Altcoin
Key On-Chain Metrics Bursts Myth, ETH Price Rally Ahead?
With Ethereum (ETH) showing major underperformance with the rest of the crypto market, and the ETH/BTC pair hitting multi-year lows, there’s a common perception building up that ‘Ethereum is dead’. However, based on some on-chain metrics, market analysts have been bursting this myth while expecting an ETH price surge ahead.
Analysts Defend Ethereum Against Market Pessimism
As the chorus grows in the market that Solana is better than Ethereum, several market analysts have come to defend the world’s largest altcoin. As per the 10X Research report, the ETH weekly stochastic indicators show the formation of a bottom for the altcoin.
After dropping to less than 10%, this indicator is showing trend reversal again. Historically, whenever this happened, it suggests the formation of the Ethereum price bottom.
On the other hand, the daily trading volume for ETH suggests that the altcoin is nowhere close to being dead. The daily trading volume for ETH is close to $12.2 billion while that of Bitcoin is $21 billion. On the other hand, the daily trading volume of Solana (SOL) is $2.7 billion. As ETH clocks higher trading volumes than SOL, it shows that the world’s largest altcoin continues to be in demand.
Besides, Ethereum is also making higher highs and higher lows on the technical chart. Popular crypto analyst Income Sharks noted:
“Love that everyone says it’s over at the lows. Still making higher highs and higher lows. Supertrend still bullish. No one was saying these things when it was at $4k. Remind me again about what happened when $SOL was dead at $10?”
What Can Lead to ETH Price Revival Ahead?
On the weekly chart, the ETH price is trading 7.64% down while managing to hold the support levels of $2,500. Market analysts view ETH among three potential altcoins to rally ahead this week.
Ethereum enthusiast VivekVentures points out three reasons why the altcoin will continue to rally ahead.
- Fundamental: Despite all the pessimism, institutional players are choosing Ethereum to build and expand their products. Asset manager BlackRock launched its first tokenized fund on Ethereum. Similarly, financial giant Visa announced asset tokenization on the platform.
WisdomTree is deploying money market funds on Ethereum while Coinbase, Sony, and Kraken are all developing Layer 2 solutions on Ethereum. - Psychological: Vivek explains that ETH appears to be out of favor with many expecting the altcoin’s “demise”. Thus, ETH is either on a decline or is facing a solid contrarian opportunity, and he believes it’s the latter.
- Technical: For all these years, Ethereum has been competing with Bitcoin while the ETH/BTC pair has been struggling since the Merge. VivekVentures writes that if we believe in market cycles, we saw ETH/BTC stagnate similarly in 2020, only to rally and triple in the first half of 2021.
**Prepare for Ethereum’s Renaissance**
Despite the ETH ecosystem having:
– The most devs and marquee apps
– The most capital onchain
– A vibrant set of L2s for scaling
– Regulatory clarity + ETFsETH feels subdued.
3 reasons why ETH will start winning again – swiftly:
(1/7)
— VivekVentures.eth 🦇🔊 (@VivekVentures) October 26, 2024
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.
Altcoin
Alameda Research Dumping Polygon (POL) Amid Price Spike, What’s Next?
Alameda Research has sparked concern in the crypto community after transferring large amounts of Polygon (POL) tokens amid a price rally. The beleaguered company transferred another 2 million POL tokens worth $927,000 a few hours ago to a centralized exchange. As Polygon sees upward momentum amid SEC Chair Gary Gensler’s resignation, large transactions are impacting POL’s trajectory.
Alameda Research Large Transfer Spark Concerns
Alameda Research has transferred 2 million Polygon (POL) tokens worth $927K to Binance on November 23, as per Arkham data. This follows a trend of significant movements amid price fluctuations, raising questions about the potential market impact as large transfers signal a sell-off, especially with the token’s recent price surge.
In total, Alameda Research has moved 4.5 million POL tokens over the last four days. The transfers to one of the top crypto exchanges Binance are valued at approximately $1.98 million. This consistent transfer activity, paired with Polygon’s recent price surge, has led to concerns about a possible price correction if whales join the sell-off. Investors contemplate if these moves are part of a strategy to capitalize on POL’s increasing value.
The wallet address associated with Alameda, 0xf02e86d9e0efd57ad034faf52201b79917fe0713, remains active, keeping traders on high alert as they monitor Binance’s order books for any signs of liquidation. Previously, Alameda had a history of large-scale token dumps that have caused substantial market fluctuations.
For instance, Worldcoin saw a price drop after Alameda Research dumped a large amount of its tokens, leading to concerns about a similar outcome for Polygon (POL) following the recent transfers.
POL Price Jumped 35% This Week Amid Gensler’s Resignation
POL token has jumped 35% over the past week following news that SEC Chair Gary Gensler will step down next year. The announcement, made after growing calls for Gensler’s resignation following Donald Trump’s presidential victory, has sparked market optimism for a potential shift toward more crypto-friendly regulations. POL is currently trading at $0.53, up 18% in the past 24 hours, with a 24-hour low and high of $0.4496 and $0.5434.
Polygon has been making strides with its ambitious goal of creating an agglayer focused on cross-chain interoperability and liquidity unification. The project is working towards connecting all major blockchain networks, with Agora AUSD selected as the native stablecoin for the agglayer. This initiative could significantly enhance Polygon’s utility in the broader ecosystem, potentially driving further adoption.
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.
Altcoin
Terra Luna Classic Community Discord On Proposal Amid LUNC Price Rally
Terra Luna Classic community dismissed a community pool spent proposal by Cosmos developer team BLV Labs for recent work on the blockchain. Some developers and community members highlighted that the developer group failed to follow governance rules as there were no testnet and mainnet deployments. LUNC price saw more than 5% upsurge amid recent developments.
Terra Luna Classic Proposed Rejected By Community
Community pool spend proposal 12146 by BLV Labs faced a roadblock as the developer group failed to execute the developments on the Terra Luna Classic mainnet. The proposal saw nearly 90% “No” votes, including Allnodes, Interstellar Lounge, Interstake One, and other validators. The developer seeks $5000 in LUNC.
Validators responded that there was discussion, with no testnet deployment or mainnet deployment. The community requested the team to finish the work for payout.
The developer worked on the use of Oracle module to update and calculate the minimum deposit required to create a proposal in the governance module. BLV suggested that the system will automatically increase the minimum margin to ensure the value of the proposal is maintained in the event of a sharp drop or spike in LUNC price.
The team claimed the code pushed to GitHub and a pull request created on the Classic Terra repository. After that, we continued to work on all the bugs related to testing and integration. The team plans to EVM, SDK50 upgrade, or IBC improvement.
Meanwhile, the Terra Classic community has approved a proposal to transfer CoinMarketCap dashboard account access to top validator Allnodes directly.
LUNC and USTC Price Jumps
LUNC price soared 5% in the last 24 hours and 15% in a week. The price currently trades at $0.000118, with a 24-hour low and high of $0.0001102 and $0.0001199, respectively. The $0.00012 is a key resistance level for LUNC, surpassing this level clears a rally to $0.0002.
Moreover, Terra Luna Classic open interest jumped 8% in the last 24 hours, with buying on Binance and OKX. However, Bybit recorded a sell-off in 1000LUNC futures.
Meanwhile, USTC price climbed more than 5%, with the price now trading at $0.0245. However, the trading volume saw a 31% decline in the last 24 hours. The price overall moves in the range for his month.
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.
Altcoin
Arthur Hayes Shills Another Solana Meme Coin, Price Rallies
BitMEX co-founder and crypto millionaire Arthur Hayes has shilled another Solana meme coin to his followers. As expected, the coin’s price rallied following Hayes’ mention of the coin in an X post.
Arthur Hayes Shills FLOWER Meme Coin
In an X post, Arthur Hayes shared the Dextool profile of the FlowerAI (FLOWER) meme coin with the caption “kek.” Given Hayes’ status in the crypto community, this post was enough to send the meme coin’s price soaring.
When he made the post, FLOWER’s price was $0.02232, but the coin’s price has since spiked and is now above $0.03. The coin’s market cap was $22 million at the time but is now at $30 million following the price rally.
Arthur Hayes’ post has drawn criticism. Some of his followers questioned why someone of his repute was shilling a low-cap coin. Meanwhile, some accused him of intentionally trying to pump and dump the coin on his followers.
Besides shilling top SOL meme coins like Dogwifhat (WIF) in the past, Hayes has also dabbled into low and mid-cap coins. There was a point where he mentioned that he bought the MOTHER and MOG tokens. He also bet Solana AI meme coin Goatseus Maximus (GOAT).
Meanwhile, more recently, the Solana meme coin Deep Worm Price skyrocketed 180% after Hayes shilled it and asserted that the coin would reach a billion market cap. When he shilled the coin, WORM had a market cap of $55 million. However, following the pump, WORM’s market cap has since dropped to $41 million.
Solana Meme Coin Ecosystem Presents A Huge Boost
While Arthur Hayes continues to shill Solana meme coins, there is no doubt about the positive impact these coins have had on Solana and the SOL price. The SOL price recently hit a new all-time high (ATH) of $263, and this development is thanks to the increased demand for the coin among traders looking to invest in meme coins on the network.
The Solana network has also continued to record massive trading volume thanks to its meme coin ecosystem. For context, Solana is currently leading all other chains, including Ethereum, in terms of decentralized exchange (DEX) volume.
DeFiLlama data shows that the network has recorded a DEX volume of $44 billion and $5 billion in the last seven days and 24 hours, respectively. Ethereum comes in a distant second with $17 billion and $2.9 billion recorded during these periods.
With stakeholders in the crypto industry like Arthur Hayes shilling these Solana meme coins, the Solana network will unlikely continue to enjoy more trading volume as more investors also look to trade these coins.
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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