Category Archives: Cryptocurrency
Oklahoma-Based Company Building Cryptocurrency Mining Facility In Muskogee – News On 6
Polaris Technologies is opening a cryptocurrency mining facility in Muskogee, where the $100 million investment will bring dozens of tech jobs to the area.
Friday, February 16th 2024, 6:17 pm
A cryptocurrency mining facility is being built in Muskogee.
Leaders with Port Muskogee say it represents a $100 million investment and will bring dozens of tech jobs to the area.
A 200-megawatt data center needs a lot of power. Thats why Oklahoma-based Polaris Technologies will bring its center John T. Griffin Industrial Park in Muskogee.
The data center is mostly made up of these containers that house super-computers tasked with the job of solving complex puzzles to mine Bitcoin, a process that uses a lot of electricity. Polaris Technologies COO Alex Zhang says it will come from a nearby OG&E substation.
"The substation over there has 1 gigawatt capacity so we are not using all of them, just using part of that," Zhang said.
The data center is capable of using 200 megawatts of electricity at peak demand. For context, a Walmart Supercenter uses only 1 megawatt. Zhang said to keep the stress on the power grid low, they will turn off the supercomputers to save energy during peak demand.
"When the residents really need the energy, we'll stop the operation and get the energy back to the residential one," Zhang said.
It's not just servers in a container doing all the work. Zhang says 20 employees will be hired by the time Phase 1 is complete this April,
There are also plans for a repair center that will require around highly trained technicians.
"Those jobs are well-paid and really welcome local folks to get on board and we'll train them and get them paid well," Zhang said.
He hopes to make a positive impact on the community with this huge project and says he is excited to work with local talent.
Phase two expansion will add another 200 megawatt facility, creating 20 more jobs. Polaris says they are still hiring jobs like electricians, plumbers, and repair specialists.
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Oklahoma-Based Company Building Cryptocurrency Mining Facility In Muskogee - News On 6
Hawaii opens its doors to Cryptocurrency Trading, embracing the digital financial frontier – KITV Honolulu
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Hawaii opens its doors to Cryptocurrency Trading, embracing the digital financial frontier - KITV Honolulu
Here’s what happened in crypto today – Cointelegraph
The price of the Worldcoin token has gained 141% in a week amid the launch of Sora and its World App reaching one million users. Meanwhile, a tech startup looking to build an Ethereum-based synthetic dollar has raised $14 million in fresh financing and a project has come out in defense of YouTuber KSI after he was accused of being a pump-and-dump merchant.
Worldcoin (WLD) token a crypto project co-founded by OpenAI CEO Sam Altman has surged more than 140% over the last week, as its daily users ticked over the 1 million mark.
In a Feb. 18 post to X, Worldcoin announced that its crypto wallet application, dubbed World App, had notched more than 1 million users, a significant growth from just 100,000 daily active users in November last year.
Launched in July 2023 by OpenAI CEO Sam Altman and Alex Blania, Worldcoin is a self-described privacy-preserving digital identity verification project that pays users in its native cryptocurrency in exchange for scanning their irises.
Worldcoins gains over the week have come alongside several major updates from OpenAI.
On Feb. 16, OpenAI unveiled its new text-to-video generator, Sora, allowing users to generate video clips and scenes from text prompts.
A week earlier, on Feb. 9, Altman announced that he would seek to raise a staggering $7 trillion to help the firm fund and scale its semiconductor chip development. While the massive dollar figure raised eyebrows throughout the tech world, Altman didnt seem too phased.
Technology startup Ethena Labs has raised $14 million in funding to further the development of its Ethereum-based synthetic dollar.
The funding round was disclosed on Feb. 16 and builds off a previous $6 million round that was led by Binance Labs, Gemini and Bybit, among others. The current round was primarily backed by venture capital firm Dragonfly.
Ethena Labs is developing USDe, a synthetic dollar backed by delta-hedging strategies using Ether (ETH) as primary collateral. Since launching in December, USDe has amassed more than $200 million in total value locked, according to industry data.
USDe maintains its rough target to the U.S. dollar by delta-hedging assets provided by users minting USDe to short-staked Ethereum collateral using perpetual swaps to achieve delta-neutral stability, the company shared with Cointelegraph.
Ethenas project hopes to build off the enormous success of stablecoins, which have emerged as one of the single biggest use cases of blockchain technology. The total market cap of stablecoins is valued at $138 billion, according to Coincodex.
Oliver Bell, the founder of the Xcad Network, has leaped to the defense of YouTuber turned crypto guru KSI, who was accused of performing a pump-and-dump scam by investigator ZachXBT.
After ZachXBT shared screenshots of KSIs X account posting about XCAD and then dumping $850,000 of the tokens in the days that followed, Bell posted a response, arguing that the YouTuber had all the rights to sell his tokens.
On Feb. 15, Bell said in a post that KSI had been one of their biggest value adders who made introductions and suggestions around the product. The executive argued that while KSI sold some tokens, the YouTuber bought a lot more than he sold.
Bell also directly disputed the allegations, saying KSI did not pump and dump XCAD. Bell wrote that KSI remains an active investor and believer who has other wallets and has been one of their solid supporters.
The internet celebrity further explained that he didnt have any malicious intent in trying to scam and said that he was new to crypto and was excited. Attempting to explain the posts and the selling that followed, KSI said that every time he tweeted something, the opposite would occur, and thats why he decided to tweet the opposite of what he was actually doing.
However, another crypto investigator, Coffeezilla, argued that KSI publicly saying one thing and then privately doing the opposite is the definition of a pump and dump. Whether it is successful or not, Coffeezilla argued that what KSI did was a pump and dump. I dont really buy that he had no clue that tweeting one thing would positively affect the price in his favor.
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.
Additional reporting by Geraint Price, Sam Bourgi and Felix Ng.
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Here's what happened in crypto today - Cointelegraph
South Korea’s Ruling Party Seeks to Delay Crypto Tax Law – Cryptonews
Last updated: February 19, 2024 00:47 EST | 2 min read
South Koreas ruling People Power Party is advocating for a two-year postponement of the taxation on gains from cryptocurrency investments.
The move is seen as a potential campaign promise for the upcoming general election scheduled for April.
The party aims to prioritize establishing a comprehensive regulatory framework for cryptocurrencies before implementing taxation measures.
According to local media outlet Herald Business Daily, the right-wing party intends to propose a new set of regulations addressing the crypto industry in the upcoming term.
By focusing on regulatory measures first, the party aims to delay the implementation of the crypto gains tax, which is currently slated to take effect in January 2025.
This proposed delay would push the tax plan to start in 2027.
As part of its election campaign strategy, the ruling party is considering introducing a bill that encompasses essential elements for potential crypto regulations.
These regulations may include requirements for crypto custody providers and guidelines for token listing.
If implemented, these regulations would supplement South Koreas initial set of crypto regulations set to become effective in July.
The People Power Party plans to finalize its core election promises by the end of the month.
In a recent development, a representative from South Koreas Ministry of Economy and Finance suggested that the countrys legislative body should discuss the possibility of abolishing income tax on crypto assets.
This suggestion aligns with the current administrations initiative to scrap the planned tax on financial investments, including stocks and funds.
However, the People Power Party does not ostensibly explore a complete abolition of the proposed cryptocurrency taxation, as reported by Herald.
Alongside advocating for a tax delay, the party also aims to harmonize the cryptocurrency tax threshold with that of stocks.
Currently, the tax plan imposes a 22% tax rate on crypto gains exceeding 2.5 million Korean won (approximately $1,875).
In contrast, gains from stocks are only taxed when they surpass 50 million won.
In December last year, South Korea announced that high-ranking public officials will be required to disclose their cryptocurrency holdings starting next year.
At the time, the countrys personnel ministry said this proactive approach was intended to address potential conflicts of interest and promote integrity within the public sector.
By mandating disclosure of cryptocurrency holdings, the government aims to ensure that public officials maintain the highest ethical standards and avoid any potential conflicts that may arise from their involvement in the crypto market.
The requirement would apply to high-ranking officials across various government agencies and departments.
These officials will be obligated to report their cryptocurrency holdings, including details of the assets they own and the respective amounts.
Meanwhile, Lee Bok-hyun, South Koreas head of the Financial Supervisory Service, aims to visit the United States later and discuss the crypto industry with U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler.
Specifically, the official is set to speak with Gensler regarding spot Bitcoin ETFs.
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South Korea's Ruling Party Seeks to Delay Crypto Tax Law - Cryptonews
Hbar Price : Hbar Smashed New ATH , Will The Rally Continue To $1 ? – CoinGape
Hedera Hashgraphs native cryptocurrency, HBAR, has been making headlines recently as it recorded a new all-time high (ATH) for the year, experiencing a remarkable 9.89% increase in value. This surge in price has captured the attention of both investors and enthusiasts alike, especially considering the turbulent journey HBAR has undergone over the past year. As the market eagerly watches the bullish momentum of HBAR, the question on everyones mind is whether this rally will persist.
To comprehend the significance of HBARs recent performance, its essential to understand its role within the broader ecosystem of Hedera Hashgraph. HBAR serves as both a general-purpose cryptocurrency and the utility token of the Hedera network, powering transactions and applications within the platform. Hedera Hashgraph itself is a cryptocurrency network designed to facilitate transactions and deploy applications, overseen by a group of businesses. Its unique feature lies in its patented algorithm, the hashgraph, which boasts superior transaction processing capabilities compared to traditional blockchains.
To gauge HBARs potential, its essential to understand its price history and reactions to past market events. While past performance doesnt guarantee future results, it does offer valuable insights.
In its early days, Hedera Hashgraph (HBAR) maintained a stable price between $0.01 and $0.08, reflecting its steady development and the slow growth of its community. However, the year 2021 brought significant volatility to HBARs price.
At the beginning of 2021, HBAR experienced a surge, rising from $0.03 to nearly $0.45 by mid-March, riding the wave of a broader cryptocurrency market boom. However, this upward momentum was short-lived as the price began to decline in April, in line with the overall market downturn, reaching a low of $0.1559 by July 21st.
In September 2021, HBAR witnessed a resurgence, reaching an all-time high of $0.57. This spike was fueled in part by growing interest in non-fungible tokens (NFTs) and the announcement by the Hedera Governing Council to allocate $5 billion in HBAR for ecosystem development. Despite this peak, the year ended with extreme volatility, with HBAR closing at nearly $0.3.
The year 2022 brought further challenges for HBAR, with fluctuations in early 2022 seeing the price reach $0.33 before struggling to maintain this level, often hovering below $0.3. The de-pegging of UST and the collapse of LUNA in May, followed by issues faced by Celsius Network in June, added further pressure to the price, leading to lows of $0.075 and $0.058, respectively.
While there was a brief surge in September due to expectations surrounding a potential listing on Coinbase, the eventual listing in October did not have a significant impact on the price. The year ended on a low note with the collapse of the FTX exchange in late 2022, resulting in a market crash that dragged HBARs price down to around $0.036.
The collapse of Silvergate Bank further dampened sentiment, but HBAR eventually gained momentum, forming an ascending channel pattern, indicating a potential gradual uptrend with higher highs and lows. Recently, HBAR has found support around the $0.057-0.06 level, with a breach below this potentially indicating a stronger bearish trend.
HBAR has experienced significant price fluctuations over the years, ranging from steady growth to extreme volatility. While past performance is not indicative of future results, understanding HBARs price history provides valuable context for assessing its potential course in the future.
Today, the price of HBAR stands at $0.09443, marking an all-time high for the year, compared to its starting point. This surge in price is accompanied by a significant increase in trading volume, which has risen by 150% over the past 24 hours, reaching $136,978,601. In the same timeframe, HBAR has experienced a notable increase of 10.26%.
In the current rankings on CoinMarketCap, HBAR holds the 37th position, reflecting its growing prominence in the cryptocurrency market. This surge in price and trading volume has propelled HBARs market capitalization to $3,190,561,329, marking an 11% increase in just one day.
HBAR boasts a circulating supply of 33,678,813,527 coins, with a maximum supply capped at 50,000,000,000 coins. Notably, HBAR reached its all-time high of $0.5701 on September 16, 2021, before experiencing a decrease of 83.31% compared to its current price.
Over the past week, HBAR has exhibited bullish momentum, with a notable increase of 22% in price. Looking back over the past year, HBAR has seen an overall increase of 6.24%, indicating its steady growth and resilience in the cryptocurrency market.
A detailed technical analysis offers insights into the current sentiment surrounding HBAR. While moving averages suggest a bullish outlook, with prices trading above various moving averages indicating upward momentum, oscillators provide a more detailed perspective. While some indicators signal overbought conditions, others remain neutral, contributing to a mixed sentiment among analysts.
In a bullish scenario, key resistance levels to watch are at 0.0967, representing the upper limit channel, followed by 0.1015, which marks a pivot high, and 0.1326.
On the flip side, in a bearish scenario, crucial support levels include 0.085, aligned with the 800 exponential moving average (EMA), 0.077 associated with the 50 EMA, and 0.0683 linked with the 200 EMA.
Looking ahead, analysts provide varying forecasts for HBARs price trajectory. Short-term predictions suggest a potential rise to $0.2 by the end of 2024, driven by ongoing network improvements and market recovery. By 2025, further advancements and market growth could propel HBARs value to around $0.33, with long-term projections envisioning highs of approximately $0.7 by 2030. However, these forecasts are subject to market dynamics and technological developments within the ecosystem.
HBARs recent price surge signals a significant milestone for the cryptocurrency, but the sustainability of this rally remains uncertain. While technical indicators provide valuable insights into current market sentiment, predicting future price movements requires careful analysis and consideration of various factors. As HBAR continues its journey within the volatile cryptocurrency landscape, investors and enthusiasts alike will closely monitor its performance, eagerly awaiting further developments and milestones.
Continued here:
Hbar Price : Hbar Smashed New ATH , Will The Rally Continue To $1 ? - CoinGape
San Diego man loses tens of thousands of dollars in cryptocurrency scam – ABC 10 News San Diego KGTV
SAN DIEGO (KGTV) What started as a phone call ended with Jurek Wasowskis life turned upside down.
I am devastated, Wasowski said, as he recalled the scam that changed his life.
It was in the summer when Wasowskis phone rang.
I never pick up unlisted calls, but t at this time, I was busy doing something and I pick[ed] up the phone, he said.
Wasowski heard a sweet voice on the other end. They ended up bonding over their shared Slavic culture.
As an immigrant, he felt a connection. They ended up speaking on the phone twice, and then she encouraged him to start texting using the app Telegram.
The woman claimed her name was Lena and mentioned to Wasowski she is doing crypto trading.
Wasowski already had investments in cryptocurrency, but he was interested in learning more. She gained his trust and told him that she could teach him.
He said he initially started investing $800 and then put in much more after he saw his profits.By the end, he invested around $100,000.
Lena sent a number of pictures and videos reinforcing their friendship.
She sends me such lovely messages about her trust to help me build solid retirement, Wasowski said.
It turns out the digital currency platform she told him to put his money was not real.
This method called pig butchering is a growing scam that often involves online romance or friendship and cryptocurrency.
"The reality is so many of these scammers, they're so good at hijacking our brains, Eva Velasquez of the Identity Theft Resource Center told ABC 10News in 2022. When you're in that state, those things that are apparent to an outside observer really aren't apparent to you as the person who's directly involved in it."
Once that money is transferred to the scammer, it's hard to get back.
I try to function, but I don't know, Wasowski said. I pray to God... to take her to the justice because I never in my entire life met somebody so cruel.
According to the FBI's Internet Crime Complaint Center, cryptocurrency investment fraud rose from $907 million in 2021 to $2.57 billion in 2022.
Wasowski hoped to retire. Now, he cant.
I must work until I die, he told ABC 10News.
He advises everybody to be cautious and to watch closely their wallet. Wasowski, who operates a small business, started a GoFundMe pageto try to recover some of what he lost.
Federal agencies want to remind people only scammers guarantee big returns and demand payments in crypto. They also said if an online "love interest" wants to help you invest in crypto, that is a scam too.
If you are a victim, you can file a report with the FBI at http://www.ic3.gov.
Editor's note: A previous version of this story spelled Mr. Wasowski's name as "Jurich." This has been corrected.
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San Diego man loses tens of thousands of dollars in cryptocurrency scam - ABC 10 News San Diego KGTV
Coinbase Commerce Stops Offering Native Bitcoin Payments – BeInCrypto
An executive for the digital payment service of cryptocurrency exchange Coinbase has announced that it has made the tough call to remove native Bitcoin and other UTXO support on its Commerce platform.
Lauren Dowling, the product lead for Coinbase Commerce, stated that customers were facing operational challenges with the product.
In a series of posts on X (formerly Twitter), Dowling emphasized that customers were facing significant challenges with Coinbase Commerce due to crypto volatility risk, manual effort required to resolve incorrect payments and limited asset support.
Dowling clarified that to tackle these issues, the platform developed an on-chain payments protocol utilizing smart contracts and other tools to enable seamless off-chain commerce.
In addressing these concerns, we saw an opportunity to build an open onchain payments protocol leveraging smart contracts and other EVM tools to enable seamless onchain commerce without the operational and financial burdens of the old system.
However, Dowling notes that the exchange is constantly exploring other ways to bring payment solutions to customers, including the use of the Lightning Network and Solana.
Read more: BitcoinPrice Prediction 2024/2025/2030
Meanwhile, Coinbases stock price recently surged following positive remarks from a major investment bank.
COIN rose 10% after JPMorgan upgraded the exchanges stock to neutral. The banks expert sees potential for COIN, given its strong links to the sustained Bitcoin price momentum.
COINs price reached $180.31 USD before markets closed on February 16 for the weekend.
JPMorgan analyst Kenneth Worthington upgraded COIN to neutral from underweight as Bitcoin touched $52,400. Last month, Kenneth downgraded share prices to $80, indicating a potential 35% drop. At the time of publication, Bitcoins price is $52,014.
Read more: Who Owns the MostBitcoinin 2024?
Meanwhile, Coinbase customers are advised to be cautious about clicking on any email links claiming to be from Coinbase. There is a likely chance that it could be a scam in an attempt to steal all their crypto.
The scheme is known as the Coinbase reset fraud. It involves crypto scammers gathering personal information from users to deceive them into resetting their Coinbase login credentials. BeInCrypto recently reported that these scammersdepriveda victim of over 1,400ETH, valued at an estimated $4 million.
Disclaimer
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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Coinbase Commerce Stops Offering Native Bitcoin Payments - BeInCrypto
Bitcoin Market Cap Tops $1 Trillion AgainThat’s Almost Twice That Of Tesla – Investopedia
Key Takeaways
Bitcoin's (BTCUSD) market capitalization swelled to more than $1 trillion for the first time since December 2021 as it traded firmly above the $51,000 level Wednesday, even briefly going past $52,000.
That puts the market value for the world's largest cryptocurrency in territory that is normally the domain of global tech giants such as Meta Platforms (META), and it's almost double that of Tesla (TSLA).
The last time bitcoin traded at these levels it was on its way back down from its all-time high around $69,000. However, the state of the bitcoin and crypto market today is quite different from what it was.
Back then, the market was much frothier. Today, bitcoin is in a bull market on the back of spot bitcoin ETF adoption and the upcoming halving event.
The past four full days of spot bitcoin ETF trading have all been some of the largest in terms of inflows, with more than $2 billion in net inflows occurring since Thursday.
Blackrock's iShares Bitcoin Trust (IBIT) has been the largest beneficiary of this activity, seeing roughly $1.4 billion of inflows during that time and growing to more than $4.6 billion in market value. Notably, the outflows from Grayscale Bitcoin Trust (GBTC) have also not been as large as they were in previous weeks.
"There is hundreds of millions of dollars per day flowing into these bitcoin ETFs, and there is only $40 (million) to $45 million of net-new bitcoin being produced," said technology investor Anthony Pompliano in an interview with Fox Business Tuesday. "So, there's twelve-and-a-half times more demand than there is supply being created every single day. If there's that much demand and that little supply, the price has got to go up to accommodate everyone."
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Bitcoin Market Cap Tops $1 Trillion AgainThat's Almost Twice That Of Tesla - Investopedia
Final Opportunity to Participate in This New Cryptocurrency’s Presale, Anticipated to Surge 20x on Initial Trading Day – Finbold – Finance in Bold
Press Releases are sponsored content and not a part of Finbold's editorial content. For a full disclaimer, please . If you encounter any issues, kindly report them to [emailprotected]. Crypto assets/products can be highly risky. Never invest unless youre prepared to lose all the money you invest.
The cryptocurrency market continues to expand with new innovative projects. One launching soon that experts anticipate could surge over 20x upon exchange listings is Pandoshi (PAMBO). Its focus on real-world utility and unique tokenomics make it a potential breakout opportunity for massive gains.
Pandoshi is a privacy-focused, community-governed cryptocurrency ecosystem advocating for decentralization and financial freedom. Its ideologies mirror those of Bitcoins anonymous founder, Satoshi Nakamoto.
Specifically, Pandoshi seeks to shift control of finance away from banks and governments into users hands through decentralized platforms. This aligns closely with blockchains original motivations facilitating direct transactions without centralized oversight.
To realize its decentralization vision, Pandoshi is building a suite of interconnected DeFi products, including a Layer 2 blockchain, non-custodial wallet, zero KYC crypto cards, and more. These offerings provide versatile utility for Pandoshis native PAMBO token to capture value across DeFi.
Pandoshi is currently concluding a multi-phase token presale as its official launch nears. The presale has seen PAMBOs price surge 500% from $0.002 in Phase 1 to $0.01 in the final Phase 5.
In addition, over $5.5 million has poured in from 10,000+ contributors in just the past month, signaling the intense demand for PAMBO tokens.
With the presale nearing completion, analysts expect an initial 20x price explosion for PAMBO when public trading opens. Heres why:
Deflationary Tokenomics Induce Scarcity
PAMBO charges fees on ecosystem products and uses the proceeds to buy back and burn tokens regularly. This deflationary mechanism, paired with a limited circulating supply, reduces PAMBOs availability even as adoption widens.
With supply shrinking as demand rises, basic economics suggests substantial upside price potential in the long-term.
Real-World Utility Infrastructure
Unlike meme-coins with zero utility, Pandoshi focuses on building platforms for daily real-world use, including a non-custodial wallet already released on Android.
Major Exchange Listings
Pandoshi confirms that once PAMBO launches, the token will get listed on two of the largest centralized crypto exchanges globally Binance and Coinbase. These platforms cater to millions of users and see billions in daily trading volume. Listing here will ensure maximum investor accessibility and liquidity for PAMBO right from the start.
In addition, PAMBO will see an immediate listing on Uniswap, the leading decentralized exchange on Ethereum in terms of trading volumes. Uniswap integration aids decentralized access without intermediaries, along with added liquidity.
The entry of PAMBO into these top-tier trading avenues will coincide with its surging scarcity and token demand. This perfect storm of shrinking supply and expanding access could trigger extreme buying frenzies for PAMBO across both centralized and decentralized exchange platforms. The resultant price rally could enable unmatched wealth creation among early adopters.
With exchange listings imminent, a shrinking token supply, utility infrastructure for real-world adoption, and presale demand surging, Pandoshi checks all the boxes for a potentially life-changing crypto investment.
The concluding presale marks the final opportunity to buy PAMBO on the ground floor before prices are expected to surge over 20x higher. Seizing this chance early could set PAMBO holders up for monumental wealth creation as decentralized finance continues to accelerate into the mainstream.
Click Here To Take Part In Pandoshi Presale
Visit the links below for more information about Pandoshi (PAMBO):
Website: https://pandoshi.com/ Whitepaper: https://docs.pandoshi.com/
Bitcoin Holds $52k As Ethereum Aims For $3,000, Solana Up 3.5%, WLD And FET Soar 41% And 9.2% – Analytics Insight
Crypto Market News: The cryptocurrency prices continue to soar as the bullish momentum in Bitcoin sustains. The biggest smart contract and DeFi asst, Ethereum (ETH) is also on its way to hitting $3,000 after more than two years amid a major network upgrade scheduled for next month.
The altcoin markets are also enjoying massive inflows, with AI coins taking the lead once again. Worldcoin (WLD) has been up 41% in the past 24 hours amid growing hype around the video-generating AI model Sora. Similarly, other AI-related crypto projects like Fetch.AI (FET) are also performing extremely well.
At press time, FET is up 11.6% since yesterday, and the outlook is looking very bullish. Among the top 100 coins, The Graph (GRT) and BEAM have also posted substantial gains over the weekend, paving the way for a very positive week.
The Total 3 market capitalization, a good indicator of the trend in the altcoin market, is up 0.82% on Monday, gaining $4.34 billion. On the same day, Bitcoin market dominance was down by 0.33%. This suggests that the traders expect altcoins to perform better than BTC in the near term.
The latest technical analysis of the BTC/USD chart on hourly timeframe shows a sideways price action within $51,335 to $52,526 range. However, the biggest takeaway from the recent price action is the weekly closure above the $52,134 resistance level. This has put a retest of the all-time highs of around $69,000 on the cards for the coming months.
While there can be a pullback till $46,500 in the coming weeks, the uptrend will likely stay intact until a weekly closure below this level.
ETH price is looking even more bullish than Bitcoin. After a clear breakout above the $2,738 level which is the middle of a previous trading range, the next resistance lies at the $3,282 level. This would be a 14% surge from the current level. However, the price would need first to overcome the key psychological resistance of $3,000.
If Bitcoin continues its ascent toward a new all-time high, Ethereum might be the first among the altcoins to follow. Currently, ETH/USD is 40.80% down from its 2021 all-time high of $4,877. The next few weeks will be very critical in this regard.
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Bitcoin Holds $52k As Ethereum Aims For $3,000, Solana Up 3.5%, WLD And FET Soar 41% And 9.2% - Analytics Insight