Ethereum Unlikely To Hit ATH In 2024, 85% Polymarket Traders

The Ethereum (ETH) network has witnessed more downs than ups over the past few months. Despite its 64% ascent over the last year, ETH failed to hit an all-time high of $4,891.70. At press time, ETH was trading at $2,615.78 following a dainty drop over the day. Considering its current price, the altcoin is 46% below this level.

Also Read: Can Bitcoin (BTC) Surge To A High of $80K In ‘Uptober’ Rally?

Source

ETH holders took to CoinMarketCap to reveal their expectations about the asset. Out of 97071 votes, only 26% of the community were bullish about Ethereum’s potential rise. A staggering 74% were bearish about the altcoin. It looks like this was the common notion in the ETH market.

Source

Also Read: Digital Currency: Hong Kong’s CBDC Pilot Testing Enters Phase 2

Bearish Sentiment Reigns The Ethereum Market

Data from Polymarket, a prominent prediction platform, reveals that there is currently an 85% chance that Ether will fail to reach a new all-time high in 2024. Just last week, the percentage was at 71%. A dainty 14% of bettors anticipated a new ATH. In addition, fewer than 1% had irrational expectations for a new peak in the coming five days.

This wasn’t all, as the $1.23 million total bet made by the 1% of traders who anticipated a Q3 ATH was more than the $1.07 million wager made by the 85% of traders who said there would be no ATH in 2024.

Source

This sudden pessimism comes from a regulatory move from the United States. The US Securities and Exchange Commission (SEC) stated in a document that it would postpone approving options trading for spot Ethereum ETFs. While this did not have a major impact on its price, it did bring down the spirits of Ethereum investors.

Also Read: Ripple (XRP) & DogWifHat (WIF) Price Prediction For October 2024

  • crypto
  • cryptocurrency
  • ethereum

Comments

Post a Comment

Popular posts from this blog

Binance Australia raided by regulator just weeks after Europe HQ raid

Binance Australia’s offices have been raided by the nation’s finance regulator in an ongoing investigation into unlawful derivatives dealings — just weeks after the crypto exchange’s offices in France were raided as part of a money laundering probe. The Australian Securities and Investments Commission (ASIC) searched Binance locations on Tuesday, according to Bloomberg. The outlet cited anonymous sources familiar with the matter, who chose to keep their identities concealed. An ASIC spokesperson said it could neither confirm or deny the reports. Binance stated that it’s “fully cooperating” with local authorities. The news comes after Binance Australia had its derivatives license revoked in April. According to ASIC, it’s investigating the “extent of consumer harms” caused by the crypto exchange to local users. ASIC is probing allegations of Binance incorrectly classifying retail and wholesale investors in its derivatives business. Binance Australia ’s fiat on-ramp services we...
Read more

Toncoin (TON) Rallies 15% After Binance Listing: $10 Soon?

Image
The world’s largest crypto exchange by volume, Binance, has announced that it will begin spot trading for Toncoin (TON) from today. The development has led to a significant price rally for TON, which witnessed a 15% price bump following the news. The daily charts show that the asset is currently up by 8.4%. TON continues to glow red in the other time frames, falling 7.8% in the last week, 5.7% in the 14-day charts, and 14.2% over the previous month. Also Read: Toncoin (TON): The Telegram-Linked Crypto to Watch in 2024 Current Performance and Market Position Source: CoinGecko TON is currently the second-best performing cryptocurrency among the top 100 projects by market cap in the daily charts, following XRP. Recent Price Movements TON has displayed incredible performance this year. The asset was trading at around $2 in late February but has since risen to over $6. Based on the Telegram network, TON saw a significant price increase after integrating into the Telegram messaging plat...
Read more

copycat Stars Arena patches exploit on Friend.tech following a financial drain

Image
The Stars Arena has made a significant announcement, revealing that malevolent forces have been siphoning funds through a cunning loophole. However, the team has swiftly taken action, successfully patching the contract to avert any further harm. As per reports circulating on social media, the Stars Arena Web3 social media platform on the Avalanche network has fallen victim to a malicious attack. This unsettling incident was brought to light by a Stars Arena user, Lilitch.eth, on October 5, who took to X (formerly Twitter) to declare that over $1 million had been lost as a result. The Stars Arena team has unequivocally acknowledged this audacious attack, characterizing it as nothing short of a “war” waged against their platform. Surprisingly, they assert that the actual losses incurred amount to a mere $2,000, affirming that they have successfully plugged the exploit . Stars Arena, much like the popular Friend.tech, empowers users to acquire “shares” in the f...
Read more