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On a day when the majority of the crypto market is in the red, Avalanche (AVAX) emerged as a beacon of hope for cryptocurrency investors, showcasing an impressive rally against market trends. Over the last 24 hours, while leading cryptocurrencies like Ethereum (ETH) and Solana (SOL) succumbed to downward pressure, AVAX charted a different course, posting remarkable 12% growth.

AVAX has been touted as a beta play, often catching up and occasionally outpacing market leaders after significant rallies. With the ecosystem tokens within the AVAX network gaining momentum, it is clear that investor interest is peaking. The currency's ability to smash through resistance levels that have held firm against market titans like Ethereum indicates robust and growing confidence in AVAX's potential.

When compared to Ethereum's price performance, AVAX shines even brighter. Ethereum has been experiencing a period of consolidation after a strong bull run, but its recent pullback has been more pronounced than expected. In contrast, AVAX has managed to not only maintain its bullish stance but also to accelerate its value appreciation, outperforming Ethereum's recent price action.

This divergence in performance can be partly attributed to the increasing recognition of AVAX as a formidable player in the DeFi space. As a faster and more cost-effective platform, it is garnering attention from developers and investors alike. This interest is translated into price action, with AVAX demonstrating the characteristics of a strong ecosystem token that leverages the broader market's momentum for significant gains.

The contrast between AVAX and Ethereum during this period speaks volumes about market dynamics. Where Ethereum reflects the larger market's hesitation, AVAX seizes the opportunity to assert its market presence. It is a classic case of the beta token catching up, leveraging the pumping of its counterparts to establish its own rally.

About the author

Arman Shirinyan

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.

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Here's Cryptocurrency That Can Beat Ethereum (ETH), Solana (SOL) and Market Today - U.Today

1. Scalability and Throughput: Retik Finance boasts a more scalable infrastructure compared to Ethereum, addressing the long-standing issue of network congestion and high transaction fees. This makes it an attractive option for users looking for faster and more cost-effective transactions.

2. Interoperability: Retik Finance emphasizes interoperability, aiming to create bridges between different blockchain networks. This could potentially enhance cross-chain functionality and expand the reach of decentralized applications.

Retik Finance has successfully ended the initial phase of its presale, achieving a remarkable fundraising milestone of $450. As the project progresses into stage 2, the total funds raised have now surpassed $700, marking a significant achievement for Retik Finance.

To celebrate Retik Launch, Retik Finance has launched a Mega $333K Giveaway, presenting users with an exciting opportunity to be among the ten winners who stand to receive a substantial prize of $33,300 worth of RETIK each.

Furthermore, Ethereum (ETH) faces challenge from Retik Finance (RETIK) in terms of use cases. While Ethereum has long been a pioneer in decentralized finance (DeFi), Retik Finance's innovative approach positions it as a promising alternative. The successful completion of its presale stages, coupled with a growing community and an impressive total funds raised, reflects strong support for Retik Finance. Retik Finance's advancements signify a potential shift in the crypto space, suggesting that it may indeed offer a more efficient and versatile use case compared to Ethereum.

Read more:

Ethereum (ETH) Faces Stern Challenge from Retik Finance (RETIK) in Terms of Usecase - Deccan Herald

In another bout of market volatility, the price of Ethereum has dipped below the previously steadfast $2,250 support zone, signaling potential for further declines. As the second-largest cryptocurrency by market capitalization reels from a failure to cement gains, it grapples with increasing risks of a slide beneath the critical $2,120 support level.

Ethereums recent attempts to rally beyond the $2,250 threshold have been met with firm resistance, thwarting the initiation of a sustained upward trajectory. Current market dynamics reveal that the cryptocurrency is languishing below this marker, with its value trailing south of the 100-hourly Simple Moving Averagea bearish indicator for market watchers.

Zooming into the hourly timescale, a descending channel has taken shape, identifying $2,225 as the near-term barrier for Ethereum against the US dollar, as gleaned from data through the Kraken exchange. Despite minor ascents above the $2,120 and $2,150 benchmarks, Ethereum struggled to maintain momentum, peaking only briefly at the $2,252 level before succumbing to selling pressures shared by its larger counterpart, Bitcoin.

The repercussion was a definitive slip beneath the $2,200 support, accelerating below the 23.6% Fibonacci retracement level from its recent climb. The markets sentiment is reflected in Ethereums trading postureunder the crucial $2,250 and the 100-hourly SMA, while technical patterns underscore the established downtrend.

Should Ethereum mount a recovery, the $2,200 threshold awaits as an immediate contender for resistance, followed by the channels upper trend line near $2,225. Yet, substantial resistance looms at the $2,250 mark, with a decisive break required for Ethereum to set its sights on the $2,300 level and beyond, potentially opening the path towards the $2,500 benchmark.

On the flip side, failure to surmount the $2,225 resistance could see Ethereums price wane further, finding immediate support at $2,120, coinciding with the 50% Fibonacci level of its most recent upward trajectory. Additional safety nets appear fragile at $2,045 and the pivotal $2,000 mark; a breach here might trigger a considerable retracement, with potential targets as low as $1,880and should bearish forces persist, a test of the $1,820 zone looms ominously on the horizon.

Key technical indicators delineate a worrisome picture: the Hourly Moving Average Convergence Divergence (MACD) has nestled firmly in bearish territory, and the Relative Strength Index (RSI) for ETH/USD has retreated below the median line, further validating the ongoing downturn.

Market participants are urged to weigh these technical insights with a discerning approach, as the dynamic cryptocurrency landscape is prone to swift and unpredictable shiftsa reminder that research and due diligence are the bulwarks of informed investment decisions in the realm of digital assets.

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Ethereum Dips Below $2250 Amidst Increasing Market Volatility - West Island Blog

Crypto fans have witnessed quite a show this year as XRP stands out with solid 65% gain since January. While short-term wins are impressive, digging into XRPs longer story reveals its not as dazzling as Bitcoin (BTC) and Ethereum (ETH).

Dig into the details further. Read on!

In the midst of celebrating market gains, XRP hit a brief speed bump, sparking interesting talks within the crypto community.

A key part of XRPs recent rise goes back to a July legal win, where the U.S. Supreme Court backed Ripple in a tussle with the Securities and Exchange Commission (SEC). This legal victory gave XRP a boost, but some gains faded, leaving investors pondering its future, especially with Ripples legal battles lingering.

After the court win, XRP briefly shot up to $0.93, then dropped to $0.44. Yet, showing resilience, XRP is on the rebound, sitting above $0.61.

Read More: Will XRP Hit $5.00 In 2024?

In recent short-term moves, XRP rose by 1.73% in the last 24 hours, trading at $0.612. Notably, its 24-hour trading volume jumped by 42%, hitting $2,001,370,458, signaling strong market interest.

Zooming out, XRPs performance in the last three years reflects Ripples regulatory struggles since late 2020. While a legal win in July boosted its price, measuring up against crypto giants Bitcoin and Ethereum paints a different picture.

The Bigger Picture

Comparatively, XRP rose by 102% against the dollar in the last five years. However, against BTC, its down by 82%, and against ETH, it faces a decline of 91%.

Despite setbacks, optimistic XRP holders hope for positive turns, stressing the need for patience in the unpredictable crypto world. As XRPs journey unfolds, the crypto community eagerly awaits the next chapter in this engaging tale.

Also Read: Is XRPs Growth Fueled by Bitcoin? John Deatons Insights Spark Debate

Originally posted here:

Is XRP Worth the Risk? Analyzing Its Recent Performance - Coinpedia Fintech News

A new report by investment firm VanEck lays out 15 projections for the cryptocurrency landscape 2024. The report dives into the key possibility of whether Ethereum can dethrone Bitcoin.

Contradictory to the notion, the report mentioned that Ethereum will fall short of flipping Bitcoin next year despite robust gains.

The analysis sees Bitcoin retaining its position as the largest cryptocurrency by market capitalization. Bitcoin may also attract state-level support from countries like Argentina. The report also points to Bitcoins clear regulatory status and higher energy consumption. This is forecast to attract interest from quasi-state entities in regions such as Latin America, the Middle East, and Asia.

Also read:Bitcoin From Satoshi Era on the Move: Heres Where Its Headed

As the fifth country to sponsor Bitcoin mining at the state level, Argentina, through its state-owned energy giant YPF, is signaling interest in mining digital assets.

Despite the outlook, Ethereum is expected to outrun mega-cap tech stocks massively. VanEck believes Ethereum will surge post-halving when Bitcoin miners rewards are cut in half. This historically triggers a renewed Bitcoin price surge, with profits flowing into altcoins afterward.

However, despite beating major stocks, Ethereum wont overtake Bitcoin, as speculation of flippening suggests. While some likelihood of ETH becoming more valuable in daily trade volume exists, Bitcoin is still seen as maintaining its market cap lead.

Also read:Shiba Inu To 1 Cent? Google Bard Predicts When SHIB Could Hit $0.01

The report mentions that Ethereum may lose share to other smart contract platforms like Solana with clearer scaling roadmaps. The report also covers other predictions, including Bitcoins possibility of hitting a high in 2024, NFT activity to resurrect, and others.

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Will Ethereum Flip Bitcoin in 2024? VanEck Weighs In - Watcher Guru