Markets

Crypto Market Weekly Winners and Losers – MOG, KAS, PENDLE, WLD

Published

7 months ago

30 June, 2024

Crypto Market Weekly Winners and Losers – MOG, KAS, PENDLE, WLD

Mog Coin, Akash Network and Kaspa were the biggest winners last week.
Pendle, Ethena and Worldcoin saw the biggest losses last week.

Pendle [PENDLE] failed to replicate its previous performance last week, finding itself at the opposite end of the ratings spectrum.

Instead, the week’s biggest gainer title went to a cryptocurrency barely outside the top 100 rankings.

This move highlighted the volatility and rapid changes in fortunes that can occur in the cryptocurrency market.

Biggest winners

Mog Coin [MOG]

Mog Coin [MOG] emerged as the biggest gainer of the week, according to data from CoinMarketCap. Over the past seven days, this significant uptrend has catapulted it into the top 100 cryptocurrencies by market capitalization.

Specifically, MOG saw a notable increase of 48.84% during this period.

Starting the week of June 23 at approximately $0.0000009, MOG initially trended lower.

However, it quickly reversed this trajectory and made significant gains during the rest of the week, closing around $0.000001.

This positive movement was also reflected in its market capitalization, which rose to more than US$650 million, ensuring its position among the top 100 cryptocurrencies.

Despite a recent decline of over 4% in its market cap in the past 24 hours, MOG’s market cap remained at over $648 million.

Akash Network [AKT]

Akash Network [AKT] (AKT) emerged as the second biggest gainer of the week with a notable increase of 20.96%, according to data from CoinMarketCap.

Despite this impressive weekly gain, AKT started the week on a downward trend.

The price chart revealed that it started the week trading at around $3, but dropped to approximately $2.7 the following day.

However, it recovered strongly as the week progressed and closed above $3.5 at the end of the week.

Akash Network’s market cap was over $872 million, although it has seen a slight decline in the last 24 hours.

Additionally, AKT’s trading volume decreased by over 29% during the same period, totaling around $41.5 million.

Kaspa [KAS]

Kaspa [KAS] the token, not the phantom, saw a slight decline at the start of the week. It fell 0.6% and traded at around $0.15 on June 23.

However, the token soon reversed its trajectory and began to rise, marking consecutive highs throughout the week.

At the end of the week, KAS was trading at approximately $0.19, culminating in an overall weekly gain of over 7%, which positioned it as the third biggest gainer of the week.

Data from CoinMarketCap indicated a notable overall increase of 20.16% for Kaspa. Further technical analysis of its price trend suggested that Kaspa was currently in a strong bull market.

The Relative Strength Index (RSI) supported this analysis, indicating that the token was approaching the overbought zone, which reflected high buying pressure.

Source: TradingView

Kaspa’s market capitalization has also seen substantial growth, surpassing $4.5 billion, with an increase of over 6% in the last 24 hours alone.

Notably, it is the only asset among the week’s biggest gainers with a market cap surpassing $1 billion. Kaspa’s trading volume has increased by more than 50% in the past 24 hours, reaching over $132 million.

Biggest losers

Hang [PENDLE]

PENDULUM experienced a difficult week, emerging as the biggest loser of the week, for CoinMarketCapwith a significant decline of 19.80% last week.

Pendle’s price trend started bullish on June 23, opening above $6.

However, it quickly suffered a decline, closing the day at around US$5.6. This downward trend persisted throughout the week, with the price falling further to approximately $4.9 at the end of the week.

Pendle’s market cap was over $769 million, although it has declined by over 2% in the past 24 hours.

Pendle’s trading volume was nearly $43 million, which also dropped significantly by over 40% in the last 24 hours.

Ethena [ENA]

Ethena [ENA] experienced a challenging week, marked by a constant drop in its value. The token started the week in decline, closing the first day at approximately US$ 0.56.

Despite attempts to stabilize, the decline persisted throughout the week, culminating in a closing price around $0.49.

According to data from CoinMarketCapEthena’s value fell 18.48% last week, positioning it as the market’s second biggest loser.

At the time of writing, Ethena’s market capitalization is over $766 million, reflecting a drop of more than 2% in the last 24 hours.

Business volume also suffered a significant reduction, falling more than 20% to approximately US$49.5 million in the same period.

World currency [WLD]

Word Currency [WLD] has been on a downward trajectory in recent weeks, with recent events intensifying this decline.

AMBCrypto’s analysis of its daily chart showed that it started the week down over 4%, trading around $2.8.

This level, however, marked the high point of the week as the price faced further significant declines. At the end of the week, Worldcoin was trading at approximately $2.5, marking another decline of over 4%.

Source: TradingView

According to data from CoinMarketCap, Wordcoin suffered a weekly drop of 16.86%, ranking it as the third biggest loser in the market.

The Relative Strength Index (RSI) was below 30 at the time of writing. It indicated that WLD was not only in a strong downtrend but also in an oversold state.

This could suggest a potential for prices to rebound if buyers consider them undervalued and decide to intervene.

The market cap was around US$660 million, having declined by more than 5% in the last 24 hours. Additionally, trading volume also declined, dropping by more than 11% to more than $126 million over the same period.

Conclusion

Here is the weekly recap of the biggest gainers and losers. It is crucial to keep in mind the volatile nature of the market, where prices can change rapidly.

Therefore, it is best to do your own research (DYOR) before making any investment decisions.

Source

Markets

Crypto Markets Rebound as Spot Bitcoin ETFs Attract Massive Inflows

Published

6 months ago

17 July, 2024

FinCrypt Staff

Crypto Markets Rebound Ahead of Early Ethereum ETF Approval

This week saw $722 million worth of Bitcoin spot ETF inflows, including the largest daily inflow in a month.

Cryptocurrency markets rallied on Wednesday, driven by inflows into spot Bitcoin exchange-traded funds (ETFs).

The price of Bitcoin (BTC) is up 3% over the past 24 hours to last change hands at $65,200, according to CoinGecko. Ethereum (ETH) is up 2% and is trading at $3,471. Solana (SUN) and Polkadot (POINT) increased by 4%.

Bitcoin spot ETFs saw $422 million in daily inflows on Tuesday, the highest in the past 30 days, according to Far side data, . The all-time record for a single day was $1.05 billion on March 12.

Among Tuesday’s top contributors, BlackRock’s IBIT led with $260 million in inflows, followed by Fidelity’s FBTC with $61 million. This week has already seen more than $722 million in inflows.

Among the top 100 cryptocurrencies by market cap, Worldcoin (WLD) led with a 28% increase, followed by Helium (HNT) with 20% and Lido DAO (LDO) with 15%.

Worldcoin, a decentralized identity project led by OpenAI CEO Sam Altman, announced is extending the lockups for early investors and team members. This means that tokens will be gradually released through 2029, instead of the original 2027 plan. Token unlocks are generally seen as a negative because they increase supply and early investors can sell their tokens for profit.

Meanwhile, XRP, the token of the XRP Ledger network, jumped 8% after the CME and CF benchmarks introduced new indices and reference rates for XRP.

U.S. stocks faced a downturn on Wednesday. The S&P 500 fell 1%, while the Nasdaq Composite and Dow Jones Industrial Average both fell 2%.

Source

Markets

Altcoins on the cusp of a major breakout – WLD, AR, and INJ prices could surge by 20% in the coming days

Published

6 months ago

17 July, 2024

FinCrypt Staff

Altcoins on the cusp of a major breakout – WLD, AR, and INJ prices could surge by 20% in the coming days

Crypto markets appear to have been taken over by the bulls as major tokens have surged above their crucial resistance zone. Bitcoin surged above $65,000 while Ethereum was above $3,500, and XRP, which had remained passive for quite some time, surged over 40% in the past few days to hit $0.6. The uptrend has been captured in most altcoins, with Worldcoin (WLD), Arweave (AR), and Injective (INJ) leading the rally. Here’s what to expect for these tokens in the coming days.

Worldcoin (WLD) Price Analysis

O Worldcoin Price has been trading inside a descending wedge since it marked a new ATH near $12 in the final days of Q1 2024. The recent price action helped the price break out of the upper resistance of the wedge, breaking above the crucial resistance zone between $2.21 and $2.39. Market sentiments have changed, but technicals suggest that the bulls may remain passive for a while, which could offer some room for a bearish pullback.

The price broke out of the wedge with a significant increase in volume, but the current volume suggests that the bulls have taken a step back. Meanwhile, the RSI is about to reach the upper boundary, which could attract bearish forces. Additionally, the DMI has undergone a bullish crossover, but the decline in the ADX suggests that the rally may remain consolidated above the gains. Therefore, the WLD price is expected to maintain a horizontal consolidation between $3 and $3.3 and trigger a fresh rally to $4.4 during the next bullish rally.

Arweave (AR) Price Analysis

Arweave formed a strong base around $25, which helped the rally trigger a recovery during the bearish attack. Mt. Gox and German terror forced the price to fall below $20. However, the recent price action has brought the altcoin within the bullish range and raised expectations of maintaining a decent uptrend for a few more days.

AR price has hit one of the major resistances around $30 to $31.5, which could act as a strong base once overcome. The buying volume is slowly increasing, which could keep the bullish hopes for the rally high. Moreover, the supertrend has just flashed a buy signal, indicating a clean reversal of the trend. Therefore, AR price seems primed to maintain a healthy uptrend and rally above $40. However, if the bulls maintain a similar trend, making new highs above $50 may not be a tedious task for the bulls.

Price Analysis of Injective (INJ)

Injective price has been showing sharp strength since the beginning of the year and hence, the recent turnaround is expected to revive a good uptrend going forward. The bears engulfed the rally to a large extent, but the recent price action suggests that the bulls have regained their dominance. Therefore, INJ price is expected to maintain a strong uptrend with a bearish interference on the way down.

INJ price has surged above the lower support zone and has registered consecutive bullish candles. Although the volume is below the required levels, the OBV is maintaining a sharp uptrend. Furthermore, the Ichimoku cloud lead span B is heading towards the lead span A and a healthy crossover indicates the start of a new uptrend. However, INJ price may be out of the bears’ reach once it secures the resistance zone between $30.77 and $32.12, which seems to be on the horizon.

Source

Markets

Ethereum at $3.5K, Exchange Supply Hits 34-Month High

Published

6 months ago

17 July, 2024

FinCrypt Staff

Ethereum at $3.5K, Exchange Supply Hits 34-Month High

Ethereum (ETH) supply on exchanges has hit a 34-month high as the asset’s price surpassed the $3,500 mark.

ETH has risen 2.3% over the past 24 hours and is trading at $3,490 at the time of writing. The second-largest cryptocurrency — with a market cap of $419 billion — briefly touched an intraday high of $3,517 earlier today.

ETH Price, Whale Activity, RSI, and Exchange Supply – July 17 | Source: Santiment

Ethereum’s daily trading volume also increased by 7.6% to reach $19.8 billion.

According to data provided by Santiment, the supply of Ethereum on exchanges has reached $19.52 million ETH. This level was last seen in September 2021, when the asset was trading around the same price.

On the other hand, data from the market intelligence platform shows that the number of whale transactions has fallen by 12% in the last day — falling from 8,730 to 7,629 unique transactions per day.

The move shows that the supply of Ethereum on exchanges has been increasing with small deposits rather than large transactions from whales.

Additionally, the ETH Relative Strength Index (RSI) is currently hovering at the 60-mark, per Santiment. The indicator shows that Ethereum is slightly overbought at this price point, but it may not be in a critical position due to its large market cap.

One of the main drivers of Ethereum price increase is ETH spot expectations ETFs in the US Investment products are scheduled to start trading on July 23rd.

Source

Markets

Bits + Beeps: How to Play the ‘Trump Trade’ in Cryptocurrencies After the Assassination Attempt

Published

6 months ago

17 July, 2024

FinCrypt Staff

Bits + Bips: How to Play the ‘Trump Trade’ in Crypto After the Assassination Attempt

Also, how much will the Fed cut rates (and when)? What will be the inflows into ETH ETFs? And what is the near future for Bitcoin?

Posted on July 17, 2024 at 12:00 PM EST.

Listen to the episode at Apple Podcasts, Spotify, Capsules, Source, Podcast Addict, Pocket molds, Amazon Musicor on your favorite podcast platform.

In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger and Joe McCann, joined by guest Jack Platts, dive into the market reaction to the recent assassination attempt on former President Donald Trump, analyzing how this event will influence the 2024 US presidential election and the cryptocurrency markets.

They also cover potential rate cuts: Could there be a cut in July? How big could the September rate cut be? Could the decision be influenced by the upcoming election?

They also give their predictions on what percentage of BTC ETF inflows the ETH ETFs will reach, and James talks about what he expects for Grayscale’s ETHE (hint: his outlook would be positive for ETH).

Finally, they delve into what’s next for Bitcoin as the German government runs out of BTC and Mt. Gox distributions begin. Just now?

Program Highlights:

Whether Trump’s shooting decided the election and whether the event caused a “flight to safety”
How election markets are becoming a place to watch election probabilities and whether cryptocurrencies “lean right”
Whether rate cuts will occur in July or September and by how much they will cut: 25 bps or 50 bps
How Joe sees the relationship between global liquidity cycles, rate cuts, and the potential rise of Bitcoin
What are the new updates about Ethereum ETFs and their expected launch?
Why Solana Hasn’t Performed Significantly Better Since Trump News
What Market Breadth Indicates About the Current Market Rally and the Impact of Rates on Small Caps
Everyone’s predictions on ETH ETF inflows and how much outflow we’ll see on Grayscale’s ETHE
What’s Next for BTC After German Government Exits Bitcoin and Mt. Gox Giveaways Starting This Week