Market
Altcoin Season Hopes Revived by These 3 Leading Altcoins
Just a few days ago, only six out of the top 50 altcoins outperformed Bitcoin (BTC). But today, that has changed, fueling fresh speculation of an altcoin season.
The interesting part of this development is not only the addition of three new cryptocurrencies but also the fact that the new entrants are all in the top ten by market cap. They include Solana (SOL), Ethereum (ETH), and Ripple (XRP).
Is the Rotation to Altcoins High Risk, High Reward?
It is important to note that altcoin season starts when at least 75% of the non-Bitcoin cryptos perform better than BTC. Still, only nine are doing that, meaning that the altcoins’ dominance period has yet to be confirmed.
As mentioned above, the performance of SOL, ETH, and XRP is boosting the market’s confidence. Glassnode founders Jan Happel, Rafael Schultze-Kraft, and Yann Allemann also echo this assertion.
Using their joint X account Negentropic, the founders of the on-chain analytic platform, noted that the rotation of capital into riskier assets may soon begin in the crypto market.
Firstly, they compared the changes in the traditional market and used that as an inference for potential switches in the crypto market.
“Will we also see this is BTC and Alts? Well – in November 2020, we had a day just like yesterday. IWM soared and continued up for the coming months. This was the starting signal to the strongest part of the Alt-rally for the coming 4 months as Total3 rallied by ~400% in just 4 months. Will we see the same again? Will rotation create a massive rally in Alts? We think that may well happen!” Negentropic posted on July 12.
Furthermore, Solana, Ripple, and Ethereum’s entrance into the fold can be linked to their price action.
Over the last seven days, SOL’s price increased by 9.31%, ETH jumped by 9.56%, and XRP was the surprising gainer with an incredible 21.97% hike.
Here is how the cryptos may perform as the much-anticipated altcoin season nears.
Solana (SOL) Eyes Higher Prices After 9% Increase
The current SOL/USD daily chart shows that the altcoin has formed a symmetrical triangle. This chart pattern is characterized by converging trendlines which connect a series of lower highs and higher lows.
The lower highs act as resistance, while the higher lows act as support. In addition, the price of SOL is looking to break through the triangle. If this happens, Solana will exit the consolidation phase and head toward a huge breakout.
Furthermore, the Fibonacci Retracement indicator spots potential resistance and support points for the token. As seen in the chart below, SOL may elevate toward $162.79 in the coming days.
Read More: What Is Altcoin Season? A Comprehensive Guide
This is where the 0.618 Fibonacci positions. If successful, this can drive the altcoin price to retest $174.59. However, in the case of a pullback, SOL’s price can retrace to $135.97.
Ethereum (ETH) Breaches Key Resistance, Set for $3,622
At press time, ETH trades at $3,360. The price is also trading above the 20-day EMA (blue). EMA is an acronym for Exponential Moving Average, and it measures changes in price direction over a period of time.
If the EMA is above the price, it means the trend is bearish. But since ETH changes hands above the 20 EMA, it implies that the trend is bullish. Further, the Relative Strength Index (RSI) supports this bias.
The RSI measures momentum, and since it is above the neutral line, it means bulls are in control of ETH’s movement. Evidence of this is the break past the resistance at $3,255 and the defense at $2,946.
Should the momentum remain bullish and the hype around the spot Ethereum ETF launch persist, the price may reach $3,622. However, if selling pressure comes into play, ETH’s price may decrease to $3,132.
Ripple (XRP) Breaks Out of Descending Channel
Initially, XRP encountered a multi-month descending channel, with downward trendlines connecting lower highs and lower lows. However, analysis shows that the altcoin exploded after buying interest intensified at $0.42. This later led to the token’s hike to $0.53.
At press time, the Money Flow Index (MFI) reveals that high demand for XRP remains present. As such, it is not out of place to expect a price increase to $0.55. If successful, the price of XRP might reach $0.57.
Read More: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
However, $0.57 is crucial for the token, especially as it has been rejected at this point a number of times. If bulls breach the resistance, Ripple can look toward $0.60. However, another rejection at this point may force the price back to $0.52.
All in all, it seems that the altcoin season for this cycle is getting closer by the day. However, traders in the market need to watch Bitcoin, considering that it has been able to reclaim $62,000.
If the price of BTC continues to increase and Bitcoin dominance jumps, this will invalidate a rise in the prices of altcoins.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
SEC Moves Toward Solana ETF Approval Amid Pro-Crypto Shift
The SEC is quietly meeting with several issuers to discuss approving a Solana ETF, claims Fox Business reporter Eleanor Terrett. With Trump’s impending pro-crypto administration, the SEC seems more inclined to approve such a product.
However, anti-crypto figure Gary Gensler is still nominally in charge of the SEC, and public progress might not begin until 2025.
Solana ETF Approval Is Getting Closer
According to a scoop from Fox Business reporter Eleanor Terrett, the SEC and several ETF issuers are in talks to approve a Solana ETF. Currently, Brazil is the only country that has given this product a green light. As recently as September, Polymarket odds gave the SEC a dismal 3% chance of approving it. This reluctance, however, might soon be changing:
“Talks between SEC staff and issuers looking to launch a Solana spot ETF are “progressing” with the SEC now engaging on S-1 applications. Recent engagement from staff, coupled with the incoming pro-crypto administration, is sparking a renewed sense of optimism that a Solana ETF could be approved sometime in 2025,” Terrett claimed.
Terrett was very clear about the impetus for this progress in negotiations: Donald Trump’s re-election. On the campaign trail, Trump vowed to significantly reform US crypto policy, and one cornerstone was firing anti-crypto SEC Chair Gary Gensler. Gensler has apparently conceded to his impending ouster, and his replacement will undoubtedly support the industry.
Previous attempts have floundered at an early step in the process. Once the SEC officially acknowledges an application, it must confirm or deny it within a 240-day window. Previous filings have lingered in limbo at this stage. However, the list of candidates is now growing: Canary Capital filed for a Solana ETF in October, and BitWise did the same earlier today.
Nonetheless, these positive negotiations still only consist of anonymous rumors. The Commission has not publicly moved to begin this process, and Gensler is still nominally in charge. Terrett posits that the SEC will only make serious progress on the Solana ETF at the start of 2025. Compared to previous pessimism, however, this is a complete sea change.
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.
Market
ETH/BTC Ratio Plummets to 42-Month Low Amid Bitcoin Surge
The ETH/BTC ratio, a metric measuring Ethereum’s price performance compared to Bitcoin, has reached its lowest point since March 2021. This development comes amid BTC’s brief rise to $98,000.
While the flagship cryptocurrency has increased by 7.45% in the last seven days, ETH has hovered around the same region, with investors raising concerns about the altcoin’s future.
Ethereum Continues to Lag Behind Bitcoin
In February, the ETH/BTC ratio climbed to a yearly high of 0.060. During that time, speculation spread that Ethereum’s price would begin to outperform Bitcoin and validate the altcoin season. However, that has not happened, as Bitcoin’s price has continued to make new highs
Ethereum, on the other hand, is yet to retest to reclaim its all-time high despite reaching $4,000 earlier in the year. This disparity in performance could be linked to several factors. For instance, both cryptocurrencies saw approval for exchange-traded funds (ETFs) this year.
However, while Bitcoin has seen billions of dollars in inflows, ETH has been inconsistent in attracting capital. Hence, the institutional inflow has driven BTC toward $100,000, ensuring that the ETH/BTC ratio drops to $0.033 — the lowest level in 42 months.
Further, the disparity in Ethereum’s performance can largely be attributed to sustained selling pressure. For instance, CryptoQuant data reveals that exchange inflows into the top 10 exchanges have climbed to 461,901 ETH, valued at approximately $1.50 billion as of this writing.
This surge in exchange inflow reflects large deposits by investors, indicating a heightened willingness to sell. Such movements typically increase the supply of ETH on exchanges, raising the likelihood of a price drop.
In contrast, a low exchange inflow generally indicates that investors are holding onto their assets, which is not the current scenario for ETH.
ETH Price Prediction: Crypto Could Retrace
As of this writing, ETH trades at $3,317, which is a higher close than yesterday’s. Despite that, the altcoin is still below the Parabolic Stop And Reverse (SAR) indicator. The Parabolic SAR generates a series of dots that track the price movement, positioning above the price during a downtrend and below the price during an uptrend.
A “flip” in the dots — shifting from one side to the other — often signals a potential trend reversal. As seen below, the indicator is above ETH’s price, suggesting that the cryptocurrency could reverse its recent gains.
If this is the case and the ETH/BTC ratio declines, Ethereum’s price could decline to $3,083. However, if buying pressure increases, that might not happen. Instead, the value could surge above $3,500 and toward 4,000.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Bitcoin Cash (BCH) Price Up, Leads Daily Gains
Bitcoin Cash (BCH) price has risen more than 10% in the last 24 hours, surpassing the $10 billion market cap and signaling renewed bullish momentum. The recent surge has brought BCH closer to key resistance levels, indicating the potential for further gains if the uptrend strengthens.
However, indicators like the RSI and ADX show that while the trend is improving, it is not yet fully strong. Whether BCH can sustain its upward momentum or face a pullback will depend on how it navigates critical resistance and support levels in the coming days.
BCH Current Uptrend Is Getting Stronger
BCH currently has an ADX of 19.31, up from 12 just a day ago. This increase indicates that the strength of the trend is gradually gaining momentum after being weak.
However, since the ADX is still below 25, it suggests that the uptrend has not yet reached a strong or sustained level of trend strength.
The ADX measures the strength of a trend, with values above 25 indicating a strong trend and below 20 indicating a weak or uncertain trend. While Bitcoin Cash is currently in an uptrend, the ADX at 19.31 suggests that the trend is still in its early stages of strengthening.
If the ADX continues to rise above 25, it could confirm a stronger uptrend, but for now, Bitcoin Cash price movement remains cautious, with room for further development.
Bitcoin Cash Is Not In The Overbought Zone Anymore
Bitcoin Cash has an RSI of 64.5, down from over 70 just a day ago. This decline suggests that while the asset is still experiencing bullish momentum, the intensity of buying pressure has started to decrease.
The drop below 70 takes BCH out of the overbought zone, indicating a more balanced market sentiment.
The RSI measures the speed and magnitude of price changes, with values above 70 indicating overbought conditions and below 30 signaling oversold levels. At 64.5, BCH remains in bullish territory, which supports the ongoing uptrend.
However, the slight decline in RSI could mean the pace of gains is moderating, potentially leading to BCH price consolidation before any further upward movement.
BCH Price Prediction: Will a New Surge Occur Soon?
If BCH maintains its current uptrend and gains additional momentum, it could continue its rise after climbing more than 10% in the last 24 hours.
This strength could push BCH price to test the resistance at $536.9. Breaking this level would signal a continuation of bullish momentum and could attract further buying interest.
On the other hand, if the uptrend fades away and reverses, BCH price could retrace to test the nearest support levels at $424 and $403. If these supports fail to hold, the price could fall further to $364, representing a potential 27% correction.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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