Crypto Price Analysis 12-4 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, TONCOIN: TON, APTOS: APT, ARBITRUM: ARB, JUPITER: JUP

As a seasoned cryptocurrency investor with years of experience under my belt, I must say that the current market landscape is nothing short of fascinating. The performances of these digital assets over the past week have been quite noteworthy, and it’s always intriguing to see how they ebb and flow.

Bitcoin (BTC) has surpassed $96,000 again following a brief dip that caused its price to fall to $93,645 in the late hours of Tuesday. Over the last day, it has experienced a minor increase and is currently being traded around $96,500, fluctuating between $94,000 and $98,000.

The trading volume for Bitcoin (BTC) is currently at approximately $70 billion, but its market dominance has seen a slight decrease. At the same time, Ethereum (ETH) has experienced a minor rise and remains above $3,600 after recovering from a dip to $3,504. Interestingly, Solana (SOL) has witnessed a significant surge, jumping nearly 5% to reach around $238 as it attempts to shake off recent bearish trends.

Over the last day, various digital currencies experienced significant upward movements. These included Dogecoin (DOGE), Tron (TRX), Toncoin (TON), Avalanche (AVAX), Shiba Inu (SHIB), and Bitcoin Cash (BCH). The cumulative value of all cryptocurrencies expanded, with a growth of 1.50% that pushed the market cap to approximately $3.54 trillion.

South Korea’s Crisis Sparks $34B In Local Crypto Trades

In the last 24 hours, South Korean cryptocurrency exchanges like Upbit, Bithumb, Coinone, Korbit, and Gopa recorded a collective trading volume of approximately $34.2 billion. This was during a period when martial law was declared by the country’s president, but it had to be lifted following an overwhelming parliamentary vote. The martial law only lasted for six hours. Notably, Upbit accounted for about $27 billion in transactions alone, which contributed to the highest single-day trading volume recorded this year.

Following the declaration of martial law by President Yoon Suk-yoel on Tuesday, I, as a crypto investor, found myself amidst an unexpected surge in trading activity within the South Korean market. The president’s move was aimed at safeguarding the nation from perceived threats to democracy by “anti-state” forces, particularly targeting the primary left-wing opposition.

Coinbase Integrates Apple Pay

Coinbase is now offering Apple Pay as an option for smooth fiat-to-crypto transactions. This new feature simplifies buying cryptocurrency and broadens access to it for numerous users, thanks to the convenience and safety provided by Apple Pay’s system. In a press release, Coinbase revealed this integration.

Coinbase Onramp simplifies the process of converting fiat currency into cryptocurrency by offering easy KYC verification for qualified transactions, free USD Coin (USDC) exchange in both directions, and support for various popular payment options.

In simpler terms, when developers create apps using Coinbase Onramp services, users will have the convenience of logging in and making purchases directly with Apple Pay. This integration removes the need for manual card entries typically required for external payment processors during Coinbase account funding, contributing to a smoother user experience while maintaining security standards.

By integrating Apple Pay into their services, Onramp solutions might encourage wider usage by simplifying the process of executing cryptocurrency transactions, thereby providing users with a feeling of safety while engaging with blockchain, digital currencies, and Web3 platforms.

MicroStrategy Can Ignore Bitcoin (BTC) Crash To $20,000

According to research from financial strategist Jeff Walton, Bitcoin (BTC) might decrease to around $20,000, but this wouldn’t severely affect MicroStrategy’s reserves because the firm could endure an 80% drop in BTC’s worth. This is due to the fact that MicroStrategy has more Bitcoin than ever before in its financial holdings after recently acquiring additional quantities of the asset. Bitcoin has experienced a near 40% increase in November, but Walton anticipates that even a prolonged downturn would not significantly impact MicroStrategy, as the price would need to plummet further for this to occur.

For MicroStrategy’s assets to be worth less than their debts, the value of a single Bitcoin must decrease to approximately $18,826.

Critics have raised concerns over including Bitcoin in company balance sheets due to its past price fluctuations. For instance, Bitcoin plummeted from approximately $69,000 to a low of $15,600 between November 2021 and November 2022. Nevertheless, Walton finds the argument against adopting Bitcoin to be rather weak.

As the price of Bitcoin ascends, I notice a swift decrease in its financial leverage. For those skeptics who foresee a catastrophic outcome, a ‘This won’t end well’, or ‘Ponzi’/’pyramid scheme’ kind of scenario, let me encourage you to crunch some numbers. The balance sheet of MicroStrategy (MSTR) might appear to be underserved in terms of leverage potential.

Charles Edwards, the founder of quantitative Bitcoin and digital asset fund Capriole Investments, is equally bullish. Edwards stated in a post on X that MicroStrategy was just one player in the new institutional Bitcoin investment arena, arguing the market is not bullish enough on the outcome.

Mastercard (MSTR) is increasing its weekly investment into Bitcoin by a certain amount. Marathon Digital Holdings (MARA) is expanding its Bitcoin holdings by 30% following a $1 billion fundraising, indicating massive institutional interest. Now, institutions and ETFs collectively own about 13.5% of all Bitcoins, and the demand seems to be skyrocketing. It’s astonishing how routine this level of institutional adoption has become, given its significance when we first envisioned it.

Is A New Bitcoin Soft Fork Brewing?

Cobra, who manages the bitcoin.org domain, has sounded a warning regarding the potential creation of a user-led soft fork for Bitcoin. Developers not part of the main Bitcoin Core group might present this proposal next year.

As an analyst, I find myself keeping a close eye on the Bitcoin landscape, and one potential development that might not be garnering enough attention is the possibility of a User Activated Soft Fork (UASF) in CTV, tentatively scheduled for 2025. Some members of the Bitcoin community are planning to implement this soft fork, but it seems that not everyone is aware of these developments.

Check Template Verify (CTV), an abbreviation for “Check-Template-Verify,” is a set of enhancements that incorporate the idea of contracts, or covenants, into Bitcoin. These covenants define spending restrictions for Bitcoins kept in a specific wallet. CTV facilitates advancements that can strengthen the security of Bitcoin transactions. One such development is “vaults,” which are cold storage addresses equipped with a spending condition requiring users to send transactions to a single, pre-selected wallet asset. Users also have the option to revoke these transactions before a specified time, enabling them to cancel potentially harmful transactions.

One potential issue with this update lies in its impact on fungibility, making each Bitcoin held in those specific addresses less interchangeable and potentially reducing its overall worth. Additionally, the update might unintentionally make the codebase more vulnerable to attacks by hackers seeking opportunities related to the new update.

Bitcoin (BTC) Price Analysis

As a researcher studying the cryptocurrency market, I observed Bitcoin (BTC) dipping to $93,645 on Tuesday, struggling to break through the $100,000 barrier. This decline followed news that a substantial amount of seized BTC was transferred to Coinbase by the US government, causing ripples in the market. Currently, Bitcoin is trading between $94,000 and $98,000, reflecting its inability to sustain growth above the $100,000 mark despite reaching an all-time high of $99,655. The slight drop in value could be due to speculation about the government’s intentions following the transfer of nearly 20,000 BTC, worth approximately $1.9 billion, to Coinbase. While moving assets to an exchange often precedes a sale, it’s important to note that this action by the government might not necessarily indicate an impending sale, given that Coinbase has a contract with the Justice Department’s US Marshals Service for custodial services.

The Bitcoin chart indicates that the digital currency is presently trading in a stable pattern, with investors finding it tough to generate enough thrust to surpass the $100,000 mark. Despite significant fluctuations in price last week, Bitcoin’s activity has been relatively subdued this week, ranging between approximately $94,000 and $98,000. After hitting a new record high of $99,655, Bitcoin dipped sharply at the beginning of last week, dropping over 5% to $92,846. The price continued its descent on Tuesday, reaching a low of $90,708 before stabilizing at $91,913. However, on Wednesday, Bitcoin experienced a strong rebound, increasing by 4.32% and closing at $95,883. The upward trend waned on Thursday as Bitcoin inched down slightly to end the day at $95,690. The currency recovered on Friday, rising almost 2% to move above $97,000 and settle at $97,374.

On Saturday, Bitcoin dipped by 1.14%, closing the day at $96,263, but managed to rebound on Sunday, increasing by 0.79% to reach $97,026. The week started with Bitcoin experiencing a decrease of 1.25% and settling at $95,812, due to significant selling pressure and volatility. Tuesday saw intense selling pressure that drove the price down to $93,665, but it bounced back above $95,000 to close at $95,751. At present, buyers are in control as Bitcoin has risen nearly 1% and is trading around $96,650.

Ethereum (ETH) Price Analysis

During the present trading period, Ethereum (ETH) has shown a robust resurgence, with traders trying to gather steam and drive prices towards the $4,000 mark. Over the past week, ETH has experienced significant fluctuations despite a promising start. On Monday, ETH peaked at an intraday high of $3,547 before dipping to $3,415 following a 1.60% increase. However, Tuesday saw a nearly 3% decline to $3,325. Yet, on Wednesday, Ethereum rebounded strongly, climbing almost 10% above $3,500 and closing at $3,657. On Thursday, sellers regained control, causing ETH to drop by 2.09% to $3,580, but it managed a slight recovery on Friday, reaching $3,594.

Bullish sentiment intensified over the weekend as ETH registered an increase of over 3% to go above $3,700 and settle at $3,705. Despite facing considerable resistance at this level, ETH registered a marginal rise on Sunday to settle at $3,710. ETH fell back in the red on Monday as sellers drove the price down by almost 2%. As a result, ETH dropped to a low of $3,556 before settling at $3,645. ETH continued to drop on Tuesday, falling to a low of $3,503. However, with support building at this level, it recovered to climb above $3,600 and settle at $3,618.. ETH has made a strong recovery during the current session, with the price up almost 3% and trading at $3,719.

Should purchasers manage to maintain the upward trend and hold Ethereum’s price above $3,700, it might push the value towards $4,000. On the flip side, if traders regain dominance, Ethereum’s price could potentially fall to around $3,500 or even lower.

Solana (SOL) Price Analysis

Over the past weekend, Solana (SOL) experienced significant selling pressure that led it to dip into the red after reaching its peak of $264. With sellers dominating the market, SOL plummeted by 7.37% to $234 at the start of the week. On Tuesday, it dipped below the 20-day Simple Moving Average (SMA) due to persistent selling pressure that pushed it down to $222. However, it managed to rebound from this level and close at $230, marking a daily drop of 1.49%. SOL rallied on Wednesday, surging almost 5% and closing at $242. Yet, the selling pressure returned on Thursday, causing a nearly 2% decline to $237. Despite this substantial setback on Thursday, SOL rose by 2.41% on Friday and closed at $243.

Bearish sentiment intensified over the weekend as SOL dropped 233% on Saturday to settle at $237. Sellers attempted to drag SOL below the 20-day SMA on Sunday but were unsuccessful as the price registered only a marginal decline. However, it fell below the 20-day SMA on Monday as it registered a drop of almost 5% to slip below $230 and settle at $225. SOL recovered on Tuesday despite falling to a low of $215, registering an increase of almost 4% to settle at $234. Buyers have retained control during the current session, with the price up nearly 1% and trading at $236.

Shoppers aim to gain traction and surpass the 20-day Simple Moving Average (SMA). Breaching the moving average might lead SOL to challenge the resistance at $260 again.

Toncoin (TON) Price Analysis

Toncoin (TON) has been surging since last Tuesday, overcoming crucial resistance levels amid high volatility and persistent selling activity. On Tuesday itself, TON experienced intense volatility due to the tug-of-war between buyers and sellers. Nevertheless, the buyers managed to take control, causing a slight rise that ended TON’s day at $6.14. On Wednesday, TON surpassed its 200-day Simple Moving Average (SMA) after climbing approximately 4% to reach $6.39. Volatility reappeared on Thursday as TON dipped to an intraday low of $6.07 and peaked at $6.63, only to settle at $6.42 following a minor increase. On Friday, sellers tried pushing TON below $6, but it bounced back from this level, closing the day with a slight rise at $6.47.

On Saturday, the price climbed by 5.45%, breaking through the resistance at $6.50 and reaching a new high of $6.82. However, it showed significant fluctuations on Sunday due to strong selling pressure which temporarily lowered its value to $6.64 before settling at $6.82 again. Pessimism grew on Monday as TON dipped nearly 4%, touching an intra-day low of $6.30 and closing at $6.55. The cryptocurrency experienced extraordinary volatility on Tuesday after failing to maintain its position above $7, causing it to plunge to a low of $5.89 before bouncing back to regain $6 and close at $6.77, marking an increase of 3.37%. During the current trading session, bulls have been in control with TON rising almost 5% to trade above $7 at $7.10.

Aptos (APT) Price Analysis

After dipping to $10.93 last Tuesday, APT has made a robust comeback, surpassing its 20-day Simple Moving Average (SMA) and settling at $12. On Wednesday, it climbed further by 5.54%, reaching $12.66. The price saw significant fluctuations on Tuesday due to sellers trying to take control, but ultimately, the buyers managed to gain an edge, resulting in a slight rise to close at $12.77. The momentum shifted more towards the buyers on Friday as APT rose by 4%, ending the day at $13.29, slightly below the resistance level.

Over the weekend, there was a significant rise in market turbulence as buyers aimed to push prices beyond the resistance point, while sellers sought to decrease the price. However, despite a slight uptick to $13.38 on Saturday, APT failed to break through the resistance level. The volatility continued on Sunday as APT barely managed to surpass the resistance, causing it to rise slightly and end the day at $13.39. On Monday, sellers made a strong push, driving APT down to a low of $12.31. Nevertheless, APT bounced back from this level, increasing by 2.03% and closing at $13.73. The bullish trend gained strength on Tuesday as APT surged almost 6%, breaking through the $14 mark and ending the day at $14.53. As of now, the current trading session shows APT slightly dropping as both buyers and sellers are vying for control.

Arbitrum (ARB) Price Analysis

The current surge in Arbitrum (ARB) has propelled its price above the $1 mark, as investors aim to maintain the upward trend and reach even greater heights. This upward momentum started on November 21 when ARB rebounded from a dip to $0.649. By the start of the preceding week, ARB had breached the resistance at $0.90 and settled at $0.905. A drop was observed on Tuesday, but ARB bounced back on Wednesday with an over 11% increase, ending at $0.968. However, sellers regained control on Thursday, causing a nearly 6% decline to $0.914. ARB recovered once more on Friday, rising almost 2% to $0.930, and experiencing an even larger growth of 4.38% on Saturday to settle at $0.971.

On Sunday, ARB experienced a slight dip as traders tried to dominate the market, but on Monday, it regained its upward trend, showing resilience amid significant fluctuations and ending the day with an almost 6% rise, surpassing $1 to land at $1.02. ARB continued climbing higher on Tuesday, despite turbulence, rising approximately 2% to reach $1.04. At present, ARB is up by about 5.45% in the ongoing session, trading at $1.10, with buyers maintaining their stronghold.

Jupiter (JUP) Price Analysis

Over the weekend, Jupiter (JUP) soared past its 20-day moving average, reaching an intraday high of $1.19 on Friday and closing at $1.14, marking a 1.32% growth. On Saturday, buyers held strong, pushing JUP up by 1.05%, to $1.15. The optimistic outlook for JUP significantly strengthened on Sunday, causing it to surge nearly 8% to $1.24. However, on Monday, sellers re-entered the market, driving it down to a low of $1.11 before closing at $1.20.

On Tuesday, I observed a significant surge in volatility for the stock symbolized as JUP. This asset dipped to an intraday low of $1.09, then climbed up to an intraday high of $1.29 before closing at $1.24 – marking a nearly 4% increase. As I write this, the current trading session shows JUP surging over 5%, currently trading at $1.30. It appears that buyers are actively trying to build momentum, aiming for potential growth towards $1.50.

2024-12-04 15:21