Crypto Community Predicts Altcoin Price Rises



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CryptoGlobe Weekly Summary
CryptoGlobe Weekly Summary
The past month hasn’t been a positive one for cryptocurrency prices, with the space’s total market capitalization dropping by around $100 billion in the last 30 days as fears of a looming recession hit risk assets across the board.
Over that period, the price of Bitcoin ($BTC) dropped by over 12% to now struggle to remain above the $20,000 mark, while the stock market’s benchmark index, the S&P 500, lost around 5.3% of its value. Gold itself suffered, losing 4.6% of its value over the past 30 days.
Year-to-date, the S&P 500 is down around 18% and gold lost little over 5% of its value, meaning it has been outperforming the stock market. Bitcoin, meanwhile, is down around 57% while the crypto space’s total market capitalization lost well over $1 trillion. Zooming out further, of course, sees cryptoassets outperform every other asset class.
Cryptocurrency investors have been heavily focusing on Ethereum and its upcoming Merge upgrade, with the August 2022 issue of CryptoCompare’s Digital Asset Management Review report showing Ethereum investment products outpaced Bitcoin products last month, with Ether-based products increasing by 2.36% to $6.81 billion AUM in August, whilst Bitcoin products declined 7.16% to $17.4 billion AUM.

Crypto Community Sees $XRP Price Explode Upward in September
Despite the increasing bets being made on Ethereum investment products, the cryptocurrency community has been making bullish altcoin price predictions, in particular seeing the price of $XRP explode upward this month to end it at $0.4917, which would mean a significant rise from its current $0.23 level.
Over 1,200 users have predicted the cryptocurrency’s price for the end of the month. Looking at October, the cryptocurrency community expects XRP to trade at $0.412, up around 26.7% from current levels.
Notably, the price of XRP has recently hit a two-week high of $0.37 before dropping to its current level. The high came as the XRP Ledger processed three large transactions worth $51 million and involving large cryptocurrency exchanges Bitso and FTX, as Finbold reports.
As CryptoGlobe reported, the education arm of the world’s largest crypto exchange (by trading volume), Binance Academy, has said the XRP Ledger is the “first major blockchain to be certifiably carbon-neutral.”
Crypto Community Sees Cardano ($ADA) Price Surge 35%
Similarly, the cryptocurrency community is expecting the price of Cardano ($ADA) to surge around 35% during the month of September, in which a major upgrade to the network is expected to go live, the Vasil hard fork.
Nearly 14,000 users predicted ADA will trade at $0.62 by the end of the month, up over 35% from its current price of $0.456.
The community is less bullish toward the end of the year, expecting ADA to trade at around $0.49 when 2022 comes to a close. For the end of October, the cryptocurrency community sees ADA trade at $0.556, meaning users are predicting a short-term rally followed by a correction.
The rally expectations may be related to the Vasil hard fork, which is a major upgrade that will involve four Cardano Improvement Proposals (CIPs).  The hard fork was expected to be implemented in late June but was delayed because of Terra’s collapse, as the team behind it wanted to exercise caution before shipping out the upgrade.
Where Analysts Are Expecting Ethereum Price to Go in Short to Medium Term
Concern about Fed Chair Jerome Powell’s speech about inflation last month has driven risk asset prices lower, but the excitement surrounding the upcoming Merge upgrade has been pushing Ethereum’s price higher.
The second-largest cryptocurrency by market capitalization had an intraday high above $2,000 on August 14, before Powell’s speech on August 26, and has since dropped to around $1,500.
Popular crypto traders are predicting a potential short squeeze, before new lows are seen.
il Capo Of Crypto

Short squeeze to 1800 is still likely. Then new lows.
Analysts are overall urging caution taking into account the current global macro environment.
Justin Bennett
Please stop assuming that the $ETH merge or #crypto adoption will prevent more downside if the global macro environment continues to deteriorate.

Valuations rarely run parallel to growth, and global macro trumps crypto macro.
Cardano ($ADA) Could Start Outperforming $BTC
A popular cryptocurrency analyst has suggested that Cardano ($ADA) could soon start outperforming the flagship cryptocurrency Bitcoin ($BTC) as traders start using the cryptocurrency to hedge against Ethereum’s transition from a Proof-of-Work (PoW) consensus algorithm to a Proof-of-Stake (PoS) one.
According to the host of Coin Bureau, which shared a video updating his 2.1 million YouTube subscribers on the cryptocurrency market, smart contract platforms other than Ethereum – such as Cardano, Solana, and BNB Chain – can be seen as a hedge against Ethereum’s upcoming major upgrade, the Merge.
Crypto News: ETH, ADA, Twitter, Jackson Hole, BlackRock & More!
Crypto News: ETH, ADA, Twitter, Jackson Hole, BlackRock & More!
To the host of Coin Bureau, hedging against the Ethereum Merge involves adding to his portfolio competing smart contract networks including ADA, as the token works to hedge while also expecting its own upgrade in the near future, the Vasil hard fork.
The host added that Cardano appears ready to outperform major cryptocurrencies, including BTC.
What Else is Going On?
Cryptocurrency investor sentiment is remaining low as its Fear & Greed index, which serves as an aggregate for investor confidence and attitude towards the market, has dropped to 23, maintaining a state of “extreme fear.” The index has risen from 6 when BTC dropped below $18,000.
The index, it’s worth noting, is based on emotional behavior in the market. When fear sets in, some investors may see a buying opportunity, while greed may be a sign the market is due for a correction.
Total value locked in the decentralized finance (DeFi) space has meanwhile dropped to $59 billion, according to data from DeFiLlama. MakerDAO, the entity behind the DAI stablecoin, makes up 13.36% of the TVL with little over $7.91 billion on its protocol.
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