• Binance Coin (BNB) recently gained 20.5% over four days as Bitcoin’s gains translated across the crypto-market.
• The daily market structure has turned bullish, although a pullback to $290 is still possible.
• Demand for BNB is strong as indicated by the spot CVD and the rise in funding rate, while open interest appears to be decreasing.
Bullish Reversal of Binance Coin
The Recent Gains
Binance Coin [BNB] reacted extremely positively over the past two days of trading, with a gain of 20.5% within four days. This was due to the bullish euphoria that followed Bitcoin’s gains translating across the crypto-market. A retracement before a sustained move higher up the charts remains possible too.
Daily Market Structure
On the daily timeframe, the market structure for Binance Coin seemed to be bullish once more. The recent lower high at $294 was beaten during the latest reversal, but there was some resistance at $309-mark over the past 24 hours. Additionally, there was confluence of support at $292 and Fibonacci retracement levels 78,6% which stood at $276.7. Moreover, price action from early March showed that $285-$292 region acted as significant support on lower timeframes. This was further confirmed by RSI crossing above 50 level and OBV registering gains which could continue further ahead.
Demand & Open Interest
Spot CVD surged past February highs in response to demand while funding rate had been negative over last two days but slowly climbed into positive territory indicating long positions were dominant in market again . On other hand open interest dipped over last 48 hours whereas price appreciated during this time showing weakening bullish sentiment in market .
Longer-term buyers can wait for a retracement into $285-$292 zone or risk-averse traders can wait for positive reaction over 3 days before looking to buy and trade with trend .
• The U.S. government has recently started to move its Bitcoin holdings, causing panic in the crypto community and leading to FUD among short-term holders.
• Long-term holders of BTC have stayed put, as the MVRV ratio is negative and the velocity of BTC addresses has been declining.
• Despite the FUD, Bitcoin remains a promising asset due to its performance against other real-world assets such as gold, silver, equities, and the U.S Dollar index.
U.S Government Moving Its Bitcoin Holdings
The U.S government has recently started to move its massive amount of BTC holdings which have been accumulated for law enforcement purposes throughout the years. According to Glassnode data, around 40k BTCs are on the move out of which 9,861 BTCs were seized from the Silk Road hacker and have been sent to a Coinbase cluster. This behavior by the U.S government has caused fear in many members of the crypto space who assume that this could lead to a decrease in Bitcoin’s value due to selling pressure from these large amounts sold off at once by the government.
Short-Term Holders Selling Off
The recent news about US government moving its bitcoin holdings has led short term holders of bitcoin to sell off their positions while long term holders are staying put and holding on their assets until they can be sold profitably. This behaviour is evident from analyzing metrics such as long/short ratios and MVRV ratios which indicate that short-term holders are exiting their positions while long-term holders could very well be HODLing their coins until it is profitable for them to sell them off again at a later date or time when market conditions may favor them more favorably than currently does now with all this FUD floating around regarding US governments movements with available bitcoin holdings it owns currently .
Positive Signs For Bitcoin
Despite all this hysteria surrounding US governments movements with regards to bitcoin holdings it owns potentially creating more selling pressure on current holders of bitcoin , there are still several positive signs that point towards potential growth in terms of price for bitcoin over upcoming months or even years ahead . One example would be bitcoins performance compared against other real world assets such as gold , silver , stocks & shares markets etcetera . So far in 2020 alone we can see how bitcoin has outperformed these asset classes in terms of price appreciation since start year despite any possible headwinds created by US governments actions regarding its own stash of digital currency units known globally better known as bitcoin (BTC).
FUD Impact On Sentiment Around Bitcoin
The news about US government moving its own crypto funds had also led many users feeling discouraged by what this could mean for bitcoins price if large number chunks were sold off quickly which then would place more downward pressures on current market prices overall taking into account most people tend operate within bearish mindsets when trading cryptos . As well we can also observe how sentiment surrounding btc itself had taken somewhat a hit during past few days but luckily not too severe since majority traders still remain relatively optimistic although some caution still prevails amongst those engaged actively trading btc against usd or other fiat currencies across globe .
In conclusion we can observe how US governments actions coupled with FUD circulating throughtout crypto trading circles have impacted both short & long term holder’s confidence levels when deciding whether hold or sell various digital asset class known worldwide today better known as cryptocurrencies like Bitcoin (BTC) etcetera . Despite all this however there still remain positive signs pointing towards potential future gains for btc despite current macroeconomic uncertainty along with widespread fears about inflationary pressures leading central banks across world implementing drastic measures keep prices stable globally . Lastly looking at past performances compared against traditional asset classes like gold , stocks & shares markets etcetera we can see how btc did relatively well during 2020 so far regardless any uncertainties caused by US Governments decisions concerning own stash digital currency units commonly referred as bitcoins (BTC)
• Optimism (OP) shared an update about its upcoming hard fork in March, which will fix inconsistencies in API for receipts in system transactions.
• The daily transaction volume in profit tripled over the past 10 days and Optimism’s development activity surged to its highest level since the start of 2023.
• Despite these positive updates, the native token fell 5.55% in the 24-hour period due to lack of investor enthusiasm.
Optimism’s Upcoming Hard Fork
On 28 February, popular layer-2 scaling solution Optimism [OP] shared an update about its upcoming hard fork in March. The tweet was optimistic that there will be no downtime for users, but network nodes will have to be updated in advance.
Transaction Volume Increase
The daily transaction volume in profit tripled over the past 10 days and Optimism’s development activity surged to its highest level since the start of 2023. This indicated that the network was committed to its milestones and key technical upgrades could be delivered on time.
Lack Of Investor Enthusiasm
Despite these positive updates, the native token fell 5.55% in the 24-hour period due to lack of investor enthusiasm. At the time of writing, open interest (OI) spiked for a brief period last week and then matched with price trajectory moving sideways.
Perhaps one of the most ambitious ideas announced by the Optimism ecosystem recently was the idea of a ‚Superchain‘, a cohesive and interoperable system that would unify multiple layer-2 solutions into one. Realistic or not, this idea still has weight among investors as evidenced by its 30-day MVRV ratio and increasing MVRV Long/Short Difference metrics.
Value Of OPs Today
How much are 1,10,100 OPs worth today? Unfortunately, prospect of a bug fix failed to cheer OP holders at press time but it is estimated that 1 OP is worth around $45 USD while 100 OPs are valued at nearly $4,500 USD today.
• yPredict.ai has unveiled its presale of YPRED tokens, offering early adopters the opportunity to invest in a low market cap alt token with potential for 100x returns.
• The platform offers a suite of tools and products to help users make informed trading and investment decisions, including a marketplace, trading terminal, and revenue-sharing pools.
• YPRED holders will have access to the yPredict analytics platform and can purchase predictive model subscriptions or earn APYs through staking.
yPredict Unveils Presale of YPRED Tokens
yPredict.ai, the innovative platform of AI/ML experts, financial specialists, traders, and investors, has unveiled its highly-anticipated presale of YPRED tokens. This is an exceptional opportunity for early adopters to invest in a low market cap alt token that has the potential to deliver 100x returns. The presale is now open and available for purchase on the official yPredict website.
Tools to Make Informed Decisions
With only 8 million tokens allocated for the presale at a discounted price of 0.0375, and a market cap at the listing of just 4.5 million, the potential for substantial returns is evident. yPredict’s goal is to transform the financial prediction market by providing traders and investors with data-driven insights and analytical metrics generated from alternate data.
The platform offers a comprehensive suite of tools and products, including a marketplace, trading terminal, and revenue-sharing pools, all designed to help users make informed trading and investment decisions.
Revolutionizing Financial Prediction Markets
Financial markets, including cryptocurrency are notoriously unpredictable due to the sheer volume of trades executed through sophisticated algorithms.
yPredict aims to bridge this gap by offering a prediction marketplace where financial data scientists can provide results and signals from their predictive models as a monthly subscription service.
Benefits for Token Holders
YPRED token holders will have full access to the yPredict analytics platform allowing them to analyze coins with unparalleled precision. They can also purchase predictive model subscriptions through the yPredict Marketplace and earn substantial APYs by participating in staking.
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• Cardano released its weekly development update on 10 February, but the market did not react positively.
• Bitcoin showed little impetus on the price chart and ADA tested a zone of support at $0.35 before another move downward.
• Open Interest climbed slightly on 10 and 11 February as ADA bounced from $0.356 to reach $0.37, however, the bearish sentiment was reinforced and short sellers had more conviction.
Cardano’s Price Prediction
Cardano released the weekly development update on 10 February. It highlighted some notable statistics but did not shore up buyer confidence in the short term. Instead, the price retested $0.37 as resistance before another move downward.
Bitcoin’s Market Movement
Over the weekend, Bitcoin showed little impetus on the price chart. It oscillated from $21.6k to $22k, a fluctuation of close to 2%. Monday’s high and low could establish a range for the week. A move below $21.6k could herald further losses across the altcoin market, including ADA.
ADA Failed Retest of Resistance
Former support levels flipped to resistance as more downside beckons Source: ADA/USDT on TradingView The 1-hour bullish order block at $0
• Aptos (APT), a layer-1, proof-of-stake blockchain, has grown in popularity over the last month, with its price soaring by more than 400%.
• It recently concluded the first leg of its world hackathon tour in Seoul and announced a partnership with METAPIXEL to launch ‚Pixelcraft‘ on the Aptos network.
• Its transaction speed advantage could position it as a potential „Solana Killer,“ as it can process up to 150,000 transactions per second compared to Solana’s 65,000 TPS.
Aptos’s Growing Popularity
Aptos [APT] has made waves in the crypto world over the last month, with its price soaring by more than 400%. It recently wrapped up the first leg of its ambitious world hackathon tour in Seoul and expanded its footprint in the web 3 gaming ecosystem through a partnership with METAPIXEL for an upcoming launch of ‚Pixelcraft‘ on Aptos.
Transaction Speed Advantage
Aptos challenges Solana [SOL] precisely in terms of transaction speeds. According to ZebPay, Solana can process 65,000 transactions per second (TPS) while Aptos could clock in more than twice that at 150,000 TPS. This throughput difference could potentially shift the momentum decisively in APT’s favor in the long run.
Total Volume Locked (TVL)
Aptos’s total volume locked (TVL) has exhibited better growth over recent weeks compared to SOL – which grew by 0.44% over the last seven days compared to APT growing by almost 4% during that same period. APT’s TVL stood at $61.38 million at press time, primarily driven by Pancakeswap [CAKE], which had a dominance of almost 60%.
NFT Space Showing Promise
The NFT trade volume on Aptos network has also been steadily rising and reached its three-month high earlier this week according to data from NFT Analytics Platforms such as OpenSea and NonFungibleAnalytics. The platform is further looking forward to launching several new projects related to NFTs including an NFT marketplace called XchangeX and an AI project for creating personalized digital art experiences titled CreativeBlockchainArtistsAcademy (CBAA).
With all these developments taking place around it and considering its advantages when compared Solana – Aptos looks likely to cement itself as one of most promising projects within blockchain space going into 2021 and beyond.
• BTC’s price has rallied by 40% since 1 January, leading many of its holders to log profits on their BTC holdings.
• The cost basis for any BTC holder is the average purchase price of the BTC they possess, which determines capital gains or losses when the BTC is sold.
• According to Twitter analyst Will Clemente, the cost basis for short-term and long-term BTC holders were $18,900 and $22,300, respectively.
Bitcoin [BTC], the leading coin, has seen its price rally by an impressive 40% since the start of 2021. Investors have recorded significant gains, and now, a price reversal might follow. Currently trading at the $23,200 price mark, BTC is trading at levels last seen in August 2022. The rally in BTC’s price has had an influence on the overall crypto market, with global cryptocurrency market capitalization increasing by 21% in the last month, according to data from CoinGecko.
The growth in BTC’s price has led to many of its holders logging profits on their BTC holdings. The cost basis for any BTC holder is the average purchase price of the BTC they possess. This cost basis determines capital gains or losses when the BTC is sold. Twitter analyst Will Clemente revealed the cost basis for short-term and long-term BTC holders were $18,900 and $22,300, respectively. This means that BTC holders, in aggregate, are no longer underwater.
The question remains: How much are 1, 10 and 100 BTCs worth today? The answer is that holders of these amounts of BTC are in profit. However, the question of how long this profit will last is yet to be seen. BTC is notoriously volatile and the price could swing either way in the coming weeks. In the meantime, investors should keep an eye on developments in the crypto market, as well as the cost basis for their BTC holdings, to maximize their gains.
• Hedera [HBAR] saw a dramatic increase in volume and market capitalization on 20 January.
• The network’s on-chain measures, such as transactions per second and total value, have been rising at an impressive rate.
• DefiLlama statistics showed that Hedera had a $39.39 Total Valued Locked (TVL).
The recent surge of Hedera [HBAR] volume has been nothing short of spectacular. On 20 January, the crypto saw a dramatic increase in volume and market capitalization, with its market capitalization increasing by more than threefold in the last day. According to Santiment, there was a 30% rise in HBAR volume when compared to other altcoins on the chart, and data from Coin Market Cap showed that its volume has increased by almost 110% in the past 24 hours. Furthermore, the price of Hedera had its most significant upward swing since the cryptocurrency’s uptrend started.
The Hedera network’s on-chain measures have also been on the rise, with over 40 million transactions having been processed to date. According to Metrika’s data, there have been over 26,000 smart contracts deployed on Hedera, in addition to transaction information. This has had a positive effect on Total Valued Locked (TVL), with DefiLlama statistics showing that Hedera had a $39.39 TVL at the time of writing.
The impressive developments that have taken place on the Hedera network could be a sign of great things to come. Hedera is continuing to expand its presence in the crypto space, and the recent surge in volume and market capitalization is evidence of its increasing popularity. With the increasing number of smart contracts deployed on the chain, the rise of TVL, and the continued growth in transactions per second, Hedera is set to continue its upward trajectory in the coming months.
•Solana [SOL] recently broke out of its trading range of $15.29 – $17.45 and faced a hurdle at $24.45.
•The Relative Strength Index (RSI) and Money Flow Index (MFI) were flat on the three-hour chart, indicating that buying pressure was stagnating.
•The next short-term trading range of SOL could be between $21.72 – $24.45.
Solana (SOL) recently experienced an upside with its price breaking above its recent trading range of $15.29 – $17.45. However, the bullish momentum was met with a hurdle at $24.45. At the time of writing, it was trading at $23.65 and flickered red, indicating that bears were on site. Along with Solana, Bitcoin (BTC) also faced a short-term price rejection at $20,995 during the same period. Therefore, the short-term outlook of SOL could be witnessing a trading range and a possible retest at the $23.45 level.
Analyzing the relative strength index (RSI) and money flow index (MFI) on the three-hour chart, it can be observed that buying pressure has stagnated. The RSI and MFI were both in the overbought zone, which indicates that the bullish momentum was still relatively strong at press time. Therefore, SOL could attempt to break above the current trading range of $21.72 – $24.45, if Bitcoin is able to overcome the current short-term resistance of $20,995.
On the other hand, if bears gain more influence and the selling pressure intensifies, SOL could possibly dip below $21.72. However, such a downtrend could find steady support on the 61.8% Fib level of $20.95 and invalidate the bullish bias. Furthermore, the trading volume of SOL has witnessed an increase but the sentiment and development activity has declined. It is likely that investor confidence in SOL has dwindled to some extent after witnessing an upside over the past few weeks.
Overall, SOL could witness a fall in the days to come if the bears gain an upper hand in the market. The next short-term trading range of SOL could be between $21.72 – $24.45, and the upside will depend on how Bitcoin fares against its short-term resistance.
• Cardano [ADA] whales have purchased 217.2 million ADA a few days into the new year.
• Despite the broader crypto market adhering to a price correction, Cardano [ADA] has remained resilient.
• Cardano addresses holding between one million to one hundred million ADA have added over two hundred million to their holdings since 2023.
The start of the new year brought a flurry of activity for Cardano [ADA] whales as they invested in buying 217.2 million ADA. Despite the current market conditions that saw most cryptos experience a price correction, Cardano [ADA] has withstood the pressure, no doubt due to the efforts of these whales.
Santiment, an ecosystem real-time update provider, recently revealed that Cardano addresses holding between one million and one hundred million ADA had added over two hundred million more to their holdings since 2023. This follows a period that saw these same investors offload 568.4 million ADA between November and December 2022.
At the time of writing, ADA’s price had gained 11.69% in the last seven days despite other altcoins faltering. It remains to be seen how long Cardano [ADA] can remain resilient against the all-round trend, but indications from the daily chart seem to suggest that it might not be much longer before it joins the rest of the market.
In the meantime, investors will keep a watchful eye on Cardano addresses holding between one million and one hundred million ADA, as these whales may be the key to Cardano [ADA] making a price breakout. Despite the current market conditions, Cardano [ADA] whales have shown to be undeterred, and their actions over the last few weeks have proven to be a testament to their confidence in the token.