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Trader Predicts ‘Fireworks’ for Blue-Chip Altcoin if Critical Support Area Is Reclaimed, Updates Bitcoin Outlook

Trader Predicts ‘Fireworks’ for Blue-Chip Altcoin if Critical Support Area Is Reclaimed, Updates Bitcoin Outlook

A widely followed analyst and trader says a top-five altcoin by market cap could rally higher if it overcomes a key resistance zone and turns it into a support area. The pseudonymous analyst known as Rekt Capital tells his 379,700 followers on the X social media platform that if Binance Coin (BNB) turns the resistance […]

The post Trader Predicts ‘Fireworks’ for Blue-Chip Altcoin if Critical Support Area Is Reclaimed, Updates Bitcoin Outlook appeared first on The Daily Hodl.

Bitcoin Cash Rallies Ahead of Upcoming Halving and Upgrade

Binance Coin (BNB) Spikes Over 30% in Ten Days As 40,000,000 New Users Join the Crypto Exchange in 2023

Binance Coin (BNB) Spikes Over 30% in Ten Days As 40,000,000 New Users Join the Crypto Exchange in 2023

The native asset of the world’s largest crypto exchange platform by volume is spiking as new data reveals that Binance onboarded 40 million new users in 2023. According to Binance’s 2023 end of year report, the crypto exchange increased its number of new users by 30% compared to 2022 despite a year rife with regulatory […]

The post Binance Coin (BNB) Spikes Over 30% in Ten Days As 40,000,000 New Users Join the Crypto Exchange in 2023 appeared first on The Daily Hodl.

Bitcoin Cash Rallies Ahead of Upcoming Halving and Upgrade

Trader Says Top-10 Blue-Chip Altcoin on the Cusp of a Breakout, Updates Outlook on Bitcoin and Ethereum

Trader Says Top-10 Blue-Chip Altcoin on the Cusp of a Breakout, Updates Outlook on Bitcoin and Ethereum

Crypto trader and analyst Ali Martinez is saying that a top-10 altcoin by market cap is potentially forming a bullish pattern and that it could appreciate by double-digit percentage points. Martinez tells his 35,500 followers on the X social media platform that Binance Coin (BNB) could be forming an inverted head and shoulders pattern, which […]

The post Trader Says Top-10 Blue-Chip Altcoin on the Cusp of a Breakout, Updates Outlook on Bitcoin and Ethereum appeared first on The Daily Hodl.

Bitcoin Cash Rallies Ahead of Upcoming Halving and Upgrade

Analyst Issues Warning for Dogecoin Rival Up Over 6,000%, Says Four-Week Correction in the Cards for Altcoin

Analyst Issues Warning for Dogecoin Rival Up Over 6,000%, Says Four-Week Correction in the Cards for Altcoin

Crypto analyst Ali Martinez is warning traders that a red-hot Dogecoin (DOGE) rival could be in store for a correction. The Solana-based (SOL) memecoin Bonk (BONK) is trading at $0.000012 at time of writing, up a staggering 6,022% from where it was priced at the beginning of 2023. Martinez tells his 35,100 followers on the […]

The post Analyst Issues Warning for Dogecoin Rival Up Over 6,000%, Says Four-Week Correction in the Cards for Altcoin appeared first on The Daily Hodl.

Bitcoin Cash Rallies Ahead of Upcoming Halving and Upgrade

Whale Accumulates About $187,000,000 Worth of Bitcoin and Altcoins From Binance in Just Three Days: Lookonchain

Whale Accumulates About 7,000,000 Worth of Bitcoin and Altcoins From Binance in Just Three Days: Lookonchain

A crypto whale is attracting attention for going on a massive buying spree, purchasing over $180 million in digital assets within days. According to the blockchain-tracking service Lookonchain, the deep-pocketed investor scooped up about $187 million in cryptocurrencies in three days, including Bitcoin (BTC), Binance ecosystem’s native token Binance Coin (BNB) and Ethereum (ETH). “It […]

The post Whale Accumulates About $187,000,000 Worth of Bitcoin and Altcoins From Binance in Just Three Days: Lookonchain appeared first on The Daily Hodl.

Bitcoin Cash Rallies Ahead of Upcoming Halving and Upgrade

Over $102,000,000 in Bitcoin, Ethereum, BNB and Other Assets Liquidated As Binance and Ex-CEO Plead Guilty in US

Over 2,000,000 in Bitcoin, Ethereum, BNB and Other Assets Liquidated As Binance and Ex-CEO Plead Guilty in US

Thousands of traders were liquidated following news that the world’s largest crypto exchange and its former CEO pleaded guilty to violating US laws. On Tuesday, Binance and its co-founder Changpeng Zhao (CZ) pleaded guilty to several federal charges and agreed to over $4 billion in settlement, according to a U.S. Department of Justice (DOJ) press […]

The post Over $102,000,000 in Bitcoin, Ethereum, BNB and Other Assets Liquidated As Binance and Ex-CEO Plead Guilty in US appeared first on The Daily Hodl.

Bitcoin Cash Rallies Ahead of Upcoming Halving and Upgrade

$2,907,170,360 in Ethereum Accumulated by 200 Largest ETH Whales in One Year, Says Analytics Firm Santiment

,907,170,360 in Ethereum Accumulated by 200 Largest ETH Whales in One Year, Says Analytics Firm Santiment

A top crypto analytics firm says that the 200 largest Ethereum (ETH) holders went on a massive buying spree in the past year, picking up over $2.9 billion worth of the leading altcoin. According to Santiment, the top 200 ETH whales are now holding more than 62 million ETH valued at about $124.1 billion, an […]

The post $2,907,170,360 in Ethereum Accumulated by 200 Largest ETH Whales in One Year, Says Analytics Firm Santiment appeared first on The Daily Hodl.

Bitcoin Cash Rallies Ahead of Upcoming Halving and Upgrade

Binance Experiences Withdrawals, but ‘No Mass Exodus’ of Funds Despite $4,000,000,000 Settlement: Nansen

Binance Experiences Withdrawals, but ‘No Mass Exodus’ of Funds Despite ,000,000,000 Settlement: Nansen

New data from market intelligence firm Nansen reveals that Binance is experiencing relatively minimal effects from being charged $4 billion in fines by US regulators. According to Nansen, the world’s largest crypto exchange saw an outflow of $17 million worth of Ethereum (ETH) in one hour and $956 million worth of Bitcoin (BTC) in one […]

The post Binance Experiences Withdrawals, but ‘No Mass Exodus’ of Funds Despite $4,000,000,000 Settlement: Nansen appeared first on The Daily Hodl.

Bitcoin Cash Rallies Ahead of Upcoming Halving and Upgrade

BNB Rallies Following Reports of DOJ Seeking $4,000,000,000 Settlement With Binance: Report

BNB Rallies Following Reports of DOJ Seeking ,000,000,000 Settlement With Binance: Report

BNB is rallying on the news that the U.S. Department of Justice (DOJ) is seeking to close a criminal case against Binance. According to a new Bloomberg report, the DOJ is seeking over $4 billion from the largest crypto exchange by trading volume to settle a multi-year investigation. A separate report from the Wall Street Journal […]

The post BNB Rallies Following Reports of DOJ Seeking $4,000,000,000 Settlement With Binance: Report appeared first on The Daily Hodl.

Bitcoin Cash Rallies Ahead of Upcoming Halving and Upgrade

Why is Solana (SOL) price down today?

Despite an 11.3% correction in just two days, SOL maintains a robust position with healthy derivatives markets and on-chain metrics.

Solana’s native token, SOL (SOL), experienced a remarkable 58.6% surge in just five days, reaching a $64 high on Nov. 11. However, the subsequent two-day retracement of 11.3% to $54 has prompted investors to question whether this signals a fading bullish momentum or merely a temporary price adjustment.

To put SOL’s performance into context, it can be compared with other leading altcoins. Since its peak on Nov. 11, Avalanche’s AVAX (AVAX) has rallied by 17%, Ether (ETH) gained 1%, and BNB (BNB) traded down 2%. This comparison underscores that SOL has underperformed in the broader altcoin market. Therefore, the 5.5% daily decline on Nov. 13 is unlikely to be tied to macroeconomic or sector drivers, such as the potential approval of a spot BTC exchange-traded fund.

Solana remains a top contender in terms of performance and on-chain activity

Despite the recent decline in SOL’s price, a seven-day gain of 35% suggests that investors should not hastily adopt a bearish outlook, as this could merely be a natural correction following Solana’s significant outperformance. However, it’s essential not to disregard Solana network’s fundamentals, which include on-chain metrics and SOL’s derivatives markets. Excessive leverage use by traders could potentially lead to forced liquidations, especially in perpetual contracts or inverse swaps, where funding rates play a crucial role.

Perpetual contracts, also known as inverse swaps, carry an embedded rate that is typically charged every eight hours. A positive funding rate indicates that longs (buyers) are seeking more leverage, while the opposite situation arises when shorts (sellers) require additional leverage, leading to a negative funding rate.

7-day funding rates at top exchanges. Source: CoinGlass

The seven-day funding rate for SOL aligns with that of Bitcoin (BTC) and ETH, pointing to a slightly higher demand for leverage longs. The 0.4% weekly cost is standard, considering that cryptocurrency’s market capitalization has grown by 10.5% over the past two weeks, reaching $1.4 trillion, its highest level since May 2022.

Analyzing on-chain data from semi-centralized networks with very low transaction fees carries inherent risks, as inflating these metrics is relatively easy, particularly those related to decentralized finance. A case in point is the revelation in August 2022 by a former developer from Saber, a previously esteemed decentralized exchange on Solana, who disclosed that a significant portion of the application's total value locked (TVL) was manipulated through double-counting.

Data providers have since improved their services to prevent such obvious inflation of metrics. Currently, Solana's TVL stands at $535 million, which, while a substantial figure, is relatively modest compared with its close competitors.

Blockchains TVL ranking in USD. Source: DefiLlama

It’s noteworthy that Solana’s TVL lags behind Avalanche’s $614 million, despite Solana’s impressive $22.7 billion market capitalization. Similarly, Polygon’s TVL is $840 million, while MATIC’s (MATIC) market value stands at $8.2 billion, underscoring the disparity.

Moreover, the accumulation of seen-day fees for Solana, totaling $660,000, does not seem to justify significant future demand for SOL. Even if this number were to increase significantly, it would still fall short of the token supply increase, which has risen by 3.7% in the past 90 days, equivalent to $65 million per week.

In addition to the regular issuance of SOL, there’s the vesting schedule related to the failed FTX exchange and Alameda Research. The bankruptcy estate has been permitted to sell up to $100 million in digital assets per week, including 55.75 million SOL in September 2023.

NFT data shows Solana is a top contender

Solana’s emergence as a strong player in the nonfungible token (NFT) market was one of its notable selling points, given the high costs associated with issuing and maintaining collections on Ethereum, the leading blockchain. However, this advantage has not been sufficient to attract the highest-value items and whales to Solana’s NFT markets.

Related: China declares stealing digital collections like NFTs liable for criminal theft sentence

Blockchains by NFT sales volumes in USD, 7-day. Source: CryptoSlam

Despite the seven-day average transaction fee on the Ethereum network increasing to the current $7.6, its total weekly NFT volume continues to outpace Solana’s by more than seven times. This data underscores that investors and creators consider factors beyond transaction costs. Nevertheless, Solana maintains a significant position in the market, alongside the leaders, Bitcoin and Ethereum.

Even though SOL price corrected by 5.5% on Nov. 13, it does not necessarily reflect a decline in network activity or reduced demand for leverage longs using futures contracts. However, it does indicate that investors have taken notice of SOL’s seemingly excessive market capitalization compared to its peers. The extent of this correction remains uncertain.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Bitcoin Cash Rallies Ahead of Upcoming Halving and Upgrade