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SUI Price on the Boil: Could Skyrocket 20%

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  • Sui’s total value locked (TVL) and DeFi volume surged over the past year, showcasing its growing popularity.
  • Investment firm VanEck launched a financial product backed by the asset, offering wider access to the token for investors.
  • The launch of VanEck’s product and other recent developments indicate increasing institutional confidence in the Sui network.

The Sui network has been gaining momentum, with notable growth in price and DeFi volume over the past year—this surge in activity signals rising interest in the network and its potential.

With respect to price, the network’s native token is currently testing a significant resistance level on the 4-hour chart. A breakout above this barrier could propel the asset to a potential surge of the $4.10 mark, representing roughly 20% upside. Traders are closely monitoring the price action, as a move above this level could signal bullish momentum and attract increased buying interest.

As per analysts, the next few hours would be crucial to determine whether SUI gains traction to reach its anticipated target. Investors are advised to monitor trading volumes and volatility indicators as the token approaches this key resistance.

The Sui network, a layer-1 blockchain platform developed by Mysten Labs, has emerged as a promising contender in the decentralized finance (DeFi) landscape. With its focus on scalability, security, and user experience, the crypto platform aims to address the limitations of existing blockchain networks.

VanEck Introduce SUI ETN

Adding to this positive trend, investment firm VanEck has launched a financial product backed by SUI. This move is expected to broaden access to the token for a wider range of investors. By offering a simpler way to invest in the token without the complexities of managing digital wallets, VanEck aims to attract a new wave of users to the network.

SUI
Source: Matthew Sigel

This development follows a series of events showcasing institutional confidence in the asset. Services from Copper and the integration of stablecoins like USDC and AUSD onto the network further solidify its position in the blockchain ecosystem.

As the Sui network continues to mature and attract more institutional support, it holds the potential to become a major player in the decentralized finance landscape.

Best Crypto Presale to Buy In November 2024:  Seize the Opportunity to Access 100x Growth Potential Coins

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In the volatile crypto market, savvy investors constantly seek the Best Crypto Presale to Buy Now to maximise their potential returns. However, crypto’s volatility brings both high-risk and high-reward potential, challenging investors to weigh its opportunities carefully. As technology evolves, cryptocurrency stands at the forefront of financial innovation, prompting ongoing debate about its future role in the global economy. As exciting developments shape the crypto landscape, innovative platforms like Qubetics capture the spotlight. With its focus on security and cross-chain functionality, Qubetics is emerging as a top presale investment for those looking to capitalise on early-stage growth.

1.  Qubetics ($TICS) – Pioneering Security and Interoperability

Qubetics is setting itself apart in the blockchain world with a powerful commitment to security and cross-chain functionality. With EVM compatibility it benefits from Ethereum’s security protocols, incorporating advanced measures like Byzantine Fault Tolerant (BFT) State Machine Replication (SMR) to guard against various vulnerabilities. This augmented security approach strengthens Qubetics’ resilience, establishing trust in the platform and positioning it as a solid investment in the Best Crypto Presale to Buy Now category.

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Best Crypto Presale to Buy In November 2024:  Seize the Opportunity to Access 100x Growth Potential Coins 5

Qubetics is currently in Presale Phase 7, with each $TICS token priced at $0.0193. This project has already garnered significant investor interest with over $1.6 million raised and more than 1400 holders. Early adopters stand to benefit from a 10% price increase in the next phase, with the post-presale price set to reach $0.25—offering a return on investment (ROI) of 1193.58%. This presale is a timely opportunity for those exploring the Best Crypto Presale to Buy Now.

$300 Investment Example: A $300 investment at the current token price would secure approximately 15,523.03 $TICS tokens. If the $TICS token price eventually reaches $10, that investment could skyrocket to $155,230.33. If the price were to climb to $15, the same $300 investment could yield an astounding $232,845.50, illustrating the immense potential of Qubetics for long-term investors.

2.  Bitcoin (BTC) – Rising Dominance in the Crypto Market

The original cryptocurrency remains at the forefront of the digital asset market. Its increasing dominance is reflected in the recent decline of the ETH-to-BTC market cap ratio to 24.52%, its lowest point since April 2021. This shift underscores Bitcoin’s growing appeal, particularly among institutional investors who view it as a store of value and hedge against inflation.

In addition to Bitcoin’s adoption as a financial asset, the growing interest in Bitcoin ETFs has contributed to its prominence, capturing a greater share of capital flows. Bitcoin’s resilience and increasing acceptance reinforce its role as the go-to digital asset for long-term investors.

3.  Ethereum (ETH) – The Foundation of Decentralized Applications

Ethereum, the pioneer of decentralised applications (dApps) and smart contracts, has long been the foundation of the DeFi and NFT spaces. However, Ethereum’s market share has declined as Bitcoin’s dominance rises. This shift reflects changes in capital flows and the maturation of the broader crypto market. Despite the dip in the ETH-to-BTC ratio, Ethereum remains an integral part of the ecosystem, with countless dApps and projects relying on its infrastructure. Ethereum’s potential for scalability improvements and Layer 2 solutions, like Ethereum’s rollups, could further boost its growth prospects. Its commitment to development and innovation ensures that Ethereum remains a crucial part of any crypto portfolio.

4.  Sui (SUI) – Innovation in the Layer 1 Blockchain Space

Sui is a newer entry in the Layer 1 blockchain landscape, focusing on delivering high-performance, scalable solutions for decentralised applications. Known for its unique architecture and advanced consensus mechanism, Sui aims to provide a fast, secure, and efficient platform for developers and users. Sui’s focus on scalability makes it well-suited for DeFi and gaming applications requiring high transaction throughput and minimal latency. Although Sui is not a presale token, its innovative technology and growing community support signal promising growth potential, especially as the demand for high-speed blockchain solutions continues to rise.

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Best Crypto Presale to Buy In November 2024:  Seize the Opportunity to Access 100x Growth Potential Coins 6

What Crypto Has the Most Potential?

Crypto market is witnessing a dynamic shift favouring Bitcoin’s rising dominance. With the latest insights, Bitcoin, Ethereum, Sui and Qubetics stand out as the top crypto projects to buy in the current climate. However, as institutional interest in Bitcoin grows, opportunities remain for innovative projects like Qubetics. Qubetics’ focus on augmented security, powered by Ethereum’s security protocols and Byzantine Fault Tolerant (BFT) mechanisms, sets it apart in the blockchain space.

As the presale progresses, Qubetics offers early investors a unique opportunity to participate in a groundbreaking project poised for substantial growth. For those seeking the Best Crypto Presale to Buy Now, Qubetics is worth considering, as it has a promising ROI and advanced security features that instil confidence. Don’t miss out—join the Qubetics presale today and position yourself at the forefront of blockchain innovation and interconnected technology.

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Best Crypto Presale to Buy In November 2024:  Seize the Opportunity to Access 100x Growth Potential Coins 7

For More Information:

Qubetics: https://qubetics.com

Telegram: https://t.me/qubetics

Twitter: https://x.com/qubetics

Sui Network Fixes Staking Reward Bug, Advises Users to Hold Off on Unstaking

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  • Sui Nеtwork rеsolvеd а stаking rеwаrds bug on Octobеr 27th, rеstoring normаl opеrаtions for usеrs.
  • SUI pricе fеll by 11.44% from Octobеr 24-25 but rеboundеd to $1.80 by Octobеr 26.
  • Anаlyst CryptoMichNL sееs $1.50 аs а strong еntry lеvеl if SUI’s pricе corrеction continuеs.

Sui Nеtwork, а Lаyеr 1 blockchаin аiming for high throughput аnd low lаtеncy, hаs аddrеssеd а rеcеnt bug thаt impаctеd thе distribution of stаking rеwаrds. Thе fix, implеmеntеd todаy, Octobеr 27th, 2024, rеsolvеs аn issuе thаt bеgаn during thе еpoch chаngе on Octobеr 24th.

Whilе thе bug disruptеd thе distribution of rеwаrds for еpochs 560, 561, 562, аnd 563, Sui Nеtwork еmphаsizеd thаt no stаking rеwаrds or stаkеd funds wеrе lost during this timе. Thе nеtwork аdvisеd usеrs to rеfrаin from unstаking thеir tokеns until thе fix is implеmеntеd to еnsurе thеy rеcеivе аll аccumulаtеd rеwаrds.

“Wе implеmеntеd а fix thаt goеs livе with еpoch 564 on Sundаy, Octobеr 27th аt 10:30 AM PT,” Nеtwork аnnouncеd viа Twittеr. “Sui usеrs should аvoid unstаking until еpoch 564 hаs bеgun.” This stеp sееks to еnsurе usеrs do not losе аny аccumulаtеd rеwаrds аnd to rеturn opеrаtions to normаl.

Sui 1
Source: Sui Network

SUI Price Declines Amid Market Correction

Thе stаking issuе coincidеd with а notаblе fluctuаtion in thе pricе of SUI, thе Nеtwork’s nаtivе tokеn. Bеtwееn Octobеr 24 аnd Octobеr 25, thе pricе of SUI еxpеriеncеd аn 11.44% dеclinе duе to а combinаtion of nеtwork-spеcific аnd broаdеr mаrkеt fаctors. Howеvеr, on Octobеr 26, thе tokеn bеgаn to rеcovеr, аnd it is now trаding аt $1.80—а 2.73% incrеаsе ovеr thе lаst 24 hours.

CryptoMichNL, а widеly rеspеctеd аnаlyst, commеntеd on thе situаtion, stаting, “Mаrkеts hаvе bееn corrеcting, аnd $SUI hаs sееn а 30% corrеction аftеr а giаnt run.” Thе аnаlyst notеd thаt thе tokеn is аpproаching а “kеy zonе of intеrеst,” signаling а potеntiаlly fаvorаblе еntry point for invеstors. 

CryptoMichNL highlightеd а tаrgеtеd pricе rаngе аround $1.80 аs а strаtеgic stаrting point for building а position. If thе pricе corrеction pеrsists, hе idеntifiеd thе $1.50 lеvеl аs аnothеr strong еntry opportunity, indicаting thаt this pricе lеvеl could sеrvе аs а foundаtion for а potеntiаl rеcovеry.

Xpost Sui
Source: CryptoMichNL

In аddition, thе Rеlаtivе Strеngth Indеx (RSI), а momеntum indicаtor, currеntly sits аt 46.83 on thе 1-dаy timеfrаmе. This vаluе, hovеring bеlow thе nеutrаl midpoint of 50, suggеsts thаt sеlling prеssurе slightly outwеighs buying intеrеst. 

This nеutrаl-to-bеаrish zonе indicаtеs thаt it mаy еxpеriеncе morе sidеwаys or downwаrd movеmеnt in thе nеаr tеrm unlеss buying prеssurе rеbounds. Howеvеr, а dip in thе RSI closеr to 30 could signаl ovеrsold tеrritory, potеntiаlly prеsеnting а buying opportunity for mаrkеt pаrticipаnts.

Related Reading | Ethereum Whales Seize Buying Opportunity, Analysts Eye 60% Price Jump

SUI’s Skyrocketing Price: Experts Warn of an Impending Crash

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  • SUI has reached a new all-time high, surpassing major cryptocurrencies and securing a spot among the top 15 coins.
  • SUI’s TVL has exceeded $1 billion, outperforming competitors like Polygon and Avalanche.
  • Insider selling from a large foundation wallet has questioned the token’s future trajectory.

Continuing its giant strides, the SUI token has reached its highest weekly closing price ever, surging past two major cryptocurrencies to secure a spot among the top 15 coins. It has recently flipped Polkadot’s DOT in the race. This remarkable achievement has ignited immense excitement and optimism within the community.

On the defi front, the leading crypto asset secured a major milestone by securing $1 billion in Total Value Locked [TVL], surpassing major competitors like Polygon [POL] and Avalanche [AVAX] in the process. The token’s performance has captured investor attention and reinforced confidence in its potential for further gains. Many believe that the token’s momentum indicates a sustained upward trajectory, driven by strong buying interest.

However, despite the euphoria surrounding SUI’s ascent, there are growing concerns about its valuation and the potential impact of insider selling. The token’s market capitalization has skyrocketed significantly, raising questions about whether it is justified by its underlying fundamentals.

SUI: Insider Selling Casts a Shadow

Moreover, recent revelations about substantial insider selling have added a layer of complexity to SUI’s narrative. Market observers have spotted a large foundation wallet, that has reportedly sold hundreds of millions of dollars worth of SUI tokens during the recent price surge. This raises concerns about their motivations and the potential impact on the token’s future trajectory.

SUI
Source: light

While SUI’s performance has been undeniably impressive, the combination of a ballooning valuation and insider selling raises questions about whether the current momentum is sustainable. Investors must carefully consider these factors before making investment decisions.

Although the token has garnered much attention, its fully diluted valuation [FDV] of only $1.2 billion compared to Solana’s $4.7 billion raises eyebrows. This suggests that SOL might be significantly undervalued, especially considering its FDV is just a third of ETH’s.

The recent revelations about the Sui Foundation’s wallet holding substantial amounts of the tokens have added another layer of complexity to the narrative. While some see this as a positive sign, others question the foundation’s intentions. Overall, the crypto landscape remains in flux, and investors must carefully evaluate all factors before making investment decisions.

SUI Token Breakout Expected as TVL Surges Past $1B

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  • SUI recently flipped Polygon and Avalanche, surpassing $1 billion in TVL.
  • The token is poised for a major breakout, with strong bullish momentum pushing it past resistance levels.
  • Analysts believe a pullback to $1 is unlikely, with $1.4 being the lowest potential drop.

The SUI token is exhibiting strong bullish signals, as it nears a critical breakout point. According to the latest 1-week chart analysis, the token is on the cusp of a major breakout, reinforcing its growing dominance in the market.

In the past few days, SUI achieved a major milestone by securing $1 billion in Total Value Locked (TVL), flipping major competitors like Polygon and Avalanche in the process. The token’s performance has captured investor attention and reinforced confidence in its potential for further gains. Many believe that the token’s momentum indicates a sustained upward trajectory, driven by strong buying interest.

While some traders wonder if they’ll get another chance to buy SUI at that price, market experts predict that the lowest potential pullback could be around $1.4—if such a correction occurs at all. A drop back to $1 is highly unlikely, as per experts.

SUI
SUI Token Breakout Expected as TVL Surges Past $1B 12

The 1-week chart shows clear indications that the major resistance level, which SUI is currently testing, is likely to be broken soon. If this happens, the token could see a rapid rise, with analysts setting targets far beyond its current levels.

SUI’s Strong Fundamentals

The altcoin made waves after a blistering 300% rally last month. This surge has catapulted it into one of the top-performing Layer 1 tokens. However, market analysts like Ali warned of potential short-term correction in the token’s price, despite its remarkable growth.

Jamie Coutts, Chief Crypto Analyst at Real Vision, has emphasized the layer-1 network’s impressive net inflows, which amount to $737.6 million for the year. These inflows make up 18% of SUI’s market capitalization, a stark contrast to Solana’s 2%, highlighting the former’s growing popularity in the cryptocurrency space.

SUI’s recent developments highlight its growing influence in the altcoin market, and many believe it could continue to outpace other major players. As more investors take notice, SUI is becoming a prime candidate for potential long-term gains, particularly if the bullish breakout materializes in the coming weeks.

SUI Takes the Spotlight: A 300% Price Jump and Soaring Social Engagement

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  • SUI’s price has surged nearly 300% in the past month, attracting significant trader and social media attention.
  • Jamie Coutts reports the token’s net flows at $737.6 million this year, second only to Solana, with inflows accounting for 18% of its market cap.
  • The token has received 92.9% of its inflows from Ethereum, signaling a shift in investor interest towards new blockchain technologies.

The cryptocurrency markets have been witnessing a sharp rise in SUI action, up an astonishing almost 300% in the last month. The jump in price has brought not only traders into the fray but also all social action regarding it through the roof to an all-time high. With the rising enthusiasm, analyst Ali said that growth may continue upward, but it could be due to a short-term correction.

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Capital Flows Favoring SUI Amidst Market Dynamics

Recently, Jamie Coutts, Chief Crypto Analyst at Real Vision, highlighted this event, referring to SUI flows as outstanding. In his analysis, he depicted SUI’s net flows for the year at an incredible $737.6 million, the second most among alternative Layer 1s, only preceded by Solana at $1.1 billion.

SUI’s inflows account for 18% of its market cap, a great contrast to Solana’s 2%, underlining the significant difference that makes SUI increasingly popular. Interestingly, the dynamics change in the way entities allocate capital to the cryptocurrency market.

Ethereum, traditionally the leader in the ecosystem, is a case of substantial outflow of capital to primarily Layer 2 solutions, yet a portion of this capital now starts finding its way into other Layer 1 networks.

SUI has emerged as the largest beneficiary, receiving 92.9% of its inflows from Ethereum and another 5.3% from Solana. This has signaled not only a rising interest but reflects a wider change in investor perception toward new and upcoming blockchain technologies.

Coutts gives an interesting comparison between global blockchain networks and constructs an analogy wherein Ethereum takes the United States: property rights and a strong capital market, whereas Solana has similarities with China because of rapid growth with more central regimes.

As such, SUI would be the new in town. Although it boasts advanced technology, it still has a lot of work to do to develop its capital markets and diversify its economic portfolio.

This evolution might tell the future, especially when more capital is pumped into promising new projects. However, with the growing interest in this token and inflows on the rise, investors will be very keen to monitor SUI either for signs of continued momentum or possible corrections in store.

Related Reading | Solana Set to Surge: Could It Reach $330 and Rival Ethereum?

Sui (SUI) Soars 48% in a Week, Eyes $2.60 Threshold

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Sui (SUI) has been making waves in the cryptocurrency market, showing a remarkable uptrend that has caught the attention of investors and enthusiasts alike. The digital asset is experiencing a significant surge in its value, outperforming many of its peers. Over the last week, SUI has soared by nearly 48%, demonstrating its robust potential and solidifying its position as a promising player in the crypto space.

In a broader context, the token’s performance over the past month is equally impressive. The cryptocurrency has seen a steady climb, with its value increasing by 15% over the last 30 days. This consistent growth highlights Sui’s resilience and its potential to continue rising, especially as the market navigates through fluctuating trends and investor sentiments.

At the time of writing, the token’s price stands at $0.936682, with a 24-hour trading volume reaching a substantial $1.38 billion. The cryptocurrency’s market capitalization has reached $2.19 billion, securing a market dominance of 0.10%. Despite a slight dip of 4.04% in the last 24 hours, the overall trajectory remains positive.

SUI 1D graph coinmarketcap 1
Sui (SUI) Soars 48% in a Week, Eyes $2.60 Threshold 16

SUI Predicted to Hit $2.60 Mark

Prominent crypto analyst Jonathan Carter shared a bullish outlook on SUI. Carter’s analysis reveals that SUI has been showing promising signs of strength, having surged from the lower support of its ascending channel. This upward momentum led to a significant breakout above a previously stubborn descending triangle, a move that has not gone unnoticed by market participants.

Currently, the token is comfortably positioned above the $0.92 mark, a level that is now acting as a crucial support. This positioning suggests that the token could be gearing up for a more substantial rally, with upper resistance levels being the next target on the horizon.

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But what really has the community buzzing is Carter’s prediction that if the bullish momentum persists, the token could reach as high as $2.60. This potential price surge represents a substantial gain from its current position, making it a token to watch closely in the coming days.

For those invested in SUI or considering it, Carter’s analysis serves as a reminder of the importance of staying informed and being prepared for the volatility that defines the crypto market. As the price action unfolds, the crypto world will be keeping a close eye on whether SUI can sustain its upward trajectory and hit that $2.60 target.

Related Reading |  Bitcoin Cash (BCH) Could See 13X Returns: Analyst Forecasts Strategic Buying Opportunity 

SUI Overtakes Solana in Transaction Race

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In a surprising turn of events, Sui, a blockchain network renowned for its focus on scalability and low fees, has outshone Solana, a top 10 cryptocurrency network, in terms of registered activity. According to recent data from Artemis, a leading blockchain statistics tool, Sui recorded an impressive 41 million transactions on April 3, surpassing Solana’s 27.7 million transactions during the same period.

The surge in activity on the Sui network can be attributed to a unique initiative involving the use of spam, a native token specifically designed to stress test the capabilities and limits of the blockchain. As part of this initiative, one billion spam tokens are issued daily, with rewards distributed among users based on their level of participation in sending transactions through the Sui network. Essentially, the more transactions a user initiates, the greater their share of spam tokens.

SUI
SUI Overtakes Solana in Transaction Race 18

During the stress test, the network’s throughput surged to an impressive 863 transactions per second (TPS), eventually stabilizing at a still-impressive 650 TPS, as reported by X user Martyparty. With over 65 million transactions already processed during the stress test, the number is expected to continue rising as more users join in to earn more spam tokens. Notably, less than 60,000 unique users have participated in the test thus far.

To facilitate user transactions during the stress test, the spam team has developed a user-friendly web client hosting a cryptocurrency wallet capable of sending one transaction per second. Additionally, an on-chain mechanism has been implemented to track user transactions, calculate rewards, and enable users to mint spam tokens without relying solely on the provided web client.

Sui’s Strengths Shine Amid Solana’s Operational Challenges

Despite the significant surge in activity, the Sui network has demonstrated remarkable resilience, seamlessly handling the increased transaction volume without any operational disruptions. This bodes well for the network’s scalability and robustness in the face of heightened demand.

Meanwhile, Solana, while managing a lower transaction volume, has encountered operational challenges, prompting engineers to expedite software patches to address these issues. As Sui continues to push the boundaries of blockchain scalability through innovative initiatives like the spam stress test, the competition between blockchain networks is poised to intensify in the ever-evolving crypto landscape.

Weekly Highlights: Bitcoin & Ethereum Hold Strong, Altcoins Surges

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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.

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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.

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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.

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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 

Weekly Highlights: Bitcoin & Ethereum Surges, Altcoins Follow

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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.

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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.

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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.

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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.

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