Market
Miles Deutscher’s Best Altcoins After Bullish Market Signal
Crypto analyst Miles Deutscher highlighted a significant bullish movement in Bitcoin, driving speculation about the best altcoins to watch. He noted Bitcoin’s impressive rise to over $71,000, marking a potentially pivotal moment for the crypto market. This surge comes amidst the highest daily inflows ever recorded for Bitcoin spot exchange-traded funds (ETFs) since, indicating strong institutional demand.
Deutscher emphasized that Bitcoin’s performance could have a ripple effect on altcoins, as positive market sentiment often spills over into other digital assets. He shared insights on key altcoins that could benefit from this bullish momentum.
Ethereum (ETH):
Ethereum remains a top contender in the altcoin market. Deutscher pointed out that the anticipation around a spot Ethereum ETF could drive significant interest and investment.
“If Bitcoin is signaling strong institutional demand, it’s only logical that a fraction of this demand will also apply to Ethereum,” he said.
Ethereum’s role as the leading blockchain for decentralized applications (dApps) and smart contracts positions it as a critical player in the crypto ecosystem.
The potential approval of an Ethereum ETF would provide institutional investors easier access to Ethereum, likely driving up its price. Furthermore, the ongoing developments aim to improve scalability, security, and energy efficiency, adding to its long-term appeal.
Binance Coin (BNB):
Binance Coin, the native token of the Binance ecosystem, is another altcoin that Deutscher believes has strong potential. BNB has shown resilience, making new all-time highs and breaking major levels on the weekly chart. Deutscher suggested that BNB’s high market cap might not lead to exponential gains but still represents a solid trade.
BNB is integral to the Binance Smart Chain (BSC), a blockchain network that supports smart contracts and decentralized applications. BSC has gained popularity due to its lower transaction fees and faster processing times than Ethereum. As more projects are developed on BSC, the demand for BNB is likely to increase, further boosting its value.
Floki (FLOKI):
Deutscher identified Floki as a meme coin with substantial upside potential. He compared its current breakout to the price action of Pepe, noting similar patterns that could signal a 20% or more increase.
Meme coins like Floki often experience rapid price movements driven by social media hype and community engagement. While inherently risky, these coins can offer significant short-term gains for those who time their investments well.
“The Floki and Pepe charts are mirroring each other right now,” he observed.
Deutscher suggested that Floki could follow Pepe’s upward trajectory. Still, Investors should be cautious and consider the volatile nature of meme coins while making investment decisions.
PancakeSwap (CAKE):
PancakeSwap’s CAKE token is another altcoin Deutscher is monitoring closely. He noted that CAKE is starting to reclaim major support levels and break through significant moving averages. As the DeFi sector grows, platforms like PancakeSwap are becoming increasingly important.
“If BNB continues its upward trend, CAKE could also benefit as the primary DEX token within the Binance Smart Chain ecosystem,” Deutscher explained.
PancakeSwap is the leading decentralized exchange (DEX) on the Binance Smart Chain, allowing users to trade tokens without a centralized intermediary. Investors should look for signs of sustained upward movement and consider CAKE’s potential as a key player in the DeFi space.
Ondo Finance (ONO):
Ondo Finance is highlighted as a key player in the real-world asset (RWA) sector. With ongoing bullish price action and significant market interest, ONDO stands out.
Real-world asset tokenization involves creating digital tokens representing ownership of physical assets, such as real estate or commodities. This process can increase liquidity and accessibility for these assets.
Deutscher emphasized ONDO’s strong performance and potential for further gains, especially as the market continues recognizing the value of asset tokenization and staking. Integrating traditional financial assets with blockchain technology is a growing trend, and Ondo Finance could capitalize on this movement.
Strategic Insights and Market Sentiment
Deutscher’s analysis is rooted in the broader market dynamics, including institutional inflows and improving sentiment. He pointed out that the current bullish sentiment is driven by Bitcoin’s performance and strategic moves from major financial players like BlackRock and Citadel.
These institutions are pushing the tokenization narrative, which could further boost interest in altcoins associated with RWAs.
He also urged investors to remain vigilant and informed about market trends, especially given the potential for significant movements in response to ETF approvals and other macroeconomic factors. “Your goal is to outperform the market,” Deutscher advised, highlighting the importance of staying ahead of trends and making informed investment decisions.
Read more: 10 Best Altcoin Exchanges In 2024
In conclusion, Miles Deutscher’s insights provide a comprehensive guide for crypto investors looking to capitalize on the current bullish trend. By focusing on strategic altcoins like Ethereum, Binance Coin, Floki Inu, PancakeSwap, and Ondo Finance, investors can position themselves to benefit from the ongoing positive market sentiment and institutional interest.
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
XRP To Hit $40 In 3 Months But On This Condition – Analyst
XRP remains one of the crypto market’s current trailblazers rising by 23.21% in the past 24 hours. Over the last two weeks, the prominent altcoin has recorded a 154% price gain establishing itself as the sixth-largest cryptocurrency with a market cap of $89.82 billion. With this current momentum and the crypto bull season still in its early stages, analysts remain highly bullish on XRP’s potential to reach lofty price levels.
Can XRP Repeat 2017 Historical Price Movement?
In an X post on November 22, an analyst with the username CryptoBull stated that XRP could trade at $40 over the next three months if the token mirrors its first prominent price surge from 2017.
Data from CoinMarketCap shows that XRP rose $0.006 to a market peak of $0.33 in early 2017, representing a 5,400% gain. Considering its recent price rally, the altcoin may be gathering momentum to reproduce such price movement in a highly anticipated crypto bull run, especially considering recent happenings.
Most notably, popular anti-crypto Securities and Exchange Commission Chairman Gary Gensler recently announced his intentions to resign on January 20, a move largely behind the current bullish sentiment among XRP investors considering the Commission’s long-lasting regulatory battle with Ripple. In fact, Gensler’s decision to leave the SEC has been described as the “best thing” for Ripple, which holds significant weight for XRP’s future.
Gensler’s resignation coincides with the inauguration of pro-crypto incoming US President-Elect Donald Trump who has promised to introduce a more friendly approach to digital asset regulation in the US. Aside from XRP finally being free from the regulatory scrutiny of the SEC, the potential introduction of a spot ETF under Trump’s pro-crypto regime also contributes to bullish sentiments on the altcoin’s profitability.
According to CryptoBull, if XRP follows its price explosion from early 2017, the token is expected to hit a price target of $1.96 in November, $6.30 in December, and $40 in January.
Price Resistance Levels In XRP’s Dream Surge
While XRP presents much potential for a high price target, CryptoBull predicts the token to face significant resistance at the $1.96 price region. If buying pressure proves sufficient to move past this level, the analyst expects XRP to confront another resistance at $3.84 which represents the token’s current all-time high price.
Considering the current robust bullish sentiments in the market, the altcoin is likely to move past these highlighted resistance levels. However, the token’s Relative Strength Index remains far in the overbought zone (91.73) indicating significant potential for a price pullback.
At the time of writing, XRP continues to trade at $1.78 reflecting a 79.57% gain in the past week. Meanwhile, the token’s daily trading volume is up by 103.57% and valued at $20.29 billion.
Featured image from Trackinsight, chart from Tradingview
Market
Kraken Eyes Token Expansion as Trump Promises Crypto Support
Kraken, one of the leading cryptocurrency exchanges, has announced plans to list 19 new tokens, including a range of popular meme coins, and to integrate three additional blockchains.
This development has sparked optimism across the crypto industry, with many anticipating a more favorable environment for token listings under the incoming Trump administration.
Kraken Plans to List 19 Tokens and Integrate 3 Blockchains
According to its recently published tradeable asset roadmap, Kraken will add the Binance Smart Chain, dYdX, and Arweave blockchains to its platform. Each integration will include support for the native tokens of these networks.
“Kraken lists BNB,” Binance founder Changpeng Zhao stated.
In addition to these three, Kraken plans to list 16 other tokens, primarily meme coins. Some of the notable additions include FWOG, TRUMP, NEIRO, DOGS, GOAT, PNUT, MOODENG, and COW, alongside eight others. These tokens belong to blockchains already integrated into Kraken’s ecosystem.
However, the exchange clarified that listing plans are not guaranteed. Funding and trading for these tokens will only begin after an official announcement through Kraken Pro’s account on X. The company warned that Depositing tokens prematurely could result in losses.
Kraken’s planned token expansion comes at a time when the exchange is navigating legal challenges. The US Securities and Exchange Commission (SEC) has accused Kraken of operating an unregistered securities exchange and offering staking services in violation of federal laws. The exchange has been actively defending itself against these allegations.
Despite regulatory hurdles, crypto industry stakeholders are optimistic that the incoming administration will ease restrictions on token listings. Many believe President-elect Trump’s pro-crypto stance could pave the way for a more supportive regulatory environment. Expectations include a clear regulatory framework, the potential establishment of a Bitcoin reserve, and a departure from the SEC’s regulation-by-enforcement approach.
Already, major US exchanges are capitalizing on the growing market optimism to expand their token listings. Coinbase recently listed PEPE and FLOKI, leveraging the ongoing meme coin trend.
Similarly, Robinhood expanded its offerings by adding tokens that the SEC previously described as securities — XRP, Cardano, and Solana. These moves reflect a broader effort by exchanges to capture market momentum and cater to diverse investor interests.
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
Why BTC Miners Are Selling Their Coins
Bitcoin miners have been actively reducing their holdings in recent weeks as the coin’s price continues to hover below the critical $100,000 mark. At press time, the leading coin trades at $98,535, noting a 1% decline from its all-time high of $99,860 recorded during Friday session.
As the BTC market begins to trend sideways, its miners may be prompted to further distribute their holdings for profit or to offset growing mining costs.
Bitcoin Miners Sell Their Holdings
According to CryptoQuant’s data, Bitcoin’s miner reserve has fallen to its lowest level since the beginning of the year. As of this writing, it sits at 1.81 million BTC.
This metric tracks the number of coins held in miners’ wallets. It represents the coin reserves miners have yet to sell. A decline in the BTC miner reserve indicates that miners on the Bitcoin network are distributing their coins either to take profits or to cover mining-related costs.
Moreover, readings from BTC’s miner netflow confirm the daily trend of coin sell-offs by the network’s miners. As of this writing, the metric’s value is negative at -1,172 BTC.
Miner netflow refers to the net amount of Bitcoin that miners are buying or selling. It is calculated by subtracting the amount of Bitcoin miners are selling from the amount they are buying. When it is negative, it indicates that miners are selling more coins than they are buying. This is often a bearish signal and a precursor to a short-term downward trend in the coin’s price.
BTC Price Prediction: The Bulls Remain in Control
While BTC miners have added to the coin’s selling pressure over the past few weeks, the bullish bias toward the king coin remains significant. This is reflected in the positioning of the dots that make up its Parabolic Stop and Reverse (SAR) indicator. As of this writing, these dots rest below BTC’s price.
The Parabolic SAR identifies an asset’s trend direction and potential reversal points. When its dots are positioned under the asset’s price, it suggests a bullish trend. Traders interpret this as a signal to go long and exit short positions.
If this trend persists, BTC’s price will reclaim its all-time high of $99,860 and may rally past the $100,000 psychological barrier. On the other hand, a spike in profit-taking activity will invalidate this bullish outlook. If buying pressure weakens, BTC’s price may drop to $88,986.
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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