Only Ripple out of the seven cryptos we track has fallen below its 2024 market open rate, while all six remain in the green. (Image from Pierre Borthiry at unsplash.com)
The future of Artificial Intelligence is a common narrative in the crypto world.
Many industry commentators believe that AI will take over many different blue-collar industries in the next 5 to 25 years. One expert has recently consulted with members of the UK government to advise them to secure a universal basic income (UBI) for the impending possibility of job losses.
The move to automate blue-collar jobs will be detrimental to masses of workers, as this segment of society may be displaced. The adoption of UBI would offset the impact of automation on the future economy of the UK… and the world economy.
It is purported that 40% of global jobs will be lost to AI, most of those in developing countries, and as high as 60% in first-world economies.
Many reports/studies have stated that the threat of AI to job losses is a reality. Still, there is no popular consensus among experts. Some are predicting an optimistic view, while others say it will be devastating. The UK and other countries will have to design policies that ensure industries will be safe from AI-driven technology to protect blue-collar jobs. The introduction of UBI is a viable solution, but it will require national/global strategies in the next few years to safeguard jobs and large portions of society.
iGaming Crypto Watch: For our previous update reporting the latest crypto prices, please visit our iGaming Crypto Watch April 2024 news post.
Cryptocurrency Prices
Bitcoin (BTC) – Last month in April’s report I reported Bitcoin’s price when it was at $70.696, and it had reached a record high point of $73,135. Since then crypto has been particularly volatile dropping to as low as USD 58k and fluctuating between USD 58k and USD 67k. At the time of writing this report, BTC has hit its May 2024 high of USD 67,316. Many industry experts believe this is a reversal of the downtrend and could start a new breakout. Another factor influencing BTC is positive news regarding capital inflow into spot ETFs. Many institutional investors have disclosed that they have BTC ETF holdings… Morgan Stanley stated yesterday that they have USD 269m in Grayscales’ GBTC.
Current BTC Price
$67, 316
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $42,280 (+$25,036 / +59.20%)
- 1 Jan 2023: $16,606 (+$50,710 / +305.36%)
Bitcoin Cash (BCH)—After hitting a 2-year high April 6th of $694 USD, the coin has succumbed to a lot of selling pressure. While it has done phenomenally well since January, up 94% (outperforming BTC), it has been relatively flat in the last month. BCH is currently trading at $491 USD with strong support at $426 USD and resistance at $522 USD.
Current BCH Price
$491.00
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $268.03 (+$222.97 / +83.18%)
- 1 Jan 2023: $96.77 (+$394.23 / +407.35%)
Litecoin (LTC)—Litecoin suffered a massive sell off in the first week of April, dropping 22%. Since then, LTC has remained flat and is currently trading at $83 USD. The coin was trading as low as $78 USD a few days ago but a buying demand has pushed it over the resistance level of $80 USD. The new resistance level is $88.45 USD and support at $78.27 USD.
Current LTC Price
$83.00
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $74.75 (+$8.25 / +11.04%)
1 Jan 2023: $70.89 (+$12.11 / +17.08%)
TRON (TRX)—Gaining interest in the 13th largest cryptocurrency, TRON has sparked a rise in price over the past month. Stats released by an analytics company have revealed that daily active users of 2.4m, which is a 50% increase from April. The TVL has also increased and in March was a staggering $8.2b USD because of the demand for the TRX ecosystem and DeFi platforms. The company has also continued its deflationary policy by burning TRX almost every day. The most recent burn occurred on May 14th when it took 11,217,045 tokens out of the market. TRX is currently trading at $0.12 USD and has strong resistance at $0.14 USD.
Current TRX Price
$ 0.12
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $0.11 (+$0.01 / +9.09%)
- 1 Jan 2023: $0.055 (+$0.065 / +118.18%)
Ripple (XRP) – Ripple’s legal troubles continue to linger as last week the SEC filed a final reply to the lawsuit’s ‘remedies’ stage. Basically, the SEC argument is that XRP will violate future transactions that have been deemed illegal and XRP says it has not violated any of the instituted statutes that have been imposed on them since the court case began in 2020 and will not violate them in the future. XRP has criticized the SEC for their case-by-case application of security laws and not providing overall policy/guidelines for the crypto market.
On the positive side, Ripple has experienced significant growth in the last quarter with daily spot trading increasing by 40%, transactions doubling to $250m USD and gas fees dropping by 45%. XRP is currently trading at $0.52 USD, with very strong support at $0.50 USD.
Current XRP Price
$0.52
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $0.63 (-$0.11 / -17.46%)
1 Jan 2023: $0.34 (+$0.18 / +52.94%)
Ethereum (ETH) – Almost all the cryptocurrency’s enjoyed a spike in price from positive U.S. inflationary news on May 16th. The Consumer Price Index (CPI) report stated that inflation increased by 3.4% from the previous year, which was a slight decrease from March’s inflation estimate of 3.7%. While the 2nd biggest coin by market cap remained flat at 1.3% in the last month, the token spiked almost 8% since the release of the economic data. Market experts have stated that the ETH has a lot of upside because of Layer2 growth, DeFi dominance and the adoption of Ethereum Virtual Machine (and its advances). All these factors have provided structural demand for ETH and will expand its existing ecosystem across multiple crytpo narratives. For example, the ETH Dapp volume in the last month is 7 times more that BNB Chain, its direct competition. ETH is currently trading at $3,110 USD with strong resistance at $3,215 USD.
Current ETH Price
$3,110 USD
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $2,352.76 (+$757.24 / +32.18%)
1 Jan 2023: $1,195.51 (+$1,914.49 / +160.12%)
Fast Token (FTN) – Fasttoken price has gone up 11% since in the last month. It continues to gain ground with decentralized projects and applications through the Bahamut blockchain. FTN is the native currency of Bahamut and is the gas unit for staking, block creation and cross chain operations. The token continues to hit monthly all-time highs since its launch in January 2023. FTN is currently trading at $1.99 USD, which is a new all-time high and looks poised to continue its bull run.
Current FTN Price
$1.99 USD
Gains/Losses Vs. Market Open 2023 & 2024
- 1 Jan 2024: $1.38 (+$0.61 / +44.20%)
1 Jan 2023: $0.35 (+$1.64 / +468.57%)
Disclaimer: Prices and comments on this page are not financial advice. This is just an opinion from Luke Webber who has followed the cryptocurrency market for more than 10 years. As with any trader or crypto enthusiast, where there is one opinion, you’ll always find another in the opposite direction.
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