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Data Suggests Shark Were Behind Litecoin’s 89% Rise To $97, But What About Now?

Data Suggests Shark Were Behind Litecoin’s 89% Rise To $97, But What About Now?

by CryptoPilot | Feb 1, 2023 | crypto

Litecoin (LTC) has seen one of the highest rallies among the top 20 largest cryptocurrencies, jumping over 89% since the market crash following the FTX collapse. While there are a number of factors that could’ve prompted this news, on-chain data suggests that sharks...
Bitcoin Spiked to $23,960, But Traders Are Not Very Greedy

Bitcoin Spiked to $23,960, But Traders Are Not Very Greedy

by CryptoPilot | Jan 31, 2023 | crypto

Sentiment data reveals that the Bitcoin price upwards trend from November lows to as high as $23,960 on January 30 was marked by “sober” traders. Bitcoin Traders Are Not Greedy Per the Fear and Greed Index, the 40% surge of BTC prices to January highs is...
Fantom (FTM) Gains 39% In 7 Days Following Its Integration With Axelar Network

Fantom (FTM) Gains 39% In 7 Days Following Its Integration With Axelar Network

by CryptoPilot | Jan 29, 2023 | crypto

Fantom (FTM) has been one of the best-performing tokens of 2023, pulling off a series of impressive gains in the last few weeks. Following the market crash in late 2022, FTM began the new year trading as low as $0.2007, representing a 94.19% decline from its all-time...
U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors

U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors

by CryptoPilot | Jan 28, 2023 | crypto

The U.S. government is set to tighten regulations to mitigate the growing risks associated with the crypto industry. This development comes after increased scrutiny following the collapse of FTX and Terra Luna in 2022.  In a press release on January 27, the White...
Does the Crypto Market Have The Strength To Break To The Upside? QCP Capital Weighs In

Does the Crypto Market Have The Strength To Break To The Upside? QCP Capital Weighs In

by CryptoPilot | Jan 28, 2023 | crypto

The conditions of the cryptocurrency market have changed drastically; according to an analysis by QCP Capital, the options market in its current state makes the crypto industry look like a major crisis, such as the shutdown of crypto exchange FTX after filing for...
Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback

Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback

by CryptoPilot | Jan 27, 2023 | crypto

Dogecoin (DOGE) and other altcoins are stealing some of Bitcoin’s shine as the benchmark crypto stalls at its current levels. However, the recent rally could spell trouble for optimistic traders and investors waiting for a continuation of the trend. As of this...
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Data Suggests Shark Were Behind Litecoin’s 89% Rise To $97, But What About Now?
11 hours ago

Litecoin (LTC) has seen one of the highest rallies among the top 20 largest cryptocurrencies, jumping over 89% since the market crash following the FTX collapse. While there are a number of factors that could’ve prompted this news, on-chain data suggests that sharks are the likely culprit. Sharks Holding 100-10,000 Coins Went On A Feeding Frenzy According to a Sentiment report, the sharks may be the ones behind the upward rally that Litecoin has embarked on in the last two months. It shows that these shark addresses holding between 100-10,000 LTC on their accounts went on a massive accumulation trend that saw them add a reasonable portion of supply to their holdings. Related Reading: U.S. Institutions Are Driving Bitcoin Prices, Matrixport Research Santiment reveals that in the two-month period, these addresses accumulated 1.15 million LTC. This works out to around a 4.92% increase in their holdings and 0.5% of the total LTC supply. As the image below shows, there was a significant uptick around this point coinciding with the increase in the price of the digital asset. LTC sharks accumulate in two months | Source: Santiment The accumulation trend continued into January 2023 when LTC’s price movement had ramped up. Thus, this shows that while accumulation by sharks may not have been the main driver of the price rally, they may have played a significant role. Further movements point toward these shark addresses having an effect on the price. Like the chart shows, there has been some profit-taking after LTC hit its local peak of $97 and this profit-taking coincided with the price of the cryptocurrency falling back down to the $94 level. Will Litecoin Continue To Rally From Here? Despite the sharks taking profit on their Litecoin buys over the last two months, the bull case for LTC is still not destroyed. The chart shows that even these large investors are still holding on to a good portion of the coins accumulated over the last two months. As long as there is still a large gap between what was accumulated and what is being sold, the price of LTC can be expected to hold up. It is also important to note that 2023 is an important year for Litecoin. A lot of the bullish sentiment around it has originated from the expectations surrounding the Litecoin halving. Litecoin, which works similarly to bitcoin, is about to reduce its block reward once more, reducing the number of coins going into circulation, and triggering FOMO (fear of missing out).   LTC halving happening in 2023 | Source: Coinwarz The halving is expected to take place in early August which puts it about six months away. But already, positive sentiment is already ramping up, contributing to the price increase that the coin has recorded. Related Reading: Bitcoin Mining Difficulty Touches New ATH Following 4.68% Adjustment Perhaps the most important thing is the fact that LTC is currently trading at almost 50% above its 100-day and 200-day moving averages. This suggests that despite the market drawdown, the LTC price is likely to hold at the $90 support.  LTC price retraces to $93.75 | Source: LTCUSD on TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from The Coin Republic, chart from TradingView.com

Bitcoin Spiked to $23,960, But Traders Are Not Very Greedy
1 day ago

Sentiment data reveals that the Bitcoin price upwards trend from November lows to as high as $23,960 on January 30 was marked by “sober” traders. Related Reading: Gala Games Plans for Mobile Gaming, GALA To Be The Primary Token Bitcoin Traders Are Not Greedy Per the Fear and Greed Index, the 40% surge of BTC prices to January highs is unlike other periods in the coin’s boom and bust cycle. When BTC rose to bottom-up from November lows following the FTX contagion, the Fear and Greed Index spiked to a maximum of “55”. Although this is still “Greed,” indicating a possible Fear of Missing out (FOMO) amongst traders, it is suppressed compared to the 2018 to 2019 cycle. By overlaying the sentiment index’s reading with BTC prices over months and years, it is clear that the spike to spot levels was approached with caution and even levels of risk management. Fear gripped the market in late 2018 when prices sank below $4,000. However, once prices began turning around ahead of the Bitcoin halving in 2019, traders doubled in droves, forcing the index reading to “69”, the Greed territory, from “21.” Even after a minor retracement, the index’s reading was persistently above the “60” mark throughout late Q4 2018 and H1 2019, pointing to general confidence by traders and investors. Sentiment and Bitcoin Correlation A big part of BTC’s price action is shaped by how market participants perceive prevailing market conditions. Hype can trigger demand, and prime volatility as billions of dollars pour into Bitcoin. The crypto space is new and still needs a regulatory framework. Crypto regulations are being developed and improved across the board. Complex products, including Exchange-Traded Funds (ETFs), may be approved months ahead. Whether they are given the go-ahead depends on the availability of monitoring tools aimed at preventing price manipulation. The former United States Securities and Exchange Commission (SEC) Chair, Jay Clayton, cited the absence of sufficient monitoring tools as one of the reasons for rejecting the launch of an ETF tracking the spot price of Bitcoin. Traders are confident Bitcoin has turned the corner, shaking off the bears of November. However, considering the state of the general economy and inflation readings, BTC and crypto prices remain in a precarious position. Related Reading: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan Beyond macroeconomic factors, the surge of BTC prices is at the back of decreasing stablecoin deposits to cryptocurrency exchanges. Historical data shows a direct correlation between stablecoin issuance and BTC prices.

Fantom (FTM) Gains 39% In 7 Days Following Its Integration With Axelar Network
3 days ago

Fantom (FTM) has been one of the best-performing tokens of 2023, pulling off a series of impressive gains in the last few weeks. Following the market crash in late 2022, FTM began the new year trading as low as $0.2007, representing a 94.19% decline from its all-time high value of $3.46. However, with the entire crypto market attempting to pull off a recovery, FTM has been one particular token with lots of investor attention, as its price has surged by over 136% since the start of 2023.  Related Reading: Shiba Inu Observes Highest Rise In Burn Rate – Is This Normal? Fantom Records 39% Profit In Seven Days According to data from CoinMarketCap, Fantom (FTM) gained by 38.77% in the last seven days alone, outperforming major cryptocurrencies such as Ethereum (ETH), Cardano (ADA), Ripple (XRP), and Bitcoin (BTC) itself. While FTM has been on an upward trend since the first week of the year, its price rally in the last week can be attributed to Fantom’s recent integration with the Axelar Network. On Jan. 24, the Fantom Foundation announced a partnership with Axelar, which will introduce interchain communication to the Fantom Network. As of the time of writing, FTM is trading at $0.4724, having gone up by 1.98% in the last 24 hours. Based on more data from CoinMarketCap, the daily trading volume of FTM is currently $240.7 million, while its total market cap is $1.312 billion. FTM trading at $0.4790 | Source: FTMUSD chart of Tradingview.com Related Reading: AAVE Seeks Proposal To Clear Itself Of Bad Debt – Can It Overcome These Obstacles? What Does Axelar’s Integration Mean For Fantom Users? According to a blog post by Fantom, “Axelar network is a blockchain that connects blockchains, enabling universal Web 3 interoperability.” Basically, Axelar functions as a medium for communication and transfer of value between several blockchains. Following the integration with the Axelar network, Fantom automatically becomes part of an ecosystem that consists of over 30 different blockchains capable of seamlessly interacting with one another.  Using the General Message Passing (GMP) protocol, developers on the Fantom network will be able to easily access smart-contact codes on any chain connected to Axelar. The GMP protocol will also allow dApps and users to send and receive data and function calls across the multiple chains in Axelar’s ecosystem. Another benefit of Axelar’s integration with Fantom is the introduction of one-click cross-chain swaps on the platform’s biggest decentralized exchange, SpookySwap. Using Squid, an Axelar-based protocol that reroutes liquidity between chains, SpookySwap users will seamlessly swap native tokens of different chains in one click. In every transaction, the Axelar network will process the cross-chain gas conversions from the source-chain token to the destination-chain token, ensuring that users need not own crypto wallets on multiple chains or hold native tokens of other chains for gas fees, That said, other chains on the Axelar Network aside from Fantom include Arbitrum, Moonbeam, Polygon, Osmosis, etc. Featured Image: Zipmex, chart from Tradingview.com

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