Altcoin
Ethereum Whale Faces Liquidation, ETH Price Nosedive
A significant Ethereum whale is on the brink of liquidation due to the ongoing decline in ETH prices. This whale has deposited 12,374 ETH to Compound and borrowed $31.4 million in stablecoins. If Ethereum’s price drops to $2,984, the whale’s long positions will be liquidated.
Currently, Ethereum is trading at $3,124, down from the $3,500 zone earlier this week. This 10.42% decline since Monday has intensified concerns about the whale’s potential liquidation. The situation worsened today with a 3.03% drop, followed by a marginal rise and another 3.09% decline.
Ethereum and Bitcoin Prices Drop Sharply
The crypto market is seeing significant activity among large holders amid this price downturn. Another whale recently acquired 9,425 ETH worth over $30 million from Binance. This fresh wallet also purchased a variety of other cryptocurrencies, totaling $120 million in altcoins.
As the market declines, the whale who is long $ETH is on the verge of liquidation!
He deposited 12,734 $ETH($40M) to #Compound and borrowed $31.4M stablecoins, with a health rate of only 1.06.
When the price of $ETH drops to $2,984, he will be liquidated.
Address:… pic.twitter.com/lP9877HjCJ
— Lookonchain (@lookonchain) July 4, 2024
This large acquisition includes BNB, MATIC, LINK, AVAX, and top meme coins like Shiba Inu, Dogecoin, Pepe Coin, and Floki. The ETH purchase was the largest among these transactions. These moves are drawing attention as they occur during substantial market volatility.
Ethereum’s price drop is closely following Bitcoin’s recent decline. Bitcoin has been falling sharply since Monday, driven by sales from major players and miners. Analyst Charles Edwards noted that long-term Bitcoin holders are actively selling their BTC.
Glassnode data shared by Edwards indicates a 374,000 Bitcoin negative flow. This translates to approximately $24 billion worth of Bitcoin being dumped on the market. Additionally, the U.S. and German governments have recently sold significant amounts of Bitcoin and Ethereum.
Also Read: Dogecoin Whale Bags 90M Tokens Amid Market Crash, What’s Next For DOGE?
ETH Price Drop Could Trigger Liquidations
The potential liquidation of a giant Ethereum whale could have broader market implications. If Ethereum’s price falls to the critical $2,984 level, it may trigger further sell-offs. This could exacerbate the current downtrend and lead to more liquidations.
The ongoing selling pressure from Bitcoin is also affecting the overall market sentiment. As major holders and governments offload their assets, it creates additional downward pressure. Investors are closely watching these developments to gauge the market’s next moves.
Market analysts are providing varied perspectives on the situation. Some believe the whale’s liquidation risk underscores the fragility of highly leveraged positions. They argue that such scenarios highlight the importance of risk management in volatile markets.
Others are focusing on the broader market dynamics at play. They point to the influence of Bitcoin’s performance on Ethereum and other cryptocurrencies. As Bitcoin faces significant sell-offs, it drags down the entire market, including Ethereum.
Also Read: US Government Shifts $14M Bitcoin Amid $BTC Dip, New Selloff Incoming
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
RCO Finance to Lead in Upcoming Market Rally as Toncoin and Cardano See Further Losses
Projects like Toncoin (TON) and Cardano (ADA) have long been popular with investors and are known for their unique innovations and community-driven support.
However, recent performance trends have sparked concerns about these tokens’ ability to withstand market challenges. Let’s explore the latest on Toncoin and Cardano and why RCOF is attracting a growing number of investors.
Toncoin’s Recent Struggles and Price Forecast
Telegram founder and CEO Pavel Durov appeared in Dubai over the weekend, albeit in spirit. Drawings plugged in a video game inspired by Durov on a giant chalkboard during the annual conference for The Open Network.
TON has recently seen a significant drop in value, driven by market conditions and the struggles of its tap-to-earn projects like HMSTR. TON trades at $4.78, with forecasts suggesting further struggles unless significant changes or partnerships materialize.
While the TON network remains promising in Web3, analysts caution about its near-term growth due to heavy competition. However, a recent Toncoin price forecast indicates that by December 4, the price of Toncoin will have increased by 227.30% to $15.66.
Cardano Faces Price Pressure Amidst Market Uncertainty
Charles Hoskinson, the founder of Cardano, has responded to demands for openness in the blockchain’s ecosystem. Plutus Staking on X posted a brief video clip in which Hoskinson explained to users his sacrifices for the community.
With ADA trading at $0.328, Cardano’s ecosystem faces challenges due to a slowdown in development and increasing competition from newer projects. Cardano has also encountered criticism regarding the delayed rollouts of its key functionalities, making it harder for the token to regain traction.
A recent analysis of projected 2024 Cardano prices indicates that the lowest price will be $0.313. The ADA price might go up to a maximum of $0.338. However, market uncertainty has led some investors to reassess their positions, with many shifting focus toward emerging DeFi projects that offer higher growth potential.
Why RCO Finance Could Outpace Toncoin and Cardano in the Next Market Rally
RCO Finance redefines accessible investing through its no-code AI platform, allowing users to optimize their portfolios easily. The platform empowers anyone to engage in trading by eliminating the need for programming knowledge. This simplicity removes traditional entry barriers and ensures a smooth experience for all.
Central to this system is RCO Finance’s AI-powered Robo Advisor, which customizes investment strategies by analyzing market trends and user-specific data. By automatically adjusting portfolios, the Robo Advisor helps users stay aligned with their financial objectives without constant manual intervention.
This ensures that all investors, from novices to experts, can confidently manage their assets through intuitive, data-driven strategies.
RCO Finance has passed a Solidproof audit, adding an extra layer of trust and reinforcing the platform’s dedication to security and transparency.
This verification provides users with assurance of the platform’s integrity, while the privacy-first, KYC-free model offers a streamlined, private way to participate in decentralized finance.
Altogether, RCO Finance’s blend of AI technology, Robo Advisor, and secure ecosystem presents a comprehensive solution for those seeking ease and innovation in their financial journey.
How Meagre Investments in RCOF Could Yield Huge Returns
For investors seeking substantial returns in a challenging market, RCO Finance offers an attractive entry point. At the current presale price of just $0.056, even a modest $10 investment could grow to over $12,000, reflecting the project’s impressive growth forecast of 12,000% as it reaches its target price on exchanges.
With interest pouring in from across the DeFi and traditional finance sectors, RCOF presents a unique opportunity for investors to capitalize on an AI-powered project with real utility and strong growth potential. As Toncoin and Cardano struggle, RCOF stands out as a forward-thinking project likely to lead the market’s next wave of growth.
For more information about the RCO Finance Presale:
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.
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