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Reef price rebounds as futures open interest hits 2-year high

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Reef token rose for five consecutive days as demand in the spot and futures market rose after it was delisted by Binance.

Reef (REEF) rose to a high of $0.0012 on Sept. 3, marking its highest point in a month and 106% above its lowest point last month. This recovery brings its market cap to over $25 million.

Reef’s recovery followed the launch of a new community developer fund by its developers, aimed at supporting projects related to lending protocols, hardware wallets, DAO infrastructure, and bridge integrations.

Reef’s rally led to a sharp increase in investor demand. Data from CoinGecko shows that the 24-hour trading volume jumped to $45 million on Tuesday, up from $23 million on Sept. 1, marking its highest point in nearly a month.

Additionally, Reef’s open interest in the futures market soared to $60 million, its highest level in two years, significantly higher than August’s low of $3 million.

Notably, Reef’s rebound occurred after the token was delisted by Binance, the most popular crypto exchange. Typically, cryptocurrencies tend to retreat after being delisted by tier-1 exchanges.

Data indicates that most of the trading is happening on Gate.io, followed by HTX, KuCoin, and Bitget.

Reef price crosses key resistance

Reef price chart | Source: TradingView

Reef rose to a high of $0.0013, crossing the important resistance point at $0.0011, its lowest swing in August last year.

Before its rebound, Reef formed a falling wedge pattern, a popular bullish reversal indicator. The token has now rallied above the 50-day moving average, while the Relative Strength Index is nearing the overbought level of 70. The RSI is a momentum indicator that measures an asset’s rate of change.

The Average Directional Index, which measures the strength of a trend, was at 50 and pointing downwards. Therefore, the token will likely retreat briefly as traders take profits before potentially resuming the bullish trend.

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Mantra token holds above key support after dashboard upgrade

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Mantra, the popular cryptocurrency for Real World Asset tokenization, bounced back on Tuesday, Sep. 3 after hitting a crucial support level.

Mantra (OM) token price rose by 10% as it retested the important resistance point at $1 for the first time since Aug. 25. It has jumped by 15% from its lowest point on Monday. The token rose after the developer unveiled a new version of Mantra Zone, a platform that lets users earn rewards and explore on-chain activities. 

For example, users can invest in the Ondo Finance’s (ONDO) USDY liquidity pool and share part of the 888,888 OM that will be rewarded. Data shows that the pool has attracted over $2.19 million in assets. The pool has an estimated APR of 576%

Mantra token also rose as the network’s staking yield continued rising. According to StakingRewards, Mantra has one of the highest yields in the crypto industry. Its staking reward rose to 21.17%, its highest point since Aug. 23, after bottoming at 20.9% in August. Its staking ratio also rose to almost 50%

In contrast, Ethereum (ETH) has a staking yield of 3.05% and a staking ratio of 28.40%, while Solana (SOL) has a yield of 6.87% and a ratio of 65.54%.

Mantra price has found a strong support

Mantra price chart | Source: TradingView

Mantra’s rebound happened even as sentiment in the crypto industry remained weak. Bitcoin (BTC) has remained below $60,000 while the valuation of all coins retreated to $2.07 trillion.

Its recovery occurred after falling to $0.8675, an important support level that coincided with the ascending trendline connecting the lowest swings since June 25. It was also along the 100-day exponential moving average and the 38.2% Fibonacci Retracement point.

Therefore, Mantra will likely continue rising as investors target the key resistance level at $1.090, its 23.6% retracement point. Conversely, a drop below the ascending trendline will point to more downside as bears target the first pivot support at $0.70. 

A potential risk for Mantra is that more traders are still shorting the token. According to CoinGlass, 50.75% of all traders are shorting the token, higher than Monday’s 49.9%. Its futures open interest of $17.7 million was also significantly lower than the July high of $37.4 million.

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Altcoin

Polygon on-chain activity spikes despite MATIC price dip

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Polygon has recorded a notable increase in on-chain activity despite the bearish flip in crypto that has sent MATIC plummeting.

While the Polygon (MATIC) price could continue to struggle amid the weakness that currently engulfs Bitcoin (BTC) and the broader crypto market, analysts say the surge in on-chain activity suggests a potential reversal for MATIC.

Data shows Polygon’s network has witnessed a spike in both daily active addresses and dormant coins movement.

Polygon on-chain activity spikes

Santiment notes that Polygon has witnessed a significant spike in dormant MATIC coins on the move. The platform points to the Age Consumed metric, an indicator that tracks movement of dormant tokens by measuring how many long held coins are moving across addresses.

Age Consumed data is a calculation that multiplies the number of coins on the move by the duration since their last transfer.

Notable also is the sharp increase in daily active addresses. According to Santiment’s data, a total of 3,369 addresses interacted on-chain on Polygon as the Age Consumed metric spiked. The active addresses count was the second-highest day of the year. 

IntoTheBlock data also shows a surge in active addresses since Aug. 26, with more than 1,000 new addresses on Aug. 27.

Polygon MATIC new and daily active addresses chart. Source: IntoTheBlock

What does this mean?

An increase in the Age Consumed metric often suggests a flip in sentiment for long-term holders. Historically, this has coincided with the particular token’s price witnessing notable changes.

Polygon has been among the many networks declining since crypto’s retrace began back in March. However, a notable spike in on-chain activity may be a sign that a MATIC reversal may be brewing soon. Active addresses and dormant coin spikes are common signals preceding this.

Santiment wrote on X.

In Polygon’s case, the Age Consumed measure spiked to 69 billion MATIC as the altcoin’s price dropped amid the latest crypto weakness. The local top relating to this was around $0.58, and Polygon’s price has dropped 14% so far.

Despite this weakness, the two on-chain indicators suggest investors may view MATIC’s dip as an opportunity to buy low.

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Bitcoin, altcoin prices pop after Powell’s speech: Will the gains be short-lived?

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Bitcoin and altcoins staged a strong comeback after Jerome Powell, the Federal Reserve chairman, hinted that interest rates would start falling in September.

Bitcoin (BTC) jumped to $64,000 on Aug. 24 while Ethereum (ETH) pushed to $2,765. The total market cap of all coins rose by almost 5% to over $2.26. 

The same trend happened in the stock market, where key indices like the Dow Jones, S&P 500, and the Nasdaq 100 approached their all-time highs. Still, there is a risk that gains in the stock and crypto market will be short-lived.

Buy the rumor, sell the news

The market was already factoring in rate cuts for September after the recent weaker-than-expected U.S. jobs numbers. The probability in the Fed Rate Monitor tool has been above 80% in the past three weeks.

Therefore, Powell’s statement was just a clue as to what to expect at the next meeting, scheduled for Sept. 18. As such, with a rate cut fully priced in, there is a risk that stocks and crypto will retreat as investors sell the news. 

This trend has happened several times. For example, Bitcoin dropped by almost 10% after halving, while Ether has fallen by double digits since the Securities and Exchange Commission approved ETFs.

Stocks typically drop sharply after the Fed starts cutting rates. Geiger Capital, a conservative-leaning commentator on X.com, recalled 2001 and 2002 as examples.

On the positive side, stocks have done well when the Fed starts cuts, as we saw in 2020 during the early stages of the Covid-19 pandemic.

Another positive is that these cuts are coming at a time when American companies are reporting strong earnings growth.

Money markets are seeing inflows

Another reason why cryptocurrencies may retreat after the Fed starts cutting is that low-risk money market funds are still seeing inflows. 

Data shows that these funds had over $90 billion in net inflows in the first half of August even as expectations of rate cuts rose. These funds now hold over $6.2 trillion in assets.

The theory has been that risky assets like crypto and stocks will see more inflows as money market investors capitulate. 

This rotation will likely happen, but it will take time since interest rate cuts will likely be gradual.

Bitcoin is still forming lower highs

Bitcoin price chart | Source: TradingView

Bitcoin rebounded to $64,000 after falling to $49,000 earlier this month. However, this price action is still not yet a complete breakout because it has remained in this range in the past few months.

Notably, Bitcoin has been forming a series of lower highs since March. The first high was at $73,800 followed by $72,000 and $70,000. As such, a complete bullish breakout will be confirmed if the coin clears the first high at $73,800. Before that happens, there is a risk that Bitcoin will resume the bearish trend.

On the positive side, the series of lower highs and lower lows has resulted in a falling broadening wedge pattern, a popular bullish sign.

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Altcoins SATS, Dogwifhat, FET and Bonk spike as Bitcoin breaks $64K

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Altcoins SATS, dogwifhat, FET, and Bonk have all surged over 10% over the past day to rank as the top gainers in the crypto market, as Bitcoin, the leading cryptocurrency by market cap, jumped over $64,000 in the same timeframe.

SATS

SATS (SATS) led the charge among the top gainers on Aug. 24.

At last check, the crypto asset was still up 29% in the previous 24 hours, trading at $0.0000004. SATS’s daily trading volume was also up, hovering around $171.3 million. The token’s market cap now stands at $847.5 million. However, the token’s value remains 56.6% below its all-time high of $0.00000092, achieved on Dec. 15, 2023.

SATS is a token that utilizes the Ordinal protocol and adheres to the BRC-20 token standard on the Bitcoin network. The name ‘SATS’ is derived from ‘Satoshi’, which is the smallest denomf19% in the last 24 hours, exchanging hands at $1.91, per data from crypto.news. The crypto asset’s daily trading volume was also hovering around $908 million.

The meme coin, based on a picture of a Shiba Inu dog wearing a pink knitted cap, has also witnessed its market cap surpass $1.9 billion. However, WIF is still trading 60% below its all-time high of $4.83 attained on March 31.

Artificial Superintelligence Alliance

Artificial Superintelligence Alliance (FET) had also jumped by 20.6%, being traded at $1.28 at press time. The AI token had a daily trading volume of $485 million, with its market cap soaring over $3.2 billion.

The latest rise in FET has taken it to levels last seen on July 29. However, the token remains 63% below its all-time high of $3.45 on March 28.

The Artificial Superintelligence Alliance is a collaboration between three AI projects: Fetch.ai, SingularityNET, and Ocean Protocol. The alliance’s goal is to speed up the development of decentralized Artificial General Intelligence and, eventually, Artificial Superintelligence.

Bonk

Bonk (BONK), another Solana-based canine-themed meme coin, was up 12.4% in the last 24 hours, exchanging hands at $0.000021. The crypto asset’s market cap had surpassed $1.48 billion, overtaking Floki (FLOKI), another Solana-based dog-themed competing meme coin whose market cap stood at 1.43 billion.

The meme coin’s daily trading volume had surged 118% over the past day, hovering around $217 million. However, BONK is still down 54.7% from its all-time high of $0.000047, which it attained on March 4.

Bitcoin leads market recovery with 5.5% jump

The latest surge in these altcoins comes as Bitcoin (BTC) hit a high of $64,828 per unit on Saturday, buoyed by comments from U.S. Federal Reserve Chair Jerome Powell.

During his Jackson Hole speech, Powell suggested potential rate cuts in September. This led to a 5.5% increase in Bitcoin’s value over the last day, contributing to a 3.3% rise in the total cryptocurrency market value, which now stands at $2.36 trillion.

BTC 24-hour price chart – Aug. 24 | Source: crypto.news

Leena ElDeeb, an analyst at 21Shares, has linked shifts in the M2 money supply—a gauge of global currency circulation—to potential movements in Bitcoin’s price.

In a statement to crypto.news, ElDeeb explained that historically, Bitcoin’s price tends to hit its lowest just months before a bottoming out of the M2 money supply, followed by a rapid increase. This quick increase in price often exceeds the growth in liquidity, leading to what she referred to as a “mid-cycle correction.”

She also highlighted that Bitcoin ETFs have been vital in driving price increases during these cycles of the M2 money supply.

Additionally, on Aug. 23, analysts on platform X noted that the recent rise in altcoin values might represent a short-lived relief rally as Bitcoin’s dominance encounters resistance at a crucial level. They warned that the dominance of Bitcoin appears to remain on an upward trend, indicating that the gains seen in altcoins might be temporary.

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Altcoin

Beam, FET, Mantra, and Arweave lead altcoin declines with double-digit losses

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Altcoins Beam, Artificial Superintelligence Alliance, Mantra, and Arweave have all suffered double-digit losses, ranking as the top losers of the day.

Beam

Beam (BEAM) led the charge of the top losers seen on Aug. 12, falling 13% at $0.012 per price data from crypto.news. The token’s daily trading volume was hovering around $38.9, with its market cap standing at the $650 million mark.

BEAM price chart – Aug. 12 | Source; crypto.news

Beam’s recent decline comes after it was the top gainer on August 11, driven by increased interest from whales who began accumulating the asset. According to reports from crypto.news, this significant whale activity pushed BEAM into overbought territory.

The current drop in Beam is attributed to a price correction following its previous surge, which was fueled by whale accumulation. This overbought condition suggested a likely sell-off as investors moved to secure profits.

Artificial Superintelligence Alliance

Artificial Superintelligence Alliance (FET) had also dropped by 11%, being traded at $0.8236 at press time. The AI token had a daily trading volume of $146.5 million, with its market cap falling under $2.1 billion.

FET price chart – Aug. 12 | Source; crypto.news

The latest drop in FET erased all of the gains it experienced yesterday when it jumped 12% and was trading at $0.938. The AI token had also dipped by 24% over the past week.

Mantra

Mantra (OM) had dropped 10.7%, trading at $095 at press time. The digital currency’s market cap has dropped to $803 million. Additionally, the 84th largest crypto asset is showing a daily trading volume of $28.5 million.

OM price chart – Aug. 12 | Source; crypto.news

Mantra is a modular blockchain network featuring two chains, Manta Pacific and Manta Atlantic, specializing in zero-knowledge applications.

Arweave

Arweave (AR) declined 10% over the past day, trading at $20. Its daily trading volume was hovering around $46.5 million while its market cap was still standing at $1.3 billion.

AR price chart – Aug. 12 | Source; crypto.news

Arweave is recognized for its decentralized storage solution, which operates on AI-enhanced blockchains.

Recently, co-founder Sam Williams introduced the Arweave AO protocol, a sophisticated computing framework designed to enable parallel executions for proof-of-stake computations. This protocol is aimed at meeting the increasing demands of social media and AI applications on blockchain technology.

The recent decline in these altcoins coincides with a 4% drop in Bitcoin (BTC), the largest cryptocurrency by market capitalization, over the past 24 hours, leading to $155.25 million in liquidations across the crypto market.

According to data from CoinGecko, the broader crypto market has fallen by 4.23% in the last 24 hours, bringing its total value down to $2.06 trillion.

Market sentiment in the crypto space is currently extremely fearful, driven by ongoing political conflicts, geopolitical tensions, and other macroeconomic factors contributing to increased volatility.

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Bitcoin

The bullish case for crypto? Polymarket forecasts and Sahm Rule

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It was a sea of red in the crypto market on Monday as the fear and greed index moved to the fear zone of 35, with most tokens falling by over 20%.

Bitcoin (BTC) plunged by 17% in the past 24 hours while other notable coins like Pepe (PEPE), Ethereum (ETH), Solana (SOL), and Notcoin (NOT) performed even worse. Altogether, the market cap of all cryptocurrencies has dropped from almost $3 trillion in March to $1.8 trillion.

Crypto outlook seems bearish

The outlook for Bitcoin and other coins seems highly bearish, with Bitcoin forming a series of lower lows and lower highs. It has even moved below the lower side of the falling broadening wedge pattern.

Bitcoin price | Chart by TradingView

Technically, Bitcoin has moved below the 50-day and 200-day moving averages, meaning that bears are in complete control.

Further, crypto investors have turned fearful, with the fear and greed index dropping to the fear zone of 35. In most cases, cryptocurrencies drop when there is a sense of fear in the market. 

Additionally, crypto liquidations have soared, crossing over $1 billion on Monday. Bearish volume has also risen across the biggest crypto exchanges. 

This trend is happening for several reasons. The biggest one is that the Bank of Japan is moving in the opposite direction from other central banks like the Bank of England and the European Central Bank. 

Further, the US presidential election is much tighter than before, and there are rising odds that Trump will not win the election. Trump is seen favorably among crypto investors. 

The bull case for Bitcoin and altcoins

Still, a bull case can be made in the crypto market. Goldman Sachs has raised its recession odds while the Sahm Rule index has risen to 0.53. The Sahm Rule looks at the average unemployment rate in the US over 12 months.

Odds of a recession rise when the Sahm Rule moves above 0.50%. Recent data shows that it has risen to 0.53%, meaning that a recession could happen. 

Ironically, stocks and cryptocurrencies do well during a recession because of the Federal Reserve. If a recession happens, the Fed will likely cut interest rates at a quicker rate than expected. Polymarket traders anticipate a jumbo rate cut of 0.50% in September while ING analysts see four cuts this year. 

Such cuts would have an enormous impact on the market since investors have allocated $6.1 billion in money market funds, where they are earning about 5%. When rates start falling, these investors will likely move funds to riskier assets like stocks and crypto.

We saw this happen during the COVID-19 pandemic when stocks jumped after the Fed slashed interest rates to zero. 

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Altcoin

Polyhedra hits 6.9m staked ZKJ in V2 staking program

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Polyhedra Network’s staking program saw more than 6.9 million of its native token staked in less than a month.

The Polyhedra Network (ZKJ) team, which recently launched the open beta the protocol’s proof cloud, shared details of the new milestone on Aug. 2.

Staking allows ZKJ holders to earn rewards and participate in the Polyhedra Network’s governance. According to the data, the ZKJ staking program surpassed the $9 million mark in “under a month.” The total staked tokens hit 6.9 million, while the number of unique stakers rose to 1,688.

However, as of the announcement on Aug. 2, 2024, the total staked ZKJ only accounted for about 0.08% of Polyhedra’s total supply of 1 billion tokens.

Polyhedra Network staking V2

The zkBridge developer’s V2 staking program followed the conclusion of the first offer that launched in June. As a temporary program, the first event only lasted for four weeks. However, it allowed participants to stake ZKJ for a chance to earn a share of the $1.13 million reward pool.

As crypto.news highlighted at the time, that first Polyhedra staking program ran until July 11.

The protocol launched its staking program V2 on July 15, which it said would run for a maximum of 52 weeks. During this period, network participants will be able to stake their ZKJ tokens to accumulate Staking Power. This allows token holders to earn rewards.

Staking rewards

Rewards calculation and distribution occur every Thursday at 00:00 UTC, based on the individual user’s Staking Power versus the total Staking Power for all users.

The next distribution, for instance, is expected on Aug. 8, with 25,000 CYBER and 38,000 ZKJ available. On Aug. 1, Polyhedra distributed 30,000 ZRO and 20,000 ZKJ.

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Mantra price steady as staking reward rises

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Mantra token price rose slightly on Friday as its staking reward neared its all-time high and as traders prepared for the next altcoin rally.

The Mantra (OM) token was trading at $1.2, up by 8% from its lowest level this week and 1,700% above the year-to-date low. This rally happened as investors predicted that Real World Asset (RWA) tokenization would be the next big thing in the blockchain industry. Mantra has positioned itself as the biggest infrastructure project for RWA.

Mantra has already made some wins in the past few months. For example, the developers inked a deal with a large Dubai-based real estate company to tokenize some of its projects. 

The OM token has also done well because of its recently announced Genesis Drop, which will see qualifying users receive 50 million tokens. Some of the qualifying members are Mantra’s NFT holders, early ecosystem contributors, and active community members.

Mantra has also risen because of its higher-than-average staking rewards. Data by StakingRewards shows that almost 50% of all OM tokens in circulation have been staked while the number of Mantra wallets has risen.

Mantra price and staking rewards | Source: StakingRewards

Recently, Mantra’s staking reward has been growing and is now sitting at a record high of 21.21%. This reward means that, all factors constant, $100,000 invested in OM will make $21,200 annually.

Mantra has the highest staking reward among the top cryptocurrencies. Toncoin (TON) yields just 2.56% and has a staking ratio of 25.23% while Tron (TRX) yields 4.15% and Avalanche has a 7.95% yield. 

Unlike most cryptocurrencies, Mantra will not see substantial dilution since the current circulating supply of 837.5 million tokens is near its maximum supply of 888 million tokens. 

Meanwhile, some analysts believe that the crypto industry could see another altcoin breakout in the coming months. In an X post, Ki Young Ju, the founder of CryptoQuant, noted that limit order volume for altcoins, excluding Bitcoin (BTC) and Ethereum (ETH) was rising.

A potential catalyst for cryptocurrencies and stocks is the Federal Reserve, which is scheduled to start cutting interest rates in September. Odds of a cut rose after the US published weak jobs numbers, with the unemployment rate rising to 4.3%, its highest point since 2021. 

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