Altcoin
BTC Nears $92K, Major Altcoins Gain
The crypto market today (March 6) has sustained upward action, sparking investor optimism globally. Bitcoin (BTC) price traded near the $92K mark as of early Asian hours on Thursday. Whereas, major-league altcoins also traded in the green zone. Notably, Ethereum (ETH), Solana (SOL), and XRP prices witnessed a 1%-5% uptick intraday.
Crypto Market Today: BTC, ETH, XRP, & SOL Up Amid Crypto Reserve Optimism
With Donald Trump’s recent announcement surrounding the creation of a U.S. crypto reserve that includes BTC, XRP, SOL, and ADA, the cryptocurrency sector appears to be riding optimistic waves. Following a previous bloodbath in late February that was induced via Trump’s tariff saga, this news appears to have boosted market sentiments as March kicked off.
It’s noteworthy that Trump’s much-awaited crypto summit in the White House is set to commence on the upcoming Friday. As an upshot, traders and investors mirror optimism amid recent advancements, digesting previous trade war tensions. In line with this optimism, the crypto market today gained nearly 4%, as indicated by a market cap of $3 trillion.
BTC Price Nears $92K
BTC price gained nearly 5% in the past 24 hours and exchanged hands at $91,538. CoinMarketCap’s data indicated that the coin hit an intraday peak near the $92K level, at $91,996.45. The flagship coin rose alongside a 6.5% increase in its futures OI to $50.83 billion, signaling growing market interest. Further, even Bitcoin’s market dominance stood up by 0.43% to 60.67%, flagging a dominant upside movement compared to altcoins.
ETH Price Gains 5%
ETH price witnessed a 5% uptick in the past 24 hours and exchanged hands at $2,284. The coin bottomed and peaked at $2,159.01 and $2,293.55 intraday. Ethereum rises alongside a 6% incline in its futures OI to $20.03 billion today. Further, the second-largest crypto by market cap saw its dominance at 9.2%. Intriguingly, Ethereum developers recently resolved a key setback on the Sepolia testnet, jacking up the Pectra upgrade.
XRP Price Jumps Over 1%
XRP price witnessed gains of slightly over 1% and exchanged hands at $2.51. The coin’s intraday low and high were $2.42 and $2.54, respectively. Ripple’s crypto witnessed a nearly 3.5% uptick in its futures OI, closing in at $3.42 billion. The leading crypto sees a bullish movement amid rising XRP whale transfers and active addresses on the network. Whilst the SEC lawsuit is speculated to end soon, solidifying positive market sentiments.
SOL Price Jumps 4%
SOL price witnessed a 4% surge intraday and traded at $148. The coin swooped to a $140.60 low and a $149.64 high in the past 24 hours. Solana rose alongside a 4% increase in its futures OI, per Coinglass data, indicating heightened market interest in the asset. Further, the coin follows the broader market trend on Thursday.
Meme Crypto Market Today
Dogecoin (DOGE) price gained nearly 5% and closed in at $0.2086. Shiba Inu (SHIB) price jumped 4% to $0.00001348. Also, Pepe Coin (PEPE) gained 3% to reach $0.000007152. Overall, the meme coin market is following the broader cryptocurrency prices today.
Top Crypto Market Gainers Today
Ondo (ONDO)
Price: $1.18
24-hour Gains: +20%
Cronos (CRO)
Price: $0.08784
24-hour Gains: +20%
Movement (MOVE)
Price: $0.4677
24-hour Gains: +16%
Top Crypto Market Losers Today
Story (IP)
Price: $5.22
24-hour Loss: -6%
Toncoin (TON)
Price: $3.03
24-hour Loss: -3%
Ethena (ENA)
Price: $0.3607
24-hour Loss: -3%
Overall, the crypto market currently reflects rising trader and investor optimism amid broader pro-cryptocurrency developments. Nevertheless, the fear and greed index showed a ‘fear’ sentiment prevailing within the market, which some experts believe is the best time to invest.
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.
In a shocking incident, the Hong Kong government has unveiled a sophisticated crypto scam, involving a fake social media account impersonating the city’s Chief Executive. The scammers used the account to promote a fake cryptocurrency called “National Hong Kong Coin”, prompting a swift warning from the government.
Notably, the scammers announced the launch of the fraudulent coin on Solana, garnering widespread attention. However, Hong Kong Legislative Council member Ng Kit Chuang clarified that the government hasn’t issued the cryptocurrency.
Fake National Hong Kong Coin: What to Know
Earlier today, a fake X account impersonating Hong Kong’s Chief Executive John Lee Ka-chiu announced the launch of the National Hong Kong Coin on Solana. In an attempt to legitimize the deceptive claim, the scammers used a photograph of the Chief Executive. In addition, the scammers wrote on X, “This strategic step marks a new era in digital innovation and economic growth for Hong Kong”.
Subsequently, Legislative Council member Ng Kit Chuang has reassured the public that the government has made no official announcement regarding the issuance of a cryptocurrency. He warned investors to be cautious and not fall victim to such scams, emphasizing the importance of verifying information through official channels before making any investment decisions.
Government Warns Against Fake National Hong Kong Coin
Following the scammers’ false announcement on the Hong Kong Coin, the government issued a warning. In an official statement, the SAR government clarified that the Chief Executive’s account is fake and the shared information about the crypto launch is completely false.
Legislative Council member Ng Kit Chuang’s clarification comes amidst growing concerns and queries from citizens and Web3 industry experts about a fake social media post claiming the launch of the National Hong Kong Coin. The government has firmly debunked the claims as fraudulent, and Ng has urged the public to remain cautious and vigilant.
The Rise of Government Crypto Scams
It is noteworthy that the fake Hong Kong Coin incident is part of a broader trend of crypto scams that involve impersonating celebrities and government officials to dupe investors.
Recently, scammers promoted a fake meme coin impersonating Saudi Arabia’s Crown Prince Mohammed bin Salman. Scammers created a fake account, “SaudiLawConf”, to promote a fraudulent crypto called “Saudi Arabia Meme Coin”. However, the legitimate Saudi Law Conference soon discovered that their X account had been hacked and issued a warning about the crypto scam.
Similarly, the launch of Libra token, promoted by Argentinian President Javier Milei, has also created controversy. The token, which jumped by 3000% to an ATH of $4.5, soon reached its low, when the pulled $87M worth of LIBRA, leaving investors with significant losses.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
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.
Renowned crypto analysts took the stage on Thursday, projecting a highly bullish outlook for TRX price ahead. Analyst ‘Ali Martinez’ spotlighted a remarkable spike in TRON network activity as it scales new highs, whilst ‘Crypto Patel’ revealed that a $1 price target is potentially achievable this bull cycle. As a result, traders and investors optimistically eye the Justin Sun-backed token amid a broader market recovery.
Analyst Forecasts TRX Price To $1
At the time of reporting, TRX price witnessed a 2% uptick and exchanged hands at $0.2458. The coin bottomed and peaked at $0.2407 and $0.2465 intraday. Notably, the rising trajectory aligns with the broader crypto market’s recent recovery-like trend.
Simultaneously, analyst Crypto Patel took to X, revealing that TRON is showcasing a strong momentum and a $1 price target potentially looms. According to the price chart shared by the analyst, the coin’s price holds strong support at $0.140. A sustained hold above this level remains bullish.
The best ‘buy zone’ lies at $0.160 – $0.180, given the opportunity presents itself, per the analyst. Notably, the current price levels are considerably above the mentioned support zone, whilst sustained demand could propel new highs.
Can The Analyst’s Prediction Come True?
Intriguingly, it’s noteworthy that the analyst predicted a 200-300% surge in TRX price during October last year. Back then, the coin’s price traded around the $0.16 level, per CoinMarketCap data.
Subsequently, the price hit a $0.426 level as of early December 2024. This past chronicle is worth considering, although the price soon fell amid broader market trends.
TRON Network Activity Surge Bolsters Bullish Prediction
On the other hand, TRON network activity rose substantially, reaching a 2-month-high as of March 4.
According to analyst Ali Martinez, 2.94 million active addresses were recorded on the network recently. This data suggested rising market interest in the Justin Sun-led crypto project, paving a bullish road ahead.
Crypto Market Recovery Bolsters Hope
Simultaneously, the broader crypto market’s recovery-like trend has solidified investors’ optimism on TRX price. Bitcoin and altcoin witnessed notable gains amid pro-crypto developments in the U.S.
Donald Trump’s strategic crypto reserve announcement appears to have substantially boosted the market sentiment. Moreover, the looming U.S. crypto summit set for Friday has also glimmered hope over the market’s future prospects. Crypto market participants continue to monitor TRON extensively amid broader developments, signaling that a bull run to $1 is possible.
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.
Solana (SOL) price remains crucial as analysts assess its next major move. The cryptocurrency has been trading within a defined range, with key support levels holding firm despite recent market volatility. While some traders anticipate a potential rally, others warn of further downside if support levels fail.
Solana Price Faces Uncertainty as Key Levels Dictate Future Movement
In a recent analysis by Crypto Jobs, Solana price fluctuates between $153 and $138, signaling a period of indecision in the crypto market. Analysts highlight that the $118 – $125 zone serves as a strong multi-year support level, which has repeatedly prevented further declines. If this level continues to hold, SOL price may see another attempt to move higher.
On the upside, the $153 – $155 range is acting as a resistance zone. A successful break above this level could trigger a move toward $180 – $185, an area where Solana has previously faced selling pressure. However, if the cryptocurrency fails to reclaim this level, it may continue consolidating in the current range or retest lower support.
Meanwhile, a recent price analysis highlighted that Solana and XRP are well-positioned for growth, according to WisdomTree’s predictions. With their expanding use cases and potential for institutional adoption, both cryptocurrencies are expected to lead the next altcoin season.
Risks of a Drop Below Key Support Levels
While Solana price has shown resilience above $125, analysts caution that a break below $115 could result in a deeper sell-off. Crypto Jobs points out that a weekly candle close below this level would likely push the price down to the $80 – $75 range, an area that has not been tested in recent months.
Another analyst, TB21Crypto, identifies $126 as a critical level that aligns with the 0.236 Fibonacci retracement. If SOL price loses this support, it could trigger a stronger bearish trend. Market conditions, liquidity levels, and broader crypto market sentiment will play a key role in determining whether Solana price can maintain its current range.
Despite short-term uncertainty, some analysts remain optimistic about Solana price long-term potential. Marzell, a well-known trader, predicts a possible 45% price surge from the $120 support level, with upside targets of $296, $339, and $384. His analysis is based on historical price movements and technical indicators, suggesting that SOL could enter a strong uptrend.
Market Outlook: Technical Indicators Turn Bullish
On the other hand, the Bull Bear Power (BBP) indicator shows a potential shift from bearish to bullish sentiment. The BBP, which had been in the negative territory indicating bearish dominance, has begun climbing towards the zero line. This transition suggests that the bears are losing control, and the bulls might soon take over, potentially leading to a price increase.
Additionally, the Relative Strength Index (RSI) for Solana price also supports a growing bullish momentum. Recently hovering around 50, which is generally considered a neutral point, the RSI is now moving upward. This upward trajectory indicates strengthening buying pressure, which could help sustain a bullish trend if the RSI continues to rise.
According to a CoinGape report, Solana price is showing signs of a potential breakout as key technical indicators turn bullish. The recent SOL whale movement of $71.95 million in SOL to Coinbase Institutional has fueled speculation about market direction. If Solana breaks the $170 resistance, analysts suggest it could rally toward $180 and potentially reach $213 in the coming weeks.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
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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