Analyst Predicts Push To All-Time Highs for AI-Related Altcoin, Updates Outlook on Ethereum
The Daily Hodl
Analyst Predicts Push To All-Time Highs for AI-Related Altcoin, Updates Outlook on Ethereum
Henry Kanapi February 26, 2024
A top analyst who nailed the end of Bitcoin’s (BTC) 2021 bull market thinks that one artificial intelligence (AI)-related altcoin is gearing up to rally to a fresh record high.
Pseudonymous analyst Pentoshi tells his 756,300 followers on the social media platform X that he’s bullish on the native asset of Render (RNDR), a crypto project that aims to provide a decentralized marketplace for Graphics Processing Units (GPUs).
The project, which recently migrated to Solana (SOL), now uses its GPU network to give users the required compute power to complete tasks in the AI field such as machine learning training.
According to Pentoshi, RNDR is on the cusp of breaching its all-time high of $8.78, which it recorded in November 2021.
“I do think it will enter price discovery in the very near future, but would not be surprised to see it consolidate and correct for a few weeks first. The middle of this larger range likely a good area to buy and something Ill be keeping an eye on.”
Image
Source: Pentoshi/X
At time of writing, RNDR is worth $7.32.
Another altcoin on the trader’s radar is the leading smart contract platform Ethereum (ETH). According to the analyst, the speculation surrounding the possibility of getting a spot market Ethereum exchange-traded fund (ETF) could send ETH close to $3,500.
“As we get closer to the ETF dates, more people should speculate. Approval or not doesn’t matter, just that they participate.”
Image
Source: Pentoshi/X
At time of writing, ETH is worth $3,144, up over 2.8% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
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Analyst Predicts Push To All-Time Highs for AI-Related Altcoin, Updates Outlook on Ethereum
Henry Kanapi February 26, 2024
A top analyst who nailed the end of Bitcoin’s (BTC) 2021 bull market thinks that one artificial intelligence (AI)-related altcoin is gearing up to rally to a fresh record high.
Pseudonymous analyst Pentoshi tells his 756,300 followers on the social media platform X that he’s bullish on the native asset of Render (RNDR), a crypto project that aims to provide a decentralized marketplace for Graphics Processing Units (GPUs).
The project, which recently migrated to Solana (SOL), now uses its GPU network to give users the required compute power to complete tasks in the AI field such as machine learning training.
According to Pentoshi, RNDR is on the cusp of breaching its all-time high of $8.78, which it recorded in November 2021.
“I do think it will enter price discovery in the very near future, but would not be surprised to see it consolidate and correct for a few weeks first. The middle of this larger range likely a good area to buy and something Ill be keeping an eye on.”
Image
Source: Pentoshi/X
At time of writing, RNDR is worth $7.32.
Another altcoin on the trader’s radar is the leading smart contract platform Ethereum (ETH). According to the analyst, the speculation surrounding the possibility of getting a spot market Ethereum exchange-traded fund (ETF) could send ETH close to $3,500.
“As we get closer to the ETF dates, more people should speculate. Approval or not doesn’t matter, just that they participate.”
Image
Source: Pentoshi/X
At time of writing, ETH is worth $3,144, up over 2.8% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
$182,330,000 in Crypto Liquidated in Matter of Hours As Bitcoin (BTC) Shatters 26-Month High
Alex Richardson February 26, 2024
Bitcoin’s big start to the week is triggering a massive amount of liquidations across the crypto markets.
At time of writing, Bitcoin is trading at $53,584 while Ethereum changes hands for $3,152, prices not seen since November of 2021.
According to crypto data aggregator Coinglass, $182.33 million in liquidations have rocked traders on Binance, Bybit, OKX, Huobi and others, the vast majority of which have come from those trying to short BTC in recent hours.
As the price of BTC breaks through the wall of shorts, analysts are speculating on what the next major levels of resistance are.
Glassnode founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform X, say that BTC is gearing up to break out of its multi-week range with an initial target of $57,000 before all-time highs.
“BTC now seems to finally break out from the range it has been in since Feb. 15.
Momentum is moving up strongly. All sails are set.
Next level is 57-58 – before ATH.”
Image
Source: Negentropic/X
According to the analysts, all-time highs may come sooner than most people expect.
Pseudonymous analyst Altcoin Sherpa shares with his 208,000 followers on X a chart also suggesting that BTC has cleanly broken out of a range between $50,600 and $52,300.
“BTC: I have no idea why we’re pumping but I’m all for it. Expecting BTC to mostly still outperform the majority of altcoins though in the short term.”
Image
Source: Altcoin Sherpa/X
In a new interview with SkyBridge Capital founder Anthony Scaramucci on the Wealthion YouTube channel, venture capitalist Dan Tapiero says that he’s not anticipating a significant correction for Bitcoin, and that BTC likely will never go into the $20,000s ever again.
“So if you’re saying do I think we’re going to go back down to the $20,000, $18,000 lows in Bitcoin, I don’t see it at all.
I think we’re in the second inning of this bull market, so I’d be much more concerned and think that there [could be] problems potentially if I felt we were in the seventh inning, the eighth inning. The bullish consensus at 75%-80% – I mean that’s an issue but maybe [it] just means you have a short-term correction.
We’re just getting started here.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Hib_Stu/Sol Invictus
Sui Recognized As 2024 Blockchain Solution of the Year at AIBC Eurasia Awards
ChainWire February 26, 2024
February 26, 2024 – Dubai, United Arab Emirates
The layer-one received the top honor at the Eurasia Awards while experiencing a period of unprecedented growth and recognition.
Sui, the layer one blockchain that has experienced explosive growth since its mainnet launch in 2023, has emerged as the winner at the Eurasia Awards held during the second edition of AIBC Eurasia in Dubai.
The gala event – renowned for its world-class attendance and previous winners such as Animoca Brands and Crypto.com – witnessed the Sui Foundation being honored for the leading position the blockchain has achieved during the past months.
Other nominees for the 2024 award included Near Protocol and 1inch Network.
Sui’s recognition comes amid its significant growth and influence in the blockchain space. The Sui ecosystem has gained significant traction during the past months.
The layer-one recently surpassed $600 million in TVL (total value locked) and secured a spot in the top 10 of DeFi ecosystems.
Likewise, examination of token flows via Wormhole – a leading cross-chain protocol that supports Sui – shows that of the almost $500 million worth of funds that left Ethereum through Wormhole in the last 30 days, over 64% of it was moved to Sui.
The award decision was made on February 11, 2024, while the ceremony and the announcement took place on February 25, at the Festival Arena in Dubai.
Sui’s dedication to pushing the boundaries of blockchain technology, as evidenced by its recent partnerships and expansions, has solidified its position as a leader in the industry.
Greg Siourounis, managing director of the Sui Foundation, said,
“It’s truly an honor for Sui to receive this important recognition from AIBC. Winning the Eurasia Award for best blockchain solution speaks to the hard work and impactful contributions of the entire Sui community including our local partners like Ghaf Labs.
“This award should inspire builders on Sui to continue leveraging the network’s unique advantages and also encourage new or existing projects to opt into the fast-growing Sui ecosystem.”
The AIBC Eurasia Awards featured a diverse array of categories, each shining a spotlight on exceptional contributions within the blockchain and gaming industry.
Other notable categories included ‘Web 3.0 Gaming Leader of the Year,’ ‘Crypto/Web 3.0 Media of the Year’ and ‘Best Metaverse Project 2024.’
This distinguished panel that selected Sui as the ‘Blockchain of the Year’ included industry veterans and business leaders such as Olga Yaroshevsky, Ph.D., lead producer of AIBC, Pavel Matveev, CEO at Wirex and Giacomo Arcaro, renowned seed investor and Ethereum evangelist.
Contact
Sui Foundation
This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.
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