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XRP Holders Stack Coins Despite Price Dip: Bullish Signal Or HODL Of Desperation?

The cryptocurrency market has been battered by recent storms, with many altcoins experiencing significant price drops. XRP, however, seems to be weathering the tempest with a hint of defiance. While its price has dipped, on-chain data reveals intriguing trends that suggest a potential silver lining for XRP investors.

XRP Accumulation On The Rise: Diamond Hands Or Whale Whispers?

Despite the price decline, a surprising trend has emerged. The number of investors holding between a thousand and 1 million XRP tokens has actually grown by 0.20% over the past month, according to data from Santiment. This could signify a growing population of “diamond hands” – investors who hold onto their XRP despite market volatility, believing in its long-term potential.

However, another possibility exists. The decrease in the number of whales holding between 1,000 and 1 million XRP tokens could indicate these larger investors are consolidating their holdings, potentially accumulating even greater amounts of XRP. This consolidation could be a precursor to future market moves by these whales.

Technical Indicators Whisper Of A Price Reversal: Bullish Undercurrents?

Technical analysis paints a cautiously optimistic picture for XRP. The Chaikin Money Flow (CMF), an indicator that tracks the flow of money into and out of an asset, has been trending upwards despite the price decline.

This “bullish divergence” suggests that even as the price falls, there might be a hidden buying force accumulating XRP. Investors might be interpreting the price drop as a buying opportunity, anticipating a future upswing.

A Sea Of Uncertainty: Legal Battles And Market Headwinds

While the on-chain data and technical indicators offer some positive signs, it’s crucial to acknowledge the storm clouds still lingering over XRP. The ongoing legal battle between Ripple Labs, the company behind XRP, and the US Securities and Exchange Commission (SEC) continues to cast a shadow. The outcome of this case could significantly impact XRP’s price and overall market perception.

Furthermore, the general health of the cryptocurrency market remains a significant factor. If the broader market continues its downward trend, it could drag XRP down with it, regardless of any positive on-chain developments.

A Coin To Watch?

XRP’s current situation is a curious mix of resilience and vulnerability. The uptick in smaller investors and potential whale consolidation suggest some underlying belief in XRP’s future. The technical indicators hint at a possible price reversal, but the legal battle and broader market uncertainties create a complex landscape.

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Bitcoin Daily Transactions Just Hit A New ATH – What’s Driving It?

The Bitcoin network has witnessed a surge in trading activity in the days after the halving, as shown by on-chain data. Although the just concluded halving brought a lot of attention to Bitcoin, the recent surge in trading activity can be attributed to something else.

According to data from on-chain analytics platform IntoTheBlock, the number of daily BTC transactions has grown rapidly in the past few days to reach a new high of 927,000 thanks to a new token standard called Runes.

Bitcoin Daily Transactions Reach New All-Time High

Bitcoin’s price has been skyrocketing since the beginning of the year with interest in the top cryptocurrency exploding. All that new interest means more people buying, selling, and trading BTC, which has led to a huge increase in the number of daily transactions.

Despite the increase in activity, the number of daily transactions failed to break above the 724,000 record for the past four months, until recently this week. 

The main catalyst for this activity surge is the recent launch of the Runes token standard on the Bitcoin blockchain. The Runes Protocol is a new token standard on BTC that gives users a more efficient way of creating fungible tokens.

The additional functionality provided by Runes opens up new possibilities for Bitcoin, allowing users to create non-fungible tokens more efficiently than the existing BRC-20 token system.

The Runes token standard surged immediately among developers and users after launch, constituting over 68% of Bitcoin transactions recorded. According to Dune’s analytics dashboard, the number of Runes transactions surged to 753,000 on Tuesday, April 23. As a result, the total number of transactions on the day crossed over 927,000 to break the 724,000 record set in December 2023.

On the other hand, the hype surrounding the Runes token standard seems to have faded so quickly. The number of transactions on Runes has now fallen to 104,800 in the past 24 hours, constituting 26% of the total number of transactions.  

Bitcoin Price Prediction

At the time of writing, Bitcoin is trading at $63,711 with a price resistance now around $64,500. Bitcoin’s price trajectory can be very tough to predict. Many Bitcoin analysts and traders are still looking forward to a bullish effect of the just concluded halving on the price of the cryptocurrency. A Bitcoin bull flag has just been formed which suggests the possibility of an uptrend very soon.

However, crypto expert Peter Brandt believes Bitcoin might have already reached its top in the current market cycle. His theory is based on the exponential decay thesis which shows that the percentage gain of Bitcoin price has reduced in succeeding market cycles.

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Bitcoin Raises Bull Flag, Formation Triggers Calls For $100,000

A bull flag recently formed on the Bitcoin chart, raising the possibility of a trend reversal soon enough as the flagship crypto makes significant moves to the upside. This crypto analyst suggests that the crypto could rise to as high as $100,000 when it makes that move.

Bitcoin’s Bull Flag Suggests More Upside

Denis Baca, Head of Product at Zivoe Finance, noted that the bull flag formation on Bitcoin’s daily chart historically suggests that the crypto token is primed for more upsides. He added that the bullish pattern is “shaping up nicely” and that Bitcoin could potentially shoot up towards $100,000 once the declining volume picks up. 

However, Baca further suggested that Bitcoin could drop below $60,000 before it makes such a parabolic move. He alluded to how the crypto token historically retests the support level of the 20-week SMA (small moving average) in May. This could cause Bitcoin to drop to $56,000, he claimed. 

Baca opined that such price dips could be “healthy” for Bitcoin before it experiences a reversal. He elaborated that these dips “offer solid buying opportunities,” which could help spark Bitcoin’s move to record highs.

Crypto analyst Mikybull Crypto also shared his thoughts on what this bullish pattern could mean for Bitcoin. On his part, he suggested that the formation further proves the continuation of Bitcoin’s bull run and that a bearish reversal was unlikely.

He also hinted that the next leg up could be massive as he alluded to Wyckoff’s law of cause and effect, which states that “the longer the consolidation, the more explosive the markup will be.”

Bitcoin Needs A Catalyst To Spark This Upward Trend

Andrey Stoychev, Head of prime brokerage at Nexo, remarked that any potential price rise for Bitcoin is unlikely to be realized without a catalyst. He noted that the flagship crypto token has managed to build resilient support at $64,000, but without any catalyst, it will merely continue to trade around the $67,000 range. 

It is worth noting that the Spot Bitcoin ETFs, which previously served as a major catalyst to Bitcoin’s price surges, have recently suffered from declining demand. They have also experienced significant net outflows this month, leading to a wave of Bitcoin sell-offs from the fund issuers to fulfill redemptions. 

Despite this, Stoychev is positive that Bitcoin won’t drop below $60,000. He predicts that the only thing that can cause Bitcoin to retrace to such a level is if high interest rates are maintained longer than expected, as this can affect sentiment toward crypto assets. 

At the time of writing, Bitcoin is trading at around $62,900, down over 2% in the last 24 hours, according to data from CoinMarketCap. 

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Stellar The New Star: XLM On Tear As Analyst Predicts $0.47 Price Target

Stellar (XLM), a prominent player in the digital asset landscape, is experiencing a surge in optimism as analysts forecast a significant price increase in the near future. The cryptocurrency, currently priced at $0.1126, has demonstrated stability amidst market fluctuations, attracting investor interest and propelling a potential bullish trend.

Stellar Breaks Out Of Technical Pattern

This newfound optimism stems from a recent technical breakout. XLM successfully emerged from an Ascending Triangle pattern, a bullish indicator that often precedes price surges. This breakout was further bolstered by a retest of the breakout level, solidifying the potential for an upward trajectory.

Technical analysts are leveraging the measured move technique to predict XLM’s future price movement. This analysis suggests a target range spanning from 0.38 to 0.47 cents, aligning with Fibonacci levels 0.70 to 0.78. This range signifies substantial growth potential, enticing investors seeking profitable opportunities.

Investor Confidence On The Rise

Beyond technical indicators, investor confidence is playing a significant role in Stellar’s projected rise. The recent 2.50% price increase over the last 24 hours underscores this growing momentum. This shift in market sentiment indicates a bullish trend, potentially leading to a notable price appreciation in the coming months.

Analyst Projects Stellar To Reach $0.47

Adding fuel to the fire, crypto analyst EGRAG CRYPTO recently shared a bullish forecast for XLM’s price trajectory. The analyst predicts a surge towards a promising target of $0.47, highlighting the potential for substantial growth. This bullish sentiment resonates with investors and enthusiasts, further bolstering confidence in Stellar’s future.

The analysis digs deeper, identifying key Fibonacci retracement levels as crucial milestones for XLM. These levels not only serve as potential profit-taking targets for investors but also signify the strength of the upward momentum.

Interestingly, the analysis suggests that XLM has the potential to surpass traditional technical indicators. Should the cryptocurrency surpass the formidable Fib 1.618 level, it could embark on a remarkable ascent, exceeding expectations and venturing into uncharted territory.

Market Volatility Warns For Caution

While the outlook for Stellar appears promising, it’s crucial to remember the inherent volatility of the cryptocurrency market. Unforeseen events and market fluctuations can significantly impact prices.

Despite the inherent risks, the technical indicators and growing investor confidence paint a compelling picture for Stellar’s future. As the digital asset landscape continues to evolve, Stellar’s potential for significant growth is undeniable.

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XRP: 600 Million Token Influx As Whales Make Their Presence Felt

The cryptocurrency market continues to grapple with volatility, and XRP has been no exception. After a promising start to the year, the price of XRP has mirrored the broader market slump triggered by Bitcoin’s correction. However, amidst the bearish sentiment, a different story is unfolding underwater – one involving deep-pocketed investors, or “whales,” accumulating the altcoin at a significant clip.

XRP Whales Accumulate Millions Despite Price Drop

While the price of XRP has dipped considerably from its highs in March, whale addresses have been quietly going on a buying spree. According to data from market intelligence platform Santiment, analyzed by market researcher Ali Martinez, addresses holding between 10 million and 100 million XRP have been steadily adding to their holdings since early April.

This buying frenzy intensified after XRP’s sharp price drop in mid-April, with whales capitalizing on the lower prices in a classic “buy-the-dip” strategy.

The data reveals that these whales have scooped up a staggering 30 million XRP tokens in the past week alone, bringing their cumulative holdings to a hefty 6.75 billion units. This buying spree indicates a potential shift in sentiment among these large investors, who seem unfazed by the short-term price fluctuations and might be betting on XRP’s long-term prospects.

Deeper Dive: Whale Activity Hints At Bullish Sentiment

Taking a deeper dive, latest data suggests that this accumulation trend began even earlier, on April 5th. Interestingly, this coincides with the tail end of a selling period by these same whales, where they offloaded some of their holdings.

However, since April 5th, the buying spree has been relentless, with whales amassing over 600 million XRP in just two weeks. This significant accumulation suggests a renewed confidence in XRP, potentially signaling a bullish outlook from these key market players.

Further bolstering this notion is the recent surge in the number of addresses holding at least 1 million XRP. These “mid-tier whales” have been steadily increasing, with their ranks reaching a near-record high of 2,013 on Tuesday. This broader participation from various tiers of large investors adds weight to the idea that XRP might be undervalued at its current price point.

XRP Outperforms Other Altcoins

Meanwhile, Santiment disclosed that XRP is outpacing the other altcoins in terms of wallet size. Wallets holding 1 million or more coins have increased, with a 3% gain over the last six weeks. The increase of significant XRP holdings indicates that investors’ interest and confidence are rising.

While whale activity can be a significant indicator of sentiment, it shouldn’t be the sole factor driving investment decisions. However, the recent buying spree by XRP whales is a noteworthy development, suggesting a potential shift in sentiment and a possible turning point for the coin’s price.

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Will Celestia (TIA) Hit $130? Analyst Makes Bold Prediction

Celestia (TIA), a red-hot cryptocurrency in the modular blockchain space, has experienced a rollercoaster ride in recent weeks. After reaching a peak of nearly $16, TIA underwent a correction, plummeting to $7.5 according to CoinMarketCap data.

However, the token has displayed remarkable resilience, bouncing back to $11.50 and showcasing strong trading volume – a sign that investors haven’t abandoned ship.

Celestia’s Rebound And Investor Optimism

The past 24 hours have been particularly kind to Celestia. The token price surged by a significant 6.20%, indicating a shift in investor sentiment towards optimism. This bullish momentum is further bolstered by analyst predictions and market psychology.

TIA’s price action reveals a struggle between bullish and bearish forces. While the Fear & Greed Index sits at 72 (“Greed”) and price predictions lean bullish, the current price of $11.70 remains significantly lower than its February 10th, 2024 ATH of $20.85.

This signals a potential continuation of the downtrend. However, a key technical detail to note is the price staying above the cycle low of $7.61. This could indicate the beginning of a price recovery, but further technical analysis is necessary to confirm this.

Some 46 cryptocurrency exchanges, including Binance and KuCoin, allow traders to trade Celestia. Celestia changed hands for $549.60 million in the previous day.

Celestia: Long-Term Potential And A Bullish Breakout

Crypto analyst CryptoBullet has offered a long-term perspective on Celestia’s trajectory, focusing on its one-week chart. The analyst predicts a consolidation phase where TIA will likely trade below its previous high of $20 for an extended period.

This consolidation could potentially form a bullish “Symmetric Triangle” pattern, a technical indicator often seen before significant price breakouts. CryptoBullet believes that after this consolidation and re-accumulation period,

TIA will experience a substantial rise, with ambitious macro price targets set at a staggering $70 and even $130. While these targets are lofty, they highlight the analyst’s belief in Celestia’s long-term potential.

Celestia’s Underlying Value Proposition

The recent bullish sentiment surrounding Celestia isn’t solely driven by speculation. Celestia is a modular data availability network, a foundational technology that underpins the scalability and security of blockchains.

By offering a secure platform for developers to launch their own blockchains, Celestia positions itself as a crucial piece of infrastructure in the burgeoning blockchain ecosystem. This underlying value proposition, coupled with the recent positive market forces, is propelling Celestia into the spotlight.

Will TIA Reach $130?

While predicting specific price points like $130 is inherently difficult in the volatile cryptocurrency market, Celestia’s future trajectory remains intriguing. Bullish sentiment and a Greed market mood suggest potential for price appreciation.

However, the significant drop from its all-time high and the unknown influence of future news and developments necessitate caution. Technical analysis using indicators and monitoring upcoming events can provide more clarity on Celestia’s price direction.

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Ethereum Enters Accumulation Phase As $500 Million ETH Leave Exchanges

Investors are accumulating Ethereum in droves amidst what could become a return to bullish sentiment for the cryptocurrency. Ethereum is currently ranging around $3,170, with its price undergoing volatility in the past seven days.

Amidst this price volatility, on-chain data has revealed an accumulation trend from Ether investors during the week. Additionally, transaction data has shown an uptick in whale movement of ETH to and from exchanges, with recent market happenings indicating a transformation in the price of the crypto asset.

Ethereum Sees Major Accumulation As Investors Stock Up

Ethereum is now at a fundamental junction which could see its price surging in the new week and beyond. This fundamental catalyst for a price surge has come through the recent entry of Spot Ether ETFs into the Asian market.

Regulators in Hong Kong have greenlit the launch of Spot Ethereum ETFs along with Spot Bitcoin ETFs in the country, prompting investors to make strategic ETH movements in light of an incoming price surge. 

Particularly, on-chain data from IntoTheBlock shows a strategic accumulation pattern from ETH investors, with over $500 million worth of ETH leaving centralized exchanges in the past week. Interestingly, this surge in movement is the highest single-week outflow from exchanges recorded on the Ethereum network since February. 

When investors withdraw crypto from exchanges, it usually means they’re looking to hold it for the long term. This behavior shows that these investors have confidence that the price of ETH will increase in value in the near future. 

Similarly, data from whale transaction tracker Whale Alerts shows an uptick in ETH whale transactions during the week, with whale outflows from exchanges outpacing inflows.

What’s Next For Ether?

Despite the outflows from exchanges, a concurrent selloff in exchanges drove the price down below $3,000 during the week to bottom out at $2,878. However, the currency has since reversed to the upside and is showing signs of a bullish momentum. At the time of writing, Ethereum is trading at $3,180 and is up by 4% in the past 24 hours. 

Fundamentals surrounding Ethereum point to steady price growth during the weeks as the bulls look to clear the $3,200 price hurdle. One example of such catalysts is a new draft bill aimed at legitimizing stablecoins in the United States. As the blockchain network with the biggest stablecoin market, Ethereum is set to benefit from a clear-cut positive regulation regarding stablecoins. 

While the US SEC continues to hesitate about the approval of Spot Ethereum ETFs in the country, this investment class is set to be launched at the end of April in Hong Kong. Ethereum ETFs hitting the Asian market signals growing institutional interest in the altcoin in all corners of the globe. This, in turn, could lead to the price of Ethereum surging past its current yearly high of $4,066.

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Shiba Inu (SHIB) Price Jumps On Growing Support From 1.4 Million Holders

Shiba Inu (SHIB), the self-proclaimed “Dogecoin Killer,” is making headlines again. After a rollercoaster year in 2023, the canine-themed meme coin is exhibiting signs of life in the first half of 2024.

With a growing holder base, a strategic support network, and a recent price jump, SHIB seems poised for a potential climb. However, lingering sell pressure and the ever-present shadow of its all-time high keep investors cautious.

Shiba Inu Finds Strength In Numbers

SHIB’s popularity continues to rise. The number of Shiba Inu holders on the Ethereum blockchain has surpassed a staggering 1.4 million, a new milestone that reflects the coin’s expanding reach.

This surge in holders indicates a growing community of believers in SHIB’s potential, potentially translating to a more stable and resilient market presence.

Shiba Inu Establishes Support System For Price Stability

Beyond the expanding holder base, SHIB has built a strategic support system that could act as a safety net in case of price fluctuations. These zones, dubbed “support clusters,” sit at $0.00001 and $0.000014, and concentrate buying pressure zones.

Essentially, a significant number of holders originally bought Shiba Inu at these price points, meaning a large number of tokens would be bought again if the price dips below these levels.

Additionally, data suggests that a large portion of current SHIB holders are in profit. This metric, often visualized as “In & Out of the Money” by blockchain analysis tools, incentivizes them to hold onto their tokens rather than sell at a loss.

Shiba Inu Still Barks For Its All-Time High

Despite the positive developments, a cloud of caution hangs over SHIB. The current price sits comfortably above the aforementioned support clusters, but it remains significantly lower than its all-time high of $0.00008616, reached in the meme coin frenzy of 2021.

Furthermore, while the recent price increase is encouraging, there’s still more sell pressure than buy pressure in the spot markets. This imbalance suggests that some investors are eager to cash out, potentially hindering a sustained price surge.

The Road Ahead For The Meme Coin

Shiba Inu’s future remains uncertain. While the recent developments paint a cautiously optimistic picture, the meme coin market is notoriously volatile. The success of SHIB hinges on several factors beyond its current holder base and support structure.

Continued positive developments in the broader cryptocurrency market, increased utility for the SHIB token itself, and a potential reduction in sell pressure are all crucial for a sustained price increase.

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Analyst Keeps Faith In XRP, Targets $288 Despite Price Retreat

In the tumultuous world of cryptocurrency, where prices can soar to unprecedented heights one day and plummet to new lows the next, XRP, the digital asset associated with Ripple, finds itself at the center of attention once again. Despite recent dips in its value, XRP enthusiasts remain steadfast in their optimism, fueled by the unwavering confidence of cryptocurrency analyst Javon Marks.

Analyst’s Bold Prediction

Marks, known for his bullish outlook on XRP, has boldly predicted a jaw-dropping 400x surge in the price of XRP, envisioning the digital asset reaching the remarkable territory of $288. This audacious forecast comes in the face of recent challenges for XRP, including a notable dip in value and ongoing market turbulence.

Resilience Amidst Challenges

XRP has weathered its fair share of storms in recent weeks, experiencing a 24% decline from April 11 to 13, sending it to its lowest value since May 2023. Despite this setback, the digital asset showed resilience, bouncing back with a 5% rise on April 14. However, this recovery was short-lived as bearish sentiments regained control.

At the time of writing, XRP was trading at $0.50, up a measly 0.7% in the last 24 hours, but sustained an 18.2% loss in the weekly timeframe, data from Coingecko shows.

A psychological support, the $0.5 level tends to keep people comfortable if the price stays above it; a decline below it can alarm them. A breakdown below this level is significant because it may encourage traders to sell more because they think the price will drop even further.

Analyzing The Trends

Marks’ analysis hinges on XRP’s historical performance, particularly its ability to break out of downward trendlines. He points to a significant breakout in July 2023 following a pivotal ruling in the SEC vs. Ripple case.

Despite subsequent corrections and occasional bearish pressure, XRP has managed to remain above these trendlines, signaling a strong bullish trend that Marks believes will pave the way for a monumental price surge.

Short-Term Challenges

Despite the long-term optimism, XRP faces immediate challenges in the form of resistance and bearish sentiments. Trading below the 50-day Exponential Moving Average (EMA) and struggling to surpass the $0.50 mark, XRP must navigate through short-term obstacles before realizing its full potential.

As XRP enthusiasts eagerly await the fulfillment of Marks’ bold prediction, it’s essential to acknowledge the inherent volatility and uncertainty that characterizes the cryptocurrency market. Factors such as regulatory developments, market dynamics, and broader trends within the cryptocurrency space can all influence XRP’s price trajectory.

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Elon Musk Latest Tweet: How Much Did Dogecoin Gain From It Today?

The cryptocurrency market tends to thrive on a blend of innovation, utility, and sometimes, just a good meme. This week, the spotlight shone brightly on Dogecoin (DOGE), the Shiba Inu-themed meme coin, after a characteristically playful tweet from tech billionaire Elon Musk sent prices soaring.

While the tweet itself referenced a scene from Monty Python and didn’t directly mention Dogecoin, its timing, with DOGE hovering near the cusp of the top 10 cryptocurrencies by market cap, proved to be enough to ignite a firestorm of trading activity.

This latest episode serves as a stark reminder of the immense influence Musk wields over the meme coin market, and the hair-trigger reflexes of Dogecoin’s dedicated community.

Dogecoin Rollercoaster Ride Continues

This isn’t the first time Musk has sent shockwaves through the Dogecoin world. In 2021, his enthusiastic endorsements, including a now-famous appearance on Saturday Night Live where he jokingly referred to himself as the “Dogefather,” propelled DOGE to its all-time high. However, the meme coin’s meteoric rise proved unsustainable, and prices eventually settled into a lower, but still respectable, position.

Currently, Dogecoin sits comfortably as the eighth-largest cryptocurrency, boasting a market cap of over $22 billion. However, there was a different narrative in the price department.

At the time of writing, DOGE was trading at $0.15, down 8.4% and 22.9% in the daily and weekly timeframes, data from Coingecko shows. Clearly, the Musk tweet magic didn’t work this time. Or, perhaps not yet?

A quick look at DOGE’s daily chart reveals a classic case of price resistance, where the coin struggles to break through specific price ceilings. This back-and-forth price action reflects the ongoing battle between enthusiastic buyers, emboldened by figures like Musk, and more cautious investors wary of the coin’s unpredictable nature.

No Price Boost This Time

Elon Musk’s tweets have long been synonymous with skyrocketing memecoin values, yet today’s unexpected downturn in Dogecoin following his latest post underscores the volatile and unpredictable terrain of cryptocurrency markets.

This stark deviation from the usual trajectory serves as a poignant reminder that even the most influential voices in the industry cannot fully control or anticipate the market’s whims and fluctuations. It highlights the inherent risks and complexities investors face as they navigate this ever-evolving landscape, where sentiments can shift swiftly, leaving even seasoned traders reeling from the abrupt changes.

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Ethereum Fire Sale? Deep-Pocketed Investor Snags Nearly 24,000 ETH At Bargain Price

Ethereum, the second-largest cryptocurrency by market capitalization, has faced choppy waters. Over the past few days, Ethereum’s price has taken a nosedive, plunging to lows of $2,800 on April 12, echoing the broader downturn witnessed across the crypto landscape.

However, in the face of volatility, a fascinating development has emerged: Ethereum whales, the behemoths of the crypto world, have begun to flex their muscles, showcasing strategic maneuvers that have captured the attention and speculation of the crypto community.

Strategic Accumulation Amidst Turbulence

As Ethereum’s price plummeted, Ethereum whales wasted no time in capitalizing on the opportunity. One notable example is the whale identified as “0x435,” which embarked on a strategic accumulation spree as the ETH price dipped.

With a staggering investment of 70 million USDC, this whale acquired a hefty 23,790 ETH when Ethereum hit nearly $2,930. However, this wasn’t a spur-of-the-moment decision; rather, it was part of a calculated strategy that unfolded over several days, involving significant transactions and withdrawals from both centralized exchanges like Binance and decentralized exchanges.

The Right Timing

The actions of “0x435” are just the tip of the iceberg in the wider phenomenon of Ethereum accumulation by large holders. On-chain analytics firms, such as Spot On Chain and Lookonchain, have provided insights into the scale and timing of these whale transactions, revealing a pattern of strategic accumulation amidst the market turbulence.

These whales aren’t acting alone; they’re part of a broader trend that suggests institutional players or sophisticated investors are positioning themselves strategically in anticipation of future market movements.

Ethereum’s Journey Through The Storm

The broader context of Ethereum’s price movement adds another layer to this unfolding saga. Ethereum’s decline over three consecutive days, from highs of $3,617 to lows of $2,850 on April 13, underscores the volatility and uncertainty gripping the cryptocurrency market.

However, amidst the stormy seas, Ethereum managed to make a slight recovery, climbing back up to $3,107 at the time of writing, albeit still down 6.05% in the last 24 hours.

Hong Kong Gives Nod To Ethereum ETFs

In another development, as the first jurisdiction to permit trading in Bitcoin and Ethereum cash exchange-traded funds (ETFs), Hong Kong has set new precedents.

The Securities and Futures Commission (SFC) of Hong Kong has previously granted permission to many prominent financial corporations to establish these exchange-traded funds (ETFs), while the US Securities and Exchange Commission (SEC) is currently reviewing comparable applications.

The SFC has given the all-clear to several top financial institutions, including China Asset Management, Bosera Capital, and HashKey Capital Limited, to launch Bitcoin and Ethereum cash exchange-traded funds (ETFs).

When combined, these cutting-edge financial instruments let investors to pay cash for shares in Ethereum and Bitcoin.

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Bitcoin Investors In The Red: Losses Trump Profits As Ratio Dips Below 1

Investors are bracing themselves for a rollercoaster ride as Bitcoin, the flagship digital asset, navigates through choppy waters. Recent data from Glassnode has revealed a noteworthy development: the Realized Profit/Loss Ratio for Bitcoin has dipped below one.

This crucial metric, which compares the sell value of Bitcoin with the price at which it was bought, indicates that investors are currently realizing more losses than profits. Historically, such a dip has often heralded a potential bottoming out of Bitcoin’s price, serving as a vital signal for market watchers.

Sense Of Optimism Despite Bitcoin Price Decline

The past 24 hours have witnessed significant volatility in Bitcoin’s price trajectory. A sharp decline early in the day saw Bitcoin’s price plummet to approximately $64,000, worrying many investors.

However, a remarkable recovery ensued, with the price steadily climbing and peaking at around $66,000. This robust rebound has instilled a sense of optimism, with a prevailing bullish sentiment taking hold as the day progressed.

Institutional interest in Bitcoin continues to grow, with recent developments signaling potential shifts in capital inflows. The approval of a spot Bitcoin ETF by Hong Kong regulators has opened the floodgates for increased institutional engagement, particularly from Asia.

This move could inject fresh capital into Bitcoin markets, potentially fueling further price momentum. Furthermore, regional dynamics play a significant role in shaping investor sentiment and behavior. Varying investment trends across different regions highlight the diverse responses to prevailing market conditions.

While some regions may exhibit cautious sentiment amidst volatility and geopolitical uncertainties, others may embrace Bitcoin as a hedge against inflation and currency devaluation.

Critical Support Levels

Bitcoin analyst Willy Woo has pinpointed a critical support level at $59,000. Breaching this threshold could signify a transition into a bearish market sentiment. Conversely, there’s anticipation among investors for potential short liquidations that could drive the price upwards, potentially reaching between $70,000 and $75,000, provided that current support levels hold steady.

These anticipated events hinge on market liquidity and investor reactions to the rapidly evolving price movements. As Bitcoin continues its consolidation phase near all-time highs, investors remain cautiously optimistic about its future prospects.

The upcoming halving event adds another layer of complexity to the already intricate market dynamics, with expectations of heightened volatility in the days ahead.

Analysts suggest that this period of lateral movement serves as a crucial stage for the redistribution of assets among investors, potentially laying the groundwork for a more sustainable recovery in the long run.

The cryptocurrency market, particularly Bitcoin, is navigating through a period of heightened uncertainty and volatility. The recent dip in the Realized Profit/Loss Ratio signals a potential turning point in Bitcoin’s price trajectory, while institutional interest and regional dynamics continue to shape market sentiment.

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Bitcoin Completes ‘End Run,’ Analyst Says – Here’s What It Means

Bitcoin (BTC) took a nasty spill over the weekend. Plunging to a gut-wrenching $60,850 before staging a partial recovery to hover around $64,500, this sudden price drop has left the crypto community scrambling for answers.

Veteran trader Peter Brandt, known for his eagle eye on market patterns, has stepped into the ring to offer his insights, sparking debate about what this means for Bitcoin’s future.

Bitcoin At A Crossroads: The ‘End Run’ Theory

Brandt, a seasoned campaigner in the often-unpredictable world of crypto trading, sees the recent price action as a potential turning point. He uses the intriguing term “end run” to describe this pivotal moment.

Borrowed from the world of sports, an end run signifies a strategic maneuver designed to bypass obstacles and gain an advantage. In the context of Bitcoin’s recent dip, Brandt suggests it could be a strategic shift in the market dynamics, paving the way for a significant move in either direction.

Brandt’s analysis hinges on a technical indicator – a symmetrical triangle pattern forming on Bitcoin’s price chart. This pattern often signals a period of consolidation before a breakout, either upwards or downwards.

According to technical analysis principles, a breakdown from the bottom trendline of the triangle could usher in a bearish trend, while a breakout from the top could trigger a bullish surge. Brandt’s interpretation of the recent drop as the “end run” implies Bitcoin is poised for a breakout, but the question remains – which direction will it break?

Bullish Undercurrent Despite Short-Term Jitters

While the immediate future might be shrouded in uncertainty, Brandt maintains a firm belief in Bitcoin’s long-term potential. He has previously predicted Bitcoin reaching a staggering $200,000 by 2025, a testament to his unwavering confidence in the cryptocurrency’s ability to achieve substantial growth. Viewing the current dip as a healthy correction within a larger upward trend aligns with his overall bullish stance on Bitcoin’s trajectory.

The Crypto Market: A Balancing Act Between Fear And Opportunity

The recent Bitcoin price drop and the subsequent analysis from Peter Brandt have exposed the inherent tension within the cryptocurrency market – a constant tug-of-war between fear and opportunity.

Related Reading: Toncoin Defies Market Turmoil, Surges 25% To Tally All-Time High – Details

Some investors see the dip as a golden buying opportunity, a chance to accumulate Bitcoin at a lower price point in anticipation of a potential bullish breakout. Others, scarred by the crypto market’s notorious volatility, remain cautious, wary of the possibility of further price declines.

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Bitcoin Bonanza Before The Halving? Analyst Sees Pre-Crash Buying Window

Bitcoin, the pioneer and flagbearer of the digital currency realm, has once again captured the attention of investors. Recent market dynamics have prompted discussions among analysts and enthusiasts alike, with the spotlight firmly fixed on the possibility of a significant retracement in Bitcoin’s price.

Renowned crypto analyst Rekt Capital has examined the current state of the Bitcoin market, drawing parallels with historical cycles to offer insights into potential future movements.

As the market experiences a period of relative calmness compared to previous weeks, speculation abounds regarding the likelihood of a major retracement looming on the horizon.

Bitcoin: Historical Patterns and Potential Retracement

Drawing from historical precedents, Rekt Capital points to significant corrections observed in 2016 and 2020, where Bitcoin underwent retracements of nearly 30% and 20%, respectively.

Building upon this analysis, the possibility of a more substantial downturn, potentially around 40%, emerges as a distinct possibility. According to Rekt Capital, such a retracement could signify a crucial reaccumulation stage for Bitcoin, akin to patterns observed before previous halving events.

Amidst these discussions, specific price levels take center stage in Rekt Capital’s analysis. Former resistance levels have transitioned into newfound supports, indicating a strengthening market foundation. However, the presence of sophisticated-level resistance has led to instances of “upside wick rejections,” where prices briefly surge before receding.

Bitcoin Pre-Halving: Strategic Opportunity

One of the key takeaways from Rekt Capital’s analysis is the notion of a “pre-halving retrace,” a phenomenon observed before previous halving events. This stage typically presents investors with a prime buying opportunity, as prices dip before the impending halving.

With Bitcoin’s halving event looming on the horizon, Rekt Capital advises investors to remain vigilant for potential entry points, as historically, such buying opportunities have been followed by significant price growth.

Expanding on the broader implications of retracement stages, Rekt Capital underscores the cyclical nature of Bitcoin’s market movements. Past retracements have invariably been succeeded by periods of consolidation, followed by upward trends, signaling potential gains for astute investors who can navigate these market dynamics effectively.

Investor Sentiment And Market Outlook

Rekt Capital’s observations have ignited fervent debate within the crypto community, with investors closely monitoring the market for signs of the anticipated retracement. With the countdown to Bitcoin’s halving event in full swing, anticipation is running high, and investors are poised to seize what could potentially be the last significant buying opportunity before the next major rally.

At the time of writing, Bitcoin was trading at $64,223, down 3.8% and 7.5% in the 24-hour chat and weekly timeframe, data from Coingecko shows.

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Bitcoin ETF Issuers Push Holdings To 4.27% Of BTC Supply Amid Crash To $61,000

There’s no denying the launch of Spot Bitcoin ETFs has done wonders for the price of Bitcoin and other cryptocurrencies in general. These ETFs have now unlocked institutional demand into the world’s largest crypto asset to change the dynamics ahead of the next halving. On the other hand, recent tensions between Iran and Israel have seen Bitcoin falling to as low as $61,000 in the past 24 hours to undo weeks of price increases. 

Bitcoin ETF Wallets Now Whale Addresses

The institutional demand for Bitcoin has been ramping up since the beginning of the year from the issuers of the various Spot Bitcoin ETFs. These fund providers have been scooping up Bitcoin left and right, now holding 4.27% of the total BTC supply, as noted by on-chain analytics platform IntoTheBlock.

These whale wallets have now joined an extensive list of whales on the Bitcoin network who collectively own 11% of the total circulating supply.

It is noteworthy to mention that BlackRock’s IBIT and Fidelity’s FBTC ETFs have positioned themselves as the lead of the pack. According to data from BitMEX Research, these two spot ETFs now hold 405,749 BTC at the close of the trading session on April 12. 

This surge of institutional money has fueled Bitcoin’s meteoric rise to a new all-time high of $73,737 and underscored its potential as a mainstream asset class. However, a brewing conflict between Iran and Israel seems to be undoing months of this price increase. Particularly, Bitcoin has seen a noteworthy drop to $61,000 from $67,800 in the past 24 hours. 

Fundamentals, however, point to this price drop being temporary and the crypto is already reversing the majority of this loss. At the time of writing, Bitcoin is trading below the $65,000 price mark.

Changing Halving Dynamics

One of such fundamentals pointing to a steady Bitcoin price increase in the coming months is the approaching Bitcoin halving. Investors are steadily approaching the outcome of this halving, with the Bitcoin blockchain now less than 1,000 blocks to the next event.

Past halvings on their own have led to a price increase for Bitcoin in the days post-halving. Bitcoin went on a surge of over 7,000% in the months after the first halving in 2012. The halving in July 2016 led to a 3,000% price surge in the months after. The most recent halving in May 2020 led to a surge of almost 1,000% in the months after.

As noted by IntoTheBlock, the approaching halving is different from previous ones. Unlike the last three halvings, there’s “a new source of demand coming from the institutional sector” through Spot Bitcoin ETFs. A repeat of past halving outcomes could see Bitcoin easily surging above the $100,000 price level.

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Market Expert Reveals Why Solana Price Is Poised To Go Higher

A cryptocurrency analyst, who accurately foresaw the market’s bottom in 2018, is now focusing on Solana, foreseeing a price bottom for the cryptocurrency and identifying its next target after reaching it. 

Solana To Rise Above $200 After Hitting This Bottom

In a Wednesday X (formerly Twitter) post, a crypto analyst identified as ‘Bluntz’ has highlighted a potential price bottom for Solana. Following up on the previous forecast on April 4, where he predicted that Solana would hit a bottom at or below $160 before pushing back up, Bluntz revealed in his new post that the next price bottom would be $162. 

The crypto analyst anticipates that Solana’s price will hit a bottom at $162 before it begins to move higher, suggesting a possible bullish rebound for the cryptocurrency. Sharing several price charts illustrating Solana’s price movements between March and April 2024, Bluntz uses the Elliot wave theory as a technical pattern to guide his predictions.

The Elliott wave theory is a unique form of technical analysis which predicts price movements by observing and identifying recurrent long-term price patterns related to persistent changes in investor sentiment and psychology.  

In his earlier post, Bluntz shared a price chart which indicated that Solana’s next leg up after hitting the predicted price bottom would be $224. He estimated the timeline for this significant surge, predicting that the cryptocurrency could jump to $224 before April 22. 

Price Update On Solana (SOL)

Lately, the price of Solana has been on a major downward trend, recording double-digit losses for the past few weeks. At the time of writing the cryptocurrency is trading at a price of $151.15, marking a 12.32% decrease in the last 24 hours and a 13.93% drop in the past week, according to CoinMarketCap. 

This continuous decline has been attributed to the congestion issues Solana’s network currently faces. Earlier in April, Solana had fallen victim to a network outage, resulting in about 75% of transactions on the network failing. This caused a major disruption in the blockchain’s operations, raising concerns among investors and the broader crypto community. 

Following the blackout, the price of Solana plummeted significantly and has continued on a downward trend. Despite scheduling April 15 for a network resolution, the cryptocurrency’s value has not shown any positive response. 

It’s also important to note that Solana’s current price has dropped way below the previously stipulated bottom of $162 predicted by Bluntz. The possibility of a bullish rebound for the cryptocurrency remains uncertain, as more doubts have been raised concerning the network’s ability to handle significant transaction volumes. 

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Bitcoin Halving: A Tale Of 2 Emotions – Will FOMO Or FUD Rule The Market?

As the countdown to the much-anticipated 2024 bitcoin halving event nears its climax, the cryptocurrency world finds itself amidst a whirlwind of excitement and speculation.

Social media platforms have become abuzz with discussions surrounding the impending halving, according to data from Santiment. This increase in social media chatter indicates a potential for significant price movements in the volatile crypto market, sparking both FOMO (Fear of Missing Out) and FUD (Fear, Uncertainty, Doubt) among investors.

Social Media Surge Fuels Speculation On Bitcoin’s Fate

The surge in social media chatter around the halving event has not gone unnoticed by analysts, who suggest that such peaks in activity often coincide with notable shifts in market sentiment and price action.

While some believe that the heightened discussions could signal a potential price rally, others remain cautious, pointing out the recent flat market conditions that may dampen the event’s impact.

Unique Dynamics Surrounding Bitcoin 2024 Halving

This forthcoming halving event carries a unique set of circumstances, setting it apart from its predecessors. Bitcoin’s current trading position above its previous cycle’s high adds an element of unpredictability to the equation, making it challenging to forecast the duration and intensity of the impending bull run.

Experts weigh in on the confluence of reduced supply and growing ETF demand as potential catalysts driving Bitcoin into uncharted territory.

Antoni Trenchev, co-founder of Nexo, highlights the importance of understanding the demand dynamics in the market, particularly with regards to whale demand for BTC, involving veteran Bitcoiners, newcomers, and ETF holders.

Related Reading: XRP To Blast Off? Analyst Predicts ‘Realistic’ 5x Surge To $3

Trenchev suggests that this heightened demand could magnify the impact of the impending supply shock, paving the way for a shorter but more intense bull market.

Expert Perspectives: Optimism Vs. Caution

While some experts remain cautiously optimistic about the potential outcomes of the halving event, others warn against overestimating its impact.

Steven Lubka, Head of Private Clients at Swan Bitcoin, emphasizes the importance of maintaining a level-headed approach amidst the frenzy surrounding the halving. Lubka suggests that while the event may spark short-term price fluctuations, its long-term effects are likely to be more subdued.

As the countdown to the bitcoin halving event reaches its crescendo, the crypto community finds itself grappling with a mixture of hope and caution. While some anticipate significant changes in the market landscape, others brace themselves for a more tempered response.

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Shiba Inu Surpasses 4 Million Addresses, Ignites Frenzy

Shiba Inu has achieved a significant milestone by surpassing 4 million addresses. This feat marks a historic moment for the token, symbolizing its growing popularity within the digital asset community. Analysis of address metrics on Glassnode reveals a steady uptrend in Shiba Inu’s address count over the past few months, culminating in this impressive milestone.

Address Growth Signals Potential, But Activity Paints A Different Picture

While the increase in total addresses may initially appear promising, a closer examination of Shiba Inu’s activity metrics paints a contrasting picture. Despite the surge in address count, the number of active addresses has experienced a notable decline from previous highs. This discrepancy suggests that while there is a growing number of addresses associated with Shiba Inu, the level of actual activity within the network remains relatively low.

Furthermore, the analysis of new addresses follows a similar downward trajectory, indicating a decrease in the rate of adoption or interest in the token. These trends raise questions about the sustainability of Shiba Inu’s growth and its ability to maintain momentum in the highly competitive cryptocurrency market.

Shiba Inu Price Action Stagnates Amidst Uncertainty

Against this backdrop of mixed signals, Shiba Inu’s price action has experienced a period of stagnation. Although there was a notable spike in price around March 5th, coinciding with increased address activity, the token has since struggled to maintain momentum. Currently trading around $0.000027, Shiba Inu’s price reflects a lack of clear directional bias, signaling uncertainty among investors and traders.

Analysts attribute Shiba Inu’s stagnant price movements to a combination of factors, notably including prevailing sentiments across the cryptocurrency market and a lack of significant developments specific to the token.

Despite its widespread recognition and community support, Shiba Inu’s valuation remains susceptible to external influences and market dynamics, indicative of the inherent volatility within the cryptocurrency ecosystem.

Related Reading: CEO Throws Cold Water On May Ethereum ETF Approval – Impact On Price

While Shiba Inu enjoys a dedicated following, its price trajectory underscores the importance of monitoring both internal and external catalysts that could impact its valuation. Analysts caution investors to exercise prudence and recognize the nuanced relationship between Shiba Inu’s price and the broader cryptocurrency market dynamics.

Trading Volume Indicates Stability Amidst Fluctuations

Meanwhile, in addition to price action, the trading volume for Shiba Inu has remained relatively stable in recent times. With trading activity hovering around $527 million, there have been no significant spikes or declines observed in the near term.

This stability suggests that while the overall market sentiment may be uncertain, there is still a consistent level of interest and participation in Shiba Inu trading activities.

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Bitcoin Below $70,000: Is $80K Still Possible, Or Is The Rally Over?

Bitcoin, the undisputed king of cryptocurrencies, is once again on a wild ride. After a surge over the weekend that brought it close to shattering its all-time high, the digital asset has dipped back below the crucial $70,000 mark in the last 24 hours. This sudden correction has left investors wondering if the predicted surge to $80,000 is still on the table.

Bitcoin Erases Weekend Gains

Just days ago, Bitcoin bulls were celebrating as the price climbed to near record highs exceeding $70,000. This bullish momentum fueled optimism, with analysts like Markus Thielen predicting a swift climb towards $80,000.

However, that optimism has been tempered by the recent price drop. Bitcoin has plummeted roughly 6% from its peak, effectively erasing the gains made earlier this week. While the price has recovered slightly to hover around $69,200, it remains below the psychological barrier of $70,000.

Is The $80,000 Dream Dead?

The recent correction has undoubtedly dampened spirits, but some analysts are still confident that Bitcoin’s journey to $80,000 is far from over. Proponents of this view point to a few key factors that continue to fuel their bullish sentiment.

Stablecoin Inflows: A Beacon Of Hope?

One factor cited by Thielen is the continued strength of stablecoin inflows. Stablecoins, cryptocurrencies pegged to traditional assets like the US dollar, are often used as an entry point for investors into the crypto market.

According to Thielen, these robust inflows suggest sustained investor interest despite the short-term price fluctuations. Additionally, he highlights a recent technical chart pattern breakout, specifically a symmetrical triangle, as another bullish indicator.

Technical analysts believe such breakouts often signal a continuation of the prior trend, which in this case would be positive for Bitcoin.

On-Chain Data Bolsters Bullish Case

Some analysts point to on-chain data from IntoTheBlock, which reveals significant buying support at current price levels.

This data suggests that a large number of addresses (essentially unique identifiers for cryptocurrency wallets) purchased Bitcoin within the range of $68,200 and $70,325.

This buying activity indicates potential resistance against further price dips, as these addresses would likely be hesitant to sell at a loss.

Bullish And Bearish Forces

The current situation presents a classic tug-of-war between Bitcoin bulls and bears. While the recent price correction has shaken some confidence, strong stablecoin inflows and on-chain buying activity suggest underlying bullish pressure.

However, they remain cautious, pointing to the slowdown in investments specifically targeted at spot Bitcoin ETFs (Exchange Traded Funds) as a potential concern. These ETFs allow investors to gain exposure to Bitcoin’s price movements without directly owning the cryptocurrency.

Meanwhile, a report by CoinShares, a digital asset manager, highlights a significant decrease in inflows to such ETFs in recent weeks, suggesting that some institutional investors might be adopting a wait-and-see approach.

The future trajectory of Bitcoin remains uncertain. The coming days and weeks will be crucial in determining whether the bulls can overcome the current resistance and propel the price towards $80,000.

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