Altcoin
Why You Should Hold On
Michaël van de Poppe, a prominent technical analyst, urges investors to hold onto their altcoins despite the current sell-off.
Since May 2024, van de Poppe has been fully invested in altcoins. He acknowledges that this strategy is risky, given the cryptocurrency market’s volatility.
HODL Your Altcoin Positions Despite Sell-Off
In his recent analysis, van de Poppe discussed the roller coaster experience of holding an altcoin portfolio. He highlighted that while many altcoins have plummeted, there remains potential for significant gains, emphasizing the unpredictable market recoveries.
“Crypto sentiment can switch in a day, and it can be a bull market in just a few weeks. So the question is what’s the game plan going to be?,” he stated.
Van de Poppe pointed out that even major altcoins are performing poorly, while Daan Crypto agreed that most altcoins are down 40% to 90%.
For instance, Ethereum has seen a notable decrease of over 10%, Chainlink shows a downturn of 26%, and some investments, like Wormhole, have suffered considerable losses, down more than 40% over the past month.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Despite these setbacks, analysts like van de Poppe and Aylo remain confident about this strategy. They have even increased his risk exposure by swapping older altcoins for newer ones that he believes will perform better when the market rebounds.
“This is the best place to bid altcoins since mid-2023. Patience is required as we are likely to be in this zone for a while. Certainly, it doesn’t seem like a good place to panic sell,” Aylo said.
During a previous bear market, van de Poppe invested in Polygon, Phantom, and Ferosity, experiencing an initial downturn. However, he eventually saw massive returns, especially from Ferosity, which surged 95 times its initial value.
He attributes his success to understanding market cycles and having the resilience to endure tough times.
Looking ahead, van de Poppe sees Ethereum as a key indicator for the broader market. He predicts that once Ethereum gains momentum, it will trigger a broader altcoin season. Therefore, van de Poppe advises fellow investors to maintain a long-term perspective and resist the urge to sell during downturns.
“I think you should consider holding your position and, if possible, continue accumulating. If you have the ability to continue accumulating your position, then this is also the period in time where you need to show that you’ve got some balls of steel,” he concluded.
Read more: Which Are the Best Altcoins To Invest in June 2024?
While the current altcoin market presents challenges, van de Poppe’s analysis suggests that patience and strategic holding can lead to substantial returns.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
The Terra Classic Foundation announced on X that the staking ratio for Terra Classic (LUNC) has surpassed 15%. Moreover, the amount of staked Terra Luna Classic has exceeded 1 trillion tokens. Furthermore, the significant LUNC token burns by Binance have also added to the growing optimism around the crypto’s performance.
Terra Luna Classic Staking Ratio Surges
According to the latest data from Terra Classic Foundation, over 1.017 trillion LUNC has been staked on the network. At the current price, this Terra Luna Classic staked reserve is valued at $70.15 million. Moreover, the staking ratio has now surged to a high of 15.01% from 14.83% a few days ago.
Earlier, on July 1, Binance, the world’s largest cryptocurrency exchange, burned 1.7 billion LUNC tokens. This marked the 23rd batch of the LUNC burn mechanism. Moreover, Binance has now burned nearly 62 billion LUNC tokens to date. The total LUNC tokens burned by the Terra Luna Classic community have exceeded 125 billion.
In addition, Binance’s continuous support for the Terra Luna Classic revival since 2022 is noteworthy. The exchange’s monthly LUNC burn mechanism significantly contributes to reducing the overall supply. The 23rd burn batch covered the period from May 31 to June 29. It burned a substantial amount of trading fees. Furthermore, Binance alone accounts for over 50% of the total LUNC burned by the community.
Also, the increase in the staking ratio can positively influence the Terra Luna Classic price. Higher staking ratios often indicate strong community confidence and reduced available supply for trading. This can lead to decreased selling pressure and potential price appreciation.
Staking locks up tokens, reducing the circulating supply. With fewer tokens available for trading, demand can push the LUNC price higher. Additionally, increased staking signals long-term commitment from holders, which can attract more investors.
Also Read: Will Terra Classic Price Lose $0.00006 Support Amid Market Sell-off?
What’s Next For LUNC Price?
The crypto market faced supply pressure this week due to the Bitcoin price correction. This was influenced by liquidations from the Mt. Gox exchange and the German government. Moreover, the Bitcoin price plummeted to a four-month low of $53,550. In addition, the bearish momentum spread through the altcoin market, which also impacted Terra Luna Classic.
Thereafter, the LUNC price dropped below its seven-month support level. The Terra Luna Classic correction began in early March when the price fell from $0.00025. By July 5, the price had dropped 73.6% to $0.0000673. However, on Saturday, July 7, LUNC price saw a rebound with over 7% gains, trading at $0.00006898.
This rebound suggests that a further dip to $0.000052 might be avoided. For restricting the downturn, the LUNC price needs to breaks out from $0.00007 and sustains that level. Whilst, the current market cap for LUNC stands at $376.43 billion. Moreover, the reduced token supply owing to token burns by Binance and community staking can also aid in boosting the Terra Luna Classic price.
Also Read: CBN Official Testifies Binance Illegally Operated in Nigeria
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.
LayerZero’s native token, ZRO, has seen a significant 40% price increase amidst a broader cryptocurrency market recovery. This unexpected surge has drawn attention from both investors and analysts, who are now trying to understand the reasons behind this sudden price movement.
The surge is particularly noteworthy as it comes at a time when the overall crypto market is showing signs of recovery. Bitcoin, the leading cryptocurrency, has reclaimed a price level above $56,000 after several days of price downturn.
Price Analysis and Statistics
The current price of ZRO stands at $4.41, with a substantial 24-hour trading volume of $713,879,507.62. This represents a significant 44.80% price increase in just 24 hours. The token’s circulating supply is 110 million ZRO, resulting in a market capitalization valued at $457 Million.
ZRO’s performance over the past week has been particularly impressive, with a 53.90% price surge over 7 days. This rally has pushed its market cap to over $450 million. The token’s trading volume has reached as high as $700 million, indicating strong investor interest.
It’s worth noting that while the current price is 24.58% lower than ZRO’s all-time high, it’s still 45% higher than its all-time low of approximately $2.5, which was recorded on June 27. These statistics demonstrate ZRO’s volatile yet generally upward trajectory in recent times.
Recent Developments & Partnerships
A key factor potentially driving ZRO’s price increase is the project’s focus on strategic collaborations. LayerZero recently announced a significant partnership with Flare, a layer one (L1) blockchain. This collaboration will connect LayerZero to 75 other blockchains, substantially expanding its reach and interoperability.
As part of this partnership, Flare will gain access to over 50,000 decentralized applications (dapps) that utilize LayerZero’s cross-chain messaging standards. This move is likely to enhance LayerZero’s utility and appeal within the cryptocurrency ecosystem.
Such partnerships demonstrate the project’s commitment to growth and innovation, which may be contributing to the increased investor interest in ZRO, despite its current circulating supply of 110,000,202 out of a maximum supply of 1 billion.
Price Movement & Market Sentiment
ZRO’s price journey has been eventful, beginning with intense selling pressure following an airdrop. However, after this initial volatility, which likely eliminated less committed investors, the price has shown a strong recovery. Currently, ZRO is trading just 15% to 17% below its all-time highs, indicating a robust bounce-back. The token is experiencing a minor pullback after its significant recovery, but this is expected to be limited in scope.
Short-term price action suggests that ZRO is facing some bearish pressure as it attempts to continue its upward trend. Despite this, bulls appear to be strongly defending recently gained support levels, which could set the stage for ZRO to reach even higher price targets in the near future. This resilience in the face of selling pressure suggests a positive market sentiment towards ZRO.
Also Read: XRP Flashes Buy Signal For $0.50 Price As Whales, Notable Investors Buy The Dip
Technical Analysis & Future Outlook
Technical indicators are providing bullish signals for ZRO’s future price movement. The StochRSI (Stochastic Relative Strength Index) has reached the upper threshold and is preparing for a reversal, which could indicate a potential price correction or consolidation. Meanwhile, the Ichimoku cloud, another important technical indicator, has recently turned bullish after withstanding some bearish pressure.
Based on these technical factors, analysts believe that the LayerZero (ZRO) price could maintain a healthy ascending consolidation pattern, potentially reaching the $4 mark. Following this, a more significant upswing could drive the price beyond $4.5, possibly leading to a new all-time high around $4.74.
However, as with all cryptocurrency predictions, it’s crucial to remember that the market is highly volatile and unpredictable. While ZRO has shown strong performance and positive indicators, only time will tell if it can meet investors’ expectations and maintain its upward trajectory in the ever-changing crypto market.
Also Read:
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.
The latest update from the Token Unlocks App has sent shockwaves across the dynamic world of cryptos. Notably, the prices of 6 altcoins brace for a substantial turbulent movement ahead. This is primarily attributable to $177 million worth of looming token releases, staging as a bearish market factor.
Here’s an in-depth report on these upcoming token unlocks and why their future implications remain negative.
$177M Worth Crypto Unlocks Ignite Investor Concerns
Notably, the $177 million worth of unlocks encompasses cryptos such as Aptos (APT), Xai (XAI), Immutable (IMX), Ethena (ENA), io.net (IO), and Hashflow (HFT). These token unlocks mainly stage as a bearish factor, as previously locked tokens are released into the market, thereby increasing the supply.
Reportedly, unlocking more or equivalent to 1% of the circulation supply significantly impacts a crypto’s price action. Let’s delve deeper.
Aptos (APT)
As per data from the Token Unlocks app, Aptos is to witness a cliff unlock of 11.31 million APT on July 12. This equals 2.49% of the circulating supply, worth $63.33 million.
APT price rested at $5.59 today, up 4.02% over the past day. Its 24-hour bottoms and tops were $5.39 and $5.74, respectively.
Xai (XAI)
Xai token prepares to face an unlock of a whopping 198.40 million XAI on July 9. This is equivalent to 71.59% of the total circulating supply, worth $56.55 million.
XAI price traded at $0.2835, down 0.83% despite the broader uptrend. Its 24-hour lows and tops were $0.2738 and $0.2986, respectively.
It’s worth noting that XAI’s token unlock process is currently at 12%, hinting future turbulency might be possible.
Immutable (IMX)
Simultaneously, the Immutable crypto will witness an unlock of 32.47 million IMX on July 12. This totals 2.15% of the token’s circulating supply, worth $40.59 million, posing a threat to the price.
IMX’s price stood at $1.26 today, an upswing of 4.33%. The coin’s daily bottoms and peaks were $1.20 and $1.32, respectively.
Also, data indicated that 76% of the unlock process had been completed for the crypto.
io.net (IO)
Similarly, io.net is set to experience an unlock of 2.87 million IO on July 11. The amount of the unlock is equivalent to 3.02% of the circulating supply, worth $5.98 million.
IO traded at $2.08, up 0.09% at press time. The crypto’s 24-hour lows and peaks were $2.06 and $2.21, respectively.
Hashflow (HFT)
Hashflow readies to take the heat of an unlock of 13.85 million HFT on July 7. This unlock equals 3.28% of the circulating supply, worth $2.41 million.
HFT traded at $0.1742, an 11.38% upswing over the past day. Its 24-hour lows and tops were $0.1568 and $0.176, respectively.
Ethena (ENA)
At last, although not 1%, the Ethena crypto will witness an unlock of 14.89 million ENA, worth 0.87% of the circulating supply on July 7. This could bring slight volatility in price.
Intriguingly, CoinGape Media previously spotlighted massive token unlocks of specific cryptos, and this week saw a plunge in those cryptos’ prices. Market participants should try steering clear of trading these tokens in the upcoming week.
Also Read: Grayscale Removes Polygon (MATIC) And Retains These Crypto Assets In Funds
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.
Terra Luna Classic Staking Ratio Hits 15% With 1T LUNC Staked
Paraguay Fights Illegal Miners, and More
LayerZero ZRO Jumps 40% Amid Market Recovery, What’s Happening?
Congress to Vote on Overturning Biden’s SAB 121 veto
6 Cryptos To Stay Cautious Of As $177M Token Unlocks Approach
Justin Sun Potential $66 Million Loss Revealed As Ethereum Price Declines
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
TON Foundation’s Plan to Onboard 500 Million Users
Terraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
New And Upcoming NFT Projects
Hong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
CFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
TON Foundation’s Plan to Onboard 500 Million Users
Terraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
New And Upcoming NFT Projects
-
Blockchain2 months agoHong Kong’s Securities Association Tips Authorities On Crypto Self-Regulation
-
Regulation2 months agoCFTC Appoints Dr. Ted Kaouk as First Chief AI Officer
-
Altcoin2 weeks ago
Are Solana, Cardano, Polygon Commodities As US SEC Ends Ethereum Investigation?
-
Market2 weeks ago
TON Foundation’s Plan to Onboard 500 Million Users
-
Regulation2 months agoTerraform Labs Refuses to Pay $5.3 Billion Fine, Says SEC Has No Evidence
-
NFT3 weeks agoNew And Upcoming NFT Projects
-
Market4 weeks agoAvalanche (AVAX) Under Pressure: Prolonged Downtrend Next?
-
Altcoin2 weeks ago2.52 Million Altcoins Are Ruining Crypto’s Future
✓ Share: