Lưu trữ cho từ khóa: Altcoin

Bitcoin

Altcoins WIF, BONK, RUNE and JUP drop 10% as Bitcoin recedes 4%

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Altcoins dogwifhat, Bonk, THORChain, and Jupiter have suffered losses above 10% as Bitcoin dipped 4% in the last 24 hours.

Following a period of relative calm yesterday, July 31, Bitcoin’s (BTC) price actions experienced a dramatic shift as the cryptocurrency fell by more than $3,500, bringing its value down to $63,300. At the same time, altcoins also mirrored this trend, with the total value of liquidated positions soaring to nearly $225 million over the course of the day.

Initially, the week started on a high note for Bitcoin, as it climbed to its highest point since early June, reaching $70,000. However, this peak was short-lived as a swift rejection ensued, leading to a substantial decline, with Bitcoin dipping below the $65,500 mark.

The cryptocurrency did manage to regain some stability, trading quietly at about $66,800. Nonetheless, following a press conference by Federal Reserve Chair Jerome Powell, Bitcoin’s value tumbled again to $64,300, marking a decrease of over 3% within 24 hours.

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

The downturn coincided with a report from the New York Times stating that Iran had called for retaliatory measures against Israel following the assassination of Hamas leader Ismail Haniyeh in Tehran, escalating the potential for further regional conflict.

Meanwhile, on the economic front, the Federal Reserve decided to maintain the benchmark interest rates, offering little insight into the anticipated rate cut in September. Powell also hinted that while no concrete decisions were made regarding the September adjustment, there is a growing consensus on the likelihood of a reduction.

Amid the Bitcoin drop, altcoins have suffered even more significant losses. For instance, dogwifhat (WIF) saw a 12.4% decrease, and (BONK) experienced a 10% decline. Other altcoins like THORChain (RUNE) also fell by 10%, while Jupiter (JUP) and Ethereum Name Service (ENS) decreased by 8% and 9%, respectively.

Among the larger-cap cryptocurrencies, the biggest losers are Solana (SOL) with an 8% drop, (XRP) down 6%, Cardano (ADA) falling 4%, and both Ethereum (ETH) and Dogecoin (DOGE) experiencing a decline of 4.4%.

Data from CoinGlass indicates that nearly 67,000 traders have been adversely affected by this increased volatility. BTC positions have seen $61.85 million in liquidations, while ETH positions have faced $61 million. In total, the value of liquidated positions stands at $225.4 million at the time of writing.

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Theo Crypto News

Altcoin

Altcoin rally is coming, CryptoQuant CEO says

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Ki Young Ju has reported a significant rise in limit buy orders for altcoins, signaling a potential rally.

This surge suggests that investors are establishing strong buy walls for altcoins, excluding Bitcoin (BTC) and Ethereum (ETH), possibly in anticipation of an impending altcoin rally.

“Whales are preparing for the next altcoin rally,” Ju posted on X. 

The increase in limit buy order volume indicates robust buying interest, which often precedes market upswings. For those unfamiliar, limit orders create “quote volume” on exchanges, while market orders generate “taker volume.” 

Whales and institutions, such as market makers and brokerages, typically use limit orders for large trades to minimize slippage.

Altcoins rise as Bitcoin rises

During an altcoin rally, the prices of alternative crypto experience significant increases. This surge is often driven by positive market sentiment, increased trading volumes, and a shift of investor focus from Bitcoin to altcoins. 

Factors such as Bitcoin price movements, fear of missing out, and market speculation play crucial roles in an altcoin rally. When Bitcoin’s price rises, profits often flow into altcoins, further boosting their prices. ​

Limit order indicators are calculated by summing the difference between buy and sell quote volumes over a one-year moving window. An upward trend signifies a rise in quote buy volume, pointing to the formation of strong buy walls. This pattern suggests a potential bullish movement in the altcoin market.

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Theo Crypto News

Phân tích

July FOMC decision and its impact on Bitcoin and crypto prices

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The Federal Open Market Committee will deliver its July interest rate decision on Wednesday, a move that could impact Bitcoin and other crypto prices.

Cryptocurrencies wait for the Fed decision

Most cryptocurrencies traded in a tight range ahead of the Federal Open Market Committee decision. Bitcoin (BTC) was trading at $66,300, down from this week’s high of $70,000 while Ethereum was at $3,320.

The market cap of all cryptocurrencies was down by just 0.78% to $2.38 trillion. Even some of the best-performing altcoins of the day like Mog Coin (MOG), Kaspa (KAS), and Ripple (XRP) were up by less than 6%. 

Economists expect the Federal Reserve will leave interest rates unchanged between 5.50% and 5.25% in this meeting. According to Polymarket, only 4% of participants in the $2.4 million pool expect the bank to slash rates by 25 basis points.

Nonetheless, this will be an important meeting since the bank could provide guidance on when rate cuts will start.

With inflation falling for three consecutive months and the unemployment rate rising, the Fed could point to a September cut. The alternative scenario is where the bank maintains a vague data-dependence posture. In this case, it will watch Friday’s non-farm payrolls data for cues on the labor market and the next consumer price index report. It will then provide guidance on a September cut at the annual Jackson Hole Symposium.

Implication for Bitcoin and altcoins

All assets are impacted by the actions of the FOMC. For example, in 2020 and 2021, BTC and other altcoins soared as the bank slashed rates to zero. They then reversed in 2022 as the bank started its benchmark rates.

One reason Bitcoin and other coins could do well when the Fed starts cutting interest rates is that investors have packed trillions in low-risk assets. Money market funds have accumulated over $6.1 trillion in assets as investors benefit from the average return of 5%.

These assets will be less attractive when interest rates start moving downwards. As a result, there are chances of a rotation to riskier assets like stocks, crypto, and Bitcoin ETFs. 

Bitcoin price | Chart by TradingView

Still, for this meeting, the impact on cryptocurrencies may be limited since the rate pause has been priced in. As shown in previous Fed decisions, there has been no major impact on Bitcoin prices.

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Theo Crypto News

Altcoin

Altcoin season hopes rise as Bitcoin price forms a bullish pattern

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Crypto traders are bracing for the next altcoin season as Bitcoin forms an extremely bullish pattern on the weekly chart. 

Bitcoin (BTC), the largest cryptocurrency by market cap, has formed a cup and handle chart pattern. This pattern is characterized by a rounded bottom forming the cup and either a consolidation or a pullback to form the handle. The upper part of this pattern was at $68,837, while the handle section has been forming since March this year.

Importantly, it has formed a falling broadening wedge pattern in its handle section. It has also found a strong support level at the 50-week moving average, where it failed to move below in July.

Bitcoin price | chart by TradingView

A good example of the cup and handle pattern in action happened in gold. On the monthly chart, it formed the cup section between September 2011 and July 2020. It then formed the handle section and made a bullish breakout to a record high of $2,485 this month.

Bitcoin and gold have some relationship. In a recent statement, Larry Fink, the founder, and CEO of Blackrock, said that he views Bitcoin as a digital gold that will do well because of the rising geopolitical issues and soaring US public debt.

Gold price | chart by TradingView

Additionally, Bitcoin has some solid fundamentals. Demand is rising as institutional investors buy through ETFs, while the Federal Reserve is expected to start cutting interest rates as soon as in September. Supply has been hampered by April’s halving event.

Fed rate cuts are positive for Bitcoin and other altcoins because they lead to a risk-on sentiment among investors. In this case, some of the $6 trillion invested in money market funds will likely rotate to riskier assets like stocks and cryptocurrencies.

Analysts are also bullish on Bitcoin. Michael Saylor, the biggest Bitcoin buyer, expects that the coin will rise to $13 million in his base case and to $49 million in his most optimistic case. In a recent note, Ki Young Ju, the founder of CryptoQuant, noted that the bull cycle may continue into 2025.

Bitcoin to stir another altcoin season

A strong Bitcoin bullish breakout will likely stir another altcoin season. Historically, altcoins, including meme coins, do well when Bitcoin is rising. 

For example, an altcoin like Solana (SOL) rose to a multi-year high of $210 in March when Bitcoin soared to its record high. Similarly, Cardano (ADA) reached $0.81 while Polygon (MATIC) jumped to $1.2887.

Recent performance shows that meme coins outperform their bigger peers when there is an altcoin season. Meme coins like Pepe (PEPE), Dogwifhat (WIF), and Popcat have done better than bigger coins this year.

Many traders love these meme coins because of their low prices vs. Bitcoin. In this case, it is always cheaper to buy a token like Book of Meme (BOME) that was trading at $0.011 instead of Bitcoin that trades at $66,000. Meme coins are also highly volatile and have a lot of volume.

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Theo Crypto News

Altcoin

JasmyCoin emerges as top gainer amid increased social activity

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JasmyCoin has emerged as the top 24-hour gainer among the leading 100 cryptocurrencies as investors discuss further bullish momentum on social platforms.

The native token of the Japanese company Jasmy Corporation, JasmyCoin (JASMY), surged 7% in the past 24 hours and is trading at $0.032 at the time of writing. The asset’s market cap surpassed the $1.5 billion mark, making it the 53rd-largest digital currency at the reporting time.

JASMY price, RSI, social volume and exchange activity – July 28 | Source: Santiment

JASMY’s daily trading volume increased by 102%, reaching $224 million. 

Notably, JasmyCoin emerged as one of the top gainers on July 27 as the token’s price rallied by 12%.

According to data provided by Santiment, the social activity around JasmyCoin has been consistently rising over the past five days when the asset was changing hands at $0.029 before taking a deep dive to the $0.025 mark. Data shows that the JASMY social volume increased by six times since July 23.

Per data from the market intelligence platform, the JASMY exchange inflow surged from 65.4 million to 105.3 million tokens over the past 24 hours. This movement hints at potential short-term profit-taking as JasmyCoin briefly touched a local high of $0.033 yesterday, July 27.

The exchange inflow, however, registered a smaller surge than the amount of tokens leaving the exchanges. According to Santiment, the JasmyCoin exchange inflow rose from 58.2 million to 86.6 million coins in the past 24 hours.

At this point, more investors are looking for potential profit-taking if the JASMY price rallies.

Data from Santiment shows that the JasmyCoin Relative Strength Index is currently sitting at 61. The indicator shows that the asset is slightly overbought at this price point and a price correction would be expected due to its high volatility.

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Theo Crypto News

Altcoin

Crypto sees over $300 million in liquidations as Bitcoin, altcoins plummet

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Bitcoin price broke below $61,000 on Monday as bearish pressure intensified, and the market has seen over $320 million in total liquidations in 24 hours as a result.

With bulls unable to hold key price levels as BTC traded lower, today’s dip sees buyers staring at a potential dip to the psychologically important $60,000 level.

The bloodbath is also visible across the altcoin market as Ethereum failed to hold above the $3,300 level. Meanwhile, Solana, BNB and XRP all shed significant chunks of recent gains. Uniswap and Maker, down 12% and 9% in the past 24 hours, are the biggest losers among the top 50 coins by market.

Liquidations hit over $320 million in past 24 hours

As Bitcoin slumped past $62,000 on Monday, total liquidations across the crypto market moved past $300 million. 

With BTC below $61k and looking likely to extend losses, the annihilation of leveraged longs increased to over $324 million. More than $286 million are long positions, while $36 million are shorts.

According to data from Coinglass, nearly $132 million of the liquidations are for Bitcoin. 

Longs account for the vast majority of the rekt traders at nearly $122 million in 24 hours while liquidated short positions account for about $9.9 million.  Per the market data, over $95 million of the liquidated longs have come in the past 12 hours.

Overall, more than 85,440 traders have been liquidated in the past 24 hours. The largest single liquidation order within this period as of 12:30 pm ET on June 24 occurred on Binance – a $15.36 million burn on the BTC/USDT pair.

Why did Bitcoin price fall sharply today?

On June 24, the trustee of the bankrupt crypto exchange Mt. Gox announced that the long-awaited repayments for creditors will start in July. With over $9 billion in BTC with the defunct exchange and earmarked for distribution, investor reaction to the news was swift and biting.

Bitcoin price tumbled more than 5% after the news, breaking past support levels as fears of a potential sell-off pressure struck the market. The downward pressure also comes amid recent selling by a wallet linked to the German government.

Earlier this year, German police seized close to 50,000 BTC worth around $2.1 billion at the time.

Bitcoin’s gains over the past months meant the total value of the coins reached over $3 billion. But data from Arkham Intelligence shows the wallet has recently sold off a significant number of BTC, likely contributing to the selling.

Miners have also sold quite a chunk, with IntoTheBlock data showing about 30,000 BTC sold post-halving.

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Theo Crypto News

Altcoin

Winter is coming: Why altcoin market declines after token unlocks

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Altcoins face an early crypto winter, mainly due to the large token unlocks in 2024.

According to Bloomberg, early project investors seek to sell the received tokens quickly, wanting to lock in short-term profits. At the same time, they do not want to keep unlocked altcoins on their balance sheets, with an eye to future growth.

Data from the Token Unlocks platform, which tracks 138 projects, indicates that 120 are expected to unlock tokens in 2024. Analysts estimate the total market value of this volume of assets to be $58 billion.

Edward Chin, co-founder of the investment company Parataxis Capital, believes that massive sales of such assets are putting intense pressure on the altcoin market. At the same time, brokers often need to offer potential buyers tokens from early investors at a discount of up to 40%.

“The market is strange at the moment, in that the many infrastructure projects that investors funded over the bear market are now coming to their token launch, but there is not a ton of regular buyers of these tokens at high prices.”

 Lex Sokolin, Generative Ventures co-founder

How does unlocking affect tokens?

The timing and scale of token unlocking can significantly impact market dynamics. Unlocking many tokens simultaneously can reduce interest in purchasing and temporarily drop token prices.

Token unlocking events can cause market fluctuations as investors react to the new supply of tokens. Investors may adjust their positions based on the unlock schedule and the expected impact on token prices, resulting in price changes.

Which tokens collapsed after unlocking?

For example, the token of the dYdX project, DYDX, has dropped by 61% over the past three months. At the time of writing, the asset price is $1.4, and its market capitalization is $838 million.

Source: CoinMarketCap

A similar situation is observed in the Pyth Network (PYTH) and Avalanche (AVAX) projects. Over the same period, their tokens fell by 55% and 66%, respectively.

All three listed projects were unlocked in May 2024. The general market volatility aggravates the situation with altcoins. Of the more than 90 most considerable crypto assets by market capitalization, only 12 have shown positive returns since mid-March 2024.

According to statistics, about 80 projects show negative dynamics in this indicator. At the same time, the price of 23 assets fell by more than 50%.

Crypto winter on the altcoin market

10xResearch analysts note that the 115 most prominent altcoins have fallen in price by more than 50% since their 2024 peaks. This correction is mainly similar to the declines seen in previous market cycles in 2017 and 2021. Without an influx of new funds and restoration of liquidity, the fall in altcoin prices may continue.

Source: 10xResearch

“Today, altcoins are in a brutal bear market. In 2024, 73% of those 115 coins peaked in March. We have been correct in calling for Bitcoin’s outperformance against everything else, notably Ethereum, but in early March, the game changed.”

10xResearch

While altcoins are falling, the two flagship cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), have shown relative resilience. They are down 11% and 13%, respectively, from their peaks this year.

“Surviving the altcoin bear market hinges on one crucial factor: effective risk management. Token unlocks, and unfavorable crypto liquidity indicators are the primary catalysts of this altcoin crash.”

10xResearch

In May, analysts warned about a potential decline in altcoin prices due to unlocking a significant volume of tokens. Almost $2 billion in unlocked tokens is expected to enter the market before July, which could lead to a sell-off of cryptocurrencies and a drop in prices.

According to experts, this situation is due to the actions of venture capital funds. In the first quarter of 2022, these funds invested $13 billion in altcoins. Under pressure from investors wanting to return their funds, venture funds are forced to sell their tokens. The situation is aggravated by investors’ growing interest in artificial intelligence (AI).

Should traders wait for the altcoin season?

The share of Bitcoin in the total capitalization of the entire crypto market, whose volume is $2.4 trillion, is at 54.6%. The so-called Bitcoin Dominance Index indicates the market cycle and investor sentiment, with smaller cryptocurrencies typically outperforming Bitcoin and Ethereum in growth rates.

Source: TradingView

As a rule, the share of the leading digital currency in the total capitalization of the entire crypto market grows during cyclical downturns in the industry. During a bull period in the market, when many altcoins grow faster than Bitcoin, it decreases. Thus, the first cryptocurrency dominance index indicates the market cycle and investor sentiment.

Swissblock analysts called the conditions for starting the altcoin season. Experts believe that traders need to monitor the ETH/BTC price ratio, which is the price of Ethereum in Bitcoin equivalent. The growth of the ETH/BTC pair is traditionally considered a harbinger of an influx of capital into alternative 

Additionally, Technical Analyst Titan of Crypto also expressed faith in the upcoming altseason in April.

According to him, the altcoin market is ready for significant growth. Analyst emphasized that the phase after the BTC halving usually becomes a turning point for them. Technical charts suggest altcoins will soon take center stage, foreshadowing a potentially lucrative altseason.

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Theo Crypto News

Altcoin

Best performing cryptocurrencies right now

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The crypto market is down over the last 7 days, with the market cap falling from $2.37 trillion to $2.27 trillion. However, there are individual cryptocurrencies, of course, that are still yielding returns for their investors.

This article highlights the top 10 performing cryptocurrencies over the last 7 days according to Coinmarketcap, as well as some insights into what exactly might be driving price.

Top 10 crypto gainers of the week

Let’s take a look at the best performing crypto coins this week. Our list of biggest crypto winners are taken from the top 300 results on Coinmarketcap, removing some of the projects that may be extremely volatile or subject to especially high risk for crypto traders, although many projects on this should still be viewed as very risky indeed.

1. Popcat (POPCAT)

The top performing coin this week is, unsusprisingly, a cat-based meme coin. POPCAT is hosted on the Solana blockchain and does not have or claim to have any particular utility, focused solely on entertainment value and speculative gains that meme coiners everywhere love to chase.

POPCAT is currently up 72% over the last 7 days after some new exchange listings added extra liquidity to the market.

2. Mog Coin (MOG)

If you haven’t had enough of meme coins boasting cartoon cats as their mascot, you’re in for a treat! Mog Coin (MOG) is another meme coin that comes in ninth on our list. It lives on the Ethereum network, although it can also bridge between Ethereum and Bitcoin thanks to an integration with Multibit. The project site says that users can purchase goods and services with the coin.

MOG is up 59% this week. Crypto users should always be wary of speculative meme coins, but perhaps exceedingly so in this case. In May of this year, crypto.news wrote about how Mog Coin is potentially full of security flaws, which we’ve linked below.

3. Rollbit Coin (RLB)

RLB is the native crypto token for the Rollbit cryptocurrency casino and exchange, offering various discounts and rewards to users of the casino willing to purchase the coin. This week, the coin is up 41%, and the surge in price can be attributed to a recent announcement that the casino would burn RLB tokens.

Token burns, where a project destroys part of the token supply permanently, can often lead to increased prices due to scarcity they create in the circulating supply of the currency.

4. Delysium (AGI)

Delysium describes itself as an “AI-powered virtual society” with a vision to host one billion users, as well as 100 billion virtual users. Bitget’s social data summary of Delysium indicates that a total of 34 users have discussed Delysium in the last 24 hours.

The coin is up 34% in the last week, riding high on the news that the project is releasing Agent-ID, a system for introducing AI agents on the platform.

5. SingularityNET (AGIX)

SingularityNET (AGIX) is up 28% this week on news that AGIX will merge with the FET and OCEAN tokens. All three projects involve AI, a trending niche of today’s financial investment and technology markets.

SingularityNET describes itself as a “decentralized AI marketplace”, with its native AGIX token allowing users to vote on governance decisions.

6. Ocean Protocol (OCEAN)

Ocean Protocol aims to allow users to monetize their data as well as data-based services. This concept of user-monetized data has been a hot topic since the rise of the internet of things (IoT), bolstered by scandals in traditional social media such as data leaks and perceived manipulation of social feeds online.

OCEAN is one of three tokens merging with AGIX, and is now up 30% for the week.

7. Fetch.ai (FET)

Fetch.ai is the third token involved in the aforementioned merger. The project boasts partnerships and collaborations with major companies like Bosch as well as a potential smart city use case in the city of Munich, Germany. You can read more about Fetch.ai here.

The project offers AI services on demand, and its token is now up 30% this week.

8. Non-Playable Coin (NPC)

This humorously-named project is a meme coin with little on-paper utility, opting for entertainment value instead. NPC token plays on the idea of mob mentality and people mindlessly buying crypto tokens without researching them first, and the project motto is “I support the current token” in a play on words of a popular online meme.

The coin is up 29% over the last 7 days, possibly on unsubstantiated rumors of a Binance listing. Readers should note that the project has been seeding various news articles online as part of their marketing efforts, and that there is no evidence of any upcoming listing at this time.

9. WEMIX (WEMIX)

WEMIX is a blockchain gaming platform. The site claims that it is the largest such platform in the world, and that over half a million users are playing blockchain games.

The coin was delisted from Bithumb, Upbit, Coinone, and Korbit in 2022 after the exchanges accused Wemix of supplying them with false information during their listing application. WEMIX is up 28% this week.

10. Wrapped Centrifuge (WCFG)

Wrapped Centrifuge is the Ethereum version of CFG token native to the Centrifuge network. The Centrifuge project offers DeFi and investing services, allowing users to invest in crypto derivatives. CFG is not available on the Ethereum network directly, so users can buy WCFG instead which is intended to represent and remain stable to the price of CFG.

WCFG is up 25% this week, as, of course, is CFG token, with WCFG rising slightly higher.

Assessing the best performing altcoins

When considering the altcoin top gainers of the week, it can be tempting to simply buy into a project that has risen a lot in value recently. Of course, there is no guarantee that price will continue to rise. Many people often have the same idea to chase trading volume, which can result in the expectation of a coin becoming oversold.

Savvy investors tend to thoroughly assess the underlying utility of crypto top gainers as well as the reputation of the team and the project’s track record as well as simply considering the recent price action.

While many traders focus purely on charts and view the market in terms of crypto’s best performers, the market is such that major players can bet against the flow and cause major losses for retail traders trying to follow price trends.

For example, the highest performing crypto on this list is a meme coin with no stated utility. While prices may increase, these projects are extremely volatile and subject to severe price swings, and many in the space view purchasing such coins as gambling rather than trading or investing.

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Theo Crypto News

Altcoin

Akash Network surges 12%, leading AI tokens bounce

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Akash Network (AKT) price was up 12% on Thursday as the cryptocurrency ranked second behind Book of Meme (BOME) as the top gainers.

While BOME leads top 100 gainers by market cap with a 24-hour gain of over 14%, AKT traded to highs of $3.45. The AI related token led other coins in this category, with only Render (RNDR) and The Graph (GRT) in the green among top AI and Big Data cryptocurrencies.

SingularityNET, Fetch.ai and Ocean Protocol, which are headed for a merger under the Artificial Superintelligence Alliance (ASI), were all dumping more than 10% at the time of writing.

The all-time high for AKT was $8.07 reached in April 2021.

However, while in the current market cycle, the cryptocurrency peaked at $6.22 on March 10, 2024. A surge amid Upbit listing in April saw AKT break to above $6.03 before paring gains.

Akash Network price up amid RenAIssance Hackathon

The broader crypto market was up just 1% to about $2.29 trillion, but Akash Network appeared to defy this with its double-digit gain.

As well as the announcement that Crypto.com now supports AKT staking with up to 19% in rewards, positive vibes around Akash Network may have come from another major network related event.

On June 25, the Akash team revealed a collaboration with Flock, a platform for decentralized training of AI models.

With FLock.io, AKT holders can participate in an open and collaborative ecosystem, contributing to training of models, for on-chain rewards. Users can also contribute data and other computing resources to earn AKT.

The RenAIssance Hackathon offers rewards in AKT, USDC and native FLock token FML.  Top 3 models in the hackathon will earn 400 USDC and $400 worth of AKT for the winner; 300 USDC plus $300 worth of AKT will go to the runner up and 200 USDC plus $200 in AKT for the third-place model.

Participants also stand to win 200 USDC and $200 worth of AKT for winning validators.

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Theo Crypto News