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Cryptocurrency News Articles

Altcoins Surge Ahead of Bitcoin's Halving Event

Apr 19, 2024 at 08:08 am

Despite falling Ethereum numbers, XRP and BNB show signs of recovery. With all eyes on Bitcoin's [BTC] halving, altcoins may silently steal the show as they plan their own price rallies.

Altcoins Surge Ahead of Bitcoin's Halving Event

Altcoins Surge as Bitcoin Halving Draws Near

Amidst the anticipation surrounding Bitcoin's [BTC] upcoming halving, altcoins are poised to steal the spotlight as they prepare for a potential rally.

Altcoin Market Cap Reaches Historically Bullish Levels

As per recent data, the altcoin market capitalization has reached a level that has historically been followed by a price surge. Therefore, AMBCrypto examined the top altcoins Ethereum [ETH], BNB, and XRP to ascertain whether history will repeat itself.

Altcoins Primed for a Rally

Bitcoin is anticipated to undergo its fourth halving event soon. Upon its implementation, the reward miners receive for validating blocks will be cut in half, from the current 6.25 bitcoins to 3.125 bitcoins.

During the previous halving event in 2020, when BTC's block reward fell from 12.5 to 6.25, several altcoins exhibited notable price action.

Titan of Crypto, a renowned cryptocurrency analyst, recently tweeted about the significant level reached by the altcoin market cap. According to the tweet, the market cap is at the 61.8% Fibonacci retracement level on the monthly chart.

Historically, whenever the metric has touched this level, altcoins have initiated price rallies in the ensuing days. Specifically, such instances occurred in 2021 and 2016.

ETH, BNB, and XRP Leading the Charge?

At the time of writing, altcoins were experiencing a downturn. To assess whether the trend could reverse, allowing them to commence a rally, AMBCrypto first analyzed the state of ETH.

Our analysis of CryptoQuant data revealed that ETH's net deposits on exchanges were elevated compared to its seven-day average, indicating subdued buying pressure.

In fact, the selling sentiment was quite high among exchange-based funds and large investors, evident from the red Funding Premium. Derivative traders were also selling ETH, as the net realized profit/loss ratio flipped negative.

Next, we examined how XRP has been performing. According to CoinMarketCap, XRP has declined by over 20% in the past seven days. The price drop has sparked accumulation since buying pressure has risen.

AMBCrypto's analysis of data from Santiment showed a spike in XRP's exchange outflow volume. The high buying pressure is also corroborated by a decline in exchange supply last week.

Investors are also bullish on XRP, as its weighted sentiment indicator remained elevated.

BNB's outlook also appears promising. While most cryptocurrencies have faced losses, BNB has held its ground, with a 1.3% gain in the past 24 hours.

Read Binance Coin [BNB] Price Prediction 2024-25

While the coin's price has been moving upwards, so has its Open Interest. The rise in this metric implies that the price momentum is likely to continue.

Looking at the broader picture, if XRP and BNB's metrics translate into price rallies, they could lead the next altcoin season in the wake of Bitcoin's halving.

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