Blockchain

Jim Cramer, the host of CNBC’s Mad Money show, has come to be known in Bitcoin circles for his constantly wrong predictions about the asset. Cramer has, at various points, called for investors to sell their Bitcoin but with the crypto’s price continuing to go up after his calls, here’s how much Bitcoin has gained since Cramer last called for a BTC sell-off.

Counter-Trading Jim Cramer’s Advice On Bitcoin

Back in 2022 when the FTX crypto exchange collapsed and filed for bankruptcy, the Bitcoin price had fallen more than 50% to trade below $15,000. This crash took place in November 2022 and a few months later, there was a slight recovery in price and Cramer gave one of his infamous ‘Sell Bitcoin Now’ advice.

As shown in a video of Cramer shared by the parody account @CramerTracker on X (formerly Twitter), the Mad Money show host can be seen advising investors to sell their Bitcoin. At the time, the asset’s price had risen around 4% in one week to $24,000 and Cramer believed this was an opportunity to sell. According to him, BTC’s price was being manipulated, and selling into the slight pump was the best thing.

Cramer also asserted that the ‘price manipulation’ has made him no longer believe in the asset. “I would sell my Bitcoin right into this rally,” Cramer said. “Believe me, I had been a believer one time in Bitcoin. Not here. Not now,” the show host further added.

In true Cramer fashion, he would turn out to be wrong less than a year later as Bitcoin’s price would keep going up. In fact, buying Bitcoin at the time when Cramer advised investors to sell proved to be one of the best buying opportunities.

From Cramer’s sell call at $24,000 to now, the price has increased by 80%. This means that if an investor had bought $100,000 in BTC when Cramer said sell and held until now, they would have a whopping $180,000 in their portfolio, meaning an $80,000 profit in less than one year.

The Inverse Cramer Tracker ETF

Cramer’s propensity for being wrong has brought him notoriety to the point that there is currently a fund dedicated to doing the opposite of what the CNBC host says. The Inverse Cramer Tracker ETF is currently sitting at $22.07 after hitting an all-time high of $26, data from MarketWatch shows.

Currently, the ProShares Bitcoin Strategy ETF is the top holding in the fund (5.50%) which currently has around $3.1 million in net assets. Other prominent investments include PayPal Holdings Inc., AMC Entertainment Holdings Inc., and Dominion Energy Inc., among others.

Interestingly, Cramer changed his stance on Bitcoin in November 2023, just months after his initial prediction. He has gone on to endorse Bitcoin investments and referred to his earlier predictions as ‘premature.’

Shibarium, the Ethereum-based layer 2 blockchain solution from the Shiba Inu team, has achieved yet another major milestone, showcasing growing strength within the platform.

Shiba Inu Shibarium’s Latest Important Milestone

The Shiba Inu layer 2 platform has recently crossed a significant milestone in terms of total transactions processed as total transactions have increased dramatically over the past few weeks.

According to Shibariumscan – the network tracker, Shibarium has crossed over 90 million transactions performed in the platform since its introduction. Data from the network tracker shows that the number is currently sitting at approximately 90,677,816 as of the time of writing.

It is noteworthy that since December 2, the Shiba Inu blockchain has continuously maintained a whopping average of 7.5 million daily transactions. Currently, the total number of daily transactions revealed by the network’s tracker is totaled at 7.84 million transactions.

The network’s activity appears to be growing significantly, reaching major milestones over the past few weeks. Earlier this month, the total number of transactions in Shibarium was sitting at 66 million, indicating over 35% increase since this month.

Data from Shibariumscan also revealed an uptick in the network’s total blocks and wallet addresses. Shibarium’s total number of blocks is approximately 2,077,814, while the total number of wallet addresses is 1,305,042.

This kind of surge in transactions means that millions of BONE tokens were spent on transaction fees. As a result of this, it prepares the stage for the much-anticipated Shiba Inu token burn.

However, despite the recent surge in transactions, the Shiba Inu burn rate is still down in the past 24 hours. According to Shibburn, the SHIB token burn rate is down by 91% over the past 24 hours.

It is worth noting that Shiba Inu recently saw its highest burn rate ever since the initiative was introduced. Last week, the project saw an astounding 7,686,774% increase in burn rate, destroying about 8.35 billion SHIB tokens.

Shibarium Migrates To Sepolia Network

Last week, Shiba Inu announced that Shibarium will be adopting the Sepolia network. The team pointed out that Shibarium Puppynet will be moved from the Goerli Network to the Sepolia Network.

The goal of this adjustment is to be in line with more effective and scalable infrastructures, according to the team. Additionally, the transition will pave the way for more advanced solutions.

Furthermore, the move is not merely a transition, but an upgrade that will enable a more efficient and user-friendly environment. This is because of the growing demands of the blockchain community, particularly in fields such as NFTs and DeFi.

Sepolia provides a testing environment that is more stable and controlled, precisely replicating the Ethereum mainnet’s features and functionalities. Due to this, developers are guaranteed access to a dependable and consistent platform for testing their dApps and smart contracts. The team asserted that this strategic shift will become live on December 15, 2023.

Shibarium, the Shiba Inu Ethereum Layer 2 network, has been ramping up in the last few weeks. The rapid rate of adoption has led to a rise in the number of transactions being carried out on the network on a daily basis, leading to a new milestone.

Over 90 Million Transactions Carried Out On Shibarium

According to data available from ShibariumScan, the total number of transactions carried out on the Shiba Inu Layer 2 network has now crossed the 90 million mark. This comes after multiple days of over 6.5 million transactions being recorded on the network on a daily basis.

Between Sunday and Monday alone, there were over 7.8 million transactions carried out on the Shibarium network. At the same time, there has also been an uptick in the growth rate of accounts on the network. It went from trending around 30,000 at the end of November to over 54,000 just two weeks into December. This represents a growth rate of almost 100% in the accounts on the network.

Active accounts also followed a similar trajectory as the daily transactions, reaching a new all-time high of 9,339 on December 5. However, this metric seems to be undergoing a full retracement after falling to 3,232 on December 10. It means that users are starting to scale back their activity on the network.

The number of new accounts created in a single day also touched a new all-time high in December. Data shows it reached 4,456 on December 3, and then 4,399 on December 5. But just like the active accounts metric, new accounts created on the network have dropped approximately 92% to just 368 by December 10.

Can This Trigger A Shiba Inu Rally To $0.0001?

While the growth rate of the Shibarium network is no doubt good for Shiba Inu, it is doubtful that it will have any significant impact on the price. This is because Shiba Inu is only the governance token of the network while BONE is the main utility token. So the network’s growth is likely to have a direct impact on the price of BONE rather than SHIB.

As for SHIB reaching the $0.0001 price target, market experts at Telegoan have said that it may reach this mark in the year 2025. They also believe that the meme coin could rise as high as $0.000728 in the same year if market conditions are right.

In the short term, an expected $1 million worth of burns may be what ends up propelling the meme coin’s price. Shiba Inu lead dev Shytoshi Kusama confirmed that the over $1.2 million accumulated from BONE fees on the Shibarium network may be used to burn SHIB. As the SHIB supply reduces, the token’s value is expected to rise.

On-chain data shows an increasing trend of Bitcoin moving to exchanges, a typical bearish sign, but another signal still remains optimistic for the bulls.

Bitcoin Exchange Inflows Are Up, But So Are USDT Deposits

According to data from the on-chain analytics firm Santiment, BTC has been flowing into exchanges recently. The relevant indicator here is the “supply on exchanges,” which keeps track of the percentage of a cryptocurrency’s total circulating supply that’s currently sitting in the wallets of all centralized exchanges.

When the value of this metric goes up, it means that the investors are making net deposits of the asset into these platforms, while a decline implies outflows are taking place.

What effect either of these trends might have on the market depends on the type of cryptocurrency in question. Santiment has shared the below chart, which shows how the supply on exchanges has recently changed for four assets: Bitcoin, Ethereum (ETH), Tether (USDT), and USD Coin (USDC).

As displayed in the above graph, the Bitcoin and Ethereum exchange supplies had both been on the decline earlier, but recently, BTC has diverged from this downtrend and registered some net deposits.

These deposits first started after BTC finished its rally to $44,000 and took to sideways movement. Generally, one of the main reasons why holders might deposit their coins to exchanges is for selling purposes, so these recent inflows can be a sign that selling has been taking place.

The uptrend in the supply on exchanges also became a bit sharper in the leadup to the asset’s latest plunge, suggesting that the inflows have indeed been adding to the selling pressure.

From the chart, it’s also visible that the Bitcoin supply on exchanges hasn’t yet reversed its trend, a potential indication that selling hasn’t completely exhausted yet.

Meanwhile, Ethereum has continued to see supply exit these central entities, implying that investors of the cryptocurrency are possibly still participating in net accumulation.

Something that could prove to be positive for BTC, though, is the fact that the Tether supply on exchanges has risen since the plunge. Investors usually make use of stablecoins like USDT and USDC whenever they want to escape the volatility associated with coins like BTC and ETH, but such investors generally only do this as a temporary measure.

When the holders plan to leave the cryptocurrency sector as a whole, they do so through fiat instead. Opting for stablecoins instead, thus, means that they intend to stay in the market and possibly eventually return back towards the volatile side.

Sizeable swaps from stables into Bitcoin and others can naturally provide a buying boost to their prices, so exchange inflows of them can be a bullish sign for these volatile assets.

The most bullish combination is when BTC rallies while the USDT exchange supply does the same, as such a trend suggests that fresh capital is entering into the sector.

In the current case, the Tether exchange supply has gone up at the expense of BTC’s price, so only a rotation of capital has occurred. Nonetheless, the fact that not all capital has exited the sector as a whole can still be an optimistic sign for the rally’s return.

BTC Price

Bitcoin had plunged towards $40,000 yesterday, but the coin has already made some swift recovery as it’s now trading around the $41,700 level.

Crypto analyst Tyler Strejilevich has speculated what could be another tremendous bullish run for Cardano (ADA). Cardano has already done a 132% gain for its holders since the beginning of the year, but according to a discovery by this analyst, the token might just be getting started. In fact, if Strejilevich is right, ADA could skyrocket by an incredible 6000% from today’s price to $33 in the next year.

Crypto Analyst Tyler Strejilevich Spots Bullish Signal For Cardano

Crypto analyst Tyler Strejilevich made his discovery known in a post on the social media platform X. In the post, he noted how ADA is currently at a similar crossroads which it found itself in July 2020. 

Using his analysis of the ADA price chart he shared, Strejilevich noted how the token is now at a bullish cross on moving averages on the weekly timeframe. The last time this happened, ADA went on to form many consecutive bullish candles, going from $0.041 to its current all-time high of $3.09 in 66 weeks. 

A repeat would see Cardano reaching $33 by January 2025. A less optimistic prediction by Changelly puts a $1 prediction by the end of 2025. 

#ADA is about to get a bullish weekly cross for the first time since JUNE 2020

The last time this happened it pumped 6,000% over the next 66 weeks#cardano pic.twitter.com/xQvvbf3b1O

— Tyler Strejilevich (@TylerSCrypto) December 9, 2023

The bullish crossover is yet to happen, and the token still has a few weeks to see how this would play out. Of course, in the volatile world of cryptocurrencies, there’s no guarantee the price will move as predicted. Nevertheless, Cardano is poised for a major rally that could extend into the coming year. 

Current Bullish Performance Of ADA

Network activity, increase in DeFi TVL, and other factors point to Cardano continuing on its current bull run. It’s important to note that the last time Cardano went on this 6000% price gain, its blockchain network was still behind on smart contract functionality. However, the network has changed since then, with Cardano now one of the fastest-growing blockchains in terms of smart contracts. 

Cardano is currently trading at $0.5754, up by 48.43% in a 7-day timeframe amidst a larger crypto market green week. The crypto briefly touched the $0.6 level on December 9, reaching $0.6323 for the first time this year. It has now formed a minor support at $0.53 and is on its way to revisiting $0.6.

On the other hand, the total crypto market cap has dropped by 5.75% in the past 24 hours, as Bitcoin inflows slowed down. According to a chart shared by crypto analyst Ali Martinez, Bitcoin miners have sold around 1,000 BTC worth $44 million since Friday. At the time of writing, Bitcoin is down by 0.5% in the past 24 hours and 6% from its yearly high of $44,500.

After hitting $43,000 last week, Bitcoin traded just below it over the weekend. But the price of the cryptocurrency dropped significantly on Tuesday, reaching $41,800. Following Bitcoin’s December surge, investors chose to take profits, which led to this fall. There was a significant decline the night before, with Bitcoin momentarily falling as low as $40,300.

Due to the decline, the top cryptocurrency in the world had almost a week’s worth of gains erased in only 20 minutes on Sunday night. According to statistics from TradingView, Bitcoin saw a dramatic 7% decline at approximately 9:00 p.m. Eastern Time, falling from above $43,200 to as low as $40,290.

Bitcoin Liquidations And Stock Fluctuations

Following months of stagnation in a limited trading range, Bitcoin has been steadily rising in recent weeks. The cryptocurrency has seen a notable change in mood and performance after previously experiencing market disinterest.

Coinglass data indicates a flurry of positions liquidated in the 12 hours starting on Sunday evening, with upwards of $335 million in liquidations across cryptocurrencies, and roughly $300 million of that in long positions. The reason for the abrupt swing down was not immediately evident. In just Bitcoin alone, liquidations totaled over $89 million.

Stocks have fluctuated this week as investors prepare for a busy event schedule. Expectedly high volatility this week—the Federal Reserve’s most recent monetary policy decision is due on Wednesday, and important November inflation data is coming on Tuesday—is the cause of this anxiety.

Related Reading: Hold Your Horses: Bitcoin Could Fall Back To Under $38,000, These Analysts Say

When assessing the present rise in bitcoin, chart analysts all agree that a more significant dip in the cryptocurrency would be necessary before they would reevaluate how strong the rally is.

Rob Ginsberg from Wolfe Research agrees, pointing out that there is a lot of momentum in the continuing rising trend. According to the consensus of industry professionals, there is a general belief in the durability and longevity of Bitcoin’s upward trajectory.

Still A Bright Road Ahead

A number of favorable catalysts for the cryptocurrency is seen in the upcoming year, with the first being the possibility of a bitcoin exchange-traded fund (ETF). Investors anticipate a price spike in the months that follow the anticipated halving of Bitcoin in the spring of 2024.

Although some investors are excited by the prospect of an ETF, the market as a whole is feeling positive and anticipating significant changes to the cryptocurrency environment.

The price of Bitcoin has risen by about 150% since the start of the year, despite the hiccup. The main driver of the surge has been expectations that large financial institutions will soon be able to purchase significant exposure to Bitcoin through exchange-traded funds (ETFs).

The market’s common expectation that the US Federal Reserve would start cutting interest rates in the middle of 2024 has added to the support for Bitcoin’s price climb.

Featured image from Adobe Stock

Cardano saw a sharp increase in market value, shooting up to a high of $0.61 today, to the delight of traders and investors, in light of the cryptocurrency’s past price fluctuations.

People in the trading community are talking more about possible catalysts and causes that have contributed to Cardano’s recent market dynamics because of how unexpected its ascension is.

Although there was early jubilation following Cardano’s recent jump to $0.65, it turned out to be fleeting. ADA quickly experienced a reversal, reflecting a more extensive and unanticipated decline in the cryptocurrency market.

The quick and marked reversal from its high has sparked the current discussion over the sustainability of ADA’s growth and the future trajectory of its native token inside the blockchain sector.

Cardano Adds 50% To Its Valuation

At the time of writing, ADA was trading at $0.59, up nearly 10% in the last 24 hours, and tallied a commanding 49.2% rally in the last seven days, data from Coingecko shows.

Given the sudden and significant movement in the value of ADA, analysts and market participants should examine the circumstances that led to this development and consider the possible consequences for Cardano’s long-term sustainability.

Similar tendencies to Ethereum, where liquidations on the latter exceeded $80 million during the overall market collapse, caused the pressure that stopped ADA’s growth. The abrupt change in ADA’s course is indicative of more general market circumstances.

Due to the excitement surrounding the possible US approval of a spot Bitcoin ETF, Cardano’s recent gains seem to be the result of a resurgence of optimism in the cryptocurrency markets.

Positive Outlook From The Experts

Cardano’s DeFi ecosystem has grown as a result of this optimism, with Total Value Locked (TVL) recently reaching a record-breaking $420 million.

Along with the token’s price increases, ADA trading volumes have also grown, surpassing $1.1 billion in the last day.

Renowned cryptocurrency analyst Tyler Strejilevich, in the meantime, tweeted his bullish forecast, implying a spectacular rise for Cardano.

#ADA is about to get a bullish weekly cross for the first time since JUNE 2020

The last time this happened it pumped 6,000% over the next 66 weeks#cardano pic.twitter.com/xQvvbf3b1O

— Tyler Strejilevich (@TylerSCrypto) December 9, 2023

He noticed a bullish weekly cross on ADA’s chart, an occurrence not seen in more than three years, which sent the price of the stock skyrocketing by 6,000% in just 66 weeks, to an all-time high of $3.09 in 2020.

His examination led him to believe that ADA’s future may follow past trends, particularly in light of the recent emergence of a bullish weekly cross on the asset’s chart. Should past events hold true, there is a chance that Cardano will drop below $33 in the next 66 weeks.

The cryptocurrency community is buzzing after another well-known expert, Ali Martinez, published a positive Cardano (ADA) price prediction. Meanwhile, Everlodge, a recently launched DeFi initiative, revealed intentions to include state-of-the-art AI technology into its ecosystem.

#Cardano is on track! $ADA price movement is echoing its 2018-2020 trajectory, minus the COVID-19 downturn. If this pattern holds, we could see #ADA punching through the $0.45 resistance soon.

What’s next? A potential rally to $0.75 by late December! https://t.co/aJ05l0sx3P pic.twitter.com/GJOPU6TfM7

— Ali (@ali_charts) December 7, 2023

The recent surge in ADA’s value not only reflects the current positive market sentiment but also hints at the potential for a buoyant and celebratory atmosphere leading up to Christmas.

As investors and enthusiasts closely monitor the unfolding developments, the festive season could bring added joy to the Cardano community, marking the end of the year on a high note for this prominent blockchain platform.

Featured image from Freepik

Crypto analyst Egrag has provided insights into the current market conditions of the XRP price from a technical analysis perspective. He highlighted a critical support level for the crypto token and also reasserted his bullish prediction for XRP when the bull run returns. 

XRP Could Rise To $2 From This Support Level

In a post shared on his X (formerly Twitter) platform, Egrag mentioned that XRP could rise to as high as $2 once it is able to hit the support level of $1.2. He shared an accompanying chart to drive home his point. From the chart, he noted that it was “intriguing” that XRP hasn’t managed to close a monthly candle above $1.2 yet.

He further mentioned that so far, XRP has body candles, but a full-body candle hasn’t materialized. Despite that, the crypto analyst is still bullish on the future trajectory of XRP. He confidently said that XRP will hit $2 once XRP “finally achieves a monthly candle close with a full body above $1.2.”

Considering that many seem to be losing hope in XRP’s potential, Egrag suggested that this move will provide renewed hope as he is convinced that it will trigger a “massive FOMO.” Meanwhile, those who have continued to remain steadfast will be hoping that Egrag’s prediction comes true as they believe that XRP is long overdue for a significant rally. 

Egrag had previously mentioned that XRP hitting $27 is a “plausible target,” considering that XRP saw a parabolic move back in 2017, with the token seeing a 61,000% gain in 280 days. He once again reasserted his bullish stance as he stated that he still has his sight set on the $27 mark.  

XRP Price Retesting Trendline

Crypto analyst JD also recently shared an outlook of XRP on the charts. He mentioned in an X post that XRP broke out of the multi-year trendline on the Non-Logarithmic Scale. Following that, XRP is currently retesting the trendline. 

As to what the future holds for XRP, he noted that a bounce-off on the weekly close is bullish, as that could signify a breakout or retest. However, a break below the trendline could be a false breakout. 

Meanwhile, another analyst, Crytoes, recently noted that the bears are still in control when it comes to the XRP market. He made this statement following XRP’s daily close below the 21MA (Moving Average).

At the time of writing, XRP is trading at around $0.62, down in the last 24 hours, according to data from CoinMarketCap. 

After rising sharply from the $2.00 bottom, Helium (HNT) demonstrated a strong upswing that further fueled the market’s positive attitude and increased the momentum of the advance.

This week has witnessed bull action for the Solana-based Helium Network’s HNT coin, which has seen a 70% weekly rise to $4.86.

Based on the most recent data, HNT, which has a market cap of about $700 million and an amazing $10 billion in trading volume as of press time, quietly touched a yearly high of $5.12 over the weekend after seeing a commanding 85% price spike in only seven days.

Helium Climbs To Yearly High

Buyers demonstrated an upswing and were able to keep the price above both EMAs. The 200-day EMA, which shows strength in the most recent bull run, is about to cross paths with the 50-day EMA for helium. In the event that the crossing takes place, prices may reach new swing highs.

The price of helium has been more volatile this week due to a divergence in the Bollinger Bands. Indicating bull domination throughout the course of the week on the price of helium, HNT’s relative strength indicator is above its average line in the overbought area.

HNT was up from $2.73 to $5.78 in the first week of December, signifying a 70% increase in price. Just this past month, the token has increased by over 190%.

The most recent estimate for the price of Helium is that it may reach $5.75 this month, according to Coincodex.

For a network that has primarily dealt with bad press regarding its product and the transition from its proprietary blockchain to Solana, this price performance marks a turnaround.

HNT Among Top Crypto Performers

In the cryptocurrency market, Helium, a decentralized network that launched in 2019, has made significant progress. It is now among the best performers. Concurrent with this price increase is Solana (SOL), which has risen by over 50% over the past 30 days.

On November 12, 2021, HNT reached its highest point at $55.15. On the other hand, it fell to an all-time low of $0.200 on May 29, 2020.

The lowest recorded price since the all-time high was $1.16, and the highest was $5.75. The Fear & Greed Index shows a score of 72 (Greed), and the current consensus for Helium’s price prediction is positive.

Meanwhile, analysts say the $20 monthly phone plan from Helium Mobile, which gives customers unlimited data, voice, and text, is mostly the impetus for HNT’s price increase.

According to a recent survey, the average American spends about $150 a month on phone plans alone. Helium’s newest connectivity service is expected to provide a more affordable option than traditional service providers.

Featured image from Pixabay

A crypto expert has explained why a Bitcoin pullback (possibly to around $40,000) isn’t a bad thing. This comes as there is a growing concern that the flagship cryptocurrency could soon lose all the gains it has achieved in recent times. 

A Bitcoin Correction Is Necessary

In a post on his X (formerly Twitter) platform, William Clemente, the co-founder of Reflexivity Research, suggested this correction was necessary as it would “shake out “weak hands” and leverage, allowing for a stronger foundation for eventual moves higher.” He further mentioned that Bitcoin’s volatility “is a feature, not a bug.” 

He made this statement in relation to his assertion that the crypto token has doubled in two months with no pullbacks. Although it hasn’t exactly doubled, Bitcoin has, however, experienced a significant surge these past few months. This has come on the back of the possibility of the Securities and Exchange Commission (SEC) approving the pending Spot BTC ETF applications.  

This impressive rally has indeed happened, with the flagship cryptocurrency hardly experiencing any pullback. The bulls have firmly remained in control, with the bears having to bear the brunt of this as many continue to experience heart-wrenching liquidations. However, just like with every other asset, a correction is always expected at some point, and that could be now. 

A BTC Correction is Already Happening

Bitcoin is already facing a retracement as more longs than shorts have liquidated in the last 24 hours, according to data from Coinglass. In an earlier X post, Clemente had warned that there would “be sharp corrections along the way as the market shakes off greedy leveraged longs.”

Meanwhile, the reason for the breather from Bitcoin could also be a result of those waiting on the sidelines to see the outcome of the macroeconomic events happening this week. This includes the CPI inflation data that is set to be released on December 12, which will be closely followed by the FOMC meeting happening on that same day and December 13. 

Many will be hoping that the outcome of those events is rather positive as that would further ignite the bullish sentiment that is currently reverberating throughout the crypto community. Irrespective of what happens, this sentiment isn’t expected to dwindle as many still have their sights set on January when a Spot Bitcoin ETF could be approved. 

Liquidity is also flowing into the ecosystem, with digital asset investment products experiencing their 11th straight week of inflows at $43 million. Bitcoin remains the major focus of these investors, with the flagship crypto token seeing $20 million in inflows. 

At the time of writing, Bitcoin is trading at around $42,000, down in the last 24 hours, according to data from CoinMarketCap.