Market
Is Altcoin Season Set to Arrive Before November Ends?
Bitcoin’s price has been on a steady upward trend since mid-September, rising from $53,000 to $67,000. This impressive growth has stalled the anticipated altcoin season, drawing investor attention and capital toward Bitcoin instead of smaller assets.
As Bitcoin inches closer to forming a new all-time high (ATH), altcoins may remain sidelined for a while longer.
Bitcoin Is Dominating the Market
Bitcoin’s dominance over the crypto market continues to grow, surpassing 59% in October, an increase of 3.45% throughout the month. This rise is primarily due to Bitcoin’s price appreciation, making it an attractive investment option, especially for institutional players.
In a weekend brief, QCP highlighted positive ETF inflows over the last three weeks, which are signaling high institutional demand.
“Bitcoin dominance continues to rise, reaching highs of 59.75% for the week…We believe that the uptrend in bitcoin dominance is likely to persist in the near term as bitcoin approaches its ATH levels,” QCP noted.
If Bitcoin reaches its all-time high of $73,078, its market dominance could surge to 60%, potentially delaying the altcoin season. This rise in Bitcoin’s price and dominance indicates a change in market sentiment, with investors leaning towards BTC’s relative stability. If Bitcoin maintains this upward momentum, altcoins may stay in the background, waiting for a shift in capital flows.
Read more: Which Are the Best Altcoins To Invest in October 2024?
Currently, an altcoin season appears distant due to limited growth across altcoin assets. For an altcoin season to be confirmed, at least 38 altcoins need to outperform Bitcoin over a 90-day period; however, only seven have done so recently.
This minimal growth suggests that altcoins lack the momentum needed for a breakout, as Bitcoin’s upward trend continues to attract the majority of market activity. Without a significant shift in momentum, altcoins may continue struggling to gain investor interest.
BTC Price Prediction: Focusing on the ATH
Bitcoin’s price currently sits at $67,439, inching closer to the critical $70,000 mark. Just 8% away from its ATH of $73,078, BTC has the potential to break new records if current market trends hold.
Spot Bitcoin ETFs have seen inflows of nearly $998 million in the past week. If this level of investment sustains in November, Bitcoin could push through $70,000, likely achieving a new ATH and delaying the altcoin season further.
Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
However, if Bitcoin investors start taking profits around $70,000, the price could dip, potentially pulling BTC down to $65,000. This correction would dampen bullish hopes for an ATH and might open a brief window for altcoin gains.
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.
Market
XRP Price Momentum Reignites As Bitcoin Hits New ATH: Is a Major Rally in Sight?
XRP price is gaining pace above the $0.5050 support zone. The price is rising and might even aim for a move above the $0.5500 resistance.
- XRP price is eyeing a decent increase above the $0.5250 zone.
- The price is now trading above $0.5220 and the 100-hourly Simple Moving Average.
- There was a break above a connecting bearish trend line with resistance at $0.5100 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair could gain bullish momentum if it settles above the $0.5350 resistance zone.
XRP Price Climbs 4%
XRP price remained supported above the $0.4880 level. It formed a base and started a fresh increase above $0.5050 like Bitcoin and Ethereum.
There was a move above the $0.5120 and $0.5200 resistance levels. There was a break above a connecting bearish trend line with resistance at $0.5100 on the hourly chart of the XRP/USD pair. Finally, it tested the $0.5365 zone. A high is formed at $0.5368 and the price is now consolidating gains above the 23.6% Fib retracement level of the upward move from the $0.4948 swing low to the $0.5368 high.
The price is now trading above $0.5200 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $0.5350 level. The first major resistance is near the $0.5365 level.
The next key resistance could be $0.5450. A clear move above the $0.5450 resistance might send the price toward the $0.5500 resistance. Any more gains might send the price toward the $0.5665 resistance or even $0.5720 in the near term. The next major hurdle might be $0.5840.
Another Decline?
If XRP fails to clear the $0.5350 resistance zone, it could start another decline. Initial support on the downside is near the $0.5250 level. The next major support is near the $0.5155 level or the 50% Fib retracement level of the upward move from the $0.4948 swing low to the $0.5368 high.
If there is a downside break and a close below the $0.5155 level, the price might continue to decline toward the $0.5050 support in the near term. The next major support sits near the $0.500 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.
Major Support Levels – $0.5250 and $0.5155.
Major Resistance Levels – $0.5350 and $0.5500.
Market
Bitget’s New Token Listing Portal Demands Quality, Not Fees
Bitget, a leading crypto exchange, opened a transparent new listing application portal for project teams. This comes shortly after several other crypto exchanges face allegations of charging huge fees for token listing.
Bitget will not charge project teams to receive a listing, but the exchange demands high standards for all listed tokens.
Bitget’s Token Listing
Crypto exchange Bitget opened a new application portal for token listings, according to a press release shared with BeInCrypto. Bitget promised that the portal would include enhanced due diligence and a rigid review process for token listings and generally aim to provide project teams with transparency. This comes one day after a major token listing controversy from Binance and Coinbase.
Read More: Bitget Review: What You Need To Know in 2024
Specifically, several token developers and community leaders described incidents where these exchanges asked for exorbitant listing fees. These include an alleged demand for 15% of one team’s total token reserve or similar expenses to receive a listing. Major exchange listings can significantly increase token valuation and trade volume, leading some to pay high premiums.
In this controversy, several parties from both sides have advocated for the growing decentralized exchange sector. However, Bitget is a centralized exchange, and it’s using this new listing portal to claim it’s a transparent one.
“[We] at Bitget strive to create a platform where crypto gems can truly shine. Bitget prioritizes projects with strong innovation, network effects, and ecosystem value. Our listing and security team work closely to make sure we bring trustworthy projects on the platform. We aim to… [drive] continuous innovation and prosperity in the crypto industry,” Bitget CEO Gracy Chen stated.
Read More: What Are Decentralized Exchanges and Why Should You Try Them?
Bitget emphasized that it does not charge any fees during the listing application process, whether to begin or as payment for assessment services. The firm also claims to collaborate with project teams in several steps and monitor tokens after the official listing. Underperforming tokens may even face delisting if they fail to meet quality standards continually.
However, the process isn’t easy. Above all, Bitget asks potential clients to report any improper conduct or conflicts of interest from company representatives.
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.
Market
Is a Bigger Rally on The Way?
Ethereum price found support near $2,350 and started a fresh increase. ETH is rising and might aim for a move above the $2,580 resistance.
- Ethereum started a fresh surge above the $2,500 resistance zone.
- The price is trading above $2,500 and the 100-hourly Simple Moving Average.
- There was a break above a key bearish trend line with resistance at $2,460 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it settles above $2,580 and $2,620.
Ethereum Price Restarts Increase
Ethereum price found support near $2,350 and started a fresh increase like Bitcoin. ETH was able to climb above the $2,420 and $2,450 resistance levels to move into a positive zone.
It cleared the 50% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low. Besides, there was a break above a key bearish trend line with resistance at $2,460 on the hourly chart of ETH/USD.
Ethereum price is now trading above $2,500 and the 100-hourly Simple Moving Average. It is also above the 76.4% Fib retracement level of the downward move from the $2,583 swing high to the $2,357 low.
On the upside, the price seems to be facing hurdles near the $2,580 level. The first major resistance is near the $2,620 level. The main resistance is now forming near $2,650. A clear move above the $2,650 resistance might send the price toward the $2,720 resistance.
An upside break above the $2,720 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,750 resistance zone.
Another Drop In ETH?
If Ethereum fails to clear the $2,620 resistance, it could start another decline. Initial support on the downside is near the $2,520 level. The first major support sits near the $2,500 zone.
A clear move below the $2,500 support might push the price toward $2,450. Any more losses might send the price toward the $2,320 support level in the near term. The next key support sits at $2,350.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,450
Major Resistance Level – $2,620
-
Market20 hours ago
Could It Be Setting Up for Major Reversal?
-
Altcoin20 hours ago
Binance Expands Support For POPCAT & MEW, Will These Solana Meme Coins Rally?
-
Market19 hours ago
a16z Pledges $23 Million for 2026 Pro-Crypto Election Effort
-
Market18 hours ago
How Will US Election Day Impact Coins Tied to Trump and Harris?
-
Market17 hours ago
CZ, Binance Argue SEC Crypto Complaint Lacks Standards
-
Bitcoin14 hours ago
What $2.2 Billion Means for Market
-
Market24 hours ago
SUI Price’s New ATH Ambitions Stalled by This Major Challenge
-
Market23 hours ago
XRP Price Gears Up: Is a Major Move on the Horizon?