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Tag: Price Analysis

  • Bitcoin ‘Back On Radar’ To Hit $80,000, Then New ATH, Analyst Says

    Bitcoin ‘Back On Radar’ To Hit $80,000, Then New ATH, Analyst Says

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    The most often used cryptocurrency worldwide, Bitcoin, has had an impressive price rise over the past few weeks, considerably raising trader confidence.

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    The bigger cryptocurrency market still exhibits volatility even with Bitcoin’s recent rallies. Thanks to Ethereum ETFs, which have created conditions perfect for significant price movements, the market is today far more liquid. As Ethereum ( ETH) and Bitcoin (BTC) negotiate these difficult waters, their mechanics as well as the risk of trend reversals are impacting each other.

    BTC up in the last month. Source: Coingecko

    According to Santiment statistics, since March 2023 the proportion of positive to negative comments about Bitcoin has climbed to its highest level. Seeing an all-time high within reach once more, investors are becoming more hopeful about the future of cryptocurrencies as they stay at $66,882.

    Market Dynamics: Ripple Effect Of Ethereum ETFs

    Ethereum exchange-traded funds (ETFs) have greatly raised market liquidity, therefore affecting overall stability. Not just Ethereum but also unintentionally Bitcoin has been impacted by this influx. Having a market valuation of $1.32 trillion and a 55% market domination, traders are closely watching how these events might change market dynamics.

    Bitcoin is now trading at $66,845. Chart: TradingView

    Though it recently surged, the price of Bitcoin has declined by 1.36% during the previous day. This fall underlines how erratic the crypto sector is. Given changing opinions and uncertain circumstances, investors find it challenging to precisely predict short-term swings. However, the growing hope for Bitcoin suggests a revival of virtual currency interest and confidence.

    Forecasts By Analysts: Breaking Limits, Scaling New Heights

    Renowned bitcoin guru Captain Faibik has given a positive future price estimate for the coin. According to Faibik, Bitcoin is poised to test once more the crucial $70,000 resistance level. Historically a major barrier, this level seems to be becoming simpler with every test that comes around. Faibik says this declining resistance suggests a potential upward breakthrough shown as a broadening wedge.

    A spreading wedge technical chart pattern suggests that the price of an asset could be poised to break out. A breakthrough is looking more plausible as Bitcoin approaches the $70,000 barrier level. According to Faibik, should Bitcoin be able to pass this obstacle, by August it might be valued beyond $80,000. This hopeful forecast is based on the trend of declining resistance, which generally indicates an approaching breakout and consequent price rise.

    Path Of Development Of Bitcoin

    Source: CoinCheckup

    Bitcoin seems to be going to have a notable increase in the following weeks. Although the price of the alpha coin is now 31% below the projection for the next month, short-term indicators show a positive trend that may cause the price to rise. Investors are preparing themselves for a probable resurgence as the market responds to several positive signals and increasing demand.

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    Based on CoinCheckup data, major resistance levels might be challenged soon; support is concentrated around the current trading price. For the expected climb, this projection provides a strong basis. Forecasts show a notable upward trend as Bitcoin will increase by 45% during the next three months.

    Featured image from Pexels, chart from TradingView

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    Christian Encila

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  • Technical Indicators Show Strong Bitcoin Bullishness

    Technical Indicators Show Strong Bitcoin Bullishness

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    Bitcoin has definitely performed on the bullish side for the past three weeks. Many investors are now convinced of the full return of bullish price actions, and various technical indicators support this surge in optimism. One such indicator is the hash ribbon, which highlights a positive price momentum for Bitcoin.

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    The hash ribbon provides a compelling view of on-chain activity by tracking the behavior of miners, who are known to have a direct influence on the cryptocurrency’s price.

    Price Momentum Flips Positive

    Crypto analyst Ali Martinez highlighted an intriguing phenomenon with the hash ribbon indicator on social media platform X. As noted by the analyst, the hash ribbon is signaling the end of miner capitulation, which suggests that the BTC price momentum has shifted from negative to positive. 

    The hash ribbon indicator analyzes Bitcoin’s hash rate using the 30-day and 60-day moving averages to gauge miner activity and network health. When the 30-day moving average drops below the 60-day, it indicates miner capitulation; when it crosses back above, it signals recovery and potential bullish price action.

    As shown by the price chart below, the last miner capitulation began on June 17 after the 30-day moving average crossed below the 60-day moving average. Recent market dynamics have seen the 30-day moving average crossing back up, suggesting that miners are now at a bullish outlook. 

    Bitcoin miners have faced challenges since the April 2024 halving, which reduced their daily revenue from an average of $70 million pre-halving to $30 million post-halving. This revenue drop forced many miners to sell their BTC holdings to cover operational costs. However, recent data indicates that miner capitulation may be nearing its end, as increased activity on the Bitcoin network pushed daily miner revenue back above $40 million.

    Bitcoin is now trading at $67,492. Chart: TradingView

    Positive Bitcoin Comments Reach Highest Level In 16 Months

    Still in the spirit of bullishness, crypto on-chain intelligence platform Santiment noted Bitcoin’s bullishness among market participants is now at its peak. Santiment’s data reveals that the ratio of positive versus negative comments about BTC on social media has surged to its highest level since March 2023 as investors become increasingly optimistic about a new all-time high.

    This surge in positive sentiment can be attributed mainly to the favorable mentions of Bitcoin at the recently concluded Bitcoin conference. During the conference, Republican presidential candidate Robert F. Kennedy Jr. reiterated his bullish stance on Bitcoin.

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    Additionally, former president and current Republican nominee Donald Trump altered his previous stance on Bitcoin and expressed support for the cryptocurrency. Trump also promised to fire SEC Chairman Gary Gensler, who is known for his very strict approach towards Bitcoin and other cryptocurrencies, if elected president.   

    The combination of political support and positive sentiment on social media has fueled mentions of Bitcoin reaching a new all-time high in August. At the time of writing, Bitcoin is trading at $67,500.

    Featured image from Vecteezy, chart from TradingView

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    Scott Matherson

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  • Solana Searching For Direction: Will SOL Break Free Or Fall Flat?

    Solana Searching For Direction: Will SOL Break Free Or Fall Flat?

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    Solana (SOL) finds itself stuck in neutral. Once a frontrunner in the 2023 crypto bull run, SOL’s price has been range-bound between $155 and $170 for the past few days, leaving investors cautiously optimistic but undeniably perplexed.

    Technical Tug-of-War: Bulls Vs. Bears

    Technical indicators paint a conflicting picture for the high-speed blockchain darling. The dreaded “death cross” – a bearish signal formed when the 50-day moving average dips below the 200-day average – has materialized, suggesting a potential short-term price decline. However, the Relative Strength Index (RSI) remains neutral, hinting at some underlying buying pressure, albeit weak.

    The social media front isn’t much clearer. Mentions and discussions surrounding Solana have dipped, indicating a decline in public interest. Additionally, trading activity has plummeted by over 50%, mirroring the community’s lukewarm engagement.

    Whispers Of Opportunity

    Despite the prevailing uncertainty, there are glimmers of potential for bullish surges. The derivatives market reveals an interesting dynamic. While the overall long/short ratio suggests investor indecision, some major exchanges like Binance and OKX see a more optimistic outlook with higher long positions.

    Furthermore, recent price spikes have triggered short liquidations, indicating that short-sellers might be getting squeezed out, potentially paving the way for a short-term rally. This phenomenon highlights the inherent volatility of the crypto market, where sudden bursts of bullish momentum can catch bears off guard.


    Solana Price Projection

    Looking ahead, analysts offer a mixed bag of predictions. Some, like the report from CoinCodex, predict a bullish surge to $185 by July 10th. However, this optimism clashes with the bearish technical indicators and the “greed” reading on the Fear and Greed Index, which could signal overvaluation.

    The path forward for Solana hinges on several factors. External influences, like regulatory decisions or broader market trends, could significantly impact its price. Additionally, the success of upcoming projects on the Solana blockchain could reignite investor interest and propel the token value upwards.

    Solana’s current predicament is a microcosm of the broader cryptocurrency market. While innovation and potential abound, uncertainty and volatility remain constant companions. Investors in the Solana ecosystem, along with the rest of the crypto world, are left in a wait-and-see mode, eagerly awaiting the next move in this intricate game of digital value.

    Featured image from Live Wallpaper, chart from TradingView

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    Christian Encila

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  • Why Did CORE Price Surge 20% While The Crypto Market Dumped?

    Why Did CORE Price Surge 20% While The Crypto Market Dumped?

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    CORE, the native token of the layer-1 network CoreChain, has surged over 20% in the last 24 hours. This is a notable price increase, considering the downward trend in the broader crypto market with the prices of other major cap tokens, including Ethereum (ETH) dumping. 

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    Why CORE Soared By Over 20%

    CORE’s price rallied by over 20% following crypto exchange Coinbase’s decision to add the crypto token to its listing ‘Roadmap.’ That means the foremost US crypto exchange plans to list CORE at some point, although it hasn’t disclosed exactly when that will happen. Regardless, this is undoubtedly a positive development for the CORE ecosystem, given the exposure and mass adoption it could gain from being listed on Coinbase. 

    CORE runs on the Ethereum Virtual Machine (EVM) compatible layer-1 blockchain CoreChain. The network is unique because it adopts a ‘Satoshi Plus’ consensus mechanism. This mechanism adopts Bitcoin’s proof-of-work (PoW) and Ethereum’s delegated proof-of-stake (DPoS) mechanism to address the blockchain trilemma of decentralization, scalability, and security.

    CORE has already had quite a year, considering it is one of the best-performing crypto assets among the top 100 coins by market cap, with a year-to-date (YTD) gain of over 265%. This feat is more commendable given that only three crypto tokens (Dogwifhat, PEPE, and Arweave) in the top 50 rankings have made more YTD gains than CORE. 

    Interestingly, most of CORE’s price gains came in the weeks leading up to the Bitcoin halving, with the crypto’s price skyrocketing by over 220% in a single week. CORE’s interoperability with Bitcoin also gives it an edge, with the network launching ‘CoreBTC,’ which allows users to bridge their BTC tokens to the network, thereby tapping into the liquidity on the flagship network, Bitcoin. 

    CORE is now trading at $2.2. Chart: TradingView

    Coinbase On A Roll

    Coinbase’s decision to add CORE to its list listing roadmap follows its recent listing of XRP and BONK for its New York customers. The crypto exchange’s decision to relist XRP undoubtedly raised eyebrows, considering it had delisted the crypto token in 2021, shortly after the legal battle between the Securities and Exchange Commission (SEC) and Ripple began. 

    Meanwhile, BONK’s listing has caused many in the crypto community to question when the crypto exchange will also list meme coins, Dogwifhat, and PEPE. Coinbase’s hesitation to list these two meme coins continues to be a surprise, given that they are the fourth and third largest meme coins by market cap, respectively.   

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    Meanwhile, Coinbase International Exchange also recently announced that it will add support for Bonk, FLOKI, and Shiba Inu perpetual futures on its platform and Coinbase Advanced. The platform added that trading will officially begin on May 30th. Coinbase Derivatives also recently launched futures contracts for the foremost meme coin, Dogecoin. 

    Featured image from NBC News, chart from TradingView

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    Scott Matherson

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  • Solana On The Brink? Price Stalemate At Crucial $140 Support

    Solana On The Brink? Price Stalemate At Crucial $140 Support

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    Solana (SOL), the high-speed blockchain network, is facing a balancing act. While experiencing a short-term price bump, analysts warn of a potential plunge if a key technical level crumbles.

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    Bullish Flicker Amidst Bearish Gloom

    SOL’s price has seen a recent uptick of 3.60%, currently hovering around $162. However, this seemingly positive movement comes against the backdrop of a broader downward trend. Analysts attribute this shift to a change in market sentiment.

    Meanwhile, the altcoin’s RSI is 48, which denotes a neutral position. As a result, SOL has room to move in either direction because it is neither overbought nor oversold.

    A drop in trading activity has been observed, which is typical of periods of consolidation. A spike in trade volume following a breakout should confirm the trajectory of the trade.

    Lifeline Or Looming Abyss?

    Crypto analyst Alan Santana emphasizes the significance of the Exponential Moving Average 100 (EMA 100) as a critical support level for SOL. The EMA 100 acts as a technical indicator, reflecting the average price over the past 100 days.

    Historically, SOL has found support at this level during bullish periods. In September and October 2023, price breakouts above the EMA 100 signaled positive market sentiment. However, the recent trend reversal has cast a shadow over this once reliable indicator.

    A Potential Price Plunge

    Santana warns that a drop below the current EMA 100, sitting at roughly $140, could trigger a significant downturn for SOL.

    This breach could instill fear among investors, potentially leading to a sell-off and pushing the price even lower. The analyst cautions of a possible plunge below $100 if such a scenario unfolds.

    Solana: Beyond The Technical

    While the technical analysis paints a concerning picture, it’s crucial to remember the inherent volatility of the cryptocurrency market.

    Solana is now trading at $162. Chart: TradingView

    Short-term predictions based on technical indicators may not always hold true. Other factors, such as industry news, regulations, and broader market trends, can also play a significant role in price movements.

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    For instance, a positive regulatory stance towards cryptocurrencies could boost investor confidence and lead to a price increase, even if technical indicators suggest a downtrend.

    Conversely, negative news surrounding a blockchain hack or security vulnerabilities could trigger a sell-off, defying bullish technical signals.

    The Road Ahead

    Solana’s future trajectory remains uncertain. Will the $140 price point become a launchpad for a recovery, or will it crumble, sending SOL tumbling down deeper?

    Featured image from Pngtree, chart from TradingView

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    Christian Encila

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  • XRP Holders Stack Coins Despite Price Dip: Bullish Signal?

    XRP Holders Stack Coins Despite Price Dip: Bullish Signal?

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    The cryptocurrency market has been battered by recent storms, with many altcoins experiencing significant price drops. XRP, however, seems to be weathering the tempest with a hint of defiance. While its price has dipped, on-chain data reveals intriguing trends that suggest a potential silver lining for XRP investors.

    XRP Accumulation On The Rise: Diamond Hands Or Whale Whispers?

    Despite the price decline, a surprising trend has emerged. The number of investors holding between a thousand and 1 million XRP tokens has actually grown by 0.20% over the past month, according to data from Santiment. This could signify a growing population of “diamond hands” – investors who hold onto their XRP despite market volatility, believing in its long-term potential.

    However, another possibility exists. The decrease in the number of whales holding between 1,000 and 1 million XRP tokens could indicate these larger investors are consolidating their holdings, potentially accumulating even greater amounts of XRP. This consolidation could be a precursor to future market moves by these whales.

    Source: Santiment

    Technical Indicators Whisper Of A Price Reversal: Bullish Undercurrents?

    Technical analysis paints a cautiously optimistic picture for XRP. The Chaikin Money Flow (CMF), an indicator that tracks the flow of money into and out of an asset, has been trending upwards despite the price decline.

    This “bullish divergence” suggests that even as the price falls, there might be a hidden buying force accumulating XRP. Investors might be interpreting the price drop as a buying opportunity, anticipating a future upswing.

    Total crypto market cap currently at $2.29 trillion. Chart: TradingView

    A Sea Of Uncertainty: Legal Battles And Market Headwinds

    While the on-chain data and technical indicators offer some positive signs, it’s crucial to acknowledge the storm clouds still lingering over XRP. The ongoing legal battle between Ripple Labs, the company behind XRP, and the US Securities and Exchange Commission (SEC) continues to cast a shadow. The outcome of this case could significantly impact XRP’s price and overall market perception.

    Furthermore, the general health of the cryptocurrency market remains a significant factor. If the broader market continues its downward trend, it could drag XRP down with it, regardless of any positive on-chain developments.

    A Coin To Watch?

    XRP’s current situation is a curious mix of resilience and vulnerability. The uptick in smaller investors and potential whale consolidation suggest some underlying belief in XRP’s future. The technical indicators hint at a possible price reversal, but the legal battle and broader market uncertainties create a complex landscape.

    Featured image from VitalMTB, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Christian Encila

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  • Shiba Inu Surprise! Binance Japan Listing Ignites 360% Price Spike

    Shiba Inu Surprise! Binance Japan Listing Ignites 360% Price Spike

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    Shiba Inu (SHIB), the meme coin with a loyal following, experienced a whirlwind of activity in the Japanese market this week. The catalyst? The listing of a new SHIB/JPY trading pair on Binance Japan, a move that initially sent the price soaring.

    Shiba Inu Soars On Binance Listing, But Briefly

    On April 30th, Binance Japan announced the addition of the SHIB/JPY pair to its spot trading platform. This move provided Japanese investors with a convenient way to trade SHIB directly with their yen, eliminating the need for currency conversions. The news was met with excitement in the Shiba Inu community, particularly in Japan, where the dog-themed coin enjoys a strong following.

    Following the listing, SHIB experienced a momentary surge, with its price briefly reaching ¥0.016666 (approximately $0.00011). This represented a staggering 360% increase from the opening trading price of the pair.

    A prominent Japanese Shiba Inu community member, KURO, documented the surge on social media, further fueling the buzz.

    However, the jubilation proved short-lived. The price quickly stabilized at a much lower point, ¥0.003741 (around $0.000024), highlighting the volatility inherent in the cryptocurrency market. While the initial spike generated excitement, it’s crucial to remember that such surges are often fleeting and don’t necessarily translate to long-term growth.

    Can SHIB Maintain Its Footing? A Look Beyond The Listing

    The impact of the Binance Japan listing on SHIB’s long-term price trajectory remains to be seen. While it undoubtedly increased accessibility for Japanese investors, several factors will determine the coin’s future performance.

    The cryptocurrency market itself is currently facing headwinds. Bitcoin, the world’s leading cryptocurrency, has seen a significant price correction in recent months, dragging other digital assets down with it. SHIB’s fate is likely intertwined with the overall market sentiment.

    Total crypto market cap currently at $2.14 trillion. Chart: TradingView

    The success of the Shiba Inu development team’s ongoing projects, such as the Shibarium Layer 2 blockchain and token burning initiatives, could significantly impact the coin’s value proposition. If these projects gain traction and deliver on their promises, they could attract more investors and drive up demand for SHIB.

    SHIB price action in the last day. Source: Coingecko

    The Rise Of Litecoin As A Fiat Onramp

    Interestingly, the increased focus on fiat-to-crypto gateways like the SHIB/JPY pair coincides with the growing popularity of Litecoin (LTC) as a method to buy other cryptocurrencies. Unlike Bitcoin, Litecoin boasts faster transaction times and lower fees, making it an attractive option for investors seeking a smoother entry point into the crypto market.

    Whether LTC can capitalize on this trend and establish itself as a preferred fiat onramp remains to be seen, but it presents an alternative pathway for those hesitant about the volatility associated with direct fiat-to-meme coin purchases.

    Featured image from Pexels, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Christian Encila

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  • Render Revving Up: Analyst Predicts Potential Climb to $16

    Render Revving Up: Analyst Predicts Potential Climb to $16

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    Render (RNDR), the cloud-based rendering network, is stirring excitement in the crypto market with technical indicators and analyst predictions hinting at a substantial price surge in the coming weeks or months.

    Render Breaks Free From Technical Chains

    Technical analysis paints a bullish picture for RNDR. The token has recently broken out of a bullish technical pattern known as the Dragon Pattern, also referred to as the supply line. This breakout historically signifies a potential shift in momentum, with prices likely to trend upwards.

    RNDR 24-hour price action. Source: Coingecko

    Adding fuel to the fire, analysts are observing the formation of Three Rising Valleys on RNDR’s chart. This pattern suggests a potential market bottom has been established, indicating a reversal from previous downward trends.

    Furthermore, a bullish divergence on the four-hour chart hints at weakening selling pressure. In simpler terms, sellers are struggling to push prices down, failing to break below previous lows.

    DoJi, a prominent crypto analyst, sees these technical indicators as a recipe for a price surge. Based on his analysis of the Three Rising Valleys, DoJi has set a price target of around $13 for RNDR. He even goes as far as suggesting a price explosion beyond $20 if historical price movements repeat themselves.

    According to DoJi, surpassing a key resistance level of $9.20 could be the catalyst that ignites this bullish momentum.

    RNDR Up 250% In 6 Months – But Can It Break Resistance?

    In the previous half-year, RNDR’s value rose by an astounding 250%. The pattern of impulsive and corrective moves in the price fluctuation points to a turbulent market.

    Forecasting the price trajectory of RNDR in the future offers both cautious and optimistic options. There is expected to be resistance at $10.90 and a larger barrier at $13.30.

    If the price drops, $6.18 or even lower, $3.79, may provide support. RNDR network adoption rate and general market trends could drive price fluctuations, but long-term indications like the 100-day average point to a possible stabilization around $8.92.

    RNDR market cap currently at $3.1 billion. Chart: TradingView.com

    Analyst Chimes In With Optimistic Predictions

    Meanwhile, DoJi isn’t the only crypto expert bullish on RNDR. Inspector Crypto, another well-respected analyst, has identified a bullish Inverse Head and Shoulders Pattern on RNDR’s chart. This pattern typically precedes a price increase, and Inspector Crypto has projected a target range of $14-$16 for RNDR based on this pattern.

    The combined optimism from DoJi and Inspector Crypto reflects a broader sentiment of anticipation surrounding RNDR. While the token has experienced a slight dip in price recently, many analysts are closely monitoring its performance, waiting for the upswing signal.

    Featured image from Pexels, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Christian Encila

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  • Ethereum Enters Accumulation Phase

    Ethereum Enters Accumulation Phase

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    Investors are accumulating Ethereum in droves amidst what could become a return to bullish sentiment for the cryptocurrency. Ethereum is currently ranging around $3,170, with its price undergoing volatility in the past seven days.

    Amidst this price volatility, on-chain data has revealed an accumulation trend from Ether investors during the week. Additionally, transaction data has shown an uptick in whale movement of ETH to and from exchanges, with recent market happenings indicating a transformation in the price of the crypto asset.

    Ethereum Sees Major Accumulation As Investors Stock Up

    Ethereum is now at a fundamental junction which could see its price surging in the new week and beyond. This fundamental catalyst for a price surge has come through the recent entry of Spot Ether ETFs into the Asian market.

    Regulators in Hong Kong have greenlit the launch of Spot Ethereum ETFs along with Spot Bitcoin ETFs in the country, prompting investors to make strategic ETH movements in light of an incoming price surge. 

    Particularly, on-chain data from IntoTheBlock shows a strategic accumulation pattern from ETH investors, with over $500 million worth of ETH leaving centralized exchanges in the past week. Interestingly, this surge in movement is the highest single-week outflow from exchanges recorded on the Ethereum network since February. 

    When investors withdraw crypto from exchanges, it usually means they’re looking to hold it for the long term. This behavior shows that these investors have confidence that the price of ETH will increase in value in the near future. 

    Similarly, data from whale transaction tracker Whale Alerts shows an uptick in ETH whale transactions during the week, with whale outflows from exchanges outpacing inflows.

    Total crypto market cap currently at $2.322 trillion. Chart: TradingView

    What’s Next For Ether?

    Despite the outflows from exchanges, a concurrent selloff in exchanges drove the price down below $3,000 during the week to bottom out at $2,878. However, the currency has since reversed to the upside and is showing signs of a bullish momentum. At the time of writing, Ethereum is trading at $3,180 and is up by 4% in the past 24 hours. 

    Fundamentals surrounding Ethereum point to steady price growth during the weeks as the bulls look to clear the $3,200 price hurdle. One example of such catalysts is a new draft bill aimed at legitimizing stablecoins in the United States. As the blockchain network with the biggest stablecoin market, Ethereum is set to benefit from a clear-cut positive regulation regarding stablecoins. 

    While the US SEC continues to hesitate about the approval of Spot Ethereum ETFs in the country, this investment class is set to be launched at the end of April in Hong Kong. Ethereum ETFs hitting the Asian market signals growing institutional interest in the altcoin in all corners of the globe. This, in turn, could lead to the price of Ethereum surging past its current yearly high of $4,066.

    Featured image from Pexels, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Bitcoin ETF Issuers Push Holdings To 4.27% Of BTC Supply Amid Crash To $61,000

    Bitcoin ETF Issuers Push Holdings To 4.27% Of BTC Supply Amid Crash To $61,000

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    There’s no denying the launch of Spot Bitcoin ETFs has done wonders for the price of Bitcoin and other cryptocurrencies in general. These ETFs have now unlocked institutional demand into the world’s largest crypto asset to change the dynamics ahead of the next halving. On the other hand, recent tensions between Iran and Israel have seen Bitcoin falling to as low as $61,000 in the past 24 hours to undo weeks of price increases. 

    Bitcoin ETF Wallets Now Whale Addresses

    The institutional demand for Bitcoin has been ramping up since the beginning of the year from the issuers of the various Spot Bitcoin ETFs. These fund providers have been scooping up Bitcoin left and right, now holding 4.27% of the total BTC supply, as noted by on-chain analytics platform IntoTheBlock.

    These whale wallets have now joined an extensive list of whales on the Bitcoin network who collectively own 11% of the total circulating supply.

    It is noteworthy to mention that BlackRock’s IBIT and Fidelity’s FBTC ETFs have positioned themselves as the lead of the pack. According to data from BitMEX Research, these two spot ETFs now hold 405,749 BTC at the close of the trading session on April 12. 

    This surge of institutional money has fueled Bitcoin’s meteoric rise to a new all-time high of $73,737 and underscored its potential as a mainstream asset class. However, a brewing conflict between Iran and Israel seems to be undoing months of this price increase. Particularly, Bitcoin has seen a noteworthy drop to $61,000 from $67,800 in the past 24 hours. 

    Fundamentals, however, point to this price drop being temporary and the crypto is already reversing the majority of this loss. At the time of writing, Bitcoin is trading below the $65,000 price mark.

    Bitcoin is now trading at $64.330. Chart: TradingView

    Changing Halving Dynamics

    One of such fundamentals pointing to a steady Bitcoin price increase in the coming months is the approaching Bitcoin halving. Investors are steadily approaching the outcome of this halving, with the Bitcoin blockchain now less than 1,000 blocks to the next event.

    Past halvings on their own have led to a price increase for Bitcoin in the days post-halving. Bitcoin went on a surge of over 7,000% in the months after the first halving in 2012. The halving in July 2016 led to a 3,000% price surge in the months after. The most recent halving in May 2020 led to a surge of almost 1,000% in the months after.

    As noted by IntoTheBlock, the approaching halving is different from previous ones. Unlike the last three halvings, there’s “a new source of demand coming from the institutional sector” through Spot Bitcoin ETFs. A repeat of past halving outcomes could see Bitcoin easily surging above the $100,000 price level.

    Featured image from Pixabay, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Market Expert Reveals Why Solana Price Is Poised To Go Higher

    Market Expert Reveals Why Solana Price Is Poised To Go Higher

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    A cryptocurrency analyst, who accurately foresaw the market’s bottom in 2018, is now focusing on Solana, foreseeing a price bottom for the cryptocurrency and identifying its next target after reaching it. 

    Solana To Rise Above $200 After Hitting This Bottom

    In a Wednesday X (formerly Twitter) post, a crypto analyst identified as ‘Bluntz’ has highlighted a potential price bottom for Solana. Following up on the previous forecast on April 4, where he predicted that Solana would hit a bottom at or below $160 before pushing back up, Bluntz revealed in his new post that the next price bottom would be $162. 

    The crypto analyst anticipates that Solana’s price will hit a bottom at $162 before it begins to move higher, suggesting a possible bullish rebound for the cryptocurrency. Sharing several price charts illustrating Solana’s price movements between March and April 2024, Bluntz uses the Elliot wave theory as a technical pattern to guide his predictions.

    The Elliott wave theory is a unique form of technical analysis which predicts price movements by observing and identifying recurrent long-term price patterns related to persistent changes in investor sentiment and psychology.  

    In his earlier post, Bluntz shared a price chart which indicated that Solana’s next leg up after hitting the predicted price bottom would be $224. He estimated the timeline for this significant surge, predicting that the cryptocurrency could jump to $224 before April 22. 

    Solana is now trading at $151. Chart: TradingView

    Price Update On Solana (SOL)

    Lately, the price of Solana has been on a major downward trend, recording double-digit losses for the past few weeks. At the time of writing the cryptocurrency is trading at a price of $151.15, marking a 12.32% decrease in the last 24 hours and a 13.93% drop in the past week, according to CoinMarketCap. 

    This continuous decline has been attributed to the congestion issues Solana’s network currently faces. Earlier in April, Solana had fallen victim to a network outage, resulting in about 75% of transactions on the network failing. This caused a major disruption in the blockchain’s operations, raising concerns among investors and the broader crypto community. 

    Following the blackout, the price of Solana plummeted significantly and has continued on a downward trend. Despite scheduling April 15 for a network resolution, the cryptocurrency’s value has not shown any positive response. 

    It’s also important to note that Solana’s current price has dropped way below the previously stipulated bottom of $162 predicted by Bluntz. The possibility of a bullish rebound for the cryptocurrency remains uncertain, as more doubts have been raised concerning the network’s ability to handle significant transaction volumes. 

    Featured image from Pexels, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • SUI Slips After Hitting All-Time High: TVL Tumbles 12%

    SUI Slips After Hitting All-Time High: TVL Tumbles 12%

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    The burgeoning world of Decentralized Finance (DeFi) has witnessed a rollercoaster ride for newcomer Sui, a Layer 1 blockchain designed to scale DeFi applications. After a stellar start to 2024, Sui’s Total Value Locked (TVL) – a metric reflecting the total value of crypto assets deposited in its DeFi protocols – surged to a record $724 million in late March. However, this celebratory moment proved fleeting, as the platform has since experienced a downward trend.

    SUI TVL Takes A Tumble

    Despite the recent decline, Sui’s TVL currently sits at a healthy $654 million, according to DeFiLlama. This translates to a 12% drop from its peak, showcasing a correction following its initial surge. However, it’s important to note that Sui remains in a positive light compared to some established players.

    SUI TVL. Source: Defillama

    Silver Linings For Sui

    While the recent dip might raise concerns, Sui boasts a more optimistic outlook when considering a broader timeframe. Compared to its New Year’s Day value, the current TVL represents a significant 25.5% increase.

    This upward trajectory extends further back, with a staggering 68% growth since the beginning of the year. This impressive background performance fuels optimism for Sui’s potential to regain its momentum, potentially propelling it towards a coveted spot amongst the top 10 DeFi chains.

    Total crypto market cap is currently at $2.571 trillion. Chart: TradingView

    SUI Token Mirrors Market Trends

    The price of Sui’s native token (SUI) reflects a similar pattern to its TVL. Currently trading at $1.65, SUI has shed nearly 30% of its value compared to its all-time high of $2.20 reached in late March. Despite the recent slump, SUI has managed a modest 2% daily increase. However, zooming out reveals a 11% loss over the past week.

    SUI price action in the last week. Source: CoinMarketCap.

    Can Sui Recover its DeFi Mojo?

    Regaining the lost TVL will be a key test for Sui’s development team. Identifying the reasons behind the user exodus is essential. Were there any security concerns or technical glitches that caused users to pull their funds? Transparency and addressing these issues head-on will be critical for rebuilding user confidence.

    Related Reading: Filecoin Bull Run On The Horizon? Analyst Sees 250% Surge

    Building A Thriving DEX Ecosystem Is Vital

    Meanwhile, a vibrant DEX ecosystem is another pillar for Sui’s future. Decentralized Exchanges allow users to trade cryptocurrencies directly with each other, without the need for a centralized intermediary.

    Fostering a healthy DEX landscape will attract more users and liquidity to the Sui blockchain, ultimately boosting its TVL. Enticing established DEX protocols to migrate to Sui or supporting the development of native DEX solutions could be effective strategies.

    Featured image from Pixabay, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Christian Encila

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  • Solana: Expert Analysis Points To Buying Opportunity

    Solana: Expert Analysis Points To Buying Opportunity

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    Solana (SOL), a prominent player in blockchain technology, finds itself at a crossroads. While crypto analyst Altcoin Sherpa remains bullish on its long-term potential, recent price drops and a surge in failed transactions raise concerns.

    Is Solana Poised For A Major Rally?

    Sherpa, known for simplifying complex investment strategies, suggests a buying range of $168-208 for SOL. He emphasizes a long-term approach, advocating patience over short-term price movements.

    This aligns with Solana’s reputation for innovation, offering a fast and scalable platform for decentralized applications (dApps). Its growing popularity and strong foundation in blockchain technology further solidify Sherpa’s optimistic outlook.

    The analyst urges investors to exercise patience and adopt a long-term perspective while dealing with the erratic cryptocurrency market and advises against overanalyzing the short-term price fluctuations.

    By contrast, he advocates refocusing towards a broader point of view, emphasizing that significant profits could result from a less fearful response to price fluctuations within the suggested purchase frame.

    In light of the volatility of cryptocurrency investments, this perspective offers some degree of clarity and suggests that Solana’s value is about to see a significant increase.

    But, SOL Price Is On The Weak Side

    However, Solana’s recent price performance paints a different picture. Over the past 24 hours and the last week, SOL has experienced a slight decline. This dip comes amidst a period of high trading volume, exceeding $4.3 billion in the last day alone. While high volume can indicate strong market interest, it can also be a sign of volatility.

    Further dampening investor sentiment is a concerning rise in failed transactions on the Solana network. Data from Dune Analytics reveals a staggering rate – nearly three-quarters of all transactions on the SOL chain have failed since March 2024.

    Source: Dune Analytics

    While bots causing spam are attributed to most of these failures, legitimate users interacting with the blockchain for swaps or decentralized exchange (DEX) transactions could also be affected. This network congestion raises questions about Solana’s scalability, a core strength Sherpa highlights.

    The Road Ahead For SOL

    Solana’s future trajectory hinges on its ability to address these network issues. Developers are actively working on solutions, but it remains to be seen if they can effectively mitigate the problem. Addressing scalability concerns will be crucial to maintaining user confidence and attracting new ones.

    Total crypto market cap is currently at $2.405 trillion. Chart: TradingView

    The contrasting perspectives on Solana highlight the inherent volatility of the cryptocurrency market. Investors considering SOL should carefully weigh Sherpa’s long-term vision against the recent price decline and network issues.

    Looking ahead, several factors will influence Solana’s future. The success of upcoming projects built on its platform and the broader adoption of blockchain technology will play a significant role. Additionally, regulatory developments and the overall performance of the cryptocurrency market could also impact SOL’s price.

    Solana remains a force to be reckoned with in the blockchain space. Its innovative approach and strong foundation are undeniable. However, overcoming network congestion is paramount to fulfilling its long-term potential.

    Featured image from Pexels, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Christian Encila

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  • Ethereum’s dip under $3.4k could signal steeper drop

    Ethereum’s dip under $3.4k could signal steeper drop

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    An analyst predicts a further Ethereum price retrace below $3,000 due to thin support levels, as the asset declined 6% in 24 hours.

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    Naga Avan-Nomayo

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  • Shiba Inu Dips Below $0.00003 Again

    Shiba Inu Dips Below $0.00003 Again

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    The $0.00003 price level has remained a critical point for Shiba Inu in the past few days. A recent market tug-of-war between bulls and bears has seen the meme coin particularly struggling to hold above $0.00003 in the past two days. This has led to uncertainty about the crypto’s direction as we break into a new month as a breakdown below the figure could lead to an extended price reversal. 

    However, the majority of SHIB holders continue to hold onto bullish sentiment as the cryptocurrency is still doing well in a larger timeframe. This has led to bullish predictions from crypto analysts. 

    Current State Of Shiba Inu

    Shiba Inu is currently trading at $0.0000305, up by 1.28% in the past 24 hours. Interestingly, the cryptocurrency’s price movement shows a lackluster action for the majority of the weekend. This saw it falling to as low as $0.00002958 yesterday.

    However, this wasn’t for long, as the cryptocurrency found its way back above $0.00003 in the hours after, signaling the ongoing fight between bulls and bears. 

    While the action shows the bulls might be getting tired in the short term, a larger timeframe indicates they might still be having the upper hand. This is because SHIB is still up by 8.60% in the past seven days, reaching as high as $0.00003253 on March 28.

    Similarly, the crypto is still up by 123% in the past 30 days, although it has reversed most of the gain it saw earlier in the month which saw the bulls pushing to $0.00004456 for the first time since December 2021.

    Bitcoin is now trading at $70.564. Chart: TradingView

    What’s Next For Shiba Inu?

    Shiba Inu’s bullish momentum might have waned from those witnessed earlier in the month, but some whales have continued accumulating in anticipation of an uptrend continuation. Crypto analysts have also predicted a bullish surge in the coming weeks. Crypto analyst Captain Faibik noted that SHIB is gearing up for another 2X rally. His prediction is based on a bullish price formation. 

    The price chart shared by the analyst shows that SHIB is currently forming a bullish pennant flag pattern. According to Captain Faibik, a breakout of the flag pattern could see Shiba the cryptocurrency surging to $0.000058 in April.

    Another popular analyst known as Rekt Capital predicted a similar surge based on history repeating itself. According to him, the current SHIB action could mirror the one in 2021. All it needs to do is just break above a major resistance at $0.0000332 before going on a strong uptrend.

    Featured image from Pexels, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Internet Computer rallies 40%, emerges among the top weekly gainers

    Internet Computer rallies 40%, emerges among the top weekly gainers

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    Internet Computer’s token price reached $17 today, its highest in two years.

    The price increase represents a 500% increase from its lowest price just six months ago. The network reached three billion blocks today, indicating a high activity level and robustness, reflecting its capacity to handle transactions and interactions efficiently.

    According to CoinMarketCap, the token’s daily trading volume surged 126%. ICP’s surge reflects growing investor interest and confidence in the token, contributing to its price increase. 

    The network also recently rolled out ckBTC, a digital asset mirroring Bitcoin. The new digital asset allows Internet Computer to create solutions incorporating Bitcoin transactions, with ckBTC already securing over $12 million in total value locked (TVL).

    The renewed interest in ICP is also driven by the network’s experimental integration of AI technologies. The network revealed the world’s first blockchain-based AI smart contract, which potentially signifies that AI has become a core component of web3 developments. The Internet Computer network now enables developers to craft AI-powered applications. 

    AI-based tokens have surged throughout this bull market, fueled by the latest developments and the introduction of next-gen technologies. Worldcoin, a venture of OpenAI CEO Sam Altman, has rallied over 400% since last year. 


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    Mohammad Shahidullah

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  • Bitcoin ETFs Bleed – Can Price Recover To $73,000?

    Bitcoin ETFs Bleed – Can Price Recover To $73,000?

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    Last week was rough for Spot Bitcoin ETFs as they failed to attract strong inflows day after day. As a result, these Spot Bitcoin ETFs witnessed consecutive daily outflows every day last week, indicating the bullish sentiment among institutional traders might actually be waning. This seems to have been reflected in the price of Bitcoin, as the cryptocurrency fell to as low as $61,370 during the week. 

    Bitcoin ETFs See Sustained Outflows

    Investor interest in Spot bitcoin ETFs skyrocketed throughout February and early March amid Bitcoin’s bull run, pushing its price to an all-time high of $73,737.

    This maximum investor interest saw the ETFs setting new trading records for exchange-traded funds in the US. However, these ETFs have now set a negative record of five consecutive days of outflows to beat a four-day outflow streak set in January.

    According to data from BitMEX Research, these ETFs witnessed five days of consecutive outflows of $154.4 million, $326.2 million, $261.6 million, $93.1 million, and $51.6 million. At the same time, Grayscale’s GBTC set a new record for the most daily outflow.

    BitMEX also reveals that the world’s largest crypto asset manager saw redemptions of 9,539.7 BTC worth over $642.5 million on Monday, the largest single-day outflow in GBTC’s history.

    Grayscale’s outflow wasn’t particularly surprising, considering that the fund has witnessed consistent daily outflow since its launch. The surprise came from very weak inflow into other Spot ETFs like BlackRock (IBIT) and Fidelity (FBTC), whose huge inflows have always offset outflows from GBTC. 

    Particularly noteworthy is the fact that Blackrock (IBIT), which has consistently been the target of the majority of inflow, established a new inflow low of $18.9 million on Friday, March 22. Fidelity, on the other hand, also saw its inflow fall to as low as $5.9 million on Monday, March 18.

    Bitcoin is now trading at $65.122. Chart: TradingView

    Can Bitcoin Price Recover?

    The big question now is whether Bitcoin can stage a strong recovery and reclaim its recent all-time high above $73,000. A continuation of outflows from Spot Bitcoin ETFs could further weigh on Bitcoin price. 

    Interestingly, the weak inflow hasn’t really related to low trading activity, as trading volume remained significant throughout the week. Data shows that the cumulative trading volume of the 10 ETFs is now at $164 billion after witnessing $22.71 billion in trading volume last week.

    After a week of deep outflows, the coming days will be crucial in determining the next major move in the price of Bitcoin. Despite the rough week, Bitcoin still has a chance to rebound back to $73,000 or higher, especially with the approach of the next Bitcoin halving event. 

    Featured image from Pexels, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Ethereum Sees Rise In Daily Activity, But Why Is Price Down?

    Ethereum Sees Rise In Daily Activity, But Why Is Price Down?

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    Ethereum’s network has seen notable growth recently in both daily active users and daily transaction volume, yet the price of ETH, Ethereum’s native cryptocurrency, has undergone corrections in the past few days. Notably, Ethereum is down by over 10% in the past seven days, underperforming Bitcoin and the S&P 500.

    While this decline can be felt through the majority of large cryptocurrencies in the industry, the number of daily active Ethereum addresses has been steadily rising over the past month. 

    Ethereum’s Network Activity Surges But Price Remains Stagnant

    An increase in network activity is usually a bullish sign for the price of cryptocurrencies as more activity means more demand. Interestingly, the number of daily active Ethereum addresses has increased by over 46% since January 3. 

    This increase in active addresses largely came with a surge in price over the past few months. Ethereum shot up from $2,909 on February 24 to reach a two-year high of over $4,000 on March 12, representing a surge of over 39%. According to data from YCharts, the number of daily active addresses increased simultaneously from 432,647 to 515,145 during the same time frame. 

    However, Ethereum has been on a price decline since its brief cross over $4,000 and is currently down by 17% in the past 10 days. On the other hand, the network has witnessed a continued surge in activity in terms of on-chain data, with the number of daily active addresses now at 618407 in the past 24 hours, its highest point since October 2023. 

    According to data from IntoTheBlock, ETH’s daily average volume has been steadily growing in a similar manner to the one recorded in 2020’s early bull market. This growth has now pushed the amount of ETH transferred on Ethereum to its highest level since May 2022 this week.

    Ethereum is now trading at $3,420. Chart: TradingView

    Can Ethereum Resume Its Uptrend?

    At the time of writing, Ethereum is trading at $3,355. The price of any cryptocurrency, including ETH, depends heavily on market sentiment and speculation. While growing adoption and network activity are positive signs for long-term price growth, speculation is what really drives the price, at least in the short term.

    At the same time, its price remains under pressure from several areas. One of such pressures is a recent report that the SEC is poking around Ethereum and the Ethereum Foundation and is looking to classify ETH as a security. 

    As the second-largest cryptocurrency, ETH’s classification as a security could cause chaos that would eventually cascade into other crypto assets.

    Ethereum seems to have now formed a minor support at the $3,280 price level. Failure to hold above this price point could mean a further move to the downside.

    Featured image from Pexels, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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  • Elon Musk vs. OpenAI lawsuit to drive Worldcoin price above $10?

    Elon Musk vs. OpenAI lawsuit to drive Worldcoin price above $10?

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    Between Feb. 25 and March 7, WLD prices dipped 40% from its $9.50 all-time high after Elon Musk filed a lawsuit against Worldcoin’s parent firm.

    Between bullish tailwinds from the NVIDIA-led Crypto AI renaissance and bearish headings from the legal battle between Elon Musk and OpenAI, Worldcoin price levers have been pulled in opposite directions since March 1. 

    On-chain data trends provide vital insights into how initial response among crypto whales and Worldcoin long-term investors could impact WLD short-term price action. 

    Worldcoin price initially dipped 40% after Elon Musk filed lawsuit

    On March 1, Elon Musk filed a lawsuit against Worldcoin’s parent company, OpenAI, for breach of fiduciary duty and claims of unfair business practices. The news effectively truncated a historic February rally for the Worldcoin’s native WLD token. 

    Worldcoin (WLD) Price action before and after Elon Musk Lawsuit | February – March 7, 2024. Source: TradingView

    WLD’s price soared 320% to an all-time high of $9.50 on Feb 25, which momentarily saw its market cap surpass the $1 billion mark. As news of Elon Musk’s lawsuit against OpenAI broke, it set off a panic yard sale, sending Worldcoin’s price spiraling 40% to a two-week low of $5.60 on March 5.  

    It has now been a week since Elon Musk’s lawsuit against OpenAI. The two major stakeholder blocs within any cryptocurrency network are long-term holders and whale investors. On-chain indicators show that both groups have taken on a bullish disposition on Worldcoin. 

    Crypto Whales continue investing in Worldcoin

    With one eye on the crypto AI, rave partly triggered by NVIDIA’s record-breaking 2023 fourth-quarter earnings and growing adoption of the controversial iris scanning orbs, risk-seeking Worldcoin whales have refused to throw in the towel. 

    The Santiment chart below depicts real-time changes in whale wallets holding 1 million to 10 million WLD balances. It shows that the week following Elon Musk’s lawsuit filing, the whales acquired another 720,000 WLD tokens between March 2 and March 7. 

    Worldcoin (WLD) Whales Wallet Balances
    Worldcoin (WLD) Whales Wallet Balances Source: Santiment

    Valued at the current price of $7.20 per token at press time on March 7, the newly acquired tokens are worth approximately $5.2 million. This shows that rather than exit, the whales have capitalized on the price dip to scoop up more tokens in anticipation of more significant future gains as the project develops. 

    Investors with a high-risk appetite often gravitate towards distressed coins, or crypto projects embroiled in regulatory or legal contests, in hopes of a big payday if the lawsuit yields a positive outcome.

    This whale cohort holds over 521.9 million WLD, representing 5.2% of Worldcoin’s 10 billion total circulation supply. On-chain buy/sell trends have historically been positively correlated to WLD price movements. If whales keep buying, WLD could avoid a dramatic price downswing as the lawsuit unfolds. 

    Worldcoin long-term investors are standing firm

    Furthermore, another critical on-chain indicator shows that Worldcoin long-term holders are refraining from selling their tokens amid the legal crisis. 

    Santiment’s age consumed metric tracks long-term investors’ trading activity by multiplying the number of recently-traded coins by the number of days since they were last moved. 

    Age-consumed figures rise when long-term investors and project insiders are on a selling spree, with many previously long-held coins on the move. 

    But interestingly, the on-chain trends observed on the Worldcoin network this week show that WLD Age Consumed has been in decline since Elon Musk’s lawsuit.

    Worldcoin (WLD) Age Consumed vs. Price
    Worldcoin (WLD) Age Consumed vs. Price | Source: Santiment

    Specifically, the 7.5 million coin days consumed on March 7 represents an 83% drop-off from the initial spike recorded on March 2. This metric shows that the Worldcoin long-term investors continue to show diamond hands despite the swirling controversy in the past week.  

    When it occurs during a period of heightened market fear, uncertainty, and doubt it could boost other investors’ confidence.

    How will Worldcoin price react to Elon Musk’s lawsuit?

    The early bullish reactions from Whales and long-term investors suggest they will likely prop up WLD prices in the near term. By continuing to HODL amid intense bearish headwinds from the legal battle between Elon Musk and OpenAI, these key stakeholders convey confidence in the long-term prospects and value of Worldcoin. 

    Unsurprisingly, rather than head into a downward spiral as initially feared, WLD price has now rebounded from its weekly low of $5.60 on March 5 to reclaim $7.20 territory at press time on March 7.

    This rare bullish conviction may stem from belief in the project’s fundamentals or a strategy to front-run massive gains if OpenAI experiences its own Ripple (XRP) breakout moment with a legal victory over Elon Musk.

    If the current dynamics persist as the lawsuit lingers, Worldcoin price could defy the odds and enter another leg-up towards $10.


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    Ibrahim Ajibade

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  • Bitcoin Profitability Reaches 97% For The First Time In 2 Years

    Bitcoin Profitability Reaches 97% For The First Time In 2 Years

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    Bitcoin has had an eventful few weeks in terms of price action. The world’s largest crypto is currently at a 19% increase in the past seven days and a 43% increase in the past 30 days, its highest percentage gain in over a year. As a result, a huge number of BTC addresses have been pushed into the profitability zone. For the first time in over two years, 97% of all Bitcoin addresses are now in profit.

    Number Of Bitcoin Addresses In Profit Skyrockets As Prices Surge

    According to crypto on-chain analytics platform IntoTheBlock, 50.62 million Bitcoin addresses are currently in profit at the current price level. This huge figure represents over 97% of the total wallet addresses. Notably, the last time holders saw this much profitability was in November 2021 when the price of Bitcoin was around $69,000, nearing its all-time high.

    Notably, market playout has seen Bitcoin continue its massive gains over the past few months. Just last month, 91% of addresses were in profit. Despite some sporadic sell-offs and profit-taking from some investors attempting to break even, the percentage of addresses in profit continues to grow as the huge profitability means selling pressure no longer has a significant effect.

     

    How Long Can Bitcoin Sustain This Upward Momentum?

    Bitcoin prices have skyrocketed over the past several months, recently topping $60,000 again. The top crypto is currently trading at $62,233 at the time of this writing, and 1.28 million addresses, which account for 2.46% of the total addresses, are at a break-even point. 

    Bitcoin is now trading at $62,233. Chart: TradingView.com

    The price surge can be attributed to increased mainstream adoption in the traditional investing world spearheaded by Spot Bitcoin ETFs. This in turn has ushered in a new wave of holding mentality. In February, 69,244 BTC worth over $3.6 billion were withdrawn from crypto exchanges.

    Notably, those who have profited the most are those who have been holding Bitcoin long-term. According to IntoTheBlock, 13.6 million Bitcoins are in the possession of investors who have held onto their assets for over a year.

    However, new investors can still look forward to a continued price surge, as Bitcoin faces virtually little to no resistance in its path. Only 0.37% of addresses (193,000) are still waiting to make a profit at the current price. 

    Most experts remain optimistic about Bitcoin’s price potential for the rest of 2024 and beyond. With the bull run in full swing, many traders and crypto analysts think Bitcoin will continue setting new all-time highs in 2024. Price targets for the end of the year range from $100,000 up to $300,000 per Bitcoin. 

    Featured image from Pexels, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Scott Matherson

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