OTC Weekly Trading Insights (12/05/2024) : BTC is now over $100,000!!
Top Interest of the Week
Gifto ($GFT) experienced significant price fluctuations last week, with its value soaring threefold from $0.07 to $0.21, only to plummet by 99% following the delisting deadline on December 2. This volatility led to a substantial increase in trading activity for the token on Convert, resulting in a trading volume that was 25 times higher than usual.IOTA ($IOTA), a prominent player in the DePin sector, saw its price double last week, coinciding with a governance vote to u
Clover Finance ($CLV) has recently unveiled the CLV 2.0 upgrade. This upgrade's roadmap features the launch of an Automated Market Maker (AMM) on its decentralized exchange (DEX) liquidity platform, a Token Launcher program that enables other projects to create new tokens on the CLV network, SocialFi integration, and an upgrade and migration of ERC20 tokens. The announcement has sparked significant interest among investors, resulting in a remarkable 271.5% increase in v
Following Bitcoin's breakout above the previous resistance level of $73,500, fueled by the bullish sentiment stemming from Donald Trump's victory in the US presidential election, BTC soared to another new all-time high of 93,265 USDT on our spot market on November 13. During this remarkable four-day period, Bitcoin achieved an impressive 22% increase. However, our team observed that meme coins outperformed significantly, capturing market interest and leading to elevated
Uniswap ($UNI) experienced a significant surge following Trump's electoral victory, with its price climbing from $7.19 to $9.62 within a day. The Republican Party's sweeping success in the 2024 US elections instilled confidence in the decentralized finance sector as investors anticipated a more defined regulatory environment for cryptocurrencies. Additionally, Uniswap's impressive trading volume of $2 trillion on the Ethereum network underscored its influential role in
Santos FC Fan Token ($SANTOS) experienced a remarkable 100% surge in value on Monday following the announcement of Binance's launch of the SANTOSUSDT Perpetual Contract on Binance Futures, which provides token holders with a fresh trading opportunity. The excitement surrounding $SANTOS remained strong, as evidenced by a 51.4% increase in its price over the past week.Raydium ($RAY) operates as a decentralised exchange on the Solana network, with its prominent trading pools focusing on newer token
Stella ($ALPHA) is a protocol that employs leveraged strategies without borrowing costs. Its innovative "Pay-As-You-Earn" model enables borrowers to leverage supported DeFi strategies without incurring any borrowing fees, while lenders benefit from the real yield generated from borrowers, reflected in the lending annual percentage yield (APY). This advancement meets the demand for enhanced leverage systems, which are crucial for fostering greater adoption of decentraliz
OG Fan Token ($OG), the cryptocurrency associated with the European Esports organisation OG, experienced significant price fluctuations over the past week. The token's value rose dramatically from $2.6 to a peak of $14.3 within just four days, only to drop by more than 50% to $6.6 in a single day. Despite this volatility, the token still recorded an impressive seven-day return of 178%. During this period, trading volume on Convert increased by over 350 times, as traders leveraged the platform to
DIA ($DIA) is a blockchain oracle platform that supports data for DeFi applications. In early September, DIA launched Lumina, an oracle stack built on Lasernet, an Ethereum layer-2 rollup. The DIA token will serve as the network's utility token, enabling staking and functioning as the gas fee token. This could introduce an additional burn mechanism for DIA and encourage users to stake their tokens, thereby locking up the supply. A portion of the revenue generated from the oracle will be allocate
Following a 50 basis point interest rate reduction by the Federal Reserve last Wednesday, market sentiment shifted to a bullish outlook, as discussed in our previous update. Last week, Bitcoin (BTC) traded in the vicinity of $63,000, while our team noted a significant increase in demand for altcoins during this period. Notably, meme coins and certain layer-1 tokens, such as Sui ($SUI) and NEAR ($NEAR), garnered considerable attention.Sui ($SUI) has notably outperformed in the top 100 cryptocurre
Nervos ($CKB) emerged as one of the top-performing tokens last week, achieving a remarkable 103% increase in price. The Nervos Network operates as a proof-of-work layer-2 solution designed to enhance Bitcoin's capabilities by adding programmability and scalability, utilising the RGB++ protocol for its implementation. Sui ($SUI), a layer 1 blockchain and smart contract platform, demonstrated consistent trading interest last week. After it experienced a doubling of trading volume on Convert and a
This week, our desk noticed that BTC market volatility started to pick up, with multiple key data releases on the US labour market and CPI before next week’s FOMC meeting. BTC price was closely tracking the US equities performance, while some altcoins had a more independent journey.Sui ($SUI) is a unique Layer 1 blockchain and smart contract platform that seeks to enhance digital asset ownership by making it fast, private, and accessible to everyone. The recently launched Grayscale Sui Trust, by
This week, our desk noticed that BTC market activity was muted while volatility increased. The BTC price was easily influenced by random movements and quickly reversed back to its previous level.Radiant Capital ($RDNT) saw a stunning 33.7% increase last week while the market remained muted. Radiant Capital recently submitted RFP-44, a proposal to refine the distribution strategies initially outlined in RFP-35. The proposed RFP-44 seeks to optimise RDNT token emission and cross-chain liquidity. I
This week, our desk noticed that BTC volatility remained muted, while some old projects launched in the previous cycle experienced unusual trading demands.Syscoin ($SYS) is the native token that underpins the eponymous protocol and forms a Layer 2 network to enable rollups on Bitcoin, thereby improving the network's scalability. Syscoin was first listed on Binance in September 2020, reaching an all-time high of $1.33 at the beginning of 2022. Recently, the announcement of the launch of the USDS-
This week, our desk noticed that market activity has been slow following the recovery from the August 5 flash sell-off. Last week, US equities performed strongly, while Bitcoin and the cross-border crypto market remained relatively weak.While the BTC price remains in a range with low volume, our desk has noticed strong demand for some mid- to large-cap coins/tokens, such as Sui ($SUI), Terra Luna Classic ($LUNC), and SATS (Ordinals) ($1000SATS).Sui, a descendant of Facebook's defunct Diem projec
This week, due to a spike in market volatility, our desk saw strong trading demand across the board. Binance users use Convert to hedge their risk during volatile market conditions, allowing users to lock in a price in volatile conditions and be confident that the order will be filled at the exact price displayed on-screen, with no additional fees. This feature provides great effectiveness to our users during volatile markets when they are concerned about experiencing large slippage and not havi
This week, our desk observed strong trading demand for small-cap altcoins across multiple zones.In recent weeks, our desk has observed unusual demand for tokens with a monitoring tag on the exchange. IRISnet ($IRIS) is one of eleven tokens included in the monitoring tag extension, which was announced in early July. The IRIS price surged last Thursday on high volume, doubling in less than 48 hours. After reaching a one-month high of $0.024 on July 26, it gradually fell back, gaining 28.6% in the
This week, our desk experienced high demand for meme coins, particularly dog-themed meme coins such as Dogecoin ($DOGE), Floki ($FLOKI ), and Dogwifhat ($WIF). Following the SEC's approval of ETH spot ETFs, which began trading on Tuesday, our desk saw strong market demand for ETH-related altcoins such as Ether.fi ($ETHFI ) and Ethereum Name Service ($ENS). Ether.fi ($ETHFI ) is a non-custodial staking protocol that runs on the Ethereum blockchain. Following the approval and trading of ETH spot ET
Following the delisting announcement for Mdex ($MDX), this token received a lot of market attention, and strong market demand emerged in the market. The weekly volume increased 392%, with a weekly return of 27.5%.Worldcoin ($WLD) experienced a similarly strong market demand after the project team announced that the vesting period for early investors and team members would be extended from three to five years. This announcement would reduce the expected increase in circulating supply. $WLD rose 1
ConstitutionDAO ($PEOPLE), a meme coin with a large community, became Convert's largest volume growth token last week. On June 9, the $PEOPLE price reached a one-year high of $0.144, followed by strong selling pressure. Today, it is trading at $0.061, representing a 57% drop in one month. Notcoin ($NOT), a popular Telegram game and play-to-earn project integrated into the TON blockchain, has become one of the TON ecosystem's most valuable projects. Notcoin, in collaboration with DeFi platform 1i
The Terra Luna Classic ecosystem tokens have experienced significant price drops as whales and other investors offloaded Terra Luna Classic ($LUNC). Our desk experienced an increase in trading demand for $LUNC as a result of volatility in the LUNC price.As the merger deadline of July 1 approaches, holders of Fetch.ai ($FET), SingularityNET ($AGIX), and Ocean Protocol ($OCEAN) are excited and anticipating the outcome. As the event approaches, the prices of all involved tokens are surging upward.