• Ethereum (ETH) has enjoyed an excellent start to 2023, rallying in tandem with the broader cryptocurrency market.
• Three key on-chain metrics that typically all shoot higher during an aggressive bull market all remain very subdued.
• Until these metrics turn higher, bulls should temper their optimism for a return to record highs in the $4,800s later this year.
Ethereum Price Rally
Ether (ETH), the cryptocurrency that powers the smart-contract-enabled Ethereum blockchain, has enjoyed an excellent start to 2023, rallying in tandem with the broader cryptocurrency market. At current levels close to $1,650, Ether is close to 40% higher on the year.
While it would be foolish to exclude the possibility that Ether continues to rally ahead of the Ethereum blockchain’s upcoming Shanghai hard fork upgrade in March, three key on-chain metrics suggest ETH price upside may be hard to sustain: daily transactions still remain below last year’s levels; active addresses are languishing; and address growth remains sluggish compared to 2021 levels. Unless there is a significant improvement in each of these metrics, bulls would do well to temper their optimism for a return to record highs later this year.
The number of transactions taking place on a daily basis on the Ethereum network remains below where it was this time last year according to data presented by crypto analytics firm The Block. The 7-Day Moving Average (DMA) of daily transactions was last just above 1 million – still well below its record high from 2021 of around 1.65 million – suggesting that without a significant increase in transaction activity, bullish momentum may be difficult for ETH prices going forward.
The number of daily active addresses interacting with the Ethereum blockchain also remains below its level from this time last year according The Block’s data. The 7DMA of active addresses was last around 400k – significantly below its peak from 2021 of 750k – indicating that unless there is a noticeable uptick in engagement with Ethereum’s network over coming weeks or months bullish momentum could struggle going forward as well.
The number of new addresses being created on the Ethereum network each day also remains sluggish compared with 2021 levels according The Block’s data. The 7DMA was last around 67k – lower than 2020’s 80k – suggesting that unless address creation increases substantially soon Ether may find it hard push much further ahead from its current price point near $1,650
• Fantom (FTM) has rallied hard in the last few days and is now sitting on gains of around 180% this year.
• The surge in Fantom’s price has been aided by a massive influx of new investors, according to crypto analytics firm Santiment.
• Investing in the token presale of a great crypto project is one of the best ways to generate return in crypto, such as Meta Masters Guild (MEMAG).
Fantom Price Explodes
Fantom (FTM), the cryptocurrency that powers the high-performance, smart-contract-enabled Fantom blockchain, has been rallying hard in the last few days. FTM was last changing hands in the $0.57s, back above its 21-Day Moving Average at $0.52 and up around 40% versus recent lows around $0.41, with the cryptocurrency benefitting from buying pressure after it found strong support at the summer 2022 high. Fantom is currently sitting on gains of around 180% this year, dwarfing Bitcoin’s gains of roughly 50%. Bulls are targeting an imminent retest of recent highs in the $0.65 area, a break above which could open the door to a run higher towards $1.0 per token.
Rise In New Investors
The surge in Fantom’s price since the beginning of the year has been aided by a massive influx of new investors according to crypto analytics firm Santiment. This has resulted in a big shift in distribution away from larger shark and whale wallets (which hold 10,000 to 100 million tokens) towards micro addresses which hold 0.01 to 1 tokens – 41% fewer large wallets compared with 53% more small ones respectively over recent weeks.
Presales for Altcoins
Investing in presales for promising altcoins like Fantom bodes well for less known tokens from up-and-coming projects too – giving potential returns earlier than if you had waited for public listings or trading options alone. One such example is Meta Masters Guild (MEMAG), an upcoming mobile web3 gaming ecosystem which will use non fungible tokens (NFTs) allowing community members to earn rewards as well as stake and trade within their platform games when they come online later this year; starting with their first game ‚Meta Karts Racers‘.
MEMAG Token Presale
Meta Masters Guild is currently running its MEMAG token presale with only 1 day left until it closes – meaning there’s still time yet to join if you want be part of this exclusive clan where you can earn while gaming!
It looks like 2021 could be another great year for cryptocurrencies and altcoins – especially those that have seen some early success and now have presales available such as MEMAG or those already making huge strides forward like Fantom! With so many exciting projects out there at different stages it’s definitely worth doing your own research into any coin or token before investing – but if done wisely there’s never been a better time for investing into Cryptocurrency!
• Bitcoin has formed a new support level at $23,000, leading many to speculate on where it will head next.
• HODLers are showing unprecedented conviction, with BTC Supply in Profit indicator increasing by more than 20% in the new year.
• A Bitcoin address that had been dormant for over 11 years recently came back to life, with 412.12 BTC worth of $200,000 being removed from the wallet on February 8th.
Bitcoin Price Prediction
Bitcoin has been making headlines in recent months due to its rapidly increasing price and newfound mainstream popularity. As of writing this, BTC has formed a new support level at $23,000, leading many to speculate on where it will head next. In this article, we will deep dive into the current state of the Bitcoin market and make a Bitcoin price prediction for the near future.
HODL Conviction Reaches All-Time High
HODL conviction has reached an all-time high and is expected to remain so going forward. According to a report from Bitfinex, the BTC Supply in Profit indicator has increased by more than 20% in the new year. With this, we can predict a more bullish market in 2023. It looks like HODLers are starting to lose their conviction in their long-term investment – they believe that it is not the time to sell even if the market goes down – but they also believe that HODLers should be rewarded for their patience and loyalty. Whereas Bitfinex analysts say: „HODLer conviction is currently close to record highs as indicated by Reserve Risk for BTC.“
Market Value Realised Value (MVRV) Ratio
The Market Value Realised Value (MVRV) ratio for Bitcoin has also recovered since the start of the new year. While this is another metric that’s flashing bullish signs, it is important to note that a violent move out of consolidation can often be followed by extended pullbacks for BTC over 12-18 month investment horizons – which have previously seen 100 percent success rates when it comes to price appreciation.
412 Bitcoins Stirred After 11 Years Of Inactivity
A Bitcoin address that had been dormant for over 11 years suddenly decided to come back to life recently – 1MMXRA holds 412.12 BTC accumulated through 4 transactions back in 2012; which was worth just $8 back then but now stands at around $200k after they were sold off on February 8th 2021!
Bulls will be hoping for history repeating itself and that BTC can post another exponential rally from lows over the next three or so years – resulting in a 10x rally from recent lows and seeing prices reach approximately $160k over time!
• XRP’s price has risen over the past 30 days, coinciding with Ripple’s Q4 Market Report which showed that it sold $220 million in XRP tokens.
• The chart for XRP suggests a possible rally as its relative strength index and 30-day moving average near the 200-day mark.
• Ripple’s legal battle with the SEC is nearing its end and this could result in increased demand for XRP if a positive outcome is secured.
Strong Demand For XRP
The XRP price has gained by 1% in the past 24 hours, reaching $0.402474 after Ripple published its Q4 Markets Report, showing an increase of 3.5% in a fortnight and 18% rise in the last 30 days. The report revealed that just over $220 million worth of XRP tokens were sold during this period due to high demand for Ripple’s on-demand liquidity product.
XRPs Chart Suggests Rally
XRPs chart reveals an altcoin that may be about to rally, as its relative strength index (purple) has risen again in the past day or so while its 30-day moving average (red) is nearing its 200-day (blue). A crossover between these two lines could potentially signal a breakout rally, however investor sentiment towards the broader market still remains uncertain.
Demand Expected To Increase
In terms of fundamentals, a potential rally can be expected at some point due to consistent demand for Ripple’s services and for XRP tokens despite their ongoing legal dispute with the U.S Securities Exchange Commission (SEC). According to Brad Garlinghouse, CEO of Ripple, he expects this case to conclude by the end of 2023 at latest and if they secure a positive outcome then net sales of XRP could increase exponentially following this resolution.
Positive Outlook For Crypto
Overall there are strong indications that demand for cryptocurrencies such as XRP is continuing to grow even amidst regulatory uncertainty, suggesting that long-term investors are optimistic about their future prospects regardless of short-term volatility or dips caused by external events such as news related to regulation or other cryptocurrency projects such as Bitcoin’s Lightning Network upgrade announcement earlier this week which briefly caused prices across all markets to drop significantly before recovering shortly afterwards.
Ultimately there appears to be significant potential for growth within the crypto space despite current challenges faced by individual projects like Ripple’s On Demand Liquidity product which have not stopped them from achieving success and furthering adoption amongst users around the world who are increasingly looking towards digital assets as an alternative asset class investment option with more favorable returns than traditional investments like stocks/bonds etc…