Crypto Outlook

-BTC: $47,992.09

-ETH: $2,482.47

-XRP: $0.5188

-LTC: $70.67

The worldwide crypto market is currently valued at $1.79 trillion, showing a slight decrease of  1.40%  in the past 24 hours. During this period, the total crypto market activity reached $45.83 billion, marking a 2.74% increase. In the decentralized finance (DeFi) sector, the volume stands at $4.35 billion, contributing 9.49% to the overall crypto market activity within the last day. Stablecoins make up a significant portion, totalling $40.93 billion and representing 89.31% of the total crypto market volume in the past 24 hours.

As for Bitcoin, its dominance has risen to 52.47%, showing a slight decrease of 0.31% during the day.

BTC: BTC price decreased by 0.34% and increased by 11.32% over 24 hours and the past seven days.The asset reached a low and high of $47,745.76 and $48,796.38, respectively.

Grayscale’s report suggests that the 2024 Bitcoin halving will be exceptional due to significant developments in the Bitcoin ecosystem, including the rise of ordinals and Bitcoin spot ETFs.

The halving will cut Bitcoin issuance from 6.25 to 3.125 BTC per block, challenging miners’ revenues. However, miners have prepared by raising funds and selling reserves, with Marathon Digital raising $750 million, and Core Scientific and Stronghold raising $55 million and $15 million, respectively.

BTC Technical Analysis:

Bitcoin has been exhibiting strong bullish momentum, surpassing the $49,000 mark and now heading towards its highest price for the year. Moreover, it is trading above the 50-day moving average, thus indicating a strong buying interest in the market.

Looking at the technical indicators, the ADX index has moved up to 20, showing a strong demand for Bitcoin. Also, the Percentage Price Oscillator (PPO) is crossing above the zero line as well to support the bullish market mood.

Considering these observations, the short-term Bitcoin forecast is positive, and the next noteworthy resistance level is at $50,000. The future looks bright for Bitcoin since there is a high chance that it can hit and even go beyond its all-time high of more than $67,000.

ETH: ETH price decreased by 1.65% and increased by 6.65% over 24 hours and the past seven days. The asset reached a low and high of $2,473.81 and $2,533.26, respectively.

Ethereum gas fees have surged to their highest since March 2023, primarily due to the growing interest in the experimental ERC-404 token standard. On February 9, the average gas price on the Ethereum network peaked at 70 gwei, equating to $60 for a standard transaction. The highest gas costs even reached 377 gwei. This peak is the most significant since May 12, 2023, underlining the substantial impact of the ERC-404 trend.

ETH Technical Analysis:

Ethereum (ETH) is currently exhibiting a strong upswing and is set to break through the $2600 barrier with a potential of reaching $2717 – the level last touched on January 12.

According to the Relative Strength Index (RSI), which now stands in 60s, the cryptocurrency has not yet reached the overbought zone. In addition, the green bars on the MACD histogram are also in agreement with this bullish trend, showing a predominance of buyers in the market. If this buying pressure continues, the ETH price could even surpass the $2,800 level.

But should investors start to take their profits, Ethereum’s price might go down. A failure below $2,388 would be a setback to Ethereum bulls, but the real sign to look for a shift in bullish sentiment would be if Ethereum dips below and closes under $2,220- $2,160.

XRP: XRP price decreased by 2.84% and increased by 2.31% over 24 hours and the past seven days. The asset reached a low and high of $0.5162 and $0.5341, respectively.

In recent unusual transaction activity, Ripple have made significant transactions recently. Reports indicate a transfer of 100 million XRP, worth nearly $52.6 million, from an unknown wallet to Ripple. This transfer is significant given the current increased interest in crypto and XRP. Before this, Ripple transferred 80 million XRP, valued at over $42 million, to another undisclosed wallet. The reasons behind these movements are a topic of speculation, with theories ranging from internal token storage operations to strategic open market transactions.

XRP Technical Analysis:

Ripple (XRP) has just managed to surpass the midline of the descending parallel channel, a signal of the growing bullish momentum. Such progress implies that the price of XRP could grow and reach $0.5500. 

If the market sentiment leans strongly towards bullish, XRP’s upward trajectory may not only continue but also break through the key resistance levels set by the 50, 200, and 100-day Simple Moving Averages (SMAs) at $0.5633, $0.5730, and $0.5970. Such a move could serve as a catalyst for XRP to test the psychologically-important $0.6000 mark.

Alternatively, if the market conditions are more bearish, we could see a drop in Ripple’s price and a potential retracement to the $0.4850 support level. 

LTC: LTC price decreased by 2.14% and increased by 3.94% over 24 hours and the past seven days. The asset reached a low and high of $70.45 and $72.50, respectively.

Since the year’s start, Litecoin has processed 6.3 million transactions, boosting its value and ranking it among the top 20 cryptocurrencies. Its integration with betting companies indicates a shift towards more efficient betting methods, leveraging its unique speed and security features to meet the demands of the modern betting landscape.

LTC Technical Analysis:

Litecoin has been on a positive trend in the medium-term and long-term, showing that investors have consistently been willing to buy the currency at higher prices. The trend implies a positive outlook for Litecoin.

Even though the price moved downward after a breakout from a head and shoulders formation, the target price of $61 was not achieved fully. It is now crucial to monitor the pair’s movements.

If it falls below $70, this could be a sign of negative developments for Litecoin, but if it manages to break the resistance zone at $77-$80, this would be a strong bullish indicator. At the moment, Litecoin is supported at the $63.00 level, with resistance at the $77.00 area.

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.