Taking to X on November 22, crypto chartist @MortensenBach presented a bullish outlook for Bitcoin (BTC), predicting that not only will the coin breeze past $70,000 in the coming months, but it will set a new all-time high, fanning demand for stocks of Bitcoin mining companies like Riot Blockchain, Marathon Digital, and the rest.

Bitcoin Trading Above The 20-Period MA In The Monthly Chart

The chartist pointed to Bitcoin’s historical tendency to launch parabolic advances following decisive breaks above its 20-month simple moving average (20 SMA) in the monthly chart. As of late November 2023, Bitcoin has been firm.

As evidenced in the monthly chart, buyers build on gains recorded in October when prices shook off losses and increased. This upswing was triggered by broader market optimism, which supported crypto prices. 

With prices now trending firmly above the dynamic reaction line in the monthly chart, the trader believes a bull market is on the cards, and Bitcoin is set for more gains in the coming sessions. Besides the break above the 20-month MA, the analyst notes a growing bullish momentum, according to MACD, a technical indicator.

Still, it should be noted that, despite the analyst’s optimism, technical indicators in use, the MACD and MA, lag. Accordingly, there is no guarantee that prices will edge higher, rising from spot levels to nearly double above $70,000 in 2024 and months ahead. As of November 23, BTC prices are firm above $37,000 and more than 2X from November 2022 lows when prices plunged below $16,000.

Moreover, it is yet to be seen how stocks of Bitcoin mining companies like Riot Blockchain will perform in the next stage after halving. However, historical performances show their stock tends to rally in lockstep with spot BTC prices. 

Whales Are Accumulating, Will BTC Surge?

Even so, @MortensenBach’s preview analysis ties closely to on-chain insights relayed by CryptoQuant, a blockchain analytics platform. According to data, more whales are moving their BTC from exchanges in large tranches. 

With big players showing confidence and backing Bitcoin, it could suggest that they expect prices to edge higher. This outlook if further buoyed by developing fundamental factors, including regulatory action and general investor sentiment.

Bitcoin prices shook off the effect of the United States Department of Justice’s ruling on Binance. Though prices slightly dipped below $37,000, bulls are back, and the coin is trending above $37,000. The market is tracking the Securities and Exchange Commission (SEC) to approve the first spot Bitcoin ETF in the country.

Renowned crypto expert and Forbes’ Director of Digital Asset Research, Steven Ehrlich, has provided insights on five prominent cryptocurrencies in the current market landscape.

Solana Shakes Off Setbacks, Positioned As Top Crypto To Buy

Bitcoin BTC), the most prominent cryptocurrency, has experienced a remarkable 120% surge in 2023. After a long wait for Securities and Exchange Commission (SEC) approval of a Bitcoin exchange-traded fund (ETF), recent developments indicate that a Spot Bitcoin ETF could finally get the green light by January, as many in the crypto community have predicted, according to Ehrlich.

Introducing Bitcoin ETFs is anticipated to generate significant demand from mainstream investors, contributing to a potentially bullish environment. Furthermore, the impending fourth halving event in April, which reduces block rewards and slows down supply, adds to the positive outlook for Bitcoin.

While Ethereum (ETH), the second-largest cryptocurrency, has demonstrated substantial growth historically, its performance this year has been comparatively modest, with a 65% increase. 

Concerns about regulatory ambiguity in the United States, particularly as it relates to tokens like Ethereum, have dampened investor confidence. In addition, despite a major upgrade aimed at improving efficiency and reducing energy consumption, Ethereum’s growth in key metrics, such as transactions per second and active users, has been underwhelming; for these reasons, Ehrlich believes investors need to hold ETH tokens.

Solana (SOL), on the other hand, often referred to as the “Ethereum killer,” suffered setbacks following the collapse of FTX in 2022. However, the stigma surrounding Solana has dissipated, leading to an impressive 313% gain this year. 

According to Ehrlich, Solana stands out for its “robust technology,” capable of processing thousands of transactions per second and potentially reaching 50,000 transactions per second. As such, Ehrlich believes this is a buy signal for SOL.

Binance Coin At Crossroads

Binance’s native token, BNB, experienced significant growth, reaching a peak value of $100 billion. However, recent developments, including Binance founder Changpeng Zhao’s guilty plea, substantial fines, and his decision to step down as CEO, have instigated a decline in BNB’s value. 

While BNB’s utility within the Binance ecosystem and rebate mechanisms for traders may provide some support, concerns arise if traders abandon the exchange en masse. 

Given these developments, BNB’s future remains uncertain, and Ehrlich believes that BNB could fall even further, stating that investors should consider selling the token.

Blur, a marketplace focused on non-fungible tokens (NFTs), has emerged as a strong contender in the NFT market. As the largest marketplace for Ethereum-based collections, Blur rewards users with its native token, BLUR, based on trading volume and provides voting rights for platform governance. 

While NFT trading experienced a slump this year, recent signs of recovery, along with notable brands such as Disney and Nike embracing NFTs, indicate a potential rebound. However, Ehrlich believes investors should exercise caution due to the risk of unexpected token airdrops flooding the market.

Overall, Bitcoin’s forthcoming spot ETF and halving event, Ethereum’s regulatory challenges, Solana’s technological prowess, BNB’s uncertain future, and Blur’s position within the crypto NFT market are all factors that warrant consideration. 

It remains to be seen how these cryptocurrencies will react to further developments, and what will be the impacts on their price actions for the last part of the year. 

Featured image from Shutterstock, chart from TradingView.com 

Renowned market analyst Ali Charts recently shared his insights, predicting a bullish trajectory for XRP. Ali, known for his market predictions, anticipates that XRP is on the brink of a major breakout, potentially escalating to a significant price range shortly.

Expert Analysis Of XRP’s Movement

Ali Charts has recently turned the spotlight on XRP. In his latest analysis, Ali predicts a promising upturn for XRP, expecting it to break out from its “descending parallel channel.”

This optimistic forecast points to a swift climb, targeting the $0.65-$0.66 range. The analysis is backed by a detailed chart Ali shared, elucidating the potential breakout pattern XRP is forming.

This projection follows XRP’s peak performance on November 6, when it reached $0.72 per token – its highest valuation since late July.

Over the following weeks, XRP saw a slow downturn that brought its price to trade as low as $0.58 on Wednesday. However, the recent chart formations, as analyzed by Ali, suggest a potential reversal in this trend.

#Ripple | $XRP appears to be breaking out from a descending parallel channel, which may result in an upswing to $0.65 – $0.66 for #XRP. pic.twitter.com/gvfeEMKIDX

— Ali (@ali_charts) November 23, 2023

XRP Latest Price Action

Meanwhile, XRP has shown signs of a potential reversal from its recent ‘descending parallel channel,’ as indicated by analyst Ali. In the past 24 hours, the token has experienced a 2.9% uptick, climbing from its low of $0.58 seen yesterday to a current trading price of $0.61 at the time of writing.

This shift hints at a developing bullish momentum, aligning with Ali’s prediction of an imminent surge beyond the $0.65 mark. Notably, should the token’s price continue this upward trajectory, it could significantly bolster Ali’s analysis, possibly setting the stage for the digital asset to revisit and potentially surpass the $0.72 price level.

Such a development would confirm the accuracy of Ali’s forecasts and inject renewed investor confidence in XRP. However, it’s important to contextualize these recent gains against the broader picture.

Over the last two weeks, the altcoin has recorded a decline of over 10%, with a 2.7% decrease in the past seven days. This overall bearish trend is mirrored in the trading volume, which has notably reduced.

Specifically, XRP’s daily trading volume has fallen from a high of approximately $2.4 billion seen earlier this month to around $1.1 billion in the last 24 hours. This dip in trading activity could indicate a cautious approach from investors, awaiting clearer signals of market direction before committing further, or maybe a regular trading activity in the asset.

Featured image from Unsplash, Chart from TradingView

The utility token of the defunct crypto exchange FTX, FTT is one of the top gainers in the last few days, rising 55% in just 48 hours alone. This has led to speculations as to what may be driving the token’s rally. One of them relates to a recent event in the crypto industry. 

FTT Token’s Recent Rally Propelled By Binance News

In a post on its X (formerly Twitter) platform, the market intelligence platform Santiment noted that the second rally for FTT came after the Binance news. The world’s largest crypto exchange and its former CEO Changpeng “CZ” Zhao had both pleaded to criminal charges and agreed to a settlement of over $4 billion in fines.

As to the correlation between both events, Binance and FTX have always been closely knitted in several regards. For one, CZ, in particular, has sometimes been credited for being responsible for FTX’s collapse. Prior to the bank run on FTX, the former executive had made a tweet about his company liquidating their FTT holdings. 

As such, it is believed that Binance, going through this difficult phase, comes off as bullish for the FTT token because of the animosity that the FTX and Binance ecosystem share. Interestingly, while FTT has continued to rally, Binance’s BNB has suffered an inverse fate. BNB is down by over 6% in the last seven days, according to data from CoinMarketCap. 

Sam Bankman-Fried’s Conviction Also Contributed

It is worth mentioning that the FTT rally didn’t just kickstart on the back of the Binance news. FTT’s market value is reported to be about 255% up against Bitcoin in the past 3 weeks. This resurgence began just after the 10 largest wallets began accumulating, with $12.8 million worth of FTT bought by these whales since November 3.

Interestingly, November 3 happens to be a day after FTX’s former CEO Sam Bankman-Fried (SBF), was convicted. The FTX founder was convicted of all seven charges leveled against him. Going by this, it would seem that his conviction was conceived as bullish for these whales who decided to double down on their FTT holdings. 

Another factor that might also be contributing to the token’s resurgence is the talks about FTX making a comeback. The defunct crypto exchange is reported to have suitors who are interested in rebooting it. The Chair of the Securities and Exchange Commission (SEC), Gary Gensler, had also noted that it was a possibility as far as the rules and guidelines are abided by.

At the time of writing, FTT is currently trading at around $4.50, up over 21% in the last 24 hours and up by over 336% in the past month, according to data from CoinMarketCap.

Cryptocurrency exchange HTX (formerly Houbi) has recently announced its resumptions of operations after being halted for a while due to a recent exploit. 

HTX To Resume Services Later Today

HTX, one of the world’s leading crypto exchanges, has confirmed the resumptions of its withdrawal and deposit services later today. However, the crypto company should have provided a specific time for the resumption. The crypto exchange said:

In addition, HTX (Huobi) is expected to resume deposit and withdrawal services within 24 hours. The specific resumption time will be notified again. Please pay attention to the platform announcement.

The announcement also saw the crypto firm asserting that the recent hack has been “appropriately handled.” This ultimately led to halting the platform’s services to prevent more losses.

Furthermore, the crypto exchange has once again asserted its promises to compensate its users for their losses due to the recent hack. The platform stated:

Huobi HTX has now properly handled this attack. Huobi HTX once again promises to fully compensate for the losses caused by this attack and 100% guarantee the safety of user funds.

The crypto platform stated that the funds lost in the hack were “small” compared to its total funds. The company’s operations are unaffected. The crypto platform stated:

The amount of funds lost by Huobi HTX this time accounts for a “very small amount” of the total funds of the platform. The normal operation of Huobi HTX will not be affected by this. Users should rest assured.

The Crypto Exchange Fell Victim To Hack

On Wednesday, November 22, HTX and blockchain protocol Heco Chain experienced an exploit amassing over $100 million in several assets. 

The hack was detected by on-chain investigator Cyvers Alerts, alerting the platform of the transactions. According to Cyvers Alert, the total assets lost by HTX were around $23 million, while Heco Chain lost over $85 million.

The platform’s advisor, Justin Sun, later confirmed the hack in a post. The advisor took to X (formerly Twitter) to shed more light on the hack and the company’s intention in handling it.

The exploit comes after an October $8 million attack on HTX. The attack resulted in about 500 Ethereum stolen from the exchange. However, in the days that followed the tragedy, all losses were completely compensated.

So far, the company has expressed its commitment to preventing such hacks from ever retaking place. Meanwhile, its customers’ well-being will be its highest responsibility.

These Dogecoin on-chain indicators may be the ones to watch to see if the meme coin has a chance of finding a reversal in the near future or not.

Dogecoin Large Holders Have Been Growing, Old Coins Have Come Alive

In a new post on X, the on-chain analytics firm Santiment has talked about how two on-chain metrics related to Dogecoin have been looking recently. The first indicator of relevance here is the number of DOGE addresses carrying at least 1 million tokens in their balances.

At the current exchange rate, this converts to about $75,800, so this range would include the large investors in the market. In particular, the sharks and whales would fall inside this group. These key investors can hold some influence in the market, so their movements can be worth following.

The below chart shows how the number of Dogecoin sharks and whales has changed over the last few months:

From the graph, it’s visible that the Dogecoin addresses carrying at least 1 million DOGE have registered some notable growth over the past month. During this period, shark and whale numbers on the network have increased by 121.

This would imply there has been interest in the memecoin from the large investors recently. Interestingly, the surge in the number of these addresses has only become sharper since DOGE topped out recently, implying that the sharks and whales have been taking advantage of the lower prices and buying more.

This is certainly a positive sign for a reversal in the asset’s price, as the humongous hands appear to be backing the cryptocurrency at the current levels.

There has also been a signal that may not necessarily be so positive, however. In the chart, Santiment has also attached the data for another metric, called the “age consumed,” which basically tells us about the movement occurring from the dormant tokens on the blockchain.

The dormant coins belong to the “long-term holders” (LTHs), who are the most resolute hands in the sector. When the age consumed metric spikes, it means that these LTHs have decided to finally break their silence.

It’s hard to say about the implications of such a trend on the meme coin’s price, but a possibility that’s always on the table is that the LTHs have in fact made their moves to sell the cryptocurrency.

As is apparent from the graph, the Dogecoin age consumed has registered a huge spike recently, implying that HODLers have been on the move. This can be a sign of selling, but Santiment has pointed out that more often than not, such spikes in the indicator signal a change in direction for the asset’s price.

Between these two signals, one bullish and the other perhaps a bit more mixed, it now remains to be seen how the price of DOGE develops in the coming days.

DOGE Price

Since hitting a top above $0.087 a few days back, Dogecoin has slipped down all the way towards $0.076.

Token unlocks for cryptocurrencies such as AVAX are not new but that does not negate the kind of impact that these unlocks can have on the price. Depending on the size of the unlock, it could trigger a market crash as millions of new coins roll into circulation and are dumped on retail. This could certainly be the case for AVAX today given the size of the upcoming unlock.

AVAX Unlock At $204 Million

AVAX’s most recent unlock is about to see a total of 9.5 million tokens being brought into the open market. With the price of the altcoin trending above $21, this puts the total value of the unlock at approximately $204 million.

According to data from the Token Unlocks website, this unlock will see another 2.68% of the total token supply added to the circulating supply. This will take the percentage of the total supply already unlocked from 55% to 57.68%. This cliff unlock will continue to inflate the AVAX supply, posing a potential roadblock for rallies as the supply increases.

The standard allocation for this cliff unlock is spread across multiple spheres, with the largest portion going to staking rewards. 50% of the total unlocked tokens usually go to these stakes. Then the team portion is 10%, while the foundation gets 9.3%.

Implications For Token Price

Naturally, an inflation in supply is not good for the token price and this will likely be reflected in the AVAX price soon after. However, taking a look at the last unlock event carrying the same number of coins which took place on August 23, 2023, the chart shows only a small dip in price, suggesting that the unlock event had already been priced in.

If this were to repeat, then it’s possible that the AVAX price could maintain its momentum. But the difference between the current trend and that of August is that the token’s price has risen quickly in the last day. This could trigger selling as investors try to take advantage of the price recovery and secure their gains.

As data from IntoTheBlock shows, the percentage of AVAX holders that are currently sitting in profit has reached a new 20-month high. A total of 4.02 million holders are sitting in profit, which makes up 66% of the total holder base.

The last time that the holder profitability was this high was back in April 2022 when the price was at $94.93. What followed was aggressive profit-taking that would send the price falling more than 70% in a few months. So a repeat of this could see the AVAX price return toward $10.

Evernode, a layer-2 network developed on the XRP Ledger (XRPL), has recently provided crucial updates concerning its airdrop for XRP holders. The project, which integrates smart contract capabilities with XRPL, has revised its launch to December 18, 2023, following technical challenges. On the same day, the airdrop is expected to take place.

Evernode Launch Date Announced

The revised launch date of December 18, 2023, is primarily due to delays with the XUMM wallet’s integration in supporting account cloning on the Xahau network. This network is a recent addition as a sidechain to the XRPL.

Situated within this new framework is Evernode, a pioneering project on Xahau. Evernode is the first major project built on Xahau, marking the first major initiative developed using the Hooks feature that Xahau introduces to the broader XRP Ecosystem.

Regarding the launch, Evernode stated, “We’re now targeting launch on 18 December 2023… XUMM has been unexpectedly delayed in supporting the cloning of XRPL Accounts on Xahau. We can’t finalize our airdrop until this happens. We believe this will be ready by 18 December, but it is obviously beyond our control and may still change.”

Besides that, Evernode informed the community about a notable achievement. The project’s three Hooks have been successfully audited, an important milestone in ensuring the network’s security and functionality.

Additionally, the project has established the Xahau address for issuing Evers tokens: rEvernodee8dJLaFsujS6q1EiXvZYmHXr8. For users and airdrop participants, it is crucial to verify this address to avoid scams.

Snapshot Details And Eligibility For XRP Holders

The airdrop’s eligibility was determined by a snapshot taken on September 1, 2023, at Ledger #82237135. This snapshot recorded the XRP balances on the mainnet at 6:00 PM AEST (8:00 AM UTC). Eligibility for the airdrop includes XRP holders who held up to 50,000 XRP in a non-custodial wallet or used Bitrue or Uphold at the snapshot time.

Evers tokens will be airdropped into the Xahau account based on XRP holdings in the corresponding XRPL account on the snapshot date. Moreover, the projects’ update further mentioned the commencement of the “formal process” of airdrop preparation on November 27, along with the promise of a tool to assist users in registering and calculating their Evers token allocation based on XRP holdings at the time of the snapshot.

The Evers token (EVRS) has a maximum supply of 72,253,440. The airdrop will distribute 20,643,840 Evers among various stakeholders, including 5,160,960 to XRP holders, 5,160,960 to founders, 5,160,960 to beta testers, and 5,160,960 to the Evernode project itself.

The remaining 51,609,600 EVRS tokens will be held inside the Evernode Registry Hook. They will be distributed as rewards to hosts in 10 epochs of 5,160,960 Evers over 118 years.

Evernode’s launch is anticipated to be a major addition to the XRPL ecosystem. The introduction of a layer-2 network and sidechain could expand development possibilities, leading to more advanced dApps and potentially increasing user engagement with XRPL.

At press time, the XRP price has posted a bullish breakout from its downtrend channel in the shorter timeframe, trading at $0.6185.

Renowned cryptocurrency analyst Dark Defender, with a substantial following of nearly 100,000 individuals on platform X, has drawn attention to the emergence of a “cup and handle pattern” in the daily time frame of the cryptocurrency XRP.

Based on his analysis, provided that the token maintains a closing price above the support level of $0.604, XRP has potential for a positive upswing towards the price goals of $1.05 and $1.88.

Although Dark Defender’s projection has all the bullish elements to give XRP some badly needed boost in price, another analyst’s estimation also provides a great deal of importance.

Hi all. $XRP formed a cup & handle pattern in the daily time frame.

We set targets for $1.05 & $1.88 with the Elliott Waves, and now the Cup-Handle pattern is also blinking XRP to reach the targets.

Can the handle be extended towards $0.5286 Support?

We still need to close… pic.twitter.com/SvVokOYTs8

— Dark Defender (@DefendDark) November 21, 2023

XRP Upward Trend And Institutional Investments

In a world where predictions are often uncertain, the assurance made by prominent cryptocurrency analyst EGRAG provides another straightforward perspective, suggesting that the journey to a $40 XRP might be less complicated than skeptics think.

The price of XRP remained over the $0.60 threshold during the early hours of Tuesday. The alternative cryptocurrency is currently seeing an upward trend, accompanied by an increase in the amount of capital being invested by institutional investors into XRP funds.

#XRP – Once you spot it, you’re hooked!

The FOMO’s about to hit hard at $2!

My bank account? It’s #XRP all the way! Every gain feeds back into #XRP. #XRPArmy STAY STEADY, The #XRP TA indicate to an incredibly bullish long-term outlook. pic.twitter.com/z3PuhvwCmn

— EGRAG CRYPTO (@egragcrypto) November 22, 2023

In recent weeks, there has been a notable trend of significant wallet investors divesting their XRP token holdings, while retail traders have concurrently demonstrated an inclination towards acquiring the altcoin. This phenomenon has contributed to the development of a positive outlook for XRP.

The price of XRP is currently $0.6105, 1.8% less than it was a day ago. Despite the continued downturn, interest in the asset is increasing; transaction volume has increased by 25% in the past day to around $1.2 billion.

Implications Of The Ascending Triangle For XRP’s Future

One of his most recent updates on XRP, where he drew attention to the asset’s moves on the weekly chart, demonstrates his ongoing bullishness. XRP is presently trading inside an ascending triangle that has been there since 2018, according to EGRAG’s chart.

An ascending triangle is a bullish pattern in technical analysis, formed by a horizontal resistance line and a rising support trendline. It indicates a market where buyers are consistently pushing the price higher against a specific resistance level.

Traders anticipate a potential upward breakout at the triangle’s apex, signaling a continuation of the existing uptrend. This pattern is often seen as a sign of increasing buying pressure.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Pexels

The asset manager Grayscale has filed an updated Spot Bitcoin ETF filing following its meeting with the Securities and Exchange Commission (SEC). The foremost cryptocurrency, Bitcoin, also rebounded on the back of the news as it crossed the $37,000 mark once again.

Why Grayscale’s Filing May Be Significant

In its filing dated November 22, Grayscale made some amendments to the original S-3, which it had previously filed with the SEC. As pointed out by prominent finance lawyer Scott Johnsson, the changes include some new risk factors. Some of these risk factors are said to match that of ARK Invest’s relating to expanded disclosure of fraud and manipulation risk. 

Johnsson noted that the amended risk factors are important because their inclusion is most likely a directive from the SEC. Meanwhile, fraud and manipulation had served as the grounds why the SEC had disapproved Grayscale’s initial application. Therefore, the lawyer believes that the SEC directing Grayscale to include could mean a “concession” that it is no longer a “roadblock.”

As highlighted by Johnsson, Grayscale’s revised filing is significant, especially considering the fact that it has met with the SEC division responsible for approvals right before it. As such, one could assume that it has gotten direction on how to ensure compliance in the hopes that approval could come soon. 

Meanwhile, it would seem that other potential issuers are also in talks with the SEC. Bloomberg Analyst James Seyffart had recently mentioned hearing rumors of such. If true, that could mean that the SEC is more open to approving these ETFs.

Spot Bitcoin ETFs Providing Momentum To Crypto Market

Bitcoin rallied past $37,000 on the back of Grayscale’s filing. This price movement signifies the impact that the Spot Bitcoin ETF narrative has on the market. This is also not the first time that news around Spot Bitcoin ETF has provided momentum to the market. 

In October, Bitcoin touched $30,000 for the first time in months on the back of a false CoinTelegraph post. Although it was false, many instantly realized the impact that an approval of these funds could have on the market. Meanwhile, shortly after that, Bitcoin and the whole crypto market continued to rally on the back of the narrative. 

During that period, Bitcoin crossed $35,000 on the back of news that BlackRock iShares Bitcoin Trust had been listed on the Depository Trust & Clearing Corporation. BlackRock had also revealed plans to begin seeding during that period. While everyone in the market continues to hold on to speculation, many will hope that the projection of approval by January 10, 2024, comes true. 

At the time of writing, Bitcoin is trading at around $37,300, up over 2% in the last 24 hours according to data from CoinMarketCap.