TronWeekly

Crypto World News

You are here: Home / Archives for Saeed Ul Hassan

Saeed Ul Hassan

Filecoin (FIL) Garners Investor Interest with 13.34% Surge in Value

by

Filecoin (FIL) has recently become a focus for investors due to a huge price spike this week. According to data from CoinMarketcap, the altcoin experienced an impressive rise of 13.34% which drew significant interest from the crypto community. FIL’s surge was credited to remarkable progress within the project ecosystem.

Filecoin’s integration with Solana on February 17 was one of the most outstanding advancements. This partnership is aimed at making Solana’s block history more accessible and useful for various stakeholders by leveraging decentralized storage powered by Filecoin.. Such integration proves a shared commitment to decentralization, enabling other benefits like data redundancy, scalability, and increased security while retaining Solana’s own decentralized nature.

Moreover, Filecoin became a versatile platform for open data services from a decentralized storage network in 2023. Despite the use of storage being quite low, as well as the observed decrease in capacity through Q4 2023, FIL had considerably increased its active deals and client onboardings. Even now, with more than 1800 customers including those with huge datasets, Filecoin’s attraction for decentralized storage remains high.

image 79 7
Filecoin (FIL) Garners Investor Interest with 13.34% Surge in Value 3

However, the introduction of the Filecoin Virtual Machine (FVM) allows for smart contracts like Ethereum thereby making it possible to utilize defi. Looking forward to 2024, FIL seeks to have more innovation, concentrating on layer 2 computing and new applications so as to position itself as a web3 core storage layer. Its growth strategy is premised on partnerships and improving data retrieval methodologies.

Filecoin Short-term price prediction

At present, Filecoin’s price is trading at $6.14 with a 24-hour trading volume of $1.01B and a market capitalization of $3.14B. Within the last day, the FIL price rose slightly by 0.22%.

FIL 1D graph coinmarketcap
Filecoin (FIL) 24-Hours Chart | Source: CoinMarketcap

Changelly’s latest forecast suggests a potential 4.97% surge in FIL’s value, projecting it to hit $6.55 by February 19, 2024. Considering the indicators of market sentiment, Changelly’s technical indicators show that FIL is likely to trend bullish at an impressive total confidence level of approximately 87%. Moreover, The Fear & Greed Index depicts considerable investor confidence by scoring 76, which indicates extreme greed.

Based on historical price data and expert analysis, crypto specialists expect that FIL will average around $6.37 in February 2024. Again, based on these assumptions, there are fluctuations estimated between the minimum expected price of $5.90 and the maximum expected price of $6.84. With such projections, investors eye a potential ROI of 10.3%.

XRP Bulls Dominate: Targeting $1.88 – Analyst Insights

by

XRP appears to be hanging on the brink of an imminent uptrend, going by significant observations into its future price. The convergence of support and resistance levels reveals an imminent rise in prices. Despite the current volatility, XRP has demonstrated resilience, consistently achieving and surpassing key targets.

Crypto analyst Dark Defender has recently gone to the social media platform X (formerly Twitter) in order to offer his insights regarding the present trajectory pertaining to XRP’s price movement. Dark Defender’s analysis got deep into the complexities of the Weekly Heikin-Ashi Candles, a technical analysis tool that takes average prices through time giving a hint on probable move ahead in terms of the valuation of the token.

Dark Defender highlighted the significance of the conjunction between support and resistance levels, suggesting that a significant price movement for the token could be imminent within the next couple of weeks. On the one hand, a reminder by the analyst that he targeted the price for XRP at $0.89, although it was only at $0.27 at Wave 1. At the time, many doubted this, but eventually, it was reached.

image 79 6

The token has formed a new target for Wave 3 at $1.88, as per Dark Defender. The analyst once again re-emphasized that the critical support level at $0.6649 has held until now. Moreover, Dark Defender noted that the price structure they identified suggested a further expansion of Wave 3 towards $5.85, therefore adding another detail regarding the way the price of the token would potentially act out.

XRP Short-term Price Prediction

According to the latest data, the price of the token is trading at $0.547097, while it has had a 24-hour trading volume of $1.68 billion. The market capitalization for XRP stands at $29.85 billion. Over the last 24 hours, there has been a decrease of 2.40% in XRP price.

XRP 1D graph coinmarketcap 9
Ripple (XRP) 24-Hours Chart | Source: CoinMarketcap

Changelly has published its recent Ripple price prediction that suggests the token’s value will rise by 23.91%. As per Changelly Forecast, by February 18th, the token could reach at least $0.7030. Technical indicators imply Ripple’s neutral bullish market sentiment of sentiment score at 55%. Similarly, the Fear & Greed Index, used to assess market sentiment, is reading 72 (Greed).

Drawing from historical price data, experts in the cryptocurrency field expect that by February 2024, the average token rate will be $0.666, while their lowest and highest anticipated values are $0.565 and $0.768, respectively. These numbers imply a potential ROI (Return on Investment) for XRP investors of approximately 34%.

XRP’s bullish movement as a whole indicates optimism in the market, with more gains expected within the next few weeks, according to experts. This optimistic view also supports an expectation of continued growth and potential returns for XRP holders.

TRON(TRX) Unveils Bitcoin Layer 2 Solution: TRX Price Soars Amid Milestones

by

TRON (TRX) founder Justin Sun announced a significant development for the platform, unveiling TRON’s Bitcoin Layer 2 solution and accompanying roadmap. This new initiative will add vitality to the number-one cryptocurrency towards its integration on the TRON network as the protocol that backs up the stablecoin market by $55 billion, the largest market globally, and a decentralized finance Total Value Locked (TVL) at $22 billion.

The roadmap consists of three phases that outline what TRON intends to achieve. In Stage α, efforts will focus on expanding cross-chain connections to bridge more Bitcoin network-based assets to TRON. Therefore, this will enable seamless interaction between various cryptocurrencies within Tron such as USDT, BTT, JST, WIN, NFT etc., and those existing in bitcoin network.

In Stage β, however, TRON will work together with numerous Bitcoin Layer 2 protocols in developing strategic partnerships that would further enable the development of enriched infrastructures for the Bitcoin Layer 2 ecosystem. Users will be able to participate in restaking initiatives across major Bitcoin Layer 2 networks, leveraging TRON’s diverse asset portfolio.

Stage γ is the major landmark as Layer 2 solution for connecting TRON, BTTC, and Bitcoin network. This solution also intends to keep the speed and low fee of POS systems and at the same time secure POW & UTXO, paving the way for a new era of blockchain interoperability.

TRON (TRX) Price Surges to $0.13: Highest Level Since May 2021

Following the announcement, the price of TRX surged to levels last seen in May 2021, reporting an 88.33% increase on the yearly chart. Generally, after such an announcement, communities get excited, not really being sure at what pace TRX will appreciate. Anticipation for the upcoming rally is on high, as evidenced by the sentiments expressed across social media platforms.

TRX 1Y graph coinmarketcap
Source: CoinMarketcap

One enthusiastic Twitter user, reflecting the community’s optimism, remarked:

Let’s see if Tron can hold the 0.13$, but I’m getting my eyes slowly towards 0.15ct soon. Once we occupy that, ATH may be the next serious target to break.”

In addition to the excitement generated by TRON’s Bitcoin Layer 2 Solution, recent data underscores the platform’s growing prominence within the cryptocurrency ecosystem. Figures from IntotheBlock reveal a notable milestone achieved by TRON, with the transaction volume of Tether (USDT) on the TRON network exhibiting a robust upward trajectory. 

Since October 2023, daily on-chain transaction volumes have consistently surpassed $10 billion, making it the leading blockchain for USDT on-chain transactions. This remarkable feat highlights TRON’s ability to handle significant financial transactions effectively and securely thereby increasing users’ and investors’ interest in its use.

Moreover, TRON (TRX) has become one of the leaders in several of these important metrics among cryptocurrencies. For instance, it has surpassed other major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) and Cardano (ADA) by having the highest number of active addresses.

image 70 1

Ripple Expands Regulatory Compliance through Standard Custody Acquisition

by

In a recent press release, Ripple, has just announced the acquisition of Standard Custody & Trust Company. The strategic move shows the company’s commitment to legal compliance once more and increases its current product with the ability to tap into new opportunities in the market.

Paradigm shift towards purchase of Standard Custody is being fuelled by increased institutional interest in crypto and blockchain technology, which has been enabled by the availability of mature and high-security products and solutions meeting set regulatory standards.

Standard Custody’s limited-purpose trust charter and money transmitter licenses will become part of Ripple’s portfolio of regulatory licenses, which already includes the New York BitLicense, nearly 40 money transmitter licenses across the United States, a Major Payment Institution License from the Monetary Authority of Singapore, and Virtual Asset Service Provider registration from the Central Bank of Ireland.

Ripple President Monica Long underscored the firm’s commitment to provide access to enterprise in making use of blockchain across a wide array of financial use cases. She stated:

By expanding our licenses portfolio and making smart acquisitions, Ripple is well-positioned to take advantage of current market opportunities and further strengthen our crypto infrastructure solutions.

Ripple’s Global Momentum & Strategic Partnerships

The global momentum of Ripple remained in high gear by enlisting in its fold Standard Custody after last year’s acquisition of Metaco, a custody solution favored by banks worldwide. The firm had also announced custody partnerships with leading banks like HSBC, BBVA, and Zodia Custody, while its Ripple Payments offering was expanding into new territories such as Africa.

Standard Custody CEO Jack McDonald said in a statement about the collaboration that he was excited about it because of the company’s expertise, its relationships with financial institutions, and its strong product in payments and custody. “Together with Ripple, we will continue to innovate and expand our leadership position in providing crypto infrastructure,” McDonald said.

The transaction is subject to regulatory approval and standard closing conditions and is anticipated to close by the second quarter of 2022. TD Cowen is serving as the exclusive financial advisor to PolySign.

As previously reported by Tronweekly, XRP adoption received a significant boost following an announcement by Flare Network, a key partner. Flare Network revealed plans to integrate XRP into its network through LayerCake, marking a significant milestone in facilitating the seamless entry of XRP into various ecosystems.

Despite these positive development, the current price of XRP is $0.521195, with a 24-hour trading volume of $1.94B and a market cap of $28.41B. The price went down by 1.60% in the last 24 hours.

XRP 1D graph coinmarketcap 6
XRP 24-Hours Chart | Source: CoinMarketcap

This acquisition further solidifies Ripple’s leadership position in enterprise blockchain and crypto solutions, increasing its focus on regulation while growing the product offering to serve a wider customer base.

Top Crypto Weekly Highlights: Bitcoin & ETH Surges, Altcoins Follow the Trend

by

Cryptocurrency markets have witnessed a significant surge in both Bitcoin (BTC) and Ethereum (ETH) prices, sparking a broader momentum across various altcoins. Out of a wide digital asset portfolio, the top performers could be seen in several, such as Kaspa (KAS) outperforming within the top 40 cryptocurrencies.

According to data provided by Santiment, the total market capitalization in cryptocurrencies saw some upswing, as last week posted a 5.9% hike. The trading volume, in addition, went up by 65.4% as compared to last week, indicating increased interest in altcoins. A period of high investor greed is often marked by a spike in market activity and a subsequent rise in prices.

image 47 3
Source: X

Kaspa (KAS) had clocked about 40% in value over the previous seven days, at its highest point of $0.147 before correcting a bit lower. At the time of this writing, KAS exchanges hands around $0.1396. Although, with the fact that over the last 24 hours, Kaspa trading performance has registered a 3.80% price drop and 8% decrease in trading volume, the momentum is still bullish.

KAS 7D graph coinmarketcap
Immutable (IMX) 7-Day Chart | Source: CoinMarketcap

Following closely behind, Immutable (IMX) has also witnessed substantial gains, securing the second position respectively. Immutable (IMX) recorded a remarkable 39% increase in value over the past week. IMX is currently trading at $2.98, with a 9% gain in the last 24 hours.

IMX 7D graph coinmarketcap
Kaspa (KAS) 7-Day Chart | Source: CoinMarketcap

Similarly, Stacks (STX) garnered significant attention, securing the third position with a weekly surge of over 27%. Currently, STX is trading at $1.87 with a 1.81% price decrease and a 4.56% increase in trading volume within the last 24 hours.

STX 7D graph coinmarketcap
Stacks (STX) 7-Day Chart | Source: CoinMarketcap

Several other altcoins have also reported notable gains. Thorchain (RUNE), Sui (SUI), and Optimism (OP) saw increases in their weekly charts, with RUNE up by 20%, SUI by 16%, and OP showing a 15% increase, according to data from CoinMarketCap.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

A recent analysis by Santiment noted that Bitcoin’s price observed an upsurge over the past week, with the cryptocurrency adding around 13% in value. Importantly, such upticks in price have seen traders speculate on the new support and resistance levels that may have been in place. Specifically, the expectation was that Bitcoin may soon break the barrier of $50,000. The price dynamics, however, over the weekend have started to shift as Bitcoin has broken those thresholds that were expected.

image 47 4
Source: X

Altcoins, which had previously played secondary roles, started to capture the attention of investors as Bitcoin’s dominance momentarily waned. This trend reflects a pattern observed throughout the ongoing bull cycle, which commenced in October.

During the bull cycle, the typical sequence of events unfolds in three distinct phases. First of all, there is a topping of the dominance in the market that is experienced by an unprecedented pump in the price of Bitcoin. Following this, investor confidence in the future value of Bitcoin is usually increased.

Subsequently, as profits from the Bitcoin surge slowly diversify into other cryptocurrencies, commonly referred to as altcoins, this kind of diversification usually results in some degree of greed that fuels more speculation in the market.

Although, altcoin season usually ends after the first thrust, with Bitcoin retracing mildly. What it does reflect, though, is the cyclicality within the cryptocurrency market, and more precisely, what it underpins is the necessity for awareness of investor sentiment and market mechanics.

Reaction from market participants to the second half of this weekend cycle will be important to observe. For one, if more speculative interest IN the altcoins is seen, that in itself might be a sign of moving to the third phase. The speculative activity may in itself have the potential to be explosive and could be yet another sign that this could be the final phase of the cycle, the one in which volatility and market dynamics soar.

Turning to Bitcoin’s current status, the price reads at $48,115, and trading volume stood at $35.70 billion over 24 hours, with a market capitalization of $944.27 billion. With a slight dip of -0.12% in the last 24 hours, Bitcoin has rallied by almost 13% over the previous week.

BTC 7D graph coinmarketcap 5
Bitcoin (BTC) 7-Day Chart | Source: CoinMarketcap

Further, Santiment indicated that the recent spike in Bitcoin’s trading volume has surged to a four-week high. This surge in trading volume coincided with the recent price frenzy, further underscoring the heightened activity and interest surrounding Bitcoin in the market.

image 47 5
Source: X

In contrast, the enormous surge of trading volume in Bitcoin has left most other cryptocurrencies largely dormant. Cryptocurrency analysts have also indicated that such a demand shift is likely to be one of the general points driving Ethereum’s price at this point and its market outlook.

For instance, one analyst, Dann Crypto, revealed an observation that the performance of Ethereum could be influenced by the performance of Bitcoin after the launch of the ETF. Moreover, market sentiments towards Bitcoin are expected to reverberate through to the performance of Grayscale’s ETHE holdings. Hence a successful performance by Bitcoin is expected to positively reverberate across the market dynamics of Ethereum.

image 47 9
Source: X

According to the analysis by Bitunix, a crypto derivatives exchange, Ethereum, recently skyrocketed to reach a crucial high price, breaking the huge resistance barrier set at $2,456. This may open the way for a re-test on this level in return, confirmation opportunities before the digital asset goes to the upside towards the target range indicated.

image 47 7
Source: X

Moreover, the prevailing market pattern has undergone a notable transformation, transitioning to a fully bullish stance. This shift is further substantiated by the impending culmination of an Elliott Wave cycle, suggesting a favorable environment for Ethereum’s continued upward momentum.

Currently, the price of Ethereum stands at $2,500.58, with a 24-hour trading volume of $11.04 billion and a market capitalization of $300.49 billion. While Ethereum experienced a decrease of -1.44% in the last 24 hours, it is up by 9% on the weekly chart.

ETH 7D graph coinmarketcap 4
Ethereum (ETH) 7-Day Chart | Source: CoinMarketcap

Related Reading |  Ethereum Poised For Scalability Boost With Dencun Upgrade & Edolus Release

Kaspa (KAS) Surges 18% in 24 Hours, Eyes Set on $3 Target

by

Kaspa (KAS) has experienced notable price fluctuations of late, following a period of relative stability. Over the past day, KAS has demonstrated a strong upward trend, emerging as the leading performer in the volatile crypto market.

Notably, the bullish momentum for KAS may still have room for greater growth, and with potential catalysts in the offing, this is likely to propel the token towards new all-time highs above its previous peak of $0.1527.

Just a recent X post by renowned cryptocurrency analyst Daan de Rover outlined an optimistic prognosis for Kaspa’s future trajectory with several compelling rationales behind the coin’s prospective growth.

A standout feature of Kaspa lies in its fair launch mechanism, setting it apart from many other tokens in circulation. On the other hand, Kaspa does not have tokens reserved for listing purposes by means of exchanges, which can add to its potential growth to the upside upon being listed on key exchanges like Binance, Coinbase, and OKX.

De Rover has argued that such listings will mean that these exchanges will be required to purchase KAS tokens from the open market, and demand and liquidity for the token would be heightened.

Moreover, with the rising popularity of Kaspa and all the hype surrounding its development, De Rover has price targets that are realistic between $2 and $3 for the upcoming bullish phase, which would be a surge of up to 2650% from current levels.

While such high increases may se­em unlikely, advocates point to the­ project’s strong community and innovative technology as factors that could drive­ values significantly higher if mainstream adoption acce­lerates as predicte­d.

Kaspa (KAS) Short-term Price Prediction

At present, Kaspa is trading at $0.125720, boasting a robust 24-hour trading volume of $367.91 million and a market capitalization of $2.84 billion. Notably, the token has witnessed an impressive 17.87% surge in value over the past day, with weekly gains approaching 29%.

KAS 1D graph coinmarketcap
Kaspa (KAS) 24-Hours Chart | Source: CoinMarketcap

Looking forward, Changelly published its latest price prediction based on technical data, where it shows that Kaspa can rise around 7.03% to a mean average of $0.126300 by the 9th of February. Technical indicators in the market by Changelly are also on the bullish side, where 84% of the market sentiment is bullish, and the Fear & Greed Index records a score of 62, signaling that greed is presently winning amongst investors.

Capture
Kaspa (KAS) Surges 18% in 24 Hours, Eyes Set on $3 Target 21

More so, cryptocurrency experts, using the insight from the dynamics of the price into the start of 2024, expect an average rate of Kaspa to amount to $0.121 in February, setting the minimum at $0.112 and the maximum at $0.131.

However, as the cryptocurrency market is unfolding, and Kaspa tends to follow, investors are positioned for further unfolding and paying close attention to the realization of their growth potential in the upcoming months.

Related Reading |  Analysts Bullish On Ethereum & Altcoin Market Potential 

TRON (TRX) Faces Price Correction Alert Despite USDT Surge & Tech Wins

by

TRON blockchain has garnered attention for its recent positive performance in industry reports. However, despite the optimistic outlook, market indicators are signaling a potential price correction looming on the horizon.

According to crypto analyst Ali Martinez analysis, the TD Sequential indicator on the TRX 3-day chart has issued a sell signal, suggesting an impending bearish trend that could persist for three to twelve days. This sentiment is further reinforced by a notable divergence between the TRX price and RSI, indicating a weakening momentum aligning with an anticipated bearish trajectory.

image 24 3
Source: X

While TRON’s market performance faces the prospect of a correction, recent data from Messari highlights the increasing prominence of USDT within the TRON network. In the fourth quarter, USDT volume on TRON surged by 11%, cementing the blockchain’s position as a major hub for stablecoins, with nearly half of all issued USDT circulating within its ecosystem.

image 25

Moreover, reports from DefiLlama underscore TRON’s dominance in the stablecoin arena, with USDT accounting for 95.59% of the total stablecoin market cap on the network and commanding approximately 71% of global stablecoin circulation.

The resilience and progress of TRON stem from its continuous focus on infrastructure and technological enhancements, bolstering its standing in the blockchain landscape. Key features such as the Delegated-Proof-of-Stake (DPoS) mechanism and TRON Virtual Machine (TVM) contribute to its scalability and adaptability, while a substantial Token Value Locked (TVL) reinforces its position as a frontrunner in blockchain innovation.

Meanwhile, insights from Reflexivity Research highlight TRON’s leadership in active account metrics, including wallet and contract accounts, underscoring its widespread adoption and engagement. With an average of 1.9 million daily active accounts, TRON leads among layer-1 blockchains, affirming its significance in the crypto sphere.

image 25

TRX Price: Potential Correction Amid Bullish Sentiment

Despite these positive developments, TRON’s native token, TRX, faces the prospect of a price correction, as indicated by the TD Sequential indicator and RSI divergence. Coincodex’s current TRON price prediction anticipates a decrease of -10.31% with TRX expected to reach $0.108775 by February 10, 2024. Nonetheless, current sentiment remains bullish, with a Fear & Greed Index reading of 64 (Greed).

Recent market activity reflects a tug-of-war between bulls and bears in the TRXUSD market. Following a bounce back from the intra-day low of $0.1179, bullish momentum propelled TRX to a 24-hour high of $0.1246, resulting in a 2.28% increase from the support level.

TRX 1D graph coinmarketcap
TRON (TRX) 24-Hours Chart | Source: CoinMarketcap

Despite short-term fluctuations, TRON has demonstrated resilience and growth over time. Over the last 30 days, TRX has surged by 17.65%, while the medium-term trend witnessed a 25.05% increase in the last 3 months. Looking further ahead, TRON’s long-term trajectory remains positive, with a remarkable 91.49% price change over the past year, showcasing its enduring appeal to investors and enthusiasts alike.

Related Reading |  Bitcoin Challenges Gold: Dueling Perspectives n The Future Of Value Storage 

Weekly Highlights: Bitcoin & Ethereum Hold Strong, Altcoins Surges

by

Bitcoin (BTC) and Ethereum (ETH) have managed to maintain their support levels, although altcoins are emerging as the stars of the show. Notable performers this week include Flare (FLR), Ronin (RON), and Chainlink (LINK), with impressive gains that have caught the attention of investors and analysts alike.

According to data from Samtiment, the overall cryptocurrency market cap has experienced a modest uptick of +0.5% over the past week, despite a notable -20.3% drop in trading volumes compared to the previous week. This trend signals a shifting focus from Bitcoin to altcoins, as evidenced by the standout performances of several assets.

image 12 1
Source: X

Flare (FLR) stole the spotlight with an outstanding 45% surge over the past week, reaching a peak of $0.3389. Currently trading at $0.03137, FLR demonstrates robust performance, boasting an 11.80% price increase and an impressive 160% surge in trading volume within the last 24 hours.

FLR 7D graph coinmarketcap
Flare (FLR) 7-Day Chart | Source: CoinMarketcap

Ronin (RON) also made waves, securing the second position with a 35% gain over the past week. As of the latest data, RON is trading at $3.47, experiencing a 15.02% increase in price and a remarkable 140% surge in trading volume in the last 24 hours.

RON 7D graph coinmarketcap
Ronin (RON) 7-Day Chart | Source: CoinMarketcap

Chainlink (LINK) closely followed, claiming the third spot with a weekly increase of over 27%. LINK is currently trading at $18.58, LINK shows a 4.81% price increase and a 48.56% rise in trading volume within the last 24 hours.

LINK 7D graph coinmarketcap 1
Chainlink (LINK) 7-Day Chart | Source: CoinMarketcap

In addition to these top performers, altcoins such as Immutable (IMX), Render (RNDR), and Sui (SUI) also reported gains in their weekly charts. IMX saw a 10% increase, RNDR gained 8%, and SUI showed a 7% uptick, according to data from CoinMarketCap.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Bitcoin’s recent price movements have encountered a persistent hurdle as it struggled to surpass the formidable $43,800 resistance level. Currently, the digital currency is at a critical juncture, facing the possibility of a substantial decline should it breach the $41,800 support level.

Despite making several attempts to gain momentum above the $43,000 and $43,200 resistance thresholds, Bitcoin has encountered resistance, indicating a challenging path for further upward movement.

A noteworthy insight from Santiment unveils a shift in sentiment dynamics within the crypto community. Traditionally, a surge in discussions about Bitcoin was viewed as a sign of fear. However, an interesting transformation has occurred since mid-2023, where the prevailing euphoria and optimism surrounding ETFs have turned high Bitcoin discussions into a greed indicator.

This shift in sentiment is attributed to arguably unrealistic expectations for the cryptocurrency markets. Three weeks after the Securities and Exchange Commission (SEC) approved Bitcoin ETFs, there are indications that this sentiment indicator is gradually normalizing.

image 12 2

However, there is a cautionary note – an overemphasis on discussions about alternative cryptocurrencies (altcoins) could turn the sentiment towards Bitcoin bearish, particularly if altcoins outperform the leading cryptocurrency in the initial week of February.

In contrast to previous instances where spikes in Bitcoin’s social dominance signaled predictable market tops, a negative spike now suggests that the digital asset is being overlooked once again. Investors seem to be eagerly diverting their attention and over-leveraging portfolios towards altcoins, a phenomenon that might signify a shift in market dynamics.

According to the analysis provided by renowned crypto analyst Michaël van de Poppe, Bitcoin finds itself in a range-bound scenario, with markets currently in a state of equilibrium.

image 12 3
Source: X

Looking ahead, Van de Poppe anticipates a final push towards $48,000 before the impending halving, followed by a consolidation phase. The breakout towards an all-time high is projected to occur in the third or fourth quarter of 2024.

As of the latest update, the current Bitcoin price is $43,041, reflecting a 0.57% increase in the last 24 hours and a 3% rise in the past week. The market cap stands at an impressive $844.41 billion, accompanied by a 24-hour trading volume of $28.80 billion.

BTC 7D graph coinmarketcap 4
Bitcoin (BTC) 7-Day Chart | Source: CoinMarketcap

Shifting focus to Ethereum, the second-largest cryptocurrency by market capitalization, it has demonstrated stability by holding above the $2,300 mark. Analysts are drawing attention to Ethereum’s potential for a significant price surge.

Analyst Ali Martinez points out a substantial outflow of nearly 510,000 ETH, equivalent to approximately $1.22 billion, from known exchange wallets over the past three weeks. This massive outflow is interpreted as a positive signal, indicating strong holder sentiment and potentially reducing selling pressure in the market.

image 12 5
Source: X

Presently, Ethereum is valued at $2,327.69, reflecting a 1.03% increase in the last 24 hours. The market cap stands at $279.75 billion, with a 24-hour trading volume of $10.43 billion.

ETH 7D graph coinmarketcap 3
Ethereum (ETH) 7-Day Chart | Source: CoinMarketcap

Michaël van de Poppe, in an additional perspective shared via a X post, underscores Ethereum’s resilience at the crucial support level of $2,150. As long as this support holds and the incremental upward momentum persists, he maintains an optimistic outlook, suggesting a potential surge to $3,000 or more in the second quarter of the year.

Related Reading | Polygon Dominates NFTs: 16M Minted In 6-Month 

Dogecoin Surging Addresses & Bullish Momentum Spark February Excitement

by

Dogecoin (DOGE) is gaining attention once again. As the market experiences a renewed sense of recovery, meme coins are gearing up for a comeback in the upcoming month of February. Among the emerging trends, the DOGE price trend has shown signs of a swift reversal.

Crypto analyst Ali Martinez, in a recent post on X, shared insights indicating a remarkable surge in growth within the Dogecoin network. Over the past week, the number of new addresses has skyrocketed by an astonishing 1,100%.

image 120

Notably, on January 29 alone, an unprecedented 247,240 new DOGE addresses were created, setting an all-time high. If this sustained uptrend in network expansion continues, it could potentially have a positive impact on the price of DOGE.

Dogecoin Price Analysis & Prediction

As of the latest available data, Dogecoin is currently trading at $0.081063, with a 24-hour trading volume of $1.03 billion and a market cap of $11.58 billion. Despite experiencing a slight 1.65% decrease in the last 24 hours, DOGE has managed to secure a 6% increase in the past week.

DOGE 7D graph coinmarketcap
Dogecoin (DOGE) 7-Day Chart | Source: CoinMarketcap

Changelly, a prominent cryptocurrency exchange, has released its most recent Dogecoin price forecast, suggesting a marginal 0.05% increase that could propel the value to $0.082025 by January 31, 2024. According to Changelly’s analysis of technical indicators, the prevailing market sentiment is bearish, with a Bearish Bearish score of 55% and a Fear & Greed Index registering at 55 (Greed).

image 119
Dogecoin Surging Addresses & Bullish Momentum Spark February Excitement 38

Taking into account the price fluctuations witnessed at the beginning of 2023, industry experts anticipate an average DOGE rate of $0.0827 in January 2024. The projected minimum and maximum prices are expected to hover around $0.0816 and $0.0838, respectively.

Investors and enthusiasts alike are now closely monitoring Dogecoin’s movements, eagerly awaiting to see if the meme coin will indeed “pop” and break through in the coming weeks. The surge in new addresses and the positive outlook from analysts indicate that Dogecoin may continue to be a focal point of interest in the cryptocurrency market.

Related Reading |  Crypto Clarity: ESMA’s Guiding Light On MiCA’s Reverse Solicitation 

Weekly Highlights: Bitcoin & Ethereum Surges, Altcoins Follow

by

The past week saw Bitcoin (BTC) rebounding and reclaiming a pivotal $42,000 level, while Ethereum (ETH) experienced a modest uptick in its price. However, the real stars of the week were several altcoins, with Manta Network (MANTA) leading the pack, followed by Sui (SUI) and Conflux (CFX), showcasing impressive gains in the top 90 cryptocurrencies.

Manta Network (MANTA) stole the spotlight with an astounding 50% surge over the week, reaching a peak of $3.83. Presently, MANTA is trading at $3.66, exhibiting robust performance with a 0.80% increase in the last 24 hours.

MANTA 7D graph coinmarketcap
Manta Network (MANTA) 7-Day Chart | Source: CoinMarketcap

Sui (SUI) also made waves, achieving a 35% gain during the week. Despite a 1.02% decrease in price, SUI is currently trading at $1.40, demonstrating resilience in the market.

SUI 7D graph coinmarketcap
Sui (SUI) 7-Day Chart | Source: CoinMarketcap

Conflux (CFX) garnered significant attention, boasting a weekly increase of over 33%. Trading at $0.242, CFX experienced a 10.81% price increase and an impressive 31.56% surge in trading volume within the last 24 hours.

CFX 7D graph coinmarketcap
Conflux (CFX) 7-Day Chart | Source: CoinMarketcap

Additionally, notable altcoins like Internet Computer (ICP), Solana (SOL), and Avalanche (AVAX) reported gains in their weekly charts, with ICP up by 11%, SOL by 10%, and AVAX showing a 9% increase, according to data from CoinMarketCap.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

In the past week, Bitcoin experienced a decline, retracing to $38.5K before a slight recovery to $42,007 today, according to Santiment. However, this upward movement in Bitcoin contrasts with the lackluster performance of altcoins.

image 108 4
Source: X

The SP500 recently achieved a new All-Time High, leading to speculation that Bitcoin and other major cryptocurrencies might “regress to the mean” and catch up with the bullish trend in equity markets. The cryptocurrency sector has notably lagged behind stock markets since diverging on January 17th.

Crypto analyst CryptoCon emphasized a historical pattern, stating that no Bitcoin cycle mid-top has occurred without revisiting the Monthly Least Square Moving Average. The current value of this moving average is $30,358, and despite its steady increase, Bitcoin’s price has not come close to testing this crucial support.

image 108 5
Source: X

However, long-term data observations, including the 2019 example, suggest caution regarding claims that the market has hit its low. CryptoCon’s estimate anticipates a move to the low $30K region by February or March.

As of now, Bitcoin is priced at $42,007, with a 24-hour trading volume of $20.35 billion and a market cap of $823.85 billion. In the last 24 hours, Bitcoin experienced a 1.19% decrease, while the weekly chart shows a 3% increase.

BTC 7D graph coinmarketcap 3
Bitcoin (BTC) 7-Day Chart | Source: CoinMarketcap

Meanwhile, Ethereum (ETH) has shown signs of recovery, particularly around the $2200 level. Notable long-tail rejection candles on its daily chart suggest a decrease in bearish momentum. This positive shift coincides with Bitcoin stabilizing above $40,000 and a broader uptick in the altcoin markets, sparking a new relief rally.

Over the recent fortnight, Ethereum experienced a significant correction, dropping from $2714 to a low of $2168, marking a 20% decrease. During this pullback, the coin price broke below the channel pattern’s support trendline, which had supported a recovery rally for nearly three months.

As of now, Ethereum is priced at $2,284.43, with a 24-hour trading volume of $7.00 billion and a market cap of $274.55 billion. In the last 24 hours, Ethereum experienced a 0.98% decrease.

image 110 1
Ethereum (ETH) 7-Day Chart | Source: CoinMarketcap

However, Ethereum demonstrated resilience around the $2200 mark, reclaiming the breached support trendline and triggering additional buying orders in the market. The reversal marked the prior downfall as a ‘Bear Trap,’ with evidence of considerable short liquidation.

image 110
Source: Tradingview.com

Looking ahead, Ethereum’s ability to maintain its position above the reclaimed support at $2200 is crucial. If successful, it could initiate a 6.85% relief rally, aiming for the $2430 level.

However, a significant obstacle lies at this immediate resistance level, corresponding to the 50% Fibonacci retracement of the recent correction. To continue its upward trajectory and potentially retest the $2700 mark, Ethereum must break above this critical barrier, gaining further momentum in the process.

Related Reading |  RippleX Engineer Proposes Bold Overhaul for XRPL Foundation Governance