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Solana (SOL) Plunges Over 13% – Will It Bounce Back?

Solana is facing its share of the bearish sentiment in the cryptocurrency market today. SOL has held above $20 since it jumped from $18 to $24 on January 14. 

However, the coin has seen a drop of 12.54% in price in the last seven days. Now, investors wonder if there are any signs of recovery.

Crypto Market Plunge Affects Solana

After the collapse of Alameda Research and FTX last year, SOL price joined the trend of price losses in the market. The Solana blockchain raised funds from FTX and Alameda Research, the trading firm of FTX former CEO, Sam Bankman-Fried.

However, when Binance withdrew from its planned takeover of the exchange, it spooked many investors as it meant the termination of support for Solana.

Following the incident, many key investors pulled out from the Solana blockchain. This action led to a drastic drop in price, leaving SOL to struggle. However, the asset started recovering in 2023. It started the year at $9.9610 but gradually climbed, recording rallies and pullbacks until it hit $25 on January 21 before retracing. 

The past weeks were eventful for SOL, as it touched a significant high of $24.7 (April 15). But recently, Solana’s price has also been facing challenges as the crypto markets portray several signs of fear due to the threat of economic recession. 

At the time of writing, Solana’s price stands at $21.33, indicating a drastic plunge in price by over 13% in the past week, compared to its past week’s performance.

Solana (SOL) Plunges by Over 13%, Will It Bounce Back?

For instance, on January 10, 2023, Solana enjoyed a 12% price increase after the blockchain’s Shiba-Inu-themed token, BONK, launched.

If another development or event occurs on the Solana blockchain, there could be a possible recovery for the asset.

$19.8 Support Critical To Halt SOL’s Downtrend

SOL is in a downtrend today, losing most of its gains in the past week. The asset has declined to the $21 price level as the bears seize market control. 

Solana is trading a bearish signal below its 50-day Simple Moving Average (SMA). However, it remains above its 200-day SMA, sparking hope of a long-term revival.

SOL’s Relative Strength Index (RSI) is 44.61, confirming the bearish trend. Notably, the indicator moves sideways, reflecting trader indecision in today’s market.

SOL’s trading volume is down by over 26% today, thus halting its price gains. Solana’s support levels are $14.96 and $19.87. Also, its resistance levels are $23.99, $26.04, $29.79, and $30. 

Solana will likely drop below $20 in the short term. However, the $19.87 support level will prove critical to the asset and could be the pivot point for an uptrend if the bulls prevail.

Featured image from Pixabay and chart from Tradingview

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Polkadot (DOT) Price Slumps Below $6 – Any Chances For Reversal?

The price of Polkadot (DOT) has been gradually moving south over the past few days. The price decline cuts across the entire crypto market, with strong signs of bears. The cumulative market cap has dropped by 2.58% to sit at $1.25 trillion in 24 hours.

DOT has finally lost its grip on the $6 region as the bears became aggressive on the token over the past 24 hours. The market is wondering if Polkadot still has a chance to reverse the downtrend.

Polkadot Price Drops Drastically With Prevailing Bearish Trend  

The past few days seem to be turning out more negatively for DOT. The asset hovered between $6.1 and $6.9 last week except on April 21, when it dipped. 

Currently, the 60-day and 90-day price action for Polkadot shows negative values of 4.45% and 5.36%, respectively. Also, DOT dipped by 12.46% over the past 7 days.

After losing its hold on the price level of $7 in February, DOT has maintained a trading price within the $6 region. As of April 21, the price of DOT dropped to its resistance point of $5.8 before correcting. 

However, the price analysis of DOT for the past 24 hours shows the token is gradually going down again within the past few hours. 

At the time of writing, DOT is trading at $5.921, indicating a slight reversal after plunging. The bearish push on DOT from the past few days has spilled over to the weekend.

Polkadot (DOT) Price Slumps Below $6 Mark, Any Chances For Reversal?

The crypto market is undergoing a bearish trend, with most crypto assets battling for price stability. Polkadot is included in the market performance. Hence, the selling pressure for the token has exceeded its buying pressure, forcing the price of DOT below the $6 region.

Bears Push DOT Below $6

After three consecutive red days, DOT has formed a green candle on the price chart. However, the bears are still in control as they struggle to reclaim past price levels. 

DOT has dropped below its 50-day and 200-day Simple Moving Averages (SMA), indicating a bearish sentiment in the short and long term.

DOT’s support levels are $5.15 and $5.75. A decline below its support will bring further price fall. Also, the resistance levels are $6.71 and $7.89. However, the $6 price level has transformed into a psychological resistance level.

The Relative Strength Index (RSI) indicator is 39.74, close to the oversold region of 30. However, the indicator points upwards, suggesting a bullish reversal in the short term.

DOT’s indicators are mostly bearish. Its next price action depends on traders’ decisions in the coming weeks. Further drop into the oversold region will likely lead to a trend reversal at the $5.75 support level.

Featured image from Pixabay and chart from Tradingview

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Shiba Inu Whales On Buying Spree, Add 311 Billion Tokens During Price Dip

Whales have resumed their Shiba Inu buying spree as the meme coin price declined alongside the global crypto market. According to the WhaleStats report, a top ETH whale picked up $3.22 million worth of SHIB tokens over the past 24 hours.

The Ethereum whale performed the purchase in two transactions, scooping over 311 billion Siba Inu tokens within minutes.

Shiba Inu’s Price Correction Attracts Top ETH Whales

Shiba Inu has been on the list of preferred assets among top Ethereum whales over the past few months. The whales actively packed large chunks of SHIB tokens between January and February. However, it appears the whales went on break, waiting for another opportunity to strike.

Related Reading: Cardano In Strong Demand Zone, Breaking Through Key Level Crucial

A recent alert from the crypto tracking platform, WhaleStats, shows the 254th-biggest Ethereum whale purchased 311,998,734,794 SHIB tokens on April 20. The whale performed the transaction in two consecutive transactions.

The whale bought 194,114,774,578 Shiba Inu tokens worth $2,069,263 before initiating another transaction for 117,883,216 SHIB worth $1,256,643. The unexpected token accumulation comes as Shiba Inu’s price fell from its critical support level at $0.0000107.

Shiba Inu Whales On Buying Spree, Add 311 Billion Tokens During Price Dip

Shiba Inu Price Outlook Amid Burn Rate Spikes

The recent price decline comes after several days of massive SHIB token burn by the Shiba Inu community to boost the meme coin’s price. In the days following the Shibarium PuppyNet launch, large chunks of Shiba Inu coins went into the dead wallets. 

On April 20, the Shiba Inu token burn rate spiked by 3,500%, according to the burn tracking website, Shibburn. Following Shibburn’s hourly update, April 20 saw another 5,180% burn rate spike. 

Given Shiba Inu’s massive circulation supply of tokens, the recent burn had little effect on the meme coin’s price. The token traded bearishly yesterday, with a 7.0% price decline, and has continued in the downtrend today.

SHIB is slightly recovering after forming three consecutive red candles on the daily chart. The bears have dominated the market, pushing SHIB close to its support zone.

Shiba Inu has dropped below its 50-day and 200-day Simple Moving Averages (SMA), a bearish sentiment for the short and long term. 

Also, the Relative Strength Index (RSI) is 41.22, close to the oversold region of 30. The indicator is moving downwards, suggesting further decline for the asset. SHIB’s support levels are $0.0000085 and $0.0000102, with resistance levels at $0.0000115 and $0.0000112.

SHIB is close to the $0.0000102 support level. If the level does not hold, expect further price decline from the asset in the coming days.

At press time, Shiba Inu is trading at $0.00001061, and the price is rising after declining by 3.6%.

Featured image from Pixabay and chart from Tradingview

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Zilliqa (ZIL) Price Soars As Network Unveils Impressive Performance

Amid the bearish trend that suppressed several coin prices, including Bitcoin, the Zilliqa token emerged among the gainers. Zilliqa secured first place among top-gaining coins in the bearish cryptocurrency market with a 9% uptrend over the past 24 hours.

This price move follows a network performance statistics update shared by a Twitter community member @inna_everstake. According to stats, Zilliqa reached a new milestone in network addresses and daily transactions.

Zilliqa Hits Milestone In Network Activity

Zilliqa is a permissionless public blockchain that offers high transaction throughput. It aims to improve blockchain scalability and speed using sharding as a layer2 scaling solution. 

The Zilliqa network relies on shards to solve scalability issues. Each shard processes transactions independently. The number of transactions increases as the Zilliqa network grows and the number of shards increases.

Related Reading: Shiba Inu (SHIB) Price Momentum Screeches To A Halt: What’s The Outlook?

The recent network performance statistics suggest the Zilliqa network is rapidly growing and has gained more traction. According to the update, Zilliqa recorded 4,582,116 addresses with 47,937,935 transactions and over 5.5 billion staked ZIL tokens. 

The statistics are incredible, given Zilliqa’s position in the cryptocurrency market compared to other Smart Contract platforms like Cardano, Ethereum, and Solana. Another notable fact is that the total addresses recorded participate in active daily transactions.

Zilliqa’s improved performance could be due to the increasing number of new developers coming to build on the network. The Zilliqa ecosystem has been active in running innovative programs that attract new Web3 developers, which is why the network addresses and transactions skyrocketed.

ZIL Price Outlook Amid The Boost In Network Performance

Zilliqa is among the coins with the most dynamic price movement this year. Zilliqa opened in 2023 at $0.01585 but gradually rallied to its current price of $0.0331, a notable increase amid slight pullbacks.

Zilliqa (ZIL) Price Soars As Network Unveils Impressive Performance

Although ZIL is still 87.33% down from its all-time high price of $0.2563, recorded on May 6, 2021, it has improved considerably since 2020. 

ZIL’s price is over 1,210% higher than its all-time low of $0.002477 on March 13, 2020. At press time, ZIL is trading at $0.331, a 9% price increase from the April 20 closing price of $0.03015.

Related Reading: OKB Tallies 24% Increase But Active Addresses Fail To Keep Pace – Here’s Why

Even ZIL’s trading volume has increased by over 38% from $116.69 million on April 20 to $190.71 million today, April 21. That could be a further confirmation of increased network activity. 

ZIL also recorded a nearly 11% price gain over the past seven days when coins like Bitcoin and Ethereum gave up theirs. The token now has over 12% price increase in the last two weeks.

From the technical perspective, ZIL’s market sentiment is bullish, with the oscillators and moving averages flagging a strong buy signal.

Featured image from Pixabay and chart from Tradingview

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Shiba Inu Observes Highest Rise In Burn Rate – Is This Normal?

SHIB token burn rates are seemingly rising on the Shiba Inu network. The current number of Shiba Inu burn trackers is quite surprising. However, data shows it is due to the degenerative performance of the SHIB burning machine.

On-chain data shows that the SHIB burn rate observed a massive 1682.07% increase over the past 24 hours. That is the highest percentage rise in the burn rate on the SHIB network in the past few months.

Shiba Inu Observes Highest Rise In Burn Rate - Is This Normal?

Why Is SHIB Burn Rate Increasing?

In detail, the number of burnt tokens on the Shiba Inu network did not exceed 1 million SHIB on January 26. Yesterday’s amount was one of the lowest numbers of assets developers has burned on the network. So, the seeming spike in burn rate could be due to a default in the SHIB burning machine yesterday.

According to analysts, this percentage spike wasn’t triggered by increased network activity. Also, it didn’t represent a large number of actually burnt tokens. 

Token burns help to reduce the number of coins in circulation. It helps increase an asset’s scarcity and possibly boost the token’s price when increased supply pushes it down.

For instance, on January 17, the SHIB token burn surged by 613% within 24 hours, and the coin broke the bearish traders’ expectations, rising above 20% on the day. However, a surge in price did not accompany the recent rise in the token burn rate.

Increase In Shiba Inu Burn Rate, Does It Signify The Normal?

Also, some SHIB whale activities indicate that top investors have lost faith in the meme coin as many whales keep moving chunks of Shiba Inu positions on exchanges. 

This could mean that short-term traders don’t believe the asset couldn’t rise above the resistance level, helping them earn profit. 

New SHIB Whales Emerge – What’s Next?

While some whales sell off their tokens, a new address is buying the dip, accumulating large amounts of SHIB tokens, and maybe awaiting the next bull market. Data shows that a new crypto wallet became a Shiba Inu whale address on Thursday, January 26, 2022.

The new wallet became a whale address after receiving 3.3 billion SHIB worth about $38.9 million. Etherscan revealed that the sending address moved funds from different wallets before transferring the tokens to the receiver, now the newest SHIB whale. This move further confirms our suspicion that smaller investors are giving up their positions.

According to the blockchain whale tracker, Whale Alert, the wallet also received 1 billion PAW tokens a few minutes after sweeping the SHIB token. With the current balance, the new whale is now the world’s 30th-largest SHIB holder.

This recent accumulation came after the world’s 26th-largest SHIB holder swept 150 billion tokens into its wallet. The token sweep occurred through four transaction clusters within three hours on January 23.

So while short-term investors might be selling their positions due to falling SHIB prices, some could be accumulating in anticipation of future gains from the upcoming Shibarium launch.

Shiba Inu is currently trading at $0.00001188 with a 24-hour increase of 1.28% and a 7-day price surge of 0.2%. In addition, the meme coin has seen a 14-day price surge of 22.1% and a 30-day rally of 41.4%.

Featured Image From Pixabay Kevin_Y, Chart From Tradingview

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XRP Whales Accumulate Massive Tokens – Is A Bull Run Coming?

The XRP price dipped in 2022 during the crypto winter, and the back-and-forth legal exchange between Ripple Labs and the U.S. Securities and Exchange Commission has not helped matters.

However, the token is still attracting interest from whales and institutional investors. XRP still has a chance of recovery, which seems to be the motivation behind the whale mass acquisition of the token.

Whales Seize The Dip

WhaleAlert reported that whales had moved 128 million-plus XRP worth close to $53 million in the last day. The largest whale activity recorded in that period was the movement of 35 million XRP worth around $15 million to the Bitstamp exchange. 

According to the data, whales have purchased up to 69 million XRP tokens in 24 hours. The first accumulation noted by Whale Alert is the addition of 33 million XRP (approx worth above $13 million) to a Bitstamp address.

Another large whale accumulation was 36 million tokens sent to a Bitstamp address worth 14,972,855 USD at the time of the transaction.

Whalestats also reports that XRP was the most traded token among the top 100 BSC whales. The top 100 whales on this list currently hold more than $28.6 million worth of XRP, which accounts for 2.5% of their entire portfolio.

Over the past few days, there has been increased whale activity on the XRP network. WhaleAlert reported massive transfers exceeding 600 million XRP tokens between anonymous whale addresses. The whale transfers come amid rising crypto inflows from investors since the beginning of the year.

A single transaction, as reported by WhaleAlert, carried 254,594,795 XRP, which amounted to $107,778,830 between two unnamed whale addresses. Another was about 221,500,500 XRP worth $89,110,472 from an unknown whale address to a Bittrex-linked wallet. Each of the transfers occurred in single transactions.

Ripple Versus SEC: Is The End In Sight?

The ongoing legal drama between Ripple Labs, Ripple (XRP) developers, and the SEC will likely end in 2023. Brad Garlinghouse, head of Ripple Labs, said he hopes for a conclusion in the ongoing saga in the first half of 2023.

The SEC sued Ripple Labs in 2020 for selling XRP tokens to the public, which it says were unregistered securities. The SEC has repeatedly classified XRP as securities, with the Ripple defense team objecting to the idea. Garlinghouse stated that the judgment would take some time, but his confidence in Ripple’s chances of a victory is high.

However, he emphasized that a settlement is unlikely since SEC chairman Gary Gensler has labeled all cryptos as securities. Both parties have completed the final step in their motion for summary judgment and are now anticipating the court’s decision.

XRP Whales Accumulate Almost 60.2 Million Tokens, Is A Bull Run Coming?

Meanwhile, the lead counsel to the defendant in the XRP case, Stuart Alderoty, said the lawsuit’s outcome would define what tokens are securities in the crypto space. He added that the ruling would impact crypto asset regulations in the industry.

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80% Of Uniswap Holders Support BNB PoS Chain For Deploying V3 Protocol

Uniswap (UNI), a decentralized protocol, is ready to roll out the third version of its platform. The protocol aims to provide a suitable platform where users can seamlessly swap ERC-20 tokens without using an order book.

For the v3 launch, the protocol carried out a ‘temperature test’ for a possible blockchain to use. The proposal was for deploying Uniswap v3 on the Binance Smart Chain (BNB) instead of the Ethereum blockchain. The proposal got the UNI community voting on its government forum using their UNI tokens.

Surprisingly, about 80% of the UNI holders supported the Uniswap v3 deployment on the BNB Chain, Ethereum’s rival. Unfortunately, this left a smaller percentage of votes for the Ethereum blockchain, making it lose the temperature check proposal.

0xPlasma Labs, a decentralized finance protocol, contributes to the proposal. According to the post on Twitter, the firm noted that the “Temperature Check” on the proposal got 20 million votes for ‘YES.’ In addition, the supporting votes came from 6,495 $UNI voters, the most significant voting numbers in the history of Uniswap’s Governance system.

0xPlasma Labs’ CEO Lists Benefits of Deploying Uniswap V3 on BNB Chain

Recently, the CEO of 0xPlasma Labs, Ilia Maksimenka, wrote a proposal for deploying the Uniswap v3 protocol. The CEO lined his argument on the benefits of deploying the new v3 protocol on the BNB Chain.

Maksimenka cited the License expiration of Uniswap as one of the reasons for choosing BNB Chain. Also, he mentioned that the chain has many packages that would help boost Uniswap’s popularity in the DeFi space. Some include high transactions, low fees, staking opportunities, cross-chain support, etc.

Also, the CEO acknowledged that Binance had acquired a global presence, being rated as the largest crypto exchange in the world. Hence, as a strong brand, using the BNB Chain will fast-forward the awareness and adoption of the v3 version globally for Uniswap.

The Proposal Gets Support

The proposal has received support from other firms and crypto participants. For example, ConsenSys, a blockchain software company behind one of Ethereum’s most important clients, is optimistic about the deployment move.

The DAO governance strategist at ConsenSys, Cameron O’Donnell, revealed the company’s stance. First, the firm noted the need for Uniswap to be agnostic in its service to users, especially in the Web3 space, even with its license expiration in April. 

Hence, O’Donnell maintained that existing and future platform users would enjoy a secured and robust platform for decentralized exchange through the BSC market. Other supporting comments came from Brian-Armstrong, CEO at Coinbase, and Modong also optimistic about the deployment of Uniswap v3 on BNB Chain.

The Plasma Finance team started its operation after the Uniswap governance community approved the proposal. The team noted that it could take five to eight weeks to deploy all the relevant Uniswap smart contracts to the BNB Chain.

The price performance of UNI was entirely on the positive lane over the past 30 days. The token gained over 28% in the past month and has shown a slight increase of 0.38% in the past seven days.

80% Of Uniswap Holders Support BNB PoS Chain For Deploying V3 protocol

But at the time of writing, UNI is trading at $6.60, indicating a drop within the past 24 hours.

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Whales Bag 500 Million Dogecoin – Will DOGE Hit $0.1 Mark?

Meme coin forerunner, Dogecoin, opens the week with a new rally amid Robinhood’s support. Reports reveal that several whales jumped on the positive market sentiment to accumulate massive amounts of DOGE, triggering a 5% rally in the last day.

According to WhaleAlert, Whales packed more than 500 million Dogecoin over the past two days. The tracker revealed that the largest holder of Dogecoin also partook in the accumulation and bagged almost 165 million DOGE coins.

In addition, a top 20 whale also transferred 150 million Dogecoin tokens worth more than $13 million in the past 24 hours.

Robinhood Plans To Add Support For Dogecoin

Robinhood Market is very influential both in the financial and crypto markets. The zone-free trading platform gave initial rollouts of its new wallet to 10,000 users in September 2022. The mobile wallet application would allow users to trade and send cryptocurrencies and NFTs.

According to the announcement, the wallet would be available to over 1 million waiting users. But the wallets didn’t appear with initial support for DOGE, raising concerns among the meme coin community. However, the Robinhood platform assured the Dogecoin community that they are working hard to ensure the wallet app would support Dogecoin soon.

Meanwhile, Robinhood’s main trading app already supports Dogecoin. In August 2021, the platform revealed that DOGE yielded up to 62% of the firm’s revenue in the year’s second quarter. As of then, Dogecoin gave Robinhood more revenue than Bitcoin and Ethereum. 

One of the features in the wallet that would greatly benefit crypto users is zero network fees for cryptocurrency trading. That explains why the market sentiment became positive around the news of the firm’s Dogecoin support. 

Data shows that Robinhood-linked wallet addresses hold the most significant DOGE tokens. For example, a Robinhood wallet named DPDLBA is the largest Dogecoin holder, with nearly 25.21% of the total supply. It has 34.76 billion Dogecoin worth $3.1 billion, while the second largest holder has 7.08 billion DOGE, about 5.14% of the total supply. 

The top 100 and 500 largest BSC whales are also making a move. As per data from WhaleStats, DOGE emerged as the top 10 purchased tokens among the 100 BSC whales in the past day. In addition, the memecoin coin also appeared among the top 500 biggest BSC whales.

DOGE Price Surges – Is There Any Hope For More Rallies?

Amid the whale accumulation, the DOGE coin price rallied 3.4% in the past 24 hours. It now trades at $0.9001 with a low of $0.8604 and a high of $0.9289. The technical and social sentiment indicators suggest a slight upward movement to $0.095 over the next few days. But, given the current market conditions, a rise above $0.1 seems unattainable.

Whales Bag 500 Million Dogecoin, Will DOGE Approach $0.1 Mark?

However, the meme coin has seen some good days since January. It has been on the upward trend over the last weeks, with a 14-day price surge of 21.8%.

Featured image by The Pigeon Express

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Bitcoin Short Squeeze May Reach $30,000, Top Crypto Trader Predicts

As Bitcoin breaks out of the $21k level, many crypto analysts have begun projecting further rallies for the asset. One of the famous crypto strategists, Crypto Kaleo, recently gave a high price prediction for the world’s largest cryptocurrency.

Addressing his over 550,000 followers on Twitter, Kaleo says BTC is preparing for a rally to $30,000. Bitcoin last saw $30,000 during the bear market in June 2022. However, the crypto strategist believes there would be fluctuations as Bitcoin targets $30,000, albeit his bullish stance.

In his words, the market should expect more falls before Bitcoin reaches $30,000. According to Kaleo, there would be some lows beneath $20k, which would trigger lower positions before Bitcoin can be ready for the short squeeze. 

A short squeeze occurs when crypto traders borrow assets at a particular price, hoping to sell them lower and keep the difference. These traders often use overleverage short positions in the futures market. However, the traders would have no choice but to buy the borrowed assets as price propulsion pushes against them, sparking more rallies as market makers take out their liquidity to keep the momentum. 

Kaleo is confident that the short squeeze is approaching since the BTC price has already jumped above 23% within seven days.

Bitcoin Rally Could Signal Increased Volatility

BTC has witnessed several bullish indicators since the beginning of 2023, bringing it to a year-high of over $21,000. Bitcoin’s bullish rallies have boosted crypto traders’ hopes that the long-running bear market could end soon. 

There has been a reduction in the Bitcoin Fear and Greed Index to neutral, which might cause an increase in trading volume.

A massive increase in Bitcoin trading volume followed the recent price surge. Throughout the past week, Bitcoin trading volume has climbed above double the initial value, reaching $10.8 billion, a 114% increase. 

Bitcoin

An increase in trading volume often leads to a spike in volatility. Bitcoin’s current seven-day volatility level of 2.4% is below the 2022 value of 3.1% but remained stable during the recent rally. There is a likelihood that the constantly increasing trading volume during the rally may cause a spike in volatility.

Centralized exchanges (CEXs) had to battle with low trading volume, which means lower transaction fees and revenue, including staff layoffs. Therefore, the rising trading volume is a welcomed development for the exchanges and BTC traders. 

Bitcoin Recovery Underway As Realized Profit And Trading Volume Increase

According to Glassnode’s data, on-chain realized profits for BTC return to the adjusted spent output profit ratio (aSOPR) value of 1.0. Some analysts believe it is the critical resistance level. The aSOPR historically indicates a shift in the total market cycle when increasing demands (trading volumes) absorb profits.

BTC’s on-chain realized profit and loss ratio has jumped over the 1.0 mark, recording 1.56 profits against the January 16 losses. This marked a reversal of the downtrend that started in May 2022. An increase in realized gain without a price drop indicates market strength.

On-chain analytics by Glassnode also suggest that a BTC price recovery is underway. As the market absorbs more selling pressure without a fall in price, the overall fear and macro shift will reduce.

Technically, volatility, trading volume, and realized profits are pushing BTC decoupling from equities. Bitcoin’s previous price action correlates to US equities.

Bitcoin Short Squeeze May Reach $30,000, Top Crypto Trader Predicts

The correlation to equities might have been due to asset accumulation by institutional investors. The correlation has reduced now that institutional investors hold fewer BTC and might exit the market in the future. 

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XRP Transactions Skyrocket In Australian Top Exchanges

Ripple has reached a new milestone in Australia with its native token, XRP, recording the highest trading volumes on exchanges. With this, Ripple now dominates Australian crypto exchanges as the XRP community anticipates a final court ruling in the lawsuit with the U.S. SEC (Securities And Exchange Commission).

The news came from Financial Review, an Australian media outlet shared on Twitter by Neil Smith, Ripple’s partner engineer, and Aussie firm, Blockchain Australia.

Reason For XRP Performance In Australia

According to the report, Ripple’s cross-border remittance payment (ODL) use case adoption gets the credit for this achievement. Ripple on-demand liquidity makes XRP suitable for cross-border payments as it helps customers access liquidity using this token.

 XRP itself serves as a bridge token between fiat currencies. It allows users to make payments in local currency at the payment destination within seconds, hence the name, on-demand liquidity.

Following the report’s details, Ripple’s native coin contributed to 62% of the trading volumes on the BTC Market, a Melbourne-based exchange. It also accounted for 82% of the Independent Reserve Exchange over the past day. 

CEO of BTC Markets Caroline Bowler said her crypto exchange is a Ripple on-demand (ODL) liquidity partner in Australia. That explains XRP’s dominance in the exchanges’ trading volume.

According to Bowler, Ripple ODL helps firms to run cross-border payments without incurring banking or pre-funding costs. It uses Ripple’s native coin to power part of the process, which explains the trading volumes on the BTC Market platform.

As Bowler further explained, Ripple’s native coin shares a higher percentage on their platform while the overall transaction volumes in the crypto market remain down.

Meanwhile, XRP transactions score a 24-hour volume of $10.2 million on the Sydney-based crypto exchange, Independent Reserve.

This number is more than other countries’ trading volumes put together. CEO of Independent Research, Adrian Prezelozny, said market makers and international remitters on the ODL network are part of their XRP trading clients.

Status Of Long-Standing Ripple/SEC Lawsuit

While XRP scores these wins in Australia, Ripple is still in a legal battle with the SEC over the token’s status as a security. According to Stuart Alderoty, chief attorney for Ripple in the lawsuit, the outcome will significantly impact the entire cryptocurrency market. 

Bloomberg also stated that the soon-to-come ruling would clarify who should handle crypto oversight. It would also define assets that qualify as securities or those that do not.

Both parties in the Ripple case have filed motions for summary judgment. According to Brad Garlinghouse, Ripple’s CEO, and Stuart Alderoty, the ruling is expected to come in the first half of 2023.

James K. Filan said the court ruling might go as early as March. Irrespective of the time, Alderoty believes it will impact the future of the crypto industry in the United States.

XRP Transactions Skyrocket In Australian Top Exchanges

Meanwhile, XRP is still on its way up and currently trading at $0.3933, with slight gains on the chart.

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Rick McCracken Predicts Mainnet Launch For Djed, A Cardano Stablecoin

Based on a discovery from a new stablecoin test of Cardano, Rick McCracken has predicted a close launch date for Djed mainnet. Rick McCracken, the owner of the ADA staking pool, DIGI, and also a Cardano supporter, did not hesitate to make his findings and prediction known via his Twitter handle.

Recall there was an announcement earlier on Djed’s official Twitter handle on January 14, affirming that the stablecoin’s launch this month remains on track. Furthermore, as per COTI Network’s announcement on January 5, the soon-to-launch stablecoin bagged a new partnership with Yepple Incorporated.

The partnership aims to ensure optimal usage of Djed in the Cardano ecosystem. It would also promote the integration of the payment for NFT transactions using Djed.

Djed To Go Live Along With New Stablecoin Payment App, DjedPay

Djed is Cardano’s first ADA-backed stablecoin powered by COTI Network. It is an over-centralized stablecoin with a collateral rate between 400-800%, according to the description on adapulse.io.

According to the CEO of the COTI Network, Shahaf Bar-Geffen, in addition to ADA backing, Djed will also have another token to protect it against exposure to ADA’s volatility.

SHEN would act as the stablecoin’s reserve currency, maintaining its price stability to ensure the 400-800% collateral guarantee against price fluctuations.

The stablecoin’s testnet version was initially launched in December 2022. Djed’s official website revealed that its value is currently 2.94 ADA, with a supply of 676,496 tokens.

McCracken’s prediction of the mainnet launch goes in line with the developers’ initial announcement. According to them, Djed would go live on the mainnet later in January. McCracken also revealed the new Djed stablecoin is now worth $1.019 on the test network.

In addition to the mainnet launch, a payment platform for Djed called DjedPay would launch at the same time. According to the official Twitter announcement, DjedPay is a platform that would offer Djed-powered payments by traders and organizations.

However, COTI is still trying to secure more partnerships to scale the stablecoins algorithmic adoption.

Meanwhile, news of this development, among others, pushed ADA prices over the past few days. According to data from TradingView, ADA has added over 38% in the last 14 days and 11.1% in the past seven days. The cryptocurrency trades at $0.035235, with a 24-hour price gain of 1.3%.

Cardano

Cardano Releases New ADA Wallet Update

In another development, the ADA community recently saw a new upgrade in Cardano’s Daedalus wallet, Daedalus 5.2.0. Input Output Global (IOG), the company behind Cardano, announced the launch of Daedalus 5.2.0 via a tweet on January 16.

Daedalus wallet is the official desktop wallet for ADA developed by IOG. The new wallet version is compatible with Cardano node version 1.35.4 and wallet version 2022.12.14.

The release of Daedalus 5.2.0 automatically updates the ProjectCatalyst API URL to a new URL. Also, the upgrade included Bryon Wallet tracking capability and aggregates of similar RAM sizes to allow for swift data analysis.

Furthermore, Cardano’s Bryon era (the first phase on the Cardano Roadmap) received a delivery of the Daedalus wallet and Yoroi wallet. Yoroi is a light wallet designed by Emurgo, IOG’s sister company, that offers users access to ADA quick day-to-day transactions on their mobile phones.

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This Australian Crypto Exchange Lists LUNC, SHIB, And APE Coin

Shiba Inu (SHIB), ApeCoin (APE), and LUNC gained new support in January as Australian crypto exchange Cointree lists them on its platform. Cointree announced the news via Twitter recently.

Cointree is among the oldest crypto exchanges in Australia, based in Melbourne. It began operation in 2013 and offers over 280 cryptocurrencies on its platform, including the latest additions (APE, LUNC, and SHIB). In 2017, the exchange launched a learning hub that teaches and guides crypto enthusiasts on basic cryptocurrency subjects.

This development is not SHIB’s first Australian recognition. Earlier in December 2021, CoinJar, Australia’s oldest crypto exchange, announced the listing of Shiba Inu on its platform via Twitter. CoinJar also added six other cryptocurrencies, which include Cartesi (CTSI), Fetch.ai (FET), Origin Protocol (OGN), Audius (AUDIO), OXT, and Quant Network (QNT).

Performance Outlook For SHIB, LUNC, And APE Coin

Shiba Inu’s (SHIB) price has significantly increased in the past 24 hours and is trading at $0.0001239. SHIB is among the coins to see massive rallies this month. The crypto asset has added 21.8% over the past seven days and 28% in the last 14 days.

LUNC, a token that emerged after the rebranding of the original Terra chain to Terra Classic, is soaring after a decline on the 24-hour chart. LUNC’s price soared 3% on January 10 after announcing new integration on the network. The token has added 11.4% over the past 14 days and a 23.8% 30-day price gain.

Apecoin finds its utility at the forefront of the Web3 ecosystem through arts and entertainment. The token has also surged in price since the beginning of January. It is currently maintaining a 24-hour price decline of 0.33%, a 14-day gain of 27.6%, and a 30-day spike of 41.6%.

All newly listed tokens have seen favorable 30 days performance records. These coins’ performances might have partly influenced their listing on the Australian exchanges platform.

Australian Crypto Market Expansion And Regulatory Enforcement

Research has shown that Australians are very crypto-curious, with over 1 million citizens owning at least one cryptocurrency. According to Ray Morgan’s study, millions of Australians treat digital assets as investments. However, the highly volatile and relatively unregulated environment in the crypto market has hindered further expansion in the country.

As per reports, crypto regulation has been part of the government’s agenda, but it has met obstacles because regulators struggle to understand the market.

Moreover, crypto tax obligations are confusing and hard to understand for non-crypto experts. However, after the FTX implosion, the Australian government became earnest in its crypto regulatory pursuit.

As the industry continues to grow, Australia vies to be a global leader in crypto certifications and regulatory and consumer protection measures. The government has put regulatory measures in place for crypto custodians and exchanges to protect its citizens who trade in digital assets.

In December 2022, the Australian Treasury hinted at its plans to begin consultation on legislative reforms. It aimed to strengthen consumer protection standards for crypto custody arrangements and tighten its regulation over crypto exchanges. According to the report, the government will create a licensing framework for crypto exchanges in 2023.

Cointree’s new tokens listing comes as Australia anticipates a new regulatory framework for exchanges and the broader crypto industry.

This Australian Crypto Exchange Lists LUNC, SHIB And APE Coin

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Whales Move Billions Of XRP Following Price Spike

The broader cryptocurrency market has seen improvement in investor sentiment in the last weeks, and so has XRP. Even the global crypto market cap is up by 0.11%, reflecting the rate at which most tokens are rallying over the past few days.

A recent WhaleAlert report reveals massive XRP whale transfers happening amid the token’s price surge. The report showed the movement of nearly 429 million tokens (about $167 million) on multiple whale addresses in the last 24 hours.

According to the WhaleAlert, the largest single whale transaction was a transfer of 209 million XRP worth approximately $81 million. The crypto whales added $49 million (about 123 million XRP) in multiple transactions. One whale address accumulated 94.3 million tokens ($38 million) in a transaction from Binance.

XRP Makes Top 1,000 BSC Whales List Following Price Surge

Ripple’s native cryptocurrency, XRP, has recorded a price increase of nearly 12% in the past seven days. Its trading volume has also added by 55% and is now at $1.3 billion. Despite the long-running lawsuit from the SEC against Ripple, XRP’s market cap remained unfazed, being over $19.5 billion.

However, WhaleAlert recorded outflows of Ripple’s native coin on several whale addresses. Several whales moved 97 million of Ripple’s native coin worth approximately $37 million to the Bitstamp crypto exchange.

Aside from the massive whale addresses activity, WhaleStats also reported that XRP tokens ranked the second largest cryptocurrency by dollar value held by the top 1,000 BSC (Binance Smart Chain) whales. The biggest BSC whale now holds about $27.6 million worth of the cryptocurrency.

According to recent data, XRP secured its place on the top 10 purchased cryptocurrencies by the largest BSC whales. It also made the list of the most traded token by BSC whales.

ChatGPT Gives Surprising XRP Price Prediction For March 2023

Meanwhile, Dr. Martin Hiesboeck, head of research at Uphold, recently shared a ChatGPT conversation on Ripple’s native coin via a tweet. ChatGPT is an AI model chatbot developed by OpenAI. It launched on November 2022.

Martin Hiesboeck shared a snapshot of his conversation with the ChatGPT, where he asked the robot about XRP’s moon date. After refusing to answer initially, ChatGPT told the Uphold executive that Ripple’s native coin would moon on March 23, 2023. It also added what looked like a price prediction saying, “XRP to $589,000, up yours XRPP.”

This response cracked members of Ripple’s native coin community up with laughter. Some community members responded with laughter emojis, while few saw it as a forecast that the XRP price might moon. Hiesboeck even wrote that the all-knowing AI ChatGPT has revealed when the token will moon after much persuasion.

John Deaton, blockchain enthusiast and founder of CryptoLaw, also reacted to Hiesboeck’s post, citing what people said about the $589,000 price for Ripple’s native coin. Many predictions have suggested that the crypto may hit the $100 but deemed the $589,000 price unrealistic.

Some say Ripple’s native coin would need to rally almost 200 million percent from its current price before reaching $589,000. However, most analysts might be waiting for the verdict of the Ripple/SEC lawsuit before making predictions.

Whales Move Billions Of XRP Following Price Spike

According to data from CoinGecko, Ripple’s native coin has gained 11.4% in the past seven days and 13.5% in the past 14 days. However, the token trades at $0.3876.

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Bitcoin Price Spike May Push Rally To This Amount, Top Analyst Predicts

The recent surge in the price of Bitcoin has revived hope in crypto assets. To this point, pseudonymous crypto analyst Cheds stated that a massive rally might not be far-fetched for BTC soon.

The crypto market struggled with rising inflation rates and other negative factors in 2022. However, in 2023, BTC has picked up positive price momentum, with some investors believing the worst days are over. Ched’s prediction is bullish on the performance of BTC in the future.

Cheds on Twitter gave his forecast on the BTC price based on his technical analysis. He stated that Bitcoin might see a bullish reversal. In his words, above $18,200 opens up the possibility of an inverse head and shoulders complex, multiple shoulders and head with neck base at $25,500.

His optimistic forecast has Bitcoin soaring up to the $37,000 level, which will be a 76% increase from its current value. He suggested that fear of missing out (FOMO) will drive more traders to chase BTC rallies.

Bitcoin also closed above its 200-day moving average. Ched labeled this move a sign of BTC’s strength. He believes the altcoins will also spark to life once Bitcoin and Ethereum slow down to consolidate their positions.

Tim Draper, a BTC bull, was more optimistic about the price movement of Bitcoin. His analysis predicted that Bitcoin would be worth $250,000 by the end of 2023.

While the figures seem outrageous, he stated that Bitcoin would enjoy increased adoption in retail spending. Draper emphasized that only one in seven BTC wallets belongs to a woman. He expects more women to adopt BTC wallets.

Standard Chartered bank held a more pessimistic view. In their forecast, Bitcoin might sink to around $5,000. They also stated that as more exchanges battle financial issues and bankruptcy, the prices will decline. According to their forecast, these financial issues will erode investors’ confidence in digital assets.

What Is Behind The Crypto Resurgence?

The crypto market has improved its outlook, with BTC leading the market. Although experts vary in their forecasts and predictions, several factors have led to this positive turn of events in 2023.

Generally, the financial markets correlate with the American economy. For example, in 2022, inflation rates increased as well as a rise in unemployment rates. The forex and stock markets felt the impact of these rate adjustments, with cryptocurrencies following suit. But the recent inflation data for December showed a decline which may have spiked crypto prices.

Also, cryptocurrencies now enjoy wider adoption and acceptance despite regulations in certain regions. They serve as a faster means for processing payments, and their utility has soared recently. Technological advancements like Web3 have also played a part as most crypto projects look to join this trend. These factors have also boosted the prices of crypto assets.

Bitcoin (BTC) Short Or Long?

Bitcoin Price Spike May Push Rally To This Amount, Top Analyst Predicts

BTC is above the $21k level and has continued its positive price trend in 2023. However, traders might be skeptical about BTC wondering if it is a bull run or a bull trap.

The asset is currently trading above its 50-day and 200-day simple moving averages. This technical indicator shows that both the short-term and long-term look encouraging for Bitcoin.

Featured image from Pixabay and chart from Tradingview.com

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Popular Crypto Analyst Goes Bullish On BTC And AVAX, Here’s What He Said

Due to the Bitcoin (BTC) and crypto market uncertainty, predicting the following trend pattern for crypto assets is usually difficult. However, analysts have always released predictions for most crypto assets. While some projections turned out to be accurate, some still failed to happen as predicted.

One analyst became popular for releasing an accurate prediction for Bitcoin’s 2018 bottom six months before the period. However, the pseudonymous analyst and trader, Smart Contracter, is suddenly bullish in his recent predictions.

Analyst Scraps Bearish Stance On Bitcoin (BTC)

Smart Contracter took to Twitter to inform his followers about his plan to scrap his bearish bias on the BTC/USD trading pair. His new decision was based on the recent Bitcoin price breaking out to a higher range.

Smart Contracter noted that Bitcoin could perform better than other cryptocurrencies in the future. He explained that the BTC’s price action is currently more impressive due to the impulsive disposition. The analyst disclosed that he desired to shift to long positions in his trades once the opportunity came through a breakdown.

Further, Smart Contracter projected charts to explain the possible price trend for the leading crypto asset. For example, he predicted that Bitcoin would surge by more than $18,800. Also, he used Elliot Wave Theory to support his technical analysis for BTC.

Smart Contracter reported that BTC would display a 5-wave pattern for its primary trend, but its corrective movement will follow a 3-wave way. Also, he predicted that Bitcoin’s dominance over the altcoins would hit 43%.

Following the collapse of the FTX crypto exchange and the growing intensity of the crypto winter, crypto prices dropped drastically. BTC lost its value as the pressure in the entire market kept increasing. With growing fear and uncertainty, the price of Bitcoin dropped to the $15K region in November 2022. But the trend is getting bullish as volatility is now on the increase.

At the time of writing, Bitcoin is trading around $19,275, indicating an increase over the past 24 hours. Its market cap sits at $366.43 billion, signifying a growth of 4.62% in the past day. Also, BTC’s dominance over altcoins is 40.26%.

Popular Crypto Analyst Goes Bullish On BTC And AVAX, Here's What He Said

Analyst Seeks Opportunity To Buy Avalanche (AVAX)

Smart Contracter gave some striking points concerning Avalanche (AVAX), the smart contract blockchain. The analyst mentioned that AVAX seems to have hit bottom following its 90% correction from its all-time high (ATH). For him, a future downward correction from Avalanche will be a buying opportunity.

At the press time, the price of Avalanche is hovering around $15.53, showing a surge of 4.19% in the past 24 hours. According to data from CoinMarketCap, Avalanche’s market cap is 4.92 billion, and the token is ranked as the 17th top crypto asset. Its market dominance is now at 0.54%.

Besides Smart Contracter, another crypto analyst has predicted a price rally for Bitcoin and the broader crypto market. A crypto analyst known as Kaleo reported closely monitoring the stock market. He stated that a surge in the traditional stock would trigger a price rally for BTC and other assets.