Author: The Daily Hodl
Long-term Bitcoin (BTC) holders are suddenly rapidly accumulating massive amounts of the top digital asset by market cap, according to blockchain analytics platform Glassnode. In a new analysis, Glassnode reports that Long-Term Holders (LTH), or addresses that hold coins for at least 155 days, have accumulated more than $22 billion worth of Bitcoin in the past three months. “This observation is echoed across Long-Term Holders (LTH), who heavily divested during the run-up to the ATH (all-time high). This cohort have now returned to a preference for HODLing, with a total volume of 374,000-plus BTC migrating into LTH status over the…
One low-cap layer-1 altcoin that recently rebranded itself is rising after abruptly gaining support from top US-based crypto exchange platform Coinbase. In a new announcement, Coinbase Assets says that it will be adding support for Gravity (G), formerly known as Galxe, an interoperable Ethereum (ETH)-based smart contract platform. “Trading will begin on 13 August 2024 at or around 12PM ET if liquidity conditions are met. Once sufficient supply of this asset is established trading on our G-USD trading pair will launch in phases.” News of the listing sent the digital asset soaring, as G went from a low of $0.0378…
A closely followed crypto analyst said that Bitcoin (BTC) could dip below the $50,000 mark if one major support level fails to hold. In a new strategy session, pseudonymous crypto trader Altcoin Sherpa tells his 219,900 followers on the social media platform X that the crypto king’s next test could either send it flying past $70,000 or crashing down below $50,000. “I think that it’s quite simple: If BTC breaks current level, we go to $70,000. If BTC doesn’t break current level, we go to $40,000s (w/ bounces in between).” Sherpa goes on to say that if BTC’s latest price…
Crypto exchange Coinbase just announced that Hawaii residents can now use its platform to buy and sell digital assets. In a statement, the largest US-based crypto exchange says its products and services are now available in The Aloha State after the Hawaii Department of Commerce and Consumer Affairs (DCCA) Division of Financial Institutions (DFI) made regulatory changes that provided clarity for cryptocurrency firms. “We’ve worked diligently with local authorities to ensure we can enter the Hawaii market, and welcome their innovative, responsible approach, which aligns with our goal of providing a safe and compliant environment for all.” Coinbase previously operated…
Seasoned trader Peter Brandt is warning that Ethereum (ETH) may be forming a bearish setup that could send it plummeting below $2,000. Brandt tells his 735,500 followers on the social media platform X that Ethereum is potentially forming a rising wedge pattern on the four-hour chart. A rising wedge pattern is typically considered a bearish signal, indicating more downside price action after a bounce. “I am posting this not as a slam on ETH, even though I’m not a fan, but to describe how I trade. So ETHernuts, don’t take offense. I am as quick to go long on a…
Inflows into the newly approved spot Ethereum exchange-traded funds (ETFs) suggest ETH could be on the cusp of a price uptick, according to the crypto analyst Michaël van de Poppe. Van de Poppe tells his 723,100 followers on the social media platform X that Monday marked the first day of zero outflows on the Ethereum ETFs. “This is an important week. If this week is a positive net inflow week of more than $50 million, I think we’re on the edge of having a strong upward trend for the Ethereum ecosystem.” The crypto analyst notes that ETH ETFs have been…
Analyst and trader Jason Pizzino is weighing the possibility of whether the crypto market could experience more downside. In a new video, Pizzino tells his 332,000 YouTube subscribers that there are “pretty good signs that we may have seen a low” on the downtrend that the total crypto market capitalization has witnessed over the last couple of weeks. According to Pizzino, one of the signs is that the total crypto market capitalization’s recent downtrend reversed after reaching the 50% retracement level on the weekly time frame. “You can see that that bounce came dead on the bull market range –…
A widely followed crypto analyst believes that Ethereum (ETH) may have reached a market bottom against Bitcoin (ETH/BTC). In a new video update, crypto strategist Benjamin Cowen tells his 807,000 YouTube subscribers that ETH/BTC may have reached the cycle low at 0.04 BTC. However, he warns that based on historical precedence, there’s a chance that ETH/BTC may first dip below the 0.04 BTC level on the monthly chart before rallying. “I think that ETH/Bitcoin bottoms in the 0.03 BTC to 0.04 BTC range, and it already hit 0.04 BTC. So there does exist a scenario where the low for ETH/Bitcoin…
Cryptocurrency analyst and trader Kevin Svenson is expressing bullish sentiment on Bitcoin (BTC). Svenson tells his 79,000 YouTube subscribers in a new video that Bitcoin is primed to see “continued upside, a continued recovery.” “The reason why is because the stock market is bouncing right back.” According to Svenson, the S&P 500 stock index’s bullish performance after a double-digit correction could fuel a Bitcoin rally. “The S&P went down almost 10% and is now down only 4% from the top. So the S&P has reclaimed more than half of that dip. A lot of people were fooled into thinking that…
A widely followed crypto believes that Solana (SOL) can reasonably climb by more than 850% before the current cycle expires. Pseudonymous analyst Kaleo tells his 643,700 followers on the social media platform X that Solana appears to be mirroring the price action of Ethereum in late 2020 just before ETH skyrocketed to its all-time high (ATH) of $4,878. “If Solana manages similar growth from the previous ATH that ETH did last cycle during this bull market, $1,000 SOL is a reasonable target.” But Kaleo notes that Solana can climb even higher if it truly follows ETH’s 2020 script. In August…