So far, the average altcoin holders appear to have massive profits, as Santiment, a leading blockchain analytics firm, reported. According to the firm’s observations, many altcoin wallets have experienced substantial gains, with most crypto projects exhibiting bullish performances.

These realized gains began ever since the market turned bullish in mid-October 2023, according to Santiment, indicating that these massive profits accumulated on a “mid to long-term timescale.”

Potential Risk Observed

Despite these gains, Santiment has issued a cautionary note to investors, signaling “overbought” levels in the market. The blockchain analytics firm noted:

Outside of a few lagging altcoins, the vast majority of crypto projects have generated profits for the average wallet on a mid to long term timescale. This means that our model is indicating a fair bit of ‘overbought’ signals.

Though Santiment revealed that this does not necessarily imply an imminent market correction, historical data indicates a higher risk of opening new positions in such circumstances.

Notably, the firm’s analysis suggests that altcoins experiencing a 4+ month rally are particularly susceptible to heightened risk, as indicated by elevated MVRV levels.

Based on average trading returns, many assets have seen understandably high profits since markets began booming all the way back in mid-October, 2023. Outside of a few lagging #altcoins, the vast majority of #crypto projects have generated profits for the average

(Cont) pic.twitter.com/ziKhzmcz1v

— Santiment (@santimentfeed) February 20, 2024

For context, the Market Value to Realized Value, also known as the MVRV metric, is a crucial tool for assessing risk in the crypto market. This metric compares the current market price of a cryptocurrency to the average price at which it was last transacted on the blockchain.

A high MVRV ratio indicates that a significant portion of the market is profitable, potentially signaling overvaluation and increased risk of a market correction.

Anticipating Altcoin Season

Meanwhile, amid discussions of altcoin performance, crypto analyst Dan Gambardello has put forth insights regarding the potential for a “blast off” altcoin season. Gambardello suggests that Cardano (ADA) and Ethereum (ETH) could spearhead such a season, provided that Bitcoin (BTC) dominance begins to decline.

Drawing from previous market cycles, Gambardello highlights the historical patterns where ADA and ETH have led the charge before other altcoins joined the upward trend.

ALTCOIN Season Signal Pending! CARDANO & ETHEREUM About To BLASTOFF!https://t.co/RvMYQgRAl1

— Dan Gambardello (@cryptorecruitr) February 20, 2024

Gambardello emphasizes the importance of monitoring Bitcoin’s dominance in assessing the likelihood of an altcoin season. While altcoins like ADA and ETH may exhibit promising signs, Bitcoin’s dominance remains a crucial factor influencing market dynamics.

Meanwhile, the altcoin market cap has marginally retraced from its recent peak above $900 billion, currently hovering slightly below this mark.

Featured image from Unplash, Chart from TradingView

The Dogecoin price action in the past few days is showing signs of the crypto embarking on a bullish recovery. Particularly, DOGE has seen a strong uptick in trading volume in the last few days, fueled by an increase in activity from whale addresses. 

At the time of writing, DOGE spiked by over 6% in the past 24 hours to break over $0.09 for a brief moment. This spike in DOGE came despite the price of Bitcoin showcasing a weakening of bullish momentum at $52,000 and most cryptocurrencies sparking corrections, indicating a lingering bullish momentum among DOGE traders.

DOGE Recent Metrics Indicate Recovery Trend

Dogecoin mostly went through a lackluster price action throughout January, with the cryptocurrency ending the month at $0.07973, a negative 13% from its open price on January 1. The $0.079 price level acted as a major support, as DOGE started to rebound in early February after the formation of a double bottom. Consequently, DOGE technicals, transaction count, and price action pointed to a change in momentum and sentiment amongst traders.  

According to metrics from the on-chain analytics platform IntoTheBlock, the Dogecoin ecosystem has witnessed a lot of activity in the past month, processing more than 1 million transactions every day since the 30th of January. This increase in activity seems to have been reflected in the price of Dogecoin, with the cryptocurrency up by 11% since the beginning of February.

At the time of writing, DOGE’s trading volume from Coinmarketcap is approximately $824 million, an increase of over 129% in the past 24 hours. The majority of the recent increase in activity can be attributed to whales of large investors. 

According to Dogecoin whale data, whale transactions greater than $100,000 now stand at $2.53 billion in the past seven days. Notably, this transaction count from large investors reached 1,570 in the past 24 hours with a total volume of 15.88 billion DOGE. This huge surge of activity seems to be providing the cryptocurrency with a big boost, fueling an impressive recovery that could see it crossing the $0.1 threshold once more and possibly reaching the $0.2 price level.

DOGE Price Action – Rally To $0.2?

Dogecoin has started showing signs of life again, fueled in large part by whale activity. The crypto recently surged to $0.09115 in the past 24 hours. Although still up by 1% in the same timeframe, DOGE has since corrected by 4.5% and is currently trading at $0.08702. 

A minor support is at the $0.08693 price level, with metrics and general market sentiment pointing to continued bullish price action in the short time. The first price level would be the return to $0.09. If Dogecoin manages to maintain a stronghold above this key milestone, it is expected to create a more bullish momentum among traders which could see it breaking past above $0.1 for the first time in three months. 

This breakthrough over $0.11 could mark an important milestone for Dogecoin’s price trajectory, as the next target would be $0.2. 

Bitcoin traders are exhibiting cautious optimism as they refrain from “substantial short positions,” expecting continued price surges, according to analysts from Bitfinex this week’s Alpha report.

Despite Bitcoin’s notable surge that brought the asset to trade as high as above $52,000 for the first time since 2021, analysts note a decrease in the short-squeeze ratio compared to previous years. The reason behind this declining short-squeeze ratio is revealed in the report.

Whales Shun Short Positions Amid Bullish Sentiment

Analysts at Bitfinex Alpha report that large whale investors are refraining from “substantial short positions” due to their belief that prices will only continue to increase further.

The current market conditions are characterized by “tightening supply and increasing demand,” further supporting the bullish sentiment among traders.

According to the Bitfinex Alpha report, the behavior of Bitcoin holders suggests the emergence of early bull-market conditions. This is evidenced by a reduction in the volume of long-term holder supply experiencing losses, a trend that correlates with the ongoing rise in the asset’s price.

This observation suggests a positive outlook for Bitcoin’s price trajectory in the near term. The report noted:

Currently, less than 6% of the aggregate long-term holder supply by individual entities are held at a loss. Historically, similar instances where the long-term holder cohort held a comparable volume of Bitcoin in loss have been indicative of early bull market conditions.

Bitcoin Trajectory And Investor Sentiment

In the past 24 hours, Bitcoin has experienced a slight retracement of nearly 2%, following a week-long uptrend that propelled its price to trade above $52,000 for the first time since 2021. Despite this retrace, investors remain optimistic, with ongoing asset accumulation amid bullish predictions from analysts and experts.

Renowned financial guru Robert Kiyosaki recently made headlines with his bold prediction that Bitcoin will reach $100,000 by June 2024, further fueling optimism in the crypto community.

BITCOIN to $100k by June 2024.

— Robert Kiyosaki (@theRealKiyosaki) February 18, 2024

Moreover, recent whale activity in the Bitcoin market has caught the attention of analysts and investors alike. Crypto analyst Ali Martinez recently revealed that a specific class of Bitcoin investors, holding between 1,000 and 10,000 BTC, has accumulated the digital asset in recent weeks.

Data from on-chain analytics firm Santiment shows that whales in this category have added over 140,000 coins to their holdings in the last three weeks, equivalent to a substantial $6.16 billion.

#Bitcoin whales have been on a buying spree, acquiring 140,000 $BTC over the past three weeks, amounting to $6.16 billion! pic.twitter.com/ViRnYiJHmp

— Ali (@ali_charts) February 10, 2024

This accumulation trend among whales reflects confidence in Bitcoin’s long-term potential and is a positive indicator for its future price trajectory.

Featured image from Unsplash, Chart from TradingView

Over the last day, Filecoin (FIL) has seemingly emerged from the shadows to stage a price recovery of over 10%. This notable move has brought more attention to the altcoin, which had previously failed to follow the general crypto market recovery. On the back of this, one crypto analyst predicts big things for the altcoin, expecting a 1,000% increase in its price.

Filecoin Will See A 10X Rise To $70

In the analysis that was shared on X (formerly Twitter), crypto analyst “Tony The Bull” told his almost 20,000 followers that the Filecoin (FIL) price was gearing up for a massive recovery. The chart shared in the analysis tracks the movement of the coin over the last year, which saw it go from a low below $3 to over $.7, an almost 200% increase. Nevertheless, the crypto analyst believes there is more to come.

The prediction for the Filecoin price from the crypto analyst is that it will rally as high as $70. Now, given FIL’s current trading value, this would mean a 1,000% increase or a 10X increase from here. The analyst seems to believe that the altcoin is entering into a price discovery phase, saying, “I’m gonna find out.”

$FIL to minimum $70 for a 10x

Back to ATH is +20x

Price discovery = ?

I’m gonna find out pic.twitter.com/w2O5fgAzDi

— Tony “The Bull” (@tonythebullBTC) February 19, 2024

Tony is not the crypto analyst that forecasts a bullish future for the Filecoin price as analyst Ali Martinez also expects the altcoin to do well. Martinez revealed that FIL is currently trading in a “parallel channel on its 3-day chart” which is usually bullish for price.

However, for the move to be confirmed, the crypto analyst explains that the altcoin must break the “resistance posed by the channel’s upper boundary, set at $8.50.” If this happens, then Martinez expects the price to rise as high as $25.5.

#Filecoin is trading within a parallel channel on its 3-day chart. Watch out for the resistance posed by the channel’s upper boundary, set at $8.50.

A successful break through this barrier could significantly bolster $FIL‘s price, potentially tripling its value to reach $25.5! pic.twitter.com/Tgg0rZfRrs

— Ali (@ali_charts) February 19, 2024

Can FIL Reach A New All-Time High?

In addition to his analysis, Tony The Bull also posits that Filecoin is only 20X away from its all-time high price of around $230, so it is possible that the altcoin could see a run-up to this level. However, this was not well-received by community members, who countered that it would be impossible for FIL to reach a new ATH due to its inflation over the last year.

FIL’s circulating supply has risen drastically over the years, putting it way higher than what it was when it hit its all-time high back in 2021. Due to this, expectations that the altcoin could get back to this level are very low. “With its MASSIVE inflation over the last bear market, FIL will not be making a new ATH,” one user said in response to the crypto analyst.

Nevertheless, FIL continues to show strength in the daily chart. Its price is up 16% in the last 24 hours and 40% in the last seven days, according to data from Coinmarketcap. It is trading at $7.68 at the time of this writing.

ADA, the native token of the Cardano ecosystem, has experienced a notable surge in price, taking advantage of Bitcoin’s (BTC) stagnation above the $52,000 level. With gains of 20% and 14% over the past thirty and fourteen days, respectively, ADA has reignited bullish sentiment among investors.

The token’s recent performance has not gone unnoticed, as crypto analyst “Trend Rider” makes a bold price prediction, highlighting key indicators that suggest a potential long-term bull run for ADA.

ADA’s Potential Bull Run Ahead

In a social media post on X (formerly Twitter), Trend Rider emphasized that ADA is striving to consolidate above the crucial $0.600 mark, which holds significant prospects for the token’s future. 

The analyst drew attention to an indicator called Impulse colors, which tracks the price distance from key moving averages. During the bear market, opposing trends were predominantly indicated by fuchsia and pink hues as seen in the chart below.

However, recent weeks have witnessed a return to dark blue, the most bullish color on this scale. Notably, this shift in momentum last occurred in 2020 when ADA’s price surged from $0.03 to $1.4 before the re-emergence of pink hues.

Furthermore, Trend Rider highlighted another positive development— the Wave Oscillator has re-entered the positive zone after 20 months. According to the analyst, this shift indicates growing bullish momentum for ADA. 

The pivotal level identified in this context is the $0.60 mark. To solidify this shift, ADA’s price must hold and close above $0.60, which may catalyze a bullish long-term breakout. 

It is worth noting that this analysis is based on the 1-month timeframe, which significantly influences long-term market movements.

These indicators suggest that ADA may be poised for a sustained uptrend, potentially paving the way for a long-term bull run. 

Cardano Sustained Bullish Trend

According to the one-day ADA/USD chart below, Cardano’s token reached a 21-month high of $0.679 on December 28, which marked the beginning of a period of volatility in ADA’s price. Following a price correction, ADA dropped to $0.449 on January 23. 

However, in line with the overall market trend, ADA has regained bullish momentum. Nonetheless, this upward movement may face resistance from bears as it encounters various obstacles.

If the current uptrend continues in the coming weeks, ADA must overcome significant resistance levels that have hindered its growth above the $0.679 mark. 

Successful consolidation above the critical $0.600 level will be crucial. ADA will face the $0.637 obstacle soon before potentially surging above $0.670, the last hurdle before reaching $0.700. Reaching this milestone would position Cardano’s native token favorably to target the $1 mark, benefiting from the overall market growth expected in the coming months of 2024.

Adding to the bullish prospects for Cardano, ADA has been establishing higher lows and higher highs during its price surge, indicating a healthy price action and a sustained bullish trend. However, it remains to be seen whether this trend can be sustained or if bears will dictate ADA’s future price direction.

Featured image from Shutterstock, chart from TradingView.com

Several analysts continue to make bullish predictions for the XRP token despite its lacklustre price action. This time, crypto analyst Dark Defender has identified emerging patterns that suggest that XRP could rise to $2 soon. 

The XRP Bull Run Is Here

Dark Defender mentioned in an X (formerly Twitter) post that the RSI (Relative Strength Index) for the XRP/BTC pair in the weekly time frame “stands in the same place as it did before the 2017 and 2021 XRP bull runs.” Going by the RSI indicator, he affirmed that the 2024 bull run is already here. 

From the accompanying chart which he shared, XRP hitting $2 looks to be just the starting point as the crypto token could still rise to as high as $12. This is also a possibility, considering that bull runs are known to bring new all-time highs (ATH) for different crypto tokens. XRP’s ATH currently stands at $3.84, a milestone it hit at the peak of the 2017 bull run. 

XRP’s failure to surpass its ATH in the last bull run is believed to have been due to the regulatory uncertainty which handicapped the crypto token. However, having achieved regulatory clarity, XRP is projected to make a significant run this time around. 

Interestingly, analysts like CryptoInsightUK have hinted at the token replicating a similar price surge to the one which occurred in 2017, when it saw a price gain of 61,000%. That price surge in 2017 is also serving as the basis for crypto analyst Egrag Crypto’s prediction that XRP could rise to as high as $27 in the next bull run. 

XRP’s Road To $27

Crypto analyst Egrag Crypto recently gave an update on XRP’s current price action and further revealed how the crypto token will rise to $27. Firstly, he noted that a bullish pattern had emerged, with XRP achieving multiple daily closes above FSRF (Fibonacci Speed Resistance Fan) 0.5, a level believed to represent significant support for the crypto token. 

With XRP holding above this level, the analyst hinted that it could rise to almost $2 soon. Once that happens, Egrag expects XRP to continue the upward trend and eventually breach the $2 resistance area. He predicts that FOMO (fear of missing out) will kick in once XRP rises above $2, something which Egrag believes will propel the crypto token towards the $27 price target. 

At the time of writing, XRP is trading at around $0.56, up over 1% in the last 24 hours, according to data from CoinMarketCap. 

Mike Alfred, a Bitcoin investor and crypto commentator, thinks the “big money algos” are back and predicts the world’s most valuable cryptocurrency will rally to record fresh February 2024 highs but retest all-time highs. This uptick, Alfred says, is before the network finally halves its miner rewards. 

The “Big Money Algos” As BTC Retests $53,000

Taking to X on February 20, the investor notes that “big money algos just flipped on” and that the uptrend remains. By the time Alfred posted on X, BTC was headed towards the $53,000 before slipping back slightly to around the $59,000 level.

However, the uptrend remains when looking at the candlestick arrangement in the daily chart. Bitcoin has been increasing, defying gravity for the better part of February. At spot rates, analysts, including Alfred, expect the coin to push higher, breaking above $53,000, a stubborn resistance level. If this happens, and considering the sharp breakout, it is likely that buyers will push prices higher towards $60,000 and potentially towards $70,000, as the investor predicts.  

Even so, it remains to be seen whether the uptrend will be sustained. When writing, the breakout has been met with solid rejection. Notably, there appear to be “sell walls,” which are large sell orders parked at around $53,000. Still, optimistic bulls expect a triumph, marked by a comprehensive close above this psychological round number.

The crypto community, including the investors, is bullish on Bitcoin. So far, anticipation has been building up for even more gains ahead of halving. Bitcoin halving, an event set at the protocol level, will half miner rewards, possibly inducing a supply shock, assuming the current demand increases.

Presently, Bitcoin supporters believe the network will continue to find more adoption as a medium of exchange and a store of value. With the coin becoming deflationary after halving, the consensus is that prices, guided by historical performance, will rise. 

Bitcoin Traders Are Bullish As Billions Flow To The Industry

While optimism reigns, Bitcoin remains volatile despite recent institutional participation. Through the spot Bitcoin exchange-traded funds (ETFs), Wall Street players have found a regulated product to channel billions into Bitcoin, reading from the amount of coins scooped in the recent past.

Still, whether the uptrend will continue depends on other macro factors, including monetary policy status in the United States. In March, the United States Federal Reserve (Fed) will guide the interest rate regime. It is a decision that may lift BTC to new levels as a store-of-value asset or force prices lower as capital rotates that to the greenback.

Feature image from Shutterstock, chart from TradingView

Data shows Solana and Chainlink are among the top cryptocurrencies that have observed growth in Open Interest to relatively high levels.

Solana & Chainlink Have Their Open Interest At Notable Values Currently

According to data from the on-chain analytics firm Santiment, there has been a dramatic increase in interest in the derivative market for cryptocurrencies recently.

The indicator of relevance here is the “Open Interest,” which keeps track of the total amount of derivative contracts for any given asset that is currently open on all centralized exchanges.

When the value of this metric goes up, it means that the investors are increasing positions on the derivative side of the market. Such a trend may be a predictor for higher volatility, as the total leverage in the sector tends to go up when new futures positions pop up.

On the other hand, a decrease in the indicator implies the holders are closing up their positions or are getting forcefully liquidated by their platform, thus leading to the leverage potentially coming down. As such, this kind of trend can result in the asset’s price becoming more stable.

Now, here is a chart that shows the trend in the Open Interest for various top assets in the cryptocurrency sector over the past year:

As displayed in the above graph, the Open Interest has exploded for Bitcoin and Ethereum recently as the latest surge in prices has occurred. Generally, such sharp price action attracts a large amount of speculators to the assets, so the indicator’s upward trajectory isn’t surprising.

The scale of the increase, though, may be a bit concerning. From the chart, it’s visible that the BTC Open Interest is currently around $9.85 billion, while for ETH, it’s about $5.59 billion.

Among the altcoins, Solana and Chainlink have particularly stood out, as the indicator has touched $1.62 billion and $549 million for them, respectively. These are much smaller values than Bitcoin and Ethereum, of course, but their market caps are also much smaller than these two titans.

“With Bitcoin, in particular, crossing over $10B in open interest for the first time since July, 2022, this does signal crowd euphoria is alive and well,” notes the analytics firm. “Sometimes rising too quickly can be indicative of some caution flags.”

The reason that a high Open Interest has historically been a cause for concern is that mass liquidation events become more probable to occur in such market conditions, due to an abundance of leverage.

Such events, where liquidations can cascade together, are usually chaotic and result in some sharp price action. As Solana, Chainlink, and other top assets have a potentially overheated Open Interest right now, they may be ones to watch in the coming days, as any further increases might serve as a warning.

SOL Price

At the time of writing, Solana is trading around the $110 level, down over 3% in the last seven days.

Global asset management firm, Bernstein has expressed confidence, foreseeing a fairly strong chance of the United States Securities and Exchange Commission (SEC) approving an Ethereum Spot ETF.  

SEC Ethereum Spot ETF Approval Imminent

In a February 19 research report, Bernstein analysts Gautam Chhugani and Mahika Sapra disclosed that Ethereum, the world’s second-largest cryptocurrency, may be the only digital asset after Bitcoin, to win an ETF approval from the US SEC. 

Following the approval of Spot Bitcoin ETF, many crypto enthusiasts anticipated Ethereum as the next in line for an ETF. However, given the SEC’s current stance on cryptocurrencies and its previous reluctant acceptance of Spot Bitcoin ETFs, the prospects of an Ethereum ETF have become uncertain. 

In the research report, Bernstein analysts predicted the approval timeline for an Ethereum Spot ETF. They emphasized that the presence of notable traditional financial firms, including Grayscale and Franklin Templeton, competing for a Spot Ethereum ETF, strengthens the outlook for its approval. 

“We think there is a roughly 50% chance of spot Ethereum ETF approval by May, with an almost certain chance of approval within the next 12 months,” the Bernstein report read.  

Ethereum’s Roadmap To $10,000

With the potential approval of Ethereum Spot ETFs, Ethereum may witness a significant price increase to levels as high as $10,000.  Prior to the SEC’s approval of Spot Bitcoin ETFs on January 10, the anticipation surrounding the ETF had sparked a massive price rally for the cryptocurrency. Following the approval and ETF launch, Bitcoin surged to over $45,000 before witnessing a subsequent price correction that pushed it back below $40,000. 

Despite the short correction, Bitcoin has been gaining back its momentum, and at the time of writing, the cryptocurrency is trading at $51,998, according to CoinMarketCap. This substantial price increase is largely attributed to the success of its ETF, providing investors with greater accessibility to Bitcoin, and contributing to the cryptocurrency’s increased adoption.

A similar narrative could unfold for Ethereum following the approval of its ETF. With rising interest from institutional investors and the ETF driving global adoption, the cryptocurrency could potentially attain new all-time highs above $10,000. 

In the research report, Bernstein analysts also confirmed Ethereum’s strong positioning for mainstream institutional adoption. The analysts emphasized the need for the cryptocurrency market to shift its attention to Ethereum, as the cryptocurrency is poised to witness gains following the approval and launch of its ETF.

In a new technical analysis shared on X, crypto analyst Egrag outlined a potential trajectory for XRP that could signal a staggering 1,350% increase in price. Egrag’s forecast hinges on the application of the Fibonacci Speed Resistance Fan (FSRF), a tool often used by seasoned traders to predict key levels of support and resistance.

The FSRF is a charting technique that derives from the core principles of Fibonacci analysis, which is grounded in the mathematical relationships expressed by the Fibonacci sequence. The FSRF involves drawing three trendlines from a significant low or high point to the corresponding points on the chart, which represent major Fibonacci retracement levels – typically 0.382, 0.5, and 0.618.

XRP Price Bound For A 1,350% Surge?

These lines are designed to indicate areas where support or resistance is likely to emerge as prices approach them, effectively creating a fan-like spread across the price chart. Egrag has drawn the Fibonacci Speed Resistance Fan from July at $0.96 high following the summary judgment in the XRP lawsuit between Ripple Labs vs. the US Securities and Exchange Commission (SEC).

Egrag notes, “Following the July pump, #XRP has encountered resistance at FSRF 0.618, with the next resistance around 0.75 cents.”

The FSRF, which consists of several trendlines, has been instrumental in delineating potential turning points in the price of XRP. According to Egrag’s analysis, XRP recently showed a bullish sign by closing multiple days above the FSRF 0.5 line. Egrag notes, “A bullish pattern has emerged, as XRP has achieved multiple daily closes above FSRF 0.5,” suggesting an underlying strength in the market.

Egrag’s analysis points to successive price targets for XRP, stating, “The roadmap ahead includes targets at 1) FSRF 0.618 (around 0.75 cents) 2) FSRF 0.75 (around $1) 3) Fib Extension 1.618 (around $1.5) 4) FSRF 1 ($1.96).”

Should XRP’s price breach the $2 mark, the analyst anticipates a wave of FOMO (fear of missing out) could propel the asset towards the ambitious $27 target. Such a surge would represent a 1,350% increase from the current levels, a move that is not unprecedented in the volatile world of cryptocurrencies but certainly ambitious.

The chart shared by Egrag also underscores the significance of the “Last Line of Defense,” a term referring to a critical support zone around $0.29 that, if held, could reinforce the bullish case for XRP.

Egrag’s current sentiment echoes the resilient spirit of the XRP community, often referred to as the XRP army, with a rallying call for perseverance: “STAY STEADY! I understand the exhaustion, but remember, GLORY awaits us in VALHALLA.”

At press time, XRP traded at $0.56991. As analyzed a few days ago, the price has managed to break out of the downtrend channel in the 1-day chart and has now successfully completed a retest, which supports Egrag’s bullish thesis.