Amid the current relief rally, Bitcoin, the leading cryptocurrency, slipped back to $62,500, with other cryptos recording massive declines. JPMorgan made headlines with its analysis, maintaining a cautious stance on Bitcoin and Ethereum in the short term, suggesting no immediate catalysts for bullish price movements. Meanwhile, KangaMoon (KANG) hits over $6.5 million in revenue funding and could become the next 100x altcoin in 2024.
JPMorgan Says Bitcoin Remains Bearish in the Short-Term
Wall Street Giant JPMorgan has maintained a cautious stance on the cryptocurrency market, suggesting no immediate catalysts to trigger bullish Bitcoin market movements. The bank based its sentiments on the recent Bitcoin ETF outflows and heightened US SEC regulatory pressures, which have left the market greed and fear level at 55, reflecting a neutral stance.
JPMorgan remains cautious, even after Bitcoin's price briefly surged due to Hong Kong’s ETF launch. In any case, the bank sees mixed signs of upside potential for Bitcoin and the market in the long run. Discerning traders could potentially buy the dipping Bitcoin crypto now and hold for substantial returns in the future. With this view, Bitcoin is among the best cryptos to buy now.
Ethereum Price Lags Behind BTC— Short-Term Holders Control the Market
After Bitcoin's halving, Ethereum, the second-leading cryptocurrency by market cap, has been lagging, showcasing weak price dynamics in the market. According to Glassnode data, Ethereum's price struggles to attain the capital rotation trends recorded in previous cycles. The BTC-ETH price analysis has sparked interpretations and interest in the cryptocurrency marketdynamics.
Ethereum price has had a deeper drawdown than BTC, showcasing a relatively weaker performance that has been imminent over the past two years—demonstrating a subdued ETH/BTC ratio. Moreover, the Ethereum coin has had a massive influx of short-term holders, reflecting recent interest from new investors. While the price of Ethereum continues to lag behind Bitcoin, Cathie Wood, Ark Invest CEO, is optimistic that Ethereum can topple BTC's market cap in the near future, thus becoming the best coin to buy now.
KangaMoon Presale On Pace to Hit $7 Million in Revenue Funding
As Bitcoin and Ethereum continue to navigate the market, KangaMoon has strategically positioned itself for success. The presale gem has been experiencing robust market performance, drawing attention from the broader cryptocurrency market. For context, KangaMoon has raised over $6.5 million in revenue funding and established over 400% ROI in price value.
Additionally, the meme coin project has amassed over 23,000 registered users and over 6,000 holders, demonstrating how KangaMoon is an impressive feat on the market. Essentially, KangaMoon is set to access the P2E gaming industry, which is projected to bolster in value; the meme coin could potentially open up this market for its holders.
The platform will launch a vibrant P2E ecosystem where holders will participate in fun-filled challenges and tournaments and, as a result, earn rewards and prizes in the form of KANG tokens and rare NFTs. Users will upgrade their Kangaverse characters and buy them in-game on the marketplace with the KANG token.
What’s more interesting is that KANG holders can earn more tokens when they join to promote the project online. Currently, the meme coin project is in its presale stage five and going for $0.025. With a Tier-1 CEX listing possibility in Q2, experts hint at the price jumping above $1, making KANG the best altcoin to invest in 2024.
Conclusion
KangaMoon has positioned itself as a top contender and could rival established cryptos like Bitcoin and Ethereum. Its small market capitalization requires fewer funds to trigger a double-fold increase in value. Thus, experts forecast KangaMoon as the best crypto to buy now.
Discover the exciting opportunities of the KangaMoon (KANG) presale today!
Website: https://kangamoon.com/
Join our KangaMoon Community: https://t.me/kangamoonofficial
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the viewsof Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
