Uniswap Labs has launched Unichain Mainnet, a decentralized blockchain designed to reduce transaction costs and accelerate decentralized finance (defi) operations. Decentralized Rollup Unichain Goes Live, Targets Defi Scalability The Ethereum layer two (L2) network, tested through 95 million transactions and 14.7 million smart contracts in four months, aims to enhance defi accessibility with 1-second block […]
The past 24 hours have seen bullish momentum return to XRP, with the cryptocurrency now reclaiming the $2.5 price level. This bullish momentum comes after a seven-day stretch of range consolidation between resistance at $2.5 and support at $2.3. Despite this consolidation of the price, technical analysis shows that XRP is still trading in a bullish setup, especially on the daily candlestick timeframe. Notably, this bullish setup shows that the XRP price is about to make a new all-time high run to $5. Bullish RSI Divergence And Strong Support Set The Stage Technical analysis of the XRP price, which was posted on the TradingView platform, shows that the cryptocurrency is on the verge of a maximum surge in the coming weeks. Technical indicators play a crucial role in this outlook, which is currently bullish, despite the recent price downturn. Related Reading: XRP Price Breaks Out Of Symmetrical Triangle Pattern, Why The Target Is $8 One such technical indicator is the Relative Strength Index (RSI), which measures momentum in price movements. The RSI, for one, is flashing a bullish divergence on the daily timeframe. This occurs when the RSI makes higher lows while price action makes lower lows, which is a signal of reversal to the upside. Furthermore, technical analysis shows that despite the price downturn, XRP has managed to hold above strong support at $2. The ability of XRP to hold above the support means that the recent selling pressure wasn’t an XRP price weakness as many expect, but only a consequence of a wider downturn in the entire crypto market. With the bullish structure intact and selling pressure appearing to wane, the asset remains in a strong position for a renewed rally, with a $5 target in sight. Can XRP Break Its All-Time High And Rally To $5? XRP’s all-time high remains at $3.40 and has yet to return to this price level since January 7, 2018. However, the altcoin has been one of the best performers this cycle, and this all-time high might not stand for long. In a recent rally, the cryptocurrency surged to $3.36, only to face sharp rejection from bearish resistance just before breaking new ground. Related Reading: XRP Price Prediction To $4.9: How The 1-Day 50 MA Will Drive The Next Wave A move to $5 would not only mark a new all-time high but also solidify XRP as the best performer this cycle. The path to this milestone, however, will require the cryptocurrency to overcome key resistance zones, particularly around the $2.8 and $3 levels, where selling pressure has shot up this cycle. At the time of writing, XRP is trading at $2.51, having increased by about 4.5% in the past 24 hours. If bullish momentum continues to build and XRP successfully clears these barriers, the projected $5 price target could be within reach. Featured image from Adobe Stock, chart from Tradingview.com
Jerome Powell, who has served as chair of the Federal Reserve since 2018, made a guarantee to lawmakers in the Senate regarding a US central bank digital currency.
Key Takeaways: Crypto VC deal counts fell sharply in 2024, providing a sign of increased investor caution. Web3 is the most dominant of all VC investments, showing the most interest. Despite a 13% funding rebound in Q4, overall crypto VC activity remains well below 2022 peaks. The crypto venture capital landscape underwent a major shift…
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Japanese mobile game developer Gumi Inc. announced plans to purchase 1 billion yen ($6.58 million) in bitcoin, aiming to bolster its blockchain initiatives and capitalize on cryptocurrency market opportunities. Gumi Unveils Bitcoin Purchase Plan and Babylon Staking as Part of Web3 Expansion Strategy Gumi, a Tokyo-listed mobile game studio, disclosed the decision following a board […]
In-kind redemptions are more tax-efficient and stand to increase the appeal of spot crypto ETFs for institutional investors.
Solana price falls below $200 as the network’s onchain activity drops, but investors’ anticipation of a spot SOL ETF could prompt a recovery.
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The Bitcoin dominance (BTC.D) surged above 64% this week, its highest level since March 2021, sparking debate over an impending short squeeze that could send its price skyward. The stark warning comes from Joe Consorti, Head of Growth at Theya, who took to X on Monday to outline what he views as a decisive turning point for Bitcoin versus the rest of the digital asset market. A Historic Break In Bitcoin’s Correlation Patterns In his post, Consorti contends that Bitcoin’s recent price action marks the first time in its 16-year history that both its price and market dominance have risen in tandem. Historically, Bitcoin’s dominance would rise initially, only to wane as speculation spilled into altcoins. However, Consorti states: “This is the first time in history that bitcoin’s share of the total digital asset market is rising while its price is climbing. In past cycles, retail-driven speculation pushed bitcoin’s price up and later funneled money into altcoins, causing bitcoin dominance to decline. That dynamic is gone.” According to Consorti, the days when a broad altcoin rally would follow Bitcoin’s initial surge appear to be over. Bitcoin dominance recently touched 64%—its highest level since February 2021. Consorti attributes the phenomenon to a significant change in market participation: “This cycle, institutions, sovereigns, and long-term holders are leading the charge, increasingly allocating capital exclusively to bitcoin while largely ignoring the rest of the market.” Related Reading: Bitcoin Funding Rate Turns Neutral On Top Exchanges: What Happened Last Time Last week’s market turbulence resulted in what Consorti calls “the single-largest liquidation event in ‘crypto’ history,” citing data that more than $2.16 billion in positions were wiped out within 24 hours. Ethereum led the liquidation figures with $573 million, and the largest single liquidation—a $25.6 million ETH/BTC order—occurred on Binance. “As you might have guessed, ETH/BTC is not having a great time,” Consorti notes, pointing out that the ETH/BTC pair is trading at 0.026—its lowest level in over three years. He argues these liquidations highlight the precarious nature of heavily leveraged altcoin markets: “All of it wiped out in an instant when price moved against them. This wasn’t your standard technical correction, it marks the start of an extinction-level event for altcoins.” The “Altcoin Casino” In Crisis Consorti’s analysis suggests that what he dubs “the altcoin casino” is now collapsing. He points to failed narratives around popular projects—Ethereum, Solana, and DeFi among them—that have struggled to maintain investor confidence: “Altcoins have survived purely on narratives. Each cycle, a new batch of narratives emerged, promising world-changing innovation. None of them lasted.” He contrasts this with Bitcoin’s core value proposition, which, in his view, requires no marketing: “Bitcoin, on the other hand, doesn’t need a narrative. It doesn’t need marketing or hype. It exists, and it thrives because it was built to do one thing—protect wealth in a world of perpetual monetary expansion.” Consorti also references Ethereum’s “merge” and its supposed deflationary design, pointing out that since the upgrade, ETH’s total supply has increased by 13,516 ETH—undermining the “ultra-sound money” claim. Related Reading: Bitcoin In 2025: History Could Repeat With A 2017-Style Surge Adding a policy dimension to the market’s transformation, Consorti highlights a statement from Senator John Boozman during the White House Crypto Working Group’s first press conference: “Some digital assets are commodities, some are securities.” This, he suggests, is a tacit acknowledgment that Bitcoin stands apart from other digital assets. In a further development, Consorti cites a comment from White House AI & Crypto Czar David Sacks, who mentioned the group is evaluating the viability of a Strategic Bitcoin Reserve—a shift from the previous “National Digital Asset Stockpile” terminology used under a Trump-era executive order. Consorti frames this as a “major development” that signals growing recognition of Bitcoin’s unique properties: “This language shift is monumental. A few years ago, the US government was openly hostile toward bitcoin. Today, they’re discussing stockpiling it.” Amid this upheaval, Consorti suggests that the next dramatic move in Bitcoin could be an explosive short squeeze. Funding rates on perpetual futures, he notes, have gone “deeply negative,” reminiscent of when Bitcoin traded near $23,000 in August 2023. This implies a tilt in leverage toward traders betting against Bitcoin—a position that could rapidly unwind: “While last week’s leverage flush wiped out most long positions, the next major move could be the opposite—an explosive rally fueled by forced short liquidations.” Should the market turn against these short-sellers, the forced buy-backs could drive the price higher with unusual speed and volume—especially if overall liquidity remains thin. He concluded, “Traders who overextended their leverage to short bitcoin will eventually have to buy it back when the price moves against them, just like overleveraged longs were wiped out last week. Bitcoin is coiled. The stage is being set for a potential short squeeze. The longer this dynamic of short dominance persists, the greater the risk of a forced shirt liquidation cascade that sends bitcoin’s price higher with force.” At press time, BTC.D stood at 61.19%. Featured image created with DALL.E, chart from TradingView.com
