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4 cryptos gain over 400% in a month, far outperforming Bitcoin
Naira remains stable across forex markets as external reserve continues to rise
Oil prices tumble on fears of global economic recovery
Cryptocurrency
Big investors prepare to offload some Bitcoins
Ki Young Ju recently warned on the high influx of Bitcoin holders moving a significant portion of their BTC holdings.
A well-revered crypto strategist and Chief Executive Officer of Crypto Quant, Ki Young Ju, recently warned on the high influx of big-time Bitcoin holders moving a significant portion of their BTC holdings to a well-known crypto exchange, Coinbase, obviously to cash out, amid the bullish trend currently in play.
- At the time of writing this report, Bitcoin traded at $18,813.28 with a daily trading volume of $50 Billion.
- BTC price is up 2.5% in the last 24 hours. It has a circulating supply of 19 Million coins and a max supply of 21 Million coins.
READ: Bitcoin whale transfers $105 million worth of crypto, BTC trading at $15,800
The Head of the blockchain intelligence platform further anticipated the likelihood for Bitcoin to go through a period of correction as more investors deposit their BTC on Coinbase.
“Too many BTC whales on Coinbase. I’m still long-term bullish, but we might face some corrections or sideways until whales become inactive on spot exchanges.
READ: 2,257 investors globally own at least 1,000 Bitcoins
“Exchange Whale Ratio is the relative size of the top 10 inflows to total inflows. Historical data for Coinbase Whale Ratio. When whales are active (over 90%) on Coinbase, the BTC price will likely be going sideways or bearish.”
However, the top crypto strategist, Willy Woo, warned that the presence of whales in exchanges was no longer a strong indicator of a market sell-off.
READ: Over $20 billion pumped into crypto market by big investors
“It used to be that peaks in destruction or dormancy would be a bad sign for the market as old coins have more experienced masters, thus smarter money; this would predict a price drop. These days not always, OG whales also sell bottoms. Smarter money has arrived.”
READ: Investors are rushing into cryptos, as market capitalization surges to $323 billion
Bottom line
Taking into consideration the bullish trend currently in play at the world’s flagship crypto market, Nairametrics’ view on Bitcoin remains bullish at least for the mid-term. However, the price needs to cool off at least temporarily, but the timing of such consolidation is pretty unknown, as it could be only for a few days or a protracted consolidation for another week or even longer is hard to tell right now.
Cryptocurrency
4 cryptos gain over 400% in a month, far outperforming Bitcoin
Ramp Defi, Telcoin, Parsiq and DeFiChain have had their value surge by more than 400%.
Four crypto assets have had their value surge by more than 400% while significantly outmatching the flagship crypto asset, Bitcoin, amidst a relatively bullish trend in play.
CryptoDiffer, a crypto information company, disclosed such data on its Twitter feed.
READ: List of Cryptos outperforming Bitcoin, with weekly gains of over 100%
TOKENS THAT SIGNIFICANTLY OUTPERFORMED BTC IN THE LAST 30 DAYS$RAMP $PRQ $TEL $DFI $ARCH $CHI $XSN $FRM $ROOK $FUN $NANO $MKR $IOST $DOGE $SNX pic.twitter.com/l3lUwILlJo
— CryptoDiffer (@CryptoDiffer) January 15, 2021
READ: Bitcoin on rampage, now worth over N10 million
Staking platform, Ramp Defi (RAMP), had rallied by more than 465% for the last month by January 15th, coupled with outperforming Bitcoin by 5 times.
The crypto asset traded around $0.04 on December 16th before exploding to an all-time high of $0.28 on January 13th, according to Coinmarketcap.
READ: Pension funds take up investing in Bitcoin
- Telcoin (TEL) is the second crypto-asset on the list printing monthly gains of about 418% and also outperforming Bitcoin by 4.3 times.
- TEL continues to surge as it is presently trading around $0.001 from $0.00016 on December 16th.
The third crypto asset eclipsing Bitcoin in monthly returns is the blockchain transaction tracking protocol known as Parsiq (PRQ). PRQ had gained 414% in 30 days and exceeded BTC’s performance by 4.2 times.
READ: Ripple on steroids, up 11%
- Recent data show that it’s on an impressive bullish run, printing a new all-time high of $1.78 on January 16th from $0.18 on December 16th.
The fourth digital currency is known as DeFiChain (DFI) printing gains of a 401% surge.
- The crypto that helps its users with seamless access to Defi services has also outmatched Bitcoin by 4.1times within a month
- DFI is presently trading at $2.64 after surging from $0.53 on December 16th.
Cryptocurrency
Crypto investors lose $530 million within a day
The Crypto futures became overheated and record sell-offs began leading traders to lose more than $527 million in a single day.
These are surely bad times for many crypto investors on the account that roughly $530 million worth of Crypto positions disappeared into thin air within a day.
The mass liquidation of such trading positions, according to data retrieved from Bybt.com, showed such occurred before the flagship crypto dipped around $34,000 today.
READ: Betting on Bitcoin is better than investing in PayPal, Google, Facebook, Amazon
What this means
Over the past day, Bitcoin, with the highest dominance rate in the crypto market gained 7% when it moved from $35,500 to nearly $38,000, taking into consideration future demand for the crypto asset could skyrocket.
- However high sell-offs gained momentum immediately Bitcoin touched $38,000 value amid several large sell orders placed around that price.
- The Crypto futures became overheated and record sell-offs began leading traders to lose more than $527 million in 24 hours.
READ: Bitcoin, Cardano, Polkadot, Ethereum suffer heavy losses over proposed regulations
What they are saying
A highly respected crypto expert, Ki-Young Ju, disclosed the ongoing activity in the ever-volatile Crypto market on his Twitter feed, by critically hinting that buying pressure has paused in recent days.
- “People trade $BTC with low leverage, open interest is skyrocketing, and the long-short ratio looks neutral. Strong on-chain buying signals that have driven this bull market hasn’t come up so far. Bitcoin might retest 30k, so I don’t have any position now in this uncertain market.”
READ: Investor moves $1 billion for $7 fee on Ethereum Blockchain
People trade $BTC with low leverage, open interest is skyrocketing, and the long-short ratio looks neutral.
Strong on-chain buying signals that have driven this bull market hasn't come up so far. $BTC might retest 30k, so I don't have any position now in this uncertain market. pic.twitter.com/aSsA0M4k6r
— Ki Young Ju 주기영 (@ki_young_ju) January 17, 2021
READ: Everything you need to know about Crypto Trading
At the time of drafting this report, Bitcoin’s volatility ensured that no firm market direction was in control, as Bitcoin fluctuated around $34,800.
Sequel to the sudden correction seen in the Bitcoin market lately, it had been in on a bullish run relatively.
READ: Crypto market breaks past $1 trillion for the 1st time in history
Some days ago, leading the United Kingdom’s financial regulator, the Financial Conduct Authority, recently issued a piece of stern advice on crypto investments
The statement highlighted the risks associated with investing in Bitcoin and other leading crypto assets and warned the public there were high chances all their funds could be lost;
“The FCA is aware that some firms are offering investments in crypto assets or lending or investments linked to crypto assets, that promise high returns.
Investing in crypto assets, or investments and lending linked to them generally involves taking very high risks with investors’ money. If consumers invest in these types of products, they should be prepared to lose all their money.”
Cryptocurrency
$128 million worth of Bitcoin exchange hands, Bitcoin drops to $36,100
Bitcoin traded at $36,262.41 with a daily trading volume of $56.4 billion, down 0.49% for the day.
Large crypto entities are definitely up to something with the prevailing bullish trend at the world’s flagship crypto. Before dropping to $36,100, an unknown Bitcoin whale moved about $128 million worth of cryptos.
Data retrieved from Whale alert, an advanced crypto tracker, revealed recently, that a large entity transferred 3,510 BTC valued at $128.3 million from an unknown wallet to an unknown wallet.
READ: Bitcoin’s market value can reach $600 billion – JP Morgan Chase
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 3,510 #BTC (128,266,672 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) January 16, 2021
READ: Bitcoin more valuable than any global bank
At the time of writing this report, Bitcoin traded at $36,262.41 with a daily trading volume of $56.4 billion. Bitcoin is down 0.49% for the day.
- While it is difficult to predict market movements, large owners of Bitcoins have shown historically that they often determine the BTC trend.
- The timing of this movement suggests that such activity could be linked to an institutional investor amid the bias that of late, a lot of institutional players are flocking into the world’s flagship crypto market at unprecedented levels.
READ: Polkadot fast-rising Crypto, jumps past XRP
What you should know
- In the Bitcoin market, investors or traders who own large amounts of bitcoins are typically known as Bitcoin whales. This means that a BTC whale would be an individual or business entity (with a single Bitcoin address), that owns around 1000 coins or more.
- The flagship cryptocurrency is mainly decentralized, the first of its kind, and created by Satoshi Nakamoto. It was launched around January 2009.
READ: You can now buy Bitcoin, Ethereum, Uniswap through Apple Pay
Peter
November 25, 2020 at 10:34 am
Who will sell in the starts of the bull run?