Cardano Hits 2-Year High Of $0.97, Analyst Bullish On $1 Target For The Weekend

Bitcoin can finish the year at $125,000 or more, prediction markets say, as bulls keep up pressure on six figures.

Data from betting platform Kalshi suggests an 85% chance of a $100,000 BTC price before the end of 2024.

BTC price faces “wild” $127,000 forecast

Bitcoin may not have cracked the $100,000 mark yet, but consensus overwhelmingly says that it is a matter of “when,” not “if.”

According to live figures from Kalshi, the odds of being at $100,000 or higher on Dec. 31 currently stand at 85%.

There is even a 9% chance that the pair will crack $150,000 in that time, along with an outside bet of $250,000 or higher.

All in, Kalshi’s median forecast sees a $125,000 BTC price tag becoming a reality by the new year.

“It seems that prediction markets are beginning to price-in a potential breakout rally above $100,000,” trading resource The Kobeissi Letter responded on X, calling the numbers “wild.”

Kobeissi noted that Bitcoin’s market cap may end up at $2.5 trillion by Jan. 1.

Stellar has experienced a 50% price surge over the past 24 hours, making it the top-performing asset during this period. This surge can be attributed to the recent 10-K filing submitted by Grayscale Investments LLC for its Grayscale Stellar Lumens Trust.

At press time, the altcoin trades at $0.45, its highest price point since 2021. However, readings from its daily chart hint at a possible short-term decline. Here is how.

Stellar Lumens Trust Sees Spike in Net Assets

On Friday, Grayscale Investments LLC’s Grayscale Stellar Lumens Trust submitted its 10-K filing for the fiscal year ended September 30, 2024. It noted that the trust recorded a 10% uptick in its overall net assets during the financial year considered.

A 10-K filing is an annual report that publicly traded companies in the US are required to submit to the Securities and Exchange Commission (SEC). It provides an overview of the company’s financial performance. It includes the entity’s audited financial statements, business operations, risk factors, and management discussion and analysis.

According to the report, the Grayscale Stellar Lumens Trust , an investment vehicle offering investors exposure to XLM, faced losses. This was due to the token’s price depreciation during the period considered and the fees paid to the trust’s sponsors. However, these losses were offset by the 34,875,230 XLM tokens valued at $3,923 added to the trust. This resulted in a net increase in the trust’s overall assets.

XLM Reacts To the News

The positive sentiment around this filing has resulted in a spike in XLM’s value. Over the past 24 hours, the token’s price has surged 58%, making it the market’s top gainer. As of this writing, the altcoin trades at $0.45, a price last observed in November 2021.

However, readings from its daily chart suggest that this rally may not continue as XLM has become overbought among market participants. For example, its Relative Strength Index (RSI) is at an all-time high of 92.54 at press time.

RSI measures an asset’s oversold and overbought market conditions. It ranges between 0 and 100, with values above 70 indicating that the asset is overbought and due for a correction. On the other hand, values below 30 suggest that the asset is oversold and may witness a rebound. XLM’s RSI reading of 92.54 suggests that it is significantly overbought and is at risk of a pullback.

Furthermore, XLM’s price trades above the upper line of its Bollinger Bands indicator, confirming the likelihood of a price correction.

The Bollinger Bands indicator measures market volatility and identifies potential buy and sell signals. It consists of three main components: the middle band, the upper band, and the lower band.

When the price trades above the upper band, it suggests that the asset is overbought. This means that the asset’s price has moved significantly higher than its average price and is at risk of a pullback in the near term.

XLM Price Prediction: Token May Shed Recent Gains

Once buyer exhaustion sets in, XLM’s price is at risk of shedding some of its recent gains. According to its Fibonacci Retracement tool, if this happens, its price target will be the support level formed at $0.35. If the bulls fail to defend this level, the token’s price may drop further to $0.23.

On the other hand, if buying pressure intensifies, the XLM token price will continue its uptrend and attempt to breach $0.52, a high it last reached in May 2021.

Bitcoin , the largest cryptocurrency, is approaching $100,000. While some experts are sure that the markets are already overheated, CryptoQuant's researchers explain why the peak is nowhere near. Here's why the situation might mirror the cautious optimism of Q2, 2020.

Bitcoin enters third phase of its cycle: What does this mean?

Bitcoin , the first cryptocurrency, just reentered the "orange" phase of its price cycle based on the SMA Multiplier chart. As such, BTC has jumped into the third stage of its rally out of eight ones registered in previous years, as noticed by Axel Adler, community expert of CryptoQuant.

As explained by the speaker, the model uses a four-year (1,458-day) simple moving average of daily BTC prices. Then, it calculates the ratio between the current price and SMA1458 called the SMA Multiplier.

To find out whether "we are still early," the model maps each multiplier to a color range: Green (<1.5), Yellow (1.5-2), Orange (2-2.5) and more. In each cycle, Bitcoin comes through green, yellow, orange, red, purple, blue, navy and black "zones."

The model is displayed on a logarithmic scale when Bitcoin finds its place in the "orange zone" at current sub-$100,000 prices.

CryptoQuant CEO Ki Young Ju confirms that the model can be valid for the ongoing cycle, which is net bullish for Bitcoiners:

Bitcoin cyclical top still has a long way to go.

Given the fact that Bitcoin is surging now, the current situation "rhymes" with that of late Q3, 2019, and Q2, 2020, when the orange coin was trying to conquer the $10,000 level.

Bitcoin price discovery patterns hint at seven-digit levels

On the "descending" pattern, Bitcoin entered similar zones right before the crash of the Terra/Luna ecosystem in May 2022.

Yesterday, on Nov. 22, Bitcoin hit another all-time high over $99,600 on major spot exchanges, CoinGecko data says.

Recently, CryptoQuant CEO Ki Young Ju shared two "parabolic" scenarios for Bitcoin price discovery in this run.

Should the run repeat the 2017 pattern, it spells $1.15 million as the target price for Bitcoin . A more cautious 2020 pattern hints at $262,000 as the maximum.

The price of Dogecoin saw another epic surge in the past 24 hours, rising over 17% to a high of $0.4656. If this momentum continues, on-chain analyst Ali Martinez believes DOGE could rally to $0.82.

Dogecoin set for bullish breakout

In an X post, Martinez released a chart showing DOGE attempting to break out of a bull flag on the daily chart. As it appears on the price chart of DOGE, the bull flag is a bullish pattern that resembles a flag on a flagpole.

It is usually characterized by a brief period of consolidation during which the price swings sideways slightly downward after a dramatic upward advance.

Once it breaks out of the flag, the price will resume upward movement. Martinez forecasts that we may see another 120% rally for DOGE, which can take it to the $0.82 zone. However, DOGE must hold the $0.37 support level to experience the anticipated breakout. The $0.32 might be a floor if the asset experiences a more widespread market correction.

Additionally, the possibility of DOGE reaching higher levels is hinged on Bitcoin’s price trajectory. DOGE can see higher levels if Bitcoin moves into a new growth phase and market sentiment stays positive.

Furthermore, Dogecoin's value proposition may improve if its ecosystem and community experience additional advancements, such as incorporation into new initiatives.

Whale comeback

Meanwhile, Dogecoin has recorded remarkable whale activity within the past week.

U.Today recently reported that Dogecoin whales cupped 550 million DOGE, valued at approximately $214.5 million. Community members are confident this whale action will trigger a rebound in the price of DOGE in the coming days.

A popular crypto trader named “DonAlt” has expressed bullish views on DOGE. DonAlt claims DOGE will not just reclaim its all-time high but eventually surpass the eagerly anticipated $1 mark.

American blockchain payments firm Ripple Labs Inc. has amplified the testing for its RLUSD stablecoin on the mainnet. The Ripple Stablecoin Tracker reported that the firm minted 10,500,000 RLUSD at the token Treasury. This is one of the proposed high-profile tests for the stablecoin, but the unknown launch date is approaching.

RLUSD readiness for stablecoin world

For months, the Ripple stablecoin has been undergoing intense testing as the firm’s executives question what the launch means for its ecosystem. Ripple Labs remains one of the high-profile payment firms in the market whose RLUSD might enhance its operations.

Testing RLUSD involves different phases, including minting, burning and transferring. The goal remains for the stablecoin to be able to withstand any form of operational demand when it finally goes live.

The low-cost feature of the ledger remains visible as the total cost of minting the latest 10.5 million RLUSD is 0.000135 XRP.

As reported earlier by U.Today, Ripple Labs conducted over 441,000 RLUSD in one hour earlier this month, underscoring how easy it is to issue the stablecoin. How many of these minting, burning and transferring the firm will conduct before it finally launches remains unknown. However, anticipation is growing.

Competitors to watch

Over the past few years, the crypto ecosystem has seen some active players emerge into the stablecoin ecosystem. The number of competitors, from PayPal PYUSD to potential Revolut stablecoin, remains high.

Ultimately, Ripple must contend with the dominance of Tether USDT and Circle’s USDC when RLUSD finally launches.

While it hopes to launch on XRP Ledger and the Ethereum blockchain, initial projections appear promising for the stablecoin. Notably, executives hinted at the need to score regulatory approval before it can finally launch the token on the mainnet. The timeline, however, might shift from this year to Q1, 2025.

Cboe, the derivatives exchange for digital assets and securities trading, is set to make a big addition to the crypto landscape by launching the first cash-settled index options linked to Bitcoin’s (BTC) spot price movements. Scheduled to debut on December 2, these options will be based on the Cboe Bitcoin ETF Index, which tracks a selection of US-listed spot Bitcoin exchange-traded funds.

What This Means For Traders

The introduction of these options follows closely on the heels of Nasdaq’s recent listing of spot Bitcoin ETF options. This move allows US investors to utilize derivatives to speculate on or hedge against BTC’s price movements.

Alex Thorn, head of firmwide research at Galaxy Digital, emphasized that reducing Bitcoin’s volatility could significantly alter investor perceptions. The availability of cash-settled options will provide institutions with effective tools to hedge their positions, potentially increasing overall market liquidity.

This influx of options trading could also influence retail trading behavior, especially during bullish market conditions. Notably, the current surge in Bitcoin’s price, which reached an all-time high of $99,300, has been partly attributed to increased trading activity and market optimism.

Therefore, introducing cash-settled options could further push Bitcoin over the $100,000 mark, especially given the increased buying pressure seen in recent days.

Cboe’s options on the Bitcoin ETF Index will also enable market participants to gain exposure to spot Bitcoin ETFs and, by extension, to Bitcoin itself. The cash-settled nature of these options is said to simplify the process, as positions will be resolved in cash at expiration.

Additionally, the options will feature a “European-style exercise,” meaning they can only be exercised on the expiration date, thus minimizing the risks associated with early assignment.

Cboe Mini Bitcoin ETF Options

In conjunction with the standard-sized index options, Cboe plans to launch Cboe Mini Bitcoin ETF Index options (Ticker: MBTX), valued at one-tenth the notional value of the standard options.

Moreover, Cboe will also offer cash-settled FLEX options on both the standard and mini index options. FLEX options enable traders to customize key contract terms such as exercise price, exercise style, and expiration date, providing further flexibility in trading strategies and allowing for larger positions than typically permitted with standard options contracts.

Rob Hocking, Cboe’s Global Head of Product Innovation, highlighted the benefits of cash settlement and the variety of index sizes available, which are expected to attract institutional and retail participants looking to hedge or capitalize on Bitcoin’s price movements without directly holding the asset.

The exchange already lists cash-settled Bitcoin and Ether margin futures on Cboe Digital Exchange, with plans to transition these products to the Cboe Futures Exchange in the first half of 2025, pending regulatory approval.

Cboe’s BZX Equities Exchange also holds a leading position in the US market for spot crypto ETFs, having captured a majority market share of available Bitcoin and Ethereum ETFs.

When writing, the market’s leading cryptocurrency is trading at $99,240.

Featured image from DALL-E, chart from TradingView.com