Crypto investor and venture capitalist Chris Burniske says that Solana (SOL) is poised to start outrunning Ethereum (ETH) in a new trend formation.

Sharing a chart posted by on-chain analyst Will Clemente, Burniske shows Solana versus Ethereum (SOL/ETH) putting in a series of higher lows and higher highs in a potential shift in long-term momentum.

“If you’ve been paying attention, you see the obvious; if you’ve become tribally attached to your exclusive team, you’ll continue with willful ignorance.”

Burniske, who has long been optimistic on Solana, says he has been bullish on SOL for the “entire bottom range” of its price action over the past year or so.

The former crypto analyst for Cathie Wood’s ARK Invest also says that many developers understandably prefer to stay within the Ethereum ecosystem since that’s what they’re already comfortable with.

However, Burniske, who’s the co-founder of venture capital firm Placeholder, says that investors should take a different stance on SOL.

“If you’re a builder I understand the desire to stick with Ethereum and continue to believe Ethereum’s future is bright (Placeholder continues investing in it). If you’re an investor, not adding some SOL exposure to an existing ETH holding requires lots of mental gymnastics.”

Burniske goes on to say that just like there was a time when Bitcoin (BTC) bulls believed the entire crypto ecosystem would operate on their preferred network, Ethereum enthusiasts may also be caught off guard when Solana takes a large portion of value capture.

“Saw the same thing play out with Bitcoiners, that I’m seeing with some Ethereans now.

The rallying cry is the same:

‘Everything will be built on Bitcoin!’

‘Everything will be built on Ethereum!’

‘BTC will capture all value!’

‘ETH will capture all value!’

Flat circle.”

At time of writing, Solana is trading for $24, up over 13% in the last 24 hours.

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The flagship crypto asset could surge depending on what one major macro indicator does next, according to analytics platform Santiment.

The analytics firm reports that the US dollar index (DXY) has reached a ten-month high, causing a decline in crypto assets and the S&P 500 stocks index.

According to Santiment, Bitcoin (BTC) has remained at a break-even point during the past two weeks, unlike the S&P 500 index which has fallen by 5% over the same period, despite the strong dollar. This may “indicate a breakout could come once the DXY settles down.”

Bitcoin is trading at $26,459 at time of writing.

Turning to altcoins, Santiment says that caution is warranted on Maker (MKR) amid the native token of decentralized finance project Maker Protocol rallying by over 40% in slightly over a fortnight to hit a 16-month high.

“An inflow of MKR moving to exchanges is something to be cautious of for at least a temporary local top.”

Maker is trading at $1,520 at time of writing.

On memecoins such as Dogecoin (DOGE), Santiment says,

“As altcoins have seen more declines than gains since the mid-July crypto market local top, memecoins are showing a smaller ratio of overall trader interest than they have in some time. Particularly, DOGE has the lowest discussion rate since 2020.”

Dogecoin is trading at $0.0609 at time of writing, down by around 27% from the five-month high of $0.0838 reached in July.

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Synthetix (SNX) founder Kain Warwick thinks it is now clear that US financial regulators are operating in bad faith to oversee the crypto sector.

In a new interview on Bankless, Warwick says that he’s surprised by the level of “adversarial attacks” on crypto from regulators like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), as well as lawmakers in Congress.

“Maybe this is a bit naive, but I wanted to believe that the regulators were genuinely operating in good faith. And I actually think we’ve crossed the line where they’re no longer operating in good faith. It’s actually a pitched battle and they’re just trying to win.” 

Warwick says it’s unfortunate that crypto has become a partisan issue in the US. He argues that regulators are now executing a “clear attack” on the sector and what it’s trying to build.

“That said, if there’s one industry that you don’t want to become adversarial with, it’s crypto. We’ve been doing this for much longer than you guys and we will absolutely not lose that battle, right?” 

The Synthetix founder says it’s “unequivocal” in his mind that crypto is the type of new technology that will make the world a better place.

A widely followed crypto trader says he has high hopes for one altcoin’s prospects during the next bull market expansion.

Starting with Rollbit (RLB), pseudonymous crypto analyst Altcoin Sherpa tells his 196,400 followers on the social media platform X that the native token of the crypto casino platform is “going to be very good in the bull market.”

According to Altcoin Sherpa, Rollbit faces bearish prospects over the short term and it could fall by over 35% from the current price to “$0.07 or lower.”

On what could trigger the correction, Altcoin Sherpa says,

“Several things that could go wrong though in terms of regulation etc. I’m not interested at these current prices.”

Rollbit is trading for $0.108 at time of writing.

Turning to Bitcoin (BTC), Altcoin Sherpa says that his prediction that BTC would reach $28,000 over the short term is unlikely to come true. According to the analyst, Bitcoin’s support level is around $25,500, though he has reservations about it.

“High time frame view: potential shift in market structure for many of these exchanges where we had a lower low. I’m still viewing this area as a potential low being formed, but I’m not super excited about it and wouldn’t be surprised to see us go lower to the low $20,000s eventually.”

Bitcoin is trading at $26,683 at time of writing.

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A closely followed crypto strategist believes that the decentralized oracle network Chainlink (LINK) is poised for continued rallies.

In a new video, analyst Kevin Svenson tells his 70,700 YouTube subscribers that LINK may be on the verge of reversing its multi-year downtrend after moving above a key long-term indicator.

“We also have the 500-day SMA (simple moving average). This is the longest moving average that we have just recently crossed above. Chainlink is breaking the 500-day SMA. Getting above these longer-term SMAs is usually a sign of a macro shift taking place.”

With Chainlink flashing a potential reversal signal, Svenson says that he sees a scenario where the Ethereum (ETH)-based altcoin sustains its bullish momentum in the short term and rallies toward its macro resistance. However, the analyst notes that LINK likely needs more time before entering bull territory.

“And this macro downward slipping resistance line comes in at about $10.90 right now. So the area of interest comes in from about $10.13 to about $11 to give it a whole number.

In a breakout scenario, you’re looking for something along these lines, a test up here [at $11].

It’s very likely that if we do get that high, which is the higher end of the range here on a breakout, if we do actually exceed the resistance and break here, it’s likely that Chainlink is going to end up coming back down to retest lower levels before breaking out at a later date.”

At time of writing, LINK is worth $7.32, down over 2% in the last 24 hours.

The head of the Bank for International Settlements (BIS) says the global monetary system is evolving, and work must be done to ensure central banking digital currencies (CBDCs) are ready for mass adoption.

In a new speech, Agustín Carstens says it’s the responsibility of central banks to create a strong legal framework for CBDCs that ensures legitimacy, privacy, integrity and choice for users.

While the current monetary system based on cash and commercial bank money “continues to serve society well,” Carstens says it’s time to evolve.

“It needs to evolve. Cash use is declining. Users are increasingly demanding new forms of money. Advances in digital services are highlighting shortcomings in existing systems, while raising expectations about what money should do. People want their money to be digital and programmable. They want to be able to transfer it across borders quickly, cheaply and safely.”

The former economist cites CBDCs as a coming improvement, and says the need to protect people’s privacy and preferences is important.

He calls for international cooperation in creating a new digital system that’s connected and interoperable.

“In my view, at least three core elements must be preserved: The privacy of CBDC users and the protection of their data; the integrity of the financial system; and the ability of users to choose between CBDC and other forms of money…

At the same time, international coordination and cooperation is critical. It would be unfortunate if we ended up with a fragmented system and legal framework in which different digital currencies don’t interoperate.

The BIS is committed to continuing to support work in this space and to providing a forum for these important discussions. Work is ongoing through the legal projects led by the BIS Innovation Hub but gatherings like this are also invaluable in informing national and international work.

By building a robust legal framework, we can all ensure that CBDCs will flourish.”

Carstens, a vocal critic of crypto, says that cryptocurrencies, including stablecoins, are “not money” and should not be the next iteration of the financial system since they don’t have the backing of a centralized banking institution.

“The private sector has sought to meet these demands by issuing new forms of private money. Examples include unbacked cryptocurrencies and stablecoins. While they have achieved some popularity as speculative investments, these financial instruments are not money.

They do not offer the backing and protection of the central bank; a reliable regulatory and supervisory framework; access to the central bank as lender of resort; or guaranteed finality of payments. Even stablecoins do not assure a stable value. They do not and cannot meet the standards the public expects of money.”

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Crypto analytics firm Santiment says that the prices of eight altcoins are showing signs of moving higher.

Santiment says that the supplies of the Ethereum (ETH)-based native tokens of decentralized exchanges SushiSwap (SUSHI) and Injective Protocol (INJ), decentralized finance platform CurveDAO (CRV) and cross-chain protocol Biconomy (BICO) are falling on exchanges as the assets are moved into self-custody.

The native tokens of decentralized finance platform Reef Finance (REEF) and delegated proof of stake blockchain Aelf (ELF) are also among the “biggest 2023 swaps from exchanges to cold wallets,” according to Santiment.

On what it indicates, the crypto analytics says,

“Historically, these kinds of major waves off exchanges are good for future prices.”

Turning to Ethereum-based synthetic assets platform Linear Finance (LINA) and the Ethereum-based virtual reality platform Decentraland (MANA), Santiment says that the number of transactions of the two crypto assets by whales has hit a three-month high.

“Linear and Decentraland have had fairly unassuming price performances in 2023. But they have highlighted an uptick in altcoin whale transactions that are showing on Santiment’s dashboards to start the week.”

The analytics firm also says that the levels of Bitcoin (BTC) discussion on social media platforms, or the social dominance, has fallen to a three-month low as traders get “distracted by other assets.” According to Santiment, the fall in Bitcoin’s social dominance at a time when altcoins are seeing “surges in chats” is an indication of “market greed.”

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A closely followed crypto strategist thinks that the leading smart contract protocol Ethereum (ETH) is positioning for a year-end surge.

Pseudonymous analyst Inmortal tells his 199,000 followers on the social media platform X that Ethereum will likely see significantly higher prices before 2023 expires.

In the coming weeks, however, the analyst says that ETH could correct to as low as $1,300 before starting its ascent.

“Expecting something like this on ETH. My strategy is the same, no matter if $1,500 or $1,300, I keep accumulating. Simple plan, simple life.” 

Looking at the trader’s chart, he appears to predict that Ethereum could climb to as high as $2,000 by the end of the year. The chart also shows Ethereum surging above $2,500 in the first quarter of 2024.

At time of writing, Ethereum is worth $1,590.

Looking at Bitcoin (BTC), Inmortal predicts that the crypto king will revisit support at $25,800 before rallying back to its resistance at $27,300.

“$25,800 is the only level I would long.” 

At time of writing, BTC is trading for $26,286.

The trader is also keeping a close watch on Radix (XRD), a decentralized finance (DeFi) programming environment. According to Inmortal, RDX looks poised for another leg up toward the $0.086 level as the project gears up for the mainnet launch of its Babylon upgrade.

According to the project’s website, the Babylon update will enable “powerful” smart contract functionalities for Radix and “kickstart a live DeFi ecosystem.”

Says Inmortal,

“Textbook retest, +30% since then. Mainnet launch in 3 days. Babylon.” 

At time of writing, RDX is worth $0.061.

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CNBC personality Jim Cramer says rising crude oil prices could cause an avalanche of inflationary pressure throughout the US economy.

In a new episode of Mad Money, Cramer says Federal Reserve Chair Jerome Powell may make the decision to raise interest rates again this week, putting pressure on risk assets.

The Fed is expected to make an announcement this Thursday to pause raising the Fed Funds rate at 5.50%, but Cramer says another hike is more likely, especially given the price of oil, which has risen from $69 to over $90 since June.

“Powell is much more worried about stopping inflation than he is about preserving earnings or jobs or corporate balance sheets, or consumer spending for that matter. He has to swim against the tide and talk about whether inflation is still trending lower – an argument that gets harder to make as oil gets higher and higher right?

The price of crude has snuck up to $90 – and by the way, it seems headed to $100 – where the sky-high cost of fuel might get embedded into the whole system. I don’t know if that’s enough to change the Fed’s actions, but it’s clearly enough to change Jay Powell’s words. It gives him more reason to stay hawkish in his statement and the following Q&A session.”

The TV personality says there could be “turbulence” in the markets this week if the Fed announces a surprise hike.

“The bottom line is, when there’s a Fed meeting coming up in less than a week, and nobody seems worried about it, maybe you want to brace yourself for a little turbulence.”

An analyst who rode the crypto rally earlier this year believes that Bitcoin (BTC) has a shot to ignite a steep rally and print a new 2023 high.

In a new strategy session, DonAlt tells his 53,200 YouTube subscribers that it is within the realm of possibility for Bitcoin to witness a burst to the upside and leave many traders on the sidelines.

“If we go up and if we break that resistance that we’re battling right now, the target I think could be $36,000-ish… So basically if this goes – and we have enough good reasons to go, we have enough reasons to go down too – but if sentiment shifts, I think we have enough reasons to go up…

There’s a chance I’m not going to get a good entry at $30,000 because if this rockets, it will rocket maybe too fast for me to catch a good trade, so I’ll just take a shitty trade down here just to make sure.

Worst-case scenario, I just take a tiny hit because the invalidation is so tight and then I can rebuy at $19,000 to $20,000.” 

DonAlt also tells his 505,300 followers on the social media platform X that Bitcoin’s price action looks good after trending down for months.

“First time in months that we’ve had constructive price action That said, we have to move up soon. Otherwise, I’ll derisk again.”

At time of writing, Bitcoin is trading for $26,519.

CoinShares chief strategy officer (CSO) Meltem Demirors is issuing a warning on the crypto markets after a summer of relatively muted volatility.

In a new Bloomberg interview, Demirors says that there’s a high level of uncertainty in the crypto industry and it is putting off various market participants.

“Sentiment is expressed as flow in the market and if we look at flows, I jokingly call it the summer of apathy – the summer that we just had – despite all of this great news, we did see flows into crypto structured products and a pop in Bitcoin when we saw the BlackRock [spot Bitcoin exchange-traded fund (ETF) application] news.

But over the last month, we’ve seen $300 million in outflows. Last week, 70% less trading volume in publicly listed crypto products, and we’re also down 30% in trading volume on the spot and derivatives side.

That’s summer of apathy with all of this uncertainty… There’s just a lot of uncertainty and right now what we’re seeing is that summer of apathy has the potential to turn into a winter discontent as we continue to see investors, traders, market makers, sitting on the sidelines.”

According to the CoinShares CSO, there’s consensus among both Democrats and Republicans that the US lawmakers need to offer the crypto industry regulatory certainty.

“I do think we’re both parties agree and where we’re seeing a lot of agreement is that something needs to be done. I’ve been in this industry for almost a decade. I live in the United States. I’ve built multiple businesses dealing with crypto in the United States. I don’t want to have to consider moving just because we can’t get our stuff together on the policy side.

It’s very clear that we need something cohesive, and it has to come from Congress because it’s clear that the alphabet soup of agencies simply is not going to agree.

And again, I’m kind of scared to see how all this is going to get untangled because, at this point, there are so many lawsuits, so many cases, so many different precedents being set, it’s really going to take this being a bipartisan effort everyone coming together to get something done.”

Pseudonymous memecoin developer Shytoshi Kusama says Shiba Inu’s (SHIB) scaling solution Shibarium is “live and operating well.”

In a new blog post, Kusama says that “Shibarium is ready for prime time” after technical issues blamed on a “massive influx” of users cropped up following its official launch earlier this month.

According to the blockchain security firm Beosin, the technical issues led to millions of dollars worth of crypto getting stuck on its Ethereum (ETH) bridge.

The developer says that SHIB, Wrapped Ethereum (WETH) and other tokens in its ecosystem such as the loyalty token DogeKiller (LEASH) and the governance token Bone ShibaSwap (BONE) can now be withdrawn. On how long it will take to withdraw each of these crypto assets, Kusama says,

“It is by design that the SHIB, LEASH, WETH withdrawals through the bridge take at least two checkpoints (45 Minutes to 3 hours), and BONE withdrawal will take up to 7 days.”

According to the developer, the number of wallets and transactions on the layer-2 network has exploded since the scaling solution went live.

“We have accumulated over 65,000 wallets and 350,000 transactions. We’ve seen a variety of fun, unusual, and sometimes offensive tokens deployed on Shibarium alongside a variety of platforms. Within these thousands of tokens, we will see which will rise to the top.”

Last week Kusama said that the team behind Shiba Inu’s scaling solution had enabled a “new monitoring system and additional fail-safes” to prevent technical issues from cropping up again if the protocol witnesses another surge in network traffic.

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Former Goldman Sachs executive Raoul Pal says he’s looking at one signal that has preceded massive Bitcoin (BTC) rallies five times in the past.

In a blog post, the macro guru says Bitcoin’s 30-day historical volatility just moved below 20 for the first time since the start of the year.

Pal says hitting the 20 level has historically set the scene for Bitcoin to go on a huge run in the succeeding months.

“After a strong start to the year (60% to 100% rises), the crypto markets have been completely dead over the summer…

This 20-level has always produced huge moves over the subsequent two to four months…

April 2016: +83% in two months

October 2016: +85% in two months

March 2019: +214% in three months

July 2020: +102% in four months

January 2023: +85% in three months.” 

Pal is also keeping a close watch on the Bollinger Bands, which is a widely used volatility indicator. According to the macro guru, Bitcoin’s Bollinger Bands are “currently the tightest on record” as it hovers close to the 20 level as well.

“Only one other month historically have we ever been below 25 which was back in April 2016.

Back then, Bitcoin went on to rally 44x into the 2017 high…” 

At time of writing, Bitcoin is worth $26,127.

Looking at Ethereum (ETH), Pal says that the leading smart contract platform continues to trade within a bullish continuation pattern despite the marketwide correction over the past weeks.

“Additionally, as we highlighted last week, ETH also seems to be forming a large bull flag pattern…” 

At time of writing, Ethereum is trading at $1,636.

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Former Goldman Sachs executive and Real Vision CEO Raoul Pal is explaining his bullish stance on crypto assets.

In a new Ask Me Anything (AMA) session on YouTube, the macro guru says blockchain gives users and investors a chance to own and operate pieces of a network, as opposed to other systems where most people can only own shares that represent a portion of the network by buying the stocks of associated companies.

“Crypto is just a technology. It is a distributed database, which is [a] blockchain, of which you can use a token to represent value on that chain. So unlike other networks, let’s say a telco network, you can’t own a share of the telco network, while [in crypto], you can with a token, which gives you a share of the network itself.”

In an increasingly digital world, Pal says blockchain enables scarcity when anything could otherwise be theoretically inflated to infinity. According to the macro investor, crypto’s market cycles can be “much bigger” than the tech stocks that they often correlate with.

“In an increasingly digital world, we need to transfer, record, [and] store value, and value is increasingly becoming digital. And [in the] digital world, we can make anything to infinite abundance, and so everything digitally goes to zero [in terms of] value, and blockchain allows you to create scarcity in a digital world…

[Crypto is] a technology you can participate in directly. Artificial Intelligence (AI), you have to buy Nvidia, that’s the only bloody thing you can do, a bit of Microsoft, a bit of other stuff, [but] you’re buying trillion-dollar companies. How much money are you going to make? 2x, 3x, maybe? Can Tesla go up 5x, 6x, 8x? Yeah, sure.

Crypto cycles can be much, much bigger because you’re actually owning the network itself. [It would be like] if you owned a share of the Nvidia, all of the AI networks themselves and the monetization of that entire ecosystem, so that’s why it’s so powerful [and] it tends to outperform the other technology stuff.”

The U.S. Securities and Exchange Commission (SEC) is charging a widely followed media company with securities violations in relation to the sale of non-fungible tokens (NFTs).

The SEC is announcing formal charges against the Los Angeles-based entertainer Impact Theory for allegedly offering NFTs as an “unregistered offering of crypto asset securities.”

“[The SEC] today charged Impact Theory, LLC, a media and entertainment company headquartered in Los Angeles, with conducting an unregistered offering of crypto asset securities in the form of purported non-fungible tokens (NFTs). Impact Theory raised approximately $30 million from hundreds of investors, including investors across the United States, through the offering.”

According to the SEC’s press release, Impact Theory encouraged followers to purchase NFTs from a collection known as “Founder’s Keys” with promises of investing in something that had the potential to become as large as “the next Disney,” promising “tremendous value” to the investors. According to the SEC, these sales and others were investment contracts and therefore constituted securities sales.

Says Antonia Apps, Director of the SEC’s New York Regional Office,

“Absent a valid exemption, offerings of securities, in whatever form, must be registered. Without registration, investors of all types are deprived of the protections afforded them by the robust disclosures and other safeguards long provided by our securities laws.”

Impact Theory has agreed to cease-and-desist NFT sales, to destroy all Founder’s Keys, and to pay out more than $6.1 million in fees and penalties. The entertainment company neither admits nor denies the SEC’s charges.

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New data from crypto analytics firm Santiment reveals that the supply of Bitcoin (BTC) on crypto exchanges is at its lowest point in over half a decade.

According to the market intelligence firm, only 5.8% of the crypto king’s overall supply is currently sitting on crypto exchange platforms, the lowest level since December 2017.

Santiment also notes that the top crypto asset by market cap is seeing decent amounts of Bitcoin whale activity.

“Just 5.8% of Bitcoin is currently sitting on exchanges, which is officially the lowest level crypto’s top market cap asset has seen since December 17, 2017. We are also continuing to see reasonable amounts of BTC whale transactions (57,400 per week).”

Santiment also says that Bitcoin is currently in the lead in terms of being the digital asset with the highest amount of address activity.

BTC is followed by the stablecoin Tether (USDT), smart contract platform Ethereum (ETH), layer-2 blockchain Polygon (MATIC) and BTC alternative Litecoin (LTC), which all have at least more than double the number of active addresses compared to other cryptocurrencies, according to Santiment.

Bitcoin is trading for $26,001 at time of writing.

Moving on to Ethereum, the market analytics firm says that the 10 largest addresses associated with the leading altcoin are now holding a staggering 35% of ETH’s overall supply.

According to Santiment, the increase in the holdings of large addresses is likely due to smaller investors capitulating their positions out of fear, doubt and uncertainty (FUD) surrounding the latest crypto market dip.

“The 10 largest addresses on the Ethereum network are now holding over 35% of the available supply. By no means does this mean the [second-largest] asset in crypto is suddenly centralized, but it shows the capitulation of smaller traders showing FUD from this dip.”

At time of writing, Ethereum is worth $1,649.

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JPMorgan’s head of technical strategy is warning that the stock market may see further moves to the downside in the short to midterm.

In a new CNBC interview, Jason Hunter says that JPMorgan is currently bearish on the stock market.

According to Hunter, the “tide is turning” for the S&P 500 after the stock market index printed a recent high of 4,607 points.

“So we stepped off of our bearish view with the move above 4,200, but as the markets [started] to roll over again from channel resistance at 4,600, some of our technical signals started to trigger, at that point, pattern-based signals, so we are bearish going into the fall period now.” 

The technical strategist also says that the banking giant is keeping a close watch on the yield curve, which plots the interest rates of government bonds versus maturities.

Hunter says the yield curve has been inverted for quite some time now, which does not bode well for the stock market.

An inverted yield curve occurs when short-term bonds have a higher yield than long-term debt instruments. An inverted yield curve has often historically preceded a recession since the 1970s.

Says Hunter,

“If we take a big step back and look at some of the broader cross-market signals, the yield curve has been inverted for the better part of a year and a half now. Historically if you go back to the early 1970s and look at the timing of these cycles, generally between 19 and 24 months after the curve inverts, you see your cycle peaks in equity markets that then transition into an economic contraction.

As we go into the fourth quarter, you’re about to roll into that window of time from the yield curve inverting from the time ago that it did. 

On top of that, just from a yearly cyclical perspective, you’ll get seasonality. It’s well known September and early October [is] not a good time to be in risky markets. 

So we put that together with the high-frequency pattern signaling that we talked about already from 4,600… at the very least, for right now, looks like the pendulum is going to swing back in the bearish direction.”

A closely followed crypto analyst believes that Bitcoin (BTC) is setting up for one last move to the downside before the birth of a new bull market.

Pseudonymous analyst Inmortal tells his 198,700 followers on the social media platform X that Bitcoin will likely see a deep corrective move close to the $20,000 level prior to a parabolic rally above $50,000.

“Last dip ever.” 

Inmortal believes that Bitcoin appears to be mirroring its price action in the latter months of 2019 when BTC broke below its support at around $10,000 and dipped all the way down to the $6,000 level.

“Imagine the smell.” 

Looking at the trader’s chart, he seems to predict that BTC will initially fall below $24,000 prior to a rally toward the $30,000 price area. The chart also shows that the rally will likely be followed by a steep pullback to the $21,000 level.

At time of writing, Bitcoin is trading for $26,063.

Looking at Ethereum (ETH), the analyst predicts that the leading smart contract platform will trade within an ascending triangle pattern in the coming months before breaking out at the start of 2024.

“In 2025, you would give anything to come back here. > +500 days accumulating > macro higher lows. My favorite accumulation of this bear market.” 

Based on the trader’s chart, Inmortal appears to predict that Ethereum will soar above the $3,000 price area in the first quarter of 2024.

At time of writing, Ethereum is worth $1,653.

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Input Output (IOHK) CEO Charles Hoskinson says he has a strong feeling that Cardano (ADA) will be the leading cryptocurrency of the future. 

During his keynote address at the Rare Evo 2023 event in Denver, Hoskinson tells participants that Cardano, which is currently the eighth largest digital asset by market cap, will surpass Bitcoin (BTC) and Ethereum (ETH) because he believes it has a higher level of scalability and interoperability.

“People are scared of decentralized governance because they view it as something that takes away, but I’ve never believed that… I think if you give people a chance to rise up and show you who they are, what they can do, they will do amazing things, so that’s our challenge and that is why Cardano, I feel, is probably going to become the biggest cryptocurrency in the world.”

The Cardano founder says the smart contract platform also has the potential to replace out-of-date parts of societal infrastructure, like voting in any banking system.

“I think it’s going to become more than a cryptocurrency. I think it’s going to become the backbone of a new digital nation, a new society, a place where we can finally begin to trust each other again… A place where we do our voting, a place where our money lives, a place where our digital life lives and every dimension and aspect of it because we deserve that.”

ADA is currently trading for $0.26, up by 0.64% over the last 24 hours.

A closely followed crypto analyst is issuing a warning to Bitcoin (BTC) bears that the crypto king is showing signs of strength on the daily and weekly charts.

Pseudonymous analyst Credible Crypto tells his 346,000 followers on the social media platform X that Bitcoin’s relative strength index (RSI) is flashing a classic bullish divergence on the daily chart while showing a hidden bullish divergence on the weekly chart.

In technical analysis, a classic bullish divergence is typically seen as a reversal signal while a hidden bullish divergence is a sign of trend continuation.

Says Credible Crypto,

“Largest liquidation event since Dec ’21 (yes, nearly two years ago), 2x that of FTX collapse.

Classic bullish divergence on BTC daily and hidden bullish divergence on BTC weekly (charts below depict both).

BTC dominance backtesting bullish breakout of two-year long range.

Calls for $20,000, $12,000 and $10,000 are pouring in despite no actual break in the bullish market structure to signal any sort of shift in momentum (first break is at $24,800).

Bears are asking to be absolutely obliterated here.”

Credible Crypto also says that so far this year, Bitcoin has been consolidating for quite some time at the lows before igniting a steep surge.

“It doesn’t look like much now, but in an impulsive/trending environment, things can escalate quickly.” 

At time of writing, Bitcoin is worth $26,024.

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