Connect with us

Altcoin

Is It Early Altcoin Season? Here’s Why ETH Price Surge Is Crucial

Published

2 hours ago

on


Cryptocurrencies like Solana (SOL), XRP, Cardano (ADA), Tron (TRX) are taking charge with 15-90% gains over the past weekend. As Bitcoin and Ethereum moved sideways amid the altcoins pump, it has raised speculation about whether it is altcoin season. However, this rally remains incomplete without the ETH price surge as the world’s largest altcoin takes some rest at $3,000.

When Will the Altcoin Season Start?

The real rally hasn’t yet started! Historically, altcoins have outperformed during consolidation phases following major rallies in BTC and ETH, as profits rotate into smaller-cap coins. QCP Capital noted that BTC dominance currently sits around 60% but would need to drop below 58% to confirm the start of an altcoin season.

In its report, QCP Capital shows that the Solana price has witnessed a quick uptick over the last weekend gaining 17%, and is holding up to the crucial resistance of $240. Analysts at QCP noted that the pro-crypto stand of the Donald Trump administration has triggered a euphoria for an impending altcoin season.

They also added that the BTC price eyes $100K amid favorable conditions. However, as the Trump administration resumes office in January, the investor appetite for altcoins could increase with the hope of favorable crypto policies.

Despite Bitcoin ETF outflows last Thursday and Friday, BTC maintains robust support, driven by institutional interest. Furthermore, top corporations like MicroStrategy and Metaplanet have continued with massive Bitcoin purchases even at $90,000 levels.

ETH Price Rally Remains Crucial

While the altcoin market has given staggering returns, the ETH price gains didn’t witness expected gains. After hitting a high of $3,444 in early November, Ethereum has retraced nearly 10% since then. Price of ETH today has bounced back 1.13% at press time after finding strong support at $3,000 levels.

Popular crypto analyst Ali Martinez noted that there’s a strong demand zone at $3,000 as 2.82 million addresses accumulated over 6.14 million ETH. It will act as a strong support for an Ethereum rebound in order to contribute to the altcoin season.

Courtesy: Ali Charts

Additionally, the Ethereum Logarithmic regression model suggests that the price can rally to $9,200 at the top of the band by May 2025. If the rally extends further as per the historical trends, it can also rally all the way up to $17,600. It indicates that analysts anticipate altcoin season next year.

Furthermore, the spot Ethereum ETF has seen renewed interest following the Donald Trump victory, thereby turning the net flows positive.

✓ Share:

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.





Source link

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Altcoin

Here’s Why Crypto Market and Stocks Falling Suddenly?

Published

2 minutes ago

on

November 19, 2024

By


Bitcoin, Ethereum, Solana, XRP and the wider crypto market fell suddenly on Tuesday as Russian President Vladimir Putin signed a decree allowing wider use of nuclear weapons. Stock markets around the globe also saw sharp fall amid the reports. The move comes in response to US President Joe Biden’s authorization to Ukraine to strike Russia with US missiles.

Putin Approves Nuclear Decree, Dumps Stocks and Crypto Market

On November 19, Russian President Vladimir Putin signed a decree allowing Moscow to use nuclear weapons against a non-nuclear state if it is supported by nuclear powers. “Any attack by a nation in a military bloc will be considered an attack by the entire bloc,” as per the reports.

Russia Vladimir Putin Nuclear Decree Russia Vladimir Putin Nuclear Decree
Source: TASS

Stock markets around the world fell suddenly, reversing recent gains and creating a panic selling. Joe Biden’s approving Ukraine using missiles inside Russia has washed away President-elect Donald Trump’s push to bring peace between the nations.

The crypto market saw a selloff in the last few hours as longs were liquidated, as per Coinglass data. Bitcoin (BTC) and Ethereum (ETH) saw a nearly 0.50% drop, while altcoins XRP, Dogecoin (DOGE), Cardano (ADA) and others saw a more than 1% drop in an hour.

PNUT, RAY, XTZ, AKT and other recent gainers were the leading losers in the last few hours. PNUT price dropped 5% to $1.68.

Will Further Panic Trigger BTC Price Selloff to $82K?

US stock futures tied to S&P 500, Dow Jones Industrial Average and Nasdaq Composite also fell as trades took cues from European stock markets. In the pre-market hours Coinbase stock price fell 3% to $315.50 and MicroStrategy  (MSTR) price dropped 1.31% to $379.76.

CoinGape reported that Bitcoin on-chain metrics and market sentiment suggested a 10% correction to drop to $80,000. The next key Bitcoin support zones are at $85,800-$83,250 and $75,520-$72,880.

Moreover, profit bookings are expected as the Crypto market fear and greed index indicates extreme greed, which could result in profit booking.

CryptoQuant CEO Ki Young Ju revealed that 99.3% of UTXOs are in profit now. “Everyone’s happy. This euphoric phase typically lasts 3–12 months (except Nov ’21 bull trap).”

ImageImage

BTC price fell 0.86% in the past 24 hours, with the price currently trading at $$91,274. The 24-hour low and high are $89,393 and $92,596, respectively.

✓ Share:

Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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.





Source link

Continue Reading

Altcoin

Shiba Inu Coin Lead Slams Litecoin As It Changes Identity To Meme Coin

Published

1 hour ago

on

November 19, 2024

By


Shiba Inu coin lead developer Shytoshi Kusama sparked discussions in the crypto landscape on Tuesday, slamming Litecoin (LTC) over its recent identification change to meme coin. In a series of posts on the social media platform X, the SHIB lead constantly mirrored a sense of dismay at the recent change in the crypto’s identification. Notably, LTC rebranded itself as a meme-themed coin, primarily a stick figure with the letter ‘L’ as its head.

Shiba Inu Coin’s Shytoshi Kusama Takes A Dig At Litecoin

According to an X post by Shytoshi Kusama on November 19, the lead developer expressed that he was not looking to get into “beef” with Litecoin this year. However, the Shiba Inu coin lead states, “They’re forming the memevengers and I am starting to feel like Thanos.” Notably, pointing to LTC’s new stick figure, Kusama stated, “take that L and stand down.” These statements, underscoring a sense of dismay in the identification change saga, promptly gained significant traction across the industry.

CoinGape Media reported that LTC claimed it identified as a meme coin earlier this month. Kusama’s slamming statements come in the aftermath of this chronicle.

Meanwhile, in a reply to the lead developer’s digging remarks, the LTC community stated, “What is this? 8th grade?” Nevertheless, the SHIB lead dev sarcastically replied, “Says the intern posting stick figures. Lol.” Altogether, these statements clearly point out that the dog-themed meme coin’s community remains gloomy on the abovementioned crypto identification change.

Shiba Inu coin lead's X postShiba Inu coin lead's X post
Shiba Inu coin lead’s X post

How Is The Meme Coin Performing?

SHIB price today showcased sideways trading in recent days, down nearly 2% intraday to $0.00002508. The token’s intraday low and high were registered as $0.00002415 and $0.00002578, respectively. However, the monthly chart for the crypto indicated gains worth 33%. This broader rising movement underscores the dog-themed meme coin’s potential amid a bullish market despite the recent consolidation.

A recent Shiba Inu coin price analysis by CoinGape Media indicated that the coin may mirror XRP’s surge in 2024, attributable to ecosystem growth, token burns, and bullish market trends driving investor optimism. Shibburn data on November 19 further indicated the token’s burn rate surged 938%, solidifying optimism on the coin’s long-term prospects.

On the other hand, Litecoin price traded at $89.60 at press time, down 3% intraday. Its 24-hour low and peak were $86.68 and $92.19, respectively.

✓ Share:

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.





Source link

Continue Reading

Altcoin

Raydium Price Soars 10% and Ponke Jumps 20% On Major Listing

Published

3 hours ago

on

November 19, 2024

By


Raydium and Ponke experienced significant price jumps as they were added to Bithumb, one of the largest South Korean crypto exchanges. Raydium, a Solana-based automated market maker (AMM) protocol and liquidity provider, saw its price rise by 10% following the listing. Ponke a meme coin on the Solana network, surged 20% in value.

The addition of these tokens to the South Korean trading platform reflects the crypto exchange’s focus on expanding trading options for its users. The listing sparked immediate excitement, with both assets gaining heightened interest from traders.

Bithumb Adds Raydium and Ponke in KRW Pairs

Bithumb has officially added Raydium (RAY) and Ponke (PONKE) to its KRW pairs, according to a November 19 announcement. Following the Bithumb listing, The tokens experienced witnessed massive interest from traders, highlighting immediate market excitement.

The trading support for RAY and PONKE on the Solana network allows users to deposit and withdraw within three hours of the announcement. Full trading for both tokens will begin at 5:00 PM KST on Tuesday, giving users access to the new pairs as trading officially starts.

To ensure secure trading, Bithumb has set specific transaction restrictions. For the first five minutes, buying orders are paused, and selling orders are limited within -10% to +100% of the base price. Automatic orders will activate following the initial transaction, establishing a controlled entry for these tokens in the KRW market.

Price Surge and Market Context for RAY and PONKE

Raydium price is currently trading at $5.90, marking a 10% increase following its listing on Bithumb. In the past 24 hours, RAY’s price ranged from a low of $5.519 to a high of $6.144. Trading volume reached $173 million, with a market cap of $1.73 billion, showing increased interest in this Solana-based AMM protocol.

Ponke also listed on Bithumb, saw a 20% price jump and is now trading at $0.80. The token’s 24-hour range was between $0.68 and $0.84, while its trading volume hit $115 million. With a market cap of $456 million, demand for this Solana-based meme coin is rising.

Listings on major exchanges often boost crypto prices by increasing access and exposure. BAN price surged 80% after its listing on Binance Futures. Such listings highlight the significant impact of exchange support on crypto assets.

✓ Share:

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.





Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io