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Why Altcoin Season May Be Delayed Till After Elections

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As the US Presidential Election draws near, Bitcoin’s dominance over the cryptocurrency market is rising. This potentially dampens hopes for an altcoin season.

Bitcoin’s dominance, measured by BTC.D, has climbed to its highest level since 2021. This surge coincides with significant capital inflows into Bitcoin ETFs and a relatively stagnant performance of many altcoins.

Bitcoin For the Win

Bitcoin dominance measures the coin’s market capitalization relative to the total market capitalization of all other cryptocurrencies. As of this writing, it sits at 59.77, its highest level since April 2021. 

When BTC.D climbs, Bitcoin’s share of the total cryptocurrency market capitalization is increasing relative to altcoins. BeInCrypto’s assessment of its key momentum indicators confirms the strengthening bullish bias toward the leading coin and the likelihood of extended dominance. 

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

Bitcoin Dominance
Bitcoin Dominance. Source: TradingView

For example, readings from the BTC.D’s moving average convergence/divergence (MACD) show its MACD (blue) resting above its signal line (orange) as of this writing. 

This setup suggests that Bitcoin is currently seeing increasing strength within the crypto market, outpacing altcoins in terms of market cap share. It indicates that the current market conditions are less conducive for an altcoin season, with Bitcoin likely to outperform many of these assets in the near term.

BTC.D MACD
BTC.D MACD. Source: TradingView

Demand for Bitcoin spot exchange-traded funds (ETFs) has surged recently, highlighting strong interest in the leading cryptocurrency. In a recent report, digital asset research firm 10X Research indicated that rising BTC ETF demand could drive Bitcoin’s price to $100,000 by January 2025.

“Bitcoin spot ETFs purchased $4.1 billion in October alone— the highest volume since March 2024—with buy momentum showing no signs of slowing as all ETF buyers remain profitable. Last night, spot ETFs acquired an additional $830 million in Bitcoin, bringing the 5-day total to $2.1 billion. With ETF demand going parabolic, Bitcoin is set to follow suit. If this trend holds, our quant signal also projects a potential rally to $100,000 by the end of January 2025,” the research firm wrote. 

TOTAL2 Consolidates Within a Range

With capital flowing into Bitcoin ETFs, individual and institutional investors are more likely to prioritize BTC investments over less-established altcoins. As a result, less capital flows into the altcoin market reducing their price momentum and trading volumes.

TOTAL2 Price Analysis
TOTAL2 Price Analysis. Source: TradingView

This has played out as reflected by TOTAL2’s (the total market capitalization of all cryptocurrencies excluding Bitcoin) sideways movements since early August. While BTC.D has rallied, TOTAL2 has consolidated within the $967 billion and $856 billion price range. 

This consolidation indicates that altcoin traders have been uncertain about the next direction prices will take. This has led to decreased volatility and trading volume, further delaying the altcoin season.

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

Altcoin Season Index
Altcoin Season Index. Source: Blockchain Center

Moreover, the altcoin season commences when at least 75% of the top 50 altcoins outperform Bitcoin over a three-month period. Recent data from Blockchain Center reveals that only 29% of these top altcoins have surpassed Bitcoin’s performance in the past 90 days — well below the 75% threshold required to declare an altcoin season officially.

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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Legal Drama Fails to Halt CHILLGUY Meme Coin’s 101% Surge

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Crypto markets went into disarray after Phillip Banks, the creator of the viral “Chill Guy” meme, announced plans to issue legal takedown notices for unauthorized for-profit uses of his copyrighted character.

This move sent ripples through the community and triggered a sharp decline in the market value of the Chill Guy (CHILLGUY) meme coin before a quick recovery.

In a post on X (Twitter), Banks shared his intentions to pursue copyright infringement legal actions for the unauthorized use of his artwork to make a profit.

“Just putting it out there, chill guy has been copyrighted. Like, legally. I will be issuing takedowns on for-profit-related things over the next few days. Not like brand accounts using him as a trend, that is kind of something I do not really care about (I just ask for credit. or Xboxes.). Mainly unauthorized merchandise and shitcoins,” Banks expressed.

The Chill Guy meme gained traction on TikTok, where its relatable depiction of a laid-back character resonated with millions. The parody meme coin quickly became a sensation on Crypto Twitter and TikTok, with influencers, presidents, sports brands like UFC, LA Clippers, Paris Saint-Germain (PSG), and everyday users alike using it on social media. The coin’s rapid growth is seen as a sign of the increasing influence of social media platforms like TikTok in shaping crypto trends.

At its peak, the Solana-based coin had over 100,000 holders, breaking records for one of the fastest-growing meme coins by user adoption. However, as is characteristic of meme coins, the hype proved fleeting. Banks’ legal threats and the natural volatility of the meme coin market triggered a nearly 67% drop in market cap, plunging it to around $187 million after a peak of $579 million on Wednesday.

CHILLGUY Market Cap
CHILLGUY Market Cap. Source: GeckoTerminal

Banks’ lawsuit declaration displays the growing tension within the meme coin sector. While memes like Chill Guy can spark viral trends and generate immense economic activity, their creators often find themselves sidelined, with little to no financial benefit from the frenzy.

Banks clarified that his legal actions would not target non-commercial uses of Chill Guy. For instance, he showed leniency towards brands using the meme, such as when the gaming brand Halo used the artwork in a tweet saying:

“When Master Chief trades you his plasma pistol for your rocket launcher but you’re just a chill marine,” Halo wrote.

Banks humorously responded by asking Halo for an Xbox in return. He said, “Hello, Halo. Since you used my art, can I have an Xbox? Thanks.”

Crypto Community Reacts to Banks’ Demands

Banks’ legal stance was met with humor and advice from the crypto community. Notable figures on Crypto Twitter suggested he monetize the situation rather than litigate.

“Brother, just ask for a 2% token supply as is tradition and be happy,” user Thelema quipped.

Meanwhile, some crypto executives like Solana Legend, the co-founder and managing partner at Frictionless Capital and MonkeDAO, noted the cultural significance of the Chill Guy meme. The prominent figure in the Solana ecosystem noted that the platform offers a unique way for people to discover crypto through relatable memes.

“Chill guy is becoming the Bored Ape Yacht Club / OpenSea moment for normies to be onboarded onto crypto. 5 minutes on TikTok and you can see people discovering memes,” the analyst wrote.

The viral success of CHILLGUY highlights TikTok’s growing role in driving crypto adoption among non-crypto natives (normies). Nevertheless, the latest debacle reflects the volatile nature of meme coins, where hype often outweighs fundamentals. Early investors in CHILLGUY rode a wave of speculation fueled by TikTok, only to see gains evaporate when the momentum shifted.

While Banks’ legal threats have shaken the meme coin’s momentum, they also highlight the challenges of monetizing intellectual property in the digital age. His attempt to protect his creation may set a precedent for other meme creators grappling with the commercialization of their work.

Phillip Banks did not immediately respond to BeInCrypto’s request for comment.

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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South Korea Unveils North Korea’s Role in Upbit Hack

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According to local media, South Korea confirmed that North Korea was behind the theft of 342,000 Ethereum (ETH) tokens. The 2019 loot, worth approximately 58 billion Won or $41.5 million, was stolen from the Upbit crypto exchange.

The stolen tokens, now valued at 1.47 trillion Won, represent one of the largest cryptocurrency heists attributed to North Korea.

North Korea’s Involvement Uncovered

Per the report, the National Investigation Headquarters of South Korea’s National Police Agency announced on November 21 that two North Korean hacking groups, Lazarus and Andariel, orchestrated the attack. Both groups are known affiliates of North Korea’s Reconnaissance General Bureau, a state agency linked to cyber espionage and financial crimes.

Investigators relied on a combination of digital forensics, including tracking IP addresses and analyzing the flow of stolen cryptocurrencies. The probe also identified linguistic traces of North Korean vocabulary.

“It was revealed that traces of the North Korean term ‘Heulhan Il’ (a word meaning ‘unimportant matter’) were found on the computer used in the attack at the time,” another local Korean media corroborated.

This linguistic fingerprint, alongside other technical evidence, strengthened the case against North Korea. According to the report, the US Federal Bureau of Investigation (FBI) police also aided the investigation. They provided additional evidence linking the attack to North Korea.

Following the theft, the perpetrators exchanged 57% of the stolen Ethereum for Bitcoin on three cryptocurrency exchanges believed to be operated by North Korea. These transactions happened at prices 2.5% below market value, presumably to expedite the sale. They then distributed the remaining Ethereum across 51 overseas exchanges and laundered them to obscure its origins.

Ethereum Price Performance. Source: BeinCrypto

In 2020, some of the stolen cryptocurrency was identified at a Swiss crypto exchange. After a four-year effort to prove its source to Swiss prosecutors, South Korean authorities recovered 4.8 Bitcoin (BTC), worth around 600 million won. The recovered funds were later returned to Upbit in October 2024.

Concerns Over North Korea and Upbit Woes

Meanwhile, North Korea’s involvement in cryptocurrency crimes is not new. After a series of reports, authorities have noted a shift in tactics. As BeInCrypto reported recently, hackers linked to the regime are increasingly targeting crypto firms with sophisticated methods. Among the most prevalent techniques are phishing campaigns and supply chain attacks.

“The campaign, which we dubbed ‘Hidden Risk’, uses emails propagating fake news about cryptocurrency trends to infect targets via a malicious application disguised as a PDF file,” a recent report read.

This change of tact highlights the urgency for heightened cybersecurity measures across the industry. Notwithstanding, the confirmation of North Korea’s involvement in the 2019 Upbit hack marks a significant development.

While the United Nations (UN) and foreign governments have previously accused North Korea of funding its weapons programs through crypto theft, this is the first time South Korean authorities have officially linked the regime to a major cryptocurrency heist. The incident highlights the dual vulnerabilities facing the cryptocurrency industry.

First, external threats from state-sponsored hackers and, second, internal risks tied to inadequate regulatory compliance. Against the latter, and as BeInCrypto reported, South Korea’s Financial Intelligence Unit recently cited concerns about inadequate user verification systems. Specifically, the unit flagged over 600,000 potential KYC violations at Upbit, South Korea’s largest cryptocurrency exchange.

The discovery of mass KYC violations at Upbit raises questions about whether exchanges are doing enough to prevent illicit activities. Improved oversight, combined with stricter enforcement of anti-money laundering (AML) measures, could help deter future attacks and ensure a safer trading environment for investors.

The exchange is also facing an antitrust investigation by South Korea’s Fair Trade Commission, which is examining potential abuses of market dominance.

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 Targets Its Next Move: Will It Break Higher Again?

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XRP price is consolidating gains above the $1.00 zone. The price might start a fresh increase if it clears the $1.150 resistance zone.

  • XRP price started a downside correction below the $1.120 level.
  • The price is now trading below $1.120 and the 100-hourly Simple Moving Average.
  • There is a short-term contracting triangle forming with resistance at $1.1380 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair could gain bullish momentum if it clears the $1.150 resistance.

XRP Price Holds Support

XRP price struggled to start a fresh increase above the $1.150 and $1.180 levels. It started a downside correction and traded below the $1.120 level. It underperformed Bitcoin and struggled like Ethereum in the past two sessions.

The price is now trading below $1.120 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $1.1380 level. There is also a short-term contracting triangle forming with resistance at $1.1380 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $1.150 level. The next key resistance could be $1.1680 or the 61.8% Fib retracement level of the downward move from the $1.2747 swing high to the $0.9988 low.

XRP Price

A clear move above the $1.1680 resistance might send the price toward the $1.200 resistance or the 76.4% Fib retracement level of the downward move from the $1.2747 swing high to the $0.9988 low. Any more gains might send the price toward the $1.2250 resistance or even $1.2320 in the near term. The next major hurdle for the bulls might be $1.250 or $1.265.

More Downsides?

If XRP fails to clear the $1.1380 resistance zone, it could continue to move down. Initial support on the downside is near the $1.100 level. The next major support is near the $1.0650 level or the triangle’s lower trend line.

If there is a downside break and a close below the $1.0650 level, the price might continue to decline toward the $1.020 support in the near term. The next major support sits near the $0.980 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $1.1000 and $1.0000.

Major Resistance Levels – $1.1680 and $1.2000.



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