The cryptocurrency market has been a wild ride, with Bitcoin as the longtime leader. But as the market grows, altcoins are gaining traction and catching investors’ eyes. Altcoin season, also known as alt season, is a hot topic of discussion among crypto experts, with varying opinions on when it will make its comeback in the markets.
Bitcoin, as the pioneer of cryptocurrencies, has historically had a major influence on the market. However, the altcoin space, led by Ethereum (ETH), faces more challenges. The altcoin space, represented by coins like XRP, Binance Coin (BNB), Cardano (ADA), and Polygon (MATIC), is experiencing mixed performances. While some coins have shown signs of recovery, they are struggling to maintain their gains.
Nicholas Merten, in a new YouTube video has shed light on the current market scenario for the altcoin. According to him, Ethereum has displayed some resilience, with higher lows, but it has been encountering resistance at the $2,000 range, which previously acted as rock-bottom support leading to significant price gains.
He said, “I got to be honest with you guys, all DeFi ecosystems are bleeding right now. It’s not an attack on Cardano, it’s not an attack on XRP or Arbitrum or Optimism. It doesn’t matter if you like these networks, guys, at the end of the day, you want to look at the fundamentals. The fundamentals are terrible right now.”
According to him, one of the factors contributing to the lackluster performance of altcoins is the current state of decentralized finance (DeFi) ecosystems. While DeFi has been hailed as a revolutionary application of blockchain technology, the market is not witnessing significant innovation and adoption.
As per the alt season index, the altcoins officially initiated the alt season in July 2023, registering a score of 88 on a scale of 0 to 100. A value greater than 75 on this index indicates that it is an altcoin month, signaling a period of potential outperformance for altcoins compared to Bitcoin.
While XRP captures the spotlight with its recent favourable court ruling on July 13, VC Spectra (SPCT) and 1inch Network (1INCH) are emerging as hidden gems. 1inch Network (1INCH) surges to a 30-day high in its average trading volume. Meanwhile, VC Spectra (SPCT) has generated significant investor attention, successfully raising $2.4 million during its private seed sale. Read the following sections to find out more.
XRP Takes the Spotlight: Favorable Ruling Propels the Altcoin
After a period of legal uncertainty and trading restrictions, XRP is now poised for success in the cryptocurrency market. XRP witnessed an extraordinary increase in trading volume, reaching $10.4 billion on July 13.
The court ruling declared that Ripple’s XRP is not a security. This led to a dramatic surge in XRP’s 24-hour trading volume, from $613 million to $11.2 billion on July 13. Consequently, its value skyrocketed by 85%, surging from $0.47 to $0.87.
XRP trades at $0.72, demonstrating resilience despite the overall market downturn. In addition, XRP’s market capitalization has experienced a significant boost, reaching $38.8 billion within the past 24 hours and propelling XRP to become the fourth-largest cryptocurrency by market capitalization.
VC Spectra (SPCT): Unleashing Potential for Gains
VC Spectra (SPCT) is also reshaping the sector through its commitment to innovation, driving financial growth via strategic investments and initial coin offerings (ICOs). Offering sustainable development, VC Spectra (SPCT) presents a gateway for investors to partake in lucrative blockchain ventures.
Investing in VC Spectra brings exclusive benefits for token holders. It operates on the Bitcoin blockchain as a BRC-20 standard token. The VC Spectra token serves as a medium of exchange that facilitates decentralized trading, asset management, and transaction fees on its platform. Its investors unlock opportunities for enhanced profitability and participation in the token’s value appreciation.
VC Spectra (SPCT) is on the cusp of entering Stage 2 of its public presale, further solidifying its position as a leading decentralized hedge fund. This significant milestone may trigger a notable surge in the VC Spectra (SPCT) price, with projections pointing to a 37.5% rise to $0.011 from the current VC Spectra (SPCT) price of $0.008.
1inch Network (1INCH) Token Skyrockets to a 30-Day High
In the aftermath of Ripple’s recent legal triumph against the US SEC, the cryptocurrency market also experienced an impressive surge in the price of 1inch Network (1INCH). This was evident in South Korean cryptocurrency exchanges, with UPbit leading the way.
Amid this rally, 1inch Network claimed the position of the second most traded coin on UPbit, boasting a 24-hour volume of $360 million. This represents over 15 times the 30-day average trading volume of 1inch Network on the South Korean exchange.
In addition, the 1inch Network price surge since yesterday has also triggered short liquidations worth $2.49 million in the perpetual swap markets. The open interest (OI) volume for 1inch Network perpetual swap contracts has reached a 20-month high, surpassing $72 million.
Notably, 1inch Network emerged as the top gainer in the market, enjoying an overnight gain of 20%, rising from $0.35 to $0.42. This highlights the growing interest and demand for the token.
Find out more about the VC Spectra (SPCT) presale here:
Credible Crypto, a well-known analyst, suggests that BTC’s recent support at $25,000 signals the start of a bullish market. With historical evidence of impressive rallies, let’s explore Credible Crypto’s forecast for Bitcoin’s monumental moves in the coming months.
In a recent Twitter post, Credible Crypto shared his thoughts with his followers, stating, “Bitcoin’s bull market is likely underway after BTC successfully retested $25,000 as support.” Drawing inspiration from Bitcoin’s 2020 bull market, Credible Crypto highlights the trend of increasingly larger monthly price moves. As BTC climbs higher, the analyst expects the monthly gains to surpass $10,000, creating a pathway for a new all-time high.
October: A Game-Changing Moment
Confident in Bitcoin’s upward trajectory, Credible Crypto boldly predicts a potential new all-time high by October. With a $40,000 gap between current levels and the previous ATH, the analyst suggests that a parabolic advance could close this gap within a few months. As we enter July, August, and September, the anticipation builds for a potential October breakthrough. July, in particular, has been predicted by many veterans as the month of rallies.
Taking a broader perspective, Credible Crypto envisions Bitcoin soaring even higher. The analyst’s chart hints at the possibility of BTC reaching an impressive $120,000 by year-end. Each passing month brings Bitcoin closer to monumental milestones, fueling excitement among investors.
With Bitcoin currently trading at $30,543, all eyes are on its future. Credible Crypto’s insights offer a tantalizing glimpse into the potential for Bitcoin’s surge to new all-time highs. Brace yourself for an exciting journey as Bitcoin aims to rewrite the record books by October. The prospect of BTC’s remarkable ascent captivates the imagination and piques the interest of investors worldwide.
The crypto markets are closing the day’s trade on a bullish note after the past couple of days. Hence, it is now believed that the popular tokens are expected to maintain a decent upswing, withstanding the interim bearish actions. However, the Bitcoin price is currently struggling at $30,000, which raises speculation about the beginning of a fresh consolidation.
During the previous cases, the BTC price underwent a narrow consolidation for more than a fortnight at each resistance, and hence a similar action is speculated at the moment.
The markets have received a magnificent push ever since the industry giants filed for a Bitcoin spot ETF. While some of them have also announced plans to launch a crypto exchange, which has made the investors extremely bullish in the long term. Therefore, one of the popular analysts, Michael van de Poppe, earlier said that the bull run has begun and now rolls out the highs for the current bull cycle.
The analyst lists the highs of Bitcoin, Ethereum, Chainlink, Avalanche, Litecoin, & Cosmos and further believes that a correction or rejection could follow the rally. Presently, the Bitcoin RSI has spiked to hit the upper resistance, standing at 70.74. Hence, a minor bearish divergence may drag the price lower. However, RSI is an additional indicator that follows the price, and hence an adjustment could be possible that may make RSI recover over time.
Having said that, the Bitcoin price may resume with a notable upswing and continue to rise towards the above-mentioned target. While the other altcoins may follow the star crypto and register new highs for the year 2023.
Popular crypto analyst Nicholas Merten has made a prediction about the altcoin market. According to Merten’s recent DataDash update, he anticipates a significant decline in the altcoin market cap, primarily influenced by the plummeting value of memecoin Pepe (PEPE).
Merten highlights that the current state of the altcoin market lacks any significant catalyst to attract increased liquidity. To support his prediction about the ongoing decline in altcoin market liquidity, Merten dives into the recent price movements of three layer-2 scaling solution projects: Optimism (OP), Arbitrum (ARB), and Polygon (MATIC).
By analyzing the price action of these projects, Merten says that there is a continued drain of liquidity from the altcoin market. Merten also says that Pepe is a telltale sign that the altcoin market is weakening.
“And if Pepe wasn’t the sign here for you guys. I don’t know what is. If the only thing that is getting people excited in this period of time is a memecoin, which has been dumping here over the past couple of days. This is just abysmal for the industry. Speculation does not do well in contractionary environments,” he added.
In contrast to Merten’s perspective, crypto analyst Michael van de Poppe holds a different view, especially with the upcoming Bitcoin halving event. Van de Poppe believes that now is the right time to accumulate alternative coins or altcoins.
According to his analysis, the Bitcoin halving can potentially lead to increased liquidity flow into altcoins as investors seek opportunities beyond the dominant cryptocurrencies.
He wrote, “For altcoins, the time to accumulate them has come. One year before the halving -> time to buy those positions. Reached an important level here, which is also approx. 1 year before the halving.”
Cryptos have become a staple part of financial transactions now due to the elimination of specific fees, risks, and regulations. The growth of the industry has been remarkable in the past decade making them a valuable investment option. Here are 10 reasons why you need to consider the top cryptos for your investment portfolio.
Acceptance of crypto is increasing globally. Countries like Africa, China, India, South America, and more are rapidly adopting the payment option. Merchants and businesses are seeing it as a favourable payment mode. Further, the new technologies in the sector have made cryptos easy to use.
Trading is simple, easy, and flexible. You can purchase cryptos via your bank account, PayPal, and credit/debit card. The use of blockchain technology enables easy buying, selling, transfer, and exchange.
All digital payments are stored in a public ledger which makes the data transparent and unchangeable. The info is verified and immune to hacking.
The cost of transactions done via a traditional banking system is high as there are fees related to employee payments, building rentals, utility bills, and more. With digital currency, all transactions are done online resulting in lower fees.
Although no particular system is immune to hacking as seen by the hacking of a few of the exchanges in the recent past, cryptos offer better security than conventional assets. It is not an easy task to hack into a decentralized exchange and if a hacking incident is present, most exchanges are ready to reimburse the stolen asset.
Portfolio diversification is a time-tested method used by investors with success. With the inclusion of crypto assets in your portfolio, you can diversify and protect your assets from economic and geopolitical issues.
Due to the elimination of government regulations, digital currencies are protected from inflation, bank failures, and other economic debacles.
- Protect From Currency Inflation
When compared to fiat currency, cryptos are not susceptible to inflation. They are digital assets with global value and are not controlled by regional inflationary issues.
Blockchain technology integration has enabled the currency to be secure from hacking, counterfeiting, and other manipulative methods.
Since there are no middlemen or regulatory mechanisms, no taxes are associated with the cryptos. Further, the transaction fee is also very minimal.
Cryptos Are Here to Stay
Although the technology behind crypto is complex, investing in it is easy. But ensure that the crypto investment makes a part of your portfolio. Make a thorough research before choosing an asset. Investing in early projects like Uwerx that could generate high returns is a prudent strategy to try.
The freelance-based platform provides real-world value and tangible benefits that could turn into future blue-chip crypto. With a low initial price and high price prediction, it could be an excellent option. The links below will give more info on the Uwerx presale.
|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. The image used in this article is for informational purposes only and is provided to us by a third party. Coinpedia should not be held responsible for image copyright issues.
Contact us if you have any issues or concerns. Readers should do their own research before taking any actions related to the company.
As Popular Hedera (HBAR) and Decentraland (MANA) Drops, Sparklo (SPRK) Makes Great Headway at Presale
With more and more cryptos emerging, investors are always on the lookout for smarter investment options in the blockchain and crypto space. At some point, Hedera (HBAR) and Decentraland (MANA) were hot prospects for investors. But times have changed, and these two are currently dipping on the market charts.
Far from that, a newer prospect on its presale stages has made remarkable strides, making investors ditch popular coins to make room for it. With its strategic pricing and peculiar partnership, Sparklo is set up for success and garners attention as a smarter investment option.
Buy Sparklo (SPRK) Tokens at Presale Phase Now!
As a blockchain-based Web3 platform, SPRK is designed to help traders trade and invest in precious metals—Silver, Gold and Platinum. Its main aim is to objectively enhance opportunities for retail investors by allowing fractional investing using NFTs.
With this innovation, Sparklo will allow investors to buy small amounts of Gold, Silver and Platinum that are within their budget. This provides an opportunity for people who are interested in investing in precious bars.
Presently, Sparklo is at its presale stage, and it’s being offered at a price of $0.015 per token. The price provides a great opportunity for crypto nerds and investors to buy Sparklo tokens early, as the price is expected to rise to $0.017 by the end of April.
Currently, the precious metal market has a market cap of about $14.99 trillion, with Gold topping the charts at $13.3 trillion, silver at $1.42 trillion and lastly platinum at $273 billion.
It’s without a doubt that SPRK is set up for success. Analysts suggest it’ll have a potential growth of 4000x to its current presale value. That’s huge and will certainly position it as a promising investment.
Sparklo may scale higher to the top 100 cryptocurrencies.
Hedera (HBAR) Set to Shut Down Due to Network Irregularities
As a decentralised proof of stake ledger, Hedera (HBAR) has shut down due to Network irregularities. They’re turning off network proxies to make Hedera (HBAR) a safe place for users. The announcement of these irregularities has fueled speculations making rounds on different social media platforms.
Some suggest that HBAR had been hacked. But Hedera couldn’t confirm or deny these allegations. Others suggested that the Hedera (HBAR) hacking was targeting the decompiling process in small contracts and went ahead to advise investors to get their funds out of the platform.
With the announcement, HBAR immediately went downward to about 7% and currently stands at 6 cents. Therefore, Hedera (HBAR) is definitely unappealing to investors.
Decentraland (MANA) Plunges, Will Its Price Drop Further?
On-chain data reveals that Decentraland (MANA) had a flat-out performance on the market. The continuous declining nature of the Decentraland (MANA) is making investors weary of the metaverse project.
The Ethereum based virtual reality project, Decentraland (MANA), was designed to help users monetise their content creation and gaming experience. In the last seven days, Decentraland (MANA) price declined by 15%.
The continuous decline of Decentraland (MANA) is due to a decrease in the Decentraland user base growth rate. Therefore, this isn’t the right time to buy MANA. Seeking other presale gems is highly recommended.
Sparklo, the first blockchain platform, offers traders an opportunity to invest in precious metals that will soar to greater heights. If you’re thinking of buying SPRK tokens, you got to do it as early as now to acquire greater significant gains.
|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. The image used in this article is for informational purposes only and is provided to us by a third party. Coinpedia should not be held responsible for image copyright issues.
Contact us if you have any issues or concerns. Readers should do their own research before taking any actions related to the company.
The rise of PEPE and WOJAK meme coins is nostalgic to most Dogecoin and Shiba Inu holders. Crypto investors with a high-risk appetite have made hundreds of ETH in profit from a fraction of the investment. Furthermore, PEPE’s trading volume has spiked more than 128 percent in the past 24 hours to stand at around $452,788,229 on Monday, compared to Shiba Inu which had a reported traded volume of about $129,660,393.
Bitboy’s PEPE Bag
According to a popular social media influencer, Ben Armstrong alias Bitboy crypto, PEPE coin could have some staying power like Dogecoin and Shiba Inu due to its high trading volume. Moreover, Ben argued that the hype and the online searches for the PEPE coin have significantly surged in the recent past. As a result, the crypto influencer revealed that he holds about $35k worth of PEPE coins at the moment.
He highlighted that the WOJAK coin, which has also recently outperformed top meme coins, was also part of his bag before swapping to PEPE.
“I made a bunch of money with this WOJAK coin. I lost a bunch of money with my GENSLR coin. And so I moved it all over to PEPE, which has been killing it,” BitBoy stated in a YouTube video.
Notably, each meme coin community is the sole driver of their success. As a result, centralized and decentralized exchanges want to attract as many traders through these meme coins as possible to keep their trading volume high, to offset the effects of the crypto winter. Currently, OKX, Deepcoin, CoinW, Bitget, and BTCEX are the exchanges that have listed PEPE coins. Binance crypto exchange, through CEO CZ, has announced plans to support PEPE coin if the demand sustains in the coming months.
In a recent video, the well-known crypto analyst and influencer Ben Armstrong recently shared his thoughts on the XRP Army, the Ripple lawsuit, and his crypto portfolio advice.
Read on for all the details!
The Strong XRP Army
Ben emphasized the importance of the XRP Army in supporting the XRP project. He even went as far as saying that he loves supporting the XRP Army more than he loves supporting XRP itself. He believes that the community is what makes this project, and without the XRP Army, it would not have gained its power.
In recognition of the XRP Army, the influencer has called on creative individuals to create something XRP-related that can be placed on the Bitboy Crypto set. He asked for something unique and cool that can be put on display permanently.
Ripple v. SEC Lawsuit
Ben shared his thoughts on the ongoing Ripple v. SEC lawsuit and its potential impact on the crypto industry. He believes that the case is nearing its end and that a settlement could be reached soon. However, he is unsure whether Gary Gensler, the chairman of the SEC, would easily settle the case as it could ruin his plan to classify every cryptocurrency as a security.
Furthermore, Ben thinks that the SEC’s momentum could be killed if the court decides that Ripple is not a security on the secondary market. The influencer compared the Ripple lawsuit to TRON and EOS, which people thought would have problems with the SEC. He believes that the fate of the crypto industry now relies solely on the outcome of this case.
Crypto Portfolio Advice
To end his video, Ben gave advice on building a solid crypto portfolio and mentioned a few coins that he thinks should be considered. He believes that if you have Bitcoin and Ethereum in your portfolio, you should also consider adding Cardano (ADA), a crypto that he thinks has great potential. He also strongly advises that XRP should be included in every portfolio as it has high upside potential based on a favorable result in the Ripple lawsuit.
Crypto influencer Ben Armstrong, also known as Bitboy Crypto, recently shared his thoughts on the future of the cryptocurrency market, including concerns about potential regulations and his predictions for the prices of various cryptocurrencies.
Regulations Could Impact Crypto Usage
Armstrong warns that, just like with weed, the government could make it more difficult for people to use Bitcoin. If the government were to come out and declare Bitcoin illegal, it could have a significant impact on its usage in the United States. Armstrong also expressed concern about the possibility of Gary Gensler winning the SEC chair position, stating that it would be horrible for the crypto space if he brought all of the cryptos under regulation.
Armstrong also talked about his Ethereum bet, challenging Bitcoin maximalists who think Ethereum will be deemed a security to take him up on the bet. However, he clarified that the bet is not related to the Ethereum initial token sale, as that is not representative of Ethereum as it stands today.
Crypto Price Predictions
Armstrong predicts that if Bitcoin reaches $50,000 by the time of the having, it could be looking at a supercycle. He suggests that regulatory measures between now and the having could impact the market. Armstrong says that he and his team plan to provide a series of price predictions based on different price points, including $20,000, $30,000, $40,000, $50,000, and $60,000.
They will also be more conservative this time around to prevent people from getting their hopes up too high. Armstrong predicts that a $20,000 investment in 10 different coins, including Bitcoin (BTC), Cardano (ADA), Filecoin (FIL), Polygon (MATIC), Stellar (XLM), The Sandbox (SAND), Graph (GRT), Mina (MINA), Optimism (OP), and a $2,000 investment in each, could be worth at least $100,000 by 2025.
The Ethereum (ETH) market experienced a relatively high resistance level of around $1,700 in February after a rally of about 36 percent YTD. Fueled by high whale accumulation, the second-largest digital asset by market capitalization is aiming at $2,000 to invalidate the year-long bear market. After hitting its rock bottom below $1,000 in June last year, the Ethereum price has consolidated around the current range.
However, the Shanghai upgrade is nearing, which will initiate the withdrawal of staked ethers on the beacon chain. With the upgrade, some analysts argue Ethereum will record increased sell pressure as stakes fear the SEC crackdown on staking programs. On the other hand, some crypto analysts believe Ethereum staking will rise as investors can easily access their assets.
Irrespective, Matthew Dixon, CEO of Evai, thinks the crypto market could record a temporary drawback before continuing the rally following a tepid FOMC meeting and a robust United States GDP estimate.
Is Ethereum to $2000 Plausible?
The Ethereum price is well bolstered by the 200 moving average (MA) that suggests a looming breakout to $2,000. According to famous crypto economists Michael van de Poppe, the Ethereum price may retract to $1,600, but the rebound will push it to around $2,000
“Indeed, $1,600 is a great level for longing on Ethereum. Most likely, the trend will continue from here,” Poppe noted.
However, Poppe advised swing traders to have a stop loss of around $1,528 to huge surprises on the negative side.
A breakout toward $2,000 would mean Ethereum price has entered a multi-quarter consolidation period before officially commencing the next bull rally.
Bitcoin price is trying to break out of the consolidation and rise beyond the crucial resistance at $23,400. Therefore, despite constant bearish interference, the star crypto stood strong and closed the day’s trade around these levels. A well-known crypto analyst, Rekt Capital believes that the BTC price may continue with its uptrend as long as its dominance maintains above certain levels.
The BTC dominance is rising and hovering within a descending parallel channel. Hence is believed to reach the upper resistance close to 46% if the uptrend is maintained. This may rise the price beyond the crucial resistance mentioned above. However, if the dominance levels fail to rise beyond 46%, then the BTC price may undergo a minor rejection followed by a sideway trend.
If the BTC price wants to ensure the highest chance of breakout, then it needs to hold above the crucial levels at $23,400 before the end of the present month.
“ To ensure a higher chance of breakout, BTC should ideally Monthly close above the blue $23,400 resistance.
Otherwise, BTC could set itself up for a dip inside this ~$20,000-$23,400 range (blue-blue) to consolidate here for a few weeks,”
Litecoin (LTC) Price
Further moving to the other altcoins like Litecoin, the analyst says that the lite version of Bitcoin is poised to surge and spark a rally towards the north soon. The LTC price after the recent breakout broke above the bullish flag and is trying hard to confirm the breakout while the monthly close is just round the corner.
“It is clear there is a very different reaction to LTC at these prices.
In the past, LTC would either fail a post-breakout retest from the green area (pre-2018) or fake-breakout (2020)
But this time, LTC has broken out from a Bull Flag continuation pattern,”
The lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) is a significant legal case that has garnered a lot of attention in the cryptocurrency industry. At the heart of the lawsuit is the question of whether or not the cryptocurrency XRP, which was created and is sold by Ripple Labs, is a security subject to the SEC’s regulatory authority.
The XRP community is currently anticipating the ruling date as both parties have filed their final submissions. Here’s the most recent update on the case.
The XRP community is in support of a settlement.
Pro-XRP lawyer John Deaton commissioned a poll in advance of the decision asking the XRP community to share potential outcomes in the case. A majority, at 59.2%, thought the case would be settled between the two parties in the December 28 poll that received roughly 18,000 votes, while 40.8% chose the verdict option.
Will Gary Gensler Resign?
In a recent tweet, cryptocurrency enthusiast and content creator Ben Armstrong prophesied that 2023 will be the year the XRP lawsuit concludes and Gary Gensler, the head of the United States Securities and Exchange Commission (SEC), resigns.
According to Armstrong, Gary Gensler, the current head of the regulator, should be pressed to resign in the coming year. Similar requests were made earlier in the year on social media, even before the collapse of the cryptocurrency exchange FTX.
Gensler’s resignation has long been demanded by the public. The former Wall Street banker has been accused of corruption. The crypto community has regularly expressed its displeasure with Gensler. The SEC’s unwillingness to approve a spot Bitcoin ETF and Gensler’s repeated remarks on how digital assets should be regulated are mostly to blame for the frustration.
John Deaton, a pro-XRP activist and crypto lawyer, believes the case will be decided by a judge, rather than the pretrial settlement that many in the XRP community are hoping for. The possibility of crypto winning the lawsuit becomes dicier in the wake of such a result.
Deaton asserts that Gensler will not concede anything during the lawsuit and will not acknowledge that XRP is not a security. Such obstinacy could prove to be a significant impediment to a positive outcome for Ripple and XRP, not to mention Gensler’s resignation.
The lawsuit between Ripple Labs and the SEC has a lot of potential outcomes. However, only time will tell how the lawsuit is resolved.
This year has been difficult for cryptocurrency investors. Many are wondering if the situation will improve in the coming year. After the Terra Luna and FTX disasters, what are industry participants and new blockchain companies excited about for 2023?
In addition to a loss of trust in crypto, prices have declined due to rising inflation and interest rates.
What’s in line for Bitcoin in 2023? Here’s what experts say.
Crypto analyst and trader Jason Pizzino recently warned that it is not certain that Bitcoin will reach a new record high like it did in previous bull cycles.
In a video to his 279,000 YouTube subscribers, Pizzino stated that for Bitcoin to reach a new all-time high during the next bullish phase, it must reach a critical Fibonacci retracement level and surpass certain thresholds. Pizzino also mentioned that it is currently impossible to predict a new all-time high for Bitcoin.
According to his guidelines, a Bitcoin all-time high would be impossible until the price rises above $34,500, which would represent a 50% increase.
Can Bitcoin reach a new high in the next bull market?
Jason Says It Might Not Be Possible- here’s why.
Breaking the barrier: In order to substantiate his assertion, he stated that this is the Fibonacci level that corresponds to the 50% between the all-time high and the all-time low; and the all-time low for Bitcoin is essentially $0 at this point. Therefore, a deficit of $34,500 must be made up.
Return of Macro players: In addition, Bitcoin needs to break above its monthly swing tops in order to demonstrate that buyers are beginning to return to the market. For the macro players, that is going to be a significant point of confirmation.
If and when that happens, he predicts that there is a good chance that Bitcoin will reach a new record high.
The Worst-Case Scenarios
According to Pizzino, the first worst-case scenario for Bitcoin is if its price reaches $45,000 during the next cycle. It would be even worse if the flagship cryptocurrency bottoms out at around $15,000.
In this case, the second worst-case scenario would be a potential 200% climb from that low, which could bring the price to about $45,000, in line with some of the recent tops.
The cryptocurrency market still aspires to move past the mistakes of the past, despite the fact that 2022 was an eventful year with many tragic events. Many analysts had previously expected that bitcoin would reach a fat six-digit target by 2022, but it appears that they have since gotten impatient because of the current market scenario. However, finally, someone has addressed the failed $100,000 prediction for the largest cryptocurrency by market cap.
A veteran in the Bitcoin industry, Bobby Lee said that he does not consider himself to be a “know-it-all when asked about his failed $100,000 prediction for Bitcoin. In October of last year, Lee predicted that there would be an important rally fueled by FOMO that would send Bitcoin past the $100,000 threshold before the end of the year.
In an interview with CNBC, the veteran said, “Unfortunately after peaking out at $69,000, the bull market was over, and now we are in the deep of a crypto bear market…It’s unfortunate, but these are the cycles.”
When Will the Bulls Take Charge?
Similar statements were made by Lee towards the tail end of 2019 to commemorate the debut of his new Ballet bitcoin wallet. He claimed at the time that a price point of $100,000 was doable in a different bull market.
The king coin was trading for $46,406 on December 20, 2021, and it has lost more than 63% of its worth so far this year. Thanks to the Terra collapse, multiple bankruptcies, and the FTX fiasco. Bitcoin is still showing minimal to no change and is still below the $17,000 mark. Following its brief ascent to above $18,000 last week, bitcoin quickly reversed course and started to lose value.
Thus, uncertainty regarding the next prospective bull run hangs over the cryptocurrency industry. According to Lee, before the cryptocurrency market experiences another bull market run, this bear market will last until the beginning of 2025.
Since the fall of FTX, Bitcoin has been going through a difficult patch for the last few weeks. As of the time, this article was written, the value of the king cryptocurrency was $16,887 and had decreased by approximately 6% over the course of the previous week. what’s in store for BTC price 2023?
The Bitcoin price is exhibiting negative technicals, yet there is still an expectation for a Santa rally before the end of the year.
Analyst Shares BTC Price 2023 Outlook
A well-known pseudonymous analyst by the name of Inmortal has posted his analysis on BTC, stating that he expects the coin will have a major surge in the year 2023. According to the analysis of the analyst, a trend reversal signal is appearing on the three-day chart for bitcoin.
He went on to say that the Bitcoin market is seeing a massive divergence.
“It’s positive, but it isn’t a bottom signal. Price may continue to go down as the RSI makes higher lows.”
Inmortal predicts that Bitcoin will begin an epic rally in 2023, similar to the performance of Bitcoin between March and July of 2019 when the price of the largest crypto skyrocketed from roughly $3,000 to $14,000. His prediction is based on the fact that BTC bulls are gaining strength.
The Relative Strength Index (RSI) is a momentum indicator that may provide early warning of a significant change in the direction of an asset. When looking at the chart prepared by the analyst, it seems as if Bitcoin is developing a bullish divergence. This indicates that buyers are beginning to gather momentum despite the fact that the price of BTC is continuing to plummet.
The chart shared by the expert also demonstrates that Bitcoin has sparked significant price increases after displaying a similar signal in January 2019, October 2020, and July 2021.
The price of bitcoin is presently 3% lower than the price at when it opened for trading in December, which was $17,167. The token’s current price represents a 4.6% increase from its low point on Monday morning.
Although the counter-trend increase is a welcome sign, in the broader scheme of things, it seems as if the king cryptocurrency is positioning itself to experience more price declines in the days ahead.
A strategy known as a “countertrend” is one that involves making trades in the opposite direction of the predominant market trend in an effort to achieve profitable results.
Because Inmortal’s predictions have a mixed track record of being both accurate and inaccurate in the past, and because Bitcoin is a highly illiquid asset, we are unable to say for certain whether or not he is correct on this particular prediction, and whether or not Bitcoin will experience a significant price increase in the coming year. But that’s just my own perspective. Please feel free to share yours in the comments!
At the time this article was written, Bitcoin (BTC), the most prominent cryptocurrency, has been trading in the green for some time. Its value has increased by almost 7% in the previous week and by 2% in the past day, reaching a worth of $18,101.
The last week has been quite successful for Bitcoin (BTC), as the currency reached new monthly highs on December 13 as a wave of confidence spread across markets in response to inflation statistics from the United States.
Analyst Says The Worst Might Be Over For Bitcoin
Back in May 2021, a pseudonymous cryptocurrency analyst known only as Dave the Wave accurately predicted that Bitcoin’s (BTC) price would drop. Now, he is claiming that an indicator implies that the token may already have experienced the worst of the bear market.
The expert shares with his 131,700 Twitter followers that he is also keeping a close check on Bitcoin’s moving average convergence divergence (MACD), which is a momentum indicator that may or may not indicate a change in trend.
The weekly MACD for Bitcoin (BTC) continues to trade higher above a support level that, according to Dave the Wave, has previously marked the end of bear markets in 2015 and 2018.
The expert believes that the worst of it is behind us now based on BTC’s MACD. According to Dave the Wave, the emotion lurches erratically from depression at the bottom to euphoria at the peak, and the technical analysis helps to rectify these swings.
Furthermore, he forecasts a Bitcoin rise toward $19,000 after the king cryptocurrency exceeded its immediate barrier at $17,300. This prediction comes after the price of Bitcoin surpassed $17,300.
The level of $17,000 is a key level of support for BTC, and if the bulls can maintain their position above this level, then additional upward momentum is anticipated. The present value of the Relative Strength Index (RSI) is 66, which indicates that the market is still in the zone of being overbought. A bullish trend is indicated by the MACD indicator, which is currently located above the zero line.
Bitcoin Price 2023
There is no consensus between analysts about what the future of BTC will be like in 2023. Although some predict a rise in value, others believe it will continue to fall, maybe even below $10,000.
However, optimism for risk assets has been bolstered by Tuesday’s U.S. inflation data, which confirmed the Fed’s plan to ease its liquidity tightening. So, who knows? The next year can turn out to be quite prosperous for BTC.
It is also possible that it will remain under pressure since a number of mining companies are expected to fail, which would overshadow the improvement in macroeconomic circumstances. Personally, I think that investors should anticipate more gains.
EOS And Solana Are Two Popular Cryptocurrencies But Investors Are Panic Selling And Investing In Snowfall Protocol
Cryptocurrencies are all the rage right now, and there are a lot of them to choose from. EOS (EOS) and Solana (SOL) are two of the most popular options, but investors are starting to panic sell in favor of Snowfall Protocol (SNW) after its dApp prototype was announced.
So what is Snowfall Protocol (SNW), and why are people so excited about it? Let’s take a closer look!
Snowfall Protocol (SNW) is a first-of-its-kind cross-chain transfer ecosystem built for fungible and non-fungible tokens. It allows users to swap assets across the most widely used EVM and non-EVM compatible chains, providing interconnectivity that was previously unavailable.
By connecting EOS (EOS) and Solana (SOL), two popular cryptocurrencies, Snowfall Protocol (SNW) provides investors with an easy way to get exposure to multiple blockchains without having to open multiple accounts or move funds between them.
Furthermore, Snowfall Protocol’s (SNW) dApp prototype has generated excitement due to its ability to reduce friction in cryptocurrency transactions by streamlining transfers and eliminating centralized exchange transaction fees. This means that now, EOS (EOS) and Solana (SOL) investors can benefit from lower costs when exchanging coins across blockchains, making the process of diversifying their investments more efficient.
This is like how a draw bridge connects two sides of a river, allowing EOS (EOS) and Solana (SOL) investors to easily move their funds between the two blockchains and enjoy the benefits of both without any hassle.
As siloed blockchains, EOS (EOS) and Solana (SOL) do not have the same level of compatibility that Snowfall Protocol (SNW) has. EOS (EOS) and Solana (SOL) investors are panic selling in favor of Snowfall Protocol (SNW) due to its seamless cross-chain asset transfers, which offers them a higher degree of flexibility when diversifying their investments.
Snowfall Protocol’s native token (SNW) has already witnessed a growth of more than 250% since stage 2 and the price is now $0.095. Stage 2 sold out one day early and stage 3 starts now – it looks like EOS (EOS) and Solana (SOL) investors are taking notice of this impressive progress and now realize that Snowfall Protocol’s (SNW) dApp prototype has the potential to revolutionize the crypto space.
It will be interesting to see how EOS (EOS) and Solana (SOL) investors react as they become increasingly aware of Snowfall Protocol’s (SNW) true potential. Make sure to check out the official Snowfall Protocol (SNW) website to learn more!
|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.|
Bitcoin price after being rejected at $17,000 at the beginning of the month has been attempting very hard to reclaim the levels at the earliest. Meanwhile, some analysts believe that, presently, there is no room for BTC to form the bottom. Therefore, the possibility of a rebound may be predetermined as the crypto space appears to have to prepare for a relief rally.
A top analyst, Michael van de Poppe, largely believes in the resurgence of the bullish trend soon. The Bitcoin price, which is settled at the lower support, is believed to rebound nicely and undergo a double rally to reach $50,000 somewhere by mid-2023.
The analyst marks the targets for the relief rally which is expected to begin anytime from now as the BTC price has reached the lowest levels for the first time in the past 2 years. To do so, the BTC price is required to clear the pivot levels around $18,444 initially and after sustaining at these levels, the rally is expected to climb high beyond $25,000 and secure levels close to $30,000.
However, the price has reached the lowest FIB levels and hence is believed to rebound nicely to test the upper levels very soon. Meanwhile, the bears are believed to remain passive and cause minor swings, but the bulls may continue to hold above the pivotal levels.
Therefore, as predicted by the analyst, Michael van de Poppe, Bitcoin’s (BTC) price is expected to soar to as high as $50,000 in 2023.
The economist who called cryptocurrencies a ‘scam; has predicted the future
At the end of October, the total market capitalization of cryptocurrencies was above $1 trillion; and today, it is just over $800 billion. The king coin, bitcoin, started to rise in October 2022, breaking through the psychological resistance level of $20,000 and even reaching the high of $21,500 at the start of November. However, at the time of writing, bitcoin is trading at $16,950 and there are no signs of recovery.
The impact of the FTX crash on the cryptocurrency prices is being discussed by crypto experts across the sector and on Thursday, economist Nouriel Roubini predicted that the “bloodbath” in the Bitcoin market had just begun. After a string of high-profile bankruptcy filings, Roubini is almost sure that the majority of bitcoin companies are now in danger of going out of business.
The largest cryptocurrency exchange by trading volumes, Binance, was compared to the FTX by a New York University professor last week, who said that Binance was much worse.
He made this assumption because Binance has not yet disclosed where its headquarters are located. Roubini also has a negative outlook on BNB, the native coin of Binance, and called it “scammy vaporware.”
The cryptocurrency market is a ‘scam’
Roubini also said in a different tweet on November 30 that corrupt spending is common among all cryptocurrency ventures operated by gangsters, adding that 97% of initial coin offers were scams that failed.
“Lavish spending is standard in ALL crypto projects. 97% of 20k ICOs were a scam &/or went bust. Billions raised was mostly used to buy villas, boats & planes in the Caribbean/Florida & pay for $500k champagne parties in Miami strip clubs, “massages” & evade taxes in PR/Caribbean.”
The expert had previously referred to crypto as “the biggest criminal heist in human history.” For many years, Roubini has been an opponent of cryptocurrencies. He referred to the entire cryptocurrency market as “a scam” in 2020.
Solana has experienced significant losses; it has dropped below $15 this month and is now outside the top ten cryptocurrencies in terms of market valuation. In Bitboy crypto’s most recent tweet, he issued a warning, advising individuals with investments in Solana to sell their assets. BitBoy said that Alameda Research used some transactions to pressurize and launder money when the blockchain was down.
“Every time the Solana blockchain paused… it was actually Alameda Research laundering money and brute forcing transactions. There are other out there receipts. And if you think about it… knowing what we know now, does this surprise, anyone? If you are in $SOL, run for hills.”
On November 27, cryptocurrency commenter Altcoin Daily tweeted that Sam Bankman-trading Fried’s company, Alameda Research, has 13.25% of the Solana Coins that are now in circulation.
Due to a configuration error on a single node, the Solana blockchain had a network outage on October 1, 2022. SOL also experienced numerous network disruptions, which caused transaction delays of several hours. Austin Federa, the director of communications at Solana, rejected the value reduction because that is not how blockchain works.
Sollet Bitcoin in Trouble?
After FTX filed for bankruptcy, Sollet Bitcoin, a tokenized form of Bitcoin on Solana, lost its price peg to the main cryptocurrency. FTX was in charge of keeping the Bitcoin that supported those tokens, but according to November 10th balance sheet disclosures, the exchange had no Bitcoin on its asset side.
As of that time, the Solana Foundation is said to have held an additional $40 million in exposure to Sollet-based assets, including soBTC. It continued, “At this time, the status of the underlying assets is unknown.”
SOL reached an all-time high in November of last year $259. Solana claimed that its network has not experienced any notable issues as a result of the FTX fallout, despite the losses. There have reportedly been various outages on the blockchain in the past.
The weekend appears to have slaughtered the crypto space, as most of the assets are bleeding heavily. The Bitcoin price made an attempt to reach lower support, while the altcoins appear to be under a substantial bearish influence. Meanwhile, a well-known analyst, il Capo of Crypto, defines new lows for Polygon (MATIC), Dogecoin (DOGE), & Cronos (CRO), and they’re approaching very quickly.
Cronos’s price has broken down from the lower trend line it maintained ever since the beginning of the 2021 trade. The price slipped down and reached the crucial support levels at around $0.1878. After a brief consolidation, the price drained heavily and may even lose the $0.1 support with the next leg down. Meanwhile, the analyst believes the price now may be attracted towards the next support levels at around $0.0555 to $0.065.
The crypto strategist believes, MATIC’s price is also due for a massive pullback that may drag the price lower by more than 65% by the end of 2022. With the next leg down that may happen any time from now, the Polygon price is speculated to drop heavily and hit the lower support levels close to $0.3. However, the analyst doesn’t have a clear view of the following rebound, and hence it may be believed that the price may remain consolidated.
Capo believes the DOGE price is approaching the final capitulation phase, where a drop of nearly 87% is quite possible. The asset has been maintaining a steep descending trend for more than a year, and hence the downward pressure is expected to intensify very soon. Moreover, with the next bearish action, the Dogecoin price may reach the levels it traded at the beginning of 2018 at around $0.014 to $0.01.
Collectively, Capo believes the crypto space is trading with a huge bearish influence and expects a major drop to appear at the earliest. He rightly predicted the 2022 crash much before, and hence the predictions for the above altcoins may also be held good.
Was this writing helpful?
According to a Reuters report, Justin Sun promised to provide the troubled company with billions of dollars in aid in order to help it solve its rising difficulties. The impact of Justin Sun’s intervention on Tron was questioned given that FTX had already filed for bankruptcy. Crypto influencer BitBoy responded by alleging that SBF merely used Sun as a means of extortion to obtain billions of dollars.
In a more recent tweet, Bitboy claims SBF is trying to save the exchange by threatening to dump and depeg USDD unless Justin Sun provides support and liquidity. Notably, bitboy was the first to rightly identify Sam Bankman Fried; even before the information was made public, he called out the CEO of FTX and claimed he was about to destroy cryptocurrency.
David Schwartz, the chief technology officer of Ripple, tweeted that Bitboy “was warning us that SBF FTX was the devil even before there was good reason to,” with some speculating that Ripple may be making a U-turn about Bitboy’s application to work there.
This follows rumors that Alameda has been selling USDD to the exchange to boost liquidity after the native FTX token dropped 90% of its value, causing the stablecoin to depeg. At the time of publication, the USDD native to the Tron Blockchain was trading at $0.98, down 1.10% over the previous day.
Following Binance’s CZ disclosure of the exchange’s decision to sell its FTT holdings, the ensuing drama on Crypto Twitter resulted in a series of revelations that caused a wave of FTT selloffs that significantly impacted the asset.
Binance, which stepped in to help with a bailout plan that included a full acquisition, withdrew from the agreement after doing due diligence, which revealed a history of financial mismanagement and suspected investigations by US agencies.
Was this writing helpful?
Bitcoin’s price fell from its peak of $69,700 to the current average of $19,500. Investors were undoubtedly affected by this 72% price decline, especially those who chose not to liquidate their holdings.
As prices continue to move in a sideways trend, the excitement for an impending bull run has begun to fade.
In 2022, the market value of the cryptocurrency industry was over $2 trillion; it is currently about $900 billion. For most cryptos, that is a loss of -55% on average. On the other hand, the stock market did not have a great year either.
Numerous phases of appreciation and depreciation, known in the crypto community as bubbles and bursts, have marked the thrilling journey that Bitcoin has been on. The predictions for the price of bitcoin are generally subject to differing opinions among analysts.
It may reach up to $150K in 2025, according to some analysts like Wallet Investor. Alternatively, some estimate that the price of bitcoin will reach $100K by 2027, while others, like Digital Coin Price, are more pessimistic. However, BTC won’t reach the $200k or $300k levels, according to this economist.
Mohamed El-Erian, president of Queens’ College at the University of Cambridge and chief economist for Allianz, recently said that Bitcoin is currently experiencing the typical innovation cycle: after a boom, overconsumption, and overproduction. And also stated that the period is now ‘ending in tears.’
However, he also believes that cryptocurrency supporters should be happy with the current stability of Bitcon and cryptocurrency in general that the market has seen over the past few months.
He thinks the crypto market is much more stable currently than it was in the past. But he does not anticipate Bitcoin being a global currency or ever having a value of $200,000 or $300,000.
Was this writing helpful?
The crypto market witnessed two major events in 2022- the Ethereum Merge and Cardano’s Vasil Hardfork. On September 15, Ethereum successfully completed its merge which transformed the network from proof-of-work (PoW) to proof-of-stake (PoS). Now, all eyes are on Cardano’s upgrade which is focused on sustainability.
Meanwhile, a well-known crypto analyst and trader is of the opinion that Cardano’s (ADA) price action and the project’s fundamentals have a lot of differences.
In his latest strategy session, analyst Michael van de Poppe informs his 165,000 Youtube followers that with Cardano’s Vasil hard fork, there come huge opportunities. The Vasil hard-fork is expected to be launched on September 22nd which will raise the network’s scalability.
Massive Opportunity With Vasil Hard Fork
He explains that though most of the market participants are expecting to see a downfall after the upgrade, the scenario will be the opposite. As per the analyst, for Cardano, the price level near $0.32 and $0.40 is the area to keep an eye on as the currency shouldn’t lose this range. This is the price area that will act as support in the next trade cycle.
Van de Poppe further claims that there is no proper encouragement for the Vasil hard fork and the hype isn’t that level that will push the currency upwards. Hence, he believes that the upgrade will attract huge opportunities if the hard fork is introduced on a positive note which is expected to be similar to that of the Ethereum merge.
He then asserts that if the upgrade is successful, Cardano’s (ADA) price will see a positive move towards $1.00 after the event.
Was this writing helpful?
At the time of publication, Shiba Inu is selling at $0.000013 after a pullback of 1.23% over the last 24hrs. As the currency is making such a move, there could be an opportunity for shorting if the price drops.
If that happens, Shiba Inu’s price might see a fall of 27% and drop to $0.0000093. This will form a ‘Fair Value Gap’ (FVG) which will cause a further price drop to $0.0000083. However, SHIB can see a bull run if the currency manages to claim the $0.0000179 level with a gain of 95%.
Nevertheless, many market experts have put forward mixed predictions regarding the probability of SHIB reaching $1. Among them is Lark Davis, who has claimed that SHIB will not reach $1.
Shiba Inu Price Can Never Hit $1
Lark Davis explained his point via a Twitter post using a meme.
The meme currency, which was launched in August 2020, is currently trading at the 13th position after gaining levels above $0.000012. The overall SHIB supply is at 589.63 trillion, which is posing a huge hindrance for the currency to hit $1. However, if SHIB fails to move above $0.0000083, the currency will see a fall near $0.0000074.
On the other hand, as per the CoinMarketCap community, Shiba Inu will claim $0.00001106 by 2022.
Was this writing helpful?
Japan is home to a considerable number of cryptocurrency users and investors. In terms of the global trading volume of crypto, Japan is one of the largest economies in the world and continues to grow. In terms of crypto regulation, Japan leads the way and since 2016, Japan has officially recognised crypto as being a form of payment. Therefore, crypto is being used in Japan for all types of entertainment and products, including gaming. How popular is crypto gaming in Japan?
Legal Blockchain Gaming in Japan
It is always important to consider the legality of crypto gaming before playing games using the virtual currency in Japan. The Japanese parliament introduced a bill in March 2018, and this brought cryptocurrency under the scrutiny of the Financial Services Agency. The agency regulates all the investment and banking in Japan and that means the FSA oversees the legality and standards for crypto in the country. This applies to all legal crypto exchanges, so those who want to participate in crypto gaming know it is safe. The additional safety measures mean more people have been willing to try and adopt crypto gaming in Japan. Enjin Coin recently became the first gaming cryptocurrency to be approved by Japanese regulators and it has been approved in partnership with Hashport.
Mobile Crypto Gaming
Mixi, CyberAgent, and LINE are three of the major companies involved in mobile crypto gaming in Japan. However, thanks to the increased popularity in mobile crypto gaming, smaller mobile gaming companies have started to appear on the market, focusing specifically on crypto gaming. Ateam and KLab are two good examples of new mobile based crypto gaming companies and Mobile Factory have spent the last two years moving towards crypto gaming. Not only has the number of people playing crypto mobile based games increased recently but the traditional mobile gaming market is so competitive, companies are moving to crypto gaming in attempt to gain a foothold in the market.
Established Video Game Companies
Such is the increased popularity of crypto gaming, some of the biggest names in video game development in Japan have made the move into the industry. The best example is Bandai, a gaming company known across the planet thanks to the success of their video games. Konami and Capcom have also taken steps into the crypto gaming market but the two biggest names in Japanese video gaming, Nintendo, and Sony, have yet to take the plunge. My Crypto Heroes, Contract Servant, PolkaFantasy, and CryptoSpells are all example of popular blockchain based games.
How Gaming in Japan Can Benefit from Crypto
Gamers in Japan, especially online gamers, purchase additional content when playing video games. This has become one of the biggest ways for video game developers to make more money and for gamers to enjoy updated games. Financial transactions when gaming is not always easy but using crypto is instant, safe, and simple. This increased online security is a major benefit to the user experience and is responsible for other gaming sectors such as crypto casino online utilizing this tech for additional safety. Using the blockchain when playing games means all transactions will be recorded in a public ledger, which eliminates the chance of fraud. Another benefit of crypto for gaming in Japan is player anonymity because crypto does not require the use of accounts meaning privacy is protected. So, there are many ways gaming in Japan can benefit from crypto.