Blockchain

According to Lookonchain data, Sigil, a fund in Gibraltar, has exited BLUR, one of this week’s top-performing tokens, for Lido DAO’s LDO, and IMX, the native token Immutable X–a layer-2 scaling solution primarily dedicated to NFT trading.

Sigil Fund Sells BLUR For IMX And LDO 

On November 24, Lookonchain, a crypto analytics platform, noted that Sigil sold 1.55 million BLUR for 807,799 IMX, worth roughly $1.14 million, and 210,905 LDO, trading at $540,000, at spot rates. The exchange was made via multiple transactions and done on-chain.

The swap comes roughly three days after Sigil withdrew 3.1 BLUR from OKX, a cryptocurrency exchange. Surprisingly, the fund is exiting BLUR when the token has dominated performance in the last few trading days. 

To quantify, the token has more than doubled this week alone, surging to register new H2 2023 highs above $0.60. BLUR is already up 330% from its 2023 lows and continues to edge higher on rising trading volume.

The Gibraltar-based crypto investment fund’s rotation from BLUR into core governance tokens of Lido DAO and Immutable X comes when there is FOMO around the 300 million BLUR airdrop in Season 2. Still, it is not immediately clear what might have advised the fund to exit BLUR–and not simply ride the current ride–for LDO and IMX. 

In retrospect, the shift could be an endorsement of decentralized finance’s (DeFi) resilience and inherent growth prospects. The rotation of funds into DeFi tokens could also signify a focus on backing decentralized ecosystem building rather than speculative NFT mania, as is currently the case with BLUR, which is rapidly rising, spurred by the Season 2 airdrop.

LDO and IMX Are Key For DeFi And NFT

As of November 2023, Lido DAO and Immutable X are some of the core platforms driving crypto and DeFi. Lido DAO plays a crucial role in Ethereum staking, while Immutable X offers a secure NFT trading infrastructure. Though recent troubles at FTX and other CeFi actors like FTX’s partner, Alameda Research, continue to cap upsides, Sigil’s allocation change is an endorsement for DeFi.

In the future, it is not immediately clear whether LDO and IMX prices will edge higher. For now, it remains on an uptrend but is generally volatile and not galloping higher like BLUR. The token is up 80% from October 2023 lows at press time. Meanwhile, IMX is extending gains at 2023 highs, looking at price action in the daily chart.

Bitcoin (BTC) and the cryptocurrency market have seen a significant uptrend, hitting a new annual high and surpassing $1.45 trillion, paving the way for potential gains in the final days of November.

Notably, BTC, the largest cryptocurrency in the market, has achieved a remarkable milestone, approaching the $40,000 level with a price surge to $38,400. 

The catalysts behind this recent surge include the anticipated acceptance of the BlackRock Bitcoin Spot exchange-traded fund (ETF) within the next 45 days and speculation that BlackRock itself may influence Bitcoin’s price through significant buying pressure on Coinbase.

BlackRock Driving BTC’s Recent Price Surge? 

According to CoinGecko, the global cryptocurrency market cap currently stands at $1.5 trillion, reflecting a 2.05% change in the last 24 hours and an impressive 72.26% change compared to the same period last year. 

This surge in market capitalization has not only boosted Bitcoin but has also contributed to gains in other major cryptocurrencies within the Top 100, such as Blur (BLUR), which soared a staggering 27%, Mina Protocol (MINA), which gained 9%, and Bittensor (TAO), which has seen a 14% surge in the last 24 hours, to name a few.

Regarding the recent surge of BTC to a new yearly high, crypto expert known by the pseudonym “Crypto Rover” has shed light on potential catalysts driving the recent surge. According to Rover, the BlackRock Bitcoin Spot ETF launch is expected to occur within the next 45 days.

In this regard, Rover’s analysis suggests that BlackRock, the world’s largest asset manager, may play a role in Bitcoin’s recent surge. The speculation is based on the observation that a significant amount of Bitcoin buying pressure appears to be coming from Coinbase, the largest cryptocurrency exchange in the United States, with the platform serving as BlackRock’s custodial partner. 

Promising Bitcoin Price Targets For Late 2025

Renowned crypto analyst Crypto Con has unveiled what he claims to be the most accurate Log Regression Curves for Bitcoin to date. These curves have provided insights into the future cycle top, an elusive aspect of Bitcoin analysis. 

According to projections derived from the curve matching technique, late 2025 could witness two potential price targets for Bitcoin: $130,000, referred to as Layer 6, and Layer 7, with a target price of $180,000.

The analyst says several models and projections support the $130,000 target, adding to its credibility. According to Crypto Con, even the most conservative estimate, known as Layer 5 at $94,000, seems less likely. 

Based on historical trends, it is improbable that the entire red band, representing potential price ranges, would fail during this cycle. Therefore, one of the projected targets is expected to be accurate.

Based on the available information, Crypto Con favors layer 6 at $130,000 as the more likely target for Bitcoin’s late 2025 price surge. This projection aligns with the Halving Cycles Theory, suggesting a timeframe of approximately 21 days from November 28th, 2025.

Bitcoin has undergone a recent pullback within the last hour following its attainment of a new yearly high. As of now, it is trading at $37,800.

Featured image from Shutterstock, chart from TradingView.com 

The XRP price may be gearing towards a bullish momentum with the potential release of multiple ETPs and the anticipated launch of Valour’s XRP ETP into the European markets next month. 

Valour XRP ETP To Enter European Markets

Valour, a publicly traded company backed by DeFi Technologies, a crypto-based software organization, has announced a new XRP Exchange Traded Product (ETP). In a press release published on Wednesday, DeFi Technologies disclosed the launch of Valour’s XRP ETP in December 2023. 

A popular YouTuber, Zack Rector has stated in a recent YouTube video that the token is positioned to take advantage of a large flow of liquidity driven by the initiation of multiple XRP ETPs. 

Including Valour’s ETP, there have been many other ETPs launched by industry-leading crypto companies. 21 Shares, a Swiss financial institution, is one of the prominent companies that issued its XRP ETP (AXRP) in 2019. Since its launch, AXRP has recorded approximately $49 million in assets under its control and the ETP earns a year-to-date return of +69%. 

Rector disclosed that the growing number of ETPs could trigger significant institutional inflows that could push the adoption of the token and possibly drive its price upwards. Furthermore, the integration of an XRP ETP has the potential to significantly advance the ecosystem by enhancing liquidity and improving accessibility for retail and institutional investors. 

ETP Influence On The Price

The announcement of Valour’s XRP ETP comes as a positive development for the community and the broader crypto space. Various crypto investors have expressed their optimism about the significant impacts these ETPs could have on the XRP market.

Just as the news of Spot Bitcoin ETF applications propelled Bitcoin’s price above $37,000, institutional flows from Valour’s XRP ETP could drive the token’s price to $10. 

The ETP issued by 21 Shares Ripple is a prime example of how XRP ETPs have performed in the past. After being traded 447 times on the market, this particular ETP generated $5 million in revenue. 

Valour’s upcoming ETP has become a focal point for investors seeking strategic investment opportunities. Crypto investors are closely monitoring the market to assess the potential gains that may follow the ETP’s debut. 

The anticipated launch of Ripple’s IPO and the final resolution of the lawsuit between Ripple and the United States Securities and Exchange Commission (SEC) are also major events that could help drive the price of the token to higher levels. 

Ethereum (ETH) continues to absorb Bitcoin (BTC) selling pressure in November, looking at price action when writing on November 24. In the daily chart, ETH bulls have the upper hand, adding roughly 9% versus BTC from October lows. 

Ethereum Outperforms Bitcoin In November

ETH buyers are firm, with price action still confined inside the conspicuous bullish engulfing bar of November 9. Despite bears forcing prices lower in the second week of November, the failure of BTC bulls to reverse all losses suggests that ETH buyers are still in command.

If anything, prices may rise in the days ahead, reversing losses of the better part of 2022 when Bitcoin, buoyed by a crash in the altcoin scene, forced capital to the world’s most valuable currency. 

With Ethereum being resilient, reading from its performance in the ETH/BTC chart, hints suggest that the altcoin season could be in the early stages. Should that be the case, it will be a reprieve for ETH and other altcoins, including Cardano (ADA). 

Following the dip in 2022, most altcoins capitulated, with most falling by over 80% from 2021 peaks as the crypto winter progressed, freezing gains. The situation took a turn south in 2023 when regulators continued with their enforcement actions against CeFi facilitators, mostly exchanges like Binance and Coinbase.

Their decision negatively impacted liquidity, as evidenced in other trending altcoins like Solana (SOL). ETH remains relatively firm at spot rates versus BTC, extending gains in late November. This could indicate that demand is beginning to pivot toward altcoins, with ETH, the most liquid of them all, leading the way.

Since other altcoins have relatively thinner liquidity, they tend to recover faster but generally align with ETH. If the ETH revival is sustained, reading from the candlestick arrangement in the daily chart, the leg up might also be accelerated by several macro tailwinds.

BlackRock Applies For Spot Ethereum ETF, Will ETH Reach $26,800?

In November, BlackRock, one of the world’s largest asset managers, filed for a spot Ethereum ETF. It comes when the broader crypto market expects the Securities and Exchange Commission (SEC) to approve the first spot Bitcoin ETF in the country. This application signals that BlackRock is confident about Ethereum’s investment products. 

Additionally, the on-chain analytics platform, Token Terminal, recently issued a bold report forecasting ETH to reach $36,800 by 2030. Token Terminal expects Ethereum to process over $14 trillion of the finance industry’s value in the next seven years.

Ethereum would likely dominate at this pace, driven by sharp growth in decentralized finance (DeFi) and other crypto sub-sectors.

Ethereum has cleared the $2,100 level during the past day, and if on-chain data is anything to go by, a rally to new yearly highs should be “easy.”

Ethereum Has No Major On-Chain Resistance At Higher Levels

An analyst in a post on X explained that Ethereum has overcome a major on-chain resistance zone with its recent price rally. The on-chain resistance and support levels are defined based on the density of investors who bought at them.

The reason behind this lies in how investor psychology tends to work. For any investor, their cost basis is an important level, so whenever the price retests, they pay special attention and might be tempted to make some kind of move.

A holder who had been at a loss before the retest might lean towards selling, as they may fear the cryptocurrency would dip below it again, so exiting at the break-even would at least mean they would avoid losses.

Similarly, an investor might decide to accumulate more if they had been in profits earlier, as they would see this same level as a profitable point of entry into the asset.

Now, here is a chart that shows how the Ethereum price ranges around the current price are looking in terms of the density of investors who share their cost basis there:

As displayed in the above graph, the Ethereum price range between $1,982 and $2,044 hosts the cost basis of about 1.67 million addresses, which acquired 38.73 million ETH at these levels.

Naturally, the more investors that share their cost basis inside a specific range, the stronger the reaction that the price would feel when it retests due to the aforementioned buying/selling effects.

Thus, this range that’s thick with investors would be a significant zone for the cryptocurrency. Since Ethereum has already surged past this area and has gained some distance over it with its latest break, the range is likely to play the role of support now.

Ethereum has this strong support area under its belt, while at the same time, there are no major resistance zones immediately above, as is apparent from the chart. This ideal setup means that, in theory, ETH shouldn’t have much trouble rallying towards the $2,426 level.

Another analyst has also pointed out how Ethereum has observed negative exchange netflows since the start of the month. The exchange netflow here is an indicator that keeps track of the net amount of ETH exiting or entering the wallets of all centralized exchanges.

The net outflows have amounted to over $1 billion during this period, a potential sign that significant buying has been occurring in the space. This certainly fuels the idea that ETH could explore new yearly highs shortly.

ETH Price

At the time of writing, Ethereum is trading at around $2,100, up 9% in the past week.

Blockchain analytics platform Token Terminal has provided insight into the future trajectory of the second largest cryptocurrency by market cap, Ethereum (ETH). Interestingly, they predict that the crypto token could rise as high as $36,800.

When Ethereum Will Hit $36,800

In the research paper released by the platform, Ethereum is billed to hit the $36,800 mark by 2030. However, this prediction is made in the best-case scenario of 2030 being a bull market season. One of the ways in which they analyzed ETH’s future value was with the total Addressable Market analysis. 

They looked at the industries already adopting blockchains while forecasting how much of them will move on-chain by 2030. In line with this, they considered the role Ethereum could play in this in terms of tokenization. Token Terminal believes that all assets could be tokenized on the network, playing an integral role in the finance industry. 

The finance industry apparently does over $28 trillion in annual revenues at the moment and is growing at a compound annual rate of 7.5%. With this in mind, Token Terminal foresees that the finance industry and Ethereum could form a mutually beneficial relationship. For one, a majority of the liquidity in the industry could become consolidated on the Ethereum network. 

Alongside the prediction of $36,800 in 2030, the blockchain analytics platform projects that Ethereum could also enjoy an 80% market share among Layer 1 networks. The network could reach a monthly revenue of $109,668 in the best-case scenario (dependent on 2030 being a bull year).

Ethereum’s Price In The Next Bull Cycle

Meanwhile, Token Terminal also gave an insight into what Ethereum’s price could look like in the next bull run. According to the platform, the crypto token could rise to as high as $13,000 at the peak of the bull market. From their projection, the Bitcoin Halving is seen as a catalyst that could spark the next cycle. 

The next Bitcoin Halving is expected to take place on April 4, 2024. Based on Token Terminal’s analysis, Ethereum’s price could rise to $2,300 by then. From that moment, ETH is projected to see an increase of over 469% as it surges to over $13,000 at the peak of the next bull cycle. 

The future of Ethereum looks really promising based on these forecasts. Above all, Token Terminal expects the network to continue to dominate its competitors in terms of the economic opportunity on it. They predict that new use cases on Ethereum will spur it to “grow exponentially larger” in the coming years. 

A recent analysis by a Crypto Banter pinpointed new notable price levels for prominent altcoins such as  XRP, Solana (SOL), Chainlink (LINK), Fantom (FTM), and Polygon (MATIC).

These insights provide a fresh perspective on potential entry points for bullish positions in the current market.

Altcoins At Crossroads: Key Price Levels To Watch

In this analysis, Crypto Banter singles out Solana (SOL) and notes that $48 is an “intriguing” level to watch for any pullback. Additionally, historical data consolidating around this price point on the SOL/USD weekly chart indicates it could be an “optimal” buying zone should prices drop to this mark.

In the case of Chainlink (LINK), Crypto Banter identifies $13.3 down to $12.2 as a “hot zone.” A drop below this range might shift focus to the $9 level as a critical reversal point.

Polygon (MATIC) also comes under scrutiny, with the analyst observing a break in the 200-day moving average on its weekly chart timeframe. According to the host, this development suggests a potential bounce back at the $0.68 zone, possibly preluding a rally.

For clarity, “moving average,” or MA, is a widely used indicator in technical analysis that helps unravel price data by creating a constantly updated average price. This average is typically calculated over a specific period, like 10 days, 20 minutes, 30 weeks; in the case of the Crypto Banter analysis, they based their analysis on the 200-day MA.

Fantom’s Surge And XRP’s Pivotal Turnaround

On the other hand, Fantom (FTM), Crypto Banter, revealed that the altcoin has shown a significant pump of over 50% since late October.

Yet, the analyst suggests a possible retraction towards the 200-day moving average, making the $0.25 region attractive, particularly for those employing a dollar-cost averaging (DCA) strategy.

XRP is not left out of this analytical purview. The host points out that XRP is nearing a critical juncture from a technical standpoint.

The analyst reveals that the 12-hour chart for XRP shows a recent rebound off the 50-day MA. A turnaround around the $0.54 price region could occur if the ongoing pattern along the downward trendline persists.

The analyst further disclosed that this level gains importance due to the convergence of key moving averages that form a support zone around it.

Interestingly, among the altcoins highlighted by Crypto Banter as primed for a breakout, SOL and FTM stand out with significant gains. Over the past two weeks, Solana has seen a 13.8% increase, while FTM has climbed by 8.3%.

Contrastingly, XRP, LINK, and MATIC  have experienced declines during the same period. XRP’s price fell by 5.5%, LINK by 5.6%, and MATIC by 6.6%, signaling a diverse performance landscape among these notable altcoins.

Featured image from iStock, Chart from TradingView

The recent events at cryptocurrency exchange Binance could trigger the next Bitcoin bull run if this pattern continues to form.

Will Bitcoin Exchange Reserve Ratio Turn Around After Binance News?

As explained by an analyst in a CryptoQuant Quicktake post, the BTC exchange reserve ratio for US versus off-shore platforms has followed a specific pattern during past bull markets of the asset.

The “exchange reserve ratio” here refers to an indicator that compares the exchange reserves of any two platforms or group of platforms. The exchange reserve is the total amount of Bitcoin sitting in the wallets of the exchange/group in question.

In the context of the current discussion, the exchange reserve ratio between the US-based exchanges and foreign platforms is of interest. The trend in this metric can tell us about which type of exchanges users prefer to use.

When the ratio’s value declines, the off-shore exchanges gain steam as investors deposit their coins to them faster than to the US platforms (alternatively, they are withdrawing at a slower pace).

On the other hand, an increase implies the dominance of the American exchanges is going up as their exchange reserve is growing relative to that of the global platforms.

Now, here is a chart that shows the trend in the Bitcoin exchange reserve ratio for these two sets of exchanges over the last few years:

In the graph, the quant has highlighted the two phases that the Bitcoin exchange reserve ratio for these platforms appeared to have followed during the last two bull runs.

In the first phase (marked in green), the indicator rises while the cryptocurrency goes through a buildup period for the bull rally. This suggests that large entities start participating in the American exchanges ahead of the bull run.

Once the bull run starts properly, the indicator’s value starts sliding down as investors withdraw their coins from these platforms again (the red box in the graph).

From the chart, it’s visible that the Bitcoin exchange reserve ratio for US vs. foreign exchanges was in a continued decline since the start of the bear market but has recently shown signs of turning around.

The indicator has only registered a small increase so far, so it’s hard to say if it’s a sign of a trend taking shape or just a temporary deviation. Whatever the case, though, a development has happened in the Bitcoin market that can tip the favor towards the American platforms regardless.

Binance, the largest cryptocurrency exchange based on trading volume, has seen a leadership change following Changpeng Zhao’s resignation. The instability has kickstarted outflows from the exchange, while US-based Coinbase has enjoyed inflows.

Thus, this may be the event that leads to a proper reversal in the BTC exchange reserve ratio. “If the recent regulations on CZ and Binance lead to an increase in the percentage of Bitcoin held on US exchanges, we will be ready for the next bull market,” notes the analyst.

BTC Price

Bitcoin has once again been trying to breach the $38,000 level today, as the chart below shows.

LooksRare first burst into the scene as one of the first NFT marketplaces to carry a vampire attack on OpenSea and it was rewarded heavily as its LOOKS token enjoyed great success. Just like the rest of the crypto market, the LOOKS has since succumbed to the bearish headwinds, losing over 98% of its bull market highs. However, this might not continue for long as one crypto analyst has predicted a massive burst that could send the price toward its previous highs.

LOOKS Poised For Parabolic Move

In an analysis posted on TradingView, a crypto analyst that goes by without_worries on the platform has predicted a meteoric price rise for the LOOKS token. The analysis identifies major indicators that have turned bullish, pointing to a 10000% increase in price.

First, the analyst notes that the price action and the RSI resistance breakouts point to a potential bull rally. Then there is also the fact that multiple oscillators have turned toward a positive divergence with the price action that has been recorded. As the analyst explains, this positive divergence continues to get stronger with a move up in the timeframe.

The third factor that points toward this rally is the panic in the crypto market. Volume has been on the rise as investors scrambled to get back in the market and take advantage of the rising prices. “Every sell off is met with a large volume increase,” the analyst states.

A falling wedge pattern that uses the highest to the lowest touch points also supports this theory of a breakout. So while it is likely that the price could keep falling, there is a higher chance that it will begin to climb, the analyst explains.

Furthermore, the analyst identifies the fact that LOOKS is yet to be listed on major exchanges such as Binance. As such, this provides a unique opportunity to get into the coin before it gets on investors’ radars.

LooksRare Recovery To New Highs

The analysis which was first posted on November 22 put one of the price targets just above the $5.2 level, which would be an initial 5,000% move from the $0.097 price mark at the time.

However, given the analyst’s 10,000% increase prediction, there is the expectation that the altcoin will cross its previous all-time high price of $7. Completing a 10,000% move from here would see the price rise to $9 which would be a new all-time high price.

A breakout seems to have already begun for the LOOKS price by Friday. The price is already over 23% up and continues to show bullish tendencies. However, there is no timeframe presented by the analyst for when this 10000% move would be completed.

Brad Garlinghouse, the CEO of Ripple, expressed his views on the aftermath of their legal battle with the US Securities and Exchange Commission (SEC).

Ripple CEO Insights On The SEC’s Stand In The Legal Battle

The Ripple CEO spoke about the case between the crypto company and the SEC in an interview at the 2023 DC Tech Week. Garlinghouse highlighted the SEC’s several setbacks since the case started.

According to the CEO, “the SEC has lost on everything that matters” when he was asked if the case is “done and dusted.” He further highlighted that the case’s conclusion rests on the SEC’s decision to pursue an appeal or not.

Nonetheless, Garlinghouse asserted that whether or not the SEC files an appeal on the case, which seems over for the regulator. This is due to the SEC’s “losing about three times to the crypto firm.”  

In addition, the CEO also brought up the SEC’s losses in the Grayscale case. In a court ruling, a trial judge declared the agency was behaving “arbitrarily and capriciously” towards Grayscales’s Spot Bitcoin ETF application. 

Notably, this legal wording suggests intentional and unreasonable activities done carelessly, ignoring relevant circumstances, facts, and other parties’ rights. With this incident, Garlinghouse emphasized that the SEC should reevaluate its course toward cryptocurrency regulation. The CEO stated:

I mean this is damning language from a federal judge to the SEC. At some point when you keep trying the same thing and having the same outcome, you need to change your approach. I hope the SEC’s change will be magical.

Nonetheless, Garlinghouse noted that the SEC losses will be amplified if they decide to take the appeal process higher. 

Furthermore, Garlinghouse “reaffirmed” that Ripple stands prepared to pursue the matter further with the US Supreme Court should the situation demand it. Given that the Supreme Court has typically ruled against regulators, he firmly believes that the SEC would fail in the Supreme Court.

Regulatory Framework For the Cryptocurrency Industry

The Ripple CEO also spoke about the ambiguous regulatory framework for the cryptocurrency industry in the United States. According to Garlinghouse, other nations are increasing their market influence by implementing open rules and luring capital into the industry. On the other hand, the US continues to view cryptocurrencies with “skepticism.”

Garlinghouse conveyed that the US lacks a conducive regulatory framework. This causes the United States to “forfeit” its prospective position as a leader in the cryptocurrency space. So far, the Ripple CEO believes the US will create a crypto-friendly legal environment in the next ten years.