. Daily Crypto Analysis - Ethereum Surge, Solana Rise, Bitcoin Fees, Cardano Fall, Ripple's Provocative Poll

Daily Crypto Analysis – Ethereum Surge, Solana Rise, Bitcoin Fees, Cardano Fall, Ripple’s Provocative Poll

Daily Crypto Analysis – Ethereum Surge, Solana Rise, Bitcoin Fees, Cardano Fall, Ripple’s Provocative Poll

12 Dec 2023

Introduction

“Welcome to a comprehensive overview of current trends and developments in the cryptocurrency market. In this analysis, we delve into the latest movements of major digital assets, including Ethereum (ETH), Bitcoin (BTC), Cardano (ADA), and Ripple (XRP). Exploring potential price surges, on-chain activities, and unique market dynamics, our focus is to provide valuable insights into the evolving landscape of the crypto space. Join us as we navigate through the highs and lows, technical analyses, and key indicators that shape the future of these prominent cryptocurrencies. Stay informed and empowered in the exciting world of digital finance.”

Markets In Focus Today – ETH/USD

“Is Ethereum (ETH) Poised for a Price Surge? Anticipation Grows for a New Era of Greatness”

“Indications of a Potential Ethereum (ETH) Price Surge: A New Era of Growth on the Horizon? Ethereum (ETH) is showing signs of a potential new era of growth in a market increasingly favoring Layer-1 (L1) solutions such as Solana. Despite not displaying the explosive price movement that many in the market anticipated, Ethereum’s recent trajectory suggests it may still reveal its potential. While Ethereum has lagged behind some L1 counterparts, its robust price movement and unique market position are evident. Ethereum boasts an extensive developer community, and widespread adoption, and plays a significant role in decentralized finance (DeFi) and various blockchain applications. Although Ethereum’s price surge hasn’t matched the intensity of Solana’s, its appeal as an investment remains strong due to its size, liquidity, and status as a leading smart contract platform. Further gains in the broader market could amplify Ethereum’s price performance. Technical analysis indicates that Ethereum is poised for growth, with key resistance levels being tested. A breakthrough above these levels could signal a continuation of the bull run, attracting both retail and institutional investors. Solana’s Dominance: Solana (SOL) stands out in the cryptocurrency market, displaying price momentum that surpasses expectations, especially after the Jito airdrop injected fresh funds into the SOL ecosystem. Solana’s price movement analysis reveals a steep upward trajectory, signaling not only recovery but dominance in the digital asset space. Solana’s resilience and rapid growth are indicative of a robust and well-engaged network, outperforming other cryptocurrencies with less intense surges. Speculation about Solana breaching the symbolic $100 mark, not seen since its 2021 collapse, has gained traction, and the current price action suggests that Solana is not just meeting these predictions but surpassing them. Solana’s ascent is notable in the context of the broader market, where other assets struggle to maintain momentum. SOL’s surge underscores its underlying technology’s strength and the confidence it instills in investors. With high throughput and low transaction fees, Solana positions itself as a strong competitor capable of sustaining growth even in a turbulent market.”

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 2255.20 | Negative Crossover | Bearish
  • MA 20 : 2192.39 | Positive Crossover | Bullish
  • MA 50 : 2043.63 | Positive Crossover | Bullish

Simple :

  • MA 10 : 2282.94 | Negative Crossover | Bearish
  • MA 20 : 2176.54 | Positive Crossover | Bullish
  • MA 50 : 2022.18 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 57.12 | Neutral Zone | Neutral

Stochastic   Oscillator : 66.28 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 2295 R2 : 2505
  • S1 : 1852.42 S2 : 1767.97

Trade Suggestion : Limit Buy : 2295 | Take Profit : 2505 | Stop Loss : 2195

BTC/USD

“Emerging Trends: The Evolving Landscape of Cryptocurrency Transaction Fees”

“On-Chain Activity Surge Sparks Rise in Bitcoin Fees, Outpacing Ethereum’s Total Fees” A recent on-chain analytics report highlights a substantial spike in on-chain activity this week, coinciding with the rally of Bitcoin and other cryptocurrencies to new yearly highs. As a consequence, the Bitcoin network experienced a notable surge in transaction fees, surpassing the total fees recorded on the Ethereum network. Notably, Bitcoin fees saw a 60% increase, while Ethereum fees rose by nearly 50%. Several factors contribute to the surge in network fees for Bitcoin. The cryptocurrency’s price climbed to yearly highs, reaching $45,000 on December 5 before settling above $43,000. Additionally, an increase in Bitcoin transactions, particularly due to the popularity of inscriptions, heightened demand for network capacity, driving up transaction costs. For the week in review, Bitcoin’s total fees amounted to $43.8 million, reflecting a substantial 61.4% increase. Meanwhile, Ethereum recorded total fees of $83.3 million, indicating a 48.3% growth, according to data from IntoTheBlock. In today’s trading, Ethereum demonstrated robust daily gains, reaching new yearly highs of $2,390, marking a 4.58% increase in the last 24 hours, settling at $2,360 at the time of writing. During the same period, Bitcoin saw a more modest gain of 1.26%, reaching $43,937. Despite Ethereum’s recent bullish climb, IntoTheBlock notes a concerning sign for the network. The report indicates that Ethereum is not experiencing a significant influx of new users, as both the number of new addresses and the adoption rate show no notable spikes. However, Ethereum stands out as the only major layer-1 network where the percentage of supply held by whales has seen a significant increase. According to IntoTheBlock, whales now hold 35% of the ETH supply, up from 22% in January.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 42143.19 | Negative Crossover | Bearish
  • MA 20 : 40817.93 | Positive Crossover | Bullish
  • MA 50 : 37616.26 | Positive Crossover | Bullish

Simple :

  • MA 10 : 42828.20 | Negative Crossover | Bearish
  • MA 20 : 40366.37 | Positive Crossover | Bullish
  • MA 50 : 37592.28 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 59.51 | Neutral Zone | Neutral

Stochastic   Oscillator : 68.23 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 42000 R2 : 45000
  • S1 : 35107.89 S2 : 34074.64

Overall Sentiment : Bullish Market Direction : Buy

Trade Suggestion : Limit Buy : 42000 | Take Profit : 45000 | Stop Loss : 40910

CARDANO

“Cardano Witnesses 10% Decline in Selloff”

“Cardano Records a 10.25% Decline, Largest Single-Day Loss Since December 11” As of 13:13 (18:13 GMT) on Monday, Cardano was trading at $0.5308, marking a significant 10.25% decline for the day. This represents the most substantial single-day percentage loss for Cardano since December 11. The downward movement impacted Cardano’s market capitalization, bringing it down to $19.0921 billion, equivalent to 1.23% of the total cryptocurrency market cap. In contrast, the cryptocurrency had reached its highest market cap at $94.8001 billion. Cardano’s trading range in the preceding twenty-four hours fluctuated between $0.5250 and $0.5978. Despite the recent decline, Cardano had shown a notable 35.27% increase in value over the past seven days. In terms of trading volume, Cardano recorded $1.2689 billion in the twenty-four hours leading up to the current data, constituting 1.48% of the total volume of all cryptocurrencies. The cryptocurrency had been trading within a range of $0.3971 to $0.6459 in the past seven days. Even with the recent decline, Cardano remains 82.87% below its all-time high of $3.10, which was achieved on September 2, 2021.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.51 | Positive Crossover | Bullish
  • MA 20 : 0.47 | Positive Crossover | Bullish
  • MA 50 : 0.40 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.50 | Positive Crossover | Bullish
  • MA 20 : 0.44 | Positive Crossover | Bullish
  • MA 50 : 0.38 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 76.96 | Neutral Zone | Neutral

Stochastic   Oscillator : 74.59 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.58 R2 : 0.77
  • S1 : 0.31 S2 : 0.28

Trade Suggestion : Limit Buy : 0.58 | Take Profit : 0.72 | Stop Loss : 0.45

XRP

“Ripple CTO Launches Unconventional Bitcoin Opinion Poll”

Ripple CTO Initiates Unconventional Bitcoin Opinion Poll Amidst Price Slump” Ripple’s Chief Technology Officer (CTO), David Schwartz, has sparked an unconventional opinion poll regarding Bitcoin (BTC) at a time when the cryptocurrency is experiencing a 4.23% price decline over the past 24 hours, bringing it to $42,097.96. Schwartz’s poll, posing the question of whether to “HODL or smash” Bitcoin, generated diverse responses, with followers expressing varied sentiments about the leading cryptocurrency. Despite the social media engagement, it’s essential to note that online comments may not accurately represent true investor behavior. The poll follows a weekend of debate where Schwartz defended Bitcoin against claims by comedian Owen Benjamin, who suggested that Bitcoin is a decentralized Ponzi scheme. Schwartz emphasized the HODL strategy for Bitcoin, aligning with the belief that holding onto the cryptocurrency is more beneficial in the long run, especially as the value of fiat currency tends to devalue over time. This perspective resonates with notable Bitcoin HODLers like MicroStrategy, a business intelligence and software firm that has been accumulating Bitcoin since August 2020 and remains steadfast in its commitment to holding rather than selling. Similar to Ripple CTO Michael Saylor, the chairman of MicroStrategy, proponents of HODLing Bitcoin believe it is a sound long-term investment strategy.

Technical   Overview With Chart :

Moving Averages :

Exponential :

  • MA 10 : 0.64 | Negative Crossover | Bearish
  • MA 20 : 0.63 | Negative Crossover | Bearish
  • MA 50 : 0.61 | Positive Crossover | Bullish

Simple :

  • MA 10 : 0.64 | Negative Crossover | Bearish
  • MA 20 : 0.63 | Negative Crossover | Bearish
  • MA 50 : 0.62 | Positive Crossover | Bullish

RSI (Relative Strength Index) : 48.78 | Neutral Zone | Neutral

Stochastic   Oscillator : 43.30 | Neutral Zone | Neutral

Resistance   And Support Levels :

  • R1 : 0.71 R2 : 0.82
  • S1 : 0.58 S2 : 0.54

Overall Sentiment : Bearish Market Direction : Buy

Trade Suggestion : Limit Buy : 0.71 | Take Profit : 0.82 | Stop Loss : 0.65

Elsewhere In The Crypto Market

“Shiba Inu’s Shytoshi Kusama Teases Major Game-Changing Announcement” Shiba Inu’s pseudonymous leader, Shytoshi Kusama, recently expressed gratitude to the SHIB community on his “Shibarium Tech” Telegram channel. While the specific reason for his thanks wasn’t disclosed, it is likely related to the community’s patience and support. Kusama hinted at a “game-changing announcement” in the works, teasing the community. Lucie, the official Shiba Inu team marketing expert, emphasized Kusama’s teaser but warned against spreading fear, uncertainty, and doubt (FUD) regarding the announcement. “Cardano (ADA) Reaches Highest Level Since 2022, But There’s a Catch” Cardano’s native token, ADA, experienced a notable spike on December 10, reaching its highest level since the summer of 2022 at $0.633. The surge was accompanied by increased trading volumes, indicating rising investor interest and market activity. However, seasoned investors are cautious, recognizing that a spike in social chatter often precedes a profit-taking phase. As of the latest update, ADA is trading at $0.5509, reflecting a 6.39% decrease over the past 24 hours. “Solana Surpasses Ethereum in NFT Sales” Solana has recently outperformed Ethereum in the NFT sales landscape, marking a shift in the blockchain ecosystem. Despite Ethereum’s historical dominance in the NFT market, recent data from CryptoSlam reveals that Solana’s sales volume has surpassed Ethereum’s, reaching nearly $16 million after a 2.78% increase. This achievement for Solana occurred amid a broader market decline, with Ethereum experiencing a notable 22.70% decrease in sales. Solana’s sales reached almost $16 million, while Ethereum’s sales declined to $11.4 million.

Key Economic Events & Data Release Today:

7:00PM(IST)-USD-CPI m/m