Amid Friday’s downturn, following bitcoin’s decline to ,450, the latest Commitments of Traders (COT) report from the Commodity Futures Trading Commission (CFTC) indicates that hedge funds are placing substantial bets against bitcoin. Bitcoin Faces Bearish Sentiment From Hedge Funds While crypto enthusiasts and analysts have been optimistic about bitcoin (BTC) for quite some time, particularly […]
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VanEck Predicts Explosive Ethereum Growth: Could ETH Reach $2.2 Trillion?
Ethereum, the world’s second-largest cryptocurrency, is poised for a meteoric rise, according to a new analysis by VanEck, a leading asset management firm. The report predicts that Ethereum could reach a valuation of .2 trillion by 2030, translating to a price of around ,000 per coin. This ambitious prediction hinges on Ethereum’s dominance in the smart contracts arena and its potential to generate a staggering billion in free cash flow by the end of the decade.
Traditional Finance Embraces Ethereum With ETF Approval
A key driver behind VanEck’s bullish outlook is the recent approval of spot Ether ETFs on US stock exchanges. These ETFs allow traditional financial institutions and investors to gain exposure to Ethereum without the complexities of directly holding the cryptocurrency.
This increased accessibility has broadened Ethereum’s appeal, attracting financial advisors, institutional investors, and even Big Tech firms. The influx of these new players has bolstered Ethereum’s legitimacy and instilled confidence in its long-term potential.
A Network Powerhouse With Room For Growth
The Ethereum network boasts a robust user base, processing around trillion worth of transactions and facilitating .5 trillion in stablecoin transfers over the past year. This impressive activity highlights Ethereum’s position as a vital cog in the decentralized finance (DeFi) machine.
VanEck’s analysis factors in Ethereum’s ongoing evolution, including the rising adoption of applications built on its platform, the increasing scarcity of ETH tokens due to burning mechanisms, and its potential to capture a larger share of the burgeoning blockchain market. The report estimates the total addressable market (TAM) for blockchain applications to be a staggering trillion, indicating vast room for Ethereum’s growth.
Will Ethereum Become The Silicon Valley Of Blockchain?
VanEck’s analysis paints a picture of Ethereum as a potential “Silicon Valley of Blockchain,” a platform that fosters innovation and disrupts traditional industries. The ability to build and deploy smart contracts on Ethereum empowers developers to create new applications and financial instruments that could revolutionize sectors like supply chain management, identity verification, and even voting systems. As Ethereum’s ecosystem flourishes, the value proposition of holding ETH tokens strengthens, potentially fueling the predicted price surge.
Ether Price Prediction
Meanwhile, according to the latest forecast, Ether is expected to rise by 2.13%, reaching ,861 by July 6, 2024. This projection is supported by a set of technical indicators that currently signal a bullish sentiment. The overall market sentiment for Ethereum is optimistic, with a Fear & Greed Index reading of 78, indicating “Extreme Greed.” This index measures market emotions and sentiment from various sources, and a high level like this often signals that investors are becoming overly confident, which can sometimes precede a market correction.
In terms of recent performance, Ethereum has experienced 17 green days out of the last 30, translating to a 57% rate of positive daily performance. This indicates a generally upward trend with consistent gains. However, over the past 30 days, Ethereum has shown an 11.30% volatility rate. This level of volatility is relatively high, implying that while the price is expected to rise, it could experience significant fluctuations.
Featured image from InvestorsObserver, chart from TradingView
Analyst Says Get Ready As Dogecoin Enters ‘Expansion Stage’, Can DOGE Reach $12?
Dogecoin is one of the cryptocurrencies getting a lot of interest from analysts recently. With meme coins expected to outperform once again during this bull cycle, crypto analyst Crypto Kinfolk has pointed out where the Dogecoin price could end up as this bull cycle manifests.
Dogecoin Enters Expansion Stage
In an analysis posted on the TradingView platform, crypto analyst Crypto Kinfolk laid out a possible scenario that could see the Dogecoin price soar from here. Starting out with a brief history, the crypto analyst highlighted how far the meme coin has come since being created back in 2013 as a joke. Also, having such a long history has made it possible for historical analysis to be drawn for the meme coin.
One of these historical analyses is how the price of Dogecoin has performed in previous bull markets. In the last two bull markets, meaning the 2017-2018 and 2020-2021 bull markets, the DOGE price saw massive gains of 21,000% and 50,000%, respectively.
Given this, a continuation of this trend could suggest that the meme coin could outperform in another bull market. As Crypto Kinfolk points out, Dogecoin has created a habit of mimicking its performance from the last bull cycle. So if there is a repeat, then this bull cycle could be just as explosive as the last, leading to what the analyst calls “a mind melting bull run.”
Can DOGE Price Rise To This Bull Cycle?
Pointing to the chart, Crypto Kinfolk explains that Dogecoin has finally completed its bear market trend, which is now giving way for recovery. More importantly, the meme coin is breaking out of accumulation, something that is historically bullish for price. As a result of this, the crypto analyst believes that the DOGE price has now entered an “expansion stage.”
In this expansion stage, the meme coin is expected to outperform, and even if it replicates just a small percentage of its previous bull runs, its price could quickly rise to unprecedented levels. The first target put forward by the analyst in this stage is .20. Hitting this first target would mean an almost 2,500% increase from its current price level of .1626 at the time of writing.
However, the analyst does not stop there, expecting further outperformance from the meme coin. The second target is a 6,100% increase to hit the .10 level. Last but not least, the third target was placed at , representing an expected 7,200% increase in price.
“With rumors shooting around the internet that Elon may add DOGE as the local currency for the X platform and this being a real possibility, I think it is counterproductive to think these type of gains are not in the cards,” Crypto Kinfolk concluded.
Floki Inu (FLOKI) Skyrockets 15% To Reach New All-Time High, Riding The BNB Uptrend
Floki Inu (FLOKI), the dog-themed meme coin, has recently achieved a significant milestone by reaching an all-time high (ATH) amidst Binance Coin’s (BNB) upward trajectory.
With a 15% surge in the past 24 hours, FLOKI reached a record price of .0003491, solidifying its position as the largest meme coin on the BNB Chain.
Floki Inu Receives Major Boost As DFW Labs Invests M
This surge comes as Web3 investor and crypto market maker DFW Labs announced a substantial investment of million in FLOKI tokens to support the Floki ecosystem.
The purchase involved acquiring a portion of the tokens from the market and the remainder from the Floki treasury. Notably, DWF Labs purchased million worth of FLOKI tokens in March, which also triggered a significant price surge of over 30%, propelling the token to a nine-month high then.
The partnership between Floki and DWF Labs was initially established in May 2023 when DWF Labs purchased million worth of FLOKI tokens. Since then, DWF Labs has been crucial in boosting FLOKI adoption.
In addition, further developments are on the horizon for Floki, as they plan to release the mainnet version of their flagship utility product, the Valhalla metaverse game, later this year.
Moreover, the team is set to launch several key utility products, including the Floki Trading Bot and the Floki Decentralized Domain Name and Website Service. These upcoming releases have garnered significant attention from investors, resulting in increased buying pressure and a rise in token holders.
The protocol boasts a notable milestone, with FLOKI recently surpassing 417,400 holders on the BNB chain. The protocol’s development team declared that Floki remains “the dominant meme coin on the BNB chain,” boasting a substantially larger market capitalization than all other BNB chain memecoins combined.
Price Correction Temporarily Impacts FLOKI’s Uptrend
According to CoinGecko data, FLOKI’s market capitalization is currently at a substantial billion, nearly doubling compared to its market cap in May, which was .7 billion.
Furthermore, FLOKI’s daily trading volume has surged by 164% in the past 24 hours, amounting to .2 billion, highlighting the token’s market attention from investors and its prevailing bullish sentiment.
Despite these positive developments, Floki Inu has experienced a price correction of approximately 8% within a matter of hours. It is currently trading at .0003164. The next nearest support level for the token is .0002985.
While there is a clear path for further growth, Floki Inu faces the challenge of investor decision-making on profit-taking and selling, which could potentially impact the token’s short-term uptrend.
In such a scenario, a consolidation at current levels would be crucial in maintaining gains and facilitating the resumption of the uptrend once the buying trend resumes.
Meanwhile, BNB is trading slightly below its ATH, experiencing a 1.5% decline in the last hour and currently valued at 9.
Featured image from DALL-E, chart from TradingView.com
Terraform Labs, Do Kwon Reach Preliminary Settlement With SEC
Singapore-based Terraform Labs and its founder Do Kwon have reportedly reached a preliminary settlement with the U.S. Securities and Exchange Commission (SEC) after being accused of misleading cryptocurrency investors before the 2022 collapse of terrausd (UST), the project’s now-defunct algorithmic stablecoin. According to a court filing, the settlement terms are currently undisclosed and the alleged […]
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Mastercard Expands Crypto Reach With P2P Platform Launch Across 13 Countries
Mastercard has announced the launch of a peer-to-peer (P2P) platform for cryptocurrency users in Europe and Latin America. This initiative allows users on supported exchanges to send and receive cryptocurrencies using Mastercard Crypto Credential aliases, streamlining the transaction process.
Mastercard Crypto Credential Pilot
As announced on Wednesday, the platform extends its services to users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay, enabling them to conduct cross-border and domestic transfers across multiple currencies and blockchains.
This expansion is further boosted by including Foxbit, a crypto wallet provider, and Lulubit, through its integration with Lirium, into the Mastercard Crypto Credential pilot ecosystem, reportedly broadening its reach to a larger consumer base.
The Mastercard Crypto Credential acts as a verification mechanism for interactions between consumers and businesses on blockchain networks. It is designed to simplify transactions by exchanging metadata, eliminating the need for users to know the recipient’s supported assets and chains, thus increasing trust and security in each transaction.
Moreover, Mastercard Crypto Credential complies with regulatory requirements, including the Travel Rule, which promotes transparency and prevents illegal activities in cross-border transactions.
Notably, this framework paves the way for additional use cases in the future, such as Non-Fungible Tokens (NFTs), ticketing, and other payment solutions based on market demand and compliance standards.
For users, the process begins with verifying the user against Mastercard Crypto Credential standards and issuing an alias to conduct transactions across all supported exchanges.
When a transfer is initiated, the platform validates the recipient’s alias and verifies that the recipient’s wallet supports the specific digital asset and associated blockchain.
If the recipient’s wallet does not support the asset or blockchain, the sender is immediately notified, protecting all parties from potential loss of funds. The announcement further reads:
This milestone marks the first real-world application of the Mastercard Crypto Credential vision, which was unveiled at Consensus in 2023. The live Mastercard Crypto Credential P2P transactions represent the potential to further expand and support the domestic and cross-border remittance market.
Access To Secure Crypto Transactions?
Walter Pimenta, Executive Vice President of Product and Engineering for Latin America and the Caribbean at Mastercard, expressed enthusiasm for the project, stating that the continued investment in technology, standards, and partnerships aims to deliver safe, simple, and secure payments.
Partners, including Bit2Me, Foxbit, Lirium, and Mercado Bitcoin, have also expressed their commitment to innovation and the development of crypto solutions that drive alternative payment options and increase user experience.
Initially, a select group of crypto wallet users will have access to Mastercard Crypto Credential on a first-come, first-serve basis. Over the following months, wider availability will be rolled out to more than 7 million users across the participating exchanges, “democratizing” access to “secure and efficient” crypto transactions.
Featured image from Shutterstock, chart from TradingView.com
Pundit Predicts Shiba Inu Competitor Dogwifhat Will Reach $10 Amid Short liquidations
Crypto trader and analyst Unipcs (Bonk Guy) has reiterated his bullish prediction for Dogwifhat (WIF). He made this statement while revealing the sums lost by short traders thanks to their bearish sentiment around the meme coin.
Dogwifhat Headed To
Unipcs mentioned in an X (formerly Twitter) post that Dogwifhat is “headed to ” and will never drop to as low as again. He added that the market is currently in a meme coin supercycle, which is why he believes the meme coin can attain such heights. The crypto trader also highlighted how WIF shorts were “getting squeezed hard” and said this is the “way it should be.”
Besides Dogwifhat, Unipcs generally has a bullish outlook towards meme coins. He earned a reputation for longing Bonk, another Solana-based meme coin, with ,000 in October 2023 and still holding as at the last time he shared an update on the trade. Based on his update, his unrealized profit has risen to as high as .7 million at some point.
Unipcs’s bullishness on meme coins is also not surprising, considering this category of crypto tokens is projected as one of the leading narratives in this bull run. It is also worth noting that meme coins Dogwifhat and Pepe (PEPE) are currently this year’s best-performing crypto assets among the top 50 coins by market cap, with year-to-date (YTD) gains of over 1,800% and 1,000%, respectively.
Unipcs isn’t the only one who believes that WIF could rise to . Another crypto trader known as ‘Free’ has also reaffirmed on different occasions that the meme coin will still rise to that price level. Meanwhile, crypto analyst Bluntz Capital is also ultra-bullish on Dogwifhat, as he once suggested that the meme coin will flip PEPE and Shiba Inu (SHIB) to become the second-largest meme coin by market cap, only behind Dogecoin (DOGE).
This Crypto Analyst Has Other Expectations
Crypto analyst CrediBULL Crypto recently revealed his bearish expectations for meme coins, including WIF. He foresees a “meme wipeout,” which could be worse than he initially thought. He added that this occurrence would “catch a ton of people off guard.” He claimed he would become a meme coin bull when the time is right, but now is not the right time.
In a recent video posted on his YouTube channel, CrediBULL Crypto also analyzed Dogwifhat. He noted that WIF had significantly moved to the upside, as he rightly predicted in an earlier market update. Back then, he mentioned that he was expecting the meme coin to rise to .8 before it dropped to as low as .6.
However, in his recent video, he revealed that he won’t be shorting Dogwifhat even when it reaches .8. Instead, he will wait for the meme coin to claim the untapped highs at the range to validate his bearish expectations.
At the time of writing, Dogwifhat is trading at around , up over 6% in the last 24 hours, according to data from CoinMarketCap.
Shiba Inu Price Can’t Reach $0.01, Crypto Pundit Reveals Why
Crypto analyst Oscar Ramos has outlined why he doesn’t believe the Shiba Inu price can go above .01 this cycle. He made this statement while alluding to the possibility of the meme coin reaching .5 at some point in the future.
Why Shiba Inu Can’t Go Above .01
Ramos mentioned in an X (formerly Twitter) post that Shiba Inu can’t go above .01 because of its current supply of over 589 trillion, according to data from CoinMarketCap. The crypto analyst made this remark while sharing a prediction chart from the price prediction website Telegaon, which showed that Shiba Inu could reach .5 in 2040.
Indeed, Shiba Inu’s circulating supply significantly impacts its price, which is why the Shiba Inu team has made a conscious effort to reduce the amount of SHIB tokens in circulation through regular token burns. Shiba Inu’s burn tracker had previously noted that Shiba Inu’s circulating supply would need to be just over 85 billion for its price to even reach .01, as Ramos predicts.
That means almost 80% of Shiba Inu’s circulating supply still needs to be burned for the meme coin to attain Ramos’ price target. Crypto YouTuber Jeff had previously suggested that it was almost impossible for Shiba Inu to burn that much of its circulating supply, stating that it would take over 1 million years for Shiba Inu’s circulating supply to reduce to 100 billion tokens.
However, there is no doubt that the Shiba Inu team has still made great efforts to reduce the meme coin’s circulating supply. Over 76 billion SHIB tokens were burned in 2023, while 83 billion were burned the previous year. Seeing how Shiba Inu’s price has increased since last year, these efforts are paying off.
While burning 80% of Shiba Inu’s circulating supply still seems like a far-fetched goal, SHIB token burns are expected to increase exponentially, especially thanks to innovations like layer-2 network Shibarium, which uses some of the transaction fees earned for SHIB burns. Therefore, the number of token burns carried out will increase as Shibarium enjoys more adoption.
SHIB Can At Least Rise To .011
Crypto analyst Ali Martinez had previously predicted that Shiba Inu could make a historic run from its current price level and rise to as high as .011. Other crypto analysts have also given bullish price predictions for Shiba Inu, although not as bullish as Martinez’s.
Crypto analyst Armando Pantoja predicted that Shiba Inu could reach .001 and even claimed this would happen after the Bitcoin halving. Ramos has also given his bullish prediction for SHIB in this bull run, as he predicts that the meme coin can shed another zero from its current price and rise to .0001.
At the time of writing, Shiba Inu is trading at around .00002603, up over 2% in the last 24 hours, according to data from CoinMarketCap.
Bitcoin to Reach $420K by Decade’s End, Says Ric Edelman
Ric Edelman, founder of Edelman Financial Engines, forecasts bitcoin will reach 0,000 by the decade’s end. He explained that if 1% of the world’s 8 trillion in financial assets were allocated to bitcoin, it would result in .4 trillion in inflows, raising bitcoin’s price to 0,000. Ric Edelman’s 0K Bitcoin Prediction Ric Edelman, a financial […]
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Polkadot Price On The Verge Of Massive Breakout, Can It Reach $25?
Polkadot (DOT) has come under the spotlight with crypto analysts laying out bullish narratives for the crypto asset. One of them is crypto expert Michaël van de Poppe, who believes Polkadot could rise to as high as in this bull run.
Polkadot Could Reach On Next Leg Up
Michaël van de Poppe mentioned in an X (formerly Twitter) post that Polkadot’s next rally will see it climb between and . He explained that the crypto token has seen a substantial correction in the past months, but it showed enough strength by coming back to pre-rally levels. The analyst further claimed that Polkadot has bottomed, “especially since JAM Whitepaper came out.”
As such, he believes that Polkadot is more than primed for this rally, which could propel it to such heights. The crypto analyst has been a big believer in Polkadot’s potential. He previously included Polkadot in a list of crypto tokens that he believes are undervalued. He claimed that DOT’s valuation was still at a cycle low, which had opened up a “huge opportunity” to invest in it.
Van de Poppe is very much invested in Polkadot because of its technology. In a previous X post, he highlighted how the JAM (Join-Accumualte Machine) Paper, which ushered in Polkadot 2.0, would revolutionize DOT’s ecosystem. He also claimed that Polkadot is the “second largest blockchain in terms of developers and growth.” Therefore, he expects DOT’s price to complement the team’s efforts soon enough.
Meanwhile, Van de Poppe expects Polkadot to reach as high as in the third quarter of this year. For now, he believes that the and range are crucial resistance levels that the crypto token must break out of to enjoy such a parabolic rally.
A More Bullish Prediction For DOT
Crypto analyst Crypto Thanos offered a more bullish prediction for Polkadot, stating that the crypto token climbing above is “easily achievable” in this bull run. He believes this price is attainable because he expects institutions to get interested in large caps like Polkadot. He also noted Polkadot’s collaboration with Tie, which aims to increase institutional exposure and access.
It is worth noting that Polkadot’s all-time high (ATH) is currently , which makes Thanos’ prediction for the crypto token feasible. Crypto tokens are known to usually surpass their ATH in every bull run.
Crypto analyst Captain Faibik provided insights into what to expect from Polkadot in the short term. He predicts the crypto token will record a 35% “bullish rally” soon enough. He said a “major trendline breakout/retest has already been confirmed” for DOT on the four-hour timeframe chart.
At the time of writing, Polkadot is trading at around .11, up over 2% in the last 24 hours, according to data from CoinMarketCap.