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Crypto price prediction: Arbitrum, Solana, Axie Infinity

  • Arbitrum (ARB) price shows signs of further gains as analyst suggests next hurdle is at $2.
  • Meanwhile, Solana and Axie Infinity are poised at key support levels after recent spikes.

Away from Bitcoin and Ethereum, three cryptocurrencies trending today are Arbitrum (ARB), Solana (SOL) and Axie Infinity (AXS). Here’s how the altcoins are poised as the broader crypto market eyes a positive start to 2024.

Arbitrum (ARB) price outlook

The price of Arbitrum, a rollup chain for scaling Ethereum, has surged more than 11% in the past 24 hours. ARB stands out as one of the top performing coins in the past week with 35% upside, with this coming as Arbitrum bounced from a brief network outage. It currently trades near $1.54, having tested the $1.66 high on Thursday. According to data from CoinGecko, Arbitrum’s current price level sees it just 8% off its all-time high.

With sentiment positive, ARB/USD could target the $2 mark to strengthen the anticipated bullish move in 2024.

According to crypto analyst Michaël van de Poppe, ARB should may rely on solid support in the $1.40 to $1.45 range.

Solana price risks dip to or below $100

Solana has dumped more than 8% in the past 24 hours to see it trade towards the critical level of $100. Currently, SOL price is at $102, with weekly gains cut to just 17%. Trading volume is down 12% as of writing, while ecosystem tokens such as Bonk are also dumping hard.

While SOL could still rebound to recent highs amid the crypto bull market, there’s potential for a bearish flip below the highlighted psychological level. However, the market remains largely bullish on the altcoin. Crypto trader @ShardiB2 points to the overbought outlook for SOL but notes the declines provide a buy the dip opportunity.

Axie Infinity seeks bullish flip

Axie Infinity (AXS) has not had a terrific year, with its token lagging top altcoin performers over the past twelve months. However, AXS has pumped more than 170% since mid-October, including a significant 40% spike in the past 30 days. 

News related to the Axie Infinity gaming ecosystem, in particular the long awaited Axie Part Evolution. It’s an ecosystem bump that could see Axies’ value rise with a broader impact for the AXS price.

While the token currently trades near $9.13, down 4.6% in the past 24 hours, the upside trajectory could hold if it stays above $9.00. Profit taking in the past two days has injected downside pressure. AXS traded at highs of $11 earlier.

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Bitzlato freezes Bitcoin withdrawals as Memeinator’s MMTR presale raises $2.57M

  • Bitzlato halts Bitcoin withdrawals amid co-founder’s guilty plea & legal turmoil.
  • Bitzlato has experienced seizures to partial restoration amid DOJ allegations.
  • Memeinator’s MMTR Presale has raised over $2.57 million as stage 10 nears its end.

In a surprising turn of events, cryptocurrency exchange Bitzlato has temporarily suspended all Bitcoin withdrawals following its co-founder’s guilty plea and the subsequent decision to dissolve the platform. As legal battles unfold, users find themselves in uncertainty over the fate of their assets.

Meanwhile, in the crypto space, Memeinator is offering a potential alternative investment opportunity with its ongoing MMTR presale, aiming to redefine the meme coin market.

Bitzlato’s turmoil: co-founder’s guilty plea and asset seizures

Bitzlato’s co-founder, Anatoly Legkodymov, recently pled guilty to operating an unlicensed money services business, leading to the dissolution of the exchange. This legal setback stems from Legkodymov’s arrest earlier in the year, orchestrated in a joint operation involving the United States Department of Justice, Treasury Department, and French law enforcement.

The guilty plea includes a significant forfeiture of $23 million worth of cryptocurrency, with a substantial portion of Bitzlato’s infrastructure, including its website, seized. The legal proceedings have put Bitzlato in a challenging position, forcing the platform to temporarily suspend all Bitcoin withdrawals.

Despite the legal challenges, Bitzlato managed a partial restoration of user funds in March. Through a Telegram bot, the platform allowed users to withdraw 50% of their assets initially stuck on the exchange. Over subsequent months, withdrawal limits gradually increased, reaching 70% by November.

The United States Attorney, Breon Peace, did not mince words, accusing Bitzlato of serving as an “open turnstile by criminals.” The Department of Justice (DOJ) further alleged Bitzlato’s role as a financial resource for the Hydra darknet marketplace, facilitating money laundering for users, including funds obtained through ransomware attacks.

The development leaves Bitzlato customers in disarray especially seeing they cannot withdraw their assets from the exchange.

Memeinator’s MMTR presale: alternative investment opportunity

Amidst the turbulence in the cryptocurrency space, Memeinator’s MMTR presale is making waves within the meme coin space, offering investors an alternative avenue. With a mission to dominate the meme coin market, Memeinator promises a unique blend of powerful marketing, innovative product launches, and an exciting action game.

The MMTR token, designed to fuel Memeinator’s ascent, boasts a strategic tokenomics distribution. Investors participating in the presale contribute to phases like presale, marketing, development, liquidity provision, and a competition pool. The roadmap outlines key phases, including setting coordinates, unleashing the Memeinator, search and destroy, and eventual meme domination.

Conclusion

As the cryptocurrency landscape evolves, investors must carefully navigate the uncharted waters, weighing risks and potential rewards.

As Bitzlato grapples with legal troubles and a temporary suspension of Bitcoin withdrawals, users face uncertainties about their assets. On the other hand, Memeinator’s MMTR presale beckons as an intriguing opportunity for those looking beyond the current challenges in the crypto world.

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BNB surges to above $310, reclaims top 4 spot from Solana

  • BNB price has jumped 5% in the past 24 hours and 20% this past week to trade above $310.
  • The gains see BNB dethrone Solana in terms of market cap as SOL price dips following recent rally.

BNB is trading more than 5% up in the past 24 hours and 20% in the past week as the Binance coin stages a comeback after a recent slump.  This follows Solana’s remarkable surge and eventual flippening of both XRP and BNB that saw the cryptocurrency reach prices last seen in April of last year.

BNB back above Solana

As Solana slumped amid increased profit taking over the Christmas period, BNB’s market value rose. The native Binance coin is currently trading above $310, prices last witnessed in June. Its market cap at the time of writing is $47.9 billion, overtaking Solana that has slumped to $46.3 billion.

BNB price is seeing a potential bullish run for the first time since slumping amid last month’s bombshell resignation of Binance founder and former CEO Changpeng Zhao. BNB also came under downside pressure after the crypto exchange agreed a $4.3 billion settlement with US authorities.

The events saw BNB price drop from highs above $266 to under $225, continuing its macro downtrend. Data from market platform CoinGecko shows the grind back higher has been less notable compared with some of the outperformers in the past few weeks.

But as Solana cools its upside, BNB bulls are looking to retest the year-to-date levels near $350. As crypto analyst Rekt Capital highlighted on December 26, BNB has “broken its macro downtrend”. It suggests a potential bull rally.

If the euphoria around the potential approval for a spot Bitcoin ETF nudges altcoins higher, BNB bulls could eye the all-time high above $686.

The BNB price of $311 as of December 27 is about 55% off that peak.

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MicroStrategy boosts Bitcoin holdings with $615M purchase, eyes 1% of supply

  • MicroStrategy acquires 14,620 BTC for $615.7M, pushing total holdings to 189,150 BTC at $5.9B.
  • CEO Michael Saylor remains bullish on Bitcoin, considering it the world’s most valuable asset class.
  • The company’s proactive crypto strategy aligns with growing institutional interest, eyes 1% of Bitcoin supply.

MicroStrategy (NASDAQ: MSTR), the business intelligence giant led by CEO Michael Saylor, has reaffirmed its belief in the long-term potential of Bitcoin.

In a recent disclosure to the Securities and Exchange Commission (SEC), MicroStrategy revealed the acquisition of 14,620 BTC between November 30, 2023, and December 26, 2023. This substantial purchase amounts to $615.7 million, at an average price per Bitcoin of $42,110. 

The recent purchase comes after the company purchased another 5,445 bitcoins in September 2023.

MicroStrategy’s total Bitcoin holdings have now reached an impressive 189,150 BTC, acquired at an approximate cost of $5.9 billion. This move places the company on the brink of owning 1% of the total Bitcoin supply. The valuation of MicroStrategy’s Bitcoin holdings represents about 0.7% of the entire market capitalization of the leading digital asset.

MicroStrategy’s optimism amidst Bitcoin volatility

Despite recent price fluctuations in the cryptocurrency market, MicroStrategy remains unwavering in its positive outlook on Bitcoin. Michael Saylor, a vocal advocate for Bitcoin, stated that he views the cryptocurrency as the currency of the future. This sentiment is reflected in MicroStrategy’s ongoing strategy of accumulating significant amounts of Bitcoin, seeing it as a strategic part of the company’s treasury reserve.

MicroStrategy’s proactive approach to cryptocurrency investments also aligns with the broader trend of growing institutional interest in digital assets. As Bitcoin continues to be seen as a valuable hedge against inflation and a store of value, companies like MicroStrategy are capitalizing on opportunities presented by the evolving landscape of the crypto market.

The business intelligence giant’s recent $615 million Bitcoin purchase reaffirms its position as a major player in the crypto space. The company’s continued confidence in Bitcoin’s future potential is reflected in its strategic accumulation of digital assets, solidifying its standing as a significant holder in the ever-expanding world of cryptocurrencies.

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IOTA’s ShimmerEVM integrates LayerZero for cross-chain communication

  • ShimmerEVM’s integration with LayerZero is expected to enhance cross-chain communication and DeFi on IOTA’s ShimmerEVM.
  • Connectivity includes with Ethereum, Polygon, Avalanche, Binance Smart Chain and Optimism among other chains.

IOTA’s ShimmerEVM has integrated with LayerZero to bring cross-chain messaging technology to users, according to an announcement published on December 27.

The integration extends ShimmerEVM’s connectivity to major blockchains, enabling further interoperability via a unified cross-chain ecosystem, Shimmer posted on X. Per details in its blog post, this move means users will now be able to interact and transact across several networks while within the Shimmer ecosystem.

ShimmerEVM’s cross-chain connectivity

Shimmer Shimmer is a blockchain platform within the IOTA ecosystem from where developers can build and deploy decentralised applications (dApps), with access to features currently unavailable on IOTA’s mainnet. ShimmerEVM is the Ethereum Virtual Machine-compatible layer of the platform.

Meanwhile, LayerZero is an omnichain interoperability protocol whose cross-chain messaging technology allows for communication across multiple blockchains.

ShimmerEVM’s leveraging of LayerZero’s messaging infrastructure extends this cross-chain communication capability to the broader Shimmer ecosystem. 

Following this collaboration, Shimmer is set to see an initial connection to other blockchain networks. These will include Ethereum, Polygon, Binance Smart Chain, Optimism, Avalanche, Arbitrum, Fantom and Base, the platform noted.

Interoperability with these networks means the exchange of assets and information is set to be easier, heralding a new era for DeFi within the ShimmerEVM ecosystem.

LayerZero’s integration with ShimmerEVM comes a few days after its collaboration with Blockdaemon. It also follows recent revelations of a potential LayerZero token launch in 2024. 

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