Altcoin
Bitcoin Leads Market Upswing, Altcoins To Follow Suit?
The cryptocurrency market experienced a modest recovery as Bitcoin briefly surpassed $62,000, leading a positive trend across the top cryptos by market cap. This upswing suggests a potential return of bullish sentiment. However, the market’s volatility was evident in the significant liquidations, totaling over $87 million in the past 24 hours, with $56 million from short positions. Despite the 2.18% increase in the global crypto market cap to $2.29 trillion, the total trading volume saw a notable 29.28% decrease over the same period.
Bitcoin’s Performance and Outlook
At the time of reporting, Bitcoin price trades at $61,725.59, with a 24-hour trading volume of $24.6 billion and a 1.4% price increase. Its market cap stood at $1.2 trillion. Several factors contributed to this uptick:
- Bitcoin ETFs saw $31 million in inflows after seven consecutive days of outflows, potentially influencing the recent price movement.
- Analyst Crypto Faibik identified a bullish flag pattern on the weekly chart, predicting a possible surge to $88,000 by July or August. This optimistic view is supported by the current “Fear” sentiment in the market, as indicated by the Bitcoin Fear and Greed Index at 30.
- Analyst Ali Martinez highlighted historical data suggesting significant price increases following similar RSI conditions in the past two years. Martinez also noted the Market Value to Realized Value (MVRV) Ratio’s current level below -8.40%, which has historically preceded price increases ranging from 28% to 100%.Sequel to this prediction, the Bitcoin relative strength index has moved up beyond the 50% level signaling bullish presence. As at time of writing the RSI is at 52.3 level.
Altcoins Surge as Crypto Market Recovers
In a notable market upswing, leading altcoins have posted significant gains, riding the wave of the broader cryptocurrency market recovery. Ethereum (ETH) and other top altcoins including Solana (SOL), Dogecoin (DOGE), and Shiba Inu (SHIB) have all seen positive price movements, with increases ranging from 0.8% to 2.8%.
Ethereum, the second-largest cryptocurrency by market capitalization, is currently trading at $3,387.68. With a substantial 24-hour trading volume of $10.48 billion, ETH has recorded a 0.82% price increase over the last day.
Solana (SOL) has shown even stronger performance, with its price reaching $136.99. The altcoin has seen a 2.19% uptick in the past 24 hours, accompanied by a trading volume of $2.72 billion.
Meme coins have also joined the rally, with Dogecoin (DOGE) and Shiba Inu (SHIB) posting notable gains. DOGE is currently priced at $0.01253, representing a 2.82% increase, while SHIB is trading at $0.0001763, up 2.74% in the last 24 hours.
The meme coin sector as a whole has experienced significant growth, with its total market capitalization surging by 4.15% to reach $49.25 billion. While Shiba Inu saw an approximate 3% increase, other major players in the segment, including Dogecoin, Pepe Coin, and WIF, have also shown positive momentum.
This widespread rally across various altcoins indicates a potential shift in market sentiment, with investors showing renewed confidence in the cryptocurrency space beyond just Bitcoin. As the market continues to evolve, all eyes will be on whether this positive trend can be sustained in the coming days.
Also Read: Pepe Coin Whale Sparks Concerns With 1 Tln PEPE Transfer To Binance, What’s Next?
Market Dynamics and Future Outlook
The recent market gains have led to significant liquidations, particularly affecting short positions. Long positions also faced some setbacks, with $30.9 million liquidated. The cryptocurrency market had been declining for two weeks prior, influenced by factors such as ETF outflows, Germany’s sale of seized Bitcoin, and anticipated movements of Mt. Gox-held Bitcoin.
Bitcoin and Ethereum were particularly impacted by recent liquidations, which exceeded $360 million on June 24 when Bitcoin fell below $60,000. Analysts are monitoring “accumulation whales” who may be capitalizing on lower prices to increase their holdings.
As Bitcoin shows signs of recovery amid positive technical indicators and market sentiment, the focus shifts to whether altcoins will follow suit. With analysts projecting potential price increases and investors seeking strategic opportunities, the crypto market appears set for an interesting period of broader recovery and evolving market dynamics.
Also Read: Top Reasons Why Shiba Inu Coin Price Soaring, Here’s Price Target As Whales Buy
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
5 Key Indicators To Watch For Ethereum Price Rally To $10K
The Ethereum price has surged more than 7% recently, with recent indicators hinting towards a potential ETH rally to $10K ahead. Notably, the recent surge also indicates a bullish momentum for the crypto ahead. So, here we explore some of the top indicators that could propel an ETH price surge ahead.
5 Indicators To Watch For Ethereum Price Rally Ahead
A recent X post from top on-chain analytics platform IntoTheBlock highlighted that Ethereum often follows Bitcoin’s rallies. While mixed signals exist, certain metrics suggest optimism. The platform noted that whales continue accumulating ETH, indicating confidence in the asset’s long-term growth. Increased transaction volumes and minimal selling pressure from holders are also contributing to Ethereum’s positive outlook.
In addition, one critical indicator is daily transactions, which recently rose to 1.22 million from 1.1 million three months ago. This slight uptick reflects growing network activity and rising demand for Ethereum.
Another key metric is large holder netflow, which tracks the buying activity of whales. When whales accumulate, it reduces sell-side pressure and supports price appreciation. Short-term holder behavior also warrants attention.
Meanwhile, increased activity among short-term investors often aligns with heightened retail interest. The holding time of transacted coins is another bullish sign. A steady hold time suggests that long-term investors are retaining their assets, keeping supply constrained as demand grows.
Lastly, exchange flows reveal sentiment trends. Significant outflows from exchanges typically indicate accumulation, signaling confidence among investors.
ETH Rally To $10K Imminent?
ETH price today was up nearly 8% and exchanged hands at $3,343, while its one-day trading volume rocketed 61% to $45.19 billion. In addition, Ethereum Futures Open Interest also rose more than 13%, indicating a strong market confidence towards the crypto.
Amid this, a top crypto market expert predicts ETH price to hit $10K in the coming days, sparking market speculations. However, despite that, a recent Ethereum price analysis hints that the top altcoin should soar past the $4K mark, before its further rally.
Having said that, a flurry of crypto market experts anticipates the crypto to continue its rally in the coming days. In addition, as BTC hits a new ATH recently, the market pundits expect the altcoins to follow suit, especially amid soaring optimism towards a clear regulatory path after Donald Trump’s election win.
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
Agency Reiterates “Digital Assets Securities” As XRP Eyes $2
Ripple SEC Lawsuit: The US Securities and Exchange Commission (SEC) hinted at “digital asset securities” claims amid the appeal in the Second Circuit Court. The move comes as XRP price surpassed $1 and expected a rally to $2 on Gary Gensler’s resignation and the end of XRP lawsuit during Donald Trump’s presidency.
US SEC Hints At Digital Asset Securities Claims In Ripple Lawsuit
In a PLI’s 56th Annual Institute speech last week, SEC Chair Gary Gensler reiterated “Bitcoin is not a security.” He also cleared the intention to continue considering XRP as security as he didn’t mention it along with “Bitcoin, ether, and stablecoins.”
“Our focus, rather, has been on some of the 10,000 or so other digital assets, many of which courts have ruled were offered or sold as securities. Putting this in context, aside from bitcoin, ether, and stablecoins, the rest of this market approximates $600 billion.”
Crypto lawyer James Murphy, also known as MetaLawMan slammed the US SEC for using the term “digital asset securities” again in an X post on Wednesday. Gensler and the SEC disregarded the court’s order on XRP security status in the Ripple SEC Lawsuit. This indicates that the agency failed to comply with its recent apology for using the term “crypto asset securities” in lawsuits.
Here we go again “digital asset securities.”
Unbelievable. https://t.co/vqCbEJ9PNh— MetaLawMan (@MetaLawMan) November 20, 2024
The regulator appealed the summary judgment on XRP sales by Ripple, XRP distribution to employees and others by the company, and XRP sales on exchanges by CEO Brad Garlinghouse and Executive Chairman Chris Larsen. However, the recent crypto narratives amid President-elect Trump has sparked speculation of the end of SEC v Ripple lawsuit.
Will XRP Lawsuit Get Dismissed?
The crypto community called for the dismissal of the long-running Ripple SEC lawsuit and resignation of SEC Chair Gary Gensler. Also, Ripple CEO Brad Garlinghouse said he is expecting a resolution or end of the SEC lawsuit after Trump’s win.
Ripple CTO David Schwartz cleared that the company is legally obligated to Ripple shareholders and not XRP holders. While Ripple can work around legal clarity around XRP and digital assets, the prices of digital assets don’t depend on the efforts of the company. Schwartz and lawyers assert XRP lawsuit will likely get dismissed or settled with $125 million.
Meanwhile, lawyer Bill Morgan asserted that the price of XRP is not influenced by Ripple’s efforts as seen by long-term investors. Notably, Gensler’s hint at resignation and the potential end of Ripple SEC lawsuit triggered an XRP price rally to $1.
XRP Price Rally to $2
XRP price is currently holding at 0.702 Fib retracement level. Any strong upside momentum can trigger the next move to the $1.6–$2. The strong sentiment in the XRP community and Trump’s crypto policies will maintain bullishness in the crypto market.
Popular analyst CredibleCrypto suggests XRP will probably going to make new ATH “a lot quicker than most are expecting.” XRP/ETH just reclaimed and retested a 4-year long-range in the monthly chart, which signals a 250% higher target. He predicted a target of $2.
XRP price jumped over 1% in the past 24 hours and 60% in a week, with the price currently trading at $1.13. The 24-hour low and high are $1.07 and $1.15, respectively. Furthermore, the trading volume has increased by 7% in the last 24 hours, indicating a rise in interest among traders.
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
Dogecoin Whale Accumulation Sparks Optimism, DOGE To Rally 9000% Ahead?
Amid a highly bullish DOGE market witnessed recently, Dogecoin whales’ action to heavily accumulate the token has garnered significant attention among traders and investors globally. On-chain data indicates over 500 million coins were bought from crypto exchanges, signaling increased market confidence in the asset’s long-term prospects. In the wake of this market statistic amid a bull market, crypto watchers anticipate a staggering 9000% gain in the dog-themed coin’s price ahead.
Dogecoin Whale Accumulation Spikes As Over 500M Coins Bought Recently
As per an X post by the renowned crypto market analyst Ali Martinez on November 21, Dogecoin whales bagged over 550 million tokens, worth $214.5 million, from crypto exchanges over the past week. This massive purchase has put significant buying pressure on the asset, pointing out the potential for considerable upside movement ahead.
Notably, the leading dog-themed meme crypto already surfs bullish tides, primarily attributable to the broader market events. Mainly, with Elon Musk’s taking the D.O.G.E. (Department of Government Efficiency) role under Donald Trump’s cabinet, market sentiments surrounding the meme coin have turned highly bullish.
Aligning with this endeavor, a recent CoinGape Media report reveals that D.O.G.E leads Elon Musk and Vivek Ramaswamy further outlined a strategy to reduce the federal workforce under Trump’s presidency. This saga garnered significant attention to the meme coin which is also much touted by Musk. It’s noteworthy that Elon and Vivek are also starting a podcast named “dogecast.” These chronicles, in turn, bring substantial attention to Dogecoin.
Simultaneously, in light of these broader events and the massive buying pressure brought by whales, market watchers foresee a phenomenal rally ahead.
DOGE To Soar 9000% Ahead?
At press time, DOGE price gained slightly by 0.5% intraday and is resting at $0.387, amid a surge in Dogecoin whale activity. The coin’s 24-hour low and high were $0.3666 and $0.3956, respectively. Notably, the monthly chart for the meme coin showcases gains worth 173%. This bullish movement has sparked further investor curiosity despite the recent turbulent performance.
Notably, leading crypto analyst Ali Martinez further spotlights that for DOGE to finally witness a 9,000% parabolic rally, 40% to 50% corrections are sure to be expected. This bullish projection rides the back of historical trends, as the meme coin witnessed a 9,470% pump in 2017 with two major corrections of 40% and another at 84%. In addition, recent on-chain data also indicates a potential rally for top meme coins like DOGE, SHIB, and others, in the coming days.
Subsequently, the coin skyrocketed 30,700% in 2021, seeing two key pullbacks of 46% and 53%. These statements indicate substantial potential for Dogecoin to pump ahead in the light of a broader bull meme coin market, further accompanied by massive whale accumulations.
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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