Blockchain

Crypto analyst Michaël van de Poppe has laid a bullish narrative for altcoins, predicting that these crypto tokens will make a significant run of theirs soon. This prediction is based on his belief that altcoins are still undervalued compared to the flagship crypto, Bitcoin. 

Crypto Analyst Says Altcoins Are About To Explode

Michaël van de Poppe mentioned in an X (formerly Twitter) post that “there is still around 40-60% market capitalization to gain for the altcoins.” In a subsequent X post, he noted that the valuations of these crypto tokens in their BTC pairs are still relatively low, and that suggests that “strength is still to come,” he claimed. 

The analyst believes that the valuation of these altcoins should be done using their “Bitcoin values” and no other way. If that is done, he remarked that one will be able to see that “most altcoins are still heavily undervalued compared” to the flagship crypto. Meanwhile, he hinted that altcoins will enjoy these significant gains once Bitcoin consolidates. 

In a video posted on his YouTube Channel, Michaël van de Poppe elaborated on the correlation between Bitcoin and these altcoins. The analyst stated that Bitcoin hitting new highs means that there is more money in the market and that this money will rotate to other crypto tokens soon enough. 

Once that happens, he expects these altcoins to make significant returns that might be underestimated because of the bear market stigma. Meanwhile, Michaël van de Poppe predicts that altcoin season will come in different rounds. The first one will see these crypto tokens coming close to their all-time high (ATH) or even breaking it, as seen with some already. 

The Best Time To Have Bought Altcoins 

Michaël van de Poppe had previously prepared his followers for this imminent altcoin season when he advised them on the right time to buy these crypto tokens. Back then, he mentioned that the best time to invest in altcoins was “6-10 months prior to the Bitcoin Halving.”

The analyst called that one correctly, seeing as altcoins have made significant runs since then alongside Bitcoin. AI and Meme coins, in particular, have led the way, with tokens like the foremost meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), seeing a significant increase in their market cap. 

Despite the tremendous run these tokens have made so far, there still seems to be an opportunity for investors to position themselves, considering that Michaël van de Poppe mentioned that they are still undervalued. 

Litecoin has emerged as a standout performer in the cryptocurrency payments sector, overtaking prominent digital currencies such as Dogecoin, Bitcoin, and Ethereum as the top choice for crypto payments on leading Bitcoin payment service provider, Bitpay.

Litecoin At The Forefront Of Crypto Payments

In a recent announcement on X (formerly Twitter), the Litecoin team revealed that LTC has claimed the top spot as the most preferred cryptocurrency for payments on Bitpay. Sharing a chart of Bitpay’s payment count by cryptocurrency, the team disclosed that Litecoin has hit a recent milestone, scoring approximately 41.76% of the platform’s total transaction count.

Bitpay’s official website has also acknowledged this significant achievement, confirming that “Litecoin is the cryptocurrency most commonly used for transactions” on its payment platform. Surging higher than popular cryptocurrencies such as Bitcoin and Dogecoin, Litecoin has achieved this milestone by a staggering margin. 

Bitpay’s data disclosed that Bitcoin’s transaction count hovered at 24.36%, marking a notable decrease of 17%, compared to Litecoin. Meanwhile, Ethereum lags, barely hitting the double-digit mark with a modest 9.05% on Bitpay’s payment count. 

Even as prominent altcoins like Dogecoin attempt to make their mark, LTC has left them trailing behind. Dogecoin, holding the 4th position in Bitpay’s transaction count, only managed to score 6.8% in the total transaction count. 

Adding to this recent achievement, the Litecoin Foundation had previously disclosed in January 2024, that Litecoin had hit “a new all-time high of 38.25% on all payments” processed through Bitpay, outpacing both Bitcoin and Dogecoin again. This development underscores the cryptocurrency’s prominence and robust fundamentals, surpassing expectations as it sets a new standard for digital payments. 

With the latest surge, boasting over 40% in Bitpay’s total transaction count, Litecoin continues to make substantial strides, leveraging the potential opportunities amid the rising adoption rates and surge in user confidence. 

LTC Fundamentals Grow Stronger

As Litecoin dominates in crypto payments, it’s worth noting that the cryptocurrency has also been growing stronger in its fundamentals.  As stated by a crypto community member and Litecoin supporter, LTC is witnessing its most bullish year, quickly taking advantage of the positive trends in the crypto market. 

The crypto member also suggests a shift in the coin’s market sentiment, underscoring the rising interest from investors and traders in the cryptocurrency’s value and future prospects. Currently, the price of Litecoin is steadily approaching the $100 milestone, effectively leveraging its ecosystem’s developments to boost its value and adoption rates. 

At the time of writing, the cryptocurrency is trading at $88.00, indicating a substantial 25.02% gain over the past month, according to CoinMarketCap. 

Featured image from Pexels, chart from TradingView

Despite Bitcoin recently hitting a new all-time high (ATH) of over $70,000, crypto analyst Michaël van de Poppe believes that there is still more room for significant moves to the upside. Interestingly, he also expects that this bull cycle will be one like no other.

Bitcoin Still Heavily Undervalued

Michaël van de Poppe mentioned in an X (formerly Twitter) post that Bitcoin was still “heavily undervalued” despite hitting a new ATH. He added that the value is “way higher” and noted how the flagship crypto can help hedge against inflation and keep one’s purchasing power alive. Meanwhile, the crypto analyst believes there will be “way higher numbers” in this cycle.

Michaël van de Poppe had previously hinted at Bitcoin rising to as high as $150,000 in this bull run. Other analysts have also given similar price predictions, with the consensus that BTC will surely rise above $100,000. Other crypto analysts, including MacronautBTC, have even gone as far as predicting that Bitcoin could rise above $200,000. 

There is a growing belief that this bull cycle will be the mother of all past cycles, which could be the reason for such ambitious predictions. Moreover, this cycle has the Spot Bitcoin ETFs, something past bull runs didn’t have. These ETFs have ushered in more institutional demand for the flagship crypto, which has led to an overall increase in the demand for Bitcoin. 

Interestingly, NewsBTC previously reported that the demand for Bitcoin is significantly exceeding Miners’ supply. This development is coming at a time when miners’ rewards are set to be cut in half during the Bitcoin Halving. This would likely lead to more imbalance between the demand and supply curve, potentially leading to an exponential surge in Bitcoin’s price. 

BTC Still Has Enough Time To Hit New Highs 

Bitcoin hitting a new ATH of $70,000 is just the beginning of this bull run, as there is reason to believe this bullish momentum could run into next year. Crypto analyst Ali Martinez noted in an X post that Bitcoin has “consistently taken about 8 to 11 months to hit a market top” whenever it has shattered its previous ATH.   

With Bitcoin currently hitting new highs, the analyst added that historical patterns suggest that the next BTC market top “will be sometime between November 2024 and February 2025.” However,  Alex Thorn, Head of Research at Galaxy Digital, has warned that “bull markets are not straight lines up” and that sharp corrections should be expected along the way. 

At the time of writing, Bitcoin is trading at around $68,300, up over 2% in the last 24 hours according to data from CoinMarketCap. 

Cryptocurrency enthusiasts are celebrating a bullish weekend for Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization. With a price surge of 4.31% in the last day, ETH is inching closer to a critical resistance point: $4,000. This climb comes amidst a wave of optimism surrounding the Ethereum network, fueled by a confluence of factors.

Ethereum Whale Activity, On-Chain Buying Signal Potential Rally

Market analysts are attributing the recent surge to a significant rise in Ethereum accumulation. According to data from blockchain tracking company Spot On Chain, wallets linked to PulseChain and PulseX have been aggressively buying ETH, accumulating a staggering 163,295 ETH in just four days. This substantial buying pressure, totaling nearly $621 million DAI, suggests a strong foundation for a potential price increase.

Furthermore, more than $10 billion whale trade volume recorded overnight indicates a shift in sentiment among major investors. This hefty trade volume is seen as a bullish signal, suggesting that whales are accumulating ETH in anticipation of a price upswing.

Ethereum Investors Buoyed By Profitability, Approaching ATH

Adding fuel to the fire, over 94% of ETH addresses are currently in profit. This translates to a significant number of investors holding onto their ETH, creating low selling pressure and potentially paving the way for a price increase.

Data from IntoTheBlock (ITB), a cryptocurrency analytics platform, indicates that at this point, ETH is at its best level in nearly a year, but it is clearly trailing the upward trend that Bitcoin experienced once its spot Exchange-Traded Fund obtained approval.

Moreover, the excitement surrounding Ethereum is palpable as the price approaches its all-time high (ATH) of $4,890. With minimal resistance anticipated, a retest of the ATH seems like a realistic possibility in the near future. This prospect is further amplified by the dwindling number of addresses holding ETH at a break-even point or at a loss.

Dencum Upgrade And ETF Speculation Stoke Investor Confidence

Beyond the immediate price action, the Ethereum community is buzzing with anticipation about the upcoming Dencum upgrade. This highly anticipated upgrade is designed to address scalability issues, reduce transaction fees on layer networks, and decongest the Ethereum network.

A successful Dencum upgrade is expected to significantly improve the overall user experience and potentially attract new investors, bolstering confidence in the long-term viability of the Ethereum network.

Adding another layer of optimism is the ongoing speculation surrounding a potential Ethereum ETF. While regulatory approval from the SEC is still pending, the very possibility of an ETF has buoyed investor sentiment. An ETF would allow traditional investors to gain exposure to Ethereum without the complexities of directly owning and managing cryptocurrency, potentially leading to a wider investor base and increased demand for ETH.

A Look Ahead: Ether Trajectory Hinges On Multiple Factors

While the outlook for Ethereum appears bright, there are still factors to consider. The price of ETH remains roughly $1,000 shy of its ATH, and the success of the Dencum upgrade and the approval of an Ethereum ETF are not guaranteed. As with any investment, conducting thorough research and maintaining a cautious approach is crucial.

However, the confluence of rising on-chain activity, whale accumulation, and a profitable investor base paints a promising picture for Ethereum. With the Dencum upgrade on the horizon and the possibility of an ETF, Ethereum appears poised for a potential price rally in the coming months.

Featured image from Pexels, chart from TradingView

Here are the Ethereum-based altcoins that are currently witnessing a high amount of activity from the whales, according to on-chain data.

These Ethereum Altcoins Are Seeing High Whale Transactions Right Now

In a new post on X, the on-chain analytics firm Santiment has discussed how several Ethereum-based altcoins have been seeing notable whale activity recently.

The indicator of relevance here is the “whale transaction count,” which keeps track of the total number of transfers taking place on the network for a given cryptocurrency that is valued at $100,000 or more.

Generally, only the whales are capable of moving such large amounts in single transactions, so transfers carrying this much value are assumed to involve these humongous entities.

When the value of this metric is high, it means that the whales are making a large amount of moves on the network right now. Such a trend implies these large investors have a high interest in the asset currently.

On the other hand, low values suggest the cryptocurrency may have a lack of whale interest behind it, as there are barely any large transactions occurring on the chain.

Now, here is a chart that shows the trend in the whale transaction count for a few different Ethereum-based altcoins over the past few months:

As displayed in the above graph, the whale transaction count has recently seen a sharp surge for these five altcoins: Fantom (FTM), Fetch.ai (FET), Render (RNDR), 0x Protocol (ZRX), and Reserve Rights (RSR).

“Ethereum’s market value is up to $3,920 and the #2 cap ranked market price ratio vs. Bitcoin is +9.5% in the past 3 days,” Santiment notes. “When these kinds of price dominance flips occur, we often see profits quickly redistribute, and whales becoming very active in ERC20-based altcoins.”

The alts in question here have all recently registered at least three-month highs in their whale activity. From the chart, it’s visible that Fetch.ai has observed the largest spike out of these assets.

Render leads in second place, while Fantom has followed after it in third. The prices of all three of these altcoins have registered rapid increases, with FTM coming out as the winner so far, with more than 67% in profits over the past week.

Thus, it would appear that the recent whale activity likely corresponded to buying pressure in these alts. It should be noted, however, that even if the whale transaction count remains high in the near future, it doesn’t necessarily have to lead to a bullish outcome.

The indicator merely counts the number of all whale-sized transactions and doesn’t contain any information about whether they are being made for buying or selling.

All that the whale transaction count can say about these altcoins is that, should whale activity remain high, their prices would be probable to witness volatile action, but its direction could go either way.

ETH Price

Ethereum has managed to outperform Bitcoin in the past week, as the second-largest coin has seen an increase of around 15% that has now taken its price beyond the $3,900 level.

Bitcoin (BTC), the dominant cryptocurrency, has made history by briefly breaking its consolidation phase and reaching an all-time high of $70,000. Despite encountering resistance near this level, Bitcoin’s market capitalization has reached $1.3 trillion, showcasing its continued upward momentum. 

However, as the cryptocurrency faces a double top in the same price zone after almost three years, it must overcome a significant hurdle to consolidate above $69,000 and pave the way for further price gains.

Bitcoin Sets New Record 

In the past 24 hours, Bitcoin experienced a 2% uptrend, propelling it to breach the $70,000 milestone for the first time. The cryptocurrency had previously reached $69,300 on Tuesday, indicating the growing strength of its upward trajectory. However, the $69,000 mark has proven to be a formidable resistance level, leading to increased volatility once breached.

The double-top formation in this price zone over a three-year period adds further complexity to Bitcoin’s consolidation efforts. Breaking through this resistance is crucial for Bitcoin to establish a solid foundation for future price gains and sustainably consolidate above $70,000.

The success of Bitcoin spot exchange-traded funds (ETFs) within a short span of two months has bolstered investor confidence and generated anticipation for future price appreciation. 

With investors betting on Bitcoin’s long-term prospects, it appears to be only a matter of time before the cryptocurrency overcomes its current resistance level and continues its upward trajectory. This positive sentiment provides a favorable backdrop for Bitcoin’s potential breakthrough.

Following its brief touch of $70,000, Bitcoin experienced a rapid retracement to the $68,000 level. The timing and extent of its consolidation above the resistance mark remain uncertain. However, market observers are closely monitoring Bitcoin’s performance, anticipating a potential breakthrough that could fuel additional price gains.

Featured image from Shutterstock, chart from TradingView.com 

A new report has revealed the total Bitcoin assets held by Elon Musk’s Tesla and SpaceX companies and how much profit they’re seeing so far.   

Tesla And SpaceX Bitcoin Holdings Unveiled

On Thursday, March 7, Arkham Intelligence, an AI-based blockchain analytics platform, revealed the Bitcoin holdings of SpaceX and Tesla, two companies co-founded by X (formerly Twitter) owner, Elon Musk. The comprehensive report also outlined Tesla’s BTC transactions spanning from 2021 to 2024.

According to Arkham, Tesla had purchased about $1.5 billion worth of BTC in January 2021. Subsequently, the automotive company initiated multiple transfers, opting to sell off its Bitcoin holdings valued at $272 million in the first quarter of 2021 and about $936 million in the second quarter of 2022.  

Arkham has claimed that the automotive company currently possesses a staggering 11,510 BTC, valued at $780 million. Furthermore, Tesla’s substantial Bitcoin holdings are reportedly spread across 68 wallet addresses. 

On the other hand, SpaceX, a private space exploration and technology company, currently holds about $8,290 BTC worth approximately $560 million. These assets are reportedly distributed across a total of 28 wallet addresses. 

The combined BTC holdings of these two companies place them in a league comparable to the BTC holdings of major financial institutions. Tesla has secured the third position among the largest Bitcoin holders, with MicroStrategy leading the list, possessing around 190,000 BTC worth over $8 billion. 

Despite the considerable amount of BTC held by Musk’s companies, the CEO has seemingly had a love-hate relationship with Bitcoin. Earlier in 2023, Bitcoin crashed below $25,000 after Musk’s SpaceX sold all its Bitcoin holdings. However, it seems the space company is showing more interest in BTC, as seen by its massive Bitcoin portfolio. 

Tesla May Be Buying More BTC

A crypto community member, identified as “Definalist” on X, has shared insights, suggesting that Tesla might be increasing its involvement in Bitcoin. Referring to Arkham Intelligence’s report of Tesla’s BTC holdings, Definalist disclosed Tesla’s acquisition of an additional 1,790 BTC. 

Definalist has revealed that in 2023, Tesla’s BTC balance sheet had held about 9,720 BTC. Fast forward to 2024, the automotive company’s portfolio has expanded to 11,510 BTC, revealing an unreported acquisition of an extra 1,790 BTC. 

This significant Bitcoin purchase could be attributed to the growing enthusiasm for the cryptocurrency, driven by its recent bullish momentum and massive price increases. At the time of writing, Bitcoin is trading at a price of $67,279, according to CoinMarketCap. The cryptocurrency previously surged to an all-time high of $69,200 on March, 5, after which it retraced to its current price level.