Category Archives: Altcoin
Altcoin investment is more ‘selective and sector-focused’, says Bitfinex’s Head of Derivatives – Crypto Briefing
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Jag Kooner, Head of Derivatives at crypto exchange Bitfinex, said in a statement sent to Crypto Briefing that a more selective and sector-focused investment strategy in the altcoin market can be perceived in the current price cycle.
While there is money flowing from Bitcoin towards the altcoin market, Kooner assesses that the capital is being deployed in specific sectors, such as the Solana ecosystem and AI-based projects. This is different from previous cycles when money flowed to altcoins more broadly.
Speaking about previous cycles, Bitfinexs Head of Derivatives defended that the current market movement aligns with a pre-halving rally, a trend observed in previous Bitcoin (BTC) cycles. Historically, this rally commences approximately eight weeks prior to the halving event and has the potential to push prices beyond previous cycle highs. Notably, the past week marked Bitcoins re-emergence as a trillion-dollar asset, largely driven by ETF inflows.
The diminishing selling pressure from GBTC and consistent inflows into other ETFs, averaging $300-400 million daily according to recent data, have been significant contributors. Its important to note, however, that BTC today is already closer to its previous all-time high (ATH) before the pre-halving rally in comparison to previous cycles, partly due to ETF-related enthusiasm, says Kooner.
However, while historical patterns may provide insights, its crucial to understand that they do not always guarantee repetition.
In its Bitfinex Alpha report published this week, analysts at the crypto exchange pointed out that investor confidence in Bitcoin has seen a notable increase, as indicated by the cryptocurrencys price rise at the end of the previous week.
This positive movement is attributed in part to a slowdown in the selling of Grayscales GBTC funds and a significant increase in total crypto asset inflows. The holdings of the newly established Bitcoin ETFs have now surpassed those of MicroStrategy, a major corporate backer of Bitcoin, with expectations for continued inflows.
This trend is further bolstered by the anticipation of the 2024 Bitcoin halving event and the high level of BTC that remains in the hands of long-term holders, which exceeds 70 percent of the total supply. Such factors contribute to a highly optimistic outlook for Bitcoins price trajectory.
Supporting this bullish sentiment, on-chain data, including the rise of the MVRV Ratio above its one-year Simple Moving Average, suggests a growingly favorable environment for Bitcoin.
Moreover, the observed slowdown in the appreciation of the Short-Term Holder Realised Price metric implies a reduction in profit-taking activities, suggesting that the market may anticipate further growth potential for Bitcoin.
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Crypto Price Today: BTC’s Steady Rise; Top Altcoin Performers – Analytics Insight
Crypto Price Today: In the fast-paced world of cryptocurrency, Bitcoins price fluctuations often dictate the overarching sentiment of the market. Amidst some backdrop, the altcoin market has seen notable gains, reshaping the crypto landscape with notable performers such as Worldcoin, The Graph, Blur, Hedera, and Ronin. These developments highlight the dynamic nature of cryptocurrency markets and the importance of staying informed about emerging trends to navigate this ever-evolving landscape effectively.
As of Saturday, Bitcoin experienced a brief dip to $50,670 before swiftly regaining momentum. Currently, Bitcoin is hovering around $52,080, marking a remarkable 1% surge in the past 24 hours and a substantial 9% increase over the week.
Source: CoinMarketCap
Bitcoins resilience is evident as bulls fiercely defended the critical $51,000 support level over the weekend. Beyond the price charts, speculative traders have also maintained a bullish disposition, adding to the overall positive sentiment surrounding Bitcoin.
Looking ahead, the potential resumption of buying trends in Bitcoin Exchange-Traded Funds (ETFs) as trading reopens on Monday, February 19, could propel BTC price towards another significant milestone at $60,000. However, historical accumulation trends indicate that Bitcoin faces substantial resistance around the $53,200 area.
On the flip side, bears could regain control of the markets if they manage to trigger a sharp downswing below the $48,000 mark. Yet, such a scenario seems improbable at present, given the formidable support buy-wall established around the $50,000 territory.
As of altcoins, several cryptocurrencies have experienced noteworthy gains, reshaping the landscape of the market. Here are the top gainers in the crypto space:
Worldcoin (WLD): Worldcoin surged by an impressive 25.61%, with its price reaching $6.66. The coin also boasted a substantial trading volume of $696,876,113 within the past 24 hours.
The Graph (GRT): The Graph recorded a remarkable 19.40% increase, with its price at $0.2687. The coins trading volume stood at $490,381,702, highlighting significant investor interest.
Blur (BLUR): Blur saw a notable surge of 15.57%, with its price hitting $0.8114. The trading volume for Blur reached $186,435,790, reflecting strong market activity.
Hedera (HBAR): Hedera experienced an 11.47% increase, with its price reaching $0.09484. The coin garnered a trading volume of $132,941,809, indicating substantial investor participation.
Ronin (RON): Ronin surged by 10.28%, reaching a price of $3.29. The coins trading volume amounted to $88,392,413, showcasing significant market interest in the project.
These top gainers exemplify the dynamic nature of the cryptocurrency market, where price movements can be swift and substantial. As investors navigate this volatile landscape, staying informed about market trends and developments remains paramount to making informed investment decisions.
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Crypto Price Today: BTC's Steady Rise; Top Altcoin Performers - Analytics Insight
Ethereum and Cardano Lead Institutional Altcoin Inflows As $1,100,000,000 Hits Crypto ETPs: CoinShares – The Daily Hodl
Digital assets manager CoinShares says institutions poured $1.1 billion into crypto investment products one month after the U.S. Securities and Exchange Commission (SEC) approved spot BTC exchange-traded funds (ETFs).
In its latest Digital Asset Fund Flowsreport, CoinShares finds that crypto investment products saw over a billion dollars in inflows last week and show no signs of slowing.
Digital asset investment products saw large inflows totaling $1.1 billion, bringing year-to-date inflows to $2.7 billion. Coupled with recent price rises, total assets under management (AuM) is at the highest level since early 2022 at $59 billion.
According to CoinShares, most of the inflows were focused on BTC ETFs, which have reached almost $3 billion in the last month. The firm says Bitcoins price appreciation buoyed sentiment for Ethereum (ETH) and Cardano (ADA), which both saw more inflows than the rest of the altcoin market.
Regionally, the focus remained on the newly issued spot-based Bitcoin ETFs in the US, which saw a net $1.1 billion inflows last week, bringing inflows since the January 11th launch to $2.8 billion. The outflows from incumbents have slowed significantly, but the potential sale of the Genesis holdings of $1.6 billion could prompt further outflows in the coming months
Bitcoin saw almost 98% of the inflows, while the price appreciation also buoyed sentiment for Ethereum and Cardano.
BTC, per usual, saw the lions share of inflows, taking in 98% of last weeks inflows at $1.09 billion. Ethereum (ETH), Cardano (ADA), Avalanche (AVAX), Polygon (MATIC), and Tron (TRX) each saw inflows of $16 million, $6 million, $0.5 million, $0.4 million, and $0.4 million, respectively.
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Ethereum and Cardano Lead Institutional Altcoin Inflows As $1,100,000,000 Hits Crypto ETPs: CoinShares - The Daily Hodl
Trader Says Altcoin Thats Doubled in Less Than a Week Could Go Higher, Outlines Path Forward for Sui – The Daily Hodl
A closely followed crypto strategist believes a red-hot altcoin project has more upside potential.
Pseudonymous analyst Altcoin Sherpa tells his 206,900 followers on the social media platform X that the native token of modular blockchain Dymension (DYM) could soon revisit higher levels after a retracement.
DYM: closed all of this yesterday, not going to round trip profit right now.
Its still a bit choppy and not a huge fan of where BTC is. Still think this could go higher but going to be patient for now.
Looking at his chart, the trader suggests that DYM is holding the $7.05 level as support and could rally to $7.39 based on Fibonacci retracement levels.
Dymension is trading at $7.11 at time of writing, up from a low of $3.54 on February 6th, a gain of more than 100%.
Next up, the trader predicts that the layer-1 blockchain Sui Network (SUI) will increase more than 10% from its current value.
SUI: this will hit $2 eventually, feel pretty strongly about it. Low time frames still look pretty strong and its important to remember there are all different types of consolidation patterns.
Looking at his chart, the trader suggests that SUI remains in an uptrend as several exponential moving averages (EMAs) continue to rise.
SUI is trading for $1.81 at time of writing, up nearly 7% in the last 24 hours.
Lastly, the trader says Bitcoin (BTC) is facing a critical moment as it touches the $50,000 level on Monday.
BTC: moment of truth here. You want to see this clearly smash through AND HAVE FOLLOW UP. If this is a quick deviation, be extremely careful. Still bullish on high time frames but lets see what happens.
Looking at his chart, the trader suggests that if Bitcoin can convincingly break the $50,000 level itll remain in an uptrend, otherwise he suggests Bitcoin could correct down to around $46,000.
Bitcoin is trading for $49,624 at time of writing, up more than 3% in the last 24 hours.
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Trader Says Altcoin Thats Doubled in Less Than a Week Could Go Higher, Outlines Path Forward for Sui - The Daily Hodl
Technical Analyst Identifies Top 6 Altcoins That Can Rally 300% this Bull Market – The Crypto Basic
A technical analyst pinpoints six altcoins poised for a potential 300% surge amid the current bullish market trend.
Bitcoin has recently driven significant capital into the crypto market following its shocking ascent to $52k. Many alternative cryptocurrencies have been prime beneficiaries, with some registering 50% gains.
Amid this trend, a prominent technical analyst has drafted a list of altcoins he believes can record an even more substantial two to three-fold increase in the emerging bull season.
In a recent post on social media platform X, renowned analyst JD urged crypto community members to pay attention to six altcoins. He argued they are digital assets that wield the potential for 200% to 300% gains before any notable price correction.
Moreover, the analyst suggested that the altcoins would return on another round of explosive growth even after such price retracement.
Leading the analysts selection of top picks is Verasity (VRA), a low market cap coin that trades for less than a penny. In particular, VRA exchanges hands at $0.007215, having recorded a 32.12% over the past week.
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Notably, Verasity represents an open-ledger ecosystem crafted to combat advertising fraud, offering transparent infrastructure access to publishers and advertisers.
Curve DAOs CRV made the technical analysts second choice for tokens to watch. Notably, CRV is a mid-cap cryptocurrency with a valuation of over half a billion dollars. Over the past week, the asset has seen a 6.21% gain, putting its price at $0.5348.
Curve is a decentralized exchange tailored for stablecoins, employing an automated market maker for liquidity management. Notably, the project has become closely associated with the DeFi phenomenon, witnessing substantial growth since its 2020 debut.
Also, technical analyst JD identifies potential in Dogecoin, the leading meme-based cryptocurrency project, which ranks in the top ten with a valuation surpassing $12 billion.
Dogecoin gained prominence primarily due to the influence of tech mogul Elon Musk.
Currently trading at $0.08515, it has experienced a 5% increase over the past week. Nevertheless, the analyst anticipates the possibility of a 300% surge for DOGE.
Furthermore, JD highlighted Oasis Networks ROSE token as another coin with the potential for a threefold increase during this bull season.
Currently trading at $0.1198, ROSE has seen notable declines in the past 24 hours and over the past week.
Significantly, Oasis is the foremost privacy-enabled and scalable layer-1 blockchain network. It lays the groundwork for the next generation of Web3 by merging high transactions per second, low gas fees, and a secure architecture
XRP ranks as the fourth largest altcoin, commanding a market share surpassing $30 billion.
Despite mounting concerns within the crypto community regarding XRPs prolonged underperformance, technical analysts anticipate a potential 300% surge in the coming weeks.
At press time, XRP trades at $0.5594, with a notable 7% gain over the past seven days.
Lastly, Hederas native token HBARalso secured a spot on the analysts list of top picks to monitor for a potential threefold increase during this bull season.
Currently trading at $0.08455, HBAR has experienced a 7.7% gain over the past seven days.
Hedera is reputedly recognized as the most utilized, sustainable, enterprise-grade public network for the decentralized economy. It enables individuals and businesses to develop robust decentralized applications with a fairer and more efficient system.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Technical Analyst Identifies Top 6 Altcoins That Can Rally 300% this Bull Market - The Crypto Basic
These 3 Altcoins Will Be Listed on Coinbase International Exchange – BeInCrypto
Coinbase International Exchange has announced the forthcoming addition of three altcoin derivatives. Polkadot (DOT), Internet Computer (ICP), and NEAR Protocol (NEAR) will be added to its roster of supported altcoins.
The goal is to offer users access to a broader range of innovative cryptocurrencies.
This strategic expansion is set to initiate with the opening of DOT-PERP, ICP-PERP, and NEAR-PERP markets. Consequently, it highlights Coinbases vision to diversify its offerings. The launch, scheduled for no earlier than 10:00 UTC on February 22, 2024, marks a significant milestone in the exchanges journey to embrace altcoins.
Despite the importance of Coinbases announcement, Polkadot, Internet Computer, and NEAR Protocol have suffered a steep decline in the last 24 hours. The prices of DOT, ICP, and NEAR have dropped by 2.69%, 4.05%, and 4.99%, respectively.
Read more: 13 Best Altcoins To Invest In February 2024
Coinbase International Exchanges decision to support these altcoins is a testament to their potential. It also indicates the exchanges foresight in recognizing the importance of innovation in the crypto market. Still, it remains to be seen if the inclusion of DOT, ICP, and NEAR in Coinbases offerings will be reflected in their prices.
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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that ourTerms and Conditions,Privacy Policy, andDisclaimershave been updated.
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These 3 Altcoins Will Be Listed on Coinbase International Exchange - BeInCrypto
Why Injective (INJ) is Set to Overtake Solana (SOL)? – Altcoin Buzz
Solana was in the spotlight during the last couple of months. Its the comeback kid, from being down to under $8 a year ago to a recent high of $121 for SOL.The chain is currently the 5th largest project measured by market cap. During last year, SOL saw a price increase of 285%.
However, at the same time, other chains are also doing well. The Layer 1 space is a competitive one. One chain that stands out is Injective (INJ). The INJ token went up by 1646% during last year and reached a new ATH of $45.01 on the 9th of January. They also became the chain with the lowest transaction cost of all chains. Lets take a look at what else Injective has cooking, and if it can surpass Solana.
Last week, on the 19th of January, Injective launched Gas Compression. On their blog, its introduced as one of the largest technical breakthroughs.And the result IS impressive. Injective now boasts the lowest transaction fees of all chains. In the whole crypto space! Well, to be honest, thats quite a feat.
This honor was Solanas, but not anymore. You can see in the picture that Injective beats Solana, hands down. Solana is at $0.00045.However, with the current INJ price, the Injection transaction fee is at $0.0003. Thats a third cheaper compared to Solana.To clarify, the Injective fees are 0.00001 INJ. So, theres still a bit of room for INJ to see a positive price change and still have the lowest transaction fees.
This is also great news for developers, users, and even institutions. So, lets take a look at what some actions will cost you:
These are exactly the high-frequency traders who need this.Users like you and me also benefit. For example, with:
We can do all these things and dont have to worry about high transaction fees. The Injective transactions are almost free. Dapps that are already available on Injective can easily change the gas configuration. It was 500,000,000, the new rate is 160,000,000 INJ.
On the 11th of January, Injective also introduced the Volan upgrade. This also saw some great improvements. To date, this was the largest update to their mainnet. Here are some of the upgraded features:
This first round sees Injective with quite some impressive new features. So, lets take a look at what else is brewing under the Injective hood.
The next big news for Injective is that all its tokens are now unlocked. The last unlock event was only a few days ago, on the 21st of January: 3.67 INJ tokens were unlocked, or $130 million at current rates.
However, instead of a price dump, the INJ price went up. Typically, a token unlocks events to see a price decrease. This event turned out to be a catalyst. Let me explain why.3.33 million tokens were for the team. However, the team already had 16% of their total allocation unlocked. So, there was no sales pressure. The remaining 333k tokens were for advisors.
The advisors unlock was worth around $13 million. But check this out, daily trading volume for INJ was around 150 million. The market could easily absorb these tokens. Thats providing the advisors sold them at all. Furthermore, markets look forward. This was the last unlock, its actually a bullish signal.
On a different note, 49 million INJ are already staked. The current circulating supply is 80.8 million, so thats 60.6% INJ staked. The rewards are 15.83% and 5.8 million INJ are already burned.
Now, you may ask where the INJ staking rewards come from. To make a long and technical story short, it seems like a legit way. Its due to inflation, at least for the most part. This contrasts with Solana, which heavily subsidizes its staking rewards. Injective staking rewards come from inflation and other protocol incentives. 5C We can also observe increased staking participation.
Being a deflationary token also helps. Something we like here at Altcoin Buzz. Injective already installed the 2.0 burn mechanism. Each week, Injective burns around 15k INJ. Thats 60+K INJ or $1.9 million per month. Thats deflation for you in full swing, right there.
And thats a big difference to Solana. Solana has an unlimited supply of SOL tokens, its an inflationary token. Solanas staking % is around 68%. However, the rewards are only 5% So, thats 2-0 for Injective.
To sum up, Injective (INJ) has some impressive stats and features. Currently, its listed as #31 by market cap. Solana holds spot #5. However, having said that, Injective seems to be ticking all the right boxes. The uptrend doesnt seem to be at an end for its INJ token. It has many bullish things going on. It may surpass Solana in the future.
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Why Injective (INJ) is Set to Overtake Solana (SOL)? - Altcoin Buzz
Altcoin expansion alert: Expert traders await the pump – Finbold – Finance in Bold
Bitcoin (BTC) has slightly retraced after an impressive run above $50,000 earlier this week. While the leading cryptocurrency tries to discover its current supports and resistances, altcoins might offer good risk-reward ratios.
In the meantime, expert traders discuss their expectations and investment thesis on the altcoin market. An altcoin is any cryptocurrency that is not Bitcoin and usually shows higher volatility.
Essentially, investors expect altcoins to outperform BTC in bull markets and underperform the leader in bear markets. The expert trader known as CrediBULL Crypto has commented on these dynamics.
In particular, he explained that an Altcoin rally is not necessarily when money rotates from Bitcoin to other cryptocurrencies. Instead, it is mostly fueled by a capital inflow to the whole market, causing larger price increases in smaller market caps.
Nevertheless, Bitcoin dominance (BTC.D) is a reliable indicator of an altseason when altcoins pump and outperform BTC. Notably, BTC.D reached a third-consecutive lower-high at 54.03% on February 12, suggesting a dominance downtrend.
Bitcoin currently has around 53.62% of the entire markets capitalization, which is expected to decrease during an altcoin rally.
Meanwhile, another expert trader, Cevo on X (formerly Twitter), eagerly awaits more volatility and an altcoin expansion phase. However, he has also warned that pumps and dumps will be more aggressive from now on. Urging investors to stay calm and make decisions with a clear mind.
On the other hand, Bitcoin must be able to hold its current levels for altcoins to flourish. Cryptocurrencies will likely follow any relevant retracements from the leader, delaying the awaited expansion phase or altseason.
All in all, it is evident how investors must learn about risk management and how to control their emotions moving forward. The cryptocurrency market is naturally uncertain and volatile, but according to Cevo, these characteristics could increase in 2024.
Finbold has published a list of altcoins below $1 billion and $10 billion to watch for the year.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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Altcoin expansion alert: Expert traders await the pump - Finbold - Finance in Bold
Trader Says One Large-Cap Crypto Looks Way Stronger Than Others, Predicts Correction for Solana and One DeFi Altcoin – The Daily Hodl
A widely followed crypto analyst says that one top-10 altcoin looks stronger than the competition while predicting corrections for the smart contract platform Solana (SOL) and one decentralized finance (DeFi) token.
Pseudonymous crypto strategist Altcoin Sherpa tells his 205,800 followers on the social media platform X that he thinks BNB, the native asset of the DeFi protocol Binance Smart Chain, will witness higher prices this year.
Although the crypto strategist is long-term bullish on BNB, he thinks traders will have a chance to accumulate the asset around $270 as the price level is the 0.50 Fibonacci retracement area.
BNB has been way stronger than other altcoins overall. I think you still stay patient but maybe this chops/stays higher than others in this mini alt downtrend. Still think BNB will be strong in 2024 though.
BNB is trading for $316 at time of writing.
Moving on to Ethereum (ETH) rival Solana, the trader says that he ultimately expects to see it trade near the $70 price tag.
$72ish is probably the area where you can consider but I expect a bounce before then, probably around $85 first.
Solana is trading for $89.77 at time of writing.
Wrapping up his analysis with the native asset of decentralized exchange Injective (INJ), Altcoin Sherpa says he expects the INJ token to pull back below $30 after repeatedly tapping support at $34.
This area ($34) is really at risk of getting lost, four-hour 200 EMA (exponential moving average) right here and would view the $28 area as the next demand zone. The market is just kind of bleeding for now.
INJ is trading for $34.73 at time of writing.
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Altcoin Rally Fading Away! Will Bulls Hold The ADA Price Above Its Crucial Level? – Coinpedia Fintech News
Top altcoins continue to record significant price volatility over the past week, highlighting a mixed sentiment in the market. Further, ADA price has lost over 3% within 24 hours and 13% during the past week, indicating a bearish influence in the crypto space.
The ADA coin price traded in a closed range between $0.5817 and $0.6273 for about a week, following which the bulls lost momentum and the altcoin broke down its support level. After this, the price traded sideways for a short period and displayed another drop of over 20% in valuation during the next six days.
After testing its low of $0.4610, the bulls gained enough momentum to break out of the resistance level, but faced restriction at $0.5438, following which the price traded within the range for a while.
As the market regained momentum, the ADA coin jumped over 25% in valuation. After facing rejection at $0.6273, the ADA price traded in a closed range between $0.5001 and $0.5438 for a brief period.
Recently, the token faced another bearish move, resulting in it breaking down its support level of $0.5001. Currently, the ADA coin price is testing its crucial support level of $0.4610, of which the outcome is unpredictable.
The Moving Average Convergence Divergence (MACD) displays a constant decline in the red histogram, indicating a rise in the bullish influence in the market. Further, the averages show a high possibility of a bullish convergence, suggesting the price will experience massive price action soon.
If the bulls hold the price above the support level of $0.4610, the ADA price will test its resistance level of $0.5001. Maintaining the price at that level will set the stage for the CardanoADA price to attempt to test its upper resistance level of $0.5438.
Conversely, if the market loses momentum, the Cardano price will fall and test its support level of $0.4162 soon. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $0.3792 in the coming time.
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Altcoin Rally Fading Away! Will Bulls Hold The ADA Price Above Its Crucial Level? - Coinpedia Fintech News