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Judging from comments that Bitcoin is preparing for a new round of prosperity, American users are more interested in XRP than ETH. Here are some breaking news from the cryptocurrency market.
Bitcoin News
The widely followed trader believes Bitcoin is gearing up for another bullish surge.
Anonymous analyst DonAlt told his 508,100 followers on media platform X that Bitcoin appears bullish after trying to stay above $34,000 last week.
DonAlt also said that while BTC prices may move sideways for a while, he is now willing to hold Bitcoin for the long term as he expects more bull runs in the commodity.
“While the market could form a false breakout, it would not be surprising if BTC only pulls back short-term to $32,000 to $33,000 before a strong rebound. Investing in BTC is a mind game.
Source: DonAlt
The top trader previously said that on the longer time frame, Bitcoin does not appear to encounter any strong resistance before hitting $60,000.
Ripple News
According to Google Trends data, residents of 47 U.S. states are more interested in XRP than Ethereum (ETH).
Delaware, Nevada, Louisiana, Arizona, and Hawaii are the most popular regions for XRP. On the other hand, Vermont, New York, Oregon, and the District of Columbia are the only states where Ethereum has surpassed Ripple.
XRP Popularity in the United States | Source: Google Trends
The price of XRP has experienced many ups and downs since the beginning of 2023, with a clear upward trend in the second half of the year. The positive performance may be a result of Ripple’s progress in its lawsuit with the US SEC, especially the three partial victories the blockchain business has won so far.
The outcome of the legal battle, which has been going on since December 2020, is expected to be revealed in a major trial in early 2024. Many analysts and experts predict that a decisive victory for Ripple could push the asset’s price even higher.
TRON News
Tron (TRX) is one of the protocols that has benefited greatly from rising market optimism.
according to data Recently, Tron has surpassed all other layer-1 networks in terms of activity.
First, it enhances Tron’s status and reputation in the blockchain community. This achievement proves its technical prowess and reliability, making it an even more attractive option for developers and users.
Additionally, this may lead to more adoption as developers and projects are more inclined to build on Tron given its superior performance.
Tron’s prominence also provides a competitive advantage in the blockchain space. It positions the network as a powerful player, attracting interest from investors and businesses looking for a trustworthy blockchain platform.
Floki News
The FLOKI ecosystem’s staking feature launched a week ago and attracted $54.4 million in locked assets. This accounts for 17% of the total supply of FLOKI and 18% of the asset’s circulating supply.
It is worth noting that the staked tokens will be withdrawn from circulation. Most staked assets will be locked for up to 4 years, which will reduce the number of tokens in circulation. Typically, this is a sign of rising asset prices.
FLOKI participates in the program
Staking FLOKI allows users to earn TokenFi TOKEN within 4 years. Over 50% of the TOKEN supply has been allocated to participants, with APY as high as 160%.
THOR chain news
Can Gurel, researcher at Delphi Digital, a leading blockchain analytics company, show Some fundamentals of Thorchain’s (RUNE) performance may be responsible for the recent triple-digit gains.
Thorchain (RUNE) becomes the first large-cap altcoin to rebound strongly since the collapse of Terra (LUNA). The price has hit $3.46, its highest level since early May 2022.
Liquidity fees are the “lifeblood” of the Thorchain (RUNE) economy and are currently at healthy levels, almost back to the October 2023 ATH threshold.
Liquidity fees also hit an all-time high as a share of total protocol revenue.
The number of unique converters and accounts participating in converting assets using the cross-chain Thorchain (RUNE) ecosystem also hit new peaks.
The amount of liquidity injected also broke records in April 2022 as Thorchain (RUNE) offers better trading options than some major CEXs.
chiba news
According to the Shibariumscan browser, the Shibarium blockchain was launched a few months ago Record The total number of transactions was close to 4 million, setting a new record.
The daily transaction volume of the network is 14,030. The number of connected wallet addresses has gradually increased to 1,259,958.
Meanwhile, tracking platform Shibburn noted that the SHIB Army successfully removed at least 2,017,183 SHIBs from the circulating supply on Saturday, reducing the burn rate by 98%. So far, there have only been 6 burn transactions in the past 24 hours.
Sushi Swap News
SushiSwap is one of the biggest beneficiaries of the current altcoin market. Part of the reason for this bullish trend is that Bitcoin’s value has increased over the past few weeks.
As the price of Bitcoin remains above $34,000, its profits flow into these altcoins. In addition, according to Santiment’s report, SushiSwap has grown as much as 82% in the past week.
On the daily time frame chart, most of SushiSwap’s rise occurred on November 1st.
The asset then fell more than 8% on the next trading day. However, it still keeps the price within the new range. Currently, SUSHI is trading at around $1.05.
Source: TradingView
Additionally, the Relative Strength Index (RSI) suggests a possible price correction in the near future. The index has risen above 80, indicating that the asset has fallen into overbought territory.
Additionally, the drop in trading volume suggests a pullback could happen soon.
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