Author: The Daily Hodl
A widely followed crypto analyst is leaning bearish on Ethereum (ETH) despite the digital asset recently showing strength. In a new strategy session, pseudonymous crypto trader Credible Crypto tells his 441,400 followers on the social media platform X that Ethereum is rapidly approaching a trouble area when paired against Bitcoin (BTC). Based on the analyst’s chart, it appears that he is suggesting that the Ethereum/Bitcoin pair (ETH/BTC) could fall by roughly up to 20% from its current level. Ethereum is trading at 0.0369300 BTC ($3,568) at time of writing. On the Ethereum/US dollar pair, the widely followed analyst says that…
Cryptocurrency trader Ali Martinez is leaning bullish on Bitcoin (BTC) while offering his forecast for Ethereum (ETH) and Dogecoin (DOGE). Martinez tells his 91,300 followers on the social media platform X that online searches for the keyword “Bitcoin” are in the bottom 50th percentile, suggesting low interest relative to the levels usually experienced at the height of bull markets. “Investor sentiment remains subdued, far from euphoric—indicating Bitcoin may still have significant room to grow before reaching a market top.” Bitcoin is trading at $97,450 at time of writing. Next up is Ethereum. Martinez says that Ethereum could rally by around…
A widely followed crypto analyst thinks one Solana (SOL) challenger is gearing up for more rounds of upside bursts. Pseudonymous analyst Altcoin Sherpa tells his 232,200 followers on the social media platform X that Sei (SEI) looks bullish after breaking out of a rounding bottom pattern on the weekly chart. A rounding bottom formation is a bullish reversal structure suggesting that an asset is ready to witness a new uptrend. Says Altcoin Sherpa, “Fundamentals-wise, I think there needs to be a bit more built on there for people to gamble on but all in all, it looks really good for…
Two popular altcoins are surging in price after receiving surprise listings from US-based crypto exchange platform Bitstamp. In a new blog post, the crypto exchange says that its US branch is adding support for smart contract platform Solana (SOL) and Pepe (PEPE), a frog-themed meme asset built on top altcoin Ethereum (ETH). “The day US fans of Solana and Pepe have been waiting for is finally here! We’re excited to announce that well-known Solana and the popular meme coin Pepe are now available for trading on Bitstamp in the US.” News of the listings sent both SOL and PEPE flying,…
The co-founders of the crypto analytics platform Glassnode believe that Bitcoin (BTC) may start heading higher after retracing to the low $90,000s based on one metric. Jan Happel and Yann Allemann, who go by the handle Negentropic, tell their 63,200 followers on the social media platform X that Bitcoin’s correction may be over after long-term holders (LTHs) sold less than in the first quarter of the year. LTHs are addresses that hold coins for at least 155 days and they tend to exit the market when BTC makes a bull run. “Long-term holders have taken profits near $100,000, but not…
Real Vision’s head crypto analyst Jamie Coutts says that during the last two years, about $1.1 trillion of the world’s money supply has been fed into Bitcoin (BTC) and other assets. In a new thread on the social media platform X, Coutts tells his 29,200 followers that the crypto king blossomed after the M2 money supply, a measure of the sum of cash and checking account balance plus savings deposits and money market mutual funds, bottomed out at $94 trillion in Q4 2022 before subsequently shooting up to $105 trillion. “Global M2 bottomed at $94 trillion in Q4 2022 and…
The founder of the Tron (TRX) blockchain is making headlines for eating a famously controversial piece of art. After winning Italian artist Maurizio Cattelan’s art piece “Comedian” last week in a Sotheby’s art auction for $6.2 million, Justin Sun made good on his promise today to eat the art installation, which was a banana duct-taped to a wall. Last week, Sun announced winning the art auction and his plans for the piece. “I’m thrilled to announce that I’ve bought the banana!!! I am Justin Sun, and I’m excited to share that I have successfully acquired Maurizio Cattelan’s iconic work, Comedian…
A closely followed crypto analyst says that one top-50 altcoin by market cap is primed for an explosive breakout. Crypto trader Michaël van de Poppe tells his 745,200 followers on the social media platform X that the native token of the Bitcoin (BTC) layer-2 project Stacks (STX) could increase 70% from its current value as the coin challenges a key resistance level. “The Bitcoin ecosystem fires up. STX attacks the recent high, and is likely breaking through this resistance zone. Next stop? I think a new all-time high.” STX is trading for $2.29 at time of writing, up nearly 20%…
Hong Kong is reportedly eyeing new tax policies that can help in its push to become a top finance and cryptocurrency hub. Citing a 20-page proposal that was circulated this week, The Financial Times reports that China’s special administrative region (SAR) plans to exempt private equity funds, hedge funds and the investment vehicles of the super-rich from paying taxes on crypto profits. Hong Kong also wants to extend the tax exemption to other investments, including private credit, overseas property and carbon credit. The SAR is now conducting a six-week consultation on the proposals. The development comes as Hong Kong and…
The crypto analytics firm Santiment says Bitcoin (BTC) is likely heading higher if one key trend continues. According to Santiment, if the Mean Dollar Invested Age (MDIA) metric keeps declining, the chances are high for Bitcoin to start surging again. The MDIA metric is the average age of all tokens sitting on each wallet on the coin’s network. A declining MDIA is considered bullish as it indicates long-dormant coins are coming back into circulation, increasing network activity. “As long as this Mean Dollar Invested Age line for BTC continues dropping, it should be considered as validation that crypto markets are…