$5 Trillion Cash Flow is Coming, Bitcoin Set To Hit $50k in Coming Days: Predicts BitBoy Crypto
Crypto influencer and analyst Ben Armstrong, also known as BitBoy Crypto, has suggested that Bitcoin (BTC)‘s price could double if the $5 trillion on the sidelines of the market is poured into the crypto space.
According to him, even if only 20% of the money in cash flows into cryptocurrencies, it would cause a huge price increase in Bitcoin and other digital assets.
The famous crypto figure explained that, as more investors pour money into cryptocurrencies, it would invite even more money, creating a pump and ultimately causing the price to go up. Ben added that if Bitcoin’s price begins to go up, it would encourage more people to invest in the asset, creating a bullish trend.
Quantitative Easing, Inflation, and Bitcoin’s Price
Ben’s prediction was based on the quantitative easing policy and the reversal of the inflation trend. The expert argued that the massive injection of money into the economy, combined with the policy of quantitative easing by the Federal Reserve, could trigger a rise in inflation.
However, as inflation goes up, the dollar value goes down, causing investors to turn to alternative assets like Bitcoin. Ben predicts that, given the massive amount of cash sitting on the sidelines of the market, Bitcoin’s price could increase to $50,000, almost doubling its current value.
Bitcoin Conference: A Bullish Catalyst?
He added that Bitcoin’s price typically experiences a pump around the time of the Bitcoin conference, which is scheduled for May 18-21 this year. Last year, the pump that led to Bitcoin Miami Conference almost hit $50,000, and then Bitcoin’s price plummeted to the start of the bear market. Therefore, Ben believes that if Bitcoin experiences a pump at the conference this year, it could be the start of a bullish trend for the asset. At press time, BTC was hovering around $27,800.
Will Bitcoin (BTC) Price Hit $1 Million in 90 Days? Decoding The Possibility
Balaji Srinivasan, the former CTO of Coinbase, has recently garnered attention for his prediction that Bitcoin’s price will reach $1 million over the next 90 days. While many experts remain skeptical, Srinivasan believes that the ongoing global banking crisis and the impending hyperinflation will lead to a surge in Bitcoin’s value.
Bank Failures and the Redenomination of Digital Gold
According to Srinivasan, bank failures will ultimately lead to hyperinflation, making the redenomination of digital gold a more viable option than physical gold. He explained that gold held back the ability of states to wage wars in the 20th century but is no longer as relevant in the digital age.
Digitization and Confidence in Bitcoin
Srinivasan highlighted ChatGPT’s recent boom, which signed up around 100 million people in just a few weeks. While this pales in comparison to the approximately 400 million people globally holding crypto, it shows a growing interest in digital assets. He also pointed out that $42 billion was moved out of Silicon Valley Bank in just one day, indicating a growing lack of confidence in traditional banking systems.
Srinivasan believes that once people learn about the countless bank runs presided over by the Federal Reserve System, they will lose faith in the dollar system and seek a safe haven in Bitcoin. He further explained that if the Fed fails to tighten monetary policy to combat inflation due to the fear of collapsing banks, Bitcoin will become an even more attractive alternative.
The Bet on Bitcoin’s Future
Srinivasan’s $1 million bet on Bitcoin’s price increasing by 3,600% by June 16 has raised eyebrows. However, he remains confident that hyperinflation will happen quickly, and the effects will be felt across the digital realm. Srinivasan cited the digital pandemics, riots, and bank runs that have occurred in recent years, demonstrating that everything can happen quickly in the digital age.
The Shut Down of Silicon Valley Bank and Signature Bank
The recent shutdown of Silicon Valley Bank and Signature Bank, two banks specializing in tech and startup company lending and crypto-friendly banking, respectively, has raised questions about the future of traditional banking systems. Barney Frank, a co-author of the Dodd-Frank banking regulation act and former US representative, served on Signature Bank’s board and believes that the bank’s closure was a warning to avoid dealing with crypto companies.
16% Growth For Solana (SOL) In 7 Days: Ethereum’s Dominance To Be Challenged?
Solana (SOL) has emerged as a force to be reckoned with in the crypto space, experiencing a remarkable surge in growth with a whopping 16% increase over the past week. This achievement can be attributed to the robust DeFi and NFT ecosystem built on the Solana protocol, which has been growing at an impressive rate, causing a surge in demand for SOL.
Despite its impressive growth, the Solana team has been grappling with network stability issues, which have posed significant challenges. Nevertheless, the protocol has demonstrated remarkable resilience and continues to rank among the top performers in the altcoin market.
The recent stability it has enjoyed is a testament to the team’s relentless effort to overcome obstacles, and its current bullish momentum indicates that SOL is poised for a bright future.
Growing Ecosystem and Diverse Use Cases
Solana has been trending among the top-performing altcoins, and this can be attributed to its robust ecosystem diversity. The protocol’s DeFi and NFT ecosystem has been growing at a rapid pace, leading to a surge in demand for SOL. Solana is branded as one of the most versatile Layer 1 protocols, with the intention of unseating Ethereum (ETH) as the dominant smart contract hub.
The protocol still lags behind Ethereum on most metrics, but its DeFi growth uptick is a sign that the protocol has a bright future. Moreover, venture capitalist Chris Burniske says that Solana (SOL) could be setting itself up for a massive move to the upside if it can clearly break the 200-day simple moving average (SMA).
Potential for a Massive Move to the Upside
Burniske, a former ARK Invest analyst and a current partner at venture capital firm Placeholder, says that a big rally may be in store for Solana if it can clearly break the 200-day SMA. SOL’s 200-day moving average is currently hovering at about $23, and if it can reclaim this level, it could lead to a significant surge in price.
Burniske has previously predicted that Solana could be the next “Ethereum-level” opportunity should another bull market happen. Placeholder tends to pick an ecosystem or two for each bear market and build an aircraft carrier strategy around that ecosystem. The last bear market was ETH and Bitcoin, but SOL could be the next big thing.
Crypto YouTuber BitBoy Vows to Dox Shiba Inu (SHIB) Founder in Coming Days
The latest Shibarium Layer 2 scandal has attracted negative attention to Shiba Inu (SHIB) and the $BONE ecosystem. With the Shibarium layer 2 developers accused of source code copyright infringement, investors have been fleeing the networks at an unprecedented rate.
In the past 24 hours, the value of $BONE has declined over 15 percent to trade around $1.29 today. On the other hand, Shiba Inu (SHIB) and $LEASH prices have dropped approximately 8 and 12 percent in the past 24 hours, respectively.
Shibarium L2 Costly Mistake
After hyping the Shibarium layer 2 launches for the past few weeks, the lead developers are accused of doing shoddy work by copying the Rinia testnet genesis file and not changing the chain ID.
Meanwhile, ShibaSwap developer Kaal has indicated that there was a mistake in not rechecking the chain ID.
“Dispelling some FUD ever since we did the Alpha network deployment, few chain IDs were picked randomly- 417(Alpha), 517(Staging), 917(pre-pod/beta) and these chain were not registered anywhere at that time, I made a mistake not to recheck when the puppynet network was launched,” Kaal noted.
Forward, the Shib developers have announced a redeployment of a new chain with a different ID.
BitBoy Dox Kusama
Following the severe misdemeanor, famous YouTuber BitBoy has vowed to reveal the real identity of Shiba Inu’s lead developer Shytoshi Kusama. While accusations are that the real identity of Kusama is SBF, BitBoy indicated that Sam was only involved in early developments.
The revelations of Kusama’s identity could have severe implications for the ShibaSwap ecosystem and its entire collection of coins.
Bitcoin Plunge on the Horizon-Levels to Expect for the BTC Price in the Next 30 Days
Bitcoin price after the gigantic rally during the previous weekend appears to have drained a bit as it has ignited a notable descending trend. The price initially lost levels above $25,000 and now flashes signals to lose $24,000 in the coming days. Technicals have flashed a bearish signal and hence a significant correction may be on its way.
The BTC price is still stuck in the major range, range bound since July 2022. Presently, it does not appear a good time to go long as the price is displaying a huge possibility of remaining stuck around the pullback off the highs for a while. The range currently appears to be between $24,000 to $19,000 and only a breach beyond any of these levels may trigger the respective trend ahead.
In the short term, the price is believed to undergo a major rejection from the current resistance levels that may follow the wave and reach the lower support below $19,000. However, after rebounding from the levels around $18,697.08, the price may regain its lost levels above $25,000. Moreover, an extended bullish trend may pave way for the price to surge beyond $26,000 also.
Bitcoin price is expected to remain highly volatile in the next couple of months as the rally continues to be bewildered by the impending trend. After maintaining a parallel range, a breakout may lead the price to rise between $25,500 to $28,000. Meanwhile, a drop below the major support could drag the price between $17,500 and $16,000.
Bitcoin (BTC) Price Surge May Consolidate at $26K for Some Days! Here’s Why
Bitcoin (BTC) surged to its 2023 peak at $26,550 on March 14 after the United States inflation levels for February were in line with market expectations, indicating favorable macroeconomic conditions for risk-on buyers. However, some on-chain and market indicators suggest a potential correction in the near term.
Sell Pressure Increases
On March 13, Glassnode’s exchange flow data recorded the most significant inflow to exchanges since May 2022, leading to potentially higher selling pressure. In addition, the coin days destroyed indicator, which measures the time-weighted transfers of Bitcoin, shows a small spike, indicating that old hands are moving coins. This signals profit booking by long-term holders, which can lead to a correction.
Elevated Funding Rate and Broadening Wedge Pattern
Furthermore, the funding rate for Bitcoin perpetual swaps is elevated with the latest Consumer Price Index print, meaning more traders are betting on the upside with leveraged positions. This increases the risk of a correction. BTC price is currently forming a broadening wedge pattern, depicting a heightened level of volatility, with both buyers and sellers pushing the price beyond support and resistance levels, resulting in quick reversals.
Positive Reaction to CPI Data
On Tuesday, the Consumer Price Index (CPI) for the US Bureau of Labor Statistics was up by 0.4% on a monthly basis, while the yearly rate declined to 6.0%. The CPI for the month met the forecasts, which is expected to keep the Federal Reserve committed to bringing down inflation to its 2.0% target. The crypto market reacted positively, with Bitcoin price rising to trade at $26,382, as lower inflation generally weakens the US Dollar, the reserve currency in which Bitcoin is priced.
Trend Direction and Profit Objective
From the weekly timeframe, Bitcoin’s trend direction has been south since topping out just beneath the $70,000 mark in late 2021. However, last week’s hammer candlestick pattern off the low $19,568, price action on the weekly scale—aided by the RSI attempting to cement position north of its 50.00 centreline—is threatening to take aim at a pattern profit objective set at $26,774, a level sheltered just south of weekly resistance at $28,844.
While the macroeconomic conditions currently favor risk-on buyers, certain on-chain and market indicators suggest a potential correction in the near term. The elevated funding rate for Bitcoin perpetual swaps, the broadening wedge pattern, and the profit booking by long-term holders due to the significant inflow to exchanges since May 2022 are all indicators of a potential correction.
Traders and investors should monitor these indicators to make informed decisions. Bitcoin was hovering around $25,000 at the time this article was written.
Bitcoin (BTC) Price Might Soon Break $30k-$35K Levels In Coming Days
The price of Bitcoin had been rising steadily during the previous week and according to a well-known cryptocurrency analyst, Bitcoin (BTC) likely hit the bottom months ago, and an uptrend is now in the initial stages. Cryptocurrency analyst Tone Vays said in a new video that technical indicators are aligning for a potential Bitcoin explosion.
Bitcoin’s price likely reached its lowest point in November 2022, when it was at $15,000, according to Vays. The seasoned trader adds that the most recent price drop into the $19,000 level was a secondary pullback and a temporary trend reversal brought on by the BTC bears
But, he also observes that given the bankruptcy of Silicon Valley Bank and Silvergate Bank, the king cryptocurrency is likely to continue climbing.
“Now if you’re sitting in on a lot of Bitcoin, you may be praying for a bank run to make Bitcoin go up faster. But you shouldn’t be, because Bitcoin is going to go up anyway. This is bad enough news to make people want to buy more Bitcoin, and it’s happening in a cycle of Bitcoin where it very likely has already bottomed. And it’s happening in its giant four-year cycle with the halving looming less than a year away.”
Talking about the much-awaited Halving event, Vays said that the earnings for Bitcoin miners will be cut in half during the scheduled Bitcoin halving in February 2024. He also predicts that the Bitcoin rally should take out its immediate resistance at $25,000.
“We back-tested [$19,000], but now we need to break this [$25,000]. Once we break all this resistance, I become incredibly bullish on Bitcoin to at least this $30,000 to $35,000 area.”
With its fourth straight day of gains, Bitcoin increased 9.6% to $26,533, its highest level since June 2022. The increase was recorded at the same time as the United States Department of Labor’s newest Consumer Price Index (CPI) data for February 2023.
Crypto and Stock Markets Might Crash Within Days: Warns Larry Mcdonald
The second-largest stablecoin, USDC, from Circle Internet Finance, which has a $42 billion market valuation, de-pegged from the dollar as a result of the Silicon Valley Bank collapse. The price of the USDC/USDT trading pair on Kraken fell as low as $0.94, marking its lowest level since April 2021. Concerns over the effects of Silicon Valley Bank’s bankruptcy caused USDC to decline from $1 on Friday, despite the fact that it is intended to retain a 1-to-1 peg with the U.S. dollar.
Lately, the market has been chaotic with the collapse of the SVB Bank and Signature Bank. This is bound to have negative long-term extents. Let’s assess to what extent.
Biden Administration to bail out collapsed banks
Emergency procedures were implemented by US banking regulators on Sunday night to stop any possible spillover from Silicon Valley Bank’s failure. One of the procedures is making sure depositors at the bankrupt bank can access all of their funds. The news was made after regulators on Sunday liquidated Signature Bank, the second failed institution in a week. According to the announcement, depositors in Signature would likewise be fully reimbursed.
Larry Mcdonald Predicts Crash
The Bear Traps Report founder Larry McDonald said on “Mornings with Maria” that the Fed is trying to catch up as inflation has started to rage. He added to this by saying that the 21 Lehman systemic risk indicators that look at equity and credit point to one of the highest probabilities of a crash in the stock market looking out 60 days.
As the Fed begins its most aggressive rate hike campaign since the 1980s to combat decades-high inflation, McDonald claimed that the outflow of capital from middle-class families has been “spectacular”. The consumer price index is still around three times higher than the pre-pandemic average, but gradually declining from a peak of 9.1% reached in June of last year.
Given the current state of affairs, McDonald’s prediction does not appear to be far-fetched.
But, every cloud has a silver lining, and there are ways to profit from such markets. Make sure your investments are diversified and do extensive research.
Crypto Market Crash Might Get Worst In Coming Days – Here’s Why
The recent interest rate hikes by the Federal Reserve are having a negative impact on the cryptocurrency market, which could result in a potential shift in investor sentiment away from cryptocurrencies. According to recent news from Reuters and the Financial Times, the central bank plans to start a tougher rate hike path soon.
Many analysts predict that the impact of the interest rate hikes on cryptocurrencies like Bitcoin could be severe. The higher interest rates will make it more expensive to borrow money, which could lead to a decrease in investment and spending in the economy.
This, in turn, could lead to a decrease in demand for cryptocurrencies, leading to a further drop in their value. With reduced demand, cryptocurrency investors may start to shift their attention toward traditional assets, which may result in decreased liquidity in the crypto market.
Jerome Powell, the US Federal Reserve Chair, has faced criticism from some experts for the decision to increase interest rates. Some are concerned that the move could slow economic recovery, while others worry about its impact on the stock market and the housing sector.
Additionally, some critics argue that the move is premature, as inflation has not yet reached levels that require such action. Furthermore, the rise in interest rates could have a negative impact on emerging economies, as it could lead to an outflow of capital from these countries.
The Federal Reserve’s Interest Rate Hikes May Trigger a Significant Downturn in the Cryptocurrency Market
Nicholas Merten, the host of the YouTube channel DataDash and a well-known cryptocurrency analyst, has warned that the Federal Reserve’s recent decision to raise interest rates and reduce its bond-buying program could result in a significant downturn in the crypto market.
According to Merten, the Fed’s actions could lead to reduced liquidity, increased competition from traditional assets, negative sentiment towards cryptocurrencies, and uncertainty in the market. As a result, investors could be hesitant to invest in cryptocurrencies, leading to a drop in demand and prices.
Merten added that the Fed’s plan to raise interest rates again to combat inflation could do much more harm to the cryptocurrency business. He predicted that the Fed’s new liquidity traps, hinted at in recent testimony by Chairman Jerome Powell, will cause Bitcoin’s price to go below the $20,000 mark very soon.
Merten claims that the Fed has been intentionally fostering an atmosphere of unbridled optimism in order to funnel money from the actual economy into the more liquid financial markets. Such outcomes include a steep drop in cryptocurrency prices that could take a while to recover from.
Although Merten’s forecast has been met with skepticism from industry insiders, he nevertheless recommends that crypto investors be ready for a potential market catastrophe. He said that Bitcoin bulls should be pleased to pick up BTC between $13,000 and $14,000 if it goes that low, as the past weeks have shown how entwined crypto is with traditional markets.
Overall, investors need to keep a careful eye on the situation as it unfolds and take measures to reduce their exposure. Bitcoin is currently trading at $22,095, inside the $22,000 – $22,100 range it has been in for the past few days.
C+Charge Reaches $1m in Presale, Only 2 Days Left Until Next Stage
C+Charge has managed to raise $1 million in the second stage of its presale, cementing the project’s status as one of the most exciting new projects to enter the industry. The project, which is a blockchain-based system for the Electric Vehicle (EV) charging industry, has a total of eight stages in its presale.
Investors are flocking to the project and it appears that the $600,000 left in the second round will not last long. Currently, the CCHG is priced at $0.01450, with the next stage taking the token to the price of $0.01600. There are only two days left in this second presale stage. Investors should note that entering the presale in this round will result in a 10.3% uplift on February 15.
At this rate, the earliest investors in the project should see a profit of 80% at the end of the presale. The presale has been hard capped at $6.85 million, with no vesting period for presale buyers of the CCHG token. The total supply of CCHG tokens is 1 billion (1,000,000,000), which means 40% are on sale to the public in the presale.
The presale has already seen a lot of interest, largely because of hte novel solutions that C+Charge provides. The project has the capacity to transform the EV charging industry.
What is C+Charge?
As the world moves towards a more sustainable and environmentally-friendly state, several industries are looking to change their processes or implement new green technologies. The problem of climate change and sustainability is now on everyone’s minds and it’s considered a serious issue if companies don’t move towards hitting their green targets.
C+Charge is doing its bid to help the world by being the only ESG-supported sustainable crypto project in the Electronic Vehicle (EV) space. The project is building an on-chain and off-chain platform that rewards EV owners with carbon credits for using and charging their vehicles.
The project was co-founded by Ryan Fishoff, who was the CEO of the publicly traded company American Wealth Mining Corporation, a business focused on crypto, environmentally sustainable investments, fintech, retail, wellness, nutrition, and financial education. C+Charge has received venture capital funding from 360° Crypto Economy of $250,000.
The team has already established a robust design that includes individual wallets, a mobile application, and a P2P payment system for the EV industry. It is focused on creating a unified payment system for the EV market, which will allow users to better see how much they are charged for using EV stations. Of course, they will also earn carbon credits for charging their vehicles, which is a nice way of roping EV owners into the carbon credits market.
The mobile application will let users see how many carbon credits they have obtained, the pricing for charging stations, the locations of these stations, real-time wait times, and more. What’s particularly interesting is that users will be able to pay for EV charging through C+Charge’s native token, CCHG.
The project has already made some headway with partnerships, having struck a strategic partnership with Flowcarbon. This allows on-chain carbon credits to be handed to users.
Token hodlers can also earn carbon credits through a reflection program. There is a 1% tax on each transaction, which is used to purchase carbon credits. This is then distributed to all token holders in the ecosystem. This means even those who don’t own an EV can earn carbon credits. One carbon credit allows for the emission of 1 ton of greenhouse gasses.
C+Charge has also managed to secure an international partnership – with Perfect Solutions Turkey. This will see 20% of the EV chargers in the country added to the C+Charge network.
C+Charge has proven itself to be an innovative project that provides value to users in multiple ways, not the least of which is the aforementioned carbon credits rewards system. As such, it’s clear to see how C+Charge can be the ideal solution in a world that is tackling the pressing issues of climate change.
Bringing Cohesion to EV Charging Station Payment Systems
C+Charge solves many of the issues in EV charging payment systems. Primarily, it offers a universal payments system with an app that interfaces seamlessly with the platform. As a result, it doesn’t require the installation of expensive Point of Sale (PoS) equipment – instead, drivers use the CCHG token to pay.
Furthermore, the GNT token is a verified voluntary carbon credit. This has been backed by venture capital firms a16z Crypto and Samsung Next as well as fund manager Invesco.
Blockchain technology offers several benefits, including being able to reduce costs associated with managing stations and transmitting information in real-time. Additionally, it also allows for diagnostic tasks.
Everyone Benefits from C+Charge
The mission of C+Charge is to democratize carbon credits so that an increasing share of carbon credit revenue can be distributed to all stakeholders. It is estimated that the carbon credits industry will be worth $2.4 trillion by 2027, so opening up access to EV drivers will be a huge business.
By decentralizing EV charging payment systems, carbon credits allow for all stakeholders to benefit. This includes the individual user, as opposed to other systems that mostly favor big businesses. EV drivers can both benefit from this system and contribute to the fight against climate change. Meanwhile, manufacturers of EVs, such as Tesla, can earn millions of dollars by selling carbon credits to polluters.
The EV Charging Revolution is Here
C+Charge has made enormous headway in the short time it has been around, attracting several investors to its presale. With its second presale stage set to end soon, investors will want to enter quickly before the prices go up.
Polygon (MATIC) Surges 50% In 30 Days, Attracts Institutional Investors
Polygon (MATIC) finished last week on a neutral note, showing a 2% increase. As a scaling solution for Ethereum, it has gained significant interest from institutional investors looking to invest in the Web3 market. This is evidenced by the fact that the Polygon NFT market on the OpenSea platform surpassed Ethereum’s for two consecutive months, suggesting the potential for attracting developers and investors to the ecosystem.
According to recent crypto price data, Polygon (MATIC) has seen a 50% growth over the past 30 days, putting its network value at $10,808,682,894. Additionally, the total value locked (TVL) assets in Polygon has risen in recent weeks, reaching around $1.2 billion.
It is also worth mentioning that Polygon is host to top Web3 projects such as Balancer, Quickswap, Uniswap V3, and AAVE.
Polygon: Price Action & Market Outlook
The Polygon (MATIC) price has been experiencing a bullish trend since the start of January, with its price in the four-hour time frame showing higher highs and higher lows, a hallmark of an upward trend.
However, RSI indicators suggest that the bulls are starting to show signs of fatigue, raising the possibility of a market reversal in the near future. If Polygon’s price falls below $1.8, this could invalidate or delay the upward trend. On the other hand, a rally above $1.28 could boost Polygon (MATIC) and lead to a new upward trajectory.
Coinglass data shows that Polygon trading has led to $979k in liquidations in the past 24 hours, with a 24-hour trading volume of about $626,510,880. Given these figures, it is expected that the top layer 2 blockchain will see more growth in the future.
Litecoin (LTC) Price To Rally In Coming Days! Will it Hit $100?
Litecoin (LTC) has rallied about 33 percent in the past 30 days to trade around $93.66 on Tuesday. The proof-of-work (PoW) secured digital asset enjoys over 7,365,212 holders who have made a total of 142,360,884 transactions since inception. In the past 24 hours, the Litecoin network has reported a total of 48,552 transactions with over 2.4 million blocks already mined.
However, the underlying value of Litecoin continues to trade below 2018’s ATH. On the weekly timeframe, Litecoin bulls are eyeing to push beyond $100 to retest a psychological trend line that has acted as a resistance level. If the Litecoin price bounces back to the upper side of the trend line, the multi-week bear market will be exacerbated.
However, a breakout above the trend line will see the bulls rejuvenated to revisit the ATH and possibly rally to price discovery.
Closer Look at Litecoin (LTC) Fundamentals
The PoW-secured blockchain has a total hash rate of about 667.32 TH/s and a mining difficulty of around 24.05 million. With a programmatic halving of around four years, similar to Bitcoin, the Litecoin community is expecting the next halving to take place on August 03, 2023. After the 2023 halving, Litecoin’s block reward will be reduced from 12.5 to 6.25 LTC.
As a top-traded digital asset, Litecoin could rally further fueled by a short squeeze as shown by daily liquidations. According to data provided by Coinglass, the Litecoin market has recorded a total of $1.67 million in liquidation in the past 24 hours.
Over, the Litecoin ecosystem is lagging in terms of DeFi development compared to projects like Ethereum that launched at a similar time. As such, the Litecoin long-term bulls may lack much fuel to rally more compared to other top digital assets like Cardano and Solana which have active developers.
XRP Price To Spike Massively In The Next 15 Days
Just like many other cryptocurrencies that have spiked in 2023, there is one altcoin, XRP which has limited its price action. While the major cryptocurrencies like Bitcoin, were recovering, XRP rebounded from $0.33 support and hit the $0.4 area before dropping.
At the time of publication, XRP is selling at $0.386 after a loss of 1.27% over the last 24hrs.
Now, as we enter the second half of January, the upcoming months are very crucial for the cryptocurrencies to mark the bull run. After experts, it looks like Artificial Intelligence will take over the prediction category. This machine-learning algorithm has predicted XRP price prediction for Feb 1, 2023.
XRP Price On A Massive Bull Run
As per AI’s prediction, Ripple’s XRP will experience a massive price hike the next two weeks. Furthermore, the machine-learning forecast claims that by Feb 1, 2023 XRP will hit a target of $0.40. Next, the currency is expected to increase by 2.8% in the next 14 days.
Adding to this prediction, the Trading View flashes buy at 11 and even the moving average points towards buy at 10. Additionally, the oscillators are showing neutral at 9.
Hence, it all depends on market sentiment which has to maintain the current positive trend so that XRP holds on to its bull run.
Solana (SOL) Defies Market Tumult, Rises By 79% In 30 Days
The Solana (SOL) price has seen a significant rally of over 79% in the past 30 days, despite the recent crisis on FTX and Alameda.
According to current crypto price oracles, SOL is currently trading around $21.33, down approximately 6.1%. Since hitting lows of $7.9 in late December, Solana’s price has been on an upward trend, perfectly respecting the support trend line. The rally in the past two weeks has reportedly been fueled by high liquidations and FOMO traders.
From a technical perspective, Solana’s price has a higher chance of making another outburst from current levels, with minimal resistance toward pre-FTX levels. This is supported by the increased daily traded volume, which currently stands at around $1,545,622,867, compared to $500 million in mid-December.
This increase in trading volume indicates higher demand and reciprocates to an increase in value.
However, the Solana rising narrative may be invalidated if the price drops further in strong bars like the rallying ones. In that case, Solana traders can expect to retest the area around $16, where the 200 4H MA has reached.
The Solana sell pressure is expected to widen as FTX officials liquidate over $1.2 billion worth of SOL to repay creditors. Additionally, the Solana ecosystem may record more sell pressure as FTX officials dump over $500 million worth of SPL tokens. According to aggregate data provided by Coinglass, over $8.7 million has been liquidated in the past 24 hours in the Solana ecosystem.
Nevertheless, DeFi developers on the Solana continue to build with over $257 million locked in the Sol network according to data provided by defillama.
Dogecoin to See a Massive Surge Soon? DOGE Price To Surge 30% In Coming Days
Dogecoin (DOGE), the most popular meme token in the world, had an unexpected increase in value a few days ago, which prompted excitement among supporters. Nevertheless, its duration was not very long at all. As this article is being written, the value of the token has decreased by around 2% in only the last twenty-four hours.
In recent times, the DOGE cryptocurrency has not been doing all that well in general. But we shouldn’t throw away all of our optimism just yet. A well-known market expert forecasts that the value of dogecoin will shortly skyrocket dramatically.
DOGE Will See a Surge Soon
Cantering Clark, a well-known pseudonymous analyst, recently informed the followers of his Twitter account that despite the fact that the 24-hour chart for DOGE is now negative, the top meme currency is actually bullish since it has continued to remain above its multi-month support level of about $0.07. At the time of this writing, one DOGE is equivalent to $0.0752.
The expert predicted that cryptocurrency traders would ultimately invest their profits from trading altcoins in Dogecoin, which would trigger a surge toward his goal price of $0.10, which would be a 30% increase in the current price.
His words were:
“There is simply no way that we see sector rotations and sustained pumps without seeing DOGE catch a bid. Multi-month value is holding as support. Lows back through November probed and then reclaimed. Looks good for much higher.”
Could 2023 Be DOGE’s Year?
After Dogecoin’s (DOGE) price hit a difficult patch in the previous months, crypto traders and investors have been attempting to anticipate what the future holds for the dog-themed meme coin this year.
Particularly noteworthy is the fact that significant cryptocurrency investors (known as “whales”) have lately started paying attention to Dogecoin. On the other hand, the token’s trading volume has dropped by approximately 40% in the previous 24 hours.
Bitcoin to Hit $19K in the Next 10 Days & $25K in February 2023!
Bitcoin price has been largely bullish since the beginning of 2023 and after recording a series of bullish candles, the bulls apparently look exhausted. Therefore, if the bulls lose out their strength, then the possibility of a healthy upswing remains may be halted for a while. However, it appears that the price corrections are just to attract more liquidity over the platform which is more required to uplift the price to reach the desired target of $20,000 very soon.
The BTC price since its trend reversal from the lows below $15,000 appears to follow a pattern of maintaining an upswing along the lower trend line. Ever since the beginning of the year 2023, the price has been incremental and much above the trend line. This indicates the growing strength of the bulls and being self-assured of laying down a firm upswing to reach the levels at $19,000 in the next 10 days.
The current trade set-up flashes bullish signals as the price is preparing to move beyond $19,000 any time from now. The RSI is displaying a steep upswing due to which the price is believed to remain inflated for a longer time frame. However, $19,000 has been a strong support zone previously and hence may hold the prices, if cleared these levels well in time.
Furthermore, on achieving $19,000, the path towards the higher targets becomes pretty clear. The next destination of the BTC price could be $20,000 and after securing above these levels, a notable upswing may uplift the price close to the pivotal resistance at $25,000.
Once the Bitcoin (BTC) price manages to secure levels above $25,000, the bears could have lost ground for a while as the resurgence of the bullish trend may uplift the price beyond $30,000 in the coming days.
Cardano Price to Remain Outrageous, Top Reasons Why ADA May Reach $0.5 in Next 10 Days
Crypto markets go green within the beginning of the fresh weekly trade as Bitcoin price successfully sustains above $17,000 for more than 24 hours. Cardano’s price also received a significant bullish push that assisted the price to rebound from the lower bottom and raised beyond $0.34 since the beginning of 2023. It appears that the bulls again entered the ring as the trading volume soared more than 100% in just a couple of hours.
With the massive upswing, the ADA price remained in the spotlight as it breached several short-term indicators and previous resistance zones. Trading currently at around $0.315 after rebounding finely from the bottom at around $0.24. The bulls managed to break above the 8-day EMA and 21 -day EMA, indicating the revival of the bullish trend as they have collected several liquidity barriers.
The price due to the market crash in the last few days of 2022, plunged below the support levels of the descending parallel channel. The token hovered below the channel for a short time frame as the recent bullish push raise the levels back above the channel.
However, the price is witnessing significant bearish pressure at the moment with an intention of lowering the price levels below $0.3. However, the bulls appear to be pre-determined as the price levels are held tightly above $0.31.
If Cardano successfully maintains the day’s close above $0.3 and the weekly close above $0.35, then the path toward $0.5 may be validated. The price may maintain a notable upswing regardless of the bearish interference which is expected at frequent intervals.
The bulls after a certain period may get exhausted and allow the bears to jump in. This may slightly impact the progress of the rally aiming for a price slash towards the 21-day MA level at $0.26.
Ethereum To Witness More “Painful” Days Ahead! Here’s What Analysts Are Saying
It has been 100 days since the ETH Merge! By turning off energy-intensive mining 100 days ago, the Ethereum network became a beneficial contributor to global health.
The Merge combines the current execution layer with the just-deployed consensus layer (the Beacon Chain), creating a mainnet platform secured by proof-of-stake while preserving the current state of Ethereum.
Several advantages of ETH include, First of all, Ethereum enables more users to join the network. Secondly, Sharding is also made possible by the Merge. Third, Ethereum now has a better environmental impact.
Is ETH more resilient than BTC?
In a recent tweet by @Ethprofit it displayed charts from the ETH network indicating the resilience of ETH in comparison to BTC. ETH is running at almost 100% capacity, with no validators dropping off. Additionally, it demonstrated how the BTC loses 30% of its security overnight because of being too “cold.”
ETH is heading to become the world’s top NFT ecosystem. In 2022, a total of $23.7 billion worth of NFTs were minted and traded on Ethereum and the weekly volume reached $1.6 billion.
However, it’s not all good news this holiday season for ETH. The issuance of Ethereum is currently close to zero. The supply is only increasing by 0.012% annually and has slightly decreased since reaching a peak of 121.3K ETH. The fundamentals look positive for ETH but this has not been reflected in the price action of the currency despite good developments in the industry.
Ethereum is presently trading at $1,220 per unit. Since the asset has stayed range-bound at $1,200, there hasn’t been much of a change in price over the weekend. Analysts believe that the price of ETH will continue to fall. The support at the current levels may also be shattered soon, according to technical indicators.
What does 2023 look like?
Ethereum is currently trading at $1,220. Even though the market is favorable for a surge in prices of the coin. In reality, there has been almost no change in the prices at all. Multiple analysts believe that the price will continue to fall.
Ripple Vs SEC Lawsuit: Filan Shares Scheduling Update With 5 Key Days
The most recent development in the legal battle between Ripple and the SEC is that both parties have now filed a combined application for a time extension until January 13 to post the Daubert papers and related exhibits on the public docket with redactions that are consistent with the court’s sealing judgment from December 19.
The court approved the company situated in San Francisco’s request to modify the documents that it had submitted in connection with the Daubert motions, therefore the company was awarded a tiny victory as a result of this verdict. This is done with the intention of protecting both the legal privacy concerns of third parties and the confidential business interests of Ripple.
The Daubert motion is unique in that it is also used to exclude the testimony of an expert witness who does not meet the criteria for expert witness status. While this latest development may not guarantee a victory for Ripple or signal the conclusion of the lawsuit, it does indicate a little uptick in optimism.
James K. Filan, a defense attorney and former prosecutor who has been actively following up with the case and posting developments on his Twitter page, is the one who shared the new update. And there is no doubt that the community is thankful for his engaged enthusiasm.
5 Important Dates To Watch As The Case Nears Its End
In his post, James Filan also mentioned five significant upcoming dates in the case’s final stages. On December 22nd, both sides will submit omnibus requests to seal documents associated with summary judgment motions. The parties are also required to submit redacted versions of the above papers simultaneously to the court.
Second, the deadline for parties to ask the court to seal evidence in connection with applications for Summary Judgment is January 4. According to Filan, these parties have waived their right if they do not do so by the deadline.
The court has set January 9, 2023, as the deadline for both parties to respond to the December 22 Omnibus Motions. On January 13, as requested by both parties on Tuesday, the public filing of Daubert Motions to exclude expert testimony will occur.
After that, on January 18th, the court will expect all parties to file their responses to the third parties’ petitions to seal papers pertaining to the Summary Judgment.
This day, two years ago, the SEC filed a complaint against Ripple and its officials, claiming the offer and sale of an unregistered security. The fact that it will soon be over is something that I am sure excites all of us. Everyone is crossing their fingers that Ripple will win. As for me, I sincerely think Ripple will emerge victorious.
Oryen Network Likened To The Early Days Of Pancakeswap And Venus Protocol
Oryen Network, a new cryptocurrency, is surpassing the majority of the market and is rapidly skyrocketing in price and performing better than successful altcoins such as Pancakeswap and Venus Protocol.
A new decentralized finance (DeFi) initiative called The Oryen Network is attracting much interest. The project shares many similarities with Pancakeswap (CAKE) and Venus Protocol (XVS), and it has the potential to be a significant player in the DeFi arena.
Oryen greatly exceeds Pancakeswap & Venus Protocol, which both provide APYs of 10–20%, by giving a fixed APY of 90%. Oryen is a superior option overall since it offers investors a less complicated investment method than any of its rivals.
Pancakeswap, the most well-known decentralized exchange on the Binance Smart Chain, attracts yield producers from all over the world. CAKE is its native token. Investors may expect to make good returns from PancakeSwap’s primary liquidity pools.
CAKE Holders can stake and make passive revenue. Because Pancakeswap employs proof of stake to secure transactions, there is a good level of safety in the protocol. However, the APYs fluctuate, meaning it is harder to judge returns than with Oryen.
Oryen Network (ORY)
Oryen Network is already making ripples in the market. Despite the project still being in its early phases, numerous significant companies in the industry have shown interest in it.
Oryen Autostaking Technic (OAT), the network’s proprietary function, is the main driver for the success of ORY so far. It ensures that every ORY holder receives their regular rewards, paid out every 60 minutes. It is a fantastic way to build on investors’ already existing wealth.
The APY generated by the protocol is supported by a wallet that accumulates value from trading activity, meaning that users can feel safe in knowing their assets have value to support it.
Its best quality is that holders of Oryen don’t have to do anything to get their money. Simply purchase a few ORY and put them in your wallet. Automatic staking of tokens takes place, and rebase rewards are airdropped back into the wallet of the holder right away, something that Jim Crypto was keen on and earned Oryen Network a place on the Top New Cryptocurrency list.
Venus Protocol (XVS)
Venus Protocol is a money market protocol that was hard forked from Compound and MarkerDao in the past.
Venus is a borrowing and lending protocol, so users may lend their assets to others in exchange for fees or if leveraging is your objective, the other way around.
Venus has the Reserve Factor, which measures the amount of interest accrued in the Reserve Pool to safeguard lenders from liquidation for further stability. The rewards for staking in Venus are meager when compared to Oryen Network.
Analysts believe that there will be more potential for greater gains with Oryen. Early investors are conscious of this as they are responding quickly to it, with the launch price confirmed to be more than twice as high as current pricing. Automatic staking will be the greatest method to earn money with it after the launch takes place.
Disclaimer: This is a press release post. Coinpedia does not endorse or is responsible for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company.
XRP Price Surges Above $0.41, Poised to Hit $0.5 Before the end of the Day’s Trade
XRP price is surging, decoupling from the entire crypto space. Marking more than 8% gains since the early trading hours, the price now aims to reclaim the levels above $0.45 at the earliest. Meanwhile, the bears continue to remain unresponsive for a while, which may impede the possibility of a major rejection until the end of the day’s trading.
Regardless of the proceedings in the Ripple vs SEC case, the XRP price continues to manifest an independent rally. Hence, the asset could gear up and intensify the upswing that it ignited since the beginning of the monthly trade.
The major accomplishment of the XRP price is that, despite the presence of bearish clouds, the XRP price did not test the June lows, while most assets formed new ones. This clearly shows that the XRP community was stronger than the BTC community, which drove up the price. Therefore, a significant upward price action may be aspiring for the next few hours.
As the price has decoupled with the market sentiments, it’s time for the buyers to realize their strength and act accordingly. Presently, one can expect a growth impulse that may hit $0.5 wherein the bears may compel the price to remain consolidated for a while. Furthermore, the next impulse wave may trigger a larger price action that may break the trendline and reach the local target of around $0.6 to $0.65 in the next couple of weeks.
Collectively, Ripple’s XRP price is displaying acute strength that may help trigger a large price movement in the coming days.
Crypto Markets to See Forced Liquidation in 10 Days: Kevin O’Leary
Fears of a contagion, sparked by concerns about the liquidity of FTX and Alameda Research, caused the cryptocurrency market to plummet massively, and huge sums of money were liquidated.
Kevin O’Leary, popular as a Shark Tank investor, has put forward his opinion about a possible liquidation that is looming around the corner.
O’Leary has pointed out how the FTX collapse has negatively impacted the markets and even his own investments.
Why the sudden collapse? A Look Within
In a recent interview with Crypto Banter, O’Leary explains that he found his FTX holdings to be zero when he logged in on Monday morning.
“In our operational company, we must do a mark-to-market every 12 hours… So, on Monday at nine o’clock, we did a mark-to-market, declaring that all of our assets had vanished and that we had lost all of our money invested in FTX International and FTX USA. A challenging day indeed. That’s going to be very popular.”
The investor and analyst didn’t just stop at mentioning FTX; he also indicated he has additional investments that are suffering. They enforce rules that make it so that institutions and workplaces are more open to different perspectives and backgrounds. They, therefore, do not have full control over all of their FTX cryptocurrency holdings.
“We don’t do that since it’s not in line with us and our rules for running our business”
Moving forward, O’Leary stated that communication with the auditors was the next major worry facing the cryptocurrency space. He doesn’t know where to put them, but for now, Canada will be the safe option.
In the upcoming days or weeks, according to O’Leary, more dominoes will fall as a result of the collateral harm caused by FTX’s collapse.
The bottom line
As predicted by him, there will be several “forced” liquidations in 10 days. As a solution, he proposes the need for repositioning and informed that he had had an interesting chat about this with the auditors yesterday. Kevin stated that he will treat this investment loss as a tax loss.
Since this is the first year that the IRS and other tax officials across the world are considering this asset in the same way they treat stocks, he stated that he won’t re-establish his positions until 31 days have passed.
All in all, if the investor’s analysis holds any weight, it’s safe to assume that there will be a lot of selling from now till mid-December.
13,000 ETH Burnt In The Last 3 Days As FTX Collapse
Amidst the FTX-Alameda crisis, on-chain transactions have spiked which has resulted in burning of 13,000 ETH in just three days as reported by Etherscan. This is the result of users flocking in to get their assets moved out of exchanges after FTX exchange collapsed.
The Reuters news agency has reported that Sam Bankman-Fried, FTX CEO has informed his employees that the firm had moved nearly $6 billion of customer withdrawals in the last three days. Also Ethereum’s hourly withdrawal on FTX has hit an ATH. On the other hand, ETH’s supply graph suggests that the currency’s supply has dropped massively earlier in the week.
Bitcoin Price To Drop By More Than 15% In The Coming Days
The FTX-Binance drama has adversely affected the crypto space, especially the star cryptocurrency, Bitcoin which has dropped steeply below the $17,000 area. The latest updates from JP Morgan claim that Bitcoin is about to plunge towards $13,000 level. As per JP Morgan the crypto market will face huge margin calls in the coming weeks due to FTX getting into bankruptcy.
On the other hand, technical strategy head, Mark Newton has predicted Bitcoin to bounce back towards $13,000 level. Newton is also of the opinion that if bulls fail to capture the market, the King currency will fall around $10,000 further.
Bitcoin Price Crash! BTC Price to Hit $15K in Coming Days Predicts Bitmex CEO
Market participants are now dreading that the worst isn’t over for the crypto space.
A famous cryptocurrency strategist and trader recently forecasted that Bitcoin must first decline by 30% with a $15K drop in 2023 before it has any chances of a revival.
Bitcoin has broken through a crucial support zone multiple times in 2022, increasing the risk of greater drops. While BTC is expected to rally in 2023, the first half might be nothing less than a massacre.
Bitcoin Price Nosedives
The former CEO of BitMEX, Arthur Hayes, has turned to Twitter to predict that Bitcoin is expected to hit $15k in 2023.
The analyst declared that he had purchased Bitcoin put options with a strike price of $15,000, and claimed they will no longer be valid in a few months from now.
FTX’s liquidity dips
Several people assumed that the bear market had reached its bottom, however, the Bitcoin price is reacting to FTX’s stress by attempting to reach a new annual low.
Hayes’s tweet came after the biggest cryptocurrency’s price earlier today fell to $19,244 on the Bitstamp exchange as a result of the FTX outbreak.
On the other hand, when Binance revealed it had achieved an agreement to acquire FTX, the acquisition boosted the cryptocurrency markets, and Bitcoin regained the $20,000 mark.
Short-term price reversal
However, the momentum did not last long and there was a new round of catastrophic events. This led the leading cryptocurrency to reverse its direction as it is currently trading at an intraday low of $18,943.
Given the present volatility, $614 million in BTC longs is at risk of being liquidated, with over $224 million already being forced to sell on November 8.
Further, Bitcoin experienced a volatile 12% collapse in 24 hours, touching 2022 record lows, as traders sold off in preparation for the November 10 CPI reporting event.
Expectations for 2022–2023
FTX’s capital crisis and investor anxieties from previous insolvencies are driving crypto market prices down.
In the meantime, investors’ appetite for risk is likely to remain low for a while now, and potential crypto traders may consider waiting for signals that U.S. inflation has peaked and the regulatory environment has stabilized.
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This Altcoin Soared 200% in the Past 2 Days, Has the AltSeason Just Began?
Bitcoin price is heading close to $21,500 after hovering along the pivotal resistance at $20,000 for quite a long time
Some of the altcoins like Band Protocol, Arweave, Chilliz, Fantom, and Litecoin have gained huge bullish momentum and spiked high
After the bearish September faded away, October also kept the crypto space in splits. Meanwhile, since the beginning of November, Bitcoin along with most of the altcoins has been pretty incremental. With the resurgence of a notable upswing, the probability of the beginning of an AltSeason emerges.
Below are the popular altcoins which have raised above the bearish captivity and may maintain a significant upswing in the coming days.
- BAND price surged high and regained the levels prior to the market crash in May 2022 but the extended bearish activity has halted the upswing to some extent
- The price is expected to hover along the upper resistance for a while and later with the bullish interference the price may breach through the resistance and rise high
- After regaining the levels above $3.5, the asset may eventually head towards $4 initially and later may head towards $4.5
- The Chiliz platform is recording enhanced trading activity as the volume has soared magnificently in the past couple of months
- Presently, the price is closer to testing one of the crucial resistance at $0.2657, wherein a significant upswing is expected.
- With an upswing, the CHZ price may rise high and reach the upper targets at around $0.32, else a rejection may drag the price lower close to $0.2 areas
- After breaking the above consolidation, the LTC price is testing the crucial descending trend line and hence a breakout from these levels may certify a bullish trend
- On the contrary, if the price faces a rejection, it may drop slightly following a significant rebound which could be fueled when the asset reaches the support at $64
- With a rebound, the price may begin a firm upswing and also try to breach through the descending trend line and rise high to reach the upper targe close to a 3-digit figure
Dogecoin Shorts in Play, Primed to Drag DOGE Price by 35% in the Coming Days
The crypto space has been gaining significant momentum, but the Dogecoin price appears to have been slightly overpowered by the bears. The price, after facing rejection at the monthly highs, has been trading under a bearish influence. Therefore, it is being speculated that the hype is about to die very soon, which may gradually lower the price levels in the coming days.
Dogecoin’s price after the rally began to trade within a symmetrical triangle that offers both the possibilities of an upswing and a downswing. Therefore, the DOGE prices are expected to hover within the triangle for a while before reaching the apex of the consolidation. Further, depending on the induced volume, the price may either surge high to reach $0.15 or drop down to test $0.11.
However, the volume of the platform has dropped notably ever since the price marked its high this month. Meanwhile, the bears also appear to be in action which may keep the price compressed. On the other hand, the Dogecoin hash rate is surging high and close to mar new highs very soon.
The rising hash rate indicates a healthy network that may in turn lead to a price rise ahead. As more miners are required to confirm the blocks, the network also appears to be pretty secure at the moment. It has to be noticed that the hash rate was almost half the value when the DOGE price reached its high at $0.76 in 2021. Also, now when the has rate reached a new ATH of 0.51K in May 2022, the DOGE price was within a descending trend.
Conversely, the trend has flipped and the Dogecoin price is rising with an increase in the hash rate, which implies a larger move may be fast approaching. Therefore, with the short positions being placed at the monthly highs, they may be in play for a while, beyond which a notable upswing appears to be imminent.
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Crypto Bear Market Will Get Worse In Coming Days – Predicts Tezos Founder
On Wednesday evening, Bitcoin was largely flat, but Dogecoin and Ethereum saw gains with the total market value of cryptocurrencies being roughly constant at $1 trillion. After a largely lackluster market month, cryptocurrency ended October slightly higher, setting up what may be a busy November. Many cryptocurrency companies began to struggle as a result of falling bitcoin prices as the U.S. The Federal Reserve scaled back its pandemic-era support.
Over 70% of the recent peaks have been lost by large corporations like Bitcoin, Ethereum, and others. The Fed, which is steadfastly working to control inflation, is on track to announce another rate hike.
Cofounder of “Ethereum killer” Tezos Kathleen Breitman predicts that the current bear market cycle in cryptocurrencies will only worsen. Breitman explains that cheap money “inflated” the most recent bull run.
She said that “a lot of easy money was pouring into the system.” The co-founder of Tezos thinks that the value of cryptocurrency enterprises has increased. She cited the fact that despite its sales volume dropping compared to 2021, the top NFT marketplace OpenSea is still valued at an astounding $13.3 billion. “There was a lot of cheap money that went in. Valuations went super sky-high,” Breitman noted.
Bear cycle similar to previous cycle?
The analytics company Glassnode compared the bottom of the current Bitcoin market cycle with those from earlier bear markets in its “week on-chain” report on October 31. A double-top rejection from last week’s relief rally appears to have put an end to it. The market was “hammering out a Bitcoin bottom, with almost textbook similarities to earlier cycle lows,” according to Glassnode.
It stated that, similar to earlier cycles, investors and hodlers have suffered significant financial losses as a result of the bear market in Bitcoin. It went on to say that the only thing left is a component of time and investor indifference.
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Will Chainlink Price Hit $10 In Coming Days ?
It appears that bears are slowly making their move towards capturing the crypto market again with Bitcoin losing its $20,600 area along with pulling back other cryptocurrencies. Amidst this there are a few altcoins which are still managing to surge and one such currency is Chainlink.
In the month of August, Chainlink closed the month on a bearish note, but September was in favor of LINK while October has seen a bit of both bearish and bullish trend.
During the last weekend, this oracle network had surged towards $8 before making a slight setback. At the time of reporting, Chainlink is selling at $7.89 after a jump of 2.20% over the last 24hrs and 13.52% in the last seven days.
The main reason for Chainlink’s such positive price action was due to its strong whale activity. The on-chain data service, Santiment has reported that whale transactions related to LINK has hit 4-month high in the last weekend. As per the reports, on 29th October alone, there were 33 different LINK transactions which surpassed $1 million which is the highest since June 27. Overall the month of October has seen a strong whale activity.
Chainlink Price At $10 ?
At the moment, for Chainlink price $8 acts as a strong resistance. If the currency manages to reclaim this price level, then LINK will experience a massive price rally ahead.
On the other hand, on Oct 29th, Chainlink had made an announcement in regards with the network’s efforts towards Web3 world.
However, now Binance, world’s largest crypto exchange has emerged as a competitor to Chainlink network after the exchange launched its Oracle network last week.
Overall, if Chainlink bulls manage to maintain a strong bullish action amidst the ongoing market volatility, the currency will soon see new heights.