Altcoin
When Altcoin Season? Top Analysts Weigh In
Crypto enthusiasts and investors are eager to know when altcoin season will kick off.
Top analysts offer varied perspectives on the timing and indicators that signal this shift.
Not an Altcoin Bull Market Yet
Crypto analyst Miles Deutscher recently shared insights, emphasizing that the market is far from an altcoin bull run. He explained that although Bitcoin has reached new all-time highs and meme coins are trending, altcoins have significantly underperformed.
“Most retail doesn’t hold large amounts of Bitcoin – they’re in altcoins. And altcoins have been significantly underperforming thus far this cycle,” he noted.
Deutscher highlighted several critical data points:
- The OTHERS/BTC ratio is lower than it was in October 2023, indicating altcoins’ weak performance.
- Only eight altcoins have broken their previous all-time highs against Bitcoin since the collapse of FTX.
- YouTube views for Bitcoin are disproportionately low compared to its price surge, suggesting retail disinterest.
- Altcoins are still 70% away from their previous all-time highs, while Bitcoin reached a new peak in March.
- Since Bitcoin’s price increase from $27,000 in October 2023, altcoins have not had a sustained rally yet.
Read more: Which Are the Best Altcoins To Invest in June 2024?
Deutscher attributed the market’s behavior to a Bitcoin-led cycle driven by the spot exchange-traded fund (ETF) narrative and strong inflows.
“This has been a Bitcoin-narrative led cycle… Specific narratives have significantly outperformed (with majors lagging). Memes, AI, and RWA have been the clear leaders so far this cycle,” he added.
Altcoin Season Is Coming Soon
Despite the current scenario, crypto investor Layah Heilpern pointed to several bullish factors for crypto, including Bitcoin and Ethereum ETF approvals and endorsements from high-profile figures. She argued that the market has shaken out weak hands and is poised for the next big move.
“Imagine not being bullish on crypto right now. The Winklevoss twins donated $2 million to Donald Trump. Bitcoin and Ethereum ETFs approved. Trump endorsed crypto. The halving is done. Ethereum is not a security,” Heilpern said.
Meanwhile, Ki Young Ju, CEO of CryptoQuant, and technical analyst Mister Crypto are seeing signs of an early altcoin season. Ju observed that Ethereum’s MVRV ratio is rising faster than Bitcoin’s, indicating that Ethereum is heating up relative to its on-chain fundamentals.
This could suggest an Ethereum-led altcoin season, especially given the current ETF situation.
“Given the current ETF situation, this might be an ETH-only season. Historically, when ETH surges, other alts tend to follow,” Ju wrote.
Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
Given the potential for an altcoins season, Michaël van de Poppe explained he is bullish on Chainlink (LINK), citing historical patterns and expecting a significant rally in the second half of the year. He noted that LINK has formed a solid weekly candle on its cycle low, similar to patterns seen in previous years that led to substantial gains.
“LINK makes a very decent weekly candle on the cycle low… A similar price pattern occurred in previous years, resulting in a 150% rally. I’m expecting the same,” van de Poppe said.
Meanwhile, Rekt Finance highlighted Polkadot’s entry into the AI race as a bullish indicator. With projects like OriginTrail and PhalaNetwork leveraging Polkadot’s technology for AI, Polkadot could become a central hub for AI projects, potentially boosting its value.
Read more: 10 Best Altcoin Exchanges In 2024
While analysts diverge on the exact timing, the consensus remains that altcoin season is on the horizon. Investors should stay informed and consider market trends and expert insights.
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The Ripple Labs-backed cryptocurrency, XRP, has taken a considerable upside momentum following massive whale and escrow movements today, July 2. On-chain insights streamlined by the tracker Whale Alert illustrate nearly 3 billion XRP shuffled in the past 24 hours, piquing investor interest despite the coin’s price consolidation in recent days.
The massive 3 billion XRP movement involving both escrow and whale transactions has sparked intense speculation about the coin’s future price movements. So, let’s delve deeper into these transactions and XRP’s current market statistics.
Nearly 3Bln XRP Moved: What’s Happening?
According to the insights revealed by the tracker Whale Alert, a series of transactions took place in the past 24 hours, resulting in the reshuffling of 2.93 billion XRP. This colossal move encompassed escrow locks, unlocks, and whale movements.
As per the data, 1 billion XRP, worth $476 million, was unlocked via escrow at two unknown wallets. These addresses were recorded to be rw2hzLZgiQ and rDqGA2Gfve.
Also, 800 million XRP, worth $382 million, was locked in escrow at Ripple.
On the other hand, whale transfers from unknown wallets to Ripple were recorded.
Notably, 1.1 billion XRP was transferred to Ripple, equal to the amount unlocked from escrow. Among these transfers, 500 million coins were shifted by the abovementioned address, rw2hz, whereas 500 million coins were moved by the address rDq. Simultaneously, another unknown address moved 100 million coins to Ripple.
Lastly, it’s worth mentioning that the renowned XRP whale Rzn did not miss dumping today, shifting 30.76 million XRP, worth $14.64 million, to Bitstamp.
Subsequently, XRP price gained a significant upside momentum, garnering substantial investor interest. Earlier this year, pro-XRP lawyer Bill Morgan shared vital insights into these XRP releases, claiming it did not have significant downside pressure on the asset. For context, speculations about Ripple dumping XRP have raised severe investor concerns, although the XRP community denies it.
Also Read: Toncoin Overtakes Dogecoin As TON Price Nears ATH
XRP Price Gains, A 25% Rally Ahead
At press time, XRP price gained 1.40% today to trade at $0.4873. Its 24-hour bottoms and peaks were evaluated as $0.4759 and $0.4877, respectively.
Intriguingly, in a post by the crypto market analyst Captain Faibik on X today, it was pointed out that XRP remains poised for a 25% rally ahead. The analyst proclaimed that the token is on the “CUSP of Falling Wedge Breakout.” Moreover, the RSI is hinting at a bullish divergence, further accompanied by a MACD bullish crossover, he added.
Meanwhile, Coinglass data underscored a market uptrend for XRP as its Futures OI and derivatives volume surged alongside the price. XRP OI jumped 1.19% to $615.98 million, whereas the volume upsurged 25.23% to $739.54 million.
This data collectively paints a bullish portrait of XRP’s future. Also, it’s worth noting that XRP whale movements have spiked considerably as Judge Torres’ final decision looms in the XRP lawsuit, adding an optimistic tint.
Also Read: MiCA Regulation: Circle Execs Reveal How This Will Impact Crypto Market
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 bid to enhance its trading offerings and user experience, Binance, one of the world’s top crypto exchanges, announced the addition of new trading pairs. The exchange will launch new spot trading pairs for Dogwifhat (WIF), zKSync (ZK), and LayerZero (ZRO). Increased adoption by a popular exchange like Binance could also boost the price for these cryptocurrencies.
Binance Lists New Spot Trading Pairs
According to the latest Binance announcement, on Wednesday, July 3, 2024, at 14:00 UTC, the CEX will open trading for the WIF/BRL, ZK/USDC, and ZRO/USDC pairs. This move marks another step in Binance’s ongoing efforts to provide its users with diverse trading options and robust market opportunities. Moreover, the provision of USD Coin (USDC) as the quote currency is also crucial to note here as this comes after Circle bagged the MiCA e-money license.
Furthermore, the inclusion of Brazilian Real (BR as a trading pair is particularly noteworthy. It highlights Binance’s strategy to integrate more fiat currencies, making the platform more accessible to users worldwide. In addition to the new trading pairs, Binance will also enable Trading Bots services for WIF/BRL, ZK/USDC, and ZRO/USDC.
For context, trading bots on Binance are automated systems that allow users to execute trades based on pre-defined strategies. This feature is designed to help traders optimize their trading processes and potentially improve their trading outcomes. Moreover, the availability of Spot Algo Orders for these pairs means users can leverage advanced trading tools to maximize their market engagement.
In addition, to incentivize trading, Binance will offer discounted taker fees on all existing and new USDC spot and margin trading pairs until further notice. This discount aims to lower trading costs for users, thereby encouraging higher trading volumes and liquidity in the market. However, trading these new pairs is subject to regional restrictions and eligibility criteria.
Also Read: Bitcoin Price Slips Below $63K As Entity Dumps $114M BTC To Binance, What’s Next?
Implication On WIF, ZK & ZRO Prices
The addition of WIF, ZK, and ZRO trading pairs is expected to create significant market interest and potential price movements. Moreover, the integration of these assets into Binance’s trading ecosystem provides them with greater visibility and liquidity, which could drive their value up. Market participants will be closely watching the performance of these pairs post-launch to gauge investor sentiment and market dynamics.
Recently, Dogwifhat rebounded from lows and surpassed the $2 mark. At press time, WIF price marked a sideways action, trading at $2.24 on Tuesday, July 2. On the other hand the zKsync crypto plunged 3.26% to $0.1768. However, LayerZero rallied unprecedentedly with over 17% gains, trading at $3.97. Moreover, the latest listing could also propel the ZRO price higher.
Also Read: Binance Rejoices Partial Victory Against SEC As Legal Battle Continues
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.
A Pepe coin whale has again sent tongues wagging across the broader crypto industry today, primarily with its massive PEPE accumulation. On-chain insights revealed that a staggering $1.2 trillion PEPE was bought from the Binance crypto exchange amid Pepe coin’s monthly crash.
Notably, despite a roughly 20% price fall recorded over the past month, the staggering amounts of coins accumulated have ignited optimistic market sentiments over the frog-themed meme coin’s future price action. So, let’s gain a deeper understanding of why.
Colossal Accumulation Glimmers Hope For Future Price Movements
With such massive accumulations coming into the light, the usual market sentiments take an optimistic turn. These accumulations reflect whales’ confidence in the asset’s potential to offer significant gains ahead, sparking hope for the coin’s future.
According to data highlighted by Whale Alert, 1.23 trillion PEPE, worth $14.74 million, was bought from Binance today, June 2. The purchase order was made by the whale address 0x835678a6.
This massive accumulation has reflected a sense of confidence in Pepe coin’s potential to offer gains ahead, as also mentioned above. Meanwhile, the transaction brings additional buying pressure to the digital asset.
Also, it’s worth noting that the whale entered the PEPE market at a $0.000011 price level. On the other hand, the PEPE price shows signs of consolidation today, moving sideways.
Also Read: Terra Luna Classic Delegates Another 30M LUNC To Hexxagon, What’s Happening?
Pepe Coin Market Performance
At press time, the PEPE price gained 0.23% to trade at $0.00001148. Its 24-hour bottoms and tops were recorded as $0.00001133 and $0.0000117, respectively, illustrating signs of consolidation.
Coinglass data further rationalized Pepe coin’s turbulent movement, as its Futures OI surged while derivatives volume noted a significant dip. PEPE OI jumped 7.32% to $142.06 million, whereas its derivatives volume dropped 20.98% to $799.11 million. This data pointed to increased investor interest but reduced market activity, birthing uncertain sentiments on price.
Besides, the RSI moved along 46, underscoring the asset’s neutral stance in the market. Should further buying pressure persist, as in the one mentioned above, Pepe coin could see a significant upside momentum ahead.
Conversely, recent reports by CoinGape Media have spotlighted colossal PEPE whale dumps to exchanges, aligning with its current bearish movement.
Also Read: Binance Rejoices Partial Victory Against SEC As Legal Battle Continues
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.
XRP Price Gains Amid Massive Escrow & Whale Movements, A 25% Rally Ahead?
BONK Shakes Up Meme Coin Market, Wants Further Gains
Binance Expands Support For WIF, ZK & ZRO, Price Rally Ahead?
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