Polygon (MATIC) rally comes to an end as competitors devour market share
MATIC price has retraced a majority of its recent gains. Cointelegraph explores why.
MATIC price has retraced a majority of its recent gains. Cointelegraph explores why.
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Although the XRP price has witnessed a decline along with the overall crypto market since the beginning of October, recent price action shows XRP is consolidating in the $0.5 support level, suggesting the early stages of a rebound may be brewing. In addition to this, on-chain data has revealed some whales are expanding their holdings in preparation for the rebound. Large XRP Transactions Hint At Accumulation Various on-chain data has shown large XRP transactions in the past few weeks to and from exchanges, suggesting some whales might be accumulating XRP tokens. Related Reading: Why Does Ripple Return Unlocked Tokens To Escrow? Pro-XRP Lawyer Provides Answers According to data from Whale Alerts, a crypto whale tracking service, 50 million XRP worth $24.8 million was recently transferred from Crypto.com to a private wallet. 🚨 50,000,000 #XRP (24,894,598 USD) transferred from #CryptoCom to unknown wallethttps://t.co/f2Zrx9pLf3 — Whale Alert (@whale_alert) October 9, 2023 Whatever the reasons, massive XRP transactions like this are worth paying attention to as they can either increase or decrease buying and selling pressure. 🚨 🚨 60,000,000 #XRP (30,985,299 USD) transferred from #Ripple to unknown wallethttps://t.co/VNiAX1u5mI — Whale Alert (@whale_alert) October 9, 2023 While there have been other whale movements from private wallets to exchanges, data from the crypto analytics platform Santiment points to an accumulation tactic from XRP whales. A metric that follows the balances of wallets holding between 100,000 to 1 million XRP has significantly increased since the beginning of the month. In this last 7-day timeframe, the net cumulative balance in these wallets increased by 60 million XRP tokens from 3.77 billion to 3.83 billion. XRP is currently trading at $0.499, putting the net increase of these whales at $29.9 million. Price recovers as whales accumulate | Source: XRPUSD on Tradingview.com What’s Next For XRP Price – Potential Impact Interest in the XRP price is now at one of its highest levels, and according to financial analysts, the cryptocurrency is leading the charge in upending the conventional payments sector. The number of XRP holders has also steadily been on the rise, as news about Ripple and the SEC has continued to generate attention for XRP. Data from Santiment below shows this measure is now at 4.8 million wallet addresses: Whales increase their holdings | Source: Santiment Related Reading: Shiba Inu-Based BONE Gearing Up For Massive Rally, Here’s Why The XRP price is down by 2.11% in the past 24 hours, but trading volume increased by 56.53%. Higher volume means there is more activity and interest in an asset, which can indicate a price spike. However, bulls have failed to hold the $0.50 support zone, and XRP might continue to move down if it breaks below $0.488. With whales accumulating, key support levels holding, and the SEC lawsuit progressing in Ripple’s favor, there might be a bullish reversal for XRP. According to one analyst, XRP could rise 1137% to a new to a new all-time high of $5.85. Featured image from Crypto News Flash, chart from Tradingview.com
It's never going to work. The West fully intends to go after critical crypto infrastructure anyways, but when they do stealth surveillance and enforcement through obscure frontend technology and hyper complex law 99.9% of the public doesn't understand –outside of constitutional due process, to make compliance lawyers happy–they get no pushback, because the tech and…
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Also no one wants to here this, but Binance is going down as we speak. Justin Sun depositing so far 43k Ethereum into Binance yesterday means they need that collateral. Yesterday's "conspiracy theory" is observable in today's charts and volume. Volume in both BNB and ETH way up. ETH way down. BNB more or less…
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If there is one thing we all probably want equally, it is not some superhero power or some intelligence or some other power, it is just simply the one power to perfectly time each top and each bottom in Crypto. There are so many tools in this that try to do exactly that, like TA…
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It happens earlier this year but i'm sure a lot of us forgot part of it already. It started with the failure of three US banks — Silicon Valley Bank (SVB), Signature Bank and Silvergate Bank . USDC depegged by 13% below $1 after it Circle, confirmed that $3.3 billion of cash reserves backing USDC…
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Bitcoin analysts eagerly scrutinize the charts as November approaches, hoping to gain insights from past cycles. Historically, November has always been significant for the cryptocurrency market, as BTC usually gains value, affecting other coins. According to crypto analyst Miles Deutscher, November promises to be a pivotal month for Bitcoin enthusiasts and investors. Related Reading: What’s Behind XRP Price Retreat? Assessing Some Eye-Opening Metrics Bitcoin’s Ongoing Sideways Trend Hints At Potential Bullish Shift In November Market experts suggest that Bitcoin’s stagnant price movement might transition to a bullish trend in November. According to them, this could occur if it behaves similarly to past cycles before a halving event. For instance, on October 10, cryptocurrency analyst Miles Deutscher referenced a chart from CryptoCon. In the X post, Miles highlighted the parallels between Bitcoin’s recent patterns and those observed in earlier cycles. #Bitcoin’s recent price action is still mirroring the last 2 cycles. This is typical sideways price action that occurs from Q2-Q4 in pre-halving years. November 21st has historically been the key pivot point for a bullish shift. Will be interesting to see how $BTC responds. pic.twitter.com/zP9vlG31Qc — Miles Deutscher (@milesdeutscher) October 10, 2023 He added that around November 21, the price of Bitcoin usually starts going up a lot, getting ready for the next halving event. This date holds significance as a turning point in Bitcoin’s price trajectory. For instance, in 2015, when Bitcoin’s price was ranging for about six months, it began to go up in November. Similarly, in 2019, the price of Bitcoin didn’t change much for most of the year, but then it started to increase towards the end of the year. Other Crypto Analyst Predicts Similar Price Projections Another prominent crypto trader and analyst, Mags, noticed something interesting in Bitcoin’s chart. According to the analyst, Bitcoin’s price is about 60% lower than the highest price it ever reached. This happened around 200 days before its previous halving, just like in 2015 and 2019. The analyst wrote: In 2016, BTC was -65% below its ATH. In 2019, BTC was -60% below its ATH. In 2023, BTC is currently -60% below its ATH. So, even if it seems like Bitcoin’s price isn’t moving much, it’s following a similar pattern to previous cycles. Another crypto analyst, Galaxy Trading, posited a similar prediction for Bitcoin’s price move. The analyst drew attention to 2018-2019 when Bitcoin’s price hit a significant bottom. He noted that Bitcoin could dump or bottom around Nov 10-15 this year if we see a similar price move. Additionally, lead researcher at Matrixport, Markus Thielen, said that Bitcoin’s price might go up massively by the end of 2024. However, he thinks it will happen for different reasons than what we’re seeing now. He drew attention to some critical areas in August 2012, December 2015, May 2019, and August 2020. According to him, the bullish market commenced within 12 to 18 months in each case. However, the Bitcoin halving is around six months away and might occur in late April or May, depending on your countdown timer. Related Reading: XRP Price Prediction – A Plunge To $0.45 On The Horizon, Here’s Why The analysis from different observers is signaling a positive outlook for the price of Bitcoin before the next BTC halving. Meanwhile, today, October 10, BTC trades at $27,568, indicating a slight gain in 24 hours with a volume of $12,189,678,605. Featured image from Pixaby and chart from TradingView.com
Reports have suggested the former CEO of Alameda Research and SBF had largely been out of contact following the collapse of FTX in November 2022.
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