2024-11-10 18:10

The fourth largest crypto could potentially reach its 2021 record high of $260 in the coming days given its relative strength through crypto's eight-month long consolidation phase, one analyst noted. Solana's native cryptocurrency (SOL) hit a new milestone on Sunday as bitcoin's (BTC) breakout to new record prices accelerated the broad-based crypto rally following Donald Trump's decisive election victory and the Federal Reserve's additional rate cut. SOL broke above its March-April cycle highs touching $212 for the first time since the 2021 crypto bull market peak. The token has gained 34% over the week, leading BTC's 18% move and the broad-market CoinDesk 20 Index's 27% advances. SOL's all-time record was $260, or just a bit more than 20% above the current price of $214. This week's gains catapulted SOL to more than a $100 billion market capitalization, joining only three other cryptocurrencies with much longer history above that threshold: bitcoin, of course, leading layer-1 smart contract platform Ethereum's ether (ETH) and dominant stablecoin tether (USDT). The "flippening" chatter has returned to crypto twitter, though this time around it's the idea that SOL's market cap might at some point top that of ETH, which currently sits at about $389 billion. Solana achieved a remarkable comeback after the collapse of Sam Bankman-Fried's FTX and Alameda Research in 2022, which was a key backer of the budding smart contract platform. The chain emerged as the go-to ecosystem for retail crypto users and a hotbed of this cycle's memecoin craze, hosting for example the popular pump.fun protocol. Resurging decentralized finance (DeFi) activity also benefitted the network, making Solana's on-chain trading ecosystem the third-most-profitable sector in crypto, a recent Coinbase report noted. The solana token was a standout among altcoins over the past year's mostly bitcoin-dominated bull market, appreciating 275% year-over-year. Solana's milestone has broader implications for the crypto market, noted Julien Bittel, head of macro research at Global Macro Investor. SOL broke out from an eighth-month sideways consolidation channel, suggesting that the broader crypto bull market may have entered the most explosive phase, often referred as the "banana zone" for its near-vertical rally. "We officially just started the next phase of the bull market," well-followed cross-asset trader Bob Loukas said in a Sunday X post. In an earlier post, he forecasted that SOL could achieve its previous all-time high price in the coming weeks given its strength relative to the rest of the market. "SOL to ATH within 14 days wouldn't be a surprise now," he said on Tuesday. "This one could get silly in 2025." https://www.coindesk.com/markets/2024/11/10/solana-joins-100b-club-hitting-nearly-a-three-year-high-above-210/

2024-11-10 13:54

DOGE's weekly price chart mirrors the late 2020 set-up that paved the way for a 1,500% price rise. DOGE's present price pattern mirrors the one seen in late 2020 and 2016. A bull cross is set to take effect for the first time since early January 2021. Dogecoin (DOGE), the world's biggest meme-focused cryptocurrency, is on a tear, rising 62% this week, already its best performance since February. A closer look at the DOGE's weekly price chart shows the cryptocurrency is mirroring a pattern from late 2020 that sparked a 1,500% price surge to 73 cents by early May 2021. DOGE's latest surge follows the conclusion of the U.S. presidential election and a year-long period of sideways consolidation, reminiscent of the patterns observed in late 2020 and 2016. The 50-week simple moving average is poised to cross above the 100-week SMA. This technical analysis pattern is sending a green light to momentum traders who may have been hesitant until now. A similar bullish crossover occurred after the November 2020 U.S. election. If history is a guide, DOGE could continue to rally in the coming weeks, potentially setting new peaks above the 2021 high of 73 cents. Other indicators support the constructive outlook. For instance, the 14-week relative strength index has surged past 70, indicating strong upward momentum. The threshold has marked the FOMO (fear of missing out) phase of the 2021 bull run. Note that memecoins are generally more volatile than market leaders like bitcoin and ether, often changing direction rapidly. Their volatile nature necessitates constant monitoring of positions and strict adherence to risk management tools such as stop-loss strategies for traders. Omkar Godbole, a chartered market technician, is a CoinDesk senior analyst and co-managing editor for markets. The views expressed here are his own. https://www.coindesk.com/markets/2024/11/10/dogecoin-rises-62-this-week2020-pattern-suggest-doge-could-rocket-even-higher-godbole/

2024-11-10 10:54

DOGE prices zoomed a further 14% on Sunday, pushing the token above XRP to make it the seventh-largest by market capitalization. Dogecoin (DOGE) flipped xrp (XRP) early Sunday as bullish sentiment around the meme’s endorsement by technology entrepreneur Elon Musk in the Trump administration pushed prices 14% higher in the past 24 hours, extending 7-day gains to 55%. DOGE jumped above 23 cents to reach prices last seen in November 2021, flipping a yearly high of 22 cents from April. The token commands a market capitalization of over $34 billion as of Sunday, flipping XRP’s $33.3 billion capitalization. If current price action continues, DOGE could flip stablecoin USDC — with a $37 billion capitalization — by Tuesday. DOGE has more than doubled in the past month amid renewed trading interest due to the possibility of its abbreviation becoming a part of Republican Donald Trump’s administration. In the past few months, Musk has discussed creating a “Department of Government Efficiency,” abbreviated as D.O.G.E, to make government spending more efficient. That has fuelled expectation among traders that there could be more chatter of “DOGE” in mainstream media and retail trading circles, fueling attention and interest in dogecoin, as a CoinDesk analysis first noted in mid-October. Trump has already said he would enlist Musk to run a “government efficiency commission” if he wins a second term as U.S. president, per BBC. Meanwhile, open interest in dogecoin-tracked futures is approaching all-time highs from April, with a 33% increase in open interest since last week that now stands at over 8.33 billion DOGE, or just over $1.8 billion at current prices. It’s not only dogecoin that has been surging—a parody D.O.G.E memecoin on Ethereum has risen more than 600% since early October, albeit with a relatively smaller market of just over $160 million as of Sunday. Traders don't expect the dogecoin rally to be ending anytime soon, as CoinDesk reported last week. https://www.coindesk.com/markets/2024/11/10/dogecoin-flips-xrp-as-elon-musk-linked-trade-keeps-on-giving/

2024-11-10 10:29

ADA extended 7-day gains to 77% as Charles Hoskinson said development company Input Output will set up a policy office in the U.S. Cardano’s ADA tokens surged 33% in the past 24 hours, outperforming bitcoin and other majors, as founder Charles Hoskinson revealed plans to help shape U.S. crypto policy under the Trump administration — boosting speculative bets on the token. ADA rose above 58 cents for the first time since April, extending 7-day gains to over 77%, with trading volumes surging to $3.3 billion on Saturday compared to $300 million during 24 hours on Friday. ADA-denominated open interest on futures tracking the token jumped to 858 million ADA, or over $500 million at current prices. Open interest refers to the number of unsettled futures bets and is indicative of new money flowing into an asset in expectations of higher volatility in the future. Such moves came amid a generally bullish week which saw Republican Donald Trump elected as U.S. president and a fresh round of rate cuts by the Federal Reserve on Thursday, supporting growth across all major tokens. However, a burst of speculative frenzy around ADA likely came in response to Hoskinson's plans to support U.S. crypto policy under the Trump administration, per a Friday podcast. “I’m going to be spending quite a bit of time working with lawmakers in Washington DC to help foster and facilitate with other key leaders in the industry with the crypto policy,” Hoskinson said in his X podcast. “We have to do this.” Hoskinson added in the podcast that the Cardano development lab Input Output will set up a local office to support policy development, stating he “hopes to be part of” actual policy shaping when Trump takes office. https://www.coindesk.com/markets/2024/11/10/cardanos-ada-rockets-35-as-hoskinson-says-hes-helping-us-crypto-policy/

2024-11-10 06:05

Weekend pumps are considered bullish because they indicate broad interest and participation from smaller investors rather than just institutional players. Bitcoin (BTC) jumped above the $79,000 mark for the first time in history in an unusual weekend pump that liquidated $280 million in bearish crypto trades. BTC rose 4%, extending 7-day gains to over 16% on the back of a week that saw Republican Donald Trump elected the U.S. president and Federal Reserve cutting rates by 25 basis points — with both events considered widely bullish among traders. Weekend pumps are generally considered bullish in the crypto market, as trading volumes typically decrease over the weekend when many institutional investors and professional traders are less active. Lower liquidity can lead to more volatile price movements, whereas even smaller trades can cause significant price changes. However, a significant price increase over Saturday and Sunday might suggest that retail investors are driving market activity. This is a bullish sign because it indicates broad interest and participation from smaller investors rather than just institutional players. Profit-taking among bitcoin traders remains tiny compared to previous euphoric periods, suggesting the current rally still has plenty of room to run, a CoinDesk analysis shows. Meanwhile, bearish crypto bets took on over $280 million in losses — an unusually high figure for the weekend — with $103 million in bitcoin shorts and $70 million in ether short bets liquidated. Shorts are bets against higher prices. DOGE and Solana’s SOL saw over $25 million in liquidated traders, suggesting increased futures participation in tokens outside of BTC and ETH. A liquidation occurs when an exchange forcefully closes a trader's leveraged position due to the trader's inability to meet the margin requirements. Large-scale liquidations can indicate market extremes, like panic selling or buying. A cascade of liquidations might suggest a market turning point, where a price reversal could be imminent due to an overreaction in market sentiment. https://www.coindesk.com/markets/2024/11/10/bitcoin-smashes-79k-in-bullish-weekend-pump-with-280m-bearish-bets-liquidated/

2024-11-10 05:55

Futures premiums soar, indicating a bias for bullish bets. BTC topped $80,000 during the North American hours. Futures premiums soar, indicating a bias for bullish bets. The popularity of the $80,000 call on Deribit points to potential dealer hedging around the key level. Bitcoin rose past $80,000 as traders scrambled to add bullish exposure in derivatives linked to the leading cryptocurrency. BTC set a new high of $80,095, taking the cumulative weekly gain to 15%, the highest since February, CoinDesk data show. Most gains have happened since Donald Trump won the U.S. election held Thursday, raising hopes of regulatory clarity for the digital assets industry. The annualized rolling premium in three-month bitcoin futures listed on prominent exchanges Binance and Deribit has surged alongside the price, topping 14% for the first time since June, according to data source Velo. The so-called futures basis on the CME rose past 10% on Friday. The uptick in the premium reflects a bias for bullish bets and may entice carry traders looking to profit from price discrepancies between the two markets. Elsewhere, open interest in the $80,000 strike BTC call, offering an asymmetric upside potential to buyers beyond the said level, increased above $1.6 billion, according to data source Deribit. Traders have been piling into the $80,000 call since before the U.S. election, anticipating a breakout before the end of year-end. Data tracked by Amberdata show the $80,000 strike has the most negative gamma and as such volatility could increase sharply once prices reach that level. Holding negative gamma means holding a net short exposure at a specific level. Concentration of negative gamma at $80,000 means dealers or entities tasked with providing liquidity to order books could buy the potential breakout above $80,000, adding to bullish volatility in the market. 14:24 UTC: Updates latest prices in the title and the text. https://www.coindesk.com/markets/2024/11/10/as-bitcoin-eyes-80k-futures-premium-soars-and-16b-locked-in-options-bet-points-to-big-moves/