Author: The Daily Hodl
A widely followed crypto analyst believes that Ethereum (ETH) and one of its competitors are setting up for big recovery rallies. Pseudonymous crypto trader Kaleo tells his 645,400 followers on the social media platform X that Ethereum could soon soar by double digits after testing the $2,100 level and then breaking out of a descending trendline. “High $2,100s / low $2,200s then bounce.” Looking at his chart, the trader suggests ETH could soar past $4,000 within months, a more than 64% gain from the current value. Ethereum is trading for $2,440 at time of writing, down nearly 3% in the…
The Cardano (ADA) blockchain officially rolled out its long-awaited Chang hard fork, ushering in a new era of decentralized governance for the project. The upgrade enables decentralized voting and unlocks a 1.5 billion ADA “sovereign wealth fund” for the community, according to Cardano creator Charles Hoskinson. With ADA trading at around $0.332 at time of writing, that wealth fund is worth almost $500 million. Explains Hoskinson, “This is a truly extraordinary thing to be used by and for every single one of the millions of members in the Cardano ecosystem. It’s amazing that so many people who don’t know each…
A widely followed cryptocurrency analyst and trader is turning bearish on Ethereum (ETH) competitor Solana (SOL). The analyst pseudonymously known as Bluntz tells his 273,500 followers on social media platform X that SOL against Bitcoin (SOL/BTC) may soon plummet in value. “SOL/BTC on weekly looks horrid, legit looks proper topped out to me with the complacency shoulder and everything. Still hard to call tops on the market here though. I could see a world where SOL/BTC has topped because money starts finally rotating into ETH albeit taking that view has been a legit mental illness all cycle. Tough to have…
Circle chief executive Jeremy Allaire thinks digital currencies will enable the same ballooning transformation for money velocity as the internet did for information publishing and software development. In a new interview with Empire, Allaire says that the “physics of the internet,” which he defines as the capacity of interconnected computer networks to synchronize states, is allowing people to move value across borders at costs closer to zero. He mentions Solana (SOL) co-founder Anatoly Yakovenko who said that the goal of the Ethereum (ETH) rival is to enable blockchains to transact at the speed of light. “The marginal cost of storing…
A popular crypto analyst thinks Bitcoin (BTC) is currently mirroring the Japanese stock market’s giant rally about four decades ago. The pseudonymous analyst TechDev shares charts with his 467,400 followers on the social media platform X that compare BTC’s performance since 2010 with the performance of the Nikkei 225, a price-weighted index that tracks 225 blue-chip companies trading on the Tokyo Stock Exchange, between the years 1950 and 2000. TechDev’s charts suggest Bitcoin could crack $760,000 sometime between 2028 and 2029 before witnessing a multi-year bear market. The top-ranked crypto asset by market cap is trading at $59,621 at time…
Macro guru Hugh Hendry believes there’s a solid chance that Bitcoin (BTC) will ignite a nearly 240% surge but notes that he’s also prepared in case the crypto king corrects. In a new interview with independent journalist David Lin, Hendry says that while he’s not an expert in the intricacies of Bitcoin and crypto, he can still see his capital invested in BTC “easily” appreciating by 3X. According to the macro guru, his rosy outlook on BTC is based on Bitcoin’s bull market structure, the size of its market capitalization as well as the potential buyers of the crypto king.…
A popular analyst says he’s feeling bullish on crypto for the end of this year and is updating his outlook on Ethereum (ETH) and Solana (SOL). The pseudonymous trader known as Altcoin Sherpa tells his 222,400 followers on the social media platform X that he’s expecting a “full send” phase for crypto around December or perhaps early next year. “Personally I’m bullish going into late Q4 but until that time, I honestly have no idea. Still expecting some chop for Sept/October and then some fakeouts in November. Full send by December/January 2024 though.” Looking at Ethereum, the trader doesn’t yet…
Circle CEO Jeremy Allaire says that the vast majority of unexpected developments in crypto still haven’t occurred yet. In a new interview on the Empire podcast, Allaire says that the two things that surprised him were memecoins and non-fungible tokens (NFTs). “Memecoins and NFTs… The whole phenomenon, and the way in which those phenomena emerged and were popularized. Those were not things that I anticipated. And I can make arguments about the good and the bad. NFTs to me are actually very important technology, very important utility, and NFTs as a pattern is critical in a ton of different ways.…
Hedge fund veteran Mark Yusko believes that the launch of Bitcoin exchange-traded funds (ETFs) has given Wall Street some control over the price action of BTC. In a new interview with crypto podcaster Scott Melker, Morgan Creek’s Yusko says that he’s not seeing signs of intense selling pressure in both the spot and ETF markets. But Yusko says Bitcoin is correcting because of entities heavily shorting BTC in the futures market. The hedge fund veteran believes that Bitcoin is being shorted by institutions to artificially push the price of BTC down so they can accumulate coins at a discount. “There’s…
A widely followed crypto analyst is warning that Bitcoin (BTC) and crypto could be seeing red this month based on historical seasonality. In a new video update, crypto strategist Benjamin Cowen tells his 810,000 YouTube subscribers that September has historically delivered negative returns for BTC more often than not. 1:30:- “I started noticing a pattern for Bitcoin. And essentially what it was, was that we just had red September after red September after red September. 2017, 2018, 2019, 2020… What you’ll notice, though, no matter how you look at your averages, no matter what years you ignore, September tends to…