Category Archives: Altcoin
Altcoins rally as analyst warns Bitcoin is in the ‘$50K $60K twilight zone’ – Cointelegraph
The price of Bitcoin (BTC) is still stuck in what traders hope will be a short-term downtrend as the impact of the April 18rumors of a crackdown on unnamed financial institutions for facilitating money laundering using cryptocurrencies has yet to be shaken off.
Data from Cointelegraph Markets and TradingView shows that since being pummeled below the $51,000 level on April 18, the price of BTC has been trading in a range between $52,500 and $57,500 and establishing a descending pattern of lower highs and lower lows.
While regulatory concerns may have played some role in the current drawdown, there have been several other significant developments that have affected BTC's recovery.
According to Micah Spruill, managing partner and chief investment officer at S2F Capital, a 20% to 25% drop in the Bitcoin hash rate caused by mandatory power blackouts in the Xinjiang region of China over the weekend "forced approximately 80% of the miners in that area offline.
Spruill sees this drop in hash rate, combined with an all-time high in the Bitcoin futures open interest rate as the catalyst for the perfect scenario for a major over-leverage washout.
In terms of what comes next for Bitcoin, Spruill pointed to an increase in bullish sentiment among analysts and traders after much of the over-speculation in the market this month was tempered by the price pullback.
Spruill said:
David Lifchitz, chief investment officer of ExoAlpha, echoed Spruill's perspectives, also pointing to regulatory concerns in the United States and the announced ban on cryptocurrencies in Turkey as the match that lit the fire of an overleveraged trading environment based on the perpetual swaps funding rate before and after the plunge.
According to Lifchitz, Bitcoin is now back in the $50,000 $60,000 twilight zone, which is characterized by institutional dip-buyers with orders at the $50,000 level, retail FOMO the fear of missing out above $60,000, and trading bots playing ping-pong in the range in between.
Since the drawdown, Lifchitz has identified a temporary support for BTC in the middle of the range, around $54,000 to $55,000, but still considers it too early to say if the dip is over.
Lifchitz said:
Bitcoins current downtrend has opened the door for Ether (ETH) to step into the limelight, with the top-ranked altcoin by market capitalization hitting a new all-time high at $2,644 on the back of $47.3 billion in trading volume.
Ethers rally was accompanied by a 25% rally in the price of Maker's MKR, one of the oldest decentralized finance projects on the Ethereum network, which reached a new all-time high of $4,980.
Solana's SOL has also been a strong performer as of late, surging 26% overnight to reach a new record high at $39.72.
The overall cryptocurrency market cap now stands at $2.02 trillion, and Bitcoins dominance rate is 49.6%.
Visit link:
Altcoins rally as analyst warns Bitcoin is in the '$50K $60K twilight zone' - Cointelegraph
Altcoin Market Shifts to Recovery Mode! Traders Focus on BNB, REN, and MATIC! – Coinpedia Fintech News
The altcoin market has now entered a period of recovery. With Bitcoins price dropping below $50,000 in the last week, several popular altcoins saw major sell-offs, resulting in significant price drops. However, several altcoins have seen small gains in the last 24 hours as they attempt to buck the trend and climb the charts.
In the last week, Ethereums price has increased by over 4%, while Binance Coins price has increased by nearly 7% in a 24-hour period. The bullish turnaround hasnt been universal across the industry, as is often the case.
Surprisingly, data given by Santiment revealed that a few coins, such as Binance Coin, Matic, Ren Protocol, and others, stood out among the coins that were now rebounding. Although whales seem to be playing a larger role in the altcoin market in recent months, they may have led to the recent sell-off or been one of the weak links, given their high correlation with BTC, theyseem to also be helping in the recovery for these coins.
Binance Coin has been able to secure a solid recovery run with gains of over 19% since April 23, as well as sustain two primary price levels without dropping below them. According to Santiments Whale Hodlers percent shift model, BNB has seen whale accounts rise by 7.5 percent, which isnt the biggest jump in comparison to other altcoins. It could be a sign of a shift in the industry, with a higher concentration of large accounts, which could have a significant impact on BNBs price in the coming weeks.
Santiment stated that coins like Binance Coin, Ren Protocol, Matic, and others are seeing a surge in new large accounts and activity from this demographic. In the case of REN, data from IntoTheBlock revealed that 49.36% of its addresses can be classified as whales, with a slightly higher concentration of tokens than its retail trader demographic.
Throughout 2021, the coins long-term holder base has grown, with about 3.47k addresses holding REN in their wallets for more than a year. Traders who retain their assets for less than a year (specifically 1-12 months) continue to dominate the REN market, and the medium-long term market continues to attract a sizable portion of investors.
In the case of MATIC, the number of long-term traders who have been hodling for more than a year has increased by nearly 100% in the last quarter. According to market data, the number of addresses that have been sitting idle for more than a year has increased from about 1.7k in December 2020 to over 3.3k this month.
Many of these altcoins are experiencing an interesting change in their core population, as there is a small shift away from short-term gains to a more long-term approach. If the trend proceeds one could expect long-term hodlers to increase in number and drive the altcoin market in the looming months.
Continue reading here:
Altcoin Market Shifts to Recovery Mode! Traders Focus on BNB, REN, and MATIC! - Coinpedia Fintech News
Applied Blockchain, Inc. Launches Ethereum and Altcoin Mining Business via Strategic Partnership with Industry Leaders SparkPool and GMR – PRNewswire
DALLAS, April 16, 2021 /PRNewswire/ --Applied Blockchain, Inc. ("Applied Blockchain" or the "Company") (OTC: APLD), today announced it has entered the Ethereum and Altcoin mining market through strategic partnerships with industry leading companies SparkPool and General Mining Research ("GMR"). The Company successfully completed an oversubscribed private investment of $16.5 million in proceeds, before fees and expenses.
Business Highlights
Strategic Partnership and Services Agreement
Applied Blockchain has entered into a strategic partnership with SparkPool and General Mining Research (GMR) whereby both will each take a 9.9% ownership stake in Applied Blockchain, Inc. The companies have also signed a three-year services agreement where SparkPool and GMR will provide all functions required to scale a larger Ethereum and Altcoin mining operation including access to hardware, hosting, hardware management, mining optimization through proprietary software and asset management. All services will be provided to Applied Blockchain, Inc. at SparkPool and GMR's costs, which will allow the company to leverage the large scale and proven efficiency of our partners. Importantly, the agreement will also allow Applied Blockchain, Inc. priority access to mining hardware at favorable pricing. The agreement includes one year auto renewals after the initial three-year term.
"Ethereum represents one of the most attractive investment opportunities in the blockchain ecosystem with usage of the network hitting an inflection point in the last twelve months and transaction volumes increasing over 1,000% year over year," said Applied Blockchain, Inc.'s CEO and Chairman Wes Cummins. "Our strategic partnership withSparkPool, the largest Ethereum mining pool in the world, and GMR, a leader in mining operations, asset deployment and management, will allow us to quickly scale a large operation with industry leading efficiency. Our partners have successfully deployed hundreds of millions of dollars into cryptocurrency mining operations and their proprietary quantitative algorithms calculate the most profitable mining strategies in real-time and adjust mining hash power accordingly. Importantly, our partners operations are established and efficiently operating with low-cost hydroelectricity that circumvents the power generation challenges that many miners face today while also running the most efficient mining software ensuring 99%+ uptime and the highest mining rewards. Importantly, the multi-year services agreements provide us with scarce operational expertise. Through these partnerships we have strategically aligned our collective interests around a common goal of deploying capital rapidly to expand mining operations and capture a meaningful share of the Ethereum/Altcoin mining market."
Mr. Cummins continued, "The success of our private placement is indicative of the interest and excitement around Ethereum and the growing demand for distributed permissionless platforms without centralized toll takers. The Ethereum network is on pace to capture nearly $4 billion in fee revenue in 2021. Through these partnerships we believe we can be an immediate and active player in the space and provide attractive returns for our investors."
Key Details of the Private Placement
The company has closed on a $16.5 million equity investment lead by institutional and accredited investors. The company sold 660,000 shares of convertible preferred stock that convert into 132,000,000 shares of common stock upon registration. This represents approximately 31.2% ownership of The Company. The Company expects to use the proceeds from the offering to procure GPU mining hardware and for general corporate purposes.
B. Riley Securities, Inc. served as sole placement agent for the financing.
Establishment of Board of Advisors
Upon closing of the financing, the representatives from SparkPool and GMR will join our new established Board of Advisors and we expect to add additional industry experts in the near future.
Pre-recorded Management Discussion
Management will publish a pre-recorded message on Tuesday, April 20, 2021 at 9 a.m. Eastern Time to discuss the company's launch, business plans and completed financing. To access the recording, please dial:
Within the United States:
1-888-506-0062
International:
1-973-528-0011
Please reference entry code:
592400
The message will be available for replay until Friday, April 30, 2021 and can be accessed by dialing:
Within the United States:
1-877-481-4010
International:
1-919-882-2331
Please reference replay passcode:
40831
The message will also be available online at https://www.webcaster4.com/Webcast/Page/2686/40831.
About Applied Blockchain
Applied Blockchain Inc is an Ethereum focused company that is seeking to quickly scale a large Etherium/Altcoin mining operation through strategic partnerships with two of the world's largest and most experienced Ethereum companies. http://www.appliedblockchaininc.com
About SparkPool
SparkPool is focused on professional mining pool services and the stable operation of public chain networks with the largest Ethereum mining pool globally. The company is dedicated to optimizing technology and services, while providing safe and stable services for thousands of users every day. With a strong reputation in community, stable mining pool services and fair allocation of rewards, it is a leading pool globally.
About General Mining Research (GMR)
General Mining Research is a research driven hash rate trading company with mining experience in Ethereum and Bitcoin. The company's proprietary algorithm optimizes mining in real-time to maximize returns of deployed assets.
Forward-Looking Statements
This release contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives. These statements use words, and variations of words, such as "continue," "build," "future," "increase," "drive," "believe," "look," "ahead," "confident," "deliver," "outlook," "expect," and "predict." Other examples of forward-looking statements may include, but are not limited to, (i) statements of Company plans and objectives, including the introduction of new products, or estimates or predictions of actions by customers or suppliers, (ii) statements of future economic performance, and (III) statements of assumptions underlying other statements and statements about the Company or its business. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the Company's expectations and projections. These risks, uncertainties, and other factors include: price competition; the decisions of customers or consumers; the actions of competitors; changes in the pricing of commodities; the effects of government regulation; possible delays in the introduction of new products; and customer acceptance of products and services. Information in this release is as of the dates and time periods indicated herein, and the Company does not undertake to update any of the information contained in these materials, except as required by law.
Investor Relations Contacts
Brett Maas Managing Partner, Hayden IR [emailprotected] (646) 536-7331
Wes Cummins Chief Executive Officer, Applied Blockchain (214) 556-2465
SOURCE Applied Blockchain, Inc.
These Crypto Assets Could Surge 100x, According to Altcoin Daily – The Daily Hodl
Altcoin Daily hosts Austin and Aaron Arnold are naming coins that they say have the potential to rally as much as 100x.
In a new video, the YouTubers and crypto analysts tell their 656,000 subscribers that crypto research tool and data analytics platform Messari can provide traders the opportunity to find out which low-cap coins have caught the attention of large venture capitalist funds.
The Arnolds explain that sifting through these crypto hedge fund investments could lead traders to the next coin that is set to rally by 50x, 75x, or even 100x.
Coinbase Ventures is one fund that has a few smaller market cap investments under its belt.
Aaron highlights that the lowest market cap assets that Coinbase Ventures holds are non-fungible token project (NFT) Rarible (RARI) and social influencer engagement platform Rally (RLY).
The NFT marketplace Raribles RARI token has skyrocketed in value in the past six months from a low of around $1.50 to a high of $46.70, but its market cap still stands at only $80 million.
Rally, which is a network that allows influencers to create fan engagement tokens and generate fan participation, is sitting at around a $123 million market cap and is up from an all-time low of $0.045 to a high of $1.40.
The Arnolds are also looking at Pantera Capitals low-cap picks, which include Injective Protocol (INJ) and API3. The pair notes that Pantera holds some additional assets that are lower in market cap. However, those coins origins date back a bit too far to make them compelling investments during this bull market, in their opinion.
Injective, which is a decentralized derivatives platform, is currently sitting at a $176 million market cap, up 1,915% from its November 2020 low of $0.65 to its current value of $13.10. Chainlink (LINK) competitor API3 is hovering at a $160 million market cap, up 627% from its November low of $1.04 to its trading price of $7.57 at time of writing.
Finally, the pair investigates PolyChain Capitals low-cap picks, which are decentralized privacy layer NuCypher (NU), decentralized virtual private network (VPN) Orchid (OXT) and another privacy layer Keep Network (KEEP).
NuCypher is sitting just under a $200 million market cap, while Orchid and KEEP are evaluated at just under $300 million.
l
Featured Image: Shutterstock/Standret
Read the original:
These Crypto Assets Could Surge 100x, According to Altcoin Daily - The Daily Hodl
JPMorgan ‘Worried’ Over Bitcoin Price As Altcoins Leave BTC in the Dust – Cryptonews
Source: Adobe/Dmitry
While strategists at major investment bank JPMorgan warn that it's better for bitcoin (BTC) to break through the USD 60,000 level soon, lest it drops further, other researchers see more positive signals but note that we're now at the crossroads, and may go either way.
JPMorgan strategists are "worried" over bitcoin potentially seeing deeper slumps and if the coin isnt able to break back above USD 60,000 soon, momentum signals will collapse, as reported by Bloomberg.
They found it likely that traders, including Commodity Trading Advisers (CTAs) and crypto funds, were partly behind the buildup of long BTC futures in recent weeks, and the unwind in past days.
There was a steep liquidation in BTC futures markets in the past few days, similar to those in February and January this year, and November last year. "Momentum signals will naturally decay from here for several months, given their still elevated level," the strategists noted. They added that in these previous events, the buyers prevented further drop, and the flow impulse was strong enough to enable BTC to break out above the key thresholds.
The likelihood of this scenario repeating now seems lower "because momentum decay seems more advanced and thus more difficult to reverse," while flows into BTC funds seem weak as well.
However, according to digital asset management firm CoinShares, inflows into digital asset investment products nearly tripled to USD 233m last week, while BTC saw the largest inflows of USD 108m.
Also, in January, JPMorgan strategists argued that BTC could fall below its price at the time of USD 40,000, or push through it up again - but that the flow into the Grayscale Bitcoin Trust (GBTC) would likely need to sustain a USD 100m a day pace for a while for such a breakout to occur.
However, BTC broke USD 40,000 and rallied to USD 60,000 even without these large daily inflows into the GBTC.
Meanwhile, Mike McGlone, Bloomberg Intelligence Senior Commodity Strategist, argued that BTC will probably maintain its price discovery and adoption into the mainstream.
And some other researchers suggest that we're currently at a crossroads.
Norway-based, crypto-focused research firm Arcane Research argued that we're now facing the first resistance at around USD 58,000, while the USD 50,000 "should be a fairly strong support level." This used to be a resistance in late February and early March, but then turned into support in late March and this weekend.
Going below USD 50,000 would be short-term bearish and could potentially lead to the USD 45,000 level.
But climbing above USD 58,000 and retaking the USD 60,000 level would be a bullish signal and potentially take us towards to a new all-time high again, Arcane said. Currently, it's USD 64,805 (per Coingecko).
At 8:25 UTC, BTC is trading at USD 55,421. It's up 1% in a day and is down 14% in a week. Also, it's among the worst performers today and in the past week, as multiple altcoins are up by double digits today and in the past seven days.
Meanwhile, per blockchain analysis company Chainlaysis, BTC inflows to exchanges have been on the rise since late-February, but are still not as high as they were in mid-February. That number in the last day is BTC 99,270 (currently USD 5.5bn), above the 180-day average. An increase in inflows suggests potentially increased selling pressure in the market, according to Chainalysis.
BTC inflows to exchanges
At the same time, major crypto exchange OKEx reported that the buying power still exists despite the BTC quarterly premium crashing over 10%, and that the altcoin season is "far from over."
To Evercoin founder Miko Matsumura, bitcoin's drop below 50% dominance signals altcoin seasonality, which he said would be led by ethereum (ETH). BTC dominance, or the percentage of the total market capitalization, now fluctuates around 49%-53%, depending on a data provider.
Popular BTC analyst Willy Woo argued that we're close to the bottom, "if it hasn't already been put in." He added that the revisit of lower price has created "incredibly strong" price validation for BTC about USD 1trn capitalization.
Also, popular crypto trader and analyst Bitcoin Jack said that "low volume periods go hand in hand with consolidation of price," while an uptick in volume on-chain and April 18 capitulation event are "likely indicators of renewed sustained volatility."
____
___
__
__
__
___Learn more: - Bitcoin Fees Hit ATH, Transactions Slow Down after China Explosion- Bitcoin Sell-off Postmortem: Euphoria Exhaustion & FUD Behind Massive Liquidations- 3/4 of Polled S Korean Bankers See Bitcoin At USD 90K Before End of 2021- Bitcoin Faces Hedge Test Amid Rising Inflation Concerns- Coinbase Listing Won't Help Bitcoin Price - Analyst- Bitcoin Market Changed 'Radically' & Volatility Decline Attracts Institutions- Bitcoin to Be Worth Millions by 2023, ETH Above USD 2K by 2022 - Kraken CEO- Institutions & Retail Compete For Bitcoin - Whose Hands Are Stronger?- Next 2-3 Years 'Should Be a Turning Point for Bitcoin' - Deutsche Bank- Inflation Is Here & Bitcoin Will Hit USD 115K Ahead of Target Pantera
Continued here:
JPMorgan 'Worried' Over Bitcoin Price As Altcoins Leave BTC in the Dust - Cryptonews
How long is the altcoin rally going to last? – FXStreet
Most of the coins have continued their growth today. However, some of them have entered a correction phase.
Top 10 coins by CoinMarketCap
Bitcoin (BTC) could not keep the growth, and its price has gone down by 2.22 percent as a result.
BTC/USD chart by TradingView
Despite the dip, Bitcoin (BTC) does not look bearish while it keeps trading above $61,500.
The volatility has reduced, which means that the sideways trend in the range of $62,000-$63,000 is the most likely scenario until the end of the week.
Bitcoin is trading at $62,800 at press time.
Ethereum (ETH) is more bullish than Bitcoin (BTC). The rate of the main altcoin has increased by 3 percent since yesterday.
ETH/USD chart by TradingView
On the daily chart, Ethereum (ETH) remains bullish, aiming at the $2,600 mark. The trading volume is low, which means that bears are not so active yet.
Ethereum is trading at $2,467 at press time.
XRP is the top loser today, with its price going down by 4 percent.
XRP/USD chart by TradingView
XRP is yet to decide its next move. In this regard, sideways trading might prevail in the mid-term. Hence, the area of $1.75-$1.85 is a magnet for buyers in the short-term.
XRP is trading at $1.71 at press time.
Go here to read the rest:
How long is the altcoin rally going to last? - FXStreet
Dogecoin (DOGE) and Maker (MKR) soar as the altcoin market cap tops $1T – Cointelegraph
Now that the Coinbase (COIN) stock listing is out of the way, the focus of traders has shifted back to the crypto market as Bitcoin (BTC) price works to regain its footing above $63,000 and altcoins move higher.
After reaching a new all-time high near $65,000, BTC price dipped below $62,000 before finding a bit of momentum in the range which one fund manager called a great opportunity to buy.
Data from Cointelegraph Markets and TradingView shows that Bitcoin has steadily climbed higher since Wednesday's correction and bulls are attempting to flip the $63,500 level from resistance to support.
Trading action for COIN was muted on Thursday as the price declined during the early trading hours and closed the day at $326.88.
For those who are curious about how Bitcoin's current price action compares with previous bull cycles, Jarvis Labs co-founder Ben Lilly sayslooking at the time it took for BTC price to reach its peak following its most recent halving is a good place to start.
As seen in the chart above, the current cycle is falling somewhere in between the 2012 and 2016 halving cycles with the price action"setting up to be faster than what we saw in 2017, but slower than 2013.
While Bitcoin and COIN faded from the spotlight on Thursday, altcoins stepped up to carry the market higher. Dogecoin (DOGE) was the breakout star of the day with a 60% rally that saw its price sprint to a new all-time high at $0.1918.
Momentum for DOGE was kicked off when one of cryptocurrencys well-known proponents and Technoking of Tesla Elon Musk posted the following tweet for his 50.8 million followers.
Other notable altcoin performances include Maker (MKR), which gained 43% on the day for a record high of $4,102 as its ecosystem moves towards full decentralization, and Band Protocol (BAND), which rallied 38% to a new all-time high at $22.83 following the announcement of integration with Google Cloud.
The overall cryptocurrency market cap now stands at $2.26 trillion and Bitcoins dominance rate is 53.7%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
View post:
Dogecoin (DOGE) and Maker (MKR) soar as the altcoin market cap tops $1T - Cointelegraph
Analyst Who Called Crypto Crash Says Five Altcoins Are Set To Outshine Bitcoin – The Daily Hodl
Cryptocurrency analyst and YouTuber Benjamin Blunts is revealing five altcoins that he believes will perform better than Bitcoin.
The cryptocurrency trader who called Bitcoins bottom after the 2017 then-record-high six months ahead of time, kicks off the list with Ethereum.
if Bitcoin still continues up to $100k and beyond while this is happening, thats just going to mean ETH is pumping even more so, you know. If Bitcoin doubles from here that means ETH will triple from here because its going to be outperforming Bitcoin.
The second altcoin that Blunts believes will record larger percentage gains than Bitcoin going forward is blockchain oracle Chainlink (LINK).
Im not 100% sure how high LINK will go. Im not sure whether or not its going to make a new all-time high against Bitcoin. But I do think from here its going higher, and its going to outperform Bitcoin, and its USD value is going to explode.
The other altcoin on Blunts list is decentralized exchange SushiSwap (SUSHI). On the SUSHI/BTC charts, Blunts projects that the decentralized exchange will appreciate by around 70%, and this will translate to larger gains when SUSHI is paired with stablecoins.
[SUSHI will] probably go up around 70% or so against Bitcoin. So in USD value that will probably be more again.
Decentralized finance lending protocol Compound (COMP) is another altcoin that Blunts believes will record bigger gains than Bitcoin percentagewise. The cryptocurrency analyst expects COMP to rally by over 160% against the flagship crypto asset.
So I think ultimately Comp is another nice DeFi project 164% target against Bitcoin.
Litecoin is the fifth altcoin that Blunts predicts will outperform Bitcoin and other leading cryptocurrencies by market cap. According to Blunts, Litecoin is going to outperform a lot of the majors in the short term.
l
Featured Image: Shutterstock/Tithi Luadthong/Dario Lo Presti
Visit link:
Analyst Who Called Crypto Crash Says Five Altcoins Are Set To Outshine Bitcoin - The Daily Hodl
Why Ethereums price is key to the altcoin rally – AMBCrypto News
Ethereum HODLers and alt traders had an exciting week with the price hitting a new ATH of $2547 a day ago. The altcoin is trading closer to the ATH, despite an extended price rally. Ethereums week was busy and had exciting announcements like Bitmains launch of new ASIC miners. This week CME ETH futures hit new highs and the Berlin upgrade added to the bullish sentiment of traders across exchanges.
Grayscales holdings are the same as they were a month ago, however, this hasnt stopped institutions from buying ETH futures. There are other updates on Ethereums network that may have had a direct impact on the price. Though the Berlin upgrade didnt go as smoothly as it was anticipated to. However, this did not affect Ethereums price rally.
Additionally, the approval of ETH ETFs in Canada is critical to the ongoing altcoin rally. At the current price level, due to the latest updates and based on the network metrics, Ethereums rally is expected to continue. Though sharding is an interesting aspect among others in Ethereums updates.
When Ethereums price was at the $1200 level, the concentration by large HODLers was increasing, gearing up for hitting the next ATH. Despite a few pullbacks, the price rally continued. Ethereums transaction fees have increased in the last few hours while the trade volume has dropped by over 10%. Top Ethereum dApps, Aave, and Sushiswap are rallying alongside other low and mid-market capitalization altcoins. This may be the ideal time for ETH traders to hold the price against the selling pressure.
Ethereum has led the altcoin rally several times in the past, considering its relatively high correlation with Bitcoin and increasing correlation with top crypto assets. The upgrades that are in the pipeline for Ethereum may have a negative impact on the price unless the concentration by large HODLers increases. Booking profits on Ethereum is better in the long-term than in the short-term. While most altcoins rally higher and offer double-digit returns in the short term, ETH has supported the price rally of most altcoins in the top 10. Ethereums price is key to the altcoin rally this season.
Sign Up For Our Newsletter
Read the original:
Why Ethereums price is key to the altcoin rally - AMBCrypto News
Can Bitcoin (BTC) follow the rise of the altcoins? – FXStreet
The market has almost recovered after the recent sharp dump; however, not all coins have come back to the green zone. Mainly, DOGE is the top loser from the list, going down by 20%.
Top 10 coins by CoinMarketCap
Bitcoin (BTC) is the only coin from the list that is located in the red zone. The rate of the main crypto has down by 0.13%.
BTC/USD chart by TradingView
Despite the decline, the long scenario is more likely than a bullish one as the coin is accumulating power at the moment for a rise to the next level at $61,400.
Bitcoin is trading at $55,970 at press time.
Ethereum (ETH) is the main gainer today as the rate of the chief crypto has gone up by almost 10%.
ETH/USD chart by TradingView
On the weekly chart, Ethereum (ETH) is about to set the new peak as the altcoin has successfully bounced off the support at $2,100.
In this case, one may expect a test of the area around $2,600 shortly.
Ethereum is trading at $2,423 at press time.
XRP is not an exception to the rule, even though the growth only amounts to 3.70%.
XRP/USD chart by TradingView
XRP is also looking bullish with a potential target around $1.52. The coin is about to accumulate power in that area to make a breakout and keep the rise to the peak at $1.96.
XRP is trading at $1.41 at press time.
Cardano (ADA) has shown 3% growth over the last 24 hours.
ADA/USD chart by TradingView
Cardano (ADA) has bounced off the daily MA 50 that has confirmed the bullish power. In this regard, the altcoin is also looking bullish, potentially about to attain the mark of $1.34 shortly.
Cardano is trading at $1.2679 at press time.
Binance Coin (BNB) is trying to reach the mark of $600 on the daily chart. If bulls fix above it, there are high chances of seeing a new peak around the zone of $700 within the next few days.
BNB is trading at $583 at press time.
Continue reading here:
Can Bitcoin (BTC) follow the rise of the altcoins? - FXStreet