Altcoins
Polkadot Price Momentum Builds As Open Interest Climbs
Published
10 months agoon
By
adminPolkadot (DOT) has enjoyed a successful three-week period, with bullish investors maintaining their position at the forefront despite fluctuations in the market.
In addition, the recent legal victory of Ripple against the US Securities and Exchange Commission triggered a positive response across the entire market, benefiting not only significant cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) but also altcoins in general.
Nevertheless, it is essential to note that Bitcoin and Ether experienced notable downward corrections in the short term after they attempted to surge higher last week. As a result, there might be some selling pressure soon for these leading cryptocurrencies, which could potentially harm the price of DOT.
Given this scenario, how can DOT bulls regain control and overcome a potential market correction?
DOT Price Update: Minor Dip, But Open Interest Improves
The latest update on DOT’s price from CoinGecko shows that it currently stands at $5.30. While the cryptocurrency experienced a slight decline of 1.7% over the past 24 hours, it still managed to maintain a seven-day rally of 4.8%. However, a closer analysis of the DOT price report shows some concerning indicators.
Source: Coingecko
According to a report, by mid-June, the Open Interest had significantly diminished compared to its April levels, signaling a bearish sentiment. However, as the month advanced, a reversal in this trend emerged.
Related Reading: Shiba Inu Encounters Familiar Resistance, Prompting Concerns About Bull Run
Source: Coinglass/AMBCrypto
The declining Open Interest in April, which refers to the number of open contracts in the market, served as an early indicator that hinted at the forthcoming bearish sentiment.
As traders and investors reduced their positions and interest waned, it reflected a growing caution and skepticism in the market. This downward trend in Open Interest implied a decrease in market participation and a potential lack of confidence in the prevailing bullish trends.
Related Reading: USTC Surprises With Nearly 60% Rally – What’s Going On?
However, as June unfolded, a gradual and encouraging shift in market sentiment began to take shape. Market participants started to exhibit a more optimistic outlook, which was reflected in the increasing Open Interest. This surge in OI suggested renewed interest and activity, as traders and investors re-entered the market and established new positions.
DOT market cap currently at $6.3 billion. Chart: TradingView.com
Polkadot Potential Rebound Tied To Bitcoin’s Resilience
On the other hand, if BTC can stabilize or even climb back above $31,000, DOT will likely follow suit. The correlation between BTC and altcoins like DOT has been a well-established trend in the cryptocurrency market.
BTC, the dominant cryptocurrency and a significant influencer of market sentiment, often sets the tone for the overall market direction. If Bitcoin regains stability and exhibits a bullish move, it tends to ignite a favorable view among traders and investors. This positive sentiment, in turn, could extend to altcoins like DOT.
DOT seven-day price movement. Source: CoinMarketCap
Therefore, for DOT bulls looking to reclaim their yard and counteract the potential negative impact of a market correction, monitoring BTC’s performance closely becomes crucial. If Bitcoin can stabilize or, ideally, recover above the significant resistance level of $31k, it would likely create a favorable environment for DOT to regain momentum.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
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Altcoins
Ethereum-Based Altcoin Leads Real-World Assets Sector in Development Activity, According to Santiment
Published
2 weeks agoon
May 9, 2024By
adminBlockchain analytics platform Santiment says one Ethereum (ETH)-based altcoin project is leading in the real-world asset (RWA) sector based on development activity.
Santiment says that blockchain oracle Chainlink (LINK) is seeing the greatest amount of daily activity on the development hosting platform GitHub.
LINK Is seeing more than two times the amount of development activity compared to the second most active blockchain project, Synthetix (SNX), a decentralized finance (DeFi) crypto that allows synthetic asset creation on Ethereum.
“Here are crypto’s top real-world assets by development. This list is compiled by counting any non-redundant GitHub activity, and averaging this daily activity over the past 30 days. Chainlink currently produces 2.49x more daily activity than the next most active project, Synthetix, in the RWA sector.”
Santiment’s ranking list is as follows: 1. Chainlink 2. Synthetix.io 3. Centrifuge (CFG) 4. Dusk (DUSK) 5. Oraichain (ORAI) 6. Creditcoin (CTC) 7. IX Swap (IXS) 8. Maker (MKR) 9. Polymesh Network (POLYX) 10. Reserve Rights (RSR).
Santiment also says that the native asset of decentralized oracle protocol Tellor (TRB) is outperforming most other digital assets so far this month.
“Tellor is one of the top performing assets thus far in May, exactly doubling in market cap since the calendar month turned. Whale transactions and address activity have both seen sudden spikes, which are suggesting potential TRB profit takes.”
Tellor is trading for $111.64 at time of writing, up 16% in the last 24 hours.
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Altcoins
Hackers With $182,000,000 Stolen From Poloniex Starts Moving Funds to Tornado Cash
Published
2 weeks agoon
May 8, 2024By
adminThe hacker who looted the crypto exchange Poloniex has started moving Ethereum (ETH) to the mixing service Tornado Cash, according to the digital asset de-anonymizing platform Arkham.
Arkham notes the hacker moved 1126.1 ETH worth more than $3.4 million into Tornado Cash across a series of 20 transactions on Monday and Tuesday.
They represent the exploiter’s first moves into the controversial Ethereum-based crypto mixer, which helps users conceal their digital assets.
The hacker raided Poloniex in early November, stealing $56 million worth of ETH, $48 million worth of Tron (TRX) and $18 million worth of Bitcoin (BTC), as well as smaller amounts of other crypto assets.
The exchange, which is owned by Tron founder Justin Sun, offered a 5% white hat bounty that went unaccepted. and the hacker still holds $181.47 million worth of crypto in their primary address, according to Arkham.
Justin Sun-affiliated projects have endured a prolific string of attacks in the past several months: In September, hackers exploited the Sun-linked exchange giant HTX for approximately 4,999 Ethereum worth $7.9 million, according to the blockchain security firm PeckShield.
Then in November, hackers hit HTX and Heco Bridge, another Sun-linked project that’s used to move funds between Ethereum and energy-saving blockchain Heco Chain, for a combined $100 million, according to cybersecurity firm Cyvers.
And in January, hackers once again struck HTX, hitting the exchange with a distributed denial of service (DDoS) attack that caused a brief outage.
A DDoS attack is a malicious attempt by bad actors to flood the target website with traffic to overwhelm the site’s infrastructure.
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Altcoins
‘Last Dip Ever’ – Analyst Predicts Solana Rally, Says Three Memecoins Will Surge Alongside SOL
Published
2 weeks agoon
May 8, 2024By
adminA closely followed crypto trader believes that Solana (SOL) just witnessed its last major correction for this market cycle.
Pseudonymous analyst Inmortal tells his 213,300 followers on the social media platform X that SOL bulls successfully defended support at around $120.
The trader shares a chart suggesting that the blue-chip altcoin is now poised to rally to a fresh 2024 high at $320.
“Last dip ever.
SOL.”
At time of writing, SOL is worth $153.45, suggesting an upside potential of nearly 110% if the altcoin hits the analyst’s target.
Inmortal also predicts that a trio of memecoins will rally alongside Solana. The trader is taking a close watch on Floki (FLOKI), which he says looks bullish after retesting the 200 moving average (MA) on the eight-hour chart and reclaiming support at $0.00015.
Inmortal believes that FLOKI will dip to around $0.00017 before surging to $0.00025 later this month.
“IF SOL goes up, THEN FLOKI, DOGE, PEPE go up too.
Especially interested in FLOKI
> Deviation + Retest + 200 MA
> A bit lagged.”
At time of writing, FLOKI is trading at $0.000179.
Another coin on the trader’s radar is Seedify.Fund (SFUND), an incubator and launchpad specializing in blockchain gaming. According to the analyst, SFUND is currently in the process of cementing the $2.60 level as support.
“Retesting a 578 days accumulation, for the second time.
Definitely, you don’t see this every day.
SFUND.”
Looking at the trader’s chart, he seems to predict that SFUND will rally to $6 in the coming months. At time of writing, SFUND is trading at $2.65.
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