Crypto Outlook

-BTC: $30,132.69

-ETH: $1,861.40

-XRP: $0.4678

-LTC: $93.66

The global crypto market cap is $1.17T, a 0.74% decrease over the last day. The total crypto market volume over the previous 24 hours is $22.19B, which makes an 11.51% increase.

BTC: BTC price decreased by 0.61% and 1.88% over 24 hours and the past seven days. The asset reached a low and high of $29,985.39 and $30,427.59, respectively.

Bitcoin (BTC), the largest cryptocurrency globally, has firmly established itself as a store of value. However, some within the crypto community perceive the Bitcoin ecosystem as having a broader purpose beyond mere payment.

In a recent Twitter Spaces event, Vitalik Buterin, co-founder of Ethereum, commented on the potential of Bitcoin beyond payments, stating that it should adopt scaling solutions like ZK Roll-ups. Buterin’s remarks shed light on the existing challenge of politics within the Bitcoin ecosystem. He described Bitcoin’s political landscape as unconventional and expressed a personal disconnect with it.

Buterin and other participants discussed Bitcoin’s slow transaction throughput and the necessity for alternative Layer-2 scaling approaches. These approaches aim to enhance the speed of digital asset transfers, enabling faster sending and receiving capabilities.

ETH: ETH price decreased by 0.51% and 4.45% over 24 hours and the past seven days. The asset reached a low and high of $1,848.78 and $1,878.67, respectively.

Ethereum’s price failed to continue higher above the $1,925 resistance and started a fresh decline. ETH declined below the $1,900 and $1,880 levels to move into a short-term bearish zone, similar to Bitcoin.

The price even tested the $1,825 support. A low is formed near $1,825, and the price is now attempting a recovery wave. There was a break above the 23.6% Fib retracement level of the downward move from the $1,956 swing high to the $1,825 low.

Ether is still trading below $1,880 and the 100-hourly Simple Moving Average. A key bearish trend line is forming with resistance near $1,905 on the hourly chart of ETH/USD.

Immediate resistance is near $1,880. The first major resistance is near the $1,890 zone. The next major resistance is near the $1,900 and trend lines. It is close to the 61.8% Fib retracement level of the downward move from the $1,956 swing high to the $1,825 low.

XRP: XRP price decreased by 0.81% and 3.42% over 24 hours and the past seven days. The asset reached a low and high of $0.4646 and $0.4712, respectively.

Ali, a respected analyst specializing in cryptocurrencies, has brought attention to the remarkable behavior of whales in the XRP market, citing data from Santiment. Notably, the large-scale investors have been actively accumulating XRP, with their purchases amounting to a staggering 1.10 billion XRP, valued at a significant $570 million since February. Intriguingly, it was observed that whenever these whales increased their purchases, the price of XRP experienced a subsequent dip of around 12%.

While the specific intentions of these XRP whales regarding target prices remain undisclosed, it is worth noting that the overall price of XRP has declined since February. Curiously, these influential investors are intensifying their buying activity as the price drops.

The recent surge in activity within the XRP network further bolsters these observations. As of May 28, 2023, an astounding 523,000 addresses participated in at least one transaction, representing an eleven-fold increase compared to the average activity during the second quarter. All signs point to a period of substantial activity and engagement surrounding XRP.

LTC: LTC price decreased by 3.93% and 16.80% over 24 hours and the past seven days. The asset reached a low and high of $93.01 and $97.49, respectively.

Litecoin has witnessed an impressive surge of nearly 90% over the past year, driven partly by its imminent supply reduction event known as “halving,” a phenomenon that Bitcoin is also poised to undergo shortly. This event involves halving the rewards miners receive, a crucial step in limiting the overall token supply.

In contrast to its recent moderation, Litecoin’s performance in the last 12 months has outpaced the approximately 39% growth of Bitcoin and the 22% increase observed in a benchmark index of the top 100 cryptocurrencies. This success can be attributed, in part, to Litecoin’s ability to process transactions at a faster pace compared to Bitcoin, rendering it an appealing choice for investors seeking swifter transaction times.

The upcoming halving represents just one factor contributing to Bitcoin’s partial recovery this year following the cryptocurrency market downturn in 2022. Other factors contributing to this resurgence include growing optimism surrounding demand, mainly if investment giants like BlackRock Inc. and Fidelity Investments succeed in their endeavors to launch Bitcoin exchange-traded funds (ETFs) in the United States.

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