Category Archives: Ethereum
History of Crypto: Ethereum’s entry and Bitcoin’s expansion – Cointelegraph
Welcome to History of Crypto, a Cointelegraph series that brings readers back to the most significant events in the crypto space. Powered by Phemex, the timeline allows crypto community members to explore and look back at the important events that shaped the industry into what it is today.
This article explores the pivotal period from 2013 to 2015 in the cryptocurrency world a time of significant advancements and notable challenges. During this period, the increasing mainstream adoption of Bitcoin (BTC) marked a critical shift toward recognizing digital currencies. However, this era also witnessed the dramatic fall of Mt. Gox, underscoring the risks and volatility in the burgeoning crypto market.
This epoch also saw the emergence of the first memecoin and the first nonfungible token (NFT), innovations that expanded the crypto landscapes creativity and functionality.
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Most importantly, this is the time period when the Ethereum network was conceived. This groundbreaking development promised to leverage blockchain technology for more than just currency, paving the way for smart contracts and decentralized applications (DApps). This period was crucial in shaping the trajectory of the cryptocurrency movement, setting the foundation for future innovations and challenges.
Shortly after the first Bitcoin halving in 2012, BTC reached a notable milestone a few months later. On March 28, 2013, the price of Bitcoin climbed, beginning to trade at around $92. This price increase led its market capitalization to hit the $1 billion mark for the first time, marking a significant moment in the cryptocurrencys history.
In an event that sparked widespread attention, Bitcoin achieved a remarkable milestone by reaching a new all-time high of $190 on April 10, 2013, during the Cyprus banking crisis. This crisis highlighted the potential benefits of decentralized currencies, leading many to view Bitcoin as a viable alternative to the traditional financial systems vulnerabilities. Despite the initial surge, Bitcoins value experienced a significant drop to $68 just a week after reaching its peak.
Later in the year, Bitcoin continued to captivate market observers by surpassing expectations and reaching $1,000 on Nov. 19, first on the BTC China exchange (now known as BTCC) and subsequently on Mt. Gox. This achievement underscored Bitcoins growing relevance and the increasing interest in its role as an alternative asset within the broader financial landscape.
During this critical period, Mt. Gox, the largest crypto exchange at the time, faced significant challenges. On June 20, 2013, it announced a temporary halt of U.S. dollar withdrawals, setting off two weeks of uncertainty. Although withdrawals eventually resumed, the exchange encountered difficulties processing them efficiently, underscoring the operational hurdles it grappled with.
In a significant development within the cryptocurrency community, Mt. Gox announced the suspension of U.S. dollar withdrawals, followed by a stop to Bitcoin withdrawals on Feb. 7, 2014. This series of events culminated in the suspension of trading on Feb. 24, 2014, and a bankruptcy filing in Tokyo shortly after.
The situation escalated when Mt. Gox sought bankruptcy protection in the United States in March 2014, revealing that 750,000 BTC belonging to its customers and 100,000 of its own coins had been compromised, amounting to a loss valued at around $473 million at that time.
While the downfall of Mt. Gox marked a turbulent period in the cryptocurrency sector, it coincided with the emergence of several platforms that would become major players in the future. Okcoin, which would later rebrand to OKX, launched its operations on June 1, 2013. Close on its heels, Krakens trading platform became operational on Sept. 10, 2013.
In the meantime, Coinbase, established in 2012, secured a $25 million Series B funding round in December 2013, led by venture capital firm Andreessen Horowitz, showcasing the growth and resilience of new entrants in the cryptocurrency exchange landscape during a period of upheaval.
In 2013, Vitalik Buterin introduced the Ethereum network through a white paper, positioning it as a versatile platform for developing DApps. Buterin outlined how blockchain technology could serve purposes beyond just monetary transactions.
In January 2014, Ethereum co-founders Gavin Wood, Charles Hoskinson and Anthony Di Iorio unveiled Ethereum at the North American Bitcoin Conference in Miami with Buterin.
These exchanges now offer users access to a broad array of cryptocurrencies, with Ethereums native coin, Ether (ETH), securing its position as the second-largest digital asset by market capitalization. Ethereum has fulfilled its promise by evolving into a central platform for DApps.
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The next piece in Cointelegraphs History of Crypto series will delve into the initial coin offering boom and the ongoing evolution of Ethereum. Be sure to follow Cointelegraph for insightful updates on the most pivotal developments in crypto history.
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History of Crypto: Ethereum's entry and Bitcoin's expansion - Cointelegraph
London Stock Exchange to Launch Bitcoin & Ethereum ETN Market – Watcher Guru
The London Stock Exchange is reportedly set to launch Bitcoin (BTC) and Ethereum (ETH) exchange-traded notes (ETN) market. Indeed, the United Kingdoms main stock exchange issued a market notice Monday stating that Crypto ETNs will be launched on May 28th, 2024.
The exchange previously announced that it was set to accept applications for Bitcoin and Ethereum ETNs earlier this month. Additionally, the notice states that these applications can be made starting on April 8th. Moreover, the announcement states that they will be subject to approval by the countrys Financial Conduct Authority (FCA).
JUST IN: London Stock Exchange to launch #Bitcoin and Ethereum exchange traded notes (ETN) market.
Also Read: London Stock Exchange to Accept Bitcoin and Ethereum ETN Applications
In the United States, the digital asset market saw the inaugural approval of Spot Bitcoin ETFs. Indeed, the US Securities and Exchange Commission (SEC) greenlit the investment product that has been immensely successful just 50 days into trading. Subsequently, the UK is set to explore digital asset exchange-traded markets through a recent announcement.
The London Stock Exchange has announced it will launch the Bitcoin and Ethereum ETN market in a notice issued Monday. The decision arrived just weeks after the stock exchange announced its intention to accept ETN applications for the two digital assets.
Crypto ETNs will allow UK-based investors to trade securities that track digital assets on the exchange. In the recent announcement, the exchange stated that it would accept ETN applications through the second quarter of the year. Alternatively, applications will not be accepted beyond April 15th, according to the document.
Also Read: Bank of London Officially Submits Bid for Silicon Valley Bank UK
Additionally, the notice includes a May 28th, 2024 launch date for the ETNs. The exchange stated this date would enable the maximum number of issuers to be present in the market on the first day of trading.
The decision arrived just months after Spot Bitcoin ETFs have proven to be immensely successful in the United States. Indeed, these products have become some of the most popular funds for asset management giants BlackRock and Fidelity.
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London Stock Exchange to Launch Bitcoin & Ethereum ETN Market - Watcher Guru
The Koala Coin (KLC) Presale Draws a Crowd Attracting Ethereum (ETH) and Dogecoin (DOGE) Investors Amid … – Analytics Insight
Like the climax of a heist movie, the crypto markets latest sensation, Koala Coin (KLC), has investors on the edge of their seats. Koala Coin (KLC), now available in its presale for just $0.014, promises a unique fusion of meme culture charm and serious financial prospects. Its setting the stage for what could be the most engaging investment opportunity of the year.
Koala Coin (KLC) stands out in the crowded crypto space with its blend of meme culture joy and serious financial promise, creating an irresistible allure for investors. With governance rights, staking rewards and a vault of exclusive memes, Koala Coin (KLC) promises a unique mix of camaraderie and profit.
Amidst a buzzing presale, Koala Coin (KLC) is not just another token. Investors are drawn to its robust secure blockchain technology and the promise of a community-driven future. The fear of missing out on this ground-breaking opportunity is palpable. Driving Ethereum (ETH) and Dogecoin (DOGE) enthusiasts to join the Koala Coin (KLC) family.
Ethereum (ETH) remains a cornerstone in the world of cryptocurrency, valued at $3330.07 and showing a healthy 30-day increase of 13.40%. This growth underscores the pivotal role of Ethereum (ETH) in the digital asset space, primarily due to its pioneering smart contract technology.
However, Ethereum (ETH) is grappling with its own challenges, particularly in terms of scalability and transaction fees. These issues have highlighted the pressing need to transition to Ethereum (ETH) 2.0, a significant upgrade to enhance network efficiency and reduce costs. Ethereum (ETH) must address these hurdles while capitalizing on its established infrastructure and developer community.
Dogecoin (DOGE) has transcended its origins as a playful meme to become a major player in the cryptocurrency market, currently valued at $0.17 and witnessing a staggering 30-day growth of 103.67%. This remarkable ascent reflects the unique position of Dogecoin (DOGE) at the intersection of humor and serious investment potential, capturing the imaginations of traders and investors alike.
The sustainability of the value of Dogecoin (DOGE) gains remains a topic of debate among investors, with some concerned about its long-term viability in a rapidly evolving cryptocurrency landscape. To maintain its newfound status and continue attracting investment, Dogecoin (DOGE) may need to innovate further.
As the Koala Coin (KLC) presale progresses, the air is thick with anticipation and a sense of FOMO. Ethereum (ETH) and Dogecoin (DOGE) investors, known for their keen sense of market shifts, are rallying to Koala Coin (KLC), recognizing its unparalleled potential for growth.
Dive into the heartwarming, wealth-building journey with Koala Coin (KLC) and witness your investments soar to eucalyptus heights.
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Massive Bitcoin and Ethereum options expiry to trigger market volatility – report – Investing.com
The quarterly expiration of (BTC) and (ETH) options contracts, valued at billions of dollars, is set to trigger bullish price volatility this Friday at 08:00 UTC on crypto derivatives exchange Deribit.
This event marks one of Deribit's largest expiries, with $15.2 billion worth of contracts set to be settled, according to CoinDesk.
Bitcoin options, which represent 62% of the total notional open interest due for settlement, account for $9.5 billion, while Ether options make up the remaining portion.
The impending expiry will reduce the total notional open interest across all maturities by 40% and 43% for Bitcoin and Ether, respectively. This reduction in open interest is noteworthy as it reflects the dollar value of all active contracts at a given time on Deribit, where a single option contract equals one BTC or one ETH.
According to Deribit's chief commercial officer, the bulk of these options are expected to expire in the money (ITM), which effectively triggers upward pressure or volatility in the market. An ITM call option allows the investor to buy BTC or ETH at a strike price lower than the current market rate, resulting in a profit.
With Bitcoin's market rate around $70,000, roughly $3.9 billion worth of Bitcoin options are on track to expire ITM, constituting 41% of the total quarterly open interest.
Similarly, 15% of ETH's total quarterly open interest, valued at $5.7 billion, is set to expire at ITM. These high levels of ITM expiries, which are unusual compared to previous cycles, may lead to increased market volatility, especially given the recent price rallies in both Bitcoin and Ethereum.
The concept of "max pain" points to the strike price at which the highest number of options (both call and put) would expire worthless, causing maximum financial loss to option buyers. For this quarter's expiry, the max pain points are set at $50,000 for BTC and $2,600 for ETH. Historically, prices have tended to move toward these max pain points before rallying after the expiry, suggesting a pattern that might repeat.
Dealer hedging activities are also expected to contribute to market volatility. David Brickell, head of international distribution at FRNT Financial, highlighted the dealers' gamma positioning. With dealers short around $50 million of gamma, primarily concentrated at the $70,000 strike for Bitcoin, the forced hedging around this level could lead to "whippy, choppy moves" as the expiry approaches.
Gamma refers to the rate of change in an option's delta, which measures the sensitivity of an option's price to changes in the underlying asset's price. Market makers, who typically maintain a neutral exposure while providing liquidity, could amplify price movements through their hedging activities.
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Massive Bitcoin and Ethereum options expiry to trigger market volatility - report - Investing.com
Ethereum price today: ETH is up 52.15% YTD – USA TODAY
What is the price of ethereum today?
The price of ethereum, or 1 ETH, traded at $3,631.29, as of 8 a.m. ET.
The chart above is pulling data as of 8 a.m. ET daily and doesnt display intraday highs or lows.
Even though ethereum is not the first altcoin, its the most popular and successful. The cryptocurrency was launched in 2015.Its blockchain has generated tremendous growth and returns over the past nine years.
The return comparisons are as of 8 a.m. ET.
The leading altcoin has shifted global financial markets and amassed a global market capitalization of $436.03 billion. ETH is currently up 105.64% year over year.
Today, ethereum's $436.03 billion market capitalization is second to bitcoin's. Bitcoin and ethereum represent 68.18% of the entire cryptocurrency market. Behind ethereum, the third-largest crypto is BNB, with a market cap of just $86.50 billion.
Bitcoin and ethereum's combined crypto market dominance has fluctuated over the years. But it has trended steadily higher since late 2022.
Ethereum's market cap of $436.03 billion is slightly more than some major blue-chip stocks, such as Home Depot (HD) at $386.77 billion and Johnson & Johnson (JNJ) at $374.07 billion.
Ethereum is a blockchain-based network created to facilitate secure, decentralized financial transactions. The network's native cryptocurrency is ether.
Unlike bitcoin, ethereums programmable blockchain allows users to securely verify and execute code, including smart contracts and decentralized applications. Smart contracts on the ethereum network are software applications that run automatically on the blockchain when certain predetermined conditions are met.
The ethereum network's decentralized nature allows developers to run programs without relying on Big Tech companies or other third parties. Rather than running software on cloud servers housed in massive data centers owned by Google, ethereum users can run applications by leveraging ethereum's large network of small, private computers.
Applications on the ethereum blockchain include options for gaming, socializing, gambling and decentralized finance. The ethereum blockchain is also home to the world's largest non-fungible tokens. NFTs are unique digital creations representing ownership of digital property, such as a work of art, song or video.
Ethereum gas is the fee network users pay to process transactions or use smart contracts on the network. Gas fees are akin to highway tolls. Users pay these fees to use the ethereum blockchain.
The unit of measurement for gas fees is gwei. One gwei equals one billionth of one ETH.
Like bitcoin and other leading cryptocurrencies, ethereum had humble beginnings. Shortly after its launch in July 2015, ETH hit its all-time low of 42 cents in October 2015.
The popularity and trading volumes of cryptocurrencies started to snowball in 2017. ETH prices reached $1,000 for the first time in January 2018. The crypto ultimately peaked at around $1,300 less than two weeks later.
Ethereum's parabolic 2017 rally was partly driven by CME Group's announcement that it would launch bitcoin futures contracts late that year. They were the first crypto-currency related products offered by a regulated U.S. financial institution.
Enthusiasm for cryptocurrency died down in 2018. That led to one of several crypto winters in the past decade.
The next crypto boom began in 2020. This time, ETH's parabolic rise was partly driven by government shutdowns of sports, casinos, and other leisure and entertainment options. Multiple rounds of government stimulus checks also left many Americans with extra disposable income.
Ethereum prices reached $4,891 on Nov. 16, 2021. But rising interest rates cooled investor enthusiasm for risk assets in 2022. A string of crypto industry layoffs and bankruptcies weighed on crypto prices, culminating in the bankruptcy of leading cryptocurrency exchange FTX in November 2022. During the 2022 crypto winter, ETH prices dropped below $900.
The ethereum rally resumed in 2023 and into 2024 as investors grew more optimistic about the U.S. economic outlook. The Securities and Exchange Commissions approval of several bitcoin spot ETFs in January 2024 further bolstered ethereum prices. Many crytpo enthusiasts see this as an encouraging sign for the approval of ethereum spot ETFs. Ethereum prices soared to 4,088.00 in March 2024.
Since ethereums launch in 2015, there's no question that bitcoin and ETH have been spectacular investments.
The past years enthusiasm for bitcoin spot ETFs has reversed the performance gap between the two major cryptos. The price of bitcoin is up 153.26% year over year, compared to a 105.64% gain for ethereum.
You can buy ethereum on popular cryptocurrency exchanges like Binance, Coinbase and Kraken. Ethereum trades under the symbol ETH. There are also online brokerages that support cryptocurrency trading, such as Robinhood, Interactive Brokers and Webull.
In addition, you can buy ethereum on leading payment apps Venmo and PayPal. Finally, ethereum can be bought directly by searching for a physical cryptocurrency ATM that sells ether.
When you buy ethereum directly, you must store your ETH in a cryptocurrency wallet. This is much like storing paper money in a physical wallet.
The private keys are needed to send or receive cryptocurrency in a digital wallet. A person who controls a wallet's private keys controls all the cryptocurrency associated with the wallet.
Ethereum wallets can be hardware wallets resembling USB sticks or software wallet apps that store ETH on a smartphone or another device. Hot wallets are connected to the internet, while cold wallets are not. Hot wallets are generally considered more convenient, but cold wallets can be safer and more secure.
In addition to buying ethereum directly, you can indirectly speculate on the ethereum market via ethereum funds.
The SEC approved the first wave of ethereum futures ETFs in late 2023. These ETFs don't invest in ethereum directly but instead hold ethereum futures contracts. Leading ethereum futures ETFs include the VanEck Ethereum Strategy ETF (EFUT), the ProShares Ether Strategy ETF (EETH) and the Bitwise Ethereum Strategy ETF (AETH).
The popular Grayscale Ethereum Trust (ETHE) tracks the price of ETH. But Grayscale can only trade over the counter in the U.S. until it receives approval to convert into an ETF. That conversion is contingent on the SECs approval.
Ultimately, ethereum investors are hoping that the SEC approves spot ethereum ETFs. Spot ETFs invest directly in the underlying cryptocurrency rather than futures contracts or other derivatives. Grayscale and BlackRock are among several companies that have applied for SEC approval.
Ethereum does not represent ownership of assets with tangible value and does not generate earnings, revenue or cash flow. ETHs price is determined exclusively by supply and demand. If the popularity of the ethereum network continues to grow in the long term, demand for ethereum will likely grow over time.
Ethereum and other cryptocurrencies are extremely volatile. That makes it difficult to predict how its price will behave. Ethereum has performed extremely well overall since its launch in 2015. But past performance is no guarantee of future results.
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Vitalik Buterin is cooking up a new way to decentralize Ethereum staking – Cointelegraph
Ethereum co-founder Vitalik Buterin has proposed a technique to incentivize better decentralization of Ethereum by penalizing correlated failures among validators.
Buterin posted his thoughts on March 27 regarding supporting decentralized staking through more anti-correlation incentives to the Ethereum Research forum.
He suggested if multiple validators controlled by the same actor fail together, they would receive a higher penalty than if they failed independently.
The theory is that if you are a single large actor, any mistakes that you make would be more likely to be replicated across all identities that you control, he said.
Buterin observed that validators within the same cluster, such as a staking pool, are more likely to experience correlated failures likely due to shared infrastructure.
The proposal suggests penalizing validators proportionally to the deviation from the average failure rate. If many validators fail in a given slot, the penalty for each failure would be higher.
Simulations suggest this approach could reduce the advantage of large Ethereum stakers over smaller ones, as large entities are more likely to cause spikes in the failure rate due to correlated failures.
Potential benefits to the proposal include incentivizing decentralization by having a separate infrastructure for each validator and making solo staking more economically competitive relative to staking pools.
Buterin proposed other options, such as different penalty schemes to minimize the average big validators advantage over little validators and examining the impact on geographic and client decentralization.
He didnt mention the possibility of reducing the solo staking amount from 32 Ether (ETH), which currently equates to roughly $111,500.
Related: 3 reasons why Ethereums market cap dominance is on the rise
Staking pools and liquid staking services such as Lido remain popular because they allow stakers to participate with a smaller amount of ETH.
Lido currently has $34 billion worth of ETH staked, equating to around 30% of the total supply.
Ethereum advocates and developers have previously cautioned over Lidos dominance and cartelization, whereby outsized profits compared to non-pooled capital can be extracted.
Magazine: Wolf Of All Streets worries about a world where Bitcoin hits $1M: Hall of Flame
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Vitalik Buterin is cooking up a new way to decentralize Ethereum staking - Cointelegraph
Nansen integrates blockchain data from SportFi chain Chiliz and Ethereum rollup zkSync – Cointelegraph
Cryptocurrency users looking for the latest alpha in SportFi and zero-knowledge rollups can keep close tabs on data and insights from blockchain Chiliz and Ethereum layer 2 zkSync through new integrations on Nansen.
The blockchain analytics platform announced the integration of the two different protocols on March 28, unlocking on-chain data analytics and insights for its users.
Nansen data journalist Martin Lee told Cointelegraph that the integration provides a high-level overview of both ecosystems, allowing cryptocurrency teams to run their own queries and get insights from the raw data itself via Nansen query:
The functionality will unlock data insights into Chiliz, the proprietary blockchain powering scores of fan tokens licensed by high-profile sports teams and organizations worldwide that operate on the Socios platform.
Related: Man and machine: Nansens analytics slowly labeling worldwide wallets
Chiliz and Socios CEO Alexandre Dreyfus says the collaboration will deepen the understanding of the Chiliz ecosystem and potentially drive user adoption and growth of the SportFi ecosystem:
According to data from CoinMarketCap, the Chiliz blockchain has a total market capitalization of $1.2 billion. The ecosystem has attracted many of the biggest football clubs, including Manchester City and Paris Saint Germain (PSG).
Cointelegraph reviewed Chilizs blockchain through Nansen 2, the latest version of the analytics platform, which reflects an average of 2,100 daily active addresses. Manchester City, Binance, Turkish club Trabzonspor, Galatasaray and PSG are listed as the top five entities on-chain over the past week.
Related:Animoca eyes SportFi ecosystem, becomes Chiliz Chain validator
Ethereum scaling protocol zkSync is one of the major zero-knowledge proof rollups in the ecosystem, processing over a million transactions daily for over 350,000 addresses, according to data from Nansens dashboard.
Matter Labs head of business development, Omar Azhar, believes the integration with Nansen will prove valuable to the zkSync ecosystem and wider Web3 space by making processing on-chain data that is actionable and digestible.
The great benefit of permissionless blockchains such as zkSync is that all the data is public and contains valuable insights for builders, investors and end-users alike, Azhar said.
Related: Paris Saint-Germain begins Web3 drive as a new blockchain validator for Chiliz Chain
Nansen has garnered a reputation for its wallet-labeling and blockchain analytics. In October 2022, Cointelegraph interviewed its CEO Alex Svanevik at the firms Singapore headquarters, where the founder recounted Nansens genesis story and estimated that the platform scans nearly a petabyte of data daily from the variety of blockchains it monitors.
Magazine:SEAL 911 team of white hats formed to fight crypto hacks in real time
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Bitcoin and Ethereum Lead as Options Market Sees Historic $15B Quarterly Delivery – The Crypto Basic
Bitcoin (BTC) and Ethereum (ETH) took center stage today as options contracts worth billions expired amidst a historic quarterly delivery totaling over $15 billion.
For the uninitiated, this quarterly delivery event involves the settlement or resolution of a large volume of crypto contracts, including options and futures contracts, at the agreed terms. This marked the first quarterly delivery of this year.
Interestingly, data suggests that the notional value of $15 billion for this delivery represents the highest quarterly delivery figure ever recorded in the crypto market. This figure reflects the growing institutional involvement in the crypto scene and increasing capital inflows.
Prominent Chinese blockchain report Colin Wu called attention to this development in a recent post, citing information provided by GeeksLive, an options trading data analytics resource.
For Bitcoin, 135,000 options contracts expired upon the quarterly delivery. The Put Call Ratio for these contracts stood at 0.85, signaling a predominantly bullish sentiment among traders. This ratio, which compares the number of put to call options, suggests optimism for Bitcoins price trajectory.
In addition, Bitcoins max pain stood at $51,000, marking the level where the maximum number of options contracts expired worthless. As BTC deviates from this price, now trading above $70,000, this event could trigger significant price movements as traders adjust their positions.
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Significantly, the combined notional value of Bitcoin options contracts totaled a staggering $9.5 billion. This is due to massive capital inflows amid institutional interest.
Despite the monumental quarterly delivery, Bitcoin surged during the week, reaching $70,000 and defying expectations.
Bitcoin has steadied above the $70,000 territory, but the recent quarterly delivery could make the start of intense volatility for the BTC market. The premier crypto currently trades for $70,385, with 24-hour options Open Interest (OI) rising 2% to $10.24 billion, per Coinglass data.
As the market braces for Bitcoins halving event next month, traders have been adjusting their strategies accordingly. The halving event, which halves the reward for mining new blocks every four years, could further bolster BTCs price by reducing its inflation rate.
Meanwhile, Ethereum also recorded significantly higher figures, as 1.58 million options contracts expired. The Put Call Ratio for Ethereum stops at 0.63, indicating a similar bullish bias among options traders, albeit slightly lower than that of Bitcoin.
Ethereums max pain point was $2,600, with the crypto asset now 35% up from this price, currently changing hands at $3,533. The notional value of Ethereum options contracts amounted to $5.6 billion, a figure that represents massive capital inflows into the ETH options market.
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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Bitcoin and Ethereum Lead as Options Market Sees Historic $15B Quarterly Delivery - The Crypto Basic
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC as low as 60K would still be a good buying opportunity – FXStreet
Bitcoin (BTC) price has crashed, and with it, altcoins have followed in a cascade of dumps that has seen over $530 million in total liquidations across the cryptocurrency market. However, the thesis remains bullish, with the current correction likely a good buying opportunity for late bulls before the next move north.
Also Read: Over $530 million in crypto positions forcibly closed as Bitcoin price dips on Friday
Bitcoin price remains below the $69,000 threshold, which had capped the upside potential for BTC since November 2021. Technicals suggest a continuation of the fall, amid a nose-diving Relative Strength Index (RSI), which suggests momentum is falling.
The histogram bars of the Awesome Oscillator (AO) are flashing green, a sign of the bears having a strong presence in the BTC market. Additionally, the volume indicator is showing large red bars, showing the downtrend is gaining strength.
Bitcoin price could extend the fall, which means investors could still have an opportunity to buy lower before a strong move north ahead of the BTC halving. One trader and analyst on X, @Cryptomanran, indicates, A 20% or 30% dip would be completely normal and healthy in a bull market, especially a month before the halving.
Nevertheless, investors are encouraged to conduct their own research. In a dire case, however, Bitcoin price could slip below the $60,000 psychological level for a liquidity grab of the March 5 low of around $59,005.
BTC/USDT 1-day chart
On the other hand, if the bulls act now, buying BTC at current levels, Bitcoin price could recover. To confirm the uptrend, investors must watch for a candlestick close above $64,044, the mean threshold of the supply zone between $71,290 and $73,193. Such a move would clear the path for BTC to reclaim the $70,000 psychological level, or higher to clear the $73,777 peak before a new all-time high.
Also Read: Bitcoin price slumps further from Thursday's record high above $73K
Ethereum price is nose-diving, taking direct cues from BTC despite the recent Dencun Upgrade, which was expected to be a bullish fundamental to positive impact ETH price. With technicals flashing bearish, Ethereum price could extend the fall to test the $3,527 support.
If the aforementioned level fails to hold as support, Ethereum price could slip past this buyer congestion level, potentially going as low as the $3,200 level, a 12% drop below the current price.
ETH/USDT 1-day chart
Conversely, a re-entry by the bulls could see Ethereum price recover. A flip of the formidable resistance due to the equal lows of $3,722 into support after a strong spike in bullish momentum would improve the chances of continuing the uptrend. This development could result in ETH heading straight to the $4,093 range high.
Also Read: Ethereum L2 bridge deposits skyrocket after Dencun Upgrade
Ripple price is down 15% after a peak of $0.7440 on March 11. Amid falling momentum and a downtrend that is gaining strength, XRP price could extend the fall 7% to $0.5740 before a possible recover.
However, in a dire case where this level fails to hold, Ripple price could extend lower to the $0.5368 support level where the bulls could have another buying opportunity.
XRP/USDT 1-day chart
On the other hand, if bullish momentum increases, Ripple price could reverse the direction. A move above the $0.700 psychological level would inspire more buy orders, reinvigorating the trend for XRP price to clear the $0.7500 range high.
In a highly bullish case, Ripple price could reach the $0.8000 psychological level. Such a move would denote a 27% climb above current levels.
Also Read: XRP price plummets to $0.67 as holders brace for SEC vs. Ripple lawsuit deadline
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an improved version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoins interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
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Ethereum Price Grinds Lower, Why Pullback Is Not Over Yet – TradingView
Ethereum price started a downside correction below $3,650. ETH traded below $3,500 and is currently attempting a decent recovery wave in the near term.
Ethereum Price Dips
Ethereum price started a downside correction below the $3,800 and $3,700 levels, like Bitcoin. ETH declined below the $3,650 support level to enter a short-term bearish zone.
It even spiked below the $3,500 support zone. A low was formed at $3,414 and the price is now attempting a recovery wave. There was a move above the $3,500 level. Ether climbed above the 23.6% Fib retracement level of the downward move from the $4,084 swing high to the $3,414 low.
Ethereum price is now trading below $3,700 and the 100-hourly Simple Moving Average. On the upside, immediate resistance is near the $3,650 level. There is also a key bearish trend line forming with resistance at $3,660 on the hourly chart of ETH/USD.
The first major resistance is near the $3,750 level or the 50% Fib retracement level of the downward move from the $4,084 swing high to the $3,414 low. The next major resistance is near $3,830, above which the price might gain bullish momentum.
Source: ETHUSD on TradingView.com
In the stated case, Ether could rally toward the $3,925 level. If there is a move above the $3,925 resistance, Ethereum could even rise toward the $4,000 resistance. Any more gains might call for a test of $4,080.
More Losses In ETH?
If Ethereum fails to clear the $3,650 resistance, it could start a fresh decline. Initial support on the downside is near the $3,520 level.
The first major support is near the $3,500 zone. The next key support could be the $3,420 zone. A clear move below the $3,420 support might send the price toward $3,350. Any more losses might send the price toward the $3,250 level.
Technical Indicators
Hourly MACD The MACD for ETH/USD is losing momentum in the bearish zone.
Hourly RSI The RSI for ETH/USD is now below the 50 level.
Major Support Level $3,500
Major Resistance Level $3,650
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Ethereum Price Grinds Lower, Why Pullback Is Not Over Yet - TradingView