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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 Nears $100,000 As Trump Council Expected To Implement BTC Reserve

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Follow Nikolaus On X Here

What an enormous day it has been today.

Gary Gensler officially announced that he is stepping down from his position as Chairman of the Securities and Exchange Commission (SEC), and minutes later, Reuters reported that Donald Trump’s “crypto council” is expected to “establish Trump’s promised bitcoin reserve.” A bitcoin reserve, that would see the United States purchase 200,000 bitcoin per year, for five years until it has bought 1,000,000 bitcoin. 

Image via Julian Fahrer

Right after both of those, Bitcoin continued its upward momentum and broke $99,000, with $100,000 feeling like it can happen at any second now.

It is hard to contain my bullishness thinking about the United States purchasing 200,000 BTC per year. They essentially have to compete with everyone else in the world who is also accumulating bitcoin and attempting to front run them. There are only 21 million bitcoin and that is a LOT of demand.

To put this into context, so far this year the US spot bitcoin ETFs have accumulated a combined total of over 1 million BTC. At the time of launch the price was ~$44,000 and now bitcoin is practically at $100,000. And that’s all ETFs combined. Imagine what will happen when just one entity wants to buy a total of 1 million coins, having to compete with everyone else accumulating large amounts as well?

I mean MicroStrategy literally just completed another $3 BILLION raise to buy more bitcoin, and will continue raising until it purchases $42 billion more in bitcoin. The United States are most likely going to be purchasing their coins (if this legislation is officially signed into law) at very high prices. The demand is insane and only rising in the foreseeable future.

With two months left to go until Trump officially takes office, it remains to be seen if this bill becomes law, but at the moment things are looking really good. As Senator Cynthia Lummis stated, “This is our Louisiana Purchase moment!” and would be an absolutely historic moment for Bitcoin, Bitcoiners, and the future financial dominance of the United States of America.

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.





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The Chart That Shows Bitcoin’s Bull Run Won’t Stop at $100,000

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Peak Bitcoin, hardly.

Follow Rizzo on X.

https://x.com/pete_rizzo_/

As I wrote in Forbes in 2021, the world is waking up to a new reality in regards to Bitcoin – the unlikely truth that Bitcoin’s programming has cyclical effects on its economy.

This has led to at least 4 distinct market cycles where Bitcoin has been branded a bubble, skeptics have rung their hands, and each time, Bitcoin recovers more or less 4 years later to set new all-time highs above its previously “sky-high” valuation.

I personally watched Bitcoin go from $50 to $1,300 in 2013. Then, from $1,000 to $20,000 in 2017, and I watched it go from $20,000 to $70,000 in 2021.

So, I’m just here to relate that, from my past experience, this market cycle is just heating up.

For those who have been in Bitcoin, there’s one tried-and-true and that’s Google Search. As long as I’ve been in Bitcoin, this has been the best indicator of the strength of the market.

Search is low, you’re probably in a bear market. Search heading back to all-time highs? This means new entrants are getting engaged, learning about Bitcoin, and becoming active buyers.

Remember, this is a habit change. Bitcoin HODLers are slowing shifting their assets to a wholly new economy. So, Google Trends search then, represents a snapshot of Bitcoin’s immigration. It shows how many new sovereign citizens are moving their money here.

And it’s something that all who are worried about whether bitcoin’s price topping out in 2024 should pay attention to.

Last year was the Bitcoin halving, and historically, the year following previous halvings has led to price appreciation. Maybe you’re tempted to think, “this time is different” – not me. I look at search and I see a chart that continues to accelerate into price discovery. Trust me when I say no one I know is selling bitcoin.

As shown above, buyer interest is accelerating, and these new buyers have to buy that Bitcoin from somewhere. Add nation states, US states, and a coming Trump administration set to ease the burden on the industry?

Well, I think the chart above says it all really. 

This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.



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Bitcoin Nears $96K, Continuing Wild ‘Trump Trade’ Rally

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BTC traded above $95,900 in early Asian hours, less than 6% from a landmark $100,000 figure that would push it above a $2 trillion market capitalization.



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