Market
Grayscale Altcoins, Tesla’s Bitcoin, and More
This week in the crypto market, Bitcoin’s price surpassed $68,000, and the market capitalization returned to over $2.28 trillion.
BeInCrypto noted special investor interest in events such as Grayscale’s review of 35 altcoins for potential investment products and investors’ expectations of an altcoin season ahead of the US elections.
Additionally, Miles Deutscher has suggested several altcoins, claiming they might have a strong growth potential. The community is also paying attention to Craig Wright’s legal plans and Tesla’s Bitcoin movements.
Grayscale Unveils 35 Potential Altcoins
Earlier this week, Grayscale announced a list of 35 altcoins under consideration for future investment products. Following the announcement, many of these altcoins experienced significant price increases over the week. The top 10 altcoins on the list saw gains ranging from 13% to 49%.
Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
Thirty of the 35 altcoins enjoyed a green week, with only Kaspa (KAS) and Helium (HNT) facing notable declines of -4% and -7.4%, respectively.
“Assets Under Consideration lists digital assets not currently included in a Grayscale investment product but identified by our team as possible candidates for inclusion in a future product,” Grayscale explained.
Additionally, Grayscale filed with the SEC to convert its Digital Large Cap Fund into an ETF, following the success of transforming Bitcoin Trust and Ethereum Trust into spot ETFs.
Miles Deutscher Highlights 4 Altcoins
Investor Miles Deutscher introduced four altcoins that he believes could deliver 10x returns. These altcoins focus on GameFi, artificial intelligence (AI), Decentralized Physical Infrastructure Network (DePIN), and real-world assets (RWA) sectors, including:
- SuperVerse (SUPER)
- Bittensor (TAO)
- Mantra (OM)
- Render (RNDR)
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Since his announcement, the prices of these altcoins have slightly declined, which occurred as Bitcoin Dominance reached a three-year high. Deutscher also commented on meme coins, suggesting they are at a crossroads and may face a short-term correction.
Craig Wright Plans to Sue Bitcoin Core
On October 11, a tracker from the UK High Court revealed that Craig Wright is taking legal action against Bitcoin Core and Square.
Wright, representing himself in the case as a “direct claimant,” is seeking £911 billion ( ~$1.18 trillion) from Bitcoin Core and Square, alleging they misrepresented Bitcoin (BTC) as the true version of the digital asset created by Satoshi Nakamoto.
Additionally, Wright threatened to sue MicroStrategy CEO Michael Saylor for allegedly misrepresenting Bitcoin. The Australian computer scientist is also filing three other legal appeals in the UK, two against the Crypto Open Patent Alliance (COPA) and one targeting Peter McCormack.
Read more: Satoshi Nakamoto – Who is the Founder of Bitcoin?
Altcoin Season Ahead of US Presidential Election?
Throughout the week, several crypto industry experts expressed optimism for altcoin’s price ahead of the US presidential election. Ki Young Ju, CEO of CryptoQuant, suggested that a Trump victory could spur regulatory changes that would trigger an altcoin season.
“If Trump wins, expect regulatory changes, including fee switches enabling token burns for revenue-generating projects,” Ki Young Ju said.
Technical analysts Michaël van de Poppe and CRG also predicted that the altcoin season could begin next month. Echoing these views, Crypto Rover forecasted an impending altcoin season by monitoring Bitcoin Dominance’s movements. Bitcoin Dominance (BTC.D) represents Bitcoin’s share of total market capitalization. Its adjustments often signal an altcoin rally.
Read more: Bitcoin Dominance Chart: What Is It and Why Is It Important?
Tesla Moves Bitcoin Worth Up to $760 Million
This week, Elon Musk’s Tesla unexpectedly moved nearly all of the Bitcoin it had held for the past three years to new wallet addresses. Initially, investors feared Tesla might be preparing to sell the BTC through OTC, but those concerns quickly dissipated as Bitcoin’s price remained unaffected.
“No proof it’s an OTC deal yet. Even if it was, that means someone else bought it so it’s not entirely bearish. Who knows,” Sir Doge of the Coin said.
Read more: Who Owns the Most Bitcoin in 2024?
Many now believe the move was a simple reallocation. In 2021, Musk had stated that Bitcoin payments made to Tesla would be held as Bitcoin, not converted into fiat.
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
FARTCOIN Price Soars 30% as Market Cap Reaches $1.2 Billion
FARTCOIN’s price has risen more than 30% in the last 24 hours, bringing its market cap back to $1.2 billion and trading volume to $435 million. Despite this strong surge, technical indicators show mixed signals about the trend’s sustainability.
The ADX remains low, suggesting weak momentum, while the Ichimoku Cloud indicates potential resistance ahead. Whether FARTCOIN continues rising toward $1.99 or faces a pullback depends on whether buying pressure remains strong enough to sustain the current move.
FARTCOIN DMI Signals Trend Weakness
FARTCOIN DMI chart shows its ADX at 18.2, which has remained at that level over the past few days. The ADX (Average Directional Index) measures trend strength, with values below 20 indicating weak momentum, while readings above 25 suggest a stronger trend forming.
When ADX surpasses 40, it signals a strong trend in either direction. Since ADX is still under 20, it suggests that while an uptrend is forming, the overall momentum is not yet fully confirmed.
However, the +DI has risen sharply to 26.4 from 12 in just two days, while the -DI has dropped from 28.6 to 19.3, signaling a clear shift toward bullish control. This suggests that buyers are gaining strength while selling pressure is weakening, aligning with FARTCOIN 30% price increase in the last 24 hours. However, ADX is still below 25, signaling the current trend could not last that long.
If ADX starts rising above 25, it would confirm a stronger trend, reinforcing further bullish momentum. For now, price action suggests an uptrend, but sustained buying pressure will be key to maintaining the move.
FARTCOIN Ichimoku Cloud Shows Challenges Ahead
FARTCOIN, now the third biggest meme coin on Solana, has an Ichimoku Cloud chart showing a transition phase. The price is currently trading just below the red Kumo. The cloud ahead is bearish, indicating potential resistance in the near term, while the Tenkan-sen (blue) and Kijun-sen (red) lines are beginning to slope upwards.
This suggests that short-term momentum is picking up, but the price still needs to break fully above the cloud to confirm a trend shift. Meanwhile, the Chikou Span (green) is approaching past price action, signaling that the market remains in a recovery phase rather than a confirmed bullish breakout.
The cloud is thickening in the upcoming sessions, which could indicate stronger resistance as the price moves toward it. However, if FARTCOIN price continues to hold above the Tenkan-sen and Kijun-sen, it may sustain this upward momentum. The relationship between these two lines will be key – if the Tenkan-sen crosses above the Kijun-sen, it could indicate a strengthening bullish sentiment.
On the other hand, if the price fails to stay above them and the cloud expands downward, it would suggest that bearish pressure remains dominant, keeping FARTCOIN in a consolidation phase.
FARTCOIN Price Prediction: Will the Current Surge Continue?
FARTCOIN price is currently trading between support at $1.13 and resistance at $1.3, with its uptrend still in play. If the price successfully breaks above $1.3, the next key level to watch is $1.61. This would make FARTCOIN surpass SPX6900 and BONK in terms of market cap and become the 5th biggest meme coin in the market.
A breakout above that could push FARTCOIN toward $1.99, marking a potential 60% increase from current levels. Given the recent momentum, the price action in the coming sessions will be crucial in determining whether this rally can sustain itself.
However, the Ichimoku Cloud and ADX suggest that the current surge may not be strong enough to continue for long. If momentum weakens and the meme coin fails to hold its position, a drop back to the $1.13 support could follow.
Losing this level would shift the trend downward, with the next key support at $0.74. Whether FARTCOIN continues its upward push or reverses will depend on how it reacts to these critical price levels in the short term.
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
SPX Price Gains Strength as Golden Cross Looms
SPX6900 (SPX) price has surged nearly 30% in the last 24 hours, pushing its market cap close to $1.3 billion and solidifying its position as one of the biggest meme coins. This rapid increase has also driven SPX’s RSI to its highest level since January 19, signaling strong buying pressure but approaching overbought territory.
Meanwhile, Smart Money activity shows a net inflow of $35,096, suggesting growing interest from influential traders. Whether SPX continues its uptrend toward $1.8 or faces a correction depends on key resistance and support levels in the coming days.
SPX RSI Rises Without Crossing Overbought Threshold
SPX6900 RSI surged from 43.5 to 66 in just one day following its recent 30% price increase. That surge also placed SPX in the 6th place among the biggest meme coins in the market. The RSI (Relative Strength Index) is a momentum indicator that measures the speed and magnitude of price movements on a scale of 0 to 100.
Readings below 30 indicate an asset is oversold, while levels above 70 suggest it is overbought. A rising RSI reflects increasing bullish momentum, while a declining RSI signals weakening strength or potential price corrections.
SPX6900 RSI is now at 66, its highest level since January 19, signaling strong buying pressure. While it has not yet reached the overbought threshold of 70, it is approaching a level where traders may start watching for potential exhaustion.
If RSI continues rising past 70, SPX price could see further upside but may also become vulnerable to a pullback. However, if RSI stabilizes near this level, it could indicate sustained bullish momentum, allowing the uptrend to continue.
Smart Money Records $35,000 Net Flow in SPX
In the last 24 hours, two Smart Money addresses accumulated SPX, with one purchasing $3,104 and the other buying $52,287. Meanwhile, another Smart Money address sold $20,295 worth of SPX.
Tracking these wallets is crucial because Smart Money refers to institutional or high-net-worth traders with a history of making profitable moves. Their buying or selling activity can provide insights into market sentiment and potential price direction, as they often act ahead of broader retail traders.
The recent Smart Money inflows suggest growing interest in SPX, as the total buying volume exceeded selling volume. While one wallet offloaded SPX, the larger accumulation signals confidence from key players.
If this trend continues, it could indicate increasing demand, supporting SPX price appreciation. However, if selling pressure rises among Smart Money wallets, it could suggest a shift in sentiment, potentially leading to a reversal.
SPX Price Prediction: Will It Test $1.5 Soon?
SPX price chart indicates that its EMA lines are on the verge of forming a golden cross, a bullish signal that could strengthen upward momentum. If this crossover happens, SPX could test resistance at $1.55, and a breakout above this level could push the price toward $1.8.
A golden cross typically suggests a shift in trend, reinforcing buyer confidence and attracting more interest. The next few sessions will be crucial in determining whether SPX price can sustain its recent gains and continue its upward trajectory.
However, if the current hype fades and buying pressure weakens, SPX price could reverse its trend and test support at $1.23.
A break below this level could accelerate selling, potentially dragging the price down to $0.96. If this scenario unfolds, SPX risks losing its spot among top meme coins to FARTCOIN, FLOKI, and WIF.
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
Fairshake Super PAC Has $116 Million for the US Midterms
Fairshake, the pro-crypto super PAC, currently has $116 million to influence elections in the 2026 US midterms. Several major donors who supported this effort during the 2024 elections have redoubled their donations.
At the moment, it doesn’t seem clear which senates will become the highest-priority targets. Since Kamala Harris endorsed crypto and lost, anti-industry sentiment has been much quieter in Congress, but a few opponents remain in power.
Fairshake Stockpiles for the Midterms
Fairshake, the pro-crypto Super PAC, is stockpiling resources for the midterms in 2026. According to a report from CNBC, the group currently has a war chest of $116 million to compete in these races.
Right after Trump won the Presidential election in November, a16z donated $25 million for this purpose, and other donations brought the total to $103 million.
However, more donations are likely. Elections can be very expensive in the current US political environment. In the 2024 cycle, Fairshake spent around $180 million to influence national races, and the midterms will be just as important.
In addition to electing President Trump, Fairshake’s political contributions also helped down-ballot candidates like Bernie Moreno.
“With the midterms on the horizon, we are poised to continue backing candidates committed to advancing innovation, growing jobs, and enacting thoughtful, responsible regulation,” Fairshake said in a statement.
Previous Fairshake donors, such as Coinbase, doubled down on their support, building new reserves for the midterms. According to CNBC, several additional big-name supporters like Ripple and Uniswap have provided new contributions for this purpose alone.
However, this does beg one question: who are they going to challenge with this money?
Crypto Industry Holds the Cards in US Elections
In the last Presidential election, Kamala Harris was more reluctant to embrace crypto than Donald Trump, but she eventually ran as a pro-crypto candidate.
Indeed, she even received high-level donor support from influential figures in the space, albeit less than Trump. If the Democrats continue their reconciliation with crypto into the midterms, who will Fairshake target?
There are some candidates that come to mind. First of all, a few outspoken crypto opponents like Senator Elizabeth Warren remain in Congress and continue to rail against Trump’s policies.
Since launching the TRUMP meme coin, several Representatives have called for a probe into possible criminal activity. Fairshake could fund races against these figures in the midterms.
However, there is another possible option. The Republicans have generally coalesced around Trump’s pro-crypto messages, but there are complications.
For example, a few elected officials have vocally supported the industry since the election despite opposing it beforehand. The threat of Fairshake spending could keep the half-hearted converts in line.
Ultimately, the midterms are nearly two years away, and Fairshake will have ample time to prepare. Regardless of which races take the highest priority, the super PAC will be ready to influence them.
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.
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