Category Archives: Altcoin
Gear Up For Altcoin Season: Top Picks To Energize Your Portfolio – The Crypto Basic
The crypto market is buzzing with a fresh sense of energy as a new bull run takes hold. Investors are keen to discover which alternative cryptocurrencies could surge, offering the chance to boost their portfolios. This article dives into prime candidates that stand out in the current market climb, aiming to guide readers through the plethora of options to those with potential for significant growth. Get ready to explore selections that could revitalize investment strategies in the midst of this energetic market phase.
BlastUP, the premier launchpad on Blast, has recently made waves in the crypto world with its stunning debut, raising $4.6 million in just a few weeks. Many smart investors are rushing to buy BlastUP tokens before their value skyrockets.
Holders of BlastUP tokens may benefit from a number of privileges including participation in an Airdrop , exclusive loyalty rewards for participating in IDOs, and the ability to earn interest through staking.
BlastUP stands out from the crowd in the crypto world. Backed by Blast, the sixth largest blockchain by TVL, it offers genuine utility as a launchpad for DApp ventures. With its motto Grow faster, earn more, BlastUP is dedicated to propelling the success of blockchain startups. Those who join BlastUP now become part of a project poised to become the next big thing in this bull run.
Buy BlastUP tokens before they skyrocket
Toncoin has seen impressive gains, with a weekly increase of 31.85%, a monthly surge of 81.58%, and an enormous 235.97% rise over the past six months. Trading between $5.29 and $7.98, the price shows a strong upward trend and is currently in a push phase, with the RSI at 64.65 suggesting buyers are active.
Looking ahead, the upward moves could take TON closer to resistance at $9.18, as the indicators like Stochastic at 80.30 show strong buying pressure. With the averages at $6.98 and $6.77 supporting the uptrend, optimism is warranted, though reaching the second resistance at $11.87 may take time. However, cautious traders will note the current prices could also attract sellers, potentially testing support at $3.81.
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The Optimism (OP) crypto has seen lively price movement. In the past week, the value dropped by about 25%, and from last month, its down over 37%. However, looking back six months, its almost doubled in price. The current price sits between $1.64 and $3.22, suggesting a mix of ups and downs recently.
Looking ahead, Optimisms (OP) price has a shot at rising, with resistance ahead at $4.10, potentially paving the way to $5.68 if it breaks through. But it could also fall, with support at $0.95. Markets seem warm to OP now, but its smart to watch both good and bad possibilities.
Aptos (APT) has seen a substantial drop in recent weeks. The price of APT has fallen by over 29% in the last week and 36% in the past month. However, looking back half a year, the price has actually increased by roughly 93%. Currently, the coins price moves between $6.03 and $13.79. The price action seems corrective after a previous uptrend, as evidenced by these decreases.
Looking ahead, APT shows potential for recovery but also faces challenges. The price is above the 10-day average of $9.48 and below the 100-day average of $10.33, suggesting some hesitation among investors. If positive sentiment increases, resistance at $17.98 could be tested, but further drops could see prices approach or even test the support at $2.46. The RSI is moderate, indicating theres room for both upside and downside moves.
Polkadot has seen varied movements recently. In the past week, its value dropped by 18.39%. Looking over the past month, the decline is steeper at 34.32%. However, in the last six months, theres been an impressive gain of 93.46%. Currently, the price is swinging between $5.36 and $8.74. The price action has shown both impulsive spikes and corrective dips.
Predicting DOTs future price can be tricky. Its current momentum is closer to the upper end of the recent range, suggesting a possibility of reaching the nearest resistance at $10.62. Should it break past this, the next target could be $14.01. However, if it reverses, it might test support levels at $3.84 and could possibly drop further if the market turns against it. Both enthusiasm for its technology and market trends will shape DOTs journey ahead.
While TON, OP, APT, and DOT carry less short-term potential, BlastUP stands out with its strong concept and integration into the Blast ecosystem, positioning it with the highest potential to excel. Investing in BlastUP offers a promising opportunity during the bull run of 2024.
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Gear Up For Altcoin Season: Top Picks To Energize Your Portfolio - The Crypto Basic
TikTok Established a Partnership with This Altcoin, There was a Sudden Rise in Price! – OIKONOMIA
BytePlus, the enterprise technology arm of TikTok parent company ByteDance, announced a strategic partnership with Mysten Labs, the developers behind the Sui layer-1 blockchain.
As Tiktok transitions to Web3 in partnership with Sui (SUI), it was stated that the partnership will enable BytePlus to integrate its cutting-edge solutions, including ByteHouse, a cloud-native data warehouse, with Suis full node data.
In the statement made by Sui Foundation, the following statements were made:
BytePlus, the technology solutions subsidiary of TikTok parent company ByteDance, is taking its first step into Web3 with blockchain with Sui.
BytePlus will work with Mysten Labs to adapt recommendation solutions and augmented reality products to Sui, among other services.
The company selected Sui as the best blockchain network to offer its services supporting gaming and social applications.
The technological strength demonstrated by BytePlus, combined with Suis next-generation innovations, will lead to innovative services and applications.
After the news, SUI started to rise.
*This is not investment advice.
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TikTok Established a Partnership with This Altcoin, There was a Sudden Rise in Price! - OIKONOMIA
Mixed opinions on Dogwifhat after loss as new AI altcoin soars – crypto.news
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
The drama surrounding Dogwifhats $1 billion market loss unfolds as Borroe Finance emerges as the new AI altcoin poised for substantial growth this quarter.
Dive in as we unpack the latest drama surrounding Dogwifhats $1 billion tumble and spotlight Borroe Finance, the new AI altcoin poised to take over this quarters crypto profits. Grab your digital notepads; this is one wild crypto ride you wont want to miss!
Dogwifhat, once a rising star in the blockchain sky, recently took a nosedive from its all-time high, shedding a billion in market cap. Trading now around $3.85, down over 20%, the crypto community is buzzing with mixed reactions. Bluntz Capital, a big name in crypto trading, views this dip as the end of a major cycle, hinting at a long drawn out abc correction before the next skyward push. Hes eyeing a rebuy at the $1-$2 range, between the 0.618 and 0.78 Fibonacci levels.
On the flip side, CRG, another top trader, has flipped from bullish to bearish, noting that while Bitcoin is bouncing, Dogwifhat is barely budging. BTC bouncing, WIF should be flying out the gate, not stalling, he tweeted, signaling uncertainty about its short-term movements.
As Dogwifhat faces a storm, Borroe Finance is gearing up to shine. Built on the robust Polygon blockchain, Borroe Finance is merging AI with DeFi to create a powerhouse ready to dominate the crypto scene in Q2. The project boasts governance tokens, liquidity pools, and smart oracles merged with the latest AI tech to optimize trading strategies and enhance decentralized application (Dapp) functionalities.
Borroe Finance utilizes CrossFi approaches, blending traditional finance benefits with the decentralization of crypto. This platform is a complete ecosystem designed to support everything from NFT gaming to token swaps with unparalleled efficiency and security.
The presale of their ROE token has already attracted over $3.6 million, with more than 63% of the tokens snapped up by eager investors. Priced attractively at $0.020, these tokens offer a golden opportunity to get in on the ground floor of this new and exciting project.
With Borroe Finances unique approach to integrating AI and blockchain, along with features like governance tokens that give users a say in the projects future, and liquidity pools that ensure smoother transactions, its tailored for those who want more than just profitsthey want to be part of a movement.
Whether investors are tracking the highs and lows of Dogwifhat, wondering if its the right time to buy the dip, or they are looking to invest in Borroe Finances promising new venture, one things clear: the crypto world is never dull. As Q2 unfolds, Borroe Finance looks set to not just participate in the market, but redefine it. And for Dogwifhat? Only time will tell if the predictions hold true.
To learn more about Borroe Finance, visit Borroe Finance Presale, join the Telegram Group, or follow Borroe Finance on Twitter.
Disclosure: This content is provided by a third party. crypto.news does not endorse any product mentioned on this page. Users must do their own research before taking any actions related to the company.
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Mixed opinions on Dogwifhat after loss as new AI altcoin soars - crypto.news
Altcoin Power Trio: Furrever Token Challenges Pepe Coin (PEPE) and Floki (FLOKI) for Dominance in 2024 – Analytics Insight
In the ever-evolving landscape of meme coins, a fierce battle for dominance ensues as Furrever Token (FURR) emerges as a formidable contender against Pepe Coin (PEPE) and Floki (FLOKI). While Pepe and Floki have long reigned as symbols of the meme coin phenomenon, FURR steps onto the scene with aspirations to dethrone them and claim the throne as the biggest meme coin of 2024. With its unique proposition of infusing the crypto space with an irresistible dose of cuteness, Furrever Token aims to revolutionize the meme coin market. As investors and enthusiasts eagerly watch this clash of meme coin titans unfold, the outcome remains uncertain, yet the excitement and anticipation continue to mount.
Pepe (PEPE), the renowned meme coin, faces volatility as it rebounds slightly by 5% in the last 24 hours to reach $0.000005408. However, it still contends with a significant 25% decline over the past week and a staggering 34% loss in the last 30 days.
While these declines may concern some, they offer an opportunity for bargain hunters. With expectations of market recovery, theres optimism for PEPE to regain momentum. Recent signals, like the Relative Strength Index (RSI) rebounding from oversold levels and the 30-day moving averages upward trend, suggest renewed investor interest.
PEPEs trading volume has surged to approximately $1 billion, indicating a potential return for larger investors despite recent divestments. These factors highlight PEPEs appeal for rapid gains, especially as the market sentiment improves.
Recent developments, such as the approval of spot-based Bitcoin and Ethereum ETFs by the Hong Kong Securities and Futures Commission, and potential Federal Reserve interest rate cuts, could further bolster PEPEs trajectory, potentially reaching $0.000010 in the coming months.
FLOKI, experiencing a slight 1% dip to $0.0001401 in the last 24 hours, confronts broader challenges with a notable 30% decline over the past week, currently resting at $0.000185.
Amidst speculation and anticipation, investors and market observers debate whether FLOKI can reach the coveted $1 valuation, especially as it competes with meme coin rivals like Bonk.
The market flexibility and evolving presence of FLOKI highlight its potential in the crypto ecosystem. Market movements and trends underscore the enduring popularity of meme coins, attracting investor attention. In technical analysis, the $0.00020 pivot emerges as a crucial transition point. A breach above this level may encounter resistance at $0.00023, $0.00025, and $0.00028. Conversely, the current support lies at $0.00019, with potential lower support levels at $0.00017 and $0.00015, offering areas for price stability or recovery.
Indicators like the Relative Strength Index (RSI) at 37 suggest a bearish trend, supported by the engulfing bearish candle formation on the 4-hour timeframe, potentially guiding FLOKI towards the $0.00015 support zone. Additionally, the 50-day Exponential Moving Average (EMA) at $0.00023 acts as resistance, reinforcing the bearish outlook.
As FLOKI strives to maintain levels below $0.00020, a breakout above this threshold could signal an upward trajectory, offering a critical monitoring point for investors and aligning with market dynamics.
Enter Furrever Token, a cryptocurrency project poised to revolutionize the crypto landscape by injecting it with an irresistible dose of cuteness. Unlike traditional blockchain projects, Furrever Token brings a refreshing and light-hearted approach to crypto, aiming to create a whimsical and heart-warming ecosystem centered around adorable cat imagery. With a mission to foster a sense of community and shared joy, Furrever Token integrates cute cat-themed stickers, emojis, and visuals into its platform, providing users with a delightful and charming experience.
Tokenomics for Furrever Token are equally promising, with the token symbol FURR set to operate on the BNB-20 blockchain, boasting a total supply of around 9 billion tokens. During the presale, 65% of tokens are available, with 25% allocated for DEXs and 10% for the team, locked for a year to reassure the community of project longevity.
Already making waves, Furrever Token has raised over $800,000 and is on the brink of completing stage 6 out of 10, aiming to raise $1.9M. Launching on DEX (PancakeSwap), Furrever Token accepts a variety of payment options like USDT (BEP-20), promising up to 15X returns with a current price of $0.00048. The legitimacy of Furrever Token is reinforced by audited smart contracts, an active and engaged community with nearly 4k organic members, and a committed team visible on the official Telegram channel. As Furrever Token gains momentum, it aims to replace PEPE and FLOKI as the biggest meme coin of 2024, offering users an unforgettable and adorable journey into the world of cryptocurrency.
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Altcoin Power Trio: Furrever Token Challenges Pepe Coin (PEPE) and Floki (FLOKI) for Dominance in 2024 - Analytics Insight
Altcoins to Watch For Capitalizing On The Altcoin Season – InvestorPlace
Crypto winter is not on the horizon, so investors are preparing for a new round of market growth with these altcoins to watch. The altcoin season traditionally begins with a sharp rise in the price of Bitcoin (BTC-USD), followed by Ethereum (ETH-USD) and then large-cap cryptocurrencies such as Solana (SOL-USD) and Avalanche (AVAX-USD). In March, the memecoin market saw a boom, with traders buying up memecoins like Dogecoin (DOGE-USD), Shiba Inu (SHIB-USD), Bonk Inu (BONK-USD), Wifi Coin (WIF-USD) and Pepe Coin (PEPE-USD). The average return of these coins was a staggering 1,3%, which was a real boon for those who invested in them late last year.
While the market is still growing, it can be a good time to choose altcoins to watch with small capitalization and potentially high returns. According to analyst Rekt Fencer, such investments may bring 2x-10x profits, especially in the early stages of the altcoin season.
Source: Shutterstock
The crypto world has heard of meme coins inspired by funny animals, but Myro (MYRO-USD) has more than just creative potential. The dog of Solana (SOL-USD) co-founder Raj Gokal has become the prototype of a digital asset that serves the purpose of simplifying the creation and monetization of content. Myros decentralized platform is not on par with coins that stay alive only through popularity on social media. The project develops its value through transparency in token development and high community involvement.
Myro is based on the Solana blockchain, it offers fast transactions and extremely favorable fees. The project has a stable foundation and keeps expanding the next steps. The plan now includes a staking program and a social media platform for MYRO holders. After the listing on the first-tier exchanges, the coins recognition went up. Along with it, the profit of MYRO holders rose, which automatically moved the token to the top altcoins to watch.
In the first half of March, the token broke through the $0.4 level several times and set an all-time high price of $0.4465. The 6039% increase in the token price in less than 5 months made investors excited. Such results outperform the dynamics of the crypto market many times over and offer a valuable alternative to the standard investment in only the tokens with the largest market capitalization. Optimism is in the air as developers are gradually migrating from the Ethereum (ETH-USD) ecosystem to Solana. Thus, they can save on commissions, and Myro is ready to receive attention and investment from new ecosystem participants.
Source: MEE KO DONG / Shutterstock
Telegrams creators are successful not only in the social media sphere but also in the blockchain space. They developed a decentralized platform called Telegram Open Network (TON) that can process a large volume of transactions. Hundreds of millions of Telegram users have close interaction with the project thanks to Toncoin (TON-USD). It simplifies commercial interaction with the platform and scales it up.
4 years ago, the U.S. Securities and Exchange Commission (SEC) and Toncoin had a tense discussion and even a lawsuit that led to a change in the companys plans. However, Telegram did not give up and used the time since 2020 to rebrand and restructure. This opened the way for the project to its latest achievements and put TON on the list of altcoins to watch. Thanks to the teams efforts, the coin entered the top 10 cryptocurrencies by market cap.
The popularity of the social network benefited the young cryptocurrency and led to a fivefold increase since the middle of last year. At that time, the token was valued below $1.2 and had a market capitalization of less than $5 billion. This is a significant amount, but it did not reflect the real prospects of the project. The implementation of the TON Space wallet accelerated growth, as it allowed storing and managing crypto finances in conjunction with the messenger.
TONs customer base came from 2 sources: crypto enthusiasts and Telegram users. Among other things, this factor also led to an increase in the volume of daily transactions. Over the past month, this figure exceeded $400 million, despite the market volatility. Telegrams advertising model has already integrated the token, which means its application area has expanded significantly. The high utility of the solutions sent TON soaring to new heights and an incredible price of $5.84.
Source: shutterstock.com/Lemonsoup14
Decentralized finance (DeFi) benefits greatly from the current bull market, as it reached $131 billion in market cap and covered 5.1% of the total crypto space. However, Fantoms (FTM-USD) growth rate exceeds this dynamics. In a matter of months, the token with a market cap of $2,5 billion has become one of the 50 largest digital assets in the DeFi category and is at the top of the list of altcoins to watch. The project specializes in building infrastructure for decentralized applications (dApps) and smart contracts. Its flexibility and modular structure can prove effective in areas ranging from supply chain management to gaming.
Thanks to the Lachesis consensus mechanism, Fantom processes up to 300,000 transactions per second and is not inferior to competitors in terms of protection against third-party attacks. The project leverages this advantage to attract new community members, and FTM acts as a way to reward validators, developers, and active users. Transaction fees and other revenues replenish the platforms treasury, and the accumulated resources go to new initiatives.
Among the significant results of such initiatives is the integration with Sonic. By making this improvement, the project has strengthened its base in terms of uninterrupted operation and avoidance of network overload, which has become a benchmark for many platforms in the industry.
Progressive partnerships and compatibility with the Ethereum ecosystem are fueling investor bullishness for 2024. The fulfillment of the roadmap and the improvement of the technology stack helps to build confidence in Fantom. This is reflected in the token price, which reached a local high of $1.21 at the end of last month. However, this is not the limit of FTMs growth, as in 2022, it tested the $3.48 level.
On the date of publication, Julia Magas 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.comPublishing Guidelines.
Julia Magas is a writer who covers the latest trends in finance and technology. Her work is published in a number of financial media outlets such as Nasdaq, Cointelegraph, Investing, SeekingAlpha, FXEmpire, and Beincrypto. She primarily covers cryptocurrency and blockchain technology with a focus on market performance, innovations and trends.
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Altcoins to Watch For Capitalizing On The Altcoin Season - InvestorPlace
Altcoins to Watch For Capitalizing On The Altcoin Season – InvestorPlace
Crypto winter is not on the horizon, so investors are preparing for a new round of market growth with these altcoins to watch. The altcoin season traditionally begins with a sharp rise in the price of Bitcoin (BTC-USD), followed by Ethereum (ETH-USD) and then large-cap cryptocurrencies such as Solana (SOL-USD) and Avalanche (AVAX-USD). In March, the memecoin market saw a boom, with traders buying up memecoins like Dogecoin (DOGE-USD), Shiba Inu (SHIB-USD), Bonk Inu (BONK-USD), Wifi Coin (WIF-USD) and Pepe Coin (PEPE-USD). The average return of these coins was a staggering 1,3%, which was a real boon for those who invested in them late last year.
While the market is still growing, it can be a good time to choose altcoins to watch with small capitalization and potentially high returns. According to analyst Rekt Fencer, such investments may bring 2x-10x profits, especially in the early stages of the altcoin season.
Source: Shutterstock
The crypto world has heard of meme coins inspired by funny animals, but Myro (MYRO-USD) has more than just creative potential. The dog of Solana (SOL-USD) co-founder Raj Gokal has become the prototype of a digital asset that serves the purpose of simplifying the creation and monetization of content. Myros decentralized platform is not on par with coins that stay alive only through popularity on social media. The project develops its value through transparency in token development and high community involvement.
Myro is based on the Solana blockchain, it offers fast transactions and extremely favorable fees. The project has a stable foundation and keeps expanding the next steps. The plan now includes a staking program and a social media platform for MYRO holders. After the listing on the first-tier exchanges, the coins recognition went up. Along with it, the profit of MYRO holders rose, which automatically moved the token to the top altcoins to watch.
In the first half of March, the token broke through the $0.4 level several times and set an all-time high price of $0.4465. The 6039% increase in the token price in less than 5 months made investors excited. Such results outperform the dynamics of the crypto market many times over and offer a valuable alternative to the standard investment in only the tokens with the largest market capitalization. Optimism is in the air as developers are gradually migrating from the Ethereum (ETH-USD) ecosystem to Solana. Thus, they can save on commissions, and Myro is ready to receive attention and investment from new ecosystem participants.
Source: MEE KO DONG / Shutterstock
Telegrams creators are successful not only in the social media sphere but also in the blockchain space. They developed a decentralized platform called Telegram Open Network (TON) that can process a large volume of transactions. Hundreds of millions of Telegram users have close interaction with the project thanks to Toncoin (TON-USD). It simplifies commercial interaction with the platform and scales it up.
4 years ago, the U.S. Securities and Exchange Commission (SEC) and Toncoin had a tense discussion and even a lawsuit that led to a change in the companys plans. However, Telegram did not give up and used the time since 2020 to rebrand and restructure. This opened the way for the project to its latest achievements and put TON on the list of altcoins to watch. Thanks to the teams efforts, the coin entered the top 10 cryptocurrencies by market cap.
The popularity of the social network benefited the young cryptocurrency and led to a fivefold increase since the middle of last year. At that time, the token was valued below $1.2 and had a market capitalization of less than $5 billion. This is a significant amount, but it did not reflect the real prospects of the project. The implementation of the TON Space wallet accelerated growth, as it allowed storing and managing crypto finances in conjunction with the messenger.
TONs customer base came from 2 sources: crypto enthusiasts and Telegram users. Among other things, this factor also led to an increase in the volume of daily transactions. Over the past month, this figure exceeded $400 million, despite the market volatility. Telegrams advertising model has already integrated the token, which means its application area has expanded significantly. The high utility of the solutions sent TON soaring to new heights and an incredible price of $5.84.
Source: shutterstock.com/Lemonsoup14
Decentralized finance (DeFi) benefits greatly from the current bull market, as it reached $131 billion in market cap and covered 5.1% of the total crypto space. However, Fantoms (FTM-USD) growth rate exceeds this dynamics. In a matter of months, the token with a market cap of $2,5 billion has become one of the 50 largest digital assets in the DeFi category and is at the top of the list of altcoins to watch. The project specializes in building infrastructure for decentralized applications (dApps) and smart contracts. Its flexibility and modular structure can prove effective in areas ranging from supply chain management to gaming.
Thanks to the Lachesis consensus mechanism, Fantom processes up to 300,000 transactions per second and is not inferior to competitors in terms of protection against third-party attacks. The project leverages this advantage to attract new community members, and FTM acts as a way to reward validators, developers, and active users. Transaction fees and other revenues replenish the platforms treasury, and the accumulated resources go to new initiatives.
Among the significant results of such initiatives is the integration with Sonic. By making this improvement, the project has strengthened its base in terms of uninterrupted operation and avoidance of network overload, which has become a benchmark for many platforms in the industry.
Progressive partnerships and compatibility with the Ethereum ecosystem are fueling investor bullishness for 2024. The fulfillment of the roadmap and the improvement of the technology stack helps to build confidence in Fantom. This is reflected in the token price, which reached a local high of $1.21 at the end of last month. However, this is not the limit of FTMs growth, as in 2022, it tested the $3.48 level.
On the date of publication, Julia Magas 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.comPublishing Guidelines.
Julia Magas is a writer who covers the latest trends in finance and technology. Her work is published in a number of financial media outlets such as Nasdaq, Cointelegraph, Investing, SeekingAlpha, FXEmpire, and Beincrypto. She primarily covers cryptocurrency and blockchain technology with a focus on market performance, innovations and trends.
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Altcoins to Watch For Capitalizing On The Altcoin Season - InvestorPlace
Crypto bloodbath: Altcoins crushed as Bitcoin tanks pre-halving – Kitco NEWS
(Kitco News) Pre-halving volatility continued to dominate the crypto market on Tuesday as prices reversed course following Mondays spike, with Bitcoin (BTC) plunging below $69,000 while altcoins got hammered.
Stocks trended lower for most of the trading day as investors sat on the sidelines ahead of tomorrows Consumer Price Index (CPI) report, which will help shed light on the likely path of U.S. interest rates. Currently, the market sees a 57% chance of a rate cut in June, while the odds of a cut in July stand at 74%.
A rally into the close managed to lift the S&P and Nasdaq out of negative territory for a gain of 0.14% and 0.32%, respectively, while the Dow finished flat.
Data provided by TradingView shows that Bitcoin has been in a downtrend since it peaked at $72,800 on Monday, falling 6.82% to hit a low of $68,200 on Tuesday afternoon before dip buyers managed to push it back above $69,000.
BTC/USD Chart by TradingView
At the time of writing, BTC trades at $69,030, a decline of 3.75% on the 24-hour chart.
Volatility expected
The recent macro environment is like a pendulum, constantly oscillating between hope for the Goldilocks scenario of a perfect soft landing and fears of inflation picking up again and forcing more hawkish monetary policy, said market analyst Bloodgood in his latestupdate. Right now sentiment seems to be swinging a bit in the bearish direction with stocks having an unusual dump on Thursday, although much of it was retraced by the weekly close.
In any case, all eyes are on tomorrows CPI release, and the consensus forecast is at 3.5%, he said. Given that the market is terrified of the possibility that the Fed may have acted too soon with dovish signaling although theres still no clarity on when the rate cuts will finally come any surprises in terms of hotter-than-expected inflation would have an outsized impact on the market.
Needless to say, caution is advised especially if youve got any leveraged positions open, Bloodgood warned.
While Bitcoin successfully closed the weekly candle above a key level last week, Bloodgood said he is seeing a lot of indecision lately as neither side is managing to follow through after a break in either direction.
However, we are still slowly drifting upwards and printing higher lows, which gives me confidence that bulls are still in control here, he said. The big test will come at the current All-Time-High which is slightly above $73,700.
Apart from BTC reclaiming the $70k level, not much has changed, Bloodgood noted. Times are uncertain as we are about to have a BTC halving right after making a fresh ATH which isnt how cycles typically look so were definitely in uncharted territory.
Briefly touching on gold, he highlighted that Gold is simply not stopping. New week, new all-time high. There is not much you can do right now but watch it fly, he said.
Overall, Bloodgood noted that this bull market cycle in the crypto market is different from all its predecessors thus far, so traders would be wise to trade the chart in front of them and not rely on fractal patterns or previous cycles to determine what will come next.
Apart from a Bitcoin ATH before the halving, another thing that makes this cycle unusual is that memecoins are capturing so much attention and so persistently when BTC is barely above the previous ATH, he said. While some see this as a top signal, I think its got more to do with the normie-friendly nature of memecoins.
Instead of having to understand complex technical details of a project and worrying about when and how VCs will dump their bags, many new entrants to the market find it much easier to speculate on something based on how funny and catchy it is, he added. Of course, this is still largely just gambling, as there are countless rugs for every memecoin that pulls 100x, not to mention that even the ones that pump most often end up teaching the few people that got in early some hard lessons about liquidity and sustainability.
That being said, there are still technically impressive projects that are doing great, and I do believe that capital will start to rotate more and more to these tokens later in the cycle, he concluded.
According to MN Trading founder Michal van de Poppe, in the near term, Bitcoin is likely to trade sideways and consolidate until sometime after the halving.
Altcoins follow Bitcoin lower
The altcoin market was hard-hit by Bitcoins pullback, with only 10 tokens in the top 200 registering a gain of more than 2%, while the vast majority recorded losses.
Daily cryptocurrency market performance. Source: Coin360
Theta Fuel (TFUEL) led the gainers with an increase of 24.5%, followed by Saga (SAGA), which gained 10.4%, while MX Token (MX) climbed 9.4%. Meme coin dogwifhat (WIF) was the biggest loser, falling 14.9%, while Arkham (ARKM) lost 13.9%, and Wormhole (W) declined 13.5%.
The overall cryptocurrency market cap now stands at $2.6 trillion, and Bitcoins dominance rate is 52.3%.
Disclaimer:The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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Crypto bloodbath: Altcoins crushed as Bitcoin tanks pre-halving - Kitco NEWS
Crypto bloodbath: Altcoins crushed as Bitcoin tanks pre-halving – Kitco NEWS
(Kitco News) Pre-halving volatility continued to dominate the crypto market on Tuesday as prices reversed course following Mondays spike, with Bitcoin (BTC) plunging below $69,000 while altcoins got hammered.
Stocks trended lower for most of the trading day as investors sat on the sidelines ahead of tomorrows Consumer Price Index (CPI) report, which will help shed light on the likely path of U.S. interest rates. Currently, the market sees a 57% chance of a rate cut in June, while the odds of a cut in July stand at 74%.
A rally into the close managed to lift the S&P and Nasdaq out of negative territory for a gain of 0.14% and 0.32%, respectively, while the Dow finished flat.
Data provided by TradingView shows that Bitcoin has been in a downtrend since it peaked at $72,800 on Monday, falling 6.82% to hit a low of $68,200 on Tuesday afternoon before dip buyers managed to push it back above $69,000.
BTC/USD Chart by TradingView
At the time of writing, BTC trades at $69,030, a decline of 3.75% on the 24-hour chart.
Volatility expected
The recent macro environment is like a pendulum, constantly oscillating between hope for the Goldilocks scenario of a perfect soft landing and fears of inflation picking up again and forcing more hawkish monetary policy, said market analyst Bloodgood in his latestupdate. Right now sentiment seems to be swinging a bit in the bearish direction with stocks having an unusual dump on Thursday, although much of it was retraced by the weekly close.
In any case, all eyes are on tomorrows CPI release, and the consensus forecast is at 3.5%, he said. Given that the market is terrified of the possibility that the Fed may have acted too soon with dovish signaling although theres still no clarity on when the rate cuts will finally come any surprises in terms of hotter-than-expected inflation would have an outsized impact on the market.
Needless to say, caution is advised especially if youve got any leveraged positions open, Bloodgood warned.
While Bitcoin successfully closed the weekly candle above a key level last week, Bloodgood said he is seeing a lot of indecision lately as neither side is managing to follow through after a break in either direction.
However, we are still slowly drifting upwards and printing higher lows, which gives me confidence that bulls are still in control here, he said. The big test will come at the current All-Time-High which is slightly above $73,700.
Apart from BTC reclaiming the $70k level, not much has changed, Bloodgood noted. Times are uncertain as we are about to have a BTC halving right after making a fresh ATH which isnt how cycles typically look so were definitely in uncharted territory.
Briefly touching on gold, he highlighted that Gold is simply not stopping. New week, new all-time high. There is not much you can do right now but watch it fly, he said.
Overall, Bloodgood noted that this bull market cycle in the crypto market is different from all its predecessors thus far, so traders would be wise to trade the chart in front of them and not rely on fractal patterns or previous cycles to determine what will come next.
Apart from a Bitcoin ATH before the halving, another thing that makes this cycle unusual is that memecoins are capturing so much attention and so persistently when BTC is barely above the previous ATH, he said. While some see this as a top signal, I think its got more to do with the normie-friendly nature of memecoins.
Instead of having to understand complex technical details of a project and worrying about when and how VCs will dump their bags, many new entrants to the market find it much easier to speculate on something based on how funny and catchy it is, he added. Of course, this is still largely just gambling, as there are countless rugs for every memecoin that pulls 100x, not to mention that even the ones that pump most often end up teaching the few people that got in early some hard lessons about liquidity and sustainability.
That being said, there are still technically impressive projects that are doing great, and I do believe that capital will start to rotate more and more to these tokens later in the cycle, he concluded.
According to MN Trading founder Michal van de Poppe, in the near term, Bitcoin is likely to trade sideways and consolidate until sometime after the halving.
Altcoins follow Bitcoin lower
The altcoin market was hard-hit by Bitcoins pullback, with only 10 tokens in the top 200 registering a gain of more than 2%, while the vast majority recorded losses.
Daily cryptocurrency market performance. Source: Coin360
Theta Fuel (TFUEL) led the gainers with an increase of 24.5%, followed by Saga (SAGA), which gained 10.4%, while MX Token (MX) climbed 9.4%. Meme coin dogwifhat (WIF) was the biggest loser, falling 14.9%, while Arkham (ARKM) lost 13.9%, and Wormhole (W) declined 13.5%.
The overall cryptocurrency market cap now stands at $2.6 trillion, and Bitcoins dominance rate is 52.3%.
Disclaimer:The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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