A closely followed crypto strategist believes that the altcoin market will go parabolic before the current crypto cycle ends. Pseudonymous analyst Altcoin Sherpa tells his 217,600 followers on the social media platform X that one of two events likely needs to first occur before a massive alt rally takes off. “Generally speaking, I think we […]
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The number of Ethereum (ETH) holders continues to rise despite the top altcoin’s declining price, according to the analytics platform Santiment. Santiment notes that ETH’s growing number of wallets comes as Bitcoin (BTC) wallets have been dropping since mid-March. “Bitcoin holders have just had their biggest three-day drop in non-empty wallets since just prior to […]
The post Ethereum Holders Keep Growing in Numbers and Showing No Signs of Capitulation Despite Price Drop: Santiment appeared first on The Daily Hodl.
Real Vision analyst Jamie Coutts is warning that the altcoin market is in a bearish trend after a strong six-month long run. The former Bloomberg analyst tells his 18,400 followers on the social media platform X that most alts are now being outperformed by Bitcoin (BTC). “A quick update on the altcoin malaise. Most crypto […]
The post Real Vision Analyst Jamie Coutts Issues Altcoin Warning As Markets Kick Off Week in the Red – Here’s His Outlook appeared first on The Daily Hodl.
The founders of crypto analytics platform Glassnode are predicting that Bitcoin (BTC) will vastly outperform gold for the remainder of the current bull cycle. The co-founders of Glassnode, who go by the handle Negentropic on the social media platform X, tell their 63,000 followers that the BTC/gold ratio could more than double in the coming […]
The post Bitcoin Ready To Outperform Gold by at Least Double for Rest of Market Cycle: Glassnode Founders appeared first on The Daily Hodl.
Bitcoin market dominance briefly dipped below 50% as altcoins deemed securities by the SEC notched double-digit gains.
Bitcoin (BTC) dominance has taken a tumble in the wake of Ripple’s partial victory against the United States Securities and Exchange Commission, with a surge in altcoin prices briefly causing BTC dominance to fall under the 50% mark.
Bitcoin dominance — the measure of how much Bitcoin makes up of the total crypto market cap — fell to 49.76% during Asian trading on July 14, according to Tradingview.
Just weeks earlier, BTC market dominance finally managed to rachet above 50% after a dry spell of two years, amid a slew of applications for spot Bitcoin ETFs from major financial firms. Over the last 24 days, Bitcoin dominance had been hovering around 51% and 52%.
The recent dip in Bitcoin dominance comes as the crypto community is chanting the return of “altcoin season.”
Boosted by Ripple’s court victory the XRP token skyrocketed 83% to top out at an intraday high of $0.866, and briefly became the fourth-largest crypto asset by market capitalization. It is currently sitting at 5th place after a tussle with Binance Coin (BNB).
ALTCOIN SEASON
— Carl From The Moon (@TheMoonCarl) July 13, 2023
The move was also noticed by members of the crypto community who were avidly celebrating the Ripple triumph.
Several of the altcoins also alleged to be securities by the SEC surged double digits on July 14.
XRP declared not a security.
— Will Clemente (@WClementeIII) July 13, 2023
Bitcoin dominance: pic.twitter.com/veZDJTHQlu
Ethereum (ETH) gained an impressive 8% to top $2,000 for the first time in three months while Cardano (ADA) pumped a massive 25% to reach $0.357 at the time of writing.
Solana (SOL), another token deemed a security by the SEC, was up 34% to reach $29 at the time of writing. Meanwhile, Polygon (MATIC) had pumped 20% to trade at $0.854.
Stellar Lumens (XLM), a payments network launched in 2015 as a fork of the Ripple codebase, cranked over 50% on the news.
Related: Which altcoins will survive the SEC crackdown? Bitcoin OG explains
However, it remains to be seen if this altcoin rally is sustainable as the longer-term view still shows that crypto markets are range-bound.
At the time of writing, BTC dominance is back to around 50.11% just above its 50-day moving average. The asset only managed a 3.5% daily gain to top out at $31,686 and was outperformed by its altcoin brethren.
Magazine: How smart people invest in dumb memecoins: 3-point plan for success
A closely followed analyst believes that the crypto markets are gearing up for a period when altcoins significantly outperform Bitcoin (BTC). In a new strategy session, trader Michaël van de Poppe tells his 163,000 YouTube subscribers that the Bitcoin dominance chart (BTC.D) has likely peaked for now and looks poised to roll over. The BTC.D […]
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Macro guru Henrik Zeberg believes that the crypto markets is one catalyst away from igniting a fresh altcoin season. Zeberg tells his 106,900 Twitter followers that an altseason may be on the horizon as he believes the Federal Reserve is done hiking interest rates. According to the macro economist, greed will eventually kick in as […]
The post Here’s What Could Trigger a New Altseason, According to Macro Economist Henrik Zeberg appeared first on The Daily Hodl.
A widely followed crypto analyst is assessing where Bitcoin (BTC) stands halfway through the first quarter of 2022 as well as when crypto investors might expect to see a rally for altcoins. In a new strategy session, Benjamin Cowen tells his 712,000 YouTube subscribers that while he’s not particularly bullish on Bitcoin in the short […]
The post Analyst Benjamin Cowen Updates Outlook for Bitcoin, Outlines Best-Case Scenario for BTC This Quarter appeared first on The Daily Hodl.
Nonetheless, LTC/USD is at risk of a price correction, as it’s painting a classic bearish reversal pattern.
Litecoin (LTC) has posted daily gains of almost 20% on Nov. 9, the highest levels for LTC/USD since May 2021, amid a wider cryptocurrency market rally that analysts attribute to inflation fears.
#Bitcoin, #Ether hit records, exceeding Oct high, amid broad rally in cryptocurrencies. Low real yields, need for inflation hedges are shaping markets. pic.twitter.com/xN0Athssng
— Holger Zschaepitz (@Schuldensuehner) November 9, 2021
The 14th-largest digital asset rose by a little over 25% in three days, pushing its price to almost $250 on Coinbase. Meanwhile, the total value of cryptocurrencies reached nearly $3 trillion, the highest level ever.
Litecoin’s ongoing price rally drew inspirations from similar upside moves across the top digital asset brass, data from Cointelegraph Markets Pro shows.
For instance, Bitcoin (BTC), the world’s leading cryptocurrency by market capitalizatio, rallied to a new record high Tuesday above $68,500. Ether (ETH) also logged an all-time high above $4,840.
Nonetheless, only a few top alternative cryptocurrencies (altcoins) fared better against Bitcoin in the previous 24 hours, including Litecoin. Data provided by Messari showed that the hugely traded LTC/BTC instrument surged almost 14%, indicating a rise in capital migration from Bitcoin to Litecoin markets.
The pair’s technical outlook suggested further gains ahead, based on a classic bullish reversal pattern called a falling wedge.
Falling wedges begin wide at the top but start contracting as the price moves lower. A bullish confirmation comes when the price breaks above the wedge’s upper trendline. Analysts typically interpret the breakout as a signal to a rally toward the profit target that sits at length equal to the wedge’s maximum height.
The latest Litecoin gains had its price break above its falling wedge’s upper trendline, staging prospects of additional upside.
In doing so, the profit target comes to be around 0.006122 BTC. On the flip side, the Litecoin chart detected a bearish divergence between its rising prices and falling volumes in the last three weeks, underscoring that the falling wedge breakout move may grow weaker.
The Litecoin price, in terms of United States dollars, has rallied by more than 150% after bottoming out near $103 on July 20. But the “silver to Bitcoin’s gold” cryptocurrency’s massive upside move has also triggered a bearish reversal outlook, indicating that its ascent is due for a pause.
Related: Litecoin transactions near an all-time high after gaining ground in consumer finance
Dubbed rising wedge, the pattern is the complete opposite of the falling wedge. It begins wider at the bottom but starts contracting as the price rises. A bearish confirmation comes when the price breaks below the lower trendline and then targets levels at a length equal to the wedge’s height.
Depending on the level from where Litecoin initiates its negative breakout, the wedge target may shift from anywhere between $117 and $21.
Conversely, a decisive breakout above $250 would risk invalidating the rising wedge pattern, setting LTC en route to test $300 as its next price target.
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.
Cryptocurrency trader Michaël van de Poppe is analyzing Bitcoin and three altcoins that he says could potentially rally. In the case of Bitcoin (BTC), Van de Poppe tells his 114,000 YouTube subscribers that the flagship cryptocurrency is trading in a range on the lower time frames. “Looking at Bitcoin and the lower time frames, we […]
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