Altcoins

Altcoins BRETT, PEPE, WIF and JUP drop 10% while Bitcoin falls 4%

Published

7 months ago

8 July, 2024

Altcoins BRETT, PEPE, WIF, and JUP plummet 10% as Bitcoin drops 4%

On July 8, the majority of altcoins were in the red, including BRETT, PEPE, WIF, and JUP, which fell more than 10% while Bitcoin, the world’s largest cryptocurrency, fell 4% over the past day.

At the time of writing, BRETT, the cryptocurrency inspired by a character from the comic strip “Boy’s Club,” was still down 8% in the last 24 hours and 30% in the last 7 days. Over the last day, the trading volume of the crypto asset was around $49.1 million. Moreover, the market cap of the meme cryptocurrency also fell to $1.12 billion, bringing it down to the 62nd largest cryptocurrency according to CoinMarketCap (CMC).

BRETT 24-hour price chart | Source: CoinMarketCap

Ethereum-based cryptocurrency PEPE was the biggest loser on Monday morning, down 12% over the past day. Over the past week, the cryptocurrency has also fallen 30%. At press time, the cryptocurrency inspired by the popular green frog meme had a daily trading volume of $768 million, while its market cap had fallen to $3.47 billion and now ranks 24th among the top 100 cryptocurrencies.

Altcoins BRETT, PEPE, WIF and JUP drop 10% while Bitcoin falls 4% - 2

PEPE 24-hour price chart | Source: CoinMarketCap

Meanwhile, Solana-based meme token WIF was still down 11% over the past day, trading at $1.66 at press time. Over the past week, the token has also fallen by less than 27%. Meanwhile, the meme token themed around a dog wearing a knitted pink hat has seen a 14% increase in daily trading volume, hovering around $468 million. Its market cap has fallen to $1.6 billion.

Altcoins BRETT, PEPE, WIF and JUP drop 10% while Bitcoin falls 4% - 3

WIF 24-Hour Price Chart | Source: CoinMarketCap

Jupiter (JUP), a Solana-based decentralized exchange (DEX) aggregator, has fallen 10% in the past 24 hours and 16% in the past week. The crypto asset’s daily trading volume remained flat at $109 million, while its market cap fell below $1 billion.

Altcoins BRETT, PEPE, WIF and JUP drop 10% while Bitcoin falls 4% - 4 JUP 24-hour price chart | Source: CoinMarketCap

The sharp decline in these altcoins was triggered by a drop in the value of Bitcoin, which fell 4% over the past day to $55,676 on Monday morning. Its 24-hour lows and highs were recorded at $54,424 and $57,863, respectively. The crypto asset had fallen 12% over the past 7 days.

The fall in the price of Bitcoin coincided with the German government transfers 700 BTCvalued at approximately $40.47 million, to cryptocurrency exchanges. The move is part of an ongoing trend, as the German government has been steadily selling off its Bitcoin holdings since June.

According to Lookonchain, a blockchain data analytics platform, the German government recently transferred 700 BTC to exchanges, sparking mixed reactions on crypto Twitter, with some predicting a potential crash into the $40,000 region.

Adding to market volatility, Mt. Gox Transferred 47,229 BTC Worth $2.7 Billion to an unknown wallet, further influencing the decline in the price of Bitcoin.

Mt. Gox, which was the leading cryptocurrency exchange before its collapse in 2014, is set to begin paying back its creditors. This has raised concerns that the influx of Bitcoin into the market could push prices further down, as creditors may choose to immediately sell the recovered funds.

As of July 5, the German government holds 41,226 BTC worth $2.28 billion, while the U.S. government holds 213,297 BTC worth $11.72 billion. Additionally, Mt. Gox controls 141,687 BTC worth $7.78 billion.

The overall decline in the altcoin market is closely tied to Bitcoin’s performance due to its significant influence and market dominance. When Bitcoin experiences substantial price declines, it often creates a ripple effect across the cryptocurrency market, leading to a general decline in the value of altcoins as investor confidence wanes and market sentiment turns bearish.

Despite the current downturn in altcoins and the broader cryptocurrency market, some analysts remain optimistic about the potential for an altcoin season that could begin soon.

Fuente

Altcoins

Long-Term Impact of Ethereum ETF on Cryptocurrency Market

Published

6 months ago

29 July, 2024

CoinFlix Staff

Long-Term Impact of Ethereum ETF on Cryptocurrency Market

Popular crypto analyst Michael van de Poppe has highlighted his altcoin portfolio approach in light of the new Ethereum ETF. In a recent Youtube videoThe analyst explained the measures he would take for this major market event.

The Ethereum ETF was listed on the stock exchange and it took time to get approval and so far there has been no significant change in price. The analyst pointed out that the long-term effect could be quite significant, comparing it to the situation of the Bitcoin ETF where the initial decline was followed by large inflows.

According to Van de Poppe, the Ethereum ETF’s trading volume on the first day of trading was about 25% of the volume Bitcoin ETF He noted that the first day of trading was marked by low inflation, and said there was a net inflow of $150 million to $160 million, which reduced the available supply.

Altcoins are poised for growth

The analyst said that as Ethereum adoption increases in the future, the supply of Ethereum will decrease, which is a deflationary model. Ethereum is up about 15% since the ETF approval, the broader market reaction has yet to happen as several sell-offs have taken place, including the Grayscale Trust.

Van de Poppe also mentioned other important market events, including the end of Mount Gox The process of repaying creditors initially caused tensions in the markets, but had little effect subsequently. It also highlighted the role of macroeconomic factors, which can lead to Fed rate cuts, which can affect markets.

In this regard, looking at van de Poppe’s strategy, he is still keen to trade within the altcoins of the Ethereum ecosystem. He stated that there is a possibility of short-term price fluctuations that may discourage many people, but the long-term still looks good due to the improvement and adaptation that has been made to Ethereum and its environment.

According to the analyst, substantial inflows could propel Ethereum towards new historic highs with estimates ranging from $5,000 to $7,000. Despite the current market fluctuations, he is confident that macroeconomic changes and greater liquidity will be favorable for altcoins.

He explained that his broad approach to altcoins, especially those associated with Ethereum, will be beneficial because the market will react differently to these events. The basis for his optimism comes from the fact that he believes that Ethereum and all associated projects are still extremely undervalued and have the potential to skyrocket as sentiment changes.

Looking ahead and market adjustments regarding the Ethereum ETF and other macroeconomic factors, the analyst remains bullish on altcoins. He suggested investors stay informed and believe that in the ever-changing world of crypto, they will eventually be rewarded.

Fuente

Altcoins

Altcoins Are Severely Undervalued, Awaiting Ethereum Move | Flash News Detail

Published

6 months ago

28 July, 2024

CoinFlix Staff

IntoTheBlock Releases Report on Institutional DeFi Trilemma

Disclaimer

Disclaimer: Blockchain.news provides content for informational purposes only. Under no circumstances shall blockchain.news be liable for any direct, indirect, incidental or consequential damages arising out of the use of, or inability to use, the information provided. This includes, but is not limited to, any loss or damage resulting from decisions made based on the content. Readers should conduct their own research and consult professionals before making any financial decisions.

Fuente

Altcoins

Altcoins Correct Amid ETH Decline, Grayscale Outflows | Flash News Detail

Published

6 months ago

28 July, 2024

CoinFlix Staff

Disclaimer

Fuente

Altcoins

Epic Altcoin Rally Expected for August and September

Published

6 months ago

28 July, 2024

CoinFlix Staff

Crypto analyst predicts massive altcoin rally similar to Q1 2024, urging patience and accumulation.
Bitcoin’s potential as a reserve asset and its technical patterns suggest that it will drive the rise of the cryptocurrency market.

Captain Faibik, a renowned crypto analyst, has created excitement in the cryptocurrency sector with his latest prediction. He indicated that we are on the cusp of a massive altcoin rally, similar to the one we saw in Q1 2024.

We are on the verge of a massive Altcoin rally, similar to Q1 2024📈

Keep accumulating and hold with patience. (Patience will be rewarded)

The majority of #Altcoins have already hit rock bottom and are about to escape.

In my opinion, August-September is going to be epic for Altcoins.🚀🚀#Crypto pic.twitter.com/cMdHagiaYc

— Captain Faibik (@CryptoFaibik) July 24, 2024

Accumulating and Holding Altcoins: The Path to Potential Profits

He stressed the need to accumulate altcoins and hold them patiently, as it will eventually pay off. According to him, the majority of altcoins have already bottomed out and are about to break it. He believes August and September will be epic months for altcoins.

In a chart posted by Captain Faibik, the overall crypto market cap, excluding Bitcoin and Ether, known as TOTAL3, is approaching the upper boundary of a descending channel pattern.

This context suggests a potential breakout and a significant rally towards the $1 trillion mark. Technically, the decline since mid-March is interpreted as a corrective trend for the value of TOTAL3, signaling a preparation to enter a rally structure.

Bitcoin’s influence and legislative developments suggest good prospects for the future

Furthermore, based on sentiment and technical patterns, Bitcoin, the world’s leading cryptocurrency, appears poised to lead the charge in the cryptocurrency market. Bitcoin’s performance often sets the tone for the market as a whole, and a strong move in BTC could trigger a significant rally in altcoins.

Previously, as we have already said reportedSenator Cynthia Lummis said she plans to introduce a bill at the upcoming Bitcoin conference that would require the Federal Reserve to hold Bitcoin as a reserve asset.

If this law passes, the US will treat BTC as a long-term investment rather than selling huge amounts infrequently, which could disrupt the market.

In addition, asset management firm VanEck has proposed a bold scenario in which Bitcoin Price Could Reach $2.9 Million Per BTC By 2050based on its fundamental outlook. Matthew Sigel, head of digital assets at VanEck, and senior investment analyst Patrick Bush noted that their estimate is based on Bitcoin’s adoption as a global medium of exchange and reserve asset.

As Bitcoin price increases, altcoins are expected to gain popularity, indicating the start of a bullish rally shortly after the BTC halving event.

Meanwhile, at the time of writing, the price of BTC was hovering around $67,007.99up 4.67% over the past 24 hours following a short-term correction.