Market

Top 4 Altcoins to Watch

Published

18 hours ago

October 15, 2024

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As Bitcoin continues to show strength, analysts are diverting their attention to altcoins with hot narratives — GameFi, AI, DePIN, and RWA.

Hence, renowned crypto analyst Miles Deutscher unveiled his top four altcoin picks, naming potential high-yield investments riding on these narratives.

SuperVerse (SUPER): Riding the Gaming Wave

The analyst ranks SUPER, a gaming token, at the top of his list, calling it a “meme” due to its strong community support. However, he stressed that SUPER also offers real utility within the gaming economy. He noted that the combination of cultural appeal and practical use is often key to determining which crypto projects succeed.

SUPER has seen immense growth amid the rise of play-to-earn models and the integration of NFTs (non-fungible tokens). The token has surged 70% since Deutscher’s September 21 call, and he believes it has even more room for growth. He attributes the success to the powerful influence of belief and community support.

For gaming investors, Deutscher sees SUPER as a key altcoin to stack, with future gains expected as the market recognizes its potential.

Bittensor (TAO): Leading the AI Narrative

TAO is another top pick, benefiting from the ongoing AI narrative. AI’s potential to revolutionize multiple industries, along with crypto’s integration into that revolution, makes Bittensor a critical player in the space.

Deutscher notes that TAO has garnered attention both within and outside the crypto space, even receiving a boost from Elon Musk’s mention on X (formerly Twitter). He highlights TAO’s long-term potential due to its central role in AI infrastructure.

According to the analyst, TAO has consistently provided buying opportunities through minor pullbacks, making it a solid choice for investors eyeing the AI sector.

TAO Price Performance. Source: BeInCrypto

While the token has already seen significant gains, Deutscher advises buying during dips. At the time of writing, TAO is trading at $609.16.

Mantra (OM): Betting on RWA

Mantra positions itself at the intersection of DeFi and real-world assets (RWA). Deutscher bets on its unique position in the RWA space, which, in his opinion, makes it an attractive long-term hold. The niche promises immense growth potential in the coming years.

RWA tokenization — the process of converting physical assets like real estate, bonds, and commodities into digital tokens on the blockchain — is gaining momentum. High-profile figures, including BlackRock’s Larry Fink, continue to emphasize its growing significance.

“We have the technology to tokenize today. If you have a tokenized security and identity, the moment you buy or sell an instrument on a general ledger, that is all created together. You want to talk about issues around money laundering. This eliminates all corruption by having a tokenized system,” Fink explained.

Mantra’s ability to ride this wave, coupled with its current technical setup, makes it a strong contender for long-term growth. Mantra’s OM token price has already delivered impressive returns, with a 2X to 3X increase since Deutscher’s initial recommendation. Despite its recent price surge, Deutscher expects further growth and suggests buying during potential retracements.

Render (RNDR): A DePIN Player with Technical Strength

RNDR rounds out the analyst’s top four picks. Deutscher picks Render as a top decentralized physical infrastructure network (DePIN) play. Render provides decentralized GPU computing power, which has a variety of use cases, especially in AI and high-performance computing.

While there are other promising projects in the sector, including Aethir (ATH), Deutscher finds Render particularly appealing for both short-term trading and long-term holding. Its current price action and technical setup indicate that it could see significant gains soon, making it a strong altcoin to watch.

Miles Deutscher’s top four altcoin picks—SUPER, TAO, Render, and Mantra—represent broader crypto trends capable of dominating the market. Each of these tokens stands at the forefront of narratives shaping the future of crypto.

Investors seeking opportunities in the altcoin space may consider monitoring these four projects, balancing short-term technical analysis with long-term market trends. However, traders must always conduct their own research.

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Market

Why the SEC Is Suing Over Meme Coin Fraud

Published

22 mins ago

October 16, 2024

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The US Securities and Exchange Commission (SEC) filed a lawsuit against an individual connected with the issuance and promotion of the Saitama Inu (SAITAMA), according to a complaint released recently.

This legal action follows a series of joint enforcement initiatives launched earlier this month. The SEC, the Federal Bureau of Investigation (FBI), and the Department of Justice (DOJ) charged multiple cryptocurrency entities suspected of fraud and market manipulation.

SEC Pushes Misleading Investors and Pump-and-Dump Allegations

The complaint, filed in the US District Court, alleges that the defendant, Vy Pham, illegally sold unregistered securities in the form of digital tokens. It also accuses Pham of misleading investors and promoting Saitama Inu through deceptive tactics. Some of the cited deceptive practices include fraudulent statements about the coin’s value and prospects.

According to the SEC, Pham leveraged social media channels to promote the meme coin. He artificially inflated the value of Saitama Inu and ultimately profited at the expense of unsuspecting investors. Advertising a strong community backing and future utility, Pham reportedly promised substantial returns to investors.

However, the SEC contends that Pham’s promotional efforts were part of a “pump-and-dump” scheme, a form of securities fraud. In such schemes, the promoter hypes up the asset to boost its price, only to offload its holdings at inflated rates. This leaves other investors with significant losses as the token value crashes.

“Pham misled investors by making grand promises of wealth, and as a result, many individuals lost significant amounts of money,” said Gurbir S. Grewal, Director of the SEC’s Enforcement Division, in a statement.

This lawsuit is part of a wider crackdown initiated on October 9 by the SEC, FBI, and DOJ against four cryptocurrency entities. Citing Gotbit Consulting, ZM Quant Investment, and CLS Global, the coordinated enforcement action centers on allegations of fraudulent activities and market manipulation. These are tactics used to deceive investors by fabricating market demand.

Potential Implications for the Future of Meme Coins

Meme coins, unlike Bitcoin or Ethereum, typically lack intrinsic utility or clear use cases, making them highly volatile. They are often subject to rapid price fluctuations, driven by social media trends or endorsements from influencers.

This lawsuit reflects the SEC’s ongoing efforts to ensure compliance with securities laws in the growing cryptocurrency market. The SEC is committed to fighting against fraud, misleading information, and market manipulation. This is as more retail investors flock to digital assets.

“The cryptocurrency market continues to grow, and with it, the risks to investors. The SEC will continue to take action against those who violate securities laws, no matter how new or innovative the assets may be,” Grewal added.

Meme coins can be entertaining and lucrative for some. However, they also come with significant risks, especially when manipulation is in play. The outcome of the SEC’s case against Pham could have far-reaching implications for the future of meme coins.

The court ruling in favor of the SEC could set a legal precedent, bringing stricter regulations on similar digital assets and their promoters.

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Market

Litecoin (LTC) Jumps 10%: Can the Bulls Fuel a Bigger Rally?

Published

1 hour ago

October 16, 2024

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Litecoin price is gaining pace above the $70.00 level against the US Dollar. LTC could continue to rise if it clears the $72.80 resistance zone.

Litecoin is showing positive signs from the $65 support zone against the US Dollar.
The price is now trading above $70 and the 100-hourly Simple Moving Average.
There is a key bullish trend line forming with support at $68.00 on the hourly chart of the LTC/USD pair (data feed from Kraken).
The price is up over 10% and might continue to rise if it clears the $72.80 resistance zone.

Litecoin Price Gains Bullish Momentum

After forming a base above $65, Litecoin started a fresh increase. LTC price broke the $68 and $70 resistance levels to move into a positive zone, like Bitcoin and Ethereum.

The price gained over 10% and even cleared the $72 level. A high was formed at $72.74 and the price is now consolidating gains. It is stable above the 23.6% Fib retracement level of the upward move from the $65.29 swing low to the $72.74 high.

Litecoin is now trading above $70 and the 100 simple moving average (4 hours). There is also a key bullish trend line forming with support at $68.00 on the hourly chart of the LTC/USD pair. The trend line is close to the 61.8% Fib retracement level of the upward move from the $65.29 swing low to the $72.74 high.

On the upside, immediate resistance is near the $72.00 zone. The next major resistance is near the $72.80 level. If there is a clear break above the $72.80 resistance, the price could start another strong increase. In the stated case, the price is likely to continue higher toward the $75.50 and $78.00 levels. Any more gains might send LTC’s price toward the $80.00 resistance zone.

Are Dips Supported in LTC?

If Litecoin price fails to clear the $72 resistance level, there could be a downside correction. Initial support on the downside is near the $71.00 level.

The next major support is forming near the $69.00 level, below which there is a risk of a move toward the $67.50 support. Any further losses may perhaps send the price toward the $65.00 support.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for LTC/USD is above the 60 level.

Major Support Levels – $71.00 followed by $67.50.

Major Resistance Levels – $72.80 and $80.00.

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Canary Capital Aims for Litecoin ETF After XRP ETF Submission

Published

2 hours ago

October 16, 2024

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Nashville-based investment firm Canary Capital filed for a Litecoin exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC). This comes on the heels of Canary and BitWise filing for an XRP ETF earlier this month.

Litecoin’s official site made a statement after the ETF filing went public.

Canary’s New ETF Attempt

Nashville-based investment firm Canary Capital filed for a Litecoin (LTC) ETF with the Securities and Exchange Commission (SEC) today. This comes less than a week after Canary submitted an XRP ETF application, showing a multifaceted approach. Canary’s documents show it filed with CSC Delaware Trust Company for both attempts; BitWise also used it for its XRP ETF.

Litecoin published a positive statement about this ETF filing on its website, greeting this new development. It called special attention to Canary Capital’s founder, Steven McClurg, who was “former co-founder and Chief Investment Officer” at Valkyrie Funds. Valkyrie was among the first applicants for a Bitcoin Futures ETF several years ago.

“Steven established Canary Capital to drive innovation and deliver actively managed private strategies to meet institutional demand for sophisticated cryptocurrency investment solutions. If approved, the ETF will provide both consumer and institutional investors with wide-spread direct exposure to Litecoin,” the statement read.

October has seen a high level of action in the crypto ETF market so far. Bitcoin ETFs are currently surging with demand, and these three new applications took place in fairly quick succession. The prevailing opinion is that Solana is more likely to win the next ETF approval, but these predictions have not deterred proposals for LTC or XRP.

In the past 24 hours, Litecoin’s price has increased by around 7%. There have been signs that LTC may rally this month if whales move the needle, but this has not materialized. So far, on-chain data suggests a slight uptick, but nothing substantial has occurred.

Litecoin Price Performance. Source: BeInCrypto

Although approval for this ETF would be a substantial win for the crypto industry, Bloomberg analyst James Seyffart noted that several exchange-traded products (ETPs) already carry LTC. He mentioned both a Swiss and a German product and added that Grayscale already has a Litecoin ETP in the US.

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