Home Blog Page 1215

Shiba Inu: Shibarium Total Value Locked Surpasses 7M

Lele Jima
-
0
Shiba Inu: Shibarium Total Value Locked Surpasses 7M

Shiba Inu’s Layer-2 blockchain Shibarium records another incredible milestone as the network’s Total Value Locked (TVL) hits a new all-time high (ATH) record. 

Shiba Inu’s marketing lead, Lucie, highlighted the development in an X post yesterday. According to the marketing specialist, Shibarum’s TVL has reached a new all-time high of $7.03 million. 

She emphasized that the L2 blockchain’s TVL is constantly hitting new all-time highs on a daily basis. The feat indicates that investors are committing significant funds to Shibarium-based decentralized finance applications (dApps). This reflects growing confidence and activity within the L2 network. 

Top 3 DeFi Protocols on Shibarium 

The marketing lead called attention to data showing the top three DeFi protocols on Shibarium, which contributed to boosting the network’s TVL to an ATH of $7.03 million. The list features K9 Finance’s Bonecrusher, ShibaSwap, and WoofSwap. 

According to the data, Bonecrusher boasts a TVL of $3.12 million, while ShibaSwap and WoofSwap have TVL figures of $2.46 million and $848,546, respectively. These three protocols account for 91.43% of the $7.03 million total value locked on Shibarium. 

What’s Fueling Shibarium TVL 

The remarkable surge in Shibarium’s TVL started over the past week following the launch of K9 Finance’s Bonecrusher dApp. This protocol introduced a liquid staking solution to Shibarium, allowing users to earn massive rewards from their staked assets. 

Following its launch, Shibarium’s TVL surged to $3.64 million in one week and has continued to spike ever since. At press time, 201 users had liquid staked 2.68 million BONE tokens on Bonecrusher. About 2.5 million of these tokens were staked in 48 hours after the K9 team launched the dApp. 

Additionally, users have also staked over 77 billion KNINE tokens on the protocol. These tokens would remain locked for an average of 10.32 months. 

Another factor driving the increase in Shibarium’s TVL is the rise in token prices within the Shiba Inu ecosystem. It bears mentioning that Shiba Inu ecosystem tokens, especially SHIB, have had a remarkable week. 

Notably, SHIB witnessed a weekly surge of 52%, hitting a three-month high of $0.00002156. Other Shiba Inu ecosystem tokens also had a remarkable week. While Bone ShibaSwap (BONE) soared 15.52% in the past seven days to $0.5217, Doge Killer (LEASH) rallied 33.78% to $421 in the same timeframe. 

Cardano to $1.9: Trader Predicts 487% Surge Amid Rebound From Crucial Level

Mark Brennan
-
0
Cardano to $1.9: Trader Predicts 487% Surge Amid Rebound From Crucial Level

Crypto trader Weslad predicts a 487% surge in the price of Cardano to $1.95 after rebounding from a crucial support level.

In today’s Cardano news, Weslad expects ADA to aim for a major supply zone at $1.95 after successfully bouncing from an accumulation region around the $0.355 price mark.

ADA Price Going as Planned

Weslad earlier speculated on a price consolidation after Cardano failed to hold the $0.611 region after breaking out from a falling wedge on the 2W timeframe. According to his chart, ADA will correct slightly to the demand zone at $0.59.

However, the support zone failed to hold in June after a wider market capitulation forced ADA to break below the $0.59 support. Notably, the ADA price also corrected below the next support at $0.4 before finding solace in a major accumulation zone at the $0.355 region.

Interestingly, as Weslad speculated, ADA held the $0.355 demand zone. As a result, the analyst noted that the price was going according to plan as he expected a significant rally from the accumulation region.

Notably, ADA has gained bullish momentum after holding the $0.355 support, rebounding over 11% to trade at $0.399. However, Weslad expects a further uptrend to $1.95, where a strong resistance level is on the ADA price chart.

ADA up for a 487% Rally

As bulls seem to have regained market control, Weslad expects an ADA price uptick to $1.95. This surge would represent a 487% growth from the current market price.

Notably, Weslad expects a price consolidation in two areas before reaching the supply zone. Per his chart, he speculated a consolidation around the $0.6 and $0.7 regions. This was the area where ADA faced a rejection earlier in the year.

If ADA’s bullish momentum persists and it sustainably pulls past the level, the analyst expects another stop at the $1 to $1.2 region. For context, Cardano peaked around that region during the 2018 bull cycle. ADA also failed to break through the zone in early 2022, which was the last time it traded that high.

It bears mentioning that Weslad is among other notable analysts who speculate that ADA will surge exponentially during the bull run. Crypto analyst Dan Gambardello predicted an even more ambitious price for Cardano, tipping the asset to rally 1,000% to $3.553.

The renowned analyst cited a bullish divergence in the ADABTC chart, signaling an underlying price surge. Gambardello noted that a similar price pattern propelled a tenfold price uptick for ADA against Bitcoin in 2020, insinuating that Cardano might follow the same price action if history repeats.

Shiba Inu Bulls Take SHIB to Top of Robinhood and Grayscale Gainers List

Lele Jima
-
0
Shiba Inu Bulls Take SHIB to Top of Robinhood and Grayscale Gainers List

Grayscale and Robinhood acknowledge Shiba Inu’s (SHIB) impressive performance in the past week, as SHIB ranks as the best performing asset in their respective top gainers’ lists.  

Leading dog-themed cryptocurrency Shiba Inu witnessed a remarkable performance over the past week, as its price hit a three-month high of $0.00002156. Interestingly, Shiba Inu surged from a weekly low of $0.00001417, registered on September 21, to a seven-day high of $0.00002156 today. This growth rate represents a surge of 52.15% in one week. 

Notably, two prominent crypto entities, Grayscale and Robinhood, put Shiba Inu’s tremendous surge in the spotlight during their respective overviews of the top-performing cryptos over the past week. 

Shiba Inu Beats Cardano, Dogecoin, and Solana on Grayscale Top Gainers’ List   

Grayscale data shows that Shiba Inu performed best among the top 10 cryptocurrencies by market cap over the past seven days. 

According to the data compiled on September 26, Shiba Inu ended the week with a gain of 32.1%. This gain brought Shiba Inu’s year-to-date (YTD) return to 80.6% and a market cap of $12.4 billion. 

Remarkably, Shiba Inu outperformed the remaining nine biggest cryptocurrencies by market cap, excluding stablecoins, having recorded the largest weekly gain. Notably, Cardano (ADA), Dogecoin (DOGE), Solana (SOL), Ethereum (ETH), and Binance Coin (BNB) followed Shiba Inu behind, having surged 14.5%, 12.4%, 9%, 6.7%, and 5.5% in the past week, respectively. 

Bitcoin (BTC), Toncoin (TON), Tron (TRX), and XRP (XRP) followed suit with weekly gains of 3.4%, 1.8%, 1.2%, and 0.4%, respectively. 

Shiba Inu Shines in Robinhood Leaderboard 

Additionally, leading online brokerage platform Robinhood highlighted Shiba Inu’s incredible performance in its weekly overview of the top 10 best-performing cryptos available on its platform. 

Robinhood took a snapshot of these assets’ performance on September 27, 2024. Per the data, Shiba Inu sat in the number one spot, having recorded a weekly surge of 50.2%. Dogecoin closely followed Shiba Inu in the leaderboard, with 20.8% weekly returns. 

Compound (COMP), Aave (AAVE), Avalanche (AVAX), Uniswap (UNI), Tezos (XTZ), Ethereum Classic (ETC), Chainlink (LINK), and Litecoin (LTC) trailed Dogecoin. 

They boast weekly returns of 12.7%, 12.2%, 11.6%, 11.5%, 11%, 10.3%, 9.8%, and 8%, respectively. 

Potential Factors Behind Shiba Inu Surge 

Meanwhile, Shiba Inu’s recent performance stunned many crypto enthusiasts. The dog-themed token had a slow performance this month. Notably, SHIB price traded within the $0.000013 and $0.000014 price territory for the most part of the month before its remarkable surge. 

Several factors have contributed positively to SHIB’s recent uptrend, including the massive increase in the total value locked (TVL) on Shibarium. 

As reported earlier, Shibarium’s TVL spiked to $3.64 million in one week following the launch of K9 Finance’s Bonecrusher decentralized application, which introduced a liquid staking solution to the network. 

Also, the community is anticipating the introduction of a new utility within the Shiba Inu ecosystem in the early phase of the year’s fourth quarter. 

Popular crypto YouTuber Raajeev Anand revealed the development after speaking with Shiba Inu lead developer Shytoshi Kusama at the recently concluded TOKEN2049 conference in Singapore. 

According to him, Kusama said the next two weeks would be more interesting for SHIB, suggesting that the team plans to introduce “something big” into the ecosystem. This type of update can trigger investors’ interest in the asset, as many would likely purchase it in anticipation of the upcoming news, potentially leading to a huge price spike. 

In the meantime, Shiba Inu has lost some of its weekly gains as it currently trades at $0.00002084. Despite this, Shiba Inu is still up 9.94% in the daily charts and 46.73% in the past week. 

XRP to Skyrocket 888% to $31, Analyst Pinpoints Crucial Level

Sam Wisdom Raphael
-
0
XRP to Skyrocket 888% to $31, Analyst Pinpoints Crucial Level

According to market analyst EGRAG, there is growing confidence in an explosive 888% surge in the price of XRP if it can recapture previous highs.

In his latest analysis, EGRAG pointed to a specific recurring chart pattern observed on XRP’s 1-month chart, identifying similarities with its price movements from 2017. 

During that time, XRP repeatedly touched a red ascending support line four times before launching into its historical 2017 bull run. Today, the chart seems to be mirroring that scenario as XRP recently tapped the same ascending support line for the fourth time. 

EGRAG argued that the bulls could muster enough strength to push XRP to a $31 price once the market meets certain conditions. Interestingly, this $31 level coincides with a major Fibonacci extension level (Fib 1.618). 

XRP Monthly Chart EGRAG Crypto
XRP Monthly Chart | EGRAG Crypto

The $31 Target: What It Would Take

Notably, EGRAG believes the key to unlocking much larger gains lies in surpassing the $3.31 all-time high XRP attained in the 2017/2018 cycle. Recall that XRP spiked from a low of $0.003 in January 2017 to a peak of $3.31 in January 2018 during the bull run of that time.

EGRAG believes that should XRP retake this $3.31 peak, a modest 20% of the 4,500% rally that followed XRP’s 2017 bull run would be sufficient to send it into another meteoric surge. 

This would align the price with the Fib 1.618 levels, with the first major target being $6.50, based on the high achieved in 2021. Beyond that, XRP could climb toward the ultimate target of $31.

XRP Short-Term Outlook

While the long-term outlook looks promising, XRP’s short-term scenario presents mixed sentiments. As of the time of writing, XRP trades at around $0.5889, facing a tough battle to sustain itself above the crucial $0.60 resistance level. 

According to data from the daily chart, XRP remains below its short-term Conversion Line of the Ichimoku Cloud at $0.5937, which currently acts as immediate resistance despite the ongoing market recovery.

XRP Daily Chart
XRP Daily Chart

Nonetheless, XRP has found some support around the Base Line ($0.5578) and the Leading Span A ($0.5757), allowing it to maintain a relatively stable position above these key levels. 

This indicates that while resistance remains strong, XRP is not facing immediate downside pressure and could continue consolidating around its current levels until it either breaks higher or slips back toward support.

The daily RSI reading of 54.91 indicates that momentum remains neutral to slightly bullish. If XRP can decisively break above $0.60 and hold that level, this may signal the beginning of a new upward trend.

Here is Shiba Inu Price If It Captures Half of Bitcoin Market Cap

Lele Jima
-
0
Here is Shiba Inu Price If It Captures Half of Bitcoin Market Cap

This article analyzes how Shiba Inu (SHIB) could hit a new all-time high if it captures at least half of Bitcoin’s (BTC) market cap.  

Shiba Inu was not left out in the recent relief rally witnessed across the broader crypto market. The token recorded an impressive surge of 11.46% in 24 hours, rising from $0.000013 to $0.00001449 between September 18 and 19. 

SHIB Current Performance 

Although Shiba Inu’s price experienced a slight retracement after its latest gain, the token still trades above the $0.000014 mark. Currently, SHIB is priced at $0.00001429, representing a weekly increase of 7.63%. 

Despite Shiba Inu’s incredible performance over the past week, the dog-themed token is down 68.24% from its yearly peak of $0.000045. 

This decline has not stopped Shiba Inu enthusiasts from believing in SHIB’s prospects. Meanwhile, several market observers have kept investors’ hope alive by issuing favorable predictions for the token. 

Shiba Inu’s Price If SHIB Captures 50% of Bitcoin’s Market Cap

Some experts forecast that Shiba Inu could surge to greater heights in the future, potentially capturing half of Bitcoin’s market cap. With Shiba Inu currently trading at $0.00001429, the token has a market cap of $8.52 billion, making SHIB the 13th biggest cryptocurrency.  

On the other hand, Bitcoin sits as the world’s biggest crypto, with a market cap of $1.24 trillion. Notably, half of Bitcoin’s market cap is $620 billion, which is still 72.7 times higher than Shiba Inu’s valuation. This $620 billion could become Shiba Inu’s valuation if SHIB eventually captures half or 50% of Bitcoin’s market cap.

If Shiba Inu captures half of Bitcoin’s market cap of $620 billion, its price will skyrocket from $0.00001429 to $0.00105, marking a whopping gain of 7,277%. At this new price, a portfolio of 100 million SHIB, currently worth $1,429, would be valued at $105,000. 

Potential Timeline for SHIB Surge to $0.001

The $0.001 target has gained popularity within the Shiba Inu community. Several enthusiasts believe Shiba Inu might hit this target in the coming years. 

Earlier this year, analysts at Changelly forecasted that Shiba Inu could hit the $0.001 target by 2032, eight years from now. As reported earlier, the analysts set Shiba Inu’s 2032 average target at $0.00109. However, in an updated report, Changelly expects SHIB to hit $0.001 by 2033, predicting a maximum price of $0.001199 by then. 

Shiba Inu Price Prediction | Changelly
Shiba Inu Price Prediction | Changelly

Can SHIB Price Reach $0.001?  

Hitting the $0.001 target within this timeline could seem like a major challenge for Shiba Inu due to its hefty circulating supply. However, SHIB has experienced remarkable gains in the past despite having a bigger supply. 

For instance, Shiba Inu saw an impressive rally of 7,692,207% in the 2020/2021 bull rally. During this period, a little over 410.24 trillion SHIB have been incinerated. Currently, Shiba Inu’s total burns now stand at over 410.72 trillion, according to data from Shibburn.  

Moreover, Shiba Inu ecosystem team is making progress in boosting SHIB’s adoption in the future by rolling out interesting projects like Shiba Eternity, SHIB: The Metaverse, and Shib Hub, among others. Whether SHIB could hit the $0.001 target in the coming years remains to be seen. 

BlackRock Accumulates 363,626 BTC in Eight Months Amid Surging Inflows

Mark Brennan
-
0
BlackRock Accumulates 363,626 BTC in Eight Months Amid Surging Inflows

Leading US Bitcoin spot exchange-traded funds issuer BlackRock has acquired 363,626 BTC after just eight months of issuance.

The BlackRock iShare Bitcoin Trust (IBIT) bought 1,413 BTC on Thursday, valued at $93.38 million. Amidst increased investor traction, the issuer has bought 5,894 BTC ($387.68 million) in the past three days.

With the Thursday acquisition, IBIT has purchased 363,636 BTC ($23.68 billion) since the Bitcoin ETF products debuted in January. Notably, the issuer is the largest public firm holding the premier asset.

US Bitcoin Spot ETFs Record $365 Million Inflow

According to data from Sosovalue, the US Bitcoin spot ETFs continued their incessant inflows on Thursday, recording a net inflow of $365 million. 

Surprisingly, the Ark 21Shares Bitcoin ETF led inflows, buying 1,752 BTC ($113.82 million) yesterday. The inflow came after the issuer sold $47.4 million worth of Bitcoin on Wednesday.

Furthermore, the Fidelity Wise Origin Fund (FBTC) bought 1,140 BTC, valued at $74 million. Since January, the issuer has seen a cumulative net inflow of $9.86 billion and a net asset of $11.61 billion in Bitcoin.

The Bitwise Bitcoin ETF (BIBT) saw an inflow of $50.38 million, taking its stash to $2.57 billion in Bitcoin. Notably, the fund has seen an inflow in five of the last six trading days, accumulating $95.4 million.

All other issuers saw net positive inflows aside from the Grayscale Bitcoin Trust (GBTC) and the WisdomTree Bitcoin Trust (BTCW). GBTC saw a single-day net outflow of $7.73 million, while BTCW recorded zero flow on Thursday.

Generally, the US Bitcoin spot ETFs have seen a cumulative total net inflow of $18.31 billion since inception. The Bitcoin products hold $60.03 billion worth of Bitcoin, representing 4.7% of the asset’s market cap.

Resurgent Inflows

The US Bitcoin spot ETF is currently on a six-day inflow streak, signaling renewed interest in the products. Demand for the ETFs has been lackluster since July, as investors seem cautious amidst significant market corrections.

However, the inflows have seen a massive turnaround, with the Bitcoin products buying $862.13 million worth of Bitcoin in the past six days. Notably, these inflows have pushed the Bitcoin price over 4% in the past seven days to a two-month high of $66,368.

Meanwhile, Standard Chartered head of digital asset research Geoff Kendrick’s predictions of a rebound in inflow in October seem to have come earlier than expected. The market expert stated that macroeconomic boosts will facilitate the increased adoption of the products.

Experts Say Don’t Miss Dogecoin Moonshot, 1,150% Gains Loading

Abdulkarim Abdulwahab
-
0

Prominent analysts warn of further gains for Dogecoin, citing a potential moonshot with projected gains of up to 1,150% as bull momentum builds.

The meme coin scene in the crypto market is back with explosive gains, with top performers including Dogecoin and Shiba Inu. Today alone, Dogecoin has surged by 11.76%, trading at $0.1281 at press time.

This latest gain adds to its bullish trend that began a few weeks ago, bringing its weekly performance to an impressive 21.7%.

Meanwhile, on September 6, Dogecoin traded as low as $0.08937. Its recent bounce back into the $0.12 range indicates that the meme coin king has rebounded substantially by 43.33%.

Dogecoin “Loading the Moonshot”

Despite these significant gains, some market watchers believe Dogecoin is just getting started and that those entering the market today still have much to gain.

In a Thursday analysis, popular market commentator “Crypto Rand” warned investors not to overlook Dogecoin, emphasizing that it is “loading the moonshot.”

At that time, Dogecoin had just broken through the $0.111 price barrier, looking to establish support. Indeed, Dogecoin successfully maintained its momentum and went on to breach the $0.12 level, a threshold last seen two months ago.

DOGE Next Target at $0.15

Crypto Rand confirmed Dogecoin’s progress in a follow-up update, noting that the anticipated moonshot is already taking shape as it breaches further resistance levels. The accompanying chart suggests that after entering the $0.12 range, the next significant resistance for Dogecoin lies at $0.14.

Several other market analysts have corroborated this outlook in their analyses. For instance, prominent on-chain analyst Ali Martinez highlighted that Dogecoin’s initial surge past $0.111 was crucial, as it represents the largest cluster where 62,270 wallets hold over 36 billion DOGE.

Future resistance levels appear less daunting as fewer addresses hold DOGE. Martinez argues that if DOGE progresses from this level, it will confirm a bullish breakout from the six-month downtrend, potentially pushing Dogecoin to $0.15, as no major supply walls are in sight.

“The path to $0.15 looks clear,” he stated. Notably, a move to $0.15 requires just a 17% increase from the current level of $0.1281.

Bold Forcast Suggests $1.5 by December

Meanwhile, Bitcoin analyst “Master Kenobi” is more ambitious regarding Dogecoin in the short term. In an analysis shared three days ago, he suggested that Dogecoin could reach as high as $1.50 by the end of this year, drawing inspiration from historical price movements.

Kenobi noted that if DOGE performs similarly to its first cycle of 2017-2018, it could reach $1.55 on December 9 and $7.78 by July 14 next year. Notably, the near-term target of $1.5 exceeds 1,150% from the current level.

Furthermore, Kenobi added that if DOGE mirrors the previous cycle of 2021, it could hit $2.80 on December 9 and $25.80 by March 10 next year.

Dogecoin chart by Master Kenobi

While Kenobi acknowledged that this is a speculative exercise, he cautioned market participants to “not underestimate” Dogecoin.

Macro Researcher Argues Ethereum to Crack $20K “in Four Months”

Albert Brown
-
0
Macro Researcher Argues Ethereum to Crack $20K “in Four Months”

A macro researcher argues that Ethereum could reach $20,000 within the next four months, given the market’s ongoing bullish trend.

Ethereum has been building on its recent momentum, closing the week with a 4% increase as buyers pushed the price above $2,600. This price movement indicates renewed investor interest, setting the next target at $2,800, which is expected to serve as a key resistance point.

The recent weeks of September have marked a turning point for Ethereum as it attempts to escape the prolonged downtrend that began in March. This has reignited optimism among market participants.

Potential Upward Trajectory

This renewed bullish trend has created optimism in the market, and Ethereum’s price trajectory suggests a continued upward path. Julien Bittel, Head of Macro Research at Global Macro Investor, noted that Ethereum’s current trend mirrors its patterns from 2023, indicating that further price gains could be on the horizon.

Bittel’s analysis highlights a relatively stable trend, fluctuating between $1,500 and $2,500 from January 2023 to March 2024. However, it projects a more pronounced uptrend beginning in September 2024, which could drive Ethereum’s price to as high as $20,000 by January 2025 if this momentum continues.

With Ethereum trading at $2,671 today, this bold timeline suggests that ETH could register a nearly 10X surge in just four months.

Projected Ethereum path shared by Julien Bittel

Ethereum’s Funding Rate Rebounds

Further data supporting the growing bullish sentiment is the funding rate. A report by Crypto Quant on September 25 indicated that Ethereum’s funding rate, which had declined earlier in the month, began recovering towards the 0.01 level after rebounding from 0.005. 

Shayan, a trading manager at CryptoQuant, observed that this rise in funding rates reflects increased buying pressure among futures traders, indicating a shift in market sentiment. As buyers continue to show interest, Ethereum’s price could benefit significantly, especially as the broader market shows signs of recovery.

Concerns Remain

Despite the overall positive outlook, recent large transactions by Ethereum whales have raised concerns. In recent days, two major Ethereum whales moved over $53.6 million worth of ETH to exchanges, sparking fears of a potential selloff. 

Spot on Chain disclosed that these significant transfers were linked to entities associated with Ethereum’s initial coin offering (ICO) and Genesis Trading’s liquidation.

Notably, one of the largest whale addresses, connected to Ethereum’s 2015 ICO, emerged from a three-month dormancy, moving 8,510 ETH, valued at $22.15 million, to the Kraken exchange.

NEIRO Sees Major Whale Accumulation as Price Consolidates Near $0.10

Albert Brown
-
0
NEIRO Sees Major Whale Accumulation as Price Consolidates Near $0.10

NEIRO sees significant whale accumulation as major holders buy millions of tokens.

NEIRO, a rapidly emerging token on the Ethereum network, has experienced notable price movements, marked by a strong initial rally and subsequent phases of correction and accumulation. Whale accumulation has particularly become the focal point of recent market activity.

Growing Interest in NEIRO?

Amid the fluctuating price, significant whale accumulation has been observed, suggesting strategic buying by large holders.

According to data from Spot On Chain, whales have been actively acquiring NEIRO. For instance, Whale 0x6ab recently purchased 17.7 million NEIRO tokens over the last week at an average price of $0.086. Similarly, Whale 0x9Ba acquired 17.5 million NEIRO on September 6 at $0.154, reflecting an ongoing strategy of buying into market dips.

Other notable accumulations include Whale 0xAB5, which has been dollar-cost averaging with 6 million NEIRO at $0.128, and Whale 0x1ED, who amassed 8.6 million NEIRO at $0.116 but sold some of their holdings.

Market maker Wintermute, holding approximately 5.3% of the total supply with 52.97 million NEIRO tokens valued at $4.97 million, continues to be a major player in the token’s distribution.

Initial Rally and Correction

Looking at NEIRO’s history, the price trajectory began with a significant rise in early August, surging from approximately $0.01454 to a peak near the $0.30 level.

However, the momentum soon slowed, suggesting the market reached an overbought condition. Following this peak, the price underwent a correction in mid-August, consolidating around the $0.10 to $0.15 range. This phase was characterized by several minor peaks and troughs.

The price dynamics shifted again in early September as buying momentum briefly resurfaced, pushing NEIRO back toward the $0.20 level. However, this upward movement proved short-lived, with the price declining toward $0.10.

The market appeared to be digesting previous gains, resulting in a stabilization phase until date, when Spot On Chain has reported the accumulation by large holders.

Growing Community Interest

The accumulation phase has coincided with increased decentralization and listing interest from major exchanges. Previous reports highlighted that NEIRO had garnered significant attention within 16 days of launch, thanks to its vibrant community. 

Additionally, Momin Saqib, co-founder of Web3Pak and Web3Works, previously noted NEIRO’s growing prominence in the Ethereum space. Saqib emphasized the increasing buying pressure from whales who are capitalizing on price dips.

Bitcoin Bull Cycle Targets $84K As Open Interest Hits $35B

Albert Brown
-
0
Bitcoin Bull Cycle Targets $84K As Open Interest Hits $35B

With a boom in the crypto market, Bitcoin is approaching the $66K barrier, presenting a potential breakout opportunity. Will this breakout lead to a new all-time high?

The ongoing bull cycle has contributed to a 21.41% increase in BTC price, rising from $53,731 over the past three weeks and surpassing $65,500. Currently, Bitcoin is trading at $65,540, reflecting an intraday gain of 0.56% following a 3.21% jump yesterday.

Amid the recovering market, will the Bitcoin bull run continue to gain momentum and reach a new all-time high?

Bitcoin Price Analysis

According to Fibonacci retracement levels, Bitcoin’s uptrend has surpassed the 50% Fibonacci level at $63,568 and is heading toward the $69,032 mark, or the 78.60% level. Additionally, price action analysis indicates that the bull cycle is poised to challenge a resistance trendline within a falling channel pattern.

Bitcoin Price Chart
Bitcoin Price Chart

The bullish trend teases a potential crossover between the 50 and 100-day EMA. Furthermore, the MACD and signal lines are on a positive trend, with a gradual surge in positive histograms. 

With a potential breakout rally on the horizon, Fibonacci levels indicate targets at $78,318 and $84,129, corresponding to the 1.272 and 1.618 Fibonacci levels, respectively.

Bitcoin’s Open Interest Surpasses $35B

Amid the broader market recovery, Bitcoin derivatives data reveals that open interest has surged by 2.22% over the last 24 hours. Currently, open interest stands at $35.79 billion, with a 66% increase in options value, now totaling $3 billion.

Bitcoin Derivatives
Bitcoin Derivatives

Additionally, trading volume has spiked by 52%, reaching $77.19 billion. Adding to the bullish sentiment, the long-to-short ratio over the past 24 hours has surpassed the one-unit threshold, currently at 1.0367.

Moreover, $32 million worth of short positions were liquidated in the past 24 hours, while long positions experienced a loss of $10.56 million. As the market turns bullish and the ongoing bull cycle gains momentum, top traders on Binance show a long-to-short ratio of 1.1081%.

US Spot Bitcoin Spot ETFs Goes on a Rally 

On September 26, the U.S. Spot Bitcoin ETF market witnessed a massive inflow of $365.57 million, the largest in September. Currently, total U.S. Spot Bitcoin ETFs hold $60.03 billion worth of Bitcoin, accounting for 4.70% of the Bitcoin market cap.

US Spot Bitcoin ETF
US Spot Bitcoin ETF

With the biggest inflow from ARK and 21Shares’ ARKB at $113.82 million, followed closely by BlackRock’s IBIT at $93.38 million, the market is showing strong signs of recovery.

1...1,2141,2151,216...2,662Page 1,215 of 2,662