From the assessment that Bitcoin is preparing for a potential pre-Christmas price surge to Justin Sun transferring a large amount of ETH to the HTX exchange, here are some notable news in the crypto market.
A closely followed crypto analyst stated that Bitcoin (BTC) is preparing for a potential price surge before Christmas, given the favorable technical setup.
The anonymous trader - Dave the Wave told his 147,000 followers on the X platform that BTC is in an ascending channel with a target of around $112,000 that could be reached on December 25.
"A BTC price surge before Christmas".
Zooming out the weekly chart, Dave the Wave believes BTC is also trading in a long-term ascending channel similar to the 2021 bull market.
The trader thinks Bitcoin could reach somewhere between the $180,000 and $220,000 range in the first half of 2025.
Dave the Wave is also bullish on altcoins, noting that Bitcoin's dominance (BTC.D), a measure of BTC's market share, appears to be about to drop sharply, implying a big jump in altcoins.
The trader's chart shows BTC.D has broken out of a descending wedge pattern and also touched the 57% resistance level.
Bitcoin moves in four-year cycles, and if the asset reflects past price action, the parabolic move is still ahead.
"If BTC price corrects, it means it has not yet gone parabolic and is still in the growth channel."
Vitalik Buterin, the co-founder of Ethereum, provided feedback in a discussion on the "verifiability" of blockchains initiated by Nick White, a partner at Celestia. Buterin emphasized the importance of verifiability to Ethereum's principles.
"If Ethereum abandons verifiability and accepts centralized committees and intermediary operations, it is no longer Ethereum," Buterin declared. He further stressed the need for "democratic participation" in the ecosystem, reinforcing Ethereum's commitment to decentralization and transparency.
Discussions are ongoing in the blockchain community about the balance between scalability, security, and decentralization.
Justin Sun transfers a large amount of ETH to the HTX exchange
According to the blockchain analytics platform Spot On Chain, the group of Justin Sun has deposited 29,920 ETH (worth $119.7 million) to HTX after the price of Ethereum surpassed $4,000. This is part of a larger accumulation of 392,474 ETH that the group has acquired from February to August 2023, with an average purchase price of $3,027 and a total investment of around $1.19 billion.
In addition to ETH, the group has also deposited 322,119 EIGEN tokens (worth $1.44 million) and 175,021 ETHFI tokens (worth $516,000) to HTX. Both EIGEN and ETHFI are staking rewards earned from Ethereum investments.
This move highlights Sun's strategic investments in the Ethereum ecosystem and his focus on leveraging staking rewards for further blockchain activities.
Trader Peter Brandt has shared the "most powerful" chart in the crypto world, showing the market capitalization of XRP breaking out above a consolidation pattern.
Brandt seems to imply that the Ripple-associated token may continue its astonishing upward trend as the market cap surges above the $146 billion resistance level.
Over the past 24 hours, the price of XRP has continued to rise by more than 4%, outperforming the broader market. The third-largest asset by market cap has gained around 32% in the past week.
Brandt has been mocked by some members of the crypto community after suddenly changing his stance on XRP after years of dismissing the token.
Just a few months ago, the trader had declared that the XRP/BTC pair would go to 0.
Brandt appears to have turned bullish on XRP last month after the cryptocurrency experienced a strong price surge. However, the analyst has clarified that he does not actually hold any XRP, currently only holding Bitcoin and Solana.
Binance Labs has been making large token movements to Binance over the past two days.
The company has moved 30 million GMT, worth $7.29 million, to the Binance exchange. Today, the company has also transferred 400,000 AXS tokens, worth around $3.72 million.
As an investor in both projects, Binance Labs holds significant stakes, including 75 million GMT and 11.8 million AXS. These transactions have drawn attention as the community speculates on their purpose and the potential impact on the market performance of GMT and AXS.
Shiba Inu (SHIB) has been steadily increasing over the past two days, testing the $0.000033 level in today's trading session.
After a sharp decline on Thursday, SHIB began recovering from the low of $0.0000293. The positive sentiment across the crypto market has driven the meme coin, including SHIB.
The $0.000033 level remains a strong resistance as SHIB's upward momentum has stalled at this point on December 1 and 4, making it a key resistance level that traders and investors are watching.
Meanwhile, optimism is emerging in the Shiba Inu community. Developer Kaal Dhairya recently hinted at ongoing efforts to bring the latest Zama fhEVM upgrade to Shibarium, which will pave the way for enhanced on-chain verification and security experiences.
The 1inch development team has continued selling tokens for the third consecutive day, exchanging 5.217 million 1INCH for 2.815 million USDC in the past 24 hours.
Since starting the sales on December 5, the team has sold a total of 15.698 million 1INCH, generating 8.38 million USDC.
The average selling price of the token during this period is around $0.533 per 1INCH. The reason behind the continuous liquidation of the token is still unclear, raising discussions in the community about the development team's strategy and the potential impact on the market value of the token.
Over the past month, Avalanche (AVAX) has achieved significant growth, increasing by 93.58%. However, the pace has slowed down in the past 24 hours.
The activities of whales and other critical factors may determine whether the asset can regain its upward momentum and approach the $65 mark.
AVAX has witnessed a significant increase in average trading volume, with the figure soaring to $3,687.7 in the past 24 hours and maintaining a seven-day average of $2,935.71.
This trend indicates that traders are buying larger amounts of AVAX per transaction. Such behavior suggests the potential for increased demand, which could drive asset value and lead to a price surge.
The average trading volume this week is the highest since the beginning of November, particularly on December 8, coinciding with a strong price increase.
According to IntoTheBlock, whale activity in the AVAX market has increased by 0.25% in the past 24 hours.
Whales are defined as addresses holding at least 1% of the total supply of an asset. Their actions often have a significant impact on market trends. Currently, 10 whale addresses collectively control 27.38% of the total AVAX supply.
Together, these addresses own 27.38 million AVAX, an increase of 12.44% over the past week. This contrasts with the slight decline in activity from the broader market.
On 07/12, Farcaster co-founder Varun Srinivasan announced information about Snapchain, the decentralized social media network's proprietary blockchain.
Srinivasan stated that Snapchain is designed to become the "data layer" for Farcaster, capable of processing up to 10,000 transactions per second to meet user demand.
Each user interaction on Farcaster will be considered a transaction on Snapchain, which will be recorded and stored on the blockchain.
Snapchain is expected to charge users a fee of $2 per year. After paying this fee, users will be allowed to perform up to 500 transactions per hour and have a storage limit of 10,000 transactions. Those who reach the limit can pay additional fees to continue using the blockchain.
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Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their own research before making any decisions. We are not responsible for your investment decisions.
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