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Crypto Market Recap: Bitcoin & ETH Face Decline as Altcoins Shine Bright

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Bitcoin (BTC) and Ethereum (ETH) faced a significant decline, wiping out their gains from the past week. Despite this downturn, several lower-cap altcoins and meme-coins managed to shine, making notable gains and holding onto their weekly profits.

Last week, the crypto market witnessed its fastest drop in four months, causing mild concerns among traders. Calls to “buy the dip” were prevalent, suggesting a level of overeagerness and fear of missing out (FOMO) at these reduced prices.

Amidst the market correction, some altcoins and meme-coins within the top 60 cryptocurrencies list stood out, with Bonk (BONK) leading the pack. Internet Computer (ICP) and Helium (HNT) followed closely, securing second and third positions with impressive growth.

Bonk (BONK) marked a substantial achievement, surging by an impressive 90% over the past week, reaching a peak of $0.00003450. As of the latest data, Bonk is trading at $0.00002118, demonstrating resilience with a 1.80% increase in the last 24 hours.

BONK 7D graph coinmarketcap
Bonk (BONK) 7-day chart | Source: CoinMarketcap

Internet Computer (ICP) also made waves, boasting an 84% gain during the past week. However, ICP is currently trading at $9.87, showing a 3.46% decrease in price and a 29.40% decrease in trading volume in the last 24 hours.

ICP 7D graph coinmarketcap
Internet Computer (ICP) 7-day chart | Source: CoinMarketcap

Helium (HNT) gained significant attention, with a weekly increase of over 70%. HNT is currently trading at $8.16, experiencing a 17.81% price increase and a 44.56% surge in trading volume within the last 24 hours.

HNT 7D graph coinmarketcap
Helium (HNT) 7-day chart | Source: CoinMarketcap

Other popular altcoins such as Injective (INJ), Avalanche (AVAX), and Cosmos (ATOM) also reported gains in their weekly charts, with INJ up by 41%, AVAX by 15%, and ATOM showing a 10% increase, according to CoinMarketCap data.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Bitcoin and Ethereum, the leading cryptocurrencies, faced a modest decline during the last weekend of 2023. Bitcoin retraced to $40.8K, while Ethereum maintained a position slightly above $21,700. Crypto analyst Ali Matinez pointed out a noticeable dip in Bitcoin network growth, raising doubts about the sustainability of its recent move to $44,000.

For a robust continuation of the bull rally, Matinez emphasized the importance of an uptick in the number of new Bitcoin addresses to provide the necessary support for sustained bullish momentum.

Moreover, on December 14th, Matinez noted a capital inflow of over $19.7 billion into Bitcoin and Ethereum, reminiscent of the surge observed in December 2020 before BTC soared from $18,000 to $65,000.

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Bitcoin’s current value stands at $41,279, with a 24-hour trading volume of $23.89 billion, a market capitalization of $807.96 billion, and a market dominance of 51.33%. Over the past 24 hours, BTC has experienced a decrease of -1.53%.

BTC 7D graph coinmarketcap 15
Bitcoin (BTC) 7-day chart | Source: CoinMarketcap

According to Coincodex’s Bitcoin price prediction, a 4.10% rise is anticipated, reaching $43,421 by December 21, 2023. The Fear & Greed Index shows 73, indicating a neutral sentiment.

Ali Matinez highlighted Ethereum whales on a buying spree, acquiring over 100,000 ETH in the past week, an impressive $230 million investment.

The current price of Ethereum is $2,191.73, with a 24-hour trading volume of $7.74 billion, a market capitalization of $263.44 billion, and a market dominance of 16.72%. Over the past 24 hours, ETH has experienced a decrease of -1.51%.

ETH 7D graph coinmarketcap 17
Ethereum (ETH) 7-day chart | Source: CoinMarketcap

According to Coincodex’s current Ethereum price prediction, a 4.96% rise is expected, reaching $2,295.94 by December 22, 2023. The Fear & Greed Index shows 65, indicating a neutral sentiment in the market.

Bitcoin and Ethereum face a temporary setback, but the cryptocurrency market remains dynamic, with various altcoins presenting substantial gains and providing investors with diverse opportunities in this ever-evolving landscape.

Related Reading |  FTX Debtors Settle Crypto Claims At Bankruptcy Date 

Altcoins Eclipse Bitcoin: Solana Soars Amid Regulatory Turf War

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Altcoins have emerged as the stars of the show, showcasing remarkable returns over the past week and surpassing the once-dominant Bitcoin. Notable performers include Solana, Cardano, Avalanche’s AVAX, and BNB, each outshining Bitcoin in their respective rallies.

According to data from CoinMarketCap, these altcoins have not only demonstrated impressive gains in the short term but have also exhibited superior performance when viewed through a broader lens. The insights of top analysts further substantiate the enthusiasm surrounding these alternative digital assets.

Michaël van de Poppe, CEO and founder of MN Trading, took to Twitter to share his bullish sentiments, highlighting the allure of achieving substantial gains quickly. Van de Poppe emphasized the importance of sustained effort in maintaining newfound wealth, cautioning against the common pitfall of assuming lightning will strike twice in the form of another 100x surge.

Another influential voice in the crypto space drew attention to the fact that altcoins have already surpassed the Gaussian Channel, a feat not witnessed in four years. The implication is clear – a shift to green is on the horizon, reminiscent of the significant bullish trends observed between 2016 and 2020. All signs point to an impending altcoin bull market.

Solana (SOL) Leads the Charge

Solana’s native token, SOL, has been a standout performer, gaining 9% on December 13 and trading at $78.70. Over the past week, SOL experienced an impressive 8.70% rise. The key question looming in investors’ minds is whether the factors driving this recovery will continue to bolster recent gains.

SOL 7D graph coinmarketcap 10
CoinMarketcap

The surge in Solana’s value can be attributed to multiple factors, including the U.S. Federal Reserve’s announcement of three interest rate cuts throughout 2024. Historically, reduced returns on fixed-income investments have been viewed as a positive signal for risk-on assets like cryptocurrencies.

In a December 12 interview on CNBC, Rostin Behnam, the Chair of the Commodities Futures Trading Commission (CFTC), highlighted the regulatory challenges hindering the crypto sector’s growth. Behnam described the ongoing “turf war” among regulatory agencies as a significant obstacle, expressing the belief that most tokens are commodities under existing laws.

This perspective stands in contrast to the stance of Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), who considers most tokens to be securities. The SEC’s previous classification of solana as a security during the Kraken exchange lawsuit in November 2023 adds an additional layer of complexity to the regulatory landscape.

Related Reading | Tether Takes Swift Action To Freeze Exploiter’s Address In Security Breach

AVAX Soars: Defying Market Crash, Surges 50% in a Week, Eyes $41 Resistance

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AVAX managed to fully recover from Monday’s market crash when the majority of cryptocurrencies found themselves in the red. Bulls took charge, propelling AVAX to new heights, and it currently hovers just beneath the crucial resistance level of $41. This remarkable performance translates to a 50% increase compared to its value seven days ago and an impressive 131.03% surge over the past month.

AVAX 1M graph coinmarketcap
Avalanche (Avax) 30-day chart | Source: CoinMarketcap

As AVAX approaches the $40 threshold, the cryptocurrency community is buzzing with speculation on whether this level will hold or if a breakthrough is on the horizon. The upcoming days are expected to provide insights into the sustainability of AVAX’s upward momentum and whether it will continue to redefine its price ceiling.

Analyzing the price fluctuations of Avalanche at the beginning of 2023, crypto experts are anticipating an average AVAX rate of $39.73 by December 2023. The projected minimum and maximum prices stand at $35.80 and $43.66, respectively.

AVAX Hits $40, Avalanche Open Interest Peaks at $413M

According to Coinglass, the open interest for Avalanche reached its highest level since its launch, riding the wave of AVAX’s surge to $40. This surge propelled the open interest to a substantial $413 million on December 12, marking continuous growth over the past month. The upward trajectory began in October, gathering momentum in November as traders strategically positioned themselves in the digital asset.

The period between November and December witnessed an astounding 400% surge in AVAX open interest, with a 19% increase on Tuesday alone. The total Avalanche open interest across all exchanges now stands at 11.43 million AVAX.

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Source: Coinglass

Interestingly, a significant portion of the total open interest, 73%, emanates from just two exchanges – Binance and ByBit. Binance leads the way with 44% of the total open interest, amounting to $184 million (4.54 million), while ByBit contributes 28.8% with $119.67 million (2.95 million). BingX, OKX, and Bitget round off the top 5 with $50.37 million, $43.7 million, and $41.8 million, respectively.

While the coin’s open interest has reached a new all-time high, the road to the cryptocurrency’s previous peak of $146 is still long. Nonetheless, the surge in open interest is considered highly bullish for the price, backed by historical data that indicates the coin has often risen in tandem with growing open interest.

As of now, the Avalanche price stands at $39.01, with a 24-hour trading volume of $2.86 billion, a market cap of $14.29 billion, and a market dominance of 0.87%. The coin price has experienced a slight decrease of -4.94% in the last 24 hours, highlighting the inherent volatility of the cryptocurrency market.

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Avalanche (Avax) 24-hour chart | Source: CoinMarketcap

Related Reading |  IMF Warns Of Crypto Risks, Calls For Regulation And Innovation

Crypto Market Volatility: Bitcoin & ETH Declines While Altcoins Shine

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Bitcoin (BTC) and Ethereum (ETH) faced a sudden downturn, wiping out all gains from the past week. However, the crypto market showcased resilience through impressive performances by various altcoins, maintaining their upward trajectory.

According to Santiment, the crypto market experienced its swiftest drop in the last four months, triggering mild concerns among traders. The prevalent “buy the dip” sentiment suggests a degree of overeagerness and FOMO (Fear of Missing Out) at these lower price levels.

Among the top 20 cryptocurrencies, Avalanche (AVAX) emerged as the standout performer, witnessing a remarkable 55% surge over the week, reaching a peak of $37.33. Despite a modest 8.80% increase in the last 24 hours, AVAX continues to exhibit robust performance, currently trading at $35.25.

AVAX 7D graph coinmarketcap
Source: CoinMarketcap

Cardano (ADA) maintained the second position in the top performers’ list, with gains of 34%, respectively, over the past week. ADA is presently trading at $0.5546, showing a 5.46% decrease in price and a 28.40% drop in trading volume in the last 24 hours.

ADA 7D graph coinmarketcap 4
Source: CoinMarketcap

Polkadot (DOT) secured the third position, showing a gain above 16% in their weekly chart. Meanwhile, DOT is at $6.69, experiencing a 5.81% price decrease and a 14.67% surge in trading volume within the same period.

DOT 7D graph coinmarketcap
Source: CoinMarketcap

Other popular altcoins, including Hedera (HBAR), NEAR Protocol (NEAR), and Solana (SOL), reported gains in their weekly charts, with HBAR up by 10%, NEAR by 9%, and SOL showing an 8% increase, according to data from CoinMarketCap.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

On December 5th, Santiment reported Bitcoin reaching $44,000, continuing its climb. The resurgence of 100+ BTC wallets correlated closely with this price surge. Over the past four weeks, 48 of these whale wallets have returned since a significant drop-off on November 9th.

As of the latest update, Bitcoin’s price stands at $42,434, accompanied by a 24-hour trading volume of $48.62 billion. The market capitalization of Bitcoin is $828.54 billion, with a market dominance of 51.68%. BTC has experienced a -3.07% decrease in price over the last 24 hours.

BTC 7D graph coinmarketcap 14
Source: CoinMarketcap

Moreover, Coincodex predicts that Bitcoin will rise by 4.17% and reach $43,846 by December 15, 2023. The Fear & Greed Index stands at 74 (Greed), indicating a neutral sentiment. Bitcoin recorded 15/30 (50%) green days with 6.82% price volatility over the last 30 days.

On December 7th, Santiment highlighted Ethereum’s climb to $2,349, its highest level since June 2022. The positive trend of non-exchange whale wallets accumulating wealth and exchange whale wallets having less sell-off power bodes well for Ethereum’s continued ascent.

As of now, the current Ethereum price is $2,251.70, with a 24-hour trading volume of $19.50 billion. Ethereum’s market capitalization is $271.05 billion, and its market dominance is 16.91%. Over the past 24 hours, the price of ETH has witnessed a 3.80% decrease.

ETH 7D graph coinmarketcap 16
Source: CoinMarketcap

Coincodex’s current Ethereum price prediction anticipates a 7.51% rise, reaching $2,420.98 by December 15, 2023. The Fear & Greed Index is at 74 (Greed), indicating a neutral sentiment. Ethereum recorded 18/30 (60%) green days with 5.68% price volatility over the last 30 days.

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Weekly Highlights: Bitcoin & Ethereum Hold Strong, Altcoins Shine

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The cryptocurrency market wraps up a dynamic week, with Bitcoin and Ethereum holding steady after a significant drop in inflation. Despite the resilience of the market leaders, the spotlight was on altcoins, particularly Kaspa (KSP), Render (RNDR), and NEAR Protocol (NEAR), showcasing notable gains and hinting at potential growth in the near future.

Altcoins Take Center Stage

Kaspa (KSP) emerged as the week’s star performer, experiencing an impressive 64% surge, reaching a peak of $0.1519. As of the latest data, KSP is trading at $0.1379, maintaining robust performance despite a slight 2.80% decrease in the last 24 hours.

KAS 7D graph coinmarketcap
Source: CoinMarketcap

Render (RNDR) followed closely behind, boasting a 50% gain over the week. Currently trading at $3.58, RNDR displays a marginal 3.46% increase in price, accompanied by a 42.49% decrease in trading volume in the last 24 hours.

RNDR 7D graph coinmarketcap 2
Source: CoinMarketcap

NEAR Protocol (NEAR) captured attention with a weekly increase exceeding 30%, now trading at $2.18. NEAR’s impressive performance includes a 20% price increase and an 88.84% surge in trading volume within the last 24 hours.

NEAR 7D graph coinmarketcap
Source: CoinMarketcap

Other notable altcoins, including Avalanche (AVAX), Immutable (IMX), and Mantle (MNT), also reported gains in their weekly charts. AVAX showed a 24% increase, IMX rose by 22%, and MNT exhibited a 10% uptick, according to data from CoinMarketCap.

Bitcoin & Ethereum Weekly Review

Bitcoin and Ethereum remained stable after a notable drop in inflation from a 40-year high last June, currently standing at 3.2%, slightly above the Fed’s target, according to the CPI report. Bitcoin (BTC) is in a consolidation phase, trading just below its annual peak at approximately $38,000 earlier this year.

BTC 7D graph coinmarketcap 11
Source: CoinMarketcap

Bitcoin’s recent surge marks its most robust four-week performance since January, witnessing a remarkable 42% increase from just under $17,000 to nearly $24,000. Bitcoin’s price dominance has returned, albeit temporarily, with the potential for quick rebounds if market sentiment shifts.

Santiment’s analysis revealed fluctuations in Bitcoin wallets during the recent surge. Numerous new smaller wallets with less than 1 BTC flooded the network, while the 1-100 tier flattened out, and the 100+ tier may be experiencing profit-taking.

According to Santiment, Bitcoin’s NVT ratio has significantly improved, signaling a healthy circulation of unique BTC relative to current market cap levels. IntoTheBlock reported a yearly high in the new adoption rate of Bitcoin, reaching 67.62%, indicating a surge in new market participants.

Meanwhile, Ethereum’s fees rose as ETH surpassed $2,000 last week, but transactions remain relatively cheap compared to previous levels. Santiment highlighted Ethereum’s 38% market value surge in the past four weeks, driven by high network growth and an increase in addresses across different tiers.

ETH 7D graph coinmarketcap 13
Source: CoinMarketcap

As of the latest data from CoinMarketCap, Bitcoin is trading at $37,159.19, showing a 1.23% increase over the past seven days and a 2.36% increase in the past 24 hours. Ethereum (ETH) is trading at $2,023.05, displaying a 0.70% decrease in the past 24 hours and a 4.58% gain over the past seven days.

Related Reading |  Bucking Bearish Trends: Bitcoin’s Unconventional Moonlit Path To A Resilient Bull Cycle

Weekly Highlights: Bitcoin & Ethereum Hold Strong, Altcoins Shines

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The cryptocurrency market is exciting as it concludes an upbeat week, with Bitcoin and Ethereum showing substantial gains on their weekly charts. However, the real stars of the week were the altcoins, which made remarkable strides, hinting at potential further growth in the near future.

In the top 50 cryptocurrencies list, several altcoins made impressive gains, and the standout performer was THORChain (RUNE). Solana (SOL) and Avalanche (AVAX) followed closely behind, securing the second and third positions, respectively, with impressive growth.

RUNE 7D graph coinmarketcap 3
Source: CoinMarketcap

THORChain (RUNE) made a significant mark with a remarkable 53% surge over the past week, reaching a peak of $5.83. As of the latest data, it is trading at $5.22, demonstrating robust performance despite experiencing a slight 1.80% increase in the last 24 hours.

SOL 7D graph coinmarketcap 4
Source: CoinMarketcap

Solana (SOL) also made waves with a 44% gain during the past week. SOL is currently trading at $58.4, with a marginal 0.86% decrease in price and a 47.49% decrease in trading volume in the last 24 hours.

AVAX 7D graph coinmarketcap
Source: CoinMarketcap

Avalanche (AVAX) garnered significant attention, with a weekly increase of more than 39%. Currently, AVAX is trading at $18.08, with a 1% price decrease and a 26.63% drop in trading volume within the last 24 hours.

Other popular altcoins such as Polygon (MATIC), Chainlink (LINK), and Cosmos (ATOM) also reported gains in their weekly charts, with MATIC up by 24%, LINK by 22%, and ATOM showing an 18% increase, according to data from CoinMarketCap.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

The Bitcoin (BTC) market is in a consolidation phase this Saturday, trading horizontally just below its annual peak at approximately $38,000 earlier this year. The recent surge has positioned Bitcoin for its most robust four-week performance since January, marking an impressive 42% increase from just under $17,000 to nearly $24,000. 

BTC 7D graph coinmarketcap 9
Source: CoinMarketcap

There is widespread speculation that the US Securities and Exchange Commission (SEC) is preparing to approve a series of spot Bitcoin ETFs, potentially as early as January, and updates on this matter are expected to impact the market significantly in the coming days.

According to Santiment, Bitcoin, now up by +37% in the past two months, has seen an increase in the ratio of traders opening bullish positions compared to bearish ones, reaching three-month highs. Moreover, the total open interest on exchanges has surged to $7.2 billion. It is hoped that Bitcoin will continue to rise after the FOMO (Fear of Missing Out) settles.

IntoTheBlock shared a similar sentiment, noting that funding rates for BTC and ETH perpetual swaps have hit a yearly high, signaling potentially overheated markets. While not a direct predictor of decreasing prices, sustained high rates indicate a need for caution.

Furthermore, Santiment highlighted that Ethereum has reached as high as $2,132, as optimism surrounding the second-largest cryptocurrency surged with BlackRock’s new ETF submission for the SEC’s review. The latest insights examine Ethereum’s on-chain health and its chances of continuing its growth.

Santiment also pointed out that Ethereum’s market value has surged by +38% in the past four weeks, driven by high network growth. Micro addresses holding less than 0.1 ETH have recently surpassed 100,000 wallets for the first time, and even the 0.1-10 ETH and 10,000+ ETH tiers are finally on the rise.

ETH 7D graph coinmarketcap 12
Source: CoinMarketcap

As of the latest data from CoinMarketCap, Bitcoin is currently trading at $37,007.49, showing a 6% increase over the past seven days and a 0.36% decrease in the past 24 hours. Ethereum (ETH) is trading at $2,057.01, displaying a 0.47% increase in the past 24 hours and an 8.58% gain over the past seven days. The cryptocurrency market is poised for continued excitement, with investors closely watching for further developments in the coming days.

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Avalanche’s HyperSDK Testnet Breaks Barriers with 140k TPS Milestone

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Avalanche, the leading smart contract platform, has achieved a remarkable milestone with its newly unveiled testnet, HyperSDK, which showcased its capability to handle over 140,000 transactions per second [TPS]. This achievement, as depicted in a shared GitHub screenshot, marks a significant leap for the layer-1 blockchain network.

HyperSDK made its debut on February 21, 2023, with the primary aim of empowering developers to construct high-performance Virtual Machines [VMs] entirely from the ground up. Blockchains created using HyperSDK are aptly named “HyperChains,” offering developers the freedom to tailor them for a myriad of purposes, ranging from NFT marketplaces to DeFi protocols. This innovation heralds a new era of creativity and flexibility for Avalanche’s developer community.

Before the advent of HyperSDK, Avalanche could process up to 4,500 TPS, while Solana managed between 2,000 and 3,000 TPS, and Ethereum lagged far behind with a mere 15-20 TPS, according to Coincodex data.

HyperSDK’s achievement of a staggering 143,322 transactions per second in a controlled testing environment stands as a monumental accomplishment. It aligns with Avalanche’s vision of seamlessly interconnecting a web of highly optimized blockchains, illustrating the network’s commitment to pushing the boundaries of blockchain scalability.

According to a blog post published in February, developers can now seamlessly integrate into a lightning-fast execution environment without the daunting task of writing extensive code from scratch. This streamlined development process reduces the time required to create a customized blockchain runtime from several months to just a matter of days.

Avalanche Achieves Unprecedented Growth in July’s Snow Report

Recently, the AVAX team released its Snow Report, reflecting a flurry of activity in the ecosystem. July proved to be a pivotal month for the Avalanche blockchain, marked by remarkable achievements and network advancements. The Avax ecosystem experienced a surge in activity, boasting over 20 million active addresses and an unprecedented milestone of one million monthly active users for the third consecutive month.

The network’s growth was underlined by significant developments across various sectors. Notably, the renowned decentralized exchange [DEX] Uniswap joined Avalanche, enriching its expanding DeFi ecosystem. Additionally, Struct Finance emerged as a newcomer, introducing decentralized structured financial products to further diversify the offerings within the Avalanche network. This ongoing momentum solidifies Avalanche’s position as a prominent player in the blockchain space.

Crypto Analyst’s Saga: Lessons Learned From AVAX, SOL, & LUNA Rollercoaster

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In a recent thread of tweets, renowned crypto analyst Miles Deutscher reflects on the rapid rise and fall of cryptocurrencies $AVAX, $SOL, and $LUNA over the past 16 months. What started as a triumphant journey with all three coins trading above $100 eventually led to a mixed fate, with one currency plummeting to zero, another resting at $10, and the third falling behind. Deutscher, however, emphasizes that amidst the price volatility lie essential lessons for traders.

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The Hidden Key to Crypto Success

Deutscher’s first lesson is to comprehend the narrative hype cycle. Dividing it into three phases—pre-, mid-, and post-cycle—he underscores the significance of entering during the initial phases to maximize profits and limit losses. 

His analysis corroborates legendary investor Howard Marks’ assertion that even promising assets can become overpriced and vice versa. Deutscher’s advice: spot potential winners early.

In Phase 1, Deutscher insists on identifying the driving narrative of each cycle. For instance, during the previous cycle, the L1 narrative gained traction as Ethereum struggled with scalability, creating room for emerging projects like “SOLUNAVAX” to excel. 

The key, Deutscher believes, is to recognize upcoming challenges and identify projects poised to address them. Acting swiftly when the trend gathers momentum is crucial.

In lesson 3, Deutscher advocates for calculated risk-taking. Being discerning about when to seize opportunities and when to be cautious is imperative in crypto trading. Drawing from @0xWangarian’s insights, Deutscher shares that his past regret was not betting more when he had conviction. Balancing risk and reward is a paramount aspect of successful trading.

The final lesson warns against becoming a “bag holder.” While altcoins offer lucrative gains, they lack the stability of a store of value. Deutscher underscores the importance of incremental profit-taking on the way up to alleviate pressure when timing the peak. Vigilance is also essential during a narrative’s decline, as spotting early signs of fading momentum can prevent significant losses.

Deutscher concludes by admitting he didn’t master these lessons in the previous cycle, but the insights gleaned are invaluable for the next phase. He acknowledges the rapidly evolving nature of the crypto space but affirms that human emotions of fear and greed remain constant, offering traders an exploitable edge.

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AVAX Eye Key Resistance As Avalanche Surges With Q2 Upgrades & Collaborations

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AVAX, the native token of the Avalanche blockchain, is witnessing a battle between bears and bulls. While bears have been stretching their dominance, all eyes are on a key resistance level. 

On July 14th, AVAX experienced a notable surge on the weekly chart, reaching a month-high price increase of 27% to strong resistance at $15.87, but then all the gains made a reversal and allowed bears to take control. 

AVAX 7D graph coinmarketcap 1
Source: Coinmarketcap

AVAX struggled to hold onto the key mark, and the token is currently trading within a tight range of $14 to $14.90 while seeking support to break through resistance at $14.55.

Despite the setback, AVAX is showing promising signs of potential bullish momentum. Buyers are accumulating AVAX in anticipation of a breakout, leading to growing optimism within the market. 

As of the latest data, Avalanche is trading at $14.03, reflecting a 5.96% price growth within the past week. The token’s total market capitalization stands at $4 billion, with a circulating supply of 345,875,315 AVAX.

Current Avalanche price predictions indicate a Fear & Greed Index reading of 20.41, signaling extreme fear. Technical analysis indicators offer mixed signals, with some pointing towards bullish signs and others indicating bearish sentiments. Overall, there is a neutral sentiment prevailing among Avalanche price predictions.

Over the past 30 days, Avalanche has seen a significant increase of 23.35%. This upward trend suggests a slight recovery in the coming month. By the end of July, Avalanche is projected to have increased by 115.70% and reach a value close to $30.25. 

Avalanche is currently trading below the 200-day simple moving average (SMA), which has been a holding signal for the past 326 days since December 31st, 2023.

Moreover, the token’s price is currently running below the 50-day SMA, indicating a buy signal. Technical indicators suggest that the 200-day SMA will drop soon, with the price expected to reach $15.99 by the end of December.

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Examining the Relative Strength Index (RSI), a popular momentum oscillator currently stands at RSIValue. It implies that the AVAX market is in a neutral position, neither oversold nor overbought.

Avalanche Significant Progress In Q2

Avalanche has made significant progress in Q2 with new upgrades, exciting collaborations, and impressive metrics across the board. Ava Labs introduced the Evergreen testnet, Spruce, partnering with T. Rowe Price Associates and Wellington Management. 

Avalanche Subnet launch by SK Planet facilitates digital collectibles and decentralized communities. Merit Circle DAO’s Beam offers gaming-focused tooling and an NFT marketplace. 

Avalanche shows strong network performance in active addresses, transaction count, and gas usage. Leading DEXs include Trader Joe and GMX, alongside Stargate, Wonderland, and Aave, pursuing multichain goals. Avalanche’s TVL reaches 123 million AVAX, making it the 5th largest chain by TVL ($1.5 billion). 

However, their lot to see. Avalanche’s recent advancements and achievements indicate a promising outlook for the platform, with a multitude of exciting developments on the horizon.

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Avalanche’s Price Battles Bearish Momentum Amidst Encouraging Network Developments

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Avalanche (AVAX), the 17th-ranked cryptocurrency in the market, valiantly countered the recent bearish trend in recent days. In just one week, AVAX experienced a decline from $15.28 to a daily low of $14.03 yesterday. 

However, hope is on the horizon as the network displays promising signs with a series of recent developments, which could potentially lead to a price surge in the coming days.

Currently, AVAX is trading at $14.17, with a slight increase of about 0.16% in the daily chart and a 2.93% dip in the weekly chart. The trading volume is also down in the last 24 hours.

AVAX 7D graph coinmarketcap
Source: CoinMarketcap

According to data obtained from PricePredictions, a prominent site known for its accurate cryptocurrency forecasts, technical analysis of AVAX indicates a bullish trend in the long term. 

Based on this analysis, experts predict that the price will witness an increase of $0.00389 over the next seven days, reaching an estimated value of $14.23 by the 1st of June 2023.

In the short term, a machine learning algorithm has identified a bullish trend for AVAX. It suggests that investors should anticipate a slight increase in value over the next few hours. It’s a positive signal for those who have invested in Avalanche and are closely monitoring its performance.

However, the battle against the bearish trend by Avalanche brings a glimmer of hope for enthusiasts and stakeholders alike as they await the potential recovery in the days to come.

Avalanche Network Developments

Avalanche made a significant announcement today on Twitter, revealing the introduction of AvaCloud, a Web3 Launchpad, by Avalabs official. The tweet stated that launching your own Subnet has become even more convenient with this new platform. 

AvaCloud aims to assist various entities, including large consumer enterprises, AAA games, and Web3 startups, in expediting the process from concept to launch while reducing expenses.

Meanwhile, Global digital financial technology firm Circle has launched Euro Coin on Avalanche, marking the first in a series of multi-chain launches for the euro-backed stablecoin. The move aims to enhance payment efficiency and financial services for developers and users. 

By introducing Euro Coin to Avalanche, Circle aims to boost euro liquidity and offer global users the option to transact in euros with Euro Coin and in U.S. dollars with USDC. The integration is seamless for Avalanche developers already supporting USDC, as the two stablecoins share similar smart contract designs. 

However, the launch of Avalanche’s platform allows for near-instant and cost-effective financial transactions, expanding possibilities for payments, remittances, and foreign exchange. Circle Account holders can access Euro Coin liquidity on Avalanche for trading, lending, custody, and payments. 

As per the announcement, Leading apps and wallets, including Coinbase Wallet, MetaMask, and Trader Joe, will support Euro Coin on Avalanche, while developers can integrate with the Euro Coin smart contract to tap into growing liquidity.

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