cryptocurrency
Starknet enjoys 11% surge, decouples from altcoin downturn
Published
4 months agoon
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adminStarknet, an Ethereum layer-2 scaling solution, rallied more than 11% over the past day.
According to price data from crypto.news, Starknet (STRK) was trading at $0.438 upon writing. The altcoin reached an intraday high of $0.444. That’s 28% above its weekly low, demonstrating strong upward momentum, whereas the broader altcoin market experiences a downturn.
This bullish activity is further supported by ecosystem growth, with the total value locked (TVL) in Starknet surging to $239.41 million — a substantial increase of nearly 549% from the $36.91 million reported at the beginning of the year, as per DeFiLlama.
This rising TVL reflects growing confidence in the platform, contributing to STRK’s sustained gains.
One of the main catalysts behind STRK’s recent rally was Ethereum co-founder Vitalik Buterin unlocking $470,000 worth of STRK tokens, sparking a surge in interest and trading activity that elevated the token’s profile and market value.
The momentum has been further fuelled by the completion of the Starknet Bolt Upgrade on Aug. 28, which improved the network’s speed and lowered costs by enabling parallel execution and block packing.
The renewed optimism has led to a 140% jump in trading volume within 24 hours, driving further bullish momentum for STRK.
Analysts eye $0.45 resistance level
On X, crypto analyst Falcão highlighted that $STRK is preparing for a major rally, with the key horizontal resistance zone around $0.45.
He expects a breakout above this level, combined with rising trading volume and strengthening momentum, to trigger a significant price surge.
Similarly, crypto analyst CryptoJack suggested that STRK is nearing a crucial resistance at $0.45.
If the token breaks past this level, it could exit its current range-bound pattern and aim for the next target of around $0.60.
Both analysts see $0.45 as STRK’s pivotal point, with a breakout potentially setting the stage for notable gains.
Starknet has room to grow
On the 1D STRK/USDT chart, the token’s Relative Strength Index has risen to 60, confirming that the token is in a bullish trend but still has room to grow before reaching overbought conditions.
The Moving Average Convergence Divergence indicator also aligns with a bullish outlook, showing STRK trading above the neutral line. Notably, the blue MACD line is beginning to cross above the orange signal line, suggesting that the bullish momentum is gaining traction.
As STRK approaches the resistance at $0.45—a level where it has repeatedly faced selling pressure—a breakthrough could signal a strong upward move. If it manages to clear this hurdle, a bullish reversal may be confirmed, potentially targeting the next resistance near $0.60.
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Bitcoin
Metaplanet makes largest Bitcoin bet, acquires nearly 620 BTC
Published
16 hours agoon
December 23, 2024By
adminTokyo-listed Metaplanet has purchased another 9.5 billion yen ($60.6 million) worth of Bitcoin, pushing its holdings to 1,761.98 BTC.
Metaplanet, a publicly traded Japanese company, has acquired 619.7 Bitcoin as part of its crypto treasury strategy, paying an average of 15,330,073 yen per (BTC), with a total investment of 9.5 billion yen.
According to the company’s latest financial disclosure, Metaplanet’s total Bitcoin holdings now stand at 1,761.98 BTC, with an average purchase price of 11,846,002 yen (~$75,628) per Bitcoin. The company has spent 20.872 billion yen in total on Bitcoin acquisitions, the document reads.
The latest purchase is the largest so far for the Tokyo-headquartered company and comes just days after Metaplanet issued its 5th Series of Ordinary Bonds via private placement with EVO FUND, raising 5 billion yen (approximately $32 million).
The proceeds from this issuance, as disclosed earlier, were allocated specifically for purchasing Bitcoin. These bonds, set to mature in June 2025, carry no interest and allow for early redemption under specific conditions.
Metaplanet buys dip
The company also shared updates on its BTC Yield, a metric used to measure the growth of Bitcoin holdings relative to fully diluted shares. From Oct. 1 to Dec. 23, Metaplanet’s BTC Yield surged to 309.82%, up from 41.7% in the previous quarter.
Bitcoin itself has seen strong performance this year, climbing 120% and outperforming assets like the Nasdaq 100 and S&P 500 indices. However, it has recently pulled back from its all-time high of $108,427, trading at $97,000 after the Federal Reserve indicated only two interest rate cuts in 2025.
Despite the retreat, on-chain metrics indicate that Bitcoin is still undervalued based on its Market Value to Realized Value (MVRV-Z) score, which stands at 2.84 — below the threshold of 3.7 that historically signals an asset is overvalued.
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Blockchain
Horizen spikes 60% to lead gainers as BTC, ETH bounce
Published
3 days agoon
December 20, 2024By
adminHorizen price spiked more than 60% in 24 hours as the cryptocurrency market looked to recover from a massive dump that saw top altcoins crash to key support levels.
On Dec. 20, as Bitcoin (BTC) traded to above $97k and Ethereum (ETH) bulls pushed above $3,400, the price of Horizen (ZEN) surged to highs of $26.34. The cryptocurrency, which rallied sharply following a recent Grayscale Investments announcement, reached a multi-year high and ranked among the top gainers in the 500 largest cryptocurrencies by market cap.
ZEN traded at lows of $14.55 on Dec. 19. However, despite the broader crypto crash and the staggering $1.4 billion liquidations, the altcoin’s price hovered above $26 in early trading during the U.S. trading session.
According to crypto.news price data, Horizen recorded a 24-hour trading volume of over $397 million, with its market cap exceeding $407 million. These metrics reflected increases of 294% and 62%, respectively, in the past 24 hours. While ZEN has surged nearly 200% over the past month, its current levels are still more than 84% below the all-time high of $168 reached in May 2021.
If the broader crypto market continues to rebound, ZEN bulls may aim for March 2022 highs near $50.
The positive momentum has benefited from Grayscale opening of the Grayscale ZEN Trust to qualified investors. Prices of the altcoin rose as the digital asset manager unveiled the fund to offer exposure to Horizen for qualified investors.
Earlier this month, Horizen’s native token underwent its final halving, which came as the project geared for a key change in its tokenomics. ZEN will not see any further halvings as the new network mechanism enables a declining emission rate.
That’s because Horizen, is shifting from the proof of work mining model that mirrored Bitcoin’s halving cycle to a new proof of stake mechanism in 2025. Horizen’s last halving occurred on Dec. 12, 2024.
New tokenomics for Horizen will come into effect in the first half of 2025.
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Binance
Binance Futures updates leverage and margin tiers for multiple USDⓈ-M perpetual contracts
Published
4 days agoon
December 19, 2024By
adminBinance’s updated leverage and margin tiers offer improved trading options for select trading pairs, bringing both potential rewards and risks for crypto traders.
The leverage and margin levels for USDⓈ-M perpetual contracts, including DAR, ME, CAKE, IOTA, LPT, ONE, and ZEN, will be updated by Binance Futures today, with effect from 08:15 UTC on Dec. 19, 2024.
USDⓈ-M stands for USD-Margined Futures, a type of cryptocurrency futures contract offered on platforms like Binance. It refers to stablecoins such as USDT (Tether) or BUSD (BUSD), which are pegged to the US dollar. These contracts are settled in these stablecoins, rather than traditional fiat currency or the underlying crypto asset.
Depending on the contract and position size, the revised leverage tiers will vary from 1x to 75x, enabling traders to fully benefit from their leveraged positions in the crypto market.
Leveraged positions of traders will be impacted by the new maintenance margin rates, which range from 1.00% to 50.00%.
Margin is the total amount of collateral needed to open and sustain a trading position, whereas leverage is the borrowing of funds to increase the size of a position. The possible return increases with leverage, but the chance of loss also goes up.
By adjusting the margin and leverage tiers, Binance Futures continues to give traders more choices to control risk and profit from volatile crypto market movements.
Traders must keep themselves updated with Binance Future trading rules and exercise risk management, particularly when working with high-leverage instruments over several contracts and margin holdings.
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