Price Analysis 02/02: BTC, ETH, SOL, JUP, and ZETA

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The Federal funds rate held steady at 5.5%, meeting expectations, causing a minor dip in both traditional finance and crypto markets, which quickly rebounded the next day. Bitcoin is stuck in a sideways trend, while select altcoins are seeing pumps driven by various factors and strong fundamentals. Notably, tokens like BONK or PEPE, with tickers featuring “1000,” continue to lag behind BTC, indicating significant underperformance. Conversely, projects like ICP and AGLD are outshining BTC with their robust fundamentals. So, what altcoins and price levels should you keep an eye on? Let’s explore further.

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Bitcoin Market Analysis

After the recent FOMC volatility, Bitcoin is now in a steady range within its daily boundaries. The current scenario suggests that while Bitcoin’s price remains stable due to its fundamentals, Altcoins are gradually picking up momentum. This indicates that Bitcoin may be experiencing a distribution phase, where liquidity flows from Bitcoin to Altcoins, possibly signaling a brief alt season just before the halving. Similar price action was observed during the 2019 halving, where prices surged before the event and dipped afterward. A similar trend is expected this year, albeit in a more controlled manner, as traditional finance liquidity enters the market. This influx typically maintains natural and consistent price movements, reducing significant fluctuations and mitigating abrupt price swings.

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Ethereum Market Analysis

Ethereum is currently in a bullish tone, albeit with a more restrained range compared to Bitcoin. Instead of a distribution phase, Ethereum seems to be gearing up for a re-accumulation period before a potential surge. Since the start of Bitcoin’s rally last year, Ethereum has been lagging behind, evident in its ETHBTC chart. With a mini alt season anticipated, Ethereum is poised for a short-term uptick as it aims to outperform ETHBTC. Check out the analysis below for more details. Notably, Ethereum needs to surpass the range high at the gray box to push past $2800, paving the way for other ETH assets like ENS, LDO, ETHW, or ETC to follow suit.

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SOL

SOL has been pumping for the past 24 hours now, and has been holding strong against BTC and ETH. With the current hype of the SOL shitcoin ecosystem people are investing and using the network as it has cheaper fees, no predatory tax, and has overall much better experience compared to doing shitcoins on ETH or on BSC. The next shitcoin paradise may be SOL, the previous one was BSC as it pumped a lot of rugs and scams but still was able to generate a substantial amount of volume. This shitcoin meta may pump SOL as people use the network and get more SOL for more plays in the ecosystem. On a technical perspective SOL broke out of its long trendline and had a perfect retest where in it pumped by atleast 9% after it retested, once it has momentum we may see create another yearly high above 130$.

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JUP

Here’s a scoop on the Jupiter (JUP) airdrop: 64% of folks have already claimed their tokens, and there are over 480,000 eager claimers in the mix. With JUP’s price at $0.59, its value matches up with UNI’s $6 billion worth. Despite potential selling pressure from remaining claimants and holders, the market might not fully grasp Jupiter’s potential, especially considering its promising perpetuals platform and launchpad. Short-term price predictions are up in the air, influenced by factors like liquidity and Bitcoin’s performance. Once the 7-day lock is up, the DLMM pool will be gone, offering an intriguing peek into JUP’s future.

Now, let’s talk strategy behind the airdrop decision. Instead of going for an OTC deal or regular IDO, the team opted for the airdrop, despite the uncertainties and risks involved. By spreading tokens through the airdrop, recipients have a big pool to sell into, while potential buyers can breathe easy knowing there’s enough liquidity to handle any selling frenzy. Despite the risks, the team’s got their eyes on creating a market that’s fair for everyone, with steady prices and happy stakeholders. This experimental approach is all about making Jupiter and the broader crypto world better for everyone involved, showing the team’s dedication to finding solutions that work for everyone.

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ZETA

Zeta Blockchain is an L1 platform with something called an omnichain concept. Basically, it allows apps to easily connect to multiple chains that $zeta plans to support in the future. Right now, it’s all about convenience – you can connect to zeta without messing with your wallet’s chain settings, and it’s compatible with both BNB and ETH. Plus, it’s got some serious backing from Jane Street, with a hefty $27 million in funding – not too shabby, right?

Now, here’s the scoop: there’s been a bit of a sell-off by airdroppers lately, which has made the price look a bit rough. But don’t count it out just yet – this platform is listed on most major exchanges (except Binance, for now), and its fully diluted valuation is pretty sky-high, about 9 times higher than its market cap! It’s definitely got that new shiny thing vibe going on, and considering it’s an L1 with a market cap of $200 million, some folks think it’s flying under the radar as a serious contender. Oh, and by the way, funding on Bybit is currently in the red zone. On the price action front, ZETA has seen a massive surge from its initial listing price of around $0.936 to $2.20, marking a whopping 135% increase. The community is loving it as the price keeps climbing higher and higher!

Via: 2Usethebitcoin.com

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