Author: The Daily Hodl
A closely followed crypto analyst is issuing a warning to investors saying that smart contract platform Ethereum (ETH) could plummet by up to 26%. Pseudonymous crypto strategist Credible Crypto tells his 402,300 followers on the social media platform X that the top altcoin has likely not yet found a market bottom. The analyst looks at ETH’s open interest (OI) – which tracks the total number of outstanding derivatives contracts for a given asset – and believes it remains overweight despite Thursday’s price collapse. “When we look at OI in coin terms (below) we can see that the big flush on…
Leading smart contract platform Ethereum (ETH) generates far more revenue from fees per year than any other blockchain. New data from crypto tracker Lookonchain reveals that the top altcoin earns $2.728 billion in fees per year, or more than twice its closest rival, Tron (TRX), which earns $459.39 million annually. Ethereum also earned just over twice that of Bitcoin (BTC), the top crypto asset by market cap, which came in at $1.3 billion during the same time frame. Other top fee-generating chains analyzed by Lookonchain include smart contract platform Solana (SOL) with $241.29 million in revenue per year, Binance Smart…
A closely followed crypto strategist thinks that Bitcoin (BTC) is likely consolidating ahead of a massive breakout to end the year. In a new strategy session, crypto analyst Jason Pizzino tells his 330,000 YouTube subscribers that based on historical precedence, the crypto king could dip to as low as $44,000 and still end the year bullish. “When we get to the end of the year, I think you’ll look back and just wonder why people were fighting over price ranges between around the low of $56,000 and the major 50% level of $44,000. Does it get to $44,000? Of course,…
A crypto analytics platform says that two under-the-radar altcoins are flashing bullish signals as fear, uncertainty, and doubt (FUD) centered around digital assets rise. According to new data from market intelligence firm Santiment, low-cap altcoins such as decentralized finance (DeFI) platform Balancer (BAL) and decentralized application builder Chromia (CHR) are primed to see gains after traders who are shorting them face liquidation. “Altcoins with extremely low funding rates are a great signal to buy into the crowd’s FUD right now. In the previous 24 hours, three prominent assets stand out as projects with heavy shorting on Binance: Balancer, Chromia, and…
A widely followed crypto trader is expressing bullish sentiment on Ethereum (ETH) relative to Bitcoin (BTC). In a new strategy session, pseudonymous crypto analyst Altcoin Sherpa tells his 217,800 followers on the social media platform X that the Ethereum/Bitcoin (ETH/BTC) pair is “still holding up pretty strong.” According to Sherpa, the ETH/BTC pair is currently in a “fine spot” for long opportunities amid the potential approval of spot Ethereum exchange-traded funds (ETF) by the U.S. Securities and Exchange Commission (SEC). “ETH to all-time highs is near guaranteed before the end of the year.” Ethereum, which is trading at 0.05457 BTC…
A closely followed crypto strategist believes that Bitcoin (BTC) could reach a six-figure price tag if it manages to reclaim a major resistance level. In a new strategy session, pseudonymous crypto analyst DonAlt tells the 61,000 subscribers of the TechnicalRoundup YouTube channel that the sell-off Bitcoin has witnessed recently could be invalidated if it manages to close around 9% above its current price. Afterward, the trader says the top crypto asset by market cap could kick off a rally that would see it eclipse its all-time high set earlier this year. “The invalidation is above $63,000, $64,000. Like the moment…
A closely followed crypto strategist and trader is revealing his price targets for Bitcoin (BTC) and two altcoin projects. In a new strategy session, analyst Jason Pizzino tells his 329,000 YouTube subscribers that based on the average true range (ATR) indicator Bitcoin could soon break through key price target resistance levels. The ATR indicator measures volatility by showing an asset’s trading range over a specified period. “You can see the dying off here of the average true range of the bar. Previous cycles, look what happened. Average true range picks up, dies off, dies off, dies off, and then you…
A social media-focused crypto project is reversing course on its decision to leave the blockchain of top US-based crypto exchange Coinbase. In a new announcement on the social media platform X, Friend.tech (FRIEND) says that based on community feedback, it no longer plans to leave Base to create its own blockchain. “We’ve heard your feedback: you don’t want FRIEND moving to another chain. We agree. FRIEND was always meant to be a 100% community-controlled token powering the Clubs contract. Migrating the supply and liquidity would not align with that spirit. You’ll still be able to create clubs, chat, buy keys,…
The chief crypto analyst of financial services platform Real Vision says that an on-chain metric indicates a bullish outlook for crypto. In a post on social media platform X, Jamie Coutts says blockchains are seeing a surge in daily active users (DAU), a metric indicating unique user engagement with a platform over a period of 24 hours. The DAU of an aggregate of 22 blockchains rose by 132.8% over the past six months and 117.4% over the last three months. “Blockchains ranked by 3-month Daily Active Users (14d avg) growth. Total DAUs 20% to 12.8 million over the period, while…
New data from crypto analytics platform IntoTheBlock indicates that Bitcoin (BTC) is facing further downside pressure. According to the market intelligence firm, the crypto king’s recent drop below $60,000 – a critical demand zone historically – could cause it to see further price cuts. “Bitcoin has breached its $60,000 support level, a critical demand zone. This move leaves over 16% of BTC holders in a loss position. Historically, demand just below $60,000 has been weak, suggesting further downward pressure. The next significant demand zone lies between $40,000 and $50,000.” However, IntoTheBlock notes that BTC whales have been accumulating the top…