Category: Cryptocurrency News

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Bitcoin (BTC), the largest cryptocurrency by market capitalization, closed January above the $40,000 threshold, signaling positive price action. However, market expert Justin Bennett suggests that Bitcoin’s bottom has yet to be reached.  Bennett’s analysis highlights the possibility of further price declines, with Tether’s stablecoin USDT dominance (USDT.D) chart indicating potential downward movements.  Tether Dominance Signals Concerns For BTC’s Price Bitcoin’s recent price recovery and ability to surpass the $40,000 level have provided optimism among investors. Nevertheless, Bennett believes further price declines could follow a retest of the mid $44,000 range.  Bennett highlights the inverse relationship between Tether dominance and Bitcoin. According to his analysis, the levels on the Tether dominance chart since October have been reliable indicators for Bitcoin’s price movements.  According to Bennett’s analysis, as depicted in the chart above, Tether’s dominance may experience a potential increase from its current level of 6%. This increase could bring it closer to the 8% mark.  In such a scenario, Bitcoin’s performance would likely move in the opposite direction, indicating potential price declines soon. Related Reading: Timeline For All Shiba Inu Projects Revealed As SHIB Price Readies To Soar On January 25, Bennett suggested that Bitcoin could drop another 20% from its current levels, which would place it around $30,000. If this scenario plays out, it would be crucial for Bitcoin bulls to defend the $30,000 level to maintain the current bullish structure. A drop below $29,000 would give bears a stronger position, with only three major support lines remaining at $28,400, $25,900, and $24,000 before a potential retest of the $20,000 mark.  The performance of these support levels and Bitcoin’s ability to withstand increased selling pressure will be key factors to monitor. The future market sentiment will also play a significant role in determining Bitcoin’s price trajectory. Bitcoin Witnesses Stellar Accumulation Trend Despite the possibility of further price drops, renowned crypto analyst Ali Martinez has shed light on a notable trend in BTC’s recent accumulation streak by investors. According to Ali Martinez’s analysis, Bitcoin is experiencing a significant accumulation streak, rivaling some of the most notable periods observed over the past few years.  The Accumulation Trend Score, a metric that gauges the buying activity of larger entities, has remained consistently high, hovering near 1 for the past four months. This suggests that influential market participants are actively accumulating Bitcoin, signaling their confidence in the long-term potential of the cryptocurrency.  Martinez’s observations further indicate that Bitcoin’s price range around $42,560 has emerged as a highly significant interest zone.  Within this range, an impressive total of 912,626 BTC has been transacted. This is expected to be a significant support level, potentially preventing further downside movements and fostering increased buying interest. Related Reading: XRP Records Highest Single Day Whale Accumulation Since Ripple’s Partial Victory Over SEC These trends collectively contribute to a positive market outlook, suggesting that despite potential price drops, Bitcoin remains an attractive asset for long-term investment. Featured image from Shutterstock, chart from TradingView.com 

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Look, I get it if you hold like 1000 ETH and do not feel safe on Layer 2s since they're still somewhat on training wheels, Arbitrum less so than the others, but still. But if you are poor, why are you still using Ethereum mainnet when there's Arbitrum, Optimism, Polygon ZK, Base and a ton…
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Recent data shows that Solana-based decentralized exchanges (DEXs) have taken Ethereum’s spot in a key metric, creating expectations and positive sentiment for the Solana (SOL) ecosystem. Related Reading: SOL Price Faces Big Move – Can Bulls Send Solana To $120? Solana DEXs Outperform Ethereum According to data from DeFiLlama, Solana-based decentralized exchanges (DEXs) have flipped Ethereum in daily trading volume. Over the last 24 hours, Solana’s $1.14 billion trading volume surpasses Ethereum DEX’s $1.133 billion trading volume. This accomplishment occurred for the first time in December of 2023 when Solana’s daily DEX volume reached $1.475 billion, surpassing Ethereum’s $1.164 billion, and hit a growing interest by traders in the SOL ecosystem. Solana surpasses Ethereum in the DEX 24-hour volume. Source: DeFiLlama Solana also saw a weekly change of +37.67% in its trading volume. However, the data shows that Ethereum is still above Solana in the 7-day volume metric, with $7.852 billion and $ 6.113 billion, respectively. Additionally, data from CoinGecko shows that Solana-based DEXs Jupiter and Orca are among the 3 largest decentralized exchanges by volume in the last 24 hours. As the chart below displays, Jupiter has a daily volume of $ 614 million, while Orca shows a volume of $380 million, occupying the second and third spots, respectively. Ethereum’s Uniswap V3 topped the chart with a daily volume of $636 million. The data also shows Raydium among the top 10 DEXs by volume in the last 24 hours. Jupiter and Orca are among the top 3 decentralized exchanges in the 24H trading volume. Sorce: CoinGecko Research platform SoSo Value pointed out on X (formerly known as Twitter) the recent Jupiter’s rise in popularity and monthly users’ increase as a key contributor to the Solana ecosystem’s boost in activity, bringing considerable attention and trading activity into the ecosystem. These recent achievements hint at a healthy growth and development of Solana’s DeFi ecosystem. Solana’s Price Action The surge in interest in Solana has been driven by its meme coin sector, the airdrops, and fast transactions offered to its users. As a result, its native token managed to reclaim previously lost territory. However, while Solana surpassed Ethereum’s DEX on low timeframes, the second crypto by market cap remains king of the DeFi sector. The chart above shows that the Ethereum-based DEX holds over $6 billion in Total Value Locked (TVL). This piece of data indicates the resilience of the ETH ecosystem in maintaining its position as king of DeFi but holds promise for Solana. The fast-growing blockchain could attract further attention and interest if the daily trend extends. Despite some fluctuation in the last few weeks, Solana’s price has surfaced in the $90-$100 price range in the last month. According to CoinGecko data, SOL’s price has surged 1.9% in the last 24 hours and 6.3% in the previous 7 days. Related Reading: Forget Bitcoin, This Billionaire Is Betting Big On Solana For 2024 SOL is trading at $100.23 in the hourly chart. Source: BTCUSDT on Tradingview.com Featured image from Unsplash.com, Chart from Tradingview.com

Tuur Demeester, a Bitcoin evangelist, has recently shared his views on Bitcoin’s potential to reach the $1 million mark by 2028. Demeester’s view on this topic presents a cautious contrast to some of the more bullish predictions in the crypto community. This tempered perspective comes when others, such as Samson Mow, express strong confidence in Bitcoin’s ability to hit this milestone following its next halving. Related Reading: Bitcoin Buzz: Accumulation Trend Peaks At A 3-Year High – What’s Driving The Surge? $1 Million Bitcoin By 2028 Is Not Certain Demeester’s skepticism was articulated in response to a post sharing a graph by investor Fred Krueger, which suggested that Bitcoin might reach the $1,000,000 level by 2028. While appreciating the graph’s model, Demeester expressed uncertainty, acknowledging the unpredictable nature of the market and its capacity to defy even the most well-constructed models. Will it take BTC until after summer 2028 to reach $1M? I don’t know, but I do know that every beautiful model (as is this one 🤌) is destined to be broken by Mr. Market. https://t.co/GcmhfL2C16 — Tuur Demeester (@TuurDemeester) February 2, 2024 The anticipation surrounding BTC’s price of $1 million is closely tied to its halving events, which occur approximately every four years. After this year’s halving, the next halving is set to occur in 2028. These events reduce the number of new BTC mined per block by half, limiting the supply and potentially impacting the price. The upcoming halving, set for April this year, will see the daily minting of Bitcoin slashed from 900 to 450 coins. Such supply changes have historically led to significant price movements, lending credibility to the various models predicting substantial future price increases. Amid these predictions, an X user, claiming ownership of the growth plot referenced by Demeester, chimed in with insights. They argued that some market laws, like the time value of money in the stock market, are less likely to be broken. Similarly, the natural adoption rate of Bitcoin might constrain its “explosive” growth, providing room for market movements without breaking the underlying model. Hi Tuur, this plot is mine. Some laws are not broken by Mr Market, e.g. the stock market grows by ~7% p.a. This cannot be broken to the upside because of the time value of money (essentially). The time-based power-law likewise is hard to break to the upside because that would go… — hcburger (@hcburger1) February 2, 2024 Diverse Views On Bitcoin’s Future Other Bitcoin enthusiasts, like Samson Mow, CEO of Jan3, are more optimistic. Mow envisions Bitcoin reaching $1 million, potentially in a sudden surge causing “max pain” for several market players. This dramatic increase, he suggests, could happen swiftly, within “days or weeks,” though the precise starting point remains uncertain. My main prediction is the run up to $1M happens in days to weeks. Starting point TBD. — Samson Mow (@Excellion) January 14, 2024 In analyzing potential triggers for a Bitcoin rally, Mow considers various factors. These include Bitcoin-specific metrics like exchange-traded inflows (ETF), the BTC hashrate, and whale activity on Bitfinex. Additionally, Mow looks at broader economic indicators such as Tether’s USDT assets under management, government debt payments, and Debt-to-GDP ratios. These are the #Bitcoin macro indicators I’m looking at: ⬆️ ETF inflows ⬆️ Hashrate ⬆️ Finex whale accumulation ⬆️ 200 WMA trend ⬆️ Tether USDt AUM ⬆️ Govt interest payments on debt ⬆️ Debt GDP ratios ⬆️ Nation-state Bitcoin adoption ⬆️ Real inflation ⬆️ M3 money — Samson Mow (@Excellion) January 28, 2024 Mow believes these factors, combined with nation-state adoption, real inflation rates, and the M3 money supply, could significantly influence Bitcoin’s performance. Related Reading: Expert Reveals Key Macro Indicators For Bitcoin: A Roadmap To Next Rally? Amid the debate, Bitcoin saw quite a surge in the past 24 hours, reclaiming the $43,000 mark with a current trading price of $43,123. Featured image from Unsplash, Chart from TradingView

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