Cryptocurrency

However, what is intriguing is that institutional fear of missing out (FOMO) has yet to kick in, as noted by prominent market observers. Greeks.live, a cryptocurrency analytics platform, took to X (formerly Twitter) to share insights on Ethereum’s recent performance. According to their tweet, the surge in ETH has not only propelled it to breach the $2,400 barrier but has also resulted in all major term IVs soaring to yearly highs.Additionally, the daily volume (DVOL) spiked to 70%, reaching a level not seen since April. Analyzing options data, the tweet pointed out that the skew, a measure of the perceived distribution of potential price outcomes, has not followed the rally. This suggests that institutional traders are yet to fully embrace the FOMO associated with ETH’s bullish run.As of the latest available data, Ethereum is currently priced at $2,380, reflecting a notable 6.49% increase in the last 24 hours. Over the past 30 days, ETH has experienced an impressive surge of 18.88%. The trading volume of Ethereum has also witnessed a substantial uptick, rising by 84.35% in the last 24 hours and currently standing at $17.9 billion.Despite the impressive gains, the subdued response from institutional traders has left the market speculating about the potential catalysts that could trigger their entry into the FOMO-driven rally. Whether this is a brief pause before a larger institutional influx or a sign of cautious optimism remains to be seen. The cryptocurrency market, known for its unpredictability, continues to be a source of both excitement and speculation as the year draws to a close.This article was originally published on U.Today More

This article was originally published on U.Today More

Back then, Buterin had responded to a question about the possibility of building Ethereum on top of Bitcoin, expressing concerns about potential conflicts with Bitcoin’s development team. He cited fears that protocol rules might change, making it difficult for him to build on a base protocol at odds with his vision.Fast forward to January 2024, and Wright seized the opportunity to comment on Buterin’s past remarks. He argued that Ethereum only exists due to centralized development teams that have the power to alter the protocol. Wright mused about the hypothetical scenario of having everything built on Bitcoin, envisioning a more streamlined and less fragmented system.While Ethereum has achieved considerable success as a platform for smart contracts and applications, Wright argues for the stability and originality of Bitcoin’s protocol.Moreover, it revives the centralization debate in both cryptocurrency ecosystems. On the one side is OFAC’s censorship of ETH transactions; on the other side is the enormous concentration of BTC in the hands of whales and miners.This article was originally published on U.Today More

In recent days, XRP’s price action has been characterized by its struggle to overcome a series of local resistance levels. A notable rejection was faced around the $0.63 mark, which has added to the narrative of an asset under pressure. Despite these rejections, the asset’s ability to stay afloat above the 200-day EMA suggests underlying strength and potential for growth.XRP/USDT Chart by TradingViewThe market’s oppressiveness toward XRP can be attributed to various factors, including lack of usecase for XRP and a poor performance throughout the 2023. However, the past has shown that XRP can swiftly shift from oppressed states to strong bullish rallies, often catching many off-guard.For a scenario where XRP’s growth continues, it is essential for the token to maintain its stand above the 200-day EMA. If this level holds, it can serve as a springboard for future bullish attempts. A decisive close above this moving average could stimulate investor confidence, potentially leading to a challenge of the recent resistance at $0.63. A break and hold above this level could signal a trend reversal and may pave the way for XRP to target higher resistances, possibly around the $0.70 to $0.75 regions.After dipping to a support level around $88 on December 20, 2023, Solana has rebounded, forming a higher low near the $90 mark. This movement suggests accumulating strength and a possible change in direction from the previous downward trend. The local trendline resistance, which Solana is currently testing, is evident at approximately $97.50. Two pivotal price levels stand out on Solana’s chart. The first resistance level after the trendline sits near the $100 psychological mark. This round number has historically been a challenging point for Solana to breach decisively. Beyond that, the $104 level looms as the next significant barrier, which was a previous local high around January 3, 2024.Conversely, on the support side, the level to watch is around $88, as mentioned earlier. This price has proven to be a firm foundation, with buyers stepping in to uphold Solana’s valuation. A secondary support level is present near $85, just below the 50-day moving average, acting as a safety net for any potential retracements.The rapid growth witnessed in the past few days has been nothing short of impressive. Ethereum, which lingered around the $2,400 mark in the early days of February, has seen a significant influx of buying pressure, leading to a breakthrough past key resistance levels. This positive price action posits two potential scenarios for the smart contract giant.In one scenario, Ethereum could continue its aggressive push, riding the wave of current market optimism towards the $3,000 target. If this momentum is maintained, and with the additional fuel from the recent high volume of trades, ETH could test $3,000 in the coming days. A consolidation above $2,600 would be crucial for this scenario to unfold, as it would establish a new support level, reinforcing investor confidence.Alternatively, given the volatile nature of the crypto markets, a retracement could occur before Ethereum reaches $3,000. This would likely see the asset retesting support at the $2,500 level, which if held, could serve as a springboard for a second wave towards and beyond $3,000.This article was originally published on U.Today More

An ascending triangle is characterized by a flat upper resistance line and a rising lower support line. This pattern suggests that buyers are gradually gaining ground against sellers, as each dip is bought up at a higher level than the previous one, indicating accumulating pressure for an upward breakout.SHIB/USDT Chart by TradingViewFor Shiba Inu, which has been lingering in a period of relatively nonexistent activity, this pattern could serve as massive fuel for volatility in the near future. Recent market conditions have seen a decline in interest toward legacy meme coins, with SHIB being no exception. The lack of significant developments within the Shiba Inu network has contributed to the muted activity around this cryptocurrency.In contrast, the majority of the action in the meme coin sector has been taking place on the Solana network. This platform has become a hotbed for the deployment of new meme coins, which are exhibiting far greater volatility than those on the Ethereum network, where Shiba Inu resides. The brisk activity on Solana contrasts sharply with the sluggishness observed in Ethereum’s meme coin space, drawing in traders and investors looking for quick gains and high excitement.A closer look at the charts shows Ethereum’s price action respecting a series of key technical indicators which, together, build a case for potential upward momentum. The asset has been tracing back to touch base with its moving averages, a behavior that is typically followed by a rebound, as these levels can act as dynamic support zones.This corrective phase is noteworthy, especially considering the robust rally Ethereum enjoyed in the preceding weeks. Corrections are a natural and healthy part of any asset’s price trajectory, allowing for consolidation before the next leg up. For Ethereum, the current pullback could be shaking out weak hands, setting the stage for a stronger rally propelled by a more committed investor base.However, the ascent above the 50 EMA has not been met with the kind of vigorous momentum that bulls would hope for. The growth has been moderate, hinting that Bitcoin might encounter selling pressure as it ascends. This is not unusual on the crypto markets, where significant moves often face immediate resistance as traders take profits and skeptics cast doubts.The recent price action has been a roller coaster for Bitcoin, which saw its value tumble from highs around $47,000 to lows near $41,000. This downturn briefly shifted the spotlight to altcoins, which seized the moment to stage local rallies. The diversification of gains across the crypto spectrum during Bitcoin’s periods of weakness is a trend that has become more pronounced as the overall market matures.Yet Bitcoin’s ability to push back above the 50 EMA serves as a reminder of its underlying strength and the confidence investors have placed in it. Despite the opportunity for altcoins to rise, Bitcoin remains the anchor of the crypto market, with its moves often dictating broader market sentiment. This recent rebound above a crucial technical level could be interpreted as Bitcoin’s silent assertion that it is not ready to give up the throne just yet.This article was originally published on U.Today More

This article was originally published on U.Today More

The expert’s optimism is fueled by the recent approval of spot-based Bitcoin ETFs by the Securities and Exchange Commission for multiple companies.Addressing the current state of Bitcoin ETFs, Mow notes a period of market adjustment. The recent launch of Bitcoin ETFs with billions in trading volume and BlackRock (NYSE:BLK)’s acquisition of 11,500 BTC have contributed to the ongoing recalibration. Meanwhile, GBTC holders are exiting positions, creating sell pressure and pushing prices down. Mow believes this process will not be prolonged, as many are hesitant to sell due to substantial tax implications, eventually leading to Grayscale’s fee capitulation.As 2024 unfolds, Mow’s bold prediction adds an extra layer of anticipation and excitement to Bitcoin. The crypto community eagerly awaits to see if the expert’s foresight will indeed materialize in the imminent time.This article was originally published on U.Today More

The comparison draws from the mid-2019 mini-bubble sentiment, a period that saw considerable enthusiasm on the crypto markets. However, there is a clarifying point to be made: the Coinbase IPO occurred in 2021, not 2019. This distinction is crucial as it contextualizes market sentiment within the correct timeline, and understanding this context is key when considering potential market movements.BTC/USD Chart by TradingViewFurther, the present market dynamics are likened to those of 2020, not 2019. This is an important differentiation as 2020’s market crash was a black swan event, spurred by unforeseen global circumstances, which significantly affected asset prices across the board. The assertion here is that if the current cycle mimics the recovery and growth phase post-2020, a substantial increase in Bitcoin’s price could be anticipated.However, it is imperative to approach such predictions with caution. Historical rallies offer a reference but are not a blueprint for future performance. The nature of predictions based on past events is inherently uncertain and should be deemed speculative at best.Other analysts are chiming in with their perspectives, suggesting that Bitcoin might have already initiated its ascent, with some estimating that the rally is approximately 20% complete. These analysts also temper expectations by proposing that the all-time highs (ATHs) in this cycle may not achieve the same staggering percentage increases seen in previous cycles.While the possibility of a 6x rise in Bitcoin’s value is fascinating, market participants should remain vigilant, considering both the potential upside and the inherent risks.This article was originally published on U.Today More