What a week it was for mega-cap cryptocurrencies. Three of the most popular digital assets out there,Bitcoin(BTC 2.52%),Ethereum(ETH 2.07%) andDogecoin(DOGE 2.12%), each saw impressive gains. As of 12:45 p.m. ET on Friday, these three top-10 cryptocurrencies by market capitalization rose 14.7%, 10.4% and 15.4%, respectively, over the past seven days.

It shouldn't be surprising for many investors to see Bitcoin lead the market higher, as that's par for the course for this space. With roughly half the market cap of the entire crypto sector, the direction Bitcoin moves on a given week typically determines how other digital assets perform.

Accordingly, one might view this week's news that a spot Bitcoin exchange-traded fund (ETF) could be hitting the market sooner than thought as the rising tide that's lifting all boats. I certainly think there's something to that.

With that said, let's dive into what specifically drove these three cryptos higher over the past week and where they may be headed from here.

It's been a busy week in the world of crypto, with the Sam Bankman-Fried trial ongoing, various macro-data releases impacting monetary policy decisions released, and a flurry of token-specific news that's been enough to make the heads of many investors in the market spin. Of course, this week's Bitcoin news has dominated the headlines, and for good reason.

Essentially, a number of hints that Blackrock's spot Bitcoin ETF will finally be pushed over the goal line have materialized this week, with this ETF reportedly being listed on the Depository Trust & Clearing Corporation database under the ticker IBTC.

This ticker appears to have been taken down and put back up again, but the fact that we're seeing this ticker listed is apparently enough of a catalyst for crypto bulls to point to. Many believe this could be the moment Bitcoin is officially viewed as 'open for investment' for institutional investors, much in the same way gold ETFs made investing in precious metals much simpler and more attractive for money managers.

On that note, I've been reading a number of interesting analyses on this topic, with many experts attempting to quantify what a spot Bitcoin ETF could mean for the digital currency in terms of capital inflows into Bitcoin and the broader sector as a whole. Right now, I think most of these reports require a great deal of guesswork, so I'm not sure how much credence to give these.However, I do think it's true that Bitcoin and Ethereum (assuming a spot Ethereum ETF is next, which would be 100% logical) will receive a big boost from a rush of capital into these alternative assets.

Other, more speculative altcoins, such as Dogecoin, may be well positioned to ride a wave of momentum higher. Dogecoin's price action typically takes its cue from the directional forces created by Bitcoin and Ethereum in a given week.

Indeed, the fact that Dogecoin has moved even higher than Bitcoin and Ethereum on broadly bullish market sentiment outlines the value this token provides traders as a higher-beta option in this space. A number of experts continue to point to "irrational exuberance" when discussing Dogecoin's price action over the past few days as the key driver of this token. I tend to agree.

It's clear that there's robust reason for Bitcoin and Ethereum to be up this week. As for the rest of the market, animal spirits appear to remain high, which is a great thing for crypto speculators banking on yet another catalyst-driven bull run over the near term.

That said, the extent to which this rally can be sustained beyond a few days remains to be seen. Once a spot Bitcoin ETF is launched (and maybe a similar Ethereum option), it's unclear whether the bullish momentum that's driven valuations higher can continue. Indeed, it could be the latest "buy the rumor, sell the news" event. We'll see.

It's my view that now may be a good time to take a cautious view of this space and wait for the dust to settle before stepping in. These three tokens have made nice moves over the past week, for sure. Let's just see whether these gains will be held before jumping in to ride this latest leg higher.

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Why Bitcoin, Ethereum, and Dogecoin Surged Higher This Week - The Motley Fool

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The rivalry between XRP (XRP) and Ethereum (ETH) has been heating up recently as both tokens jostle for dominance in the crypto market.

While Ethereum currently reigns supreme as the second-largest cryptocurrency by market cap, some experts predict XRP could outperform ETH in 2024.

We asked ChatGPT which of the two tokens has better prospects for the coming year before asking it to identify which under-the-radar altcoins could also be poised for explosive growth.

The last few weeks have been great for XRP holders, with the tokens value up 20% since October 19.

During that surge, XRP breached the key resistance levels at $0.50 and $0.55 both of which had proved to be formidable obstacles in the past.

Now, XRP is trading at its highest level since mid-August and is creating a strong uptrend on the weekly chart, with higher highs followed by lower highs.

According to CoinGecko sentiment analysis, more than 88% of users are feeling good about XRPs prospects, showcasing the growing belief that the token could rise in 2024.

Ethereum has also been going through a bullish phase, with a significant increase in its trading volume and price.

At the time of writing, ETH is hovering around the $1,802 level, having breached the key resistance zone at $1,750.

Although ETH has pulled back slightly from last Thursdays high, investor sentiment on Ethereum remains bullish.

We asked AI assistant ChatGPT for its take on whether XRP or Ethereum was better positioned for 2024.

For XRP, it noted the current bullish price trend, high user optimism, and resolved legal issues as potential price catalysts.

However, it ultimately favored Ethereum due to its market maturity, ongoing upgrades to its network, diverse ecosystem, and use cases beyond being just a digital asset.

ChatGPT believes that these attributes give Ethereum a more robust foundation for long-term growth that matches or surpasses the momentum that XRP has recently gained.

While acknowledging XRPs promise, especially after resolving its troubles with the SEC, ChatGPT believes Ethereums depth as a decentralized ecosystem makes it more likely to outperform XRP in 2024.

While the battle between XRP and Ethereum will be exciting for investors, some lesser-known altcoins could be surprise packages in 2024.

One such altcoin is Bitcoin Minetrix, which ChatGPT believes could be primed for a fruitful year ahead of it.

Bitcoin Minetrix (BTCMTX) is an innovative Stake-to-Mine platform that allows everyday crypto enthusiasts to participate in decentralized BTC mining just by staking BTCMTX tokens.

Users can earn cloud mining credits to exchange for BTC mining power or yields, all while enjoying sky-high staking rewards of over 200% APY.

With a clear roadmap that includes launching a mobile app and partnering with large cloud mining institutions, Bitcoin Minetrix has exciting plans to expand its ecosystem in 2024 and beyond.

The projects presale is currently ongoing and features a tier-based structure, meaning the offered BTCMTX price will increase on a regular basis.

Currently, early investors can buy BTCMTX tokens for $0.0113 a setup that has helped raise over $2.8 million in early investment from investors around the world.

With its novel Stake-to-Mine concept and ambitious vision, Bitcoin Minetrix appears positioned for major growth in 2024 as the next BTC halving event approaches.

When presented with these factors to consider, ChatGPT believes Bitcoin Minetrix has strong potential for price appreciation.

The AI model believes that a price target of between $0.05 and $0.10 isnt out of the question for BTCMTX if the development team continues to make progress on the projects roadmap.

This optimistic projection will be warmly received by members of the Bitcoin Minetrix Telegram community, who have been eagerly awaiting signs of validation for their early investment in the project.

Visit Bitcoin Minetrix Presale

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ChatGPT Gives Verdict On Whether XRP Will Outperform Ethereum ... - Finbold - Finance in Bold

A recent cryptocurrency report published by VanEck claims that the performance of SOL, Solanas native cryptocurrency, could outperform ETH (Ethereum) in the coming years.

However, this is not a precise prediction, but rather assumptions about more or less good scenarios within which the price could move.

VanEcks predictions relate to the performance of the SOL price over the next ten years.

They are therefore low-probability forecasts, consisting of an extremely wide range of possibilities.

The current price of Solanas native cryptocurrency is around $36, having also fallen below $10 in December last year.

The worst-case scenario suggested by VanEck is that the price will fall below $10 in the next few years (9.8).

However, as this is one of the two extremes of a very wide range, it should only be taken as a reference point.

In fact, the best case scenario would be to exceed $3,200, i.e. an increase of 10,000% from current levels.

Taking an intermediate figure, we can say that VanEck sees the possibility of the SOL price rising above $1,500, but with a good chance of ending up well above or well below this figure.

It should be noted that SOL debuted on the crypto markets in 2020 at under $0.6 and peaked at over $260 in November 2021. So from the time of its listing to its all-time high, the gains were over 40,000%.

Typically, these incredible performances are very difficult to repeat, so a +10,000% from current values seems unlikely, although theoretically possible.

However, taking the highs from $260 to $3,200 as a reference, the gain would be +1.100%, which is not at all absurd in the crypto markets in the long term.

Moreover, the price of SOL seems to be well suited to the inflation of real speculative bubbles, such as the 2021 one. Suffice it to say that in July 2021, after the first big spike in early 2021, the price was below $30 and in less than four months it went up an incredible +1,000%. Within the next seven months, it went back to where it started, with the speculative bubble having completely deflated by then.

The starting price of $0.6 is probably of little use and not worth using as a reference point. Perhaps a better reference point would be the $9.8 reached in December 2020, which is probably not coincidentally the bottom identified by VanEck.

The other reference point could be $30, as the price of Solana has indeed been hovering around this level since June 2022, if we exclude the bracket below $10 opened by the FTX bankruptcy in November 2022 and closed already in January 2023.

In fact, VanEck is predicting a real boom in the use of SOL.

According to the report published yesterday, Solana could become the first blockchain to host an application with more than 100 million users. This hypothetical achievement would be a tipping point for the adoption and value of SOL, leading to a huge increase in value.

Another hypothesis is that Solana could reach a market share of just under half that of Ethereum, partly because it proposes a different model.

While Ethereum relies heavily on decentralisation and community governance, Solana has a more pragmatic approach dedicated to scalability and speed, which could end up attracting a different type of user and developer less interested in decentralisation.

VanEcks idea is therefore not a direct competition between Solana and Ethereum, but rather a different approach aimed at different types of users.

Comparisons can only be made on price changes over time, while on a practical level these two things would not be directly comparable.

On the other hand, the price of ETH has already experienced two huge bull runs, the one in 2017 that took it from $10 to $1,200, and then the one in 2021 that took it from $600 to almost $4,900.

At this point, it is possible to imagine that the price of SOL could also go through another similar bull run, although it should be noted that, using historical highs as a reference, Ethereums second bull run resulted in a x4 from the previous highs.

Should the next bull run also lead to a x4 in the SOL price, the new high could be around $1,000.

Finally, it should be mentioned that VanEck also offers an ETN on the SOL among its derivatives products.

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Cryptocurrencies: Solana Could Outperform Ethereum - The Cryptonomist

U.Today - has been facing its share of hurdles in the recent market trends. An examination of its daily chart indicates a pivotal juncture at which Ethereum currently finds itself.

First and foremost, a glance at the chart reveals a potential resistance level that Ethereum seems to struggle with. This is evident from the multiple touchpoints that gravitate toward this price ceiling. Historically, consistent inability to break through such resistance has often led to sharp retraces. For Ethereum, the implications could be more pronounced, given the other market dynamics currently in play.

Source: One concerning trend is low network activity. Despite being a hub for countless decentralized apps, the recent lull in on-chain operations signals waning interest or, perhaps, a temporary shift of focus toward newer blockchain platforms. A thriving network is not just about transactions it is also about development, upgrades and new projects. Low network activity might hint at a pause in these endeavors.

Moreover, while Ethereum wrestles with its price, competitors like Solana are making substantial gains. With a 34% price increase since its local low, Solana is outpacing Ethereum in the race. This divergence is noteworthy. Ethereum's hegemony in the decentralized space is being tested, and these performance metrics might force investors to reconsider their portfolios.

recent price action can be attributed to a variety of factors. Labeled as going through its "second youth," the digital asset is enjoying tremendous growth in network activity. This vitality and resurgence can be seen as a testament to the resilience and potential of the Solana blockchain.

One key element backing this sentiment is Solana's survival through the FTX crisis. Such events can be a death knell for many other cryptos, but not Solana. Its ability to bounce back and even thrive post-crisis underscores its robustness, making it a formidable player in the crypto arena.

A glance at the price chart indicates a powerful uptrend, characterized by higher highs and higher lows. The recent bullish candles reflect the strong buying interest and momentum. However, as with all significant price surges, there is always the possibility of a pullback or correction.

The chart showcases a potential resistance point, where traders might take profits, leading to a temporary slowdown in the price ascent. Moreover, while the relative strength index (RSI) is not in the overbought territory yet, continued upward movement could push it into that zone, indicating that a potential price correction might be on the horizon.

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The 50 EMA serves as a dynamic support or resistance level, depending on where the price stands in relation to it. In Cardano's case, remaining above the 50 EMA can be interpreted as a bullish sign, indicating that recent price averages are higher than the longer-term averages.

Traders and analysts often regard this positioning as an affirmation of an asset's resilience and potential for upward momentum. In layman's terms, it is a line in the sand, one that ADA is currently on the favorable side of.

An observable aspect in the current ADA price chart is the downtrend's gradual flattening. After periods of pronounced decline, this leveling out can often precede a trend reversal. Essentially, it can be seen as the market taking a breather, consolidating and potentially gearing up for the next move.

This article was originally published on U.Today

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If Ethereum (ETH) Does Not Break This Level, There Will Be ... - Investing.com

A popular crypto trader is predicting that Solana (SOL) and another altcoin will be top performers in the next bull cycle for one key reason.

Pseudonymous analyst Bluntz tells his 224,800 followers on the social media platform X that the recent rallies by SOL and Chainlink (LINK) indicate the two alts will outperform other cryptos based on history.

So it seems of all the majors, SOL and LINK are the two standout outperformers right now that I can see.

In my experience, the first runners usually continue to outperform all through the bull market.

Naturally, people feel they missed the boat and want to chase other coins instead in hopes they are lagging. Ive also done this myself from time to time, but its worth remembering that there usually isnt the next LINK or the next SOL.

The next LINK and SOL are going to keep being LINK and SOL IMO (in my opinion).

The trader also weighs in on Ethereum (ETH) against Bitcoin (BTC) and predicts ETH/BTC may be at the start of an uptrend based on several indicators, including an engulfing candle.

Traders watch for a bullish engulfing candle since it may suggest an assets downtrend is about to undergo a reversal.

Not only did ETH manage to close the weekly as an engulfing [candle], but also a confirmed weekly bull divergence.

Couple that with the first test of the weekly 200 MA (moving average) on ETH/BTC and I think its setting up for quite a nice move up. A very welcome change after months of chop which feels like it might finally have come to an end.

A bullish ETH/BTC chart suggests that Ethereum will likely outperform Bitcoin.

ETH/BTC is trading for 0.0511 BTC ($1,753) at time of writing.

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Solana and One Ethereum-Based Altcoin Likely To Outperform Next Bull Market, According to Crypto Analyst - The Daily Hodl