Cryptocurrency

As Bitcoin’s dominance rises, it seems to absorb much of the market’s momentum, leaving altcoins like Ethereum to trail in its wake. This dynamic is evident in Ethereum’s price movements, which, while positive, lack the explosive energy seen in past bull runs. The subdued momentum could be attributed to a range of factors, including the market’s hesitant stance on DeFi platforms, which have not regained the explosive popularity they enjoyed in previous cycles.The DeFi sector, which is largely built upon , has shown weak positions amid regulatory scrutiny and a global downturn in investor appetite for riskier assets. This has undoubtedly played a role in tempering Ethereum’s ascent, as the network’s intrinsic value is closely tied to the success and innovation within its ecosystem.However, the burgeoning NFT market provides a glimmer of hope. As interest in NFTs revives, Ethereum stands to benefit from increased transaction volumes and renewed enthusiasm for its blockchain, which underpins much of the NFT market. The potential of Ethereum Improvement Proposal (EIP) 1559, which aims to reduce the volatility of transaction fees, also bodes well for the network’s future utility and investment appeal.Looking ahead, the anticipated upgrade to Ethereum 2.0, which promises improved scalability and energy efficiency, could serve as a bullish catalyst for ETH’s price. Furthermore, the gradual recovery of the NFT space and persistent innovation within the DeFi sector suggest that the current rally could gain fresh momentum, even if the pace at this moment seems tempered.In the shadow of Bitcoin’s impressive surge past the $40,000 mark, XRP’s ascent presents a rather underwhelming narrative. As Bitcoin broke numerous resistances, XRP’s attempt at a rally seemed too tentative, which might be a bearish signal for the asset that has failed to gain any positions.Technical analysis of chart reveals its struggle to maintain upward momentum. After a spike that captured the market’s attention, the price action has since been contained, with XRP facing resistance that it seems unable to break decisively. The moving averages, typically a sign of potential future movement, have converged in a narrow band, suggesting a lack of strong market direction and investor indecision.The relative strength index (RSI), a measure of market momentum, remains in a neutral zone, neither overbought nor oversold, underscoring the absence of a clear trend. This indecisiveness in the market is compounded by XRP’s volume metrics, which have not displayed the surge required to back a robust rally, further solidifying the notion that the recent price action is uninspired and lackluster.Market sentiment toward is between cautious and bearish, reflecting concerns over ongoing regulatory challenges and market positioning. While XRP has a loyal community and a firm standing among the top cryptocurrencies by market capitalization, its recent performance suggests a bearish phase. Without a significant catalyst or change in market dynamics, XRP may continue to languish in its current range, overshadowed by the more dynamic movements of its peers like Bitcoin.This article was originally published on U.Today More

The X post stated that this whale has the great skill of being able to find cryptocurrencies with 100x lower market caps and, as a result of his trading, he boosted his crypto portfolio by a mind-blowing +3,475,758.8%.Currently, the whale holds $441 million worth of Ethereum, and this is the largest part of his crypto portfolio – 27%. The average price he bought this ETH at over time constitutes $2,069. His profit and loss on ETH amounted to +$6,732,159.Calling the whale’s portfolio impressive, the X analytics account as the other two biggest crypto in it. At the time of this writing, he holds $423,628,077 worth of CRO and $374,333,542 worth of SHIB. His profit and loss on these two coins has totaled +$7,178,953.36.Now, he has deposited 39,260 ETH to the Kraken exchange. The data source notes that this whale accumulated 47,260 ETH at the price of $240 between June and August 2017. If he does complete the sale on Kraken, his profit would constitute approximately $78 million, @lookonchain says.This article was originally published on U.Today More

In May, Tether announced its plans to start allocating 15% of its net realized operating profits to purchasing Bitcoin (BTC). That decision has seen the firm acquire a total of 57,576 BTC worth approximately $2.4 billion at the current market valuation; however, they were for an average price of $22,480 per Bitcoin. Bitcoin has made impressive strides since the company decided to place its bet on Bitcoin. With prices rising as much as 150% year to date (YTD), Tether has seen its total Bitcoin stash grow by about 100%. The value of the company’s portfolio underscores another major positive milestone the company has made in recent times after confirming its plans for the top coin.Besides the steady allocation into Bitcoin, Tether also plans to , a plan it has currently allocated up to $500 million for.MicroStrategy, the non-crypto-native firm with an over 174,000 BTC stash has seen massively proportionate growth in its portfolio. MicroStrategy is a noteworthy example of a consistent Bitcoin backer as it has been accumulating Bitcoin since August 2020, with the coming this month.Another top beneficiary of the Bitcoin rally is El Salvador, the Central American nation that adopted BTC as its official currency. As the country’s President Nayib Bukele noted, its Bitcoin has earned a profit of over $3 million.This article was originally published on U.Today More

According to data, the weekly SMA 50 was $28,102 and is rising at press time, while the weekly SMA was $29,301.Since mid-October, Bitcoin has risen for seven weeks in a row, surpassing the $42,000 level. If this week concludes positively, Bitcoin will have gained for the eighth week in a row.Crypto-specific factors have contributed to Bitcoin’s stellar 152% rise in 2023, with BTC reaching new yearly highs of $42,410 in Monday’s trading session.A golden cross, which is produced when the SMA 50 crosses above the SMA 200, implies that short-term price momentum is outpacing long-term price momentum, perhaps resulting in a bull run. Based on this indicator, Bitcoin’s weekly may emerge in the coming weeks.Citing prior precedents, in the weeks following the September 2021 golden cross, Bitcoin rose to a new high of $69,000. The forthcoming golden cross may live up to its storied past, given the optimism over the likely launch of a U.S.-based spot ETF.Meanwhile, the euphoria surrounding Bitcoin crossing $42,000 continues trending across crypto platforms, according to Santiment.However, some technical indicators, such as the RSI, a momentum gauge, might suggest Bitcoin’s rally has become stretched.According to Santiment, Bitcoin’s RSI suggests a brief cooldown for the BTC price after surpassing $42,000. If this happens and the RSI stays at 65, Bitcoin might aim for $50,000 more quickly.Ali, a crypto analyst, notes that the most important resistance area for BTC is at $47,360, while $37,000 has now become a significant support zone.This article was originally published on U.Today More

Analysts said that retail crypto metrics indicate the gains are still in their early innings. The firm views Coinbase as an “attractive way to play the growing crypto asset universe.””Retail crypto engagement is considerably lower than in prior years and despite the recent price gains, has been fairly muted. We have found that the best indicators for where crypto and COIN are in the cycle is based on a scale ranging from retail disinterest to euphoria. Today, retail interest is closer to disinterest,” the analysts wrote. “Google Search Trends show ‘Crypto’ is currently at the same levels as July ’23 and ~50% lower than the ’22 avg,” they added. “Coinbase ranking in app stores is at #24 today for finance apps vs #28 in Sep ’23, #9 in Feb ’22, and #1 in Oct ’21.”The analysts also noted that crypto website visits for October 2023 are lower than those in July 2023. However, they noted that Bitcoin dominance is near 2023 highs, indicating excess capital has not flowed into alt-coins, “which typically occurs in middle to late stages of the cycle.” More

Phoenix Group’s stock price surge on the ADX exchange further cements its positive market reception and investor confidence in the company’s prospects. The 50% increase is a testament to the market’s belief in Phoenix Group’s ability to navigate the complexities of the crypto industry and capitalize on the growing demand for digital assets.Notably, Phoenix Group’s strategic collaborations and investments have contributed to its success and market appeal. In August, the company signed an agreement to build a $300 million crypto-mining farm in Oman.Additionally, in October, the International Holding Company, an Abu Dhabi conglomerate, acquired a 10% stake in Phoenix Group through its subsidiary International Tech Group, further strengthening Phoenix’s financial position and market influence.Simultaneously, Twitter founder Jack Dorsey has made a major in OCEAN, a unique project to change the worldwide landscape of Bitcoin mining.This article was originally published on U.Today More

At the time of writing, BTC is worth $41,511.85, up 5.11% in the past 24 hours, atop a 102% jump in trading volume to $32,083,399,386.According to Martinez’s chart, the next most important price Bitcoin will likely breach is $47,360. While Bitcoin’s current outlook suggests retesting this price level is possible in the mid- to long term, the analysts named the $37,000 price zone as the next crucial support zone to watch.Bitcoin’s growth thus far this year has been eclectic, jumping from around $16,663 at the start of the year. The more than 150% year-to-date (YTD) gain has helped it change its narrative in no small measure. Should the coin now succeed in breaching the $47,360 level as Martinez suggested, Bitcoin .While mainstream institutional investor interest in Bitcoin remains high, as showcased by MicroStrategy’s , the potential likelihood of the SEC approving a Bitcoin Spot Exchange Traded Fund (ETF) product will usher in the massive capital that the coin needs to chart an ambitious price surge.Bitcoin, for now, has shown that while in stealth mode, it can surprise investors with its impressive price maneuvers.This article was originally published on U.Today More

Analyzing the BTC-USD Average Trade Size chart, we observe that the average transaction value has seen a marked increase. This trend, when coupled with the price action of Bitcoin, provides a compelling narrative: institutions are likely playing a pivotal role in price ascension. Larger trade sizes typically indicate the participation of players with deeper pockets, such as hedge funds, family offices and corporate treasuries, who are capable of making more substantial investments into the market.Moreover, the recent green candles on the chart, with their sizeable bodies, reflect aggressive buying pressure. The absence of long wicks suggests that pullbacks are being bought up quickly, indicating the presence of a solid underlying bid on the market. This scenario often coincides with institutional investment, as these entities tend to make strategic, high-volume purchases rather than quick .In the immediate term, Bitcoin appears to be facing resistance at recent highs, with potential retracements likely to test the strength of current support levels.This article was originally published on U.Today More