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Crypto Prices Under Pressure as $2 Billion Altcoin Unlocks and $11 Billion Bitcoin (BTC) Distribution Loom

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Crypto Prices Under Pressure as $2 Billion Altcoin Unlocks and $11 Billion Bitcoin (BTC) Distribution Loom

Cryptocurrencies are still stuck in a corrective phase, but a wave of supply events worth billions of dollars could further delay any meaningful recovery.

“A rapid succession of nearly $2 billion in tokens unlocked over the next ten weeks could send the altcoin market lower,” crypto analytics firm 10x Research noted in a report released Wednesday.

Large token unlocks in crypto are typically bearish events, increasing supply by distributing assets that were previously locked in vesting contracts to team members, organizations, and early investors, including corporations venture capital.

Over the next two months, some $97 million worth of aptos (APT)$79 million in Starkware (STRK)$94 million in arbitration (ARB)$53 million from Immutable (IMX)$330 million from Avalanche (AVAX)$64 million of optimism (OP)$28 million in PRIME, almost a billion dollars in follow-up (SUI)$48 million Ethena (ENA), $171 million worth of ALT from Altlayer and $135 million worth of XAI tokens will be added to circulation, according to data compiled in the report.

“Venture investors may face pressure to lock in recent gains, which could limit any upside performance of tokens with positive momentum, particularly those for which unlocking becomes available,” the report said.

More than $11 billion in bitcoins (BTC) will be distributed to creditors of the Earn program of the Gemini crypto exchange and the long-defunct crypto market Mt. Gox, Velte Lunde, an analyst at K33 Research, warned in a statement. tuesday report.

“The next few months are rigged to see waves of good old crypto FUD,” Lunde said, referring to the popular cryptographic acronym for fear, uncertainty and doubt.

Amid upcoming offering events, one market observer suggested that FTX redemptions could provide some relief.

Pending bankruptcy court approval, about $14 billion to $16 billion in U.S. dollar funds could be released to creditors, and a good portion of that could flow back to the crypto market, said Arthur Cheong, founder and chief investment officer of DeFiance Capital.

“Expect at least $3-5 billion of crypto-native liquidity to be injected back into the market,” Cheong said in a statement. X post Wednesday.

At the end of the day in the United States, the broad CoinDesk 20 index was down 3.4% over the past 24 hours, with bitcoin down 2.5% at $61,500 and ether. (ETH) down 3.6%. Bitcoin Cash (BCH) and Solana (GROUND) were the worst performers in the index, each down more than 7%.

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We are the editorial team of TokenTalk, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on TokenTalk, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Altcoins

Here’s When Altcoin Market Cap Will Reach New All-Time Highs, According to Trader Jason Pizzino

TokenTalk Staff

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Here's When Altcoin Market Cap Will Reach New All-Time Highs, According to Trader Jason Pizzino

A widely followed analyst reveals a possible timeline for altcoin markets to record new all-time highs.

In a new strategy session, trader Jason Pizzino tells his 329,000 YouTube subscribers that he’s taking a close look at the TOTAL3 chart, which tracks the market capitalization of all crypto assets excluding Bitcoin (BTC), Ethereum (ETH) and stablecoins.

According to Pizzino, TOTAL3 experienced a 26-month accumulation period during the last cycle, spanning from late 2018 to early 2021, before launching a parabolic surge.

Pizzino says TOTAL3 could reflect the same pattern in this cycle and could be a few months away from triggering a strong bullish surge.

“That would take us around February, so the first quarter [of 2025]. As you look at the fourth quarter of 2024 – the first quarter of 2025, I think that probably had a pretty good move to a new high price…

All this fear of a market decline would be forgotten in the fourth quarter. I’m going to put myself in danger here. »

Source: Jason Pizzino/YouTube

Looking at the trader’s chart, he seems to predict that the total altcoin market cap will fall to the 50% Fibonacci level, at around $400 billion, before sparking a recovery and hitting a new all-time high at -above $1 trillion by early next year.

At the time of writing, TOTAL3 is hovering at $597 billion.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any losses you may incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Altcoins

Altcoin exodus cuts crypto market cap by 3.2%, Bitcoin falls to $64,000

TokenTalk Staff

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Altcoin exodus cuts crypto market cap by 3.2%, Bitcoin falls to $64,000

Kitco NEWS has a diverse team of journalists who cover the economy, stock markets, commodities, cryptocurrencies, mining and metals accurately and objectively. Our goal is to help people make informed market decisions through in-depth reports, daily market summaries, interviews with leading industry figures, comprehensive (often exclusive) coverage of important industry events and analyzes of developments affecting the market.

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Trader Who Called 2022 Crypto Crash Bullish on Solana (SOL) and GPU-Focused Altcoin

TokenTalk Staff

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Trader Who Called 2022 Crypto Crash Bullish on Solana (SOL) and GPU-Focused Altcoin

An Analyst Who Accurately Called the 2022 Crypto Collapse Becomes Bullish on Solana (GROUND) and rendering (RNDR).

Analyst pseudonym Capo tell its 90,280 Telegram subscribers than Ethereum (ETH)-rival Solana and RNDR, the graphics processing unit (GPU) rendering blockchain, are likely in an uptrend.

“Added more to the long SOL and RNDR.”

Solana is trading at $133 at the time of writing, down almost 7% in the last 24 hours. Meanwhile, RNDR is trading at $7.17 at the time of writing, down 10% in the last 24 hours.

The analyst also monitors the OTHERS three-day chart, which tracks the total crypto market capitalization excluding the 10 largest digital assets and stablecoins, for signs of a rebound.

“Altcoins: the green zone is support but we should see a rebound soon. If green holds, then we should expect movement towards the red zones (T1 and T2). If green doesn’t hold, then blue. Judging by sentiment and indicators, I think the bullish scenario is more likely.

Source: Capo/Telegram

OTHERS is valued at $219.25 billion at the time of writing, down more than 7% in the last 24 hours.

Then the trader says that ETH against Bitcoin (BTC) could be preparing for an escape.

“ETH/BTC: This looks bullish.”

Source: Capo/Telegram

Looking at his chart, the analyst suggests that ETH/BTC could soon reach 0.065 BTC ($4,196). ETH/BTC is trading at 0.0532 BTC ($3,442) at the time of writing, up slightly over the past 24 hours.

Finally, the analyst claims that the bottom could be reached for the crypto market and predicts that a breakout is coming.

“The market has reached its lowest level again. BTC is holding above $65,000, but alts are suffering much more. It’s like that. Overall, it looks like local background training. Too negative sentiment and financing, filled offers and everything is very oversold. I still expect a strong rebound.

Bitcoin is trading at $64,661 at the time of writing, down 2.5% in the last 24 hours.

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Altcoins

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Altcoin selloff wipes out $4.9 billion in DeFi TVL

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Copyright © 2024 TOKENTALK.TOP. All rights reserved. This website provides educational content and highlights that investing involves risks. It is essential to conduct thorough research before investing and to be prepared to assume potential losses. Be sure to fully understand the risks involved before making investment decisions. Important: We do not provide financial or investment advice. All content is presented for educational purposes only.