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Is the Altcoin Season Here?

Published

6 hours ago

October 2, 2024

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After closing at a two-year high of 58.41% on September 19, Bitcoin’s dominance (BTC.D) has initiated its downward trend, noting a 2% decline. Meanwhile, the combined market capitalization of all altcoins (TOTAL2) has surged, indicating a shift in investor sentiment.

However, this is not without a catch. TOTAL 2 has experienced a steady decline, signaling a slowdown in market activity as traders hold back, waiting for the catalyst to spark the anticipated bull run in the year’s final quarter.

Altcoin Season May Be Underway, But With Weak Momentum

TOTAL2 is currently at $927 billion at press time, climbing by 5% since BTC.D started to fall. This reflects the surge in demand for altcoins over Bitcoin in the past ten days.

However, TOTAL2’s momentum indicators signal that buying pressure has weakened over the past few days. This is driven by a slowdown in broader market activity as traders wait for a trigger to ignite the highly anticipated “Uptober.”

For instance, the size of the histogram bars in TOTAL2’s Moving Average Convergence/Divergence (MACD) indicator has gradually decreased over the past few days.

TOTAL 2 MACD — TOTAL2 MACD. Source: TradingView

While the MACD line (blue) remains above the signal line (orange), indicating that buying activity is outpacing selling pressure in the altcoin market, the shrinking size of the histogram bars typically signifies a weakening momentum in bullish trends.

Furthermore, the declining bars of TOTAL2’s Elder-Ray Index, which measures the strength of the bulls and bears in the market, support this position. Although this indicator has shown green bars, indicating that bulls are currently in control, the diminishing size of these bars suggests that buying pressure is weakening and that bulls are gradually losing their grip on the market.

total 2 elder-ray index — TOTAL 2 Elder-Ray Index. Source: TradingView

Altseason May Arrive Much Later

After spending 20 days below TOTAL2, the dots of its Parabolic Stop and Reverse (SAR) indicator flipped to the top during Monday’s trading session, signaling a shift in market sentiment. This reversal often indicates that the prevailing uptrend is losing momentum and that a downtrend could begin.

TOTAL 2 Parabolic Stop and Reverse. Source: TradingView

Moreover, according to data from Blockchain Center, the altcoin season commences when at least 75% of the top 50 altcoins outperform Bitcoin over a 3-month period. Currently, only 49 of these assets have surpassed Bitcoin’s performance in the last 90 days. Hence, the altcoin season has not yet arrived.

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 Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

Ethereum Price Extends Losses: Is The Downtrend Set to Continue?

Published

32 mins ago

October 2, 2024

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Ethereum price is gaining pace below the $2,550 resistance. ETH is now trading above $2,500, but it might struggle to recover above $2,550.

Ethereum started a downside correction below the $2,550 zone.
The price is trading below $2,520 and the 100-hourly Simple Moving Average.
There is a short-term consolidation pattern forming with resistance at $2,500 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above the $2,420 support to start a fresh increase in the near term.

Ethereum Price Dives 5%

Ethereum price remained in a bearish zone and extended losses below the $2,600 level. ETH traded below the $2,550 support to enter a bearish zone like Bitcoin. There was also a move below the $2,500 level.

A low was formed near $2,413 and the price is now consolidating losses. There was a minor increase above the $2,450 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $2,655 swing high to the $2,413 low.

Ethereum price is now trading below $2,520 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $2,520 level. There is also a short-term consolidation pattern forming with resistance at $2,500 on the hourly chart of ETH/USD.

The first major resistance is near the $2,535 level or the 50% Fib retracement level of the downward move from the $2,655 swing high to the $2,413 low. The next key resistance is near $2,550.

An upside break above the $2,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,620 resistance zone in the near term. The next hurdle sits near the $2,650 level or $2,665.

More Losses In ETH?

If Ethereum fails to clear the $2,520 resistance, it could continue to move down. Initial support on the downside is near the $2,440 level. The first major support sits near the $2,420 zone.

A clear move below the $2,420 support might push the price toward $2,350. Any more losses might send the price toward the $2,250 support level in the near term. The next key support sits at $2,120.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,420

Major Resistance Level – $2,550

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Market

Bitwise XRP ETF Filing in Delaware: All the Details

Published

2 hours ago

October 2, 2024

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Bitwise has applied for an XRP ETF in the state of Delaware. An anonymous spokesperson has apparently confirmed that the application is genuine.

An XRP ETF is just one of several ETF-related ventures Bitwise has started recently.

A Surprise Filing

Bitwise Asset Management has applied for an entity named Bitwise XRP ETF in the state of Delaware. According to the filing, publicly available on the Delaware Department of State website, Bitwise filed this ETF on September 30. The registered agent for this filing was CSC Delaware Trust Company, which provides compliance services for legal and corporate endeavors.

“Bitwise positioning to file for XRP ETF is highly noteworthy IMO. Bitwise is highly credible crypto-native fund firm that doesn’t just throw stuff at wall. That’s simply not in their DNA. This is strategic,” Nate Geraci, the President of the ETF store, said.

Bitwise XRP ETF Application — Bitwise’s XRP ETF Application. Source: Delaware Department of State

This agent’s website claims that Delaware is the preferred location for a variety of corporate filings due to its reputation for business-friendly tax and regulation. In fact, BlackRock filed its Ethereum ETF in Delaware less than one year ago. This location suggests Bitwise is making a genuine effort despite the difficulty of winning regulatory approval.

Already, an anonymous spokesperson from Bitwise has confirmed that the filing is genuine. It will be difficult to predict how the SEC will react at this time, but it’s certainly a surprising development.

The XRP ETF has its supporters, but generally, it is not viewed as the most likely cryptoasset to become the third US ETF.

Still, this bold move is very in character for Bitwise. Chief Investment Officer Matt Hougan made publicly bullish statements on new ETF approvals just two weeks ago, and Bitwise acquired a European crypto ETP issuer in August.

A new project like this would fit right in. Ripple’s executives, too, are bullish that the SEC will eventually give an XRP ETF the green light.

“I think it’s just a matter of time, and it’s inevitable there’s gonna be an XRP ETF, there’s gonna be a Solana ETF, there’s gonna be a Cardano ETF, and that’s great,” Ripple CEO Brad Garlinghouse stated.

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 Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

Bitcoin Price Falls To $60K: Is A Rebound Possible?

Published

3 hours ago

October 2, 2024

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Este artículo también está disponible en español.

Bitcoin price started a fresh decline below the $63,500 level. BTC is now consolidating above $60,000 and might face many hurdles on the upside.

Bitcoin is down over 5% from the $65,000 resistance zone.
The price is trading below $63,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line with resistance at $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $60,500 support zone.

Bitcoin Price Takes Hit

Bitcoin price started a fresh decline from the $65,000 resistance. BTC broke the $64,000 and $63,500 support levels to move into a short-term bearish zone.

The price even dipped below $61,500. A low was formed at $60,281 and the price is now consolidating losses. The price is now trading near the 23.6% Fib retracement level of the downward move from the $66,055 swing high to the $60,281 low.

Bitcoin is now trading below $62,500 and the 100 hourly Simple moving average. If there is a fresh increase, the price could face resistance near the $61,650 level. The first key resistance is near the $62,500 level. There is also a connecting bearish trend line with resistance at $62,800 on the hourly chart of the BTC/USD pair.

A clear move above the $62,800 resistance might send the price higher. The next key resistance could be $63,200. It is close to the 50% Fib retracement level of the downward move from the $66,055 swing high to the $60,281 low.

Bitcoin Price — Source: BTCUSD on TradingView.com

A close above the $63,200 resistance might spark more upsides. In the stated case, the price could rise and test the $64,000 resistance level. Any more gains might send the price toward the $65,000 resistance level.

More Losses In BTC?

If Bitcoin fails to rise above the $62,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $61,000 level.

The first major support is near the $60,500 level. The next support is now near the $60,000 zone. Any more losses might send the price toward the $58,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $60,500, followed by $60,000.

Major Resistance Levels – $61,650, and $62,800.

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