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These Altcoins Can Outperform Bitcoin (BTC) in September 2024

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Over the past few months, there has been an expectation that Bitcoin (BTC) would lag behind altcoins in terms of performance. However, this hasn’t materialized, as only six out of the top 50 altcoins have outperformed BTC over the last 90 days.

Currently, Bitcoin’s dominance stands at 57.18%, indicating that its market capitalization has been growing faster than that of the average altcoin. Despite this strong performance, BeInCrypto identifies three altcoins that are expected to outperform BTC in the near future, providing detailed analysis and reasoning for this forecast.

Tron (TRX)

Tron (TRX), the cryptocurrency linked to controversial blockchain billionaire Justin Sun, recently hit a three-year high of $0.17. This milestone helped TRX break into the top 10 cryptocurrencies by market capitalization, overtaking Cardano (ADA). Over the last 30 days, TRX’s price has increased by 15%, outperforming Bitcoin (BTC) during the same period.

This price surge is largely due to the launch of the meme coin generator SunPump in August, which has driven up demand for TRX. The altcoin’s rising social dominance, now at 6.23%, indicates growing attention toward the project.

Tron Social Dominance
Tron Social Dominance. Source: Santiment

From a technical perspective, Tron’s On Balance Volume (OBV) line has been increasing on the daily chart, indicating strong buying pressure. A higher OBV reflects more buying activity, which is often a precursor to further price increases.

If the accumulation of TRX continues, the price could potentially drop to $0.14 before bouncing back to its recent high of $0.17, and possibly even reaching $0.19 in September.

Read more: Who Owns the Most Bitcoin in 2024?

Tron Daily Analysis.
Tron Daily Analysis. Source: TradingView

However, this optimistic outlook could be challenged if Bitcoin outperforms top altcoins next month. In that case, TRX’s upward momentum might face resistance, and the predicted price targets could be harder to achieve.

Aave (AAVE)

Over the past 30 days, AAVE’s price has risen by 18.68%. This cryptocurrency, which serves as the governance token for the decentralized finance (DeFi) protocol Aave, has recently attracted significant interest from whales. This surge in interest places AAVE among the bullish altcoins that could potentially outperform Bitcoin (BTC) in September.

Aave has also proposed increasing its involvement with the Real World Assets (RWA) sector by integrating BlackRock’s BUIDL infrastructure. If this proposal is approved soon, it could lead to a spike in demand for AAVE.

On August 5, AAVE’s price dropped below $80. However, the altcoin began forming Higher Lows (HL), eventually reaching $146.49 on August 24. At this level, the Relative Strength Index (RSI) indicated that the token was overbought.

The RSI measures momentum; a reading of 30.00 or below signals that an asset is oversold, while a reading of 70.00 or above indicates that it is overbought. As shown, the RSI hit the overbought region last Saturday.

Aave Daily Analysis.
Aave Daily Analysis. Source: TradingView

Following this, AAVE’s price dropped to $118. The RSI has since remained above the 50.00 neutral line, suggesting that a bullish reversal could be possible. For this to happen, bulls need to defend the $118.01 support level and break past the resistance at $129.64.

If successful, AAVE could become one of the altcoins to outperform Bitcoin in September. However, if the support at $118.01 fails, the altcoin’s price might face a significant decline.

Cardano (ADA) 

Cardano’s position in this list is largely influenced by its upcoming major upgrade on September 1, known as the Chang hard fork. This upgrade will introduce on-chain governance to the Cardano blockchain for the first time, marking the initial phase toward the project’s ultimate goal, Voltaire.

ADA holders have shown considerable optimism leading up to the event. In 2021, a similar hard fork on the Cardano network led to a 130% price surge within a month. If history repeats itself, ADA could see exceptional price performance in September. Currently, ADA is trading at $0.35, down from $0.40 just three days ago.

The Moving Average Convergence Divergence (MACD) indicator suggests that this recent price dip could be a buying opportunity for market participants. The MACD is used to gauge momentum and helps traders identify potential entry and exit points.

A positive MACD reading indicates bullish momentum, signaling a good time to buy, especially after a downtrend. A negative reading, conversely, points to bearish momentum and a potential time to sell.

Read more: 10 Best Altcoin Exchanges In 2024

Cardano Daily Analysis.
Cardano Daily Analysis. Source: TradingView

For ADA, the MACD currently indicates bullish momentum. If this trend continues, the price could rebound to $0.40 soon, and if buying pressure intensifies, it might even reach $0.44.

However, there is a risk of invalidation if the hard fork becomes a “sell the news” event, where the price drops following the anticipated event. In that case, ADA’s price could decline to $0.32.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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$1.6 Billion in Bitcoin and Ethereum Options Expire After Fed Cut

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The crypto market is bracing for heightened volatility as nearly $1.6 billion worth of Bitcoin (BTC) and Ethereum (ETH) options expire today.

This event coincides with the Federal Reserve’s recent decision to cut interest rates by 50 basis points (bps).

Fed’s Decision Fuels the Crypto Market Rally Ahead of Major Options Expiry

According to data from Deribit, 20,037 Bitcoin options contracts worth approximately $1.26 billion will expire on September 20. These contracts have a put-to-call ratio of 0.85 and a maximum pain point of $58,500.

Expiring Bitcoin Options.
Expiring Bitcoin Options. Source: Deribit

Similarly, Ethereum’s options market is set to expire with 125,046 contracts worth $308.16 million. Today’s expiring Ethereum contracts have a put-to-call ratio of 0.65, with a maximum pain point of $2,350.

Read more: An Introduction to Crypto Options Trading

Expiring Ethereum Options.
Expiring Ethereum Options. Source: Deribit

In options trading, the maximum pain point refers to the price level at which option holders would suffer the largest losses. It is essentially the price at which the highest number of options (both calls and puts) would expire worthless, inflicting maximum financial “pain” on traders. On the other hand, the put-to-call ratio gauges market sentiment by comparing the number of put options (bets on price declines) to call options (bets on price increases).

Greeks. live’s recent analysis outlined the impact of the Fed’s decision to cut rates for today’s expiring crypto options contracts. The analysts noted that the Fed’s move was largely expected and aligned with macroeconomic forecasts.

“Implied volatility declined significantly across all major maturities, with ultra-short-term IVs falling by over 25%, as short-term short-selling expectations by large investors fell short,” they wrote.

Looking ahead, Greeks.live also noted that there will be another interest rate meeting on November 8 and December 19 this year, where the market expects a cumulative 100 bps rate cut. The next rate cut could coincide with the US election, increasing the likelihood of heightened market volatility.

BeInCrypto reported that this week’s rate cut has positively impacted the crypto market. Following the decision, Bitcoin surged from the $59,000 level to surpass the $63,500 mark.

Similarly, Ethereum also experienced a significant increase during the period. Data showed that ETH skyrocketed from $2,293 to as high as $2,482.

However, both assets have now stabilized. At the time of writing, Bitcoin and Ethereum are trading at $62,890 and $2,450, respectively.

Read more: 9 Best Crypto Options Trading Platforms

Despite the positive momentum, traders are advised to remain cautious. Historically, options expiration often leads to short-term instability in the market. The next few days will be crucial in determining whether Bitcoin and Ethereum can sustain their upward trends or if a period of correction is imminent.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Crypto Pundit Predicts Historical 9,468% Pump To $27

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Este artículo también está disponible en español.

A new XRP price prediction by popular crypto pundit Egrag Crypto projects that the cryptocurrency could experience a historical price surge of about 9,468%. This predicted price gain would push XRP from its current price of $0.58 to $27, marking new All-Time Highs (ATHs).  

XRP Price Forecasted To Pump To These Targets

Egrag Crypto has taken to X (formerly Twitter) to express his bullish outlook on XRP, predicting the cryptocurrency could surge as high as $27. On Wednesday, September 18, the crypto analyst shared a price chart illustrating a speculative breakdown of potential price movements for XRP using five distinctive color indicators to represent various price increase scenarios. 

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XRP price
Source: X

Each of these scenarios has been carefully analyzed, grounded on historical price trends and past price pumps. Additionally, the color indicators — white, yellow, red, blue, and green, are all arranged respectively to represent the ascending price potential of XRP. 

The white color indicator predicts that XRP is set to witness a 932% pump from the analyst’s predicted cycle low of $0.28. While this scenario is relatively conservative compared to other projections, if XRP can achieve the predicted pump, its price could surge to $3, nearing current all-time highs. 

The yellow color indicator foresees XRP increasing by 1,538%, potentially driving its price to fresh all-time highs of $4.85. While this target is much higher than the white scenario, it is still within the realm of possibility if the cryptocurrency maintains a positive momentum.

The red indicator projects that XRP’s price will jump to $6.22, marking a 2,035% increase. This massive surge would signal a strong bull run for the cryptocurrency, likely reflecting the influence of major external factors such as mass adoption and more legal clarity

In the blue color scenario, XRP is set to reach a higher price of $7.68, representing a whopping 2,536% increase. At this price, XRP would likely be seen as a major player in the market with potential long-term viability. 

Finally, the green color indicator predicts that XRP could witness a 9,468% price surge, potentially driving the cryptocurrency to a staggering $27. Although this ambitious prediction would be a historic achievement, it remains a far-fetched possibility with XRP’s current market dynamics

XRP Community Express Skepticism

While Egrag Crypto’s bullish projections for XRP raise the hopes of investors who have been HODLing the coin for years now despite its low value and persistent consolidation phase, many have also expressed doubts. A few crypto members criticized the analyst, calling him out for his overly bullish forecasts for XRP. 

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Other members found the ambitious price predictions humorous, declaring that XRP is a “shit coin” and would remain so for a long period. Additionally, one crypto member underscored XRP’s long-term stagnant growth, highlighting that he had bought $1,000 worth of the cryptocurrency early last year but only accrued a profit of $100. 

XRP price chart from Tradingview.com
XRP shows a lot of volatility | Source: XRPUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



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Crypto Brands Return to Sports Sponsorships With 26 Deals

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Crypto sports sponsorship is cautiously rebounding in 2024, signaling a modest revival from the downturn following the boom in 2021. Despite these signs of recovery, the sector still falls short of reaching the highs witnessed during the peak year.

The increase in sports sponsorship also indicates a recovery of the crypto market. Brands are sponsoring sports teams because they have additional funds available for such marketing activities.

The crypto industry started heavily investing in sports sponsorship in 2021. During that year, the industry saw an unprecedented expansion with 42 new deals, representing 45.6% of the total 92 sports sponsorships from 2021 to 2024.

This growth was propelled by a bullish digital currency market, which led to significant agreements. Notably, Crypto.com secured a $700 million deal for the naming rights of Staples Center, renaming it to Crypto.com Arena.

Additionally, FTX entered into a $210 million sponsorship with esports group Team SoloMid. The aggressive sponsorship came as firms sought mainstream visibility and adoption.

Read more: 14 Best Crypto Marketing Agencies for 2024

However, the narrative shifted drastically in 2022 with the market’s downturn. The sector saw a severe reduction in new deals, dropping to 25. The collapse of FTX, previously a key player, led to canceled deals, including its partnerships with the Miami Heat and other sports platforms.

Despite the downturn, some firms like Bybit and Vechain managed to secure substantial agreements; Bybit secured a $150 million deal with Red Bull Racing, and Vechain signed a $100 million contract with UFC.

The downward trend persisted into 2023, with only 8 new sponsorships signed, though 14 existing deals were renewed. Amidst prolonged bearish market conditions and the FTX fallout, the industry remained cautious, limiting substantial financial commitments. However, OKX demonstrated resilience by securing a $70 million deal with Manchester City, illustrating that strategic investments could still thrive.

By 2024, the industry witnessed a gentle recovery, with 26 new sponsorships and 16 continuing from prior years. Noteworthy among these was Crypto.com’s sponsorship with the UEFA Champions League and BlockDAG’s $10 million deal with Borussia Dortmund (BVB). Additionally, Bitget announced a new partnership with LaLiga to enhance crypto adoption in Southeast Asia, Eastern Europe, and Latin America.

“The volume of new sponsorships has not surpassed the 2021 levels, but the uptick in activity suggests crypto firms are slowly re-entering the sports space,” CoinGecko said.

Read more: Top 5 Crypto Companies That Might Go Public (IPO) in 2024

Crypto Sponsorships in Sports
Crypto Sponsorships in Sports. Source: CoinGecko

Specifically, crypto sponsorships have primarily focused on football, with early adopters including prominent clubs like Manchester United, Chelsea, and Manchester City. The strategy extended to global events such as the UEFA Champions League and the FIFA World Cup, leveraging football’s massive international following.

Despite the market’s volatility, some partnerships, like Crypto.com’s diverse sponsorships and Bybit’s strong presence in Formula 1, have become long-term success stories.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.



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