Crypto Market: ETH will soon move to parabolic growth mode, based on the statement that Bitcoin is still the most important crypto asset.
ETH will soon move to parabolic growth mode, based on the statement that Bitcoin is still the most important crypto asset. Here are some of the market’s highlights.
Bitcoin breaking news
Bitcoin (BTC) is still the most important crypto asset, according to Morgan Creek Digital co-founder Anthony Pompliano.
In an interview meeting, Pompliano recently stated on CNBC’s Squawk Box that despite its recent dip, the leading cryptocurrency still has a lot of really favorable fundamentals. He claims that 89-90 percent of people who buy Bitcoin make a profit, that many people are still holding on to their BTC, and that demand is growing.
Invesco is planning to launch a spot bitcoin ETP, and Pompliano predicts that more of these products will follow. The price of BTC will rise due to the high demand.
Pompliano also stated that Bitcoin’s market influence demonstrates that, despite major changes in other cryptocurrencies such as Ethereum (ETH) and Solana (SOL), Bitcoin remains the king of cryptocurrencies.
While investors are diversifying into other crypto assets, according to Pompliano, they are all returning to Bitcoin.
Bitcoin might experience an 80% drop in value.
Louis Navilier, the founder of Navellier & Associates, believes Bitcoin will have an 80% correction. The most significant hurdle for crypto will be the Federal Reserve’s decision to reduce its bond-buying program.
If Bitcoin continues to fall, Navellier believes it will eventually make a dreaded double high. A dip in BTC below $ 28,500 will signal that the bulls are in trouble. The double top will be confirmed in this case, and Bitcoin will continue to fall towards the 4-digit area.
While this prognosis may appear to be far-fetched, it is not unthinkable. BTC experienced an 84.5 percent fall from its previous bull market high in the $ 20,000 range in December 2018.
Ethereum breaking news
In a tweet on December 3, Galaxy, a Twitter account, offered bullish forecasts for ETH, implying that ETH/BTC will outperform it. According to him, ETH is about to enter parabolic mode.
I’ve waited for years and publicly brought ETH / BTC to the big picture, and now we’re finally here.$ ETH is about to switch to parabolic mode.
Just wait and see how crazy things get. pic.twitter.com/t9JrKyjGg9
– galaxy (@galaxyBTC) December 3, 2021
This week, ETH/BTC reached 0.085, the highest level since a brief spike in May of this year.
The same picture appears promising for the ETH / USD trading pair, with Ethereum breaking several new records in early November and trading below the $ 5,000 region since then.
According to trader Pentoshi, if the market continues to gain strength, ETH could see a strong uptrend based on current market structures.
News about Dogecoin
In a tweet, Canadian singer-songwriter Grimes announced that she will accept Dogecoin as a payment method during the upcoming sale. Grimes’ decision piqued the interest of Elon Musk and Billy Markus.
Just found out that my upcoming merch will be accepting Drop Doge
– (@Grimezsz) December 2, 2021
Bitcoin, Litecoin, Ether, and Bitcoin Cash are among the cryptocurrencies that will be supported. Grimes was a part of the NFT craze earlier this year, which saw $5.8 million worth of digital art sold.
According to CoinMarketCap, LINK, the decentralized Chainlink network’s central digital asset, has plummeted out of the top 20 cryptocurrencies with the biggest market capitalization.
In just 24 hours, the LINK token lost 7% of its value, bringing its market capitalization to $ 11.6 billion. The market, on the other hand, is currently trending in the direction of a minor rebound.
LINK is now trading more than 50% below its all-time high of $52 set on May 9, 2021.
Shiba Inu News
Unfortunately, Memetoken Shiba Inu’s supremacy among the top 1,000 Ethereum wallets has waned. After SHIB dropped 12% of its value, this pattern became even more pronounced.
While the GameFi business is thriving, memecoins and tokens such as Shiba Inu are experiencing area-specific swings, if not outright declines.
Despite the fact that Shiba Inu’s stocks plummeted by roughly 20% to 8%, the USD worth of all stocks remained at around $ 2 billion, a 10% drop owing to the SHIB price.
Kusama ecosystem projects have announced the incorporation of the Chainlink pricing feed into the network, marking a watershed moment for Kusama ecosystem projects.
First/ @Chainlink Prize feeds are live on Moonriver!
Developers can now use Chainlink’s Oracle functionality on Moonriver to create DeFi Smart Contracts with external data resources and off-chain computations without the @kusamanetwork Ecosystem.https://t.co/AV6Zn9cGcb
– Moonriver Network (@MoonriverNW) December 1, 2021
Market watchers expect that demand for MOVR will rise now that the Chainlink Price Feed is upon the mainnet.
Kusama Maxi, for example, projected that after the Chainlink integration, the Moonriver price will rise in the same way that Avalanche (AVAX), Fantom (FTM), and Polygon (POLY) did (MATIC).
Maxi believes Moonriver’s demand will rise in the next one to three months, given the network’s exploding DeFi and TVL indicators.
Since the Chainlink integration:
– $ AVAX increased by 1162%
– $ FTM increased by 1523%
– $ MATIC increased by 1912%
Hmm, I wonder what will happen to the final graph …
I feel like it will soon turn into a straight line at the bottom of the screen, just like others. $ MOVR pic.twitter.com/nTxPZyby1z
– Kusama Maxi (@Kusamaximalist) December 1, 2021