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Ripple's 2024 prediction
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Weekend rally propels Bitcoin above $69,000, bulls remain optimistic
Key points:
Bitcoin’s price surged over the weekend, trading at over $71,856, at the time of writing.
The possibility of a price rejection at $73,000 still exists.
News - Bitcoin price surged over the weekend, defying the usual pattern of sideways trading and igniting optimism among bulls. Traders are hopeful that this momentum will continue into the new week. Daan Crypto Trades, a popular analyst, noted the unusual price action, highlighting that it mirrors similar weekend rallies during the initial climb to $70,000 in late 2021.
Diverse opinions - Analyst Michaël van de Poppe believes the area above $69,000 is crucial for further gains. A breakout could lead to a “strong continuation towards the all-time highs,” he suggests. However, a bearish divergence on the chart would indicate a potential rejection at $72,000.
Reasons behind BTC’s weekend rally?
Unusual weekend price action - Unlike the typical weekend lull, Bitcoin saw a steady climb throughout, indicating strong buying pressure and potentially foreshadowing continued gains into the new week.
Renewed institutional interest - The recent rebound in net flows for US Bitcoin ETFs suggested a growing institutional appetite for Bitcoin. This, along with news that bankrupt crypto lending firm Genesis had finished selling billions of dollars worth of shares in the Grayscale Bitcoin Trust (GBTC).
What to expect next? The period leading up to the halving will be marked by increased volatility. A lot of profit-takings will also be initiated, hence, a sell-off can be expected in the short term. However, after halving, some analysts expect the price to go up to $100k.
PayPal Stablecoin sees circulation drop despite crypto market boom
Key points:
PayPal's stablecoin, PYUSD, saw a 39% drop in circulation in March.
PYUSD's assets are backed by US Treasury bonds.
News - The circulation of the PayPal stablecoin, PayPal USD (PYUSD), issued in collaboration with Paxos, experienced a significant decline in March. According to a recent Paxos transparency report, PYUSD circulation dropped to $188.5 million, a 39% decrease compared to February's $304 million.
This decrease comes despite a surge in the broader cryptocurrency market, with Bitcoin reaching record highs above $73,000 in mid-March.
What’s more? The current market value of PYUSD collateral in U.S. Treasury bond-collateralized reverse repurchase agreements stands at $177.9 million, with a notional position value of approximately $174 million. Total net assets for PayPal USD amounted to $192 million, with a notional position value of $189 million.
Despite reaching an all-time high level of $312 million on 26 February, PayPal USD's market capitalization has been declining since late February. This Stablecoin witnessed significant growth at the beginning of 2024, doubling its market value in just about one month by mid-January.
As of the latest data, PYUSD's market capitalization stood at $194 million, reflecting an increase of around 3% over the past seven days.
ApeCoin faces price decline amidst shifting sentiment in NFT industry
Key points:
Increased competition in the NFT market is impacting Yuga Labs collections.
ApeCoin DAO treasury remains healthy despite challenges. However, APE's price and network growth have declined recently.
Context of the news - The NFT market has grown fiercely competitive in recent months, with new players challenging the dominance of established collections like those from Yuga Labs. This has impacted the popularity of Yuga Labs' NFTs, including Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC).
News - However, the ApeCoin DAO seems to be weathering the storm. Their recent quarterly report revealed a healthy treasury holding 348 million APE tokens. The DAO also demonstrated transparency by detailing grants awarded, with continued funding for existing projects and approval for five new ones.
Despite the positive report, ApeCoin's future could be influenced by the broader sentiment surrounding Yuga Labs. The token's value is closely tied to the performance of Yuga Labs' NFTs. While BAYC and MAYC still boast impressive sales volumes, they've been eclipsed by other rising NFT collections. Analysis shows that BAYC has even lost its top spot to Bitcoin-based collections.
This decline in popularity is reflected in ApeCoin's price. At the time of writing, APE was trading at $1.74, significantly down from its recent high of $2.49. Network growth, indicating new user interest, also dipped.
Any positive news? The velocity of APE, signifying trading frequency, has actually increased. The Long/Short ratio suggested an abundance of long-term holders, less likely to be swayed by short-term price fluctuations. This could indicate a potential rebound when market sentiment improves.
Ripple CEO bullish on crypto market, predicts $5T by year's end
Key points:
Ripple CEO predicts a $5 trillion crypto market capitalization by 2024.
Factors influencing his prediction include US Bitcoin ETFs, Bitcoin halving, and positive regulations.
News - Ripple CEO Brad Garlinghouse is betting big on the future of cryptocurrency. In a recent interview, he predicted a skyrocketing market capitalization of $5 trillion by the end of 2024, fueled by several key factors.
His optimism hinges on a confluence of events: the arrival of the first US-based Bitcoin exchange-traded funds (ETFs), the upcoming Bitcoin halving, and positive regulatory developments.
More details - Garlinghouse also sees regulatory clarity as a major growth driver. Recent signals from the US House Financial Services Committee suggest a more crypto-friendly regulatory landscape could be on the horizon. Clearer regulations can bring stability and attract institutional investors, further propelling market growth.
It's important to note that Ripple itself is no stranger to regulatory hurdles. Garlinghouse's prediction likely reflects a broader industry hope for a swift resolution to such regulatory roadblocks.
Well, at the time of writing, XRP was trading at $0.6082 with a 1.79% increase over the past day.
More stories from the crypto ecosystem
Did you know?
Ethereum fees are referred to as gas. When you do things on Ethereum, like sending money, you need to pay for gas. It covers the computer work needed to finish the task.
Elon Musk has a lot of pull when it comes to cryptocurrency prices, especially Dogecoin. But of late, DOGE's prices to Musk's comments haven't been reacting the way it did a few years back.
Mining dominance in Bitcoin shows how much a country or area contributes to the computer power of the network. It helps see where miners are and their impact on security.
Top 3 coins of the day
Near Protocol (NEAR)
Key points:
NEAR's price was up 7.75% in the last week, its trading volume also surged 67.49% in the last day.
At press time, the RSI sat at 55, indicating there was room for further growth.
What you should know - NEAR was trading at $7.23, at press time, reflecting a positive 7.75% weekly gain. This bullish momentum was backed by a significant volume surge of 67.49% in the last 24 hours, indicating increased market activity and potentially strong buying pressure. Its Open Interest also grew by 7.15%, suggesting rising investor interest in NEAR's price movements. This adds fuel to the potential for a breakout, though it's important to consider that the Relative Strength Index (RSI) was sitting at 55. An RSI below 70 indicates room for further growth but also suggests the market isn't yet overheated.
Ethereum (ETH)
Ethereum’s Open Interest increased by 7.31% over the last day.
Short positions were dominating the longs at press time.
What you should know - Ethereum's price sat at $3646, up 3.8% over the past week. This recent uptick presents a mixed picture for investors. The price gain suggests a potential trend reversal, especially considering the MACD line's upward trajectory towards the signal line. This hints at a bullish divergence, which could signal increasing buying pressure. Healthy trading volume could fuel a breakout in the near future. Despite the recent rise, Ethereum remains far from its all-time highs. Overall, Ethereum presents a wait-and-see situation. Bullish signals are emerging, but confirmation and strong volume are needed for a sustained upward move.
Dogecoin (DOGE)
Key points:
Dogecoin’s trading volume increased by 1.83% over the last day.
Most of the traders have been taking a wait-and-watch approach to their trading.
What you should know - Dogecoin was priced at $0.2032, hovering near the upper Bollinger Band on its 1D chart, at press time. The Bollinger Band suggested the possibility of overbought conditions, where a price pullback might be imminent. However, a glimmer of hope emerged from the Chaikin Money Flow (CMF) which sat at 0.14. This positive value indicated some ongoing buying pressure that could counter a potential price decline. Monitoring price movements and trading volume is crucial to determine if DOGE can break above resistance or experience a correction.
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