Category: Cryptocurrency News

Analysts at cryptocurrency exchange Coinbase are backing Bitcoin and the entire crypto market to put up a significantly positive performance in Q2 2024. This development comes as BTC continues its market recovery, gaining by 3.31% in the last week to trade above $43,000.  Related Reading: Expert Analysis: Bitcoin ‘Bottom Is Not In’, Potential $30K Retest On The Horizon Downward Pressure On Bitcoin Subsides, Macro Factors To Come Into Play: Analysts In the Coinbase weekly report on Friday, the American exchange’s analysts noted that the market factors that induced downward pressure on Bitcoin were being phased out. This claim is backed by the completion of the GBTC’s liquidations by defunct exchange FTX as well as the recovery of certain crypto entities from bankruptcy, indicating a change in the dynamics of the BTC market.  Furthermore, the analysts also highlighted the stable performance of the Bitcoin spot ETF market in the last week, marked by average daily net inflows of $200 million and a daily trading volume of $1.35 billion in the last week. However, in the coming weeks, Coinbase market experts have predicted the macroeconomic factors to gain more influence in the crypto market.  In particular, the analysts made reference to the US Federal Reserve’s decision to postpone the deliberation on scaling back its quantitative tightening (QT) to the next Federal Open Market Committee (FOMC) meeting in March. Based on this development, they predict the easing cycle will begin on May 1, which typically involves measures such as lowering interest rates to make loans cheaper and stimulate economic activity. In addition, they anticipate the Fed to start halting its balance sheet reductions by June to further support the US economy.  Interestingly, they believe the Fed could consider implementing the end of the balance sheet reduction at the same time with rate cuts. Based on the “anodyne” policies policymakers implement in an election year, Coinbase analysts predict the US apex bank will cut interest rates by 100 basis points (bps) – 25bps more than the Fed’s expectation for future rates – which is equivalent to lowering rates by 1%.  Generally, a reduction in interest rates is a positive omen for the digital asset ecosystem as it allows investors to pay low borrowing fees, accumulating more funds to invest in risk assets such as crypto tokens. Based on the multiple factors listed above combined with “idiosyncratic” factors, such as the Bitcoin halving, the analysts at Coinbae predict BTC, alongside other tokens, will serve as favorable portfolio additions in Q2 2024.  Related Reading: Will Bitcoin Hit $1 Million By 2028? Experts Clash Over Bold Price Prediction Bitcoin Price Overview At the time of writing, Bitcoin trades at $43,077.76 with a 0.20% gain in the last day. Meanwhile, the asset’s daily trading volume is down by 15.45% and is valued at $16.78 billion. With a market cap of $844.85 billion, BTC continues to rank as the largest cryptocurrency in the world. BTC trading at $43,048 on the daily chart | Source: BTCUSD chart on Tradingview.com Featured image from CNBC, chart from TradingView

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According to crypto intelligence platform Santiment, some altcoins have been enjoying increased attention from investors over the past few days. This comes as the crypto market continues to undergo a positive recovery from its recent slump in the aftermath of the Bitcoin ETF launch. These Altcoins Show Potential For More Profit: Santiment In a post on the X platform, Santiment revealed that three altcoins, including Chainlink (LINK), Immutable X (IMX), and Pyth (PYTH), have become assets of mainstream interest in the past few days.  This revelation is based on their performance in terms of Social Dominance, an indicator that compares the social volume of a particular asset to the combined social volume of the top 100 cryptocurrencies by market capitalization.  Related Reading: Will BNB Continue To Drop Or Bounce Back To Create A New All-Time High? A graph showing the social dominance of LINK, IMX, and PYTH | Source: Santiment/X As shown in the chart above, the Social Dominance of these three altcoins has seen a notable spike in recent days. Interestingly, Santiment has associated this renewed investor interest in Chainlink, Immutable X, and Pyth, with their market cap growth in the past week. According to data from Santiment, the valuations of LINK, IMX, and PYTH have increased by 34%, 23%, and 26%, respectively, in the last seven. The on-chain analytics noted that the mainstream crowd discussion around these altcoins will lead to FOMO (fear of missing out) amongst investors. Santiment further highlighted that this FOMO can trigger high price volatility and increased buying pressure for Chainlink, Immutable X, and Pyth. Ultimately, this can lead to more price gains for the three crypto assets. Chainlink Price Overview The price performance of Chainlink in the past week has been the most impressive of the three altcoins highlighted by Santiment. According to data from CoinGecko, LINK’s value has jumped by more than 24% in the past week. In a week dominated by Bitcoin’s resurgence to above $43,000, Chainlink managed to become one of the biggest gainers in the last seven days. The cryptocurrency’s price registered a positive run to almost as high as $19. Related Reading: Will Bitcoin Hit $1 Million By 2028? Experts Clash Over Bold Price Prediction As of this writing, the Chainlink token is valued at $17.69, reflecting a 1.2% price decline in the last 24 hours. The altcoin appears to be witnessing some amount of downward pressure as it is struggling to hold above the $18 level. Nevertheless, Chainlink continues to lay a strong claim to a spot amongst the top 10 largest cryptocurrencies by market capitalization. With a market cap of over $10 billion, LINK ranks as the 13th-largest asset in the cryptocurrency sector. LINK price faces resistance and stalls at the $18 level | Source: LINKUSDT chart on TradingView Featured image from Shutterstock, chart from TradingView

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Dogecoin, the meme-inspired cryptocurrency, is experiencing a resurgence in popularity, with key metrics showcasing explosive growth in network activity and user adoption. Related Reading: Chainlink Price Surge Powers Altcoin Market, Bulls Aim For $20 Target Dogecoin New Addresses Surge Over the past seven days, a staggering 890,000 new DOGE addresses were created, reflecting an 86% adoption rate as new users engage in their first transactions. This represents a remarkable 1,100% increase in new addresses compared to the previous week, according to on-chain data analyst Ali Martinez. January 29th alone saw a record-breaking 247,240 new addresses created, highlighting the rapid expansion of the Dogecoin network. Over 890.000 new Dogecoin addresses were created in the past 7 days. Activity also spiked, with the new adoption rate reaching as high as 86% as the new users made their first transactions. 🔗https://t.co/sVl5CEGkou pic.twitter.com/0LxATAEGaO — IntoTheBlock (@intotheblock) February 1, 2024 Doginals And Xpayments Spark Interest Renewed enthusiasm for Doginals, NFTs minted on the Dogecoin blockchain, and rumors surrounding potential integration with Xpayments are believed to be contributing factors to the recent surge. Santiment data reveals a significant uptick in active addresses, reaching 1.4 million as of February 3rd. This marks the highest level observed in the past six months, surpassing even December’s peak of 1.3 million. Daily transaction volume on the Dogecoin network has also seen a boost, exceeding one million transactions for the past five days. This indicates active use of the DOGE network and suggests potential growth in its real-world application. DOGE active addresses in the last week. Source: Santiment Mavericks Remain Loyal Adding fuel to the fire, entrepreneur Mark Cuban reaffirmed the Dallas Mavericks’ unwavering support for Dogecoin during a recent AMA session. The team’s continued acceptance of DOGE for merchandise and tickets reinforces their commitment to embracing digital currencies. Dogecoin currently trading at $0.07891 on the daily chart: TradingView.com While the current trends paint a positive picture, questions remain about the long-term sustainability of this growth. Whether this surge translates to lasting momentum or a temporary spike is yet to be seen. Dogecoin’s Value And Market Volatility The article avoids delving into the intrinsic value of DOGE compared to other cryptocurrencies, and it’s crucial to remember that the overall crypto market is known for its inherent volatility. Positive sentiment can quickly shift, and investors should exercise caution before making any investment decisions. Related Reading: Stablecoins Surge: USDT Leads $400 Million Inflows, Signaling Investor Confidence Dogecoin’s proof-of-work consensus mechanism raises environmental concerns, which could potentially hinder its future adoption in the long run. Despite these considerations, Dogecoin’s recent performance signifies a period of significant growth and renewed interest. As the cryptocurrency landscape continues to evolve, Dogecoin’s future trajectory remains intriguing, and its ability to sustain this momentum will be closely watched by investors and enthusiasts alike. Featured image from iStock, chart from TradingView