The cryptocurrency market is shifting. While Ethereum and XRP face challenges, BlockDAG makes significant strides forward with a new testnet and substantial incentives.
Ethereum Whales on the Move
Ethereum's price stays around $2,000, yet large investors are active. Whale wallets acquired 7,100 ETH, and another withdrew 2,697 ETH from OKX. This is seen as a sign of faith in a potential rally. Still, Ethereum spot ETFs struggle with $5.89 billion in outflows. Analysts like XForce Global predict a rise to $3,116 in the short term and up to $9,279 long term. There's growing optimism in derivative markets with $21.88 billion in open interest and increasing bullish positions.
XRP at a Tipping Point
XRP struggles to break past the $2.50 level, with analyst Peter Brandt warning of a possible drop to $1.07 if it falls below $1.90. Despite declining activity on the XRP Ledger, major investments persist: $43 million was moved off exchanges this week, totalling $290 million in March. Technical charts indicate support levels at $2 and $1.40.
BlockDAG Launches Testnet with Rewards
BlockDAG has launched its Beta Testnet with a $60,000 reward pool. This has attracted significant attention from over 170,000 active community members. The testnet's functionality has doubled, adding new features like an upgraded blockchain explorer and a token and NFT creation tool. BlockDAG is engaging users with contests for active participation.
The cryptocurrency market continues to evolve, and while Ethereum and XRP face hurdles, BlockDAG shows significant progress in its development.
