Ethereum
Exploring Market Trends: Solana, Ethereum, and Promising Token Furrever
The cryptocurrency market is in full swing as major players like Solana and Ethereum see significant moves, and new entrants like Furrever Token are starting to carve out their own niche. Each coin brings unique aspects: Solana with its quick wins and NFT integration, Ethereum’s potential breakthroughs driven by technological advancements and market dynamics, and Furrever Token’s community approach with high potential returns. As these digital assets navigate various challenges and opportunities, they highlight the diverse and dynamic nature of the cryptocurrency market.
Will Solana hit a new all-time high above $260?
Solana (SOL) is currently enjoying increased attention from institutional investors, as evidenced by its notable gains over the past 48 hours. This surge has sparked optimism among enthusiasts who are predicting an impending bull run that could surpass its previous high. Despite this, some experts remain cautious, believing that it is still far from reaching a new historic high.
Previously, Solana reached its all-time high of $260 on November 6, 2021, propelled by a booming decentralized finance (DeFi) sector. Currently, SOL price is at $159.2, 38% below its high, although it recently surpassed $164 in intraday trading.
The positive momentum of Solana is not only reflected in its price, but also in the increase in institutional flows and active on-chain movements. In the last day alone, Solana’s market cap increased 4% to $71.3 billion, and its daily trading volume soared 31% to $3.9 billion. This upward trend is accompanied by an 8.35% increase in weekly flows.
Additionally, the total value locked (TVL) across Solana’s DeFi platforms stood at $4.42 billion, an increase of 7.83%, with notable volumes on major protocols such as Jito , Marinade and Kamino. This sustained growth is sparking new enthusiasm within the Solana community.
Interest in Solana has also been fueled by its commitment to non-fungible tokens (NFTs) and the recent rise of Solana memecoins. These memecoins saw a 6.4% increase in the last 24 hours, with a market capitalization exceeding $7.5 billion. Bullish sentiments are bolstered by the influx of new tokens making up to 50x gains in daily trading, suggesting that any future interest rate cuts by the Federal Reserve could further boost these assets, attracting more investors. investments towards riskier paths.
Could Ethereum price reach $10,000 by the end of the year? Analyst Views
Ethereum (ETH) recently crossed the $3,000 threshold, sparking predictions of significant gains to come. Factors such as a decline in the market value-to-realized value (MVRV) ratio, a negative net FX flow, and the potential approval of an Ethereum spot ETF in the United States could all contribute to an increase in the value of ETH.
While it hasn’t achieved as dramatic increases as some other digital assets, Ethereum saw a notable daily increase of 4%, fueling analyst optimism that it has the potential to launch a bull run soon.
Prominent analyst Michael van de Poppe suggests that Ethereum is poised to reach higher support levels soon, indicating “good times” in the coming weeks. Another analyst, CryptoYoddha, is even more optimistic, predicting that ETH could reach $10,000 by the end of the year.
World of Charts also noted that Ethereum is breaking out of a “falling wedge consolidation” over a 12-hour time frame, forecasting a continuation of the trend that could potentially lead to a price of $4,500 in the coming weeks.
Several indicators suggest that the value of Ethereum could increase. The MVRV ratio, a measure of whether the asset is overvalued or undervalued, has shown a significant decline since mid-March, implying a potential buying opportunity. Additionally, Ethereum’s net exchange flow has been largely negative over the past month, suggesting a shift from centralized platforms to self-custody, which generally reduces immediate selling pressure.
Finally, the potential approval of an Ethereum spot ETF in the United States could propel the price of ETH higher, although it could also trigger a “news sell” event similar to what happened produced after the approval of the Bitcoin ETF in January.
Furrever Token (FURR): Emerging as a Serious Competitor in the Crypto Space
As Ethereum and Solana continue their intense rivalry, Furrever Token (FURR) is carving out a niche as a promising investment option. Currently priced at just $0.000648, Furrever offers new appeal with potential returns of up to 15X.
Developed on the BNB-20 blockchain, Furrever Token has a total supply of 9 billion tokens. During its presale, 65% of these tokens are available, 25% are reserved for decentralized exchanges and 10% are held by the team, locked for a year to promote trust and stability. The token stands out for its unique ecosystem, which includes cat-themed stickers, emojis and community challenges, adding a fun and interactive dimension to its crypto offerings.
So far, Furrever Token has managed to raise over $1.1 million and is nearing the end of its 8th pre-sale stage, with a target of $1.9 million before launching on PancakeSwap. The project places a high emphasis on security and fostering a supportive community, which includes in-depth audits and an active Telegram group.
An interesting feature of Furrever Token is its $20,000 highest total purchase competition, which continues until May 27. This competition offers the top 10 buyers rewards ranging from $5,000 to $1,000 in FURR, increasing the attractiveness of the investment.
For those interested in joining this growing community, visit furrevertoken.com to secure your tokens before the presale ends. Investing in Furrever Token not only promises significant potential returns but also an enjoyable and engaging crypto experience.
For more information or any assistance regarding Furrever Token, contact only through the official channel at [email protected] to avoid possible scams.
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Ethereum
QCP sees Ethereum as a safe bet amid Bitcoin stagnation
QCP, a leading trading firm, has shared key observations on the cryptocurrency market. Bitcoin’s struggle to surpass the $70,000 mark has led QCP to predict Selling pressure is still strong, with BTC likely to remain in a tight trading range. In the meantime, Ethereum (ETH) is seen as a more promising investment, with potential gains as ETH could catch up to BTC, thanks to decreasing ETHE outflows.
Read on to find out how you can benefit from it.
Bitcoin’s Struggle: The $70,000 Barrier
For the sixth time in a row, BTC has failed to break above the $70,000 mark. Bitcoin is at $66,048 after a sharp decline. Many investors sold Bitcoin to capitalize on the rising values, which caused a dramatic drop. The market is becoming increasingly skeptical about Bitcoin’s rise, with some investors lowering their expectations.
Despite the continued sell-off from Mt. Gox and the US government, the ETF market remains bullish. There is a notable trend in favor of Ethereum (ETH) ETFs as major bulls have started investing in ETFs, indicating a bullish sentiment for ETH.
QCP Telegram Update UnderlinesIncreased market volatility. The NASDAQ has fallen 10% from its peak, led by a pullback in major technology stocks. Currency carry trades are being unwound and the VIX, a measure of market volatility, has jumped to 19.50.
The main factors driving this uncertainty are Value at Risk (VaR) shocks, high stock market valuations and global risk aversion sentiment. Commodities such as oil and copper have also declined on fears of an economic slowdown.
Additionally, QCP anticipates increased market volatility ahead of the upcoming FOMC meeting, highlighting the importance of the Federal Reserve’s statement and Jerome Powell’s subsequent press conference.
A glimmer of hope
QCP notes a positive development in the crypto space with an inflow of $33.7 million into ETH spot ETFs, which is giving a much-needed boost to ETH prices. However, they anticipate continued outflows of ETHE in the coming weeks. The recent Silk Road BTC moves by the US government have added to the market uncertainty.
QCP suggests a strategic trade involving BTC, which will likely remain in its current range, while ETH offers a more promising opportunity. They propose a trade targeting a $4,000-$4,500 range for ETH, which could generate a 5.5x return by August 30, 2024.
Ethereum
Ethereum Whale Resurfaces After 9 Years, Moves 1,111 ETH Worth $3.7 Million
An Ethereum ICO participant has emerged from nearly a decade of inactivity.
Lookonchain, a smart on-chain money tracking tool, revealed On X, this long-inactive participant recently transferred 1,111 ETH, worth approximately $3.7 million, to a new wallet. This significant move marks a notable on-chain movement, given the participant’s prolonged dormancy.
The Ethereum account in question, identified as 0xE727E67E…B02B5bFC6, received 2,000 ETH on the Genesis block over 9 years ago.
This initial allocation took place during the Ethereum ICOwhere the participant invested in ETH at around $0.31 per coin. The initial investment, worth around $620 at the time, has now grown to millions of dollars.
Recent Transactions and Movements
The inactive account became active again with several notable output transactions. Specifically, the account transferred 1,000 ETH, 100 ETH, 10 ETH, 1 ETH, and 1 more ETH to address 0x7C21775C…2E9dCaE28 within a few minutes. Additionally, it moved 1 ETH to 0x2aa31476…f5aaCE9B.
Additionally, in the latest round of transactions, the address transferred 737,995 ETH, 50 ETH, and 100 ETH, for a total of 887,995 ETH. These recent activities highlight a significant movement of funds, sparking interest and speculation in the crypto community.
Why are whales reactivating?
It is also evident that apart from 0xE727E67E…B02B5bFC6, other previously dormant Ethereum whales are waking up with significant transfers.
In May, another dormant Ethereum whale made headlines when it staked 4,032 ETHvalued at $7.4 million, after more than two years of inactivity. This whale initially acquired 60,000 ETH during the Genesis block of Ethereum’s mainnet in 2015.
At the time, this activity could have been related to Ethereum’s upgrade known as “Shanghai,” which improved the network’s scalability and performance. This whale likely intended to capitalize on the price surge that occurred after the upgrade.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Ethereum
Only Bitcoin and Ethereum are viable for ETFs in the near future
BlackRock: Only Bitcoin and Ethereum Are Viable for ETFs in the Near Future
Bitcoin and Ethereum will be the only cryptocurrencies traded via ETFs in the near future, according to Samara Cohen, chief investment officer of ETFs and indices at BlackRock, the world’s largest asset manager.
In an interview with Bloomberg TV, Cohen explained that while Bitcoin and Ethereum have met BlackRock’s rigorous criteria for exchange-traded funds (ETFs), no other digital asset currently comes close. “We’re really looking at the investability to see what meets the criteria, what meets the criteria that we want to achieve in an ETF,” Cohen said. “Both in terms of the investability and from what we’re hearing from our clients, Bitcoin and Ethereum definitely meet those criteria, but it’s going to be a while before we see anything else.”
Cohen noted that beyond the technical challenges of launching new ETFs, the demand for other crypto ETFs, particularly Solana, is not there yet. While Solana is being touted as the next potential ETF candidate, Cohen noted that the market appetite remains lacking.
BlackRock’s interest in Bitcoin and Ethereum ETFs comes after the successful launch of Ethereum ETFs last week, which saw weekly trading volume for the crypto fund soar to $14.8 billion, the highest level since May. The success has fueled speculation about the next possible ETF, with Solana frequently mentioned as a contender.
Solana, known as a faster and cheaper alternative to Ethereum, has been the subject of two separate ETF filings in the US by VanEck and 21Shares. However, the lack of CME Solana futures, unlike Bitcoin and Ethereum, is a significant hurdle for SEC approval of a Solana ETF.
Despite these challenges, some fund managers remain optimistic about Solana’s potential. Franklin Templeton recently described Solana as an “exciting and major development that we believe will drive the crypto space forward.” Solana currently accounts for about 3% of the overall cryptocurrency market value, with a market cap of $82 billion, according to data from CoinGecko.
Meanwhile, Bitcoin investors continue to show strong support, as evidenced by substantial inflows into BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT). On July 22, IBIT reported inflows of $526.7 million, the highest single-day total since March. This impressive haul stands in stark contrast to the collective inflow of just $6.9 million seen across the remaining 10 Bitcoin ETFs, according to data from Farside Investors. The surge in IBIT inflows coincides with Bitcoin’s significant $68,000 level, just 8% off its all-time high of $73,000.
Ethereum
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