Asked Questions (FAQs)
Several analysts, including Krao and LuckSide, have forecasted a possible surge in Shiba Inu’s price to $0.001. They cite factors such as consolidation in price action and recent accumulation by whales. LuckSide highlighted that large investors have acquired 3 trillion SHIB in the past two days, suggesting that the demand could trigger a rally.
No, despite the predictions from analysts, there is no guarantee that Shiba Inu’s price will rise soon. Technical indicators, especially on shorter timeframes, show bearish patterns like the head and shoulders formation, which could result in a price drop.
The upcoming FOMC meeting could influence the entire crypto market, including SHIB. Investors are anticipating a possible U.S. interest rate cut of either 25 or 50 basis points. If the Federal Reserve Chair, Jerome Powell, chooses not to cut rates, it could spark a bearish sentiment in the market, potentially pushing SHIB below the $0.00001280 support.
Related Articles
Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
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.
Source link
Markets
Ethereum price drops to a 41-month low against Bitcoin
Published
3 days agoon
September 16, 2024By
adminEthereum continued its freefall against Bitcoin, falling to its lowest level since April 2021. It has dropped by over 55% from its highest point in 2021.
Ether’s sell-off is accelerating
Ethereum (ETH) was trading at 0.039 BTC, down by 24% this year and by 35% from the year-to-date high. It has also dropped against other cryptocurrencies like Solana (SOL), Binance Coin (BNB), and Tron (TRX).
The same has occurred in US dollar terms, with the coin dropping for four consecutive months, now trading near $2,300 which is its lowest point since February.
Ethereum’s sell-off is likely due to the weak response from institutional investors, who have largely avoided spot ETFs. Data shows that Ether ETFs have had net outflows of over $581 million. They currently hold $6.62 billion in assets, much lower than spot Bitcoin funds, which have over $54 billion and have had net inflows of $18 billion.
Ether has also declined due to recent liquidations by the Ethereum Foundation and Vitalik Buterin. Buterin has sold tokens worth $2.2 million, while the foundation has sold 350,000 coins.
Most importantly, there are concerns that Ethereum is losing market share to layer-2 networks like Base, Arbitrum, Polygon, and Blast, which are known for faster speeds and lower transaction costs than Ethereum.
Additionally, there are signs that many smart money investors are selling the coin. For example, one investor sold ETH worth almost $10 million in the last 24 hours, as shown below.
Another top entity that sold its Ethereum assets was Jump Trading, one of the top players in the crypto industry. According to Nansen, its total Ether holdings dropped from over $531 million in July to zero.
Ethereum has more downside in BTC terms
The ongoing Ether sell-off began after it formed a triple-top chart pattern around the 0.088 level between May 2021 and September 2021. The coin then dropped below the pattern’s neckline at 0.049 on May 20 of this year.
It also formed a death cross pattern in April, as the 50-week and 200-week moving averages crossed each other.
The Relative Strength Index has retreated and retested the oversold level of 30, signaling strong downward momentum. Therefore, the path of least resistance for Ether is downward, with the next reference point being 0.0224, which would represent a 42% drop from the current level.
Source link
Bitcoin on the Cusp of Breakout Into Parabolic Phase, Says Crypto Analyst – Here’s the Timeline
Germany's Commerzbank and DZ Bank To Offer Bitcoin and Crypto Trading
Hut 8 deepens Bitmain partnership with launch of new ASIC miner in 2025
Binance CEO Says Institutional Investors Grew 40% This Year
Solana’s New Phone Promises More for Less—And Already Seeing Huge Demand
Federal Reserve Cuts Interest Rates by 50 Basis Points to Address Economic Uncertainty
XRP, SOL stagnate as new rising altcoin seizes the moment with another ATH
SOL Price Jumps 5% As Solana Seeker Mobile Goes Live With AI Features
Crypto Exchange Bitget Seals 'Multi-Million Dollar' Deal with La Liga
Louisiana State Government Now Accepts Bitcoin Lightning As Payment
The expanding crypto ecosystem of Solana
Ex SEC Official Blasts US SEC Amid Rari Capital Settlement Charges
Fractal Suggests Major Breakout In Q4
Donald Trump Makes Historic Bitcoin Payment At PubKey
Intel Markets presale scorching hot with Solana, Toncoin holders support
Top Crypto News Headlines of The Week
Ethereum, Solana touch key levels as Bitcoin spikes
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
Bitcoin Open-Source Development Takes The Stage In Nashville
Ethereum Crash A Buying Opportunity? This Whale Thinks So
Why Did Trump Change His Mind on Bitcoin?
New U.S. president must bring clarity to crypto regulation, analyst says
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
Citigroup Executive Steps Down To Explore Crypto
Bitcoin flashes indicator that often precedes higher prices: CryptoQuant
Crypto Market Movers: 5 Altcoins Making Waves This Bull Run
Dormant Bitcoin wallet from 2014 moves BTC worth $10.2m
Polygon on-chain activity spikes despite MATIC price dip
Australia’s police joins global campaign to disrupt crypto scams
Trending
- 24/7 Cryptocurrency News1 month ago
Top Crypto News Headlines of The Week
- Bitcoin2 months ago
Ethereum, Solana touch key levels as Bitcoin spikes
- Bitcoin2 months ago
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
- Opinion2 months ago
Bitcoin Open-Source Development Takes The Stage In Nashville
- Altcoins2 months ago
Ethereum Crash A Buying Opportunity? This Whale Thinks So
- Donald Trump2 months ago
Why Did Trump Change His Mind on Bitcoin?
- News2 weeks ago
New U.S. president must bring clarity to crypto regulation, analyst says
- Price analysis1 month ago
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
✓ Share: