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Altcoins Watchlist: Market Expert Spotlights ETH, BLUR, MATIC, And More For Explosive Gains

Crypto analyst Miles Deutscher has spotlighted several altcoins, with a special focus on artificial intelligence (AI) tokens, that demonstrate strong breakout potential in the current market rebound. 

ETH On The Rise

In a recent post on X (formerly Twitter), Deutscher suggests that the upcoming Ethereum (ETH) Dencun upgrade, along with advancements in the AI industry, could drive significant price movements in related tokens. 

Deutscher emphasizes the upcoming ETH Dencun upgrade, noting that while much attention has been directed towards Bitcoin (BTC) and exchange-traded fund (ETF) flows, ETH has been steadily rising against BTC. 

Altcoins

Interestingly, the analyst expects an “aggressive” upward movement in ETH at some point, particularly with the first set of ETF decision dates approaching in May. 

Deutscher also highlights the strong performance of AI tokens, including AGIX, FET, WLD, and RNDR, attributing their recent success to significant advancements within the AI industry. According to the analyst, the upcoming earnings report from NVIDIA (NVDA) on Wednesday could further bolster the bullish sentiment surrounding AI coins. 

Highlighted Altcoins And Their Catalysts

  • BLUR: BLUR is nearing a significant announcement, and Deutscher notes the token’s recent strength, suggesting the $1 mark may soon be within reach. The founder’s association with BLAST, another project, adds to the intrigue.
  • BEAM: Deutscher points out that BEAM’s treasury holds large MAVIA bags, leading to increased balances. As the market begins to reevaluate the native token’s value, Deutscher is intrigued by the fact that BEAM has not gained widespread attention yet. He also mentions Pantera’s recent investment/partnership, further supporting his interest.
  • STRK: Token launch day is Tuesday for STRK, and Deutscher observes that new token launches often present opportunities for investors. He will closely monitor STRK’s performance, as success could lead to airdrop sellers buying back in at higher prices, while continuous selling pressure could result in price declines.
  • SEI: SEI is currently near all-time highs, and Deutscher notes positive sentiment surrounding the project, fueled by an “active team” and endorsements from key figures. If overall market sentiment remains positive, Deutscher sees potential for SEI to lead the way.
  • MAVIA: Deutscher highlights the buzz surrounding MAVIA, drawing parallels to Axie in its early days. The token’s successful launch and endorsements from influential figures have added to its long-term investment appeal. While acknowledging an initial strong run, Deutscher considers MAVIA a potential dip buying opportunity.

As identified by crypto analyst Miles Deutscher, various altcoins, especially AI tokens, are capturing attention due to their breakout potential. Factors such as the upcoming ETH Dencun upgrade and advancements in the AI industry are expected to influence price movements. 

Altcoins

Featured image from Shutterstock, chart from TradingView.com

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2023’s Crypto Bounty: These Top 13 Airdrops Distributed Over $4 Billion

023 has emerged as a significant year for crypto airdrops. A recent analysis revealed that out of the 50 most substantial crypto airdrops since 2020, 13 occurred in 2023, collectively distributing roughly $4.56 billion worth of tokens.

These figures are calculated based on the tokens’ values at their respective all-time highs (ATHs), painting a picture of substantial distribution.

The year 2023’s airdrop landscape was less crowded than 2021, which had 18 entries in the top 50, but the impact was notable. A report from CoinGecko highlights this trend shift, contrasting it with the mere 5 airdrops in 2020 and 14 in 2022.

Arbitrum Leads 2023’s Airdrop Charge

Arbitrum, an Ethereum layer 2 scaling solution, topped the 2023 airdrop chart by distributing ARB tokens valued at $1.96 billion on March 23. This move significantly impacted its total value locked (TVL), which surged by 147% during the anticipation period.

This airdrop alone constituted a substantial portion of the total value distributed in the year. Celestia, with its TIA tokens, followed suit, distributing $728 million on October 31.

The airdrop targeted a diverse group, including developers, Ethereum rollup users, and stakeholders in the Cosmos Hub and Osmosis.

Blur’s first airdrop, which handed out $446 million worth of BLUR on February 14, ranked third. The success of this initial airdrop set the stage for a second, which distributed an additional $327 million, ranking fourth.

Crypto airdrops in 2023.

A Closer Look At 2023’s Crypto Airdrop Trends

While Arbitrum, Celestia, and Blur’s first airdrop made up 69.9% of the total airdrop value in 2023, the year saw diverse contributions across the sector. Jito, Worldcoin, Aidoge, and other projects followed, each adding to the cumulative value and diversity of the airdrops.

The total value distributed in 2023 may have seen a decline compared to 2022, but it’s essential to consider the market cycles these newer tokens have experienced.

Unlike earlier tokens which saw the 2021 bull market and the 2022 non-fungible token (NFT) market surge, many of 2023’s airdropped tokens are yet to undergo a full bull market cycle.

In terms of performance, Arbitrum and Worldcoin have shown significant gains, with ARB rising by 22% in the past week to trade at $1.33, at the time of writing and WLD by over 60% in the past two weeks to trade at $3.86, at the time of writing.

Arbitrum (ARB) price chart on TradingView

Celestia and Blur follow closely in terms of price appreciation, with both tokens up by 10.7% and 5.7% respectively in the past 7 days.

Conversely, Jito, despite being the newest among them, has seen a dip in its value down by 9.4% in the past two weeks but shows signs of recovery in the past week, up by 9%, illustrating the dynamic and often unpredictable nature of token valuations post-airdrop.

Featured image from iStock, Chart from TradingView

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BLUR Is Down 30%, And Whales Are To Blame–Here’s Why

Blur, a decentralized non-fungible token (NFT) marketplace, and OpenSea competitor is under pressure, tumbling by over 30% from its November peaks. While BLUR retreats, on-chain data reveals that BLUR whales have been moving their tokens to leading crypto exchanges, possibly to liquidate.

Whales On A Possible Selling Spree

According to Lookonchain data on December 7, several whales have been offloading large amounts of BLUR. To illustrate, 16.85 million BLUR, worth roughly $8.43 million, were deposited to exchanges in the past 24 hours. 

Notably, one whale deposited 2.54 million BLUR, worth $1.26 million, received from the airdrop to Binance. At the same time, Mandala Capital transferred 2.76 million BLUR, worth $1.4 million, to OKX. 

Mandala Capital sends BLUR to OKX | Source: Lookonchain via X

The deluge continued as another whale, only marked by the associated “0x68b5” address, withdrew 3.31 million BLUR worth $1.79 million from Binance between November 25 and 29 before moving them to the same exchange on December 1. The token had fallen, meaning the whale was down by roughly $65,000.

It is unclear whether the same addresses are sold for USDT or other tokens. However, what’s known is that any whale transfers to a centralized exchange is associated with liquidation. Accordingly, sentiment is impacted when whales move coins in large batches to exchanges, and retailers could interpret their transfers as incoming selling pressure.

BLUR Is Up 220% From October Lows

Thus far, looking at price action, buyers have the lead from a top-down preview. The coin is already up 220% from October lows. Most importantly, buyers have the upper hand, looking at the candlestick arrangement in the daily chart. 

Even though the token is down 30% from November peaks, the failure of bears to force the coin below the 20-day moving average (MA) in the daily chart suggests that the uptrend is still valid. Losses below $0.46, or the base of the current bull flag, might trigger a sell-off. Conversely, any upswing above $0.58 and even $0.69–or November highs, could drive more demand, lifting BLUR to $0.84 or higher in the coming sessions.

BLUR prices trending sideways on the daily chart | Source: BLURUSDT on OKX, TradingView

Related Reading: Binance CEO Disputes JPMorgan Chief’s Critique Of Crypto

Whether the uptrend will resume also remains to be seen. What’s clear, though, is that the broader community is closely monitoring the NFT scene and Blur, the marketplace. The recent upswing was due to the activation of Season 2 Airdrop, which ended on November 20.

Ahead of this, the token was already up 150%, only to extend gains briefly before cooling off in the first week of December.

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BLUR Clears The Way With 80% Blowout – Will Price Continue Soaring?

The prior week’s notable increase in options trading and derivatives activity made the market look positive. When the price of Bitcoin surpassed $38,000 and set a new record for 2023, buyer interest in the top altcoins increased.  As a result, a cryptocurrency that was already trending higher, like BLUR, saw significant price increases.

This increase raises concerns about these cryptocurrencies’ ability to sustain their momentum over the coming week. BLUR is the native token of the same-named non-fungible token (NFT) platform.

In the world of cryptocurrencies, BLUR is becoming increasingly popular after Binance revealed its listing during a spike in price.

BLUR Gets Listed On Binance

One of the biggest cryptocurrency exchanges in the world, Binance, has released a statement indicating that it is prepared to list and begin trading the Blur (BLUR) cryptocurrency token.

Friday saw a 22% increase in BLUR following its listing on Binance’s convert tool. Targeting Binance’s retail clientele is the convert function. Customers can purchase and sell assets through it without using a conventional order book.

The Binance debacle has been the primary cause of increases and crashes for the last two days. The result has been disastrous, with the exchange having to pay the US government $4.3 billion to resolve the lawsuit including CEO Changpeng Zhao’s departure and guilty plea to accusations of breaking anti-money laundering rules.

The recent conflict between the US government and Binance is clearly benefiting BLUR’s price, as the altcoin surged by over 80% in only one week and is currently trading at $0.509, clearly capitalizing on the situation. In the process, BLUR also created the bullish cup-and-handle pattern, which suggests a potential rise.

The same individuals that created Blur have also developed Blast, a layer 2 network, and Blur has done very well since its launch.

Bouncing Back From Record Lows

Blast went live earlier this week and has since collected over $400 million in deposits. In May, the company will launch an airdrop.

Friday’s action coincides with the cryptocurrency market as a whole continuing to rise, with bitcoin (BTC) reaching its highest position since May 2022.

In October, BLUR reached a record low, although it has since rebounded. Renewed activity in the non-fungible token (NFT) arena and reports of large cryptocurrency players, or “whales,” buying the coin helped pique interest.

The BLUR token’s value has significantly increased since Binance decided to offer it, which has caused speculation in the cryptocurrency markets.

This increased trend is consistent with BLUR’s recent collaboration with layer-2 solution Blast, which aided in season 3 airdrop allocations in addition to driving up the token’s price.

Blur has made major strides in its standing within the cryptocurrency industry with these calculated actions, positioning it as one of the top NFT lending protocols in the NFT markets.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Freepik

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Crypto Fund Exits BLUR For Lido And IMX—Endorsing DeFi?

According to Lookonchain data, Sigil, a fund in Gibraltar, has exited BLUR, one of this week’s top-performing tokens, for Lido DAO’s LDO, and IMX, the native token Immutable X–a layer-2 scaling solution primarily dedicated to NFT trading.

Sigil Fund Sells BLUR For IMX And LDO 

On November 24, Lookonchain, a crypto analytics platform, noted that Sigil sold 1.55 million BLUR for 807,799 IMX, worth roughly $1.14 million, and 210,905 LDO, trading at $540,000, at spot rates. The exchange was made via multiple transactions and done on-chain.

The swap comes roughly three days after Sigil withdrew 3.1 BLUR from OKX, a cryptocurrency exchange. Surprisingly, the fund is exiting BLUR when the token has dominated performance in the last few trading days. 

To quantify, the token has more than doubled this week alone, surging to register new H2 2023 highs above $0.60. BLUR is already up 330% from its 2023 lows and continues to edge higher on rising trading volume.

BLUR price trending upward on the daily chart | Source: BLURUSDT on OKX, TradingView

The Gibraltar-based crypto investment fund’s rotation from BLUR into core governance tokens of Lido DAO and Immutable X comes when there is FOMO around the 300 million BLUR airdrop in Season 2. Still, it is not immediately clear what might have advised the fund to exit BLUR–and not simply ride the current ride–for LDO and IMX. 

In retrospect, the shift could be an endorsement of decentralized finance’s (DeFi) resilience and inherent growth prospects. The rotation of funds into DeFi tokens could also signify a focus on backing decentralized ecosystem building rather than speculative NFT mania, as is currently the case with BLUR, which is rapidly rising, spurred by the Season 2 airdrop.

LDO and IMX Are Key For DeFi And NFT

As of November 2023, Lido DAO and Immutable X are some of the core platforms driving crypto and DeFi. Lido DAO plays a crucial role in Ethereum staking, while Immutable X offers a secure NFT trading infrastructure. Though recent troubles at FTX and other CeFi actors like FTX’s partner, Alameda Research, continue to cap upsides, Sigil’s allocation change is an endorsement for DeFi.

In the future, it is not immediately clear whether LDO and IMX prices will edge higher. For now, it remains on an uptrend but is generally volatile and not galloping higher like BLUR. The token is up 80% from October 2023 lows at press time. Meanwhile, IMX is extending gains at 2023 highs, looking at price action in the daily chart.

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BLUR Token Rules Today’s Top 100 Crypto Ranking With 88% Rally – Details

The news of BLUR, which saw an impressive 88% increase in price in the last week, has the cryptocurrency industry buzzing. This abrupt increase in value is directly related to what happened after the Season 2 airdrop. Coincidentally, the price spike also occurred following news of Binance CEO Changpeng Zhao’s resignation.

The cryptocurrency market saw a consecutive two-day period of downward trading activity subsequent to the disclosure of legal accusations against Zhao. Today, it seemed to have changed course and exhibited a favorable trend, with a notable increase of over 2.5% in value within the past 24 hours.

BLUR On A Tear: 200% Price Boost

In the 42 days since clearing a long-term descending resistance trend line, the price of BLUR has surged by more than 200%. The market movement indicates a positive outlook, despite the daily timeframe Relative Strength Index (RSI) providing a bearish reading.

Market analysts have reported a significant surge in purchasing activity, wherein a total of 51.3 million BLUR tokens were acquired by 19 entities. This acquisition amounts to a remarkable investment of $21 million in the aforementioned commodity.

BLUR’s recent price surge followed a consolidation phase, indicating market indecision as its value consistently traded below a critical resistance level. The subsequent airdrop triggered a substantial increase in token ownership, particularly among major stakeholders, signaling a surge in bullish sentiment and highlighting positive prospects for BLUR’s long-term potential.

New Yearly High Still In The Cards

Notably, experienced investors, possibly foreseeing enduring value, have actively engaged in sizeable BLUR positions, emphasizing a deliberate and informed move in response to the cryptocurrency’s potential.

The charts tell a tale of cautious optimism evolving into confidence in BLUR’s future. The consolidation phase hinted at a market awaiting direction, and the subsequent increase in token volume, especially post-airdrop, indicates a shift toward positivity.

Though there has been a noticeable rising trend, BLUR has not yet hit a new annual high. Since February, BLUR has been trading below a trend line of declining resistance. The decline reached a low on August 17 at $0.15.

After that, the price started to rise, reaching a higher low on October 12. It emerged from the trend line of downward resistance after five days. The trend line had been in place for 245 days at that point.

As more investors became aware of the increase in activity, they might have joined the buying momentum that followed the airdrop. This kind of movement is common in the cryptocurrency space, where important transactions and news can cause asset values to fluctuate quickly.

Keeping A Close Tab On The Crypto

Even after substantial increases, BLUR is still warranting caution in this area. Waiting for confirmation of the bullish crossover could increase the risk-reward scenario for fresh long positions on a recovery off critical support zones, thus letting the RSI reset could be a good strategy.

It will be very important to keep an eye on the important support level that is right now where the rise started. If the price of BLUR stays above this support, it could mean that the market has adjusted to the effects of the airdrop and is now setting a new price floor.

But if this level doesn’t hold, the price might go back down to the next important support zone. This could be a good chance for people who missed the first wave to buy again.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Pexels

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Crypto Expert’s Picks: 5 Cryptos To Buy, HODL, Or Sell Now

Renowned crypto expert and Forbes’ Director of Digital Asset Research, Steven Ehrlich, has provided insights on five prominent cryptocurrencies in the current market landscape.

Solana Shakes Off Setbacks, Positioned As Top Crypto To Buy

Bitcoin BTC), the most prominent cryptocurrency, has experienced a remarkable 120% surge in 2023. After a long wait for Securities and Exchange Commission (SEC) approval of a Bitcoin exchange-traded fund (ETF), recent developments indicate that a Spot Bitcoin ETF could finally get the green light by January, as many in the crypto community have predicted, according to Ehrlich.

Introducing Bitcoin ETFs is anticipated to generate significant demand from mainstream investors, contributing to a potentially bullish environment. Furthermore, the impending fourth halving event in April, which reduces block rewards and slows down supply, adds to the positive outlook for Bitcoin.

While Ethereum (ETH), the second-largest cryptocurrency, has demonstrated substantial growth historically, its performance this year has been comparatively modest, with a 65% increase. 

Crypto

Concerns about regulatory ambiguity in the United States, particularly as it relates to tokens like Ethereum, have dampened investor confidence. In addition, despite a major upgrade aimed at improving efficiency and reducing energy consumption, Ethereum’s growth in key metrics, such as transactions per second and active users, has been underwhelming; for these reasons, Ehrlich believes investors need to hold ETH tokens.

Solana (SOL), on the other hand, often referred to as the “Ethereum killer,” suffered setbacks following the collapse of FTX in 2022. However, the stigma surrounding Solana has dissipated, leading to an impressive 313% gain this year. 

According to Ehrlich, Solana stands out for its “robust technology,” capable of processing thousands of transactions per second and potentially reaching 50,000 transactions per second. As such, Ehrlich believes this is a buy signal for SOL.

Binance Coin At Crossroads

Binance’s native token, BNB, experienced significant growth, reaching a peak value of $100 billion. However, recent developments, including Binance founder Changpeng Zhao’s guilty plea, substantial fines, and his decision to step down as CEO, have instigated a decline in BNB’s value. 

While BNB’s utility within the Binance ecosystem and rebate mechanisms for traders may provide some support, concerns arise if traders abandon the exchange en masse. 

Given these developments, BNB’s future remains uncertain, and Ehrlich believes that BNB could fall even further, stating that investors should consider selling the token.

Crypto

Blur, a marketplace focused on non-fungible tokens (NFTs), has emerged as a strong contender in the NFT market. As the largest marketplace for Ethereum-based collections, Blur rewards users with its native token, BLUR, based on trading volume and provides voting rights for platform governance. 

While NFT trading experienced a slump this year, recent signs of recovery, along with notable brands such as Disney and Nike embracing NFTs, indicate a potential rebound. However, Ehrlich believes investors should exercise caution due to the risk of unexpected token airdrops flooding the market.

Overall, Bitcoin’s forthcoming spot ETF and halving event, Ethereum’s regulatory challenges, Solana’s technological prowess, BNB’s uncertain future, and Blur’s position within the crypto NFT market are all factors that warrant consideration. 

It remains to be seen how these cryptocurrencies will react to further developments, and what will be the impacts on their price actions for the last part of the year. 

Featured image from Shutterstock, chart from TradingView.com 

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Rarible To Stop Aggregating Orders From These Three NFT Marketplaces – Here’s Why

Non-fungible token (NFT) aggregator Rarible has plans to cease aggregating orders from marketplaces OpenSea, LooksRare, and X2Y2. The decision comes after OpenSea decided to shift to an optional royalty model.

On Thursday, August 17, OpenSea disclosed that royalties – pay cuts from secondary sales – will become optional for new NFT collections after August 31, 2023. Meanwhile, royalty fees for NFT collections that currently utilize the Operator Filter – a feature that enforces creator royalties – will become optional after February 29, 2024.

Although the optional royalty model has always been a source of debate in the NFT community, many marketplaces embrace it – with X2Y2 and LooksRare introducing zero royalty fees for artists as far back as 2022.

Rarible Throws Support Behind NFT Creators And Artists

On Tuesday, August 22, Rarible announced – via a post on X (formerly Twitter) that it will no longer aggregate orders from OpenSea, LooksRare, and X2Y2 by September 30. According to the NFT aggregator, this decision was taken because of its “unwavering support for NFT creators and artists.”

Alex Salnikov, co-founder of Rarible, said in a statement:

The principle of royalties is at the heart of decentralization – a continual affirmation of a creator’s value in every transaction. We stand in solidarity with creators and artists. That’s why we will no longer support marketplaces that neglect royalties.

The Rarible co-founder stated that by making royalties optional, the value and compensation for creativity are also being stripped off. “Decentralization offers the opportunity to dispel the stigma of the “starving artist,” and enable the continued growth of projects through true ownership and ongoing earnings,” he noted.

Salniko urged the NFT community to become more active in defining the future of Web3.

Pressure Mounts On OpenSea

This news is another potential setback for OpenSea, especially as Rarible is not the first NFT entity aiming to cut ties with the one-time largest digital asset marketplace due to its proposed zero-royalty shift. 

On Friday, August 18, Yuga Labs – creators of the popular Bored Ape Yacht Club collection – declared that it had begun the process of sunsetting support for OpenSea’s SeaPort for all “upgradable contracts and new collections” before February 2024.

Despite the seemingly waning interest in the collection, Bored Ape Yacht Club is still one of the most significant contributors to the total trading activity on OpenSea. It ranks as the top collection on the marketplace, with a daily trading volume of 1,440 ETH (approximately $2.37 million). 

Hence, losing this blue-chip collection – and other Yuga Labs’ creations – will likely affect OpenSea’s performance and position in the market. 

According to a new Messari report, Blur remains the dominant marketplace, accounting for about 60% of the total NFT trading volume.

Rarible