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Altcoin Market Lagging 87% Behind All-Time High: Analyst Reports

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CryptoBusy, a popular analyst, has shared his observations regarding the current position of altcoins and stated that people should not expect the Mega Alt Season for now. In the recent X post, the analyst explained the various barriers that altcoins have to surmount in their bid to make great strides and establish themselves in the market.

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CryptoBusy noted that the market capitalization of altcoins other than BTC and ETH is still 87% below its historic peak. This large gap shows that in order to return to the peaks and maintain their growth, altcoins are in a very difficult position.

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Factors Behind Bitcoin’s Surge And Altcoin Challenges

According to analyst, the main factors influencing Bitcoin’s spike include political events, macroeconomic trends, and innovation on behalf of Bitcoin Exchange-Traded Funds. All these elements have cumulatively played a key role in putting Bitcoin ahead of other Cryptocurrencies in the market. On the other hand, the alternative coins need to come up with the special approaches in order to ensure the similar results.

This means that altcoins have to concentrate on a number of vital spheres to stand out, based on CryptoBusy. Another consideration is scalability because altcoins must be ready to accommodate the larger volume of transactions that can accrue to them within a short time frame without compromising on speed.

Besides that, the strategic partnerships ensure that alternatives acquire the right requirements and visibility to compete in the crypto market. Subsequently, consumer adaptation is crucial to prove the practical utility of altcoins to groups and individuals that are already in existence. Lastly, updates remain paramount for keeping alternative coins secure, useful, and relevant in the marketplace and against other similar coins.

With the market becoming more mature, the focus switches to altcoins’ utility beyond mere speculation on increase of their price. In the next potential altseason, CryptoBusy says that alt coins have to show the real applications and fundamental enhancements to outperform in the reviving environment.

Although reaching the next Mega Alt Season seems unachievable and far from now, CryptoBusy outlined the directions for alt coins. Optimizing the highlighted areas of improvement will, therefore, help alt coin prepare for the future in a rapidly growing and competitive market. While it might take some time to reach the desired results, laser-like concentration on some goals will bring the next altseasons desirable changes and chances for these digital primitives.

Ethereum Top 100 Exchange Wallets Hit 6-Year Low, Non-Exchange Wallets Soar: Report

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In a recent analysis, the top 100 Ethereum wallets on exchanges are the lowest they have been since May 2018 with a total of 8.41 million ETH. This large disparity, which is described by a well-known analytical source Santiment in a post on X, demonstrates a clear trend of distribution growth over time.

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The data provided by Santiment highlights one particular aspect of Ethereum holders’ behavior which is rather interesting. The decline in the exchange wallets’ balance of ETH shows that more people are transferring their tokens out of exchange platforms, maybe for stake or using them in defi products. Such a shift could be attributed to the increasing confidence in the decentralized markets and or the increased need to manage one’s assets in turbulent times.

Ethereum Whales Shift Tactics

On the other hand, the picture in the top 100 non-exchange wallets tells a completely different story. Today such wallets now account for a record of 68.39 million ETH, indicating that large whales from exchanges are not the only entities accumulating large amounts of ETH. This trend indicates that large holders prefer self-storage or go to staking and other possibilities of DeFi, which, apart from possible returns, also protect against exchange-related dangers.

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The change in wallets’ distribution engages attention to the new configuration of the Ethereum market. That the dynamics of ETH is moving more and more to non-exchange wallets indicates a maturing market or investors and the desire to tap into all the benefits of blockchain other than just speculation. The increasing number of people keeping their assets in self-controlled wallets and using decentralized applications is part of the general decentralization process in the crypto industry.

Santiment’s metrics offer a significant comprehension of the Ethereum distribution at the current time. The difference in behaviors of the exchange wallets and the non-exchange wallets indicates that the decentralized wallet traveling is moving towards sophistication and differentiation in accordance to the entire crypto market. These shifts of assets are going to be critical in determining Ethereum’s future as a platform continues to stabilize in its relationship with several types of financial systems that exist and developing today.

The lowest level of top exchange wallets and, at the same time, the highest level of accumulation in non-exchange wallets speak of a change in Ethereum. This trend represents the progress toward a more distributed and robust financial system backed by the managerial actions of the top shareholders.

Ethereum Faces Key Resistance After FOMC Decision, Analysts Weigh In

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The well-known crypto analyst VeLLa Crypto recently explained his points of view on X, revealing some insights into Ethereum’s most recent price dynamics. Based on the VeLLa Crypto, Ethereum entered the first supply zone but was rejected after the FOMC resolution to continue increasing interest rates.

VeLLa Crypto notes that there is a ‘make or break’ time for Ethereum in their analysis. He said that the lower rejection at the supply zone might sweep the local lows and open the way for a downtrend. This view reflects the current stance in the market where investors are eagerly waiting for any opportunities that manifest large changes in price.

Another respected analyst, Crypto Tony, shared the prices predictions of ETH. In his latest post on X, Crypto Tony pointed out that Ether is currently being supported by a crucial zone. He pointed out that although ETH holds this support level very well, it is still a zone of conflict between the bulls and the bears.

Key Support Zone For Ethereum Identified

Crypto Tony’s breakdown indicates that it is important to keep holding this support level. He noted that he wouldl consider entering the market if Ethereum maintains this level further. This viewpoint can be attributed to the fact that the traders involved are reluctant to make huge investment based on guess work hence waiting for the appearance of clear signal to base their decisions on.

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This has caught the attention of the broader community of cryptocurrencies. The remaining unchanged interest rate by the FOMC has increased uncertainty which impacts not only the conventional markets but also the cryptosystems. Since Ethereum currently ranks as the second largest cryptocurrency by market capitalization, such news impacts the token significantly more.

While the price level of ETH remains unclear and decentralised between the support and supply zones, the direction in the near future solely depends on institutional and retail investors. This on-going bulls and bear battle will determine the fate of Ethereum in the coming days, therefore the information of top analysts remains relevant.

This is evident in Ethereum at the current time due to the need to maintain a steady focus on particular support and resistance levels. As the expert analyst put forward their opinion about the market situation, traders are facilitated with the understanding of various factors. This has left the crypto-community on the edge of its seated anxiously to see if Ethereum is prepared to stand its ground or if the coming days will usher in more swings.

Massive Ethereum Exodus From Coinbase: $1 Billion Outflow Raises Questions

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The highly popular analytical platform CryptoQuant has signaled an absolutely record-setting Ethereum outflow from Coinbase, an event that is starting to shake the cryptocurrency market. CryptoQuant shared in a recent post on X, that more than 336,000 ETH worth over $1 billion has been withdrawn from the exchange this year, and hence, it is the largest outflow recorded this year.

According to a recent report, Coinbase 2024 analysis revealed that this is the fifth time the exchange exceeded the number of 150,000 Ethereum in withdrawal. Such large deals are carried out in a single day and their values vary from $400 million to $1 billion. Making up a total of 1 billion, do not point to individual investors as the key driving force. The extent and the rate at which these withdrawals have been made are suggestive of either the movement of cryptocurrency whales or yet undiscovered institutional investors.

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Bullish Signals from Major Ethereum Withdrawals

According to a recent report, if these are not internal transfers which is quite rampant among exchanges the impact could be extremely bullish for Ethereum. They imply a decrease of the amount of ETH in circulation as a result of preference of investors to sell tokens at high demand which influence an increase in the prices in the medium-long term horizon. This kind of industry structure usually implies that the large players in the market have a bullish sentiment on Ethereum in the foreseeable future.

This relatively large removal from Coinbase is not unique. Previously, such actions were made on the exchange in relation to Bitcoin Spot ETF. The last withdrawal that was made was estimated to be at $1.17 billion on the 12th of June, 2024 which may indicate that these movements are related to the new financial instruments such as Ethereum Spot ETF. Current and prospective long shareholders, such as whales and institutional investors, might therefore already be placing their bets with an eye towards drastic price increases as more of these new investment products are launched.

Even though the possible reasons behind this huge Ethereum outflow are still a matter of conjecture, the market remains very much alert to such processes. Thus, if the withdrawals signal positioning for new products and services, the effects will be made apparent shortly. The effect of lowering the circulation supply which has been done in this regard in such great quantity is generally referred to as bullish and may be seen over the months to come.

The cryptocurrency community is active and continues to stay alert as Coinbase just recorded the single largest Ethereum withdrawal seen this year which may trigger more action in the market. The events that are unrolling themselves could be a game changer for Ethereum as all great players beyond the horizon make their moves towards future performances.

Legal considerations for crypto casinos

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As more people see the value of cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH), the more it becomes accepted across different platforms. Online casinos are one of the many platforms where crypto is a preferred payment method.

This is because they are convenient to use and offer benefits such as privacy, anonymity, fast transactions, and low fees. However, there are some legal rules that players need to be aware of. 

Here is a guide that will help you understand the legalities of crypto at casinos:

Licensing

One of the biggest questions about online crypto casino sites is if they are legal to operate. The answer depends on where you live. There are no worldwide casino gaming laws yet. Considering this, a crypto casino can only operate if it has the right license with established regulations. 

The license helps keep things fair and safe for players. So, if you’re thinking about playing at a crypto casino, make sure they have a proper license.

Anti-Money Laundering and Know-Your-Customer regulations 

Also known as the Know Your Customer, KYC is a process that helps the top crypto casino sites verify the identity of their players. It involves getting information and confirming documents. This helps ensure that players are of legal age and also prevents fraudulent activities. 

On the other hand, Anti-Money Laundering (AML) compliance is a system used by casinos to monitor customer transactions. It helps them keep an eye out for any suspicious activity. With this, they can mitigate potential money laundering or funding of illicit activities.

Together, KYC and AML procedures allow casinos to comply with regulatory requirements, verify the legitimacy of their customers, and avoid financial crimes or fraudulent activities.

Age restrictions

Crypto gaming platforms are also subject to age restrictions. Operators need to enforce age verification processes to prevent underage players from accessing these gaming spaces. The specific age requirements can vary depending on the location. Operators, typically, require users to be at least 18 years old to play.

These age restrictions are in place to ensure crypto gaming platforms comply with relevant regulations. This also protects minors from trying these types of online gaming activities. 

Taxes

If you are playing crypto casino games, you may be required to report and pay taxes on any winnings or profits you earn. Similarly, the crypto gaming operators themselves may have certain tax requirements they must fulfil.

The tax treatment of crypto-based assets and earnings can be complex. It involves different factors around capital gains tax as well as reporting obligations for income derived from betting-related activities. Players and operators alike need to be aware of and comply with the relevant tax laws and regulations in their jurisdictions.

These are just the key legal considerations when it comes to crypto casinos. To have a superb casino gaming session, it is best to research and read reviews on various crypto casino sites. Don’t forget to check if they implement the different legal considerations to enjoy a safe and smooth casino gaming experience.

Ethereum Reaches Key Level: Analyst Predicts Relief Ahead Of CPI/FOMC

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In a recent post on X, highly regarded cryptocurrency expert Daan Crypto shared his insights on the current position of Ethereum (ETH). The analyst noted that ETH has gotten to an interesting spot in its trading protocols by cleaning out the range low and prodding the 4H 200MA.

Daan Crypto’s view shows that this is rather an opportunity for relief or consolidation for Ethereum, particularly with that massive economic events are anticipated to occur. His suggestions suggest that traders may be waiting for some consolidation or minor range-bound movement in ETH, as a trading range forms in the run up to the CPI and FOMC meetings.

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Key Economic Events Impacting Ethereum

The CPI and FOMC meetings are some of the social events that can significantly influence the markets, such as cryptocurrencies. The CPI serves as an inflation indicator; the FOMC meeting relates to interests rates and monetary policies concerning a country’s economy. Both events remain eagerly awaited by investors since they may affect both market moods and trading approaches.

Daan Crypto’s notes shed light on an important technical analysis of Ethereum. The chart below by the analyst indicates a support line labeled ‘4H 200MA,’ which is a 200-period moving average on the 4-hour chart. This is an important sign of support that, when breached, may result in a reversal or a consolidation period. 

Ethereum’s price may experience a continual range bound or slightly upward movement. This period could provide traders with some protection and time to gear up or forex strategies that might be catalyzed by movement after CPI and FOMC.

The analyst has demonstrated the technical aspects that lead to the changes in Ethereum price and other market forces at play. Some thrilling upcoming events are the economic events, which would shape traders’ and investors’ views on how Ethereum would perform based on the results of these events and may influence their decisions.

Daan Crypto‘s analysis provides an inside to one of the most significant stages in Ethereum. As the markets look forward to key economic releases, he paints an impression that Ethereum could be due for some short-term conservatism and provide traders with a moment where they could ‘collect their breath’ before entering into the effects of the CPI & FOMC.

Ethereum Co-Founder Slams Celebrity Memecoins, Calls for Meaningful Innovation

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Recently, Ethereum co-founder Vitalik Buterin has taken a stand against the latest wave of celebrity-endorsed meme coins and has commented unfavorably on this shallow type of experimentation. The token in question is MOTHER, a new token associated with Australian hip-hop star Iggy Azalea.

The dispute started when Placeholder partner Chris Burniske tweeted that if MOTHER were to transcend mere speculative frenzy and result in sustainable value creation, this could be a new template for celebrity-driven cryptocurrencies. Burniske’s post elicited a response from Buterin, who lamented the state of “celebrity experimentation,” noting how projects need to represent something more substantial than just a way to enrich celebrities and early investors.

Ethereum’s Buterin Outline Criteria for Celebrity Crypto Projects

Buterin’s dissatisfaction extended to the lack of enduring value and purpose in these ventures, contrasting them unfavorably with projects such as Ashton Kutcher and Mila Kunis’s Stoner Cats, which, despite criticisms, at least offered tangible content in the form of an animated series. The Ethereum luminary proposed a set of criteria for celebrity crypto projects to garner his respect, highlighting the importance of serving public goods, incorporating engaging mechanics, and ensuring longevity.

The call for meaningful engagement and longevity in celebrity crypto ventures underscores a broader conversation about the evolving role of digital assets and their potential impact beyond financial gains. Buterin’s remarks serve as a rallying cry for innovation with purpose, urging celebrities and developers to channel their influence and resources toward initiatives that endure and benefit society at large.

Celebrities use their platforms to tokenize parts of their identity and interests, with the cryptocurrency landscape in flux. Reminding everyone of the responsibilities coupled with such efforts, Buterin critiqued: It’s a tempting move. However, real success will look like long-term impact and value created for participants and communities, not just about quick profits.

Nevertheless, as the debate on celebrity meme coins rages, the jury continues to be out on whether projects like MOTHER will heed Buterin’s call for substance and longevity or end up locked in with all the rest of the speculation fervor of the moment.

Related Reading | Ethereum Eyes $4,800 as First-Ever ETF Approval Injects Bullish Mome­ntum

Ethereum, Polygon, And Solana Key Investments For Future Gains

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Crypto analyst Cheeky Crypto has recently shared a video on YouTube in which he provides insights into the current state of the Bitcoin and Ethereum market. In the past few months, there has been a pullback in the cryptocurrency market with Bitcoin pulling backs.  Bitcoin declined to 22.3% in April and stood at 17.62% in March. These corrections have offered good dollar-cost averaging points to the investors. 

Cheeky Crypto highlights that Bitcoin is still trading in a sideways channel which may signal a preparation for the next bull run. He is bullish on future gains, especially with the Ethereum ETF approval in the near future and other factors in the market.

In his video, Cheeky Crypto explains his most recent and future actions in the investment aspect, specifically Ethereum and other opportunities. He has been gradually stacking ETH because of its good main and secondary levels.

Ethereum And Polygon Set For Major Gains

The approval of the ETF 19B4 filings has seen the price of Ethereum go up by a great margin. Cheeky Crypto is expecting that the approval of S1 filings will push the price of Ethereum even higher, possibly going up to $4,500 to $5,000 with higher targets at $6,500, $9,000, and even $22,000 in the long run.

Cheeky Crypto also concentrates on Layer 2 solutions for Ethereum, especially Polygon (MATIC). He is particularly thankful for Polygon which helps enhance Ethereum’s scalability and efficiency, stating that the latter will become the most preferred layer 2 solution. 

Although Polygon fell by 54% in the middle of March, it has demonstrated a strong recovery. Cheeky Crypto has been accumulating MATIC in this correction and expects it to perform a lot better in the future. He has a price prediction for Polygon for the long term of $77, meaning that there is a possible 10,000% growth.

Arbitrum And Solana, Key Investments For Future Gains

Another layer 2 solution that Cheeky Crypto is watching is Arbitrum. He also considers Arbitrum as a vital scaling solution for Ethereum even if it dropped by 64% from January to April. Cheeky Crypto expects the price of Ethereum to rise soon, and it anticipates that this will(result in high demand for Arbitrum); Cheeky Crypto places the price of Arbitrum at $4 to $6 in the near future with higher possibilities.

Cheeky Crypto explains how and why he invested in Solana for his retirement fund. He thinks Solana has a bright future and this is especially the case now that Ethereum ETF is set to be launched soon. Despite that, Solana has a 44 A 8% fall, however, Cheeky Crypto remains bullish on the future with a target of $245 to $314.

The analyst offered a bullish take on Ethereum’s and its layer2 solutions’ future. Thus, he advises investors to make sure they are up to date and take advantage of market dips to take large positions in these potentially profitable projects.

Ethereum Consolidation: Analysts Predict Stability And Future Gains

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Among the various cryptocurrencies that surface each day in this unpredictable market, Ethereum (ETH) is often under consideration by analysts and traders. Many well-known crypto analysts has shared their opinions, stating that ETH may experience an indefinite stabilization phase, paving the way to further upward movement.

Jelle, a popular cryptocurrency analyst, has recently weighed in on Ethereum’s market movement. In a recent X post, Jelle noted that ETH is in a consolidation phase and leveling above a major support level. It confirms that this phase of consolidation started and will remain until it is time to start the next week, probably early next week.

As for now Jelle pointed out he is going to look for the market to trade around this area until at least Monday. He further urged traders to be patient and not fall prey to the boredom shakeout which could see some investors lose money due to inactivity following the absence of frequent and large fluctuations in prices.

Ethereum Normalizes After ETF Hype

Among others, Daan Crypto has pointed out that due to Bitcoin’s price inactivity and its unending bullish run, the premium has reduced slightly. He described a similar case of ETH where he found out that ETH price was nearly back to a normal after it almost overreacted when trading started after the announcement of the ETF. From Daan’s analysis, it becomes apparent that although there is a tentative spike due to the announcement of the ETF, overall conditions soon returned to normal after that.

However, renowned crypto analyst Crypto Tony has offered his analysis of Ethereum’s price fluctuations in the market. In his recent X post, Tony provided an update to investors, specifically pointing out that Ethereum has stopped moving higher. 

He said this could afford a wick to take liquidity, a usual scenario where small price changes assist in establishing the market for the next phase of the rally. Tony is positive about Ethereum’s position and expects fresh all-time highs once this process of accelerated accumulation is over.

For traders and investors, the lesson to learn here is to remain abreast of the latest happenings and do not rush into making a decision. Based on these two encounters of Jelle and Daan Crypto, and Crypto Tony, the author discussed that the current situation of the market may not give much profit but the strength of Ethereum is still strong to aim for the potential high in the future. 

Ethereum’s Hidden Secrets: Why Whale Movements Aren’t Everything

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Unlike Bitcoin or Polygon, Ethereum has many use cases, like DeFi, running applications, and buying and selling NFTs. This is why the movements of prominent cohorts of holders such as ‘Sharks’ and ‘Whales’ aren’t always reliable for determining the market trajectory for ETH. Because the motive behind their transactions might go beyond just market speculation. For instance, these transactions could be for interacting with smart contracts or paying transaction fees, making it challenging to predict Ethereum’s price based solely on these transactions.

One of the key advantages of analyzing wstETH and rETH holders is that it helps filter out the noise. By focusing on these wrapped and staked tokens, we can more accurately identify committed and strategic investments that are related to price expectations from holders that carry the power to move them. By understanding the behavior of these key stakeholders, all of us can gain better insights into market dynamics and make more informed decisions related to Ethereum, and ERC-20 projects.

Ethereum
Ethereum's Hidden Secrets: Why Whale Movements Aren't Everything 11

Santiment, in its latest report, has identified key lesser-known indicators that might come in handy to predict ETH’s next big pumps. The first is stakeholder accumulation for Wrapped Staked Ethereum [wstETH] and RocketPool Ethereum [rETH]. For the uninitiated, wrapped tokens represent ETH which is being staked [locked up] in specific protocols like DeFi.

By allowing users to earn rewards, while still participating in the DeFi ecosystem, the token’s dual functionality reflects a clear picture of trading and investment behaviors. This, in turn, offers crucial insights into market trends and sentiment related to Ethereum and its ecosystem rather than mere accumulation and dumps from millionaires and billionaires.

Besides understanding Ethereum’s market behavior through tokens like Wrapped Staked Ethereum and RocketPool ETH, another valuable tool is Eigen Layer.

Scaling Ethereum’s Network

Eigen Layer is a blockchain scaling solution that aims to improve the performance and scalability of the ETH network. It uses a unique ” eigentrust ” approach to validate transactions, making the network more efficient and cost-effective.

As reported by TronWeekly, this protocol aims to enhance security and functionality for the network empowering ETH stakers to validate any software modules referred to as Actively Validated Services [AVS]. Hence, EigenLayer strengthens the network’s resilience through centralizing security aspects.