Category Archives: Altcoin
Data points to approaching altcoin season even as Bitcoin dominance holds – Cointelegraph
Bitcoin (BTC) experienced a sharp correction on Feb. 20, sinking as much as 4% from an intra-day high of $53,019 to a low of $50,812, threatening to wipe out the gains of the past seven days.
This pullback led traders to re-evaluate the general condition of the crypto market, initiating a debate on whether the altcoin season (altseason) is here.
Traders and market analysts believe the ongoing price crash is part of the five phases of the Bitcoin halving cycleand that BTC might be experiencing a pre-halving retrace before entering a widely expected post-halving parabolic uptrend.
Crypto trader and analyst Rekt Capital shared the following chart in a Feb. 15 post on X, saying that Bitcoin has one last Pre-Halving Retrace left before resuming the uptrend.
Independent market analyst Sjuul noted funding rates were high for BTC, warning traders to expect some correction across the board.
Market intelligence firm Santiment pointed outsignificant moves in mid-tier traders often work as excellent signals for profit-taking and dip buys.
This is an indication that they could be getting ready to buy the dip in case of a pullback.
Altcoins have displayed great performance over the last 12 months, posting double- and triple-digit gains, with some outperforming Bitcoin. Some of them have demonstrated better performance in shorter timeframes.
According to data from CoinMarketCap, Bitcoin has rallied 107% over the last 12 months, Solanas SOL (SOL)has gained 308%, Avalanches AVAX (AVAX) 80% and Chainlinks LINK (LINK) 136%.
The latest data from on-chain analytics firm Glassnode shows that while BTC and ETH are leading the pack, with year-to-date gains of 17.6% and 18.2%, respectively, Bitcoins year-to-date (YTD) performance surpasses aggregate altcoin market capitalization.
Glassnode analyst Alice Kohn said, The aggregate Altcoin market cap has not experienced the same performance, with YTD growth being less than half of the two majors.
Glassnode notes that although Ether (ETH) began to outperform BTC following the approval of the spot Bitcoin ETFs in January, its performance fell below Bitcoins on Feb. 8.
According to Glassnode, the performance of digital assets can also be tracked by using Realized Cap for each sector, a metric that aggregates the cost basis value of all coins transferred on-chain.
Glassnode notes that Bitcoin continues to display dominance seeing approximately $20B in capital inflows per month at present. As the chart below highlights, Bitcoins dominance has continued to grow with a 1,000% surge in relative market cap since October 2023.
It is evident that capital moves down the risk curve into Altcoins at a slower pace compared to the rotation between the two major cryptocurrencies, a trend which appears to be in play once again, notes the report. Bitcoin continues to lead with over 52% market share of the total digital asset market cap.
Related: Bitcoin holdings on Coinbase reach lowest level since 2015 as whales withdraw $1B BTC
On Feb. 18, independent analyst Stockmoney Lizards told his followers on the X social media platform that he believes many Altcoins are about to skyrocket in the next Altseason.
The analyst shared a chart showing that the altcoin market cap had scaled above a significant support area and entered into a bull run similar to the 10x returns experienced in 2021.
Even though some signs are there, it may still be too early to confirm the altcoin season. Glassnodes altseason indicator has shown positive momentum since October last year and turned positive on Feb. 4 after taking a pause during the sell-the-news event triggered by the Bitcoin ETFs approval in January.
Interestingly, the indicator has remained positive since then, an indication that the market is now in a risk-on mode, showing the confidence that investors have in altcoins right now.
Data from Blockchain Center shows that only 59% of the top 50 altcoins have outperformed BTC during the last 90-day period. Although this index has been increasing over the last few days, it is still not enough to declare an altcoin season. For an altseason to be declared, this percentage has to move above 75%.
Glassnode concludes, our Altcoin Indicator suggests a more mature and possibly sustained uptick in Altcoin markets, however, it remains relatively concentrated in higher market cap assets at this time.
This means that signs of an altcoin season are starting to emerge, but it might be too early to make the call.
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.
Visit link:
Data points to approaching altcoin season even as Bitcoin dominance holds - Cointelegraph
Altcoins And BTC Halving: What Happens To Tokens Amid Bitcoin Mining Difficulty Changes – CCN.com
Key Takeaways
The Bitcoin halving event every four years (approximately) is a self-induced supply shock that not only reshapes the mining landscape in Bitcoin but also triggers significant volatility and trends within the broader cryptocurrency market or the altcoin market.
As Bitcoin undergoes its programmed reduction in mining rewards, the ripple effects of its halving extend beyond its own ecosystem, influencing the valuation and dynamics of numerous altcoins.
Every four years, the Bitcoin network undergoes a halving event, slashing the rewards for mining new blocks by half. The reduction in mining rewards directly influences Bitcoins economic model by constricting the supply of new Bitcoins entering the market, potentially leading to an increase in Bitcoins price if demand remains constant or grows.
As Bitcoins price climbs, post-halving, this upward trajectory in asset valuation encourages investors and speculators to reallocate capital and resources towards altcoins, triggering an influx of new investment into the altcoin sector.
This new capital typically results in short-term increases in altcoin valuations and amplified market volatility. Historical data, particularly following Bitcoins second and third halvings, illustrates a significant shift in market dynamics where the altcoin market is seen to rise versus Bitcoin.
After the second halving, illustrated in the chart above, Bitcoin dominance, a metric that measures Bitcoins market capitalization as a proportion of the total cryptocurrency market cap, declined by 63%, finding a bottom 552 days later.
Similarly, Bitcoin dominance dropped by 42% after the third halving, reaching a bottom 848 days post-halving.
Bitcoin dominance is an essential indicator in the cryptocurrency market. When Bitcoin dominance increases, it often signifies that capital flows more into Bitcoin relative to altcoins, suggesting a stronger market preference or confidence in Bitcoin.
Conversely, a decrease in Bitcoin dominance indicates that capital is being distributed more broadly across the altcoin market, reflecting growing investor interest and investment in cryptocurrencies beyond Bitcoin.
In the six to twelve months following a halving, as Bitcoins price stabilizes at new highs and may further appreciate, the interest in the broader cryptocurrency ecosystem naturally spills over into the altcoin market.
This effect, coupled with the historical declines in Bitcoin dominance post-halving, induces a rally in altcoins, marking a period of peak performance for the altcoin market post-halving of BTC. An illustration below depicts how an investment in Ethereum with Bitcoin would have increased value by 300%. The day marked for a sell coincided with the BTC dominance chart bottoming.
The significant reductions in Bitcoin dominance after the second and third halvings, being 63% and 42% respectively, underscore a pattern where, despite Bitcoins appreciation, a substantial portion of capital is reallocated into altcoins, fusing more life into the broader cryptocurrency landscape market. However, when BTC dominance after a Bitcoin halving does reach a low, it might be a wise time to sell the altcoin hedge for Bitcoin.
The halving can lead to increased speculation and investment in Bitcoin because it promises increased scarcity of BTC, implying that prices will increase after the halving. However, if computational power in Bitcoin mining increases, the mining difficulty will re-adjust, making it harder to mine. This difficulty adjustment implies that miners need to reassess profitability.
At this point, some of the capital may move from Bitcoin to altcoins, either as a diversification strategy as more miners go offline and the difficulty adjustment gets more straightforward to be profitable or miners choose to deploy resources into the altcoin market in search of higher returns. This reallocation of capital can increase demand for altcoins, driving up prices during this period.
As Bitcoin becomes more complex and potentially less profitable to mine, post-halving, the liquidity allocated to BTC might shift towards altcoins, enhancing altcoin market activity and possibly altcoin value to the upside.
As Bitcoin undergoes mining difficulty adjustments, the broader market sentiment can shift, with investors and speculators looking to altcoins as alternative investment opportunities.
This speculative interest can drive up altcoin prices, especially if these assets are perceived as undervalued or poised for growth.
During Bitcoin halving events, altcoin investors should consider strategies that capitalize on the anticipated market volatility and potential shifts in investment flows. One effective approach is to closely monitor the market leading up to and following a halving, ready to adjust positions based on emerging trends.
It might benefit investors to hedge the amount of BTC they hold by strategically purchasing altcoins with BTC held. Purchasing strong altcoins versus BTC that show promise or are likely to appreciate during the post-halving surge often seen in Bitcoin is one kind of hedge that can be strategized.
Investors can increase Bitcoin gain by deploying BTC to buy strong altcoins that will appreciate faster than Bitcoin, thereby maintaining a more stable investment portfolio following a Bitcoin halving.
This means that when Bitcoin dominance finds a bottom after the halving, investors can circulate out of altcoin positions and rotate back into Bitcoin with more BTC than they had at the halving date.
Identifying altcoins with strong fundamentals involves thorough research and analysis of various factors that indicate the potential for long-term success and some form of resilience against market volatility.
Key aspects to consider include the projects technology and its unique value proposition, the strength and activity of the development team, and the level of community and developer support.
Additionally, evaluating the tokens market liquidity, historical price performance, online communities, and adoption rate across relevant industries can provide insights into its stability and growth prospects.
Investors should also pay close attention to the regulatory environment and potential legal challenges that could impact the altcoins future. Prioritizing altcoins with solid fundamentals and a clear use case can lead to more informed investment decisions, especially during the turbulent periods surrounding Bitcoin halving events.
The Bitcoin halving significantly influences both Bitcoin and the wider cryptocurrency market, including altcoins. This event, which halves Bitcoins mining rewards, can lead to increased Bitcoin value due to its reduced supply.
Historically, this has resulted in shifts in investment from Bitcoin to altcoins, as investors seek higher returns, leading to increased altcoin valuations and market volatility.
Post-halving, as Bitcoins price stabilizes, capital often flows into altcoins, causing their prices to rally. This cycle is evidenced by decreases in Bitcoin dominance post-halving, indicating a redistribution of investment towards altcoins.
For investors, this period offers opportunities to hedge and reallocate investments, focusing on altcoins with strong fundamentals to maximize returns amidst the market shifts caused by Bitcoin halving events.
Bitcoin halving often leads to increased altcoin valuations as capital shifts from Bitcoin to altcoins seeking higher returns.
Increased Bitcoin mining difficulty post-halving can drive investment towards altcoins, potentially boosting altcoin prices due to perceived better returns by investors based on history.
Decreases in Bitcoin dominance post-halving suggest capital flow towards altcoins, often indicating upcoming rallies in the altcoin market.
Investors should monitor market trends closely, consider hedging strategies, and focus on altcoins with strong fundamentals for potential gains.
Was this Article helpful? Yes No
Read the original:
Altcoins And BTC Halving: What Happens To Tokens Amid Bitcoin Mining Difficulty Changes - CCN.com
Analyst backs Worldcoin price to hit $26 in 2024, new altcoin poised for more gains – crypto.news
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Worldcoin (WLD) has seen impressive growth recently, with prices surging 170% in the past week alone. According to one prominent analyst, WLD could continue rallying and reach $26 by the end of the year if conditions remain bullish.
While Worldcoin continues rising, theres another altcoin, Bitcoin Minetrix (BTCMTX), that some experts think would spike at the end of its presale.
Worldcoins recent run has made it one of the most talked-about cryptocurrencies on social media.
The coins surge has been fueled by a massive increase in trading volumes, which reached $1.4 billion in the past 24 hours.
This makes WLD the 8th most-traded cryptocurrency globally although its still only the 81st largest (as measured by market cap).
According to prominent analyst Ali Martinez, Worldcoins powerful rally is a result of a breakout from an ascending channel pattern on the daily chart.
In a recent tweet, Martinez pointed out that Worldcoin has broken out of this technical pattern, setting the stage for further upside.
He believes that if the breakout can be sustained, WLD could march towards $15 in the near term.
Looking ahead, Martinez thinks WLD could even extend as high as $26 later this year if the coins momentum continues.
Should Worldcoin reach Martinezs upper target, it would represent gains of 266% for those who invest at the current price point.
Much of Worldcoins rally can be attributed to the project crossing the monumental threshold of one million daily active users last week.
As Worldcoin announced in a blog post, its crypto wallet app, World App, has now onboarded one million people a 10x increase from just 100,000 users in November.
This rapid user growth validates Worldcoins goal of providing financial services to unbanked populations.
Worldcoin is also benefiting from the broader hype around AI this week, with OpenAI unveiling its groundbreaking text-to-video generator, Sora.
This heightened interest in AI has lifted most tokens in the space, and Ethereum co-founder Vitalik Buterin even tweeted about the potential for AI to audit smart contracts.
With solid fundamentals and a small dash of hype, Worldcoin was able to capitalize on the discussions around AI and rally over 170%.
Although some believe WLDs price is now overextended, the broader market interest in AI suggests there could still be room for growth.
As Worldcoin continues to gather momentum, another crypto asset, Bitcoin Minetrix, is also posting sharp gains.
Still in its presale phase, Bitcoin Minetrix has already raised over $11.2 million and attracted almost 22,000 followers on Twitter.
The projects key innovation is tokenizing cloud mining power to open up Bitcoin mining to the masses.
Bitcoin Minetrix does this through its stake-to-mine model.
Using this model, BTCMTX holders can stake their tokens and earn cloud mining credits, which can be burned for hash power.
As a result, those who wish to participate in Bitcoin mining dont need to buy expensive equipment or pay high electricity bills.
The stake-to-mine feature will also pay out yields of up to 60% per year in BTCMTX with over 690 million staked already.
With its fresh take on crypto mining and well-timed market entry, analysts like Jacob Bury believe BTCMTX could surge after its presale ends.
Bury highlighted Bitcoin Minetrixs potential to disrupt the traditional mining industry by lowering the barriers to entry for everyday crypto enthusiasts.
Burys prediction was backed up by Uche Crypt, who also believes BTCMTX is poised to rally post-listing.
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.
More:
Analyst backs Worldcoin price to hit $26 in 2024, new altcoin poised for more gains - crypto.news
Dont Count on Significant Altcoin Correction, According to Analyst Jason Pizzino Heres Why – The Daily Hodl
A widely followed crypto analyst is warning traders not to bank on a significant correction in the altcoin market to scoop up at lower prices.
In a new video update, crypto strategist Jason Pizzino tells his 311,000 YouTube subscribers that recent history indicates an upcoming altcoin crash isnt a likely scenario.
Pizzino says hes looking at the monthly chart of TOTAL3, which tracks the total market cap of crypto assets excluding Bitcoin (BTC), Ethereum (ETH) and stablecoins. According to the trader, TOTAL3 is now in the midst of a consolidation phase in preparation for a burst to the upside, suggesting that a severe correction in the altcoin market is unlikely.
Its the sixth straight month now for the altcoin market cap to be up. Of course, eventually, we do have some sort of corrections but when were looking at the monthly chart, the corrections in the past, they have not broken down on the swing chart.
Youve had the lows holding out similar to what we just saw last month and then needing one, two, three maybe two or three months to reaccumulate after such a strong move before it then pumps again.
So if we are in the midst of something similar to whats happened in previous cycles, after this period, then again that reinforces to me that hoping and waiting for bigger pullbacks is unlikely. They probably will come, at least one in the cycle, but it doesnt seem like now is that timing.
According to Pizzino, Ethereums (ETH) relatively tame bear market is hinting that altcoins are in a strong spot and that ETH could be ready to ignite its next leg up.
ETH is also in a very similar trajectory were heading up into the 50% [retracement level at $2,917]. It looks like were a few bucks away from that right now and these pullbacks on Ethereum, crazily enough, have only been about 28%. We take it from the first bounce that it had out of its low that was 47%.
That was from the low in June and it bottomed much much sooner than Bitcoin. You had a June low for ETH and a November low for Bitcoin, so ETH has had a better run at that point in terms of the gains.
Ethereum is trading for $2,925 at time of writing, above Pizzinos 50% retracement level.
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Featured Image: Shutterstock/urzine/oneshot1
Visit link:
Dont Count on Significant Altcoin Correction, According to Analyst Jason Pizzino Heres Why - The Daily Hodl
Challenging The Status Quo: Can SocialFi Altcoin Kangamoon (KANG) Topple Pepe (PEPE) and BONK (BONK)? – Analytics Insight
SocialFi platforms are gaining momentum, presenting new opportunities for investors and enthusiasts alike. Among the rising stars is Kangamoon (KANG), a SocialFi altcoin aiming to redefine the meme coin genre by integrating social-fi and play-to-earn elements. As it seeks to carve out its niche, Kangamoon is pitted against established players like Pepe (PEPE) and BONK, challenging the status quo and sparking curiosity about its potential to lead the meme coin market.
Despite the fluctuating fortunes of meme coins, Pepe (PEPE) continues to hold its ground in the crypto market. With a current price of $0.000001215 and a notable 18.44% increase over the past week, PEPE showcases the enduring appeal of meme-based digital assets. Originating from the iconic internet meme, Pepe the Frog, this token has transcended its humorous beginnings to become a significant player in the cryptocurrency arena.
The recent uptick in its value reflects a growing community of supporters and speculators betting on its resurgence. As part of the broader Ethereum ecosystem, PEPE leverages the security and versatility of the blockchain, offering investors a mix of meme culture and digital finance.
The meme coin sector, known for its volatility and community-driven momentum, has a new contender making waves: Bonk (BONK). With its price standing at $0.00001301 and witnessing a 16.13% growth over the last month, BONK is not just another participant in the crowded meme coin market; its a symbol of the vibrant and dynamic nature of cryptocurrency communities. Born from the playful spirit that characterizes meme coins, Bonk is capturing the attention of investors and enthusiasts alike, eager to partake in the next big crypto phenomenon.
Bonks ascent reflects a broader trend of meme coins that leverage social media and community engagement to fuel their growth and visibility. Unlike traditional cryptocurrencies that often focus on technical advancements or utility, BONK banks on the strength of its branding and the active participation of its community. This strategy has allowed it to carve out a niche within the competitive landscape, challenging established players by fostering a unique identity and a loyal following.
Kangamoon (KANG) emerges as a formidable contender in the meme coin space, aiming to revolutionize the community-driven cryptocurrency world. By intertwining social-fi and play-2-earn mechanisms, Kangamoon not only offers a platform for engaging competitions and activities but also cultivates a robust community of meme enthusiasts. This innovative approach enables $KANG holders to earn tokens and rewards right from the start, amplifying the communitys engagement and loyalty.
Fostering a vibrant community is at the heart of Kangamoons strategy. The projects unique social-fi model rewards active participation through weekly, monthly, and quarterly challenges, alongside special giveaways, further incentivizing community interaction. Kangamoons play-to-earn features allow players to create characters with unique abilities, battle against global competitors, and even spectate and bet on outcomes, creating a comprehensive ecosystem that rewards every level of participation.
Kangamoons ambitious roadmap and tokenomics reflect its potential to not only compete with but possibly surpass established meme coins like Pepe (PEPE) and Bonk (BONK). With a total supply of 1 billion $KANG tokens and a commitment to zero buy or sell taxes, Kangamoon is positioned for rapid growth.
If you wish to find out more, go to the official website.
Website: https://Kangamoon.com/
Join Our Telegram Community: https://t.me/Kangamoonofficial
Join our WhatsApp and Telegram Community to Get Regular Top Tech Updates
Here is the original post:
Challenging The Status Quo: Can SocialFi Altcoin Kangamoon (KANG) Topple Pepe (PEPE) and BONK (BONK)? - Analytics Insight
Bloomberg: Ethereum Outpaces Bitcoin as Institutions Shift Focus to the Largest Altcoin – Cryptonews
Last updated: February 21, 2024 11:19 EST | 2 min read
According to Bloomberg, Ethereum has recorded higher growth than Bitcoin this year, thanks to speculations regarding a possible spot Ethereum ETF.
The Bloomberg report, the leading altcoin has recorded positive traction year-to-date (YTD) with speculations on the next wave of exchange-traded funds.
Ethereum soared 28% this year while Bitcoin has climbed 21%, unlike previous time frames, when BTC was leading in this metric. Last year, Bitcoin recorded a 158% growth based on renewed institutional inflow, while Ethereum trailed behind with an 80% increase.
At press time, Ethereum trades at $2,918, a 6% rise in the last seven days and an 18% growth compared to the previous month. The asset also breached the $3,000 mark on Feb 20 before a slight market correction in early trading hours.
The rise of the asset above $3,000 marks the highest point since April 2022, before the fall of the Terra Network and the subsequent implosion of FTX.
Industry events and broader macroeconomic factors caused the bear market with falling asset prices. In 2022, the values of Bitcoin and Ethereum slipped by more than 55%.
This year, several analysts have predicted a change in direction for Ethereum with speculations of a spot Ethereum ETF approval by the United States Securities and Exchange Commission (SEC).
This comes after the success of Bitcoin before and after the Bitcoin ETF approval. 2023 began with mild inflows into the leading cryptocurrency and skyrocketed in the second quarter.
Notably, as BlackRock and other big firms applied for a Bitcoin ETF license, there is a higher institutional drive surrounding the cryptocurrency. Q4 2023 saw BTC attract millions into investment products as it rose above $42,000 in December.
BTitcoins rally led to firms predicting high inflows into the asset. This year, the approval has seen $5.2 billion in net inflows and a price above $51,500.
Institutional investors have now turned their attention to an Ethereum ETF, with several firms filing applications with the SEC. Per Bloomberg:
While some crypto fans view the funds as a precedent paving the way for Ether ETFs, others are skeptical that officials will accede to them and anticipate further legal drama.
Traders see Ethereums high potential based on its staking feature, which allows investors to earn yield. The growing smart contracts ecosystem on the chain also boosts positive sentiment towards Ethereum. Stefan von Haenisch, the head of trading at OSL SG Pte Singapore, projected Ether to outperform Bitcoin in the coming months.
I expect Ether to continue to outperform Bitcoin in the coming months, at least until April-May when the potential ETF approval looms closer.
However, he noted that the SEC may not approve an Ethereum ETF because of its tough stance. Wealth management company Bernstein reported similar sentiments on institutional flows to Ethereum based on ETF applications.
View original post here:
Bloomberg: Ethereum Outpaces Bitcoin as Institutions Shift Focus to the Largest Altcoin - Cryptonews
Bitcoin bulls fight to hold support at $51k as altcoins rally higher – KITCO
Altcoins took center stage in the early hours of Thursday trading as Bitcoin (BTC) continued to consolidate above $51,000. Nvidias blowout earnings report helped spark a rally for artificial intelligence-related crypto tokens, leading to double-digit gains for a host of projects as traders look to rotate into high-performing sectors in the ongoing bull market.
Altseason interludes are a common occurrence during bull markets and typically happen during periods of sideways trading for BTC, as traders who are accustomed to volatile price action seek out higher-risk tokens to provide a source of alpha.
Data provided by TradingView shows that Bitcoin spent the morning oscillating around support at $51,700 before bears attempted to drive its price lower, dropping it to $50,908 near midday. Bulls rebuffed the attack and pushed BTC back above $51,500, but they are not out of the woods yet as bears remain intent on breaking below the current support level.
BTC/USD Chart by TradingView
At the time of writing, BTC trades at $51,580, an increase of 0.55% on the 24-hour chart.
With Bitcoin back above the $51,000 mark, optimism in the crypto market is still very palpable with a notable catalyst being Nvidia's impressive earnings report, said Mikkel Morch, founder of ARK36, in a note to Kitco Crypto. The chipmaker's fourth-quarter earnings exceeded expectations, propelling a rally in especially AI-tokens.
With multiple tokens recording double-digit gains, Morch noted that The total market capitalization of AI tokens surged past $16.5 billion, outperforming traditional crypto benchmarks like the CoinDesk 20 (CD20), which witnessed a 2.7% decline.
But not all crypto traders are seeing green as the spike in volatility led to a large number of liquidations in the derivatives market, he noted.
Despite Nvidia's positive impact on the market, haphazard price movements triggered over $200 million in liquidations of crypto-tracked futures, Morch said. While some anticipate the onset of an altcoin season, others remain cautious, citing Bitcoin's continued dominance in the market. Analysts suggest that for a true altcoin season to commence, Bitcoin's dominance needs to fall below 45%, signaling a significant shift in investor sentiment towards alternative tokens.
He said that while it's impossible to predict with any certainty, Altcoin season is likely to begin in the coming few months and it could well be driven by AI-tokens as we are seeing the interconnectedness or even convergence of blockchain and AI technology and cryptocurrencies in different combinations into a force of growth to be reckoned with - not just for the crypto community - but on a wider, global scale.
According to Michael Silberberg, Head of Investor Relations at AltTab Capital, $52,500 is a key price level to watch for Bitcoin.
With a 12H candle close above 52500, the market is providing bulls with the opportunity again to take the lead for volatility expansion, Silberberg said. There's still some work to be done, though, but the longer the 12H trend range holds, and BTC floats sideways, the more likely price action is to take another leg up.
However, there is a lot of bearish pressure, such as the 3D TD9 Sell, Fear and Greed in Greed territory, a historic presence of the Feb->March transition being a retracement, overhead resistance at 52K, and a weekly + daily cycle low still looming, he warned. We are cautious this week as vol could break either way but are still generally bullish through the halving.
Market analyst Rekt Capitalsaid that in the near term, Bitcoin is likely going to be see-sawing around this key level of ~$51600 (black) for the rest of the week. The weekly candle close will be most important for confirmation.
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.
Here is the original post:
Bitcoin bulls fight to hold support at $51k as altcoins rally higher - KITCO
Altcoin Season Looms as Bitcoin Braces for Shift – West Island Blog
As the crypto markets mercurial nature continues to entice and challenge investors, a new chapter appears imminent: the much-anticipated Altcoin Season. Recent shifts in Bitcoins market performance have sparked speculation that a turning point is on the horizon, where alternative cryptocurrencies, or altcoins, could eclipse the momentum of the original cryptocurrency, Bitcoin.
A cohort of crypto analysts have been closely monitoring Bitcoins price dynamics and have offered insights suggesting a potential cool-off period for the preeminent digital currency. According to Rekt Capital, Bitcoin might be preparing for its final pre-halving retracement, an event that historically precedes a significant upward trajectory. Concurrently, Sjuul points out that Bitcoins current mildly high funding rate could be a harbinger of an approaching correction.
Amidst Bitcoins potential correction, altcoins stand at the ready to seize their moment in the crypto spotlight. Ethereum, in particular, has taken strides towards what some see as its inevitable resurgence, with its value ascending to $3,000 for the first time in close to two years. Other analysts have detected further bullish signals across the broader altcoin market. The Gaussian channel, a technical indicator, has shifted to a promising green hue after a four-year muted phase, reminiscent of the periods preceding past altcoin surges. These market shifts, coupled with altcoins breaching prior resistance levels, fortify the sentiment that a full-blown season for these digital assets is drawing near.
The extraordinary prediction by Stockmonkey Lizards suggests that the collective market cap for altcoins could surge beyond the trillion-dollar mark, a staggering increase from the present valuation of nearly $900 billion. Such forecasts are underpinned by indicators of a growing inclination among investors to navigate further down the risk spectrum, as reported by the on-chain intelligence outfit, Glassnode. Their Altseason Momentum gauge reflects a burgeoning boldness among capital holders.
Despite the steadfast dominance of Bitcoin, signals of a capital reallocation into other burgeoning crypto ecosystems have emerged. Ethereum, Solana, Polkadot, and Cosmos appear to be increasingly favored destinations for investment flow a trend acknowledged by various data providers including Blockchain Center. Their Altcoin Season Index shores up the thesis that the ecosystem is ripening for an altcoin bloom, as the index climbs past the 60-percentile mark, edging closer to the critical 75% threshold indicative of a full-fledged ascendance of altcoins.
If this burgeoning wave materializes, Bitcoins grip, represented by its dominance chart from Tradingview.com, may yield, giving way to a new echelon of cryptocurrencies eager to redefine the market. The crypto landscape braces for a season of change, where diversity in digital assets may become the new norm.
See the original post here:
Altcoin Season Looms as Bitcoin Braces for Shift - West Island Blog
Access Early VC Crypto Gems via Common Wealth Airdrops – Altcoin Buzz
What if you can get an invitation to early-stage crypto deals, the same as a VC? Being early counts in crypto. How many times have I mentioned this already? To be honest, Ive lost track. But its true. So, on that note, we, as retail investors, dont always get access to presales or seeding rounds. Thats usually limited to VCs.
However, Common Wealth is now giving you the opportunity that often only VCs get. It opens the gates to get in early.Common Wealth offers a Free VC Fund which is worth $2.4 million. This fund gives access to 15 projects that havent launched yet.
You can get a slice of this Free Fund, and its part of an airdrop. Pretty cool, huh? Interested? Well, keep on watching. I will give you more details of this revolutionary and innovative system.
You can see Common Wealth as an early-stage investment platform. Now, that doesnt make it stand out. However, the fact that this should be accessible to everyone does. Retail can step into opportunities it usually doesnt get access to.
The team designed a revolutionary new economy. They did that by combining two factors:
What they did next was to redistribute all accrued value to their community. They want to change the outdated and centralized models that VCs use. As a result, investing in Web3 should be simple.
So, the team behind Common Wealth is well-seasoned. They came up with the idea of the Free earn-to-own VC Fund. Their backgrounds include firms like Cardano, Facebook, Google, IBM, and Intel.
Theres also a 10-person All Street Oracle. These are the investment council members. There are some well-known names in there with VC backgrounds. So, they know what theyre talking about. They are the people who bring in the projects.For example, they invested early in some well-known projects, likeCosmos, Coinbase, Chainlink, Kraken,Ripple, and Star Atlas.
Thats quite an impressive line-up. Furthermore, Common Wealth will launch on zkSync. A chain we have our eyes out on for their respective airdrop. This indicates a move from Ethereum to this L2. As a result, it offers faster and cheaper transactions. So, lets take a closer look at the Free VC Fund.
So, lets take a closer look at this Free VC Fund by Common Wealth. As I already mentioned, it gives you access to 15 promising Web3 projects. The kicker is, that these 15 havent launched their tokens yet.
Here are some of these 15 projects, for example:
Ok, thats all nice and dandy, and it looks great, but what can we win? So, there will be 1026 winners and all win slices. These slices are the airdrops for the winners of a 3-week campaign. The campaign starts on the 21st of February.
Once you qualify for a Free Fund slice, it will show up in your wallet. At your discretion, you can, for example: Split it, transfer it, or trade it. Heres the reward structure, thats what youve been waiting for. However, be aware that all mentioned figures are the estimated value of the allocations. Theyre based on the projects most recent private funding round:
There were also early supporters. Thats when you hold a Genesis NFT. Besides having minted one, theyre also available on secondary marketplaces. However, Series 1 has a floor of 1.99 ETH and Series 2 of 0.5 ETH. Nonetheless, current holders and Beta Testers will receive extra campaign points (XP).
As already mentioned, the campaign starts on the 21st of February. The campaign will last for 3 weeks. You can use this link to sign up. It ends with a verification phase. The app will go live before 8th April on zkSync Era. So, here is a lowdown of the simple steps you need to follow:
So, how do you like this setup? Do you like the novel idea and the fair chance of getting in early?
View original post here:
Access Early VC Crypto Gems via Common Wealth Airdrops - Altcoin Buzz
Trader Says AI-Focused Altcoin Will Soar Much Higher in Coming Months, Updates Outlook on Bitcoin and Chainlink – The Daily Hodl
A popular crypto analyst believes one artificial intelligence (AI)-focused project could remain in an uptrend for months.
The pseudonymous trader known as Altcoin Sherpa tells his 207,300 followers on the social media platform X that the decentralized artificial intelligence platform for applications Fetch.ai (FET) may rally much higher from its current value.
FET: still looks good and entering a resistance area. I think itll go much higher in the coming months but here $1 seems iffy in terms of entry.
Looking at his chart, the trader suggests that FETs next key level of resistance is at $0.76, after bouncing off $0.55, the upper bound of a prior trading range.
FET is trading for $0.70 at time of writing, up 6.5% in the last 24 hours.
Next up, the trader predicts Bitcoin (BTC) will soon hit the $58,000 level.
BTC: next area of interest is probably the $58,000 area; price had a hard time staying above there for weeks in 2021 (my, how time flies). Expecting some sort of pullback around there but I fully believe ATH (all-time high) is getting crushed (eventually).
Bitcoin is trading for $51,885 at time of writing, up slightly in the last 24 hours.
Lastly, the trader believes the decentralized oracle network Chainlink (LINK) is heading higher eventually.
LINK: things still look ok on HTF (high timeframe) for LINK. I think this is going to keep going higher in the long term, but I dont really like this one as much for short-term trades. Volatility is kind of meh (but liquidity is good).
LINK is trading for $19.51 at time of writing, down nearly 3% in the last 24 hours.
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Generated Image: DALLE3
Go here to see the original:
Trader Says AI-Focused Altcoin Will Soar Much Higher in Coming Months, Updates Outlook on Bitcoin and Chainlink - The Daily Hodl