Altcoin
ETH Supply Surge Casts Shadow on Spot Ethereum ETF Excitement
We are just three days away from the approval of the spot Ethereum ETF, and the excitement among investors is pretty high. However, rapidly increasing ETH supply over the past two months is one of the major concerns going ahead.
ETH Supply Increasing by 60K Per Month
Popular market analyst Benjamin Cowen stated that the Ethereum supply has been increasing by 60K per month since April. He added that if this continues to happen until December this year, the ETH supply in circulation will be similar to that before the Merge event back in September 2022.
Over the last 30 days, the supply of ETH is up by almost 60,000 ETH. pic.twitter.com/3XuFUjZDPC
— Benjamin Cowen (@intocryptoverse) July 19, 2024
In the last three months, the Ethereum supply has surged by 150,000. “Currently, since the merge the supply is -298,000. But that will only take 5 months to revert at this pace,” said Cowen.
Cowen added that the major driver for the Ethereum price surge moving ahead would be nothing but the monetary policy. Unless and until the Fed pivots and moves to quantitative easing, Cowen doesn’t expect a major surge in Ethereum going ahead.
According to Cowen’s analysis, the ETH/BTC trading pair experienced a false breakdown below its lows in Q2 2016, followed by genuine capitulation in Q4 of the BTC halving year. If the current pattern mirrors 2016, Cowen suggests that the final capitulation for ETH/BTC may not commence until September 2024. This timeline would allow sufficient time for the initial excitement surrounding the spot ETF, relative to BTC, to diminish.
“If you follow monetary policy, last cycle ETH/BTC broke support the same month that the Fed cut rates,” said Cowen. Well, reports suggest that the Fed Rate cuts could commence sometime around September this year.
Also read: Fed To Mirror ECB Rate Pause? Here’s What It Means For Bitcoin
Citing historical charts, Cowen explains that the ETH/BTC pair wicked down to the lows in August, while making a substantial rally the next month in September. He believes that a similar pattern could repeat this time as well.
Will spot Ethereum ETF Absorb the Supply?
With the spot Ethereum ETF hitting the market next week, investors are excited about strong inflows that could follow. Issuers like BlackRock, Fidelity, Grayscale, and others announced their fee structure earlier this week.
Many market analysts have been expecting multi-billion dollar inflows coming into Ethereum ETF by the end of 2024. However, this may not happen immediately after the approval. Some analysts also believe that there’s a chance of a sell-the-news kind of event to occur.
Also Read: Is Ethereum ETF Launch “Sell The News” Event Like Bitcoin ETF?
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.
Pi Network’s native cryptocurrency Pi Coin price is down by another 15% today, slipping all the way to $0.55 and another 60% surge in daily trading volumes to $477 million. With this, the PI cryptocurrency has extended its weekly losses to more than 33% as investors are losing hope of any recovery to $1. As a result, the community is now pinning hopes on a Coinbase listing for any revival.
Will Pi Network Make Way to Coinbase Anytime Soon?
Although the Pi Network listing on Binance has faced multiple delays, the community is still hopeful for a Coinbase listing. On March 14—Pi Day—Coinbase’s Chief Legal Officer, Paul Grewal, posted a tweet featuring Pi’s logo, stating, “We take Pi Day very seriously at Coinbase.”
A Coinbase listing could provide a major liquidity boost, pumping up the Pi Coin price higher to $1 and beyond. The exchange often considers community engagement when adding new assets, making Pi Network’s 60 million+ user base a strong factor in its favor.
Additionally, such a listing could significantly boost PI cryptocurrency’s adoption in both U.S. and global markets. This would be a historic milestone for the ecosystem, increasing the visibility and accessibility to millions of crypto users worldwide.
While Coinbase stirs speculation, Binance has yet to make any official comments regarding a potential $PI listing.
Pi Coin Price Drop to $0.3 Coming?
As the Pi Coin price continues to lose crucial support levels, analysts are turning pessimistic about it moving ahead. Crypto analyst Moon JEFF has projected that Pi Network price could drop to $0.30 if exchange deposits continue at their current rate.
More than 375 million PI tokens have already moved to exchanges. Moon JEFF notes that with total supply reaching 500 million $PI, the token’s price could stabilize around $0.30. This is similar to our Pi Coin price prediction, which shows that altcoin to trade under $0.40 for the month of April.
A Major Challenge for the Core Team
The Pi Community backlash is growing stronger with every passing day as the altcoin selling pressure increases. Popular community member Dr Altcoin stated: “Pi’s price has been in free fall, hovering around $0.5. If this was the end goal, why did the Pi community wait six years? Pi could have easily reached this value if it had launched in 2022”.
He further stated that major cryptocurrency exchanges are unlikely to list PI crypto unless the Pi Core Team (PCT) provides full transparency regarding its tokenomics. The two major challenges as highlighted by Dr Altcoin, are:
- At current low prices, Pi holders may struggle to engage with decentralized applications (DApps) within the Pi ecosystem.
- If these challenges persist, a significant portion of Pi users could sell off their holdings and migrate to other crypto projects.
The analyst added that the only viable path forward for the Pi Core Team, without relying on major exchange listings, is to burn billions of Pi coins from the Pi Foundation wallets.
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.
Solana price has extended weekly losses to 14% amid heightened selling pressure for the cryptocurrency. Whale data on Friday revealed that roughly $46M worth of SOL was unstaked and offloaded to exchanges in recent days. The outcome? Crypto market traders and investors are speculating if a recovery is even possible ahead as the broader market faces turmoil amid Trump’s reciprocal tariff announcement.
Solana Price Takes Bearish Turn Amid Rising Whale Dumps, What’s Happening?
As of press time, Solana price traded at $115.91, down slightly over 3% in the past 24 hours. The weekly chart for the crypto showcases a 14% decline, further accompanied by a monthly drop of over 18%. This waning action falls in line with the recent broader market trends and heightened selling pressure for the cryptocurrency.
Data from the tracker Lookonchain suggested that crypto whales are on a SOL dumping spree in tandem with the coin’s slumping action. Notably, 4 wallet addresses collectively unstaked and offloaded $46 million worth of coins in the past 24 hours, per whale data.
Here Are The Addresses & Amounts of SOL Dumped
- ‘HUJBzd’ – $30.3 million worth of coins.
- ‘BnwZvG’ – $9.47 million worth of coins.
- ‘8rWuQ5’ – $3.53 million worth of coins.
- 2UhUo1′ – $3 million worth of coins.
For context, usual market sentiments reflect bearishness in light of such massive dumps as the selling pressure for a crypto increases. Solana’s waning price action has contributed to investors’ cautious outlook toward the coin amid negative market dynamics.
SOL Price Faces Pressure Amid Broader Trends
It’s worth pointing out that SOL is currently facing immense heat due to broader macro trends presenting risk assets with uncertainty. CoinGape recently reported that Bitcoin price saw an offsetting movement with Donald Trump’s reciprocal tariffs commencement. In turn, even the altcoin market mimicked a bearish movement lately.
Another report revealed that BTC price is expected to follow the stock market action in light of the new reciprocal tariffs. Matrixport strongly asserted that the broader crypto market could potentially sustain volatility in the short run as BTC price is expected to mimic stock market movements.
Analyst Forecasts Bullish Outlook Despite Downtrend
However, a crypto market analyst named ‘Brandon Hong’ has conversely highlighted a bullish outlook for Solana price regardless of the broader turmoil. The analyst recently posted on X, stating, “SOL is about to have its biggest breakout ever.”
This bullish anticipation rides the back of the coin about to break its 400-day range. “Buy now or regret later,” the analyst concluded, sparking contrary speculations. Crypto market participants continue to extensively eye the token for price action shifts amid uncertain dynamics.
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.
While predictions for Cardano to $1 may seem like a far cry, a cryptocurrency expert has injected new life into the claims. Cardano’s price is headed below 50 cents in search of a new support zone that can serve as a springboard to reach new highs.
Cardano Price Can Still Clinch $1 Despite Price Slump
Market technician Jonathan Carter in an analysis on X predicts that Cardano’s price can reclaim the $1 price point in the coming months. According to Carter, the recent ADA correction will not be a hindrance for Cardano’s price to reach $1.
ADA has lost a jarring 13% over the last week and trades at $0.64 in an unremarkable week for the cryptocurrency. On the daily charts, prices have generally moved sideways, underscoring a lack of investor enthusiasm.
For Carter, Cardano’s recent decline has seen it fail to stay above the $0.65 support level. The analyst opined that a downtrend is the offing for the Cardano price that could see a new support zone of $0.59. Carter says the new $0.59 support zone will hurl Cardano price to reach $1.
“Despite the long correction, the price still has a chance to bounce off this support and rise towards $1,” said Carter. “Otherwise, we will fall to the lower border of the broadening wedge.”
While some investors are eyeing an ADA bounce to $0.70, a plausible play will be a slump below $0.60 before the start of a rally.
A Slew Of Positives For ADA
Despite the pervading negative sentiment around ADA price, the cryptocurrency has a wave of positive fundamentals going for it. Cardano price spiked following Charles Hoskinson’s confirmation of Ripple’s RLUSD on ADA.
Furthermore, Charles Hoskinson reveals that Cardano will play a major role in Bitcoin decentralized finance (DeFi) application. In more positive technicals, Cardano price is forming a cyclical pattern from 2024 that can send prices to astronomical proportions in May.
While the prediction pegged prices at $2.5, optimists say ADA price to $10 is not a crazy hypothesis. The report cites present solid fundamentals and ADA’s over 1,000% spike to set its all-time high back in 2021 as pointers for the seismic rally to $10.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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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