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🟠 Grayscale spot #Bitcoin ETF banner being hung up on Wall Street 👀
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👀 MATIC’s bear phase confirmed! Is $0.40 next for the altcoin? MATIC finding it difficult to find its footing after almost all its holders fell out of profitsMVRV indicator revealed that the token was in a bear phase and would need a 13% hike to escape Things have gone from bad to worse for Polygon [MATIC] after the latest market correction. To be very specific, the price of the token plummeted to $0.43 on 5 July. To put this into perspective, the last time MATIC hit this level was back in July 2022. At the time, the crypto market was in a full-blown bear phase. MATIC’s recent decline has been in line with that of the broader market. However, on a singular front, it seemed to be all on its own. Now, one normally expects most or at least some of the top 20 cryptos’ holders to be in some form of profit at some point in time. Is that really the case with MATIC though? 🔸 Polygon finally leaves “green land” Well, the bad news is that MATIC cannot boast of the same thing. According to IntoTheBlock, 97% of the project’s active addresses are out of the money now. In simple terms, this means that they are holding the token at a loss. The remaining 3% are not in profit, but are at breakeven point, meaning that no MATIC active holder has unrealized gains. In March, the price of Polygon’s native token had reached a yearly-high of $1.27, putting many holders in the money. Since then, however, it has been all down for the altcoin. At press time, the cryptocurrency was able to find its way back to $0.46. However, it was yet to face a huge sell-wall at a minimum price of $0.49. In this zone, 550 addresses bought 20.47 million MATIC. Thus, if the price approaches this level, there is a high chance that investors would be willing to sell. Should this be the case, the value of the token might drop again to $0.43. However, should in case buying pressure increases, bulls might attempt to break this wall. If that is successful, MATIC might retest $0.51 on the charts. For the time being though, that is an unlikely possibility. $MATIC #MATIC
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🐋 Bitcoin Whales Sold $1.7 Billion In BTC During Past Month: Data On-chain data shows the Bitcoin whales took part in significant net distribution in the past month, potentially feeding into BTC’s bearish momentum. 🔸 Bitcoin Whales Have Been Selling Amid Bearish Market As pointed out by analyst Ali in a new post on X, the BTC whales have been selling recently. The on-chain indicator of interest here is the “Supply Distribution” from the analytics firm Santiment, which keeps track of the total amount of Bitcoin that the various wallet groups are currently holding. The addresses or investors are divided into these cohorts based on the number of tokens that they are carrying in their balance. The 1 to 10 coins group, for instance, includes all wallets holding between 1 and 10 BTC. In the context of the current topic, the whale cohort is of focus, which typically comprises the holders who own between 1,000 and 10,000 BTC. At the current exchange rate, the lower end of this range converts to $55.4 million and the upper one to $554 million. Thus, these investors have quite the large holdings. The influence of any entity on the market goes up the more they hold, so these humongous beings can carry some power. As such, their behavior can be worth keeping an eye on. Here is the chart shared by the analyst that shows the trend in the Bitcoin Supply Distribution specifically for the whales over the past month or so: As is visible in the above graph, the Bitcoin Supply Distribution for the whales has been trending down during the past month. In total, these investors have shed a net 30,000 BTC, worth more than $1.65 billion right now. The drawdown in the indicator has been particularly sharp in the past couple of days, suggesting that the selloff from these large entities is at least partly responsible for the crash the cryptocurrency has gone through. While the whales have already participated in a significant amount of distribution, it’s hard to say whether their selling appetite has calmed down. $BTC #BTC
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🤖 Top 3 Artificial Intelligence (AI) Coins of the First Week of July 2024 The Artificial Intelligence token space has surged considerably this year, and the beginning of Q3 witnessed a major event in this industry. 🔸 Zignaly (#ZIG ) Zignlay’s 2.5% price rise was the best performance by an AI token this week. The crypto asset’s early rise during the previous weekend countered the decline over the last four days. ZIG is thus currently changing hands at $0.105. It is attempting to close above the crucial support at $0.105, one that has been rested as resistance in the past. Securing it as support would enable recovery towards $0.112. However, failure to do so would mean additional potential losses for the token. A drop to $0.093 is likely, and the same would invalidate the bullish thesis. 🔸 Aethir (#ATH ) While Aethir is a newly launched token, despite its strength, it has not conceded to the broader market trends. Trading at $0.066, ATH’s price is looking at consolidation over a decline. This consolidation range spans between $0.077 and $0.063. The altcoin, still a newcomer in the space, aims to facilitate DePIN’s role as a GPU cloud computing aggregator. Given DePIN’s considerable demand over the past few days, ATH is saved from losses. Nevertheless, if ATH’s price were to drop below the support of $0.063 again, a drawdown to $0.057 is likely. Losing it would invalidate the consolidation thesis. 🔸 Artificial Superintelligent Alliance (#ASI ) The Artificial Superintelligent Alliance is one of the biggest events in the AI sector this quarter. As Ocean Protocol (OCEAN) and SingularityNET (AGIX) merged into Fetch.ai (FET), their collective identity has been converted into ASI. They began the token merger this week and expect to complete it by mid-July. Until then, the Artificial Superintelligent Alliance will trade under the FET ticker. This altcoin, which now holds a market capitalization of almost $3 billion, has become the second biggest asset in the AI token market.
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🔥 Polkadot sees 33% transaction growth as DOT hits seven-month low 🔸#Polkadot ecosystem thriving Data from DotLake shows a 33% month-on-month increase in transactions within Polkadot’s ecosystem, rising to 16 million in June from 12 million in May. The growth was primarily driven by One Frequency, a Layer 1 blockchain enabling decentralized social apps, which saw a 3 million transaction increase to reach 5.4 million. Additionally, Mythos Chain, a gaming network associated with developer Mythical Games, processed about 800,000 transactions during the reporting period. Meanwhile, the number of unique addresses with non-zero balances on Polkadot rose slightly to over 7 million, up from 6.96 million in May and 6.8 million in April. DotLake commented: “Number of Unique Accounts was stable at 7 million with Mythos’ strong entrance bringing in 800,000 new accounts, and from what we hear of what’s to come, that’s just the tip of the iceberg.” Polkadot’s open governance platform, OpenGov, saw a 66% month-on-month increase in proposals, reaching 151. The platform allows DOT token holders to directly influence the network’s operations through different proposals focusing on marketing, and other network development. Furthermore, DotLake reported that Polkadot’s treasury assets comprise 26 million DOT, $3.9 million USDC, and 3.8 million USDT, totaling $167 million. Over the past week, concerns arose when reports suggested that the treasury only had a “two-year runway.” However, Polkadot stakeholders debunked this news, assuring that the treasury could never run out of funds as it was continually replenished. 🔸#DOT price briefly falls under $5 Despite Polkadot’s rising metrics, DOT’s price has struggled considerably amid the broader market trend. During the past day, Bitcoin, the bellwether digital asset, saw its price crash following heavy selling activity, triggering the fifth biggest realized loss since FTX collapsed in 2022.
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⭐️ With Bitcoin Falling, Are Altcoins the Next Best Bet? The cryptocurrency market is under overwhelming pressure as Bitcoin’s price experiences a significant drop. The once-dominant digital asset’s decline has sent shockwaves through the market. Amid this turmoil, however, an intriguing opportunity emerges. 🔸 LayerZero Eyes Bull Run With Over 188% Growth, Levels to Watch LayerZero (ZRO) is showing signs of strong resilience amidst broader market dumps. Trading between $2.78 and $3.86, it’s clear bulls aren’t backing down. The nearest resistance stands at $4.24, but if ZRO breaks this, it could surge to $5.32. With a one-month price change of over 188% and climbing RSI, bulls have a potential uptrend on their side. With the 10-day SMA at $2.94 and the 100-day SMA at $3.58, a steady rise is in sight. 🔸 zkSync (#ZK ) Primed for a Bullish Breakout Amid Market Uncertainty zkSync is showing promise with its price hovering between $0.16 and $0.19. Despite a recent dip of over 13% in the past week, the token has surged about 47% over the past month and six months. Bulls are not out of the game yet since the price is above a key 100-day average of $0.17. zkSync could rise to $0.21, and possibly to $0.24, marking a significant increase of over 40% from its current levels. The current indicators suggest a potential bullish breakout, similar to patterns seen in 2021. 🔸 Notcoin (#NOT ) Shows Promise Despite Recent Dips – Bullish Trends Ahead? Notcoin (NOT) has recently faced a slump, with prices dipping to between $0.0127 and $0.0165. Despite this, there’s a strong upside potential. The Relative Strength Index is low, suggesting a possible price surge. With a six-month gain of almost 400%, Notcoin could rise to the next resistance level at $0.0185 soon and maybe even touch $0.0224. These would mark significant gains of 10-30%. Factors like a low 10-day Simple Moving Average, support levels, and MACD trends hint that bulls may soon overpower the bears, bringing a period of growth for NOT.
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