Despite the continuous positive news in the past two days, Bitcoin's price remains weak, declining for three consecutive days, and the divergence from the performance of U.S. stocks is becoming more apparent, with altcoins generally falling by about 10%. However, the Bitcoin long-short ratio has returned to normal, indicating that market sentiment is not as extreme.
Despite Bitcoin's poor performance in the last two days, the Bitcoin inventory on exchanges remains stable, showing no signs of panic selling, indicating that market sentiment is still okay. The fear and greed index remains around 61. From the support level perspective, although Bitcoin's price has corrected, the turnover rate has decreased, showing no obvious panic.
The short-term support level is at $105,000, and the support levels between $93,000 and $98,000 remain strong. Currently, mainly short-term loss positions are changing hands, while long-term holders are still observing, waiting for macro signals. From the stablecoin data, on-chain funds have increased by $100 million, totaling $249.6 billion.
The market value of USDT has risen to $153.02 billion, with a slight increase in trading volume, indicating that capital inflow and activity in the Asia-Europe market are quite good. The market value of USDC decreased by $152 million, but trading volume surged by $15.778 billion, indicating a net outflow of funds from the U.S. region. Combined with market trends, U.S. traders may be selling off. Additionally, the U.S. GDP for Q1 was revised from -0.3% to -0.2%, and the PCE price index was revised down to 3.4%, indicating that the economy is not that bad and prices are still controllable.
Next, attention can be paid to the April core PCE data to be released tonight. Although the market expects minimal impact, if the data exceeds expectations, it may boost market sentiment in the short term.
Pay attention to three altcoins that may increase tenfold in the future!
1.TON
Recently, the price of Toncoin (TON) has surged significantly, rising over 20% in yesterday's morning session and continuing to rise by 8.13% today. Its 24-hour trading volume has also jumped by 483.17%, indicating strong market interest. Telegram recently issued $1.5 billion in bonds, offering investors a 9% return and a 20% discount, attracting the attention of major investors including BlackRock, Mubadala, and Citadel.
The funds raised will help Telegram repay its old bonds due in 2026. According to the Wall Street Journal, this financing marks that Telegram may be getting closer to going public, which gives investors more confidence in its future and consequently in the future of its ecosystem-related token, Toncoin.
The TON Foundation recently welcomed Nikola Plecas as the new Vice President of Payments, further strengthening the strong development momentum of Toncoin. Plecas previously led Visa's cryptocurrency business in Europe and has a deep understanding of the payment and cryptocurrency sectors.
His latest role is to build stronger partnerships for TON and enhance the user conversion experience between fiat currency and cryptocurrency within Telegram and TON-based applications. His experience is crucial for TON to navigate the increasingly complex regulatory environment.
Under the leadership of the new leader, TON's payment architecture is becoming increasingly refined, and investor attention is also rising, showing rapid development momentum. The combination of technological innovation and strong partnerships with physical entities makes TON a strong contender for the next explosive cryptocurrency.
2.ICP
The stock price of Internet Computer (ICP) is slowly but steadily rising. In the past day, the stock increased by 2.72%, reaching $5.42. Over the past month, it has risen by 6.46%, attracting the interest of many traders who are focused on its breakout potential.
One of the reasons for this steady rise is the strong support above $5.80 for ICP. This has helped the token break through the descending wedge pattern, which typically signals a bullish reversal. If ICP can break through the resistance level of $6, some experts believe ICP may reach new targets of $8.75, $10.50, or even $13.75.
The deep integration of ICP with Bitcoin is also becoming increasingly exciting. Developers can now leverage Bitcoin's strong security when building applications on ICP, making the network more attractive to users and investors.
Earlier this year, the DFINITY Foundation, the organization behind the Internet Computer, released its 2024 ecosystem report. The report highlighted significant progress in blockchain compatibility, particularly a feature called 'Chain Fusion' that enables seamless collaboration between different blockchains.
Recently, an emerging tech team has begun exploring collaboration between ICP and Hedera. Their goal is to combine Hedera's speed and security with ICP's powerful tools. They hope to jointly address key challenges facing the development of blockchain, Web3, and artificial intelligence, potentially unlocking new solutions that reshape the tech landscape.
3.ENS
Ethereum Name Service (ENS) continues to perform strongly in the market. Its price recently rose to $24.82, increasing by 8.20% the previous day and showing a strong increase of 33.97% over the past month. Currently, its market value has reached $902.94 million, outperforming many of the top 100 cryptocurrencies, and in some cases, even surpassing Bitcoin and Ethereum.
ENS provides a simple yet powerful solution to convert long wallet addresses into short, easy-to-read names. Over the past year, the project has outperformed more than half of the top 100 tokens. Additionally, its trading activity is quite active, with 63% of transactions ending in profit.
Although it is still below the 200-day moving average, momentum is strengthening. One of the most optimistic reasons is that the team is developing a new update called 'Namechain.' This Layer 2 upgrade is planned for the end of 2025 and will transition ENS to a faster and more cost-effective network. This will make the service more user-friendly and help attract more users.
Although the token faces some price resistance at key levels, its ongoing development and loyal user base make it a strong candidate for long-term growth. Anyone looking for a stable and high-potential cryptocurrency should keep an eye on ENS.
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