Altcoins

Can ETH Reversal From $2,850 Trigger Altcoins Revival?

Published

9 months ago

13 May, 2024

Can ETH Reversal From $2,850 Trigger Altcoins Revival?

Cryptocurrency price prediction: Bitcoin Price The skyrocketing levels of $65,000 and $60,000 for over a week have increased uncertainty among market participants. Although the few days of bullishness during this consolidation sparked a notable influx into several altcoins, buyers are still struggling to drive sustainable growth.

Wu Blockchain pointed out that this week, the United States will release Consumer Price Index (CPI) data for April, which is expected to show an increase of 3.4% year-on-year, down slightly from the 3.5% increase in March according to forecasts. The expected increase is partly due to rising gasoline prices in April, which could keep inflation rates high. However, there is some relief on other fronts, such as in the wholesale used car market, where auction prices are reported to have fallen by 2.3% in April.

Higher inflation can lead to tighter monetary policies, which can decrease risk appetite, thereby causing crypto markets to decline.

1) Ethereum (ETH)

Ethereum is a decentralized blockchain platform known for its versatility and the introduction of smart contracts, self-executing contracts whose terms are written directly in the code.

Ethereum (ETH)| Commercial view

Ether coin has been trending sideways for over a month, with its price resonating between two horizontal levels of $3,300 and $2,875. With the renewed buying interest in the market that allowed the BTC price to rebound from $60,000, the ETH Price also rebounded from the $2,875 support and reached the $2,960 mark.

According to data from Coinmarketcap, Ethereum’s market capitalization jumped to $3,505.6 million, while the 24-hour trading volume is $10.4 billion.

Thus, a break above the range’s $3,300 resistance led to an escape from the current consolidation. The potential breakout will trigger bullish momentum and allow buyers to challenge the $4,090 high again.

2) Batteries (STX)

Stacks (STX) is a unique blockchain solution that aims to bring smart contracts and decentralized applications (dApps) to Bitcoin. Unlike traditional blockchains that operate independently, Stacks leverages the security and stability of Bitcoin through its innovative consensus mechanism, Proof of Transfer (PoX), which anchors the Stacks blockchain to Bitcoin.

Stacks (STX)| Commercial view

The current correction trend of Battery prices can be tracked using two converging trendlines of a falling wedge pattern. We know that this trend leads to a temporary decline allowing buyers to regain strength.

Today, STX price rose to $3 to trade at $2.05 and has a market cap of $29.68 billion.

For potential buyers, a breakout beyond the upper boundary of the pattern is necessary to signal the resumption of the uptrend. A successful breakout will push the STX price to $3.13, followed by $3.84.

However, until the wedge pattern is intact, the Stacks coin will extend its current correction trend.

3) Dogecoin (DOGE)

Dogecoin (DOGE) started as a meme-inspired cryptocurrency in 2013, but has since gained huge success and real-world usage. It is known for its low transaction fees and fast transaction times, making it a popular choice for microtransactions and online tipping.

Dogecoin (DOGE)| Commercial view

Over the past seven weeks, a descending trendline has led the correction trend DOGE Price. Under the influence of this dynamic resistance, the value of the meme coin rose from $0.228 to its current price of $0.143, registering a loss of 38%.

At press time, Dogecoin held a market capitalization of $20.7, maintaining its position as the ninth largest cryptocurrency. For buyers to regain a firm grip on this asset, they need to cross the overhead trendline, which could favor a rally to $0.228.

Key to remember

On Monday, the price of Bitcoin rose 2% to $62,540, causing the altcoin market to surge slightly. However, this increase is not significant enough to suggest a significant change in market dynamics. A more definitive confirmation of the recovery would require Bitcoin to surpass the $65,000 threshold, signaling stronger potential for continued bullish momentum.

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

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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.