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Microsoft Azure Marketplace integrates on-ramp to blockchain data
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Price analysis 4/14: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC
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BitBoy Believes XRP Is Best Altcoin Bet For Future Bull Run
A popular crypto influencer, Ben Armstrong, a.k.a BitBoy, has shared his views in a YouTube video expressing bullish sentiments about XRP. Armstrong believes XRP will kickstart another bull run after the upcoming summary judgment. His recent prediction hinges on a summary judgment in favor of XRP.
Every avid crypto participant knows that the SEC vs. Ripple summary judgment will impact the industry. If the SEC wins, more crypto assets will fall under its jurisdiction. But if Ripple wins, it becomes the first crypto asset with regulatory clarity changing the narrative for many other assets. Notably, BitBoy believes that if there’s a settlement, XRP will soar.
Bitboy Cites Reasons For Picking XRP
BitBoy mentioned in his latest video that the long battle might end in June or July, given the closing trial calendar. He also agreed that Judge Torres might deliver the summary judgment anytime before then.
Further, he reiterated that XRP could only kickstart a bullish trend if Ripple wins the battle through an outright win or settlement. But in BitBoy’s opinion, settlement is preferable for Ripple to avoid any further appeal from the commission, which will prolong the legal pressure on the altcoin.
Bitboy believes that if the win comes through a settlement, the chances of XRP soaring will increase. The altcoin will become a unique asset since it’ll be the only one declared “non-security” after the tedious trial.
But, some top shots have expressed that a ruling will be the decision, not a settlement. According to the Chief Legal Officer (CLO) at Coinbase, Paul Grewal, a ruling will be the outcome that will trigger an appeal from the SEC.
Also, CryptoLaw founder representing Ripple holders John Deaton shared the same view stating that the case will not end in a settlement between the two parties.
XRP Will Soar Following Exchange Relisting
Another reason Bitboy said it would push the XRP price was if top exchanges such as Coinbase relist it. Notably, after the SEC’s case filing, many crypto exchanges delisted XRP from their platforms, causing a price crash during that period.
But during the video, the influencer stated that if these exchanges relist the altcoin after Ripple wins, the price will soar again.
This is not the first time the influencer shared such beliefs. On April 4, he posted the same stance on Twitter, stating that XRP will lead the next bull run if it wins without a possibility of an appeal from the SEC. Also, on April 13, Bitboy stated XRP would soon make investors rich, so they should stick with it.
Notably, the XRP price is still firm on the $ 0.5 level it attained on March 29. Also, it is still holding on to its seven-day price gain showing a 0.19% increase in 24 hours. It’s hard to predict its possible move in the coming weeks until the upcoming summary judgment.
Featured image from Pixabay and chart from Tradingview
Has Altcoin Season Arrived? Watch Out For These 6 Cryptos
Ethereum’s (ETH) rally above $ 2,100 after the Shanghai hard fork has kicked off the altcoin season, according to Crypto Twitter. In addition to ETH, numerous altcoins are posting double-digit gains over the past 24 hours, while Bitcoin has seen a moderate rise.
Arthur Hayes, the former CEO of BitMEX, is one of the experts who announced the start of the new altcoin season. Hayes tweeted the 4-hour chart of ETH. Alluding to an interlude by rapper Jay-Z, he wrote, “Allow me to reintroduce myself. My name is ALTSZN!!!”.
But it’s not just Hayes who sees altcoins trending to outperform Bitcoin in the coming weeks, other experts do too. Scott Melker aka The Wolf Of All Streets tweeted “beautifully” and shared the Bitcoin dominance chart below.
As Melker discussed on Wednesday, there is currently a clear case for altcoin outperformance. Bitcoin dominance has hovered in the 39% to 49% range for years. “When RSI hits overbought and it hits the top, dominance drops and alts outperform. The opposite happens at the bottom,” Melker explains.
Bitcoin was rejected yesterday, as predicted by Melker, at the upper end of the range (at 49%) with an overbought RSI and bearish divergence. Based on this, Melker expects Bitcoin’s dominance to fall again in the coming weeks while altcoins experience big gains.
According to the analyst, the only scenario that could prevent an altcoin season is “unless we see a MAJOR breakout and Bitcoin crushes everything.”
Watch These 6 Altcoins
Melker explained that he is usually extremely conservative when it comes to sharing altcoin charts in his newsletter. “So when I choose to, I have relatively high conviction that alts are relatively safe for the moment,” wrote the analyst, who recommended Fantom (FTM), Binance Coin (BNB) and Solana (SOL) last week.
Crypto Banter’s Miles Deutscher has his eye on the “newer” coins in particular, which have confirmed his theory in the last 24 hours, writing double-digit price gains. The analyst notes that interestingly, newer coins like Arbitrum (ARB), Aptos (APT) and Optimism (OP) are outperforming their older counterparts.
“The market loves gravitating toward the latest shiny thing. The same thing happened last cycle, and it will happen again,” predicts Deutscher, who sees three factors for this. First, new technology offers an improvement over its predecessors.
Second, the lack of historical price movement (resistance) is psychologically less limiting in terms of upside potential. Investors believe that the new coins like ARB and APT can replicate the performance of the old coins.
Third, current trends have a greater impact on retailer awareness than older narratives.
At press time, Arbitrum (+18,8%) was the biggest gainer within the top-100 by market cap. With +10.4% and +9.3%, respectively, Aptos and Optimism are also posting strong gains.
However, there are also cautionary voices. The renowned trader “Koroush AK” writes:
In a bull market the cycle is clean and predictable. $ BTC –> $ ETH –> Altcoins –> Trashcoins –> Repeat
However we’re not in a full blown bull market, I suspect this will be more like 2019. Expect coins to lag, isolated narrative pumps, sharp crashes and unpredictable ends to the cycle. You will get rekt trading this like a full blown bull market.
At press time, the Arbitrum (ARB) token traded at $ 1.56.
FTX Token (FTT) Price Doubles In 24 Hours, Here’s Why
FTX Token (FTT) is currently one of the top gainers in the crypto market in the last day as the coin rose over 100%. This sudden growth was triggered by an announcement that said the bankrupt FTX exchange could possibly reopen for business soon.
FTX Exchange Could See A Comeback
In a court hearing for the FTX exchange that was held on Wednesday, one of the attorneys working on the case dropped a bombshell that would trigger a massive rally. According to the Sullivan & Cromwell attorney, Andy Dietderich, they were considering a relaunch of the crypto exchange.
Now, the proposal was that users who still had funds locked on the platform would be able to transfer some of their frozen funds to a stake on the exchange instead of receiving cash back. This follows the attorneys revealing that they had been able to locate liquid assets belonging to the exchange worth $ 7.3 billion, which is a sizable amount but not enough to fill the hole in FTX’s balance sheet.
The attorney, however, explained that to restart an exchange the size of FTX, it would need a lot of cash. So re-opening the exchange is only one of many possibilities that they are considering at this point. Dietderich further explained that “There are possibilities that customers could have the option to take part of their proceeds that they would otherwise receive in cash from the estate and receive some kind of an interest in the exchange going forward.”
FTT Token Doubles In One Day
Following Dietderich’s comments in court, the price of FTX Token (FTT) quickly responded. Buying pressure mounted on the digital asset off of expectations that the defunct crypto exchange could resume operations and its price more than doubled in a single day.
The token which started out Wednesday at a price of $ 1.3 peaked at $ 3 before the correction. This accounted for a more than 100% increase in the price of the altcoin, making it one of the best performers in the last 24 hours.
As the hype has died down, the price of the digital asset has begun to decline but at the time of writing, it is still trading significantly higher than its Wednesday opening price. At a price of $ 2.2, FTT is still seeing over 50% gains in the last day alone.
The trading volume of FTT has seen even more significant growth, rising 2,000% to reach $ 435 million. Its market cap saw a 73% upside and has now reached $ 748 million, making it the 221st largest cryptocurrency by market cap.
Argentina securities regulator approves Bitcoin futures index
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Bitcoin mining firm Bitmain reportedly fined for tax violations in China
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