Bitcoin’s range-bound price action could kickstart BNB, TON, AAVE and HNT

August 19, 2024 Coin Telegraph

Aave

Bitcoin’s price consolidation could convince traders that it's time to play with altcoins. BNB, TON, AAVE and HNT are the ones on Cointelegraph's radar.

Bitcoin (BTC) continued its sideways price action as buyers successfully defended the $55,724 support this week. Large fund managers have used the period of consolidation to add spot Bitcoin exchange-traded funds (ETFs) to their portfolios. According to an analysis by CoinShares Research, Goldman Sachs bought $419 million, Capula Management acquired $470 million, and Avenir Tech purchased $388 million worth of Bitcoin ETFs since March.

A report published by cryptocurrency exchange Coinbase shows that institutional investors labeled as investment advisers increased their Bitcoin ETF holdings by 3% in the second quarter of 2024. During the same period, the hedge fund holdings declined slightly. Coinbase believes that the summer period in the United States (June to August) may delay “large inflows,” keeping the price action choppy.

Crypto analyst Matthew Hyland said in a video analysis that Bitcoin is following patterns similar to those in previous US election years. According to that, Bitcoin may remain in the range for “a little bit longer” and break out probably in October or November.

Ethereum DApp volumes drop 33% in a week — Is more ETH price weakness ahead?

August 19, 2024 Coin Telegraph

BASE

Ethereum’s dominance in decentralized application deposits compensates for the reduced onchain volumes, but what about ETH price?

Ether (ETH) has been trading within a narrow $230 range since Aug. 9, maintaining a solid support level at $2,550. However, this represents a 20% decline from three weeks ago, when ETH closed July above $3,300. This decline follows a broader contraction in cryptocurrency prices, but Ether is encountering specific challenges of its own. The Ethereum network’s decentralized applications (DApps) have seen a significant drop in activity over the past seven days.

Part of Ether’s failure to sustain a bullish momentum can be attributed to the lackluster performance of spot Ether exchange-traded funds (ETFs). The recently launched ETFs have experienced a combined $30 million in net outflows since Aug. 9, according to data from Farside Investors. Despite these outflows, traders remained optimistic that inflows from major players like BlackRock and Fidelity would counterbalance the outflows from Grayscale’s ETHE, although this remains to be seen.

The Ethereum network continues to lead in terms of total value locked (TVL) and transaction volumes, even though it charges significantly higher fees compared to its competitors. This fee difference presents a challenge, as the user experience on Ethereum does not favor second-layer solutions, thereby creating opportunities for niche markets to gain traction on alternative networks such as Solana (SOL), BNB Chain (BNB), and TON. Indeed, according to DappRadar data, none of the top 12 DApps by user count are based on Ethereum.

Price analysis 8/16: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

August 16, 2024 Coin Telegraph

Avalanche

Bitcoin bulls are holding on to the $55,500 support, but an increase in futures open interest and a death cross on the BTC chart have traders worried that further downside is in store.

Bitcoin (BTC) has been stuck in a sideways price action phase for several months, but that has not stopped institutional investors from buying. According to K33 Research senior analyst Vetle Lunde, more than 262 new firms invested in the United States spot Bitcoin exchange-traded funds (ETFs) during the second quarter of 2024.

It is encouraging to note that the institutional investors have largely held on to their positions or increased them. Bitwise chief investment officer Matt Hougan said in a post on X that 44% of asset managers boosted their Bitcoin ETF positions while 22% held steady. Only 13% exited their positions, and the remaining 21% reduced positions. Hougan called this as “a pretty good result, on par with other ETFs.”

While the long-term remains bullish, analysts are turning bearish in the near term. Cryptocurrency analysis platform Coinglass cautioned in a post on X that Bitcoin’s rising open interest suggests there is “room to fall.” Additionally, analysts are closely watching the death cross as the 50-day simple moving average (SMA) has dipped below the 200-day SMA.

Price analysis 8/14: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

August 14, 2024 Coin Telegraph

Increasing Ethereum network use strengthens the case for ETH price rally to $3K

August 10, 2024 Coin Telegraph

Increasing Ethereum network use strengthens the case for ETH price rally to K

Activity

Surging Ethereum network activity and growing adoption of layer-2 scaling solutions pave the way for an ETH price rally to $3,000.

Ether (ETH) rallied 16.2% on Aug. 8, but struggled to maintain levels above $2,600 on Aug. 9. Despite encountering stronger-than-expected resistance at $2,700, Ether remains well-positioned to extend its bullish trend, supported by a more favorable macroeconomic backdrop and heightened activity on the Ethereum network and its layer-2 solutions.

Some investors argue that outflows from the spot EtherETFs have been a drag on its performance. However, this could change as turnover from Grayscale’s ETHE instrument is slowing. The fund has historically charged much higher fees compared to its peers, and most investors were previously locked in as the Trust did not allow redemptions.

Ethereum educator Sassal highlights that, according to Farside Investors data, Grayscale’s ETHE recorded its lowest-ever outflows on Aug. 8 at $20 million, suggesting that the trend may be heading toward zero. Grayscale’s ETHE still holds $5 billion worth of Ether, so even if flows stabilize in the near term, the potential risk remains.

Price analysis 8/9: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

August 9, 2024 Coin Telegraph

Price analysis 8/5: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA

August 5, 2024 Coin Telegraph

Price analysis 7/24: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

July 24, 2024 Coin Telegraph

Price analysis 7/22: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA

July 22, 2024 Coin Telegraph

Price analysis 7/17: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB

July 17, 2024 Coin Telegraph

Avalanche

Strong inflows into spot Bitcoin ETFs suggest that the sentiment has turned positive, and traders are buying aggressively.

Bitcoin (BTC) has been conquering overhead resistance levels one by one, signaling that the bulls are gaining confidence. Farside Investors data shows $422 million in inflows into the United States-based spot Bitcoin exchange-traded funds (ETFs) on July 16.

BlackRock’s iShares Bitcoin Trust (IBIT) once again crossed $20 billion in assets under management after its latest purchase of 4,004 Bitcoin. The fund had earlier surpassed $20 billion in AUM in late May. Looking at the massive inflows, ETF Store president Nate Geraci said in a post on X that it is not only the retail investors; even advisers and institutional investors have been buying.

Bitcoin’s recent rise has improved sentiment, and analysts are speculating how soon a new all-time high could be achieved. While anything is possible in the markets, the current up move is expected to face solid selling between $70,000 and the all-time high near $74,000. Expect markets to remain volatile in the near term as some of the creditors of the defunct Mt. Gox exchange sell their repayments.

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