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The rally in the crypto market looks overvalued, say JPMorgan Chase analysts. According to The Block, the bank noted the high expectations of traders and investors dictated by several factors. Among them, experts identified two main ones: the prospect of approval by the US Securities and Exchange Commission (SEC) of spot Bitcoin ETFs and the softening of the department’s supervisory policy, which stems from the previous paragraph. However, in both these cases, there are certain nuances, the report says. In the first, positive expectations are dictated by a likely jump in the exchange rate and an influx of capital, but the latter is unlikely, JPMorgan Chase notes: “First, instead of fresh capital entering the crypto industry to be invested in the newly-approved ETFs, we see as a more likely scenario existing capital shifting from existing bitcoin products such as the Grayscale bitcoin trust, bitcoin futures ETFs, and publicly listed bitcoin mining companies, into the...

Solana (SOL) becomes the most traded altcoin in US exchanges this year.  Solana (SOL) is witnessing a dramatic climb in trading volume , outshining other altcoins on exchanges accessible in the United States over the current year. Leading exchange, Coinbase strategically increased its holdings by acquiring 2.2 million SOL tokens on Oct. 18. Since then, SOL is up by over 35%. In contrast, South Korea’s prominent exchange, Upbit, sold nearly 4 million SOL tokens. SOL’s monthly price chart What’s driving Solana (SOL)? A surge in network activity, particularly within liquid staking token protocols such as Jito, has contributed partially to Solana’s price acceleration, according to the data from Kaiko Research. As a prominent alternative Layer 1 (alt L1) blockchain, Solana is frequently juxtaposed with Ethereum (ETH), and the recent months have seen Solana outshine its counterpart. The comparative ratio of SOL to ETH has escalated from 0.011 in September to ...

Certain analysts suggest that the narrowing of GBTC’s discount can be attributed to investors factoring in the possibility of the SEC granting approval to several pending spot Bitcoin ETF applications. Grayscale’s Bitcoin investment vehicle, known as Grayscale Bitcoin Trust (GBTC), is presently trading at its most meager discount in nearly two years. This narrowing of the discount coincides with the gradual progress of spot Bitcoin exchange-traded funds (ETFs) towards potential approval within the United States. According to the latest data from YCharts, as of October 13, GBTC ’s discount in relation to Bitcoin’s net asset value (NAV) has dwindled to 15.87%. Discount to NAV is a percentage-based metric that quantifies how much a mutual fund or ETF is trading below its net asset value. It serves as an indicator to gauge the deviation between a security’s trading price and its true intrinsic value. Data reveals that the discount associated with GBTC comm...

KuCoin (KCS) has emerged as one of the top gainers in the last 24 hours, with an 18% price surge. Meanwhile, the global crypto markets begin a slow recovery following the bloodbath triggered by the US Securities and Exchange Commission’s (SEC) recent enforcement actions against market participants. The price of bitcoin (BTC), ethereum  (ETH), and other crypto currencies have posted decent gains in the last 24 hours, suggesting investor confidence may gradually return to the space following the crazy bloodbaths witnessed in recent weeks. Gary Gensler’s SEC took legal actions against Changpeng Zhao’s Binance and Coinbase earlier this month, triggering renewed fear, uncertainty, and doubt (FUD) across the industry. However, BTC and altcoins are now showing signs of recovery, a resurgence partly attributable to BlackRock’s impending launch of its bitcoin exchange-traded fund (ETF). BlackRock is one of the world’s largest asset management firms, with a massive $9 trillion in assets...

The crypto market had a difficult start to June due to regulatory pressure, causing a price decline. However, there has been a recent surge of interest from institutional investors, leading to a positive shift in the value of many digital assets. In this article, we will look at the market analysis of three top cryptocurrencies in the market: tradecurve (TCRV), monero (XMR), and shiba inu (SHIB). XMR market analysis Monero is exhibiting a bullish trend across all charts, spearheading a new wave of bullishness in the privacy coin ecosystem.  XMR is currently trading at $164.15, a 2.12% increase over the past 24 hours. Monero has been leveraging the recent market growth, consolidating its positive momentum with a substantial gain of 19.15% over the past week. You might also like: Tron price analysis, tradecurve, and optimism up over 20% Moreover, CoinMarketCap reports a significant surge of 16% in Monero’s trading volume within the last 24 hours.  The lat...

In a recent Cointelegraph Twitter poll, DOGE was voted as the memecoin that will have the largest market capitalization by 2025, with PEPE coming in second place. Memes, internet jokes, and popular culture references have become an integral part of online communities. Because of this, cryptocurrencies inevitably gave birth to a new wave of assets called "memecoins." While some argue that these coins are just a fad, others might also believe in their potential to bring financial gain to their investors.  One of the most popular meme coins that was recently launched is a frog-themed token called PEPE. The token has gained traction amid the bear market and garnered a lot of support from various members of the community despite its official website saying “the coin is completely useless and for entertainment purposes only.” According to its creators, PEPE is on a mission to “make memecoins great again” a play on former United States president Donald Trump’s political slogan, ...

Galaxy’s estimation was based on the rapid uptick of interest in Bitcoin NFTs, currency market infrastructure, and the potential to take some market-share away from Ethereum. In a “base case” scenario, Galaxy Digital's research unit has tipped the burgeoning Bitcoin nonfungible token (NFT) market to hit a $4.5 billion market cap by March 2025. Bitcoin NFTs, or Ordinals, have attracted a significant amount of attention since the Ordinals protocol launched in late January, enabling users to inscribe data such as images, PDFs video and audio onto individual satoshis, or sats that each represent 0.00000001 Bitcoin (BTC). NFT giants such as Yuga Labs have even jumped in on the hype. On Feb. 28, the $4 billion firm behind the Bored Ape Yacht Club announced a Bitcoin-based NFT project dubbed “TwelveFold,” marking a notable form of recognition of the Ordinals movement. In a new report published on March. 3, Galaxy researchers analyzed the potential growth of Bitcoin NFTs and made esti...