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Ethereum Price To Hit $10K As BTC Eyes $200K Rally: Standard Chartered

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4 days ago

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In a recent bold forecast, Standard Chartered said that Ethereum price is poised to hit $10,000 in the near term, sparking optimism amid the ongoing rally. Besides, the report also notes that besides ETH, Bitcoin is also gearing up for a strong run towards the north, potentially reaching the brief $200K mark. This forecast comes as the broader digital assets space is witnessing a positive momentum with Donald Trump’s election win and the 25bps Fed rate cut this week.

Standard Chartered Predicts Ethereum Price To Hit $10,000

According to a recent report, Standard Chartered predicts a 4X surge in the overall crypto market cap by the US mid-term elections in late 2026. As the current market cap hovers near the $2.5 trillion mark, the prediction, if comes true, indicates that it could potentially hit $10 trillion by that time.

In addition, the leading financial firm reiterated its previous target for Ethereum at $10,000. The firm said that the second-largest crypto by market cap could breach the level as soon as 2025 ends, bolstering market optimism amid an already strong rally.

Meanwhile, Standard Chartered Head of Research Geoffrey Kendrick cited several factors for his bullish prediction like the recent Republican victory, anticipated clear regulatory path, and others. He said that Donald Trump’s presidency is likely to drive the adoption of crypto-friendly policies, that could drive the adoption of digital assets higher in the near term.

Besides, the firm also anticipates the US SEC will take a soft stance towards the cryptocurrency market under the Republican administration. This also sparked discussions, as recent reports indicate that SEC Chair Gary Gensler may exit the office as soon as this year.

Notably, echoing a similar sentiment, prominent crypto market expert Ali Martinez said that Ethereum hitting $3,000 is “just the beginning” of its bull run. Previously, he said that ETH could mirror a similar trend as S&P 500, and could hit $10K in the coming days.

Ethereum price Chart S&P 500 Ali MartinezEthereum price Chart S&P 500 Ali Martinez
Source: Ali Martinez, X

What’s Next For ETH and BTC?

The bank also reiterated its prediction that the Bitcoin price would hit $200K at the same time that the Ethereum price would hit $10K. The report said that Bitcoin and top altcoins like Solana, and ETH, among others, are poised to benefit the most under the new administration.

Besides, Standard Chartered also considers the possibility of the US implementing Bitcoin as a strategic reserve for the nation, which might support the strong run for the crypto. However, it also noted the probability of such development is quite low. But Donald Trump has previously said that he would make BTC the strategic reserve for the US, while Senator Cynthia Lummis also assured the same recently.

Meanwhile, BTC price today was up 0.3% to $76,532, after touching a 24-hour high of $77,252.75. Besides, the strong inflow into US Spot Bitcoin ETF reflects the growing institutional support towards the crypto. \

Notably recent report indicates that many fresh wallets have also started accumulating BTC as the crypto’s appeal keeps soaring among traders. Further boosting the sentiment, Ali Martinez highlighted that more than 57,800 BTC has been accumulated over the last few days, valued at around $4.16 billion.

Bitcoin BTC accumulationBitcoin BTC accumulation
Source: Ali Martinez, X

On the other hand, ETH price rose 4% and crossed the $3,000 mark today, with its trading volume at $32.76 billion. Additionally, Ether Futures Open Interest also saw a surge of 4%, suggesting strong market confidence towards the leading altcoin.

Amid this, US Spot Ethereum ETF also started witnessing strong demand again, suggesting further rally ahead. Besides, a recent Ethereum price analysis indicates that crypto is targeting the $4,000 mark next, further supporting its potential rally to $10K by next year.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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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Cardano Unlikely To Outperform Other Major Coins, Ben Armstrong Explains Why

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1 hour ago

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November 12, 2024

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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.

 

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.

He said ADA might produce returns in the current bull run, but they would likely be smaller compared to other assets.

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.

Investors are taking profits to lock in gains, a common practice after significant rallies, causing the pullback. This pullback has been attributed to profit-taking, which is common when investors want to lock in gains after significant rallies.

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’s DeFi TVL climbed to $350 million, a seven-month high, and could rise further with BitcoinOS integration, potentially unlocking $1.3 trillion in liquidity.

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.

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Teuta Franjkovic

Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries.

Starting her career in 2005 as a lifestyle writer for Cosmopolitan, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg.

Influenced by figures like Don and Alex Tapscott and Laura Shin, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions.

Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law.

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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Dogecoin Price Breaks Legendary Pennant Pattern, Here’s The Next Target

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2 hours ago

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November 12, 2024

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The Dogecoin price is racing towards its next bullish target, as an analyst projects a rise to $15 for the number one meme coin. This optimistic price forecast comes as the Dogecoin price breaks out of a legendary Bull Pennant pattern, which the analyst has indicated is a major bullish signal.

Dogecoin Price Breaks Out Of Legendary Pennant Pattern

In an X (formerly Twitter) post on November 11,  crypto analyst Trader Tardigrade disclosed a significant update on the Dogecoin (DOGE) price dynamics. According to the analyst, the Dogecoin price has officially broken out of a “Legendary Bull Pennant” pattern. 

The analyst shared a price chart illustrating Dogecoin’s price movements from 2019 to the present. Trader Tardigrade highlighted that Dogecoin began forming this unique triangle pattern in 2021, during a period of heightened popularity for the meme coin. 

Dogecoin price pennant
Source: X

However, as the analyst points out, 2024 is set to mark a major year, as the Dogecoin price has broken out of the Bull Pennant formation, signaling a new bullish phase for the popular meme-based cryptocurrency. The Bull Pennant pattern is a technical indicator often associated with a potential uptrend, and according to the crypto analyst, Dogecoin may be on the verge of a massive price rally to $15.

While this price target may sound overly ambitious to some investors, it’s important to note that in just one month, Dogecoin has increased by 260.94% and is still on the rise. Today, Dogecoin skyrocketed by 44.69%, and its market capitalization is stirring closer to the $60 billion mark. 

Dogecoin’s recent break out of the Bull Pennant formation could be attributed to a confluence of bullish factors that have been driving its price upwards for the past few weeks. The shift in market sentiment fueled by SpaceX CEO Elon Musk’s D.O.G.E proposal and the 47th US President, Donald Trump, backing Musk has propelled the Dogecoin price to new highs. The popular meme coin is now achieving gains not seen since its last bull run four years ago.

If these bullish factors continue to drive Dogecoin, and the meme coin maintains its momentum, its price could be making new ATHs this cycle. As of writing, the Dogecoin price is trading at $0.4, jumping more than 2X its initial value earlier this month. 

DOGE To Be The Biggest Gainer This Cycle

Given its massive momentum since Trump won the US Presidential elections, crypto analyst Jeremey has declared that Dogecoin is poised to be the greatest runner in this bull run. With the crypto bull run officially starting, Dogecoin has been one of the top gainers, following Bitcoin (BTC), which has risen to multiple massive all-time highs and is currently inching closer to the $90,000 mark. 

Jeremy suggested that Dogecoin could reach the $1 mark under certain conditions. He mentioned that if Musk publicly claims a co-founding status of Dogecoin and if both the SpaceX CEO and Trump integrate Dogecoin into the US economy, the price of the meme coin could experience unprecedented growth. 

Dogecoin price chart from Tradingview.com
DOGE price sees small retracement | Source: DOGEUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



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Will XRP Price Rally To $1.2 As XRP Market Cap Reaches $40B

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3 hours ago

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November 12, 2024

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The XRP price has risen over 13% in the last 24 hours and has reached a $40 billion market cap in the process. This recent rally has led to predictions about how high the coin could rise if the XRP bull run has indeed begun.

XRP Price Could Rally To $1.28

In an X post, crypto analyst Crypto Insight predicted that the XRP price could rally to $1.28. He stated that he believes a clean break above the $0.66 level would send XRP above $1.

The crypto has touched $0.7 on the daily chart, which suggests that the price rally above $1 could soon happen. Crypto Insight raised the possibility of XRP replicating Dogecoin and Cardano’s recent run.

For context, the Dogecoin price and Cardano price have surged over 100% and 60% in the last seven days. A similar run could be massive for the XRP price, which recently lost its sixth spot in the crypto rankings to Dogecoin.

In an X post, crypto analyst Mikybull Crypto stated that an XRP god candle was imminent and told market participants to get ready. In an earlier post, the analyst had said that a massive surge was imminent for XRP, similar to the one DOGE is currently enjoying. He added that the crypto will probably rise to $2 by year-end.

Crypto analyst Dark Defender also recently stated that $1.03 was next for XRP following its recent rally. Interestingly, the analyst had not long ago said that the XRP price would flip the Ethereum price. Like Crypto Insight, he had also mentioned that the rally to $1 could easily happen once the crypto breaks above $0.66.

Price Could Reach Between $3 And $10 If This Happens

Crypto analyst Zach Humphries suggested it might be time for the XRP to shine and revealed what needs to happen for the crypto to rise between $3 and $10 in this market cycle.

The analyst stated that XRP could rise to between $3 and $5 if the crypto moves through this bull run without full clarity, with the appeal case between the US Securities and Exchange Commission (SEC). The analyst explained that this would likely happen since XRP is again listed on top crypto exchanges, allowing retail investors to invest in the crypto easily.

Meanwhile, Humphries predicts that XRP could witness a parabolic run to between $8 and $10 if the lawsuit ends and the SEC approves the pending XRP ETF applications. The analyst also cited other factors, such as the RLUSD stablecoin, which provides a bullish outlook for the crypto.

Humphries is, however, confident that his base scenario of $3 for XRP will happen. He said this would happen since the crypto rose to $2 in the 2021 bull amid uncertainty thanks to the Ripple SEC lawsuit.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

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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