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Algorand Market Cap And TVL Skyrocket As ALGO Faces Critical Support Test

Blockchain platform Algorand achieved notable gains in key metrics during the year’s first quarter (Q1), aligning with the overall upward trend observed in the crypto market ecosystem. 

However, despite this growth, its native token ALGO experienced a 22% price decrease since the beginning of Q2, putting a critical support line to the test and raising questions about the cryptocurrency’s prospects.

Algorand Revenue Skyrockets

According to a report by Messari, Algorand’s revenue witnessed a substantial 1,747% quarter-on-quarter (QoQ) surge, primarily driven by a 288% increase in transactions and a 50% rise in the average price throughout the quarter. The Orange memecoin project also contributed to this growth. 

In Q1 2024, ALGO’s commitment to governance on the Algorand platform declined by 60% year-on-year (YoY) and 3% Quarter-on-Quarter, reaching its lowest level in a year at 1.7 billion ALGO staked. 

Algorand

Per the report, this downturn can be attributed, at least in part, to the diminishing governance rewards allocated per governance period. For example, governance participants received 68.2 million ALGO in Q1 2023, but this figure dropped significantly to only 21.9 million ALGO in Q1 2024.

The market cap for stablecoins on the Algorand platform declined 6% QoQ to $73 million. Circle’s USDC market cap on Algorand decreased by approximately 9% QoQ to $50 million. 

In contrast, Tether’s USDT stablecoin market cap remained stable during the same period with no QoQ change, although it recovered 2% of the stablecoin market share. 

Consequently, USDC’s market share decreased by 3% to 68% QoQ, while USDT’s market share increased by 2% to encompass 30% of Algorand’s total stablecoin market cap.

Algorand’s DeFi TVL And Market Cap Lead The Pack

Algorand’s total decentralized finance (DeFi) total value locked (TVL) witnessed growth for the second consecutive quarter, rising by 9% QoQ to $130 million. 

Although TVL experienced a decline in Q3’23 due to Algofi’s deprecation, the entire DeFi market on Algorand rebounded and surpassed Q2’23 levels, nearly reaching the levels seen in Q1’23. 

Folks Finance retained its position as the top DeFi protocol by TVL on Algorand. Even though its TVL fell by 5% QoQ in Q1, it maintained just over 50% market share. 

Algorand

Pact and Tinyman also demonstrated noteworthy gains, capturing approximately 15% and 18% of the DeFi TVL market share in Q1. AlgoRai Finance experienced the most substantial growth, with a remarkable 53% increase in its TVL QoQ.

Lastly, during Q1, Algorand’s market cap expanded by 18% QoQ, reaching $2.1 billion. The global crypto market cap also witnessed significant growth during the same period, nearing all-time highs of around $3 trillion, denoting a 50% increase from the previous quarter. 

Although Algorand capitalized on this upward trend with an 18% increase in its market cap, it experienced a more substantial surge of 123% in the preceding quarter.

Testing Key Support Levels

ALGO’s performance in the early stages of the second quarter has been predominantly bearish. Currently, the token is trading at $0.1935, with a possibility of further testing the support line at $0.1904. A breach of this level could lead to a continuation of the decline towards the next support at $0.1789.

On the upside, the $0.1988 zone presents a significant resistance level for ALGO. Notably, the token has attempted to surpass this threshold three times in the past 10 days without success. 

Algorand

Featured image from Shutterstock, chart from TradingView.com 

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Cardano Entry Of A Lifetime: Analyst Predicts 5,600% Rally To $25

Cardano is currently in a downtrend, continuing to show bearish tendencies as its price trends below $0.5. However, where many have seen an altcoin that does not have many prospects, crypto analyst FieryTrading believes that the digital asset is giving investors an opportunity to get in for cheap.

Cardano Can Break Out Of Parallel Channel

In an analysis on the TradingView website, crypto analyst FieryTrading alludes to Cardano’s ability to break out and go on a massive bull run. The analysis draws from a previous analysis where the analyst had pointed out that the Cardano price had entered a parallel channel.

This parallel channel emerged with the last cycle’s top going into the current cycle top with a line drawn from the last cycle’s bottom when the lockdown had sent crypto prices crashing. Despite the crypto analyst first pointing out this parallel channel back in 2023, they believe that it continues to remain valid, especially as the price continues to rtend low.

Back then, the crypto analyst had predicted that the ADA price, if it were to break out of this parallel channel, could rise as high as as $35. This bullish expectation continues with the most recent analysis, albeit with a price adjustment.

In the Wednesday analysis, FieryTrading notes that There is still the possibility for the altcoin’s price to reach the top of the channel. In this case, the price would fully complete the move toward $30. However, the crypto analyst’s chart carries a $25 target, which would be a 5,600% rally from its current level.

Cardano price chart from TradingView.com

ADA Bears Maintain Control

Despite the bullish outlook maintained by the crypto analyst, Cardano has succumbed to the bears. The price has dropped as low as $0.44 in the last day, indicating a 1.38% decline. On a wider timeframe, the ADA price looks even worse, with an almost 28% drop in one month.

However, despite this trend, the analyst still believes that investing in Cardano right now is a risk worth taking. FieryTrading refers to it as “the entry of a lifetime” that could guarantee good returns. Moreover, the analyst gives it a R/R (risk/reward) ratio of 116, which is a good number.

For now, the ADA price is still struggling to hold up in the market. This is not helped by the decline in market sentiment, leading to a nasty 22% drop in its daily trading volume, according to data from Coinmarketcap.

Cardano price chart from Tradingview.com

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Crypto Analyst Predicts 350% Surge For Shiba Inu – Here’s The Target

Crypto analyst Crypto Dona has predicted a 350% price surge for Shiba Inu (SHIB). He suggested that the meme coin will unlikely go higher than that in this bull run. 

Shiba Inu To Rise To $0.00011

Crypto Dona revealed in an X (formerly Twitter) post that his price target for Shiba Inu is $0.00011 and that he doesn’t see the meme coin going higher. A rise to that level represents a 350% price surge for the meme coin, which will undoubtedly appeal to Shiba Inu investors.

Related Reading: Here’s How This Ethereum Whale Made $16 Million From A Single Trade

Crypto Dona joins a host of other crypto analysts who predict that Shiba Inu could shed another zero from its current price level and rise to $0.0001. However, some of these analysts have given a way higher price prediction than Crypto Dona’s. One is Javon Marks, who predicts that Shiba Inu could rise to as high as $0.0001553.

Crypto analysts like Armando Pantoja and Ali Martinez have also made much higher predictions, predicting that Shiba Inu could rise to $0.001 and $0.011, respectively. Forecasts like these have undoubtedly raised the expectations for SHIB in this bull run, with community members optimistic that the meme coin could flip Dogecoin (DOGE) in this market cycle. 

Shiba Inu’s lead developer, Shytoshi Kusama, is also confident about the meme coin’s potential in this market cycle. He suggested that the meme coin is in a good position to lead this season. He alluded to Shiba Inu’s technology, vision, plan, and community as some of the reasons he holds this belief. 

The First Step Is Hitting A New All-Time High (ATH)

While Shiba Inu undoubtedly looks primed to make big moves in this bull run, the first step will be for the meme coin to rise above its current all-time high of $0.00008845, as it is currently 70% down from that price level. Shiba Inu’s Marketing Lucie has earlier predicted that the meme coin could hit a new ATH before or shortly after the Bitcoin Halving.

Related Reading: Can Ethereum Reclaim $4,000? Fragile Fundamentals Threaten To Send ETH Crashing

Crypto analyst and trader Xanrox also hinted that SHIB may hit a new ATH of $0.00008854 by July. Shiba Inu rising to a new ATH by then could set the pace for it to hit other bullish price predictions that crypto analysts have made for the meme coin. Meanwhile, it is also worth mentioning that Shiba could soon come close to its current ATH with Ali Martinez highlighting a bull flag on Shiba Inu’s chart which he belives could send the meme coin to $0.000072323. 

At the time of writing, Shiba Inu is trading at around $0.0000227, down over 4% in the last 24 hours, according to data from CoinMarketCap. 

Shiba Inu price chart from Tradingview.com

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FTT Surges 50% On FTX Creditors’ Claims Settlement And Billions In Compensation: How High Can It Rise?

In a significant development, defunct cryptocurrency exchange FTX has unveiled a reorganization plan to reimburse almost all of its customers. 

The announcement has sparked a substantial surge in the exchange’s native token, FTT, which recorded an uptrend of 52% over the past seven days, reaching a monthly high of $2.29 during Wednesday’s early trading session.

FTX Unveils Debt Repayment Strategy

FTX estimates its outstanding debts to creditors to be approximately $11.2 billion, as revealed in the reorganization plan published late Tuesday. The company has disclosed that it possesses between $14.5 billion and $16.3 billion, which it intends to distribute among the creditors.

Under the proposed plan, customers with $50,000 or less claims will receive approximately 118% of the allowed claim amount. This compensation is slated to be disbursed to around 98% of the creditors, relieving FTX customers who have experienced locked funds since the exchange filed for bankruptcy protection in November 2022. 

FTX stated in a press release on Wednesday that the company could not utilize the appreciation of the missing tokens during the Chapter 11 cases. Instead, FTX had to identify other recoverable sources of value to repay creditors. 

Following the departure of founder Sam Bankman-Fried, FTX appointed John Ray III as CEO. Ray, speaking on the matter in November 2022, expressed his astonishment at the “complete failure of corporate controls and such a complete absence of trustworthy financial information” witnessed at FTX. Ray further stated in the press release on Wednesday: 

We are pleased to be in a position to propose a Chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors. 

FTX’s founder, Sam Bankman-Fried, faced legal consequences, being convicted on seven criminal counts, including charges related to embezzling billions of dollars from FTX’s customers. Bankman-Fried was subsequently sentenced to 25 years in prison.

FTT Bulls Eyeing $2.55 For Potential Breakout Continuation

As of the latest update, the price of FTT has corrected to $2.050 after reaching its monthly high. This breakout occurred after consolidation between the $1.17 and $1.48 levels.

At the current price level, FTT faces a significant resistance at $2.169, which has led to the ongoing correction. If FTT sustains its bullish momentum, the next resistance level to watch is $2.55 in the token’s daily chart. 

A successful breakthrough of this level could potentially lead to a retest of the $3 mark, which has not been revisited since January.

On the other hand, if the price experiences a further correction, FTT bulls should closely monitor the $1.95 and $1.765 levels, as they serve as crucial support levels. It is essential to prevent a loss of the gains achieved over the past month, which amounts to an 18% increase during this period.

FTX

Featured image from Shutterstock, chart from TradingView.com

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Bitcoin ETF Issuer Franklin Templeton Bullish On Solana (SOL), Foresees It As 3rd Largest Crypto

In the wake of the November 2022 crypto market crash, which saw the bankruptcy and collapse of FTX and other firms, Solana (SOL) has emerged as a standout performer, experiencing a year-to-date price increase of over 560%. 

With a market capitalization of $67 billion, Solana has secured its place as the fifth largest cryptocurrency, trailing only Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and Tether’s USDT stablecoin.

Despite its substantial growth, asset management giant and Bitcoin exchange-traded fund (ETF) issuer Franklin Templeton anticipates further expansion for Solana as the emerging bull market takes shape. 

Solana Poised For Continued Growth

A recent report released by the firm highlights Solana’s strong position to capture the next wave of crypto adoption, solidifying itself as a major crypto asset alongside Bitcoin and Ethereum.

The report emphasizes that Solana’s growth will continue due to several key factors. Notably, the crypto industry witnessed accelerated activity during Q4 2023, with Solana as a focal point for major airdrops within its ecosystem, such as Jito and Pyth. 

According to the report, these airdrops generated a wealth effect of over a billion dollars, driving up the value of SOL and other Solana ecosystem tokens, particularly meme coins. This surge occurred concurrently with Bitcoin’s upward trend, providing additional momentum to the Solana ecosystem.

Since then, meme coins have gained significant attention, with a substantial portion of activity occurring on Solana. The network has witnessed the creation and trading of numerous meme coins, with some attaining multi-billion-dollar market caps, including Bonk (BONK) and Dogwifhat (WIF).

The Crypto Industry’s Next Big Breakthrough?

According to the asset manager, Solana has demonstrated significant growth over the past year, which is evident in the network’s increased total fees and decentralized exchange (DEX) volumes. The network’s low fees, transaction latency, and high data throughput relative to other networks have contributed to its success. 

Solana’s network effects are expected to strengthen further as its performance improves, positioning it to capture upcoming trends in the crypto space.

The future remains uncertain as crypto enthusiasts ponder the next big thing in the industry. However, Franklin Templeton suggests that there is a strong possibility that Solana could play a pivotal role. 

According to the report, the Solana ecosystem anticipates additional airdrops in the coming months, which will continue to enhance the ecosystem’s wealth effect. 

Moreover, meme coin activity shows no signs of slowing down on the Solana network, further adding to the bullish sentiment surrounding the cryptocurrency and its ecosystem.

Solana

SOL is now attempting to consolidate above the $150 level and has seen a significant 21% increase in the last seven days alone. 

Featured image from Shutterstock, chart from TradingView.com 

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Fantom (FTM) Bull Run: 8% Price Surge And Robust Double-Digit Growth In Key Metrics

Fantom (FTM), a Layer-1 (L1) protocol, and its native token, FTM, have experienced significant gains and notable achievements in the first quarter (Q1) of 2024. 

According to a comprehensive performance analysis conducted by Messari, amid the emerging crypto bull market, Fantom has emerged as one of the major beneficiaries, showing significant growth in key metrics and market capitalization. 

FTM Market Cap Soars 101% QoQ

By the numbers, FTM’s circulating market capitalization saw a substantial 101% quarter-over-quarter (QoQ) increase, jumping from $1.3 billion to $2.6 billion, vaulting it up ten spots to 48th among all tokens (currently 58th). The token’s rally extended for two consecutive quarters, resulting in a fourfold increase since the end of Q3 2023.

Fantom

Although Fantom experienced a decrease of 53% QoQ in revenue measured in FTM, amounting to 1.8 million FTM, revenue denominated in USD exhibited a 4% QoQ increase, reaching $1.2 million. 

According to Messari, the revenue decline was primarily due to reduced inscription activity across all smart contract platforms in Q1. 

Despite this, Fantom maintained an upward trend in average daily transactions, excluding inscription-related activity, surpassing the Q3 average and reaching 247,000 daily transactions. Daily active addresses also rebounded, rising by 24% QoQ to 40,500.

In Q1, the staking requirement for Fantom validators was significantly reduced from 500,000 FTM to 50,000 FTM, aiming to increase accessibility. However, the number of active validators remained unchanged at 55. 

Notably, the total amount of FTM staked increased by 17% QoQ, from 1.1 billion to 1.3 billion FTM, resulting in a 135% QoQ surge in the total dollar value of staked FTM, reaching $1.2 billion. Among proof-of-stake (PoS) networks, Fantom ranked 22nd in the dollar value of funds staked by the end of Q1.

Memecoin Mania Boosts Fantom On-Chain Activity

During the year’s first quarter, Total Value Locked (TVL) denominated in USD experienced a substantial 59% QoQ increase, rising from $810.8 million in Q4 to $1.28 billion. 

Conversely, TVL-denominated in FTM decreased by 21% QoQ, indicating that the surge in USD-denominated TVL was partly attributed to FTM’s price appreciation.

Fantom’s average daily decentralized exchange (DEX) volume surged by 64% QoQ, from $10.2 million to nearly $176.8 million. In Q1, the “Memecoin Mania” trend contributed to elevated on-chain activity across various networks, including Fantom.

Fantom

Fantom’s monthly DEX volume surpassed $1 billion in March, marking the first time since March 2023. The number of DEXs on Fantom increased to 31 by the end of Q1, with no single DEX dominating more than 30% of the market share.

Lastly, following an exploit in the Multichain: Fantom Bridge, which affected stablecoins on Fantom in Q3 2023, the Fantom Foundation took steps to increase the liquidity of stablecoins. 

As of Q1 2024, two independent third-party bridging solutions, Axelar (axlUSDC and axlUSDT) and LayerZero (lzUSDC and lzUSDT), have emerged. USDC remains the predominant stablecoin on Fantom, accounting for 98% of the stablecoin market cap. USDT also experienced considerable growth, with an 86% QoQ increase.

Fantom

The FTM token is currently trading at $0.7037, reflecting an 8.7% increase in price over the past seven days. However, it has experienced a decline of nearly 20% in the monthly time frame.

Featured image from Shutterstock, chart from TradingView.com

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Can Ethereum Reclaim $4,000? Fragile Fundamentals Threaten To Send ETH Crashing

Ethereum has put on a disappointing performance for its investors over the last few weeks, leading to concerns on whether the second-largest cryptocurrency by market cap has lost its shine. The cryptocurrency continues to skirt around the $3,100 level, not making any significant breaks upward. This points to weak fundamentals that could trigger a price decline.

Ethereum Fails To Make Meaningful Moves

Markus Thielen, Head of Research at 10x Research, has pointed out some worrying developments with the Ethereum price. In a new report shared with NewsBTC, he explains that despite Ethereum remaining highly correlated to Bitcoin with an R-Square of 95%, it continues to perform poorly while the latter has made new all-time highs.

Thielen points back to ETH’s performance in the last bull market, which was closely tied to new sectors popping out of the network, such as decentralized finance (DeFi) and non-fungible tokens (NFTs). This caused demand to skyrocket, and in turn, the price followed as users gobbled up ETH for the high gas fee required to transact on the blockchain.

However, Ethereum has failed to maintain this momentum, which can be attributed to its inability to bring the upgrades that users needed in time. Thielen explains that the Dencun upgrade which helped solved the high gas fee issues had come three years too late because by 2024 when the upgrade arrived, users had moved on to Layer 2 networks. Also, during this time, other Layer 1 networks have seen a rise in users and Solana is one example of this.

Ethereum fees

The researcher further explained that the weak fundamentals of ETH are now not only affecting its price but has had a spillover effect to Bitcoin. “Ethereum’s weak fundamentals are becoming a roadblock for Bitcoin as they prevent broad fiat inflow into the crypto ecosystem,” Thielen stated.

Better To Short ETH

Thielen’s analysis of Ethereum also spreads to the drop in stablecoin usage on the network. Back in 2021, Ethereum had dominated stablecoin transactions such as USDT and USDC. However, it seems like, with other things, the high fees have driven users towards other networks. Blockchains such as Tron (TRX) are now dominating stablecoin transactions, leaving ETH in the dust.

Additionally, there is also the fact that ETH’s issuance is turning inflationary once again. After the London Hard Fork, also known as EIP-1559, was completed in 2021, the network saw its issuance turn deflationary for the first time as ETH burned quickly surpassed ETH being brought into circulation.

However, this has now changed in the past months as there have been more ETH issued than those burned, Thielen notes. To put this in perspective, a total of 74,000 ETH were issued compared to only 43,000 ETH burned. This inflation, coupled with the fact that staking rewards have now dropped to 3%, below the 5.1% offered by Treasury Yields, Ethereum has had a hard time maintaining bullish sentiment.

Given these developments, the researcher believes it is better to be bearish on Ethereum right now. “Right now, we would be more comfortable holding a short position in ETH than a long one in BTC as Ethereum’s fundamentals are fragile, which is not yet reflected in ETH prices,” Thielen concludes.

Ethereum price chart from Tradingview.com

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Bloomberg’s Mike McGlone Reveals Why A $150,000 Bitcoin Price Target Is Far Off

Mike McGlone, Senior commodity strategist at Bloomberg Intelligence, has made a rather pessimistic prediction for Bitcoin, emphasizing that the cryptocurrency’s potential rise to $150,00 was a long shot. The strategist has revealed factors that could make Bitcoin’s projected surge to $150,000 difficult, highlighting both macroeconomic trends and Bitcoin’s performance in 2024. 

Bitcoin Surge To $150,000 Unlikely

In a recent interview with Scott Melker, the host of “The Wolf Of All Streets,” podcast, McGlone discussed Bitcoin’s price fundamentals and its possible rise to $150,000 in the 2024 bull cycle. 

Comparing Bitcoin with the stock market index, the S&P 500, the Bloomberg strategist disclosed that the cryptocurrency was currently showing “divergent weakness,” highlighting that Bitcoin’s performance against the S&P 500 in 2021 was greater compared to 2024. 

He also revealed that Bitcoin was displaying a similar weak performance to Gold, emphasizing current market conditions and the risk of short-term deflation in the financial market. 

The combination of these factors pushes McGlone to believe that Bitcoin’s short-term projected rise to $150,000 was unlikely. 

While the Bloomberg strategist made his foreboding prediction despite Bitcoin’s overperformance at the beginning of the year, McGlone still remains optimistic about the cryptocurrency’s price and fundamental value in the long term. 

Co-founder and CEO of CoinRoutes, Dave Weisberger, who was also in the podcast with McGlone, made a more optimistic prediction for Bitcoin. Basing his analysis on historical trends and patterns as far back as 2015, Weisberger forecasted that Bitcoin could rise to $200,000 this cycle. 

His forecast is also acknowledged by reformed hedge fund manager, James Lavish, who revealed in the podcast that Spot Bitcoin ETFs could become a potential driver for Bitcoin’s continuous growth. This is attributed to the massive impact Bitcoin ETFs had on the cryptocurrency’s price following its launch on January 11, 2024. 

After Spot Bitcoin ETFs were successfully released into the market, the price of Bitcoin skyrocketed to new all-time highs above $73,000. At the time of writing, the cryptocurrency is trading at $63,778, marking a 0.89% increase over the past seven days, according to CoinMarketCap. 

BTC Crash Presents Perfect Opportunity

According to Lavish, if Bitcoin crashes down to the $30,000 to $40,000 range, it would present a “tremendous opportunity” for investors to acquire substantial value in a long-term asset that will essentially hold its value and continue to appreciate in the future. 

The reformed hedge fund manager revealed that Bitcoin’s short-term volatility and market unpredictability could produce long-term capture of value. This suggests that by strategically navigating through the price fluctuations of Bitcoin, investors could potentially capitalize on its volatility to accumulate wealth over time, which in turn could favorably impact the price of the cryptocurrency.

Bitcoin price chart from Tradingview.com

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This Week’s Crypto Watchlist: Top Coins Poised For Gains

In a post on X, crypto analyst Miles Deutscher laid out his strategic predictions for high-performing cryptocurrencies in the upcoming week to his 501,700 followers. His analysis delved deep into Bitcoin’s trading patterns, the surging AI-driven altcoin sector, and specific tokens that are displaying considerable potential due to recent developments and broader market dynamics.

Bitcoin And AI Crypto Tokens Are Set To Dominate This Week

At the forefront of Deutscher’s analysis, Bitcoin has recently returned to its previous trading range between $60,000 and $69,400 after experiencing a sharp drop. This movement was characterized as a significant deviation, suggesting manipulation or a shakeout of weak hands before a potential rally.

“Bitcoin is at the top of my watchlist for this week. Had a big fakeout/deviation to the downside, and now back within the range,” Deutscher stated. He pointed out that the key factor to watch is whether the current range’s lower boundary will hold, which could serve as a strong foundation for an upward trajectory.

Bitcoin price

Moreover, the AI sector has been particularly resilient and robust recently, bouncing back significantly amidst broader market recoveries. Deutscher highlighted the sector’s potential for outperformance, driven by several upcoming major events.

These include Apple’s Worldwide Developers Conference (WWDC), NVIDIA’s earnings announcement, and the anticipated release of ChatGPT 5. “AI is one of those unique narratives that retains constant mindshare due to its endless real-life news flow/hype,” Deutscher explained.

One specific AI token which Deutscher watches closely due to its alleged partnership with Apple is Render (RNDR), making it a prime candidate for speculation around the upcoming Apple event. Historically, RNDR has also led the AI token sector during market rotations.

Furthermore, Deutsches focuses on Near Protocol (NEAR), Fetch.ai (FET), AIOZ Network (AIOZ). He grouped these tokens together due to their correlation but noted their recent technical performance, where they bounced cleanly off daily support levels and established higher lows.

More Altcoins To Watch

TON: Recently the center of attention, TON experienced a drop after the Token2049 event in what Deutscher described as a “sell-the-news” scenario. However, recent investments by firms like Pantera signal continued interest and potential undercurrents of growth.

Ethena (ENA): With the market sentiment turning bullish again, Deutscher anticipates a return to positive funding rates, which typically benefit tokens like Ethena. Recent activity from the Ethena team, including increased reward boosts and optimistic social media posts from its founders, further bolster the bullish case. “Also hearing rumors of a T1 exchange listing,” Deutscher added, suggesting an impending increase in liquidity and exposure.

Jito (JTO): Jito is reportedly developing what Deutscher referred to as the “Eigen Layer of Solana,” aiming to replicate the success and hype surrounding the Eigen project’s layer solutions. Despite the challenges of a recent airdrop, Deutscher sees potential if the team executes well, particularly as the restaking narrative has not yet fully penetrated the market.

PopCat (POPCAT): Despite facing some fear, uncertainty, and doubt (FUD) related to copyright issues over the weekend, POPCAT continues to exhibit strong price action, pushing toward new highs. “POPCAT seems the best contender, for now, not a single cat meme coin has yet to hit a $1B market cap,” noted Deutscher, highlighting its standout performance.

Ethereum Finance (ETHFI): In the realm of liquidity reward tokens (LRT), ETHFI remains a notable mention despite a broader sector sell-off post-Eigen. Deutscher believes the selling may have been overreactive, and with total value locked (TVL) still on the rise, a reversion to mean on prices could be imminent.

SEI Network (SEI): As anticipation builds for the launch of the new layer one blockchain, Monad, later this year, SEI is seen as a strategic play. Categorized within the parallelized Ethereum Virtual Machine (EVM) narrative, SEI experienced a substantial sell-off but is poised for recovery as the market focus shifts towards upcoming launches.

Friend (FRIEND): After recommending FRIEND at $1.30, Deutscher continues to see upside potential, particularly as it approaches more significant centralized exchange listings. He advises keeping an eye out for major pullbacks as opportunities to buy.

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Crypto Analyst Says Cardano Bloodbath Far From Over, Sets Bottom Price For ADA

Cardano has recovered from its April lows and continues to maintain a strong momentum above $0.45. This has prompted expectations that the altcoin will go on a rally from here. However, not everyone shares this sentiment as one crypto analyst expects the price to crash further from here.

Cardano Will Crash Back Below $0.45

In the latest video on his YouTube channel that revolved around Cardano’s future trajectory, crypto analyst, ‘More Crypto Online’, revealed why the ADA price is poised for more decline. The analyst pointed out that the altcoin is currently in its 3-wave corrective rally.

Now, the Elliot Wave Theory which is being referred to by the crypto analyst consists of five waves. Out of the five, three are bullish and two are bearish. The bullish waves involve the 1, 3, and 5, with 2 and 4 being bearish waves.

If the analyst is correct and the Cardano price has only completed three waves so far, that means the fourth wave, which is a bearish wave, is yet to be established. As a result, the crypto analyst believes that the Cardano price will further break down as it enters the fourth wave.

He further pointed out that the altcoin’s price had fallen below the $0.48 support, which was an important level for it. This, coupled with the fact that it is yet to enter the fourth wave, has the analyst convinced that the price crash is far from over.

As for where the ADA price might end up in this fourth wave, the crypto analyst believes it will go as low as $0.42 before recovering again. However, the good news is that once the fourth wave is completed, it gives way for the fifth wave to begin, which is the most bullish of all the waves and could see the ADA price barrel past $1.

ADA Metrics Still Bullish

Despite the bearish outlook presented by the crypto analyst, major Cardano metrics continue to show bullish divergence. For example, the daily trading volume of the altcoin has risen almost 17% in the last day to cross $286 million, data from CoinMarketCap shows.

This drastic rise in daily trading volume suggests a return of interest in the altcoin and this could quickly translate to a bullish trend, especially in the short term. Additionally, the fact that the price is on the rise at this time suggests that the majority of the transactions as a result of this renewed interest is from buyers rather than sellers. This suggests that the price will continue to rise if this demand is sustained.

At the time of writing, ADA is still sitting firmly above $0.45, with a 1.78% increase in the last day.

Cardano price chart from Tradingview.com

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Shiba Inu Price Prediction: Crypto Analyst Says Massive Surge Is Coming, Here’s The Target

Shiba Inu has rebounded by over 19% from its $0.00002081 price point at the beginning of the month. Current price action shows the cryptocurrency might be on its way to performing an interesting price surge in the coming weeks. According to one crypto analyst, SHIB could actually go on a 120% price surge after breaking out of the current consolidation.

Crypto Analyst Says Massive Surge Coming

SHIB kickstarted a price correction immediately after reaching 0.00003556 in early March. Bullish investor sentiment surrounding the meme cryptocurrency at the time quickly changed into a bearish one. This pushed SHIB on a decline that bottomed out at $0.00002117 in the middle of April, indicating a 40% price correction in those two months. Interestingly, this was the worst SHIB price decline since the May 2022 collapse of the Terra ecosystem.

Related Reading: Why Did The Solana (SOL) Price Jump Today?

As noted on the 8-hour timeframe chart shared on social media platform X by crypto analyst World Of Charts,  SHIB has been on a consolidation channel for the past two months. However, the analyst foresees a bullish breakout to create a strong bullish wave that’s going to send SHIB holders on a profit margin between 100% and 120%.

Interestingly, a further look into the chart shared by World Of Charts shows that the analyst is open to a higher price surge over a longer period of time. The last price target indicated on the chart is $0.00009500, which is a 280% target from the current price levels. 

Can Shiba Inu Push Higher?

Shiba Inu recently formed a higher low on the weekly timeframe, an indicator that the bulls might be starting to gain the upper hand. Despite the past decline, over 56% of SHIB holders remained in profit as many long-term holders opted to hold on to their tokens. At the time of writing, SHIB is trading at $0.00002489 and is up by 6.4% in the past seven days. This price increase has seen the number of SHIB holders in profit rising concurrently to 61%.

Related Reading: Bitcoin Relative Strength Jumps To 40%: 10x Research Reveals Next Steps From Here

Many addresses that just moved into profit margin are not taking profit indicating that majority of investors are anticipating a price increase in May. One catalyst that could lead to a further price increase is the recent partnership between PayPal and MoonPay which will allow PayPal users within the United States to buy the dog-themed cryptocurrency easily.

Popular crypto analyst Ali Martinez also predicted a SHIB price surge based on a bull flag that has recently appeared on the token’s price chart.

Shiba Inu price chart from Tradingview.com

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Here’s Why This Crypto Analyst Believes Bitcoin Is At A ‘Prime Buy Zone’

Crypto analyst Ali Martinez has revealed that it may still be an excellent time to accumulate Bitcoin. This comes amidst the flagship crypto’s recent price recovery, with the crypto token skyrocketing above $64,000. 

Bitcoin Is Still In A “Prime Buy Zone”

Martinez mentioned in an X (formerly Twitter) post that Bitcoin’s Market Value to Realized Value (MVRV) 90-day ratio indicates that it is still in a “prime buy zone” despite its recent price surge from $57,000 to $64,000. The MVRV is a metric used to determine whether a crypto token is undervalued or overvalued. 

 Bitcoin

Based on Martinez’s findings, Bitcoin looks to be currently undervalued, which presents a good opportunity to accumulate the crypto token. The analyst’s revelation undoubtedly provides reassurance for those who failed to buy the dip and are looking for a perfect entry to invest in Bitcoin. 

Interestingly, Bitcoin whales didn’t waste time accumulating during Bitcoin’s recent decline, as Bitcoinist reported that these investors bought 47,500 BTC ($2.8 billion) between May 2 and 3. However, the MVRV ratio being at that level suggests that many of these whales are investors adding to their positions, meaning that significant buying pressure shouldn’t be expected anytime soon. 

Crypto analyst Michaël van de Poppe also recently suggested that Bitcoin is still undervalued. He noted that the crypto token is back above $60,000, and retail isn’t here yet. He mentioned in another X post that these retail investors won’t return until the summer, which means that everyone currently positioning themselves is still early. 

BTC Almost Ready For Next Leg Up

Crypto analyst Mikybull Crypto recently hinted that Bitcoin is almost ready for another parabolic rally. He stated that Bitcoin’s local bottom is in considering that the “next liquidity grab interest is above.” He added that Bitcoin will first “clear out the $67,000 level and consolidate in preparation for the $73,000 level. 

Related Reading: Fantom Revival: Crypto Analyst Predicts A Jump To $1.2 For FTM Price

Bitcoin 2

Meanwhile, the analyst revealed in another X post that Bitcoin has “finally experienced a MACD (Moving Average Convergence/Divergence) bullish cross” on the daily chart, just like it did in January 2024, which led to the crypto token rising to as high as $73,000 in March. According to Mikybull Crypto, Bitcoin reclaiming above the 50-day Moving Average will “further confirm the bullish continuation.”

For those looking to long Bitcoin, Mikybull Crypto remarked that the $64,000 range is an “ideal zone” to do so. He predicts that Bitcoin might clear out the CME gap between $62,580 and $64,105 before consolidating at around $64,000. 

At the time of writing, Bitcoin is trading at around $65,300, up over 2% in the last 24 hours, according to data from CoinMarketCap. 

Bitcoin price chart from Tradingview.com

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Study Uncovers Surprising Data: 90% Of Stablecoin Transactions Not Driven By Human Users

In a recent report by Bloomberg, it has been revealed that more than 90% of stablecoin transaction volumes do not originate from genuine users, according to a new metric co-developed by Visa.

Stablecoin Market Faces Data Reality

Visa and Allium Labs have created a dashboard designed to filter out transactions initiated by bots and large-scale traders to isolate those made by real individuals. Out of approximately $2.2 trillion in total transactions recorded in April, a mere $149 billion was identified as “organic payments activity” by Visa.

The data challenges the optimistic outlook of stablecoin proponents who believe these tokens can transform the $150 trillion payments industry. 

Fintech giants such as PayPal Inc. and Stripe Inc. have been exploring stablecoins, with Stripe co-founder John Collison expressing bullishness on the tokens due to “technical improvements.” 

Pranav Sood, the executive general manager for EMEA at payments platform Airwallex, commented on the findings: “It says that stablecoins are still in a very nascent moment in their evolution as a payment instrument.” 

Sood emphasized the need to focus on increasing existing payment infrastructure in the short and mid-term while acknowledging the long-term potential of stablecoins.

Accurately tracking crypto activity’s “real” value using blockchain data has always been challenging. Glassnode, a data provider, estimates that the record $3 trillion assigned to digital tokens at the bull market’s peak in 2021 was closer to $875 billion.

Analysts Predict Massive Surge Ahead

According to Bloomberg, the nature of stablecoin transactions often leads to double-counting, depending on the platform users employ for fund transfers. For example, converting $100 of Circle’s USDC stablecoin to PayPal’s PYUSD on the decentralized exchange (DEX) Uniswap would result in $200 of total stablecoin volume being recorded on-chain.

Visa, which processed over $12 trillion the previous year, could suffer if stablecoins gain widespread acceptance as payment. 

Interestingly, despite this troubling data, analysts at Bernstein predicted that the total value of all stablecoins in circulation could reach $2.8 trillion by 2028, nearly 18 times their current combined circulation.

While PayPal and Stripe have made strides in adopting stablecoins, Airwallex has observed limited demand for stablecoin-based payment solutions among its customers, primarily due to concerns about “user-friendliness.” 

Sood emphasized the significant barrier of overcoming entrenched payment methods, citing the continued use of checks for 40% to 60% of business payments in the United States.

The Bloomberg report sheds light on the dominance of non-genuine user activity in stablecoin transactions. The study underscores the importance of improving existing payment infrastructure and addressing user-friendly concerns to unlock the long-term potential of stablecoins.

Stablecoin

Featured image from Shutterstock, chart from TradingView.com

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Crypto Analyst Reveals 6 Must-Buy Altcoins With The Most Potential

As the crypto market exhibits signs of a burgeoning altseason, crypto analyst Alex Wacy has shared a strategic forecast with his 175,000 followers on X. Wacy predicts a selective yet explosive growth phase for altcoins, emphasizing the critical nature of asset selection and market timing.

Crypto Market Outlook And Asset Selection Strategy

Wacy’s recent thread underscores the anticipation of a massive altseason: “Only ~15% of altcoins will bring 10-100x in this hyper growth. Asset selection matters more than ever. One slip-up, and you’re out.” His analysis highlights the potentially selective nature of the upcoming market phase, suggesting significant disparities in performance among altcoins.

Wacy believes the market is currently undervalued and primed for a significant uptick. He suggests that the consolidation of the total altcoin market cap above $700 billion would confirm the bull trend, signaling the onset of altseason. This perspective is rooted in current market behaviors where sentiment remains largely bearish, presenting a contrarian opportunity for growth.

TOTAL 3 crypto market cap

He categorizes the current sentiment into three types of capitulation—price, time, and growth—indicating varied investor behaviors that often precede market recoveries. The prevailing fear of further drops, according to Wacy, will likely clear out weak hands, setting the stage for a supercycle driven by Fear of Missing Out (FOMO) and subsequent strong buying activities.

Top 6 Altcoins With The Most Potential

#1 And #2: WIF as well as PEPE are the memecoins highlighted by Wacy as potential early movers in the anticipated altseason. “Look at WIF and PEPE, structurally similar to DOGE during its meteoric rise. These coins have cultivated a community and meme appeal that could very well parallel SHIB’s market cap in the previous cycle,” Wacy asserts. He notes that PEPE appears particularly poised for a breakout, whereas WIF, though currently weaker, has the potential for quick shifts in market sentiment.

PEPE WIF Dogecoin comparison

#3 Ondo Finance (ONDO): This Real World Asset (RWA) focused coin is characterized by its robust buy support during price dips. Wacy sees ONDO as an undervalued asset with a significant upside. “ONDO has a resilient buy floor; even slight retractions to around $0.64 could offer lucrative entry points ahead of substantial upward trajectories,” he advises. His first target is the $1.62 price zone.

#4 Arweave (AR): Known for its decentralized data storage solutions, Arweave is praised by Wacy for its strong market structure and resilience during downturns. Moreover, Arweave is building AO, a decentralized computer network which can be run from anywhere. “Arweave isn’t just storage; it’s a foundational technology in a decentralized future. A consolidation above $49 would likely be the catalyst for an explosive growth phase,” he predicts.

#5 Echelon (PRIME): Wacy discusses PRIME’s multifaceted ecosystem, which encompasses a trading card game and an AI-powered game, both of which are gaining traction. “Echelon stands at the confluence of gaming and blockchain technology, attracting a broad audience with its innovative gameplay and decentralized features,” he remarks. From a technical analysis perspective, the PRIME price is near a favorable buying zone from $14.97 to $17.5. “Hoping that altcoins are already entering the altseason, would like to see a V-shaped reversal,” Wacy states.

#6 Ethena (ENA): This synthetic dollar protocol offers an alternative to traditional banking and is poised for growth. “Ethena’s pattern on the weekly charts typically precedes major price movements. With the next major unlock event slated for April 2025, the buildup could be substantial,” Wacy explains. He likens ENA’s current price trajectory with the one of SEI.

ENA vs SEI comparison
Strategic Profit-Taking

Wacy also provides strategic advice on profit-taking, anticipating that the altcoin market index, TOTAL3, could ascend to between $2 trillion and $2.3 trillion during the altseason. He suggests considering partial profit-taking once the market reaches approximately $1.6 trillion. His rationale is based on historical patterns where many investors fall prey to greed, resulting in substantial losses.

The analyst further advises preparing a profit-taking strategy in advance, advocating for the reservation of 10-15% of positions for potential further growth beyond initial targets. He warns that the last surge in a growth phase often triggers excessive greed, suggesting that recognizing such signals could be crucial for timely exits before the onset of bear market conditions.

At press time, WIF traded at $3.58.

WIF price

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Record-Breaking Q1 For Polkadot: Daily Active Addresses Hit 514,000 As DOT Price Surges 7%

According to a Messari report, the Polkadot (DOT) blockchain protocol made significant progress in the first quarter (Q1) of the year in terms of market capitalization, revenue, and Cross-Consensus Message Format (XCM) activity, as well as a record increase in daily active addresses.

DOT’s Market Cap Surges 16% QoQ

During Q4 2023, Polkadot’s market capitalization experienced a notable 111% quarter-on-quarter (QoQ) increase, reaching $8.4 billion. Building on this momentum, Q1 2024 witnessed a further 16% QoQ rise, elevating the circulating market cap to $12.7 billion. 

Despite these gains, DOT’s market capitalization remains 80% below its all-time high of $55.5 billion, set on November 8, 2021. 

Polkadot

In Q4 2023, Polkadot’s revenue also skyrocketed by 2,880% QoQ, amounting to $2.8 million. Per the report, this surge was primarily attributed to an exponential increase in extrinsics, driven by the Polkadot Inscriptions. 

However, revenue metrics for Q1 2024 declined significantly on a QoQ basis, with revenue in USD dropping by 91% to $241,000 and revenue in DOT decreasing by 92% to 28,800. It is worth noting that Polkadot’s revenue tends to be relatively lower compared to its competitors due to the network’s structural design.

Polkadot’s XCM activity continued to show growth in Q1 2024. Daily XCM transfers surged by 89% QoQ to reach 2,700, while non-asset transfer use cases, known as “XCM other,” witnessed a 214% QoQ increase, averaging 185 daily transfers. 

The total number of daily XCM messages grew 94% QoQ to 2,800, demonstrating the network’s dynamic ecosystem. In addition, the number of active XCM channels grew 13% QoQ to a total of 230.

Polkadot’s Parachain Network Soars To New Heights

Q1 2024 marked a significant kick-off to the year for Polkadot’s parachains, with active addresses reaching an all-time high of 514,000, representing a substantial 48% QoQ growth. 

Moonbeam emerged as the leading parachain with 217,000 monthly active addresses, a solid 110% QoQ increase. Nodle followed closely with 54,000 monthly active addresses, doubling from the previous quarter. 

Polkadot

Astar on the other hand, experienced a modest 8% QoQ growth to reach 26,000 active addresses, while Bifrost Finance grew slightly by 2% QoQ to 10,000 addresses. However, Acala experienced a decline, with monthly active addresses falling to 13,000, down 16% QoQ.

Notably, the Manta Network stood out among parachains in Q1 2024, with a significant surge in daily active addresses, reaching 15,000. According to Messari, this increase was fueled by the successful launch of the MANTA token TGE and subsequent listing on Binance, propelling Manta’s Total Value Locked (TVL) to over $440 million. 

Polkadot Price Sees Upside Potential Ahead

In terms of price action, Polkadot’s native token DOT has regained bullish momentum following a sharp drop to the $5.8 price mark after reaching a yearly high of $11 on March 14. 

Currently, DOT has regained the $7.25 level, up 7% over the past week. However, DOT’s trading volume decreased slightly by 4.7% compared to the previous trading session, amounting to $320 million over the past 24 hours, according to CoinGecko data.

Polkadot

If the bullish momentum persists, Polkadot faces its first resistance at the $7.4 zone, which serves as the last threshold before a potential retest of the $8 resistance wall. 

On the other hand, the $6.4 support floor has proven to be successful after being tested for two consecutive days this week, highlighting its significance as a key level to watch for the token’s upward movement prospects.

Featured image from Shuttestock, chart from TradingView.com

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Fantom Revival: Crypto Analyst Predicts A Jump To $1.2 For FTM Price

Fantom (FTM) had initially reclaimed the $1 level back in March and expectations were that the coin would rise to $2. But that was before the market crash sent prices spiraling, and Fantom lost almost 50% of its value during this time. However, all hope is not lost of for the coin, as one crypto analyst expects a return of the bullish momentum as long as certain conditions are met.

Fantom Searching For Support

Crypto analyst MyCryptoParadise took to TradingView to share their analysis on the Fantom price and how it could see a recovery. After the price fell to $0.56, the altcoin began to look for support, which would serve as a bounce-off point, and the analyst revealed that the altcoin is actually getting closer to this support.

For now, the support lies at $0.5679, which is the point that bulls need to hold to confirm a bullish breakout. Following a rejection at the $0.79 resistance, this point has become even more important to hold, as the FTM price searches for “renewed momentum.”

“Should FTM successfully find support and bounce from this level, it could potentially form a double bottom pattern, with the neckline acting as resistance around the 0.798 mark,” the crypto analyst said, highlighting the importance of finding support.

In the event of a breakout, the analyst expects at least a 100% move from here. The first major level to break it the $1 level, and then after that, the crypto analyst sees the price going as high as $1.2 as long as the trend is confirmed.

FTM price chart from Tradingview.com (Fantom)

FTM Could Break Down Further

On the flip side of this, the crypto analyst also identifies a scenario where the Fantom price could continue to break down. In the event that the altcoin is unable to find support above $0.56 and breaks through it instead, the bloodbath could continue.

The bearish continuation which the analyst sees in a situation like this will send the price below $0.5 eventually. The support for the FTM price then lies at the next Bullish OB area, which the crypto analyst identifies to be around $0.449.

“💎 Reclaiming the support at 0.568 would be crucial for FTM to maintain its bullish momentum,” the analyst said. “Should FTM fail to bounce even after reaching the Bullish OB area, it would signal a bullish invalidation, indicating a continuation of the bearish trend.”

Presently, the Fantom price is trending above support at $0.6641. However, it is down 3% in the last day with 10% losses in the last week.

Fantom price chart from Tradingview.com

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Bitcoin Price Surges Towards $61,000, Eyeing Potential Breakout To $67-$68k Range

Bitcoin (BTC), the largest cryptocurrency in the market, has experienced a notable resurgence in its bullish momentum, with the Bitcoin price reclaiming the crucial $61,000 threshold. 

This recovery follows a week-long downtrend that led to a 20% drop to $56,000 on Wednesday. As the bullish momentum returns, the possibility of further testing upper resistance levels and reclaiming previously lost price levels grows stronger.

Bitcoin Bulls Eye $68,000

According to market expert Justin Bennett, a recovery of the $61,000 resistance level would open up potential areas such as $67,000 to $68,000. However, at the present moment, this level continues to pose a significant resistance.

Analyzing the recent correction in the Bitcoin price, analyst Crypto Con suggests that the market correction was necessary for the long-term price trajectory. 

The full retest of the 20-week Exponential Moving Average (EMA) support at $56,700 and the return to indicator support zones, such as the Directional Movement Index, indicate a healthy price consolidation.

In addition to the technical indicators, on-chain and market data analytics firm CryptoQuant’s founder and CEO, Ki Young Ju, highlights the current bullish sentiment. 

Bitcoin price

According to their data, whales accumulated a significant amount of Bitcoin, totaling 47,000 BTC, within the past 24 hours. This increased accumulation by large investors further bolsters the positive outlook for Bitcoin’s price.

Bitcoin Price Poised For Bullish Surge

Crypto analyst Titan of Crypto has provided further bullish predictions for the Bitcoin price, suggesting that recent corrections have resulted in the grabbing of leverage longs liquidity. In addition, the Stochastic Relative Strength Index (RSI)on the 5-day chart is on the verge of crossing into bullish territory. 

This occurrence has historically been followed by an upward price movement in Bitcoin, leading to higher highs. Such a pattern has the potential to fuel renewed investor confidence and attract further buying pressure.

Another positive signal highlighted by Titan of Crypto is the recent buy signal generated by the Supertrend indicator, as seen in the chart below. This technical tool helps identify trends in an asset’s price movement. 

Bitcoin Price

The buy signal, which occurred just three months ago, implies that Bitcoin may still have significant room for growth before reaching its cycle top. According to the analyst, historical data suggests that the average duration from the buy signal to the cycle top is approximately 19 months, indicating the potential for a sustained upward trend.

Bitcoin price

Currently trading at $61,600, Bitcoin has seen a significant increase of 4.7% in the last 24 hours alone. It remains to be seen if BTC will successfully break above resistance levels, while also challenging the ability of previously retested support levels to withstand potential future downtrends.

Featured image from Shutterstock, chart from TradingView.com

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Crypto Expert Turns Bullish On Bitcoin, Predicts Quantitative Easing Will Begin Soon

Crypto expert Michaël van de Poppe has made a bullish case for Bitcoin as he alluded to macroeconomic factors that could soon play out in the flagship crypto’s favor. In line with this, he urged Bitcoin investors to take action with a parabolic surge on the horizon. 

An Imminent Quantitative Easing Would Be Good For Bitcoin

Van de Poppe suggested in an X (formerly Twitter) post that Bitcoin will rise on the back of a Quantitative Easing (QE), which he anticipates is “close.” He noted that the Fed has already started to “unwind Treasury buybacks and is reducing QT [Quantitative Tightening].” He claims this is happening because the economic data has worsened, which puts the US at risk of a recession. 

Therefore, the Fed seeks to avoid this recession by buying back long-term government bonds and injecting liquidity into the financial system. As the crypto expert predicts, this could be good since it will force the Fed to take a more dovish stance and possibly lower interest rates, boosting investors’ confidence to go all in on risk assets like Bitcoin. 

Van de Popper further predicts that this Quantitative Easing will become evident in the data released in the coming months. In line with this, he advised investors to long Bitcoin. It is worth noting that Bitcoin dropped to as low as $57,000 ahead of the latest FOMC meeting, with many investors seeming to have anticipated a hawkish stance from the Fed. 

However, as the crypto expert noted, the rates remain unchanged, and Fed Chair Jerome Powell raised the possibility of a rate cut as early as June. Given Bitcoin’s price recovery since then, this development looks to have already revived a bullish sentiment among investors. 

What To Expect Going Forward

In another X post, Van de Popper revealed his expectations for the crypto market going forward. He stated that Bitcoin will consolidate and go sideways (possibly ahead of the QE which will boost its price in the coming months. Meanwhile, he also expects Altcoins to “heavily outperform and rotation kicks in.”

The crypto expert had previously echoed a similar sentiment when he stated that he expects altcoins to bounce in their Bitcoin pairs while Bitcoin faces a period of consolidation that he doesn’t expect to change in the “coming months.” 

Back then, he also mentioned that there would be a narrative shift to Ethereum, and he reaffirmed this belief in a more recent X post, stating that he expects a lot from the second-largest crypto token by market cap.  

At the time of writing, Bitcoin is trading at around $59,100, up over 2% in the last 24 hours, according to data from CoinMarketCap. 

Bitcoin price chart from Tradingview.com

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Crypto Pundit Lists 4 Altcoins To Buy Once The Bitcoin Price Bottoms

Crypto analyst DonAlt has listed four altcoins he will buy once he believes that Bitcoin’s price has bottomed. The analyst further provided insights into why he is particularly bullish on these altcoins. 

Ethereum Is Number One On The Altcoins List

DonAlt mentioned in an X (formerly Twitter) post that he will buy “ETH, DOGE, LTC, and maybe PEPE” whenever he believes BTC has bottomed. In a video posted on his YouTube channel, he gave insights into why he was bullish on these crypto tokens, especially Ethereum.

The crypto analyst mentioned that Ethereum is now low enough for him to be comfortable with buying. He also suggested that the crypto token was likely a good buy at this price level, stating that it is currently having a good price action (especially on the weekly chart) with Bitcoin struggling. 

DonAlt added that Ethereum will likely experience a good breakout as Bitcoin struggles and that its underperformance could be over soon. However, DonAlt hasn’t bought Ethereum yet. He revealed that he will bet on Ethereum if Bitcoin reclaims $62,000. 

The analyst further suggested that Bitcoin reclaiming this level would determine whether or not the bottom was in. To support his stance, he noted that many altcoins are struggling to hold their support levels due to Bitcoin’s breakdown. However, if Bitcoin were to reclaim $62,000, the rest of the market would likely pick up, too. 

Meanwhile, DonAlt remarked that Ethereum could move to $4,000 if it manages to close above $3,000 on its weekly chart. He further stated that this is the most bullish he has been on the second-largest crypto token in years. 

Why Dogecoin (DOGE) And Pepe (PEPE)

DonAlt didn’t give an exact reason why he was looking to buy Litecoin other than the fact that it is an old coin. However, he gave insights into why he was bullish on the other two altcoins, Dogecoin and Pepe. 

According to him, the foremost meme coin is still likely to reach $1 if Bitcoin hasn’t topped out, which presents an opportunity to make a lot of money. Interestingly, he had previously claimed that Dogecoin was a better investment than Bitcoin. He also revealed that he is waiting for Dogecoin to drop to around $0.11 before buying, although he is still comfortable with buying around $0.15 if it doesn’t. 

Meanwhile, as to why he is bullish on Pepe, he suggested that the meme coin was a good buy because of its recent performance. He went as far as comparing it to Dogwifhat (WIF) and claimed that he would pick Pepe over it because Pepe is on a “non-joke-like chain” (Ethereum), unlike WIF, which is a “meme on a meme chain” (Solana).

Ethereum price chart from Tradingview.com (Altcoins)

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Friend.tech Token Launch Turns Into A Nightmare As Price Dives 98%

The decentralized social network Friend.tech, launched in August 2023, is facing a significant setback as its native token, FRIEND, experiences a staggering 98.5% drop in value. 

Investors who participated in the recent airdrop of FRIEND tokens have expressed serious concerns about the development, highlighting issues with token claiming and app functionality.

Investors Hit Hard As FRIEND Token Crashes

Upon its debut, the FRIEND token entered the market with a trading price of $169 per token, attracting 18,000 holders, and boasting a circulating supply of 14 million tokens. 

However, the current trading price has plummeted to approximately $1.26, resulting in a market cap of $27.7 million and liquidity of $5.4 million, according to DexScreener data, leaving many investors frustrated. 

Friend.tech

The airdrop process, which aimed to distribute tokens to the community, has faced its fair share of challenges. Users on social media site X (formerly Twitter) expressed frustration over the declining value of their airdropped tokens. 

Some claimants experienced difficulties claiming their tokens, while others reported watching the value of their holdings diminish significantly in hours. 

One user even accused a prominent figure of orchestrating a rug pull, further fueling the community’s discontent. 

DeFi Researcher Slams Friend.tech V2 Launch

Despite the current downturn, some crypto analysts predict a potential recovery for the FRIEND token. Notably, crypto analyst Daan Crypto Trades suggests that the token’s value may rise in the future, emphasizing that market sentiment may change once users start to see returns on their investments.

However, concerns remain regarding the functionality of the Friend.tech app, which experienced significant issues during its initial weeks.

DeFi researcher DeFi Ignas expressed disappointment in Friend.tech’s V2 launch, describing it as a “massive flop.” Ignas criticized the app’s usability issues and questioned whether the team’s focus was misplaced during development. Speculation arose regarding whether the team deliberately orchestrated a price decline to prompt a subsequent surge in value.

Despite this, the self-proclaimed number one creator on Friend.tech’s platform, using the pseudonym “Captain Levi,” stated the following in support of the token:

The dump is brutal but actually healthy as jeeters sell at heavily discounted prices while real users have not even waken up to the full potential of V2 and money clubs given the app barely works. think we already saw bottom and price should slowly recover as users buy clubs

As Friend.tech grapples with the challenges surrounding the FRIEND token, the crypto community eagerly awaits improvements in app functionality and a potential revival of the token’s value. 

Friend.tech

Featured image from Shutterstock, chart from TradingView.com