Altcoin - Truer Vine News

Category: Altcoin

The altcoin news section covers all the news about options behind the Bitcoin cryptocurrency. You can find all daily information or topics related to cryptocurrency using blockchain technology in this category. In altcoin news, you can also check all the news about the cryptocurrencies that work behind Bitcoin.

The Truer Vine News team also reports breaking news about any cryptocurrency in the market along with BTC. This includes popular coins like Ethereum, Litecoin, Ripple, Dash, Monero, and many other altcoins. See the latest news and updates on all altcoins and check the latest prices here.

XRP breakthrough in Europe: Explosive product launch in December 2023

DeFi Technologies, a leader in cryptocurrency innovation, has revealed its subsidiary Valour’s bold initiative to launch an XRP ETP on the European market next month. This move not only signifies a significant diversification of product offerings but also strategically addresses the demand for cryptocurrency investments in Europe.

The upcoming XRP ETP is poised to provide investors with a simple and secure path to access XRP directly through their bank or broker.

XRP becomes mainstream

Currently holding a market capitalization of $32.7 billion, XRP proudly secures the 5th position among all digital assets worldwide. Famous for its role as a bridge that facilitates fast and cost-effective international remittances within Ripple’s ecosystem, XRP is the desired choice for financial institutions looking for cost-effective alternatives. efficiency for traditional cross-border payment methods.

Valour’s upcoming XRP ETP will add an exciting dimension to the continually expanding market for exchange-traded products (ETPs) linked to XRP. Existing solutions such as CoinShares, 21Shares and ETC Group have significantly contributed to the growing popularity of XRP-focused investment products.

During 2023, XRP ETPs attracted notable inflows of $13 million, amassing an impressive $68 million in assets under management – the second highest among altcoin-oriented ETPs, just behind Solana (SOL).

XRP price fluctuates significantly, contrary to key metrics

The digital currency ecosystem is experiencing mixed signals in the market today, with a number of altcoins often bucking the broader downtrend. XRP is one of the unbalanced altcoins in terms of key on-chain metrics and current price outlook. Data shows that XRP is trading at $0.6191, up 3.94% in 24 hours at the time of writing.

XRP is highly volatile, with clear price fluctuations. This impressive daily gain comes on the back of a 27.7% decrease in daily trading volume to $1,262,763,410. XRP rallied notably but failed to reverse the 7-day trend (price remains at a loss of 6.35%).

XRP’s price action underscores the bulls’ determination to go against popular sentiment. While it still maintains a strong correlation with Bitcoin, current upward movements suggest that XRP is likely to chart its own growth curve, based on its own historical performance.

As it stands, XRP bulls are determined to make the next big push, which is to reclaim the $0.61 support level and retest levels above $0.65 in the coming days.

XRP remains undervalued

XRP is one of the top cryptocurrencies by market capitalization. However, many still believe it is undervalued given its utility, ecosystem, and management status.

XRP was designed as a payment token that facilitates quick and cheap cash transactions. Although the nearly three-year-long regulatory tussle with the U.S. Securities and Exchange Commission (SEC) slowed growth, it is now widely accepted that the company has defeated the SEC. , according to a ruling by Judge Analisa Torres.

The ruling declaring XRP not essentially an investment contract gave the coin a rare legal status that exempts it from SEC-related enforcement actions. For this reason, many analysts predict a price target of at least $1 for the coin.

Bitcoin Cash (BCH) Price Falls as Miners Sell – What Next?

November’s BCH price decline continued this week, as bears breached $220 support territory. On-chain data analysis pinpoints key factors influencing BCH price recovery prospects.

BCH price fell below the key $220 zone on November 22. As the cryptocurrency market grapples with Changpeng Zhao’s departure from Binance, BCH appears to be trending deeper.

Whale investors stop trading activities

The listing of BCH on EDX markets – a Wall Street-backed cryptocurrency trading platform dedicated to corporate investors – was one of the major events that pushed Bitcoin Cash price to its 2023 high in 2023. $329 in June. But coincidentally, on November 1, the EDX Markets platform announced the removal of BCH from the list of supported cryptocurrencies. Since then, whale demand for the altcoin dropped significantly, further exacerbating the bearish trend.

On-chain data culled from IntoTheBlock paints a clear picture of a negative shift in Bitcoin Cash market dynamics in November 2023. The number of large BCH transactions began to decrease around November 2, just 24 hours after the EDX exchange delisting.

As depicted below, BCH had 472 large transactions on November 2. The metric has plummeted since then, as the Bitcoin fork project recorded a 40-day low of 195 large transactions on November 19.

Large number of BCH transactions | Source: IntoTheBlock

Big Trade Metrics tracks the trading activity of corporate entities and high net worth investors on the blockchain network, by aggregating the number of daily transactions exceeding $100,000 in nominal value. Generally, a large, prolonged decline in trading is a bearish signal. It implies that whales are increasingly disinterested and contribute less economic value to the network.

An overview of the chart shows how the BCH price increase at the end of the first half of 2023 was accompanied by a significant increase in whale transactions. Therefore, logically, the continued decrease in whale demand could be a precursor to a further drop in BCH price.

BCH Miners Sell $50 Million in Coin Reserves in November

Similar to whales, miners and node validators on the Bitcoin Cash network have also had a negative trend since the EDX market delisting. This adds further credibility to the BCH bearish market prediction.

Apparently, miners hold a total of 6.46 million BCH in their accumulated reserves as of November 2. However, they paused their month-long accumulation trend and went into selling mode almost immediately. At the time of writing, miners’ reserves had decreased by 230,000 coins to 6.23 million BCH.

At the current price of $224, the 230,000 BCH recently sold by miners is worth approximately $51.5 million.

BCH Miner Reserves | Source: IntoTheBlock

The miner reserves metric measures the total amount of assets under management by known miners and mining pools. When miners start selling off their block rewards, strategic investors will interpret it as a bearish signal. And historically, the BCH price has often struggled when miners started selling.

First, such a significant increase in miner selling activity will add to the overall market supply, putting downward pressure on prices. Second, it shows a lack of confidence in the future price outlook, reflecting a cautious sentiment within the mining community.

In summary, bearish sentiment prevails among key stakeholders in the Bitcoin Cash ecosystem. If miners continue to sell and whale demand continues to weaken, the outlook for BCH price recovery remains bleak.

BCH Price Prediction: Loss of $200 support could trigger larger losses

BCH price looks set to retrace further from an on-chain fundamentals perspective. In/Out of the Money (IOMAP) data, which shows the historical entry prices of current BCH holders, also confirms this negative outlook.

However, the bears may face a tough task at the $200 support territory. As depicted below, 126,230 addresses purchased 286,410 BCH at a minimum price of $203. If they defend their positions aggressively, this could effectively prevent a larger correction.

But if support fails to hold, BCH price could drop to lows of $180.

Additionally, the bulls could invalidate that prediction if whales turn bullish and push BCH above $300. In that case, the initial resistance wall at $240 could pose a challenge.

The chart above shows that 133,570 addresses currently hold 2.9 million BCH purchased at the maximum price of $239. And without a significant increase in whale demand, Bitcoin Cash price is unlikely to overcome that resistance level.

This model shows that altcoin market capitalization could exceed $1.23 trillion in the next few months

Cryptocurrency trader and analyst el_crypto_prof predicted in a tweet on X yesterday, December 21, that it was only a matter of time before the altcoin market skyrocketed. In the post, the analyst revealed that the market capitalization of altcoins has broken out of a V-shaped pattern on the weekly chart. Therefore, he believes that the altcoin market capitalization could rise above $1.23 trillion in the coming months.

From a short-term perspective, a symmetrical triangle pattern has formed on the daily chart for altcoin market capitalization (TOTAL2). This particular pattern suggests that a breakout could occur.

Daily chart for TOTAL2. Source: TradingView

If TOTAL2 breaks above the pattern in the next few days, it could attempt to turn the $684.566 billion resistance into support. A daily candle close above this mark could then take the altcoin market’s valuation up to $747.988 billion in the short term.

This bullish thesis could be invalidated if TOTAL2 drops below the triangle pattern that has emerged on its daily chart. A daily candle close below this pattern could then result in the altcoin market capitalization retesting the critical support level of $621.085 billion in the following 48-72 hours.

If sellers continue to pressure altcoins, the valuation could drop to $574.789 billion. Traders and investors will want to note that technical indicators on TOTAL2’s daily chart suggest momentum is in favor of sellers.

At the time of writing, the moving average convergence divergence (MACD) is below the MACD signal line. This can be seen as a sign that TOTAL2’s adverse trend may continue in the next few days.

Additionally, the daily Relative Strength Index (RSI) line is below the RSI Simple Moving Average. Typically, this shows that the seller has more power than the buyer. This means that it is currently easier for sellers to force TOTAL2 down than for buyers to force it up.

MT. Gox will begin repaying debt in cash in 2023

In a long-awaited move, Mt. Gox, the Bitcoin exchange that ceased to exist in 2014, has announced its intention to begin repaying creditors shortly, marking an important step in the ongoing recovery. Today, creditors received an email detailing the trustee’s efforts to begin cash repayments in 2023, although it is likely to extend into 2024 due to the significant number of creditors. in debt.

Rehabilitation Commissioner Nobuaki Kobayashi wrote in an email that while efforts are being made to expedite repayment, the exact timeline for each creditor has not yet been determined. He made it clear that advance notice of a specific repayment period would not be feasible for each creditor. To check the status of their debt repayment, the creditor is directed to the claim filing system.

More details emerged in a separate document delivered to creditors today, revealing a notable development. On November 17, the trustee received 7 billion yen ($46.9 billion) from the trust assets allocated to repay debt. The announcement stated that after conversion, the trust assets are worth up to 8.8 billion yen.

This announcement marks an important milestone in Mt. Gox, following an extension of the debt repayment period from October 31, 2023 to October 31, 2024, announced in September.

The move to begin debt repayments, despite some uncertainty around specific timelines, underscores a glimmer of hope for creditors who have been patiently waiting for compensation since the exchange collapsed pour. Emails signal the start of repayment, although there is recognition that the process will be complicated due to the many creditors involved.

The recovery of Mt. Gox was plagued with delays, legal complications and lingering uncertainty, leaving creditors in limbo for nearly a decade. The latest information from the recovery trustee offers a glimmer of optimism but caution, as creditors make significant progress in reclaiming lost investments.

Polkadot Enters the Liquid Staking Space – Will DOT Revive

Polkadot Enters the Liquid Staking Space – Will DOT Price Revive?

Liquidity staking has recently become a focal point in the DeFi space, playing a key role in the growth of Total Value Locked (TVL) across various DeFi protocols.

Polkadot enters the liquidity staking space

In a notable development for the Polkadot ecosystem, a strategic partnership has emerged between ZodiaCustody and paritytech. This partnership aims to improve the staking landscape by facilitating institutional access to the Polkadot network, including participation in the staking process.

In addition to staking, this partnership will also provide important custody services to support the Polkadot ecosystem.

Besides the above developments, the number of staked DOTs continued to increase over the past month. However, this increase coincided with a decrease in reward rates.

The falling reward rate raises questions about the sustainability of the staking model and its appeal to users.

DOT Reward Rate - Source: Staking Rewards — DOT Reward Rate – Source: Staking Rewards

How is DOT doing?

Socially, sentiment around DOT has taken a hit over the past few weeks. This bearish sentiment could have a ripple effect on market behavior and investor confidence, influencing the decisions of both retail and institutional players.

Despite these challenges, DOT has proven to be strong in terms of social engagement. Engagement increased by 64% and DOT-related mentions increased by 16.4%.

Such heightened interest shows that DOT remains on the radar of crypto enthusiasts and investors at the time of writing.

DOT operations - Source: Santiment — DOT operations – Source: Santiment

Over the last month, the DOT price has decreased, moving from $5.05 to $4.08 at the time of writing. Furthermore, development activity has declined, suggesting that new developments on the network may be slowing down.

DOT Price in August 2023 - Source: Santiment — DOT Price in August 2023 – Source: Santiment

Furthermore, DOT price volatility increased. These fluctuations could affect the trading environment for DOT and potentially impact its adoption and long-term prospects.

Could Polkadot Live catalyze a price increase for DOT?

Polkadot (DOT), once a prominent cryptocurrency, has faced many challenges over the past few months. To improve user experience and address immediate challenges, Polkadot’s board decided to introduce Polkadot Live.

Polkadot continues to grow

Polkadot Live aims to solve two main problems. First, it focuses on providing real-time notifications to users in a decentralized manner. Second, it allows users to promptly respond to these notifications by sending external actions directly from their desktop.

This proposal seeks funding to hire full-time developers dedicated to improving and launching the Polkadot Live product.

The reasoning behind this proposal stems from several problems that Polkadot Live seeks to solve. A big problem is the lack of initiative in web applications. Users often have to manually access the URLs of Polkadot dApps, causing them to miss real-time chain activity alerts.

Furthermore, web notifications raise their own concerns. They are not consistent across different browsers and are often used for spam purposes.

These web notifications provide an inferior experience compared to native notifications, lacking support for external functionality.

For the Polkadot ecosystem to grow further, the issue of impending fragmentation between platforms and applications for different chains must be resolved. Therefore, Polkadot Live requires aggregation tools to unify user accounts and activities while delivering a seamless experience.

However, despite these efforts to improve user experience and resolve issues, Polkadot still faces challenges within its developer community.

Notably, Token Terminal data shows a significant decrease in both the number of core developers and code commits on the Polkadot network over the past month.

DOT Decline - Source Token Terminal — DOT Decline – Source: Token Terminal

The decline in developer activity raises concerns about project progress and innovation. A shrinking developer community could slow down important updates and enhancements needed to keep Polkadot competitive and attractive.

DOT price

Besides, DOT has had significant growth in the past week. At the time of writing, it is trading at $4,182. Social volume around DOT increased significantly during this period, reflecting growing interest and discussion.

However, weighted sentiment around DOT has decreased, indicating a change in public perception.

Although DOT prices turned a corner during the week, the negative sentiment hints at underlying doubts or concerns about the sustainability of this growth or its future direction.

Solana surpasses Polygon as the second largest blockchain for NFT

Solana surpasses Polygon to become the second largest blockchain for NFTs, as competition in the Web3 industry heats up.

Web3’s non-fungible token (NFT) failed to take off in 2023, unlike its fungible counterparts. Sales have hit historic lows, with blowups like the Azuki debacle severely hampering its growth.

Solana [SOL]’s NFT ecosystem is also suffering from negative sentiment, recording declines in several key performance indicators (KPIs).

However, the term “one moment down, one moment rise” perfectly summarizes the trajectory of the digital asset market. In the last week, Solana toppled Polygon [MATIC] to become the second largest blockchain for NFTs.

The fight for solana’s position

According to NFT market tracking website Cryptoslam, Solana recorded over $1.5 million in sales volume in the past 24 hours, placing itself just below Ethereum [ETH], above the rest of the market.

Furthermore, Solana recorded $9.8 million worth of transactions last week, overturning Polygon, which was dominating the charts. Polygon’s registered NFT transactions were worth $8.7 million in the past week.

Solana surpasses Polygon - Source Cryptoslam — Solana surpasses Polygon – Source: Cryptoslam

The surge in Solana’s NFT fortunes could come from an NFT collection based on the popular game, The Heist: Orangutans, which was recently renewed for a second season.

According to an Aug. 17 Twitter post, The Heist: Orangutans is one of the best-performing NFTs on the market, having quickly surpassed Polygon-based DraftKings and even blue-chip collections in terms of amount sold.

Going forward, Solana could retain its No. 2 position in the market as Polygon prepares for the exit of its DeLabs-owned profile picture (PFP) collection y00ts . While a migration date to Ethereum has yet to be announced, the withdrawal is expected to cause a significant drop in Polygon’s NFT transactions.

The biggest beneficiary of this development could be Solana.

What’s going on with SOL?

Thursday’s bloodbath did not spare the ecosystem’s native token, SOL. The coin fell 9.89% as the Bitcoin [BTC] boom dragged the market down.

However, market turmoil has caused the asset to topple popular memecoin Dogecoin (DOGE) to become the eighth-largest cryptocurrency by market capitalization, data from CoinMarketCap reveals.

Animoca Brand secures $20 million for Web3 Marvel and Mocaverse

Animoca Brands, a veteran player in the gaming and metaverse space, has successfully raised US$20 million (about AU$31.3 million) to fund its popular project Mocaverse.

This funding round includes the issuance of new ordinary shares at a price of AUD 4.50 per share, as well as the additional provision of free accompanying utility token warrants on a 1:1 basis to attract the investors.

Mocaverse, imagined by Animoca Brands, is poised to become the identity and ranking system for Web3 games, culture and entertainment.

This project aims to create Web3 native tools that support products in these verticals, allowing users to establish digital identities, build reputations, earn and spend loyalty points as well as leverage their digital identities to access the Mocaverse ecosystem.

The funding round led by CMCC Global saw participation from many notable investors, including Kingsway Capital, Liberty City Ventures, GameFi Ventures and the likes of Aleksander Larsen, founder of Sky Mavis and Gabby Dizon, founder of Yield Guild Games.

Yat Siu, executive chairman and co-founder of Animoca Brands, also participated in the round. The capital raised will be used to advance the Mocaverse project, focusing on product development, supporting Web3 adoption and securing partnerships to expand the brand’s gaming ecosystem, culture and entertainment by Animoca.

Mocaverse will soon launch Moca ID, a non-transferable NFT collectible designed to allow users to create their on-chain identities and participate in the Mocaverse ecosystem. These efforts aim to drive accessibility and growth across the Web3 landscape.

Memecoin market declined, market capitalization decreased

According to data from Coingecko, a series of memecoin price drops have caused the memecoin market to lose more than 3% of its capitalization in the past 24 hours, down to 14,753,006,072 USD.

The prices of HarryPotterObamaSonic10Inu (BITCOIN), Pepe (PEPE) and Mog Coin (MOG) were among the three coins that fell the most, with drops of 25.2%, 20.9% and 19.7% respectively.

Additionally, among other popular Meme tokens, Dogecoin (DOGE), Shiba Inu (SHBI), and FLOKI (FLOKI) saw 24-hour drops of 2.4%, 2.9%, and 2.9% respectively. 4.4%.

However, Doge Killer (LEASH) and Milady Meme Coin (LADYS) are up 9.4% and 8.5%, respectively, in 24 hours.

Top Memecoins by market capitalization. Source: Coingecko

The drop in memecoin price can be attributed to the effects that the entire cryptocurrency market has suffered due to economic uncertainties in the traditional economy.

However, PEPE’s strong momentum is also an important source. Today, concurrent online data shows that early investors sold off after multisig memecoin wallets PEPE and Wintermute Trading deposited 17.3 trillion tokens ($18 million) on exchanges Binance, OXK and Bybit. This immediately caused PEPE prices to drop by 16%.

Throughout 2023, the token inspired by the iconic character “Pepe The Frog” has attracted a large audience, attracting many investors and multiplying its market capitalization. With chaotic inventory and low project activity as the PEPE project shut down on X (Twitter) over the past two weeks, investors are increasingly confused and worried.