Author: The Daily Hodl

A popular analyst says that last week’s marketwide correction has put altcoins in a position to see muted price action in the next few months. Pseudonymous analyst The Flow Horse tells his 211,300 followers on the social media platform X that he expects altcoins to trade sideways until July. According to the trader, the lack of retail inflows will keep altcoins range-bound for months with some printing fresh local lows before the next big move up. “Time is a pretty important component of corrections in my opinion, especially in a market that is very long still and has no new…

The largest federal bank in Germany, Landesbank Baden-Wurttemberg, is planning to offer cryptocurrency custody services in the second half of 2024, according to a new report. According to Bloomberg, Landesbank Baden-Württemberg is announcing a new partnership with Bitpanda to offer crypto custody services to institutional clients in the second half of 2024. According to the report, the bank aims to meet increasing corporate demand for digital asset custody. Says Jürgen Harengel, managing director of corporate banking at Landesbank Baden-Württemberg, “The demand from our corporate customers for digital assets is increasing.” According to the report, Bitpanda’s crypto custody platform with decentralized finance…

Ex-Goldman Sachs executive Raoul Pal says two crypto ecosystems are in the race to be the next big layer-ones in the current digital asset market cycle. In a new interview on Bankless, Pal says he’s been looking for what’s going to be the “Solana (SOL)” of the next bull market, or which crypto asset is going to see the same parabolic run-up and adoption wave that Solana has been seeing in the last several years. Pal says he’s looking at two main ecosystems: Blockchains using the Move programming language, and ones using Cosmos (ATOM). As the Real Vision CEO notes,…

Whales on the Solana (SOL) blockchain are gobbling up memecoin discounts following a marketwide correction over the weekend, according to on-chain data. Blockchain tracking firm Lookonchain spotted two Solana whales that went in to accumulate sloth-themed Slerf (SLERF), Pepe the Frog-themed Book of Meme (BOME) and President Joe Biden-inspired Jeo Boden (BODEN) from crypto exchanges Kucoin and Binance. “What did whales buy on Solana after the market dropped? We noticed whales bought SLERF, BOME and BODEN! 4eocFb withdrew 31,916 SOL ($4.56 million) from Kucoin and spent 2,055 SOL ($294,000) to buy 500,979 BODEN at $0.59. 9CjKf5 withdrew 15,751 SOL ($2.25…

Most investors who bought memecoins Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) continue to stay in profit despite a correction sweeping the crypto market, according to analytics firm IntoTheBlock. Following Bitcoin’s (BTC) correction from $72,750 to a low of $61,079 last week, data from IntoTheBlock shows that 85% of DOGE holders are still in profit.  Meanwhile, more than half, or 62% of SHIB owners are seeing gains. Only 36% have negative returns and 2% have neither gains nor losses. Of the PEPE holders, 69% are profitable, 28% are underwater and 3% are at break-even point. Dogecoin is now trading…

Closely followed trader and economist Alex Krüger is predicting Ethereum (ETH) will reach new all-time highs (ATHs), while also eyeing up other altcoins. Krüger tells his 171,400 followers on the social media platform X that he “fully expects” new ATHs for ETH based on several fundamental reasons. “I fully expect ETH to trade ATH. I am long ETH. I use ETH. It is useful. It is decent collateral and great for staking. ETH underperforms though. Those not using it for staking are down bad. The reason is simple. Most people in crypto already own too much ETH. I’ve been talking…

The founder of the decentralized finance (DeFi) protocol Curve (CRV) reportedly stared at the prospect of getting liquidated as the altcoin market collapsed during the weekend. According to crypto reporter Colin Wu, Curve founder Michael Egorov faced liquidation in his lending positions after Curve’s native asset dipped to $0.42. “Curve founder Michael Egorov also faced liquidation of his lending positions as CRV fell to $0.42. Michael mortgaged a total of 371 million CRV (approximately $156 million) through five addresses on six lending platforms to borrow $92.54 million in stablecoins. The health rate has dropped to around 1.1.”  In leveraged trading,…

A widely followed crypto analyst says that Ethereum (ETH) competitor Solana’s (SOL) nearly 45% devaluation from its 2024 high may end up being a “lifetime opportunity” for long-term bulls. Pseudonymous crypto trader Inmortal tells his 212,400 followers on the social media platform X that Solana looks poised to erase most of its losses in the last few days as he expects SOL to rally above $200. “Lifetime opportunity.” Based on the trader’s chart, he initially predicted that SOL would drop to $115, which it did on Saturday, before reversing and rallying toward his upside target. At time of writing, SOL…

A closely followed analyst is forecasting when altcoins can recover from their current downturn and enter into another “hype cycle.” The pseudonymous analyst known as Rekt Capital tells his 450,400 followers on the social media platform X that altcoin market cycles tend to happen in quarterly waves, with the last cycle recently peaking this month. According to Rekt, altcoins may bottom out in late May or early June before entering a new “hype cycle” in July. “Altcoins are following the plan… Altcoins bottomed in early February.  Altcoins sold off around the BTC Halving.  Altcoin to bottom early summer.” Looking at…

A closely followed crypto strategist thinks that Bitcoin (BTC) is positioned to surge to new all-time highs following last week’s drop to around $60,000. Pseudonymous analyst Kaleo tells his 634,700 followers on the social media platform X that Bitcoin appears to be mirroring its December 2023 to January 2024 price action – when the market anticipated the approval of spot BTC exchange-traded funds (ETFs). According to the trader, he sees Bitcoin rallying to new record highs around the halving when BTC miners’ rewards are slashed in half. However, he predicts that BTC will see a deep correction after the rally…