Dogecoin is usually mentioned alongside other newer meme coin competitors. However, a new development has placed Dogecoin amid other leading altcoins. Ripple’s XRP and Cardano (ADA) have noticed massive wallet growth over the last 6-months, but Dogecoin has made an even more impressive move by outpacing their wallet address count.

The most valuable meme coin, the 9th most valued cryptocurrency by market cap, has recorded an upsurge in new wallet users. The number of new wallet addresses over the past 6-months, as depicted in a chart shared by Santiment, is noticeably higher than that of XRP and ADA.

Since December last year, DOGE has seen its holder count soar to 6.63 million. Milestones like these are important because they typically point to increased interest from investors and traders alike. In Dogecoin’s case, the new development speaks to the asset’s dominance in the industry, as it emerged as the only meme coin and altcoin behind Ethereum, with the highest holder count within the period mentioned above.

ADA, XRP, and USDT are behind Doge, with a total number of holders totaling 4.47 million, 5.18 million, and 5.66 million, respectively.

Meanwhile, the apex cryptocurrency, Bitcoin (BTC), and its longstanding rival, Ethereum (ETH), saw a total number of holders of 53.85 million and 120.69 million, respectively.

Dogecoin bulls remain suppressed as selling pressure rises

Despite the network growth, DOGE’s price is still struggling as market volatility continues into the week. The global cryptocurrency market has declined, with Bitcoin bulls struggling to stay afloat.

The development came not long after Elon Musk reportedly enabled Dogecoin as a payment method for a handful of Tesla products. The Dogecoin proponent had branded the memecoin the “people’s currency,” hinting at plans to integrate Doge into Twitter.

It is, however, still important to note that Dogecoin was one of the best-performing altcoins over the last week, with gains of more than 20%. The asset now trades at a press time price of $0.15.

Robert Mitchnick, head of digital assets at BlackRock, anticipates a new wave of investment into bitcoin ETFs, particularly from large financial entities such as sovereign wealth funds, pension funds, and endowment funds.

Mitchnick’s prediction comes despite a recent pause following consistent inflows into spot bitcoin ETFs for 71 days. Regardless, the BlackRock exec suggested, “The current lull is likely to be followed by a new wave from a different type of investor.”

In an interview, Mitchnick shared insights on the renewed dialogue around Bitcoin, saying, “Many of these interested firms – whether we’re talking about pensions, endowments, sovereign wealth funds, insurers, other asset managers, family offices – are having ongoing diligence and research conversations, and we’re playing a role from an education perspective.”

BlackRock’s Strategic Expansion into Digital Assets: Spotlight on Bitcoin and Ethereum ETFs

Since their approval earlier this year, spot bitcoin ETFs have seen significant interest, with over $76 billion accrued across these products. BlackRock’s bitcoin ETF, IBIT, has notably amassed $17.2 billion in assets. This compares to Grayscale’s Bitcoin Trust, now an ETF holding approximately $24.3 billion.

The increase in IBIT’s assets is partly due to transfers from Grayscale’s product, shifts from higher-priced ETFs in Canada and Europe, and conversions from bitcoin futures ETFs.

Nonetheless, Mitchnick emphasized that BlackRock is not solely focused on becoming the leading provider of spot bitcoin ETFs but prioritizes client education and comprehensive asset management. Moreover, the firm is expanding its digital asset initiatives, demonstrated by its recent application for an Ethereum ETF.

This move follows CEO Larry Fink’s hyping of the transformative potential of tokenization, which represents “traditional assets on blockchains.”

However, market experts argue that BlackRock’s potential introduction of an ether exchange-traded fund (ETF) prompts the need to educate clients about the Ethereum blockchain. Likewise, investors may question the need for another crypto ETF after adjusting their portfolio’s risk return through spot Bitcoin ETF’s Sharpe ratio.

Mitchnick emphasized that BlackRock views digital assets from three critical perspectives. These components are considered interconnected, each informing the firm’s strategies and insights into others. “When we think about this space, we see the potential for digital assets to benefit our clients and capital markets, with a focus in three areas: crypto assets, stablecoins, and tokenization. And these pillars, they’re all interrelated.” Mitchnick expressed.

This holistic approach aims to equip clients with a nuanced understanding of effectively incorporating digital assets into their investment portfolios.

Polkadot is preparing for its long-awaited upgrade: Polkadot 2.0, an integration to the network poised to revolutionize the Polkadot ecosystem. The network is a Layer 0 solution that aims to deliver three significant features to its user base: tackle blockchain interoperability and offer developers a platform to build applications and chains.

In the long term, Polkadot 2.0 will be integrated into the network. As noted in a recent blog post, the upgrade is part of an ongoing effort to provide flexibility on the network, lower barriers for projects, and create more value for network users and DOT.

It is worth mentioning that Polkadot has recorded massive growth as network adoption has soared over the years. Over 80 para chains have joined the Polkadot network, and around 39 parachains operate on the main network. More than 43 parachains have been hosted on Kusama, Polkadot’s canary network.

However, Polkadot’s current positioning has opened the pathway for energy waste that the network intends to curb with the introduction of Polkadot 2.0.

As noted in a blog post;

“Originally, Polkadot leased Polkadot parachain slots, which provides the winner with access to a “freighter of blocks” regardless of whether they need it. This potentially leads to a waste of energy and resources while creating high entry barriers, which brings us to Polkadot 2.0.” 

Migrating from a chain-focused ecosystem to an application-focused ecosystem and redistributing block space is at the core of Polkadot’s future development strategy. Polkadot 2.0 will allow projects to leverage the collaborative potential across parachains to create inter-chain solutions by shifting its focus to applications.

The new system will also allow applications to reserve and purchase block space depending on their needs and the demand of developers on the network.

“Polkadot is also introducing a system of burning a portion of these [network] fees to reduce inflation, where burning is a deflationary measure to balance the circulating supply of the token.” Polkadot shared in a blogpost.

In the long term, the upgrade could also affect Polkadot’s native token DOT by boosting visibility and adoption.

At report time, DOT and other leading altcoins are recording daily losses. Although the 14th most valuable asset by market cap has sustained more than 8% of its weekly gains, DOT loosely hangs above the $7 price mark. 30-day losses have surged past 18% as selling pressure increased. At press time, DOT trades for $7.42.

Significant moves by major investors often signal upcoming shifts in the crypto market. Recently, Cardano (ADA) has caught the attention of these large-scale investors, commonly known as “whales.” This renewed interest could trigger a substantial comeback for the 10th biggest cryptocurrency.

Cardano Whales Increase Holdings

Data from IntoTheBlock shows a significant trend: Cardano whales, holding more than 100 million ADA tokens, increased their holdings by 11% last month. They now control almost 7% of Cardano’s entire supply. This accumulation is typically considered bullish, indicating that these influential investors are adjusting their positions and buying more promising projects.

It’s not just the whales that are showing confidence in Cardano. Retail investors are also involved in the bullish momentum. More data from IntoTheBlock highlights ADA’s positive bid-ask volume imbalance, indicating that buying pressure exceeds selling pressure. Additionally, the ‘In The Money’ metric, which measures the profitability of current holders, has flipped positively.

Growing Confidence in Cardano’s Ecosystem

Beyond investor sentiment, the overall confidence in the Cardano ecosystem is rising. According to DeFiLlama, the Total Value Locked (TVL) on Cardano increased by more than 5% in the last week. TVL is a critical metric in the DeFi space, reflecting the total value of assets staked or locked in the network’s smart contracts.

Moreover, Cardano’s trading volume has significantly risen. Higher trading volumes generally suggest greater market activity and interest, which may raise prices.

Analysts Predict a Bullish Future for Cardano

Several prominent crypto analysts are forecasting a substantial rally for Cardano. An analyst known as World of Charts has noted that ADA’s breakout is confirmed, and the token is moving accordingly. The analyst expects Cardano to reach $1 in the next few weeks.

Similarly, another analyst, Trend Rider, has identified a bullish pattern for Cardano. They noted a jump in ADA’s price following a bullish signal on the daily chart and expect ADA to hold above the $0.5 level in the short term.

Dan Gambardello, founder of Crypto Capital Venture, also shared his opinion on Cardano’s price movements. He pointed out that ADA is exceeding its 20-day moving average (MA). Gambardello mentioned the formation of a golden cross on Cardano’s daily chart – where the 50-day MA crosses above the 200-day MA.

The resurgence of whale activity, strong retail investor interest, and growing confidence in Cardano’s ecosystem paint a promising picture for ADA. The combination of these factors and bullish predictions from several analysts indicate that Cardano could be on the verge of a significant comeback.

Bitcoin was called a “scam” and a “threat to the US Dollar” by former President Donald J. Trump as late as 2021. Fast forward three years later, and he leaves no stone unturned to court the pro-Bitcoin electorate. Much has changed during this time for the largest cryptocurrency by market capitalization, and it may play a part in the development of the US Presidential election itself.

Why? Because Over 20% of Americans Now Own Bitcoin

The 2020 US presidential election was one of the most chaotic electoral events. The election’s results only slowly trickled down and took forever to be released, while the official counting of the electoral college votes was affected by the January 6, 2021, riots. Donald Trump and incumbent Joe Biden fought it with every trick up their sleeve, and things got nasty.

However, interestingly, there was one policy they both agreed upon back then that they don’t anymore: Bitcoin regulation. Donald Trump has done a complete backflip on it to improve his election chances as he understands the popularity of the digital currency economy. Trump was previously known for his hawkish, protectionist stance on Bitcoin. He said back in 2021:

“Bitcoin, it just seems like a scam,” Mr Trump said. “I don’t like it because it’s another currency competing against the dollar.”. He then added that he wanted the greenback to “remain the currency of the world”.

Joe Biden Struggling to Court Crypto Users

On the other hand, President Joe Biden’s position on Bitcoin has remained unwavering and has hardly changed his stance in the buildup to the election. Some commentators believe that the President will loosen his policy on the digital currency economy, but no big shift is expected. Some are breaking ranks to support pro-crypto legislation, but that might not be enough to change the overall narrative.

This hawkish attitude was a mainstay in the US regulatory outlook during the 2020 halving. Talks of a spot Bitcoin ETF were prevalent, but the institutions weren’t ready to make such a bold move.

Back then, it would have seemed far-fetched to think that Bitcoin would be at the center stage of the Presidential and Congressional elections in just four years. Now, notable candidates, including Vivek Ramaswamy, Robert F. Kennedy Jr, and Ron De Santis, have appeared in pro-Bitcoin podcasts and made crypto a part of their campaigns. Bitcoin has surely come a long way and is unlikely to stop anytime soon. 

A seismic shake-up in Grayscale’s top leadership has occurred. CEO Michael Sonnenshein stepped down after a decade of leadership. Starting on August 15, Peter Mintzberg of Goldman Sachs will succeed Sonnenshein.

Grayscale Appoints TradFi Veteran As New CEO

Grayscale CEO Michael Sonnenshein has departed from his role to “pursue other interests.” Sonnenshein joined Grayscale in 2014 as an account executive and became CEO in 2021.

“It has been an honor and a privilege to work alongside such smart, passionate people to grow Grayscale into an industry titan over the last decade,” Sonnenshein said in a company release. “I would like to thank Barry Silbert for his vision and partnership and for entrusting me to lead Grayscale’s business. The crypto asset class is at an important inflection point and this is the right moment for a smooth transition.”

I leave @Grayscale with deep gratitude for everyone who has been on this incredible rocket ship journey. @BarrySilbert, thank you for taking a bet on me and for your partnership these last 10 years. To the Grayscale Leadership Team – thank you for your dedication, loyalty, and…

— Sonnenshein (@Sonnenshein) May 20, 2024

Peter Mintzberg will serve as the company’s chief executive officer on August 15, 2024, and will join Grayscale’s board of directors. Before joining Grayscale, Mintzberg served as Goldman Sachs’ global head of strategy for asset and wealth management. He has over 20 years of experience in the traditional finance sector, having previously worked at prominent investment firms, including BlackRock, OppenheimerFunds, and Invesco.

Speaking on Sonnenshein’s departure, Barry Silbert, CEO of Grayscale’s parent company, Digital Currency Group stated:

“I want to thank Sonnenshein during his 10 years at Grayscale. Michael guided the firm through exponential growth and oversaw its pivotal role in bringing spot bitcoins ETFs to the market, leading the way for the broader financial industry. We wish him the best in his future endeavors.”

Grayscale’s Spot ETF

In mid-January, Grayscale was one of 11 companies to finally get a regulatory green light from the Securities and Exchange Commission (SEC) to list spot Bitcoin exchange-traded funds (ETFs) in the United States. The firm had sued the SEC over the agency’s frequent denials to allow it to transform its Bitcoin Trust (GBTC), then a closed-end fund, into an ETF.

Grayscale’s GBTC is currently the largest BTC ETF with $19.37 billion of assets under management. Notably, GBTC hemorrhaged over $15 billion in three months as the company held fees higher than its rivals. However, Grayscale started witnessing inflows in early May, snapping a 78-day streak of outflows.

Bloomberg’s senior ETF analyst Eric Balchunas described the CEO switch as a “big shakeup at Grayscale,” adding that “they were just beginning to see inflows again too! Curious the story behind this.”

Bitcoin continued its ascent on Monday, building upon its impressive momentum from the preceding week when it reached a peak of $68,203. Despite undergoing a period of consolidation within a channel since mid-March, the main trend remains particularly bullish.

On Monday, popular cryptocurrency analytics platform Santiment underscored Bitcoin’s resilience. They observed that this activity could be considered a positive sign while smaller traders have been shedding their holdings amidst the recent price surge.

“Bitcoin is maintaining levels just above $66,100 as smaller traders persist in liquidating their holdings despite the crypto rebound over the past week. Historically, the transfer of coins from smaller to larger wallets signifies an encouraging and bullish trend for $BTC ,” Santiment tweeted.

Adding to this optimistic sentiment is Axel Adler, a crypto analyst at Cryptoquant, who observed that entities possessing over 1,000 Bitcoins have been accumulating and refraining from selling, anticipating an upswing in value.

“The current 30-day average is 641 BTC. Whales are unwilling to sell their coins as they anticipate a rise in value,” the analyst added.

Andler further noted that investors holding Bitcoin for 1-3 months have exited unrealized losses. He also noted that the MVRV for this timeframe has turned positive at $66,500. Looking ahead, he emphasized that $70,000 remains a crucial resistance level to watch.

Elsewhere, analyst Sonny Mulder also expressed optimism about the continuation of the uptrend. “Seems like it’s gearing up for another upward move soon,” Mulder tweeted. “The retracement to $50k appears less likely now, given that the last low was invalidated by a higher high… We must adjust our course and recognize the low at $56K as the more probable bottom unless we dip below our Wyckoff accumulation structure at approximately $61K.”

Another analyst, “DrProfitCrypto,” also pointed out that he anticipates that a breach above $70,000 will incite the initial wave of FOMO (fear of missing out) among investors, followed by another surge at $74,000. With ongoing institutional inflows and robust technical indicators, DrProfitCrypto set Bitcoin’s next target within the $82,000-$88,000 range.

Bitcoin traded at $68,288 at press time, reflecting a 2.25% increase over the past 24 hours. Notably, popular crypto analyst Ali Martinez noted the significance of over 530,000 $BTC transacted at $66,250, marking a crucial support level. According to him, Bitcoin has strong potential for further gains if it holds.

Numerous memecoins have emerged in the wild, uncharted territory of cryptos, yet few have managed to seize the public’s imagination and evoke such fervor as Shiba Inu. Its staggering 2021 rally turned small investments into life-changing fortunes, fueling dreams of overnight millionaires.

SHIB has had a wild ride, especially during the meme coin craze of late 2020, when its value soared. The idea of SHIB reaching $0.001 has been circulating for some time, contributing to the ongoing speculation around the coin. Despite some analysts’ doubts, the $0.001 target resurfaces in discussions about Shiba Inu’s potential.

Now, as Shiba Inu claws its way back from a steep post-2021 crash, investors are wondering: can it reach $0.001 and ignite another frenzy of wealth creation?

Shiba Inu’s Astronomical Rise and Recent Performance

Rewinding to 2021, Shiba Inu was the talk of the town, boasting an eye-popping gain of over 45,000,000%. For those who had the foresight to invest just $3, they were looking at a cool million in returns. However, the euphoria was short-lived as Shiba Inu plummeted by 92%, mirroring the broader crypto market turmoil triggered by the 2022 FTX contagion.

Fast-forward to 2024. There’s a resurgence of investor confidence in the cryptocurrency market, and Shiba Inu is capitalizing on this trend. Its value has already surged by 120% in 2024, outperforming Bitcoin, which has seen a 50% increase. This raises the question: Could Shiba Inu replicate its historic rally and reach $0.001 from its current price of $0.0000248?

Shiba Inu’s journey to mainstream adoption is still fraught with challenges, even as its price stages a comeback. The token’s utility in the real world remains limited, with just 933 merchants accepting it, as per data—a stark contrast to more established cryptocurrencies. Despite initiatives like Shibarium, which aims to lower transaction costs through a Layer-2 blockchain solution, Shiba Inu has struggled to gain widespread acceptance.

The community has also tried to enhance Shiba Inu’s appeal through projects like Shiba Eternity, a digital card game created in 2022 to expand the token ecosystem. However, these efforts have not translated into widespread adoption, raising questions about Shiba Inu’s long-term sustainability.

Speculation vs. Utility

Shiba Inu’s meteoric rise in 2021 was largely fueled by speculation, with investors banking on its price continuing to soar. However, the token’s subsequent crash served as a stark reminder of the risks associated with speculative investments. To maintain its value and create more, Shiba Inu needs widespread adoption and utility, aspects it currently lacks.

While Shiba Inu’s community is actively working to address these issues, the token’s path to $0.001 remains uncertain. The token’s market capitalization and supply would need to change significantly to support such a price, making it a challenging goal to achieve.

Analyzing potential drivers, such as integrating SHIB into gaming and the metaverse and sustained retail interest, provides a glimpse into what might boost SHIB’s value. Yet, it’s essential to stay realistic and avoid overly optimistic projections, especially regarding SHIB reaching $0.001.

Like many other altcoins, SHIB’s price tends to follow Bitcoin’s movements. While a bullish crypto market could lift SHIB, the volatile nature of cryptocurrencies highlights the need for prudent risk management strategies.

Market enthusiasts and investors closely monitor the predictions of influential figures. One such prominent voice is Mike Novogratz, CEO of Galaxy Digital, who recently shared his insights on Bitcoin’s future trajectory. In a candid interview on Galaxy Digital’s podcast, Novogratz sends a cautious yet insightful warning: Bitcoin (BTC) probably won’t reach new all-time highs without significant macroeconomic shifts.

The Prediction in Detail

Novogratz forecasted that Bitcoin’s price will likely remain within a trading range of $55,000 to $75,000 in the near term. He pointed out that substantial changes in the macroeconomic environment are essential for Bitcoin to break past its previous high of $73,000. Specifically, he mentioned Federal Reserve rate cuts as a critical catalyst that could drive Bitcoin higher.

“I think we’re in a bit of a range – $55,000 to $75,000. It’s probably closer to $57,000 than $73,000. We’ve probably put the low and the high in. I do believe the next move is up because I do think we’re going to get closer to the election, and [Federal Reserve Chairman Jerome] Powell is going to want to cut rates,” Novogratz stated.

The Impact of Economic Conditions

Novogratz discussed how a slowing economy might benefit Bitcoin. However, he stressed that for Bitcoin to make significant gains, either the Federal Reserve needs to act by cutting interest rates or there must be a major development in crypto regulations. Both scenarios probably won’t happen soon, and Bitcoin may continue to trade sideways.

“There’s a resurgence of the ‘Oh my God, the economy’s slowing down’ narrative, which will be helpful. I don’t think Bitcoin will take out the old high, the $73,000 high, unless we get the Fed in action, or we get some big regulatory breakthrough. Those are both probably low delta,” he explained.

Bitcoin as Digital Gold

One of the critical factors Novogratz pointed out is the influence of US federal government spending and the increasing national debt. He believes these economic conditions will drive more investors towards Bitcoin, viewing it as a digital equivalent of gold. According to Novogratz, Bitcoin benefits from the same forces that drive gold’s value up but at a faster rate due to its newer technology and adoption cycle.

“Right now, I talk about two things: crypto regulation and the debt. And they’re at odds with each other. If we had an administration, Biden or Trump, that addressed this 26% of GDP federal budget, which should be 20%, it would not be good for Bitcoin,” Novogratz noted. “And so having really crappy policymakers and profligate spenders and populists in Washington, great for my net worth. That’s just the story of Bitcoin. Bitcoin is going up for the same reason gold is going up. It’s gone up faster because we’re a newer technology, we are a newer commodity, and therefore the adoption cycle is happening faster.”

Mike Novogratz’s insights provide a nuanced perspective on Bitcoin’s potential price movements. While the biggest cryptocurrency may benefit from macroeconomic instability and increasing government debt, significant gains to new all-time highs will likely require more substantial changes, such as Federal Reserve rate cuts or major regulatory advancements.

Solana (SOL) has been a standout performer in the crypto market, riding a wave of bullish momentum and capturing the attention of investors and traders alike. With its price increasing over 30% in the last 30 days, many wonder if this trend will continue. ChatGPT-4o, the latest AI model from OpenAI, has some insights to shed light on Solana’s future. Here’s what the AI had to say about Solana’s prospects through 2024.

Solana’s Strong Performance

Solana’s recent performance has been nothing short of impressive. The token’s bullish trend is driven by its robust (DeFi) ecosystem and various activities on its network.

Currently trading at $169, SOL has posted daily gains of over 3% and a weekly increase exceeding 20%. This upward trajectory has many investors optimistic about its potential to reclaim and surpass the $200 mark.

ChatGPT-4o Projections – Optimism with a Sprinkle of Caution

ChatGPT-4o provided a detailed analysis of Solana’s future price movements. The AI model identified several crucial factors that could impact SOL’s price by 2024 end. These include its popularity among meme coin traders, high throughput, low transaction costs, and the broader market sentiment and regulatory environment.

Based on these factors, ChatGPT-4o presented three possible scenarios for Solana’s price:

1. Moderate Growth Scenario – If Solana maintains its current momentum, the AI predicts a price range of $200 to $250. This scenario reflects a moderate increase from the current levels, assuming no major disruptions.

2. Best-Case Scenario – In an optimal market environment with significant adoption and no pullbacks, SOL’s price could go over $300. This would require highly favorable conditions, including positive regulatory developments and technological advancements.

3. Bearish Scenario – If the market flips bearish or Solana struggles with challenges, its price could drop below $145. This scenario considers the potential risks and volatile nature of the crypto market.

Strength During Challenges and Market Sentiment

Solana has shown remarkable solidity despite numerous challenges, including network outages. The launch of numerous meme coins on its network has increased the token’s value. In less than a month, the Solana blockchain has minted 643,227 new tokens, 466,914 of which were meme coins.

The positive market sentiment surrounding Solana is noticeable. Daniel Choung, co-founder of Syncracy Capital, a digital asset hedge fund, recently highlighted Solana’s strong performance on social media, suggesting that the token could reclaim the $200 level and eventually hit a new all-time high.

Will Solana Live Up to the Hype?

The question remains: can Solana live up to ChatGPT-4o’s optimistic expectations? The crypto market is extremely volatile, and while the AI’s projections are grounded in current data and trends, the future is always uncertain.

Solana stands at a critical juncture. A strong foundation and supportive market sentiment suggest the potential for significant gains. However, investors should remain vigilant and consider the inherent risks.

Ripple’s recent announcement of its ambitious expansion plans into the African market has significantly boosted the trajectory of its cryptocurrency, XRP. The crypto asset has responded favorably, currently trading at around $0.52. This development has fueled speculation within the crypto community about whether XRP can muster enough momentum to push past its next resistance level of $0.55 and potentially reach the coveted $1 mark.

As Ripple aims to tap into the vast potential of the African continent, leveraging its blockchain technology for cross-border payments and banking solutions, the crypto world watches with keen interest to see if this strategic move will propel XRP to new heights, solidifying its position as a major player in the digital asset arena.

Ripple, a major leader in cross-border payment solutions, is set to introduce its XRP Ledger (XRPL) and a suite of crypto-native services, including custody solutions, to the African continent.

Reece Merrick, Managing Director Middle East, Africa for @Ripple, says they are best known for payments but stepping into " crypto native services" (custody) and supporting the #XRPL program in the region. https://t.co/MzySaYOw5A "Looking to expand quite heavily here" pic.twitter.com/RfVE7xUjpH

— Crypto Eri Carpe Diem (@sentosumosaba) May 17, 2024

This strategic move is in partnership with MFS Africa, a leading payments firm operating in 35 African countries. Ripple’s On-Demand Liquidity (ODL) product, which leverages XRP to facilitate swift and cost-effective cross-border transactions, will be at the forefront of this expansion.

This collaboration aims to streamline and enhance the efficiency of the region’s remittances and other payment processes, tapping into a vast market with significant growth potential. Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, emphasized the company’s commitment to establishing a robust presence in emerging markets through innovative crypto services.

Market Reaction and XRP Price Surge

The announcement had an immediate impact on XRP’s market performance. The cryptocurrency increased from $0.48 to $0.52, reflecting a 1.4% rise. This surge underscores the market’s positive reception to Ripple’s strategic expansion plans and its potential to drive further adoption of XRP across the African market.

XRP’s market capitalization currently stands at $28.7 billion, and its 48-hour trading volume has reached $1.1 billion, indicating strong investor interest and trading activity. Technical indicators suggest XRP could see further gains, with the next resistance level at $0.55. If bullish momentum continues, the digital asset might target the $1 mark, a significant psychological and technical milestone.

Ripple’s foray into Africa is part of a broader vision to leverage blockchain technology for various financial services beyond cross-border payments. The introduction of custody services and other crypto-native solutions reflects Ripple’s strategy to diversify its offerings and provide comprehensive financial tools to businesses and consumers in the region.

This expansion comes amidst Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC has accused Ripple of selling XRP as an unregistered security and is seeking approximately $2 billion in fines. Ripple, however, disputes this figure, arguing that the appropriate penalty should be around $10 million. Despite these legal challenges, Ripple continues to pursue its growth agenda.

XRP Technical Analysis and Prediction

XRP has struggled to gain momentum, consistently hitting a wall at the $0.55 resistance level. This stagnation is evident across various timeframes, with the cryptocurrency experiencing declines over the past month, week, and even the last 24 hours. Currently, XRP is trading at $0.52, a slight uptick from its position a week ago.

Despite the sluggish market, analysts offer a more hopeful outlook. They forecast a notable rise for XRP, suggesting that the coin could reach $0.65 by mid-week. This would mark an impressive gain of over 25%.

From a technical analysis perspective, breaking past the $0.55 resistance is crucial for XRP to enter a bullish phase. If the analysts’ optimistic forecast materializes, it could reinvigorate investor confidence and drive further price increases. Conversely, failure to break this barrier might lead to a period of consolidation, with prices potentially stabilizing around $0.50.

The primary challenge with XRP is that its value is largely driven by its underlying fundamentals rather than market hype. As a result, big returns might take longer to materialize.

Former U.S. President Donald Trump has expressed a positive outlook toward cryptocurrencies, marking a potential shift in his stance on digital assets.

Notably, Trump’s affirmation came in response to inquiries about his position on crypto during a recent public appearance. In a statement, he declared, “I’m good with it,” signaling a willingness to embrace the burgeoning industry.

Further, in response to inquiries about crypto during his appearance, Trump acknowledged the exodus of crypto businesses from the US due to regulatory hostility. He emphasized the importance of addressing these challenges, stating, “If we’re going to embrace it, we have to let them be here.“

The presidential candidate also criticized the Biden administration for erecting high barriers to the crypto industry through stringent regulations enforced under the watch of SEC’s Gary Gensler.

“Biden doesn’t even know what (crypto) is…The democrats are very much against it and I say this…a lot of people are very much for it and I’m fine with it, I want to make sure it’s good and solid,” added Trump.

That said, Trump’s affirmation has stirred discussions within the cryptocurrency community. Trump’s stance could have significant implications for the future of digital assets in the United States should he clinch the presidency in the upcoming elections.

In a Thursday tweet, Messari Ryan Selkis, CEO of crypto analytics firm, praised Trump for his stance on crypto-generated attention.

However, not everyone is convinced about Trump’s stance. Some see it as a political gimmick to garner support from younger generations, who are the biggest players in the sector.

“The devil is in the detail. He hated #Bitcoin last time he was in power. Now he wants the “crypto” vote? Will US policy towards BTC get worse or better under Trump?” wrote Simon Dixon, founder of crypto investment firm Bank of the Future.

Notably, this is not the first time Trump has shown his support for crypto despite his apparent hostility to the sector in the past. In addition to launching several highly profitable NFT projects in the past, in early March, Donald Trump presented a more neutral viewpoint on crypto, particularly during an interview with CNBC.

“I have seen there has been a lot of use of that, and I’m not sure that I’d want to take it away at this point … I can live with it one way or the other,” Trump stated when asked about his stand on Bitcoin.

Notably, this is reversed from his comments in 2021, where he had said that crypto is a “disaster waiting to happen.”

Popular crypto analyst Willy Woo predicted that Bitcoin will likely experience a bullish breakout in October of this year. He predicted this even as the index posted a strong showing, rising above $67k. Some analysts were quick to predict an immediate bullish outlook for the premier digital currency, but Willy had none.

He tweeted:

In addition to predicting the resumption of the long-term bull market before October, Woo also claimed that 2025 would be a record year for Bitcoin. He focused on global liquidity statistics to make the projections.

Price Action

Bitcoin was largely sluggish for most of this month. However, the largest digital currency by market capitalization shed some value a few days before press time, followed by a half-hearted recovery. Here is how BTC performed earlier today on Bitstamp:

Time to Jump on the Bullish Bandwagon?

Several analysts, including Willy’s colleagues on X, were quick to jump on the bullish bandwagon and declare the resumption of the bull market.

Woo is known for his analytical approach and is a Bitcoin maximalist.

This small rally coincided with relatively positive US Labor statistics, so it could just be an anticipation of the US Federal Reserve cutting interest rates.

Has the Bull Market been Revived?

According to crypto billionaire Mike Novogratz, Bitcoin is likely to fluctuate between $55k and $75k for the time being until another favorable external indicator presents itself. The furor around the Bitcoin block reward halving, aka Bitcoin halving, and the spot ETF approval has died down.

While the trading range suggested by Novogratz is quite broad, it provides a sound basis for the future. Any mediocre move between $60k-$70k will not revive the long-term bull market, that is for sure. The upward forces need to move above the new all-time high of $73k to change their fortunes.

‘Ethereum killer’ Solana has taken the blockchain ecosystem by storm after becoming the fastest blockchain in the world with record transaction speed. Research from CoinGecko shows that the network processed an astounding 95 million transactions in a single day. This achievement is not just a technological feat but also marks a huge milestone in the blockchain and crypto industry. 

Solana Takes The Speed Crown

Solana has emerged as the cheetah of the cryptosphere thanks to its lightning-fast speed.

According to a recent research report by crypto data aggregator CoinGecko, Solana leads with the highest daily average transactions per second (TPS), clocking in at 1,053 TPS. This remarkable achievement in speed solidifies Solana’s status as a so-called “Ethereum killer,” which has long been questioned due to the constant network outages.

Sui comes in second at 854 TPS, followed by Binance Smart Chain (BSC) at 378 TPS, Polygon at 190 TPS, TON at 175 TPS, Tron at 159 TPS, Near at 117 TPS, and Avalanche at 89 TPS.

Meanwhile, established networks like Bitcoin (BTC) and Ethereum (ETH) have long struggled with transaction speed limitations. Ethereum recorded an average peak TPS of 22.8, while the world’s largest blockchain, Bitcoin, processed just 10.7 transactions per second.

CoinGecko analyzed the processing speed of the top 30 blockchains based on their total value locked (TVL) ranking on DefiLlama as of May 15, 2024, to ascertain the fastest blockchains. Processing speed was calculated using the actual or realized TPS metric, measured as a daily average, to ensure a uniform comparison across multiple blockchains.

Solana’s peak performance was awe-inspiring, attaining 1,504 TPS on April 6, 2023, owing to an upsurge in meme coin transactions. This performance makes Solana approximately 46 times faster than Ethereum and 5 times faster than Polygon — the fastest among Ethereum scaling solutions.

CoinGecko’s study noted that despite ranking as the fastest blockchain, Solana has only achieved 1.6% of its theoretical maximum TPS of 65,000.

Solana isn’t even designed for maximum throughput. It’s designed to synchronize state to as many boxes around the world as fast as physics allow. https://t.co/lTfDJuG6mp

— toly | bip-420 (@aeyakovenko) May 17, 2024

Solana’s exceptional speed has not gone unnoticed in the cryptocurrency market. At press time, SOL changed hands for $173, representing a 2.7% gain on the day and an 18.2% increase on the weekly chart. This performance underscores the market’s confidence in Solana’s potential to revolutionize the digital transaction landscape.

Is Solana Truly An “Ethereum Killer?”

Solana started its mainnet operations in March 2020, with a claimed throughput of 50,000 transactions per second (TPS). The network sought to improve Ethereum’s scalability inefficiencies.

Unlike Ethereum, which relies on layer-2 scaling solutions to enhance scalability, Solana offers scalable solutions for a decentralized ecosystem. But Solana’s technique has been widely criticized following its previous repeated outages. In early April, soaring demand for meme coins caused roughly 76% of Solana transactions to fail.

Prior to that, block production on Solana halted for around five hours before developers and validators could build and test a release that contained remediation.

Ripple’s recent announcement of its ambitious plans to expand into Africa has boosted XRP’s trajectory. With the crypto asset now trading at $0.52, the crypto community speculates whether XRP can push past its next resistance level of $0.55 and potentially reach $1.

Ripple, a major leader in cross-border payment solutions, is set to introduce its XRP Ledger (XRPL) and a suite of crypto-native services, including custody solutions, to the African continent.

Reece Merrick, Managing Director Middle East, Africa for @Ripple, says they are best known for payments but stepping into " crypto native services" (custody) and supporting the #XRPL program in the region. https://t.co/MzySaYOw5A "Looking to expand quite heavily here" pic.twitter.com/RfVE7xUjpH

— Crypto Eri Carpe Diem (@sentosumosaba) May 17, 2024

This strategic move is in partnership with MFS Africa, a leading payments firm operating in 35 African countries. Ripple’s On-Demand Liquidity (ODL) product, which leverages XRP to facilitate swift and cost-effective cross-border transactions, will be at the forefront of this expansion.

This collaboration aims to streamline and enhance the efficiency of the region’s remittances and other payment processes, tapping into a vast market with significant growth potential. Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, emphasized the company’s commitment to establishing a robust presence in emerging markets through innovative crypto services.

Market Reaction and XRP Price Surge

The announcement had an immediate impact on XRP’s market performance. The cryptocurrency increased from $0.48 to $0.52, reflecting a 1.4% rise. This surge underscores the market’s positive reception to Ripple’s strategic expansion plans and its potential to drive further adoption of XRP across the African market.

XRP’s market capitalization currently stands at $28.7 billion, and its 48-hour trading volume has reached $1.1 billion, indicating strong investor interest and trading activity. Technical indicators suggest XRP could see further gains, with the next resistance level at $0.55. If bullish momentum continues, the digital asset might target the $1 mark, a significant psychological and technical milestone.

Ripple’s foray into Africa is part of a broader vision to leverage blockchain technology for various financial services beyond cross-border payments. The introduction of custody services and other crypto-native solutions reflects Ripple’s strategy to diversify its offerings and provide comprehensive financial tools to businesses and consumers in the region.

This expansion comes amidst Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC has accused Ripple of selling XRP as an unregistered security and is seeking approximately $2 billion in fines. Ripple, however, disputes this figure, arguing that the appropriate penalty should be around $10 million. Despite these legal challenges, Ripple continues to pursue its growth agenda.

XRP Technical Analysis and Prediction

XRP has struggled to gain momentum, consistently hitting a wall at the $0.55 resistance level. This stagnation is evident across various timeframes, with the cryptocurrency experiencing declines over the past month, week, and even the last 24 hours. Currently, XRP is trading at $0.52, a slight uptick from its position a week ago.

Despite the sluggish market, analysts offer a more hopeful outlook. They forecast a notable rise for XRP, suggesting that the coin could reach $0.65 by mid-week. This would mark an impressive gain of over 25%.

From a technical analysis perspective, breaking past the $0.55 resistance is crucial for XRP to enter a bullish phase. If the analysts’ optimistic forecast materializes, it could reinvigorate investor confidence and drive further price increases. Conversely, failure to break this barrier might lead to a period of consolidation, with prices potentially stabilizing around $0.50.

The primary challenge with XRP is that its value is largely driven by its underlying fundamentals rather than market hype. As a result, big returns might take longer to materialize.

All eyes are on the United States Securities and Exchange Commission (SEC) for approving the Ethereum exchange-traded funds (ETFs). Following the groundbreaking approval of spot Bitcoin ETFs earlier this year, the anticipation for Ethereum ETFs is palpable, with major investment firms waiting for confirmation.

BlackRock

Leading the charge is BlackRock, the world’s largest investment management company, which submitted an S-1 form for its iShares Ethereum Trust. With CEO Larry Fink believing in Ethereum’s potential, BlackRock’s entry into the Ethereum ETF market shows the huge institutional interest in the second-largest cryptocurrency.

Grayscale

Meanwhile, Grayscale, a prominent crypto asset manager, awaits the SEC’s response to its proposal to convert its Grayscale Ethereum Trust into a spot Ethereum ETF. Having paved the way for Bitcoin ETFs in the U.S., Grayscale will directly compete with BlackRock for the best ETF provider.

Ark 21Shares

ARK Invest, in collaboration with crypto ETF issuer 21Shares, has also entered the fray, filing for an Ethereum ETF with Coinbase as the trustee. Cathie Wood’s ARK Invest is known for its innovative investment strategies, and its entry into Ethereum ETFs reflects the increasing demand for crypto investments.

Fidelity, VanEck, and Hashdex

Fidelity, another major player in the financial industry, signaled its interest in Ethereum ETFs by filing for a product with the SEC through Cboe.

The same goes for VanEck. An established asset manager, it was the first to send its proposal for an Ethereum ETF, but it later withdrew it in 2021.

Brazilian asset manager Hashdex, in partnership with Nasdaq, applied for a Hashdex Nasdaq Ethereum ETF, leveraging its success with crypto ETFs in Brazil.

Franklin Templeton, Invesco Galaxy, and Bitwise

Franklin Templeton’s proposal for a Franklin Ethereum Trust includes staking as part of its investment strategy. With staking gaining popularity in the crypto space, Franklin Templeton is looking to present a unique value proposition and offer more opportunities to its investors.

Invesco, Galaxy Digital, and Bitwise have also submitted proposals for Ethereum ETFs, adding to the growing list of contenders awaiting SEC approval.

While the SEC’s decisions on these proposals are eagerly awaited, industry experts anticipate a potential launch of Ethereum ETFs by the end of the year. If approved, Ethereum ETFs could open up new avenues for mainstream investors to participate in the crypto market and have a huge impact on the market, potentially sending it to new highs.

Solana’s native token, SOL, is leading the recent recovery in crypto prices, outshining most of its large-cap crypto rivals, including Bitcoin (BTC), and signaling that the bulls are attempting a huge comeback. A hedge fund founder sees the prospect of SOL surging to the $200 price tag by the end of this month.

$200 SOL Within Reach

Solana’s SOL has surged over 3.8% in the last 24 hours to reach $175.79 on May 18 — its highest level in over a month. The token’s monthly returns stand at around 33.5%. On the weekly timeframe, SOL’s 20.7% leap was the largest among the top 15 coins and tokens by market cap.

Daniel Cheung, the co-founder of digital asset hedge fund Syncracy Capital, posited on the X micro-blogging site, “Strength on SOL has been incredible on this bounce. Very clear this is still the best trade of this cycle.”

Cheung revealed that he is “much more confident” that the price of SOL could reclaim the $200 mark by the end of this month and rocket to new historic highs “soon.”

Strength on $SOL has been incredible on this bounce – very clear this is still the best trade of this cycle.Much more confident here on ability for SOL to reclaim $200.Frankendancer on the horizon, which paves the way to Firedancer upgrade.ATHs soon. https://t.co/BTKe6uDgpB

— Daniel Cheung (@HighCoinviction) May 17, 2024

SOL set its current record high of $259.96 in November 2021 — about 32.8% higher than the current price — during the peak of the previous bull market. The cryptocurrency crashed to as low as nearly $8 in December 2022 following the implosion of Sam Bankman-Fried’s FTX empire but has rebounded drastically since. It’s up a whopping 739.2% in the past year alone.

The uptick in SOL’s value so far in May can be linked to several factors, including a rise in Solana-based meme coins that are riding the latest wave of crypto hype, growing decentralized finance (DeFi) trading volume, and positive news in the Solana ecosystem. Trading platform Robinhood recently launched its first SOL-staking product for European customers. The rollout boosted investor confidence in Solana, as being featured by a leading brokerage like Robinhood is considered a validation of the crypto’s potential and strength.

Cheung highlighted forthcoming upgrades laying the groundwork for the much-awaited Firedancer upgrade — an entirely new independent client scheduled for release later this year — as another reason to be hopeful for Solana’s price.

Following a 6.46% jump on Friday, Bitcoin takes a bullish stand to dilute the broader market fear. As the BTC price reclaims $67,000, the uptrend chances are improving.

Further, with the FED meeting results coming in dovish, market analysts expect the crypto market to boost with the surge in the US Dollar. On a slightly different viewpoint, the ex-BitMEX CEO expects the Bitcoin price to trade between $60,000 and $70,000 over the next few months.

The bullish reversal helps Bitcoin avoid a drop below the psychological $60,000 level. Will this reflection of huge demand at lower levels lead to a massive jump in May?

Will the coming week mark a positive end? Let’s find out more in our BTC price analysis below.

Will The BTC Price Sustain Above $65,000?

The 14% bearish pullback in April breaks the 7-month streak of bullish candles in the 1M chart. Starting from the new all-time high at $73,794 to a brief dip to $56,500, the pullback violates the $60,000 support zone for a short period.

However, the high demand below $60,000 boosts the BTC price back above $67,000. The buyers avoid a bearish closing under $60,000 in the weekly chart. Further, the lower price rejection is crystal clear in the last few weekly candles, increasing bullish reversal chances.

The trading volume indicator shows a decline in weekly volumes during the pullback phase, bolstering uptrend chances. Currently, the BTC price trades at $67,232, showing a morning star possibility in the 1W chart.

Will Bitcoin Mark The First Bullish May in 4 Years?

According to historical BTC price data, May has been bearish for Bitcoin in the past three years. With a 35% drop in 2021, 15% in 2022, and 6.98% last year, the limiting bearishness could conclude this year with a bullish comeback.

Regarding the price analysis, as per the Fibonacci retracement level, the bullish reversal occurs at the 78.60% level. With an upside potential, the biggest crypto could hit the $70,000 ceiling. Conversely, a reversal could start a consolidation with the bottom support at $63,000.

Bitcoin ETFs Bleed Heavily Over The Week

In a week, the 9 spot Bitcoin ETFs in the U.S. decreased their Bitcoin holding by 16,408 BTC, accounting for almost a Billion dollars.

May 3 Update:9 ETFs decreased 2,350 $BTC (-$144.56M).#Grayscale decreased 2,950 $BTC (-$181.4M) and currently holds 292,176 $BTC ($17.97B).https://t.co/EYQTaMwxyp pic.twitter.com/O3FsqVkyYV

— Lookonchain (@lookonchain) May 3, 2024

With such a sharp drop, the ETF sentiments are clearly bearish despite the last-minute recovery. However, with high anticipations of a bullish tone next week for BTC price, the ETFs could find an overall net positive inflow.

Bitcoin maximalist and financial journalist Max Keiser continues his verbal war against altcoins and their proponents. Once again, he has taken a jab at XRP and Ripple CEO Brad Garlinghouse. Keiser expects the coin to collapse hard in the future against Bitcoin.

Max Keiser Slams XRP, Predicting Price Crash

Max Keiser, the advisor to El Salvador’s president, has again taken to the X social media platform to bash the Ripple-affiliated crypto XRP.

This time, Keiser claimed XRP was designed by Brad Garlinghouse, the Ripple chief executive officer, “to steal billions from witless fools”. Keiser added that XRP “will continue trending to zero against Bitcoin.” For him, BTC is the “Perfect Money sent by God to unfuck our money.”

XRP will continue trending to zero against #Bitcoin #Bitcoin is Perfect Money sent by God to unfuck our money. XRP is dogsh** pooped out by Brad to steal billions from witless fools like John Deaton. https://t.co/Q6twTS8Qy5

— Max Keiser (@maxkeiser) May 16, 2024

Notably, the Bitcoin OG deliberately refused to point out that XRP was actually launched in the market a few years before Garlinghouse took office at Ripple.

Keiser Lauds Centralized USDT

Although Max Keiser is a staunch Bitcoin advocate, he has recently started liking Tether’s USDT stablecoin. Keiser notes that USDT is centralized but still believes it’s a tool to obliterate the United States dollar.

Keiser then elaborated on why many people are converting their fiat money into USDT to access banking services. “Millions of people swap their fiat money for Tether because they don’t have bank accounts or access to banking services,” he tweeted, and “they use Tether like USD.”

It’s a centralized, play-money proxy to the $USD Millions of people swap their fiat money for Tether because they don’t have bank accounts or access to banking services. They use Tether like $USD Tether, in turn, swaps all the fiat money people send them for US Treasuries… https://t.co/CTuxLgsGst

— Max Keiser (@maxkeiser) May 16, 2024

Keiser’s endorsement of Tether could stem from the firm’s recent decision to allocate 15% of its net profits to purchasing BTC.

Meanwhile, Tether has minted another $1 billion worth of USDT on Ethereum and Tron over the past 24 hours, bringing its market cap above $111 billion.  In the past year alone, Tether has minted a total of $31 billion USDT. Historically, Tether’s minting of USDT has catalyzed Bitcoin’s rally to new highs.

Net inflows into the 9 spot Bitcoin Exchange Traded Funds (ETFs) reached $300 million yesterday as the market experienced a healthy bullish phase. The largest cryptocurrency by market capitalization had been languishing below $63k for the better part of the last three weeks, so this price rally was a breath of fresh air for the bullish cause.

Daily ETF Flow

According to Bitcoin ETF Flow data, the net inflow for the ETFs was $303 million on May 15, 2024. Here is the entire breakdown:

Image Source: Farside

According to the spreadsheet, Fidelity’s FBTC fund was the biggest gainer, with a net inflow of $131 million, dwarfing the rest of the pack considerably. BitWise’s BITB and ARK Invest’s ARKB ETFs stood second and third, with $86.3 million and $38.6 million, respectively. The remaining five spot ETFs, including Grayscale, were in single digits.

Bitcoin ETFs Hit the Ground Running

Bitcoin ETFs hit the ground running after being approved at the end of January this year. They have become the best-performing ETFs ever launched in the history of exchange funds. Four top spot ETFs, including BlackRock’s IBIT, FBTC, ARKB, and BitWise, have seen a massive $28 billion worth of buying in just three and a half months.

After the success in America, several other financial destinations have launched their spot crypto ETFs. Hong Kong, in particular, not only launched three Bitcoin funds but also allowed the same three companies to file for Ethereum ETFs, which were also approved. However, the Hong Kong-based funds couldn’t perform as well as their counterparts across the Pacific Ocean. The US has taken the lead here even though it wasn’t the first to cross the line.

However, the performance in the last few weeks has slowed as the crypto market has suffered overall. The end of April witnessed considerable net outflows, with all the top ETFs bleeding value.

The Future

While the total $28 billion invested in US-based Bitcoin ETFs is peanuts compared to the multi-trillion valuation of the entire crypto market, it is important to note that this is a long-term play.

These ETFs are being eyed by top investment banks worldwide, with big names like BlackRock, Morgan Stanley, and JPMorgan already dipping into the market. The US state of Wisconsin has also bought $100 million worth of shares in the ARKB ETF, and that is just one state. It is predicted that sovereign wealth funds, pension funds, and national treasuries will invest in Bitcoin in the near future.