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Bitcoin is showing remarkable resilience as it holds strong above the $92,000 demand level, reflecting a bullish structure in the face of recent volatility. Yesterday, the leading cryptocurrency surged to $99,400, signaling renewed momentum and increasing optimism among investors. This surge reaffirms Bitcoin’s ability to bounce back from local lows, maintaining its upward trajectory.

Top analyst Axel Adler shared valuable insights on X, highlighting that the current macro correction remains well within the acceptable range of historical price drawdowns. According to Adler, the local maximum drawdown sits at 11.7%, a figure that aligns with previous healthy corrections during bullish cycles. This suggests that Bitcoin’s price action continues to follow a predictable pattern, further strengthening the case for its sustained growth.

As BTC hovers near the critical $100,000 psychological level, market participants are closely monitoring its next moves. A decisive breakout above this threshold could mark the beginning of a new phase of price discovery while maintaining support at $92,000 underscores strong demand and confidence in the asset. 

With macroeconomic conditions and on-chain metrics aligning favorably, BTC appears poised for further gains, keeping investors and analysts attentive to its evolving price dynamics.

Price Remains Strong

Bitcoin has shown remarkable resilience despite experiencing a recent 15% correction from its all-time high (ATH) of $108,364 to a local low of $92,100. While the correction sparked some uncertainty in the market, Bitcoin’s price remains strong and continues to hold crucial support levels. Analysts and investors are now closely monitoring the market for signs of where BTC could go next.

CryptoQuant analyst Axel Adler recently shared key insights, revealing that the current macro correction is well within the typical range of price drawdowns observed in Bitcoin’s previous cycles. According to Adler, the local maximum drawdown stands at 11.7%, which aligns with healthy correction patterns typically seen during bull markets. 

In contrast, the most significant drawdown during this cycle occurred in August of this year, when Bitcoin’s price dropped by 26.4%. This comparison suggests that the current correction is relatively mild and doesn’t signal any significant market weakness.

Given the historical context and the fact that Bitcoin’s recent correction remains within an acceptable range, everything appears to be on track for continued bullish momentum. Analysts are optimistic that BTC will soon regain its upward trajectory as demand remains strong. 

Investors are waiting for a decisive breakout, particularly above key resistance levels, to confirm the next phase of growth. As the market stabilizes, Bitcoin is well-positioned for further gains in the long term.

Technical Levels: Strong Demand Holding

Bitcoin’s demand remains strong as it continues to hold above the $92K mark, a critical level that has supported the price during recent volatility. The recent price action shows BTC is now pushing above $98,000, a key level that must be reclaimed for the bullish momentum to continue. 

If the bulls manage to push above and hold this level, a rapid surge above $100K could follow, setting Bitcoin on a path toward price discovery. The market sentiment would likely turn even more positive, fueling a potential rally.

However, the scenario could shift quickly if BTC fails to maintain its strength above $95,500. A drop below this level would suggest weakening demand and could lead to a retest of lower support levels. This could potentially send BTC into a consolidation phase or trigger further price declines, depending on the market’s response. 

Traders and investors are closely watching the $95,500 mark as a critical support level to gauge the short-term direction. If Bitcoin stays above this level, the bullish outlook remains intact, but losing it would signal that the market is losing steam.

Featured image from Dall-E, chart from TradingView 

Just four days after hitting the $4M milestone, new presale project Solaxy (SOLX) reached $5M. Ten days is an astonishing pace to raise millions in funding. So what’s special about Solaxy?

Well, Solaxy is Solana’s first Layer-2 solution that focuses on meme coins. This means Solaxy could resolve Solana’s congestion issues by processing part of transactions off-chain.

On top of that, Solaxy bridges Solana with Ethereum. It takes the best of both networks: high liquidity, security, and developer tools, fixes their shortcomings, and delivers an entirely new powerful ecosystem.

Saving Solana From Itself – Faster, Cheaper Meme Coin Trading

Solana saw a massive spike in user interest this year, largely due to its burgeoning meme coin sector. The reason is simple: Solana offers high speeds, low fees, and versatile developer tools. In fact, with pump.fun, anyone can launch a meme coin on Solana with zero coding skills.

But in a way, Solana became a victim to its own success. The network’s performance took a hit due to heavy traffic.

Solaxy aims to make transfers on Solana smoother, faster, and cheaper with its Layer-2 technology. No more congestion and failed transactions.

It’s true that Solana founder Anatoly Yakovlenko deems Layer-2s parasitic when they take away more resources from the base layer than they contribute, like in the case of Ethereum.

However, Solaxy doesn’t want to replace Solana. Instead, it builds upon Solana’s strengths, merging them with Ethereum’s liquidity and security, to create a high-performance network for degen traders. A network that would accommodate the ever-growing transaction volumes.

$5M Raised, 755% Staking APY – Can SOLX Repeat BONK’s Success?

Solaxy presale kicked off on December 14 and raised $1M in three days. The project’s X account is nearing 20K followers, and opinion leaders like ClayBro see serious potential in Solaxy’s Layer-2 solution.

It’s still early to judge if SOLX will repeat the success of top Solana meme coins like BONK and PENGU. But community interest is evident from the $5M raised, most of which will go toward product development and marketing to expand the project’s reach.

A substantial 25% of the total token supply is set aside for staking rewards. Early adopters have already staked over 1.5B SOLX at a 755% APY.

The presale will end in early 2025, but the SOLX price will increase gradually every couple of days. This means SOLX may never cost as little as now, just $0.001578 per token.

After the token claim, we expect to see SOLX on tier-1 DEXs and CEXs. To clarify: no listings are confirmed yet. However, it wouldn’t be a stretch to assume the likes of Uniswap and Binance will endorse a project with such strong utility and community support.

Be the First to Explore Solaxy

Meme coins lead this bull cycle. But unlike 2021 when meme projects relied on hype alone, this time, they add some solid utility into the mix. And Solaxy is a prime example of such a quasi meme coin carrying real value.

If you want to board this starship before it takes off, visit the official Solaxy presale website, connect your wallet, and exchange ETH, USDT, or BNB for SOLX.

However, don’t take anyone’s word for it. There are no guarantees in the crypto market. Remember to DYOR and only invest as much as you can afford to lose.

The Shiba Inu ecosystem has witnessed an increase in SHIB burning endeavors in the 24 hours leading up to Christmas day. According to data from Shibburn.com, Shiba Inu’s burn tracker, the meme coin has witnessed a 41.87% increase in the number of Shib tokens burned when compared to the previous 24-hour timeframe. Although this increase is small in comparison to other notable spikes in burns, its significance lies in its time. Particularly, the surge in burn rate has occurred amidst a decline in the SHIB price, which has also contributed to a bullish turnaround in the past 24 hours.  

Shiba Inu Burn Rate Spikes To Push Price Up

The latest figures from Shibburn.com show that millions of SHIB have been burned within a 24-hour window. Particularly, 7,309,654 SHIB tokens have been burned in the past 24 hours by Shiba Inu holders. By burned, what this means is that the tokens have been sent to any of the three designated SHIB burn addresses. Detailed data from Shibburn.com shows that these burn endeavors range from  6,387 SHIB tokens in one transaction to 4,326,195 SHIB tokens in another. 

Although not quite voluminous, the surge in the burn rate appears to have had a positive effect on SHIB’s price. This is because the Shiba Inu price has experienced a 3.5% uptick in the past 24 hours, marking a notable improvement in its market performance on Christmas Eve and leading up to Christmas Day. Such an increase in activity opens up the possibility of the SHIB price starting to regain a steady bullish move from here.

Can SHIB Burns Keep Pushing The Shiba Inu Price?

SHIB burns play an important role in Shiba Inu’s market dynamics by introducing a deflationary element to its supply, which can positively impact its value over time. However, SHIB burns serve multiple purposes within the ecosystem that extend beyond merely reducing supply. 

For example, SHIB burn activity is an important indicator of activity among Shiba Inu traders. High periods of SHIB burns or spikes in SHIB burns are often accompanied by an increase in activity on the network, which is also tied to price increases. While SHIB burns do not guarantee a strong price surge, this correlation has made analysts use them to gauge interest surrounding the meme cryptocurrency.

Furthermore, SHIB burns are tied to projects on the Shiba Inu ecosystem, like ShibaSwap and Shibarium. In the case of Shibarium, a portion of the BONE gas fees charged on the layer-2 network is converted to SHIB tokens, which are then burned.

At the time of writing, Shiba Inu is trading at $0.00002305 and is up by 3.5% in the past 24 hours. However, the meme coin is down by about 10.71% in the past seven days. A continued increase in SHIB burn activity could contribute to a steady reversal into price gains in the weekly and monthly timeframes.

2024 is officially the year of degens. CoinGecko traffic analysis revealed that meme coins captured 31% of investor interest. This means every third user favored DOGE and PEPE over BTC.

Solana, hosting tokens like BONK, WIF, POPCAT, and PNUT, still dominates the sector. Base is a runner-up with a $2.6B meme coin market cap.

Other crypto trends this year include AI (who would’ve thought), real-world assets (RWA), gaming, and Layer-2 solutions.

Cats Over Dogs, Memes Over NFTs

The broader ‘meme coin’ narrative took a 14.36% share of CoinGecko’s user attention. Solana meme coins were the fourth most-hyped thing, grabbing 7.65% of the spotlight, while Base meme coins were way down the list with 2.13%.

Shockingly, cats have overthrown dogs and frogs—talk about man’s best friend! While canine meme coins boast a $74B market cap, tokens like POPCAT, MOG, PURR, and MEW piqued degens’ curiosity this year. 

But not all investors go for speculative assets promising quick riches. The AI narrative was a close second, followed by RWA and the Solana ecosystem in general. Base, Sui, and TON networks have also caught the community’s eye, which is reflected in BASE, SUI, and TON token performance.

Last year, the hottest topic was AI. The Solana ecosystem was also trending, unlike Base, Sui, and TON that came nowhere close to the top 20. NFTs fell out of fashion—the novelty of owning a pixelated monkey portrait with no utility quickly wore off.

In fact, 96% of NFTs are now ‘dead.’ Zero trading and social media activity. We’re appealed and flabbergasted (not really).

WEPE Leads a Revolution to Democratize Trading

Titans like PEPE brought their holders massive gains this year. But heightened interest in meme coins is also evident from the performance of new projects.

Namely, Pepe Unchained (PEPU), which recently netted $70M on presale, surged over 540% shortly after listing and became the single most-visited token on CoinMarketCap.

Another project that’s quickly going mainstream is Wall Street Pepe (WEPE). Currently selling at $0.0003655 on presale, it’s nearing the $36M milestone.

Wall Street Pepe is on a crusade against insider trading. Its goal is simple—to democratize crypto investing and equip the small fish with knowledge necessary to go against whales and crush this bull run.

Early adopters can stake their WEPE at a 36% APY to maximize potential returns. 27% of the total token supply is set aside for various frog army rewards, and another 38% for marketing because only this way can WEPE assemble its thirsty degen legion.

The next price uptick will happen in mere hours, so there will be no better time to join WEPE’s mission. To buy WEPE, visit the presale website (be aware of scams and only use the official link!), connect your wallet, and pay with ETH, USDT, or bank card.

Meme Coins Prove Their Worth

CoinGecko report proves that meme coins are no longer overhyped, short-lived, and useless—at least not all of them. Projects like Wall Street Pepe focus on education and community building, which transcends the old narrative and makes it one of the best meme coins in 2024.

However, don’t take our word for it. DYOR, diversify, and don’t fall for FOMO. Because if we’ve learned anything from past market cycles, it’s that a cold mind is the most valuable asset.

On-chain data shows the Litecoin Daily Active Addresses indicator has seen a significant increase this year as compared to the last one.

Litecoin Average Active Addresses Have Been Notably Higher This Year

In a new post on X, the market intelligence platform IntoTheBlock has discussed about the year-on-year growth in the Daily Active Addresses for Litecoin. The “Daily Active Addresses” refers to a metric that measures the total number of addresses that are participating in some kind of transaction activity on the network every day.

When the value of this indicator goes up, it means the unique number of addresses making transfers on the blockchain is rising. As the unique number of addresses can be equated with the unique number of users, this kind of trend implies traffic on the chain is increasing.

On the other hand, the metric registering a decline suggests investor interest in the cryptocurrency may be waning as not many users are participating in on-chain activity.

Now, here is a chart that shows the trend in the Litecoin Daily Active Addresses over the past year:

As is visible in the above graph, the Litecoin Daily Active Addresses started 2024 very strongly, but the metric cooled off soon after. There have been some bursts of activity since then, but on the whole, the indicator has shown a consistent sideways trajectory.

On average, there have been around 401,000 addresses interacting on the blockchain every day this year. While this is significantly lower than the massive 1.37 million high from January where LTC surpassed both Bitcoin (BTC) and Ethereum (ETH), it’s still almost 10% higher than the 366,000 average from 2023.

Historically, Litecoin has generally tended to do well in terms of activity-related metrics, due to the fact that the network offers cheap and fast transactions. The traffic growth that LTC has witnessed compared to the previous year would imply users are still being attracted to the chain for its use as a mode of payments.

Recently, the miners have also been investing into the network, as the total LTC hashrate, a measure of the miners’ computing power, has been on the rise. Below is a chart from CoinWarz that displays this trend.

Growth in the Daily Active Addresses is usually constructive for any cryptocurrency, as it means that there is rising interest in the network, which can potentially help fuel price moves. LTC hasn’t exactly been doing the best in terms of price action lately, but the strong traffic and miner confidence may help it reverse course.

LTC Price

Litecoin had plunged toward the $86 mark at the end of last week, but it appears the coin has seen a jump since then as its price is now trading around $110.

The US tax regulator, the Internal Revenue Service (IRS), has restated its stance on cryptocurrency staking, clarifying that rewards generated from staking activities are taxable as soon as they are received. The IRS added that staking rewards do not constitute new property, and are therefore subject to immediate taxation upon generation.

IRS Confirms Crypto Staking Taxable On Receipt

According to a recent Bloomberg report, the IRS reiterated its position that digital asset staking rewards should be taxed as income as soon as they are generated and made available to the recipient. This outcome of the case is expected to have wide-ranging implications for the treatment of staking rewards under US tax laws.

The regulator further clarified that staking does not result in the creation of new property, refuting comparisons to farming, manufacturing, or creative works. The IRS’ decision dismisses the argument that staking-generated cryptocurrency should only be taxed upon sale or exchange.

The IRS’ stance is regarding an ongoing legal dispute involving Tennessee residents, Joshua Jarrett and Jessica Jarrett. The couple – who staked cryptocurrency on the Tezos (XTZ) network – argued that their staking rewards should not be taxable until they are sold or exchanged for other assets. They contended that their rewards represented “new property,” akin to crops harvested by a farmer or a book written by an author.

However, the IRS countered that all rewards generated through staking activities constitute taxable income upon receipt. In its official statement, the agency remarked:

Revenue Ruling 2023-14 requires taxpayers who receive staking rewards to report the rewards as income at their fair market value upon having the ability to sell, exchange, or otherwise dispose of them.

For the uninitiated, crypto staking is the process of locking up cryptocurrency in a blockchain network to help validate transactions and secure the network, earning rewards in return. It typically involves proof-of-stake (PoS) or similar consensus mechanisms, allowing participants to earn passive income on their holdings.

The IRS’ 2023 guidance specifies that block rewards, including those earned through staking, are to be treated as income at the time they are generated. The tax liability for these rewards is based on their fair market value at the time of receipt, making it crucial for taxpayers to track the value of tokens as they are earned.

Background On The Tax Dispute

The Jarretts’ legal battle with the IRS began in 2021, when they filed a lawsuit over the taxation of 8,876 XTZ tokens earned as staking rewards in 2019. They argued that these rewards constituted “new property” and should not be taxed until sold or exchanged. 

Drawing comparisons to farming or manufacturing, the couple asserted that staking rewards should be treated like a farmer’s crops, a manufactured good, or an author’s manuscript – taxable only upon monetization.

In response, the IRS offered the couple a $4,000 tax refund, which they declined in hopes of setting a legal precedent for all proof-of-stake blockchain networks. However, the court eventually dismissed the case, ruling it moot due to the refund.

In October 2024, the Jarretts filed a second lawsuit, seeking a tax refund of $12,179 for taxes paid in 2020 on approximately 13,000 XTZ tokens earned through staking. They also sought a permanent injunction against the IRS’ current tax treatment of staking rewards. This case is ongoing and may have broader implications for how crypto staking rewards are taxed in the US.

To say that the IRS is hounding crypto investors would be disingenuous, as the regulator has taken several measures to make it easier for taxpayers to file their crypto taxes. That said, legal forces in the US are indeed going after individuals suspected of engaging in malicious activities, including crypto tax evasion.

In related news, an individual was recently sentenced to two years in prison for failure to report capital gains from crypto sales between 2017 and 2019. At press time, Bitcoin trades at $97,471, up 4.2% in the past 24 hours.

A recent Bloomberg report has revealed that in 2024, Singapore was able to solidify its position as a leading digital asset hub in Asia, surpassing Hong Kong in “regulatory efficiency and appeal” to crypto firms.

Particularly, the city-state issued 13 crypto licenses this year, more than double the number granted in 2023. Prominent global players such as OKX, Upbit, Anchorage, BitGo, and GSR secured regulatory approval, highlighting Singapore’s growing attractiveness for digital asset operators.

In contrast, Hong Kong has faced “slower progress” under its licensing regime, with only seven fully licensed platforms and several others holding provisional permits.

Regulatory Differences Shape Regional Competitiveness

Amid this discrepancy, industry experts point to regulatory restrictions in Hong Kong as a significant factor behind its lag. They mentioned that the city’s stringent rules around custody of customer assets, token listing, and delisting policies have made it challenging for exchanges to operate profitably.

Additionally, trading is restricted to high-liquidity cryptocurrencies like Bitcoin and Ethereum, limiting opportunities for altcoin investments. This cautious approach has led prominent exchanges such as OKX and Bybit to withdraw their licensing applications in Hong Kong, redirecting their focus toward Singapore.

Angela Ang, senior policy adviser at consultancy TRM Labs noted:

“Hong Kong’s regulatory regime for exchanges is more restrictive in a number of ways that matter — such as custody of customer assets and token listing and delisting policies. This may have tipped the balance in Singapore’s favor.”

Diverging Approaches to Crypto Innovation

Singapore’s regulatory framework has been praised for its balanced approach, promoting collaboration between new entrants and established financial institutions.

Bloomberg pointed out that initiatives like Project Guardian and Global Layer 1, backed by the Monetary Authority of Singapore, aim to accelerate asset tokenization and drive blockchain adoption across wholesale financial markets.

These efforts have positioned Singapore as a long-term, stable choice for companies seeking a regional headquarters for their digital asset operations.

In contrast, while Hong Kong has also achieved milestones, such as the sale of HK$6 billion ($770 million) in tokenized green bonds and the launch of Bitcoin and Ethereum spot exchange-traded funds (ETFs), adoption has been slower.

The combined assets under management for these ETFs in Hong Kong stand at around $500 million—significantly lower than the $120 billion held by equivalent products in the United States.

Experts suggest that Hong Kong’s emphasis on established financial institutions leaves limited space for innovative startups, slowing the pace of digital asset sector growth. Roger Li, co-founder of One Satoshi stated: “It’s quite a high standard to meet and be profitable.”

Featured image created with DALL-E, Chart from TradingView

According to local reports, the Russian government will ban crypto mining activities in ten key regions following the recent enactment of the new industry-related laws. It will also implement seasonal bans on other territories and potentially add more areas to the list amid the ongoing electrical crisis in the country.

Key Regions Face 6-Year Mining Ban

On December 24, local news agency TASS revealed that the Russian government approved a list of key regions and territories where crypto mining activities will be banned starting January 1, 2025. The ban aims to “maintain the balance of energy consumption” and will be effective until March 15, 2031.

According to the report, the measure includes a six-year ban on all crypto mining and mining pool activity in the Dagestan, Ingushetia, Kabardino-Balkaria, Karachay-Cherkessia, North Ossetia, Chechnya, Donetsk and Lugansk People’s Republics, Zaporizhzhya, and Kherson regions.

Additionally, the prohibition is temporarily extended to some territories of the Irkutsk region, Buryatia, and Zabaikalsky Krai during the energy consumption peaks. These areas will face a seasonal ban from January 1 to March 15, 2025, and from November 15 to March 15 in the following years.

The government also noted that the list of regions is not final and will be modified based on potential electricity sector developments. Experts told the local news agency that the ban is related “not only to the local electrical shortages but also to electricity payment privileges in some regions.”

Sergei Kolobanov, deputy director of the Center for the Economy of Fuel and Energy Sectors, explained that the ban “is synchronized with the end of the transition period for this benefit’s elimination.”

Crypto Mining Landscape In Russia

In September, Abdulmuslim Abdulmuslimov, prime minister of the southern Republic of Dagestan, urged the Russian government to take stronger actions against illegal mining centers in the region, asking authorities to pay more attention to the evolving methods miners develop to operate.

The following month, Deputy Minister of Energy Evgeny Grabchak revealed that the ongoing electrical crisis in key areas made offering large power capacities nearly impossible until 2030. As reported by Bitcoinist, Evgeny Grabchak announced that all kinds of mining would be banned in specific regions of Russia following a recently signed law by President Vladimir Putin.

In October, President Putin approved a law to regulate digital currency turnover, aiming to expand the government’s control over crypto mining activities. This legislation took effect on November 1 and allows the Russian government to prohibit mining activities in specific regions or individual territories and determine the conditions and cases of the restrictions.

Moreover, the amendments enabled the government to regulate the activities of companies providing mining infrastructure. It also allowed the Federal Tax Service to control the miners’ register, which the Ministry of Digital Development handled.

Notably, the registry is part of the legislation signed in August to give the mining sector a legal status within the country. Since it took effect on November 1, over 150 firms have applied for a crypto mining license to operate legally in Russia.

Crypto analyst Ali Martinez has indicated that there is a looming parabolic rally for the Dogecoin price. Martinez predicted that the foremost meme coin could rally above $1 and reach as high as $20 if history repeats itself.

Dogecoin Price Set For Rally Above $1 

In an X post, Ali Martinez shared an accompanying chart showing that the Dogecoin price could rally above $1 if it reaches the middle boundary of the ascending channel. Specially, this middle boundary puts Dogecoin’s target at $1.9. Meanwhile, the foremost meme coin could reach as high as $20 if it reaches the upper boundary of the channel. 

Martinez shared this chart while alluding to historical trends, which indicated that a parabolic rally is on the horizon. The analyst noted that in 2017, when Dogecoin began a parabolic run, it surged by 212%, then retraced by 40%, before it rallied by 5,000%. In 2021, DOGE rallied 476%, retraced 56%, and then skyrocketed 12,000%.

Therefore, the Dogecoin price could follow this historical pattern again. Dogecoin has already surged 440% in this market cycle and then retraced by 46%. If history repeats itself, DOGE could record another parabolic rally like the 5,000% and 12,000% rallies, respectively. 

Crypto analyst Trader Tardigrade also recently mentioned that the Dogecoin price has formed an ascending channel from the bottom, reaching near the upper line of the channel. In line with this, the analyst stated that a breakout could happen at any moment from here. He alluded to the large candle that was observed in January 2021 and suggested that a similar occurrence was likely in January 2025. 

Trader Tardigrade noted that Elon Musk will officially assume his duties as head of the Department of Government Efficiency (D.O.G.E) in January 2025. The analyst believes this is one factor that could propel the Dogecoin price to new highs. 

A Price Rebound Is Imminent

In a recent X post, Ali Martinez suggested that a Dogecoin price rebound was imminent. He stated that the TD Sequential presents a buy signal on the DOGE daily chart, anticipating a price rebound. His accompanying chart showed that a rebound could send Dogecoin to $0.48 in the short term. 

Trader Tardigrade also suggested that a rebound is imminent. He stated that the Dogecoin price is finishing the first half of the second wave. He noted that Dogecoin hasn’t touched the orange line on the accompanying chart but is very close. In line with this, the analyst stated that Dogecoin will resume its uptrend very soon. 

At the time of writing, the Dogecoin price is trading at around $0.32, up over 2% in the last 24 hours, according to data from CoinMarketCap. 

Bitcoin has been struggling to reclaim the $100,000 mark, facing persistent resistance while finding strong support around $94,000. Yesterday brought an interesting twist to the crypto market. While BTC grappled with selling pressure and volatility, Altcoins stole the spotlight, with many posting impressive gains of over 10%. This shift hints at a potential change in market dynamics.

Top analyst Jelle recently shared insightful data on X, highlighting a significant development in the Bitcoin dominance chart. According to Jelle, BTC dominance has broken down, and the breakdown has been confirmed, signaling a possible shift of capital flow toward Altcoins. This trend suggests that an Altseason—a period characterized by massive gains across Altcoins—could be on the horizon.

Altseasons have historically followed periods of BTC consolidation as investors look for higher returns in alternative cryptocurrencies. With BTC dominance weakening and Altcoins showing strength, the coming weeks could provide exciting opportunities for traders and investors seeking to diversify their portfolios. While Bitcoin continues its battle to break above six figures, the focus may temporarily shift toward Altcoins poised for explosive growth.

Bitcoin Euphoria Spreads Into Altcoins

The recent euphoria Bitcoin has experienced over the past few months is beginning to shift toward Altcoins, a natural flow in the crypto market where liquidity typically moves from BTC to alternative cryptocurrencies. This shift is becoming more evident as recent price fluctuations suggest that Altcoins are gearing up for a surge. After Bitcoin’s dominance and bullish sentiment in the market, Altcoins are now showing signs of strength, with many posting impressive gains.

Top analyst Jelle recently shared a detailed technical analysis on X, revealing that Bitcoin dominance has broken down and confirmed this breakdown, which could mark the beginning of a new phase in the market. According to Jelle, the next Altseason, which historically follows periods of BTC consolidation, could be right around the corner, with a strong potential to kick off in 2025.

Once Bitcoin dominance drops below the critical 55% level, a massive Altseason is likely to follow. This could lead to explosive price movements in Altcoins, offering traders and investors a new opportunity for growth. 

As BTC struggles to maintain dominance and faces resistance at key levels, Altcoins may become the next big winners. The combination of market sentiment, liquidity shifting, and key technical breakdowns suggests that the coming months could be filled with strong performances from alternative cryptocurrencies.

BTC Holding Key Demand Levels

Bitcoin is currently trading at $94,000 after testing the $92K level once again and holding it as strong support. This key demand zone has proven resilient, indicating that buyers are still active around this level. 

If BTC manages to hold above the $95K mark in the coming days, a reclaim of the $100K threshold would likely follow, confirming the continuation of the bullish trend. However, there is a high risk of a drop below $92K, which would trigger a sell-off and could lead to a deeper correction.

If BTC remains above $92K, it would signal strength and support the bullish outlook, providing confidence to investors. On the other hand, if the price fails to maintain this support level and drops below $92K, it would suggest weakness and could prompt further selling pressure, potentially pushing the price lower.

 For the immediate short-term, staying above $92K is critical for maintaining momentum. A failure to do so could alter market sentiment and result in a shift towards bearish price action. Therefore, the next few days will be pivotal in determining Bitcoin’s near-term direction.

Featured image from Dall-E, chart from TradingView

Bitcoin’s short-term outlook continues to appear negative as volatility mounts in the general crypto market. Over the past few days, the digital asset has dropped as high as 11% since reaching a new all-time high, triggering speculation within the community about an extended price correction to previous support levels.

Is Bitcoin Due For A Prolonged Price Pullback?

The recent bearish performance of Bitcoin may extend significantly in the upcoming days. Crypto expert and Market Sniper trading bot creator Jesse Olsen has highlighted past patterns suggesting that BTC might be on the verge of a huge price pullback.

According to the market expert, Bitcoin could drop as much as 30% in the following days. Drawing parallels to past cycle trends, Jesse Olsen highlights that these kinds of corrections are typically during significant uptrends.

Specifically, Olsen foresees a notable pullback as Bitcoin undergoes a bearish crossover on the Moving Average Convergence Divergence (MACD) indicator. This is because Bitcoin’s price experienced at least a 30% correction the last 3 times the MACD indicator had a bearish crossover on the 3-day chart at high levels.

As price fluctuates, the analyst has pointed to four key levels to watch out for, such as $92,000, $85,000, $80,000, and $70,000, once BTC’s downtrend extends. Should BTC hit 4 out of 4 targets, this implies that the crypto asset could drop to the $70,000 range.

Given that Bitcoin’s long-term outlook remains bullish, the anticipated correction may offer a positive reset for the market. Furthermore, it could provide an opportunity for new investors to purchase BTC before resuming its upside momentum toward previous resistance levels.

Olsen’s prediction also aligns with that of senior analyst at the CoinDesk news outlet James Van Straten, who forecasts a similar level of pullback in the upcoming days. The analyst cites several important support levels in determining Bitcoin’s next direction.

After examining the BTC’s Entity-Adjusted URPD metric, Van Straten claims that $90,000 is the next key support point for the digital asset. With no support established at this point, the $75,000 threshold could be feasible once BTC loses the $90,000 support point. Thus, the move from $90,000 to $75,000 marks the much-expected 30% pullback completion.

BTC At A Critical Moment

Despite ongoing market volatility, BTC has formed the most crucial trendline. Titan of Crypto, a market expert, considers the trend the most crucial for BTC as its next direction hinges on a breakthrough from the line.

Related Reading: Impending Bitcoin’s Price Correction May Be Brief If This Key Trend Persist

Given the significance of the development, the expert claims there is no cause for alarm as long as it stays above this trend line. Even though the monthly candle does not now appear bullish, one week remains before it closes, suggesting a possible resurgence.

Presently, Bitcoin has dropped by over 2% in the past day to $93,977. Its daily trading volume is showing a rising optimistic sentiment among investors as it increases by nearly 6%.

Crypto analyst TradingShot has provided insights into the Bitcoin price recovery to $150,000. He analyzed the Fibonacci levels to provide insights into how Bitcoin could reach this new high, although the analyst suggested that there could be more price correction before that happens. 

The Bitcoin Price Recovery To $150,000

In a TradingView post, TradingShot stated that the next high is on the horizon as the Bitcoin price has already entered phase 3 of the bull cycle. This next high is expected to be on the -0.5 horizontal Fibonacci extension and on the 2.0 Channel Fibonacci extension at the price of $150,000, which is the next technical extension of the Channel. 

The crypto analyst cited phases 1 and 2 of the Bitcoin price bull cycle, noting that they started a multi-month accumulation phase with a potential maximum correction to the 0.382 Fib again. In line with this, TradingShot raised the possibility of another 100% rally and a possible top at $200,000 as phase 3 concludes. 

The analyst’s accompanying chart showed that the Bitcoin price could reach this $200,000 target between October and December 2026. This aligns with Standard Chartered’s prediction that Bitcoin could hit this price level by year-end 2025. Meanwhile, TradingShot also provided more insights into the current BTC price action. 

The analyst revealed that the Bitcoin price has touched its 1-day 50 moving average (MA) for the first time in over 2 months and is now rebounding. He added that the first presence of short-term buyers was actually felt last week when Bitcoin came close to the 50 MA again and rebounded aggressively. This is said to be a natural technical reaction during such aggressive uptrends. 

TradingShot noted that the key support level during BTC bull cycles is the 1-week 50 MA, which has acted as support since March 2023 and was successfully tested twice on August 5 and September 6, the latter of which was what technically started the current bullish leg for the Bitcoin price.

Further Analysis of the Fibonacci Channel Up

TradingShot provided a further analysis of the Fibonacci Channel Up. He noted that bullish legs are technically part of Channels. This time is no different as the Bitcoin price has been trading on a Fibonacci Channel Up since the very bottom of the last Bear cycle on November 21, 2021. 

In phase 1 of the bull cycle, the Bitcoin price is said to have traded within the Fib 0.0 to 1.0 range. In phase 2, Bitcoin traded within the 0.5 to 1.5 range. For phase 3, TradingShot stated that he expects the flagship crypto to trade within the Fib 1.0 to 2.0 range. 

The analyst highlighted the high symmetry between sequences, legs, and pullbacks within this pattern. He remarked that the one that stands out is that rallies so far tend to lead to a 100% surge. Specifically, TradingShot alluded to the April 14, 2023, and January 11, 2024 highs of over 100% rallies. The Bitcoin price then pulled back towards the 0.382 Fib retracement level. Therefore, this similar price action could play out for phase 3.  

Nokia, a Finnish telecoms company, is joining the crypto revolution. According to reports, Nokia has developed a technology for encrypting digital assets and addressing vulnerabilities.

The Finnish company formally applied for a patent for the encryption of digital assets with the Chinese Intellectual Property Administration last June 2024.

The patent, with publication number CN 119155674 A, identifies a device method and computer program to protect assets from vulnerabilities.

Nokia’s latest move reflects its growing commitment to blockchain technology after decades of being associated with the production of mobile devices.

Nokia: Encrypting Digital Assets

The patent’s abstract proposes encrypting a digital asset by initially using a key. Then, the asset will have another layer of protection using encryption, meaning only the user who holds the key can access the asset.

For example, an encrypted XRP or ADA will not be accessible to anyone except the person with the private key to these assets. As such, these digital assets are protected from hacking.

The proposed encryption process extends to indexing, identifying, and verifying these digital assets. In short, only the person who holds the key can use these assets for any type of online transaction, and they can only decrypt them after the transaction is confirmed.

Nokia’s latest pending patent addresses the growing problem of holders and investors who have experienced crypto theft and hacking.

Nokia’s Entry Into The Blockchain Niche

Nokia is expanding into the blockchain niche and saw an opportunity in the vulnerability of digital assets. Chainalysis reports that over $2.2 billion was lost to cryptocurrency hacking in 2024, underscoring the need for new security measures.

Nokia’s new patent on crypto encryption follows its initial investment in the Data Marketplace for enterprises in 2021. The company’s Data Marketplace runs on blockchain technology and is an attempt to expand its portfolio and venture into blockchain.

While having a patent doesn’t guarantee that Nokia will eventually develop the system, this technology can be used as the basis for future developments.

More Firms Are Venturing Into The Blockchain

Aside from Nokia, more traditional firms are now venturing into the cryptocurrency industry, reflecting the technology’s growing popularity and use cases. For example, Sony uses an existing blockchain technology with an R&D group working on Web 3.0. Other companies, like Apple and Microsoft, are creating their technologies and patents.

While many of these firms are still developing and researching blockchain products, a few companies are solidly invested in the technology. Mastercard is a perfect example, with two patents allowing trustless payment transactions through smart contracts and a system that converts cryptocurrencies to fiat.

Featured image from Reuters, chart from TradingView

Will your ship arrive in 2025? Time to call up new meme coins that can do the work for you in the new year. 

If ever there was a year of meme coins, 2024 has been it, and the momentum could continue well into 2025. 

Meme coins have outperformed every expectation in 2024, with big names like Dogecoin ($DOGE) and Shiba Inu ($SHIB) seeing between 200% and 400% growth across every metric this year. And they seem to be hanging onto much of these gains, despite some noticeable volatility in recent days over the Fed’s hawkish attitude to crypto.

No Stopping the ‘Meme SuperCycle’ 

Overall, there’s no holding these puppies back, with $DOGE boasting a 433% growth in market cap over the year. New meme coins like Wall Street Pepe ($WEPE) and Solaxy ($SOLX) on the presale horizon are showing similarly ‘ridonculous’ gains potential.

Investor Murad Mahmudov believes the meme coin supercycle is still in full swing, and that the meme coins you hold today will determine your wealth by 2025-2026. 

To help you pick and hold the right coins as the year comes to a close, we’ve lined up 4 that could turn $100 into $1,100 in 2025. We’ve selected them as much for their utility as for their promising presale performance.

Let’s get into it!

Wall Street Pepe ($WEPE) Builds a Retail Investor Army, Tops $35M in Presale 

$WEPE has brushed off the market’s bad attitude, raking in $35M in the first three weeks of its ICO, with little sign of slowing down.

Wall Street Pepe marched onto the scene after its unaffiliated successor, Pepe Unchained ($PEPU), saw a staggering 592.43% gain after listing earlier this month.

Like $PEPE, our chill little frog bro $WEPE has picked up some serious Mr. Toad swagger, armed with the combined wits of his devoted ‘frog army’. $WEPE’s ability to build an investment community that could beat the Wall Street Whales at their own game is its main strength.

Its endorsement as an upcoming token by top wallet provider Best Wallet also serves as a strong indicator of its post-listing gains potential.

Today, the price of 1 $WEPE is $0.0003654, so it’s best to get in now before the next price increase. You can also join the Wall Street Pepe investment community on X and Telegram.

Solaxy ($SOLX) Enhances Solana Scalability With Its Layer-2 Solution

A week since launch, Solaxy’s native token $SOLX is flexing an almost $4.9M raise.

Solaxy has piqued investors’ interest with its plan to build a Layer-2 protocol on Solana to better handle high-traffic applications like meme coin trading. This project promises to reduce the delays some have experienced on the Solana blockchain. Because thousands of meme coins are launched and traded on Solana, this is a positive development for all degen traders. And as a multi-chain project, Solaxy brings the strengths of the Ethereum blockchain to the table.

You can buy $SOLX from the official presale website using $ETH, $USDT, and by credit or debit card.

 Read the whitepaper or join $SOLX on Telegram or X for more info on this exciting project.

Flockerz ($FLOCK) Is Up $7.7M Despite Market Cooling, Presale to End Soon

$FLOCK has continued to attract significant interest and capital despite the market dip, with over $7.7M raised in its presale so far.

This may be because Flockerz is more than just another quirky cartoon-themed meme coin. It introduces a new approach to meme coin governance with its innovative Vote-to-Earn (V2E) mechanism. This lets community members vote on key decisions regarding the project’s future and earn crypto rewards for their participation. 

This unique approach reinforces expectations of sustained engagement and decent post-listing performance.

For early investors looking to join the migration, one $FLOCK token is currently available for $0.006504. The presale is set to end in 29 days, so now may be the best chance to get $FLOCK at a pre-listing price. Join the Flockerz community on X and Telegram for updates.

Meme Index ($MEMEX) Makes Meme Coin Investing Easy

Meme Index is a new presale token that aims to help investors pick the right meme coins and diversify risk. Meme Index will give investors an at-a-glance view of the top meme coins of the day, sorted into four categories based on maturity and volatility.

The index will let you filter tokens according to your risk appetite. You can opt for ‘Titan’ coins like $DOGE, which offer the most stability, or take a shot with ‘Moonshot’ coins with a potential for 100x growth. If you’re feeling lucky, you can check out the ‘Frenzy’ coins – hot new meme coins showing early signs of success. 

Since launching, the $MEMEX presale has raised nearly $300K with one token currently priced at $0.01457.

Hope for the Best But DYOR

As the year winds to a close, you may have some time on your hands to dabble in meme coin trading. While all of these best meme coins show undeniable promise of 10x gains in 2025, if we’ve learned anything of late, it’s that the market continues to evolve and shift in unpredictable ways. That’s why we encourage you to do your own research and never invest more than you can afford to lose.

The small fish may be reacting to market-wide selling pressure, but institutional crypto investors have adopted a different stance, pouring hundreds of millions into digital asset investment vehicles last week. 

According to a CoinShares report, digital asset investment products saw inflows totaling $308M, masking December 19’s $576M outflows (the single largest day). Total outflows in the final 48 hours of last week stood at $1B. 

“While these outflows may sound alarming, they comprise just 0.37% of total AuM (assets under management), ranking as the 13th largest single-day outflow on record,” the report notes. “The largest single-day outflow took place in mid-2022 when the FOMC (Federal Open Market Committee) interest rate hike prompted $540M outflows (2.3% of AuM.)”

Price corrections, meanwhile, saw a $17.7B reduction in total AuM for digital asset exchange-traded products (ETPs), which CoinShares attributes to a market response to economic projections released by the FOMC on December 18. The US economy is forecast to grow 2.5% this year and 2.1% in 2025. 

Institutional Crypto Investors Favor $BTC and $ETH

CoinShares adds that multi-asset investment products experienced the most dramatic outflows in the same period, at a total of $121M last week.

On the other hand, Bitcoin ($BTC) saw $375M in net inflows, compared to Ethereum’s ($ETH) $51M. Whales played a significant role in $ETH inflows over the past few days, acquiring more than $1B (340K $ETH) despite $ETH’s current correction phase. 

Meanwhile, Binance reports that $ETH exchange-traded funds (ETFs) saw net inflows of $62.73M between December 16 and December 20. That brings the cumulative historical net inflow of $ETH ETFs to a total of $2.328B, with a total net asset value of $12.155B.

Whale Activity To Spur Meme Coin Crypto Prices

$ETH isn’t the only token attracting whales. Despite the recent dip, Dogecoin ($DOGE) has also seen increased whale activity, with two recent transactions totaling $23.5M and $34M respectively.

Typically, whale inflows signal investor confidence and act as a precursor to a crypto rally, so it appears market sentiment is about to change. 

That’s particularly good news for meme coin newcomers, including the recently listed Pepe Unchained ($PEPU) and Crypto All-Stars ($STARS), as well as Wall Street Pepe ($WEPE), which is currently on presale. 

Wall Street Pepe has a personal vendetta against whales trading in insider groups. That’s why he is assembling an army of retail investors. And by sharing his trading knowledge and market insights with them, he’ll turn those little guys into whales in their own rights. This clear and relatable goal makes $WEPE one of the best meme coins this December.

Despite a broader market turndown, investors have been flocking to the $WEPE presale. Since launching just 21 days ago, $WEPE raised over $35M, including $1.67M in the past 24 hours. This also raises the question: could $WEPE be the token that dethrones $PEPE?

Time for Retail Investors to Lead the Charge

$WEPE’s current price of $0.000365 is due to increase today. Even then, it will be a great early-bird investment—and an opportunity to support $WEPE’s mission to even the playing field for retail and institutional crypto investors.

But first, please take the time to DYOR; this article does not constitute financial advice. Find out more by visiting the official website, reading the $WEPE whitepaper, and checking out the X channel.

Who would have thought that a gang of blue birds could be so profitable? The new meme coin Flockerz ($FLOCK), on presale for another 29 days, has just hit $7.7M in token sales. Proving that it has some serious momentum behind it as it enters the final stretch.

So if you want to get in on some birdy action, you only have less than a month to buy your tokens at the cheaper presale price. After that, investors will start claiming their tokens and $FLOCK will list on DEXs – at a higher price.

Flockerz Is The First Crypto Where You Vote To Earn More

Every new crypto project should ideally have a unique selling point, and Flockerz doesn’t disappoint. If you buy $FLOCK coins, you earn the right to vote on Flockerz’s future direction. And when you vote, you earn more tokens. Welcome to Flocktopia!

As Flockerz says, “you own the future,” which kind of ties in neatly with Wall Street Pepe ($WEPE)‘s mission of bringing big rewards to small investors. Pepe is, of course, a frog, which shows that 2025 is the year when cute little animals will hopefully bring big handsome profits. 20% of $FLOCK’s total token supply is set aside for early investor rewards, while $WEPE is providing 15% for its top frogs. Influencers like Clay Bro consider both some of the best meme coins of the year.

Right now, the $FLOCK token price is $0.006504, with a stupendous staking APY of 356%. You can buy Flockerz ($FLOCK) through their website by connecting your wallet and handing over your cash, $ETH, or $USDT. Then, wait a month and see how much your $FLOCK is worth when it launches. Maybe you’ll make enough to fly south for the winter, like our feathered buddies?

Best Wallet Makes Buying Meme Coins Absurdly Easy

If you don’t have a crypto wallet yet and are into meme coins, Best Wallet might be your best bet. Its presale aggregator greatly simplifies buying new meme coins. No more jumping through hoops. With support for thousands of different tokens and 50+ chains, you can connect it to the Flockerz presale in seconds and secure your share of $FLOCK while it’s still available.

When you use Best Wallet, you’ll get the best exchange rates and lowest processing fees thanks to the platform’s high liquidity. And if you own the upcoming $BEST tokens, you’ll get even lower transaction fees. You can also apply for a Best Card, so you can spend your crypto balance in offline shops (yes, they still exist), and get an 8% cashback.

Always Verify And Confirm Your Information

As usual, we remind you that we can only predict which crypto coins will do well. We can’t guarantee that Flockerz will lay any golden eggs. So before you hand over any of your hard-earned cash, make sure to do your own research and come to your own conclusions.

Never take anybody’s word for it – including ours! Always decide for yourself. And never invest more than you can potentially afford to lose.

Shiba Inu (SHIB), one of the most talked-about meme coins in the cryptocurrency space, has seen a notable surge in whale activity in the past 24 hours. Particularly, data from on-chain analytics platform IntoTheBlock reveals a 265% increase in whale transactions within the past 24 hours.

Interestingly, this surge in whale activity is more notable as it comes after days of extended decline and profit-taking among Shiba Inu investors. As such, it opens up the discussion as to whether the Shiba Inu price could rebound from here and make the drive towards new highs.

Shiba Inu Whale Activity Picks Up After Notable Decline

Data from IntoTheBlock reveals an interesting trend in Shiba Inu whale activity in recent weeks. This interesting trend in Shiba Inu whale activity is revealed through the platform’s “Large Transactions” metric, which provides stats about transactions with a value of $100,000 or greater. 

According to this metric, whale transactions regarding Shiba Inu have generally been on a decline since the second week of December. Interestingly, this trend of low whale activity is relayed through the meme coin’s price, which has been marked by a notable decline since December 7. For context, the Shiba Inu network recorded 18.85 trillion SHIB tokens moved in large transactions on December 10. By December 22, this figure had dropped by about 94% to 1.07 trillion SHIB, which shows the subdued state of whale activity over the past few days.

However, the past 24 hours have been highlighted by a change in whale activity and large transactions. According to IntoTheBlock’s data, the volume of large transactions has surged to 3.75 trillion SHIB tokens, representing an impressive 250% increase compared to the previous 24 hours. This resurgence is not just confined to token volumes but extends to the monetary value of these transactions. Over the last 24 hours, large transactions have amounted to $84.24 million, a staggering 265% jump from the $23.06 million recorded in the preceding 24-hour period.

Market Impact Of Rising Whale Activity – Can SHIB Drive Toward $0.00004?

The resurgence in whale activity raises several questions about what could be driving this sudden uptick. It is possible that large holders are beginning to accumulate SHIB tokens again, potentially in anticipation of a broader market recovery as 2024 draws to a close. This renewed interest from whales could serve as an early indicator of a possible rebound in Shiba Inu’s price, particularly if it is accompanied by other bullish on-chain metrics such as increased active addresses and SHIB burns. 

At the time of writing, Shiba Inu is trading at $0.00002229, which has been up by 3.1% in the past 24 hours. This increase, although meagre, represents a change in the selling pressure that has clouded Shiba Inu in the past seven days. Furthermore, it tips the scale of recent surge in whale activity into accumulation and buying pressure. For SHIB to approach the $0.00004 level, it would need to sustain this buying momentum into the coming weeks.

A key figure in the cryptocurrency sector is out on a mission to push for a bipartisan crypto policy that would redefine the regulations governing digital assets. Cardano founder Charles Hoskinson will talk with Senator John Fetterman and other Democratic senators to lobby the crafting and establishment of policies that match the circumstances surrounding cryptocurrencies.

Crypto A Bipartisan Issue

The Cardano founder explained that cryptocurrency can become a bipartisan issue by engaging Democrat senators next year.

“Crypto isn’t a republican issue. It’s an American and global issue. Only by bringing everyone together can we get to the next level,” Hoskinson said in a post.

The crypto founder’s approach is to encourage lawmakers from both the Republicans and the Democrats to pause fighting each other, saying that both camps should collaborate and examine thoroughly what crypto can do for the country.

When people ask how we make crypto a bipartisan issue, these are the Democrats we need to talk to next year. I’ll meet with Senator Fetterman’s people and those like him. Many in leadership positions felt that Warren and Biden had gotten crypto wrong, and now is the time to bring… https://t.co/ru9u8f5879

— Charles Hoskinson (@IOHK_Charles) December 22, 2024

Talk With Senator Fetterman

Hoskinson said that one of the Democrat senators he plans to talk to for the bipartisan crypto policy is senator John Fetterman of Pennsylvania.

“I’ll meet with Senator Fetterman’s people and those like him,” Hoskinson said on his X post.

Fetterman has been in the headlines after giving his insights on why Donald Trump won the recent US election.

In an interview, the Democratic lawmaker believes that Trump emerged triumphant in the last election because he was seen as a protector of the American way of life, adding, “Trump is not a fascist like Kamala Harris claimed.”

“A lot of Democrats, especially in my state that I know and I happen to love people that [voted] for Trump and they are not fascists,” Fetterman said.

He argued that Americans decided to go for the candidate whom they perceived was going to protect and project their version of the American way of life.

Hoskinson noted that the senator is the kind of leader that cryptocurrency needs, leaders who are willing to challenge party lines and think differently.

The Cardano founder argued that cryptocurrency is a victim of political crossfire from the hard stance of the Biden administration and some US policymakers like Elizabeth Warren against the crypto sector.

Crypto Users Bill Of Rights

Hoskinson is also advocating a “Bill of Rights” for crypto users, a proposal he plans to push for.

He explained that the suggested “Bill of Rights” would focus on consumer protection, fair taxation, and clear asset classification.

Furthermore, the crypto founder initiated a campaign that he dubbed “Operation Baseline,” saying that the campaign aims to identify inefficiencies in the cryptocurrency market in the country and craft legislation that will address these inefficiencies.

Featured image from DALL-E, chart from TradingView

On-chain data shows the XRP blockchain has witnessed sharp wallet growth recently and has outpaced giant networks like Bitcoin and Ethereum.

XRP Has Been Gaining Rapid Adoption Recently

According to data from the on-chain analytics firm Santiment, the top cryptocurrencies have witnessed significant growth in Total Amount of Holders over the last couple of years.

The “Total Amount of Holders” here refers to an indicator that, as its name already suggests, keeps track of the total number of non-zero balance addresses that are present on a given network.

When the value of this metric rises, it can suggest new investors are joining the blockchain and/or old ones who had sold earlier are buying back. The trend can also arise when existing users create multiple addresses for a purpose like privacy.

In general, all three of these are at play to a degree at once whenever the Total Amount of Holders goes up, so some net adoption of the cryptocurrency could be assumed to be taking place.

On the other hand, the indicator going down implies some of the investors have decided to exit from the asset, which is why they are clearing out their addresses.

Now, here is a chart that shows the trend in the Total Amount of Holders for the top four cryptocurrencies by market cap: Bitcoin, Ethereum, Tether, and XRP.

As is visible in the above graph, the Total Amount of Holders has seen a sharp increase for all four of these assets over the last couple of years. This naturally suggests that the cryptocurrency sector has seen a high influx of users.

While Bitcoin, Ethereum, and Tether have witnessed a more or less consistent uptrend in this period, XRP has shown divergence recently as the indicator has skyrocketed for it.

From the chart, it’s visible that the Total Amount of Holders started its breakaway for the coin on October 18th. Interestingly, the asset’s price didn’t begin to rally until the middle of November, so it would seem that it’s this rapid adoption that helped build up a solid ground for the cryptocurrency to run on.

In terms of the long-term trend, USDT has been the asset that has seen the most adoption, with its Total Amount of Holders rising by around 66% during the past two years. Ethereum has been second at 47% and XRP third at 28%. Bitcoin has only been marginally behind with a 27% increase.

While XRP has held its own in terms of adoption rate, the network is still the smallest among these giants with its number of investors standing at 5.75 million right now.

XRP Price

XRP has observed a slowdown alongside the rest of the cryptocurrency sector as its price is still trading around $2.17.

While Ethereum (ETH) has once again failed to break through the stubborn $4,000 resistance level, BlackRock’s iShares Ethereum Trust ETF has quietly accumulated over one million ETH. This milestone reflects strong institutional demand for Ethereum, even as its price performance in 2024 remains lackluster.

Institutional Interest In Ethereum On The Rise

Year-to-date (YTD), Ethereum – the second-largest cryptocurrency by market cap – has risen by 43%, climbing from approximately $2,280 on January 1 to $3,283 at the time of writing. While this is notable, ETH’s performance has been overshadowed by other cryptocurrencies like XRP, Solana (SOL), and SUI, which have posted significantly higher gains in the same period.

However, Ethereum holds a key advantage over most altcoins – direct access to institutional investors through regulated ETFs, akin to Bitcoin’s position in the market. In a recent post on X, crypto entrepreneur Dan Gambardello highlighted that BlackRock’s Ethereum ETF has now surpassed one million ETH in holdings.

Gambardello noted that ETH’s consolidation below its all-time high (ATH), combined with growing institutional interest, sets the stage for a potential altcoin season “unlike any we’ve ever seen.” Recent ETH ETF inflow data appears to support this outlook.

According to data from SoSoValue, US spot ETH ETFs have had four continuous weeks of net inflows, attracting more than $2 billion in capital. The total net assets held across all US spot ETH ETFs stand at $12.15 billion, equivalent to almost 3% of Ethereum’s total market cap.

Crypto analysts remain optimistic that Ethereum, the leading smart-contract platform, is on track to reach a new ATH. For instance, CryptosRus pointed out that historically, Ethereum has demonstrated bullish price action during the first four months of the next year, following US presidential elections.

The chart below shows that after the 2016 US election, ETH rallied significantly during the first quarter of 2017. A similar pattern was observed in 2021 following the 2020 election, with Ethereum recording four consecutive weeks of price increases.

From a technical perspective, crypto analyst @CryptoPoseidonn shared an 8-hour ETH chart, suggesting that ETH may bottom around the 200-day exponential moving average (EMA), marked in green. The analyst stated:

The first pullback since the last significant upside move, and fear is at its peak. I believe this is where we print a higher low. Dips like these are opportunities to increase your spot exposure.

Is The Market Correction Nearing Its End?

The total crypto market cap has dropped from $3.9 trillion on December 16 to $3.4 trillion at the time of writing – a $500 billion loss in a week. Data from Coinglass reveals that over $289 million worth of liquidations occurred in the past 24 hours alone.

Despite this downturn, seasoned crypto analyst Pentoshi suggested on the 3-day chart that the crash could serve as a retest of the previous crypto market cap ATH recorded in November 2022. If so, this level might act as a base for the next upward rally.

However, not all analysts are bullish in the short term. Renowned crypto entrepreneur Arthur Hayes recently warned of a potential market downturn around Donald Trump’s inauguration in January. At press time, ETH trades at $3,283, up 1.2% in the past 24 hours.