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Crypto Outlook

  

-BTC: $26,185.82

-ETH: $1,580.80

-XRP: $0.4962

-LTC: $64.44

The global crypto market cap is $1.04T, a 0.95% decrease over the last day. The total crypto market volume during the previous 24 hours is $22.34B, which makes a 53.78% increase.

BTC: BTC price decreased by 1.45% and 2.01% over 24 hours and the past seven days. The asset reached a low and high of $26,042.23 and $26,716.06, respectively.

In early September, Dylan LeClair from UTXO Management brought up an interesting point about Bitcoin’s circulating supply. He noted that a significant portion of Bitcoin has been sitting idle. Over the course of a month, only 5.4% of the total Bitcoin in circulation had been moved, which was an all-time low. In contrast, a whopping 94.6% of Bitcoin was parked there, untouched. This suggests that most of Bitcoin’s supply is either dormant or in the hands of long-term investors.

LeClair also had some predictions about the future. He anticipated that regulatory approval for spot Bitcoin exchange-traded funds (ETFs) would likely come either by the end of 2023 or early 2024. If this happens, it could lead to a substantial influx of capital into the cryptocurrency market. According to Morgan Creek executive Mark Yusko, this influx could be around $300 billion. To put that into perspective, this would significantly impact Bitcoin’s price, considering the large percentage of dormant Bitcoin and the limited amount available for trading. Yusko said, “With $300 billion on a $100 million free float, the price would likely increase substantially.”

ETH: ETH price decreased by 0.74% and 3.24% over 24 hours and the past seven days. The asset reached a low and high of $1,566.93 and $1,600.21, respectively.

Vitalik Buterin, co-founder of Ethereum, has been making substantial transfers of ETH to centralized exchanges, sparking speculation about potential sales of the cryptocurrency. This move comes when Ethereum faces several challenges, including a stagnant price, a decrease in on-chain activity, and muted sentiment in the cryptocurrency community. These factors have raised concerns about Ethereum’s future performance.

On September 25, it was reported that Buterin deposited 400 ETH, which is roughly equivalent to $632,000, into Coinbase. While this transaction doesn’t necessarily confirm immediate selling intentions, large transfers to centralized exchanges often signal preparations for such actions.

Unlike Bitcoin, Ethereum’s price and market indicators have remained relatively stable, failing to mirror the recent price movements seen in Bitcoin. Analysts have also observed a lack of buying pressure from Ethereum whales, especially those holding over 10,000 ETH. The balances of these large holders have decreased this month, coinciding with Ethereum’s price decline.

Some market participants, such as “Immortal Crypto,” have predicted further downside for Ethereum, suggesting that prices could drop to the range of $1,300 to $1,500 over the next few weeks. Despite this bearish outlook, it’s worth noting that some investors remain optimistic and plan to accumulate more Ethereum at these price levels.

XRP: XRP price decreased by 2.63% and increased by 0.48% over 24 hours and the past seven days. The asset reached a low and high of $0.4926 and $0.5113, respectively.

XRP has seen a slight downward trend lately, which some attribute to a bearish sentiment. This stagnation is mainly linked to the ongoing legal battle between Ripple and the U.S. SEC, which has yet to see significant updates.

There’s also curiosity surrounding Vitalik Buterin, the co-founder of Ethereum, and his involvement with XRP and Ripple back in 2015. The discussion began with Matt Hamilton, a former director at Ripple, revealing that Buterin had shown interest in interning at Ripple and had even stayed overnight at the company’s CTO’s home, David Schwartz. This sparked controversy and led to various speculations.

Some suggested that Buterin had ulterior motives and could have integrated XRP’s powerful Consensus Algorithm into Ethereum if he had continued his involvement with Ripple. However, insights from Steven Nerayoff suggest that Buterin’s interests were diverse. He once aimed to introduce smart contracts to Bitcoin but faced opposition. His discussions with Ripple representatives may have been about learning operational practices in the blockchain industry, possibly with the goal of advancing the industry as a whole. Nerayoff’s revelations have triggered debates about Buterin’s true intentions during his interactions with Ripple and XRP, leaving room for interpretation.

LTC: LTC price decreased by 0.38% and 0.65% over 24 hours and the past seven days. The asset reached a low and high of $63.11 and $64.99, respectively.

If the cost of mining exceeds the rewards, some miners may have to leave the network, potentially causing a temporary reduction in the network’s hash rate and overall security. Litecoin, having recently undergone its third halving since its inception in 2011, will experience a decrease in its supply rate. This could result in fewer new LTC coins being mined, potentially sparking higher demand and speculative activities in the cryptocurrency market.

Moreover, miners may need to adapt to decreasing mining rewards, which can impact their profitability and mining operations. Experts had anticipated that this halving would help Litecoin gain a larger share of the Proof of Work (PoW) cryptocurrency sector.

Experts have also turned to ChatGPT to highlight the differences and advantages of multiple PoW cryptocurrencies. According to the AI bot, Litecoin’s focus on faster transactions and lower fees is likely to attract more users and investors. Litecoin’s network activity may increase as transaction volumes increase, making it an appealing choice for fast and cost-effective transactions. However, it’s worth noting that Dogecoin’s inflationary nature contrasts with Litecoin’s supply scarcity resulting from its halving. Despite Dogecoin’s strong community and viral appeal, concerns about dilution due to its inflationary supply could work in favour of Litecoin in the short term.


Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.

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