Unhosted Weekly: Crypto Market Overview #2

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October 19, 2024

❗️What is happening?

Bitcoin is finally flirting with a breakout—after spending over half a year moping around in a downward-sloping channel since its so-called record high of $73,800.

A weekly close above the channel's ceiling, now loitering around $68k, is almost in sight as buyers crank up the pressure.

On shorter timeframes, there's even more to get optimistic about.

Could this be the end of the bear phase? Well, don't get your hopes up too high—but hey, maybe it's time to dust off those bullish hats.

🆕 News Breakdown

Bitcoin's Latest Drama

Bitcoin is back in the spotlight. BlackRock's spot Bitcoin ETF just casually surpassed $1.6 billion in trading volume. Who would've thought that Wall Street's new crush would be digital coins?

Whispers are getting louder that Bitcoin may be headed for record highs above $73k. Haven't we danced this dance before? Maybe this time the music won't stop.

Ethereum's Grand Ambitions

Over in the Ethereum camp, Vitalik Buterin is sketching out some ambitious plans to revolutionize Ethereum’s proof-of-stake system. Because clearly, the blockchain world wasn't complicated enough.

Not to be outdone, BlackRock CEO Larry Fink chimed in, saying “The role of Ethereum as a blockchain can grow dramatically.” Nice of him to join the party—better late than never, right?

Big Moves and Bigger Bets

Publicly-listed German company Samara Asset Group plans to buy Bitcoin using a $33 million bond. Bold move or just another episode of "Let's throw money at crypto"?

In the US, spot Bitcoin ETFs are celebrating with $556 million in net inflows, the largest since early June. Seems like everyone's got a case of crypto FOMO again.

The ETF Expansion Saga

Liquidity and options are allegedly paving the way for Bitcoin ETF market expansion. Because if there's one thing we need, it's more acronyms and financial products to keep track of.

BTC $67, 856 (+10.7%), ETH $2, 617 (+8.29%), SOL $152.73 (+7.25%) 

🔥 Market Insights:

RSI Heatmap Analysis

4 HOUR RSI

The RSI is a momentum oscillator that measures the speed and change of price movements, typically used to identify overbought or oversold conditions in a market.

  • Overbought (RSI > 70):

    • Tokens include: XLM, ARK, BSV, METIS, HIFI, AGLD.

    • Cryptocurrencies in this region are considered overbought, indicating they might be due for a price correction.

  • Strong (RSI 60-70):

    • Tokens include: BTCDOM.

    • Cryptocurrencies in this range are strong and may continue to perform well but could also be nearing overbought levels.

  • Neutral (RSI 40-60):

  • Weak (RSI 30-40):

    • Tokens include: SUN, IOTA, SUSHI.

    • Cryptocurrencies here are weak, potentially offering buying opportunities if they start to reverse.

  • Oversold (RSI < 30):

    • Tokens include: RDNT.

    • Cryptocurrencies in this zone are oversold, which might indicate a potential buying opportunity if a reversal happens.

Actionable Insights:

  • Overbought zone tokens (RSI > 70) might be approaching peak prices. You might consider taking profits or setting tighter stop-losses on these assets.

  • Similarly, tokens in the upper part of the strong zone (RSI 65-70) could be nearing overbought conditions and might present good exit points.

  • Tokens in the strong zone (RSI 60-70) may still have room to run. Traders could consider riding this momentum with appropriate risk management.

  • Tokens in the lower neutral to weak zones (RSI 40-50) could be worth watching for potential entry points if other indicators support an upward trend.

  • No tokens are currently oversold, which suggests limited "bargain" opportunities at this time.

Observations: 
Ah, the crypto market was having its "I'll call my ex at 3 a.m." moment—super bullish! But don’t get too relaxed in those dress shoes; overbought conditions can lead to some stumbles and slip-ups. So, watch out for those price corrections lurking around the corner.

📊 A scoop of the latest market movements

Here's what's been shaking up the crypto market lately:

  1. Worldcoin (WLD): The price saw an 8% increase in anticipation of the event "A New World" featuring Sam Altman, which was scheduled for October 17, 2024. The Ethereum-based token got a bit of a pre-party lift before the main event.

  2. Brett (BRETT): Rumors of a possible Coinbase listing were sparked by a price movement notification from Coinbase, causing a whopping 18.7% jump in its price. The buzz on the BASE chain is probably still ringing with hopes and dreams of a Coinbase moment.

  3. Aptos (APT): A significant 19.8% rise in price was observed ahead of a major $100 million token unlock. The Aptos community must have been on tenterhooks, excited about the potential this unlock may bring to the table.

These events have brought some positive vibes to their respective coins and stirred up quite a bit of action in the market excitement department!

More movers and shakers:

- Price: $0.00023  

- 1 Week Price Change: +72.36%

- Price: $0.0000000033  

- 1 Week Price Change: +14.77%

- Price: $0.651  

- 1 Week Price Change: +52.41%

- Price: $2.838  

- 1 Week Price Change: +8.02%

- Price: $0.726  

- 1 Week Price Change: +28.18%

🌟 Weekly Highlights

News 🗞️

  • Coin Moves 🚀

    • $SOL surges back above $157, reclaims $73B Market Cap

    • SUI becomes best-performing digital asset YTD

    • $HYPE Hyperliquid prepares for HYPE token launch ahead HyperEVM release

    • $SUI overtakes $SOL for memecoins now

    • $SOL Solana outperforms Ethereum and all other blockchains in daily and weekly DEX trading volume

    • $SOL Solana surpasses all other blockchains combined in Weekly chain royalties (from NFTs)

    • $SOL Solana's TVL has reached over $6B for the first time since January 2022

    • $DBR added to Bybit launchpool

    • $USDT Tether looking to diversify into commodities trading, other TradFi ventures

    • MEW Solana memecoin @MewsWorld price rallies +24% in the past 24 hours, making it the top gainer on CoinMarketCap

    • $DBR liquidity bootstrapping gets underway on Jupiter’s launchpad ahead of deBridge token launch

    • $MEOWMEOW, $MEDUSA, $CASH, $KLAUS, $DEEP, $GOAT - Smart money was seen moving into these coins, which have also shown impressive gains over the last 24H

    • $PONKE Solana memecoin @ponkesol set to be listed on @krakenfx

    • $SUI Sui Foundation disputes $400M insider selling allegation amid token’s price surge

    • $JUP @JupiterExchange continues to dominate all other chain aggregators for the 4th consecutive week despite being solely on Solana

    • $WLFI Trump-backed World Liberty Financial whitelists 100k accredited investors ahead of WLFi launch

    • $UNI SUI memecoin @UniSuiCoin price surges +40% in the past 24 hours

    • $PUFFER claims are now live

    • $RAY Solana's leading DEX @RaydiumProtocol has surpassed @KaminoFinance in TVL to become the 2nd largest protocol on Solana, driven by a surge in memecoin activity and increased trading volumes across the network

    • $SOLCEX Staking on @SolCex_Exchange is coming LIVE very soon

    • $PEPE coin price poised for 50% surge, analyst predicts strong momentum

    • $BRETT price pumps 30% in a week

    • $MANEKI Solana Memecoin @UnrevealedXYZ teams up with @ZebecCards to offer Debit cards, allowing MANEKI holders to load and spend in USD globally

    • $DEGEN @coinbase to list @base memecoin @degentokenbase for spot trading on or after 9AM PT on 15 October 2024

    • $MINE @minelabs_ to airdrop 1% of the total supply of its upcoming token $MINE to @solanamobile Saga and Solana Seeker pre-order token holders

    • $MOG memecoin @MogCoinEth becomes the biggest 24H gainer among the top 100 tokens by market cap

    • $PEPE holder lost $1.39M worth of PEPE, MSTR and APU after signing a permit phishing signature

    • $STEP @StepFinance_ burns another 50M $STEP tokens (valued at $2.13M) as part of its ongoing campaign to burn a total of 192M tokens (35% of total supply)

    • $GOAT Solana-based memecoin memed by ai-controlled @X account @truth_terminal becomes the biggest 24H gainer among the top 500 tokens by market cap

    • $Mpeppe Ethereum investors eye gambling token Mpeppe for new profit opportunities

    • $WAP UAE requests investigation into Cardi B's WAP memecoin

    • $XRP institutional buying soars 266% amid Ripple vs SEC lawsuit appeal

    • TON Toncoin price eyes $5 stability as Telegram strengthens Kazakh presence

Project Updates ⚡️

  • HTX and Tron Team Up to Create ‘Thriving Web3 Ecosystem’

  • WalletConnect has launched its new token

  • Streamflow Launches Permissionless Token Staking on Solana

  • Tau Net has unveiled its testnet architecture and updated its AI reasoning language

  • Huddle01, a blockchain video conferencing project aiming to outdo Zoom, targets a $37M node sale

  • Citrea launches testnet to enable Bitcoin-based decentralized applications

  • Solana is live on Chainflip

  • Zero1 x Ocean Protocol

Threads 🧵

Launches 🚀

Fundraise 💸

  • Octra raises $4M in pre-seed funding

  • CUDIS secures $5M in seed funding

  • Hemi team closes a $15M strategic seed round

  • Celestia Foundation raises $100M in a round led by Bain Capital Crypto

  • Crypto All-Stars raises $1.5M in ICO for new meme coin staking platform

  • Daylight raises $6M in seed funding

  • Meridian secures $4M in seed funding led by ParaFi and Borderless Capital

  • Initia Foundation secures $14M in a Series A round led by Theory VC

Airdrops 🎉

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