1 month ago
Most cryptocurrencies are successful the green, with tokens similar Ethena's ENA and dogecoin (DOGE) looking to amended their already awesome double-digit 24-hour terms gains.
The CoinDesk 20 Index (CD20), a measurement of the wide market, is 2% higher with 16 members advancing.
Still, Alex Kuptsikevich, the main marketplace expert astatine the FxPro, remains cautious.
"The crypto marketplace capitalisation remains beneath its 50-day moving average, indicating the prevalence of bears successful the market. This is simply a precise worrying indicator of underlying hazard appetite successful fiscal markets,"
He added that portion expected Fed interest-rate cuts are helping stocks enactment bid, the weakness of the system is "still antagonistic for retail customers, the driving unit down prices."
Derivatives Positioning
By Omkar Godbole
- DOGE, SUI and HYPE person seen double-digit gains successful futures unfastened involvement implicit the past 24 hours, importantly outpacing different apical cryptocurrencies.
- Dogecoin OI surged to 16.88 cardinal DOGE, the highest since July 31, validating the 7.5% surge successful the cryptocurrency's price. The token has breached retired of a descending trendline characterizing the signifier of little highs since mid-July.
- BTC's OI successful USDT and USD-denominated perpetuals connected large exchanges continues to hover successful the caller scope of 270K-290K BTC. An summation supra 290K whitethorn beryllium a harbinger of renewed terms volatility.
- On the CME, BTC's modular futures OI remains astatine April lows portion the ETH futures OI has pulled backmost to 1.87 cardinal ETH from the grounds precocious of 2.2 cardinal ETH, indicating superior outflows.
- On Deribit, XRP and SOL calls commercialized astatine a premium to puts crossed each tenors, indicating a bullish bias. Meanwhile, BTC and ETH options awesome lingering downside concerns.
Token Talk
By Oliver Knight
- Memecoins are showing caller signs of beingness aft months successful the doldrums, with respective fashionable tokens posting gains connected Monday. The rally comes contempt lingering skepticism pursuing a drawstring of celebrity-linked launches that flamed retired earlier this year.
- Bonk (BONK), a Solana-based, dog-themed token, led the complaint with a astir 7% regular gain. Dogecoin (DOGE), the archetypal memecoin, besides climbed much than 7%, reaching $0.2335, portion newer entrants similar spx6900 (SPX) and pump.fun (PUMP) each outperformed the wider altcoin market.
- The CoinDesk Meme Index (CDMEME) has gained 2.20% successful the past 24 hours, outpacing the wide marketplace CoinDesk 20 Index measure, which added 1.27%.
- Other speculative assets, including the irreverently named fartcoin (FARTCOIN), besides recovered buyers, adding to the consciousness of momentum crossed the sector. The rally suggests renewed appetite among retail traders for high-risk, high-reward bets aft weeks of sideways enactment successful the broader crypto market.
- The rally marks a crisp turnaround for the sector, which has been depressed for months. A bid of celebrity-driven launches, including TRUMP and MELANIA coins, drew headlines successful caller months but rapidly collapsed nether the value of mediocre liquidity, questionable tokenomics, and capitalist fatigue.
- Layer-1 blockchain MemeCore (M), which is designed to cater to the memecoin sector, ignited the fuse past week, climbing 164% implicit a 7 time period.
- The wider crypto marketplace headdress is up 0.57% to $3.84 trillion arsenic majors bitcoin (BTC) and ether (ETH) began to assistance themselves distant from a captious level of support, suggesting renewed spot for the altcoin and memecoin markets arsenic a result.
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