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NEO gained bullish momentum after over eight months as Bitcoin (BTC) surpassed the $30,000 mark on Oct. 19.  The asset reached $15.3 on Nov. 5, marking a 36-week high — NEO reached $15.5 in mid-February. The native crypto of the Chinese blockchain Neo, which once competed with the second-largest blockchain, Ethereum (ETH), has gained bullish momentum after eight months of constant declines. According to data from the market intelligence platform Santiment, NEO’s social volume skyrocketed over the past week — marking an 800% surge in the past seven days.  NEO price, social volume, Binance funding rate and open interest – Nov. 6 | Source: Santiment Moreover, data from Santiment shows that the Binance futures funding rate for Neo has reached 0.05%. In simple terms, this indicates that short-position holders are dominating long-position holders until major movements happen. You might also like: U.S. Treasury sanctions a money launderer tied to Russian elites As th...

Data from Glassnode shows that long-term ETH holders are still holding onto their positions while whales shy away from accumulating too much. The amount of ETH supply last active between 7-10 years ago hit an all-time high of over 5.3 million ETH. This indicates these long-term holders are not selling out of their positions. Additionally, the number of addresses holding 1,000+ ETH coins dropped to a five-year low of just over 6,000. This suggests that whale interest in the Ethereum protocol is likely to be currently lower than what it has been for most of the last five years. You might also like: ETH options call block volumes exceed $250 million The number of addresses holding 10,000+ ETH fell to a two-year low of just over 1,000. This further cements the idea that whales lost a significant of interest in accumulating great quantities of ETH. Overall, the data shows that while long-term holders are keeping their Ethereum close after seeing significant gains compared...

While long-term investors appear unaffected by the surge, the rally sets the foundation for a ‘resumption of the 2023 uptrend,’ analysts say Bitcoin (BTC) volatility explosion on Oct. 24 has set the market ready for a new rally as a “meaningful proportion of supply and investors now find themselves above the average break-even price,” Glassnode says. In a research report on Oct. 24, analysts at the blockchain analytics firm noted that over 80% of Bitcoin supply is now in profit as the market is approaching year-to-date highs. Bitcoin supply in profit | Source: Glassnode However, long-term holders (LTH) seem unaffected by this week’s rally as almost 30% of their supply is “held at a loss,” analysts say. You might also like: Bitcoin to hit $45k in 2023 as funding rates signal FOMO The current state of affairs for Bitcoin holders is similar to late 2015 and early 2019 and the March 2020 bottom, suggesting that the current ...

Fake news on Bitcoin ETF, initially posted by Cointelegraph, forced a whale to buy an astounding amount of Bitcoin Futures. A whale made a Bitcoin (BTC) futures purchase of $5.7 billion following the false report suggesting that BlackRock, the world’s largest asset manager, had obtained approval for a BTC spot exchange-traded fund (ETF).  Ki Young Ju, co-founder and CEO of market resource CryptoQuant, highlighted this development on X. Bitcoin’s pump on the back of the false ETF report had catalyzed a high trading activity and short liquidations. Ju confirmed that the market witnessed $42 million in liquidations. Someone(s) bought ~$5.7B worth of $BTC futures using market orders in an hour, and $42M in short positions were liquidated across all exchanges.https://t.co/JDrkUzPMqq pic.twitter.com/5bMK6Freqm — Ki Young Ju (@ki_young_ju) October 16, 2023 Contrary to initial speculation, this market surge does not qualify as a traditional short squeeze, according t...

Bitcoin is holding above $26,500 and the price stability could lead traders to take a second look at SOL, LDO, ICP and VET. The S&P 500 Index nudged higher by 0.45% to record its second positive week. While the United States equities markets were a slow mover, gold witnessed a massive run-up of more than 5% this week. Its rally of 3.11% on Oct. 13 was its best one-day performance since Dec. 1 of last year. However, the Bitcoin (BTC) bulls did not have any such luck as Bitcoin is on track to end the week down more than 3%. Bitcoin’s weakness and the regulatory overhang have kept crypto investors away from altcoins. That has kept Bitcoin’s market dominance hovering near the 50% mark for the past few days. Crypto market data daily view. Source: Coin360 Market observers are likely to keep their focus on Bitcoin for the next few days. The longer the bulls sustain the price above $25,000, the greater the possibility that the next move is likely to be higher. A bullish move in Bitcoin ...

On this week’s episode of The Market Report, Cointelegraph’s resident expert discusses the launch of the Worldcoin token by OpenAI creator Sam Altman and why it's controversial. In the latest episode of "The Market Report," analyst and writer Marcel Pechman discusses the Worldcoin token launch , why it is controversial, and the differences between it and most altcoins. According to the Analysis , investors should take time to understand the project before even considering an investment. Looking at the tokenomics of the Worldcoin token, launch ed on July 24, there are two absolute outliers. Firstly, the extremely high volume overtook the market cap, as the token reportedly traded 1.6 times its entire capitalization in the first 24 hours. How’s that even possible? According to Pechman, one must understand that the project has lent 100 million tokens to market makers. Only 8 million coins were handed out to users, who may or may not have flipped their positions, but this do...

Bitcoin’s tight-range trading suggests that traders are content to wait for a catalyst to start the next trending move. Bitcoin has been trading in a narrow range for the past few days. Generally, tight ranges are followed by a range expansion, resulting in strong trending moves. Market intelligence firm Glassnode tweeted on May 22 that Bitcoin’s (BTC) seven-day price range is “comparable to Jan 2023 and July 2020, both of which preceded large market moves.” It is not only Bitcoin — even the S&P 500 Index (SPX) is at a critical juncture. After its 1.65% rise last week, the SPX has reached near a stiff resistance. The market participants will be keenly watching the outcome of the debt ceiling negotiations before attempting to start a trending move. Daily cryptocurrency market performance. Source: Coin360 Another trigger could be the macroeconomic data, as it will provide insights on the likely action by the United States Federal Reserve in its next meeting on June 13 and 14. The Fe...

Ether has broken out of its triangle and that may pull Bitcoin price above $30,000. Confidence in the United States financial system seems to be eroding fast with investors trying to find the next weakest link that is about to collapse. Bill Ackman, CEO of hedge fund management firm Pershing Square, cautioned that time was running out to fix the problem. The U.S. equities markets have become vulnerable to adverse news on the regional banks as seen from the sell-off in the past three days. Compared to that, Bitcoin (BTC) has held strong and is hovering near its critical overhead resistance at $31,000. Daily cryptocurrency market performance. Source: Coin360 Bitcoin is not the only outperformer. Gold had risen close to its all-time high during the week. This shows that Bitcoin is currently behaving as a safe-haven asset and investors are adding it to their portfolio along with gold. Could Bitcoin overcome the barrier at $31,000 and extend the up-move? Will the altcoins follow Bitcoin hi...