Altcoin
Cardano Unlikely To Outperform Other Major Coins, Ben Armstrong Explains Why
Cardano recently reached $0.657, marking its highest price since March 30 and a 138% increase from its year-to-date low. However, the cryptocurrency has since corrected, as ‘BitBoy’ Ben Armstrong recently predicted.
Ben Armstrong, known as BitBoy Crypto, has expressed skepticism about Cardano’s performance in the next bull run. He cited several reasons, including declining user engagement, lagging Total Value Locked (TVL), and a lack of institutional investment.
‘BitBoy’ Ben Armstrong Doubts Cardano’s Shine in Next Bull Run
Ben Armstrong, also known as BitBoy Crypto, has pointed out his doubts over Cardano’s performance when the next bull run occurs. He gave some reasons for his skepticism as well.
First, Cardano is losing its user battle in comparison to other Layer 1 blockchain. Besides this, Cardano is lagging in Total Value Locked, or TVL, compared to its competitors.
The second aspect is that no evidence can prove Cardano’s founder, Charles Hoskinson, has any close link to persuading former President Donald Trump. ADA also lacks significant investment by institutional investors- a factor dampening its prospects for a strong performance.
$ADA will do well during this bull run. It’s just not going to outperform the majority of coins I opted for instead
This is what I have said:
1. Losing user/tvl battle vs other L1s
2. Charles does not actually have Trumps ear – zero corroboration
3. No institutional inflow— The BitBoy (@BenArmstrongsX) November 12, 2024
This criticism is milder compared to Armstrong’s stance in July, when he strongly doubted ADA’s long-term potential. He then termed ADA a “dead” asset, one which was not appealing to venture capitalists and one that did not have institutional interest, which for him meant the death of any credible investment in it.
Armstrong restated this after Cardano founder Charles Hoskinson had declined to engage with him, citing Armstrong’s history of criticism toward ADA.
Cardano’s Impressive 138% Rally: What’s Driving the Surge?
Cardano recently touched $0.657, the highest price since March 30, up 138% from its year-to-date low. The cryptocurrency had entered correction and changed hands at $0.578 at press time, down 12% from this week’s high. It also recorded $14B in transactions within 24 hours that helped boosting its price.
It works within the bigger pullback of major cryptocurrencies, which saw Bitcoin retreat from nearly $90,000 to $86,000.
Cardano is rallying now for a few reasons. First, its founder, Charles Hoskinson, has shown that cryptocurrency could get more involved in US policy, which many have seen as a reaction to Donald Trump’s election victory. Charles Hoskinson recently confirmed plans to support the US government under Donald Trump to help shape cryptocurrency legislation. His aim is to contribute to creating clear regulatory frameworks for the digital asset sector.
The initiative seeks to address the years of uncertainty and regulatory challenges faced by the crypto industry. This move underscores Hoskinson’s intent to drive positive change for the broader adoption of digital assets.
Cardano also jumped in unison with a massive spike in futures open interest, which, for the first time since March, has breached above $500 million for the third consecutive day, a sign of developing confidence among market players in the asset’s near-term potential.
Crypto Community Divided Over BitBoy’s Account Hack
Besides that, BitBoy Crypto’s account once shared a scam link, which reportedly drained the wallets of some followers. Armstrong then went to Twitter to address the issue, saying someone hacked his account and he had assured his followers it was already fixed.
He went on to warn that attacks on crypto holders and influencers would probably worsen as the bull run goes on.
However, many also feel Armstrong himself fabricated the incident, which served as a cover-up story for his compromised account.
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
Ripple CEO Shares Bullish News With XRP Army As Trump Names Treasury Secretary
Ripple CEO Brad Garlinghouse has shared another good news with the XRP community. US President-elect Donald Trump has finally picked his Treasury Secretary, making the crypto community including Garlinghouse bullish on XRP and the end of the SEC lawsuit. Ripple CEO Garlinghouse claims Scott Bessent is the perfect pick.
Donald Trump Nominates Scott Bessent As US Treasury Secretary
US President-elect Donald Trump has nominated Scott Bessent to lead the US Treasury Department. The new Treasury Secretary is the founder of hedge fund manager Key Square Group. He is known for the famous short bet against the British sterling in 1992 when he worked for George Soros.
Picking the US Treasury chief proved to be one of Trump’s most crucial decisions as Wall Street closely watched the drama. Apollo Global Management CEO Marc Rowan and former Federal Reserve Governor Kevin Warsh were in the race.
“Scott is widely respected as one of the World’s foremost International Investors and Geopolitical and Economic Strategists,” Trump wrote on Truth Social, reported Reuters.
Both Wall Street and the crypto market reacted bullishly as Trump named Scott Bessent to lead Treasury Department. Bessent is positive on crypto adoption policy, but investors await more details on his views on fiscal policy and the next steps.
Ripple CEO Brad Garlinghouse Hails Trump’s Treasury Sec Pick
Ripple CEO Brad Garlinghouse took to X to express his satisfaction with Scott Bessent as Treasury Secretary. He said “I don’t want to get too far ahead of myself but… Scott Bessent is the perfect pick.” He claims Bessent will be the most pro-innovation, pro-crypto Treasury Secretary ever seen.
Other crypto executives and experts including Charles Hoskinson, John Deaton, Matthew Sigel, and David Bailey reacted positively.
Pro-XRP lawyer John Deaton said the Trump transition team now needs to get “SEC Chair right, we are about to enter the Digital Age of Innovation.” Meanwhile, Pro-XRP lawyer Jeremy Hogan predicted a potential conclusion timeline for Ripple SEC case.
XRP Price Rises Over $1.60 As Ripple CEO Turns Bullish
Bullish reactions from Ripple CEO and Cardano founder Hoskinson triggered further rally in XRP and ADA prices. All eyes are now on upcoming nominations by Donald Trump.
XRP price extended its weekly rally to more than 60%, with a 12% pump in the last 24 hours. XRP saw a 24-high of $1.62 as trading volume climbed further by 22%. Popular analysts predicted an XRP price target of $2.
ADA price jumped 22% in the past 24 hours, with the price finally surpassing $1. The 24-hour low and high are $0.856 and $1.140, respectively. Furthermore, the trading volume has increased by 130% in the last 24 hours, indicating a massive 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 Whales Reactivate After Spending $214.5 Million To Buy 550 Million DOGE
Dogecoin whales are on a significant accumulation spree, as reports reveal that these large-scale token holders have bought over 550 million DOGE tokens. This massive accumulation trend comes as analysts predict that DOGE may be preparing for a major price leap.
Dogecoin Whales Go On Massive Buying Trend
Crypto analyst Ali Martinez has revealed that over the past week, large-scale token holders, often called “whales,” have purchased more than 550 million DOGE tokens, valued at an impressive $214.5 million. Although Martinez made this announcement in an X (formerly Twitter) post on November 21, this news was initially reported by Santiment, a market intelligence platform.
The recent surge in whale accumulation has put significant buying pressure on DOGE, highlighting the increased investor demand and interest. Notably, this increase in whale activity comes as the DOGE price has recorded significant gains this month.
Historically, large scale whale movements have often aligned with significant shifts in the Dogecoin price. Earlier this month, there was an increase in whale activity as Dogecoin’s value soared above $0.3. While the unexpected price spike led to increased selling pressure, it appears whales are returning and are buying into DOGE in droves.
As the number one meme coin, DOGE has already gained a massive following and a supportive community, which have contributed to its popularity, widespread adoption, and increase in value. Recently, the Dogecoin price recorded double-digit gains as news of SpaceX CEO Elon Musk’s Department of Government Efficiency (D.O.G.E) proposal spread.
Moreover, the positive market sentiment from Donald Trump’s win in the US Presidential election also served as a bullish catalyst for the DOGE price. With all these market rallying factors in place, whales appear to be hedging their bets in preparation for a potential price surge.
This spike in whale activity can also be seen as IntoTheBlock reports that approximately 60.9 billion DOGE tokens have been moved around by whales in the past week. This massive spike in large transaction volume represents $23.35 billion.
Analysts have also predicted that once the DOGE price breaks past resistance levels around $0.4, the cryptocurrency will enter a major bullish phase. Additionally, analysts forecast that Trump’s upcoming inauguration could further propel Dogecoin’s price, potentially pushing it to the highly coveted $1.
Analyst Predicts Dogecoin Price Pump Above $4
Following Martinez’s post highlighting the significant rise in Dogecoin whale accumulation, crypto analyst Trader Tardigrade suggested that these large-scale holders may be positioning for a 10X surge in the Dogecoin price.
As of writing, DOGE is trading at $0.39; therefore, a 10X surge would push the meme coin towards a $4 price target. Trader Tardigrade has also indicated that if these whales aim for a much larger Dogecoin price spike, then the meme coin could be gearing up for a higher surge above $4.
Featured image created with Dall.E, chart from Tradingview.com
Altcoin
BTC at $98K, HBAR Surges 25% and XLM rises 55%
Cryptocurrency Prices Today, November 23: The broader market movement on Saturday sparked bullish momentum globally. Bitcoin remains steady at $98K, while major altcoins like ADA, XRP, and AVAX surged between 14% and 25%. Notably, Hedera (HBAR) and Stellar (XLM) emerged as top performers, registering jumps of 25% to 55% in the last 24 hours.
Simultaneously, the global crypto market cap witnessed a 1.5% increase in the past 24 hours, currently at $3.33 trillion. However, the total market volume declined by 12% from yesterday and is now at $219 billion. Let’s dive into a brief report on the top cryptocurrencies by market cap and their price movements on November 23.
Cryptocurrency Prices Today: BTC Holds Steady, ETH & SOL Unchanged, XRP Soars 15%
Bitcoin (BTC) remains stable at $98K, holding its position for the past 24 hours. Similarly, Ethereum (ETH) and Solana (SOL) have shown no significant movement during this period. However, XRP has surged by 14%, leading the gainers. Among the top meme coins, Dogecoin and Shiba Inu have also witnessed a 9% increase in the last 24 hours, reflecting positive momentum in the cryptocurrency prices today.
Bitcoin Price Today
BTC price chart appears steady, currently trading at $98,550. Its intraday low and high are $97,222 and $99,655, respectively. Bitcoin’s market cap is $1.95 trillion, with a 24-hour trading volume of $76 billion.
According to Sosovalue data, 22.85 million BTC flowed out of 12 BTC ETFs. However, BlackRock’s IBIT data is still awaited. With a dominance of 58.59%, Bitcoin remains the largest cryptocurrency by market cap.
Ethereum Price Today
Ethereum (ETH) remains unchanged, currently trading at $3,333. Its 24-hour low and high are $3,262 and $3,428, respectively, showing minimal price movement. ETH has gained 7% over the past week, indicating positive short-term performance. With a market cap of $400 billion, ETH remains strong in the market.
The 24-hour trading volume for Ethereum is $38 billion, and it commands a market dominance of 12%. ETH ETFs saw an outflow of 8.47 million, and BlackRock’s IBIT data is yet to be released, which may further influence the market.
Solana Price Today
Solana (SOL) is down by 2% in the last 24 hours, currently trading at $255. Its 24-hour low and high are $252 and $263, respectively, showing slight fluctuations. Over the past week, SOL has risen by 17.5%, reflecting strong growth. With a market cap of $121 billion and a 24-hour trading volume of $7 billion, Solana remains the fourth-largest cryptocurrency globally.
XRP Price Today
XRP price has jumped by 15% in the last 24 hours, currently trading at $1.566. Its 24-hour low and high are $1.367 and $1.621, respectively, showing strong volatility. XRP has surged by 75% in the past week and 200% in the last 30 days, reflecting impressive growth. With a market cap of $89 billion and a trading volume of $20 billion, XRP is now the sixth-largest cryptocurrency by market cap.
Meme Coins Performance Today
Dogecoin (DOGE) has increased by 9% and is currently trading at $0.42. Its 24-hour low and high are $0.3858 and $0.4296, respectively, showing solid market movement.
Similarly, Shiba Inu (SHIB) is also up by 9%, trading at $0.00002698. Its 24-hour low and high are $0.00002437 and $0.00002749, respectively, reflecting positive momentum.
On the other hand, other meme coins like PEPE, BONK, and WIF have experienced declines of 2% to 8% in the past 24 hours. These drops indicate some volatility in the meme coin sector.
Top Cryptocurrency Gainer Prices Today
Stellar
Stellar (XLM) price is currently trading at $0.44, marking an impressive 55% increase in the last 24 hours. Its 24-hour low and high are $0.2766 and $0.4624, respectively, reflecting significant volatility and strong market momentum.
Hedera
Hedera (HBAR) is currently trading at $0.1542, up by 25% in the last 24 hours. Its 24-hour low and high are $0.1275 and $0.1681, respectively, showing strong price fluctuations and growth.
Cardano
Cardano (ADA) price is up by 24% and is currently trading at $1.09. Its 24-hour low and high are $0.85 and $1.137, respectively, reflecting significant movement, and it is the ninth-largest cryptocurrency by market cap.
Top Cryptocurrency Loser Prices Today
Peanut the Squirrel
Peanut the Squirrel (PNUT) is down by 13% in the last 24 hours and is currently trading at $1.11. Its 24-hour low and high are $1.04 and $1.31, respectively, indicating a decline in its price.
Popcat (SOL)
Popcat (POPCAT) is down by 9% and is currently trading at $1.43. Its 24-hour low and high are $1.415 and $1.612, respectively, showing a decline in price over the past day.
Raydium
Raydium (RAY) is down by 8% in the last 24 hours and is currently trading at $5.98. Its 24-hour low and high are $5.913 and $6.432, respectively, indicating a decrease in price during this period.
Besides, the hourly time frame chart continues to spark bullish momentum for cryptocurrency prices today. BTC is up by 0.4%, ETH is up by 0.5%, and Dogecoin has risen by 4%, sparking discussions among traders and investors about future price movements.
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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