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Bitcoin (BTC) and Ethereum (ETH) Loom Towards Bedrock

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Bitcoin (BTC) bobbled down to lesser than $43,000 on Thursday, minutes after the U.S. Federal Reserve’s last meeting which showed a possible rise in March. This weakened investor inquisition in other delicate assets.

The world’s largest cryptocurrency was last priced at $42,700 and had taken a devastating plunge of 5.2% on Wednesday. At the time of writing, the coin had dropped by 6.11% over the last 24 hours, taking down its investments along.

According to reports, the intraday bargain took place after the U.S. Federal Reserve pointed to an achievable hike in March, which was earlier than the anticipated timeline.

While a few analysts are looking for an alternative altcoin that might have enhanced accomplishments compared to BTC over the past week, others believe that BTC is soon going to be stable with a range of between $40,000 and $50,000, which could keep the variability low. although, the token had struck an all-time high of $69,000 in November.

Matt Dibb, COO of Singapore-based crypto fund distributor, Stack Funds, pointing to the declines in the Nasdaq platform in particular said,

“The fall correlated with the ‘risk off’ move across most traditional asset classes.”

In agreement, Bitcoin (BTC) seems to have lost its dominance ratio, which seemed to continue to drop towards 39% on Wednesday. The ratio has been at its lowest point since April 2018, when cryptocurrencies experienced a bearish market.

Ethereum (ETH), just like Bitcoin (BTC), is at the sliding end

Ethereum (ETH), the world’s second-largest crypto coin that constructs the ethereum network, lost 5.2% on 5 January 2021 and touched it’s abyssal-zone since October 2021. Although it did slightly boomerang to $3,447.31, at the time of writing.

Generally, some analysts call the battle for cryptocurrency’s top spot ‘The Flippening’. The term “Flippening” refers to the hypothetical moment of Ethereum (ETH) overtaking Bitcoin (BTC) as the biggest cryptocurrency.

Over the past year, Ethereum (ETH) has gained a stronger stance over Bitcoin (BTC) across abundant measures, including active addresses, google search interest, and transaction counts.

Furthermore, Ethereum (ETH), the second-largest crypto-asset by market cap, appears to be only 50% away from engulfing BTC as the largest cryptocurrency.

Four Promising Cryptos Other Than Bitcoin That May Benefit Your Portfolio

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When people think of the crypto market, Bitcoin often comes to mind first, but the market has been growing as more competitors present their digital currency to challenge the pioneer. These are often referred to as alternatives to Bitcoin or altcoins.

Each of these offers a different set of promises, goals, and visions for the future of a unified global financial system, consequently requiring different kinds of wallets to hold them, too. For example, the privacy-focused Monero coin would need a compatible wallet, so anyone wanting to have XMR coins as part of their holdings should look for the best Monero wallet.

If you’re looking through the market for favorable alternatives to Bitcoin, check out some of these altcoins and what they offer against Bitcoin.

Ethereum (ETH)

When it comes to alternatives to Bitcoin, Ethereum cannot be ignored. It is the second-biggest cryptocurrency on the market behind Bitcoin itself, and it is the largest altcoin by market capitalization. In a way, its promise is based mostly on its popularity, which suggests that widespread adoption and commercial usage will come sooner.

This popularity can largely be attributed to Ethereum being the first altcoin ever made, as well as its technical similarity to Bitcoin overall. In fact, its code is based on Bitcoin with an added feature called smart contracts which store pieces of extra code and data onto the blockchain. The feature has found its most prominent application in non-fungible token (NFT) exchanges.

Other than that, the feature also diminishes the need for a third party to verify exchanges since the little bit of code on the blockchain automates this, loosely speaking. This allows transactions on Ethereum to process much faster and more efficiently than Bitcoin. Despite this, the coin has been noticeably prone to hacks and theft quite frequently in the past few years.

Monero (XMR)

What sets Monero apart is that it was crafted from the ground up, so unlike most altcoins, it is not based on Bitcoin’s codebase. In other words, it does not work like other cryptocurrencies on the market, and it has been made so for good reason. Monero is focused on privacy more than all the coins on the market, including Bitcoin.

Essentially, it utilizes a technology called ring signatures during transactions that obfuscate the real user involved in the exchange among several others. This renders all transactions virtually untraceable, and this is built right into the protocol of Monero rather than as a supplemental feature.

While value-wise it currently is not on a par with Bitcoin at the moment, its value is rising rapidly, keeping it among the top altcoins on the market. What current investors find most promising about Monero is the approach and precedent that it sets with regard to the future of finance. It is undeniably relevant in a world where privacy remains a pressing concern, even in the digital age.

Cardano (ADA)

Unlike other coins on the market, Cardano moves slightly away from the financial aspect of cryptocurrencies and addresses instead issues related to ethics and sustainability. As a digital currency, the altcoin does not actually do much that is any different from Bitcoin or even Ethereum, but its selling points arise in the back end, especially because the team behind it includes scientists, mathematicians, and engineers.

Why this matter lies in their research. For one, they’ve used their findings and tweaks in blockchain technology to help some jurisdictions digitally authenticate and secure the academic data of students.

The Cardano team also understands that crypto can be harmful to the environment. Because of this, they have somehow engineered their altcoin network to consume far less than one percent of Bitcoin’s power consumption in an entire year. The multi-purpose sustainability of Cardano is its greatest selling point, but because it is still new, its value remains at just a few dollars.

Ripple (XRP)

The case for Ripple is a bit strange as it dares to break one of the fundamental traits of any cryptocurrency—this being its lack of regulation or centralization under any institution. What makes Ripple so strange is its partnership with American Express, a prominent bank in the United States. This goes both ways as an investment versus the rest of the market.

On one hand, this altcoin uniquely illustrates what would happen if crypto was backed by an established financial institution. Although the coin is not controlled by the bank per se, this opens the coin for usage in more commonplace financial activities. However, many crypto investors have felt turned off by Ripple’s vulnerability to fold to other banks and institutions along the way.

This is why its value has remained starkly low compared to cryptocurrencies as big as Bitcoin, even if Ripple has kept up its sporadic highs and lows. Despite this, the altcoin at least promises close to the same back-end treatment that a bank provides to its end-users accounts.

Final Words

These are only a few out of thousands of altcoins. Understandably, such a prospect could seed certain doubts about whether any of these could truly challenge Bitcoin, but this does not at all mean that they don’t have the potential to eventually reach the top.

Investors should instead see each altcoin for what they propose for the future of finance, as well as the direction they take in contrast to Bitcoin. Whether it’s privacy, efficiency, or sustainability, only these value propositions truly determine the potential for a coin to be adopted and developed over time.

Terra [LUNA] to reach the moon on Santa’s sleigh; New all-time high unlocked

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Bulls were rolling in the gifts into the crypto market upholding the Christmas spirit. Terra [LUNA] was on Santa’s “Nice” list as the altcoin went away with increased profits.

The crypto market was back in action. After spending days in a bearish regime, the cryptocurrencies were ready to move on. Bitcoin [BTC] finally took a leap above $50K. During press time, the king coin was trading for $51,066. All the other assets followed suit and decided to make the most of the ongoing bullish cycle.

Terra [LUNA] was the star of the show. The altcoin recently slipped back below $90 as its pursuit to reach $100 was interrupted. However, now, LUNA managed to hit an all-time high of $101.27. At the time of writing, the asset experienced a bit of a setback, as it was trading for $98.93. Over the previous 24-hours, the altcoin was bagging profits of about 13%. The last couple of days have been extremely generous for the altcoin as Terra surged up to 54%.

Sitting still as the ninth-largest cryptocurrency, Terra’s market cap was at $36 billion. Meanwhile, Bitcoin was trying to hit $1 trillion. Additionally, the global crypto market cap, at press time was $2.38 trillion.

Terra [LUNA] four-hour price hart on Binance

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Terra [LUNA] to reach the moon on Santa's sleigh; New all-time high unlocked 2

The short-term price chart or the four-hour chart of Terra noted nothing but bulls in its market. The Chaikin Money Flow [CMF] indicator affirmed that LUNA was in the bullish market. The CMF marker resided over the zero median. The MACD line was over the signal line forming a bullish crossover.

With all these signs directed at the bull, the chances of LUNA hitting a new all-time high weren’t too bleak.

The Relative Strength Index [RSI] indicator revealed that Terra was being extensively purchased. The RSI marker almost hit the overbought zone.

Bullish days ahead for Terra [LUNA]; Can LUNA make it to $100?

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The bulls were slowly trying to exit the crypto market. Coins like Terra [LUNA], Solana [SOL] and Avalanche [AVAX] seemed to be the victims of the trend reversal. The other coins weren’t far behind as they sluggishly followed suit. Bitcoin’s aim to rise above $50k was once again disrupted by the bears. During press time, the king coin was trading for $48,450. Consequently, the market cap of BTC slumped to $914 billion.

The meme coins, Shiba Inu [SHIB] and Dogecoin [DOGE] were having a ball while the other coins were being sucked into the bearish pit.

Terra [LUNA] amassed immense popularity over the last couple of months. The altcoin managed to garner a spot in the top 10 beating prominent crypto assets. Currently, Terra sits as the ninth largest cryptocurrency with a market cap of $31/74 billion.

Moving over to its price, the bulls in LUNA’s market pushed the price of the coin all the way to a high of $97. So close yet so far. Despite being so close to $100, Terra failed to move beyond it. At the time of writing, LUNA was trading for $86.93 with massive price drop of 9.74%. Over the last couple of days, the altcoin secured gains of up to 33%.

Terra [LUNA] one-hour price chart on Binance

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Bullish days ahead for Terra [LUNA]; Can LUNA make it to $100? 4

The short-term price chart of LUNA affirmed that the altcoin was in for a change. The Parabolic SAR indicator used in the chart was singing a whole different tune. The indicator laid out dotted lines over the price candles forming a potential hurdle for an upward breakout. However, the Awesome Oscillator indicator released a very bullish notion. The indicator formed a green closing bar and restored hope in the LUNA market.

The Relative Strength Index [RSI] indicator suggested that the LUNA market was filled with sellers. Since the RSI marker was dipped below the 50 median yet was directed towards the buyers’ zone, a possible change could be underway.

Bulls bring in Christmas spirit into the Dogecoin [DOGE] market

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With Christmas just days away, the crypto-verse was bringing in good news for all the crypto lovers. Meme coins like Dogecoin [DOGE] and Shiba Inu [SHIB] said better late than never as they traversed on to the bullish arena. Altcoins like Avalanche [AVAX] and Terra [LUNA] were running the show by bagging massive gains.

Dogecoin [DOGE] witnessed a pretty hard fall from the top 10. The meme coin, despite its ever-surging popularity, had to settle for the 12th spot. During press time, DOGE’s market cap was noted at $23.00 billion. Its rival, Shiba Inu was just below DOGE with a market cap of $17.53 billion. The battle between these assets has been on for the longest time. However, considering SHIB’s current state, the chances of DOGE remaining on top were more elevated.

The price of Dogecoin recorded a dainty surge of 1.99% over the previous 24-hours. The meme coin failed to amass major gains over the week. Therefore, the price of the coin was $0.172, at the time of writing.

Dogecoin [DOGE] one-day price chart on Binance

Dogecoin
Bulls bring in Christmas spirit into the Dogecoin [DOGE] market 6

The one-day price chart of DOGE was registering the entry of the bull. The Parabolic SAR indicator laid out a dotted line below the price candles. The line further blocked the chances of DOGE dropping below its current price level. The Awesome Oscillator indicator was also exerting increased bullishness. The indicator affirmed this with the formation of strong green closing bars.

The Relative Strength Index [RSI] indicator pointed out a sellers’ market as the RSI marker sunk below the 50 median.

Additionally, meme coins got an earful from the Chairman of North Island, Glenn Hutchins, who urged the “disposal” of these assets. Appearing in a CNBC Squawk Box interview, he stated,

“We move into a situation where interest rates are increasing, easy money is turned off. [..] Dispose of the frothy end of the market meme stocks….”

Bulls try to avenge Solana [SOL] back over $200

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After a long and hard stay in the bearish arena, all the crypto assets were seen making their way over to the bullish colosseum. Solana [SOL], Terra [LUNA], and Avalanche [AVAX] seemed to be the bulls’ favorites. Amassing the most gains, the aforementioned assets were the stars of today’s market.

While Bitcoin [BTC] was trying to navigate its way beyond $50K, the altcoins were attempting to make up for the loss they experienced over the last couple of days.

Solana [SOL] made headlines for various reasons this year. The algorithm that the network uses and the price surge of SOL put the altcoin right under the crypto spotlight. Not only did the coin witness a massive swell in its price, but the market cap also followed suit.

The previous few days caused immense bloodshed in the Solana market sending the altcoin to a low of $150. However, the bulls in its market managed to push the asset all the way above $180. At the time of writing, SOL was trading for $183.77 with a 10.59% rise in the last 24-hours.

Despite its recent setback in terms of price, SOL managed to stay in the top five. During press time, SOL’s market cap was at $56.56 billion.

Solana [SOL] one-hour price chart on Binance

Solana
Bulls try to avenge Solana [SOL] back over $200 8

The short-term price chart of SOL exhibited a strong bullish notion. The Chaikin Money Flow [CMF] indicator used in the chart moved beyond the 0.30 median further signifying the presence of the bull. Earlier today, the MACD indicator underwent a reversal in trend. The bulls didn’t let the bears relax in the SOL market for too long as the MACD line took over the signal line forming a bullish crossover.

Furthermore, buyers were seen assembling in the Solana market. The Relative Strength Index [RSI] indicator affirmed a buyer’s market. The RSI marker rose all the way up to the overbought zone.

Polkadot [DOT] preps for a trend reversal; Bulls to propel DOT towards $30?

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Drowning in red, the entire crypto market was desperate for a bullish sight. Polkadot [DOT] seemed to be steering in the direction of the bull. The bullish bandwagon was entering the market at the right time as the coin was on the brink of slipping down to $20.

Meanwhile, other crypto-assets were being tested by the bear. Bitcoin [BTC], continued its stay below the $50K zone. During press time, the king coin’s price was noted at $47,137 with a 3% daily drop. Bitcoin’s market cap took a huge hit as $1 trillion was quite far away from its current value, $888.88 billion.

During the pandemic, Polkadot [DOT] emerged as a prominent coin of the crypto-verse. The asset continued its stature despite encountering a few hurdles pertaining to ranking on the way. The entry of new coins sidelined coins that have been existing for quite some time now, however, DOT managed to stay afloat and didn’t slip below the top ten.

At the time of writing, DOT’s market cap was at $1.21 billion while it took over the ninth position.

Moving over to its price, Polkadot was trading for $26.13 with a 7.40% reduction in the last 24-hours.

Polkadot [DOT] one-day price chart on Binance

Polkadot
Polkadot [DOT] preps for a trend reversal; Bulls to propel DOT towards $30? 10

The one-day price chart of Polkadot was noted that the altcoin was gearing up for a change in its trend. The bears had strained the altcoin and the bulls were bringing in better days. The Parabolic SAR indicator laid out a line of support below the price candles. This line would prevent the asset from undergoing any untimely drops. The Awesome Oscillator followed suit by putting forth green closing bars and announcing the presence of the bull.

The Relative Strength Index [RSI] indicator, however, remained still in the sellers’ arena. The RSI marker was found drowning below the 50 median, extremely close to the oversold zone.

Solana [SOL] succumbs to the crypto carnage by sinking below $200

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Smeared in red, the crypto market witnessed nothing by loss. Solana [SOL], XRP, Polkadot [DOT], and other altcoins had taken a hit. Bitcoin [BTC] wasn’t faring well either as it slipped way below $50K. At the time of writing, BTC was trading for $48K and the asset had a major hindrance to overcome before hitting $1 trillion again.

The meme coins also followed the ongoing sentiment in the market and drowned in the red sea. All the gains, these assets had amassed over the last couple of weeks were going down the drain.

Solana [SOL], has been one of the most promising altcoins this year. From surging all the way over $200 and to climbing the crypto ladder, SOL garnered several fans. However, the asset was enduring a slump similar to the entire crypto market.

During press time, SOL was trading at $177.82 with a 5.28% drop over the last 24-hours. The altcoin had found itself way over $200, but the bears managed to push it back down. Having witnessed a loss of up to 24% throughout the week, another push from the bears could drive Solana down to $150.

Despite, the bearish invasion, Solana managed to stay afloat in terms of ranking and market cap. The altcoin lounged as the fifth-largest cryptocurrency with a market cap of $54 billion.

Solana [SOL] one-hour price chart on Coinbase

SOLUSD 2021 12 10 16 38 02
Solana [SOL] succumbs to the crypto carnage by sinking below $200 12

A possible change in trend could be underway for the altcoin. The short-term price chart of SOL noted a possible increase in volatility. The bands in the Bollinger Bands indicator were slightly apart hinting at the possibility of price fluctuations. The Awesome Oscillator indicator suggests that this could be beneficial for the altcoin as the market was traversing into the bullish arena. The green closing bars laid out by the indicator affirmed this occurrence.

The Relative Strength Index [RSI] indicator noted that Solana was being overtly sold.

Terra [LUNA] reaches for the moon while other assets settle in a slump

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The crypto market was in a major slump. Terra [LUNA], however, was steering in a whole different direction. The altcoin was the only asset in the crypto market that harbored the bull, while all the others were dreading the presence of the bear.

Binance Coin [BNB] and XRP noted dainty recovery from the ongoing bearish cycle. But, Terra noted significant growth over the last couple of hours.

At the time of writing, Terra [LUNA] was trading for $74.89 with a 10.45% surge over the last 24-hours. Just four days ago, LUNA hit an all-time high of $77.94. The existing notion in the coin’s market could further push LUNA towards $80.

The ranking of crypto assets witnessed major fluctuations this year. The meme coins took over for some time, while the spot for the third-largest asset was acquired by many. Now, an underdog stepped into the top 10 by overpowering prominent coins like Polkadot [DOT], Dogecoin [DOGE], and even the fan-favorite, Shiba Inu [SHIB].

With a market cap of $28.6 billion, LUNA managed to amass the ninth spot. However, the chances of DOT flipping LUNA were high considering the limited disparity between the two.

Terra [LUNA] one-hour price chart on Binance

Terra
Terra [LUNA] reaches for the moon while other assets settle in a slump 14

Looks like the bears weren’t going to spare any coin. The short-term price chart of LUNA revealed that the bulls were still in its market, however, the bears could attack any time soon. The MACD line remained above the signal line, yet the MACD line was slowly trying to sink below the signal line. Therefore, the MACD indicator could be hinting at a possible bearish crossover in the making.

The Chaikin Money Flow [CMF] exerted a bullish notion. But, the CMF marker was alarmingly close to the zero median.

The Relative Strength Index [RSI] indicator noted a buyers’ market. This could easily be changed as the RSI marker was pointed towards the sellers’ side.

Polkadot [DOT] prolongs its struggle to get over $30 following strong bearish winds

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The crypto market was hit by a massive bearish tornado. Polkadot [DOT], Avalanche [AVAX], Shiba Inu [SHIB] were among the assets that endured major losses over the last couple of days. Bitcoin [BTC], decided to rest below the $50K zone. During press time, the king coin was trading for $49,178 with a 5% drop over the last 24-hours. Additionally, BTC was no longer part of the $1 trillion club.

The altcoin market didn’t have much luck either. Most of the coins were plummeting. Ethereum [ETH] was trying hard to retain itself above $4K. XRP, however, had taken a hit as it dived down below $1.

Polkadot [DOT] was quite the star a couple of weeks ago, specifically during the parachain auctions. The altcoin even hit an all-time high of $55. This bullish strain was interrupted as the bears emerged stronger in the altcoin’s market.

At the time of writing, DOT was trading for $28.42 with a 4.33% dip in the last 24-hours. Over the previous seven days, Polkadot witnessed a drop of nearly 24%. This wasn’t surprising as the entire market was undergoing a similar notion.

Furthermore, Polkadot went downhill in terms of ranking. The altcoin’s market cap was noted at $28.1 billion. The asset sat as the ninth-largest cryptocurrency, right above Terra [LUNA].

Polkadot [DOT] one-hour price chart on Binance

Polkadot
Polkadot [DOT] prolongs its struggle to get over $30 following strong bearish winds 16

The short-term price chart of Polkadot was overpowered by the bears. The Parabolic SAR indicator framed dotted lines over the price candles. This line acted as a barricade against any possible upward movement further making the pattern extremely bearish.

The MACD indicator went on to lay out a bearish crossover with the signal line overtaking the MACD line. Consequently, the Relative Strength Index [RSI] stayed below the 50 median further indicating a sellers’ market.

With all these signs bending towards the bears, the chances of DOT crossing $30 would remain bleak for a while.