Altcoin
Altcoin Whales Prepare for Rally After September Fed Rate Cut
After the US Fed meeting on Wednesday, Bitcoin and the broader crypto market came under heavy selling pressure in what seems to be a sell-the-news event. Fed Chair Jerome Powell kept interest rates unchanged at 5.25% while speaking about the possibility of a rate cut ahead in September. Apart from Bitcoin, the altcoin market faced strong liquidations on Wednesday with top players like Solana and XRP correcting 7-8%.
Altcoin Whales on Buying Spree
Although ALTs have been underperforming recently, whales have been buying the dips accumulating the most ahead of the Fed rate cut coming in September. This Fed pivot will usher strong liquidity in the market leading to a major rally in alts.
CryptoQuant CEO Ki Young Ju said that whales have been positioning themselves for the upcoming ALT rally. He noted that the limit buy order volume for alts, excluding Bitcoin and Ethereum, is on the rise. This trend suggests that strong buy walls are being established, signaling increased interest and potential for a surge in ALT prices.
Founder of Tolou Capital, Spence Hakimian wrote: “Rate cuts and higher fiscal deficits are so bullish crypto. And since altcoins have higher beta than Bitcoin, they should do better in a risk on environment. Makes sense to see the whales positioning as much”.
On the other hand, the Ethereum whales have been on an accumulation spree despite the Ether ETF outflows. In the last 48 hours, the whales have accumulated nearly $450 million of ETH from the open market.
Ethereum whales have accumulated over 126,000 $ETH in the last 48 hours, worth approximately $440 million! pic.twitter.com/hwHU0fAcdc
— Ali (@ali_charts) July 31, 2024
Also Read: Will ETH ETF Inflow Revival Spark Ethereum Price Bull Run in August?
August Could be the Month of Accumulation
With the Federal Reserve eyeing a 25 bps rate cut in September, the crypto markets are likely to show sideways consolidation for the next four weeks. This could also be a period of strong accumulation for long-term players willing to participate in the next crypto market rally.
Popular crypto analyst Benjamin Cwen said that the alts will continue to bleed against Bitcoin until a liquidity pump hits the market. This situation is quite similar to what happened in 2019.
The choppy price action of #BTC since March with a bearish bias is causing ALT / BTC pairs to bleed.
This is playing out very similar to 2019. Back then BTC also trended down for a while after Gold broke out (which happened in March this year as well.
Thread 👇 pic.twitter.com/CB0JTZyXu7
— Benjamin Cowen (@intocryptoverse) August 1, 2024
Also Read: BlackRock vs VanEck: Solana ETF Takes Center Stage In This Epic Battle
Bhushan Akolkar
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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.
The price Chainlink (LINK) has reversed its earlier growth trends after the broader market nosedived in mid-day trading. The current breakdown has triggered a new worry among investors for a coin that had the prospect of reclaiming its spot among the top 10 largest digital currencies.
The LINK price has fallen to $14.1, down 9.12% in the past 24 hours. This latest selloff has also raised the question of where the LINK floor is triggered.
Bitcoin Price and Bollinger Bands Insight
The Chainlink drawdown is steep and depends on the Bitcoin price selloff triggered by today’s US Core PCE figures. LINK has recorded more selloffs than most altcoins in the top 20 based on a percent decline over 24 hours.
LINK has fared much better on longer timeframes, as the token is still up by 1% in the past 7 days. The token’s Year-to-Date (YTD) growth is 34.76%, making analysts wonder if more selloff is inbound.
The LINK/USDT 4H Chart offers insight into the Chainlink price outlook. The current price is trading at the lower Bollinger Bands, $14.04. The deviation from the upper bands is a sign of intense volatility, which may or may not go well for the token.
Over the past 30 days, the LINK price has not dropped below $13, which is now classified as the next support level to watch.
LINK and Dependence on the General Market
The broader market is divided on what is next for Chainlink. The Oracle service provider remains one of various institutional clients’ most used blockchain protocols.
This means that the adoption of its services depends on the market or external factors.
Besides this, the price action of Bitcoin and other altcoins is also a major determinant of its potential rebound. At the time of writing, the price of BTC has dropped to a new weekly low of $83,872.69, down by 3.77% in 24 hours. With the bearish outlook, Peter Brandt said Bitcoin price crashing to $70,000 is not impossible.
With Chainlink’s dependence on Bitcoin, the altcoin may maintain its current outlook until the top coin prints a new rally.
Major LINK Price Catalyst to Watch
Per an earlier CoinGape report, Chainlink inked a deal with the Abu Dhabi Global Market (ADGM). This LINK partnership with ADGM will support the development of compliant frameworks for tokenized assets, expand blockchain adoption, and promote regulatory dialogue within the UAE and globally.
In an earlier LINK price analysis, projections were made that this partnership may push the token’s price to a high of $44. For now, the protocol’s price action signals caution overall.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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.
The Ethereum price has been in a sharp decline in the past months, underperforming compared to Bitcoin (BTC) and Solana (SOL). Despite its unwillingness to experience a significant price increase, a crypto analyst has revealed his bullishness for ETH, predicting a potential recovery to $4,000 before the end of the bull cycle.
Ethereum Price Projected To Reach $4,000
Crypto analyst Astronomer has announced his bullishness on the Ethereum price outlook, predicting a potential rally to $4,000. In a rather lengthy post on X (formerly Twitter), the analyst highlights several technical signals that suggest ETH could soon revisit this key price target.
Notably, the ETH price is positioned at a clear support zone between the $1,700 and $1,900 range. Historically, this range has acted as a launch pad for recoveries, with previous declines to this area triggering a strong price surge.
While Ethereum has underperformed against Solana during this bull market, it has still doubled since its 2022 low, which is a better outcome than most altcoins. Further highlighting his bullish stance on ETH, Astronomer revealed that he had swapped BTC for ETH, holding a strong conviction that the latter will eventually outperform the former by the end of the cycle.
Based on the analyst’s chart, ETH is currently trading within a long-term macro price range between $1,700 and $4,500. The cryptocurrency recently retested the bottom of this range, which historically led to a bounce back toward a price high above $4,000.
Astronomer also notes that Bitcoin has already set its weekly low, meaning that Ethereum’s price movements could soon align with the pioneer cryptocurrency’s recovery. If ETH can reclaim the $2,100 level, the analyst predicts a rapid move toward $4,000 in a few months.
With the next Federal Reserve monetary policy scheduled for mid-April, the market may see renewed bullish momentum that could benefit Ethereum’s price trajectory. Another major development that supports the analyst’s bullish projection for Ethereum is its performance in March 2024. At the time, the altcoin swept a previous price high but didn’t sustain a breakout, leading to a prolonged correction.
However, Astronomer suggested that this price trend insists on revisiting $4,000, particularly after Ethereum hits a range low. The analyst notes that ETH is now at this critical low, which could indicate that the bottom is in, signaling a potential move to new highs.
ETH Market Sentiment Hits Rock Bottom
While sharing his bullish forecast for ETH’s price during this bull cycle, Astronomer also revealed that Ethereum is facing a heavy bearish sentiment due to its prolonged underperformance. According to the analyst, Ethereum’s current market sentiment is worse than Bitcoin’s, with negative narratives dominating discussions across the crypto community.
Some claim that ETH lacks a proper use case, while others suggest that the Ethereum Foundation may be selling. Despite this, Historical data shows that when ETH hit similar low levels in late 2017 and 2021, the cryptocurrency experienced a subsequent rally to new ATHs. The latest sentiment score shows Ethereum has hit rock bottom at 14, signaling extreme fear and uncertainty, which often precedes major price rebounds.
Featured image from Adobe Stock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Several big stories and developments have occurred in the crypto space this week, including innovations in the Pi Network ecosystem, Grayscale updating its list of investible altcoins, and Donald Trump’s crypto play.
In case you missed these developments, among others, the following is a roundup of what happened in crypto this week.
Pi Network Introduces PiDaoSwap
Pi Network took a key step in decentralized finance (DeFi) this week, revealing the development of PiDaoSwap. This community-driven decentralized exchange (DEX) is designed to counter price manipulation.
PiDaoSwap aims to stabilize Pi Coin’s value and enhance trust within its ecosystem by ensuring fair trading mechanisms.
“Once completed, the Pi price will be reflected at its true value and will no longer be manipulated by current external exchanges,” Pi Network VietNames claimed.
Another positive development in the Pi Network ecosystem this week is the integration with Telegram’s crypto wallet. This move could provide access to up to one billion users and expand the controversial project’s mainstream adoption.
While this move reflects Pi Network’s growing influence, questions around decentralization and exchange listings continue to loom large. Specifically, the Pi Network remains under scrutiny due to concerns about its centralization, particularly its SuperNodes.
Critics argue that a heavily centralized network undermines the core principles of blockchain technology. Adding to the debate, analysts have pointed out that Pi Network’s absence from major exchanges like Binance and Coinbase stems from concerns over its operational transparency.
Another hot headline this week in crypto was Trump Media’s announcement of a partnership with Crypto.com. The collaboration lays the groundwork for launching new ETFs (exchange-traded funds) based on Cronos, Bitcoin, and other assets.
The report inspired a nearly 20% surge in the Cronos (CRO) token, the powering token for the Crypto.com ecosystem. This collaboration added to the list of notable shifts as Trump’s media venture embraces cryptocurrency.
However, blockchain investigator ZachXBT raised concerns about Crypto.com’s token manipulation practices, souring sentiment for this partnership. Citing its re-issuance, the blockchain sleuth suggested the exchange may engage in opaque financial maneuvers.
Despite these concerns, Crypto.com emerged unscathed as the US SEC (Securities and Exchange Commission) concluded its investigation without filing any charges.
“The SEC’s investigation into Crypto.com has been closed with no action being taken against Crypto.com. I continue to be proud of how this industry and its community have weathered storm after storm… The fact that we not only persevered but became stronger is a testament to our vision and the community supporting it,” wrote Kris Marszalek, CEO of Crypto.com.
The announcement led to a notable jump in CRO’s price, reaffirming investor confidence in the exchange despite previous regulatory scrutiny.
BeInCrypto data shows CRO was trading for $0.11 as of this writing, up by over 4% in the last 24 hours.
GameStop’s Bitcoin Announcement
GameStop, the once-legendary meme stock, also made headlines this week in crypto. It announced an update to its investment policy, revealing that it had added Bitcoin as a Treasury Reserve Asset. In the immediate aftermath of this announcement, the company’s stock prices jumped 12% before profit booking set in.
While this could have been a bullish catalyst, Bitcoin’s price remained largely unmoved. Analysts suggest the announcement lacked crucial details to trigger excitement and provoke a significant market reaction.
“The announcement lacked key details —most importantly, how much Bitcoin they’re actually buying. While they’re sitting on about $4.8 billion in cash, we’ve seen no indication of what portion, if any, will be allocated to BTC,” Mati Greenspan, Founder and CEO of Quantum Economics, told BeInCrypto.
Further, the price impact for BTC was muted, given that Bitcoin payments are becoming more common among retailers.
Grayscale Updates Investment List
Adding to the list of what happened this week in crypto, Grayscale updated its list of investable altcoins for Q2 2025. The institutional crypto asset manager added three new tokens, Maple Finance (SYRUP), Geodnet (GEOD), and Story Protocol (IP), to its top 20 crypto investments.
“…We believe the revised Top 20 list may offer more compelling risk-adjusted returns for the coming quarter,” the firm explained.
This move reflects the company’s ongoing strategy to diversify its holdings and identify emerging digital assets with strong growth potential. At the same time, it truncated three altcoins from the same list- Akash Network (AKT), Arweave (AR), and Jupiter (JUP).
Binance Embraces Studio Ghibli Meme Coins Frenzy
Elsewhere, a new meme coin craze emerged this week in crypto, drawing inspiration from the beloved Studio Ghibli brand. Binance Alpha responded to the trend by listing two Ghibli-themed tokens, Ghiblification and GhibliCZ.
These tokens have gained rapid traction as part of a broader wave of AI and pop culture-driven crypto speculation. The Ghibli meme coin phenomenon follows a pattern in previous meme-inspired tokens, where hype and social media engagement drive price action more than actual utility.
While some traders see opportunities for quick gains, others caution against speculative bubbles that could lead to rapid market corrections. Nevertheless, Binance’s involvement reflects how major exchanges capitalize on trending narratives to attract trading volume.
This strategy, which continues to shape the DeFi space, has also drawn criticism as users challenge the listing standards of centralized exchanges (CEXs).
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.
South Carolina Could Spend 10% of Funds on Bitcoin Reserve
FDIC and CFTC Rescind Old Crypto Guidelines
Pi Network (PI) Drops Further Despite Telegram Wallet Deal
Chainlink Price Leads Altcoin Selloff, Where Is LINK Price Floor?
XRP Price Eyes 20% Move With Golden Pocket Appearance
Is Bitcoin About To Skyrocket Or Crash? What Truflation Says
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
2.52 Million Altcoins Are Ruining Crypto’s Future
Animoca Brands Valuation Tanks 75% In Two Years, Here’s Why
Crypto exchange BingX hacked for $43 million
Are The Big Players Losing Interest?
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
Coinbase cbBTC Set to go Live on Solana
-
Market23 hours agoXRP Price Slides Slowly—Is a Bigger Drop Coming?
-
Regulation14 hours agoFDIC Revises Crypto Guidelines Allowing Banks To Enter Digital Assets
-
Market24 hours agoTerra’s Crypto Claims Portal Opens Soon: Key Dates and Info
-
Altcoin23 hours agoWhy Is Pi Network Coin Price Up 5% Despite Altcoins Market Correction?
-
Market17 hours agoA Threat to Crypto’s Decentralized Future?
-
Market22 hours agoSUI Open Interest Surges 50%, Death Cross Could Fade Quickly
-
Altcoin16 hours agoTRUMP Crypto Whale Incurs Massive $15M Loss Amid Price Slump, Here’s How
-
Market21 hours agoCoinbase to Rival Binance With BNB Perpetual Futures
✓ Share: