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Loom Network, Ontology, Simon’s Cat lead as Bitcoin stalls

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Cryptocurrencies held steady on Saturday as the recent momentum among risky assets waned.

Bitcoin (BTC) retreated to $63,000 from this week’s high of $64,000 while the total market cap of all coins remained at $2.2 trillion. 

Other risk assets wavered, with the Dow Jones rising by 27 points and the S&P 500 and Nasdaq 100 indices falling by 0.25% and 0.29%, respectively. As we wrote on Friday, this price action was likely because of the triple-witching event, where options worth over $5.1 trillion expired. 

Loom Network led gains as open interest rose

Loom Network (LOOM), recently delisted from Binance, was one of the best-performing altcoins as it jumped to $0.0668, its highest swing since July 22 and up by 61% from its lowest point this year.

Loom soared as its 24-hour volume jumped to over $174 million, higher than its market cap of $80 million. Its open interest in the futures market jumped to over $27 million, its highest level since March 27, and higher than this month’s low of $4.7 million.

Ontology Gas (ONG) was also one of the top tokens on Saturday. It soared for five consecutive days, reaching its July high of $0.387 with its market cap reaching $142 million. Like Loom Network, ONT’s open interest rose to $15.7 million, the highest level since June 7.

Fundamentally, Ontology’s ecosystem has not done well in the past few years as the total value locked in its DeFi ecosystem has dropped to $7.1 million from a record high of $374 million in 2021.

Simon’s Cat jumps to a record high

Simon’s Cat (CAT) was the other top-performing token, surging to a record high of $0.000040. According to Nansen, the token’s market cap has soared to over $297 million while its exchange volume rose to $168 million, its highest level since Sep. 12. 

Simon's Cat volume
Simon’s Cat price and volume | Source: Nansen

Simon’s Cat also jumped as the number of token holders rose to 217,680 in the last 24 hours while the number of tokens in exchanges dropped to 1.85 trillion from last week’s 1.87 trillion. A drop in the number of tokens in exchanges is a positive thing since it means that more people are storing them in wallets. 

The other top-performing cryptocurrencies were ARK, which rose by 23%; Powerledger, and Theta Fuel, which rose by 20% and 8%, respectively.

Mother Iggy, Neiro on ETH, Billy, and Cat In A Dogs World were the most notable laggards.



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Bitcoin (BTC) Price Hits $76K as Crypto Liquidations Soar, Coinbase (COIN) Rockets 30% Higher on Trump Sweep

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“It’s hard to think how the election outcome could have landed better for the industry, and expectations of key regulatory improvements are likely to build in the coming months and quarters,” David Lawant, head of research at crypto prime brokerage FalconX, said in a Wednesday report. “Such clarity could open room for additional crypto ETF products, covering the main crypto assets and potentially also a broader crypto index, and give entrepreneurs and investors more comfort in U.S. token launches.” However, Lawant warned of short-term risks in the meanwhile, which may include “last-minute enforcement actions by departing officials.”



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Why Bitcoin Price Could Climb Even Higher After Trump Victory, According to Analysts

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After climbing to a new all-time high earlier this morning, the Bitcoin price has retraced only slightly after U.S. media outlets have decisively called the 2024 presidential election for Republic Donald Trump.

At the time of writing, the Bitcoin price is sitting just below $74,000 after peaking at a new all-time high of $75,358.70 very early this morning, according to CoinGecko data.

And there’s reason to believe that Bitcoin’s big year—spot ETF approvals, the fourth halving, and now Trump’s victory—could set BTC up for a very strong start to 2025, according to Samir Kerbage, CIO at crypto asset manager Hashdex.

“In the six months that followed the last three presidential elections, Bitcoin has had triple digit returns, and even larger returns over the 12-month period,” he said in a note shared with Decrypt. “This history, along with the strong outperformance that typically follows Bitcoin’s halving, ongoing institutional adoption, and the improving regulatory outlook in the US, has set this asset class up for a very strong 2025.”

But not all analysts are convinced that Trump is going to deliver on the many promises he’s made to secure support from the crypto industry.

“Over the last few months, Trump has pledged to make Bitcoin a reserve currency, fire Gary Gensler, push through crypto-friendly regulation, and more. But if he doesn’t deliver on these promises quickly, the euphoria could turn to disappointment, which has the potential to result in crypto market volatility,” wrote Tim Kravchunovsky, founder and CEO of the decentralized telecommunications network Chirp, in a note sent to Decrypt. “We have to be prepared for this because the reality is that crypto isn’t the most important issue on Trump’s current agenda.”

He’s not the first analyst to flag that Trump may not be entirely serious about putting crypto at the forefront of his policies during his second term. Earlier this week, investment research firm Bernstein shared a prediction that even though Bitcoin might have initially dropped with a Harris win that it would have still been well positioned for a strong 2025.

Meanwhile, on crypto betting platform Polymarket, the main betting pool for who would win the U.S. presidential election has already been resolved.

Polymarket CEO Shayne Coplan wasted no time celebrating the triumph of prediction markets over more traditional polls, which right up until the election were forecasting a close race while Polymarket showed Trump widen his lead.

“Trust the markets, not the polls,” Coplan wrote on Twitter. “I just got word that the Trump campaign HQ literally found out they were winning from Polymarket. History was made today,” he said in another post.

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Bitcoin (BTC), Solana (SOL) Hit New Cycle Highs Against Ether (ETH) as Trump Edges Closer to Victory in U.S.

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Over the past five years, the ratio has risen from 0.02 to a peak of above 0.08 in early 2022, meaning ETH quadrupled in value relative to BTC at the time. Since then, it’s been on decline. Even as BTC set a lifetime high, ether has yet to break through its high from 2021 and is down 46% from its peak.



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