Category: Cryptocurrency

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Ether’s price surge today indicates a renewed focus on the Ethereum ecosystem, with multiple factors contributing to its upward trajectory.

Several key elements propel the recent surge in Ether’s price. Notably, heightened whale activity and a growing interest from institutional investors in Bitcoin have injected bullish sentiment into the wider crypto market, pushing Ether’s price up by over 5% on April 8. With Ether trading above $3,600, attention seems to be shifting towards the altcoin, which has seen a remarkable 96.2% increase in its price over the past year.

Investor Shift Towards Ether Market

Ether’s current upward momentum against the U.S. dollar mirrors its robust gains against Bitcoin. The ETH/BTC pair recorded a notable 1.5% increase on April 8, surpassing the crucial 0.05 BTC level. This suggests a potential capital rotation in the short term, with investors diverting their attention towards Ether.

Furthermore, Ether’s performance against other cryptocurrencies has notably improved in the last 24 hours, as evidenced by a nearly 2% rise in the Ethereum Dominance Index (ETH.D) from its recent low on April 7. This indicates a growing influx of capital into the Ether market, strengthening its value.

Resurgence of Ethereum Whales

The recent surge in Ether’s price coincides with a period of accumulation among its wealthiest investors, commonly referred to as whales. Data from Glassnode reveals a consistent daily increase in Ether reserves among entities holding between 1,000 and 10,000 ETH since March 17. Historically, such accumulation patterns have often preceded significant price rallies, similar to the one Ether is experiencing presently.

Growing Institutional Interest and Anticipation for Spot ETH ETF

Interest from institutional traders in Ether has been on the rise since November 5, 2023, when the U.S. Securities and Exchange Commission (SEC) acknowledged Grayscale Investment’s application to convert its Ethereum trust into an ETF. Subsequently, on November 9, BlackRock, the world’s largest asset manager, filed for a spot Ether ETF, propelling Ether’s price to a six-month high at the time.

As of April 8, a total of seven spot Ether ETFs have been filed and are awaiting approval from the SEC. Moreover, the SEC’s recent call for comments on Fidelity, Grayscale, and Bitwise spot Ether ETFs on April 3 underscores the growing anticipation in the market.

Institutional investors have poured $13.8 billion into crypto investment products year-to-date in 2024, surpassing the record $10.6 billion inflow for the entire year of 2021. Despite recent outflows from institutional investors, Ether investment products have seen $52 million in inflows in 2024, bringing the total assets under management to $14.1 billion.

While the current market conditions appear favorable, macroeconomic factors such as potential rate hikes and regulatory scrutiny in the U.S. could exert slight pressure on Ether’s price. However, the approval of a spot Ether ETF, positive regulatory developments, and a strong U.S. economy could serve as catalysts for further price growth.

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Bitcoin ETFs continue to attract investor interest, with Farside data showing a $203.0 million net inflow on April 5th, marking the fourth consecutive day of positive flows. This trend signals increasing confidence and interest in the digital asset space.

Among the ETF providers, BlackRock’s IBIT stands out, recording a significant net inflow of $308.8 million, bringing its cumulative total net inflow close to $15 billion at $14,769.1 billion. This marks the largest net inflow day for IBIT since March 27th, highlighting the growing prominence of the fund in the market.

Fidelity’s FBTC also saw healthy inflows, with a $83.0 million net influx, contributing to its total net inflow reaching $7,957.6 billion. In contrast, Grayscale’s GBTC experienced significant outflows of $198.9 million, the largest since April 1st, bringing its total outflow to $15,505.3 billion, according to Farside.

Data from Heyappolo indicates that GBTC currently holds 323,000 Bitcoin, while IBIT and FBTC have accumulated 264,000 Bitcoin and 151,000 Bitcoin, respectively. Interestingly, the nine new BTC ETFs, excluding GBTC, have collectively amassed 519,000 Bitcoin.

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Digital asset investment products saw $646 million in inflows last week, reflecting continued positive sentiment in the crypto market despite Bitcoin’s sideways movement over the past month.

Although inflows into crypto funds have slowed compared to the surge seen after the introduction of spot Bitcoin ETFs in the U.S., the overall trend remains upbeat. Most days witness inflows into popular ETFs, while outflows from Grayscale’s GBTC have notably decreased.

James Butterfill, head of research at Coinshares, noted that year-to-date inflows have reached a record $13.8 billion, surpassing last year’s $10.6 billion. However, there are signs of moderation in ETF investor appetite, with weekly flows not reaching early March levels. Weekly volumes also declined from $43 billion to $17.4 billion last week.

The U.S. continued to lead in terms of regional inflows with $648 million, followed by Brazil, Germany, and Hong Kong. Switzerland and Canada experienced outflows of $27 million and $7.3 million, respectively.

Bitcoin saw inflows of $663 million, while short-bitcoin investment products faced outflows for the third consecutive week, suggesting bearish investor capitulation. Ethereum recorded its fourth week of outflows, totaling $22.5 million, amidst lowered expectations for the approval of an ETH ETF in May.

Despite Ethereum’s outflows, other altcoins like Litecoin, Solana, and Filecoin continued to attract inflows.

With the Bitcoin halving looming just 11 days away, sentiment in the crypto market remains in ‘Extreme Greed’ territory. While analysts anticipate post-halving volatility, the consensus is optimistic, expecting a trend toward higher prices. Historical data suggests that the crypto market typically experiences a bullish phase lasting six to eighteen months after the halving event.

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The latest frenzy gripping the crypto world revolves around the exchange of trading cards featuring prominent figures in the cryptocurrency space, courtesy of Fantasy.top.

Although the platform is currently on testnet, it is set to launch on the mainnet imminently. From Bitclout to FriendTech, it’s evident that Crypto Twitter thrives on speculating about each other.

The latest sensation takes the form of trading cards introduced by Fantasy.top, featuring nearly 250 crypto individuals available for trading on the platform. Users can collect these cards, assemble them into a team, and participate in competitions. The project’s X account reports that the latest competition attracted 23,800 participants.

Trading of these cards commenced on Fantasy.top in mid-February, gaining momentum recently following endorsements from influential crypto personalities such as crypto trader Ansem. Currently limited to testnet, users are not transacting with actual funds. However, the project is gearing up for its mainnet launch to gauge whether it can sustain the same level of interest.

Fantasy.top’s founder, known by the pseudonym Travis Bickle, noted that their growth has been explosive since the Ansem tweet. While they have observed Fantasy’s virality from the beginning, the current scale is unprecedented. Travis expressed anticipation for hitting full speed with the mainnet launch but is thrilled to witness such widespread interest already.

Although these figures reflect testnet activity, certain individuals have witnessed significant trading volumes for their cards. Ansem, for instance, recorded 439 testnet ether in trading volume, earning him rewards in testnet ether. FriendTech also experienced success by implementing a comparable model with high fees, incentivizing influencers to utilize and endorse the app.

Upon joining the platform, which currently operates on invite code-only access, users receive three testnet ether on the Blast Sepolia testnet, which they can utilize for purchasing cards. Additionally, new users are granted five starting cards, available in four categories: common, rare, epic, and legendary. To date, more than 1 million cards have been minted.

Fantasy.top provides social analytics data for individuals featured on each trading card, along with insights into their interactions on X. This feature aims to assist in valuing individuals based on their social media presence.

Built on Blast, a Layer 2 network on Ethereum launched on mainnet in February, Fantasy.top aims to offer a native-yield model for ether and stablecoins, providing 4% interest for the former and 5% for the latter. Blast was developed by Tieshun Roquerre, the founder of NFT marketplace Blur.

Building on Previous Social Finance Platforms

BitClout was among the pioneers in this domain, offering a similar experience to X, allowing users to speculate on the value of profiles. However, its launch was marred by controversy and missing features. BitClout seems to have been replaced or rebranded as Diamond.

FriendTech followed suit, allowing users to bet on individuals’ profiles, with the added feature of purchasing someone’s “key” for access to their private group chat. Despite a decline in activity, the project hints at a forthcoming next phase.

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Coinbase and MicroStrategy have seen significant gains of 8% and 12%, respectively, in early-day trading.

The surge in stock prices coincides with Bitcoin’s climb above the $72,000 mark.

Crypto-related companies started the week on a positive note as Bitcoin reached above $72,000 for the first time since mid-March.

Shares of Nasdaq-listed Coinbase and MicroStrategy rose by 8% and 12%, respectively, during early morning trading in New York. Coinbase shares surpassed $260, while MicroStrategy’s stock surged beyond the $1,600 mark within the past 24 hours, as per TradingView data at 10:00 a.m. ET.

Coinbase Price Target Raised

Oppenheimer, a New York-based financial firm, recently raised Coinbase’s share price target to $276 from a previous target of $200 while maintaining its buy rating. This increased target represents a roughly 6% rise from Monday’s opening share price for Coinbase.

Oppenheimer analyst Owen Lau stated that they estimate Coinbase’s trading volume for the first quarter of 2024 to increase by 95% compared to the previous quarter and by 107% compared to the same period last year, reaching $300 billion.

Bullish Outlook for MicroStrategy

According to a report on MarketWatch, Benchmark analyst Mark Palmer increased his price target for MicroStrategy stock to $1,875 from $990, reiterating his buy rating in an investor note on Monday. This new target implies approximately a 17% upside from the current opening price.

As per The Block’s Data Dashboard, MicroStrategy’s bitcoin holdings now stand at 214,250 as of the company’s March filing. In March, MicroStrategy acquired an additional 9,245 bitcoins for $623 million in cash, bringing its total holdings to over 1% of the total bitcoin supply.

Decrease in Bitcoin Long-Term Holder Supply

However, according to this week’s Bitfinex Alpha report, bitcoin sell pressure could arise due to a reduction in the digital asset’s supply held by long-term holders.

Bitfinex analysts noted that since reaching its peak of 14.91 million Bitcoins held by long-term holders in December 2023, the supply within this cohort has decreased by approximately 900,000 Bitcoins. It’s noteworthy that around one-third of this reduction, totaling about 286,000 Bitcoins can be attributed to outflows from the Grayscale Bitcoin Trust ETF (GBTC).

The report also noted an increase in the supply held by short-term holders, totaling 1.121 million Bitcoins. The analysts added that this increase not only counteracts the distribution pressure from long-term holders but also suggests an additional acquisition of approximately 121,000 bitcoins from the secondary market, including exchanges.

Since spot bitcoin ETFs started trading on January 11, the quantity of bitcoin held by these ETFs has risen from 621,390 to 836,120, as reported on The Block’s data page.

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Global crypto investment products have witnessed an unprecedented surge in annual inflows, reaching $13.8 billion year-to-date, with an additional $646 million added last week. However, there are indications that the hype surrounding exchange-traded funds (ETFs) is beginning to moderate, according to James Butterfill, Head of Research at CoinShares.

Leading asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares collectively attracted $646 million in inflows globally last week, as reported by CoinShares. This follows the previous week’s net inflows of $862 million, pushing the year-to-date inflows to a historic high of $13.8 billion, surpassing the prior annual record of $10.6 billion set in 2021, within just a few months into 2024.

This surge indicates a sustained recovery for global crypto funds, following nearly $1 billion worth of outflows observed for the week ending March 22. However, Butterfill noted a moderation in appetite from ETF investors, with weekly flow levels not reaching the heights seen in early March. Additionally, trading volumes declined to $17.4 billion last week compared to $43 billion in the first week of March.

Bitcoin Continues to Dominate

Bitcoin remains the primary focus for global crypto investment products, with a net addition of $663 million last week. Conversely, short-bitcoin funds experienced their third consecutive week of outflows, totaling $9.5 million, indicating minor capitulation among bearish investors.

ETFs remain dominant, accounting for $484.5 million of last week’s net inflows.

Bitcoin is currently trading up 4% over the past week at $72,129, while the GMCI 30 index, representing the top 30 cryptocurrencies by market capitalization, has seen an 8% increase during the same period, reaching 154.27.

Inflows into Other Cryptocurrencies

Investment products tied to Litecoin, Solana, and Filecoin also attracted inflows of $4.4 million, $4 million, and $1.4 million, respectively, last week. However, funds based on Ether experienced outflows for the fourth consecutive week, losing $22.5 million.

Regional Sentiment

Regionally, sentiment remains polarized, with U.S.-based funds adding $648 million last week, alongside inflows for products in Brazil, Hong Kong, and Germany. However, Switzerland and Canada recorded outflows of $27 million and $7.3 million, respectively.

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Brad Garlinghouse, CEO of Ripple, has made a bold prediction regarding the cryptocurrency market, anticipating its total value to double within the current year. He attributes this forecast to significant developments, including the launch of the first U.S. spot bitcoin exchange-traded fund (ETF) and the forthcoming bitcoin “halving.”

Garlinghouse expressed his optimism during an interview with CNBC, stating, “The overall market cap of the crypto industry … is easily predicted to double by the end of this year … [as it’s] impacted by all of these macro factors.” He emphasized the potential positive regulatory momentum in the United States as another factor propelling the market to new heights.

The Ripple CEO’s outlook aligns with expectations of the combined market capitalization of the cryptocurrency market surpassing $5 trillion in the current year. He attributes this projected growth to macro factors such as the debut of the first U.S. spot bitcoin ETF and the upcoming bitcoin halving.

The approval of the first U.S. spot bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) on January 10 represents a significant milestone. These ETFs enable institutions and retail investors to access bitcoin exposure through trading on U.S. stock exchanges without directly owning the underlying asset.

The bitcoin halving, occurring approximately every four years, halves the total mining reward to bitcoin miners. This event, scheduled for later this month, is anticipated to further influence market dynamics.

Garlinghouse highlighted the contraction of supply and expansion of demand as fundamental drivers of market growth. He remarked, “That doesn’t take an economics major to tell you what happens when supply contracts and demand expands.”

As of April 4, the total crypto market capitalization stood at approximately $2.6 trillion. A projected doubling of this figure would imply a new total market cap exceeding $5.2 trillion.

Bitcoin, the leading digital currency, has experienced significant growth, appreciating over 140% in the past year. Despite reaching a record high above $73,000 on March 13, its value has since retraced below the $70,000 level.

Garlinghouse also highlighted the potential for positive regulatory developments in the United States, suggesting a shift towards greater clarity and accommodation for the crypto industry. He acknowledged the SEC’s recent enforcement actions, including the lawsuit against Ripple alleging illegal XRP sales, but expressed optimism for regulatory clarity moving forward.

Garlinghouse’s bullish outlook is shared by others in the crypto space, including Marshall Beard, COO of U.S. crypto exchange Gemini, who anticipates bitcoin’s price reaching $150,000 later this year. Despite anticipated volatility, driven by factors such as new regulations and supply dynamics, the overall momentum suggests continued growth for the crypto market.

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Uniswap, the premier decentralized exchange (DEX), has achieved a remarkable milestone by reaching $2 trillion in total trading volume as of 11:55 a.m. UTC on April 5, according to insights from a Dune Analytics dashboard maintained by Zach Wong, the strategy and operations lead at Uniswap. This significant volume includes transactions conducted on several blockchains that support Uniswap, such as Ethereum, Polygon, Optimism, Arbitrum, Celo, BNB Chain, Base, Blast, and the Avalanche Network.

Uniswap’s Rapid Growth: Achieving the Second Trillion in Record Time

Since its inception in November 2018, Uniswap initially required 42 months to hit the $1 trillion trading volume mark by May 2022. Impressively, the platform managed to secure its second trillion in trading volume in under 24 months thereafter, demonstrating robust growth despite increasing competition within the decentralized exchange landscape.

In the past week alone, Uniswap has reported a staggering $21.6 billion in trading volume, as per a Dune Analytics dashboard by Fredrik Haga, a co-founder of the platform. This places Uniswap at the forefront of the DEX market, far ahead of its closest competitor, PancakeSwap, which recorded $9.6 billion in trading volume. Other DEXs such as Curve, Balancer, and Trader Joe also feature prominently, with trading volumes ranging between $800 million to $1.8 billion.

Challenging Centralized Exchanges

Uniswap’s record-breaking transaction volume positions it as a formidable competitor to centralized exchange giants like Binance and Coinbase (NASDAQ:COIN). Data from The Block illustrates that while Binance continues to experience higher trading volume peaks, Uniswap has showcased consistent growth and an increasing trust among traders in decentralized finance (DeFi) solutions.

Notably, in early 2024, Uniswap’s trading volume witnessed a significant increase, narrowing the gap with Coinbase’s volume and occasionally surpassing it. This trend underscores a broader shift among investors towards platforms that facilitate direct, wallet-to-wallet trades and offer enhanced control over personal assets.

The peak in Uniswap’s trading volume, especially around March 2024, indicates that during periods of heightened market activity, traders are progressively opting for DEXs over their centralized counterparts as reliable trading venues.

A research study conducted last year further highlighted Uniswap’s competitive edge, revealing that it possesses deeper liquidity for several key cryptocurrency trading pairs than even the largest centralized exchanges, including Binance and Coinbase. On the popular trading pair of Ethereum against US dollars (USD), Uniswap was found to have twice the liquidity of both Binance and Coinbase. Moreover, for the Ethereum against Bitcoin trading pair, Uniswap’s liquidity was three times that of Binance and an impressive 4.5 times that of Coinbase, showcasing its substantial market presence and trader preference.

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Coinbase has achieved a groundbreaking milestone by becoming the first international and largest cryptocurrency exchange to register as a Restricted Dealer with the Canadian Securities Administrators (CSA).

This achievement, following Coinbase’s formal launch in August 2023, underscores its commitment to establishing a strong presence in the Canadian market, which it has identified as a key market for expansion.

The journey towards registration began in March 2023 when Coinbase signed an Enhanced Pre-Registration Undertaking, demonstrating its dedication to regulatory compliance and operational excellence.

In its pursuit of registration, Coinbase worked closely with Canadian regulators to develop a policy framework aimed at setting a global benchmark for the industry. The exchange also collaborated with Canadian banks, investment advisors, and pension funds, showcasing its commitment to navigating the evolving digital asset landscape successfully.

Lucas Matheson, CEO of Coinbase Canada, highlighted the significance of this achievement, stating, “This is a significant milestone in Coinbase’s journey in Canada.” He expressed the company’s enthusiasm for accelerating the adoption of digital assets, promoting economic empowerment, and reshaping the financial system in collaboration with stakeholders across Canada.

Coinbase’s collaboration with stakeholders aims to drive digital asset adoption, promote economic empowerment, and transform the financial system. The company’s stance on the regulation of centralized crypto intermediaries aligns with Canadian public opinion.

A survey conducted by Coinbase in partnership with Angus Reid revealed that 72 percent of Canadians consider the regulation of cryptocurrency exchanges important, with 29 percent indicating that increased regulation would make them more likely to invest in cryptocurrencies. Among cryptocurrency investors, curiosity, investment diversification, and profit potential were key motivators.

Coinbase’s commitment to the Canadian market is fueled by the significant growth potential of the cryptocurrency sector in Canada. The country ranks third globally in crypto awareness, supported by a robust tech ecosystem that could lead the way in the cryptoeconomy.

Faryar Shirzad, chief policy officer at Coinbase, praised Canadian securities regulators for their commitment to providing clarity in the industry. “Regulation is critical to the success of the crypto industry and is essential for building trust,” Shirzad emphasized.

Coinbase has undertaken various initiatives to expand its presence in Canada, including its official launch in August 2023 with Interac payment rails, a visit by CEO Brian Armstrong to Toronto in November 2023, hiring nearly 200 local employees, and investing in Canada’s tech ecosystem through Coinbase Ventures.

These efforts are part of Coinbase’s broader strategy of collaborating with regulators globally, having obtained licenses in various countries. The company remains committed to fostering the growth of the crypto ecosystem in Canada, working closely with stakeholders to promote digital asset adoption, economic empowerment, and reshape the global financial system.

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As the 2024 bull run gains momentum, investors are on the lookout for cryptocurrencies with the potential for significant growth. This selection highlights four promising picks that could multiply wealth during this exciting phase of the market.

TRUE Token: Revolutionizing Crypto in iGaming for Unprecedented Gains

TRUE token (TFT) is a new GameFi project that aims to surpass the success of the once-popular Notcoin. TFT is currently available through an exclusive NFT Token Offering (NTO), offering early adopters the opportunity to significantly boost their investment. The NFTs distributed contain a portion of TRUE tokens, ranging from 100 to 500,000 TFT, at substantial discounts. The NTO ensures that your allocation is 100% guaranteed, secure, and manageable. Additionally, NFT holders gain exclusive TRUE membership and entry into a prize draw for $330,000 in extra tokens, 10 ETH, status cards, merch, and tokenized partner gifts.

TRUE, with six years of experience in game and blockchain development and significant backing of over $3.45M raised, led by SoftSwiss, is well-positioned in the iGaming sector. With more than 4M active players and 16,000 third-party games interested in its blockchain service, TRUE has remained profitable even in challenging markets, setting a strong foundation for TFT post-token generation event. As TRUE’s value is expected to benefit from the activity within the upcoming TRUE World iGaming metaverse, set to attract millions of users, now is the ideal time to secure your TFT allocation before it takes off.

NEAR Protocol: Performance and Outlook

NEAR Protocol has experienced fluctuations recently, with a current price range between $6.73 and $7.98. While it dipped by almost 8% in the past week, it has risen by over 50% in the last month and more than 500% over the past six months. The price movements of NEAR appear mixed, with periods of rapid growth followed by smaller changes.

The near resistance at $8.67 could pose a challenge, but with sufficient momentum, NEAR could aim for the higher resistance at $9.91. Conversely, if it experiences a decline, it may find support at $6.18 or even lower at $4.93. The mixed outlook suggests that NEAR’s price may experience both upward and downward movements in the near future.

Avalanche: Trends and Price Prediction

Avalanche (AVAX) has witnessed significant price swings over the last six months, surging by 341.12%. While it climbed 9.08% last month, it dropped by 13.05% last week. Currently trading between $51.34 and $58.12, AVAX appears to be in a corrective phase, with the RSI indicating a neutral stance, suggesting that the price may not move sharply in either direction soon.

Looking ahead, there is potential for growth if AVAX surpasses the near resistance at $62.13, with further gains possible if it breaks the higher resistance at $68.91. However, if buying pressure subsides, the price could fall to the nearest support at $48.57 or even the lower support at $41.79. The high Stochastic value at 84.48 indicates a possible consolidation phase. AVAX’s recent price movements suggest that it may continue to experience fluctuations in the short term.

Solana: Price Range and Prediction

Solana’s price has been fluctuating recently, ranging between $187.30 and $210.62. While it saw a slight dip of 0.46% in the past week, it has surged by 39.08% over the last month and an impressive 691.63% over the past six months. Currently, the price movements appear corrective, with the Relative Strength Index indicating a balance between buyers and sellers.

Looking ahead, SOL has the potential for growth, with the nearest resistance level at $218.61. If it breaks through, the next target could be $241.93. On the downside, SOL is likely to find support near $171.97 and then at $148.65. The mixed signals from Stochastic (42.10) and MACD (-0.89) suggest a cautious approach.

Conclusion

While NEAR, AVAX, and SOL show potential for upside, they may not match the short-term potential of other options. The standout choice is the TRUE token (TFT), which is poised for significant growth in the iGaming metaverse. TFT’s innovative NFT Token Offering provides unique investment opportunities, and its solid foundation sets it up for success in the upcoming bull run.

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