Top Reasons Why XRP Price Is Surging
The XRP market outperformed the top 20 digital assets in the past 24 hours with a 20 per cent spike. According to the latest market data, XRP price broke out of a multi-month logarithmic downtrend that began in April 2021. Trading around $0.464 on Wednesday, the XRP community is charged to rally further in the coming days.
Moreover, large-caps altcoins were expected to pump after Bitcoin’s last week’s breakout. Notably, the XRP price is now retesting the 200 WMA, obliterating the FTX-induced losses.
The sixth largest digital asset by market capitalisation is now up over 37 per cent YTD amid the ongoing banking crisis.
XRP Market Outlook
Backed by blockchain payment company Ripple, XRP’s growth prospects are pegged to the ongoing lawsuit filed by the SEC in the United States. Nonetheless, Ripple has made tremendous progress in global markets, particularly in developing rails for CBDC through its XRPL.
With the United States Federal Reserve expected to launch its CBDC in July, XRPL anticipates heavily benefiting from the digital dollar.
“Despite the external pressure being applied by U.S. regulatory authorities, the $XRP Ledger (XRPL), supported by Ripple, aims to provide a digital payment infra not just for individuals, but also for existing financial entities such as central banks,” Messari noted.
According to Messari, the XRPL’s total accounts created are fast approaching 5 million. Moreover, the XRPL uses a Proof-of-Association (PoA) consensus algorithm that is environmentally friendly and technically scalable.
Meanwhile, the only official partnership announced by Ripple was with Great Ormond Street Hospital Children’s Charity (GOSH Charity), which will see funds donated by Ripple to help support cancer care at Great Ormond Street Hospital (GOSH).
Bitcoin (BTC) Has Broken the Macro Downtrend, Surging above $27K as History Repeats Itself
Bitcoin’s price increased by 30% last week to close at $28,000, while the overall market capitalization of cryptocurrencies increased by 14% over the course of the week to $1.17 trillion, according to CoinMarketCap, making it the biggest week ever for cryptocurrencies in the longest time.
UBS Group, the largest bank in Switzerland, signed a merger agreement with Credit Suisse. In order to complete the transaction, the former will pay $3.25 billion, which is 60% less than what Credit Suisse was worth at the end of the previous week. Positively impacted by the news, Bitcoin surpassed $28,500 for the first price since June 2022.
The fundamental set-up of Bitcoin has always included a bias for it to increase and Rekt Capital, a cryptocurrency analyst, highlighted the recent rising pattern by showing how Bitcoin has broken the macro decline and repeated history.
Over the past few weeks, a lot of things have happened that have contributed to Bitcoin’s rise. While Wall Street’s financial difficulties are a common scenario that is meant to create anxiety in the market, investors instead went on an accumulating rampage since the asset was considered a safe haven.
Since the start of 2023, bitcoin’s price has increased by around 70%, soaring amid the current global banking crisis. The largest cryptocurrency in the world has increased overall by 30% over the last week and roughly 57% so far this year and is very close to reaching its highest point since June 2022.
As a result of sustained growth, it presently holds a 46% market share over other digital currencies. As a result, a lot of altcoins have continued to maintain a very strong and positive association with Bitcoin. Most of the altcoins are currently trading in green.
Top Reasons Why Bitcoin is Surging Today and Could Break Through $25K in the Next 48 Hours
The crypto markets are surging heavily as the global market capitalization is saved from dropping below $1 trillion, marking a rebound beyond $1.12 trillion. Bitcoin’s price has soared by more than 10% since the early trading hours, reaching levels beyond $24,600 for the first time since August 2022. The iconic rally was caused by a number of factors, some of which are listed below.
The hash rate, the network’s processing power to process transactions to create new tokens, is referred to as “mining” and is heading towards ATH. The rise in the hash rate indicates more nodes are competing among themselves to validate the transactions. As a result, the network becomes more decentralized, with less risk of a security breach.
Bitcoin shorts have been active in recent days, successfully preventing the price from rising above $22,000. However, a massive upswing was recorded, and one of the primary reasons could be large short liquidations of more than $78 million from the previous trading day, which increased the BTC price by more than 12% in just a few hours.
The DXY Index measures the value of the US dollar. The levels peaked in early February when the Bitcoin price remained heavily consolidated below $22,000. As the index faced rejection from an interim high of $104, the Bitcoin price accelerated and surpassed $24,900.
Collectively, Bitcoin prices will mark new highs in 2024 and also possess the possibility of reaching $25,000 at any moment from now. The price is closer to slicing through the crucial 200-day weekly MA and after a successful chase, Bitcoin is believed to resume a firm upswing seeking higher targets.
Why The Graph Token(GRT) Price is Surging? Is it Anything to do With ChatGPT?
The Graph token has been experiencing extreme bearish pressure and had begun with a parabolic recovery from the past several months. However, the recent upswing uplifted the price straight towards the neckline which was supposed to consolidate in an ascending way for the next 30 to 45 days. However, the spike left the market participants bewildered as it occurred without any major announcements or network upgrades.
What changes took place of late that set the GRT price ablaze?
- The development activity of the project spiked since the start of 2023, rising from a low of around 1.41 to as high as 9.76 at the moment. This binds the confidence of the marketing participants over the crypto which may further impact the price positively.
- The daily active address is the total number of addresses iterating with the platform to perform a buy, sell, or swap trade has raised notably
- The supply held on exchanges and the supply held by the top addresses usually called ‘Whale’ have dropped. This indicates the supply with the retail traders has risen due to which the volatility of the price has intensified
The Graph Token (GRT) price broke out of the falling wedge that it hovered throughout H2 2022 and raised high at the beginning of 2023. Presently, the bulls are relaxing after uplifting the price by more than 150% in the past 3 to 4 days. However, the bullish market sentiments have coiled up for the asset that may revoke the bullish trend any moment from now.
Besides, it is also rumored that the ticker symbol of the Graph token, GRT resembles ChatGPT which could have spiked the buying volume. However, this may certainly not be a valid point to carry but to flip the market sentiments a small reason could be enough.
Crypto Market Watch: Why Aptos (APT) and Fetch.ai (FET) Are Surging Today?
The altcoin market is led by Aptos (APT) and Fetch.si (FET), is on a bullish sentiment following Bitcoin’s surge to $19k in the past 24 hours. According to our latest crypto price oracles, Aptos price is exchanging at $6.34, up approximately 22 percent in the last 24 hours.
Notably, the APT price is up over 70 percent in the last seven days and market analysts believe there are more upside gains. The Aptos network has a market capitalization of approximately $813,689,465 and a 24-hour trading volume of about $557,229,215.
The Fetch.ai (FET) price, on the other hand, is trading around $0.233030, up approximately 24 percent in the last 24 hours. Notably, the FET price has surged over 115 percent in the last seven days with more gains in the last few hours. The FET network has a market capitalization of approximately $241,423,231, and a 24-hour trading volume of about $185,789,732.
Fetch.ai (FET)
While speculation and FOMO are largely attributed to the recent crypto pump, the utility has played a significant role in specific projects. For instance, Fetch.ai (FET) is developing a decentralized ecosystem on the autonomous of Things (AoT).
Notably, the Fetch.ai network is an interchain protocol, based on the Cosmos-SDK, and uses a high-performance WASM-based smart contract language (CosmWasm). As such, it allows the Fetch.ai network to serve as a layer-1 network for Ethereum and as an interchain bridge to the rest of the blockchain world.
From a technical standpoint, the FET price could end the week trading around $0.25 or beyond. Such a scenario could be invalidated if the weekly derivative bar closes on a bearish wink. In that case, the FET price could correct toward the $0.14 region.
“$FET performed a Weekly Close above the red region & successfully rallied to new Yearly Highs. Approaching the next resistance (orange). If FET turns the orange area into support and/or Weekly Closes above it -> blue
Otherwise, a dip to red may be next,” Rekt Capital noted.
Aptos (APT)
The Aptos market, on the other hand, has gained significant momentum after breaking out of the $5.3 resistance level. After closing Thursday on a strong and bullish bar, analysts believe the digital asset is headed for the $6.86 region soon. Moreover, the so-called Solana killer has a vibrant global community and active developers.
Decoding The Possibility of Bitcoin (BTC) Price Surging Above $30K By 2022 End
Despite all the shattering records, Bitcoin quickly lost its hold on the record price and started to decline before the end of the previous year. The coin gradually reached its lowest as a result of a number of circumstances, including China’s restriction on bitcoin mining and the Terra meltdown.
The flagship currency is currently trading at $20,870 and has successfully resisted the $20k mark for quite some time. Despite being 70% below its all-time high, investors continue to believe in bitcoin.
If the largest cryptocurrency by market cap intends to end the year over $30k, it may reach the $25k mark in November. Although it would be difficult for the coin to exceed $30k in a single month, the price of the token might rise with the support of investors ready to start the new year with investments in bitcoin.
If investors maintain their bullish sentiment, bitcoin may surpass the $30k mark and reach about $32,000 before the end of the year. Otherwise, given the price has been remaining steady so far, it’s reasonable to anticipate that the coin won’t fall below the $20k mark.
Investors look for profit
Data from Crypto Quant indicates that there was a rapid transfer of large amounts of Bitcoin into exchanges. Additionally, stablecoins have recently been submitted to exchanges, which may be an indication that investors are about to open short positions. It’s also an indication that the investors want to profit from the prospect of a price correction.
“Right back near the range lows, don’t know if this 1 pump until it gets close to the end of a mini cycle (usually the case). Not a fan of currently buying this thing, I think it just chops for a while.”
At the time of writing, BTC is trading at $20,458 and is down by more than one percent in the last 24 hours.
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These Altcoins Might Explode Coming Week, With Bitcoin Price Surging Above $20K
Bitcoin price continues to hover within $19,000 to $20,000, while altcoins have started to undergo a slight sell-off. Meanwhile, some altcoins are also showing some strength and hence a notable rebound may be expected. A popular analyst, Micheal de van Poppe, in his latest video believes that the upcoming week is the decider for the BTC price as it hovers within crucial range.
The crypto markets are becoming less interesting nowadays but the upcoming weeks may be bullish. As quoted by the analyst, there are no macro events lined up in the coming weeks and hence the markets are expected to stabilize a little.
Therefore, he believes, this time may be the decider for the BTC & entire crypto markets, as an equal possibility of breaking the downside or raising beyond resistance may happen in the next 2 to 3 weeks. Additionally, the analyst also lists a couple of altcoins that are all set to explode immediately after the Bitcoin price finds some stability.
Near Protocol (NEAR)
Near Protocol has been largely bearish since the mid of July and also an attempt to regain the lost levels post a pullback also went in vain. Presently, the price has been trading within extreme bearish pressure since the beginning of September, due to which the price has now slumped below $3.
The NEAR price currently is trading within crucial ranges where-in a rebound appears to be mandatory. If the price rebounds and reclaims the positions above $3.08, then the bulls are expected to uplift the price beyond $4. Else, the bearish dominance may eventually drag the price below $2.5 in the coming days.
Avalanche (AVAX)
Unlike the NEAR price, the Avalanche price continues its trade within a bearish channel, testing the lower support. The price rebounds each time it tests these levels and hence a similar action is expected now, which could uplift the price soon. However, the asset still does not flash the possibility of going long until it reaches certain levels.
The AVAX price has flipped each time it tested the lower support and hence with a repetitive trend, the price may reach $17. Reaching & sustaining at these levels may soon trigger an upswing beyond $20 which may validate a decent uptrend ahead.
However, the current market conditions are slightly consolidated, and hence with a slight relief from the bearish pressure, BTC prices are bound to rise. Following this, the altcoins may also rebound and surge high, discarding the bearish pressure.
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Price Surging Now On Uniglo.io Predicts Huge Future Price Movement As People Will Buy On Uniswap Using Ethereum
The recent crypto market bear momentum has not stopped the native token of Uniglo (GLO) from seeing a 45% price increase. Social currency Uniglo (GLO) will list on the Uniswap exchange on November 18, and users can obtain GLOs using Ethereum (ETH).
Uniglo (GLO)
As the world progresses, more and more people are turning to digital forms of currency, such as GLO. Many analysts believe the future price of GLO will rise substantially, and there are several reasons for this prediction, which we will discuss in detail.
To give users total power over the platform’s future, Uniglo uses a transparent DAO design, and holders of GLO will have full voting rights. Furthermore, To support the GLO base price, the GLO vault will serve as a complete asset-backed store of value.
Another reason why GLO will rise in value is because of its utility. Groundbreaking dual-burn technology used by GLO guarantees that it will become more scarce over time and resist over-speculation.
How Does Uniglo (GLO) Interact With Uniswap (UNI) And Ethereum (ETH)?
Ethereum invented the idea of a blockchain smart contract platform. Computer programs known as “smart contracts” automatically carry out the terms of an internet-based contract between many parties. Uniglo developed them to lessen the requirement for reliable intermediaries between contractors, lowering transaction costs and improving transaction dependability.
A well-liked decentralized trading system called Uniswap is well-known for enabling automatic trading of tokens related to decentralized finance (DeFi). In September 2020, Uniswap took things further by developing its governance token, UNI, and rewarding previous protocol users. This sentiment increased the business’s potential for profit and its consumers’ capacity to influence its course, which is one of the allures of decentralized organizations. It is based on the Ethereum blockchain and utilizes smart contracts to facilitate these trades.
Uniswap is unique because it offers a trustless, decentralized way to trade ETH tokens, which is crucial for Uniglo.
Uniglo is an ERC-20 token built obviously on the Ethereum network, and users will be able to get GLO tokens on Uniswap via using ETH, the second-largest cryptocurrency and inventor of smart contracts that still holds significant future potential.
Bottom Line
Many believe that Uniglo has the potential to disrupt the existing centralized platforms. With its secure and transparent interface, Uniglo could attract a wide range of users, from experienced traders to those new to the world of cryptocurrency. The listing on Uniswap is just the first step for Uniglo. If it is successful, we could see many new features that will bust the Uniglo community.
Find Out More Here:
Join Presale: https://presale.uniglo.io/register
Website: https://uniglo.io
Telegram: https://t.me/GloFoundation
Discord: https://discord.gg/a38KRnjQvW
Twitter: https://twitter.com/GloFoundation1
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.
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Top Reasons Why Ethereum Classic (ETC) Price Is Surging High
The Ethereum Merge- one of the most awaited events for the crypto community- is scheduled for mid-September and is building up a bullish atmosphere around the Ethereum asset. Even Ethereum Classic (ETC) is witnessing a rise in its price action and has spiked by 27% over the past 24 hours.
At the time of writing, Ethereum Classic (ETC) is selling at $40.59 along with registering the highest transaction rate of 47 terra hashes/sec.
Ethereum Classic (ETC) Price Spikes
The main reason that Ethereum Classic is experiencing such bullish momentum is the Ethereum Merge as ETH miners are shifting towards it. ETC is basically the hard fork of the Ethereum blockchain which has the original pattern of transactions in ETH.
To explain in further detail, after the Ethereum Merge, the network will see a shift from proof-of-work (PoW) to proof-of-stake (PoS). The miners aren’t happy with the merge as they are employed due to ETH’s proof of work mechanism. Hence, miners are opting for a shift towards ETC.
Even Ethereum’s co-founder, Vitalik Buterin, is in favor of miners moving towards Ethereum Classic. Many crypto experts support this decision too as they believe that another Ethereum hard fork will not be an ideal situation.
Ethereum Classic support was just recently added to the mining pool BTC.com’s platform. For 3 months, a pool for BTC.com ETC will support mining at no cost.
The Ethereum merge is just a week away from completion and the Bellatrix update is just a few hours away. While the merger is moving closer to completion, the mining pools and the related companies are looking forward to a better future.
Any efforts at a hard fork will probably fail, given the confidence surrounding the merge. Therefore, until the merger, ETC may continue experiencing such bullish momentum.
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Bitcoin (BTC) Price To Hit This Bottom Level Before Surging Above $30K
The world’s largest cryptocurrency by market cap, Bitcoin is still under the price range of $20,000 while the overall market is kind of flashing an optimistic vibe with the August United States jobs report.
While the flagship currency struggles for an uptrend, there are speculations about Bitcoin attaining the bottom along with its further price movements.
A well-known crypto analyst and trader, Michael van de Poppe claims that before Bitcoin experiences any bull run, Bitcoin will see another dip. Explaining his claims, the analyst said that the Bitcoin price will fall as low as $19,300 before regaining the bull run around $28,000 or $30,000.
While talking about Bitcoin’s current price movements that are fluttering between $19,000 and $21,000, Van de Poppe asserts that this might see liquidity grabs much below the level. He also claimed that if Bitcoin had to enter a bull run, the currency should move above $20,400 targeting $21,500.
Bitcoin Price To Enter Bull Run
Meanwhile, the strategist is of the opinion that Bitcoin has reached its bottom and the currency might start its bull run anytime soon. However for this to happen, BTC should achieve the said target and should hold on to the 200-week moving average in market cap.
At the time of writing, Bitcoin is selling at $19,754 with a surge of 0.39% over the last 24hrs.
On the other hand, Bitcoin and the overall crypto market are experiencing a positive run with the US payroll data. Conversely, most market analysts and experts predict the positive job market could worsen the current market condition.
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Why Shiba INU is Surging Today? What Led to the Latest SHIB Price Rise?
Shiba INU bulls get back in action as the price spike high, testing one of the pivotal resistance but failing to breach through the levels. However, the asset is still trading within the reach of the bulls and hence may regain the lost momentum soon.
What led to SHIB Price Rally Today?
SHIB price, from nearly a week, is attempting to accomplish a parabolic recovery to reach the renaissance at $0.000014. The latest surge is believed to have been fueled by a couple of advancements on the Shiba INU platform.
The Shiba INU is integrated with one of the popular crypto payment processors, NOWPayment which will enable businesses to carry out SHIB payments. Secondly, the platform has rolled out the WAGAMI (We’re All Gonna Make It) which is the first concept art of its metaverse, inspired by temples around the world.
Coming to the on-chain developments, nearly 1.2 billion SHIB tokens have been burnt in recent times, despite the burn rate being down by 54%. On the other hand, huge whale transfers have been recorded of-let which includes more than 280 billion SHIB. According to the data from Etherscan, 3 transfers led to the above-mentioned SHIB transfers by anonymous addresses.
Shiba INU(SHIB) Price Analysis
- The SHIB price is attempting very hard to regain the value above the trend line but the bear’s hindrance is delaying the act
- After a brief consolidation along these levels, SHIB price is expected to surge above the trend line, slicing through the resistance at $0.00001406
- However, the asset is then required to sustain above the trend line to maintain a notable upswing to reach the target close to $0.000018
- In the worst case, if Shiba INU (SHIB) price falls prey to bears, then may continue consolidating between $0.000013 & $0.00001214 levels
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Bitcoin Long Trades Pile Up While Surging DXY Index Haunts the BTC Price Rally – Coinpedia – Fintech & Cryptocurreny News Media
The dominant crypto, Bitcoin has been trading within bearish captivity for nearly 15 to 20 days and hence was expected to break the trend very soon. In the past couple of days, the price has been trying to surge above the immediate resistance. However, the current trade set-up denotes that the bulls have stepped out as the bears mark their strong presence.
Investors Bullish on Bitcoin
While the upcoming trend of the BTC price has become pretty unpredictable, more traders are confident of the asset pulling a significant leg up. Hence the volume of long trades has recently outperformed the short trades on Binance futures.
The data above displays the volume of the long trades & short trades in the past week. Despite the shaky price trend, the investors placed their bets on Bitcoin long more than shorts. As of September 01, nearly 67.59% of trades on Futures are long while 32.41% are short. Therefore, the possibility of the BTC price surging above $21,000 emerges, which may be followed by a notable drop.
Strengthening of DXY Index – A Bearish Case for Bitcoin
Conversely, the DXY Index, which determines the strength of the US Dollar is coiling up. After a minor rejection from 20-year high levels at 109.99, the asset failed to continue to remain within bearish captivity. Hence the Index, since the early trading hours has been extremely bullish, flashing the signals of marking new highs very soon.
The DXY Index is expected to surge slowly yet steadily and may retest the upper resistance in the coming weekend. Further, it may again experience a rejection, which could be reversed in a very short time ahead. In such a case, the Bitcoin price may experience tougher times as the possibility of a significant dump may be imminent.
Considering both cases, it is quite prominent that the descending consolidation of the asset is expected to prevail for some more time. As September month is largely believed to be bearish, the Bitcoin(BTC) price may maintain a low-key trend for a long.