Lưu trữ cho từ khóa: Santiment

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Aptos surges 20% in 24 hours, open interest reaches 6-month high

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Aptos, a layer 1 blockchain platform, saw its native token record an impressive rally, gaining strong focus from short-term traders.

Aptos (APT) surged 20% in the past 24 hours and is trading at $10.24 at last check Sunday. Its market cap surpassed $5 billion with a daily trading volume of $530 million.

APT price, weighted sentiment, open interest and funding rate – Oct. 13 | Source: Santiment

Notably, the Aptos token witnessed a double-bottom formation on its price chart between October 2023 and 2024. The appearance of a double-bottom correction usually brings a strong bullish momentum for an asset’s price.

According to data provided by Santiment, the APT total open interest rose from $128 million to $170 million over the past day — marking a six-month-high. A sudden surge in an asset’s open interest shows an increase in its short-term traders.

Data shows a sudden shift in APT’s funding rate from the negative zone. The total funding rate aggregated by Aptos is currently sitting at 0.009%, per data from Santiment. The indicator shows that the majority of the traders are betting on APT’s further bullish momentum.

It’s important to note that long liquidations could potentially trigger a price correction and high price volatility for Aptos.

Meanwhile, the social sentiment around Aptos is still in the negative zone despite the major price hike.

On Oct. 3, Aptos acquired HashPalette, a Japanese blockchain development company, according to a crypto.news report.

The deal triggered a 7% price hike for APT as the layer-1 network, claiming to process over 150,000 transactions per second, entered the Japanese market.

Aptos was founded by former engineers from Meta Platform’s Diem blockchain project (previously known as Libra). Their goal is to leverage their experience with Move, a programming language originally developed for Diem.

Aptos uses the Move language and incorporates features such as parallel transaction processing, a Byzantine Fault Tolerant (BFT) consensus mechanism, and smart contracts to create a secure and fast blockchain infrastructure.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

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Santiment: Litecoin’s small traders’ exit could signal bullish rebound

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Litecoin has been struggling with a significant price drop and reduced social interest, but a recent sell-off by small traders could hint at a market turnaround.  

Litecoin (LTC), ranked 25 in terms of market capitalization, has had a poor run recently, with data from crypto behavior analysis platform Santiment showing it lost more than 36% of its value in the last three months.

Further compounding that, the coin has been getting very little attention on social media and online crypto forums, reflecting reduced interest from the community. This has culminated with more than 45,000 wallets holding between 0.1 and 1 LTC reportedly exiting their positions in the last 24 hours.

According to Santiment, that number is the highest drop in LTC small holders in a 24 hour period since October 2022. While this means that many small investors have decided to give up on Litecoin, Santiment analysts have suggested that it could be an indication of an upcoming bullish phase for the coin.

Analysts on the platform suggest that when weaker hands sell off their cryptocurrency, the remaining investors tend to be more confident, which can lead to price recovery.

A recent analysis by TradingView user Jasminex1x2 seems to give credence to Santiment’s assertions. The trader suggested that prevailing market trends could potentially create a favorable environment that could push the price of LTC to new highs in the near future. 

Data from crypto.news shows that at the time of this writing LTC was priced at $63.49, a 1% drop from its Aug. 26 position. Furthermore, the price represented a 5.2% loss across seven days, and a more severe 9.6% plunge over one month.

Litecoin price chart, May 1-Aug. 27: Source: crypto.news

Interestingly, since the Aug. 5 crypto crash triggered by a less than ideal U.S. jobs report, LTC was one of the few cryptocurrencies that held a steady uptrend with no major price drops.

At the time, market watchers suggested that the price action could have been as a result of consistent buying pressure around the coin. Furthermore, Litecoin’s on-chain activity has doubled in the last year per data from IntoTheBlock. It grew from 196 million LTC moved on-chain, to more than 412 million LTC in the first two weeks of August.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

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Bitcoin rallies and sentiment peaks as major pro-crypto moves emerge

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Bitcoin’s recent 20% surge over the past three weeks has reinvigorated bullish sentiments among traders, according to data from Santiment. 

This sentiment shift marks the most positive outlook on Bitcoin (BTC) since March 2023, with the term “Bitcoin” being discussed more favorably on social media than at any point in the last 16 months.

Santiment’s weighted sentiment index, which gauges the ratio of positive to negative comments on X, has soared to a 16-month high. The price rally has seen Bitcoin surpass the $67,000 mark, reflecting a 6.22% increase since July 25, per data from crypto.news.

Bitcoin’s price touched $69,404 on July 28, its highest since June 12, although it’s currently trading around $67,770.

Bitcoin 24-hour price chart for April-July | Source: crypto.news

This bullish turn follows cooler-than-expected inflation data, suggesting potential multiple interest rate cuts by the U.S. Federal Reserve this year. 

The leading cryptocurrency has climbed over 23% from its local bottom of $53,550 on July 5, spurred by strong dip-buying from Bitcoin ETF investors. 

These products have continued their impressive streak, with fresh inflows of $534 million in the last week. Notably, BlackRock’s Bitcoin ETF has almost crossed the $20 billion mark in assets under management.

Adding to the positive sentiment, U.S. Senator Cynthia Lummis has introduced a detailed plan for a national strategic Bitcoin reserve. 

The announcement, made on July 27 during the Bitcoin 2024 conference in Nashville, came amid growing pro-crypto sentiment. Lummis announced the Bitcoin reserve legislation directly after President Donald Trump delivered a keynote at the event. Trump expressed robust support for the crypto industry during his speech, announcing the Bitcoin reserve toward the end. Trump’s overall endorsement and Lummis’ policy proposal have further buoyed the market’s optimistic outlook.

In more potentially bullish news from Washington, yesterday, reports surfaced that Vice President Kamala Harris’ campaign team had reached out to top U.S. crypto companies in an effort to “reset relations.”

The confluence of Bitcoin’s price rally, strategic legislative proposals, and high-profile endorsements highlight a burgeoning bullish phase for the cryptocurrency market, setting the stage for potential significant developments in the near future.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News