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Ripple’s XRP Transfers, Notcoin Surges and More

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This week, the crypto ecosystem has been filled with significant events, from Ripple’s large-scale XRP transfers to Binance’s delisting actions and Notcoin’s price surge.

Moreover, as Bitcoin (BTC) hovers around $71,000, a veteran analyst has set a target of $150,000 for the bull market peak. Similarly, asset manager VanEck gave a humongous target of $22,000 for Ethereum. VanEck believes that ETH might hit the target by 2030.

Ripple’s XRP Transactions Raise Eyebrows

This past weekend, Ripple initiated the transfer of 3 billion XRP tokens, stirring significant discussions in the crypto community. Notably, these transactions, valued at approximately $1.5 billion, deviated from Ripple’s typical monthly release of about 1 billion tokens.

According to crypto analyst Michael Nardolillo, these movements primarily involved internal transfers for escrow management. Despite the substantial volume, XRP’s price has remained relatively stable at around $0.5242, reflecting the market’s tempered response to these developments.

“Majority of these are internal movements and escrow relock ups. Everyone it says ‘unknown’ account the bot was wrong and it was still a Ripple account,” crypto analyst Michael Nardolillo explained.

Read more: Ripple (XRP) Price Prediction 2024 / 2025 / 2030

XRP Price Performance
XRP Price Performance. Source: BeInCrypto

Binance Delists 4 Altcoins

On Monday, Binance announced it would delist four altcoinsOMG Network (OMG), Waves (WAVES), Wrapped NXM (WNXM), and NEM (XEM), effective June 17, 2024. This decision is part of Binance’s routine assessment to ensure a high-quality trading environment.

“When tokens no longer meet our listing criteria or significant changes occur in the industry environment, we conduct a thorough project review and may delist them,” Binance said.

Consequently, the prices of these coins have sharply declined, with OMG, WAVES, and XEM experiencing significant drops, whereas WNXM has seen only a slight decrease.

Read more: Binance Review 2024: Is It the Right Crypto Exchange for You?

OMG, WAVES, WNXM, and NEM Price Performance
OMG, WAVES, WNXM, and NEM Price Performance. Source: TradingView

Notable Surge for Notcoin

In contrast to four altcoins delisted by Binance, Notcoin (NOT) has recently captured the market’s attention with an impressive 80% rise in the past week. After its initial release at $0.012 and a subsequent price drop, NOT rebounded dramatically, achieving a peak of $0.029.

This surge propelled Notcoin’s market capitalization near the top 50 cryptocurrencies, driven by strategic staking functions and token burns. However, after the highs at $0.029, Notcoin has been down by over 25%, currently trading at $0.021.

Read more: What is Notcoin (NOT)? A Guide to the Telegram-Based GameFi Token

Notcoin (NOT) Price Performance
Notcoin (NOT) Price Performance. Source: BeInCrypto

Bitcoin’s Future: A Lofty Prediction

A seasoned trader, Peter Brandt, predicts that Bitcoin could climb to $150,000 by September 2025. His forecast hinges on the historical market cycles and Bitcoin’s halving events, which often signal the start of bullish phases.

Although Brandt remains cautious about the certainty of this prediction, he advises investors to monitor Bitcoin’s trends closely, especially if it struggles to set new highs.

“It should be noted that the highs of past bull markets line up quite well against an inverted parabolic curve. Should this tendency also continue, the high of this bull market cycle could be in the $130,000 to $150,00 range. The X on the chart marks the probably high date and price level,” Brandt wrote.

Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

Bitcoin Price Performance in Every Halving Cycle
Bitcoin Price Performance in Every Halving Cycle. Source: Peter L. Brandt

VanEck’s Bold Ethereum Prediction

VanEck, a leading asset manager, projects that Ethereum could reach $22,000 by 2030, assuming continued approval of crypto-related financial products like exchange-traded funds (ETFs).

This optimism stems from Ethereum’s growing utility in various sectors, positioning it as a potential disruptor in the financial and technological landscapes. VanEck’s scenario suggests significant growth potential for Ethereum, predicated on its ability to maintain a dominant position among smart contract platforms.

“The centerpiece asset of this financial system is the ETH token, and in our updated base case, we believe it to be worth $22,000 by 2030, representing a total return of 487% from today’s ETH price, a compound annual growth rate (CAGR) of 37.8%,” VanEck stated.

Read more: Ethereum (ETH) Price Prediction 2024/2025/2030

  Base Case Bull Case Bear Case
Ethereum Terminal Smart Contract Market Share 70.00% 90.00% 15.00%
ETH Price Target      
Estimated Revenue 2030 ($M) $78,501 $361,641 $2,477
Global Tax Rate on Crypto 15% 15% 15%
Validator Cut 1.00% 1.00% 1.00%
FCF to Tokenholders in 2030 ($M) $66,058 $304,321 $2,084
FCF Terminal Multiple 33.33 50 20
ETH FDV ($M) $2,201,945 $15,216,032 $41,681
ETH Supply in 2030 100.07 98.85 115.73
Token Price 2030 (USD) $22,000 $154,000 $360
Ether Price Target for 2030: Base, Bull, and Bear Case Scenarios. Source: VanEck

This Week’s Crypto Top 10

This week, among the top 10 crypto with the highest market capitalization, BNB was the top-performing asset with an 18.32% increase. In fact, on Wednesday, BNB reached a new all-time high, surpassing $700.

Bitcoin has shown strong performance, up by 5.22% this week. Conversely, Ethereum posted modest gains, up by just 0.60% in the same timeframe.

Read more: Which Are the Best Altcoins To Invest in June 2024?

Top 10 Crypto Assets by Market Capitalization
Top 10 Crypto Assets by Market Capitalization. Source: CoinMarketCap

This week, Toncoin (TON) surged by 16.75%, flippening the market capitalization of Cardano (ADA). As of writing, the market cap of TON stands at $18.13 billion, whereas the market cap of ADA stands at $17.39 billion.

The rest of the cryptocurrencies have maintained their ranking compared to last week.

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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Dogecoin Holding Time and Whale Activity Spikes

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Dogecoin (DOGE), a leading meme coin, is signaling a potential breakout from its narrow trading range.

If this momentum continues, it could reclaim its multi-year high of $0.48, fueled by extended holding periods and increased accumulation by large holders.

Dogecoin Investors Reduce Distribution

The on-chain assessment of DOGE’s performance has revealed a significant spike in the holding time of all its coins transacted in the past seven days. According to IntoTheBlock, this has climbed by 302% during the review period. 

The holding time of an asset’s transacted coins represents the average duration tokens are kept in wallets before being sold or transferred. 

Longer holding periods like this reduce selling pressure in the DOGE market. This reflects stronger investor conviction, as investors choose to keep their coins rather than sell them. 

Dogecoin Holding Time
Dogecoin Holding Time. Source: IntoTheBlock

In addition to reducing selling activity, DOGE whales have increased their holdings over the past week. This is reflected by the 112% uptick in its large holders’ netflow during that period.

An asset’s large holders’ netflow metric tracks the movement of coins into and out of wallets controlled by whales or institutional investors. When this metric spikes, it suggests that these large holders are accumulating more of the asset, signaling increased confidence in its future price movement.

Dogecoin Large Holders Netflow
Dogecoin Large Holders Netflow. Source: IntoTheBlock

DOGE Price Prediction: Bullish Run Could Continue

If this bullish momentum is maintained, DOGE will extend its weekly 3% spike. As buying pressure strengthens, the meme coin could revisit its four-year high of $0.48.

Dogecoin Price Analysis
Dogecoin Price Analysis. Source: TradingView

However, this bullish outlook will be invalidated if accumulation stalls and selling activity recommences. In that scenario, DOGE’s price could slip to $0.29.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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Base DEX Volume Approaches $3 Billion Amid Growing Adoption

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Base, Coinbase’s Layer-2 (L2) blockchain solution, has reached new heights, setting an all-time high daily decentralized exchange (DEX) trading volume near $3 billion.

This milestone reflects Base’s growing prominence in the L2 space and its role in scaling on-chain transactions for Coinbase users.

Base Hits New Milestone in DEX Volume

Blockchain analyst Dan Smith highlighted Base L2’s record-breaking volume of $2.9 billion, including $1.3 billion in ETH-USD trading, which also hit an all-time high. Other trading pairs, such as ETH-cbBTC and BTC-USD, were close to breaking their own records.

Base DEX Volume By Pair Type
Base DEX Volume By Pair Type. Source: Blockworks Research

The $2.9 billion DEX volume reflects Base’s growing appeal among traders, particularly in ETH-USD pairs, which benefited from recent price volatility. Alexander, another blockchain enthusiast, noted that this milestone marked the first time Base nearly tagged $3 billion in daily volume, alluding to the development as evidence of L2’s growing adoption.

AerodromeFi, a liquidity-focused decentralized protocol on Base, also recorded an all-time high of $1.68 billion in volume, further emphasizing the ecosystem’s momentum.

“This is the first time Base nearly passed $3 billion and AerodromeFi set a new ATH of $1.68 billion in volume,” Alexander commented.

Base’s success is particularly notable because it operates without a native token. Coinbase explicitly ruled out launching a token for Base, prioritizing ecosystem growth and user adoption instead. This approach has likely contributed to its traction by focusing on utility and reducing speculative risks that could deter long-term users.

“There are no plans for a Base network token. We are focused on building, and we want to solve real problems that let you build better,” Base lead developer Jesse Pollak stated recently.

Consistent Growth in Transactions and TVL

The recent achievement follows Base’s earlier milestones, including reaching one billion transactions two months ago and surpassing six million daily transactions in October. More closely, the network recently outpaced Ethereum in user growth amid growing crypto markets.

Additionally, Base’s Total Value Locked (TVL) has seen consistent growth, indicating increased user participation, asset inflows, and liquidity within its ecosystem. A rising TVL signals greater confidence in the platform, fostering a stronger and more sustainable DeFi environment.

Base TVL and DEX Volume
Base TVL and DEX Volume. Source: DefiLlama

Despite its impressive growth, Base has faced some criticism. The network was accused of copying aspects of an NFT project, sparking concerns over originality and intellectual property. While this controversy did not deter adoption, it highlights the challenges of rapid innovation in the competitive blockchain space.

Base’s trajectory positions it as a serious contender in the L2 space, competing with established players like Arbitrum (ARB) and Optimism (OP). Its emphasis on utility, combined with rising user participation and liquidity, paints a promising picture for its future.

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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Is a Drop Below $0.92 Inevitable?

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Cardano’s recent sideways price action has led to a surge in demand for short positions among futures traders.

As the coin’s momentum slows, traders are increasingly betting on a price decline, signaling a bearish sentiment toward ADA.

Cardano Traders Bet on a Price Decline

According to Coinglass, ADA’s Long/Short Ratio is at a monthly low of 0.82, indicating a high demand for short positions.

An asset’s Long/Short Ratio compares the number of its long (buy) positions to short (sell) positions in a market. As with ADA, when the ratio is below one, more traders are betting on the price falling (shorting) rather than rising. If short sellers continue to dominate, this can increase the downward pressure on the asset’s price.

ADA Long/Short Ratio
ADA Long/Short Ratio. Source: Coinglass

Additionally, ADA’s Weighted Sentiment remains negative, currently standing at -0.074, reinforcing the bearish outlook for the altcoin.

Weighted Sentiment gauges the overall market bias by analyzing the volume and tone of social media mentions. A negative value signals growing skepticism among investors, often leading to reduced trading activity and downward pressure on the asset’s price.

ADA Weighted Sentiment.
ADA Weighted Sentiment. Source: Santiment

Notably, ADA whales have reduced their trading activity over the past week, with the coin’s large holders’ netflow dropping by 90.29%, according to IntoTheBlock.

Large holders, defined as addresses holding more than 0.1% of an asset’s circulating supply, play a significant role in market movements. A decline in their netflow indicates reduced buying activity, adding to the downward pressure on ADA’s price.

ADA Large Holders Netflow.
ADA Large Holders Netflow. Source: IntoTheBlock

ADA Price Prediction: Recovery to $1 or Decline to $0.80?

ADA is currently trading at $0.98, hovering just above its support level of $0.90. If bearish pressure intensifies, the price may test this support. A failure to hold at $0.90 could see ADA’s decline extend further, potentially dropping to $0.80.

ADA Price Analysis.
ADA Price Analysis. Source: TradingView

Conversely, if buying activity resurges, ADA’s price could stabilize above the $1 mark.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



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