Crypto Outlook

BTC: $24,910.37

ETH: $1,711.73

XRP: $0.3967

LTC: $100.49

The global crypto market cap is $1.13T, a 1.06% increase over the last day. The total crypto market volume over the last 24 hours is $45.15B, which makes a 26.90% decrease.

BTC: BTC price increased by 1.62% over 24 hours and 14.23% in the past seven days. The asset reached a low and high of $24,574.23 and $25,074.39, respectively.

A well-known crypto trader warns Bitcoin holders that BTC could soon see a drop in long liquidations. Justin Bennett, having 111,300 Twitter followers, says that, according to him, Bitcoin is likely trading in an expanding wedge pattern that may lead the price correct to around $20,000 after hitting the formation’s diagonal resistance.

Via a Tweet, Bennett said:

“A bit higher than I thought we might see, but I still think we get the pullback from BTC. Apes gonna ape.”

According to Bennett, there are billions of dollars worth of long positions are waiting to be liquidated below $20,800, suggesting that market makers could drive the price of Bitcoin down to tap into the deep liquidity area.

“Over $100 billion (yes, billion) worth of BTC longs left untouched at $20,800. What could it mean?”

ETH: ETH price increased by 1.35% over 24 hours and 11.80% in the past seven days. The asset reached a low and high of $1,683.67 and $1,718.95, respectively.

Ethereum’s Investors are excited about the much-awaited Shanghai upgrade. The upgrade will allow investors to withdraw their staked Ethereum.

Another positive news from Lookonchain, a web3 data analysis tool provider that its data shows increased ETH accumulation. Whale “0xB79c” added 28,672 ETH, worth $48.5 million, from Binance and Coinbase over the past two months. This development suggested that the whales expected ETH’s price to pump further.

It’s interesting to note that whale and shark addresses with 100,000 ETH still hold close to 47% of the total ETH supply. The increase in accumulation was again proven through Santiment’s chart, as the total supply on exchanges registered a decline over the last month.

Besides, ETH’s exchange outflow spiked lately.

XRP: XRP price increased by 0.16% over 24 hours and 3.75% in the past seven days. The asset reached a low and high of $0.3809 and $0.3841, respectively.

Leigh Drogen, the General Partner and CIO of Starkiller Capital, an investment management firm, have spotted a shadow at two of the top 10 largest cryptocurrencies. Drogen marked Cardano’s ADA and Ripple’s XRP as “completely utterly useless” tokens.

Drogen predicted that their XRP’s and ADA’s multi-billion-dollar market allocations would flow to other crypto assets “actually work and matter.”

XRP is a cross-border payments token associated with Ripple; the company is involved in a two-year legal battle with the U.S. Securities and SEC. That case claims that Ripple raised over $1.3 billion through an unregistered securities offering of the sixth-largest cryptocurrency; Ripple vehemently denies that XRP is a security.

LTC: LTC price increased by 0.91% and 8.10% over 24 hours and in the past seven days. The asset reached a low and high of $93.04 and $94.71, respectively.

The Litecoin Foundation, on its tweeter, recently revealed that LTC had achieved another milestone as its hash rate touched a new all-time high.

As per the tweet, on 15 February 2023, LTC’s hashrate surpassed 886 TH/s at block 2,423,170. This increase showed an inflow of new miners into the network. Thanks to the increased hashrate, meanwhile BTC’s mining difficulty also increased and, at the moment, is at 24.4 million.

Litecoin via Tweet:

“Litecoin’s Hashrate climbs to hit a new All-Time High of 886.17 TH/s!! A direct illustration of the steady, healthy, & maturing growth of the $LTC network and Lite coin’s network security! #Litecoin”

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