Altcoin
Altcoins Traders Brace For Over $350 Million Token Unlocks
Altcoins have garnered significant investor attention amid the notable crypto market gains witnessed recently. However, massive token unlocks looming over the crypto horizon have raised severe market concerns about the future prices of specific cryptocurrencies.
Token unlock refers to the timely release of previously locked cryptocurrencies into the market. This phenomenon primarily offers a supply increase to the asset, staging as a potential bearish factor.
Twenty-one altcoins are collectively poised to face the heat of over $350 million worth of token unlocks looming above the upcoming week. Here’s a brief report on these unlocks and their market implications.
Altcoins Ready For Massive Token Unlocks
For context, as prices face risk due to a supply increase, crypto market traders and investors might want to liquidate their holdings before these unlocks happen. This could bring further selling pressure to these coins, solidifying their bearish market stance when coupled with the token unlocks. Below are 21 coins that are to face this phenomenon.
Yield Guild Games (YGG)
Currently trading at $0.4838, up 4.41% over the past day, the YGG token is set to witness a cliff unlock of 14.08 million coins, worth $6.78 million. This unlock totals 3.73% of the total circulating supply, posing a significant threat to price. As per data from the Token Unlocks App, the mentioned unlock is set to take place today, July 27, at 2 PM UTC.
The unlock remains much eyed by crypto market participants, as the release of equal or more than 1% of the circulating supply can negatively impact the market dynamics.
Forta (FORT)
Meanwhile, the FORT token is preparing for the release of 50K coins, worth $8.51K, into the market on July 28. This unlock equals a slight 0.01% of the circulating supply.
FORT price traded at $0.170 today, up 1.90% in the past 24 hours. Its daily bottoms and peaks were recorded as $0.1646 and $0.1716, respectively.
SingularityNET (AGIX)
The AGIX crypto prepares for a token unlock of 8.45 million coins, worth $4.68 million, on July 28. This unlock is equivalent to 1.35% of the coin’s total circulating supply.
AGIX price rested at $0.5614, down 0.84% in the past 24 hours. Its daily lows and tops were recorded as $0.5465 and $0.6589, respectively.
Ethena (ENA)
Simultaneously, the ENA crypto prepares to face the unlock of 14.89 million coins, worth $6.81 million, on July 28. This unlock totals 0.87% of the crypto’s circulating supply.
ENA price traded at $0.4567, an increase of 3.46% over the past day. Ethena’s 24-hour bottoms and tops were $0.4359 and $0.4725, respectively.
Portal (PORTAL)
The PORTAL crypto prepares for a linear unlock of 860.44K coins per day for three days starting July 29. This is equivalent to 0.51% of the token’s circulating supply.
Portal price traded at $0.3964 today, up 7.54% in the past 24 hours. Its 24-hour lows and peaks were recorded as $0.3667 and $0.4004, respectively.
Tornado Cash (TORN)
The TORN crypto is all set to experience an unlock of 91.67K coins, equal to 2.41% of the circulating supply, on July 30. The value of this unlock totals $216.33K.
TORN price traded at $2.37 today, down 0.59% in the past 24 hours. Its 24-hour lows and peaks were $2.37 and $2.44, respectively.
Echelon Prime (PRIME)
The Echelon Prime coin will face an unlock of 750K PRIME, worth $5.40 million, on July 31. This is equivalent to 1.75% of the circulating supply.
PRIME price traded at $7.40, down 1.20% over the past day.
Optimism (OP)
The altcoin OP readies for an unlock of 31.34 million coins, worth $52.97 million, on July 31. This equals 2.79% of the coin’s circulating supply.
OP price traded at $1.74, an upswing of 0.58% over the past day.
Pendle (PENDLE)
Meanwhile, a linear unlock of 34.48K PENDLE per day for seven days is set to start on July 31 for the Pendle crypto. Whereas, PENDLE price traded at $3.94, up 0.26% over the past day.
Manta Network (MANTA)
Simultaneously, the MANTA token prepares for an unlock of 1.87 million coins on July 31. This is equal to 0.50% of the coin’s circulating supply, worth $1.69 million.
MANTA price traded at $0.997, an upsurge of 4.41% over the past day.
dydx
The DYDX crypto is set to face an unlock of 8.33 million coins on August 1. This is equivalent to 3.65% of the crypto’s circulating supply, worth $10.25 million.
DYDX price traded at $1.30, up 1.56% over the past day.
Helium (HNT) & GMT
Simultaneously, the HNT and GMT altcoins are set to witness linear unlocks. GMT will experience an unlock of 2.85 million coins per day for 31 days starting August 1. On the other hand, HNT will witness an unlock of 41.10K HNT per day for the next 365 days beginning August 1.
GMT price traded at $0.153, up 3.55%, while HNT price traded at $5.37, a gain of 3.67% over the past day.
Akash Network (AKT)
Simultaneously, the AKT crypto prepares for the linear unlock of 70.29K coins per day for the next 31 days starting August 1. The unlock is worth $218.61K per day.
AKT price traded at $3.28, up 3.14% from yesterday.
ZetaChain (ZETA)
The ZETA token is set to experience the unlock of 53.89 million coins, worth 18.92% of the circulating supply, on August 1. This unlock weighs down equivalent to $33.17 million.
ZETA price traded at $0.648, an upswing of 3.13% over the past day.
Cloud (CLOUD)
The Cloud token will face a linear unlock of 138.89K coins per day for 166 days starting August 1. The unlocks will be worth $38.73K per day.
CLOUD price traded at $0.289, an upswing of 1.75% from yesterday.
Euler (EUL)
The token EUL is to witness a cliff unlock of 49.56K coins on August 1. This unlock equals 0.27% of the coin’s circulating supply, worth $220.06k.
The EUL price traded at $4.53, a decrease of 3.60% over the past day.
Also Read: Peter Schiff Blasts RFK Jr’s Bitcoin Buy Plan As ‘Vote-Buying’ Strategy
Sui (SUI)
Simultaneously, the Sui crypto readies for a cliff unlock of 64.19 million SUI as of August 1. This unlock totals 2.56% of the coin’s circulating supply, worth $48.08 million
SUI price traded at $0.779, an increase of 1.02% over the past day.
Galxe (GAL)
The Galxe coin readies to take the heat of a cliff unlock of 4.17 million GAL as of August 2. This totals 3.52% of the coin’s circulating supply, worth $13.56 million.
GAL price traded at $3.19, a slight 0.31% fall over the past day.
Wormhole (W)
The Wormhole crypto will experience the cliff unlock of a staggering 600 million coins as of August 3. This is equivalent to 33.33% of altcoin’s circulating supply, worth $167.85 million.
W price traded at $0.300, an upswing of 4.59% from yesterday.
Liquity (LQTY)
Lastly, the LQTY token will face an unlock of 489.01k coins on August 4. This totals 0.51% of the total circulating supply, worth $375.07K.
LQTY price traded at $0.796, up 2.29% in the past 24 hours.
Also Read: Mt Gox Bitcoin Creditors Face Withdrawal Restriction On Bitstamp
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
Ethereum Foundation Launches Pectra Tesnet ‘Mekong’, ETH Price Set For $4000
Ethereum Foundation on Thursday announced launch of its first short-lived Pectra testnet ‘Mekong.’ This testnet includes all the EIPs proposed for the upcoming Pectra upgrade on the Ethereum network. Will this trigger ETH price rally to $4000 as the price jumped 8% in the last 24 hours?
Ethereum Foundation Introduces Mekong Tesnet for Pectra
In an official announcement by Ethereum Foundation on November 7, the first short-lived Mekong testnet was introduced after scoping the Pectra fork and four DevNet events
The foundation said the Mekong testnet consists of all the EIPs proposed for the next major Pectra upgrade. It includes changes such as UX changes via EIP-7702, staking changes via EIP-7251, changes to the deposits and exit mechanisms via EIP-6110 and EIP-7002.
The Mekong testnet is focused on wallet developers to engage with UX changes and for stakers to gain confidence in the upcoming changes. This is a short-lived testnet but the features included will make it into existing public testnets and finally the mainnet.
In addition, Ethereum developer Tim Beiko reveals ethPandaOps has introduced this short-lived Pectra testnet Mekong to introduce major changes in mainnet. Also, this helps the crypto community try out EIP-7702, MaxEB consolidations, and more.
Moreover, Ethereum Foundation developer Parithosh recommended wallet teams to try Mekong testnet at the DevCon Week, which will run the entire week of November 9-17.
If you want something to hack on at DevCon, try out the Mekong testnet!
All the pectra EIPs are live: so you can brainstorm your EIP-7702 wallet user flows, deposit a validator to use MaxEB and exit a staking pool validator with a smart contract! https://t.co/GXEqhjrDjS
— parithosh | 🐼👉👈🐼 (@parithosh_j) November 7, 2024
ETH Price to Hit $4000
Bullish sentiment surrounding Donald Trump’s win and DevCon event has triggered the rally. Moreover, the launch of the Mekong testnet to fuel ETH price further. Notably, analyst Benjamin Cowen predicted Ethereum price rally after a bottom formation confirmation in the ETH/BTC pair above the 50 DMA.
Popular analysts Michael van de Poppe and Ali Martinez said Ethereum is in the early bull run stage. With the Pectra upgrade expected to take place in early 2025, whales are likely to buy the dip. Michael van de Poppe suggested that the markets are rotating and ETH will see a massive pump. Notably, a higher-low formation will bring much-awaited upward momentum.
Also, Ali Martinez added that MVRV Momentum crossing its 180-day has historically signaled a period of outperformance for ETH price. The cross hasn’t happened yet and gives an opportunity to buy the dip for more upside ahead for the $4000 psychological level.
ETH price today jumped 8% to a 3-month high, with the price currently trading at $2,800. The 24-hour low and high are $2,611 and $2,878, respectively. However, the trading volume has decreased by 6% over the last day.
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
Why Bitcoin Users Are Moving to Altcoins? As Ethereum Price Jumps 11%
Although the Bitcoin price rally has paused above $75,000 a day after Donald Trump’s victory, altcoins have continued their strong show with the Ethereum price taking the lead with 11% gains all the way to $2,850 levels. Investors have a lot of questions as to does this mark the beginning of the much-awaited altseason moving ahead.
Altcoins Steal the Limelight from Bitcoin?
On the day of Donald Trump’s victory on November 6, the Bitcoin price touched its all-time high levels surging all the way to $75,000. While the bulls try to defend these levels, altcoins seem to grabbing the investors’ focus.
The Ethereum price has managed to pull off 12% gains moving all the way to the $2,850 level and eying further rally to its all-time high levels. This comes despite strong selling pressure from Ethereum whales. Popular crypto analyst IncomeSharks noted that the ETH price has given a crucial breakout from the downward trendline slope, which opens the gates for a 75% rally from here to new all-time highs.
$ETH – Breakout. 75% move from here to an all time high. $3k first. pic.twitter.com/29KJzgk4Ex
— IncomeSharks (@IncomeSharks) November 7, 2024
Furthermore, after hitting the lower lows over the past few months, the ETH/BTC trading pair has notched up a bit. “With ETH/BTC at 0.035 it definitely makes sense to start hedging,” added Cowen. However, he added that for the bottom formation confirmation, the ETH/BTC pair must end above the 50 DMA.
I would watch #ETH / #BTC here.
If it can get above the 50D SMA, the there is a good chance that ETH/BTC has bottomed. pic.twitter.com/dXNYj2sDvY
— Benjamin Cowen (@intocryptoverse) November 7, 2024
Apart from Ethereum price surge, other altcoins like Solana made strong gains on Donald Trump’s victory. The Solana price has surged to $188 once again as talks about the approval of spot Solana ETF in the Trump presidency gain traction. As a result, analysts predict an SOL surge to $300 levels from here.
Will BTC Lose the Grip Over the Market?
Some market analysts state that it is still early to call the altseason and expect Bitcoin dominance to grow even further. Also, this could just be the beginning of the next major Bitcoin bull run.
Veteran trader Peter Brandt shared an optimistic outlook for Bitcoin, suggesting it has entered a “sweet spot” in the current bull market halving cycle. According to Brandt, Bitcoin is on track to peak between $130,000 and $150,000 by August or September of next year, marking a potential new high for the cryptocurrency.
Echoing similar thoughts, crypto analyst Ali Martinez noted that the next BTC top usually happens after 8 to 12 months following a monthly close above the previous all-time highs. Thus, he expects the next BTC top to happen anywhere between July to November 2025.
Historically, #Bitcoin has reached market tops roughly 8 to 12 months after achieving a monthly close above its previous all-time high.
If this pattern continues, the next potential market top for $BTC could occur between July and November 2025. pic.twitter.com/aWBZDBpUea
— Ali (@ali_charts) November 6, 2024
According to blockchain analytics firm CryptoQuant, Bitcoin’s recent all-time high doesn’t signal an overvaluation relative to its cost basis. The firm’s data on the MVRV ratio suggests that BTC remains well below peak levels. Additionally, Bitcoin’s price is close to traders’ average purchase cost, indicating that the market is not currently overheated. These insights point to the potential for continued growth in Bitcoin’s value.
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
XRP Price At Risk As Ripple Moves $250M?
The XRP price has come under the spotlight following Ripple’s recent $250 million XRP transfer. This comes amid bullish predictions for the coin, with analysts saying that its price could enjoy a parabolic rally following Donald Trump’s win.
The XRP Price At Risk With Ripple’s $250 Million Transfer
The XRP price is at risk of a decline following Ripple’s transfer of $250 million worth of XRP to an unknown wallet. Onchain data shows that the crypto firm transferred 470 million XRP to this wallet (rP4X2…sKxv3). This unknown wallet has since transferred 100 million XRP to another wallet (rhWt2…E32hk).
The purpose of the $250 million transfer remains unclear. However, it could relate to Ripple’s On-Demand Liquidity (ODL) services or the ongoing SEC appeal case.
This development comes just a day after XRP whales moved $814 million, indicating whale accumulation. While the Ripple transfer is unlikely to impact the XRP price since it will likely be done over the counter (OTC) if it is a potential sale, it could still create a bearish sentiment among XRP investors.
However, crypto analysts are confident that XRP is currently in bullish territory following Donald Trump’s win in the US presidential elections. The coin could surge up to 3,336% as crypto analyst StephIsCrypto predicted a major above $2 following Trump’s victory.
A Price Surge Above $20 By Year-End
In an X post, Crypto analyst Amonyx made a bold prediction, stating that the XRP price will rise above $20 by year-end. In another X post, the analyst suggested that he was confident that this price surge would happen with the US SEC chair Gary Gensler set to be removed following Donald Trump’s victory.
Gensler’s removal is bullish for the XRP price because he has spearheaded the long-running legal battle against Ripple. The legal battle could have negatively impacted XRP all this time, creating doubts in investors’ minds.
However, with Gensler gone and the Ripple SEC lawsuit likely to end, investors could again become bullish on XRP and look to invest more in the crypto. Crypto analyst Ross Vandermeer also predicted that the XRP price could eventually rise to $1,000 thanks to Donald Trump’s US election victory.
Ripple CEO Brad Garlinghouse recently called on the US president-elect to fire Gary Gensler on day 1, just like he promised. Meanwhile, Ripple chief legal officer (CLO) Stuart Alderoty urged Trump to end the regulation-by-enforcement approach to position the US as the crypto capital.
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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