The dominance of Bitcoin suggests the altcoin season, and ETH could rise about 67% from the current level in the medium term. Here are some notable news in the crypto market.
The BTCD has generated an important signal for altcoin investors, that smaller cryptocurrencies are likely to see strong price increases in December and attract more investments before January 20.
Analyst Mikybull Crypto wrote in a post on X on November 30 that the BTCD, a measure of the ratio of BTC to the total crypto market value, has dropped below its two-year support line, signaling that the market has "officially entered the altcoin season".
Altseason, short for the altcoin season, refers to the general price increase of cryptocurrencies other than BTC, which tend to benefit from the declining BTCD.
The declining BTCD suggests that investors are taking profits from their BTC positions and allocating a portion of these funds to altcoins.
Crypto investors' attention has shifted to smaller assets, such as Ether. The demand for leveraged Ether ETFs has increased by more than 160% since Donald Trump's election victory on November 5, reinforcing analysts' expectations of a price surge that could push ETH above $4,000.
Bitcoin will soon break $100,000 - Kiyosaki
Robert Kiyosaki, a VC investor and the author of the bestselling financial literacy book "Rich Dad, Poor Dad", hopes that Bitcoin will finally soon break the $100,000 resistance.
Kiyosaki posted a long tweet on X, in which he once again reminded the community that he owns three safe-haven assets: gold, silver, and BTC, and he continues to buy them. He believes that those who are saving fiat money will ultimately become poorer because "cash is trash".
Kiyosaki said: "The rich will get richer" as he hopes that BTC will soon break the $100,000 mark.
The financial expert said that once BTC surges above $100,000, "the poor and middle class will have a hard time catching up with the upper class".
According to Kiyosaki, as soon as the price spikes, BTC will be reserved for "ultra-wealthy corporations, banks, and sovereign wealth funds".
However, in the comments, many followers disagree with the financial expert, arguing that BTC will "continue to help the poor, even if the price reaches $1 million or more" and "BTC can be divided and EVERYONE can buy this asset".
On November 29, the net inflow into Ethereum ETFs reached a record high of $333 million, surpassing the net inflow into Bitcoin ETFs ($320 million).
The largest single-day net inflow into an Ethereum ETF was $250 million into BlackRock's ETHA. To date, the total net inflow into ETHA has reached $2.103 billion.
The largest single-day net inflow into a Bitcoin ETF was $137 million into BlackRock's IBIT. To date, the total net inflow into IBIT has reached $31.738 billion.
The current total net asset value of the spot Bitcoin ETFs is $105.279 billion, with a net asset to market capitalization ratio of 5.47% and a cumulative net inflow of $30.704 billion.
Martinez told his 91,300 X followers that Ethereum could rise about 67% from the current level in the medium term.
In the long term, he said this top altcoin could surge nearly 180% in the coming weeks, surpassing its ATH of around $4,900 reached in November 2021.
Based on Martinez's chart, it appears that Ethereum is in an ascending channel pattern on the weekly timeframe, and the medium-term price target is around the upper boundary of the channel. In technical analysis, an ascending channel consists of parallel upward-sloping trend lines and is a sign of a strong uptrend.
Veteran trader Peter Brandt recently shared his views on the future price of DOGE.
According to Brandt, the Dogecoin chart shows an inverse head-and-shoulders pattern, meaning it could return to its near-$0.73 ATH.
DOGE may also be forming an "upsloping flag" pattern, a technical pattern often associated with a continuation of the trend. If the flag is completed, a price target of around $0.66 could be appropriate for the ongoing uptrend.
Dogecoin (DOGE) has recently experienced a strong price surge, marked by a golden cross, a technical pattern in which the 50-day moving average crosses above the 200-day moving average. In the past, this pattern has signaled a strong uptrend and often preceded major price increases.
DOGE has skyrocketed, breaking above the $0.22 and $0.3 resistance levels with strong trading volume. Peter Brandt noted that DOGE is adhering to chart principles, emphasizing the similarity between its current price action and the pattern observed in 2020, when a sideways accumulation phase developed into an inverse head-and-shoulders reversal pattern.
A similar pattern in 2024 contributed to a 190% price surge in DOGE. Brandt's analysis highlights the technical strength behind Dogecoin's recent performance, suggesting the potential for sustainable price appreciation.
Uniswap (UNI) has seen significant growth momentum recently, driven by a massive monthly trading volume of $38 billion on Ethereum Layer-2 networks like Base, Arbitrum, Polygon, and Optimism.
The increased activity has translated into strong bullish sentiment, with UNI currently trading around $12.75.
Testing the $13 resistance level, UNI's price action is at a critical juncture. A breakout above this level could propel UNI towards the $17 resistance, which appears to be the next key level.
However, the RSI is around 71.56, indicating that UNI is approaching the overbought area.
Therefore, while the uptrend remains intact, investors should be cautious about any potential pullbacks or consolidation before any breakout.
The recent price increase of UNI, combined with strong on-chain signals and an increase in large transactions, suggests a bullish outlook for the token. However, with the RSI approaching the overbought zone and the exchange reserves showing mixed signals, traders should exercise caution.
A breakout above $13 could help UNI move higher, but the risk of a pullback remains.
Bittensor (TAO) is currently trading around $627.78 after gaining 9.8% in the last 24 hours. This price increase coincides with a surge in 24-hour trading volume of more than 40% to $470.79 million.
On the daily chart, the TAO price is fluctuating between $551.98 and $638.58, indicating strong volatility.
The daily chart of TAO shows a strong breakout above the descending trend line resistance, signaling new growth momentum as the price targets the next major resistance level of $1,000, an increase of around 60.17% from the current price.
The Parabolic SAR indicator also confirms the bullish trend, with the dots positioned below the price candles.
The ADX at 16.94 shows that although the market trend is still relatively weak, it has strengthened significantly after the breakout. Finally, the Standard Deviation at 39.5 indicates an increase in volatility, consistent with the breakout movement.
These metrics, taken together, suggest accelerating activity as momentum builds.
Key support levels to monitor include the previous resistance level that has now turned into support at $450. If the bullish momentum is maintained, TAO could target new highs.
However, failure to hold above $450 could lead to a retest of lower support levels, invalidating the bullish setup.
Toncoin (TON) has recently garnered significant attention, with on-chain data providing bullish signals for a potential breakout.
At the moment, this altcoin is also testing the main descending trend line, after a strong 10% increase from the $6.02 level. With 72% of total addresses in profit, the market sentiment appears quite optimistic.
Technically, the TON price seems to be approaching the key resistance level of the daily chart's trend line. This resistance has caused several recent reversals, making it a crucial decision point.
A successful breakout above the trend line resistance could trigger a strong price increase for this altcoin, potentially targeting the $7 area.
Conversely, failure to overcome the trend line resistance could lead to a pullback, with the $6.02 level acting as the initial support.
BLITZ, the new fast finality layer of AltLayer that leverages Babylon's BTC staking, is designed specifically for the Arbitrum Orbit chain.
BLITZ is designed to address the slow finality issues often encountered in rollup networks that Orbit chains typically face. The near-instant finality of BLITZ is highly valuable for delay-sensitive applications such as gaming, DeFi, and SocialFi.
The platform utilizes the staking of native BTC through Babylon to provide security for the crypto economy. The staked BTC serves as collateral to control the network.
BLITZ also enhances cross-rollup bridging capabilities, reducing liquidity fragmentation and enabling stronger cross-chain interoperability, propelling the Arbitrum Orbit L2 ecosystem into a new era of "super-fast" and more scalable solutions.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should do their own research before making any investment decisions. We are not responsible for your investment decisions.
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Viet Cuong
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