Crypto
First Bitcoin and now ETH ETFs: Where is the market headed next?
This year, spot crypto ETFs have dominated market spaces, attracting billions from investors. The approval of spot Bitcoin ETFs on January 11 sparked renewed market optimism, paving the way for Ethereum. The success of Bitcoin products has increased investor interest in Ethereum, driving crypto prices to new highs.
Why is the market bullish about the future of Ethereum?
Just as the current web is the result of countless contributions from a diverse range of programmers, Ethereum is the product of the innovative efforts of thousands of individuals, each bringing unique ideas to the table. These pioneers are working tirelessly on various facets of blockchain technology, decentralized applications, smart contracts, and more. Their collective ingenuity and dedication are what drive Ethereum’s continuous evolution, making it a powerful, decentralized platform that is reshaping industries and paving the way for the future of digital finance and beyond.
Crypto Tracker
Traditional investors are increasingly drawn to Ethereum because of the smart contract functionality and the numerous decentralized applications (dApps) in its ecosystem. The Ethereum ecosystem hosts over 4,000 dApps and millions of smart contracts. With the growing adoption and utility of Layer 2 solutions within the Ethereum ecosystem, these figures are expected to increase significantly over the next few years.
According to the latest data, the total value locked (TVL) in Ethereum Layer 2 networks has surged to an all-time high of $47 billion, marking a tenfold increase since March this year. This milestone underscores the growing importance of Layer 2 solutions within the Ethereum ecosystem. Arbitrum One leads with a TVL of nearly $19 billion, followed by OP Mainnet and Base, each exceeding $6 billion. Other networks, including Blast, Mantle, Linea, and Starknet, also boast TVLs surpassing $1 billion.
Can Ethereum reach $5,000 by the end of 2024?
The introduction of ETFs is pivotal as they attract institutional investors who bring substantial capital and a long-term investment outlook, thereby contributing to market stability. This influx is expected to significantly accelerate the growth of the asset class.The Bitcoin ETFs have already set a positive narrative in the market, with over $50 billion invested in 10 newly launched Bitcoin ETFs within five months of their introduction.Institutions already invested in Bitcoin ETFs are likely to diversify into these newly approved Ethereum ETFs. If Ethereum ETFs experience similar success, substantial institutional investments combined with bullish speculative trading could drive ETH prices to new all-time highs.
According to media sources, VanEck, a global fund manager, expressed optimism regarding the future potential of Ethereum Layer 2 networks. The firm forecasts that these networks could achieve a valuation exceeding $1 trillion by the year 2030.
Moreover, Ethereum’s upcoming Pectra upgrade, scheduled for Q1 2025, is anticipated to be a significant milestone for the network. This upgrade will further help Ethereum maintain its leadership in dApps and smart contracts, advancing the broader blockchain industry.
Building on the success of the Dencun upgrade, Pectra aims to enhance Ethereum’s efficiency and functionality through various Ethereum Improvement Proposals (EIPs), notably EIP-3074. This proposal introduces features such as grouped transactions, allowing users to sign into a transaction only once regardless of its complexity, thereby improving transaction management and wallet usability. Furthermore, Pectra aims to streamline network operations, reduce transaction costs, and simplify complexities. A notable aspect of EIP-3074 is its “social recovery” feature, enabling users to recover access to their crypto wallets without relying on seed phrases.
Ethereum has been on a strong bullish trajectory, currently trading around $4,000. Its current momentum suggests it is well-positioned to sustain and potentially continue its upward rally.
Overall positive signs for the crypto market
With the introduction of Bitcoin and ETH ETFs, the floodgates have opened for more crypto exchange-traded products, including the potential for a Solana-based ETF. This surge in Crypto ETFs marks a shift in perception, transitioning crypto from being perceived solely as a speculative asset to becoming a foundational element of investment portfolios.The increased involvement of financial institutions adds further credibility to crypto assets.
This broader acceptance is expected to drive mainstream adoption and reflects a maturing regulatory environment, which in turn contributes to legitimizing the entire digital asset space.
(The author Sumit Gupta is Co-founder, CoinDCX. Views are own)
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
Crypto
Examining the impact of bitcoin's price cycle on HODLers and the cryptocurrency market
The currents of change are stirring in the world of Bitcoin and its impact on the HODLers has been profound. Over the course of this price cycle, speculators are finding that the worst performance is often marked with a dip in volume. There are implications to this trend that are worth delving into.
Bitcoin’s Crypto Landscape
The buzz within the cryptocurrency community largely centers on Bitcoin’s fluctuating price cycles. As the market molds itself around these changes, Bitcoin speculators have noted the considerable drop in volume.
The figures show that strikingly, traders are holding about 2.8 million Bitcoin. As the worst performing price cycle grips the crypto landscape, the reaction of hodlers is curious to observe. On surface, it might evoke skepticism regarding the faith of players in Bitcoin’s value. Yet, the underlying reasons and the surrounding context of this phenomenon can offer more comprehensive insights into the scenario.
What inherently stands out about Bitcoin’s tumultuous journey is the fluctuating patterns that seem to define its progress. These ebbs and flows in Bitcoin’s price make for an interesting trend analysis. Understanding such patterns can allow traders to better their trade game and make more refined investment decisions in the crypto market.
The HODLers’ Dilemma
One might wonder what holds the HODLers back from trading their shares given the suffocating circumstance of the price being on a downward spiral over the last few months. The simplest answer comes down to one’s belief in the potential of Bitcoin in the long run.
HODL, an acronym for “Hold on for Dear Life” is predicated on the notion that despite the short-term volatility, the outcome in the long haul will yield positive results. By adhering to this approach, the hodlers implicitly express a firm commitment to Bitcoin’s future potential. They choose to hold on to their Bitcoin holdings with the expectation that the market conditions would improve, offering them lucrative trade opportunities.
This behavior presents a unique dichotomy in the crypto trading world- between short-term speculators who try to benefit from the price volatility, and the hodlers who wait in the wings, betting on the long-term potential of Bitcoin.
Though it might be easy to misinterpret this as a lack of faith in the asset’s potential, the HODLers’ stance offers an intriguing viewpoint on the dynamics of the cryptocurrency market. By choosing to hold their Bitcoins even in the face of price dips, they project confidence in its long-term potential and resilience.
Through the fog of uncertainty, this can serve as a subtle yet powerful testament to Bitcoin’s capacity to bounce back and reclaim its place in the soaring skies of financial investment.
The tumultuous world of cryptocurrency as we know it is marred by its unpredictability. Yet, beneath this surface-level chaos, patterns emerge and so do philosophies guiding investment. The narrative of bitcoin’s price cycle and the quielty confident stance of the hodlers puts into perspective these underlying faiths. It offers a unique insight to how different players interpret and navigate this volatile landscape. It is a gentle reminder of the resilience of Bitcoin and is a testament to the faith that its investors place in it. As we tread onward, it would be interesting to see how this approach impacts the future of Bitcoins, its valuation and its recognition as a reliable asset in the complex world of finance.
Jake Morrison is an insightful cryptocurrency journalist and analyst, renowned for his deep understanding of the volatile and fascinating world of digital currencies. At 30 years old, Jake combines a background in Computer Science, with a degree from a reputable tech college, and a passion for decentralized finance, making him a prominent figure in the crypto journalism landscape.
Starting his career as a software developer with a focus on blockchain technologies, Jake quickly realized that his true calling lay in educating others about the potential and pitfalls of cryptocurrencies. Transitioning to journalism, he now serves as a leading voice for a major online financial news platform, specializing in the crypto category.
Jake’s articles are a blend of technical analysis, market predictions, and feature stories on the latest in blockchain innovation. He has a talent for breaking down complex crypto concepts into understandable terms, making his writing accessible to both seasoned traders and crypto novices alike. His coverage spans a wide range, from Bitcoin and Ethereum to lesser-known altcoins, as well as the evolving regulatory landscape surrounding digital currencies.
What sets Jake apart is his critical approach to the hype that often surrounds the crypto space. He emphasizes the importance of due diligence and risk management, providing his readers with the tools they need to navigate the market intelligently. His investigative pieces on crypto scams and security breaches have been instrumental in raising awareness about the importance of security in digital asset investments.
Beyond his writing, Jake is an active participant in crypto conferences and online forums, where he shares his expertise and engages with the community. He also hosts a popular podcast that delves into the latest crypto trends, featuring interviews with leading figures in the blockchain space.
Jake’s commitment to transparency and education in the cryptocurrency world has made him a trusted source of information and analysis. Through his work, he aims to foster a more informed and cautious approach to cryptocurrency investment, contributing to the maturity of the space.
Crypto
Why Altcoins Are Popular and How to Add Cryptocurrency to Investment Portfolio
Alternative cryptocurrencies (altcoins) emerged on the wave of the success of the first and most famous digital currency, Bitcoin. The main reason for the appearance of altcoins was the need to overcome the limitations and shortcomings of BTC. Bitcoin became the first currency, essentially a revolutionary technology, but slow transactions, high fees, and smart contract limitations did not make it the best.
The first altcoin that gained widespread recognition was Litecoin, launched in 2011. The blockchain was based on BTC technologies but with faster transactions and improved token mining algorithms. Shortly after, others appeared: Ethereum, Ripple, Solana, etc., offering many unique features. The concept of smart contracts was introduced with the advent of Ethereum, which allowed for the creation of decentralized applications (DApps) on its basis.
Reasons for Altcoin Popularity
The popularity of alternative cryptocurrencies is based on several important factors. First of all, it’s about technological innovations. Many altcoins offer improved technological solutions, such as fast and cheap transactions, increased security, and anonymity. Of course, the support of smart contracts and decentralized applications should not be forgotten. These advantages make altcoins attractive to both users and developers.
Secondly, a plus of altcoins is considered the ability to diversify cryptocurrency portfolios to reduce risks and increase potential profits. Due to their diversity and support from market makers on major markets, altcoins offer various investment options.
Thirdly, the community and developer support. Many popular altcoins have active communities and developer teams that tirelessly work on improving technologies and promoting their projects. Communities, in turn, play an important role in the popularization and development of altcoins, attracting new users and investors.
How to Add Popular Altcoins to Your Investment Portfolio?
First of all, you need to assess all risks and familiarize yourself with the market. If you don’t own any cryptocurrency, you can use exchanges to purchase initial funds. If you already have cryptocurrency, you can use online exchangers to replenish your portfolio and quickly control your investments.
A convenient and secure platform for exchanging cryptocurrencies, such as SwapGate.io [https://swapgate.io/?utm_source=abnw], will help you easily exchange crypto assets for others, more in-demand ones like ETH or XMR. You need to take just three simple steps directly on the site to exchange crypto-to-crypto on SwapGate.io.
*
Create an account by providing the necessary data, which will be useful for subsequent work with the site. The registration process also ensures security and compliance with regulatory requirements.
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Select the altcoins you have in your wallet and those you want to exchange, then specify the amount. A wide choice of coins on the platform signifies a good exchanger that meets users’ need for variety.
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After confirming the exchange details, you need to wait for the transfer and check your wallet.
In 2024, altcoins continue gaining popularity thanks to innovative technologies that continuously emerge in the media. Alternative cryptocurrencies offer users and investors many advantages, making them an essential part of the cryptocurrency market. Platforms like SwapGate.io [https://swapgate.io/?utm_source=abnw] simplify the cryptocurrency exchange process, making it accessible and convenient for everyone.
Disclaimer: This release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements.
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Media Contact
Company Name: SwapGate.io
Email:Send Email [https://www.abnewswire.com/email_contact_us.php?pr=why-altcoins-are-popular-and-how-to-add-cryptocurrency-to-investment-portfolio]
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This release was published on openPR.
Crypto
Kim Jong Un-Led North Korea Has Found The Crypto Industry An Easy Target, Former FBI Agent Says Hacks Part Of 'Grand Internal Vision'
On-chain sleuths have linked the latest attack on Indian cryptocurrency exchange WazirX to North Korea-based cybercriminals, the latest in a series of coordinated attempts by groups present in the East Asian nation to bleed the growing industry.
After blockchain analytics firm Elliptic’s preliminary inquiry, which tied the $230 million exploit to North Korea, on-chain detective ZachXBT suspected the involvement of the notorious Lazarus Group.
North Korean hackers have long tormented the cryptocurrency space, stealing a whopping $2 billion over the last two years, according to analytics firm Chainalysis.
Benzinga talked to experts to understand why the industry has become a soft target for these unscrupulous players.
‘A Tool To Circumvent Financial Sanctions’
Stephanie Talamantez, a former FBI agent, and currently the Managing Director at security consultancy firm Guidepost Solutions, told Benzinga that these are nothing but financially motivated crimes that exploit the relative ease of cryptocurrency transfers.
“These hacks enable North Korea to swiftly acquire funds while circumventing imposed restrictions and sanctions,” Talamantez stated.
She added that the FBI has been relentlessly pursuing Lazarus Group, the syndicate believed to be behind many of the high-profile cryptocurrency hacks, but faces challenges in acting against the perpetrators due to the sanctuary provided by the North Korean government.
“These hacks are state-sponsored activities, and there have been many published reports that these hackers are recruited and trained from an early age,” the former FBI officer said. “They are believed to be part of a grand internal vision for the future of strengthening North Korea’s economy.”
These assertions are not unfounded, as even the U.S. government claims that the illegal proceeds from the thefts are used to fund North Korea’s weapons and missile program.
See Also: Bitcoin, Ethereum, Dogecoin Fall As Trump’s Presidency Odds Dip On Prediction Market: Analyst Highlights ‘Long The Dip Time’
Lack Of Regulations To Blame?
Dr. Michael Skiba, an international expert on financial crime and fraud, said the cryptocurrency industry remains at the top of Lazarus Group’s list as they see it as a low-risk, high-reward endeavor.
Skiba, who is currently the Criminal Justice Program Director at Colorado State University Global, blamed the industry’s regulatory landscape in part for its undoing.
“The Lazarus Group employs very sharp IT people who have a high degree of expertise in cryptocurrency, as it is very unchartered ground as far as regulation, law enforcement jurisdiction, and penalties are concerned.”
The vulnerabilities of the cryptocurrency space were acknowledged by people working within the industry as well.
Jared Grey, CEO of Sushi Labs, linked to the decentralized exchange SushiSwap, admitted that the pseudo-anonymity, decentralized nature, and high value of cryptocurrencies have made it an attractive target for North Korean groups.
These insights set the stage for deeper discussions at the upcoming Benzinga Future of Digital Assets event on Nov. 19.
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