Home Blog Page 1036

Cardano (ADA) Price: Analyst Identifies New Leg Up Towards an All-Time High

An analyst highlights that Cardano (ADA) is gearing up for a bullish run in 2025 after a strong recovery in late 2024. Could this lead to a new all-time high?

As Bitcoin’s price breaks above the $95,000 mark, the crypto market reaches a valuation of $3.36 trillion. With the market leader making a bullish comeback, Cardano is also on a recovery track.

After an 8.69% jump in the past 24 hours, ADA has crossed above the $0.90 threshold. Nearing a market cap of $33 billion, the ninth-largest cryptocurrency is preparing for the 2025 bull run.

Analyst Highlights The Best Price to Buy Cardano

In a recent tweet supporting the bullish trend in ADA’s price, Michaël van de Poppe identified a bullish opportunity. While noting that the broader market sentiment remains largely unchanged, he believes it is likely to improve.

After a price jump from $0.326 to a 52-week high of $1.327, ADA’s bull run transitioned into a pullback phase. This pullback, accounting for nearly a 40% drop, is now showing signs of bearish exhaustion.

“I think we are getting towards the end of this correction, and I expect a new leg up for assets like ADA,” he tweeted.

Lower price rejections in Cardano’s price suggest a potential bullish comeback. In his latest analysis, van de Poppe points out that the most optimal entry point for ADA lies near the $0.7460 mark.

However, this is contingent on the market correcting further over a longer period. The recovery is already underway, with critical price levels at $0.9850 and $0.7460.

Image

Michaël Expects a New All-Time High for ADA

Despite a 307% bullish recovery in late 2024—an astronomical rise for Cardano—the ADA price gave an overall return of 42% for 2024.

The previous bullish spike marked the first wave of upward movement for ADA, followed by a correction phase (the second wave). According to Elliott’s Wave Theory, the third and fifth waves typically lead to significant upward movements. Michaël believes such massive moves could bring Cardano to a new all-time high in 2025 or 2026.

Therefore, the current pullback offers long-term traders one of the best entry opportunities. Meanwhile, short-term traders might see the bounce back pushing ADA to $1.2430 resistance before entering a sideways range.

Swiss Legislator Pushes for Strategic Bitcoin Reserve Adoption in Switzerland

0

Switzerland could become the latest country to consider adopting a strategic Bitcoin reserve as a pro-crypto legislator kicks off a campaign for the course.

As several countries globally have started schemes to adopt Bitcoin as a strategic reserve asset, the Swiss do not plan to be left out. In a recent development, pro-Bitcoin legislator Samuel Kullmann has fronted a campaign that could kickstart the adoption process in Switzerland.

Kullmann introduced a proposal titled “For a financially strong, sovereign, and responsible Switzerland (Bitcoin Initiative)” to advance Bitcoin adoption in the country. According to reports, he and nine other pro-crypto Swiss nationals were the initiative’s progenitors.

Swiss Bulls Wants a Strategic Bitcoin Reserve

Specifically, the initiative aims to oblige the Swiss National Bank (SNB) to amend its constitution regarding currency reserves. The advocates are pushing for the central bank to adopt scarce assets like gold and Bitcoin as strategic reserve assets.

Notably, the initiative would require massive amounts of sign-on to see the broad daylight. Per reports, the proposal must collect about 100,000 signatures in 18 months to qualify for a public referendum.

If the initiative received the needed backing, the pioneers would present it to the Swiss Canton parliament for deliberation. Afterward, the legislative body would reach a referendum on the idea’s feasibility.

The initiative followed the nation’s lackluster disposition toward digital assets. For context, SNB chairman Martin Schlegel stated in November that the central bank is wary of assets like Bitcoin and Ethereum.

The former SNB president, Thomas Jordan, also noted two years ago that Bitcoin does not meet the requirement for a currency reserve. However, the rapidly evolving technological landscape and broader adoption of the premier asset could force a sentiment shift if the proposal passes the basic criteria.

The Bitcoin Tsunami Hits Another Country

Meanwhile, Switzerland has become the latest country the herculean Bitcoin tsunami could invade. The asset has been turning countries that once refused it into believers amidst the changing technological landscape.

For one, the United States’ entrance into the mix proved massive. The proposal to adopt Bitcoin as a strategic reserve asset for the country became a national issue following pro-crypto Republican Donald Trump’s November election win.

Since then, Russia, Brazil, and the European Union have teased adopting the innovation. Furthermore, corporate entities have joined the FOMO party, incessantly putting chunks of their reserves into the pioneering cryptocurrency.

Dogecoin Prepares to Welcome Historic Yellow Candle—How High Will Prices Go?

0

Dogecoin appears to be starting out 2025 on a strong footing, with analysts seeing multiple signs of impending explosive moves.

In a recent tweet, market watcher Crypto Surf highlighted a promising development on Dogecoin’s six-month chart. The graph, which the analyst shared with the comment “Welcome yellow,” draws attention to the historical significance of various color patterns on DOGE’s chart.

Notably, the Dogecoin six-month candlestick chart reveals key insights from its color patterns: yellow, orange, pale green, and red. 

Yellow Candle: A Historical Game-Changer for Dogecoin?

In Dogecoin’s history, the yellow candlesticks have marked periods of explosive growth. This was observable during the 2020-2021 bull market when DOGE prices surged to unprecedented levels.

Since then, Dogecoin has experienced significant retracements over the past four years. It exhibited candlesticks ranging from blue to red before a morning star pattern emerged, signified by the appearance of an orange candlestick. Similar patterns also appeared during the 2017/2018 cycle.

Image
Dogecoin 6-month chart with various colors.

Notably, the orange candlestick repeatedly indicates Dogecoin’s recovery from bear market lows, triggering initial price sparks that capture public attention. A similar event occurred in 2024, when Dogecoin saw a 540% gain, peaking at $0.4835 for the year.

Now, according to the chart, Dogecoin appears primed for the next phase, marked by the arrival of the yellow candlestick. Historically, the yellow candle signals extreme bullish sentiment. This would reflect the broader bull market, increased retail interest, and favorable macroeconomic conditions for risk-on assets.

Essentially, given the historical patterns, analysts believe 2025 could be the year Dogecoin finally breaks past the coveted $1 mark. Analysts are pretty unanimous on this bullish prospect.

Dogecoin Predictions for 2025

One analyst, Ðima James Potts, has boldly predicted that Dogecoin could experience at least a 37-fold price increase in 2025, based on historical trends. He pointed to Dogecoin’s performance in the previous fourth years of market cycles.

For instance, in both 2017 and 2021, Dogecoin surged by at least 3,700% from the opening prices. Potts expects a similar rise in 2025, especially if DOGE closes 2024 around $0.315, which it indeed did.

Based on this, he suggests DOGE could close 2025 with a price of at least $11.

Other analysts, like Tardigrade, are even more optimistic, forecasting that Dogecoin could reach as high as $30 by May 2025. They cite various technical observations from the meme coin’s historical trend.

At press time, Dogecoin has registered a 7% gain in the last 24 hours, reclaiming the $0.33 price point.

Meme Coin Champion Murad Predicts Next Dogecoin and Shiba Inu

Murad, a notable meme coin analyst, identifies the Dogecoin (DOGE) and Shiba Inu (SHIB) of this cycle.

Some view meme coins as the highest beta in crypto. However, their high return potential comes with high risk. While there have been notable success stories like Dogecoin (DOGE) and Shiba Inu (SHIB), these successes have been difficult to replicate, given the sector’s purely speculative and hype-driven nature.

Yet Murad Mahmudov, who has positioned himself as something of a connoisseur in a sector that continues to puzzle some of the industry’s greatest thinkers, has maintained that memes will remain the dominant narrative of the current market cycle. Recently, he unveiled his top picks, which he asserts will be the next DOGE and SHIB.

The Dogecoin (DOGE) and Shiba Inu (SHIB) of This Cycle

In a Wednesday, January 1 response to the prominent crypto-focused X account Altcoin Daily, Murad asserted that SPX6900 (SPX) and Gigachad (GIGA) are the Dogecoin and Shiba Inu of this cycle.

Murad’s picks come as no surprise as he has frequently touted their promise in recent months, and their successes have earned him more notoriety.

SPX is an Ethereum-based meme coin created on August 16, 2023, that plays on the memetic value of the number 69 and is promoted as a reset of the S&P 500 Index, “a stock market for the people.” Etherscan data reveals that the token has a supply of 1 billion with over 29,000 holders. However, the top 100 holders hold over 69% of the supply. 

Still, per DEX Screener data, SPX boasts a market cap of $885 million. For context, DOGE and SHIB boast market capitalizations of $49 billion and $13 billion, respectively.

Meanwhile, GIGA is a Solana-based meme coin which made its debut on January 5, 2024. Per Solscan data, the token boasts a 9.6 billion supply with over 66,400 holders. While the supply concentration is unclear, roughly equivalent distribution among the token’s top 100 holders may suggest the token supply is concentrated among a few holders. Still, DEX Screener data shows it currently boasts a market cap of over $740 million.

While SPX and GIGA appear to be far from achieving the same level of success as DOGE and SHIB, Murad told Altcoin Daily that he expected the up-and-coming meme coin sensations to grow a hundredfold in 2025. 

That will mean a market capitalization of $88.5 billion for SPX and $74 billion for GIGA. While this estimation appears far-fetched, it is important to recall that DOGE hit a peak market cap of about $98.5 billion in the 2021 bull cycle.

Whether SPX and GIGA can replicate this impressive run as Murad predicts remains to be seen. 

Murad Controversies

It is worth noting that Murad faces accusations of not having any real edge in the market besides leveraging his about 600,000 follower-strong influence to pump coins he is involved with. 

In October 2024, prominent crypto sleuth ZachXBT unveiled 11 wallets believed to be associated with Murad with holdings exceeding $24 million at the time, including 30 million SPX worth $17 million and 70 million GIGA worth $3.5 million.

However, the current Dune analysis of these wallets shows a zero SPX balance and only 391,000 GIGA, suggesting that Murad has either moved or significantly offloaded his holdings.

Deaton Reveals His XRP Investment, Ranges Between $1 and $5 Million

0

Attorney John Deaton references his disclosure to FEC, saying his investment in XRP ranges between $1 million and $5 million as of August 2024. 

The lawyer made this revelation while responding to an X user who accused him of secretly prioritizing Bitcoin investments over XRP.  

How It Started 

This comes after the pro-XRP lawyer commented on the potential impact of creating a strategic Bitcoin reserve in the United States. Deaton, who claimed 80% of his net worth is in BTC, suggested that Bitcoin might soar to $1 million if the U.S. government creates a Bitcoin reserve. 

According to him, other countries may follow the U.S. in setting up a strategic Bitcoin reserve, potentially creating FOMO (Fear of Missing Out) for the premier cryptocurrency among nation-states.

Despite highlighting the potential of the move, he does not think the U.S. government will create a Bitcoin reserve. However, he believes President Donald Trump could issue an executive order mandating that federal agencies establish a reserve using the 207,189 BTC currently held by the government in blockchain wallets. 

Deaton Issues a Rebuttal 

Reacting to his commentary, IceQued labeled Attorney Deaton a ‘grifter’ who only endorsed XRP to gain people’s trust while keeping most of his money in Bitcoin. 

Responding, Deaton emphatically dismissed the critics’ claim that he only advocates for XRP to lure investors to Bitcoin indirectly. 

Attorney Deaton emphasized that he has been open about his crypto holdings. He stated that he initially owned more Bitcoin and Ethereum than XRP when he first started advocating for XRP investors in the SEC v. Ripple lawsuit. Interestingly, the lawyer stated that he acquired more XRP along the way. 

Deaton’s XRP Investment Soars to Around $5M 

Deaton referenced a publication from FOX Business, highlighting how his $600,000 initial investment in XRP suffered significant losses due to the lawsuit. 

However, his XRP holding has soared significantly to around $1-5 million as of August 2024. Deaton noted that he disclosed this to the Federal Election Commission (FEC) while declaring his assets during the Senate election. 

He encouraged the critic to conduct research, focusing on his public disclosures, before making such allegations. Deaton claims his advocacy for XRP holders is driven by fairness rather than financial gains. 

Deaton’s Influence in Ripple Victory Against SEC  

For context, Deaton played a crucial role in Ripple’s victory over the SEC. Specifically, Judge Torres cited his 3,000 XRP holders’ affidavit in her landmark ruling on programmatic sales of XRP. 

These investors indicated they did not acquire XRP because of Ripple or hoped to profit from the company’s efforts. 

Even though Ripple won the programmatic sales ruling, the SEC is currently making moves to overturn the decision in the Second Circuit. Its appellate brief is due on January 15, 2025. 

Bitcoin Maxi and SkyBridge Founder Anthony Scaramucci Shills Solana as His Top Altcoin Holdings

SkyBridge Capital founder and managing partner Anthony Scaramucci has disclosed exposure to some top altcoins.

In a recent Bankless podcast, the Bitcoin maximalist disclosed that he owns a few altcoins. While revealing he has 50% of his net worth invested in Bitcoin, Scaramucci stated that he holds three other high-utility coins.

Scaramucci’s Top Altcoin Bag

The American businessman stated that while people use Bitcoin for transactional purposes, its reputation as a store of value presides over other capabilities. As a result, there are a few layer-1 networks with transactional solutions that would benefit the crypto sector.

Scaramucci views those networks as “digital software on the internet” and holds a few of their native utility tokens. He disclosed that he has assets like Solana, Polkadot, and Avalanche.

Meanwhile, the SkyBridge managing partner revealed that Solana is his top altcoin bet. He lauded the network’s operational acumen and described it as fast and cheap.

Notably, Solana is increasingly drawing the attention of institutions and top investors. This has led to several exchange-traded funds (ETF) applications from firms like VanEck, 21 Shares, and Grayscale.

Moreover, a report from asset manager VanEck inferred that Solana is superior to Ethereum and would hit at least 50% of its market cap in the near future. Also, it expects SOL to reach $500 by the end of the year.

Bitcoin to $200,000 by 2025 End

Furthermore, Scaramucci dropped his Bitcoin price prediction for 2025. The businessman asserted in the podcast that the pioneering cryptocurrency would hit $200,000 in the next 12 months.

He revealed that an impending supply shock would drive Bitcoin to the price mark. Notably, inflows from the US Bitcoin spot ETFs and increased adoption from corporate firms have surged recently, indicating an explosive demand for the premier asset.

Scaramucci also added that the Bitcoin Treasury reserve idea will come to fruition. According to him, the bill would receive sufficient support in the Senate as the Staff Accounting Bulletin (SAB 121) proposal did and would take effect soon.

Top Financial Expert Says XRP Train Has Left the Station, Predicts Next XRP Stop

0

Top financial expert Linda Jones believes the XRP bull run will continue, with the potential for prices to soar beyond its all-time high.

Today, XRP is leading the bull run in the market, making a notable comeback after dipping below the $2 range. At the time of reporting, XRP is trading at $2.39, up 12% in the last 24 hours. 

Among the most prominent crypto assets, XRP is the top gainer, boasting the highest increase. While the altcoin boasts a 12% uptick, rivals like Ethereum and BNB have posted gains of less than 2%.

Notably, XRP has established an intraday high of $2.44 at press time. Compared to the low of $1.99 two days ago, XRP has rebounded by 23%.

XRP Train Has Left the Station

This ongoing performance has caught the attention of many in the community, including commentators like Linda Jones, a widely followed wealth mentor. Commenting on XRP’s performance, Jones remarked that the “XRP train has left the station.”

This likely suggests that the chance to buy XRP at lower prices has passed and that the price will continue to rise. In particular, she believes XRP’s next destination is Mars, as many expect the ongoing bull run to take XRP beyond its all-time high—something the XRP Army eagerly awaits.

Next XRP Stop

While Jones did not offer a specific target for how high XRP could go in the short term with the unfolding bull run, other market commentators have shared their opinions.

Some suggest that XRP could reach between $4 and $5 before losing momentum and taking a break to regroup for another major run. Notably, XRP would enter this range with a 100% gain.

Meanwhile, analyst Charting Guy expressed that XRP is coming for Ethereum in this latest wave. Expressly, he implied that XRP could overtake ETH in market cap during this ongoing surge.

Charting Guy comment on XRP surpassing ETH
Charting Guy comment on XRP surpassing ETH

However, despite XRP being a significant challenger to Ethereum’s position, there is currently a gap of $273 billion between them. XRP’s market cap stands at $137 billion, while Ethereum’s is at $410 billion. 

For XRP to close this $273 billion gap, its price would need to soar to $7.20, requiring an over 200% rally. Many believe this milestone is achievable for XRP, especially considering its move in November and early December 2024.

On a long-term view, XRP proponents anticipate even higher prices, possibly in the double-digit range. Interestingly, Jones recently predicted that XRP could reach $100, although she did not suggest that this threshold is attainable in this cycle.

Here are the Bitcoin, Solana, and Ethereum Price Targets for 2025, According to Presto Research

Presto Research offers a positive outlook on the leading crypto assets Bitcoin, Solana, and Ethereum, based on global liquidity expectations.

After a whirlwind year rife with many significant milestones for crypto, several analysts are looking to 2025 with considerable optimism. Among them is Presto Research. Peter Chung, Head of Research at Presto, recently offered insights into the firm’s crypto market expectations for 2025.

Bitcoin, Solana, and Ethereum Set for Higher Prices?

The key question among crypto market participants with the turn of the new year has been whether the market can sustain and perhaps even build on its 2024 momentum. On CNBC Squawk Box on December 31, Peter Chung appeared to believe so, citing the firm’s recent forecast report for 2025.

Bitcoin will surge to $210,000 in 2025, Chung asserted, to the astonishment of CNBC presenter Martin Soong. He further added that the firm expects Solana to surge to the $1,000 price point. At the same time, he noted that Ethereum was likely to gain some ground against Bitcoin, with the ETH/BTC ratio anticipated to recover to 0.05 from current levels of around 0.036.

Presto Research’s positive outlook for the crypto market in 2025 comes as the firm expects global liquidity conditions to remain favorable. Chung highlighted this in a conversation with Vantage Point Asset Management CIO Nicholas Ferres on the CNBC show.

He stressed that despite the Federal Reserve’s hawkish guidance in December 2024 projecting fewer than expected rate cuts, the trajectory remains focused on quantitative easing.

At the same time, he argued that even if the Federal Reserve, for some reason, decided to stop interest rate cuts altogether, China’s easing efforts would prevail. He highlighted that China accounted for nearly twice the global liquidity of the U.S.

Insight Into Presto Research’s Methodology 

Zooming in on the specific price targets, Presto Research’s Chung disclosed that the firm based its Bitcoin price target on the market value to realized value (MVRV) ratio. This metric measures the difference between the digital asset’s market value and the average value at which coins were last moved to determine price extremes or market tops and bottoms.

Chung explains that Presto Research estimated Bitcoin’s realized value for 2025 and applied a 3.5 times multiple based on the historical range to reach the $210,000 target.

For Solana, the researcher explains that Presto Research expects the leading Layer 1 blockchain to hit Ethereum’s 2021 peak market cap of about $500 billion, leading to the firm’s $1,000 per coin forecast.

Chung says this estimation is based on growing institutional interest, development activity, and a favorable supply outlook.

While Chung failed to go into details about Presto Research’s Ethereum forecast on CNBC’s Squawk Box, the firm’s publicly available report suggests that the second largest crypto by market cap will likely gain momentum as developers address liquidity fragmentation and UX concerns.

Here’s How Much Shiba Inu Were Burned in 2024

0

As part of its yearly round-up, the Shiba Inu burn tracking platform Shibburn reveals the staggering amount of Shiba Inu incinerated in 2024.

Shibburn shared the details in an X post on New Year’s Day. The burn tracking platform revealed that the combined effort of the Shiba Inu ecosystem team and the Shiba Inu community led to the burn of over two score billions of SHIB in the previous year.

Over 40B SHIB Incinerated in 2024

According to the report, the market witnessed the incineration of 44,623,604,014 (44.6 billion) SHIB last year, an impressive feat for the ecosystem. 

The cumulative burned amount is worth $991,090 at the current market price, approximately running into a million-dollar valuation. Notably, this figure does not accurately dictate the valuation, as the ecosystem burned the over 44 billion SHIB at different prices.

Meanwhile, the latest disclosure came after Shibburn earlier stated that the Shiba Inu ecosystem burned over 2 billion SHIB in December. In a parallel tweet, the tracking platform disclosed that the community permanently destroyed 2,679,767,542 SHIB over 143 transactions in the last month of the year.

Shiba Inu Community Reacts

As expected, the burn statistics from Shibburn triggered reactions from the Shiba Inu community, which was largely unimpressed by the figure. Most comments trailing the report stressed that last year’s burn figure was not spectacular.

For instance, a user noted that the burns did not reach a million-dollar valuation. Another enthusiast stated that the ecosystem would not make progress in incinerating a considerable part of its 564 trillion-token supply at this rate.

Furthermore, comments like “not enough” dominated reactions, with one proponent calling for the ecosystem to double the figure this year. However, a few enthusiasts commended the burns. Specifically, one user argued that this was just the beginning.

Meanwhile, recall that Shiba Inu lead developer Shytoshi Kusama stated last year that burns would not solve the ecosystem’s problems. He stressed the place of mainstream adoption, noting that although it is possible to burn 99% of Shiba Inu’s supply, widespread utility is the ultimate solution.

Howbeit, Kusama has promised an epic 2025. The pseudonymous lead stated that the team would share “what we’ve built,” spiking the community’s curiosity.

Scaramucci Says US May Buy 500,000 Bitcoin for National Reserve

0

The United States may pursue the acquisition of 500,000 Bitcoin as part of a strategic reserve initiative, according to SkyBridge’s Scaramucci. 

Anthony Scaramucci, SkyBridge co-founder, has suggested that the U.S. may allocate resources to acquire 500,000 Bitcoin. Notably, President-elect Donald Trump supports the 1 million Bitcoin reserve initiative proposed by Senator Cynthia Lummis.

In an interview on the Bankless podcast, Scaramucci added to the discussion, suggesting the U.S. could acquire 500K BTC more for the reserve initiative. 

He emphasized the role of influential lawmakers, particularly Senator Tim Scott, who will soon chair the Senate Banking Committee. Scott is expected to leverage his position to advance the proposal within Congress. 

However, this plan is not solely supported by Republican leaders. Bipartisan backing for cryptocurrency-related legislation, as seen in the approval of the SAB 121 Bill, indicates growing interest among lawmakers across the aisle. Notably, younger Democrats have shown openness to adopting Bitcoin as a strategic asset, contrasting with skepticism from more traditional voices in the party.

Bitcoin’s Role as Digital Gold

Bitcoin’s positioning as “digital gold” has been a focal point in this discussion. Scaramucci highlighted that the U.S. already holds significant gold reserves, valued at over $600 billion. 

According to the interviewer and co-founder of Bankless, Ryan Sean Adams, incorporating Bitcoin, potentially through reallocating a portion of these gold reserves, could be “wild.” 

The global context surrounding this proposal adds urgency to the conversation. Scaramucci pointed to China’s reported Bitcoin accumulation as a key factor prompting the U.S. to act. As economic rivals like China integrate Bitcoin into their financial systems, delays by the U.S. could risk diminishing its influence in global markets. 

Still too Early to Buy Bitcoin

The SkyBridge co-founder has previously emphasized that it is still an opportune time to invest in Bitcoin, even as it approaches widespread adoption. On November 12, he shared on social media that non-Bitcoin holders have not missed significant opportunities amid the asset’s historic surge in value.

Scaramucci highlighted that while some investors may feel sidelined, Bitcoin still holds potential for further growth. He underscored that the cryptocurrency has room to expand as it progresses toward mainstream acceptance.

Scaramucci also noted the potential for the U.S. move to influence central banks, financial institutions, and asset managers globally. If implemented, this plan could draw significant capital into Bitcoin.