Crypto Prices Crash After Hong Kong Bitcoin And Ethereum ETFs Go Live, Best Coins To Buy The Dip?

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As an experienced analyst, I believe that the recent crypto price crash is a result of several factors coming together at once. The disappointing trading volume for the newly-approved Hong Kong Bitcoin and Ethereum ETFs has added to the sell pressure, along with the upcoming FOMC meeting and the sentencing of Binance ex-CEO Changpeng “CZ” Zhou.

I’ve observed a downward trend in crypto prices this month, with Bitcoin reaching a low of $60,800 as of now.

Currently, Ethereum is experiencing a more pronounced drop, losing 4% on Tuesday. The value of ETH is approaching the threshold of dipping under $3,000 before the month comes to an end.

Why Is Crypto Crashing Today?

I analyzed the crypto market’s response and found that prices took a downturn following the underperformance of the newly approved Hong Kong Bitcoin and Ethereum ETFs. Contrary to the projected $300 million in daily trading volume, these ETFs recorded a combined trading volume of merely $11 million.

Image illustrating the simultaneous debut of Ethereum and Bitcoin ETFs in Hong Kong. Projected volume: $300 million. Actual volume: a mere $11 million – quite an unexpected difference.

— WhalePanda (@WhalePanda) April 30, 2024

The forthcoming Federal Open Market Committee (FOMC) meeting scheduled for Wednesday, along with the upcoming sentencing of Binance‘s former CEO Changpeng “CZ” Zhou, are adding to the downward pressure on leading cryptocurrencies.

As a researcher studying the cryptocurrency market, I’ve noticed that although the price of Bitcoin, the largest cryptocurrency, has yet to convince some skeptics, it has undeniably reached a precarious point. The short-term holder realized price for Bitcoin currently hovers around $59,800. If this support level breaks down, we might be in for a significant correction or even a larger crash in crypto prices.

The current short-term price of Bitcoin hovers around $59,800. In the past, Bitcoin has typically rebounded from such levels during an upward trend. Nevertheless, a drop beneath this point might lead to significant corrections in the Bitcoin price.

— Ali (@ali_charts) April 29, 2024

Despite the current downward trend in the cryptocurrency market, some analysts like Michael van de Poppe think we might be nearing the bottom. In fact, the price at which investors who hold short-term realize their losses can provide a good indicator of when prices may rebound.

Smart investors are likewise shifting their resources into less established tokens and emerging cryptocurrencies. The reason being is that these assets tend to diverge from the prevailing market trends.

In this piece, we explore the top cryptocurrencies to consider purchasing at discounted prices as part of the current market downturn in crypto values.

Solana ($SOL)

As a crypto investor, I’ve noticed that Solana (SOL) has taken a significant hit during this market downturn. The price of SOL has dropped by approximately 35% over the past month. In contrast, Ethereum (ETH) has only seen a decrease of around 16% within the same timeframe, despite the Securities and Exchange Commission (SEC) publicly stating that they believe Ethereum to be a security.

Despite the current Solana price of $128 being over 50% lower than its record high of $260, optimistic investors have a reason to be encouraged. A potential doubling of investment for new buyers lies in wait if Solana’s price merely revisits its previous peak and doesn’t advance further.

Experts hold the view that Solana’s value will significantly increase. Some even forecast a price of $600 for SOL during this bull market. In contrast, analysts are more optimistic, predicting a potential price tag of $1000 for the token in the upcoming months.

 

I’d be open to investing more Solana ($SOL) into Ethereum ($ETH) if their price ratio reached an all-time high (ATH). Until then, this chart seems to indicate otherwise. However, my interest will be piqued around the green boxes or potential ATH break, which could potentially offer good opportunities for SOL outperformance later in the market cycle.
— Daan Crypto Trades (@DaanCrypto) April 28, 2024

 

As an analyst, I would rephrase it as follows: If Ethereum ETF proposals continue to be denied by the SEC, Solana (SOL) might surpass Ethereum (ETH) in terms of performance throughout 2024.

Bitcoin Minetrix ($BTCMTX)

New on the scene is Minetrix for Bitcoin, a cloud mining token, simplifying BTC reward accessibility for individual investors.

As a researcher studying the Bitcoin mining landscape, I’ve observed that this domain is primarily controlled by affluent corporations due to the substantial upfront investments and intricate technical know-how needed for successful operations.

Bitcoin Minetrix aims to make cryptocurrency mining more accessible by allowing users to simply hold $BTCMTX tokens as a prerequisite. In return, they receive mining credits which can later be used to obtain BTC as rewards. This streamlined process is facilitated through the upcoming stake-to-mine dashboard, requiring minimal effort for activation.

Due to its distinctive value offer, Bitcoin Minetrix managed to gather over $13.5 million in investments during its initial coin offering (ICO).

As a crypto investor, I’ve noticed that the BTCMTX token experienced a normal pullback after its launch on Uniswap today. Nevertheless, I’m optimistic about its future potential based on the support it’s receiving from well-known traders in the community. They believe that this token could rebound soon and possibly bring returns of up to 100x within the next few weeks.

Slothana ($SLOTH)

As Solana is predicted to regain strength in the upcoming months, it’s anticipated that Layer-2 SOL tokens will yield significant returns as well.

Specifically, Solana meme coins are predicted to maintain their leading position and surpass the performance of their Ethereum equivalents.

As a crypto investor, I’m excited to share that a newly minted Solana meme token named Slothana has successfully raised over $15 million during its recently concluded presale. Starting tomorrow, May 1st at 4 pm UTC, this quirky meme coin will be available for trading on various crypto exchanges. Can’t wait to see the Slothana community grow and unfold!

Slothana is a coin inspired by sloths and predicted by experts to possibly replace Slerf. For those unfamiliar, Slerf was a sudden buzz with a price surge of over 5000% within hours and boasted an impressive $2 billion in daily trading volume.

As a financial analyst, I’ve observed and taken note of some intriguing predictions made by my colleagues regarding Slothana’s upcoming Initial Exchange Offering (IEO). They believe that investors could potentially see substantial gains, with estimates ranging from 100x to an impressive 1000x return.

 

Given the rumors that the development team behind $SLOTH is the same as Smog’s, a successful token with nearly 27,000% surge on Solana, it seems likely that $SLOTH will emerge as the next significant meme coin within this platform.

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2024-04-30 21:20