Altcoin
Bitcoin & Altcoins In Focus As Market Eyes Ether ETF, Fed Chair Comment, & Other Events
The crypto market is buzzing with anticipation with a flurry of key events expected to impact Bitcoin and altcoins trading this week. The crypto market has been highly volatile lately, with BTC dumps from the governments, Mt. Gox repayment woes, and other related factors. However, this week would be crucial for the digital assets space, with a flurry of events expected to weigh on the market sentiment.
Bitcoin & Altcoin Traders Eyes Key Events This Week
Ethereum ETF To Fuel Market Sentiment
The soaring buzz over the U.S. Spot Ethereum ETF approval by the SEC has been evidenced by the recent discussions in the crypto market. Apart from altcoins, the approval is also expected to show its impact on Bitcoin performance.
Meanwhile, recent comments from Bloomberg senior ETF analyst Eric Balchunas and ETF Store President Nate Geraci highlight the SEC’s silence on the matter. However, despite the “tight-lipped” stance from the regulators, the experts still provided a bullish outlook on a potential approval or advancement in this coming week.
Notably, the market is anticipating BTC and altcoins to rally on the heels of the Ethereum ETF approval. In addition, the recent robust inflow into the U.S. Spot Bitcoin ETF has further bolstered market sentiment.
Remarks From Fed Chair & Other Officials
In macroeconomic news, Fed Chair Jerome Powell is scheduled to speak on Monday, July 15, which would be closely watched by the financial sector. Notably, given the set of mixed inflation data recently, Jerome Powell’s comment would be crucial in gauging the central bank’s current stance with their monetary policy.
For context, the latest U.S. CPI data has indicated a significant cooling inflation in the nation. Notably, it has also raised bets over three interest rate cuts in 2024, up from the previous expectations of two rate cuts. However, the U.S. PPI last week came in hotter-than-anticipated, weighing on the broader market sentiment.
Having said that, if the Fed Chair comments on the central bank’s upcoming move with the interest rate plans, it might influence the BTC and crypto market sentiment. In addition, other Fed officials like Fed Gov. Adriana Kugler, NY Fed President Williams, and Atlanta Fed President Raphael Bostic are also scheduled to share their remarks this week.
Ripple Vs SEC Lawsuit
The XRP price has rallied significantly over the weekend, as July 13 marks an important date in Ripple Vs. SEC lawsuit. On July 13, 2023, Judge Torres ruled that XRP is not a security, and this year, Ripple executives have lauded the development.
As a result, XRP soared over 12%, reflecting growing market interest in the crypto. However, amid this, the U.S. SEC has announced to hold a “closed” meeting on July 18. Having said that, the XRP community speculates that the meeting could be focused on a potential settlement in the Ripple Vs SEC lawsuit.
In addition, a flurry of market experts also anticipates the legal battle to come to a conclusion very soon. Considering that, the lawsuit conclusion is likely to have a significant impact on the altcoins sector as well as on Bitcoin.
Also Read: Binance CEO Shares Developments In Post-CZ Era and Crypto Outlook
What’s Next For Bitcoin and Altcoins?
The events will play a crucial role in shaping the future of the cryptos. In addition, the selloff pressure from the German government also shrunk, with the govt selling its last BTC in the prior week.
On the other hand, U.S. Spot BTC ETF issuers globally are on a buying spree, according to the latest reports. If the momentum continues, BTC could witness a significant uptick in its price. In a recent analysis, crypto market expert Ali Martinez said that if Bitcoin can break above the $59,200 mark, the next stop for BTC could be around $64,000.
Talking about the altcoins, crypto analyst Michael van de Poppe sees a bright future for the sector. After a recent price correction, van de Poppe points to a strong weekly bounce and supports around $500 billion market capitalization. Based on this, he predicts altcoins will reach a new all-time high by early 2025.
Also Read: Solana Co-founder Highlights US Govt’s Crypto ‘Mess’
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
Will Polygon MATIC Price Hit $1 on AggLayer, Trump Trade?
Polygon could be poised for a breakthrough, with $1 in near term. Trump recent election win has ignited bullish energy across the crypto market bringing bull market era, while the upcoming Aggregation Summit, AggLayer, promises to add momentum.
This AggLayer brings the brightest minds in the industry to tackle challenges like cross-chain solutions, advanced ZK technology, and next-gen security. The buzz around AggLayer could drive fresh demand for POL token, potentially lifting its value.
AggLayer Summit and Trump’s Win: A Perfect Storm for POL Token
The AggLayer Summit, happening in Bangkok Nov 10-11, will bring together leading experts in the crypto space to address some of the most important challenges facing blockchain today. This event will focus on the extensive AggLayer ecosystem, categorised into AggChains, Core Contributors, and RaaS Providers. The ecosystem includes prominent entities like TON Blockchain, Fabric, Succinct, and AltLayer, all collaborating within this unified framework.
Meanwhile,Donald Trump recent election victory has sparked a wave of optimism in the crypto market. Many investors believe his win will lead to policies that favor digital assets, boosting the sector’s growth. As a result, there’s been a noticeable shift toward a more bullish market, with expectations for favorable regulations and increased adoption of crypto. This new political landscape is fuelling optimism and could be a major factor in pushing the market to new heights, benefiting both established and emerging crypto assets.
Polygon Price Analysis: Breakout and Volume Insights
Polygon’s native POL token recently achieved a breakout on the daily chart, currently trading at $0.34. Over the past 24 hours, the price has fluctuated between $0.32 and $0.34, reflecting a 6% increase over the last week. With a 24-hour trading volume of $113 million, market activity and investor interest are clearly on the rise, signaling strength in Polygon’s current position.
As the market remains bullish, Polygon’s breakout and strong volume suggest a potential rally toward the $1 mark. The upcoming AggLayer Summit, alongside global developments like Trump’s election win, are likely to further fuel market momentum.
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
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.
-
Ethereum14 hours ago
Ethereum Analyst Sets $3,400 Target Once ETH Breaks Key Resistance – Details
-
Market13 hours ago
Bitcoin Price Pushes Rally Further: Bulls in Full Force
-
Altcoin24 hours ago
Shiba Inu Burn Rate Rockets 3,700% Sparking Optimism, SHIB To Hit $2?
-
Market11 hours ago
Solana (SOL) Rallies Strongly, Setting Sights on $200
-
Altcoin23 hours ago
Ripple CLO Reveals How Donald Trump Can Make US The Crypto Capital
-
Altcoin22 hours ago
XRP Price At Risk As Ripple Moves $250M?
-
Regulation16 hours ago
FTX Co Founder Gary Wang Appeals For No Jail Time, Here’s Why
-
Regulation14 hours ago
Polymarket Faces French Ban After Massive Bets On US Election Results
✓ Share: