Altcoin
Will The Crypto Market Crash Tomorrow On US Election Day 2024?
The crypto market entered a crucial week with eyes on crucial scheduled events like the US Presidential election 2024 and the FOMC interest rate cut decision. Notably, the market participants are bracing for highly volatile trading this week, with experts supporting the anticipation with historical trends. However, with soaring expectations of volatile trading, some also grew concerned over a potential market crash on the day of the election.
Will the Crypto Market Crash On US Election Day?
According to a recent report by The Kobeissi Letter on the X platform, the financial market is poised to witness highly volatile trading, irrespective of who wins the US election. Having said that, the crypto market investors are also appearing to stay on the sideline, seeking more clarity on the future of the market.
Notably, crypto has been one of the major issues on the US Presidential Election 2024 this year. Donald Trump has actively backed Bitcoin and the crypto market ahead of the election, with Kamala Harris also showcasing a strong interest in the technology sector.
Besides, Bitcoin and other top altcoins also showcase a positive performance after the US presidential election. Considering that, the market anticipates a similar picture this year, with Bitcoin potentially hitting a new ATH after the election.
US Election & Its Impact On The Crypto Market
The US political landscape has recently been closely associated with the cryptocurrency industry. Donald Trump’s recent backing of Bitcoin, with a flurry of politicians revealing their interest in the digital assets space, is expected the industry to witness strong gains after the election.
Meanwhile, the US election would provide cues on the future crypto market regulations. The US SEC and CFTC have different approaches when it comes to regulating digital assets. Besides, the US SEC and its Chair Gary Gensler have faced heavy backlash from the crypto community, with many blaming the agency for their regulatory overreach.
Having said that, the investors are now eyeing towards the upcoming election. Notably, many anticipate a change in administration to foster innovation in the digital assets space. Simultaneously, the investors are also expecting a similar stance by the Democrats as well, if Kamala Harris secures a victory in the election.
Previously, former US President Donald Trump publicly announced that he would fire Gary Gensler on his first day at the White House. This has sparked significant optimism among crypto market investors, who deems Gensler as an anti-crypto regulator.
On the other hand, traders have also lauded Donald Trump’s pledge to make Bitcoin a strategic reserve for the US. This development, if it happens, could significantly push the BTC price higher in the coming days. Besides, his vocal support towards the digital assets sector and calling himself “Crypto President” has bolstered optimism among investors.
How US Election Impact the Stock Market?
The Kobeissi Letter has recently shared an analysis of the election and historical stock market performance. Now, as the crypto market and stocks move in tandem lately, let’s take a look at the analysis and see how it could impact digital assets.
As the election approaches, analysts are scrutinizing the potential impact on the stock market and crypto performance. The Kobeissi Letter’s analysis reveals significant differences in stock market returns before and after Election Day, dating back to 1920.
Here are some of the important findings from the analysis:
- Election Year Trends: 83% of election years saw positive returns leading up to Election Day, while only 67% had positive returns afterward.
- Stock Performance: Stocks perform 4.2% better on average in the six months preceding an election compared to non-election years, but 1.4% worse in the six months following.
- Economic Influence: The economy plays a crucial role in election outcomes, with only one instance of an incumbent party winning during a recession year since 1948.
- Market Volatility: Elevated volatility is expected regardless of the election outcome, with the VIX index up 65% year-to-date.
Historically, the S&P 500 has averaged an 11.3% return during election years since 1928, with 83% of years yielding positive performance. As the crypto market moves in tandem with stocks, investors are bracing for potential fluctuations. With gold prices surging and the VIX index elevated, traders are poised for a profitable ride amid the uncertainty.
What’s Next For Bitcoin And Altcoins?
Bitcoin is poised for volatile trading ahead of the election and the top altcoins are also expected to follow suit. Currently, BTC price traded near the $69K mark, after touching a high of $73,577.21 in the last seven days.
A recent Matrixport report showed that as the US presidential election approaches, Bitcoin remains neutral. Its 21-day Relative Strength Index (RSI) dropped to 56%, below the overbought threshold of 70%. This suggests Bitcoin is neither oversold nor overbought, making it an attractive opportunity for selling volatility.
Historically, Bitcoin has followed the S&P 500’s performance after the US presidential elections, with significant gains in the year following the election. In 2012, 2016, and 2020, the S&P 500 saw notable growth, and Bitcoin followed suit.
While past trends don’t guarantee future results, they offer valuable insights. As the election unfolds, investors will be watching closely to see how Bitcoin performs. Besides, the crypto market also anticipates a similar performance for the top altcoins.
Notably, a recent Bitcoin price analysis hints that the crypto is poised to witness a strong rally, irrespective of who wins the election. Although the market will likely record volatile trading or even a crash on the Election date, it is expected to make a quick rebound in the coming days. On the other hand, the US FOMC is also likely to boost the market sentiment, with the latest economic data indicating a 25bps Fed rate cut this week.
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.
While investors are scanning the horizon for a short-term Solana (SOL) rally, cryptocurrency expert CryptoCurb is predicting an ultra-bullish price movement. CryptoCurb argues that a Solana price of $2,000 is “absolutely realistic” given the current fundamentals and on-chain indicators.
Solana Price To $2,000 Is A Realistic Projection
Pseudonymous cryptocurrency analyst CryptoCurb is predicting a massive growth spurt for Solana in the near future. In an X post, the expert says the Solana price can achieve a valuation of $2,000 given its impressive network metrics.
He hinges his projection on several factors, including Ethereum’s previous price performance. Ethereum price spiked to a $600 billion market capitalization during the last cycle with its steep fees and scalability issues.
A $2K SOL price will translate to a $1 trillion market capitalization that will see it flip Ethereum as the largest altcoin. CryptoCurb notes that if Ethereum can post impressive figures during the last cycle, Solana has the capabilities to be valued at $2,000.
“2K is absolutely realistic if Solana keeps its global adoption pace with minimal disruptions and continues to scale,” said CryptoCurb.
Rising network inflows are expected to send the Solana price on a short-term rally to $150 before a big push to $2K. Currently, the Solana price is pegged at $140 with a market capitalization of $72.6 billion, making CryptoCurb’s prediction an uphill climb.
A Wave Of Impressive Metrics Around SOL
While CryptoCurb did not disclose an exact timeline for his $2,000 prediction, he points to a short-term seismic price increase. The expert his backing his predictions with a swathe of network metrics pointing to fresh bullishness.
Solana has the highest number of active addresses over the last seven days at 28.4 million. The network led the pack for transactions at 369 million, trouncing Tron, BNB Chain, Base, and Bitcoin.
Solana is finding application in several Web 3 verticals given its speed, low cost, and scalability. In the last week, the Solana price has risen by nearly 7% while 24-hour trade volume has risen by 36%.
Last week, Canada launched the first SOL ETF with prices projected to surpass $250, reversing a forming death cross. Solana open interest crossed 5.5 billion, climbing by 10% amid rising whale activity in the ecosystem.
Rising bullish metrics for the network suggest that SOL will reach $200 before ETH reclaims $3,000.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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.
Crypto expert PiMigrate recently predicted that the Pi Network price could reach a new all-time high (ATH) of $5. This comes amid recent whale movements, with these investors moving 41 million Pi Coins off exchanges.
Expert Predicts Pi Network To Reach $5
In an X post, PiMigrate stated that Pi Network’s journey to $5 has just begun. He remarked that the altcoin has very strong support at $0.6. As such, the expert believes that this $5 price target is a “very possible valuation.” PiMigrate added that good utilities will push the altcoin to this target.
Another expert, Moon Jeff, also predicted that the Pi Coin price can reach this $5 target. In an X post, the expert concluded that the altcoin can reach this price target following his analysis.
He alluded to his accompanying chart, which he described as being bullish, indicating that the Pi Network price can indeed reach this $5 target. The chart also showed that the altcoin has formed a strong support level at its current price.
Crypto analyst Xia also recently claimed that the Pi Coin’s momentum is building fast after it surged past the $0.63 mark with strong volume. She also noted that the RSI and MACD are turning bullish for the altcoin.
This bullish outlook for the Pi Coin comes amid recent huge whale accumulation. A Pi community page revealed that these investors moved a whopping 41 million coins (around $27 million) off exchanges in 48 hours. Specifically, these whales moved over 13 million Pi Coins from OKX to several wallets. This presents a bullish outlook for the coin since exchange supply is declining.
Pi Needs To Reclaim This Symmetrical Triangle
While analyzing the Pi Network’s price on the higher timeframe, analyst Alpha Crypto stated that the altcoin needs to reclaim its symmetrical triangle to resume its upward move.
The analyst remarked that once Pi reclaims this structure, market participants can look for a potential long setup. He added that on the flipside, if the price falls outside the triangle, it could open up a short opportunity. Alpha Crypto urged traders to wait for confirmation rather than rushing.
From a fundamentals perspective, top exchange listings could send the Pi Coin price higher. CoinGape recently reported that top exchange HTX had fueled listing speculations with a cryptic post on its X platform. Meanwhile, Pi community members remain hopeful that Binance will soon list the altcoin.
These community members will have their eyes on the Consensus 2025 conference, where Pi Network founder Nicolas Kokkalis will allegedly join an exclusive list of industry players to speak at the event.
Expert Dr. Altcoin described the event as a pivotal moment for Pi Network, as it will provide an opportunity for the Pi team to promote the network’s ecosystem.
At the time of writing, the Pi Coin price is trading at around $0.63, down almost 3% in the last 24 hours. Trading volume is also down over 36%, with $96.34 million traded during this period.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. 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, a traveler 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.
Dogecoin investors have high faith in the future of the meme currency despite its recent price fall, market data showed, Tuesday.
Dogecoin fell to $0.153 as of April 16 after its price reached a high of $0.168 on April 13, down by 3% in the last 24 hours. This is after the recent price hike following US President Trump’s tariff halt declaration on certain countries on April 10.
Long Positions Dominate Market Activity
The mood among traders on Binance is firmly bullish for the future prospects of Dogecoin. Data from Coinglass show that over 74% of trading accounts have long positions in the cryptocurrency, while only 25% going short. This places the long-to-short account ratio at 2.90, proving widespread optimism among traders.
Long positions increased quickly on April 12, which shows that investors expect Dogecoin to bounce back from its present correction period. They are willing to pay premiums to maintain their positions, as evidenced by positive OI-weighted funding rate signals that have remained above zero since April 7.
Long|Short DOGE by accounts. Source: Coinglass
Holder Patterns Indicate Diversified Strategies
IntoTheBlock statistics reveal substantial shifts in the manner by which people are holding Dogecoin. Investors holding DOGE for over a year increased by marginally 0.13%. These types of “hodlers” as they are called within cryptocurrency forums constitute a solid support base for the currency.
Source: IntoTheBlock
In the meantime, mid-term holders (holders of DOGE for one to 12 months) decreased by 2.50%. Short-term traders experienced the largest increase, with addresses holding for less than 30 days rising by 109%. This new trader surge reflects increasing demand for quick profit from Dogecoin price action.
Technical Analysis Points To Future Price Directions
One TradingView account, FuaCompany, has plotted Dogecoin’s movement in what analysts call a rising channel. On the basis of this trend, two general scenarios for Dogecoin’s future price are on offer.
The first scenario shows Dogecoin rebounding from the lower edge of this channel and continuing to trend upwards. This would comply with what occurred before when the price rebounded back from $0.05 to higher levels.
The second scenario entails a temporary drop below the bottom line of the channel, plunging to around $0.08 before surging higher, both scenarios ultimately carrying long term bullish signals, with some projections estimating Dogecoin to even reach $0.70.
Weekly Performance Still Positive Despite Slump
Despite the recent slump, Dogecoin is still positive overall on the week. In fact, the cryptocurrency has shown quite a hefty rise-on-week for about 7.40% during the past week in spite of that dip.
DOGE price up in the last week. Source: CoinMarketCap
The price started off in early April with an initial volatility before strengthening with the Presidential Tariff declaration by Trump. Following the monthly peak on April 13, reaching 0.168, Dogecoin encountered what traders know to be a consolidation phase, where prices continue to trend sideways while forming in preparation for another move.
According to market observers, this pattern of gains and then consolidation is typical in cryptocurrency markets. The strong level of long positions shows most traders view the current price drop as just a temporary hiccup and not the start of a larger bearish trend.
Featured image from CoinFlip, chart from TradingView
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