Price Analysis 19/01: BTC, ETH, And ALT COINS
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In the cryptocurrency world, Grayscale is making waves by selling its BTC holdings on Coinbase, a move evident in on-chain data. Meanwhile, amidst these shifts, notable projects are emerging, with the spotlight on Ondo—a BlackRock-backed initiative poised to redefine the crypto narrative around real-world assets (RWA). This intersection of Grayscale’s strategic actions and innovative projects like Ondo adds an intriguing layer to the ongoing story in the crypto space.
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Bitcoin Market Analysis
In response to recent developments, including Grayscale’s sell-off and concerns raised by Cobie regarding GBTC, Bitcoin has experienced a noticeable decline from its previously stable range. The drop amounted to around 4%, with Bitcoin slipping from $42,300 to as low as $40,680. This abrupt move triggered a widespread liquidation cascade across the market. However, the situation quickly shifted, as short positions began accumulating near the lower levels. The analyst suggests that these short positions might face liquidation in the short term. Looking ahead, the pivotal point at $44,500 remains significant, offering potential opportunities for reversions. Alternatively, if the market downturn persists, $39,000 emerges as another critical level, supported by both fundamental factors and technical analysis.
In assessing the market dynamics, it’s crucial to remain vigilant at these key areas, recognizing their importance as strong supports. The analyst emphasizes the need to consider both fundamental and technical aspects for a comprehensive understanding of potential price movements around these critical levels.
Ethereum Market Analysis
Ethereum is showing resilience in the current market, displaying a promising “power of 3” pattern that hints at potential upside movements. This positive trend is further fueled by the decreasing dominance of Bitcoin (BTC.d), contributing to Ethereum’s growing strength against BTC. During the recent market dip, Ethereum demonstrated remarkable stability, barely reacting to BTC’s downturn. It briefly touched its low point and swiftly rebounded within a few hours. This steadfast performance underlines Ethereum’s capacity to withstand market fluctuations and positions it as a cryptocurrency with potential for positive momentum in the near term.
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Altcoin Watchlist
ONDO
$ONDO, hailed as the year’s most anticipated Real-World Asset (RWA) project, has turned heads by successfully tokenizing BlackRock ETFs in full compliance, boasting a recent launch valuation of approximately $1 billion. Sounds impressive, doesn’t it? But hold on, there’s a twist to the tale. Despite the significant valuation, the circulating supply is a modest 14%, with a 12-month lock-in period. Crunching the numbers, this brings the circulating market cap down to a reasonable $140 million.
Now, here’s where it gets interesting. A substantial 12% of that 14% is earmarked for “ecosystem growth,” to be gradually utilized by the team over time. Consequently, the true liquid circulating supply today is a mere 2%, consisting of tokens from the Coinlist sale almost two years ago at a price of $0.055, placing the project’s value at $20 million. As the dust settles, the real-time circulating market cap for $ONDO currently stands at just $20 million – a fact that adds an intriguing layer to its perceived value in the market. As of now, $ONDO is priced at $0.2, reflecting a 100% increase from its launch price of $0.09.
CFX
Coinflux’s recent announcement of its Bitcoin Layer 2 solution triggered a notable 23.6% price surge, reflecting market enthusiasm for the groundbreaking development. However, a sell-the-news event ensued, reversing the entire pump within hours after the news release. This market reaction underlines the volatile nature of cryptocurrency markets, where anticipation can lead to substantial gains but is often followed by profit-taking. The introduced Conflux Network’s Bitcoin Layer 2 solution, set to debut its testnet in February or March 2024 and mainnet in May 2024, marks a significant stride towards enhancing interoperability and innovation within the blockchain landscape. Leveraging Bitcoin’s intrinsic strength for gas fees, enabling seamless asset transfers, and implementing a secure PoS consensus protocol, Conflux positions itself as a key player in the evolving blockchain ecosystem.
BLUR
BLUR is positioning itself as a premier NFT marketplace and NFTI protocol for NFT projects, backed by upcoming product releases and the much-anticipated BLAST protocol from its sister project. The anticipation surrounding these developments is creating heightened interest in BLUR.
On a technical perspective, BLUR has exhibited resilience by holding strongly on its support levels. Despite a notable 4-hour candle drop triggered by BTC’s recent decline, BLUR demonstrated a robust bounce on its support, suggesting a substantial influx of demand for BLUR tokens.
Yesterday marked a significant milestone with the highest daily volume observed in three months for the BLUR protocol. This surge in trading activity further strengthens the case for BLUR’s potential as a prominent player in the NFT space.
As the NFTPerp V2 launch looms on the horizon, the timing aligns perfectly with the current momentum in BLUR. This strategic convergence not only sets the stage for a potential revival in existing collections but also presents a favorable environment for the emergence of new 0 -> 1 Collections, which are anticipated to become the future brands of Web3.
