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Binance Executive’s Top Strategies for 2024 Crypto Bull Market

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In the crypto market, each bull cycle presents various challenges and opportunities. The 2024 bull cycle is shaping up to be a distinct departure from its predecessors, notably the 2017 and 2021 cycles.

This is because, in previous cycles, liquidity was concentrated in a handful of altcoins, simplifying investment choices for retail traders. However, the crypto market has evolved dramatically, with liquidity now spread across a rising number of altcoins.

Liquidity Fragmentation Due to Meme Coins

The crypto market’s expansion has been particularly marked by the proliferation of altcoins and meme coins, facilitated by platforms like Pump.fun. Since its inception in January 2024, the platform has been instrumental in the creation of over two million meme coins, amassing more than $138 million in fees.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Total Tokens Deployed Through Pump.fun in 2024
Total Tokens Deployed Through Pump.fun in 2024. Source: Dune

The surge in such tokens has led to what Alex Odagiu, Investment Director at Binance Labs, refers to as “liquidity fragmentation.” In an interview with BeInCrypto, Odagiu highlighted the dual-edged nature of this trend.

“The surge of meme coins has undoubtedly created noise, but we see it as part of the natural evolution of the Web3 space. While it may cause short-term liquidity fragmentation, over time, the market will likely consolidate around projects with true value propositions,” he explained.

Despite their speculative nature, meme coins have played a pivotal role in attracting new users and fostering community engagement. Furthermore, Odagiu believes that as the market matures, investor focus will shift towards utility-driven projects that offer sustainable value and practical use cases.

Altcoin Investment Strategies

Since September 6, the price of Bitcoin has surged by nearly 25%. It is currently trading above $65,000, signaling a potential return of the bull market.

Yet, the overwhelming number of tokens has diluted the attention and hype that previously benefitted certain projects. Addressing this, Odagiu outlined strategies for long-term investors to navigate the crowded market effectively.

“In a market flooded with new tokens, it’s crucial for investors to focus on fundamentals rather than chasing hype. Long-term investors should take a disciplined approach when differentiating between short-term trends and long-term value. Projects with real-world use cases, strong teams, solid roadmaps, and sustainable business models are more likely to survive multiple market cycles,” Odagiu stressed.

Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

He also revealed that despite the apparent saturation, substantial potential remains within specific sectors such as decentralized finance (DeFi), infrastructure, real-world asset tokenization, and applications that aim to achieve mass adoption.

“Projects that prioritize strong technological innovation, demonstrate meaningful product-market fit, and have sustainable revenue models will continue to attract interest despite the crowded market,” Odagiu stated.

Odagiu advised a balanced approach to building a strong crypto portfolio. He believes that a solid crypto portfolio should be diversified across different asset types and sectors.

“Bitcoin remains a foundational asset due to its stability and market dominance, but altcoins that drive real technological innovation and have strong community support can present substantial growth opportunities. Diversification across sectors—such as DeFi, infrastructure, and gaming—can also help mitigate risk while capturing opportunities in emerging trends,” he elaborated.

Bitcoin Continues to Remain Institution’s Favorite Crypto

Amid Bitcoin’s dominant market position, institutional focus remains largely trained on it, often at the expense of other promising altcoins. Year-to-date, Bitcoin’s price has increased by over 55%, while the total crypto market cap, excluding Bitcoin, has risen by just 23%.

Read more: Who Owns the Most Bitcoin in 2024?

Bitcoin vs. Crypto Total Market Cap Excluding BTC Price Performance
Bitcoin vs. Crypto Total Market Cap Excluding BTC Price Performance. Source: TradingView

Moreover, according to crypto analyst Murad Mahmudov, only 42 tokens among the top 300 on CoinMarketCap have outperformed Bitcoin so far in 2024. Odagiu explains why Bitcoin remained a dominant crypto in the 2024 bull cycle.

“Bitcoin’s dominant position in the market is deeply rooted in its status as the first cryptocurrency, which institutional investors often view as a simpler, more familiar, and less risky asset compared to Ethereum and altcoins. Bitcoin’s narrative as a store of value, often referred to as ‘digital gold,’ aligns with traditional investment strategies, making it a natural entry point for institutions new to the crypto space,” Odagiu explained.

However, as institutional investors gain familiarity with the crypto ecosystem, Odagiu anticipates increased interest in Ethereum (ETH) and other altcoins.

“With that said, we (Binance Labs) expect interest in Ethereum and other altcoins to grow as institutions continue to gain confidence in the broader Web3 ecosystem and see the utility beyond Bitcoin,” he added.

The current market cycle also highlights the rise of leveraged trading among crypto traders. Data from Coinglass indicates that open interest stands at $35.93 billion, near its four-year high.

Open interest refers to the total number of outstanding derivative contracts, like futures and options, that have not been settled. It’s used as an indicator to gauge market sentiment.

Read more: How To Trade Crypto on Binance Futures: Everything You Need To Know

Bitcoin Futures Open Interest
Bitcoin Futures Open Interest. Source: Coinglass

However, Odagiu cautioned against the lure of high-risk leverage. He stated that leverage can amplify both gains and losses, so it’s important for investors to use it responsibly, especially in volatile markets.

“Ultimately, long-term success in crypto comes from sound investment principles rather than chasing short-term gains with high-risk leverage,” he concluded.

Indeed, the crypto market demands that investors adapt by prioritizing sustainable investment strategies, enabling them to navigate the challenges of the 2024 bull cycle with informed confidence.

Disclaimer

Following the Trust Project guidelines, this feature article presents opinions and perspectives from industry experts or individuals. BeInCrypto is dedicated to transparent reporting, but the views expressed in this article do not necessarily reflect those of BeInCrypto or its staff. Readers should verify information independently and consult with a professional before making decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Polymarket Faces Ban in France as US Election Betting Ends

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According to a report from The Big Whale, the National Gaming Authority (ANJ), France’s gambling regulator, is preparing to block the prediction markets platform Polymarket.

Polymarket, the decentralized platform that allows users to bet on the outcome of political events, sports, and other occurrences using cryptocurrency, has gained popularity in recent months, especially with bets surrounding the US presidential election. More than $3.2 billion was reportedly wagered on the platform during this high-stakes period, with a record-breaking $294 million in volume on November 5 alone.

France Users May No Longer Access Polymarket

According to The Big Whale, a French website that covers the crypto industry, the ANJ’s impending ban comes after a French trader placed a $30 million bet on a Trump victory, reportedly attracting the regulator’s scrutiny.

The trader’s wager positioned him to make approximately $19 million in profits, a sum that has intensified concerns over Polymarket’s compliance with French gambling laws. A source close to the ANJ stated that despite Polymarket’s use of blockchain and cryptocurrency, its activities are akin to gambling, making it subject to restrictions under French law.

“We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation,” The Big Whale reported, citing an ANJ spokesperson.

Read more: What is Polymarket? A Guide to The Popular Prediction Market

 Legal expert William O’Rorke from ORWL Avocats explained that although Polymarket does not specifically target French users, its activities fall squarely under gambling regulations.

“Polymarket involves betting money on uncertain outcomes, which aligns with the legal definition of gambling,” O’Rorke noted.

Against this backdrop, the ANJ is well within its mandate to block the platform’s access in France. Accordingly, the French regulator may enforce the ban by blocking Polymarket’s domain name in France. It amy also pressure third-party players, like media outlets and online directories, to limit access to Polymarket links.

However, French users may still circumvent this by using virtual private networks (VPNs). This is because Polymarket’s crypto-based infrastructure allows for relatively anonymous participation.

France’s looming ban is not the first regulatory roadblock Polymarket has encountered. In 2022, the US Commodity Futures Trading Commission (CFTC) fined Polymarket $1.4 million for failing to register as a designated contract market. The CFTC also challenged Kalshi’s operations due to questions about betting on political events.

Polymarket’s Fate After US Elections

Meanwhile, the US election was a significant catalyst for Polymarket. It drove the platform to new heights in user engagement and bet volume. Polymarket’s election-related markets have been featured on major financial platforms, including Bloomberg, highlighting the platform’s appeal to mainstream finance.

As BeInCrypto reported, Polymarket’s election betting topped $3 billion, reflecting unprecedented participation. The platform, however, faces a crossroads in its path forward. Following the climax of the US election on Wednesday, data from Dune Analytics shows a steep decline in Polymarket’s activity.

Daily active addresses and transaction volumes, which soared in the election lead-up, have notably dwindled as election-related betting winds down. For instance, Polymarket’s open interest, a key indicator of active betting engagement, dropped from $350 million to $268 million after the polls closed. Similarly, monthly new accounts have also dropped by over 41% between October and November.

Polymarket Monthly New Accounts
Polymarket Monthly New Accounts. Source: Dune

Against this backdrop, Polymarket may need to diversify its market offerings or potentially embrace a new model to maintain user interest. This is considering election-related activity comprised the majority of the prediction market’s volume.

Rumors are circulating about a potential move toward a decentralized governance token, which could distribute control over Polymarket’s operations to its community. This shift would reduce the liability of the central authority by decentralizing decision-making, though it remains theoretical, with no clear timeline.

Read More: How To Use Polymarket In The United States: Step-by-Step Guide

Polymarket’s fast ascent and regulatory challenges highlight broader industry tensions between innovation and compliance. With election predictions no longer a draw and an impending ban in France, Polymarket’s future remains uncertain.

Its long-term viability may depend on how well it adapts to evolving regulatory landscapes and whether it can maintain popularity beyond election season peaks.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Price Ready to Rally? Signs Point to a Bullish Move

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Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he’s trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush’s journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he’s poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush’s unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.



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Solana (SOL) Rallies Strongly, Setting Sights on $200

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Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.

  • SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
  • The price is now trading above $172 and the 100-hourly simple moving average.
  • There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
  • The pair could continue to rise if it clears the $192 resistance zone.

Solana Price Starts Fresh Rally

Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.

There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.

Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.

Solana Price

The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.

Another Dip in SOL?

If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.

A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.

Major Support Levels – $188 and $185.

Major Resistance Levels – $192 and $200.



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