Altcoin
Altseason FOMO Drops Considerably, SHIB, DOGE, XRP Crowd Sentiment Tanks
After a strong hue around the possible altseason and the expectations of a mega rally coming in the altcoin market, the FOMO has finally cooled down for the better. Over the last week, we have seen the altcoins correcting anywhere between 10-20% barring a few like Ethereum.
Altseason FOMO cools Down Suggesting Market Bottom
On-chain data provider Santiment identifies a notable trend in the altcoin market. As per its analysis, the rising mentions of altseason often coincide with the periods of market tops and peaks. This suggests that the traders have become overly greedy with their interest in altcoin surging thereby indicating a potential market top.
However, after the market peak in March, the fear of missing out (FOMO) has dropped significantly. As per the Santiment data, the current atmosphere of crowd fear could potentially lead us closer to a market bottom, thereby providing a huge opportunity to investors.
Furthermore, as per the Santiment data, there’s a significant drop in the crowd sentiment for large-cap altcoins including Shiba Inu (SHIB), Dogecoin (DOGE), and XRP, following the recent price declines. Santiment notes that this sentiment shift could present a buying opportunity for patient traders.
As the FOMO levels reach to their 2024 lows, investors who have been waiting on the sidelines for the market to cool off might consider deploying fresh cash in the market.
Done Expect Imminent Altcoin Bull Run
Despite the Bitcoin price flirting around its all-time high levels, most altcoins have continued to trade below their highs. Renowned crypto analyst Benjamin Cowen stated that the enthusiasm for an imminent altcoin bull run could be premature.
He further added that a significant rally is unlikely until the US Federal Reserve begins cutting interest rates again. Historically, altcoins have always delivered strong returns following the Fed rate cuts. Cowen stated:
“The decline in the majority of altcoins is mirrored in the falling advance/decline index, echoing the period leading up to the Fed’s rate cut in 2019. This index saw a sharp decline before the Fed initiated rate cuts in July of that year. It’s essential to track these movements because the anticipation of an altcoin season dominating Bitcoin may be premature without a reduction in interest rates by the Fed.”
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 major XRP news, crypto firm Ripple has announced plans to acquire prime broker Hidden Road for $1.25 billion. The XRP price surged on the back of this announcement, with the deal one of the largest in the crypto industry.
XRP News: Ripple To Acquire Hidden Road For $1.25 Billion
In a press release, Ripple announced that it will acquire Hidden Road for $1.25 billion, one of the largest deals in crypto history. The firm noted that with this acquisition, it will become the first crypto company to own and operate a global, multi-asset prime broker.
Hidden Road is a fast-growing prime broker offering institutions a one-stop shop of services, including clearing, prime brokerage, and financing across foreign exchange (FX), digital assets, derivatives, swaps, and fixed income. Meanwhile, this news comes just as the first XRP ETF went live in the US.
Furthermore, the crypto firm noted it is important that there are core infrastructure in place for institutional adoption for the industry to achieve the next phase of growth. This is where prime brokers come in as they bring the necessary credibility and professional trading services in legacy finance to the digital assets space.
As such, Ripple, alongside Hidden Road, plans to bring the promise of digital assets to institutional customers at scale, bridging traditional finance and decentralized finance (DeFi). Although not mentioned in the release, Fortune reported that the crypto firm will settle this acquisition primarily in cash, XRP tokens, and company stocks.
Commenting on the proposed acquisition, Ripple CEO Brad Garlinghouse said,
We are at an inflection point for the next phase of digital asset adoption – the US market is effectively open for the first time due to the regulatory overhang of the former SEC coming to an end, and the market is maturing to address the needs of traditional finance. With these tailwinds, we are continuing to pursue opportunities to massively transform the space, leveraging our unique position and strengths of XRP to accelerate our business and enhance our current solutions and technology.”
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.
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.
Despite the broader crypto market correction, Curve Finance’s Curve DAO Token (CRV) is up 10% with a strong 27% pump in daily trading volumes. This happens despite the fact that Michael Egorov has offloaded nearly $2 million in CRV tokens over the past two weeks. This is because the leading decentralized finance (DeFi) protocol witnessed a record Q1, with $35 billion in trading activity, despite a sluggish market.
Curve Finance Price Is Up 10%, $3 Rally Coming?
After the crypto market crash on Black Monday, the Curve DAO (CRV) price bounced back over 10%, currently trading at $0.45 with its daily trading volume surging 27% to $240 million. As per the Coinglass data, the CRV futures open interest is up 6% to more than $107 million, showing strong bullish sentiment among traders.
Prominent market analyst The Mental Trader has reiterated his bullish outlook on Curve (CRV), forecasting a rise to $3+ based on Elliott Wave (EW) theory. Despite recent price fluctuations, the analyst maintains that CRV remains in the “third of the third” mega wave upwards while hinting at a potential long-term upside.
The trader shows that the recent Curve Finance price action is a second minor wave within the sub-third wave, and a breakout above $0.60 would confirm a bullish trajectory ahead.
The swing low at $0.34 is highlighted as a critical level; a breach would necessitate a full revision of the EW count. Thus, traders should keep a close eye on CRV’s price action as it approaches pivotal resistance levels.
Founder Michael Egorov on CRV Selling Spree
Curve Finance founder Michael Egorov has resumed offloading CRV tokens amid a market rebound. On his latest sale, Egorov offloaded 236,457 CRV tokens valued at approximately $108,000.
Egorov has sold a cumulative 3.083 million CRV tokens since March 24, amounting to $1.62 million. The tokens were sold at an average price of $0.527, strategically executed near local price peaks as reported by Spot On Chain.
Surge In User Activity for Q1
The leading decentralized finance (DeFi) platform Curve Finance has witnessed a major surge in user activity during the first quarter of the year. During this period, the Curve platform clocked a massive $35 billion in trading volumes, up by 13% in comparison to the previous year.
As per the data from DeFiLama, the platform’s total transactions surged from around 1.8 million to 5.5 million in the first three months. This has been one of the major reasons behind the DEX’s surge in trading volumes.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores 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.
Altcoin
Bitcoin +6%, Ethereum +10% Amid Tariff Uncertainty; FARTCOIN Skyrockets +38%, Recovery or Bubble?
Crypto Market Update: Bitcoin, Ether, and other altcoin prices have embarked upon a significant upward trajectory following the recent volatility stirred due to Donald Trump’s tariffs. BTC price witnessed a 6% uptick in the past 24 hours, closing in at the $79K level. Whereas ETH price surged nearly 10% to top $1,500. FARTCOIN price skyrocketed roughly 38% to cross the $0.5 mark.
Now, cryptocurrency watchers are left wondering whether the current upswing is signaling an imminent recovery or is it just a short-lived bubble amid the ongoing market uncertainty fueled by Trump’s tariffs.
Crypto Market Upswing Ignites Recovery Sentiments Among Investors
A couple of market analysts have recently posted on X, asserting that the current upswing suggests that a recovery trend is cooking. Besides, some even believe that the massive correction witnessed recently is just a normal part of bull cycles.
Renowned market trader Conor Kenny has said that the broader “market is recovering pretty nicely,” pointing towards today’s upswing.
Simultaneously, renowned analyst Crypto Rover stated in another X post, “Big corrections are normal during a bull market.” Altogether, with renowned experts showing a strong sense of confidence in the crypto market’s long-term prospects despite the recent volatility, traders and investors sighed in relief amid today’s price pump.
Bitcoin Price: Here’s What Analysts Predict For The Future
Notably, analyst ‘Crypto Rover’ highlighted in another X post that the Bitcoin CME gap came in at $83,887. This statistic basically suggested that while the Bitcoin futures market was closed on weekends, BTC hit $83K, creating a gap on the futures chart.
Historically, traders and investors have seen this gap refilled, indicating price trends eventually return to these levels. Asserting on this factor, the analyst says, “SEND IT BACK HIGHER.”
Intriguingly, BTC price has erased nearly 5% weekly amid crypto market uncertainty brewed due to Trump’s tariffs. However, another renowned market analyst took to X, projecting a bullish outlook for Bitcoin.
Market expert Javon Marks said, “BTC’s MACD confirms and is coming off of another hidden bullish divergence.” This statement revealed that the Moving Average Convergence Divergence, a momentum indicator, is signaling a trend shift to bullish.
In addition, renowned expert ‘Titan of Crypto’ revealed in his X post that “BTC bounced perfectly off the bottom line of the Supertrend indicator on the weekly chart.” This analysis hinted that bulls are again in control as the flagship crypto tested major support on the weekly Supertrend chart and bounced back up.
The abovementioned analysis of Bitcoin’s price chart indicates that a recovery is brewing, although short-term volatility remains the essence of the crypto market.
Ethereum Price Forecast: Here’s What The Latest Metrics Signal
An Ethereum OG rattled traders and investors by dumping 2,000 coins to Kraken despite ETH’s price showing signs of a recovery today. Data from Lookonchain revealed that an OG wallet revived after nearly 7 years of inactivity to dump $3 million worth of coins into Kraken.
The massive selloff conversely set off bearish sentiments, underscoring the loss of market interest and rising selling for Ethereum. Despite major bear markets in the past 7 years, the OG decided not to sell his holdings. However, uncertainty amid Trump’s tariffs saga has left crypto whales and sharks apprehensive.
The current market sentiment for Ethereum in the wake of this aspect is primarily uncertain. Traders and investors are awaiting a clear reversal signal before re-entering into the crypto market.
However, some also believe the recent market dip to be a perfect time to open new positions and capitalize via a buy-the-dip strategy.
Fartcoin Price Overview: Crypto Market Analyst Says Bulls In Control
Data from Nansen suggested that FARTCOIN has secured a prominent spot on investors’ radars in the interim. Some traders are even cashing out big amid roughly 40% gains taken by the meme token intraday.
Simultaneously, renowned market trader RookieXBT took to X, highlighting that the coin’s volume surged whereas the rest of the market fell apart. The latest metrics for the coin signal that a strong recovery sentiment is brewing, although short-term volatility may be witnessed due to broader trends.
Altogether, the current dynamics suggest that the crypto market’s long-term prospects glimmer with optimism and recovery to previous highs is highly possible despite short-term volatility.
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.
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