Markets
XRP Sees Record Futures Bets Amid Price Surge Above $1.20
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5 hours agoon
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adminAn increase in both OI and prices typically indicates that new money is entering the market — indicative of a bullish trend.
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Top cryptocurrencies to watch this week
Published
9 hours agoon
November 17, 2024By
adminThe global cryptocurrency market capitalization surged by an impressive 16.3% last week, reaching a record high of $3.2 trillion and gaining $430 billion in valuation for the week.
Bitcoin (BTC) led the charge, achieving a new all-time high above $93,000. Here are some of last week’s other standout performers to watch:
XRP finally reclaims $1
After underperforming at the start of the market uptrend two weeks ago, Ripple’s XRP (XRP) staged an impressive solo rally last week, closing with a remarkable 100% gain and solidifying its position among the top performers.
The asset began the week trading below the critical $0.60 mark, following a dip from a $0.57 high days earlier. However, it gained momentum amid the market rally, surpassing $0.60 on Nov. 11.
Defying a slowdown in the broader market, XRP continued its upward trajectory, breaking through the $1 barrier on Nov. 16 for the first time in three years. The rally peaked at $1.26 before facing a pullback, though XRP managed to hold above $1, ending the week at $1.12.
Should the pullback persist this week, traders should monitor the upper Bollinger Band at $0.9980, as a drop below this level could signal further downward pressure.
XLM rallies 115%
Stellar (XLM), which often mirrors XRP’s price movements, delivered an equally impressive rally last week, recording a staggering 115% surge by the week’s close.
The majority of these gains were realized on Nov. 16, with XLM posting a 50.95% increase. This upward momentum was triggered by a breakout above the upper boundary of the Keltner Channel on Nov. 15, propelling XLM past the $0.13 mark.
However, the new week has seen XLM facing a sharp 12% decline, accompanied by a drop in its RSI, signaling weakening momentum.
Despite this, the RSI remains at 75, indicating it is still in oversold territory. For now, bulls remain in control as long as XLM holds above the upper Keltner Channel boundary at $0.1693.
LTC knocks at $100
Litecoin (LTC) initially trailed in the broader market uptrend but experienced a significant rally last week, breaking through the $70 range. The asset initially spiked to $80 on Nov. 11 before retreating to $71 two days later.
A subsequent recovery pushed LTC above $90 for the first time since May, reaching a seven-month high of $98 on Nov. 16. However, resistance at the critical $100 level halted further gains.
LTC ended the week with a solid 29% gain but has since declined by 8.36% in the new week. The rally was partly fueled by a surge in social media mentions, as the Litecoin community humorously explored a pivot to meme coin status.
Currently trading at $87.58, LTC finds immediate support at the 38.2% Fibonacci retracement level around $85.64. If this level is breached, the next line of defense lies at $81.57 to prevent a drop below $80.
On the upside, Litecoin needs to clear $90.67 to regain bullish momentum.
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Dogecoin
Bonk, Mog and Brett Hit All-Time Highs as Dogecoin Spurs Meme Pump
Published
17 hours agoon
November 17, 2024By
adminMultiple valuable meme coins set new all-time high prices on Friday and Saturday after others did so earlier this week, as the broader post-election crypto market spike—and particularly the resurgence of original meme coin Dogecoin—drove demand for the volatile assets.
Bonk (BONK), the second-largest Solana meme coin by market cap, hit a new high of $0.000047 on Friday, breaking a record from May—and then pushed even higher on Saturday, jumping to a new all-time mark above $0.000049. It’s currently up 120% over the last week, per data from CoinGecko.
The pump came after the project launched a campaign to burn up to 1 trillion BONK—over $39 million worth at present—by Christmas Day based on various engagement criteria, prompting fans and community members to complete social media tasks. Burning tokens shrinks the token supply, boosting scarcity and potentially increasing the price as a result.
Other major meme coins similarly hit high marks on Friday without such schemes, however. Brett (BRETT), a meme coin on Ethereum layer-2 network Base, peaked at a new high above $0.19 late Friday, while Mog Coin (MOG) jumped to a new record price of $0.0000029.
A couple more recent meme coin sensations also hit new highs, such as Goatseus Maximum (GOAT)—a token conceptualized by an AI chatbot, but created by a human—which jumped to $1.30 on Saturday. And Moo Deng (MOODENG), a Solana token inspired by the baby pygmy hippopotamus that recently went viral, set a new peak price of $0.68.
Earlier this week, Pepe (PEPE), Cat in a Dog’s World (MEW), and Fwog (FWOG) all set new record prices. Other notable meme coins have gotten close to their respective records, too, such as Solana’s Dogwifhat (WIF).
The meme coin market cap comes after Dogecoin (DOGE)—the original meme coin—spiked to a three-year high price of about $0.43 earlier this week. The DOGE resurgence came amid ties to Elon Musk (as usual), who will co-lead a new government effort under President-elect Donald Trump called the Department of Government Efficiency—yes, the D.O.G.E.
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Are Retail Investors Behind The Bitcoin Price Surge This Bull Run?
Published
1 day agoon
November 16, 2024By
adminAs Bitcoin once again finds itself in price discovery mode, market watchers and enthusiasts are curious: has retail FOMO set in yet, or is the retail surge we’ve seen in past bull cycles still on the horizon? Using data from active addresses, historical cycles, and various market indicators, we’ll examine where the Bitcoin market currently stands and what it might signal about the near future.
Rising Interest
One of the most direct signs of retail interest is the number of new Bitcoin addresses created. Historically, sharp increases in new addresses have often marked the beginning of a bull run as new retail investors flood into the market. In recent months, however, the growth in new addresses hasn’t been as sharp as one might expect. Last year, we saw around 791,000 new addresses created in a single day—a sign of considerable retail interest. In comparison, we now hover significantly lower, although we have recently seen a modest uptick in new addresses.
Google Trends also reflects this tempered interest. Although searches for “Bitcoin” have been increasing in the past month, they remain far below previous peaks in 2021 and 2017. It seems that retail investors are showing a renewed curiosity but not yet the fervent excitement typical of FOMO-driven markets.
Supply Shift
We are witnessing a slight transition of Bitcoin from long-term holders to newer, shorter-term holders. This shift in supply can hint at the potential start of a new market phase, where experienced holders begin taking profits and selling to newer market participants. However, the overall number of coins transferred remains relatively low, indicating that long-term holders aren’t yet parting with their Bitcoin in significant volumes.
Historically, during the last bull run in 2020-2021, we saw large outflows from long-term holders to newer investors, which fueled a subsequent price rally. Currently, the shift is only minor, and long-term holders seem largely unfazed by current price levels, opting to hold onto their Bitcoin despite market gains. This reluctance to sell suggests that holders are confident in further upside potential.
A Spot-Driven Rally
A key aspect of Bitcoin’s latest rally is its spot-driven nature, in contrast to previous bull runs heavily fueled by leveraged positions. Open interest in Bitcoin derivatives has seen only minor increases, which stands in sharp contrast to prior peaks. For instance, open interest was significant before the FTX crash in 2022. A spot-driven market, without excessive leverage, tends to be more stable and resilient, as fewer investors are at risk of forced liquidation.
Big Holders Accumulating
Interestingly, while retail addresses haven’t increased substantially, “whale” addresses holding at least 100 BTC have been rising. Over the past few weeks, wallets with large BTC holdings have added tens of thousands of coins, amounting to billions of dollars in value. This increase signals confidence among Bitcoin’s largest investors that the current price levels have more room to grow, even as Bitcoin reaches all-time highs.
In past bull cycles, we saw whales exit or decrease their positions near market peaks, a behavior we’re not seeing this time. This trend of accumulation by experienced holders is a strong bullish indicator, as it suggests faith in the market’s long-term potential.
Conclusion
While Bitcoin’s rally to all-time highs has brought renewed attention, we’re not yet seeing the telltale signs of widespread retail FOMO. The subdued retail interest suggests we may be only in the beginning phase of this rally. Long-term holders remain confident, whales are accumulating, and leverage remains modest, all indicators of a healthy, sustainable rally.
As we continue into this bull cycle, the market’s structure suggests that the potential for a larger retail-driven surge remains ahead. If this retail interest materializes, it could propel Bitcoin to new heights.
For a more in-depth look into this topic, check out a recent YouTube video here: Has Retail Bitcoin FOMO Begun?
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