Steno Research, an independent macroeconomics, geopolitical, and crypto research house, has predicted that the spot ether ETF, presumed to start trading in early July, will take ETH to ,500. Steno’s latest post on the subject forecasts that Ether ETFs will perform better than leading analysts have predicted, bringing up to billion in inflows this […]
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Former Fed President Discusses Potential for 2 Interest Rate Cuts This Year
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Analysts Predict BTC Hitting $200,000 Next Year and $1 Million by 2033 — ‘We Believe Bitcoin Is in a New Bull Cycle’
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Binance CEO Sees 2024 as a ‘Landmark Year’ for Crypto
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Ripple CEO Expects SEC to Approve Spot XRP ETF Next Year
Ripple CEO Brad Garlinghouse believes that the U.S. Securities and Exchange Commission (SEC) will approve spot XRP ETFs next year, reiterating that they are inevitable. The executive discussed cryptocurrency regulations in the U.S., highlighting the SEC’s shift towards pragmatism after losing court battles. XRP ETFs Likely Approved Next Year, Ripple’s CEO Says Ripple CEO Brad […]
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Ethereum (ETH) Set For ‘Glorious Year,’ Analyst Eyes $10,000 Target
Ethereum (ETH) saw a significant upswing at the end of May due to the rumors of a spot ETH ETF (Exchange-Traded Funds) approval in the US. This bullish momentum propelled the token’s price from the ,000 price range to the ,900 mark.
After the approval, the second-largest cryptocurrency has shown a strong performance, consolidating between the ,700 and ,800 levels. Some crypto analysts believe ETH is preparing for a crucial test and eye bullish targets above the ,000 price range soon.
ETH’s “Glorious Year” Depends On This Level
According to crypto analyst Jelle, a community sector is currently driven by a negative sentiment towards Ethereum. The bearish sentiment, seemingly fueled by Ethereum’s failure to regain the ,000 resistance level, has made “lots of people overcomplicate things here.”
As a result, Jelle urged investors not to panic, arguing there’s no reason to “flip bearish.” The crypto analyst highlighted the key movements the King of Altcoins has seen in the past two weeks.
Due to the spot ETH ETF approval, Ethereum broke out of a multi-moth falling wedge pattern. At the time, ETH successfully regained the ,600 price range and briefly tested the ,900 price range.
After reclaiming this key support level, ETH has been consolidating above it, hovering between the ,700 and ,800 price range since May 28. According to the analyst, the cryptocurrency is “reclaiming the range lows of a 3-year-long reaccumulation range.”
Per Jelle’s chart, ETH is regaining the lowest range of the previous bull run, which could lead to an expansion period. If the second-largest cryptocurrency by market capitalization holds above this key level, Ethereum “will have a glorious year.”
Additionally, the analyst considers that ETH’s last hurdle to overcome this cycle is the ,000 resistance level. Once “it breaks ,000, it’s clear skies ahead” to potentially reach the price target of ,000.
Similarly, known crypto analyst Il Capo of Crypto noted that his main scenario is a bullish continuation. Per Il Capo, Ethereum is “looking good” above the ,650 range. This performance seemingly sets the cryptocurrency for a “bullish continuation” towards the previous cycle’s all-time high (ATH).
Ethereum ETFs, The Catalyst For New ATH?
Despite the doubts, Ethereum’s recent performance resembles Bitcoin’s (BTC) in previous cycles. According to crypto trader Ash, ETH is following the path of the flagship cryptocurrency in 2018-2021. If it continues this track, “,000+ ETH is programmed.”
As the crypto market awaits the listing of the spot ETF, some analysts consider it the catalyst for an “explosive” alt season this year.
Similarly, Ali Martinez noted that over 777,000 ETH, worth around billion, have been withdrawn from exchanges since the US Securities and Exchange Commission (SEC) approved the investment products. Due to a supply squeeze, this development could propel ETH’s price to higher levels.
However, Lookonchain recently revealed that two participants of Ethereum’s Initial Coin Offering (ICO) deposited around 4.5% of their holdings on a crypto exchange. Per the post, the ICO participants received 200,000 ETH, worth around 7 million, at Ethereum’s Genesis.
The holders deposited 9,518 ETH, or .33 million, into Kraken on Monday, which has alarmed investors. Despite the fear of a possible dump, some community members think this movement could suggest that these long-term holders believe ETH’s price will reach unprecedented highs soon.
May Shatters Bitcoin Transaction Records, Highlighting a Year of Unparalleled Achievements
According to recent data, May has set new records for milestones within the Bitcoin network. Following the record-breaking number of transactions confirmed on April 23, four of the top five days with the highest transaction counts settled on the Bitcoin blockchain occurred in May. 2024: A Banner Year for Bitcoin Records The year 2024 has […]
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Here Are The 3 Crypto Tokens That Earned A Trader $42 Million Profit In One Year
In cryptocurrency trading, remarkable success stories often emerge, showcasing the potential for significant returns. One such story is that of an anonymous crypto trader who recently managed to turn a portfolio of million into million over the course of a year, according to insights from Lookonchain, a crypto analytics platform.
This million profit highlights the trader’s smart money move in the volatile crypto market. The trader leveraged strategic investments in tokens such as PEPE, ONDO, and BEAM to achieve substantial gains.
Maximizing Returns Through Precise Market Timing
This trader’s journey began with a strategic crypto investment in PEPE, which alone yielded a return of million. The trader demonstrated a deep understanding of market trends and token potential by capitalizing on market timings and price fluctuations.
Notably, the trader’s investment in PEPE resulted in a 1203% return in gains. Initially investing 2,434 ETH (valued at approximately million) to acquire 3.97 trillion PEPE, the trader sold 125 billion PEPE for 350 ETH, or around .27 million, at peak prices.
The remaining holdings in PEPE were valued at .43 million, according to data from Lookonchain.
What a smart trader!
In just 1 year, his portfolio grew from M to M, earning M!
– Made M(+1203%) on $PEPE!
– Made .8M(+288%) on $ONDO!
– Made .85M(+72%) on $BEAM!
1/ Let’s dig into his trades. pic.twitter.com/ahSmmwsJIz
— Lookonchain (@lookonchain) May 24, 2024
In addition to PEPE, the trader diversified their crypto portfolio by investing in ONDO and BEAM, each offering different returns and market behaviors. The investment in ONDO resulted in a .8 million profit with 288% return on investment (ROI), showcasing effective diversification and asset selection strategies.
While BEAM provided the least returns among the three, it still contributed positively to the trader’s portfolio. An initial investment led to a 72% ROI, which, although smaller relative to PEPE and ONDO, demonstrates the importance of portfolio diversification.
It is worth noting that such diversification in crypto helps balance the risks and enhance the overall stability of investment returns across different market conditions in the crypto market.
The 3 Crypto Tokens Performance Overview
Among the three tokens the trader utilizes to secure substantial returns on investment, PEPE has emerged as the leading performer, followed by ONDO and BEAM.
Recently, PEPE has achieved notable milestones, ascending to new all-time highs. Over the last week, the asset has experienced a surge of over 40%, and an additional 4% increase in the past day, reaching a new peak at .00001526.
Despite this recent uptick, PEPE’s value has receded by 6.8% from its highest point, now trading at .0000144.
Meanwhile, ONDO marked a new all-time high earlier today at .15 but has since retracted by 2.7%, with its current price at .12. This represents a substantial 15.8% increase within a single day, cementing a week-long upward trend that has seen the token’s price climb by nearly 20%.
BEAM, however, has shown more modest gains compared to the other two. Over the past day and week, it has recorded increases of 1.5% and 7.9%, respectively.
Currently, BEAM is trading at .02736. Notably, this marks a significant drop of approximately 38% from its early May high of .04416, indicating less volatility and smaller gains than its counterparts.
Featured image created with DALL·E, Chart from TradingView
Goldman Sachs CEO Forecasts No Fed Rate Cuts This Year
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Prosecutors Recommend 5-7 Year Sentence for Former FTX Executive Ryan Salame
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