Crypto Altcoins Are Outperforming With Bitcoin Price ‘Gravitating’ Toward $50,000 | Tech News

Crypto Altcoins Are Outperforming With Bitcoin Price ‘Gravitating’ Toward $50,000

Smaller, lesser-known digital currencies are outperforming Bitcoin after the breathtaking surge by the market bellwether in recent weeks.

By:BLOOMBERG
| Updated on: Dec 10 2023, 06:59 IST
3 ways to keep your cloud resources safe from Cryptojacking
Crypto Altcoins
1/5 To perform it, threat actors exploit compromised credentials through various means. This highlights the need for users to implement common best practices like credential hygiene and cloud hardening.   (Pexels)
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2/5 Microsoft Security recommends adopting the following practices to prevent cloud cryptojacking:  (Pexels)
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3/5 Multi-Factor Authentication: Tenant administrators should ensure that MFA is in use comprehensively across all accounts. This is especially important if the account has virtual machine contributor privileges. Users should also be discouraged from reusing passwords across services.  (Pexels)
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4/5 Risk-based sign-in behaviors and conditional access policies : Monitoring risky user alerts and tuning detections that take advantage of security information help prevent these attacks. Risk-based conditional access policies can be designed to require multifactor re-authentication, enforce device compliance, force the user to update their password, or outright block the authentication. In many cases, policies such as these can be disruptive enough to provide security teams with enough time and signal to respond or alert the legitimate user to an issue before the resource abuse begins. (Pexels)
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5/5 Separation of privileged roles : In most resource abuse cases that Microsoft Incident Response has investigated, the initially compromised user is over privileged in some way. Thus, it is good practice to limit the number of accounts that have the virtual machine contributor role. In addition, accounts with this role should be protected by MFA and Conditional Access where possible.    (Pexels)
Crypto Altcoins
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Cardano surged as much as 30% on Friday, while Solana gained about 8% and Avalanche increased 12%. Meanwhile, Bitcoin was up about 2% and Ether was down around 1%. Combined. (AFP)

 Smaller, lesser-known digital currencies are outperforming Bitcoin after the breathtaking surge by the market bellwether in recent weeks. 

Cardano surged as much as 30% on Friday, while Solana gained about 8% and Avalanche increased 12%. Meanwhile, Bitcoin was up about 2% and Ether was down around 1%. Combined, the two largest tokens account for about 70% of crypto's $1.6 trillion market capitalization. 

“After the huge rallies Bitcoin and Ethereum have seen, it's not a surprise that they're taking a bit of a sideways breather,” said Matt Maley, chief market strategist at Miller Tabak & Co. “However, the fact that these altcoins are rallying so strongly today tells me people have not lost any love for the overall asset class.”

Solana is among the blockchains competing with Ethereum, crypto's key commercial highway, for a bigger share of digital-asset activity

Options traders have been loading up on bets that Bitcoin will surge to $50,000 by January, when many market observers expect the SEC to finally allow exchange-traded funds to directly hold the cryptocurrency. 

“I expect the current uptrend to persist, with Bitcoin gravitating towards 50k, where options strikes are clustering,” said Teong Hng, CEO at crypto investment firm Satori Research.

Bitcoin has surged more than 60% since the middle of October, when speculation jumped that the Securities and Exchange Commission was on the verge of signing off on ETF applications from the likes of asset management powerhouse BlackRock. The token was trading at about $44,100 on Friday.  

“Today's Bitcoin price action shows that while it is sensitive to interest rate expectations, it's not the primary driver,” said Craig Erlam, senior market analyst at Oanda. “Crypto traders have been increasingly bullish since it became clear that it's a matter of when rather than if an ETF will be approved. Lower rates simply assist that move.”    

 

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First Published Date: 10 Dec, 06:59 IST
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