As a seasoned crypto trader with years of experience under my belt, I must say that the current market is showing some promising signs for TON and Uniswap. The bullish trend we’re seeing this week could potentially propel TON to new heights, even towards $10 if the momentum continues. However, it’s essential to remember that the crypto market can be as unpredictable as a roller coaster ride, so always trade with caution.
2021 saw a remarkable 104% rise in the total value of global cryptocurrency markets compared to the previous year. Among all the digital currencies, Bitcoin (BTC) continued to shine, experiencing a growth of approximately 50% to 55%.
A variety of elements influenced Bitcoin (BTC) and the overall crypto market’s behavior throughout this year. Key factors included:
Currently, Arthur Hayes, one of the co-founders of Bitmex, has shared his forecast for Bitcoin (BTC). He believes that BTC could reach $100,000 by the end of this year and an astounding $1 million by 2025. He provided reasons suggesting a potential increase in Bitcoin and the overall financial market.
Crypto Markets Register Growth
A recent report from Binance shows that the overall value of digital assets skyrocketed by an astounding $720 billion in the past year, which represents a 44% increase so far this year and a whopping 104% growth compared to the same period last year. The report further highlights that the crypto market’s growth has significantly surpassed traditional markets. While major stock indices like Hong Kong’s Hang Seng Index and UK’s FTSE 100 have only managed single-digit growth in the first half of the year, leading cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) have significantly outperformed these markets. In the words of Binance CEO Richard Teng, the first half of 2024 has been nothing short of remarkable for the crypto markets.
The preeminence of BTC has remained unmatched due to the introduction of spot Bitcoin ETFs, the halving event, and the debut of Runes. US spot ETFs have garnered inflows exceeding $17 billion and an average daily trading volume of approximately $2.5 billion. Teng mentioned that…
2024’s first half was particularly noteworthy for the worldwide Volatility Derivatives (VDAs) market, as the rise in Bitcoin’s market influence and the positive response to both Bitcoin and Ether Exchange-Traded Funds (ETFs) underscore a rising interest in VDAs.
Spot Bitcoin And Ethereum ETFs See Turnaround
As a seasoned investor with over two decades of experience under my belt, I have learned to always keep a keen eye on market trends and developments, especially when it comes to cryptocurrencies like Bitcoin and Ethereum. This week, US-based spot Bitcoin and Ethereum ETFs started off promisingly, registering inflows worth $28 million for Bitcoin and nearly $5 million for Ethereum on Monday. This is a welcome change from the recent trend of significant outflows that we have seen in the past few months.
After the market correction, Ethereum is garnering a lot of attention from investors who are pouring substantial funds, over $150 million, into it. This surge marks a comeback for the world’s second-largest cryptocurrency. Although ETH experienced a significant decrease in price, investors perceived this as a strategic moment to buy. The influx of capital has pushed ETH’s total net inflows to over $850 million since the start of the year.
In addition to Ethereum, various other significant cryptocurrencies such as Bitcoin, Solana (SOL), Ripple (XRP), and Cardano (ADA) have experienced a strong recovery. While Bitcoin’s inflow of $13 million was relatively small compared to Ethereum, it still indicated a growing interest in the asset. Notably, short positions on Bitcoin decreased significantly, suggesting that investors are no longer betting on a prolonged fall. Moreover, Solana, Ripple, and Cardano also experienced substantial inflows of $4.5 million, $0.7 million, and $0.6 million respectively, which supports the notion that the recent downturn may be coming to an end.
Bitcoin (BTC) Price Analysis
After facing recent price struggles, Bitcoin (BTC) managed to surpass the $60,000 mark as investors flocked back to the market. Breaking this psychologically significant barrier might signal a positive shift for BTC, potentially enabling it to go past its moving averages and recover from the setback that brought its value down from record highs of $70,000 to below $50,000 at one point. The markets appear optimistic, with Bitmex’s co-founder predicting BTC could reach $100,000 by 2024’s end and an astounding $1 million by 2025.
According to a Bitfinex analysis, Bitcoin’s recent increase of nearly 30% from its recent low of $49,000 to surpass $60,000 this week suggests a potential local bottom. The report delved into Bitcoin’s recovery using various measures and offered valuable insights about its current position. However, the chart shows that Bitcoin lost steam following a 12% surge on Thursday due to the influence of moving averages, causing it to become bearish on Friday with a 1.34% decline. The bearish trend continued over the weekend, with Bitcoin dropping by almost 4% and dipping below $60,000 to settle at $58,775.
As the new week began, the sentiment shifted as Bitcoin bulls made a significant effort to drive the price above $60,000, reaching an intraday peak of $60,750 on Tuesday. However, heavy selling pressure caused Bitcoin to drop, ending the day at $59,410. Despite briefly breaking the $60,000 mark, buyers struggled to maintain momentum and failed to surpass the moving averages. Currently, Bitcoin is trading slightly higher at $60,842, compared to its Tuesday closing price. From the chart, it appears that Bitcoin encounters significant resistance at the moving averages, with both the 50 and 200-day Simple Moving Averages showing a bearish cross known as a death cross.
As a crypto investor, I’ve noticed that buyers have been trying to break through the $60,000 barrier but haven’t managed yet. However, should they hold their ground above this level, it might lead us back to testing these prices again. If we see a surge beyond these levels, Bitcoin could potentially reach towards $65,000. Conversely, sellers will aim for pushing the price below $60,000. If they succeed, we might witness a slide down towards $58,000.
Ethereum (ETH) Price Analysis
As a seasoned cryptocurrency investor with several years of experience under my belt, I have seen firsthand the volatility that comes with investing in digital assets like Ethereum (ETH). This week has been no exception, as ETH has shown some positive signs of growth. In the past 24 hours, it has registered an increase of 2.30%, and over the past week, its price has risen by a significant 9%. If we look back to its recent low of $2,100, this means that ETH has rallied by around 27% since then.
To begin the current week, Ether (ETH) experienced a robust 6.52% increase on Monday, surpassing $2,700 and closing at $2,723. However, a reversal occurred on Tuesday as sellers aimed to force the price below $2,500. Despite their efforts, demand at lower levels halted this decline, enabling ETH to recover. The price eventually settled at $2,703 following a 0.71% drop. As of the current trading session, Ether is slightly up and currently trading at $2,724. Notably, ETH seems to be having difficulty surpassing the $2,700-$2,800 range, as buyers repeatedly lose steam at these levels. So, what can we anticipate for the future price movement of ETH?
As a crypto investor, I’m noticing that Ethereum (ETH) is experiencing significant fluctuations. The Bollinger bands are indicating heightened volatility in the market. Should buyers successfully push ETH above the $2,700 to $2,800 range, we might witness a surge towards $3,000. If this upper level is broken, we could potentially see ETH reaching the upper bounds of the Bollinger bands. On the flip side, sellers will be aiming to drag ETH down below $2,500. If they succeed, ETH might dip as low as $2,200.
Solana (SOL) Price Analysis
The progression of Solana (SOL) has encountered a challenge at the 200-day Simple Moving Average (SMA), which is hindering it from breaking through the $150 mark. On Thursday, SOL soared above $160 due to a robust market recovery. However, the momentum waned on Friday as SOL dipped by 4% to $156 and maintained a bearish stance over the weekend. By Sunday, bears managed to drive the price below $150 and both the 50 and 200-day SMAs down to $141.59. Despite the bearish trend over the weekend, SOL began the week positively, with buyers propelling it up to $146, a rise of 3.38%.
In today’s trading, buyers have been trying hard to push Solana (SOL) past $150, but the persisting activity of sellers at this price level has made it challenging for them. The 200-day Simple Moving Average (SMA) is acting as a barrier, limiting SOL’s growth to just a minor rise on Tuesday. Neither side managed to create a substantial impact on the price movement. As we speak, SOL is currently down by 0.83%. Buyers are attempting to drive the price below $140, but due to the strong selling pressure at $150, they’re preventing a fall beneath $140. If the bulls regain momentum, they might push SOL above $150 and challenge the resistance at $155 and $160. Conversely, if the sellers manage to drive SOL below $140, it could potentially slip down to $130 or lower, provided the market sentiment remains bearish.
Toncoin (TON) Price Analysis
As a seasoned cryptocurrency investor with over a decade of experience in this dynamic market, I have seen my fair share of ups and downs. However, the recent performance of Toncoin (TON) has caught my attention, particularly its impressive gains this week. Having closely monitored its progression, I find myself intrigued by the prospect of it reaching the $7 price level in the short term and potentially $10 in the long run.
On Saturday, TON surged to $6.69, but plunged substantially on Sunday following a 7.24% decrease that pushed the price below the 20-day Simple Moving Average (SMA) to $6.20. However, TON bounced back swiftly, starting the week optimistically. On Monday, sellers initiated the day with strong bullish energy, propelling TON over $7, reaching a peak of $7.04. Yet, TON encountered intense selling at this level, resulting in a drop to close at $6.29, marking a 1.40% increase. On Tuesday, TON maintained its bullish stance, moving above the 20-day SMA and finishing the day at $6.47. Currently, TON is up by 4.55% in this session as buyers aim to challenge the resistance at $7 once more.
As someone who closely follows the cryptocurrency market and has witnessed numerous price fluctuations over the years, I must say that TON‘s performance this week has been particularly noteworthy. If its current upward trend persists, it could potentially break through the $7 barrier. Given my experience with these markets, I wouldn’t be surprised if, after such a break, TON aims for even higher prices, possibly reaching $10. However, it’s important to remember that past performance is not always indicative of future results, and investing in cryptocurrencies involves significant risk. Always do your own research before making any investment decisions.
Shiba Inu (SHIB) Price Analysis
As an analyst, I’ve noticed some significant advancements within the Shiba Inu (SHIB) ecosystem recently. Specifically, they’ve made updates to their Shibarium protocol, introducing a novel burning mechanism and enhancing wallet compatibility. To add to these improvements, two upgrades were already implemented this year – a revamped user interface and a hard fork enabling compatibility with well-known self-custody wallets. Despite all the activity in the SHIB ecosystem, its price has been rather subdued this week following a steep drop that peaked during the August 5 market crash. However, since then, SHIB has regained some ground and saw an 11.26% rise on Thursday, reaching $0.0000143.
Since then, Shiba Inu (SHIB) has experienced a downtrend, reaching $0.0000133 by the end of the weekend. However, on Monday, there was a recovery as SHIB increased by 4.03% to $0.0000139. Unfortunately, bearish sentiment resurfaced on Tuesday, causing another drop, leaving SHIB in the red. As of now, during this current session, SHIB is down by 0.94%. In order for buyers to regain control, they need to push and close above the $0.0000140 price mark.
Uniswap (UNI) Price Analysis
Uniswap (UNI) has made significant strides this week, bouncing back strongly following its August 5 crash. In the last 24 hours, UNI has seen a growth of 4.45%, and over 9% for the entire week. As investors seek to propel it above the Simple Moving Average (SMA) of the past 20 days, UNI closed the weekend on a downturn, decreasing by 4.35% to close just below $6 at $5.91. This decline followed a powerful recovery after August 5, during which the price peaked at $6.32.
As a seasoned cryptocurrency investor with over a decade of experience in this dynamic market, I find myself closely monitoring the performance of UNI, the native token of Uniswap, one of the most popular decentralized exchanges (DEX) in the world. This week has been particularly exciting for UNI holders as it started off strong, with an impressive 5.31% increase on Monday that pushed its price above $6 and settled at $6.32. The bullish momentum continued on Tuesday, with another nearly 2% rise to $6.35. As I write this, the current trading session sees UNI up by 2.42%, currently trading at $6.50, indicating that buyers are in control.
Polkadot (DOT) Price Analysis
As an analyst, I observed that Polkadot (DOT) experienced a setback this week, failing to surpass the $5 mark despite a promising performance last week. On August 5, DOT dipped to a multi-year support level of $3.60 but swiftly recovered due to robust demand at lower prices. This recovery enabled it to regain ground and reach $4.88 by Thursday. However, the buying momentum waned as demand tapered off at higher levels, giving sellers an opportunity to seize control. Consequently, DOT slid into negative territory on Friday, recording a 1.84% decrease and settling at $4.79. Over the weekend, DOT maintained its bearish trend, concluding Sunday with a decline of 5.46%, landing at $4.50.
As a seasoned trader with over a decade of experience under my belt, I have learned that the cryptocurrency market can be as unpredictable as a rollercoaster ride. This week began on a hopeful note with a 2% increase in DOT‘s value, but, just like a sudden drop in a rollercoaster, it took a nosedive on Tuesday, reaching an intraday low of $4.40. Today, the session sees DOT marginally down, and I can’t help but feel the weight of the struggle for buyers to establish a foothold, just as one might struggle to find solid ground while navigating a treacherous path.
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2024-08-14 14:06