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How These 4 Key Cryptocurrencies Beat The Nasdaq Composite in 2024

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Moreover, even in a year that many stocks doubled and tripled their historical average yearly returns, leading cryptocurrencies delivered gains of over 100% for the year.

With several years of operation behind them, landmark wins against SEC regulators in US court, and even Wall Street ETFs for two of them, the crypto assets on this list are less risky for investors than ever before.

That doesn’t mean buying these digital assets is without risk any more than buying stocks like Apple or Amazon is without risk. But gone are the days when educated investors must scratch their heads looking at the staggering reports about these currencies’ price gains and wonder if it could be real.

They’re currently caught up in the bullish part of a multi-year boom and bust cycle. That means their exchange rates against the dollar have been rising for months and could continue to increase until all market demand has been exhausted. Then, prices are likely to correct again for the remainder of this market cycle.

Four Big Cryptos That Beat Wall Street

Below is each asset, with a note about how it beat returns from tech stocks in the Nasdaq Composite this year. For reference, the NASDAQ, a broad benchmark for the performance of US tech stocks, gained 33% for the year ending Thursday, Dec. 26.

Meanwhile, the four cryptocurrencies featured here gained accordingly:

  • Bitcoin: 126%
  • Ethereum: 49%
  • Solana: 75%
  • Ripple: 247%

Over its history, the Nasdaq has taken as long as ten years or more to return this kind of gains to the market value of its stocks. These crypto assets did it in just one year, and it’s by far not the first time they’ve performed this well in a year.

1. Bitcoin (BTC) Yearly Performance 2024: +126%

Bitcoin is the original and first-in-class cryptocurrency. It invented the entire segment with its 2009 debut. On Thursday, the Bitcoin economy’s total market capitalization exceeded $1.9 trillion.

For the year through Dec. 26, Bitcoin rose 126% over its average Jan. 1 price on crypto exchanges. It is the most traded and most liquid cryptocurrency, as well as the most established, with a hands-off approach by US regulators and several ETF (exchange-traded fund) products available on Wall Street for regulated investors to buy at less risk than using crypto exchanges or self-custody to purchase and secure.

In addition to its ongoing unique value proposition, Bitcoin beat the Nasdaq this year for three more proximate reasons:

  • The Wall Street ETF approval for Bitcoin by the SEC on Jan. 10
  • The four-year BTC supply halving on Apr. 20
  • The reelection of former President Donald Trump on Nov. 5

Bitcoin’s unique value proposition is its highly secure maintenance of a preciously scarce supply of unique, serialized digital notes on its network. Economists who understand how it works compare Bitcoin to digital gold, which you can send to anyone in the world as easy as it is to send an email.

2. Ethereum (ETH) Yearly Performance 2024: +49%

Inspired by the ideas and design behind Bitcoin, Ethereum was the first blockchain smart contract platform to scale to a mass market of users. Smart contracts are like currency on Bitcoin’s network, but they can do more than basic accounting.

The idea is powerful, and the possibilities are endless: Smart contracts or decentralized finance (DeFi) networks like Ethereum host programmable money.

Imagine you could write a note on a $100 dollar bill that says the first person to meet the requirements on this note gets to have the $100 dollar bill.

Furthermore, you could just leave that note posted on a cork board in an office park, and it wouldn’t go anywhere until someone actually did whatever the note requires (for example, leave a note in its place with the solution to a complex problem that would cost you more than $100 to solve yourself).

This technology is still new, but it promises to revolutionize finance, law, accounting, insurance, and supply chain management in some way that is comparable to how the Internet revolutionized publishing and retail commerce.

Ethereum beat the Nasdaq this year because of:

  • The Wall Street ETF approval for Ether by the SEC on Jul. 22.
  • The Federal Reserve’s pivot to cutting interest rates lower on Sept. 18
  • The reelection of former President Donald Trump on Nov. 5

Blockchain insights and analytics team CryptoQuant recently noted that key metrics for Ethereum presage a persistently bullish market outlook for ETH tokens for the time being.

3. Solana (SOL) Yearly Performance 2024: +75%

Inspired by the success of Ethereum, Solana is another smart contract DeFi platform built with a second-mover advantage of greater network speed and lower fees. While Ether remains the leading DeFi cryptocurrency by market cap, Solana has made enormous strides to close the gap.

It still has a ways to go, with some $90 billion in market capitalization Thursday compared to Ethereum’s $400 billion market cap. But cryptocurrency market watchers are eyeing these two closely to gauge the future of the blockchain economy and crypto exchange markets.

Solana lagged Bitcoin for ROI growth this year over Jan. 1’s average crypto exchange price, but it bested Ethereum by a pretty margin. Furthermore, it clobbered one of the best years for growth in Nasdaq, with 33% gains for the year ending Thursday, Dec. 26.

Solana beat the Nasdaq this year because of:

  • High network throughput and low fees compared to DeFi competitors
  • The Federal Reserve’s pivot to low interest rates and Trump’s reelection
  • The outstanding success of Solana meme coins against its competitors

Some of the top Solana memes that stood out this year include Bonk, Pudgy Penguins, Dogwifhat, Fartcoin, Popcat, Gigachad, Goatseus Maximus, and Baby Doge Coin. But beginning crypto investors who don’t know their way around memes are probably safer with the base layer SOL tokens.

4. Ripple (XRP) Yearly Performance 2024: +247%

One of the earliest altcoins inspired by Bitcoin, Ripple’s XRP is a decentralized, automated platform for large cross-border payments between financial institutions.

Ripple’s XRP tokens are the leading earner on this short list for the year because of pent-up demand as the market is hopeful for a resolution to the SEC lawsuit. The US Securities and Exchange Commission sued Ripple over allegations of selling unregistered securities (those being the XRP tokens for its decentralized payment network).

Three US court rulings in Ripple’s favor last year and another this most recent November set the stage for XRP’s over-indexing performance among leading cryptos this year.

Ripple beat the Nasdaq because of:

  • Several decisive wins against the SEC in court and hype around potential resolution
  • The Fed’s low rate pivot and Donald Trump’s reelection
  • Ripple’s aggressive push for business partnerships around the world

Recent technical analysis of XRP’s price indicates the bull run will continue as long as average exchange rates stay above this key support level.

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Cryptocurrency

Ethereum Foundation, Whales, and Hackers: What’s Driving the ETH Sell-Off?

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TL;DR

  • Whales, hackers, and the Ethereum Foundation wallets moved over $500M in ETH through large sales and withdrawals.
  • Ethereum transfers rose to 4.6M ETH, nearing the monthly high of 5.2M recorded in July.
  • Staking inflows hit 247,900 ETH, the highest in a month, locking more supply from trading.

Large Withdrawals and Whale Activity

Ethereum (ETH) has seen heavy movement from major wallets over the past few days. On-chain data from Lookonchain shows a newly created wallet pulled 17,591 ETH, worth $81.62 million, from Kraken in just two hours. 

Over three days, two new wallets withdrew a combined 71,025 ETH, valued at $330 million, from the exchange.

One of these wallets, address 0x2A92, has withdrawn 53,434 ETH, worth $242.34 million, in two days. This includes a recent purchase of 30,069 ETH, valued at $138.46 million, during a market drop.

Major ETH Holders Offload Millions Amid Price Rally

In contrast, several separate entities have been disposing of some ETH holdings. A wallet tied to a hacker address 0x17E0 sold 4,958 ETH for $22.13 million at $4,463, securing a profit of $9.75 million. Earlier this year, the same address sold 12,282 ETH at $1,932 and later bought back part of the amount at higher prices.

A different whale sold 20,600 ETH for $96.55 million over the past two days, generating a profit of more than $26 million after holding the position for nine months. 

Meanwhile, an Ethereum Foundation-linked wallet, 0xF39d, sold 6,194 ETH worth $28.36 million in the last three days at an average price of $4,578. 

Recent sales from the same wallet included an additional 1,100 ETH and 1,695 ETH for over $12.7 million combined.

Network Activity on the Rise

CryptoQuant data shows Ethereum’s total tokens transferred have been climbing since August 9. After ranging between 1 million and 3 million ETH through late July and early August, transfers have risen to 4.6 million ETH, approaching the monthly high of 5.2 million recorded in mid-July. This increase has occurred alongside a price rally from about $3,400 to $4,600.

Ethereum (ETH) Tokens Transferred (Total)
Source: CryptoQuant

Interestingly, staking inflows generally stayed between 20,000 and 80,000 ETH per day over the past month. On August 14, inflows jumped to 247,900 ETH, the highest in the period. 

At the time, ETH was trading near $4,600. Large staking deposits reduce the amount of ETH available for immediate trading, as staked coins are locked for a set period.

Ethereum (ETH) Staking Inflow Total
Source: CryptoQuant

In the meantime, ETH trades at $4,647 with a 24-hour volume of $68.25 billion, down 2% on the day but up 19% over the week.

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Cryptocurrency

Massive DOGE Whale Activity Hints at $1 Breakout

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TL;DR

  • Whales bought two billion DOGE this week, lifting their combined holdings to 27.6 billion coins.
  • A single 900M DOGE transfer worth $208M to Binance drew attention to large exchange movements.
  • DOGE broke key resistance, with momentum building for a possible push toward the $1 price mark.

Price and Market Moves

Dogecoin (DOGE) traded at $0.23 at press time, slipping 4% over the past day but still showing a 2% gain for the week. Daily turnover came in at about $6.18 billion. 

Meanwhile, the broader crypto market saw over $1 billion in liquidations. Hotter-than-expected US Producer Price Index data pushed traders to scale back expectations of a near-term Federal Reserve rate cut. DOGE had roughly 290,500 coins liquidated during the sell-off.

On the two-week chart, analyst Trader Tardigrade notes that DOGE has cleared a downward-sloping resistance line after completing what appears to be a “wave V” in an Elliott Wave sequence. Similar setups in the past, where prolonged declines stayed within falling channels before breaking higher, have been followed by sharp rallies.

Momentum gauges are also turning up. The Stochastic RSI, which had dropped into oversold territory, is now heading higher. Previous reversals from this zone have coincided with sustained upward moves. The current formation points to a possible run that could carry DOGE past the $1 mark.

Heavy Whale Buying and Large Transfers

As reported by CryptoPotato, blockchain data shows large investors have added two billion DOGE in the past week, spending just under $500 million. That brings their holdings to about 27.6 billion coins, or 18% of the supply. The buying streak has prompted speculation within the community. 

Recently, Whale Alert flagged a 900 million DOGE transfer worth about $208 million into Binance. The tracking indicates that it originated from a wallet connected to the exchange, likely as an internal activity. The address involved holds 2.88 billion DOGE, one of the largest balances on the network.

Ali Martinez also reports that transactions above $1 million reached a one-month high, with activity building since early August and peaking as DOGE traded at $0.25.

Sentiment Building

Analyst Gordon described the current setup as “a nice bit of consolidation” before a potential breakout, adding, 

“This will be one of the first coins normies FLOCK to & the pump will be MASSIVE.”

With whale accumulation rising, high-value transfers increasing, and a bullish technical pattern in play, DOGE is positioned for a potential push toward $1 if momentum holds.

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Ripple Price Analysis: XRP at Risk as Key Support Levels Could Trigger Sharp Drop

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XRP has recently entered a consolidation phase after a strong rally earlier this summer, with the price action now hovering around key resistance levels on both its USDT and BTC pairs. Yet, while momentum has slowed, the charts still indicate a generally bullish structure, with multiple key support levels remaining firmly in place.

Technical Analysis

By ShayanMarkets

The USDT Pair

On the XRP/USDT daily chart, the price is currently trading near the $3.10 mark, facing a strong resistance zone around $3.40. This follows a breakout above the $2.70 range in July, which has now flipped into a support area.

Both the 100-day and 200-day moving averages are also trending upward and recently formed a bullish crossover around $2.45, reinforcing the medium-term bullish sentiment. If the $3.40 resistance breaks, a push toward the critical $4.00 range becomes likely.

However, the RSI hovering near the neutral 50 level suggests a lack of strong momentum for now, meaning a short-term pullback into the $2.80 support zone is still possible.

This zone will be key for maintaining the bullish structure. Losing it could open the door for a deeper correction toward the 200-day moving average located around the $2.40 mark. Yet, as long as the price stays above the moving averages, the broader trend remains bullish.

The BTC Pair

Looking at the XRP/BTC chart, the pair has recently pulled back after hitting the 3,000 SAT resistance, with the price currently around 2,600 SAT.

This follows a clean breakout above the long-term descending channel and a successful retest of its upper boundary, which coincided with the 200-day moving average and the 2,400 SAT support zone. This confluence remains a key bullish technical factor, as holding above it could attract renewed buying pressure.

That said, RSI levels around 48 show that momentum has cooled after the sharp July rally, meaning XRP may continue ranging between 2,400 SAT and 3,000 SAT in the near term. A decisive close above 3,000 SAT would likely open the path to the 3,400 SAT zone, while losing 2,400 SAT could shift the bias back toward 2,000 SAT support. For now, the structure still favors the bulls as long as higher lows remain intact.

 

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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