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Why Bitcoin, Ethereum May Not Be The Best Plays For The Next Bull Market

Since the launch of bitcoin, there have been massive gains recorded by those that got in early and held on long enough. The same was the case with Ethereum, whose market cap grew to the hundreds of billions. However, the growth that these digital assets have already seen over the years, it has put a hamper on how much they can still grow over the coming years. This is why investors are looking elsewhere for larger gains. Bitcoin, Ethereum Gains Are Lower Over the last bull market, it became apparent that bitcoin and Ethereum will no longer be able to give the kind of returns that early investors had gotten. During the previous cycle low, bitcoin had dropped to as low as $6,000 but had reached $69,000 during its peak. This was a 10x growth for the digital asset. Related Reading: Why Most Public Bitcoin Miners Have Performed Terribly In Their Lifetimes The case was similar to Ethereum, the second-largest cryptocurrency by market cap, although it had fared much better compared to bitcoin. It had grown from its cycle low of around $100 to $4,800 at its peak. This was about a 500x growth for the digital asset. BTC grows 10x | Source: BTCUSD on TradingView.com However, their already massive growth has been putting investors off of them, not because they are not good investments but because the potential to explode exponentially has been greatly reduced. An example is that from bitcoin’s current price, even if it were to reach $100,000 per coin, it would still be a less than 10x growth. The same with Ethereum, although the digital asset does carry more potential for larger growth compared to bitcoin due to it being much younger. If ETH were to grow to $10,000 per token, it would barely be a 10x growth. Altcoins Take The Cake Altcoins had barreled ahead of market leaders such as bitcoin and Ethereum when it came to gains in the last bull market. Where these large digital assets were doing below 500x, smaller altcoins such as Dogecoin and Shiba Inu had recorded ROI in the thousands. Related Reading: Bitcoin Sees Massive Decline In On-Chain Activity Mainly, meme coins were notorious for such returns, but altcoins from other spheres had seen the same kind of growth too. FTM is a token that had traded as low as $0.2 and peaked above $3.4 during the bull market. DOGE’s price had made an impressive run-up from $0.004 to $0.7 at the height of its rally. However, these are only, but a small example of the many ways altcoin had been great investments during the bull market. With the next bull market expected to happen in 2024, it is no surprise when investors are turning to smaller cap tokens in hopes of catching the next DOGE or SHIB. Disclaimer: The following op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike. Featured image from Medium, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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Trade Activity Shows Ethereum Whales Are Seeking Refuge In Stablecoins

For a while now, Ethereum whales have been moving their coins around. This has been a direct result of the bear market that has caused investors to lose a significant amount of their portfolios. Even now, the crypto market is still being ravaged by declining prices. The result of this has been investors seeking refuge in tokens that do not see a lot of volatility, and Ethereum whales have not been left out of this flight to safety. Stablecoins Gain Favor Over the last 24 hours, the trade activity of the top Ethereum whales has shown a big shift towards stablecoins. These whales, who have usually been known to trade across a number of digital assets regardless of their volatility, are taking less risk during this time. The USDT stablecoin has been the number 1 token by trade volume for these top Ethereum whales. The average volume transacted by the whales came out to $267,328, even higher than the volume for ETH, which was the second-highest by trading volume. USDC featured in third place on this list, with an average amount of $89,180 over this time.  Related Reading: Bitcoin Sees Massive Decline In On-Chain Activity In the same vein, the stablecoins were at the top of the most purchased tokens over this time. USDT naturally led the list, while USDC was in second place. Interestedly, ETH did not take 3rd place as expected because Ethereum whales bought more SRM than ETH over this time period.  ETH price settles above $1,300 | Source: ETHUSD on TradingView.com On the topic of sales, the whales continued the trend of moving toward stablecoins. ETH was the most sold token over the last 24 hours, most of which had gone to converting ETH holdings into the more stable USDT and USDC. Ethereum Whales Want Stability Over the course of 2022, Ethereum whales have moved towards more stable options. While ETH continues to top their holdings, the change in their token holdings shows that these whales are getting ready to weather another bear storm. The start of the year had seen tokens such as Shiba Inu and FTX Token topping the holdings of these large investors. However, the tide has shifted so much in this regard that the largest token holdings of these whales are now in stablecoins. Related Reading: Why Most Public Bitcoin Miners Have Performed Terribly In Their Lifetimes Presently, USDC is the largest token holder of the top 100 Ethereum whales at $653.3 million (26.09%). It is then followed by USDT with a cumulative holding value of $575.14 million (22.96%). Shiba Inu still features highly on this list but is a long way from being the largest token held by these large investors. Given that analysts continue to warn investors that the bottom of the crypto bear market is not in, it is no surprise that these investors are looking for safety. If the bottom happens to be lower than already recorded cycle lows, then there is more pain to come. Featured image from CryptoSlate, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

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Crypto Trader Updates Outlook on Bitcoin and XRP, Says Ethereum’s Preparing a Move Up – Here’s His Target

A widely followed crypto trader is giving a bearish forecast for Bitcoin (BTC) and XRP as he expects Ethereum (ETH) to surge once the leading smart contract platform bottoms out. The pseudonymous analyst known as Altcoin Sherpa tells his 183,600 Twitter followers that the price of BTC will likely continue trading within the $18,200 and $19,500 […]

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Crypto News

Litecoin Price Recovers But The Bears Might Drag The Altcoin To $51

Litecoin price had been staggering too, just like other major altcoins in the market. Over the last 24 hours, however, LTC moved up on its chart by 2.4%. The bulls have yet to steady themselves on the one-day chart. Over the last week, LTC gained almost 3%. This indicated that the coin has not made any such considerable movement on its chart. The bears were in charge of the altcoin, as indicated by the technical indicators. There is a significant immediate resistance for the Litecoin price to overcome. The buyers were low in the market, and that has tired the bulls out consistently. At the moment, the coin has found support near the $51 price mark. Because selling strength was greater than buyer strength in the market, the Litecoin price may not stay above that level for long. On the other hand, if buying strength stabilises slightly, then there is a chance for LTC to move above $56. Broader market strength will be crucial for Litecoin over the next trading sessions. Litecoin Price Analysis: One Day Chart LTC was trading at $53 at the time of writing. Litecoin price will witness tough resistance at the $56 price mark. The bulls have moved closer to that price mark each time, but it has met with selling strength. Moving above the $56 price mark could help Litecoin price invalidate the bearish thesis. The coin could experience a price ceiling at the $61 price mark. On the other hand, the support line rested at $51 and then at $43, respectively. The amount of Litecoin traded in the last session declined, which indicated that buying strength remained low on the 24-hour chart. Technical Analysis LTC’s indicators continued to display that the coin was in a downtrend. The sellers remained in control of the charts, which could potentially bring the coin down to $51. If buying strength doesn’t recover soon, LTC could move to $51 before it recovers on the chart again. The Relative Strength Index was below the half-line, which meant that sellers were more compared to buyers. Litecoin price was below the half-line, which meant less demand for the coin. It also meant that sellers were driving the price momentum in the market. Related Reading: Bitcoin & The Global Currency Meltdown | BTCUSD September 28, 2022 The altcoin continued to paint a bearish picture, with sellers taking over on the one-day chart. The Moving Average Convergence Divergence indicates the price momentum and action. MACD displayed red histograms, which were a sell signal for the coin. The Chaikin Money Flow measures the capital inflows and outflows in the market. CMF was below the half-line, which meant that capital inflows were lower than outflows on the one-day chart. Related Reading: Bitcoin Price Rejected $20,000, Have The Bulls Lost Steam Again? Featured image from Freepik, Charts from TradingView.com

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Crypto Bust: China Collars 93 For Laundering $5 Billion In Digital Currencies

China has become a hotbed of illicit crypto trade lately. The country has earned quite a reputation in the international community when it comes to scams and illegal activities involving cryptocurrencies. Recently, there have been a number of nefarious activities originating from the country or involving Chinese nationals.  For instance, in June 2021, more than 200 […]

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Solana Price Reverses Its Green Start, What’s The Next Target?

Solana price was off to a good start this week despite choppy market conditions. The bulls have tired out over the last 24 hours. In the past day, the altcoin fell by 3%. Solana prices have risen by nearly 6% in the last week. The technical indicator continued to demonstrate that the bears were in control at press time. If buying strength continues to head in the same direction, then most of the coin’s weekly gains would be nullified. The technical outlook for the coin was negative as the sellers took over at the time of writing. The current support zone for the coin is between $33 and $26. If SOL falls below its current price level, then the bears will gain momentum on the chart. With Bitcoin consistently wavering near the $19,000 mark, most altcoins also started to wobble on their respective charts and moved closer to their immediate support levels. For Solana price to reach its next price ceiling, the demand for the coin has to increase on its chart. Solana Price Analysis: One Day Chart SOL was trading at $33 at the time of writing. The coin had registered recent gains over the past few days, but the bulls faced resistance and it fell on its chart. The immediate resistance for the coin stood at $38 and then another price ceiling was at $41. If Solana price decides to move above the $41 level, then bulls could come around on the chart. On the other hand, the closest support line was at $29, and a fall from that level would cause the altcoin to trade at $26. The volume of altcoin traded decreased in the previous session, indicating that buying strength has decreased on the chart. Technical Analysis The altcoin showed more selling strength on its one-day chart. Solana, despite gains in the last few days, has not witnessed a surge of buyers. This also meant that demand was present at the lower levels. The Relative Strength Index displayed an uptick and the indicator was on the half-line, which meant that there was an even number of buyers and sellers. Other indicators, however, aligned with the selling strength on the chart. The Solana price was below the 20-SMA line, which also indicated that the sellers were driving the price momentum in the market. With a slight appreciation in demand, SOL could travel above the 20-SMA line. Related Reading: Solana Clears 100 Billion Transaction Count As NFTs Gain Prominence SOL’s other technical indicators were yet to turn entirely bearish, although the indicators depicted the onset of bearish pressure. The Moving Average Convergence Divergence indicates the price momentum and overall price direction. The MACD continued to display green histograms, which were buy signal for the coin. The green signal bars were declining, which also meant that the positive price momentum was on a decline. The Directional Movement Index showed the price momentum and it was positive as the +DI line was above the -DI line. Average Directional Index was below the 20-mark, showing that the current market action had less strength. Related Reading: Cardano Price Fails To Pierce Through $0.48 As Bears Continue To Dominate Featured image from Tecxpla, charts from TradingView.com

Altcoins

Polkadot (DOT) and Kusama (KSM) Leading Cardano (ADA) in This Metric, Says Crypto Analytics Firm Santiment

Polkadot (DOT) and Kusama (KSM) are leading the crypto market in the past month in terms of development activity, according to the analytics firm Santiment. Santiment notes that over the past month, both Ethereum (ETH) challenger Polkadot and its canary test network Kusama have had more non-spam GitHub submissions compared to the third most-active project […]

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