Category Archives: Altcoin
Why Altcoins Were Struggling to Tread Water on Monday – Yahoo Finance
Is the recent cryptocurrency rout over yet? Probably not, but after booking losses toward the end of last week that were significant at times, the landscape looked a little better for altcoins.
On Monday, quite a few were posting comparatively modest losses, with some even inching cautiously into positive territory. In late afternoon trading, Chainlink (CRYPTO: LINK) was down only marginally, while The Sandbox's (CRYPTO: SAND) price was moving sideways. On the gainer side, VeChain (CRYPTO: VET) was up by 3.5%, and Litecoin (CRYPTO: LTC) posted a 0.5% gain.
Major geopolitical developments usually impact the financial markets to some degree, and cryptocurrency is no exception to this. After a scare that the ever-volatile Middle East dynamic would worsen with Iran's attack on Israel, as of late afternoon Monday, the situation seemed to be cooling off encouragingly.
A more direct source of cautious optimism was the apparent approval of spot crypto exchange-traded funds (ETFs) in Hong Kong, one of the most important financial markets in Asia. Asset managers there said the enclave's Securities and Futures Commission (SFC) gave its first nod to Bitcoin and Ethereum spot ETFs that day, although it was unclear how many or which ones were approved.
The move echoed the U.S. SEC's approval of such securities back in January, which lit quite a fire under the price not only of Bitcoin, but those of a great many altcoins. Crypto bulls were rightly encouraged that if the SEC is favorable to spot Bitcoin ETFs, approvals for altcoin ones are sure to follow.
This occurred on the week widely expected to witness the latest halving of Bitcoin. As the name implies, halving will see the Bitcoin payouts for mining the cryptocurrency reduced by half (a measure that helps control the ultimately limited supply of the coin). History shows that Bitcoin's price tends to rise after halving, so in recent weeks investors have piled into it on anticipation of similar gains.
So, for the most part, investors were cautious as the trading week kicked into gear. We should bear in mind that on a year-to-date basis, many of the top cryptos have risen sharply in value, and in such situations, people tend to worry that they've soared too high.
Regardless, there is much interest in coins and tokens these days, so perhaps a renewed rally is in store. It would be worthwhile to keep an eye on those Hong Kong spot crypto ETFs; if interest in that market is anywhere near what the U.S. experienced, it could provide a nice driver pushing crypto prices upward again.
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Why Altcoins Were Struggling to Tread Water on Monday was originally published by The Motley Fool
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Why Altcoins Were Struggling to Tread Water on Monday - Yahoo Finance
How Will Bitcoin Halving Affect ETH & Altcoin Prices? – Techopedia
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How Will Bitcoin Halving Affect ETH & Altcoin Prices? - Techopedia
The 3 Best Altcoins to Buy in April 2024 – InvestorPlace
The Bitcoin (BTC-USD) halving is finally here, and the outlook remains bullish for the cryptocurrency. Since the last halving in 2020, Bitcoin has surged by 650%. If these returns are replicated, the cryptocurrency can touch $435,000 before the 2028 halving. Of course, thats a long-term view. I believe Bitcoin will likely trade above $100,000 in the current bull market. Therefore, its also a good time to buy some of the best altcoins.
Besides the halving event, there are two more catalysts for a Bitcoin rally. First, multiple rate cuts will probably happen in the next 12 to 18 months. Easy money policies are positive for risky asset classes. Bitcoin and altcoins can, therefore, surge higher.
Further, its predicted that the number of crypto users will swell to one billion by 2030. With limited supply, Bitcoin will likely remain in an uptrend. At the same time, altcoins with a strong use case can be massive wealth creators. For now, lets discuss the best altcoins to buy for the next 18 months for multibagger returns.
Source: Chinnapong / Shutterstock
Akash Network (AKT-USD) is among the best altcoins for massive wealth creation. Its worth noting that the Akash token has skyrocketed by 1,000% in the last 12 months. The rally has, however, been from depressed levels, and I expect the positive momentum to sustain.
As an overview, Akash Network is among the early movers in decentralized cloud computing. Akash is built on a blockchain-based framework that eliminates the dependence on centralized cloud providers. However, thats not the only advantage. Akash Network has a significantly lower fee for cloud services as compared to centralized providers.
Its worth noting that the AKT token has a strong use case. Its a native currency and is integral to securing the network, executing transactions and increasing user participation through staking. With the rising adoption of cryptocurrency, the decentralized world will likely get bigger. Akash is well-positioned to benefit and establish itself among the leading decentralized cloud service providers.
Source: Shutterstock
Zilliqa (ZIL-USD) has not participated in the altcoin rally. In the last 12 months, the ZIL coin has remained largely sideways. In my view, this is a golden opportunity to accumulate. Once the breakout happens, 5x to 10x returns are likely in the blink of an eye.
As an overview, Zilliqa is the worlds first blockchain network that uses the concept of sharding. In this technology, transactions are grouped into smaller groups and divided among miners for parallel transaction verification.
That translates into faster transaction speed and the Zilliqa network has a significantly lower cost when compared to Bitcoin or Ethereum (ETH-USD). Another problem that Zilliqa solves is scalability. The transaction capacity scales as the network size grows.
Its also worth noting that the ZIL coin offers an attractive APR of 10.3% and currently about 29% of the circulating supply is staked. Users can, therefore, secure the network and earn a healthy APR for an undervalued coin.
Source: Shutterstock
KuCoin (KCS-USD) is another token that has remained sideways in the last 12 months. At current levels of $8.9, the KCS token looks attractive and poised for multibagger returns.
As an overview, KuCoin is among the largest centralized exchanges in the world in terms of 24-hour trading volumes. The biggest part of the rally for altcoins is due to the current bull market. As Bitcoin and altcoins trend higher, a significant increase in speculative activity is likely. That could benefit all major centralized and decentralized exchanges.
Specific to KuCoin, the exchange has more than 750 listed coins or tokens. Further, KuCoin has 27 million global users. So, the exchange is well-positioned to have healthy growth in the coming quarters.
Its worth noting that, similar to Coinbase (NASDAQ:COIN), the cryptocurrency exchange has a separate platform for institutional and VIP users. That is another segment likely to grow multi-fold in the next few years.
On the date of publication, Faisal Humayun did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Faisal Humayun is a senior research analyst with 12 years of industry experience in the field of credit research, equity research and financial modeling. Faisal has authored over 1,500 stock specific articles with focus on the technology, energy and commodities sector.
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The 3 Best Altcoins to Buy in April 2024 - InvestorPlace
Bitcoin dominance hits 3-year high as BTC price dip pressures altcoins – Cointelegraph
Bitcoin (BTC) market cap dominance has hit its highest level in three years as altcoins feel renewed price pressure.
Data from Cointelegraph Markets Pro and TradingView shows Bitcoins share of the total crypto market cap spiking to 56.3% on April 12.
BTC price action suffered into the weekend with a liquidation cascade bringing BTC/USD below $65,300.
At the same time, however, altcoins faced much worse conditions, data shows many of the top twenty cryptocurrencies by market cap fell more than 15%.
In so doing, altcoins relinquished crypto market share to Bitcoin, and the recent highs mark the most Bitcoin-heavy crypto market since April 2021.
I dont typically look at Bitcoin dominance, but the chart is impressive considering the amount of new altcoins birthed into the market every day, popular trader and social media commentator Bagsy wrote in a response on X.
Fellow trader Daan Crypto Trades was among those noting the difference in drawdown between Bitcoin and altcoins in recent days.
Yes, the actual hit on $BTC was very minimal and the total downside also wasnt very relevant, he told X followers while discussing Bitcoin open interest.
Historically, Bitcoin bull markets tend to see a dominance breakout in their early stages, with altcoins then catching up once BTC/USD sees a prolonged consolidation period.
Related:Bitcoin is hedge against horrible govt fiscal policy Cathie Wood
So far in 2024, altcoins, while performing well, have not witnessed such conditions for a meaningful length of time.
Forecasting what might come next, however, fellow trader Mikybull Crypto argued that change would soon come.
Altcoins market cap is perfectly following the previous Alts season step, he wrote in part of an X post.
An accompanying chart compared Bitcoin and altcoin dominance, drawing comparisons with the end of 2020 the point at which BTC price action had just escaped its previous macro trading range below $20,000.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Bitcoin dominance hits 3-year high as BTC price dip pressures altcoins - Cointelegraph
Top Altcoins With High Recovery Potential To Buy This Week – Coinpedia Fintech News
Amidst the highly volatile and bearish crypto market, the crucial support levels for many altcoins are turning weak. Failing to absorb the overhead supply, many top performers are under 30% or more correction in the last few days.
However, despite such an immense supply wave igniting a domino effect, some top altcoins show high recovery potential. With a high likelihood of a bull run continuation in these coins, they could spearhead the next recovery rally in the crypto market.
So, lets have a closer look at their price analysis for a more confident approach.
ONDO (ONDO)
TradingView
With a sideways trend in motion, the 4H chart of the ONDO altcoin showcases resilience against the market-wide sell-off. However, the chances of recovery are improving with Bitcoin Halving inching closer and the market sentiment normalizing from fear.
Dominance at the 200 EMA in the 4H timeframe prolongs the consolidation move. Further, the bullish divergence in the daily RSI bolsters the chances of a bullish reversal.
A bounce-back in ONDO price could reclaim the psychological mark of $1 and lead to a new breakout rally. In such a case, the bull run could aim for the 1.618 Fibonacci trend-based retracement level at $1.32.
Read More : Top 3 Undervalued Altcoins Ahead Of Bitcoin Halving
OKB (OKB)
TradingView
With a bullish higher low trend in motion, the OKB weekly price chart showcases a wedge formation. The altcoin takes constant support from the 50W EMA and teases a trend continuation for the overhead trendline breakout.
Currently, the OKB price stands at the baseline and the 50W EMA and projects a new upcycle entry opportunity. Further, the crucial support level coincides with the 23.60% Fibonacci trend-based retracement level. Thus, the solid underlying demand bolsters the chances of an uptrend.
If the uptrend breaks above the 78.60% Fibonacci level at $74.5, the bull run could hike the altcoin prices to $100.
Toncoin (TON)
Tradingview
The remarkable uptrend in the Toncoin price chart displays solid demand at the support trendline. Despite the recent correction visible in the 4H chart, the altcoin is shifting gears to prolong the uptrend with a new bounce back.
The TON price has increased by almost 10% in the last 16 hours and teases a rally beyond the $10 psychological barrier. With such immense demand and the high momentum prevailing uptrend, the bull run could reach the $15 mark in the upcoming altcoin season.
Also Check Out : Top Altcoins to Consider Amid a Fresh Rally Ahead Fueled by Institutional Demand
As the sell-off wave reaches exhaustion in the broader market, the altcoins are picking up pace for a new recovery rally. The above-mentioned altcoins have high potential due to the prevailing uptrend and the underlying demand. Hence, these altcoins could continue the uptrend and spearhead the next bull run if the broader market recovers with Bitcoin Halving.
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Top Altcoins With High Recovery Potential To Buy This Week - Coinpedia Fintech News
Why Many Altcoins Were Swooning This Week – Yahoo Finance
Sooner or later, even the most beloved financial assets obey gravity no matter how high they've soared. This week we saw a decline in a clutch of very recently soaring altcoins, as a higher-than-expected inflation readout and profit-taking hit the cryptocurrency market.
Over the course of the five trading weekdays, according to data compiled by S&P Global Market Intelligence, as of late Friday afternoon both Fantom (CRYPTO: FTM) and Theta Network (CRYPTO: THETA) were trading down by nearly 6% week to date. Bittensor (CRYPTO:TAO) was faring worse, with a more than 8% slide over the period.
One big monster in the room over the past few days was inflation, which came in higher than many had anticipated -- this beast might take a while to tame, after all. On Wednesday, the government's Bureau of Labor Statistics reported that inflation in March had risen by 3.5% year over year, which was 0.3 percentage points higher than the February figure and notably above the estimates of many economists.
Suddenly, there's much less talk of the interest rate cuts Federal Reserve (Fed) officials were hoping to start enacting this year.
The prospect of our current, relatively high rates dragging on for longer than expected is sobering to crypto investors. Lower rates make boring-but-safe investments more attractive, as instruments like bonds pay higher interest and become more competitive with the risky stuff. Despite their rising popularity and the belief some hold that they're ideal stores of value, ultimately cryptocurrencies have to be considered high on the risk scale.
At times, it can take a trading day or two for discouraging news to impact the market. The following Friday saw a wide sell-off of many crypto assets. This includes the Pied Piper behind which every altcoin hops, Bitcoin. That day alone, Bitcoin's price was headed south as of very late afternoon trading at a near 5% clip. And when Bitcoin's having a downer, your favorite altcoin is probably headed south, too.
Some economists are speculating darkly that we're in for more inflation "surprises." What isn't helping at the moment is the apparently insatiable demand for housing; the prices in this category rose notably in March.
Where does this leave cryptocurrency? Coins and tokens might be in for a reckoning, and we shouldn't be surprised to see a period of correction as investors get used to the current situation. That might, however, provide a nice entry point for crypto bulls -- if so, we should keep an eye on altcoins, as the more volatile ones could see outsized price gains on a rally.
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Why Many Altcoins Were Swooning This Week was originally published by The Motley Fool
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Why Many Altcoins Were Swooning This Week - Yahoo Finance
Top 3 Altcoins to Buy Before Halving: DTX Exchange (DTX), Dogwifhat (WIF), and Shiba Inu (SHIB) – NFTevening.com
Savvy investors are watching promising altcoins that could ride the wave of bullish sentiment and position themselves for significant profits after the much-awaited Bitcoin halving event. Among a myriad of altcoin contenders, three projects have gained substantial attention. DTX Exchange (DTX), Dogwifhat (WIF), and Shiba Inu (SHIB) are expected to get a good chunk of the markets upward thrusting force.
Dogwifhat (WIF) has recently witnessed an incredible recovery against the backdrop of wider crypto market volatility. On April 15, WIF price action recovered to $3.11, but it failed to hold on and fell by about 11% in the last 24 hours. However, currently, it istradingat $2.54. Investors are taking advantage of the low prices to buy more WIF tokens, anticipating its bull run during halving.
On this note, increased liquidity in Dogwifhat markets has been critical in ensuring that the token can outperform peers and post double-digit returns, thus making it a strong altcoin candidate.CoinCodex, a crypto analytics platform, projects that if it continues to find favour among traders, WIF will move up further by 50% to reach $4.45 by April 21.
The weekends market volatility has obviously tested the strength of the leading cryptocurrencies, even Shiba Inu (SHIB). Nevertheless, at this time, meme coin managed to gain 1.19%, which helped its value go back to $0.00002236. Remarkably, SHIB has maintained its rank as the 12th most valuable cryptocurrency in the world, with a market cap of an impressive $13.1 billion.
Investors are anxious about the Bitcoin halving event, concentrating on SHIBs ability to increase its worth tremendously.Changelly predictsthat Shiba Inus price will be subject to significant fluctuations during April. Based on the previous years prices and other occurrences, it is estimated that SHIB will be traded at an average price of $0.0000345 in April 2024 but possibly reach a maximum price of $0.0000445 immediately after the halving event.
DTX Exchange (DTX), a pioneering hybrid trading platform, has been causing quite a stir in the digital currency community with its ambitious vision of revolutionizing trade and investment through inventive technologies and investment tools.
As the projects presale gains momentum, having amassed an impressive $230,000, the market is increasingly anticipating DTXs potential. Over 50% of the tokens have been sold out in the Presale Stage 1, and investors are rushing to become a part of the project at $0.02.
On the cusp of Bitcoins halving showdown, the crypto sphere is ripening for some altcoins to emerge victorious. Dogwifhat (WIF), Shiba Inu (SHIB), and the innovativeDTX Exchange (DTX)have positioned themselves as formidable contenders, each boasting unique value propositions and a dedicated community of supporters.
Learn more:
Visit DTX Presale
Read Whitepaper
Join The DTX Community
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
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Top 3 Altcoins to Buy Before Halving: DTX Exchange (DTX), Dogwifhat (WIF), and Shiba Inu (SHIB) - NFTevening.com
Crypto Market Prediction For Coming Week: What’s in Store For Bitcoin and Altcoins – Coinpedia Fintech News
As the bears take over the night, Bitcoin and altcoins face a tremendous increase in supply pressure. This resulted in a massive liquidation of almost $900 Million this Friday, per Coinglass.
Amidst the crash, Bitcoin lost dominion over the $70,000 critical level and started a domino fall in the altcoin market. The total crypto market cap, excluding Bitcoin, fell by 8.13% last night, dipping under the $1 Billion mark for a moment.
Currently, the markets are bouncing back, and the long-to-short accounts ratio presents an optimistic future. Per Coinglass, the long/short ratio on the biggest exchange, Binance, favors the bulls with 66% long accounts.
With the markets one-sided optimism rising back, Bitcoin and altcoins could find a reversal spot over the weekends.
Despite the drop under $70K, the BTC price sustains a bullish flag in the daily chart. Further, the market value is well above the 50D EMA average line with a lower price rejection candle.
The intraday candle shows a Doji candle rising above the 23.60% Fibonacci level. This bolsters the speculation of a morning star pattern at a crucial support level to ignite a bull run next week.
Hence, the coming week promises a potential spark in buying pressure to surpass the overhead trendline. With this, the BTC price could hit the $76,000 mark next week.
The biggest meme coin stands its ground with a rising channel in action. The 10% downfall overnight, followed by a 2.65% intraday drop, challenges the ascending support trendline.
Tradingview
Further, the quick drop tests the dynamic average line of the 50D EMA. Hence, multiple bullish supports are combined to halt the bear crash.
If the biggest meme coin makes a comeback next week with a bullish turnaround, the meme coins could find an additional boost. Hence, the meme altcoins might see a bounce back in the coming week.
With just a 1.49% drop last night, Binances native token, BNB, stays resilient in the market-wide crash. The BNB price action sustains an ascending triangle pattern by avoiding a crash under the support trendline.
With the overhead ceiling at the psychological barrier of $650, the BNB price eyes a breakout rally next week. The long-tail candles reflect high reversal chances, bolstering the breakout possibility.
As per the trend-based Fibonacci levels, the breakout rally could easily snatch the $743 level.
With a less fortunate day than Binance, Solanas market price dropped by 11% in the crash. The altcoin is down by 25% in the last two weeks, losing the 61.80% Fibonacci level.
Tradingview
With the downfall, SOL price trend approaches the 50% Fibonacci level, a crucial support level at $130. Currently, the altcoin is at a pivotal stage as it stands at the psychological mark of $150.
If the uptrend manages to bounce back next week, the altcoin can resurface above $200. However, a bearish win at $130 will prove fatal for the altcoin.
The well-known Bitcoin alternative, BCH price lost 21% of its market value this week, with a 13% drop last night. The downfall creates an evening star pattern in the weekly chart, threatening the recovery rally in Bitcoin Cash.
Tradingview
The evening star fractures the 38.20% Fibonacci level and even the $550 mark. Currently, the BCH price trades at $535 and struggles to find a support zone. With the next level in sight at $500 or $410, the downside risk is high in Bitcoin Cash.
However, a bounce back in Bitcoin can fuel a reversal in BCH to reach the psychological mark of $1000.
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Crypto Market Prediction For Coming Week: What's in Store For Bitcoin and Altcoins - Coinpedia Fintech News
These 3 Altcoins Are the Biggest Gainers After the Weekend Dip – BeInCrypto
As the cryptocurrency market recovers from a bearish weekend sell-off, three altcoins have emerged as significant gainers, showcasing resilience and bullish momentum.
BeInCrypto looks at three altcoins that have seen a dramatic recovery following the weekends bloodbath.
Following a bearish weekend with over $1 billion in liquidations, the market has slowly begun recovering its recent losses. Bitcoin has reclaimed $66,000 after tapping $60,000 on Saturday, April 13. These three altcoins have also seen the biggest recoveries over the past two days.
Firstly, Core (CORE), known for its decentralized finance (DeFi) solutions, exhibited a remarkable bounce back. Technical charts indicate a robust recovery of over 46% from its recent lows, with price action firmly crossing above the 20 and 50-period moving averages.
CORE recently witnessed a one-year high of $4.37 on April 2 before the price declined by 72.5%. The price has since seen an impressive recovery over the past 24 hours.
Read More: Which Are the Best Altcoins To Invest in April 2024?
The Relative Strength Index (RSI) on the 4-hour chart mirrors this sentiment, climbing steadily and reflecting increasing buyer interest.
NEO, often called the Chinese Ethereum, also displayed impressive gains, per the Binance 4-hour chart. The asset has seen a surge of over 52% post-sell-off, with price candles breaching past key moving averages in a show of strength.
NEOs surge can be attributed to its solid fundamentals and recent updates that have bolstered investor confidence. The price is almost back to its recent 2-year high of $23.82, sitting at $22.25 at the time of writing.
ONDO, although lesser-known, has not lagged in the rally. ONDO most recently also moved $95 million to Blackrocks tokenized fund; the move aims to expedite OUSG transactions from trade date plus two days to instant, addressing investor concerns.
The price chart for ONDO reveals a 60% increase, with the latest candles forming a bullish configuration. This comes from a dramatic 47% decline since reaching its all-time high on March 31.
The RSIs upward trend supports the positive price action, suggesting that ONDO could be on track for further gains. The price of ONDO currently sits at $0.97 Slightly below its all-time high of $1.05.
These three cryptocurrencies stand out not only for their recovery but also for the technical indicators signaling a shift in market dynamics. Their ability to register substantial gains amidst market-wide pressure is a testament to their strong community support and technological value proposition.
Read More: 7 Hot Meme Coins and Altcoins that Are Trending in 2024
While the broader market remains cautiously optimistic, especially with the Bitcoin halving around the corner, these three altcoins have laid down the gauntlet, demonstrating what is possible in a volatile and ever-changing landscape. As the market stabilizes, these tokens could set a precedent for the next wave of altcoin rallies.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that ourTerms and Conditions,Privacy Policy, andDisclaimershave been updated.
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These 3 Altcoins Are the Biggest Gainers After the Weekend Dip - BeInCrypto