Despite the steep correction, a few cryptocurrencies posted gains in the first week of July.  Here are the top three.

MultiversX (EGLD) Bulls Show Resilience

MultiversX (EGLD), the native token of the new Internet economy blockchain, registered a 1.5% increase in the last seven days. However, the last 24 hours have been better as the price climbed by 7.15%% while trading at $31.42.

Earlier in the week, EGLD’s price increased to $32.18. But on July 3, the price fell to $29.43. Eventually, bulls could not defend the support, falling to $27.87. 

However, the 4-hour showed that bulls mounted support around $27 to prevent a further fall. As a result, a bullish engulfing candle appears on the chart, leading the token value higher.

In addition, the token’s price is above the 20 EMA (blue) and 50 EMA (yellow). EMA stands for Exponential Moving Average and measures price changes over a period of time.

Read More: What Is Altcoin Season? A Comprehensive Guide

If the price is below the short-term EMAs, the trend is bearish. However, since it is above the indicators, it means that EGLD may continue to jump. 

In addition, if this happens, the token will revisit its weekly high of $32.18. However, invalidation may occur if the market correction worsens.

MANTRA (OM) Triumphant After Tokenization Deal

Second on the list of altcoin gainers is MANTRA (OM). MANTRA is a layer-1 blockchain focused on the security of Real-World Assets (RWAs). 

This week, OM’s price increased by 11%, trading at $0.78 at press time. Initially, the token’s price jumped to $0.89 after the project concluded a $500 million tokenization deal.

Afterward, the value declined to $0.74 before the recent revival. According to the OM/USD daily chart, the Moving Average Convergence Divergence (MACD) is positive.

As a key technical indicator, the MACD helps traders spot trend reversals by comparing the difference between the 26-day EMA (orange) and the 12-day EMA (blue). If the reading is positive, it implies that momentum is bullish and prices can increase.

The opposite happens when the MACD is negative. Since the reading is in the green zone, it implies that OM’s momentum is bullish. A look at the Fibonacci retracement indicator gives an idea of possible price targets.

From the chart above, OM can climb to $0.84, which is the 0.618 Fib level position. This will be the case if buying pressure increases. However, if things turn around, OM may retrace, possibly leading the price back to $0.72.

LayerZero (ZRO) Tops the Altcoin Gainers Table

LayerZero (ZRO) is a surprise entry into the top altcoin gainers of the first week. This is largely due to the controversy that rocked the token launch and airdrop distribution.

But none of the top 3 altcoin gainers comes close to ZRO. The token trades at $3.32, representing a 29.30% increase this week.

According to the 4-hour chart, ZRO was oversold on July 5. During this period, the Relative Strength Index (RSI), which measures momentum was below 30.00. The Chaikin Money Flow (CMF), which tracks accumulation and distribution, confirms the selling pressure at that time.

However, as of this writing, traders seem to be accumulating the token, as indicated by the CMF reading. The RSI is also on the cusp of jumping above the 50.00 neutral point. 

Read More: Which Are the Best Altcoins to Invest in July 2024?

If this happens, coupled with a rise of the CMF into the positive region, ZRO’s price can reach $3.45 in the short term. However, the inability to reach the zones mentioned above may invalidate the prediction. Should this happen, ZRO may slip to $3.07.

The post Biggest Altcoin Gainers of the First Week of July 2024 appeared first on BeInCrypto.

Whales are large investors, and their influence on price cannot be underestimated. Therefore, market participants may need to keep an eye on Dogecoin (DOGE), Optimism (OP), and Pepe (PEPE), as they are among the altcoins crypto whales bought this week.

Dogecoin (DOGE) Large Holders Overlook The Decline

Like other cryptocurrencies, the price of DOGE tumbled. Specifically, the value has dropped by 23.76% in the last seven days. 

However, this did not stop crypto whales from buying more of the coin. BeInCrypto observes this after evaluating the Large Holders Inflow shown by IntoTheBlock.

This inflow shows strong buying activity by market participants who hold between 0.1% to 1% of the cryptocurrency.  On Tuesday, July 2, the inflow was 61.88 million DOGE. 

But one day later, the inflow reached 516.08 million, suggesting that whales were buying the dip. Currently, the figure has decreased to 215.90 million. 

At an average price of $0.11, crypto whales bought $23.74 million worth of Dogecoin in the first week of July. This is a 175.44% increase from the holdings in the last week of June.

Optimism (OP) Whales Ignore the Unlocks, Bullish About the ETF

Second on this list is OP, the token of the layer-two blockchain built on Ethereum.  This week, OP’s price has fallen by 27.82%. Apart from the broader market decline, OP’s decline can be linked to the series of token unlocks between July 1 and 5.

While the unlocks put selling pressure on the price, crypto whales decided to scoop the token at discount prices. 

According to Santiment, whales hodling between 1 million to 10 million OP added to their balance in the first week of this month. As a result, this cohort now holds 11.27% of the total OP  supply.

Read More: What Is Optimism?

The decision seems to be largely due to the upcoming Ethereum ETF approval. For most market participants, the official trading of the products may raise ETH prices.

Since ETH shares a strong correlation with OP, whales deem it fit to buy the token lower before the potential rally begins. 

Whales Put Pepe (PEPE) At the Top of the Chain

A look at PEPE’s Large Holder Netflow shows a staggering 2237.18% increase in the last seven days. This means the crypto whales buying PEPE outpaced those selling it by the abovementioned ratio.

Despite intensifying their purchase, the accumulation has had little to no effect on PEPE’s price. At press time, PEPE trades at $0.0000078— the lowest price it has hit since May 4.

If these large investors continue to buy the token as the price dips, stability may eventually appear. 

Read More: Pepe (PEPE) Price Prediction 2024/2025/2030

However, considering the current market condition, whale accumulation alone may not be enough to prevent prices from further declining. This is because Bitcoin (BTC) seems to be the crypto dragging the market back. 

Should BTC fail to stop its correction, DOGE, OP, and PEPE may continue to face downward pressure. However, a rebound for the number one cryptocurrency may prevent another nosedive.

The post Crypto Whales Bought These Altcoins in the First Week of July 2024 appeared first on BeInCrypto.

However, many have had to deal with considerable drawdowns. With July approaching, here are the top four cryptocurrencies that can hit new all-time highs before next month ends.

Binance Coin (BNB) Set Eyes on Massive Rebound

BNB, the exchange coin of Binance, is the first top 5 altcoin to surpass its previous all-time high. Since it reached $720.67 on June 6, the crypto has lost 21.11% of its value. Previously, BeInCrypto reported how BNB traded below crucial moving averages while struggling to recover.

However, things may change as time goes on. According to the BNB/USD daily chart, the Relative Strength Index (RSI), which measures momentum, trends downwards. However, the indicator seems to be heading in the oversold region direction.

Notably, a reading at 30 or below indicates that an asset is oversold. When it is 70 or above, it is overbought. As of this writing, the RSI positions at 38.96, indicating a further downtrend that may drive BNB’s price to $532.40.

Furthermore, the Accumulation/Distribution (A/D) indicator shows that distribution is not intense. As such, if BNB gets oversold, the price can rebound. In the event that buying pressure increases, the coin’s price may increase by 29.90%, which can produce news all-time highs toward $740.70 in July.

Kaspa (KAS) Seems Ready to Go Higher

KAS is the native cryptocurrency of Kaspa Network, a Proof-of-Work (PoW)-based project that is different from traditional blockchains. Currently, KAS is only 9.61% down from its all-time high of $0.19.

Trading at $0.17, the token has gained  6.75% in the last 24 hours, while its trading volume has increased by a staggering 172.65%. The increase in trading volume clearly shows market interest in KAS.

On the 4-hour chart, bulls can be seen defending the $0.14 and $0.15 support. They also broke through the $0.16 resistance, a major supply zone with bearish interest on June 13.

A look at the Awesome Oscillator (AO), the technical oscillator that also tracks momentum, shows that KAS momentum is bullish. However, the token’s momentum seems to be waning.

Read More: What Is Altcoin Season? A Comprehensive Guide

The red candlesticks on the chart reveal this. As such, the KAS price can retest $0.16. But a rebound is possible. If this happens, the cryptocurrency’s value will likely hit $0.20 in July.

Pendle (PENDLE) Plans to Capitalize on Exhaustion

PENDLE, the decentralized liquidity protocol token, reached an all-time high of $7.52 on April 11. The token trades at $5.25, representing a 30.25% decrease from its peak. According to the daily chart, sellers are exhausted, meaning PENDLE may be set to erase some losses.

This is evident in the indications from the Parabolic SAR. This indicator spots prices that can be entry (buy) or exit (sell) signals. When the dotted lines are below the price, a bullish reversal is close. On the other hand, if the lines are above it, it means it is time to sell, and the price can decrease.

As of this writing, the Parabolic SAR is at $5.17, suggesting that PENDLE may soon bounce off the lows. In addition, market participants may take advantage of the discount. If this happens, PENDLE’s price may hit 7.80 before the end of next month.

In the meantime, traders must watch out for developments related to the project. For example, Pendle plans to unlock another round of tokens in a few days. This may cause high volatility around the token’s price. But if the dust settles later in the month, the price can begin to rise to new all-time highs.

Brett (BRETT) Bulls Provide Cover Against Bears

Last on the list is BRETT, the top crypto and meme coin developed on Coinbase layer-2 network Base. According to the 4-hour chart, BRETT formed a parabolic pattern between May 9 and June 9. During this time, the price went from $0.033 to $0.19.

However, the parabolic curve pattern formation indicates that the cryptocurrency hit saturation at its crest. Hence, it is expected that the price will reverse as BRETT currently trades at $0.15. Despite the decline, the RSI is able to refrain from falling below the 50.00 midpoint.

This proves that bulls are committed to defending the support at $0.13. Should this continue into next month, BRETT’s price can avoid going lower. If so, the price can test new all-time highs between $0.20 and $0.21.

Read More: What Are Meme Coins?

In conclusion, it is worth noting that these projected all-time highs are subject to market changes. If July becomes a far better month than June, these cryptos will most likely reach the aforementioned targets. However, if the market faces an uphill battle with bears, some of the forecasts may be invalidated.

The post 4 Cryptos That Could Hit New All-Time Highs in July 2024 appeared first on BeInCrypto.

Top analysts offer varied perspectives on the timing and indicators that signal this shift.

Not an Altcoin Bull Market Yet

Crypto analyst Miles Deutscher recently shared insights, emphasizing that the market is far from an altcoin bull run. He explained that although Bitcoin has reached new all-time highs and meme coins are trending, altcoins have significantly underperformed.

“Most retail doesn’t hold large amounts of Bitcoin – they’re in altcoins. And altcoins have been significantly underperforming thus far this cycle,” he noted.

Deutscher highlighted several critical data points:

1. The OTHERS/BTC ratio is lower than it was in October 2023, indicating altcoins’ weak performance.
2. Only eight altcoins have broken their previous all-time highs against Bitcoin since the collapse of FTX.
3. YouTube views for Bitcoin are disproportionately low compared to its price surge, suggesting retail disinterest.
4. Altcoins are still 70% away from their previous all-time highs, while Bitcoin reached a new peak in March.
5. Since Bitcoin’s price increase from $27,000 in October 2023, altcoins have not had a sustained rally yet.

Read more: Which Are the Best Altcoins To Invest in June 2024?

Deutscher attributed the market’s behavior to a Bitcoin-led cycle driven by the spot exchange-traded fund (ETF) narrative and strong inflows.

“This has been a Bitcoin-narrative led cycle… Specific narratives have significantly outperformed (with majors lagging). Memes, AI, and RWA have been the clear leaders so far this cycle,” he added.

Altcoin Season Is Coming Soon

Despite the current scenario, crypto investor Layah Heilpern pointed to several bullish factors for crypto, including Bitcoin and Ethereum ETF approvals and endorsements from high-profile figures. She argued that the market has shaken out weak hands and is poised for the next big move.

“Imagine not being bullish on crypto right now. The Winklevoss twins donated $2 million to Donald Trump. Bitcoin and Ethereum ETFs approved. Trump endorsed crypto. The halving is done. Ethereum is not a security,” Heilpern said.

Meanwhile, Ki Young Ju, CEO of CryptoQuant, and technical analyst Mister Crypto are seeing signs of an early altcoin season. Ju observed that Ethereum’s MVRV ratio is rising faster than Bitcoin’s, indicating that Ethereum is heating up relative to its on-chain fundamentals.

This could suggest an Ethereum-led altcoin season, especially given the current ETF situation.

“Given the current ETF situation, this might be an ETH-only season. Historically, when ETH surges, other alts tend to follow,” Ju wrote.

Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

Given the potential for an altcoins season, Michaël van de Poppe explained he is bullish on Chainlink (LINK), citing historical patterns and expecting a significant rally in the second half of the year. He noted that LINK has formed a solid weekly candle on its cycle low, similar to patterns seen in previous years that led to substantial gains.

“LINK makes a very decent weekly candle on the cycle low… A similar price pattern occurred in previous years, resulting in a 150% rally. I’m expecting the same,” van de Poppe said.

Meanwhile, Rekt Finance highlighted Polkadot’s entry into the AI race as a bullish indicator. With projects like OriginTrail and PhalaNetwork leveraging Polkadot’s technology for AI, Polkadot could become a central hub for AI projects, potentially boosting its value.

Read more: 10 Best Altcoin Exchanges In 2024

While analysts diverge on the exact timing, the consensus remains that altcoin season is on the horizon. Investors should stay informed and consider market trends and expert insights.

The post Top Analysts Predict When Altcoin Season Will Begin appeared first on BeInCrypto.

This unprecedented growth in new tokens, while initially a sign of a booming market, now poses significant challenges.

2.52 Million New Tokens Created

Back in 2020, the crypto market experienced a frenzy. Liquidity surged as retail investors and venture capitalists (VCs) poured money into the industry. VCs, in particular, invested heavily, contributing to the development of numerous projects. 

Will Clemente, the co-founder of Reflexivity Research, reflected on how the strategy was straightforward back then. Investors needed to allocate capital in high-beta altcoins and enjoy the ride as they outperformed Bitcoin. 

“In 2020, you go out on the risk spectrum, those things are going to have higher beta to Bitcoin and you just get long all the vaporware and all that stuff goes up,” Clemente explained

This trend continued in 2022 when VC funding reached a record $11.1 billion in the first quarter alone. However, this flood of new capital led to an unsustainable increase in the number of altcoins.

The number of tokens tripled between 2020 and 2022, but the subsequent bear market hit hard. High-profile failures, such as the collapses of LUNA and FTX, caused widespread market turmoil. Projects that had raised substantial funds chose to delay their launches, waiting for more favorable market conditions.

By late 2023, market sentiment had improved, sparking a surge in new altcoin launches. This resurgence carried into 2024, with over a million new tokens introduced since April. Consequently, the total number of altcoins reached 2.52 million across different blockchains.

“It’s not about the number of altcoins, but their actual use cases and demand. Creating a new digital asset can take just a few minutes since most of the code is open source and a project can be easily created by copying an existing one. The crucial question is, which of these countless altcoins can attract demand and sustain investments over time? The answer is, probably 1% or even less,” Matteo Greco, Research Analyst at Fineqia, told BeInCrypto.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Although these numbers might be inflated due to the ease of creating meme coins, the sheer volume of new tokens is staggering.

How Altcoins Are Hurting Crypto

This deluge of new tokens is problematic. The more altcoins that flood the market, the greater the cumulative supply pressure.

Estimates suggest an additional $150 million to $200 million worth of new supply enters the market daily. This constant sell pressure depresses prices, akin to inflation in traditional economies. As more altcoins are created, their value relative to other currencies diminishes.

“Think of token dilution as inflation. If the government prints US dollars, this, in turn, reduces the dollar’s purchasing power relative to the cost of goods and services. It’s the exact same in crypto,” crypto analyst Miles Deutscher explained. 

Many of these new tokens have low Fully Diluted Valuations (FDV) and high float, exacerbating supply pressure and dispersion. This environment would be manageable if new liquidity was entering the market.

However, with insufficient new capital, the market is left to absorb the constant influx of new tokens, leading to price suppression.

Read more: Which Are the Best Altcoins To Invest in June 2024?

This could be one of the reasons why retail investors are reluctant to engage, feeling disadvantaged compared to VCs.

In previous cycles, retail investors could achieve significant returns. Now, tokens often launch at high valuations, leaving little room for growth, and subsequently bleed as their unlock schedules commence.

“The skew towards private market is one of the biggest issues in crypto, especially compared to other markets like equities and real estate. This skew becomes an issue because retail feel like they can’t win,” Deutscher concluded.

Addressing this issue requires concerted efforts from multiple stakeholders. Exchanges could implement stricter token distribution rules, and project teams might prioritize community allocations. Additionally, higher percentages of tokens could be unlocked at launch, potentially with mechanisms to discourage dumping.

Read more: 10 Best Altcoin Exchanges In 2024

The market’s current state reflects a need for greater pragmatism. Exchanges should consider delisting defunct projects to free up liquidity. The goal should be to create a more retail-friendly environment that benefits everyone, including VCs and exchanges.

The post 2.52 Million Altcoins Have Been Created, But They Are Killing Crypto appeared first on BeInCrypto.

Since May 2024, van de Poppe has been fully invested in altcoins. He acknowledges that this strategy is risky, given the cryptocurrency market’s volatility.

HODL Your Altcoin Positions Despite Sell-Off

In his recent analysis, van de Poppe discussed the roller coaster experience of holding an altcoin portfolio. He highlighted that while many altcoins have plummeted, there remains potential for significant gains, emphasizing the unpredictable market recoveries.

“Crypto sentiment can switch in a day, and it can be a bull market in just a few weeks. So the question is what’s the game plan going to be?,” he stated.

Van de Poppe pointed out that even major altcoins are performing poorly, while Daan Crypto agreed that most altcoins are down 40% to 90%. 

For instance, Ethereum has seen a notable decrease of over 10%, Chainlink shows a downturn of 26%, and some investments, like Wormhole, have suffered considerable losses, down more than 40% over the past month.

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Despite these setbacks, analysts like van de Poppe and Aylo remain confident about this strategy. They have even increased his risk exposure by swapping older altcoins for newer ones that he believes will perform better when the market rebounds.

“This is the best place to bid altcoins since mid-2023. Patience is required as we are likely to be in this zone for a while. Certainly, it doesn’t seem like a good place to panic sell,” Aylo said.

During a previous bear market, van de Poppe invested in Polygon, Phantom, and Ferosity, experiencing an initial downturn. However, he eventually saw massive returns, especially from Ferosity, which surged 95 times its initial value. 

He attributes his success to understanding market cycles and having the resilience to endure tough times.

Looking ahead, van de Poppe sees Ethereum as a key indicator for the broader market. He predicts that once Ethereum gains momentum, it will trigger a broader altcoin season. Therefore, van de Poppe advises fellow investors to maintain a long-term perspective and resist the urge to sell during downturns. 

“I think you should consider holding your position and, if possible, continue accumulating. If you have the ability to continue accumulating your position, then this is also the period in time where you need to show that you’ve got some balls of steel,” he concluded.

Read more: Which Are the Best Altcoins To Invest in June 2024?

While the current altcoin market presents challenges, van de Poppe’s analysis suggests that patience and strategic holding can lead to substantial returns. 

The post Hold On to Your Altcoins Despite Sell-Off, Says Michaël van de Poppe appeared first on BeInCrypto.

Historically, bull markets have seen Bitcoin and Ethereum rise first, followed by altcoins. However, current conditions suggest a shift in this pattern.

Why Buying Altcoins Now Is Risky

Quinn Thompson, founder of the crypto hedge fund Lekker Capital, advised against investing in altcoins at this time. He pointed to several indicators of market instability, including high leverage and open interest, a lack of panic-driven buying, and stagnant stablecoin supply.

He believes the market is experiencing increased selling pressure, particularly from venture capital funds needing to raise capital, which leads to more selling than buying. This situation, combined with low summer trading volumes, makes it difficult for altcoins to gain traction.

“I think there is serious cascade risk in crypto, and in particular, expect most altcoins to be taken out back. The market seems to have lost any ability to bounce, even in majors, while at the same time, leverage and open interest remains high,” Thompson said.

Thompson identified two primary reasons for his stance. First, the impact of Bitcoin and Ethereum exchange-traded funds (ETFs) and the issue of altcoin supply inflation.

The introduction of Bitcoin and Ethereum ETFs has changed the market structure. In the past, capital would flow from major cryptocurrencies like Bitcoin and Ethereum into altcoins during bull markets. However, with over $50 billion now invested in Bitcoin ETFs, these funds do not have similar mechanisms for investing in altcoins.

This shift has limited the capital available to altcoins, making it harder for them to rise in value. According to Samara Epstein Cohen, Chief Investment Officer of ETF at BlackRock, traditional market participants increasingly focus on Ethereum for tokenization, which further sidelines altcoins.

Read more: How To Invest in Real-World Crypto Assets (RWA)?

The rapid launch of new altcoins has also flooded the market, creating significant inflationary pressure. Many projects release large amounts of tokens aggressively, resulting in a supply that far exceeds demand.

Thompson pointed out that there is a lack of demand to support the approximately $3 billion of monthly altcoin supply inflation expected over the next one to two years. While some altcoins may still perform well, identifying these successful tokens will be more challenging than in previous years.

“Altcoins have a constant stream of sell pressure. As we enter an already low-volume summer period, the combination of significant token supply unlocks and venture capitalists’ sell pressure will likely be too strong of an uphill battle for most tokens,” Thompson concluded.

Meanwhile, Will Clemente, co-founder of Reflexivity Research, reflected on how the market has matured. In 2020, investing in high-beta altcoins was a profitable strategy as these assets outperformed Bitcoin. However, this approach is no longer effective.

Many altcoins have underperformed Bitcoin in recent months, indicating that the market dynamics have changed.

“In 2020, you go out on the risk spectrum, those things are going to have higher beta to Bitcoin and you just get long all the vaporware and all that stuff goes up. We have not seen that this time. A lot of the altcoin to Bitcoin pairs have just been bleeding out for several months now and it hasn’t really been as simple as just buy whatever vaporware altcoin and you’ll outperform Bitcoin,” Clemente emphasized.

Technical analyst Michaël van de Poppe highlighted that Bitcoin is near or at an all-time high, while most altcoins have not reached their previous peaks. This discrepancy indicates a lack of confidence in altcoins, which continue to struggle in the current market environment, suggesting that the days of easy gains from altcoins may be covered.

Read more: 10 Best Altcoin Exchanges In 2024

Investors should be aware of the heightened risks and consider new conditions before making decisions in the cryptocurrency market.

The post Analysts Warn Against Buying Altcoins: Times Have Changed appeared first on BeInCrypto.

Analysts and industry insiders offer varied perspectives on the future of Bitcoin and altcoins, reflecting on market trends, macroeconomic factors, and investor behavior.

Analysts’ Predictions on Bitcoin, Altcoins

Bitcoin investor Murad Mahmudov highlighted two possible scenarios for Bitcoin’s future. He suggested that if the price remains above $60,000, the bull market might continue following the typical four-year cycle.

However, depending on macroeconomic conditions, a global recession could drive Bitcoin’s price down to $30,000.

Likewise, Julio Moreno, Head of Research at CryptoQuant, pointed out the high probability of Bitcoin reaching $60,000. He said that Bitcoin is at a crucial price level, around the short-term holders’ realized price of $62,800.

This metric could either provide support or lead to an 8% to 12% correction if the price drops below this level, potentially bringing Bitcoin down to about $60,000.

From a technical perspective, trading veteran Peter Brandt warned that breaking through the $60,000 support levels could lead to further declines. He noted that a drop below $60,000 might see Bitcoin reaching $48,000.

Read more: Bitcoin (BTC) Price Prediction 2024 / 2025 / 2030

Meanwhile, market analyst Bob Loukas took a more moderate stance, predicting a period of consolidation similar to what was observed last summer. He emphasizes the possibility of a repeated pattern, suggesting that patience might be required as the market stabilizes.

“Last summer’s consolidation, visualized this summer. Not saying it’s going to repeat, but serves as a reminder of what’s possible and the patience that might be needed,” Loukas said.

Will Clemente, co-founder of Reflexivity Research, also anticipates a consolidation phase. He has adjusted his investment strategy, retaining only core Bitcoin holdings and a few other positions.

Clemente believes that while Bitcoin might experience a sideways movement during the summer, there is potential for higher prices in the fourth quarter, influenced by economic data and Federal Reserve actions.

Regarding altcoins, Andrew Kang, co-founder of Mechanism Capital, expressed caution. He remains unsure if the momentum generated by Bitcoin exchange-traded fund (ETF) approval will extend to altcoins, particularly Ethereum. While Bitcoin might see increased interest, he doubts the same for Ethereum ETFs.

Read more: What Is Altcoin Season? A Comprehensive Guide

Despite the pessimistic outlook, analysts at blockchain analytics firm Santiment noted the current market sentiment. They observe heightened fear among investors as Bitcoin’s price drops to $65,000. If panic selling continues, this fear could lead to a temporary bounce and a buying opportunity.

“Spikes in mentions of selling or taking profit are common after a drop, and a temporary bounce and buy opportunity may form if we see continued FUD and panic from small traders,” Santiment explained.

In summary, the future of the Bitcoin and altcoin bull market is uncertain. Potential outcomes range from significant corrections to periods of consolidation. The direction will largely depend on macroeconomic factors and shifts in investor sentiment.

The post Is the Bitcoin, Altcoin Bull Market Over? Analysts Weigh In appeared first on BeInCrypto.

These initiatives are also attracting attention for their financial backing and for their potential to drive innovation and efficiency in the industry.

Largest Altcoin Fundraises

Leading the charge is Monad, which has raised $225 million. This new Layer-1 blockchain is designed for speed and interconnectivity, boasting capabilities like 10,000 transactions per second, one-second block times, and single-slot finality.

Monad’s EVM compatibility further improves its appeal, positioning it as a significant player in enhancing blockchain efficiency and scalability.

Berachain has also made a notable impact, raising $169 million. Known for its unique Proof-of-Liquidity (PoL) consensus mechanism, this EVM-compatible blockchain integrates validators and projects through an economic model designed to enhance liquidity and governance.

Its strategy to align network incentives has attracted significant investment. Subsequently, highlighting its potential to influence the blockchain ecosystem.

Not far behind, Farcaster has secured $150 million. This community-driven protocol aims to improve social networks by giving users control over their data. It also enables developers to build applications without network permission. Farcaster’s user-centric approach has resonated with investors, reflecting the market’s demand for decentralized social media solutions.

Read more: Which Are the Best Altcoins To Invest in June 2024?

Another important project is EigenLayer, which has secured $100 million in funding. Built on the Ethereum network, EigenLayer allows protocols to leverage Ethereum’s secure trust network without establishing its own validator set. By offering off-chain data availability to Layer 2s, EigenLayer helps reduce costs and improve efficiency.

The EIGEN token is used for staking alongside ETH restaking. More importantly, the protocol has amazed over $18 billion in total value locked to date.

Meanwhile, Babylon has raised $70 million, introducing Bitcoin as a staking asset. This approach allows Proof-of-Stake chains to tap into the vast reserves of BTC for funding. Therefore, they bridge the gap between Bitcoin and Proof-of-Stake ecosystems and offering new avenues for financial growth and stability.

“The ability for holders to stake their Bitcoin whilst retaining their keys is a significant breakthrough. It is a hard problem that has been solved by Babylon with some cryptographic genius,” Alasdair Foster, CEO of Bullish Capital, said.

Similarly, Avail has garnered $70 million in funding. This Web3 infrastructure layer supports modular execution layers to scale and interoperate in a trust-minimized way. Avail’s infrastructure caters to the growing demand for scalable and interoperable blockchain solutions, supporting a wide range of applications in the Web3 space.

Finally, Eclipse has raised $50 million by positioning itself as “Ethereum’s fastest Layer-2”. By running the Solana Virtual Machine (SVM) as a rollup on Ethereum, Eclipse aims to provide scalable and cost-effective solutions. Indeed, these are built for developers and users interacting with Ethereum and Solana smart contracts.

With significant capital backing, these altcoin initiatives could drive the next wave of innovation in the crypto market.

The post These Altcoin Projects Have Raised the Most Capital in 2024 appeared first on BeInCrypto.

Their insights spotlighted key narratives and promising projects within the crypto market.

Arthur Hayes, Raoul Pal Share Top Altcoin Picks

Raoul Pal, CEO of Real Vision, remains heavily invested in the Solana ecosystem. “I’m like 90% Solana. It’s been the right bet to have over the cycle so far,” he remarked. Pal also highlighted the potential of the Ethereum/Bitcoin cross, suggesting that a breakout here could signal the start of an altcoin season. 

“If the ETH/BTC cross starts breaking higher and bounces right off the bottom of the range, I’m interested in that because that’s the start of altcoin season in its truest form,” Pal noted. 

This perspective aligns with the cyclical nature of capital flows within the crypto market.

On the other hand, Arthur Hayes said to be bullish on Ethena, given its potential to “displace” Tether’s USDT and Circle’s USDC, and on Ether.Fi, which currently dominates the liquid restaking ecosystem.

He also provided a bold prediction, suggesting that Aptos could overtake Solana in the Layer-1 blockchain race. Hayes emphasized the competitive dynamics within this segment, anticipating “Aptos could be the number two Layer-1 over Solana.”

Meanwhile, Pal hinted at the significance of the underlying programming language, Move. He believes it has the potential to shape the future of blockchain technology. 

“Move, I think that’s a big narrative to come. We can settle that, then we can have the Aptos and Sui fight,” Pal added.

Read more: Which Are the Best Altcoins To Invest in June 2024?

The two experts also discussed the importance of strategic positioning in the crypto market. Pal warned against holding onto outdated narratives. He urged investors to focus on crypto portfolio management and the current market leaders rather than being tied to past cycles. 

“Hold on to your coins, but don’t [screw] it up by owning the wrong stuff. You [don’t want to] miss out on the entire rally, which I’ve seen [because] you’re still stuck in the last narrative from three cycles ago,” Pal explained.

Hayes further elaborated on these views, noting that Cardano could be among those which do not make it to the top ten of the ongoing market cycle.

Read more: 12 Best Altcoin Exchanges for Crypto Trading in June 2024

As the market prepares for the next bull run, Hayes and Pal’s insights provide a roadmap for investors seeking to capitalize on emerging opportunities. Their focus on Solana, Aptos, and the broader L1 competition reflects the growing narratives in the crypto market. 

The post Arthur Hayes, Raoul Pal Share Biggest Altcoin Gems for the Bull Run appeared first on BeInCrypto.

This move signals a strategic expansion beyond Bitcoin and Ethereum. It reflects the growing interest in diversified crypto assets among institutional investors.

Franklin Templeton Eyes Altcoin Fund

A recent report reveals that Franklin Templeton aims to provide institutional investors with exposure to altcoins through a new fund. The initiative also offers staking rewards, potentially enhancing the appeal of altcoin investments.

While specific altcoins were not disclosed, Franklin Templeton has praised Solana’s significant growth.

“On Solana, we see Anatoly’s vision of a single atomic state machine as a powerful use case of decentralized blockchains, lowering information asymmetry. And we are impressed by all the activity seen on Solana in Q4 2023: DePIN, DeFi, Meme Coins, NFTs, Firedancer,” Franklin Templeton said.

Moreover, Messari reported Solana’s spot decentralized exchange volume surged by 319% to $1.5 billion in the first quarter of 2024.

“Network activity, measured by non-vote transactions and fee payers, continued to rise in Q1. Average daily fee payers increased by 214% QoQ to 597,000, reaching a peak of over 2 million on March 17. The growth in addresses was largely driven by memecoin trading. Average daily non-vote transactions increased by 71% QoQ to 70 million,” analysts at Messari wrote.

Read more: Which Are the Best Altcoins To Invest in June 2024?

Franklin Templeton’s involvement in the crypto market is already substantial, with notable projects including a spot Bitcoin exchange-traded fund (ETF) launched in January. The firm also advocates for a spot Ethereum ETF, which is currently pending approval from the United States Securities and Exchange Commission (SEC).

This ongoing engagement with major altcoins underlines Franklin Templeton’s commitment to broadening its crypto asset portfolio.

“We are excited about ETH and its ecosystem. Despite the midlife crisis it’s recently experienced, we see a bright future with many strong tailwinds to push the Ethereum ecosystem forward,” Franklin Templeton wrote.

This potential move by Franklin Templeton sends a clear message to crypto analysts and investors. For instance, analyst Michaël van de Poppe recently adjusted his crypto portfolio to focus more on altcoins, anticipating higher returns.

Michaël van de Poppe’s Portfolio Reshuffle

Van de Poppe cited the increasing interest in the Bitcoin ETF and the expected approval of the Ethereum ETF as significant market movers. He also emphasized the importance of crypto portfolio management in maximizing returns.

As a result, he decided to drop Cosmos (ATOM) due to its recent underperformance. Despite a significant correction of up to 50%, it did not meet his expectations for recovery and growth.

Another altcoin removed from his portfolio, Curve (CRV), experienced a swift run of approximately 130% from January to March, only to fall back significantly. Finally, despite being fundamentally strong, Polygon’s (MATIC) persistent underperformance led Van de Poppe to exclude it from his portfolio.

“I just see less arguments of having them in my portfolio as they are underperforming heavily. I want to be positioned into coins that do not have these back holders and are a solution for a problem that we have been getting into the previous cycle and are likely to have a higher return,” Van de Poppe explained.

After seeing a listing correction and subsequent rise close to 8x against Bitcoin, Van de Poppe views Sei (SEI) as a promising investment. He expects it to rebound strongly, especially given the current momentum in the Ethereum ecosystem.

A newer addition focused on gaming, Portal (PORTAL), has experienced a significant drop but shows potential for high returns. With a fully diluted valuation of $1 billion, it aligns with Van de Poppe’s strategy of targeting promising new listings. Similarly, Wormhole (W) is another new addition to his portfolio and is expected to perform well due to recent favorable market narratives and Binance listings.

Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

Despite the rising interest in altcoins, the broader crypto market has seen substantial shifts.

Customers Bank, servicing major firms like Galaxy Digital, Coinbase, and Circle, has reportedly told some altcoin hedge-fund clients that it can no longer provide banking services. This comes after the collapse of Silvergate Bank and Signature Bank last year, reflecting the ongoing challenges faced by crypto companies in accessing traditional banking systems

The post Michaël van de Poppe Reshuffles Portfolio as Franklin Templeton Eyes Altcoin Fund appeared first on BeInCrypto.

This meme coin is gaining attention from investors as it aims to replicate and surpass the performance of other popular Solana-based meme coins, such as Dogwifhat (WIF), Bonk, Book of Meme (BOME), Cat in a Dogs World (MEW), and Popcat.

Meme Coin Whale Buys Millions in BEER

Meme coins have carved a niche in the crypto industry, often outperforming larger coins like Ethereum and Polkadot. For instance, Dogwifhat’s market cap has soared to over $3.5 billion, while BONK, BOME, and MEW have valuations of $2.3 billion, $932 million, and $374 million, respectively.

Beercoin, branding itself as liquid gold, offers several perks to its holders, including a chance to win a Tesla CyberTruck, a VIP ticket to Oktoberfest, shares in Heineken, and a ten-year beer supply.

According to Lookonchain, the significant price increase BEER has experienced can be attributed to a crypto whale’s aggressive buying spree.

“Why has the price of meme coin BEER been rising? It’s probably because a whale had been buying BEER crazily. He has spent 31,052 SOL ($5.2 million) to buy 29.25 billion BEER at an average price of $0.0001784 since May 25,” the analyst said.

Analyzing BEER’s 4-hour chart reveals a parabolic growth pattern, with low support at $0.00033 and resistance at $0.00047. The all-time high (ATH) stands at $0.00057. The Volume Oscillator’s alignment with the price suggests movement driven by both buyer and seller sentiment, while the Relative Strength Index (RSI) is at 64.4, indicating potential overbought conditions.

Investing in BEER now involves considering liquidity, listing scenarios, and overall market trends. The key level is the $0.00033 support. A pullback to this point could signal uncertainty while breaking above $0.00046 might lead to new ATHs.

Read more: 11 Top Solana Meme Coins to Watch in June 2024

As with any investment, due diligence is crucial. Beercoin’s future performance will depend on market conditions and investor sentiment, making it essential to stay informed and cautious.

The post One Crypto Whale Behind the Meme Coin BEER’s Pump appeared first on BeInCrypto.