Analysis Crypto by Thebittimes.Com

Ben Armstrong argued that selling XRP is unwise due to perceived underperformance. He dismissed comparing XRP to Solana (SOL) and Avalanche (AVAX). Armstrong claimed XRP’s uptrend would commence in January, urging investors to pack their bags. In a recent YouTube video, crypto analyst Ben Armstrong argued that selling XRP is unwise due to perceived underperformance. While acknowledging XRP’s historical lackluster trend, he first addressed concerns related to XRP’s failure to sustain its bullish momentum following the victory from the legal dispute. Armstrong argued that broader market conditions suppressed further gains. Furthermore, he countered critical views about XRP’s failure to engineer a bullish trajectory like other rivals such as Solana (SOL) and Avalanche (AVAX), which have seen more than 100% gains.   He dismissed such comparisons and drew parallels to Ethereum’s delayed ascent in previous cycles. Moreover, he caution...

Solana recently achieved a significant milestone by overtaking Ethereum in Google search interest for the first time. According to Google Trends data from December 17–23, global Solana searches eclipsed those for Ethereum, with a peak score of 56 versus 50. In certain countries, like Spain and the Philippines, Solana commanded substantially higher relative search volumes than Ethereum. Meanwhile, Ethereum still leads Solana in Indonesia, Taiwan, Morocco, and other regions. Source: Google Trends Also read: Shiba Inu: What Will You Do If SHIB Reaches $0.01? Solana is gaining worldwide attention Nonetheless, Solana’s ascendance in search dominance underscores its increasing mainstream traction. Much of the attention likely stems from the success of meme coins built on the network. Google Trends revealed surging user interest in Solana-based projects like Bonk. Bonk, a dog-themed meme token, shocked markets after flipping Dogecoin rival Pepe for a short period in terms of mark...

Meme Moguls (MGLS) has accelerated its presale as more participants bet on the new meme-based assets platform. Increaased investment in MGLS comes as one trader reportedly turns 1 SOL ($62 at the time) into $2 million as they traded a Solana-based meme coin. MGLS is priced at $0.0025 and in stage 3 of the presale. In one spectacular moves in the crypto market, a savvy trader turned a modest $62 into a fortune as their bet on a Solana-based meme coin returned over $2 million. The trader ’s jackpot isn’t isolated as more and more regular trader s become adept at spotting gems across the market. One of those likely to grab more attention as the crypto market flips bullish is Meme Moguls – a new token set to bring the benefits of trade-and-earn to the increasingly profitable meme coins sector. Huge win as meme trader 1.5 SOL into $2 million An on-chain analytics platform has alerted the crypto community to the exploits of one trader that mana...

The US Bankruptcy Court for the Southern District of New York approved Celsius Network’s restructuring plans for bitcoin mining on Wednesday. Celsius filed for Chapter 11 bankruptcy protection in July 2022. A US bankruptcy court has approved Celsius Network’s bitcoin mining shift as part of the ongoing Chapter 11 bankruptcy proceedings the collapsed crypto lender filed in July 2022. The approval order was given by Judge Martin Glenn of the US Bankruptcy Court for the Southern District of New York on December 27, Reuters reported. Per the ruling, Celsius can go ahead with the restructuring plans that aims at focusing the company’s operations on Bitcoin mining .  The judge’s order overruled objections to the restructuring plans, paving the way for the move as the crypto firm looks to navigate away from the impactful bankruptcy proceedings. As reported,   US Bitcoin Corp announced in August that it had entered into agreed t...

The recent price movement for XRP can be considered a consolidation phase, with the asset still searching for a path toward $1 despite receiving legal clarity that declared the token not a security. When examining the XRP price trajectory, an Analysis by a cryptocurrency expert with the pseudonym Egrag Crypto outlined a potential path that could see the asset breach the $1 mark and potentially skyrocket to $3.7. In the Analysis posted on X (formerly Twitter) on December 26, the expert suggested that the $3.7 target remains possible if historical patterns repeat themselves. XRP price analysis chart. Source: TradingView The Analysis points to the current consolidation phase of XRP along a slanted trend line, drawing parallels to a past cycle that saw the asset reach $1.60 after gains of over 500% in 2021. The expert noted that the current chart pattern closely mirrors the consolidation above the trend line during that cycle. Additionally, the Analysis highlighted the presence o...

Hedge funds in the crypto space are reportedly gearing up for what some think could be a positive year for digital assets markets. After surviving a deep bear market in 2022, firms like Pantera Capital, run by crypto veteran Dan Morehead, are expecting altcoins to start outperforming Bitcoin (BTC) as the market cycle evolves, Bloomberg reports. Says Cosmo Jiang, a portfolio manager at Pantera, “We may be in the second part of the cycle where token selection actually matters…Our LPs go to us for exposure to the crypto landscape and technology as a whole, not just Bitcoin. Our core thesis is, if you believe this industry is going anywhere, there have to be protocols that actually generate revenue.” Jiang says that one of the firm’s biggest positions going into next year is DYDX, the native token for the Ethereum-based decentralized exchange (DEX). BTC and ETH make up less than 40% of the fund, according to the investor. Greg Moritz, founder of crypto h...

With most assets in the cryptocurrency sector starting to slow down their gains from previous weeks, Polygon (MATIC) is still going strong, having broken the $1 threshold, recording significant increases on all of its charts, and showing signs of further bullish continuation above $1.70. As it happens, Polygon’s cryptocurrency seems to be on the brink of breaking out from a symmetrical triangle, according to the chart pattern observations shared by the renowned crypto market analyst Ali Martinez in an X post he published on December 26. Furthermore, the crypto trading expert pointed out that “a sustained weekly candlestick close above $0.96 could propel MATIC towards $1.73,” as demonstrated in his Analysis of the Polygon’s price movement chart zoomed out to account for the action since 2021. Polygon price action analysis and prediction. Source: Ali Martinez It is also worth noting that Martinez earlier noticed a substantial increase in whale activity on the MATIC network that oft...

Dec 26, 2023 at 23:15 // Price Author The price of Polygon (MATIC) is moving sideways above the moving average lines. Price Analysis by Coinidol.com. Polygon Price Long Term Forecast: In the Range The MATIC price continues to be rejected at the overhead resistance level of $0.95. The digital asset is currently on a decline after hitting a high of $0.92. The upward movement is shaky due to long candle wicks. The wicks of the candles indicate significant selling pressure at higher price levels. Buyers have made three unsuccessful attempts to keep the price abo...

The cryptocurrency market is concluding 2023 on a high note, marked by Bitcoin (BTC) taking the lead. The pioneer cryptocurrency has surged, breaking the $40,000 resistance zone, and there is anticipation that the gains will likely extend into the new year, especially with catalysts such as potential spot exchange-traded fund (ETF) approval and halving. With Bitcoin predominantly in the green zone, attention has shifted to altcoins and their potential to rally. It’s worth noting that Bitcoin gains often influence the overall market , and several altcoins are presenting investment opportunities moving into 2024. In this regard, Finbold has identified the following altcoins worth watching in 2024. Solana (SOL) Solana (SOL) is currently on a bullish run following its surge past the $100 mark. These gains underscore Solana’s resilience in navigating the 2022 bear market, during which the crypto faced the threat of significant devaluation due to its association with the co...

DeFi Technologies acquires Solana Trading Systems IP from developer Stefan Jørgensen. The development underscores the company’s move to expand its footprint in the Solana DeFi ecosystem.  Jørgensen will join the company once the acquisition is approved by the Cboe Canada exchange. In a notable development, cryptocurrency technology company DeFi Technologies recently announced the acquisition of a leading Solana Trading Systems IP. The move underscores the firm’s commitment to expanding its DeFi footprint on the Solana blockchain. Prominent XRP influencer Crypto Eri noted this development in a recent post on the social media platform X (formerly Twitter). “The acquiring company (behind the Valour Digital Asset Basket 10 ETP and the soon #XRP Backed ETP) will have powerful trading solutions specifically designed for Solana,” she posted.  Industry News The company acquired the IP trading system from prominent Solana developer Stefan Jørgensen. Fu...

The amount of Ethereum (ETH) owned by long-term holders has reached a new milestone, hitting 70% since Dec. 1. According to blockchain analytics firm IntoTheBlock, this is noteworthy as it puts Ethereum ahead of Bitcoin (BTC) per the same metric, which hovered just shy of 70%. The amount of $ETH owned by long-term hodlers reached a record of over 70% in December pic.twitter.com/znKGxTAkvU — IntoTheBlock (@intotheblock) December 24, 2023 Some market watchers consider the rise in the proportion of ETH held by these holders as showcasing a conviction in the cryptocurrency’s long-term potential. The record comes amidst predictions that the time for Ethereum to outshine Bitcoin is fast approaching.  On Dec. 23, well-known crypto analyst Raoul Pal reiterated an earlier prediction suggesting 2024 could see ETH and BTC repeat their 2021 cycle. In that year, ETH went on to outpace BTC’s performance, growing by 254% to Bitcoin’s 45% after initially falling behind. For all the...

Bitcoin (BTC) seems to have carved a local top in the $44,000 price zone, while on-chain whale activity hints at distribution. Notably, a whale -alert Telegram bot has been constantly triggered for massive Bitcoin inflows in centralized exchanges. Onchain Edge first reported these alerts on CryptoQuant on December 22, suggesting a local BTC top. In particular, three whale alerts on December 11, 20, and 22 show the Bitcoin mean inflow on all exchanges surging above 15 BTC. Each registered mean was 26.96 BTC, 15.56 BTC, and 18.15 BTC, respectively. All-exchange BTC inflow means – Whale alerts on Telegram. Source: Onchain Edge On another chart, Onchain Edge illustrates how each Bitcoin exchange inflow (mean) surge happened right after a price pump. Interestingly, a local top formation follows these in the aforementioned $44,000 zone. All-exchange BTC inflow (mean) chart vs. Bitcoin’s price. Source: Onchain Edge Bitcoin (BTC) price analysis amid whale alerts Cry...

Paxos has expanded to Solana, the first expansion for its USDP stablecoin to a new blockchain. The regulated company will issue its stablecoin on Solana starting January 17, 2024. Stablecoin issuer Paxos has expanded its Stablecoin issuance to the Solana blockchain , marking the company’s second blockchain integration after Ethereum.  The firm’s Pax Dollar (USDP) stablecoin is planned for mainnet integration with Solana on January 17, 2024, according to details in a blog post published on December 22. According to Paxos, the strategic expansion to a new blockchain “represents a significant milestone” in its innovation and evolution. “The expansion of our Stablecoin platform to support Solana marks an important step towards making Stablecoin s ubiquitous for everyday consumers,” Paxos head of strategy Walter Hessert, said. “ Paxos has set the standard for oversight, reserve management and issuance in the...

Memeinator aims to destroy weak and non-original meme tokens. Memeinator has utilities in gaming, NFTs, and staking. The project’s presale delivers 132% ROI with a bonus on token purchases during Christmas. Think of this: The meme sector rose to a peak of $36 billion this year from a market cap of nearly $0 in 2020. The growth meant a lot for investors who trusted the asset class after it entered the crypto scene. But all is not rosy for all meme investors as some fell prey to meme rug pulls, scams, and subpar projects. Owing to this growing scenario of meme tokens,  Memeinator wants to make the sector worthwhile again. Memeinator’s ultimate goal is to destroy non-original and low-quality memes. But what do investors stand to gain?  Memeinator: Meme warfare to drive popularity Unlike other crypto projects, Memeinator primary source of utility and popularity is destruction. Memeinator applies artificial intelligence to search and ...

Argentina’s Minister of Foreign Affairs, Diana Mondina, has confirmed that contracts in the country can now be settled in Bitcoin. Indeed, the development occurred after newly elected president Javier Milei took office in November of this year. The regime change has brought a host of changes to the struggling economy. Milei has been outspoken in his radical ideas regarding the country’s economic circumstances. Over his first few weeks in office, the pro-Bitcoin candidate has already sought to dollarize the Latin American peso. Now, he has officially allowed Bitcoin to factor into contractual agreements. JUST IN: 🇦🇷 Argentina Minister of Foreign Affairs says contracts in the country can be settled in #Bitcoin. — Watcher.Guru (@WatcherGuru) December 21, 2023 Also Read: BRICS: Argentina’s New President Says Country Has ‘No Money’ Argentina Allows Contract Settlements in Bitcoin Over the past year, the Argentinian economy h...

The Singapore-based crypto trading firm QCP Capital believes that actual demand for the spot Bitcoin (BTC) ETF at launch will not meet market expectations. According to QCP Capital analysts, the market may not receive the expected demand in the first weeks after the spot Bitcoin ETF launch . This creates a classic “sell the news” scenario in the 2nd week of January — analysts expect approval of the ETF during this period . For this reason, QCP Capital expects upper resistance in BTC to be in the $45,000-$48,500 area and possible fall to the $36,000 levels before the uptrend resumes. “We are confident that the trend higher will eventually continue (perhaps after a few weeks) as the market positions for a strong rally into the BTC halving.” QCP Capital analysts Experts also point out that Ethereum (ETH) could be another exciting prospect as market expectations could quickly switch to the ETH spot ETF. You might also like: Why Bitcoin price predic...

Grayscale meets with the SEC again to discuss its spot Bitcoin ETF application, and Hashdex becomes the second firm to post a crypto ETF ad.  According to reports, Grayscale met with the SEC on Tuesday to discuss potential rule changes to their ETF application. The leaked memorandum shared by Bloomberg reporter James Seyffart shows that Grayscale is still pushing for in-kind and cash transactions for their spot Bitcoin ETF. More: pic.twitter.com/vjWxa5LM7Q — James Seyffart (@JSeyff) December 20, 2023 In-kind transactions refer to the process where ETF shares are created or redeemed by exchanging securities, like stocks or bonds, instead of cash. This method efficiently manages the ETF’s portfolio and helps minimize the tax impact on investors. Grayscale also proposed that only authorized participants should be able to create and redeem Bitcoin ETP shares and must be registered with FINRA. You might also like: Sam Bankman-Fried denied delayed sentencing over F...