crypto
XRP Explodes With 1,300% Surge In Trading Volume As crypto Exchanges Jump On Board
Published
10 months agoon
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adminIn a long-awaited decision, Judge Torres ruled in favor of XRP in their case against the U.S. Securities and Exchange Commission (SEC) yesterday. The verdict is a positive development for the cryptocurrency industry, particularly with a focus on whether digital assets should be deemed securities in the US.
The ruling is expected to set a precedent for the industry moving forward. It is positive for both altcoins and the wider industry, as the default expectation is that these assets are not deemed securities so long as they are made available to the public.
This event will likely have wider implications for ongoing legal cases and may help rebuild confidence in the industry for developers and attract more liquidity to the ecosystem.
XRP Defies Expectations With Massive Price Surge And Trading Volume Spike
Following the news, XRP saw a surge in price, reaching as high as $0.93, the highest price since May 2021, and closing at $0.82.
According to data compiled by the research company CCData, the news led to an influx of trading activity, with XRP trading pairs on centralized exchanges (CEX) recording a total volume of $6.05 billion on the day, an increase of 1351% from the previous day.
The relisting of the asset on other centralized exchanges, including Coinbase, Kraken, and Gemini has also contributed to the spike in volumes.
The news surrounding the ruling also led to almost 100% daily gains for XRP, with other tokens such as Solana (SOL) and Cardano (ADA), recently deemed securities, seeing significant gains of 35% and 28%, respectively.
Despite the negative backdrop that XRP has faced due to the lawsuit, its market depth liquidity at the 1% level has remained resilient year-to-date (YTD). XRP’s 1% bid/ask side depth at Yearly Open was 26.5 million XRP, which saw a variance of 0.41% throughout the year and remained strong at 25.1 million XRP on the 12th of July.
Derivatives Data Shows Positive Sentiment
According to the report, Derivatives data indicate that XRP’s positive funding rate remained steady over the past few days, in line with the wider positive market sentiment.
The lawsuit news generated a significant rise in speculative interest on the bid side, with a $280 million increase in Open Interest, from $635 million to a high of $913 million across exchanges. Moreover, funding rates reached over 0.03% across exchanges, over three times higher than its baseline level of under 0.01% before the announcement.
On the other hand, the funding rate history of XRP shows that speculators trading perpetual contracts have been favoring the upside, with minimal time spent this year in negative funding rate territory.
This underscores the positive sentiment of traders for XRP, which was recently rewarded with a large price rise due to the announcement. While it remains to be seen whether XRP will maintain its extremely positive funding rate, it is currently a good standard for gauging positive sentiment within altcoins, given the attention and volume it is generating.
Considering the lawsuit’s success, the implications for the market are overwhelmingly positive, and the ruling provides clarity that did not exist before the judgment.
According to CCData, the market could see a few trends emerge, such as coins deemed securities recovering well and potentially outperforming and the potential for Bitcoin dominance to drop as an overall percent of market cap, given renewed optimism in altcoins.
Despite the recent surge in positive sentiment and renewed investor confidence, XRP has experienced a significant price drop. After coming close to reaching the $1 mark, which it has not seen since November 2021, XRP is currently trading at $0.7002, marking a decrease of over 11% in the last 24 hours.
Featured image from Unsplash, chart from TradingView.com
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Bitcoin
Forbes Unveils 20 Crypto ‘Zombies,’ Declares Ripple And XRP Among The Undead
Published
6 hours agoon
April 27, 2024By
adminIn a controversial report, Forbes unveiled a list of 20 “crypto billion-dollar zombies,” Layer 1 (L1) tokens, which the news outlet defines as crypto assets with substantial valuations but “limited utility beyond speculative trading.”
These cryptocurrencies and projects include Ripple, XRP, Ethereum Classic (ETC), Tezos (XTZ), Algorand (ALGO), and Cardano (ADA), among others.
XRP And Ethereum Classic In The Spotlight
Ripple Labs, the company behind XRP, was highlighted as a prominent crypto zombie. Despite XRP’s active trading volume of around $2 billion daily, Forbes asserts that the token’s primary purpose remains “speculative” and “lacking meaningful utility.”
However, Ripple Labs and XRP are not alone in this regard. Forbes reveals that 50 blockchains, excluding Bitcoin (BTC) and Ethereum (ETH), currently trade at values surpassing $1 billion, with at least 20 of them classified as “functional zombies.” Collectively, these 20 blockchains hold a market value of $116 billion, despite having “limited user bases.”
According to Forbes, an example of a “functional zombie” is Ethereum Classic, which maintains the distinction of being the original Ethereum chain.
While ETC has a market value of $4.6 billion, its fee generation in 2023 was less than $41,000, raising questions about the blockchain’s viability for the news organization.
Another crypto project in Forbes’ report is Tezos, which raised $230 million through an initial coin offering (ICO) in 2017.
Tezos’ XTZ token currently holds a market capitalization of $1.2 billion. However, the blockchain’s fee earnings were meager, with $5,640 in February 2024 and a total of $177,653 for all of 2023.
Algorand, once hailed as an “Ethereum killer” due to its capability of processing 7,500 transactions per second, faces similar challenges.
Despite a market cap of $2 billion and a treasury holding of $500 million, Algorand earned $63,000 in blockchain transaction fees throughout 2023. For Forbes, this casts doubt on its actual adoption and utility.
Crypto ‘Zombie’ Blockchains
The zombie blockchains are categorized into two groups by Forbes: spin-offs and direct competitors to established blockchains like Bitcoin and Ethereum.
Spin-off zombies include Bitcoin Cash (BCH), Litecoin (LTC), Monero (XMR), Bitcoin SV (BSV), and Ethereum Classic.
These blockchains, collectively valued at $23 billion, reportedly emerged from “disagreements” among programmers regarding the governance and direction of the original chains.
Forbes notes that when such conflicts arise, hard forks occur, resulting in new networks that share the same transaction history as their predecessors. The agency claims that their market value “often exceeds” their real-world usage.
Overall, The report highlights a growing disparity between the valuations of certain projects in the cryptocurrency industry and their actual utility and usage. Consequently, Forbes refers to these projects as “zombies.”
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Analyst
Crypto Analyst Predicts Massive Move For Bitcoin, What’s The Target?
Published
14 hours agoon
April 26, 2024By
adminDespite BTC’s recent unimpressive price action, crypto analyst Doctor Profit has shared his bullish sentiment for Bitcoin and the broader crypto market. The analyst further suggested that a parabolic move was imminent and that crypto investors should position themselves accordingly.
Crypto Market Preparing For A “Third Industrial Revolution”
Doctor Profit mentioned in an X (formerly Twitter) post that the crypto market “is preparing itself for the third Industrial Revolution,” thereby hinting at a trend reversal for Bitcoin and altcoins soon enough. “Be part of it, or regret for [a] lifetime,” the crypto analyst added as he warned crypto investors of missing this market rally.
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In a previous X post, Doctor Profit gave an idea of what to expect from the crypto market (Bitcoin in particular) when it makes its next leg up. He stated that the flagship crypto will rise to $84,000 after it is done trading the sideway range between $60,000 and $72,000. In another X post, he claimed that the super cycle will start after Bitcoin hits $72,000.
Meanwhile, Doctor Profit suggested that the price corrections experienced were normal and usually occur in each crypto cycle. He further remarked that the 10 to 20% price fluctuations weren’t big moves. His statement echoes the sentiment of Alex Thorn, Head of Research at Galaxy Digital, who previously warned that bull markets weren’t “straight lines up.”
Bitcoin Is In The Re-Accumulation Period
In a recent X (formerly Twitter) post, crypto analyst Rekt Capital confirmed that Bitcoin is currently in the Re-Accumulation phase, which occurs after the Bitcoin Halving. He further noted that the goal now “is for Bitcoin to move sideways to catch a breather, for the market to cool off after [a] fantastic Pre-Halving price performance.
According to Rekt Capital, this Re-Accumulation period can last for multiple weeks “and even up to 150 days.” The analyst revealed that once this period is over, Bitcoin will experience a breakout from this sideways range, followed by a parabolic uptrend.
This uptrend phase is said to last for over a year. However, with the probability of this being an accelerated market cycle, Rekt Capital remarked that the duration for this uptrend could be cut in half. Crypto analysts like Tom Dunleavy, Partner and Chief Investment Officer (CIO) at MV Capital, predict that the flagship crypto will rise as high as $100,000 when that time comes.
At the time of writing, Bitcoin is trading at around $64,360, up in the last 24 hours according to data from CoinMarketCap.
BTC bears pull down price | Source: BTCUSD on Tradingview.com
Featured image from Kapersky, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Altcoin
85% Of Altcoins In “Opportunity Zone,” Santiment Reveals
Published
1 day agoon
April 26, 2024By
adminThe on-chain analytics firm Santiment has revealed that over 85% of all altcoins in the sector are currently in the historical “opportunity zone.”
MVRV Would Suggest Most Altcoins Are Ready For A Bounce
In a new post on X, Santiment discussed how the altcoin market looks based on their MVRV ratio model. The “Market Value to Realized Value (MVRV) ratio” is a popular on-chain indicator that compares the market cap of Bitcoin against its realized cap.
The market cap here is the usual total valuation of the asset’s circulating supply based on the current spot price. At the same time, the latter is an on-chain capitalization model that calculates the asset’s value by assuming the “true” value of any coin in circulation is the last price at which it is transferred on the blockchain.
Given that the last transaction of any coin would have likely been the last time it changed hands, the price at its time would act as its current cost basis. As such, the realized cap essentially sums up the cost basis of every token in the circulating supply.
Therefore, one way to view the model is as a measure of the total amount of capital the investors have put into the asset. In contrast, the market cap measures the value holders are carrying.
Since the MVRV ratio compares these two models, its value can tell whether Bitcoin investors hold more or less than their total initial investment.
Historically, when investors have been in high profits, tops have become probable to form, as the risk of profit-taking can spike in such periods. On the other hand, a dominance of losses could lead to bottom formations as selling pressure runs out in the market.
Based on these facts, Santiment has defined an “opportunity” and “danger” zone model for altcoins. The chart below shows how the market currently looks from the perspective of this MVRV model.
The data for the MVRV divergence for the various altcoins | Source: Santiment on X
Under this model, when the MVRV divergence for any asset on some timeframe is higher than 1, the coin is considered to be inside the bullish opportunity zone. Similarly, if it is less than -1, it suggests it’s in the bearish danger zone.
The chart shows that MVRV divergence for a large part of the market is in the opportunity zone right now. As the analytics firm explains,
Over 85% of assets we track are in a historic opportunity zone when calculating the market value to realized value (MVRV) of wallets’ collective returns over 1-month, 3-month, and 6-month cycles.
Thus, if the model is to go by, now may be the time to go around altcoin shopping.
ETH Price
Ethereum, the largest among the altcoins, has observed a 3% surge over the past week, which has taken its price to $3,150.
Looks like the price of the asset has gone up over the last few days | Source: ETHUSD on TradingView
Featured image from Shutterstock.com, Santiment.net, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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