The majority of Altcoin tokens fell alongside Bitcoin on Nov. 14 as the crypto market witnessed another bout of profit-taking. Despite the pullback, optimism remained in play as most traders viewed the dip as being ”transitory” considering the previous performances across the market.
So far in November, Ethereum alongside a host of other Altcoin tokens such as CRO, Loopring, Keep3rV1, RMRK, Doge Dash, Chromia, OriginTrail, Arweave, TABOO, ARPA Chain, SAND has surged to fresh all-time highs.
Despite this, traders are positioning for a bigger surge in Ethereum price, betting that US SEC might soon give the go-ahead for an Ethereum based exchange-traded fund, maybe by 2022. Trey Griggs, US CEO of crypto trading firm GSR believes an Ethereum-based ETF may come as soon as this year.
Options pricing suggests that market participants are wagering that Ethereum will rise above $15,000 by March 2022. Analysts likewise remain bullish on other Altcoin tokens. Crypto analyst Scott Melker in a recent youtube update says meme coin Shiba Inu (SHIB) looks poised to rally to its all-time high while predicting an epic rally for XRP. Ethereum traded at $4,525 as of press time.
1. Ethereum Gaining Grounds Against Bitcoin (ETH/BTC) in the Near Term Amid Waning Bitcoin Dominance: The ETH/BTC chart is a leading indicator for the strength of the Altcoin market. The ETH/BTC chart remains in consolidation, hinting at accumulation.
A Twitter analyst who goes by the pseudonymous name Bluntz predicts Ethereum would reach a price of $10,000, saying the ETH/BTC pair had broken out of a large inverse head and shoulders formation (IHS), a technical pattern indicating the start of an uptrend. The present accumulation may result in further upsides as a breakout ensues. Bitcoin’s dominance stood at 43.3% as of press time.
2. Rise of Web 3.0, Metaverse Tokens
Since Mark Zuckerberg announced the Facebook rebrand to ”Meta” on October 28, a host of Metaverse-related crypto tokens such as The Sandbox, Decentraland, Enjin Coin have surged in price. Web 3.0, a significant building block for decentralized Metaverse also shifted into the spotlight.
Notably, Proof-of-work models such as Helium and Kadena are evolving to support the growth of Web 3.0. The Helium network saw tremendous growth throughout 2021. Currently, there are more than 309,000 nodes in operation. Kadena’s price also surged 1,280% from a low of $2.05 on Oct. 17 to a new all-time high at $28.44 on Nov. 11.
3. Investors Choosing “Memes”, the DeFi and NFT Future
Memecoins and dog-themed tokens are gaining more popularity and traction, as they have been an integral part of the ongoing market-wide bull run in the cryptocurrency markets. Most recently, SHIB started rallying on Oct. 23 from trading $0.000027 to hitting an all-time high of $0.000088 on Oct. 28. Despite a cooling off in the rally, SHIB has posted 195.5% gains in the last 30 days and an incredible 72,954,679.8% yearly gains.
The growing popularity of DeFi and nonfungible tokens (NFTs), which are primarily hosted on the Ethereum blockchain, and the growth of smart contracts means that the ether future is shining bright. The metaverse is aiming to establish complete decentralization infrastructure at its very foundation and it’s already happening with NFTs.
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