Category Archives: Ethereum
Ethereum’s Vitalik Buterin Speaks With Indian Guru Sadhguru – Watcher Guru
Ethereum (ETH) co-founder, Vitalik Buterin recently spoke with Indian mystic and founder of Isha Foundation, Sadhguru on reState Foundation. The two discussed the meeting of technology and human awareness and consciousness.
Buterin opened the discussion by explaining what blockchain technology is. According to the 29-year-old programmer, blockchain is about human coordination and interaction with each other. He said the technology is about helping peopletrust each other more, to collaborate across larger distances on many different kinds of projects.
Moreover, the conversation noted a widening gap between the rate of technological innovation and the development of human ethics and consciousness. Sadhguru argues that our need to belong to a group is a significant source of this impediment. The yogi claimed that because of this urge for self-identification, protecting the identity takes priority.
The Ethereum chief emphasized that modern, emergent technology actually makes it simpler for individuals to detect complex identities and establish personal connections over shared interests. Buterin stated that every technology is a social technology in some way.
However,upcoming technologies will not solve all problems, Buterin said. Nevertheless, he continued, agreements and disagreements in the area could lead to realized cooperation and educational possibilities. Additionally, Sadhguru urged listeners to remember that humans remain at the highest level of technology even as these new technologies continue to dominate users lives and global systems.
Sadhguru is quite a tech-savvy guru. He is often seen riding his motorcycle or flying a helicopter. The Indian mystic said that technology is an extension of our awareness, not just anything we produce. Moreover, he added that we will automatically advance our technology as we raise our consciousness. As per both speakers, the key to blockchains deployment as a tool for deeper knowledge and expanding human consciousness is its right use.
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Ethereum's Vitalik Buterin Speaks With Indian Guru Sadhguru - Watcher Guru
Lido Emerges as Dominant Player in Liquid Staking Tokens Battle … – Analytics Insight
The upcoming Ethereum Shanghai fork, scheduled for April 12, is poised to unlock over 18 million staked ether (~$34.2 billion) and ignite what I predict will be a fierce competition among liquid staking protocols, aptly named the Liquid Staking Wars. This battle for supremacy in the liquid staking space is expected to have a profound impact on the decentralized finance (DeFi) ecosystem as a whole.
For those of us who remember the DeFi Summer, the Curve Wars come to mind the cutthroat competition among emerging stablecoin protocols vying for the deepest liquidity and widest range of liquidity pairings on the Curve DEX. However, the Liquid Staking Wars have a unique element the imminent Shanghai upgrade that will enable liquidity providers (LPs) to easily and inexpensively unstake ETH from one LST protocol and transfer it to another.
The first skirmishes of the Liquid Staking Wars will take place by early May, with LST protocols battling to capture the most total value locked (TVL) and volume for their tokens. The protocol that can attract the most liquidity and market share will likely emerge victorious in this battle, reshaping the landscape of all crypto pairs across various decentralized exchanges (DEXs).
While LidoDao (LDO), currently holding a dominant market share of approximately 75% in LST TVL, may seem like the frontrunner in the Liquid Staking Wars, other contenders such as Frax, Coinbase, Rocket Pool, and upcoming protocols that are yet to launch, are actively vying for the top spot as the preeminent ETH replacement.
Despite market conditions slowing down, there has been a notable trend of higher receiving addresses compared to sending addresses, indicating a lack of significant sell pressure, as observed on Glassnode. Investors who have staked their ETH through Lido, for instance, can anticipate withdrawals to be available no earlier than early May.
However, its worth noting that the preparation of Lidos V2 testnet and completion of multiple security audits for its V2 upgrade wont coincide with the Shapella software upgrade on April 12, which is set to enable ETH withdrawals. The winners and losers in the Liquid Staking Wars will ultimately be determined by the strategic deployment of tactics on the battlefield, just like in any war.
Big Eyes Coin (BIG), the latest addition to the frenzy of meme coins, has gained significant popularity during its presale phase. The tokens unique concept and promising potential have attracted a large number of buyers, with investors showing great enthusiasm for Big Eyes Coins presale and displaying confidence in its future success. As the presale comes to a close on June 3, the strong demand for BIG indicates that the token is well-positioned for a successful launch and a promising future. The presale of Big Eyes Coin has been a remarkable success, raising over $33.5 million from eager investors. Despite the impressive gains already seen, with the current price at $0.00053 in Stage 13, investors are anticipating even greater returns with the launch price set at $0.0006.
Big eyes Coin has launched its biggest ever bonus code to mark the culmination of their successful presale. The code END300 when used at the checkout, will give the user 300% bonus. So if you buy $1000 BIG you get $4000 BIG. The users can also use Bitcoin, ETH, BNB, USDT-TRC20, USDT-ERC20, BUSD, DOGE and very soon TRX to snap up $BIG in the presale.
This time-limited offer reflects the cryptocurrencys belief in its future prospects and commitment to rewarding early investors, making it a strategic choice for those seeking to maximise their investment in Big Eyes Coin and capitalise on the upcoming bull run market. The strong performance of Big Eyes Coin during its presale could potentially position it to challenge the dominance of more established meme coins, setting the stage for an exciting battle in the next bull run market.
The intense competition among liquid staking protocols brought about by the Ethereum Shanghai fork is expected to drive innovation, improve LP strategies, and reshape the landscape of crypto pairs on DEXs. As LPs and protocols vie for market share and liquidity, the DeFi industry as a whole stands to benefit from increased competition and the potential for higher yields. The outcome of the Liquid Staking Wars remains to be seen, but it is clear that this battle for dominance in the liquid staking space will have a lasting impact on the broader DeFi ecosystem.
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Lido Emerges as Dominant Player in Liquid Staking Tokens Battle ... - Analytics Insight
Price predictions for Bitcoin and Ethereum – The Cryptonomist
A number of predictions are circulating these days about the short-term trend in the price of Bitcoin and Ethereum that claim it could be negative.
In contrast, it is worth noting that over the medium term, positive predictions are circulating.
In the short term, the hypotheses that seem to be circulating the most are that the price of Bitcoin could return to the levels of late March, that is, below $27,000.
It is worth noting that in these early months of 2023 since it has risen steadily above $25,000 it has not fallen below that threshold.
According to some, $25,000 would be precisely the support below which the price of BTC might not fall in the short to medium term.
However, not everyone agrees with this prediction, because there are quite a few who argue that the financial markets as a whole could still return to severe distress, especially because of the global macroeconomic and financial situation.
Among the most pessimistic there are even suggestions that it may not even hold the support of $15,000, which has held throughout the course of 2022, with a possible descent even below $12,000.
It is worth mentioning that such a prediction has been circulating now since November, and so far has proven to be completely wrong.
In the short term, there seem to be few who argue that the price can continue to rise, not least because the first days of May could prove difficult for the financial and crypto markets, due to some releases such as that of ETH still stuck in staking on Lido.
The predictions regarding Ethereum are very similar, even though the price of ETH at the end of March ($1,700) was significantly lower than it is today ($1,850).
In addition, support for Ethereums price appears to be at $1,400, which is 24% lower than the current level. For Bitcoin, on the other hand, support at $25,000 is only 8% lower than the current level.
However, after the release of staked ETH on Lido, Ethereum could give way to Bitcoin, and the BTC price could return to influence crypto markets as it did in the first three months of the year.
Thus, starting in the second week of May, Ethereums price trend may simply follow that of Bitcoin.
That said, the less-than-optimistic forecast in the short term leaves room for much better assumptions in the medium term.
It is worth noting that in 2023 there has always been a need for a retracement before a strong rise.
After the January rebound, with Bitcoin rising to nearly $24,000, there was a need for a descent all the way down to below $22,000 in order to then break through the $24,000 resistance with momentum.
Something similar happened with $25,000, for which it even required a brief return all the way below $2,000 to break through.
Although in early April Bitcoin managed to break above $30,000, it failed to hold that high, and it is possible that a descent all the way below $26,000 will be needed to generate enough of a bounce to make BTC rise steadily above that threshold.
On the other hand, over the medium term the major attention thresholds are well above the $30,000 touched in early April.
The first attention threshold is $35,000, which is a level that would be proportionately reminiscent of the level touched in May 2019.
Dominating the medium-term prediction is always the comparison with 2019, i.e., the previous post bear-market year. There were three major growth phases then, one in April, one in May and one in June. Thereafter the price fell.
In 2023 in April, the growth was not particularly pronounced, but probably because the price had already grown widely in the previous months. So the first phase of growth in 2023 was longer than in 2019, but similar in proportion in terms of the overall percentage of growth.
For this reason, it does not seem at all unlikely that May 2023 will see another small bull run, similar to that of May 2019, with the price of BTC expected to rise as high as $35,000, should similar proportions continue.
The eventual third leg of this uptrend could take the price above $40,000 in June. However, these are not true predictions, only comparisons with a similar year in the recent past.
Starting in the second week of May, the price trend of altcoins, including Ethereum, could simply follow that of Bitcoin, especially if a scenario similar to the one just described occurs.
However, on the one hand there is not the slightest certainty that this could actually happen, while on the other hand it must be said that altcoins do not always slavishly follow Bitcoin.
However, the fact that in January and March Bitcoins dominance made two major jumps, albeit small ones, seems to indicate that in 2023 the crypto market could be dominated by Bitcoin, with rare exceptions, such as Ethereum before the Shapella update.
It is worth noting that among the top 30 cryptocurrencies by market capitalization, only Solanas SOL has performed better than BTC during 2023, but it did so after a near-vertical collapse in late 2022. All the other 28 have underperformed for now, probably precisely because it is Bitcoin that is driving the crypto markets at this stage.
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Price predictions for Bitcoin and Ethereum - The Cryptonomist
Cryptocurrencies Price Prediction: Polygon, Zilliqa & Ethereum European Wrap 25 April – FXStreet
Polygon (MATIC) price has been seen tanking sharply on Monday and Tuesday as price action slips further away from the 200-day Simple Moving Average (SMA). Although the sentiment looks bearish, one big element provides a bullish undertone. Expect to see a turnaround soon as NFT sales in MATIC are outpacing ETH sales substantially these past few days.
Polygon price has broken the support from the 200-day SMA as bears are pushing MATIC against $0.96 with a pivotal level and the monthly S1 support level nearby. Although the sentiment looks very bearish, there is one big bullish element that should not be ignored. According to Sealaunch.xyz, NFT sales have recently surged in favor of Polygon and are now outpacing ETH-based sales.
Zilliqa, a high-throughput blockchain is set to activate its Ethereum Virtual Machine (EVM) compatibility on Tuesday. Through this update, the project will enable several key features like faster transaction processing, native transfer of tokens without conversion and higher decentralization.
ZIL price yielded nearly 5% losses for holders overnight, it remains to be seen whether the EVM upgrade acts as a catalyst for the tokens recovery.Zilliqa development team has announced the arrival of Zilliqa 2.0 with the upcoming EVM upgrade on Tuesday. The upgrade will activate the blockchains compatibility with EVM and this will allow traders to transfer tokens without converting them, cutting out complex processes.
Ethereum price shows a bullish sign which coincides with a similar buy signal seen on Bitcoin price on the four-hour chart. This development could prove to be extremely profitable for investors if they act on ETH.
Ethereum price has been consolidating tightly around the $1,843 support level after a recent 14% crash. This range-bound movement has produced lower lows, while the Relative Strength Index has produced higher lows, signaling a non-conformity termed as bullish divergence.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
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Cryptocurrencies Price Prediction: Polygon, Zilliqa & Ethereum European Wrap 25 April - FXStreet
Cryptocurrencies Price Prediction: Shiba Inu, Ethereum & Litecoin European Wrap 26 April – FXStreet
Shiba Inu (SHIB) price enjoyed an external tailwind that was very much welcomed, seeing the steep decline SHIB underwent. Since mid-April, SHIB nearly traded only one way to the downside, breaking several support levels along the way. With the tailwind, a bullish pop got sparked and might see some more follow-through in the coming days.
Shiba Inu price was long decoupled from the rises and falls of the stock markets as it was trying to break out of its crypto winter. That was until Tuesday evening when earnings from Microsoft and Alphabet, parent of Google, pointed to some strong numbers. What stood out was that Alphabet did not have any sharp declines in its publicity revenues, which is often the first element that companies cut when fearing a recession.
Ethereum networks successful completion of the Shanghai upgrade fueled optimism in the ETH holder community. The next big upgrade to look forward to is proto-danksharding or Ethereum Improvement Proposal (EIP-4844).
EIP-4844 is the first prototype of proto-danksharding, a concept that boosts the Ethereum blockchains scalability by splitting it into smaller pieces.Ethereum network went through a series of changes bundled in the Shanghai and Capella upgrades, together known as Shapella. After the successful implementation of Shapella, the Ethereum network is heading towards a scalability upgrade through a concept referred to as proto-danksharding.
Litecoin price shows signs of an emerging uptrend on the four-hour chart. While a minor retracement might be likely, the larger trend is bullish for LTC. Additionally, the altcoin will undergo the third halving event on August 5, which will split its block rewards from 25 to 12.5 LTC.
Typically, halving creates a negative supply shock - where the supply declines but the demand either remains the same or increases. The result of this change can be seen in the underlying assets price. In LTCs case, Litecoin price will likely note a stark increase.
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Cryptocurrencies Price Prediction: Shiba Inu, Ethereum & Litecoin European Wrap 26 April - FXStreet
Why Ethereum Classic Is Diving – Benzinga
April 21, 2023 3:58 PM | 1 min read
Ethereum Classic(CRYPTO: ETC) is trading lower by 4.08% to $19.34 Friday afternoon. The altcoin is trading lower in sympathy with the broader cryptocurrency sector following key U.S. economic data. The U.S. Services PMI rose from 52.6 points in March to53.7 points in April above expectations of 51.5.
See Also:Bitcoin, Ethereum And Dogecoin Drop Following Hawish Inflation Data: What To Watch Over The Weekend
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Cryptocurrencies have also been seen by some investors as a speculative hedge against inflation and the Fed's plans to curb inflation could weigh on the broadercryptocurrencysector.
"The latest survey adds to signs that business activity has regained growth momentum after contracting over the seven months to January,"Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said. "The latest reading is indicative of GDP growing at an annualized rate of just over 2%."...Read More
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I probed ChatGPT to know Ethereum Classics future price trajectory – AMBCrypto News
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writers opinion
If you are considering adding proof of work cryptos in your portfolio, chances are you have shortlisted Ethereum Classic (ETC). It is one of the few remaining options in the PoW category, but you may have also noticed that it has been overshadowed, particularly by its counterpart Ethereum.
Ethereum Classics performance so far this year confirms that it can still attract investor attention. However, the network has been losing popularity from a long-term perspective. Speaking of popularity, artificial intelligence has really taken off this year, with ChatGPT leading this charge.
Perhaps, we can leverage the power of AI to try and find out what the future has planned for ETC. I asked ChatGPT about Ethereum Classic and the interaction was rather interesting. The initial plan was to establish the depth of the AI before going deeper into the type of information that I wanted to pursue.
The first question requested ChatGPT to provide a detailed and concise explanation of Ethereum Classic and its fundamentals. Heres the response
Here is the response after switching to dark mode and requesting a shorter version
The AI seemed to have a good handle on things based on the information it provided. However, there have been incidents where it generated inaccurate information, hence the need to verify the information. Now that we had a good base, it was time to up the ante a bit. But first, those keeping a close eye on ETC may have noticed that its community has not been very active. Its development has also lagged behind that of Ethereum and other networks.
Our next query focused on establishing why the Ethereum Classic network is less popular than Ethereum. It gave the following reasons
AI-generated all the above points but they are difficult to argue against. In other words, ChatGPTs answers were spot on
I was curious to find out what the AI had to say about Ethereum Classics advantages over its more popular counterpart. It responded with the following points
So far so good, but the above answers got me thinking about the kind of scenario where Ethereum Classic would achieve mass adoption. These were the brief points that ChatGPT shared
The aforementioned points highlighted some of the key advantages of sticking to a proof-of-work system with a heavy focus on decentralization. These characteristics would make the network and its native coin more preferable, especially in case of a harsh regulatory crackdown. Regulators, especially in the United States, have adopted an aggressive position against cryptocurrencies but not to the extreme, yet.
While still thinking about Ethereum Classics prospects, I decided to explore whether the AI can have insightful predictions regarding ETCs prospects. More specifically, I wanted to know how soon ETC can reach ETHs $1,900 press time price. Unfortunately, the language-based AI algorithm could only do so much and predictions were the limit. Here is the answer that it provided
That would have been the end of that attempt, but I recently found out about the DAN (do anything now) jailbreak prompt which unlocks some limitations. Moreover, ChatGPTs algorithm learns and it can also organize raw data into a more useful format. Thus, an idea was born.
What if we could somehow get chatGPT to understand the history of ETCs price action, including previous price patterns? We could potentially get it to give a more concrete answer regarding price predictions. Or so I thought. Unfortunately, none of the prompts including the jailbreak offered a concrete outcome where the AI could read the price charts and identify price patterns.
After having a fine, I will do it myself moment, I embarked on assessing ETCs latest price action.
On 13 April, the price of ETC increased as the cryptocurrencys recent uptrend gathered momentum. The price of the coin increased to a high of $22.47, which is the highest point since March 18 of this year. From this years low, the coin has increased by more than 53%.
This week, the price of ETC, like the rest of the crypto tokens, got pushed down to the ground.
As Bitcoin continues to lose its value and goes further down from the $ 30,000 price mark, it impacts the performance of the rest of the cryptocurrencies also.
Bitcoins value earlier increased by more than 80% this year, outperforming Tesla, equities, and gold. Bitcoin and other cryptocurrencies, like Ethereum Classic, are closely related.
Second, the most recent U.S. consumer inflation statistics released on Wednesday had an impact on the price of Ethereum Classic. According to the data, the Consumer Price Index (CPI) for March dropped to 5.0%, the lowest level since 2021.
Additionally, core inflation declined month over month. As a result, the Federal Reserve may change course shortly. This adjustment would include raising the stalling rates and maintaining them for a while.
Last but not least, Ethereum Classic reacted to the Shapella Upgrade, whose activation allowed Ethereum Stakers to withdraw their tokens. At press time, the amount of Ethereum staked, according to data from Staking Rewards, was over $37 billion.
The resistance retest suggested that the price may potentially register a pivot. However, ETCs money flow indicator revealed that liquidity is still flowing into the cryptocurrency.
An extended rally in the next few months may be on the cards, especially now that ETC is still heavily discounted by as much as 88%. Long-term predictions still remain within the realm of uncertainty.
Is your portfolio green? Check out the Ethereum Classic Profit Calculator
Using the ChatGPT AI did offer a significant advantage, especially in terms of the speed of accessing data. While it does not allow for price predictions, it does offer some valuable information. Contrary to expectations, it is still not able to do everything.
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I probed ChatGPT to know Ethereum Classics future price trajectory - AMBCrypto News
The next Ethereum? 5 cryptocurrencies poised for massive growth in 2023 – Finbold – Finance in Bold
After the emergence of Bitcoin (BTC), people started to realize that blockchain its underlying technology could be used for other purposes, giving rise to Ethereum (ETH) and making it a powerful competitor to the flagship decentralized finance (DeFi) asset. With time, more networks and cryptocurrencies appeared, threatening to unseat Bitcoins runner-up.
In this context, there are several such digital assets that have stood out as potential Ethereum killers due to the challenge they present to the second-largest crypto asset by market capitalization, as well as their perceived capability to possibly even replace the Ethereum coin as the second most famous asset on the crypto market.
Solana (SOL) has emerged as a strong contender to Ethereums domination thanks to its lower gas fees and high transaction rates (although Ethereum is catching up with its network updates), as well as the use of the Proof-of-History (PoH) consensus mechanism with other more conventional algorithms.
As things stand, Solana is currently changing hands at the price of $24.04, up 1.35% in the last 24 hours, in addition to gaining 14.59% over the previous seven days after it revealed a new solution promising to reduce the cost of on-chain storage. It has also gained 18% on its monthly chart, as well as a whopping 142.31% since the years turn, according to data retrieved on April 13.
Describing itself as a Layer 0 blockchain, Polkadot (DOT) has recently filed a trademark application for the blockchain communication platform Polkadot Converse as well as updating its ecosystem with Kagome 0.9.0, a Polkadot Host implementation written in C++.
Its price at press time stood at $6.42, increasing 2% in the past 24 hours, 0.26% over the previous week, as well as 5.21% on its monthly chart. In terms of its year-to-date (YTD) gains, Polkadot has added 46.73% to its value, as the recent charts demonstrate.
Another Proof-of-Stake (PoS) ecosystem like Ethereum, Avalanche (AVAX) integrates three interoperable blockchains together, providing greater scalability. On April 6, the team launched its Cortina upgrade on the protocols testnet, promising improved Avalanches X-Chain support for crypto exchanges and faster development, among other benefits.
Currently, Avalanche is changing hands at the price of $28.54, which demonstrates a 2.38% climb in the last 24 hours, in addition to increasing its value by 3.03% across the week and 12.59% in the previous month, whereas its gains since January 1 amount to 69.89%.
Layer 2 scaling solution that uses the Ethereum blockchain, Polygon (MATIC) has had a massive surge in gaming activity in March, making it the second-largest gaming blockchain after WAX (WAXP), according to the report by DappRadar.
At present, Polygon is changing hands at $1.12, recording a 2.35% increase in the past day, although it has lost 2.04% during the previous week and 6.16% across the last 30 days. However, those losses are offset by the year-to-date (YTD) gains of 46.69%
A self-upgradable and energy-efficient PoS blockchain that also deploys Liquid Proof-of-Stake (LPOS), Tezos (XTZ) has had multiple positive news this year, as well. First, it announced a partnership with Google Cloud, and then it unveiled the Mumbai protocol, one of its most significant upgrades to date, promising to push Tezos ahead of its competition.
Meanwhile, the Tezos price chart has been slightly choppy in recent days, at press time trading at the price of $1.11, up 0.53% on the day, despite losing 2.85% in the last seven days. On its monthly chart, however, Tezos has gained 1.30%, adding up to the 2023 increase of 52.54%.
Although the future growth in the value of digital assets can depend on multiple factors, the highlighted cryptocurrencies and their teams have demonstrated the capability to justify their status as Ethereums main competitors, guaranteeing more progress this year, accompanied by strengthening prices.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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The next Ethereum? 5 cryptocurrencies poised for massive growth in 2023 - Finbold - Finance in Bold
A Look At Bitcoin, Ethereum, Dogecoin Into The Weekend: Can Bitcoin Maintain $30000? Ethereum $2000? – Benzinga
Bitcoin BTC/USD spiked up about 2% higher at one point during Fridays 24-hour trading session before running into a group of sellers who knocked the crypto down near to flat.
The crypto has been consolidating mostly sideways near the $30,000 mark since Tuesday, trying to make a run above the level but lacking volume. Benzinga called for Bitcoin tobreakfrom its triangle patternon April 6and for Ethereum to break from the same pattern on April 12.
Ethereum ETH/USD was popping up about 3% higher and holding its gains, showing strength compared to the apex crypto. Dogecoin DOGE/USD was trading in tandem with Bitcoin, briefly spiking almost 5% higher but retracing near Thursdays closing price.
The crypto market was still stronger than the general market, which saw the S&P 500 down about 0.6%. Spot gold was also retracing low, declining about 1.7% on the day.
If Bitcoin can make a big break above the psychologically important $30,000 level over the weekend, traders and investors can watch for Ethereum and Dogecoin to follow. All three cryptos are trading in uptrends, which makes an eventual break up the most likely scenario.
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The Bitcoin Chart: On Monday, Bitcoin broke up from a triangle pattern, which caused the crypto to run toward the $30,000 mark. The bullish break also caused Bitcoin to print a higher high, which settled it into an uptrend.
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Bitcoin price spikes above $31K as Ethereum gains spark altseason calls – Cointelegraph
Bitcoin (BTC) broke through $31,000 on April 14 as bulls hoped altcoins would soon follow.
Data from Cointelegraph Markets Pro and TradingView captured new 10-month highs of $31,035 for BTC/USD on Bitstamp.
The pair had risen gradually the day before after a consolidatory period around new macroeconomic data prints from the United States.
These had furthered the bullish risk asset narrative, with the Consumer Price Index (CPI) and Producer Price Inflation (PPI) prints showing inflation slowing faster than expected.
While Bitcoin did not react immediately, the latest uptick reinforced market participants convictions over continued strength and a break with the long-term downtrend.
Bitcoin looks strong, but will have some shallow corrections in an upward trend, Michal van de Poppe, founder and CEO of trading firm Eight forecasted on the day.
Van de Poppe referenced previous concerns over a deeper correction on BTC/USD, with nervous price targets including the 200-week moving average at around $25,500 and even $22,000.
Related: Best and worst countries for crypto taxes plus crypto tax tips
Popular trader Crypto Tony nonetheless advised potential long position entries to wait until confirmation of new support levels.
We have now crossed into the range of $31,000 EQ and $32,300 Range high, part of the days Twitter analysis stated, alongside a chart showing the potential high, low and equilibrium (EQ) level of the new range.
Once again stealing the show, however, were altcoins, led by Ether (ETH) after its Shapella upgrade.
Related: Bitcoins dominance knocked by ETHs post-Shapella rally
After teasing a reclaim of $2,000 the day prior, ETH/USD went on to hit $2,130, its highest level since May 2022.
Unsurprisingly, reactions were highly complimentary of the overall crypto market strength.
With the $BTC bottom being in and our final 5th impulse confirmed (imo). I believe that the bottom is likely also in on a lot (not all) of alts, popular trader Credible Crypto summarized, referring to a theory from a recent YouTube video.
Credible Crypto acknowledged that it was Bitcoin in the drivers seat mid-term, and that it would take a cooling off for BTC price action to stimulate rapid altcoin growth.
That said, the sentiment was peppered with references to altseason on the day, including from former BitMEX CEO Arthur Hayes.
Financial commentator Tedtalksmacro likewise declared altseason underway, noting the total altcoin market cap adding $62 billion in two weeks.
Others variously referenced mini altseason and altseason 2.0, arguing that copycat gains on altcoins should follow an initial surge led by Bitcoin.
The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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Bitcoin price spikes above $31K as Ethereum gains spark altseason calls - Cointelegraph