Lưu trữ cho từ khóa: Market Sentiment

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Crypto market enters ‘greed’ zone as Bitcoin hikes further

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Crypto market enters ‘greed’ zone as Bitcoin hikes further

The crypto market sentiment is seeing a major shift as leading digital assets continue their bullish momentum.

According to data provided by CoinMarketCap, the crypto fear and greed index entered the 60 zone today, signaling slightly greedy market conditions.

BTC price and crypto fear and greed index – Oct . 17 | Source: CoinMarketCap

This is the first time the crypto market has hit the greed zone in six weeks—last seen on July 31. The major drop happened in early August as the Bitcoin (BTC) price plunged below the $54,000 mark.

The recent market-wide rebound came on the back of Bitcoin’s bullish momentum. The BTC price has constantly risen since Oct. 10, recording a 12% surge over the past week—Bitcoin briefly touched a two-month high of $68,375 on Oct. 16.

Despite a slight correction, Bitcoin is still up 0.3% in the past 24 hours and is trading at $67,350 at the time of writing.

According to data from IntoTheBlock, 95% of the Bitcoin holders are currently in profit, 3% are close to their initial investment and 2% are seeing losses. 

At this point, short-term profit-taking would be normal, due to the increased number of holders in profit.

On the other hand, the number of daily active addresses in profit declined from 112,780 to 91,160 unique wallets between Oct. 15 and 16. The downshift shows that some investors might be aiming at a further price hike instead of taking profits right away.

DAA in profit – Oct. 17 | Source: IntoTheBlock

One of the main reasons behind Bitcoin’s bullish momentum is the increased demand for the spot BTC exchange-traded funds in the U.S. Per a crypto.news report, these investment products recorded a net inflow of over $1.6 billion over the past four days—seeing $458.5 million in inflows on Oct. 16 alone.

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Theo Crypto News

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Q3 crypto market rundown: Who thrived, who crashed, and what’s next?

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What are the main takeaways from CoinGecko’s Q3 2024 report about the crypto market’s highs and lows? How did market cap, trading volumes, and investor sentiment shift this quarter?

According to CoinGecko’s Q3 2024 Crypto Industry Report, the third quarter of 2024 was a rollercoaster for the crypto market, marked by key shifts in market dominance, surprising price movements, and investor interests.

Let’s break down the key highlights, exploring how different sectors performed and what the future holds for crypto.

Crypto market cap shrinks

The third quarter of 2024 wasn’t exactly smooth sailing for the crypto market. Despite early highs, things took a turn when global economic forces began to affect markets.

At the start of Q3 2024, the total crypto market cap reached a solid $2.61 trillion on Jul. 22, buoyed by positive investor sentiment.

However, that optimism was short-lived. By the end of Q3, the market had contracted by 1.0%, shedding $95.8 billion to close at $2.33 trillion. In addition to the dip in market cap, average daily trading volume also fell by 3.6% to $88 billion for the quarter.

This decline wasn’t just a crypto-specific issue — it was the result of broader economic forces. Global financial markets were hit by the unwinding of the yen carry trade, triggered by the Bank of Japan’s decision to raise interest rates in August.

For context, the yen carry trade involves borrowing money in Japan, where interest rates have historically been low, and investing in assets elsewhere that offer higher returns. 

It’s a nifty way to make money—until interest rates rise. When Japan hiked its rates for the second time in 2024, this strategy was thrown into disarray.

Japan’s rate hike made borrowing yen less attractive, and investors began unwinding their carry trades. This caused a market shake-up, particularly on Aug. 5, with repercussions across various asset classes — including crypto. Following the shock on Aug. 5, the total crypto market cap fluctuated between $2.00 trillion and $2.20 trillion.

Moreover, escalating tensions in the Middle East, where several countries and militant groups are engaged in conflict, worsened the situation, leading to increased panic and sell-offs.

While the overall market faced turbulence, a few individual cryptos made remarkable moves in Q3 2024. 

Sui (SUI), the layer-1 blockchain platform, was the standout performer, skyrocketing from 50th to 22nd in the rankings. Another notable mover was Bittensor (TAO), a machine learning network, which jumped from 57th to 25th.

On the other hand, Ethereum Classic (ETC) and Monero (XMR) saw their rankings slip, falling out of the top 30 entirely.

Toward the end of the quarter, the market experienced some recovery, thanks to a 50 basis point (bps) rate cut in the U.S. and stimulus announcements in China. These moves helped push the market back up to $2.33 trillion, though still far below peak Q2 levels.

BTC gains market share but trails behind traditional assets

Bitcoin (BTC) may not have seen a huge price gain in Q3 2024, but it certainly made its presence felt in the market. BTC’s dominance — the measure of its market share in the crypto world—rose to 53.6%, a 2.7% increase from the previous quarter.

In fact, the last time BTC saw such dominance was in April 2021, when Bitcoin was riding high on the excitement of institutional investments and broader adoption.

It’s worth noting that this surge in dominance wasn’t so much about Bitcoin rallying hard but more about the fact that altcoins, like Ethereum (ETH) and Binance Coin (BNB), took a bigger hit.

Ethereum, in particular, experienced a steep drop in dominance, falling by 3.6% to end the quarter with a 13.4% share. BNB also saw a decline in dominance as regulatory scrutiny on centralized exchanges like Binance continued to dampen investor sentiment.

However, while Bitcoin managed to boost its market share, it lagged behind major traditional asset classes in terms of price performance during Q3 2024.

Gold, often viewed as the ultimate safe-haven asset, rose a whopping 13.8%. This came as fears of an economic slowdown in the U.S. and growing instability in the Middle East pushed investors toward safer assets.

Another strong performer was the Japanese yen, which surged by 12.0% following the unexpected interest rate hike in August. This hike, combined with the Fed’s rate cuts, gave the yen a boost as traders flocked to the currency, expecting better returns. 

The yen’s sharp rise contrasted with Bitcoin’s modest gains, highlighting that traditional currencies were the stars of Q3.

On the flip side, crude oil and the U.S. Dollar Index (DXY) underperformed Bitcoin. Oil prices struggled due to weaker demand projections, while the DXY declined as U.S. rate cuts took a toll on the dollar.

Despite all major fiat currencies gaining against the dollar, Bitcoin’s steady price increase was enough to outperform these two assets, which suffered in the wake of macroeconomic shifts.

2024 Q3 crypto price returns

The third quarter of 2024 wasn’t a thrilling ride for most of the crypto market. While the overall market remained flat, some tokens managed to shine, while others took a hard hit.

Amid a sea of neutral or negative returns, a few tokens stood out. Aave (AAVE) was the big winner, skyrocketing by an impressive 61%.

Aave’s strong performance can be attributed to the “fee switch” proposal that allowed AAVE token holders to earn yield simply by holding onto their tokens. This move attracted more interest from yield-seekers and boosted AAVE’s revenues through increased liquidations during the quarter.

Another notable gainer was Ripple (XRP), which jumped 29%. Ripple’s rise can largely be credited to its legal victory in August. The court ruling significantly reduced the penalties Ripple Labs had to pay, from the $2 billion the SEC initially sought to just $125 million.

Lastly, Thorchain (RUNE) posted a solid 22% return, driven by its announced merger with the Cosmos Layer 1 project, Kujira. The merger means that Kujira’s DeFi products and revenue streams will now flow through Thorchain, adding fresh excitement around RUNE’s prospects.

On the flip side, Ethereum had a rough quarter, dropping its price by 24%. This might surprise some, especially considering the launch of spot Ethereum ETFs in July, which many thought would fuel price gains.

However, despite this milestone, overall enthusiasm for ETH seems to have cooled, with fewer investors and traders engaging in Ethereum-based DeFi projects.

Meanwhile, Maker (MKR) saw the steepest drop, falling by 36%. This decline was largely due to the U.S. Federal Reserve’s rate cuts, which led to a decrease in the DAI savings rate. Maker’s DAI relies heavily on yield from U.S. Treasuries, so when those yields fell, the attractiveness of holding DAI diminished, dragging down MKR’s price.

The play-to-earn sector continued its downward trend, though the declines were less severe than in Q2. Notcoin (NOT), which had a meteoric rise last quarter, cooled off, dropping 42%. Despite the decline, NOT still ranks among the top 3 P2E tokens. 

On a more positive note, ImmutableX (IMX) saw a modest recovery in Q3 after a tough Q2, helping it retain its top spot in the P2E sector.

Meme Coins, Solana, and AI lead the way as DeFi and NFTs struggle 

Meme coins proved once again that their appeal is far from fading. In Q3 2024, meme coins accounted for an impressive 17.05% of web traffic across CoinGecko’s categories. Solana’s (SOL) meme coins followed closely behind with 11.41%, showing that the quirky and often unpredictable side of the crypto world continues to capture attention.

Altogether, meme-related coins made up 31.8% of traffic, reinforcing that even in a relatively flat market, these tokens are still drawing significant interest.

Solana remained a key player in Q3, with its ecosystem (including meme coins) capturing 22.1% of the market share, positioning it as one of the most active and talked-about blockchain ecosystems.

Artificial intelligence (AI) also stayed in the spotlight, taking 9.6% of the market share in Q3. AI-driven platforms are gaining traction, particularly as industries look to leverage this technology for enhancing decision-making, trading, and more.

While meme coins and Solana surged in interest, the DeFi market had a tougher time. The total DeFi market cap dropped to its yearly low of $60.5 billion on Aug. 6, coinciding with the broader market correction when Bitcoin fell to $49,000. 

Though DeFi rebounded slightly to end Q3 at $78.1 billion, the sector still saw a 15.2% decline over the quarter, losing $14 billion in market cap.

DeFi’s shrinking share in the overall market has raised questions about its future. Once seen as the cornerstone of crypto innovation, the sector is now facing challenges in attracting new users and maintaining its appeal. 

Meanwhile, the NFT market, which once saw explosive growth, continued its sharp downturn in Q3. Trading volume across major networks like Ethereum and Bitcoin fell by a staggering 61.3%, dropping from $3.1 billion in Q2 to just $1.2 billion in Q3.

Ethereum’s NFT dominance took a significant hit, sinking from 45% to 35% over the quarter. Bitcoin-based NFTs, largely driven by the Ordinals protocol, also suffered. Despite a 90% drop in volume from its April peak, Ordinals trading still outpaced Solana NFTs, with Bitcoin holding 25.2% of the NFT market share compared to Solana’s 16.0%.

Layer 2 networks like Base and Blast saw some NFT activity, but even these networks couldn’t escape the broader market downturn, with monthly trading volumes shrinking to around $3 million in Q3.

The road ahead

Now, 15 days into the final quarter of 2024, Bitcoin is riding a bullish wave, with its dominance surging to 57%. The excitement of “Uptober” is palpable, a month historically known for being Bitcoin’s most profitable. 

As always in crypto, volatility is the only certainty, and the thrills of Uptober could either pave the way for a strong close to 2024 — or offer a reminder of how unpredictable this market can be.

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POPCAT hits new ATH with 19% surge despite mixed signals

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Popcat, a Solana-based meme coin, has recorded an impressive rally to secure a new all-time high, defying the overall market’s shaky sentiment. 

This dramatic increase continues a multi-day trend, with the asset experiencing notable upward momentum since Oct. 4. On that day, Popcat (POPCAT) rallied by 21.8%. Interestingly, Oct. 6 brought another 15.17% spike, fueling the ongoing bullish surge.

POPCAT is up 19% in the past 24 hours and is trading at $1.45 at the time of writing. Its price has also appreciated 53% in the last week, with its market cap surging to $1.4 billion. A spike in 24-hour volume to $155.8 million confirms the growing interest.

POPCAT 1D chart – Oct. 7 | Source: crypto.news

The asset’s rise pushed it to a new all-time high of $1.48 this morning, breaching the $1.07 peak set last month. Despite correcting slightly from $1.48, POPCAT remains in price discovery. The spike now places it above the Upper Bollinger Band at $1.338, indicating an overbought condition. 

This often suggests a potential price correction is on the horizon, as market participants look to take profit. However, in strong bullish trends, prices can remain overbought for extended periods, leading to further gains. 

The Commodity Channel Index, which is currently at 267.67, supports this. This CCI reading signals extreme buying pressure and a potential reversal if the trend weakens. 

Nonetheless, if buying momentum persists, this momentum could push POPCAT into higher territory before any meaningful pullback.

Should a pullback occur, immediate support lies at $1.2172. A drop below this level would expose the coin to further losses, with $1.0698 acting as the last line of defense above the psychological $1 mark. 

If the price were to collapse below $1, bulls would need to defend the $0.8313 pivot level to avoid falling into bearish territory. Despite these possible risks, the price action remains bullish for now.

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ADA, TIA, WIF see positive sentiment; can they capitalize on it?

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Cardano, Celestia and dogwifhat are witnessing positive sentiment on social platforms as the broader crypto market.

According to data provided by Santiment, Cardano (ADA) and Celestia (TIA) recorded an impressive surge in their respective weighted sentiments over the past two days. Dogwifhat’s (WIF) bullish social sentiment was triggered yesterday, Sept. 24, as the meme coin’s upward momentum started.

Weighted sentiment of ADA, TIA and WIF – Sept. 25 | Source: Santiment

The dominant positive sentiment around these tokens has brought impressive gains as well.

ADA rose by 6.3% in the past 24 hours and is trading at $0.38 at the time of writing. Its market cap is currently sitting at $13.8 billion with a daily trading volume of $350 million. 

ADA price and RSI – Sept. 25 | Source: crypto.news

Cardano’s bullish momentum started after the U.S. Federal Reserve announced a 50-basis-point rate cut on Sept. 18 — unlike the March 2020 rate cut that crashed the ADA price by 57%.

Moreover, Cardano recorded a pretty similar positive sentiment on social platforms on Sept. 2 on the back of its Chang hardfork announcement. The upgrade switched the network’s system to decentralized.

TIA briefly touched a local high of $6.8 earlier today but soon started to decline. At this point, Celestia is up by 1.3% over the past day and is changing hands at $6.36 at the reporting time. The asset’s market cap is hovering at $1.35 billion with a daily trading volume of $240 million.

TIA price and RSI – Sept. 25 | Source: crypto.news

Celestia recorded most of its gains yesterday after a $100 million funding round. 

WIF also gained 12.5% in the past 24 hours and is currently trading at $2. The meme coin had been struggling around the $1.5 mark for almost a month and bullish movements after the rate cut news emerged last week.

WIF price and RSI – Sept. 25 | Source: crypto.news

Despite the positive sentiment surrounding these tokens, their Relative Strength Index has already heated up.

ADA, TIA and WIF saw their RSIs rise to 74, 60 and 68, respectively. While Cardano has already entered the overbought zone, Celestia and WIF aren’t far away from the 70 RSI mark.

High RSI levels usually bring high price volatility due to increased profit-taking among short-term traders. However, if the market-wide upward momentum is sustained, further gains could be expected for these tokens thanks to the positive sentiment surrounding them.

It’s important to note that macro events can instantly change the direction of financial markets.

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CKB’s trend fading away despite emerging as top gainer

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The native token of Nervos Network recorded impressive gains over the past week, but its bullish trend seems to be fading away.

Nervos Network (CKB) emerged as the top gainer among the leading 100 cryptocurrencies with a 140% rally over the past month. Notably, the asset gained 19% in the past 24 hours and is trading at $0.018 at the time of writing — this is the highest level for CKB since June.

CKB price, sentiment, open interest and funding rate – Sept. 18 | Source: Santiment

CKB’s market cap is currently sitting at $829 million with a daily trading volume of $573 million.

Per a crypto.news report, CKB’s price rally started on Sept. 13 after the leading Korean exchange Upbit listed the asset. 

According to data provided by Santiment, the weighted sentiment around Nervos Network has been fading away since Sept. 15. The asset’s social volume witnessed a similar movement after skyrocketing on Sept. 13. 

Data from the market intelligence platform shows that the CKB funding rate plunged to negative 2.37% on the day of the Upbit announcement. Thanks to the short-positioned liquidations, the token’s price recorded impressive gains. 

However, the Nervos Network funding rate is currently sitting at 0.2%, showing a notable increase in the amount of long trades. 

Per data from Santiment, CKB’s total open interest decreased by 22% over the last three days — falling from $90 million to $70 million. 

Nervos Network’s open interest is still sitting at a very high zone despite the recent correction. The CKB open interest was hovering around the $7 million mark on Sept. 12, before the Upbit listing.

At this point, liquidations could push the CKB price down. 

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$178m liquidated, but the pullback seems to be over

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The cryptocurrency market witnessed a sudden dip earlier today, causing a significant increase in the amount of liquidations. But the downtrend seems to be fading away.

According to data provided by CoinGlass, over $178 million have been liquidated from the crypto market over the past 24 hours, marking a 292% increase. Bullish traders, holding long positions, witnessed most of the losses, worth $153 million.

The total open interest in the crypto ecosystem declined by 2% in the past 24 hours and is currently hovering at $55 billion.

Data shows that most of the liquidations were executed in retail traders’ positions. The largest single liquidation, worth $2 million, happened on the OKX exchange.

Ethereum (ETH) is leading the chart with $55 million in liquidations followed by Bitcoin’s (BTC) $35 million. 

The massive liquidations brought a dip to the crypto market. The global cryptocurrency market capitalization declined by 3.6% in the past 24 hours and is sitting at $2.14 trillion, according to data from CoinGecko.

Crypto market cap – Sept. 16 | Source: CoinGecko

Bitcoin dropped to an intraday low of $58,150 but soon regained momentum to the $59,000 mark.

According to CryptoQuant, the number of Bitcoin addresses depositing into exchanges has dropped to 132,100 — a level last seen in 2016.

The indicator shows that the number of holders selling BTC has significantly decreased. This will, consequently, hint at a declining selling pressure and lower price volatility.

Per a crypto.news report on Sept. 15, over $1.3 billion worth of BTC left centralized exchanges last week. Bitcoin’s on-chain movements and indicators show a potential bullish momentum.

However, macro events could still shift the market direction despite the bullish investor sentiment.

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Theo Crypto News

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Bearish September brought $155m in cryptocurrency liquidations

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As expected, the bearish start in September has brought an increased amount of liquidation to the cryptocurrency market.

According to data provided by Coinglass, the total amount of crypto liquidations increased by 176% in the past 24 hours and is currently sitting at $155 million. Most of the liquidations came from Bitcoin (BTC), worth $45.6 million — $36.7 million longs and $8.9 million shorts.

Ethereum (ETH) witnessed $39.7 million in liquidations — $32.2 million longs and $7.5 million shorts — per data from Coinglass. 

The increased liquidations come as the global cryptocurrency market capitalization dropped by 2.7% over the past day, currently hovering at $2.1 trillion, according to CoinGecko data. N

BTC slipped by 1.5% in the past 24 hours and is trading at $57,500 at the time of writing. ETH recorded a 2% drop and is currently changing hands at $2,440.

Data from Coinglass shows that the largest single liquidation order, worth $10 million in the BTC/USDT pair, happened on Binance, the leading cryptocurrency exchange by trading volume.

Binance saw a total of $74.5 million in liquidations, followed by OKX’s $49.9 million.

According to Coinglass, bears have usually been dominant in September with the Bitcoin price seeing negative momentum in eight of the last 11 years. On average, BTC declined by 4.53% over the past 11 years in September.

BTC monthly price map – Sept. 2 | Source: Coinglass

Notably, the Bitcoin price witnessed bearish momentum in the third quarter of the past two years. Per Coinglass, BTC declined by 2.5% and 11.5% in Q3 2022 and 2023, respectively.

It’s still important to keep an eye on macroeconomic events which could potentially change the market direction. 

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Solana surges 10%, outpacing Bitcoin and Ethereum as broader market gains 3.6%

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The broader crypto market has seen its value grow by 3.6%. Solana leads the push among high market-cap cryptocurrencies after registering a 10.2% uptick in the last 24 hours.

Data from crypto.news shows that, at last check, Solana (SOL) was priced at $158.25. It spent the previous day oscillating between a low of $142.78 and a high of $158.58. 

Solana price chart, May 1 – Aug. 24 | Source: crypto.news

The uptick in the coin’s price was accompanied by a 24-hour trading volume of $4 billion occasioned by more than 19 million SOL tokens changing hands.

The amount made SOL the third most traded cryptocurrency in the last 24 hours, after Bitcoin (BTC) and Ethereum (ETH).

Like their top five counterpart, the two largest digital assets by market capitalization also registered green arrows, with BTC’s price moving up more than 5% to $64,164, and ETH jumping 6.61% to $2,771, moving it ever closer to the $3,000 level.

Solana’s spike came on the heels of U.S. Federal Reserve Chair Jerome Powell hinting at the likelihood of an interest rate cut in September. 

Powell’s promise to adjust Fed policies to protect the American job market from further loss and to ensure a smooth economic transition after the upcoming U.S. presidential elections in November, seemed to have calmed jitters in the market.

Recently, crypto watcher Ali Martinez suggested that SOL may be on the cusp of forming what’s known as an Adam and Eve pattern. That pattern could potentially push SOL to $164, he says. That would kickstart the cryptocurrency’s march to $220. 

Currently, that resistance level is only $9 away, and there’s no telling which way the market could go in the coming days. 

While SOL was the best performer among the top 10 biggest cryptocurrencies, other lower capped coins such as SATS (Ordinals), dogwifhat (WIF), Bonk (BONK), and Pepe (PEPE) did much better.

In the last 24 hours, the value of SATS has gone up 28%, while WIF and BONK surged by 20.8% and 14.4% respectively.

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dYdX price rebounds, but sell cluster threatens breakout rally

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dYdX has embarked on a recovery push amid growth in buying pressure, but a cluster of sell orders threatens its potential for further rise.

dYdX has increased by 4% over the past 24 hours, emerging as the top gainer among the top 100 cryptocurrencies. The upward momentum marks its third consecutive day of intraday gains after it witnessed sustained consolidation on the back of the broader market’s bearish trajectory. 

DYDX 1D chart – Aug. 19 | Source: Trading View

The previous collapse commenced with a sharp 7% drop on July 23, following reports confirming that the exchange’s website had been compromised. dYdX currently trades for $1.127, up 2.07% this morning.

Data from the daily chart confirms that since July 26, dYdX has been carving out a rounding bottom pattern, a favorable reversal signal indicating a potential shift in market sentiment. 

This formation suggests that the prolonged downtrend might be nearing its end, with buyers gradually gaining control. However, dYdX is now approaching a multi-week descending trendline that has acted as a formidable resistance. 

dYdX must close above the psychologically significant level of $1.60 to confirm a breakout and signal a more substantial bullish reversal.

Adding to the bullish outlook, the Moving Average Convergence Divergence (MACD) indicator on the daily chart shows signs of strengthening momentum. The MACD line (-0.043) has crossed above the signal line (-0.066).

dYdX faces sell order cluster

The road ahead is not without challenges, as indicated by the asset’s market depth, according to data from IntoTheBlock. While the average bid price is $1.04, the average ask price is higher at $1.11, indicating that sellers are willing to offload their positions at a premium. 

dYdX order books – Aug. 19 | Source: IntoTheBlock

There is substantial resistance above the current price. Sell orders accumulate significantly as the price approaches and surpasses $1.20, with a particularly dense cluster at $1.30 and beyond.

Market depth data also reveals that at levels 10% and 20% above the current price, sell orders dominate, with volumes of 4.08 million dYdX and 4.97 million dYdX, respectively. 

This suggests that even if dYdX breaches the $1.20 mark, it could face increased selling pressure, potentially capping further gains unless strong buying interest emerges.

On the downside, dYdX is supported by significant buy orders below the $1.10 level, with notable volumes at $1.00 and $0.90, where large bids could prevent a steep decline. The safety net could provide the necessary support for dYdX to consolidate before attempting another push higher.

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