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Altcoins TRX, AVAX, DOT Take a Hit: What’s Next?

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  • A recent downturn has affected several prominent altcoins, including TRX, AVAX, DOT, ICP, POL, FIL, and TIA.
  • The current market dip presents a unique opportunity for long-term investors to acquire undervalued altcoins.
  • With a potential shift in the regulatory landscape, underperforming alts like XRP, XLM, and ADA could see significant growth.

Amidst a period of heightened volatility, altcoins are taking a significant hit in recent days. Tokens like TRX, AVAX, DOT, ICP, POL, FIL, and TIA have seen substantial price drops. However, despite the short-term downturn, the long-term potential of these innovative digital assets remains promising.

After a prolonged bull run, this abrupt correction has caused jitters among investors, particularly those who have profited handsomely from the 2-month rally. On the other hand, it has presented a unique opportunity for savvy investors to buy top altcoins at discounted prices. As the market stabilizes, these assets are poised for a potential rebound, offering significant upside potential.

Several factors contribute to the long-term bullish outlook for altcoins. Firstly, the underlying technology of blockchain continues to advance rapidly, with new use cases emerging across various industries. Secondly, the increasing adoption of cryptocurrencies by institutional investors and mainstream financial institutions is driving market growth and legitimizing the asset class.

Altcoin Market Takes a Sharp Dip Amidst Bull Run

The sharp decline in altcoins can be attributed to several factors, including profit-taking, overbought conditions. However, seasoned traders and analysts view this correction as a healthy market adjustment and a potential opportunity to accumulate undervalued assets.

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Altcoins TRX, AVAX, DOT Take a Hit: What's Next? 2

For investors with a long-term perspective, this dip could present a valuable buying opportunity. As the market stabilizes, these altcoins may regain their upward momentum, offering significant returns to those who capitalize on the current dip.

Market participants can seek out well-known altcoins such as “dino coins,” like XRP, TRX, XLM, and ADA and diversify their portfolios. This is because past underperformers like XRP, XLM, and ADA suffered the most due to the SEC’s regulatory crackdown and are likely remain unaffected to short-term fluctuations.

Moreover, with a changing political landscape in the White House and Gary Gensler’s exit, these coins are poised for rebound. By doing so, investors can position themselves to benefit from the future growth of the cryptocurrency market.

Polkadot’s Bullish Wedge Signals Massive Rally

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Polkadot’s native token DOT is currently consolidating within a bullish falling wedge pattern on the daily timeframe chart. This technical pattern often indicates a potential reversal from a downtrend to an uptrend.

The formation of a falling wedge involves two converging trendlines, with the upper trendline sloping downwards more steeply than the lower one. If the price breaks out of the upper trendline, it’s typically considered a bullish signal, suggesting a potential upward move.

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Polkadot's Bullish Wedge Signals Massive Rally 4

Currently, DOT appears to have found support at the lower trendline of the wedge, hinting at a possible bottom formation. A breakout above the upper trendline could ignite a significant rally, potentially leading to substantial gains for DOT holders.

However, it’s crucial to exercise caution as technical analysis is not foolproof. While the falling wedge pattern is bullish, other factors such as broader market conditions and fundamental developments can influence the price movement.

Traders and investors are advised to conduct thorough research and consider multiple indicators before making any investment decisions. Risk management strategies should also be implemented to protect capital.

Polkadot Unleashes 2.0

It’s worth noting that Polkadot, the interoperable blockchain platform is set to launch its newest version 2.0 which promises powerful features such as Agile Coretime, Async Backing, and Elastic Scaling to bring a more flexible, faster, and highly scalable network. The upgrade allows Polkadot to go beyond being a zero-to-one blockchain technology and evolve into a highly decentralized solution for the new internet.

Polkadot 1.0 also demonstrated its commitment to decentralization by achieving a Nakamoto coefficient of 93 at Decoded 2023. This strong foundation and its unprecedented success have paved the way for its transition to Polkadot 2.0. The latest iteration will onboard a wide range of innovative projects complemented by several ecosystem initiatives, with several projects launching their own grants and funding programs. The 2.0 also sets up a foundation for JAM, the next step in Polkadot’s evolutionary journey.

This information is intended for informational purposes only and should not be considered financial advice. Conducting thorough research and consulting with a financial advisor is recommended before making investment decisions.

Polkadot’s 7x Gaming Boom: Ethereum & Solana Shook?

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Polkadot logged a staggering 7x surge in transactions recently, sparking excitement among the community. The culprit behind the abrupt spike is attributed to a popular mobile game with over 5 million players, hosted on the Polkadot blockchain. Amidst high-profile competitors like Ethereum and Solana, this development could potentially be the turning point for the network.

PlayMythical, a gaming powerhouse that has consistently been in the top-6 position in NFT sales, has settled down on the DOT chain after experimenting with EOS and a custom Ethereum sidechain. The single mobile game has over 5 million players and 1 million active wallets. As per one analyst, the network’s stability, high throughput potential, and robust governance model were key factors in their decision.

The unexpected partnership showcases how blockchain technology can be leveraged to enhance gameplay and the user experience, rather than being the primary focus. It also highlights Polkadot’s potential as a gaming powerhouse. With a massive influx of transactions and the backing of a major player like PlayMythical, Polkadot could be poised for a significant resurgence.

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Polkadot's 7x Gaming Boom: Ethereum & Solana Shook? 6

Additionally, PlayMythical is more like a pro gaming studio and consists of industry veterans from the real gaming world, such as Call of Duty, Marvel Strike Force, Skylanders, etc. Their primary targets are real gamers, not savvy crypto traders. Therefore, the core strategy of these major gaming firms is to prioritize the user experience of average gaming enthusiasts. 

Gaming Titans Choose Polkadot

This involves immersive gameplay, engaging stories, and the satisfaction of progression. So, the focus is to abstract the complexities of blockchain technology, making a seamless transition from traditional gaming to a blockchain-powered experience. In a nutshell, players can enjoy their games without the need to understand the underlying technology.

PlayMythical has implemented a two-tier wallet system: First is the guest/temporary wallet, which is initially assigned to players. Second is the on-chain wallet, where the players are prompted to create an on-chain wallet if they decide to engage in marketplace activities or sell items. By converting temporary wallets to on-chain wallets, PlayMythical is streamlining the user journey while ensuring the security and ownership of in-game assets.

Furthermore, the upcoming migration from EVM to Substrate/PolkadotSDK is a strategic move. Market observers expect this transition to significantly increase the number of Polkadot wallets, as millions of players will be introduced to the blockchain.

Polkadot Poised For Price Breakthrough: DOT Targets 17 Amid Key Upgrades

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The recent change from the famous cryptocurrency analyst Crypto Capo, emphasizes the current situation of Polkadot (DOT) which is about to face a very interesting turning point in the market. In a recent X post, the analyst highlighted that DOT is currently supported at a very significant level after it was rejected at a higher resistance level. This position is crucial for the short-term price action of Polkadot. 

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The analyst recommends that if this support level holds strong, DOT may test the $10-$11 resistance zone once again. Indeed, a breakout above this resistance implies DOT may rise up to $15-$17, which is a striking move for this digital currency. 

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Source: Chart by Crypto Capo

The proof to this bullish prediction is a number of core achievements within the DOT ecosystem, which represent strong fundamental basis. Among them, one of the most important ones is the Polkadot 2.0, an ambitious upgrade meant to improve efficiency and scalability of the network. This enhancement is of considerable significance, as it makes the network ready to serve in big scale operations and support more sophisticated applications. 

Polkadot’s Parachains: Pioneering Blockchain Diversity

Another important part of the founding strength of Polkadot is its pioneering Parachains technology. Parachains are different specific blockchains that operate in parallel within the Polkadot ecosystem each designed for a particular use case, which drastically increases the versatility and functionality of the network. 

In addition, by the adoption of blockchain gaming with the migration of key players like Mythical Games to the Polkadot framework, a new user base and diversification in gaming is brought. The shift not only extends the use case of Polkadot but also enters the rapidly growing market of blockchain games, which may bring more value and interest to DOT. 

Furthermore, Polkadot advancements in artificial intelligence using and integrations with PHA among others add another layer of technology improvement, making it more of a front runner platform in the blockchain space. The AI integrations are anticipated to fuel new solutions and applications, thus making the network more appealing to both developers and users. 

With Polkadot building further on these strong fundamentals and while it confronts with the present market dynamics, the issue now is how well it will be able to hold above the support level and benefit from the arising market prospects. Even though the insights that Crypto Capo offers seem optimistic, all investments, especially in the unpredictable world of cryptocurrencies, potential fluctuations that should be watched and considered are always present. 

Weekly Watch: Bears Takeover Bitcoin & ETH, Altcoins Suffer Significant Losses

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Bitcoin and Ethereum remained within a narrow trading range below crucial resistance levels. The cryptocurrency market experienced a decline in positive sentiment last week, presenting a challenge for bullish investors grappling with the prevailing bearish momentum.

As a consequence, the overall market outlook was adversely affected. In the weekly chart, several altcoins registered significant declines, while certain low-cap altcoins managed to secure gains amid market fluctuations.

Ronin (RON) is at the top of the list of low-cap altcoins experiencing significant gains this week, followed by Siacoin (SC) and Astar (ASTR) in second and third place, respectively.

Ronin (RON) has emerged as a frontrunner among the top 100 tokens by market capitalization, experiencing a notable surge of 33% over the past week. Presently, RON is valued at $2.37, showcasing a 2.30% uptick in its price within the last 24 hours and a substantial 29.32% rise in trading volume.

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Ronin (RON) 7-Day Chart | Source: CoinMarketcap

Simultaneously, Siacoin (SC) has garnered significant community attention due to its noteworthy weekly performance, securing the second position in terms of gains. Over the past week, SC has seen an impressive increase of approximately 28.53%. The current trading value for the token is $0.01275, reflecting a modest 1.40% rise in the last 24 hours.

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 Siacoin (SC) 7-Day Chart | Source: CoinMarketcap

Furthermore, Astar (ASTR) has captured significant interest, exhibiting a noteworthy 27.43% increase in the weekly chart. ASTR is currently trading at $0.1901 showcasing a slight decrease of 0.90% in its price and 4% decrease in its trading volume in the last 24 hours.

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Astar (ASTR) 7-Day Chart | Source: CoinMarketcap

Moreover, popular coins are experiencing a decline in weekly charts, including AVAX at 12%, DOT at 11%, and MATIC at 10%, with a decrease of 10%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Cryptocurrency markets, including Ethereum and Bitcoin, have experienced a recent downturn as investors reacted to the news about the spot Bitcoin ETF. This phenomenon is typical, where an asset sees a rally leading up to a major event, only to pull back afterward because the event’s impact was already anticipated by the market.

Crypto analyst CryptoCon noted that the mid-cycle top for Bitcoin occurred slightly faster than in previous cycles but slower than in the third cycle. The timing of the mid-top in 2019, although a year earlier than usual, did not alter the overall cycle top, which occurred around November 28th, 2021, plus or minus 21 days.

Despite various theories about accelerated cycles, there is currently no substantial evidence suggesting such acceleration. The possibility of a correction in Bitcoin’s price remains, even with the introduction of ETFs. The analyst emphasizes that this time is not different until proven otherwise.

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Looking ahead, the period after November 28th, 2024, is anticipated to bring new all-time highs and explosive growth for the cryptocurrency market. The current year is seen as a foundational phase for these developments.

As of now, the Bitcoin price stands at $41,000, with a 24-hour trading volume of $19.07 billion and a market cap of $803.80 billion. Bitcoin has experienced a percentage decrease in the last 24 hours and a 4% decline in the weekly chart.

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Bitcoin (BTC) 7-Day Chart | Source: CoinMarketcap

Meanwhile, Ethereum’s price has retreated in recent days amid a decrease in sentiment across the crypto industry. After reaching $2,717 on January 12th, Ethereum has entered a correction phase.

Crypto analyst Ali Martinez points out that Ethereum is currently in a crucial demand zone, ranging between $2,388 and $2,460. Maintaining support in this range could pave the way for upward movement, but a failure to do so might lead to a pullback to the next significant support area around $2,000.

As of the latest data, Ethereum is priced at $2,411.98, with a 24-hour trading volume of $7.17 billion and a market cap of $289.87 billion. Ethereum has experienced a 2.76% decrease in the last 24 hours.

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Ethereum (ETH) 7-Day Chart | Source: CoinMarketcap

Related Reading |  XRP Advocate Slams SEC Over Bitcoin Analogy In Coinbase Lawsuit 

Polkadot (DOT) Sets New Record For Daily Transactions, Surpassing 1 Million

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In an unprecedented development for the Polkadot (DOT) protocol, daily transaction counts have skyrocketed to an all-time high (ATH), exceeding the 1,000,000 mark, according to on-chain data. This milestone represents a historic peak for the layer-1 blockchain network.

Prior to this significant surge, Polkadot’s previous record for daily transactions stood at 941,000 on May 5, 2021. Unlike the organic growth witnessed in the earlier spike, the current surge is notably attributed to the introduction of Ordinal Inscriptions.

The trend of Ordinal Inscriptions began this year on the Bitcoin (BTC) blockchain, offering a framework for creating digital collections registered on the smallest units of the blockchain. 

This innovation has not only led to a substantial increase in transaction counts but has also boosted miner revenue for Bitcoin. Recognizing the significance of these Ordinals, they have rapidly spread to other prominent layer-1 blockchains, including Litecoin (LTC).

Polkadot Leads The Charge

Ordinal Inscriptions have emerged as a central theme in the Web3.0 ecosystem, exerting a profound influence on sentiments across diverse protocols. Notably, Polkadot spearheads this transformative trend, with other blockchains like Avalanche (AVAX), Arbitrum (ARB), and Shiba Inu’s Shibarium following suit and witnessing the ripple effects of this innovative development.

Ordinal Inscriptions have become a focal point in the Web3.0 ecosystem, influencing sentiment on various protocols beyond Polkadot. Blockchains such as Avalanche (AVAX), Arbitrum (ARB), and Shiba Inu’s Shibarium are currently experiencing the impact of this novel development.

The surge in Polkadot’s total transaction count has contributed to an 8.96% increase in the coin’s price over the past 24 hours, reaching $7.54. Consequently, DOT has successfully recovered from losses incurred in the previous week, achieving a 3.13% gain during this period.

With the influence of Ordinal Inscriptions, DOT may aim to retest the $8 price threshold. If successful, this accomplishment would not only represent the highest level for the year but also mark the most significant milestone since mid-August 2022. 

The potential for achieving this feat is further heightened when considering other noteworthy innovations taking place on the Polkadot network.

DeFi Leaders Pullix, Polkadot, And Chainlink Drive Market Surge Amidst Shift From Meme Coins

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In the dynamic landscape of decentralized finance (DeFi), meme coins experience a decline in bullish momentum, paving the way for the rise of substantial players like Polkadot, Chainlink, and Pullix. Polkadot has notably surged into the green, with CoinMarketCap data indicating its trading value at $7. 

The token witnessed a robust 21.7% increase over the past week, marking a recovery for the DeFi sector. Despite a correction from its peak at $7.59, Polkadot has demonstrated a 35.2% price hike in the last 30 days, encountering resistance at $7.90.

Chainlink (LINK) has entered the DeFi arena with an upward price trend, climbing from $14.06 to a 7-day peak of $17.25, showing a modest 1% increase on the weekly chart and a commendable 1,01% growth over the past two months. The recent collaboration with zkSync Era, an Ethereum L2 scaling solution, suggests the potential for further gains, possibly reaching $20 if the bullish run persists.

DeFi Dynamo: Pullix (PLX) Leads The Charge In The Latest Price Rally

Pullix (PLX) has emerged as a compelling player in the DeFi realm, driving the latest price rally. As the native token of an eagerly anticipated trading platform, Pullix promises faster transactions, lower fees, and enhanced security. 

The platform addresses the challenge of low liquidity in decentralized exchanges through a unique hybrid approach, combining elements of both centralized and decentralized exchanges. Pullix’s all-encompassing platform, supporting global asset trading, aims to attract users seeking an improved DeFi experience.

The novel exchange model introduced by Pullix allows token holders to benefit from daily platform earnings, offering a stable passive income through liquidity provision to automated market makers and coin staking. 

With Pullix, Polkadot, and Chainlink standing out as DeFi coins with tangible utility, the market is witnessing a shift toward assets that offer more than speculative value. Notably, the Pullix token, priced at $0.042 per token, is utilized for staking, earning rewards, and accessing specific features, providing a multifaceted value proposition for users.

Polkadot (DOT) Holds Firm At $6.6, Indicators Suggest Potential Rally Ahead

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Polkadot (DOT) is currently experiencing a correction from its recent peak at $7.75 against the US Dollar in the latest market developments. Nevertheless, there are optimistic indicators suggesting a possible rebound, contingent upon the price maintaining its position above the crucial support level of $6.30.

Following a consolidation phase above the $5.50 support, the DOT price initiated a noteworthy uptrend. Surpassing resistance levels at $5.85 and $6.00, DOT entered positive territory alongside major cryptocurrencies like Bitcoin and Ethereum. 

The rally extended beyond the $6.65 resistance zone, and Polkadot established itself above the 100 simple moving average (4 hours). Nevertheless, a pullback ensued near the $7.75 mark, forming a peak around $7.77, leading to a corrective phase.

Polkadot (DOT) Resilience

The price dipped below $7.20 and $7.00 levels, breaching the 61.8% Fibonacci retracement level of the upward movement from the $6.31 swing low to the $7.77 high. Despite this correction, Polkadot maintains its position above the $6.65 zone and the 100 simple moving average (4 hours).

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Polkadot (DOT) Holds Firm At $6.6, Indicators Suggest Potential Rally Ahead 16

Analyzing the 4-hour chart of the DOT/USD pair reveals a crucial bullish trend line emerging with support around $6.65. This trend line aligns closely with the 76.4% Fibonacci retracement level of the upward trajectory from the $6.31 swing low to the $7.77 high.

The immediate resistance is anticipated near the $7.05 level, with a subsequent major hurdle at $7.20. A breakthrough beyond $7.20 could trigger a robust rally, potentially propelling the price toward $7.75 in the short term. Further upside movement might encounter resistance at the $8.00 zone.

Conversely, failure to initiate an upward move above $7.05 could result in continued downward pressure. Initial support lies near the $6.65 level and the associated trend line. A more substantial support zone is identified around $6.30, below which a decline to $5.70 may be on the horizon. Additional losses might open the doors for a move towards the $5.00 support zone.

The 4-hour MACD for DOT/USD is currently showing increasing momentum within the bearish zone, indicating a shift toward a bearish trend. Concurrently, the 4-hour Relative Strength Index (RSI) for DOT/USD has descended below the 50 level, further confirming the prevailing bearish sentiment.

In terms of key levels, significant support is identified at $6.65, followed by pivotal levels at $6.30 and $5.70. On the upside, notable resistance levels to monitor include $7.05, $7.20, and $7.75. These levels will likely play a crucial role in determining the near-term price dynamics of Polkadot (DOT) against the US Dollar.

Ukraine’s Struggle: $225M In Crypto Donations Received To Combat Russian Aggression

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In the face of Russia’s relentless invasion, Ukraine has been fighting a valiant battle on multiple fronts, and the global community has rallied behind them in support. A recent report by blockchain intelligence firm Crystal Blockchain has shed light on the astounding financial backing that Ukraine has received in the form of crypto assets.

Crypto Donations Soar: Ukraine Rakes In Billions

Since the­ beginning of Russia’s full-scale invasion last year, Ukraine­ has garnered a substantial $225 million in cryptocurrency donations alone­. These funds have playe­d a pivotal role in acquiring essential supplie­s, encompassing weapons, ammunition, and medical e­quipment. Consequently, Ukraine­ has successfully stood its ground against the aggressor.

The global crypto community has consiste­ntly demonstrated immense­ generosity, as evide­nced by the unwavering nature­ of their donations. Month after month, these­ contributions have surged with remarkable­ solidarity. However, since re­aching its apex in March 2022, when global unity was at its strongest, monthly crypto donations have­ gradually tapered off and failed to e­xceed $10 million since May of that same­ year.

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Ukraine's Struggle: $225M In Crypto Donations Received To Combat Russian Aggression 19

Interestingly, humanitarian initiatives have garnered more crypto donations than military-focused campaigns. Out of the $225 million raised in digital assets, $134 million was allocated to address the urgent humanitarian needs of the affected population, while $91 million was channeled toward strengthening the country’s armed forces.

Breaking down the digital asset contributions, the majority came in USDT, totaling an impressive $83 million. Ethereum was the second most popular choice, with donations worth $79 million, followed by Bitcoin, which contributed $41 million. Smaller cryptocurrencies like Binance USD (BUSD) and Polkadot’s DOT made up the remaining contributions.

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Ukraine's Struggle: $225M In Crypto Donations Received To Combat Russian Aggression 20

On the flip side, Russia’s military and paramilitary units have also embraced digital asset fundraising efforts. However, their endeavors have remained covert and under the radar. Crystal’s data reveals that crypto donations to the Russian military barely amounted to $2 million. 

Nevertheless, some estimates suggest higher figures, with Chainalysis reporting $5.4 million of donations in February, directed both to Russian military units and propaganda resources.

The stark contrast between the sums raised for Ukraine’s defense and Russia’s war efforts can be attributed to the global condemnation of Russia’s actions and the clandestine nature of its fundraising activities. Binance, for instance, identified over $7.2 million worth of donations to Russia, hinting at the potential scale of covert support.

As the conflict rages on, it is evident that the power of digital assets extends beyond financial transactions. The solidarity shown by crypto users worldwide in supporting Ukraine’s resilience against aggression highlights the humanitarian spirit that transcends borders, uniting people in times of crisis.

Related Reading | Crypto Fund Shrinks: Sequoia Capital’s 66% Slash 

Cardano’s ADA, DOT & XTZ Goes Live In BitMEX

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Cardano [ADA], Polakdot [DOT], and Tezos [XTZ] are now listed in leading crypto derivatives and spot exchange BitMEX.

Besides ADA, users will also be able to deposit and withdraw Shiba Inu [SHIB], Chainlink [LINK], Tron [TRX], Solana [SOL], Polygon [MATIC], and many other cryptocurrencies, via BitMEX wallet.

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Cardano's ADA, DOT & XTZ Goes Live In BitMEX 22

The cryptocurrency trading platform founded in 2014 by Arthur Hayes, Ben Delo, and Samuel Reed has its headquarters in Seychelles.

BitMEX battled tough times when co-founder Hayes was arrested for money laundering charges and the firm was forced to pay a civil monetary penalty of $100 million to the CFTC.

Alexander Höptner, who took over as CEO of BitMEX from Hayes less than two years ago, made the decision to step down.

Stephan Lutz replaced him as the Interim CEO of the derivatives exchange. Lutz will also remain as the company’s CFO.

Last month, the trading platform launched its first Initial Exchange Offering (IEO) with its BMEX token, kicking off a new era in BitMEX.

With the latest additions of tokens, the platform is looking to entice more users and create new opportunities for traders.

That said, according to research by CryptoCompare, the number of daily active users on the smart contract platform Cardano ($ADA) increased by 15.6% in November following the failure of the well-known cryptocurrency exchange FTX.

Cardano’s DeFi Gains Major Traction

Per CryptoCompare, the blowout led to an increase in the platform’s average daily active user base. The total number of Cardano’s daily active users increased by over 15% last month to 75,800, the highest figure since May.

Similar to this, Cardano network monthly transactions increased 5.34% to 2.32 million last month, which was the highest monthly transaction volume since April. According to data from the cryptocurrency’s network, the number of wallets there surged by over 100,000 last month.

The report from CryptoCompare also mentions that DeFi on the Cardano blockchain celebrated its one anniversary on November 28. Late in 2021, MuesliSwap made its network debut, and soon after, it had locked in a total value of $1 million.

Cardano supporters, the report adds, are anticipating that the introduction of several new advancements, such as sidechains, Cardano’s Ethereum Virtual Machine, and its privacy-focused sidechain Midnight, would increase the usefulness of the network’s DeFi ecosystem.