This week’s iGaming Crypto Watch April 2024 is an eye opener. The percentage rise for all crypto covered since 2023 are almost all over 100%. (Image from Pierre Borthiry at unsplash.com)
Meme coins are the latest rage in the cryptocurrency market now. They used to be more of a joke or a get rich quick scheme but now institutions are taking the coins seriously and stating that they are a legitimate use of blockchain technology.
Some of these meme coins have built their own tech ecosystem such as Shiba Inu (SHIB), establishing a scaling layer called Shibarium. On this layer traders can buy Shiboshi NFTs, trade on ShibaSwap and incubate projects.
These projects are now coming under the scrutiny of the SEC because they may be considered securities because they fall under the Howey test. The coins are generally marketed and controlled by a handful of developers, but these projects are usually marketed as “community led.” If a team controls the coin, the community led project is a misnomer as it is centralized (on a decentralized network) and is considered a security.
The distinction between a token and a security is a point of contention. There are not-for-profit meme coins, but miners can earn tokens and of course investors can take a punt in the hopes that their investment will increase in value. Is a token a security and was an investment contract issued…?? This is the dilemma for the SEC and its ongoing battles with exchanges and specific coins in the market today. This is a loophole that the SEC will have to define and legislate going forward in their attempt to regulate the cryptocurrency market.
This month’s report will examine Bitcoin, Bitcoin Cash, Litecoin, Tron, Ripple and Ethereum to see where they headed in the coming weeks.
iGaming Crypto Watch: Besure to rewind to previous crypto prices to follow the market. You can start with the iGaming Crypto Watch March 2024 report. In this same highlight section on that report, you can rewind back month by month to see how crypto prices have risen.
iGaming Crypto Watch April 2024 Updates
Bitcoin (BTC) – The Bitcoin trend continues as the coin touched monthly highs this week of USD 72,112, close to surpassing the all-time high of USD 73,135 last month. The BTC ETF realized its biggest trading volumes in March (USD 110B), tripling January and February volumes. The pre-halving rally has set the stage for BTC to hit USD 100k or higher, as predicted by most crypto analysts. The halving event will cut the supply of BTC in half and could make the coin more scarce, pushing the price higher. The BTC market capitalization is currently around USD 1.34 trillion and is expected to grow by at least 50% before the next halving in 2028. Right now, BTC has dropped off after meeting its resistance point once again and now trades at USD 70,696.
Current BTC Price
$70.696
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $42,280 (+$28,416 / +67.21%)
- 1 Jan 2023: $16,606 (+$54,090 / +325.73%)
Bitcoin Cash (BCH)—Since the last report, Bitcoin Cash has been on a tear. The coin is up 61% in the last month and is currently trading at USD 675.65, which is a 3-year high. BCH halved on April 4th and has been up 19% since then. The previous halvings in 2020 and this year are not similar at all, and analysts predict that BCH will have a market correction in the near future.
Current BCH Price
$ 675.65
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $268.03 (+$407.62 / +152.08%)
- 1 Jan 2023: $96.77 (+$578.88 / +598.20%)
Litecoin (LTC)—Litecoin is riding the back of the BTC rally and is up 19% since last month. It hit USD 103 on March 11th but retraced back to USD 78 in mid-March and is currently trading at 100.25 USD. The altcoin touched $109 USD on March 29th, which was a two-year high and is currently seeing strong resistance at USD 106.87.
Current LTC Price
$ 100.25
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $74.75 (+$25.5 / +34.11%)
- 1 Jan 2023: $70.89 (+$29.36 / +41.42%)
TRON (TRX)—Tron has not enjoyed the BTC rally and has continued its bearish trend since February. The coin is down 12.5% since February and 7% in the last month. TRX seems to be consolidating at its current level, with strong resistance at around the USD 0.14 level and weak support at USD 0.11. Technical crypto analysts believe the coin will continue the bearish movement and break through the support level to lower lows. Right now it is trading at USD 0.1226 to be precise.
Current TRX Price
$ 0.1226
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $0.11 (+$0.0126 / +11.45%)
- 1 Jan 2023: $0.055 (+$0.0676 / +122.91%)
Ripple (XRP) – The SEC continues to trouble Ripple with the ongoing court case and has recently asked the judge to fine XRP USD 2 billion. Ripple has fired back, stating that the court case has not found the company fraudulent or reckless, and there is no precedent for a fine of this amount. XRP also commented that the SEC has acted outside the law on many occasions, is abusing its power, and will expose them for what they are. The coin has suffered because of the allegations, and since January, XRP has been down 3.6% and 2.4% in the last month. Ripple is trading at USD 0.61 and is in a downward trend, with weak resistance at USD 0.63.
Current XRP Price
$ 0.63
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $0.63 (+$0.00 / +0.00%)
- 1 Jan 2023: $0.34 (+$0.29 / +85.29%)
Ethereum (ETH) – Ethereum competed their Dencun upgrade on March 13th and has been in a bearish trend ever since. The day of the upgrade, ETH was trading at USD 4,011 USD and has come off 9% since then. The bearish sentiment has seen investors sell some of their positions. Another possible factor could be that some market analysts feel that the chances of an ETH ETF are about 25 to 30% and this could be pushing the coin lower. Ethereum is currently trading at USD 3,629.95 and is experiencing large purchases of USD 35m today from 8 wallets. This could provide strong support the ETH at this level to halt the bearish trend.
Current ETH Price
$ 3,629.95
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $2,352.76 (+$1,277.19 / +54.28%)
- 1 Jan 2023: $1,195.51 (+$2,434.44 / +203.63%)
Fast Token (FTN) – We added FTN in our previous report because this is a casino based coin that has risen from its pre-sale price of 0.35 USDT and is closing in on 2 USDT. The coin created by SOFTCONSTRUCT, part of BETCONSTRUCT has not moved much since it made its latest jump from around the 1.2 USDT mark to between 1.7 and 1.8 USDT. There has been mass adoption by the crypto community and FTN is continuously marketing its crypto coin through promotions and awards. With the backing it has from two giants in the online casino and sports betting industry, this is one to watch out for. Another point worth noting is that it doesn’t seem to follow the Bitcoin trend with prices playing by their own rules. Right now it is trading at 1.7838 USDT with strong resistance at the 1.82 USDT level.
Current FTN Price
$ 1.7838
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $1.38 (+$0.40 / +29.26%)
- 1 Jan 2023: $0.35 (+$1.43 / +409.66%)
Disclaimer: Advice on this page is not for investment purposes. Our goal is to keep crypto casino players who may also be investing in crypto an idea of the monthly price changes in cryptocurrency prices.
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