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These Altcoins Could Be Ready To Rocket Up: Santiment

Published

6 months ago

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Santiment has explained that a couple of altcoins have significant FUD behind them, which could end up providing “rocket fuel” to their prices.

These Altcoins Are Being Shorted By Traders On Binance Currently

According to data from the on-chain analytics firm Santiment, Bitcoin Cash (BCH) and Loopring (LRC) are among the altcoins currently being bet against on the futures market.

Below is the chart shared by the analytics firm that shows the trend in the “funding rate” for these two assets on cryptocurrency exchange Binance over the past month:

Altcoin Bitcoin Cash

The value of the metric seems to have been negative for both of these coins recently | Source: Santiment on X

The funding rate here refers to the periodic fee that futures contract holders on Binance are paying each other right now. From the chart, it’s apparent that the indicator has been negative for both of these altcoins recently.

Such values of the metric suggest the shorts are dominant on the platform, as they are the ones willing to pay a fee to hold onto their positions. This naturally means that there is FUD among traders around these alts at the moment.

This kind of bearish mentality, however, can actually play to the benefit of their prices. Both of these altcoins have already shown signs of a turnaround in the past day, and as noted by Santiment, if this market recovery goes through, the shorts will find liquidation, potentially ending up acting as rocket fuel.

Bitcoin Cash, in particular, has a significant amount of FUD on Binance currently, and with the asset starting to climb up, it’s possible a mass liquidation event called a “squeeze” could take place.

Squeezes are often volatile events where the price moves sharply in a direction, and as the shorts might be more probable to fall prey to a squeeze currently (based on the funding rate and the price action starting to brew up), BCH could end up enjoying a sharp move up.

Speaking of altcoins, the on-chain analytics firm Glassnode has discussed how the different sections of the sector have performed against Bitcoin recently in its latest weekly report.

Altcoin Vs Bitcoin

The different altcoin segments compared against Bitcoin | Source: Glassnode's The Week Onchain - Week 4, 2024

Glassnode has broken down the entire sector into four “indexes.” These are DeFi Index, GameFi Index, Scaling Index, and Staking Index. As is visible in the above chart, all the different altcoin indexes have seen some rise since the Bitcoin spot ETF approval earlier in the month.

This suggests that as BTC has sold off on this news, the risk appetite for alts across the sector has gone up among the market participants.

BCH Price

Following Bitcoin Cash’s turnaround in the past day, the asset has recovered back towards the $238 level.

Bitcoin Cash Price Chart

Looks like the price of the asset has bounced back today | Source: BCHUSD on TradingView

Featured image from Shutterstock.com, charts from TradingView.com, Santiment.net, Glassnode.com





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XRP Price At Risk As Ripple Moves $250M?

Published

8 hours ago

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November 6, 2024

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The XRP price has come under the spotlight following Ripple’s recent $250 million XRP transfer. This comes amid bullish predictions for the coin, with analysts saying that its price could enjoy a parabolic rally following Donald Trump’s win.

The XRP Price At Risk With Ripple’s $250 Million Transfer

The XRP price is at risk of a decline following Ripple’s transfer of $250 million worth of XRP to an unknown wallet. Onchain data shows that the crypto firm transferred 470 million XRP to this wallet (rP4X2…sKxv3). This unknown wallet has since transferred 100 million XRP to another wallet (rhWt2…E32hk).

The purpose of the $250 million transfer remains unclear. However, it could relate to Ripple’s On-Demand Liquidity (ODL) services or the ongoing SEC appeal case.

This development comes just a day after XRP whales moved $814 million, indicating whale accumulation. While the Ripple transfer is unlikely to impact the XRP price since it will likely be done over the counter (OTC) if it is a potential sale, it could still create a bearish sentiment among XRP investors.

However, crypto analysts are confident that XRP is currently in bullish territory following Donald Trump’s win in the US presidential elections. The coin could surge up to 3,336% as crypto analyst StephIsCrypto predicted a major above $2 following Trump’s victory.

A Price Surge Above $20 By Year-End

In an X post, Crypto analyst Amonyx made a bold prediction, stating that the XRP price will rise above $20 by year-end. In another X post, the analyst suggested that he was confident that this price surge would happen with the US SEC chair Gary Gensler set to be removed following Donald Trump’s victory.

Gensler’s removal is bullish for the XRP price because he has spearheaded the long-running legal battle against Ripple. The legal battle could have negatively impacted XRP all this time, creating doubts in investors’ minds.

However, with Gensler gone and the Ripple SEC lawsuit likely to end, investors could again become bullish on XRP and look to invest more in the crypto. Crypto analyst Ross Vandermeer also predicted that the XRP price could eventually rise to $1,000 thanks to Donald Trump’s US election victory.

Ripple CEO Brad Garlinghouse recently called on the US president-elect to fire Gary Gensler on day 1, just like he promised. Meanwhile, Ripple chief legal officer (CLO) Stuart Alderoty urged Trump to end the regulation-by-enforcement approach to position the US as the crypto capital.

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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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Ripple CLO Reveals How Donald Trump Can Make US The Crypto Capital

Published

9 hours ago

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November 6, 2024

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Ripple chief legal officer (CLO) Stuart Alderoty has revealed how US President-elect Donald Trump can make the United States (US) the crypto capital. The Ripple CLO statement came as Ripple CEO Brad Garlinghouse outlined his checklist for the Trump administration.

Ripple CLO Reveals How Trump Can Make US Crypto Capital

In an X post, Stuart Alderoty called on Donald Trump to move swiftly to end the regulation-by-enforcement approach that the crypto industry has endured and position the US as the crypto capital of the world.

As the Ripple CLO suggested, the US has been unable to claim the title of crypto capital due to its unfavorable regulatory environment. Regulators like the US Securities and Exchange Commission (SEC) have clamped down on crypto firms instead of providing regulatory clarity.

However, the Ripple CLO believes that is likely to change under Donald Trump. In his post, he also revealed that the president-elect had taken time to listen to Ripple’s story when they met and has also prioritized crypto as a key policy issue.

Indeed, the US president-elect was very vocal about crypto during his presidential campaign, making several promises to the crypto industry. As part of his promises regarding Bitcoin and the crypto industry, Donald Trump said he would fire US SEC Chair Gary Gensler on day one in office.

This is one of the major promises the crypto community is holding on to, considering that Gensler has spearheaded the anti-crypto crusade in the country.

Brad Garlinghouse Outlines Checklist For Donald Trump’s Administration

Before the Ripple CLO’s comments, Ripple CEO Brad Garlinghouse had outlined his checklist for the Trump administration’s first 100 days in office. First, he stated that Trump should fire Gensler on Day 1, just as promised.

In Gensler’s place, Garlinghouse recommended that the president-elect appoint either Christopher Giancarlo or Robinhood CLO Dan Gallagher, as they will be “massive upgrades” in rebuilding the rule of law at the SEC. Galaxy CEO Mike Novogratz also recently mentioned pro-crypto US SEC commissioner Hester Peirce as one of those who could also replace Gensler.

The Ripple CEO also asked Trump to get the US Congress to move the digital asset market structure bill forward in the Senate. Lastly, he asked if they could get some clarity for Ethereum, similar to that of Bitcoin and XRP since they are recognized as non-securities.

While Brad Garlinghouse didn’t endorse any candidate, Ripple CLO Stuart Alderoty and Ripple co-founder Chris Larsen made their stance known through donations. The Ripple CLO donated $300,000 to the Donald Trump campaign, while Larsen donated up to $11 million to Kamala Harris’ campaign.

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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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Shiba Inu Burn Rate Rockets 3,700% Sparking Optimism, SHIB To Hit $2?

Published

10 hours ago

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November 6, 2024

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Amid a remarkably bullish market on Tuesday, the SHIB meme cryptocurrency once again nabbed substantial investor attention by displaying a whopping surge in its burn rate. Recent stats indicate that the Shiba Inu burn rate witnessed a remarkable 3674% uptick, projecting bullish market sentiments on the coin’s future price movements. SHIB price currently trades at the $0.000019 level, with traders and investors eyeing a potential $2 price target in light of recent broader events and a burn rate surge.

Shiba Inu Burn Rate Shoots 3,700% Reverberating Investor Bullishness

As per the latest data from the official tracker Shibburn, the Shiba Inu burn rate witnessed a 3674% upsurge on November 6, underscoring a massive blow to the Ethereum-based meme coin’s supply. According to the data, 53.31 million coins were burnt in the past 24 hours, causing a phenomenal surge in the burn rate. Intriguingly, the wallet address 0x2e2.. was noted to be responsible for the lion’s share in today’s massive burn surge. Per the data, this address burned 28.84 million tokens over the past day.

For context, the token burn mechanism aids in killing the meme coin’s excessive supply, which market watchers believe to be the true reason behind SHIB’s sluggish performance. The phenomenal blow to the supply, as mentioned above, ignited a torrent of optimism among Shiba Inu market participants, adhering to the law of supply and demand.

Meanwhile, recent community developments have further taken the broader market by storm. The coin’s lead developer, Shytoshi Kusama, earlier revealed a S.H.I.B proposal for the U.S. government aiming to turn the country into a crypto valley. The outlined proposal, with a budget plan of $1.3 to $2.35 billion, aims to promote blockchain developments nationwide, with the dog-themed meme coin primarily in focus. Overall, the burn surge, coupled with this recent advancement, has garnered significant optimism on the coin’s future price movements.

SHIB Price Blows Up 6%

At the time of reporting, SHIB price surged nearly 7% intraday and is now trading at $0.00001908. The token’s 24-hour low and peak were $0.00001758 and $0.00001972, respectively. Notably, even the crypto’s intraday trading volume upsurged nearly 200% to $1.16 billion.

Further, Coinglass data underscored a market uptrend for the meme coin today. SHIB futures OI surged nearly 25% to $51.14 million. Moreover, the derivatives volume rocketed roughly 137% to $384 million. Overall, these stats, coupled with the Shiba Inu burn rate surge mentioned above, have paved a bullish path for the coin’s future price movements.

In addition, Donald Trump’s recent victory has fueled a pro-crypto sentiment across the broader cryptocurrency market. In light of this event, a Shiba Inu price analysis showcases that the token could hit $2 amid boosted market sentiment.

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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.





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