Author: Sollcrypto
Currently hovering around the $0.70 mark, XRP’s daily chart movements are telling a story that investors are eagerly following. The burning question is whether the $0.70 mark signifies the commencement of a bullish trend for XRP, or is it merely a transient peak? A close examination of the daily Binance chart for XRP/USDT reveals a significant surge as XRP approaches a crucial resistance level at $0.70. This price isn’t just a numerical value; it represents a battleground where bulls and bears have previously clashed, and the outcome holds the potential to shape the prevailing market sentiment for XRP. The technical…
Solana (SOL) has experienced a remarkable surge, evident in its daily chart performance. Currently trading above $50, the coin has witnessed a staggering 520% increase in the last year. This surge follows a period when it fell below $8, a decline attributed to the collapse of FTX, a now-defunct crypto exchange, and Alameda Research, a trading wing associated with FTX and a prominent player in the crypto market-making space. Is Solana’s Rapid Surge Driven by Decreasing Liquidity? While Solana is achieving new highs in 2023, the crypto analytics platform Kaiko expresses unease about the imbalance in liquidity when comparing USD…
Bitcoin mining company Hut 8 reported a more than doubled net loss in the third quarter, with a 46% decline in revenue compared to the previous year. This downturn was attributed to mining fewer coins due to increased network difficulty, operational challenges, and the suspension of certain operations. The Toronto-based firm disclosed that its loss expanded to C$53.6 million ($39 million) from C$23.8 million, while sales plummeted from C$31.7 million to C$17 million in the corresponding period, as indicated in a statement on its website. The quantity of mined bitcoins in the quarter sharply dropped from 982 to 330. Despite…
Ethereum Price Outlook: The Ethereum (ETH) cryptocurrency recently underwent a notable retreat, witnessing a 5.5% decline over four days, bringing its value down to $2,022. This pullback aligned with Bitcoin’s retracement to $36,000, prompting speculation about Ether’s future trajectory—will it persist in its recovery or encounter a fresh correction? Additionally, explore: Ethereum Network Fees Reach 4-Month Highs Amidst Pressure on ETH Price—What Comes Next? Is the Correction Trend Set to Continue? The rejection at $2030, characterized by a prolonged tail, indicates that the Ethereum (ETH) price has discovered robust support at this horizontal level. Following the breakout, the ensuing rally…
As the potential approval of the spot Bitcoin ETF influenced both BTC and altcoin prices, attention shifted towards positive developments from the SEC. In anticipation of approval for spot ETFs in late November, a recent report on ETFs emerged from analysts at Coinbase, spearheaded by David Duong, Coinbase’s head of institutional research. According to Coindesk’s coverage, Coinbase’s report highlighted that the approval of spot Bitcoin ETFs could attract new categories of investors to the crypto market. The mentioned investor classes include registered investment advisors (RIAs), pension funds, and institutions that, historically, have faced challenges in accessing the cryptocurrency asset class.…
Binance has unveiled a host of new and enhanced features across its product suite in the months of September and October. As the driving force behind the world’s largest cryptocurrency exchange by trading volume, Binance is dedicated to delivering an exceptional platform user experience, aligning with its broader objective. Every Binance product and service prioritizes accessibility, ease of use, and clear information display. The Binance product team devoted two months to meticulously reviewing thousands of direct user-submitted product proposals through its Feature Request & Feedback Board. Of these, 649 proposals have been verified by the product team, providing valuable insights…
Binance’s supremacy in the centralized cryptocurrency exchange sector has diminished over the past year, as outlined in a recent report by 0xScope. Data from the blockchain analytics firm indicates that Binance’s trading volume and various metrics have decreased by approximately 10% overall. Simultaneously, competition from OKX and other “second-tier exchanges” has intensified. Competitors in the Secondary Tier Against Binance As per the report, Binance continues to lead in terms of global crypto volume, holding a 51.2% share of CEX volume between October 17, 2022, and October 17, 2023. However, this dominance has seen a decline on a weekly basis. Starting…
A trader renowned for accurately predicting the peak of the 2021 Bitcoin (BTC) bull market is now foreseeing potential rallies for Ethereum (ETH) and another altcoin. Pseudonymous analyst Pentoshi, communicating with his 711,700 followers on the social media platform X, asserts that Ethereum seems ready to overcome a resistance level that has persisted for over a year. “It didn’t come this high to not take out the yearly highs at the very least. Might let some shorts build up first in that area tho to build liquidations. If BTC ETF (exchange-traded fund) is approved, good chance ETH rallies harder seeing…
The price of Bitcoin is undergoing a correction from the $38,000 level, with BTC currently in a consolidation phase and potentially targeting further gains above the $37,250 resistance zone. Bitcoin initiated a corrective move following resistance at $38,000.The current price hovers around $37,000, aligning with the 100-hourly Simple Moving Average.On the hourly chart of the BTC/USD pair (data feed from Kraken), a short-term declining channel is taking shape, with resistance around $37,250.The pair is in the process of consolidating its gains and may initiate a new uptrend toward the $38,000 mark. Bitcoin’s Price Continues its Upward Trajectory Bitcoin’s price initiated…
Ethereum’s recent upswing has temporarily halted, with the price of ETH stabilizing following a significant surge. This interruption prompts investors to inquire about the potential resumption of Ethereum’s price rally. Examining the chart and recent news reveals insights into potential future scenarios. The Ethereum chart indicates a recent pullback following a rapid price increase, with the market currently in a consolidation phase. This period of stabilization is beneficial as it allows the market to establish new support levels. Notably, Ethereum’s price remains comfortably above its 50-day and 100-day moving averages, indicating an overall bullish trend. The relative strength index (RSI)…