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Altcoin Rally Won’t Happen Until 2025 As Bitcoin Eyes 60% Market Dominance

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4 hours ago

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While the Bitcoin (BTC) price has been eyeing a move above $70,000 recently, top altcoins like Ethereum (ETH), BNB, and Solana (SOL) have picked up much pace in this resurgence. Market analysts believe that it’s too early to call for an altcoin rally and might not happen in the fourth quarter of this year.

Don’t Expect An Altcoin Rally in Q4 2024, Here’s Why

Popular crypto analyst Benjamin Cowen stated that the current drop in the ALT/BTC pairs is mainly due to the drop in the net liquidity along with the strengthening of the U.S. Dollar Index (DXY). He believes that this trend will continue until 2025 while pushing the Bitcoin market dominance even higher this quarter.

Cowen predicts that BTC dominance will peak around 60% between September and December 2024, and might as well overshoot this milestone. He expects the dominance uptrend to end by early January 2025.

However, with the potential for interest rate cuts and the reintroduction of quantitative easing (QE), Cowen suggests that 2025 will bring about different market conditions that could shift the dynamics for altcoins. Here’s the list of some best altcoins to bet on before the rally begins.

Bitcoin Eyes 60% Market Dominance

As the odds of a Donald Trump victory in the upcoming US Presidential elections improve, analysts are hopeful that he might end the crypto regulatory headlock as seen during the Biden administration.

On the other hand, the demand for spot Bitcoin ETFs has skyrocketed this week clocking nearly $1.4 billion in inflows within the first three days of the week. The BlackRock Bitcoin ETF IBIT has been leading the pack taking its total inflows above $22.5 billion since inception in January. Vetle Lunde, the Head of Research at K33 Research writes:

“After super strong ETF flows lately, new milestones have been reached! Yesterday, U.S. spot ETFs surpassed 950,000 BTC under management, marking a new all-time high. These relentless flows have pushed global BTC ETP beyond 1.2m BTC for the first time”.

Another reason why Bitcoin dominates over altcoins is that the BTC whale transactions have reached their highest in over 10 weeks with 11,697 transfers exceeding $100,000 on Tuesday, earlier this week.

Furthermore, on-chain data provider Santiment reports that social media discussions have shifted heavily toward Bitcoin over altcoins, with the leading cryptocurrency accounting for more than a quarter of all crypto-related conversations. This comes as Bitcoin’s price surpassed $68,000 for the first time since July, drawing heightened attention from traders.

Courtesy: Santiment

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Ripple CEO Brad Garlinghouse Provides Clarity On RLUSD, XRP ETF, SEC Lawsuit, IPO

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8 mins ago

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October 17, 2024

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Ripple’s CEO Brad Garlinghouse recently commented on developments in the crypto space, including the imminent RLUSD launch, the XRP ETFs, and whether the US SEC will likely block these applications. The Ripple CEO also discussed crypto regulations in the US and what could change depending on who gets elected in the upcoming US elections.

Brad Garinghouse Comments On RLUSD Stablecoin

Garlinghouse stated during an interview on the Thinking Crypto podcast that the RLUSD stablecoin forms a puzzle piece of what his firm is trying to achieve with its payments service. He revealed how stablecoin transactions formed a major part of their business model, which led to them being among the primary users of the USDT and USDC stablecoins.

Therefore, Ripple saw an opportunity to enter the stablecoin market, considering the amount of activity they witnessed with their stablecoin use. Brad Garlinghouse added that their entrance into the market isn’t about competing but simply growing it. The Ripple CEO remarked that the RLUSD launch will bring more liquidity to the XRP ledger (XRPL), benefiting everyone in the XRP ecosystem.

Regarding how they will use RLUSD on their On-Demand Liquidity (ODL) rails, Garlinghouse mentioned that nothing will change, as it will be similar to how they use USDT and USDC for their payment solution. He noted that they are more focused on how the stablecoin launch could benefit the XRP ecosystem, especially in decentralized finance (DeFi).

Ripple recently revealed major updates concerning the RLUSD launch, including the announcement that Uphold, Bitso, and Bitstamp will be exchange partners. Although the firm has yet to give a particular launch date, it will likely roll out the stablecoin anytime soon.

The Timing Of The XRP ETF Applications

Brad Garlinghouse stated that he was surprised by the timing of the XRP ETF applications but not the outcome. He referred to his previous comments in which he mentioned that other crypto ETFs, including an XRP ETF, were inevitable following the launch of the Spot Bitcoin ETFs. He affirmed that the applications by Bitwise and Canary Island are positive for the XRP ecosystem and that Ripple will show support in any way they can.

When asked if he believes the US SEC will block these XRP ETF applications amid the appeal, Garlinghouse suggested the Commission was already trying to ensure that these funds do not see the light of day. He noted that the Commission filed an appeal just around when Bitwise and Canary Capital began the ETF process.

The Ripple CEO also alluded to Bitnomial’s case against the US SEC, stating that the Commission was acting outside the law and calling XRP security despite Judge Analisa Torres’ ruling that the coin isn’t one. The Commission claimed that Bitnomial’s XRP futures are “Security Futures.” Pro-XRP lawyer Bill Morgan recently provided insights into why the SEC is challenging XRP futures in the Bitnomial case, claiming it might be part of a strategy to stifle Ripple’s growth.

Interstingly, Brad Garlinghouse stated during the interview that he believes that Gary Gensler’s days as the SEC Chair are numbered. He remarked that Gensler would unlikely remain as the SEC Chair beyond this administration, irrespective of who becomes the next US President.

Ripple CEO Discusses IPO

Brad Garlinghouse mentioned that Ripple going public isn’t a high priority for them, partly because of the strained relationship with the US SEC. He added that they are in no rush to go public because they are in a strong financial position thanks to their investments in several crypto and XRP projects.

The Ripple CEO added that an IPO could take over 12 months even if they decide to go public. Therefore, this is not something that will happen anytime soon. Garlinghouse also suggested that they would only consider going public when Gary Gensler is no longer the SEC Chair. In the meantime, Ripple wants to ensure they get the right valuation for the firm.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Shiba Inu Coin Ecosystem On Verge of Transformative Shift, Confirms SHIB Exec

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2 hours ago

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October 17, 2024

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Shiba Inu coin once again caught the eyes of crypto market enthusiasts as SHIB team confirms that the ecosystem is eyeing a transformative shift ahead. On Thursday, the marketing lead highlighted that the Shib Doggy DAO and Foundation launch remains imminent.

Meanwhile, SHIB price saw a pullback, although broader charts hinted at a rally sparking investor speculations amid the looming ecosystem development.

Shiba Inu Coin Eyes Shib DAO Foundation Launch

In an X post dated October 17, the top dog-themed meme coin‘s marketing lead, Lucie, stated, “Shib’s DAO and Foundation are coming soon.” The introduction of the “Shib Doggy DAO Foundation” lies shortly ahead, marking the “next chapter for Shib State and setting the stage for a fully decentralized and autonomous future.”

The upcoming DAO for the Shiba Inu coin stages as a governance system where SHIB, BONE, LEASH, and TREAT holders have the right to influence crucial decisions. This allows token holders to vote on everything, ranging from community projects to technology advancements.

“The Shib Doggy DAO Foundation will legally wrap around the DAO, ensuring that the decisions made by the community are properly executed.”.

Moreover, the governance is set to be divided into four key areas based on the ecosystem tokens. Notably, SHIB governs the community itself, whilst BONE powers the technology. LEASH offers protection and exclusivity within the ecosystem, while TREAT focuses on community projects, as pointed out by Lucie.

Overall, the announcement gained significant traction across the broader market, indicating game-changing developments for the Shiba Inu coin’s ecosystem looming over the horizon.

SHIB Price Performance Today

However, despite the abovementioned development, SHIB price traded in the red today, down 5% to $0.00001781. Its intraday low and high were recorded as $0.00001786 and $0.00001899, respectively. Nonetheless, broader charts for the token underlined a price rally.

The weekly chart showcased gains worth 4%, while monthly gains totaled nearly 35%, sparking investor optimism. This upswing, coupled with Shiba Inu coin’s looming ecosystem development, garnered substantial attention to the crypto.

Besides, it’s also worth mentioning that the coin’s recent gains align with a whopping surge in the SHIB burn rate, as reported by CoinGape Media previously. With nearly 300 million coins burned, the supply took a hit, bolstering the meme token’s market dynamics.

Also, lead developer Shytoshi Kusama highlighted a game-changing partnership for SHIB recently, further reverberating market optimism for the asset. Overall, the coin rides bullish waves despite today’s downturn, painting an optimistic picture of long-term prospects.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Missed SPX, MOG, WOJAK? Crypto Whale To Follow To Make Millions

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3 hours ago

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October 17, 2024

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In an unprecedented development, a crypto whale has caused a frenzy across the broader industry on Thursday, making millions with the meme coins SPX6900 (SPX), Mog Coin, WOJAK, and Pepe Coin (PEPE). Recent on-chain data indicated that the smart trader made over $5 million worth of profit trading the abovementioned tokens. Meanwhile, market watchers continue to zero in on the trader’s address, primarily due to the remarkable profit-making trading strategies.

Crypto Whale Nabs Millions Trading SPX & These 3 Coins

According to the data revealed by Lookonchain on October 17, the unknown wallet address 0xCa3C.. has made $2.19 million on Pepe Coin, $1.7 million on SPX6900, $1.37 million on MOG, and $207K on WOJAK with their recent trading strategies. Following a recent price upswing in SPX, the trader started offloading their SPX6900 holdings for remarkable profits. Simultaneously, the smart trader started accumulating more PEPE and WOJAK, sparking optimism.

Notably, data indicated that the crypto whale spent $57K to buy 10.1 million SPX6900 from mid-December last year to May this year. Subsequently, the whale sold 9.1 million SPX for $1.12 million after the token witnessed a price rally. This trade offered a profit of $1.7 million.

Simultaneously, the same address accumulated Pepe Coin since December 10 last year and owns 318 billion PEPE, worth $3.24 million, in two wallets to date. The unrealized gains for this holding is estimated at $2.19 million.

Additionally, the trader also holds 648.4 billion MOG, worth $1.29 million, with a profit of $1.37 million. Altogether, the smart trader currently holds over $3 million worth of PEPE, over $1 million worth of Mog Coin, and nearly half a million dollars worth of the remaining two coins each. The trading strategies have promptly echoed a buzz across the top meme coins sector as market watchers look to amass similar staggering profits.

Crypto whale's holdings (WOJAK, SPX, PEPE, MOG)Crypto whale's holdings (WOJAK, SPX, PEPE, MOG)

How Are The Coins Performing?

Meanwhile, SPX price today witnessed a 4% drop to $0.6568. However, the coin’s weekly and monthly charts indicated gains worth 11% and 2141%, respectively.

Simultaneously, WOJAK price dipped nearly 8% today, reaching $0.001259. However, weekly and monthly charts for the token underscored an increase of 27% and 118%, respectively.

PEPE price showcased a 3% decline in value to $0.00001013 today. Nevertheless, the coin was up 9% weekly and 64% over the month.

Lastly, MOG price gained nearly 3% today, reaching $0.000001972. The coin’s weekly and monthly charts underscored gains worth 40% and 112%, respectively.

Altogether, the abovementioned stats have garnered significant investor attention toward the meme-themed digital assets sector. Besides, it’s also worth mentioning that Dogecoin, another renowned meme token, rides optimistic waves across the market. CoinGape Media reported that DOGE price could hit $0.5 amid rising whale activity, aligning with the gains witnessed across the meme coins sector. Crypto market enthusiasts continue to monitor the sector in light of recent events.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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