The transactions of ‘whales’ – large-scale investors – often set the tone for market trends. So far, recent on-chain data from Lookonchain, a renowned on-chain analytics platform, has unveiled a notable accumulation pattern in four specific altcoins.

Maker (MKR), ssv.network (SSV), Coin98 (C98), and RSS3 have emerged as the latest targets of these accumulative efforts. The data shows a series of substantial withdrawals of altcoins from Binance, a leading crypto exchange, hinting at a growing interest in these altcoins among heavyweight investors.

Notably, this trend of whale accumulation is not just a fleeting occurrence but a concerted effort that has been unfolding over recent months.

Diving Deep Into Whale Transactions: A Closer Look at the Accumulated Altcoins

The analysis by Lookonchain reveals intriguing details about the accumulated assets. A new wallet, identified as “0xB4aE”, mainly made waves by withdrawing 10 million RSS3 tokens, valued at approximately $1.44 million, from the OKX exchange.

This transaction underscores the growing interest in RSS3, a lesser-known crypto asset. In parallel, another prominent wallet, dubbed “0xb6a7”, substantially withdrew 114,227 SSV tokens from Binance, amounting to a value of about $1.93 million.

1/ We noticed that whale/fresh wallets are accumulating $MKR, $SSV, $C98 and $RSS3. pic.twitter.com/AOIlNTVyux

— Lookonchain (@lookonchain) November 22, 2023

This same investor also transferred 2.77 million C98 tokens from Binance, signaling a bullish stance on these specific altcoins. It is worth noting that these transactions exemplify the strategic moves by whales, often aimed at leveraging market dynamics to their advantage.

The Maker (MKR) Movement: Whale “0x9e74 Leads the Charge

One of the most significant players in this scenario is the whale wallet “0x9e74”. Since July 2023, this investor has consistently withdrawn Maker (MKR) tokens from Binance, totaling roughly 4,776 MKR.

The most recent transaction involved moving $1.7 million worth of MKR from the exchange, bringing the total worth of MKR withdrawn by this investor to about $6.9 million. This consistent and targeted accumulation of MKR suggests a strong confidence in the future of this particular altcoin.

The Maker token, part of the MakerDAO ecosystem, has been a subject of interest, mainly due to its role in decentralized finance (DeFi) as a lender.

These large-scale movements by whales underscore a broader trend within the crypto world, where informed players are increasingly steering towards altcoins with strong fundamentals and potential for substantial growth.

Amid the accumulation of the altcoins above by whales, RSS3 and Maker are still the top gainers, with both altcoins seeing a surge in price by 34.8% and 10.7%, respectively, over the past two weeks.

The remaining two altcoins, however, have seen slight gains and decline, with SSV seeing a mere 4.8% increase and C98 seeing an 8.6% plunge over the same period.

Featured image from iStock Chart from TradingView

Bitcoin (BTC), the largest cryptocurrency on the market, has again failed to consolidate and reach the $38,000 level for the third time, as it is currently experiencing a 3% pullback. This has led the community to speculate that a significant retracement may occur before the bullish momentum resumes and the next uptrend begins. 

However, renowned crypto analyst Adrian Zduńczyk has recently shed light on Bitcoin’s potential next target of $50,000. Zduńczyk’s analysis considers several crucial factors, including the prevailing bullish market sentiment, the ongoing uptrend, the short-term outlook, miner sentiment, and seasonal trends. 

Evidence Of Dominant Bull Market

Zduńczyk notes that the cryptocurrency industry is in a bull market, with Bitcoin reaching a new 52-week high close and experiencing the third wave of the bullish cycle. The correlation between Bitcoin and the S&P 500 has risen, indicating a favorable environment for Bitcoin. High time frame trends are also rising.

Zduńczyk identifies key macro support levels for Bitcoin at $29,000 and $27,000, highlighting growing demand fueled by the anticipation of the approval of spot Bitcoin exchange-traded funds (ETFs) and the upcoming halving event expected in April 2024.

Notably, the daily chart for BTC remains in an uptrend, according to Zduńczyk. He points to a target of $40,000, supported by the appearance of a “golden cross” pattern.

Furthermore, Zduńczyk believes that the rising Simple Moving Average (SMA) 200 serves as “irrefutable evidence” of a dominant bull market since January. These indicators suggest a continuation of the upward trajectory for Bitcoin.

Zduńczyk also identifies key support levels at $35,000 to $35,800, emphasizing that a bullish sentiment prevails as long as Bitcoin remains above these levels. 

Zduńczyk Eyes Bitcoin November Target Of $50,000

Currently, Bitcoin is ranging between $35,500 and $38,000, Zduńczyk notes that the momentum bands are widening, indicating an increase in volatility. The rising 50-day Average True Range (ATR) trend supports this observation.

Fear & Greed Index stands at 69, indicating a mixed sentiment among market participants. Miners, on average, are enjoying a profit increase of 23%. Zduńczyk maintains a positive outlook based on these factors. 

Regarding seasonal trends, October demonstrated a gain of 27%, exceeding the average performance. Historically, November has been the best month for Bitcoin, which has an average gain of 43%, with a target of around $50,000. Notably, December typically adds 7% to November’s closing price.

Currently, BTC is trading at $36,400, reflecting a 5% and 22% profit over the past fourteen and thirty days, respectively. The focus now shifts to whether BTC’s price can maintain its crucial support levels and sustain its bullish uptrend, potentially reaching the $50,000 milestone supported by historical patterns.

Featured image from Shutterstock, chart from TradingView.com 

Dan Gambardello, the founder of Crypto Capital Venture, has provided some insights into the future trajectory of Cardano (ADA). Interestingly, he hints that the crypto token could reach unprecedented heights that will change the lives of Cardano holders. 

When ADA Price Will Rise To $11

In a video shared on YouTube, Gambardello sounded bullish about the future of ADA as the crypto industry awaits the next bull run. According to him, this is when ADA will rise to as high as $11 at a market cap of $400 billion market cap then. He hinted that this bull run is likely to happen after the next Bitcoin Halving event.

The crypto founder also noted how the decentralized finance (DeFi) landscape on the Cardano network has grown since the last bull run. As such, he expects that this “new ecosystem” powered by Shelley and innovations like the multi-asset ledger, positions the token for significant growth in the next bull run. Shelley is the Cardano era, which focused on making the network a decentralized economic system.

Basically, Gambardello was alluding to the fact that Cardano has gotten better since the last bull run and now provides more utility to its users. To highlight ADA’s potential, he stated how the token rose from about $0.12 to $3 during the last bull run without having any of these “developmental milestones” in place. Therefore, a rise to $11 is feasible with the immense utility in place now. 

The Cardano-Ethereum Comparison

Gambardello drew a comparison between Cardano and Ethereum. He went as far as asserting that the former was more sound, secure, and decentralized. Despite his assertion, he recognizes the fact Cardano is like a cycle behind Ethereum. In line with this, he expects that Cardano’s success is going to be similar to the one Ethereum enjoyed when it first established its DeFi ecosystem.

The crypto analyst also mentioned how undervalued Cardano is while making a comparison between it and Ethereum. In his opinion, Cardano has everything something like Ethereum has but better. He also believes that the innovations on the Cardano network are happening in a more secure and decentralized way compared to its counterparts. C

While Gambardello seems to think that ADA will perform so well in the next bull run, another crypto analyst will beg to differ. This crypto analyst happens to be Lady of Crypto, who once outlined five reasons why she doesn’t believe ADA will perform well during that period. Interestingly, she stated that Cardano has a slow development pace, and that is one of the reasons it won’t thrive.

Celestia witnessed a notable decrease in its price over the current week, indicating the conclusion of its recent upward trend. Celestia’s total market capitalization dropped below $800 million as a result of this decrease.

Tuesday’s low for TIA was $5.4, the lowest since last week, and represented a significant 20% decline from the stock’s highest point earlier this year. TIA, currently trading at $5.85, has shed 11% in the last 24 hours, based on latest data.

Celestia Tallies Over 200% Rally

After becoming public in October, the TIA token experienced a remarkable 232% increase, peaking at $7.50. Celestia’s overall market capitalization was close to $1 trillion at its peak.

Celestia had been a notable performer in the cryptocurrency industry before the current setback, especially after its successful airdrop earlier in the year.

With minimal sell pressure disrupting the members’ enthusiasm, Celestia accomplished what prior airdrops, like Arbitrum, were unable to: TIA mounted a prolonged upward move after the airdrop distribution.

Significant upward trends in key cryptocurrencies such as Tron, Solana, and Bitcoin were the reason for Celestia’s success in the wider crypto sector. Generally speaking, airdrops work best when cryptocurrency values are rising.

Meanwhile, Celestia’s price is going up to retrace back into the breakout channel. Its native token, Buyers quickly picked up on the retracement dump, which put the Celestia price back above the important lower trendline support in the breakout trade channel.

During the pullback, there was a second indication of a supply zone between $4 and $5, which suggests that this could be the bottom of a new range below $7.

Celestia bills itself as the first blockchain network that is modular and evolves with the amount of users within its ecosystem. This facilitates the cost-effective and simple launch of blockchains.

Growing Ecosystem

The ecosystem of Celestia is still tiny yet expanding. A few components of its ecosystem are Aether Games, Berachain, Cartesi, Astria, and CosmWasm. However, as of late, there hasn’t been any significant activity on the chain, subdued its activity.

Celestia is a modular blockchain that can grow with the needs of its users in an efficient manner. Since its debut, it has expanded dramatically, and most recently, the Celestia cryptocurrency recently tallied an impressive 170% price surge that generated a lot of interest in it.

With support from OKX, the network just opened its mainnet and distributed airdrops to more than 190,000 users, even though over 610,000 users were qualified.

TIA Could Hit $10

According to the on-chart data, its market valuation of nearly $795 million places it as the 64th largest cryptocurrency at the moment. Analysts believe that Celestia’s price might reach as high as $10.59 by the first quarter of 2024, despite its most recently declines.

(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 Adam Krypel/Pexels

The world’s leading cryptocurrency exchange Binance new Chief Executive Officer (CEO) and former global head of regional markets Richard Teng has recently expressed his confidence in the crypto company’s fundamentals.

Binance Fundamentals Shows Strength Amid Challenges, New CEO

Earlier today, the new Binance CEO confidently revealed the fundamental strength of the crypto company despite recent challenges. The CEO took to his official X (formerly Twitter) handle to share his belief in the company. According to Teng, the fundamentals of the company’s business are still solid. 

Related Reading: Bitcoin Price Plunge Due to Binance’s Settlement Could Be ‘Buy Dips’ – Here’s Why

Furthermore, the CEO has asserted that the company will continue to operate as the biggest crypto exchange in the world. Teng pointed out several areas that will enable the company to hold on to its position in the crypto market. These include its debt-free capital structure, modest expenses, and robust revenues and profits.

Teng said:

Binance continues to operate the world’s largest crypto exchange by volume, our capital structure is debt-free, expenses are modest, and, despite the low fees we charge our users, we have robust revenues and profits.

Richard Teng’s X post responded to another X post by a user highlighting Binance’s revenue due to the DOJ’s $4 billion fine. According to the user, the company has no “problem paying the fine, as its total assets are valued at approximately $6.35 billion.”

In addition, the crypto company also holds about $3.19 billion worth of Stablecoins. Interestingly, the mentioned funds do not include off-chain cash balances or funds kept in wallets outside the Proof of Reserve (PoR). The post read:

I backed out Binance Corporate’s crypto holdings from their Proof of Reserves:  $6.35B in total assets, and $3.19B in stablecoins. Doesn’t include off-chain cash balances or funds held in wallets, not in PoR. Most likely able to pay the full $4.3B DoJ fine with 0 crypto asset sales.

Changpeng CZ Zhao Pleads Guilty To Crime

This is so significant that despite the craze following former Binance’s  CEO Changpeng CZ Zhao, the company remains strong, according to the new CEO. Changpeng was charged with US money laundering, of which he has recently pleaded guilty to the charge. Furthermore, the former CEO has agreed to pay about $50 million as part of his plea.

In addition to the penalty is Binance’s $4 billion fine as part of a settlement. The company’s fine is regarded as one of the largest corporate penalties in US history.

Blast, a brand new Ethereum Layer 2 network, has drawn a startling amount of interest and security concerns due to a surge of investors using the network to bridge their assets. 

Blast Hits $123 Million In TVL

Blast recently announced its mainnet access on X (formerly Twitter). The L2 network built by Pacman Blur has gained a staggering amount of attention from crypto investors following the declaration.

“Introducing Blast: The only Ethereum L2 with native yield for ETH and stablecoins. We’ve raised $20m from Paradigm and StandardCrypto to build the L2 that helps you earn more,” Blast stated. 

Blast recorded over 23,368 users in just 24 hours of announcing the imminent launch of its mainnet. The influx of investors pushed Blast’s Total Value Locked (TVL) to $81 million in a single day. 

“23,368 users have joined the Blast Community in the past 24 hours. Thanks to them, Blast has reached $81 Million in TVL in one day! We’re excited to share more with community members soon. There’s much more to come,” Blast said. 

Presently, Blast has recorded over $123 million in TVL from assets bridged by investors. This unexpected surge in bridging demands has raised concerns especially due to the unusual conditions attached to the bridging process. 

According to Blast, users can only access the Ethereum L2 network after receiving an invitation code. The network has also stated that users will not be able to withdraw their bridged funds until February 2024. 

While the unconventional bridging conditions have raised some red flags, many investors continue to express their interest by actively bridging their assets 

Details About New Ethereum L2 Network

Blast has outlined several important details of its bridging and staking processes. The Ethereum L2 network highlighted the potential yield benefits of investors when they bridge their ETH tokens and stablecoins. The network has also stated that investors who stake their ETH can gain profits over time as their assets grow in their Blast wallets. 

“Once you have access, you can bridge to earn yield (4% for ETH + 5% for stablecoins) and Blast Points ahead of the Mainnet launch in February (2024). Early access members get more points based on how much they bridge and who they invite,” Blast stated.

The L2 network added:

Specifically, Blast natively participates in ETH staking, and the staking yield is passed back to the L2’s users and dapps. We’ve redesigned the L2 from the ground up so that if you have 1 ETH in your wallet on Blast, over time it grows to 1.04, 1.08, 1.12 ETH automatically.

Additionally, Blast has expanded its bridging capabilities to a diverse range of digital assets. According to the L2 network, investors can bridge beyond ETH and opt for stablecoins such as USDT, DAI, and more. 

“It’s not just ETH on Blast that earns yield. Stablecoins do too. When you bridge stablecoins like USDC, USDT, and DAI to Blast, it’s deposited in on-chain T-Bill protocols like MakerDAO, and the yield is passed back to Blast users via USDB, Blast’s auto-rebasing stablecoin,” Blast stated.

A new era for the crypto industry approaches as the world’s largest exchange, Binance, changes leadership. Yesterday, the company’s founder and CEO, Changpeng “CZ” Zhao, stepped down as part of an agreement with the US government.

The deal might have sparked a new era of adoption and legitimacy for the nascent industry at the cost of CZ’s position and a $4 billion fine. Fresh data looked into Binance’s transactions to check if users believe in the company’s future following the historic decision.

Binance Safe From FTX Like Bank Run?

According to crypto analysis firm Nansen data, Binance recorded almost $1 billion in negative netflow following yesterday’s news. The data indicates that the platform’s USDT value decreased by $246 million, followed by Bitcoin’s value, which declined by $76 million.

Users who feel uncertain about the platform’s future withdraw their money, potentially triggering a bank run. However, Nansen’s data shows that this scenario is far from materializing in this trading venue.

While the negative netflows stand at $955 million, there is no “mass exodus” or panic from users trading on Binance. Nansen claims the platform’s holding value increased from $64.6 billion to $65.2 billion.

The analytics firm previously stated that Binance handled bigger net flows. First, when the US Securities and Exchange Commission (SEC) filed a lawsuit against the company, and later, when FTX went bankrupt following a massive bank run.

As mentioned, Binance seems unlikely to follow a similar fate. Nansen stated:

In the past, Binance has processed higher volumes of outflow and negative netflow: Jun 2023 after the SEC sued Binance, December 2022 after insolvency rumors, and the immediate aftermath of FTX. We will provide another update 24 hours after the news originally broke.

CZ’s Departure Forecast Good Times For Crypto

Across the crypto community, the debate around CZ’s departure has been fierce. However, the consensus is optimistic.

A report from The Block cites major banking institution JPMorgan claiming that the Binance deal removes a “systemic risk” for the industry. In 2022, when FTX collapsed, the price of Bitcoin crashed to a low of $15,000 and took months to recover.

With 150 million users on its platform and millions of capital injected into multiple ecosystems. Binance’s collapse would have been equally, if not more, catastrophic than FTX for the nascent industry.

JPMorgan analyst Nikolaos Panigirtziglou told The Block:

We see the prospect of settlement as positive as uncertainty around Binance itself would subside and its trading and Smart Chain business would benefit. For crypto investors the prospect of settlement would see the elimination of a potential systemic risk emanating from a hypothetical Binance collapse.

Cover image from Unsplash, chart from Tradingview

Shibarium, the Ethereum Layer network from the Shiba Inu team, has had a rocky few months following its highly anticipated launch. After surging immediately following its launch, its figures dropped as interest waned. However, there has been a change in the performance as transaction numbers are spiking once again.

Transaction Numbers Jump 288% On Shibarium

In the last few days, there has been a marked increase in the number of transactions carried out on the Shibarium network. The Shiba Inu Layer 2 blockchain saw a nice jump from November 19 to November 22.

On November 19, the total number of transactions on the network was 8,930. But as of November 22, this figure is sitting at an impressive 34,670 transactions. This represents a 288% increase in the space of three days. As a result, the total number of transactions carried out on the network since inception has now crossed 3.578 million.

There was also a small uptick in the number of active accounts on the network, albeit to a smaller extent compared to the transaction count. Active accounts went from 569 on November 20 to 648 on November 22.

However, amid all of these, the amount of new blocks created on the network took a nosedive. Between November 20 and November 22, the number of new blocks created on Shibarium went from 17,214 to 13,907, a 20% decrease in two days.

Why Is Shiba Inu Price Down?

Despite the immense growth recorded in the Shibarium over the last few days, the Shiba Inu price has not followed this trend. Rather, the meme coin is seeing losses, especially on the 24-hour chart and this can be attributed to the general crypto market downtrend.

The crypto market saw a crash after Changpeng Zhao announced he would be stepping down as the CEO of Binance and that the exchange had agreed to a $4 billion fine with the DOJ. As a result, the price of Bitcoin dropped from above $36,000 to mid-$35,000s before recovery. However, the damage was already done and it dragged the altcoin market down with it.

Currently, the price of Shiba Inu is down 3.62% to trade at $0.000008061. This decline follows the Bitcoin trend, suggesting that a recovery in the Bitcoin price would translate into a recovery in the Shiba Inu price as well.

XRP, the native token of Ripple, is poised to take part in a $1.2 quadrillion derivatives market following Ripple’s integration into the ranks of the ISDA ushers. 

XRP To Enter The $1.2 Quadrillion Derivatives Market

Earlier in August 2023, Ripple, a crypto payments solution, announced its membership with the International Swaps and Derivatives Association (ISDA). The strategic move came as a pleasant surprise to XRP community members, as it positioned XRP to fully partake in the massive $1.2 quadrillion derivatives market. 

Ripple’s entry into this prestigious club is seen as a significant milestone, allowing the crypto payments company to stand alongside financial giants such as J.P Morgan, Goldman Sachs, and the London Stock Exchange.

Many XRP enthusiasts are looking forward to a bullish outlook for the XRP token. Some have even mulled over the possibility of XRP breaching the $100 threshold. These expectations are fueled by considerations that a successful performance in the derivatives market could serve as a catalyst for significant price movement in the cryptocurrency. 

Presently, the price of XRP has not shown any notable price growth, even with speculation that a Ripple IPO is imminent. Nevertheless, enthusiasts remain vigilant, closely observing the cryptocurrency for any developments that could propel its price upwards. A $100 milestone, if achieved, has the potential to further strengthen the altcoin’s position in the crypto space. 

Prediction Suggests $100 Price Increase

The potential Ripple Initial Public Offering (IPO) and the near resolution of the lawsuit between Ripple and the United States Securities and Exchange Commission (SEC), have generated positive sentiment about XRP’s future price. Some analysts have predicted large-scale price increases as high as $5,000 for a single XRP token in the future.

One notable prediction by an X (formerly Twitter) influencer stated the price of the token was poised to reach $100. He used metrics from Bitcoin’s upsurge from $0.01 to $69,000 in 2021 as a basis for his prediction, highlighting the unpredictability of cryptocurrencies skyrocketing. 

There have been other recent price predictions that show XRP projecting to $10. Changelly predicts that the altcoin’s price will breach its previous all-time high by 2027, and expects that the token’s price will rise above $10 by 2030.

The price of XRP, at the time of writing, is trading at $0.595 according to CoinMarketCap. The price value is more than 83% below its all-time high of $3.84 in 2018. 

Here’s what on-chain data says regarding if the latest Bitcoin rally has hit the overheated “euphoria” stage where past bull runs topped out.

Bitcoin Percent Supply In Profit Has Now Hit The 83% Mark

In its latest weekly report, the on-chain analytics firm Glassnode has discussed about the “euphoric” BTC phase from the angle of investor profitability. Euphoria basically refers to that period of the market where the investors have started embracing greed and the rally is becoming heated.

Historically, the major rallies in the asset have attained their tops in such market conditions. To define what constitutes euphoria, Glassnode has referred to the “percent supply in profit” metric. This indicator keeps track of the percentage of the total circulating Bitcoin supply that’s currently being held at a profit.

Here is a chart that shows the trend in this indicator over the past decade:

As displayed in the above graph, the Bitcoin percent supply in profit has naturally shot up as the latest rally in the cryptocurrency has occurred and the metric’s value is now floating around the 83% mark.

The all-time mean of the metric is 74%, so the current levels are notably above this level. In the chart, the analytics firm has also marked the +1 standard deviation line for the indicator, above which the market can be thought to have entered into the early stages of the euphoria phase.

The +1 standard deviation line for the metric is around 90%, so the current profitability levels are still below the mark but are nonetheless quickly closing in the gap.

As mentioned before, these profitability levels are in terms of the supply or the coins, calculated by checking for the number of tokens that have their cost basis below the current spot price.

There is another way to gauge profitability, however, and it’s the magnitude of the profits that these coins are combined are seeing right now. This unrealized profit is naturally calculated by subtracting the cost basis of each coin from the current spot price and summing up these differences for the entire supply in profit.

“For the analysis of investor behavior, often the unrealized profit is a more critical variable as it relates back to the USD-denominated profit of investor positions,” explains Glassnode.

From the graph, it’s visible that the +1 standard deviation line for this Bitcoin indicator is still quite a distance away from the current value, meaning the coin is far from reaching the euphoric state of the bull market.

“This suggests that whilst a significant volume of the supply is in profit, most have a cost basis, which is only moderately below the current spot price,” notes the report.

BTC Price

Bitcoin has gone through some volatility over the past day following the news of Changpeng Zhao (CZ) stepping down as Binance’s CEO. The asset had earlier slipped below the $36,000 level but has since recovered back to $36,600.