Category: Cryptocurrency News

Recently, a seasoned crypto investor, Daan Crypto Trades, offered a fresh perspective on evaluating altcoin market sentiment. Daan believes the ETH/BTC ratio is a superior indicator of altcoin market sentiment over the SOL/BTC ratio, showing data that suggests the potential for an upcoming altcoin season. Related Reading: Crypto Guru Reveals Top Altcoin Picks And DeFi Risks: What You Need To Know ETH/BTC vs. SOL/BTC: Decoding The True Alts Barometer Daan Crypto Trades has challenged the emerging view that SOL/BTC might be a better gauge for altcoin strength, arguing instead for the enduring relevance of ETH/BTC. According to Daan, while Solana’s performance has been notable, it hasn’t significantly impacted Bitcoin’s dominance, which remains strong. This observation suggests that SOL/BTC may not accurately reflect broader alternative coins market trends. On the other hand, ETH/BTC has historically mirrored shifts in altcoin market sentiment more closely, making it a more reliable metric. This distinction is crucial for investors seeking to understand the real-time health and potential shifts within the broader altcoin market. Seeing a lot of people claim $SOL/BTC is a better proxy for general alt strength than ETH/BTC.$SOL performed extremely well and the general alt market underperformed BTC as BTC.D grinded higher. Therefore, I would not say SOL/BTC is a good gauge for overall altcoin strength at… https://t.co/8KpdnACoOt — Daan Crypto Trades (@DaanCrypto) April 28, 2024 Daan’s analysis points out that significant movements in the ETH/BTC ratio have often preceded dynamic phases in the altcoin market, commonly referred to as ‘altcoin seasons.’ These periods are characterized by rapid price increases across altcoins, often outpacing Bitcoin. Signs Of An Emerging Altcoin Season? Current market analysis by Daan and on-chain data from Santiment underline a brewing sentiment that could lead to another alternative coins season. Santiment’s report highlights an unusual accumulation pattern across altcoins, with their Market Value to Realized Value (MVRV) ratios suggesting many are undervalued. Related Reading: Are Altcoins Cooling Off? Analyst Weighs In On This Cycle’s Market Over 85% of altcoins analyzed are currently positioned in what Santiment describes as the historical “opportunity zone.” This zone indicates that the assets are trading below their realized value, presenting potential buying opportunities for savvy investors. 👍 According to our model, the mid-term gains and losses by average wallets indicate heavy realized losses across most #altcoins. Over 85% of assets we track are in a historic opportunity zone when calculating the market value to realized value (MVRV) of wallets’ collective… pic.twitter.com/NogkCSH5PG — Santiment (@santimentfeed) April 25, 2024 Further reinforcing this sentiment, the Bitcoin dominance index (BTC.D), which tracks Bitcoin’s market cap relative to the entire crypto market, has slightly declined. BTC.D has dropped from 57.10% as of the middle of this month to roughly 54.69% as of today. This decline could suggest that capital is beginning to flow more substantially into altcoins. Notably, the combination of favorable MVRV ratios and shifting dominance lends credence to Daan’s assertion that an alternative coins season may be on the horizon, ready to unleash notable gains similar to past cycles. Featured image from Unsplash, Chart from TradingView

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EIP-7547: Inclusion lists Check out the recording of the conversation on EIP-7547 with Mike, Terence & Francesco explaining why Ethereum needs the Inclusion List. https://youtu.be/oRjG0RMnK5U Ethereum researchers and stakers' are invited to engage with authors. Let your voice be heard! https://youtu.be/cl-TgiPU168 ​ submitted by /u/poojaranjan19 [link] [comments]

A new court filing claims that the U.S. Securities and Exchange Commission (SEC), led by Chair Gary Gensler, initiated a formal investigation into ethereum’s potential classification as a security more than a year ago. SEC Enforcement Division Director Gurbir Grewal approved a formal investigative order in March last year to scrutinize potential securities transactions involving […]

Concerns over rising inflation and flat spot Bitcoin ETF inflows could be factors in the $435 million outflow from crypto investment funds last week.

The second-largest crypto token by market cap, Ethereum (ETH), finally showed some form of life as it rose to $3,300 over the weekend. This move is believed to be the beginning of a trend reversal for the crypto token, which has several bullish signals on its chart.  Ethereum Has A Bullish Chart Crypto analyst Derek revealed in an X (formerly Twitter) post that the signals on Ethereum’s Moving Average Convergence/Divergence (MACD) indicator “seem to have ended the decline and changed upward direction.” He also highlighted the Ethereum Dominance chart, which has confirmed three bottoms and gave a strong rebound.  Related Reading: Expert Says Bitcoin Price Has Topped And Is In Exponential Decay, Why This Is Not A Bad Thing The analyst explained that “leading a rebound after confirming the bottom three times means that further decline is unnecessary, and there is a high possibility that there is no intention to do so.” Interestingly, the analyst drew attention to the fact that Ethereum has experienced this price rebound without volume.  Source: X This phenomenon occurs when individual investors are more active than institutional ones who are more cautious during this period. This instantly brings recent buys by Ethereum whales like Justin Sun into the picture, as they have contributed significantly to Ethereum’s recent resurgence.  NewsBTC recently reported that a wallet believed to belong to the TRON founder recently bought $405 million worth of Ethereum. This wallet and another suspected to belong to Sun have accumulated $891 million worth of ETH since February 12. Meanwhile, NewsBTC also reported about another whale, who, despite losing $4.5 million worth of longing ETH, opened another long worth over $17 million.  Other Bullish Signals For ETH Crypto analyst Trader Tardigrade recently revealed that Ethereum experienced a decent breakout to a descending trendline on the daily chart of its Bitcoin pair. He added that Ethereum’s Relative Strength Index (RSI) also shows an associated breakout from a symmetrical triangle.  The crypto analyst claimed that the value of the RSI is also now above 50, which is considered bullish for a crypto token. Based on these signals, Trader Tardigrade stated it is “time for Ethereum.” He also suggested that other altcoins will moon once Ethereum begins its parabolic move to the upside.  Related Reading: Bitcoin Daily Transactions Just Hit A New ATH – What’s Driving It? Derek also predicted this, stating that the “rise of Ethereum will drive the explosive rise of altcoins that have been oppressed.” While sharing his bullish sentiment towards Ethereum, crypto analyst Crypto Prof echoed a similar sentiment, remarking that altcoins will “run even more” as Ethereum trades significantly higher in the coming months.  Before now, Crypto expert Michaël van de Poppe predicted that the narrative would shift toward Ethereum post-halving and that the crypto token and other altcoins would bounce in their Bitcoin pair once the hype around the halving was over.  At the time of writing, Ethereum is trading at around $3,170, down over 1% in the last 24 hours, according to data from CoinMarketCap.  ETH price sitting above $3,100 | Source: ETHUSD on Tradingview.com Featured image from AMBCrypto, chart from Tradingview.com

The EIGEN token will be used to form consensus around data that is off-chain but easily verifiable, such as whether someone won a bet or adequately stored data.

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According to the terms of the deal, FTX will “relinquish any and all rights” to $450 million Voyager Digital has claimed from the crypto exchange.

The temporary unit is reportedly being transformed into a permanent department as enforcement actions rise dramatically in South Korea.