Altcoin
Altcoin Rally Won’t Happen Until 2025 As Bitcoin Eyes 60% Market Dominance
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.
The reason #ALT / #BTC pairs are stuck in traffic on struggle street is because net liquidity is dropping (because #DXY is rallying).
I would not expect this trend to change until 2025, and is why #BTC dominance should keep going higher to reach the 60% milestone. pic.twitter.com/pVbykDtI0R
— Benjamin Cowen (@intocryptoverse) October 16, 2024
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.
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
Shiba Inu Coin Ecosystem On Verge of Transformative Shift, Confirms SHIB Exec
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.
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
Missed SPX, MOG, WOJAK? Crypto Whale To Follow To Make Millions
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.
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.
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
Robinhood Announces Bitcoin and Ethereum Futures Trading, Launches ‘Legend’
Robinhood, a commission-free stock trading and investing platform, has announced Bitcoin and Ethereum futures trading. The company has also launched the desktop trading platform ‘Legend‘ and added futures trading and index options on mobile for active traders.
Robinhood to Offer Bitcoin and Ethereum Futures Trading
Robinhood kicks off its first-ever customer-focused conference HOOD Summit in style by announcing several products and services. It launched the long-awaited desktop platform ‘Legend‘ and added futures and index options trading features to its mobile app on Wednesday. It also announces HOOD Week, offering exclusive bonuses to users for transfers from external brokerages.
The company said they are launching futures trading directly in the app, enabling customers to trade the S&P 500, oil, Bitcoin, and more in the coming months. The crypto offerings include Bitcoin contracts, micro Bitcoin futures, Bitcoin Friday futures, Ethereum futures, and micro Ethereum futures.
We’re doing futures the Robinhood way,” said JB Mackenzie, VP and GM of Futures and International at Robinhood. “With some of the lowest fees in the industry and an elegant mobile user interface that allows customers to trade simply, quickly, and efficiently, there will be no reason to trade futures anywhere else.”
Customers will be able to trade with one tap and no PDT rules, enjoy low commissions, get 60/40 tax treatment, and trade in a nearly 24-hour trading window.
Recently, the company launched crypto transfers in Europe, enabling users to deposit and withdraw more than 20 cryptocurrencies and also earn a 1% yield on deposits. However, it excluded XRP, TON, ZK, W, ARB, ATOM, DOT, EOS, FTM, JUP, NEAR, OP, & TIA from service.
Legend Desktop Platform To Boost Markets?
The company continues to expand into the financial services industry, with focus now on derivatives as a bid to compete with established players. The Legend platform will allow users up to eight charts opened in a single window, offering more technical indicators available for traders than its competitors.
“With Robinhood Legend, futures, and index options, we’re helping customers harness the full power of the markets so they can take control of their financial future,” said Vlad Tenev, Chairman and CEO of Robinhood.
The company believes its products and services will boost adoption, including in the crypto markets similar to the case in 2021.
HOOD stock price closed 0.49% higher at $26.93 on Wednesday. It rose 2.49% after market hours and likely to open higher today amid the HOOD Summit.
Private wealth management company Bernstein projected Robinhood’s operating income to soar to about $900 million this year. Analysts at the firm wrote that the company is expected to notch revenues hitting $3.4 billion next year with its market capitalization soaring between $19 billion and $23 billion.
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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