Web3 entertainment and gaming has seen several iterations and ground-breaking innovations on blockchain. But it still leaves room for further innovation as blockchain’s potential remains underdeveloped. XProtocol has emerged as a phenomenon with its blockchain solution that redefines how users interact with the digital ecosystems. The blockchain possesses a comprehensive entertainment-focused DePIN (Decentralized Physical Infrastructure Network) superchain designed to deliver a whole new experience with blockchain technology. The project’s core mission extends beyond technological advancement but also targets mass audience engagement, democratizing access to Web3 technologies. XForge: A Gateway to Decentralized Rewards At the heart of XProtocol’s innovation is XForge, the world’s first node-operated blockchain DePIN smartphone. This groundbreaking innovation enables users to effortlessly generate passive rewards through decentralized infrastructure, making blockchain benefits tangible and accessible to millions. Users can participate in the DePIN network directly from their phone, earning rewards, airdrops, and other crypto-based incentives. XProtocol’s infrastructure is meticulously designed to solve critical challenges in blockchain adoption: Unprecedented Scalability: The platform can potentially surpass 1000 transactions per second (TPS) Micro-Transaction: Gas fees reduced to millionths of a cent Mass User Onboarding: Engineered to seamlessly integrate millions of new users into the Web3 ecosystem XProtocol focuses on the entertainment and gaming sectors, aiming to be at the cornerstone of the next evolution of digital experiences. The platform seeks to bridge the gap between traditional digital interactions and the emerging Web3 landscape, making blockchain technologies intuitive and valuable for everyday users. Upcoming Exciting Opportunities XProtocol’s native utility token ($KICK) powers the ecosystem with a broad range of essential features. The $KICK token public sale will be live on Fjord Foundry on December 19th–23rd. With this sale, XProtocol offers investors a unique opportunity to participate in a potentially transformative digital entertainment platform. Sale Details: Fixed Sale Price: $0.00875 per token Currency: USDC on Base Network Token Release: 100% on TGE (Q1 2025) Min/Max Allocation: 0 – 400M Sale Market Cap: $3.5M To participate in the sale, visit Fjord Foundry. To make the public sale even more enticing, XProtocol is introducing an exclusive Christmas Gift Campaign that promises significant value to contributors. Investors who contribute $700 or more during the public sale will unlock an extraordinary package of rewards. This includes an XForge smartphone valued at $499 and a FREE Xardian node worth $290. The offer is limited to one per wallet, and free nodes will be claimable one week after the sale through xprotocol.org/xardian-nodes . XProtocol’s Traction The project’s credentials are particularly compelling. As the number one Entertainment & Gaming Superchain on Base, XProtocol has reached 1.5 MAU, boasting a robust infrastructure supported by 10,000 active nodes and over 3,000 DePIN devices. The platform is preparing for an exciting AI Agents Ecosystem launch. With strong support from prestigious investors including Saison Capital, Zephyrus Capital, Dragonfly, and Coinfund, the project stands at the heart of innovation and entertainment-driven blockchain adoption. The project is bringing a whole new suite of solutions to the blockchain ecosystem and revolutionizes how the technology takes entertainment to a new level.
Coinbase, the largest U.S. cryptocurrency exchange by volume, flat out said in a court document filed yesterday that it delisted the wBTC token because of issuer BiT Global’s relationship with Tron founder Justin Sun. In response to a lawsuit over its November delisting of wBTC, the top wrapped bitcoin product on the Ethereum blockchain, Coinbase said in the very first sentence that it acted “due to the unacceptable risk that control of wBTC would fall into the hands of Justin Sun.” On Dec. 18, the judge hearing the case refused to issue a temporary restraining order barring Coinbase from delisting wBTC while the case goes forward. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
Bitcoin’s price briefly dropped below $100,000 on Wednesday, hitting a low of $98,839, according to TradingView data. This decline followed the US Federal Reserve’s announcement that it plans to significantly reduce easing measures in 2025. In the past 24 hours, the broader crypto market has also seen over $780.24 million in liquidations. Fed’s hawkish shift surprises markets, driving crypto and stock declines The US Federal Reserve announced that it plans to significantly reduce easing measures in 2025. The Fed proceeded with a 25-basis point rate cut as expected. However, the updated dot plot, a chart showing rate projections from individual Fed members, indicated a 50-basis point increase. This caught markets off guard, which had earlier anticipated a 100-basis point reduction in 2025. The shift spooked markets, sending the 10-year US Treasury yield and the US dollar spiked sharply while cryptocurrencies and stocks took a severe beating. During his press conference, Fed Chair Jerome Powell said : “It’s not unlike driving on a foggy night or walking into a dark room full of furniture. You just slow down.” ~ Jerome Powell Bitcoin is presently trading at $101,393 after paring some losses. Altcoins drop as Bitcoin faces headwinds from Powell’s comments Apart from Bitcoin several altcoins also experienced a significant drop on Wednesday, with Ether plunging 6.5% and XRP falling 12.64%. The GMCI 30 index, which measures the performance of the top 30 cryptocurrencies, fell 7.18% in the last day. Bitcoin’s latest rally has been propelled by U.S. President-elect Donald Trump reaffirming his commitment to establishing a national strategic Bitcoin reserve. Adding to the bullish sentiment states such as Texas, Pennsylvania, and Florida have established bills to form state-backed Bitcoin reserves , amplifying optimism among traders. However, Powell said during a news conference on Wednesday that the central bank is not allowed to hold Bitcoin and is “not looking for a law change,” in response to a question on his view on the U.S. government Bitcoin reserve. Arthur Hayes, former CEO of BitMEX and current CIO of Maelstrom, recently wrote in an article that he anticipates a significant sell-off in the crypto market around Donald Trump’s inauguration in January. He believes investors will begin to recognize the gap between their expectations and the reality of the market. According to Hayes, the market will instantly face the reality that Trump has at best one year to enact any policy changes on or around January 20th. He noted that this realization will trigger a sharp sell-off in crypto and other Trump 2.0 equity trades. From Zero to Web3 Pro: Your 90-Day Career Launch Plan
Bitcoin’s remarkable ascent has been abruptly tempered, raising questions about the sustainability of recent price rallies in the cryptocurrency market. Large institutional players have significantly influenced market dynamics, evidenced by
Binace’s survey revealed that 16% favor meme coins compared to Bitcoin’s 14.44%. Emerging projects like Solana-based Fartcoin are also attracting the attention of traders after it defied the recent market slump. However, other projects face regulatory scrutiny. Ritardio was recently flagged by the UK's FCA for its unauthorized promotions. Meanwhile, a parody account turned meme coin profits into a $69,000 donation to Save the Children. Meme Coins Gaining Momentum in Global Crypto Holdings A recent survey that was conducted by Binance revealed that meme coins surpassed Bitcoin as the most-held cryptocurrency among users worldwide. The survey was released on Dec. 18 as part of the Binance Global User Survey, and the findings show that 16% of respondents reported holding meme coins, while 14.44% hold Bitcoin. The survey included more than 27,000 participants from various regions, including Asia, Europe, Africa, and Latin America. Binance noticed that the popularity of meme coins is not limited to current holdings but extends to their future potential as well. Although the survey did not reveal the value of respondents’ holdings, data from CoinGecko estimates the total market capitalization of meme coins to be around $117 billion. Among these, Dogecoin (DOGE) is still a leader, trading at $0.362. Bitcoin’s market cap is higher than $2 trillion, and is trading at $101,000. Survey main takeaways (Source: Binance ) The survey also indicated that there is growing optimism for 2025. Some respondents predicted that artificial intelligence (AI) tokens and meme coins will be among the top drivers of market growth. AI tokens led with 23% of respondents favoring their growth potential, while 19% expressed more confidence in meme coins’ market value rising in the coming year. Google search trends also echoed this interest, and show a peak in searches for ”meme coin” earlier in December. It also reached higher search volumes than ”Bitcoin” during the same period. 30d search volume for ‘meme coin’ (Source: Google ) Interestingly, 45% of the Binance survey participants joined the crypto space in 2024, with nearly one-third engaging in regular trading. Despite their speculative nature and lack of utility, meme coins still gained a lot of traction. Experts speculated about the possibility of a meme coin supercycle, despite some critics comparing their trajectory to initial coin offerings (ICOs) and non-fungible tokens (NFTs), both of which experienced dramatic rises before very sharp declines. Whether meme coins actually sustain their momentum or face a similar fate is still up for debate. Fartcoin Defies Market Slump Its not only the larger and more popular meme coins attracting the attention of investors. Fartcoin , a Solana-based meme coin with no utility, captured a lot of attention on Dec. 18 by briefly surpassing a $1 billion market cap and defying a broader altcoin market slump. Over the past 30 days, the token surged by over 250%, which made it an an outlier even as the crypto market faced pressure from the Federal Reserve's announcement of a 25-basis-point rate cut. Fartcoin all-time price action (Source: CoinMarketCap ) Between 8:20 pm and 9:00 pm UTC on Dec. 18, Fartcoin’s price jumped by about 21% to $1.02, which pushed up its market cap to $1.02 billion. However, the rally was short-lived as the coin retraced 16% in hours, bringing its price to $0.83 and its market cap to $838.4 million. At press time, Fartcoin was trading hands at $1.01 after its price again managed to climb by over 20% in the past 24 hours. Despite this volatility, the rise sparked some very humorous reactions across social media. Investor Brandon Beylo commented that “the funniest possible outcome is usually the most likely.” Liquidity Capital’s founder joked about hedge fund managers underperforming against teenagers trading the token in their parents' basements. Fartcoin’s two-month trading history has been riddled with extreme volatility. Since its launch on Oct. 24, the token has fluctuated widely. Some market analysts speculated on the implications of these movements. Unlimited Funds co-founder Bob Elliot commented that Fartcoin’s parabolic rise could signal that monetary policy is still less restrictive than intended. Others like Syncracy Capital’s Daniel Cheung suggested that the current market cycle may offer prolonged “buy the dip” opportunities. The broader market, meanwhile, saw painful losses. Tokens like Dogwifhat (WIF), BONK, and Theta Network experienced double-digit declines. Amid the chaos, some people pointed out that while central banks like the Federal Reserve cannot own Bitcoin, there are no restrictions against owning tokens like Fartcoin. FCA Warns Against Solana-Based Retardio Project Things are not going as well for other meme coin projects. The United Kingdom’s Financial Conduct Authority (FCA) issued a warning about the Solana-based Retardio project due to concerns over unauthorized financial promotions targeting UK consumers. On Dec. 16, the FCA stated that the project may be offering or promoting financial services without regulatory approval. The watchdog also reminded consumers to interact only with FCA-authorized firms for adequate protection. The Retardio project features a Solana-based NFT collection that reportedly achieved $31 million in lifetime sales, alongside its associated meme coin trading under the ticker “Retardio.” The token is valued at around $0.07, and holds a market cap of close to $73 million, according to Dexscreener. Retario price action over the past week (Source: CoinGecko ) According to the FCA, UK consumers dealing with Retardio will not have access to the Financial Ombudsman Service or protection under the Financial Services Compensation Scheme (FSCS). This means that they are unlikely to recover funds if the project collapses. The regulator urged consumers to verify the authorization status of firms through the FCA registry and report unauthorized entities through official channels. In a now deleted response , the Retardio project humorously claimed to have ”issued a warning” against the FCA. Animoca Brands Chairman Yat Siu recently explained in an interview that meme coins represent the value of user attention. Unlike traditional social platforms that obscure the value of user-generated content, meme coins very transparently link market cap to the attention they garner. Siu described meme coins as a tokenized form of attention due to their correlation with user engagement and cultural significance in Web3. Parody Account Turns Meme Coin Profits into Philanthropy A parody X account claiming to represent a former trader donated proceeds from a meme coin inspired by him to charity after the token's value briefly skyrocketed to almost $1 million. The account, named Richard E. Ptardio , received 700 million Richard Ptardio (PTARDIO) tokens on Dec. 17, created through the Solana token creator Pump.fun. The tokens were Initially valued at $53,250, but surged by 1,765% in hours to reach almost $1 million. Despite the windfall, Ptardio distanced himself from the project, and stated that the token was created without his knowledge or consent. After announcing his decision to sell the tokens, he pledged to donate the entire proceeds to Save the Children, a global charity supporting education, health, and other programs for children. While the token's value eventually dropped, Ptardio donated 313.4 Solana, which is worth $69,000, to the organization. It is common for meme coin creators to allocate a portion of their tokens to the people or themes they are inspired by. The account behind Ptardio portrays an older man who spent 35 years trading in London, Hong Kong, and New York before joining the cryptocurrency space in September.
Key Takeaways : Litecoin’s price faces a bearish pressure at around $110. Our Litecoin price prediction for 2024 expects the maximum price of LTC to be $156. In 2030, we expect Litecoin to attain a maximum of $1,228. Following Bitcoin’s surge toward $100K, Litecoin is facing increasing buying activity. This surge in activity raises several questions for investors: Is it a good time to invest in Litecoin? Or Will Litecoin (LTC) hold above $200 in 2024? These are common questions that make predicting Litecoin’s price a bit tricky. To assist you with these questions, we have prepared a detailed analysis and forecast of Litecoin price prediction 2024-2030. This article includes the latest updates, news, and technical analysis to aid in your investment decisions. Let’s dive into the most recent predictions for Litecoin’s price for 2024, 2025, and beyond! Overview Cryptocurrency Litecoin Ticker Symbol LTC Rank 20 Price $108 Price Change 24-H -0.7% Market Cap $5,865,715,463 Circulating Supply 74,485,583 Trading Volume $367,159,933 All-Time High $413 All-Time Low $1.11 Litecoin price Prediction: Technical analysis Metric Value Current Price $108 Price Prediction $187.20 (43.82%) Fear & Greed Index 78 (Extreme Greed) Sentiment Bullish Volatility 17.32% Green Days 18/30 (60%) 50-Day SMA $80.74 200-Day SMA $75.30 14-Day RSI 79.09 Litecoin price analysis: LTC price faces selling pressure below $110 TL;DR Breakdown: LTC’s price faces bearish pressure below $110. Resistance for LTC is present at $127. Support for LTC/USD is present at $100. The LTC price analysis for 19 December confirms that LTC faces bearish pressure below $110. However, the LTC price aims for an immediate surge in the coming hours. LTC price analysis 1-day chart: LTC/USD attempts to meet buyers’ demand Analyzing the daily price chart, Litecoin is experiencing selling sentiment as it aims for a bearish move below $110. However, buyers are strongly defending a drop below the immediate Fib channel. The 24-hour volume surged to $235 million, showing an increased interest in trading activity. LTC price is currently trading at $108, decreasing by over 0.7% in the last 24 hours. LTC/USD chart. Source: Tradingview The RSI-14 trend line has declined from its previous level and trades below the midline level of 46, hinting that sellers are gaining control of the price chart. LTC/USD 4-hour price chart: Bears aim for a hold below EMA trend lines The 4-hour Litecoin price chart suggests that bears are increasing their domination to keep the altcoin below the EMA trend lines. Currently, bears are defending a surge in the price chart and preparing for a hold below the EMA20 trend line. LTC/USD chart. Source: Tradingview The BoP indicator trades in a bearish region at 0.37, signifying that sellers are triggering a minor downward correction. Additionally, the MACD trend line has formed red candles below the signal line, and the indicator aims for negative momentum, strengthening the chances of a bearish push. Litecoin technical indicators: Levels and action Daily simple moving average (SMA) Period Value Action SMA 3 $107.55 BUY SMA 5 $104.28 BUY SMA 10 $99.60 BUY SMA 21 $94.63 BUY SMA 50 $80.74 BUY SMA 100 $73.03 BUY SMA 200 $75.30 BUY Daily exponential moving average (EMA) Period Value Action EMA 3 $92.58 BUY EMA 5 $86.05 BUY EMA 10 $78.68 BUY EMA 21 $73.08 BUY EMA 50 $69.22 BUY EMA 100 $69.04 BUY EMA 200 $71.33 BUY What to expect from LTC price analysis next? The hourly price chart confirms that bulls induce buying pressure to hold the price; however, sellers may soon return. If the LTC holds momentum above $127, it may climb toward $148. LTC/USD chart If bulls fail to initiate a surge, the LTC price may drop below the immediate support line at $100, which may result in a correction to $85. Is Litecoin a good investment? Litecoin is an alternative to Bitcoin, making it an appealing choice for everyday transactions worldwide. Additionally, with a finite cap of 84 million coins, LTC presents itself as a potential investment for value preservation, akin to Bitcoin’s role as a digital asset. Why is the LTC up today? As Bitcoin price is aiming to surpass the $100K mark, there’s an increasing buying demand in the altcoin market. As a result, Litecoin’s price is attempting to hold above $140. Will Litecoin reach $100? Litecoin price already touched the $100 mark this year; however, it is now well below that price point. By the end of 2024, Litecoin might surge above $150. Will LTC price reach $500? According to our Litecoin price prediction, LTC price might hit the $500 mark in 2028. However, this rally depends on the future buying interest in the altcoin market. Does LTC have a good long-term future? Despite the recent adjustments and potential peak formation, Litecoin exhibits a robust long-term price trajectory and outlook, indicating a very high potential for future growth. If the network continues to witness robust activities and growth, the price might even reach $1000 in no time. Recent news/opinion on Litecoin Almost 80% of Litecoin (LTC) investors are currently making a profit, reaching the highest level since 2021, resulting in an impressive rally. Litecoin price prediction December 2024 Litecoin’s price shows signs of a bullish move as it has been surging heavily for the past few days. As BTC’s price aims for a move above the $100K mark, Litecoin’s price intends to end this month on a bullish note. As a result, we might see the LTC price record a low of $115 with a maximum price of $156 and an average price of $138. Litecoin Price Prediction Potential Low Potential Average Potential High Litecoin Price Prediction December 2024 $115 $138 $156 Litecoin price prediction 2024 Investors are looking for top cryptocurrencies to buy now in the dip, with the market slump hinting at big opportunities. A critical point for Litecoin is its 2023 halving event, which reduced the mining reward. Initially, miners received 50 LTC per block, but the halving lowered this to 6.25 LTC. This reduction means fewer Litecoins are available, potentially driving up the price if demand remains steady or increases by the end of 2024. However, past halvings haven’t always led to significant price hikes, with prices even falling after the 2019 event. With a projected network and increasing adoption, in 2024, Litecoin’s price is expected to hit a minimum of $54. The maximum price could reach up to $115., with an average trading price around $80. Litecoin Price Prediction Potential Low Potential Average Potential High Litecoin Price Prediction 2024 $115 $138 $156 Litecoin Price Predictions 2025-2030 Year Minimum Price ($) Average Price ($) Maximum Price ($) 2025 186.72 195.03 201.25 2026 226.67 233.15 268.45 2027 323.83 335.49 390.17 2028 461.29 478.06 562.1 2029 695.94 715.07 811.35 2030 1,003 1,039 1,228 Litecoin price prediction 2025 A report from Messari shows significant growth in Litecoin’s network. The coin has been around an all-time high in transactions and active addresses. These figures indicate a strong and bustling network, suggesting good growth potential for Litecoin in 2025. Hence, the forecasted lowest price for Litecoin is $186.72. According to our analysis, the highest possible price for LTC could be $201.25, with an average expected price of $195.03. Litecoin price prediction 2026 Litecoin’s growing popularity is evident in its expanding social media presence, particularly on Reddit, with active users reaching 2021 levels before its all-time high. Experts predict a significant rally by 2026, with prices ranging between $226.67 and $268.45 and an average of $233.15. Advancements from the Litecoin Foundation are expected to drive a strong rebound, boosting its market cap and valuation. Litecoin (LTC) price prediction 2027 In 2027, the price of Litecoin is expected to reach a minimum value of $323.83. The maximum price could be as high as $390.17, with the average trading price throughout the year around $335.49. Litecoin price prediction 2028 In 2028, the lowest forecasted price of Litecoin is $461.29. Based on our analysis, the maximum price could rise to $562.10, with an average price of $478.06 for the year. Litecoin price prediction 2029 Our detailed analysis of past Litecoin price data indicates that in 2029, the minimum price of Litecoin could be approximately $695.94. The price could peak at $811.35, with an average trading value around $715.07. Litecoin (LTC) price prediction 2030 For 2030, the minimum predicted price of Litecoin is $1,003. The price could reach a maximum of $1,228, with the average trading price expected to be about $1,039 throughout the year. Litecoin price prediction: Analysts’ LTC price forecast Firm Name 2024 2025 Gov.Capital $159 $211 DigitalCoinPrice $173 $202 Changelly $118 $131 Cryptopolitan Litecoin price prediction According to the Litecoin price prediction by Cryptopolitan, it is anticipated that various leading institutions will invest in and start accepting LTC as a form of payment. Additionally, the growing frequency of events likely to influence LTC’s price could enhance its public perception. By the end of 2024, Litecoin’s price is expected to hit a minimum of $64. The maximum price could reach up to $115., with an average trading price around $80. We expect the LTC coin price to reach a high of $250 in 2027. Litecoin historic price sentiment LTC price history In its early years, Litecoin traded between $1 and $5 before surging to over $300 during the crypto bubble of late 2017 to early 2018. In 2021, Litecoin hit an all-time high of $412.96 early in the year but dropped significantly, closing at $144.56 by the end of the year. In 2022, Litecoin experienced significant losses, dropping below $45 mid-year. However, it managed to outperform the broader market despite a nearly 55% decline overall. 2023 saw high volatility for Litecoin, peaking at $114.50 in July but declining sharply due to market pressures, ending the year at $72.80 with a modest 7% rise despite underperforming the broader market. In 2024, Litecoin started the year around $68.20, climbed to $102.40 in April, and then fell below $80. After further declines in May and June, it dropped to $49 in August before rebounding to $70. By November, Litecoin surged past $100 and attempted to hold above $140 in December.
Here’s what on-chain data says regarding which segment of the Bitcoin market has been participating in selling at the latest high prices. 90-Day+ Bitcoin Investors Have Been Showing Activity Recently As pointed out by YouTuber denome in an X post , only one segment of the Bitcoin market is still participating in profit-taking. The data shared by the user is from the on-chain analytics firm Santiment. More specifically, the chart is for the Dormant Circulation indicator. The Dormant Circulation keeps track of the total number of tokens being moved on the blockchain after having been dormant for at least a given length of time. Below is the chart for the metric, which shows the trend in its value for three different timeframes over the last few months: In the graph, the three versions of Dormant Circulation listed are: 90 days, 365 days, 3 years. Note that these are the starting points of the periods for which the metric tracks; the 90-day, for instance, measures the transactions of coins that were held for more than 90 days prior to the move. From the chart, it’s apparent that the Dormant Circulation surged to notable levels for the 90+ days and 365+ days coins as the cryptocurrency’s rally occurred last month. At one point, the difference between the spikes of the two wasn’t even that much, so a bulk of the transactions that were being counted by the 90+ days version were in fact of coins older than 365 days. Thus, it seems the veteran cohort of the Bitcoin market, called the long-term holders (LTHs) , were busy with selling. The 90-day Dormant Circulation has remained at notable levels this month as the bullish momentum of the asset has continued with its price exploring above the $100,000 level. Unlike last month, however, the 365-day version of the indicator hasn’t registered any spikes, implying coins aged between 90-days and 365-days are the ones being sold. This range is half made up by the older of the short-term holders (STHs) and half by the younger of the LTHs. Considering that the wider LTH cohort hasn’t been participating in any selling, though, it’s likely that a majority of the transactions are in fact of coins belonging to the STHs. Based on the trend witnessed in the past month, it seems some of the HODLers were hasty in taking their profits earlier, but now the cohort believes Bitcoin still has the potential to run beyond the recent highs, so its members are holding off on selling. The STHs are known to represent the fickle-minded side of the market that easily sells, so it’s no surprise that they are still taking profits amid the $100,000+ hype run. BTC Price At the time of writing, Bitcoin is trading around $104,200, up more than 6% over the past week.
The Federal High Court in Lagos has granted an interim order restraining the Advertising Regulatory Council of Nigeria (ARCON) from demanding $38.55 million (NGN60 billion) from Facebook Nigeria Operations Limited for an alleged violation. Justice Yellim Bogoro made the order on Dec. 12, 2024, following a motion ex parte filed by Facebook. Facebook sought two
The post Bitcoin Exchange Reserves Hit Record Low Could Hit $120K Soon! appeared first on Coinpedia Fintech News Bitcoin’s recent surge to its ATH $108 has caught the attention of investors, especially after U.S. President-elect Donald Trump suggested the creation of a national Bitcoin reserve. A major factor driving this surge is the historic drop in exchange reserves, which are now at a record low of 2.4 million BTC. With high demand and limited supply, Bitcoin could soon reach $120K. Bitcoin Exchange Reserve Hit Record Low According to Kripto Baykus, a CryptoQuant analyst, Bitcoin’s exchange reserves have been steadily falling throughout 2024, dropping from 3 million in January to a record low of 2.4 million by the end of the year. This decline signals a change in how investors are approaching Bitcoin, especially among institutional investors. Many of these investors are adopting the “hodl” strategy, removing their Bitcoin from exchanges in favor of long-term holding. Baykus notes that this is a sign of confidence in Bitcoin’s future, with institutional players betting on the cryptocurrency’s potential. Potential Risks Ahead While the supply-side trends are bullish, there are some concerns about Bitcoin’s demand. Yonsei Dent, another CryptoQuant analyst, pointed out a divergence in the Coinbase Premium Index, a metric used to track demand in North America. Despite Bitcoin’s price surge, Coinpedia news reported that the Coinbase Premium Index has dropped. This suggests that the recent price surge may not be entirely driven by U.S. demand, raising concerns about the sustainability of Bitcoin’s rally in the medium term. Bitcoin To Soon Hit $120K As these reserves shrink and Bitcoin becomes scarcer, its price has been rising. At the start of 2024, Bitcoin was valued at around $40,000. By November, it had soared past $100,000, even hitting a new high above $108,000. With Bitcoin’s supply tightening and demand staying strong, experts believe that Bitcoin could continue to set new price records through the rest of 2024 and into 2025. If the current trends continue, Bitcoin could reach new highs, possibly even hitting $120,000.
Sentiment for Ethereum (ETH) has reached its lowest levels in a year as the second-largest crypto by market capitalization struggles to reclaim the $4,000 mark. Despite investors’ sentiment, some analysts suggest that the King of altcoins is about to kickstart its bullish run to new highs. Related Reading: Bitcoin Could Peak Between $160,000 And $290,000 If These Historical Patterns Repeat – Report Ethereum Sentiment Drops To Yearly Low According to crypto analyst Ali Martinez, Ethereum social sentiment has hit a one-year low amid its struggle to turn the $4,000 resistance into support. Per the post, this metric reached its most negative levels since December 18, 2023, when ETH was trading around $2,100-$2,200. The analyst pointed out that this is a “classic bullish indicator,” noting that when sentiment hit “rock bottom” a year ago, ETH’s price rallied around 30% in the following weeks. The cryptocurrency climbed to the $2,700 mark by January 12, a key level in ETH’s rally to the March high of $4,093. If Ethereum followed the same pattern, the cryptocurrency could see a jump to the $4,900-$5,000 price range in the next month, potentially turning the next big resistance level into support in the following two weeks. Martinez explained that the crypto’s rally will resume once ETH clears the $4,100 resistance, a level not seen since December 2021. Once this level is recovered, “$6,000 will become a magnet.” After breaking past the $4,000 mark this month, the second-largest crypto has struggled to turn this level into support. Its latest breakout attempt occurred at the start of the week when Bitcoin (BTC) surpassed its previous ATH. While BTC traded above the $107,000 range, Ethereum surged to $4,100 but quickly retraced to $3,900 before seeing a correction to the $3,800 level. Despite the pullback, ETH still registers gains in the weekly and monthly timeframes, recording a 2.3% and 22.6% increase, respectively. Will ETH Break Past $4,000 This Month? Altcoin Sherpa highlighted that ETH is “roughly at the same spot that BTC was at around 70K,” adding that it hasn’t “materially broken this level for years.” In the last three years, ETH has been rejected from the $4,000 level several times but ran to its all-time high (ATH) when it was held in 2021. If it were to mirror Bitcoin’s performance, the cryptocurrency could see a run to its $4,800 ATH before aiming for its first price discovery target of around $5,000. The analyst also noted that December and January are the “best times” for the Altcoin market’s performance. Similarly, Benjamin Cowen previously highlighted that ETH’s pair against BTC is “still following a familiar pattern” where Ethereum historically finds “renewed strength” between December and January. Related Reading: PNUT Memecoin Drops 10% Following Peanut’s Owner Legal Warning To Binance Nonetheless, Sherpa forecasted that the ETH/BTC pair would likely see one “final shakeout” before going “up for a few weeks/months.” To achieve this, the token must break past its recent 0.041 high. Trader and analyst Skew warned that breaking past the $4,000 resistance will take “even more buying pressure” as this price has “some massive seller continuously topping up supply.” Lastly, he stated that holding the $3,800 level was key to continuing the rally. As of this writing, ETH is trading at $3,874, a 2% decline in the daily timeframe. Featured Image from Unsplash.com, Chart from TradingView.com