Altcoin
Andre Cronje Outlines Reasons For Ethereum’s Underperformance This Cycle
Sonic Labs co-founder Andre Cronje has explained the reasons for Ethereum’s (ETH) faltering price performance in recent months. The DeFi godfather points to rising competition from Solana and Tron and internal wrangling on Ethereum as reasons for the network’s decline.
Andre Cronje Identifies A Boatload of Factors Affecting Ethereum
As analysts continue to scratch their heads over Ethereum’s underperformance, Andre Cronje has thrown his hat in the ring to explain the asset’s decline. Cronje took to X (formerly Twitter) to rationalize falling Ethereum prices in the face of major catalysts for the network.
Top on the list for Cronje are layer 2 projects “ruining” user experiences via fragmented liquidity and the use of centralized sequencers. Cronje notes that the decision of L2 projects to dump ETH adversely affects price performance. Furthermore, short pressure from USDe and a botched scaling roadmap contribute their share to falling Ethereum prices.
Cronje argues that ETH defenders are podcasters rather than engineers while the question of network representation remains unsettled. The recent appointment of Ethereum Foundation directors does little to convince Cronje to invest in the largest altcoin.
Cronje Will Rather Invest In Other Altcoins Over Ethereum
The Sonic Labs co-founder confirmed that the dour sentiment surrounding Ethereum is linked to increased competition from other blockchains. Rival blockchains like Solana (SOL) and Avalanche (AVAX) offer improved speed and finality while offering superior user interfaces.
For Cronje, these competing blockchains offer direct support to native projects rather than opting for neutrality. He argues that teams are just not building on Ethereum and are opting for other blockchains to host their projects.
“Hell, I don’t invest, but if I did, I would choose Solana, Tron, and XRP over ETH,” said Cronje.
Ethereum’s Grim Price Prediction
After the largest altcoin slipped below the $2,000 mark, on-chain analysts presented theories of ETH falling to $1,000. Ethereum currently trades at $2,215 with whales scooping up one million ETH on a discount.
Despite key catalysts like ETH ETF approvals and inclusion in the Crypto Strategic Reserve, the asset’s price performance is underwhelming. Analysts have their sights on resistance levels at the $2,857 mark and $2,084 for support as the assets navigate a choppy season.
Aliyu Pokima
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.
Canada is set to launch the world’s first spot Solana ETFs after receiving regulatory approval from the Ontario Securities Commission (OSC). The green light allows several issuers, including Purpose, Evolve, CI, and 3iQ, to list their Solana ETFs.
The new financial products will be available to investors starting April 16, 2025, marking an important development in the cryptocurrency investment space.
Canada Approves Multiple Spot Solana ETFs
According to Bloomberg analyst Eric Balchunas, the OSC approved multiple SOL ETFs today. These ETFs will hold actual Solana tokens rather than relying on futures contracts, offering investors direct exposure to the cryptocurrency.
Purpose, Evolve, CI, and 3iQ are among the firms that have secured approval to launch these innovative products.
The launch of these ETFs coincides with an upward surge in the price of Solana. Over the past week, the price of Solana has seen a notable increase of 25%. Experts suggest that the growing institutional interest in Solana, further bolstered by these ETF products, could soon lead to even greater price appreciation. As the world’s first spot Solana ETFs hit the market, the launch is a critical step forward for altcoin-based investment products.
Staking Features and Yield Benefits
The newly approved SOL ETFs will engage in staking, which offers potential benefits for ETF investors, including enhanced returns compared to traditional investments.
Staking can improve yields and offset holding costs, making these ETFs more attractive. However, according to Balchunas, TD Bank will assist in processing staking information but will not directly facilitate it.
Staking could provide an edge for SOL ETFs over other cryptocurrency ETFs, such as Ethereum-based ETFs, especially with US SEC delaying Grayscale’s ETH Spot ETF staking proposal. The yield from staking and the token’s performance could offer additional incentives for investors looking to diversify their portfolios.
Solana Whale Moves and Growing ETF Expectations in the US
The approval of spot SOL ETFs in Canada comes during heightened activity in the Solana market. Amid the market activity, a whale moved 762,416 SOL, worth approximately $101 million, according to Whale Alert.
In another instance, 790,427 SOL, valued at over $105 million, was moved between unknown wallets. These large-scale transactions suggest that whales, or large holders of Solana, are preparing for future moves, possibly in anticipation of the market momentum the new ETFs could trigger. The approval of the first spot Solana ETFs in Canada follows the recent launch of the first-ever XRP ETF, Teucrium 2x Long Daily, in the U.S.
Concurrently, several major firms have already filed for approval to offer SOL ETFs in the United States. These firms include Grayscale, 21Shares, Bitwise, VanEck, and Franklin Templeton. In addition to the Canadian approval, market expectations for the approval of SOL ETFs in the United States are rising. Polymarket traders now assign an 81% probability to approving a Solana ETF by the end of 2025, up from just 65% in early 2025.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
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.
A renowned crypto market analyst has forecasted a highly bullish outlook for Dogecoin price against the backdrop of a crypto market recovery. On Monday, April 14, analyst Ali Martinez revealed that DOGE could hit $0.29 ahead, given its price sustains a break above $0.17. Notably, the dog-themed meme coin is currently resting at the $0.16 price level, rebounding from as low as $0.13 over the past week.
Analyst Forecasts $0.29 As Next Target For Dogecoin Price
Ali Martinez revealed via an X post that the Dogecoin price is gearing up for a big week. Particularly, a close above $0.17 paves the road for the next price levels at $0.21 or even $0.29, per the analyst.
As long as the meme coin holds key support at $0.13, the chances of such a bullish feat remain highly optimistic. As mentioned above, the price has already visited the $0.13 support over the past week, although it also recovered back to previous highs.
At the time of reporting, DOGE token’s price traded at $0.1659, up 0.5% over the day and roughly 20% over the week. Crypto market traders and investors remain highly optimistic, expecting the dog-themed token to cross $0.17 soon amid its price recovery.
Can DOGE Also Hit A New ATH?
Meanwhile, another renowned crypto market has predicted a highly bullish scenario for the meme token amid a broader recovery. Javon Marks noted in an X post that the token is “looking ready to put on yet another magical bullish performance to new all-time highs.”
Notably, the analyst stresses that the price could gain at least +200% to +330% above $0.73, an ATH reached by the token as of May 2021. This bullish prediction has added to market optimism about DOGE price action ahead.
Also, analyst Trader Tardigrade recently broadcasted a bullish forecast for the same token, cementing investor bullishness. According to Tardigrade, Dogecoin price has entered phase D in “Wyckoff Accumulation,” signaling that massive gains are imminent.
Wyckoff Accumulation is a trading mechanism by Richard Wyckoff that is used to understand how smart money (whales) accumulate assets before a major price move up. Particularly, Phase D in this phase suggests strong support from buyers, paving the road for the last phase, E. Phase E characterizes an end in accumulation trends followed by a strong, sustained uptrend.
Moreover, a DOGE price prediction by CoinGape further revealed that bulls remain dominant over the crypto, per the 3-month bias indicator. In conclusion, broader market sentiments about the meme coin’s price remain highly bullish in the wake of top analysts predicting a massive rally ahead.
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.
The XRP price has once again surged above the significant $2.2 mark, sparking investor confidence. This prevailing positive sentiment has evoked speculations of a potential bullish trend. Driven by this current uptrend, experts believe that XRP could possibly hit a massive high of $20.
XRP Surges Past $2.2; What’s the Next Target?
Amid significant developments within the Ripple ecosystem, the XRP price is experiencing notable upticks. After a week of trading below $2, XRP has finally recovered, exhibiting a notable resurgence. According to market expert, Crypto Crusaders, the XRP price is awaiting a significant uptrend, targeting an ambitious $20 mark.
XRP’s Current Performance
As of now, XRP is trading at $2.14, marking a massive 20% increase over the past seven days. Despite this weekly uptick, XRP has seen declines of 2.2% and 10% over the last day and month, respectively.
Though traders and investors are confident about XRP’s potential rally, the overall market sentiment remains negative. The 24-hour trading volume of XRP has plummeted by 4%, currently at $3.98 billion.
XRP Dipped Below $1.8 Despite Crucial Ripple Lawsuit Updates
Over the past few weeks, the Ripple vs XRP case has seen major developments, invoking optimism within the community. Of this, Ripple’s withdrawal of its cross-appeal, after the US SEC dropped its appeal, has marked a significant turning point in the Ripple vs SEC case.
Despite these significant developments, the XRP price continued to trade below $2, sometimes dipping to a low of $1.7. However, the altcoin’s recent rebound has lifted traders’ spirits, easing some of the anxiety and skepticism fueled by its earlier dips.
While the community remains optimistic about XRP’s future amid the Ripple lawsuit settlement, All Things XRP advises taking a realistic outlook for the coin’s price.
Is XRP Price Poised for Further Upticks? Expert Insights
According to analyst STEPH IS CRYPTO, the XRP price is poised for a 500% rally. If his prediction comes true, XRP could hit a gigantic high of $30.
Similarly, another expert, Cryptoes, suggested that the altcoin would take a positive turn as it has broken past its critical resistance level.
While these predictions are optimistic, it’s essential to approach them with caution. Considering the unpredictable nature of the crypto market, XRP’s future trend is uncertain. Whether XRP reaches $30 or experiences a downturn remains to be seen.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
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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