The total cryptocurrency market volume over the last 24 hours stood at $78.70 billion, marking a 12.71% increase. Meanwhile, total market capitalization surged by>6% within the same timeframe as it amounted to $1.03 trillion.
Overall, this injected a much-needed relief for crypto holders. Major cryptocurrencies, such as Bitcoin [BTC] Ethereum [ETH], and more did witness a small hike as well. Although, three tokens stole the show by recording highest hikes in just a day.
1) Terra Classic (LUNC)
Firstly, Terra Classic’s LUNC has been all the rage for the last week. Even this week, the alt didn’t disappoint as it surged by a MASSIVE 100%. Overall, Terra Classic’s price soared by 250% in September. The 30-day graph below shows evidence of this unprecedented rise.
Two main updates could have played a role of a catalyst to help the token showcase such positive report card. One the Terra Classic’s staking service and two, the new token-burning feature.
The community released the v22 update that enabled LUNC to achieve triple-digit growth. As per data from StakingRewards, staking in Terra Classic returned users with an annualized yield of 37.8%. Quite astonishing to be honest.
Did it work? Well, Yes.
According to LuncStaking_Bot, users staked more than 610 billion LUNC with Terra Classic against its net supply of 6.9 trillion units.
Supply and staking of LUNC
2022-09-08 17:30 UTC#LUNC
— LUNC staking (@LuncStaking_Bot) September 8, 2022
However, unsustainable interest rates remain a concern, particularly in times of limited liquidity. Ergo, to increase scarcity and potentially price, developers included token burning. According to the LUNC Burner website, more than 3 billion LUNC tokens have been removed from circulation.
Moreover, the token even received support from giants within the crypto industry.
2) Ravencoin (RVN)
Moving on from one surging token to another, Ravencoin. The token RVN has been one the biggest gainers in the cryptocurrency market in last 24 hours. Well, all thanks to the upcoming Ethereum Merge? Certainly looks like it as it proved to be a gateway for PoW-friendly miners.
At the time of writing, RVN surged by>40% on CoinMarkertCap as it traded around the $0.04 mark. Powered by BTC’s proof-of-work (PoW) consensus mechanism, this might be another reason why it faces significant inflows.
Here in, with the potential transition to PoS, a major chunk of miners transited/in-transit/would transit to networks like Rave, Ethereum Classic and others.
The flagship token even received support as well. On 30 August, the native token RVN was successfully listed by the popular centralized crypto exchange KuCoin.
3) ApeCoin (APE)
Another panellist here is ApeCoin (APE). At the time of writing, APE surged by more than 20% on CoinMarketCap as it traded at $5.22.
The flagship token saw affection from all different angles despite the troubled past. For instance, APE entered into the exclusive invite-only group. This means it got into the top 10 by trading volume among the 100 biggest ETH whales.
Meanwhile, APE topped the (AlternativeRank™) charts out of the top 3,870 coins on LunarCrush.
ApeCoin has hit an AlternativeRank™ of 1 out of the top 3,870 coins across the market based on relative combined social + market activity.
Price +15.69% to $5.17
Social volume 8,382
Social engagements 26,058,997https://t.co/sylvBA9VTn $ape #apecoin pic.twitter.com/OuRikl6FvN
— LunarCrush (@LunarCrush) September 9, 2022
What happened in the last 24 hours?
Well, regardless of BAYC’s debacle that left the token in a disarray, the community vowed to rise. It ensured or rather aimed at ‘continuity and stability’ to regain trust.
With that in mind, it is our recommendation that the election process becomes a rolling election where every quarter – or any other set timeframe – a council member’s seat is up for an election. (2/5)
— ApeCoin (@apecoin) September 8, 2022
Needless to say, the token did receive the support it quenched for months now.
Chiliz [CHZ] on-chain metrics to consider before going long this week
CHZ is among the cryptocurrencies that have delivered the most gains recovering from June lows. It just concluded a 25% retracement from its September highs. However, multiple signs including a new listing may allow the bulls to regain control.
CHZ demand tends to increase every time Chiliz lists a new fan token. If history repeats or rhymes, then we should expect a weekend rally.
This is because Chiliz just announced the launch of Atlas FC fan token.
📢 In 24 hours, we will list the @AtlasFC $ATLAS Fan Token on the Chiliz Exchange.
🗓 Tomorrow, October 6th
⏰ 14:00 CEST
More info 👉 https://t.co/dgAvlXzw2T$ATLAS ⚡ $CHZ pic.twitter.com/gESE7OzGtW
— Chiliz ($CHZ) – Powering Socios.com ⚡ (@Chiliz) October 5, 2022
Chiliz also plans to launch another token (GFK fan token) next week and these launches may collectively trigger higher demand for CHZ.
These are not the only factors currently supporting a potential bullish sentiment. CHZ is currently positioned within a Fibonacci retracement zone that may act as a psychological buy zone.
The green Chiliz, please
CHZ bottomed out at $0.208 earlier this week after a 25% pullback from its $0.282 September peak.
The weekly low is within the 0.382 Fibonacci retracement line. Note that this is after retracing from CHZ’s 2022 bottom to its recent top.
The Fibonacci line increases the probability of a bullish pivot at the current range. The downside in the last two weeks also resulted in a push below the 50% RSI level.
Well, the RSI is currently at a short-term support level, which further enhances the potential upside.
CHZ’s on-chain flows may help provide more clarity regarding its short-term direction. Exchange outflows in the last 24 hours at press time peaked at 2.16 million CHZ. Meanwhile, exchange inflows peaked at 1.24 million CHZ during the same period.
Here’s AMBCrypto’s Price Prediction for CHZ
The exchange supply flow observation means there was a higher net outflow. In other words, there was more CHZ being bought than the amount of cryptocurrency being sold.
Still, on the matter of exchanges, CHZ’s supply held outside exchanges increased in the last seven days. This is a sign that demand has been leaning toward the bullish side.
The same observation confirms that there was healthy demand for CHZ during the last seven days. On the other hand, the supply on exchanges declined during the same period. This is consistent with the bullish expectations and observed demand.
Moreover, the supply held by top non-exchange addresses increased slightly at the end of September. It remained relatively flat in the remaining days to the present.
The above metric confirms that whales have not contributed to selling pressure during the week.
On-chain metrics confirm that exchange flows are currently in favor of some upside in the next few days.
This is in sync with the Fibonacci retracement line, hence there was an abundance of factors pointing towards this expectation.
However, investors should still exercise caution because unexpected market events may trigger some more downside.
Good days for BNB holders might end soon- Here’s why
BNB recently posted a tweet mentioning all the new developments that have happened in its ecosystem. According to the tweet, over the last seven days, nearly 1495 BNB tokens were burned.
The altcoin also witnessed a growth in its total addresses as more than 1.73 million new addresses joined the network. Moreover, BNB’s total value locked increased and reached the $5.45 billion mark.
🎉 #BNBCHAIN Key Metrics Last 7 Days
Even in market volatility, #BNB Chain is moving forward daily💪
• $BNB Burned: 1495 (~ $443K)
• Unique Address Growth: 1.73M New Addresses
• Total Value Locked: $4.45B
• Weekly Active Users: 3.1M#BNB #BSC #WEB3 🔥 pic.twitter.com/CLNvV4jnO2
— BSCDaily (@bsc_daily) October 6, 2022
All these positive developments were reflected in BNB’s price trajectory. Its weekly chart was painted green. Additionally, BNB was the top gainer last week among the top five cryptos in terms of market capitalization, registering nearly 5% week-over-week growth.
At press time, the alt was trading at $294.17. However, despite these positive developments, things might soon get darker for BNB as several of its on-chain metrics suggest a trend reversal in the coming days.
Metrics at play
BNB’s MVRV Ratio registered a decline over the last week, which is a bearish signal. Not only that, but BNB’s volume also followed a similar route and went south during the past seven days.
After marking a spike at the beginning of this month, BNB’s social volume also decreased. Thus, reflecting the diminishing interest from the crypto community in the token. However, the positive news was that BNB’s development activity managed to register an uptick lately.
On the other hand, CryptoQuant’s data revealed that things were not quite good for BNB as both its Relative Strength Index (RSI) and stochastic were in an oversold position, which shows that a price decline in the coming days could be imminent.
Here’s AMBCrypto’s Price Prediction for BNB for 2023-24
Despite all these negative developments, BNB’s popularity remained unharmed as it recently topped the list of most used smart contracts for the top 1000 biggest BSC whales on 6 October.
🏆 MOST USED smart contracts for the top 1000 biggest #BSC whales today
🥈 #BSC-USD @Tether_to
🥉 $BUSD @PaxosGlobal
5️⃣ #BabyDoge @babydogecoin
6️⃣ $USDC @circlepay
8️⃣ $UNI @Uniswap
9️⃣ $LINK @chainlink
🔟 $JED @JedStarOfficial pic.twitter.com/zVBkqtsZek
— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) October 6, 2022
Curiously, a few market indicators were also in favor of a price plummet soon, while others supported the possibility of a continued uptrend.
For instance, BNB’s Chaikin Money Flow (CMF) registered a downtick and was moving toward a neutral position. Interestingly, On Balance Volume (OBV) also followed the same route and went down, both of which are bear signals, suggesting an upcoming price drop.
The reading of the MACD indicator supported the bears. Moreover, the Exponential Moving Average (EMA) Ribbon indicated that after a long tussle, the 20-day EMA finally managed to go above BNB’s 55-day EMA. The chances of a short uptick can’t be ruled out.
Do Kwon’s case: Fresh twist appears as LUNA holders go down in worry
South Korea’s Ministry of Foreign Affairs announced on Wednesday (5 October) that Terraform Labs Pte. Ltd. CEO Kwon Do-Hyung, aka Do Kwon, would have his passport revoked in four weeks if he did not return it.
Well, Do Kwon had an arrest warrant out for him, and his name has been widely reported to have been added to the red list by International Police.
Claims and counter-claims
Do Kwon has been using his social media accounts to debunk reports from South Korean outlets and other news sources from the beginning of the event.
He tweeted on 17 September, just days after word of his arrest warrant leaked, and insisted that he was never on the run. He also stated that he and his team would cooperate with any government agency that reached out to them.
The co-founder of Terra reportedly had his assets blocked, and this was reported many times. Do Kwon in his tweet also claimed that no money of his had been frozen.
On 28 September, his team sent a statement to the Wall Street Journal saying they believed the case had become extremely politicized and that the conduct of the Korean prosecutors revealed unfairness and a failure to defend basic rights granted under Korean law.
Do Kwon and his team had also made it clear that regardless of what interpretation Korean financial authorities may have recently taken, they still consider Luna not to be security.
Price action not looking good
The previous 24 hours of LUNA price data showed the asset had been losing value. Opening at $2.588 on 5 September, LUNA dropped to close at $2.548, a loss of 0.37% from its opening price.
As of the time of this writing, the price drop was above 1% during the trading period. It appeared that $2.138 was still providing solid support and that $3.071 was still providing resistance.
From the looks of the price chart, the original news of Do Kwon’s arrest did not have much of an effect on the asset’s value. But volume looked to have dropped significantly after the release of the Interpol red list, and the latest information concerning the passport invalidation also seemed to have triggered the negative price movement.
Did LUNC also take a hit?
Although the pattern does not immediately reveal whether or not Do Kwon’s news developments affected LUNC’s trading, it appeared to be trading down as well.
However, as seen by the volume indicator, trading volume has been declining over the past two days. Additionally, it revealed that LUNC had dropped by more than 2% in the preceding day.
Beginning the day at $0.000307, it traded as high as $0.000307 before settling at $0.000300 by market close on 5 September. Its support at $0.000263 had been tested throughout the previous weeks, but it appeared to be holding. The resistance appeared to be in the $0.000370 area.
As the Terra saga continues to drag on, prospective investors may wish to wait before making any decisions. Consequently, it’s possible that new investors won’t be joining the ecosystem very soon. Furthermore, if investors are unsure about the story’s eventual resolution, selling pressure could increase and growth would slow.
Sleuth Discovers Satoshi’s Long-Lost Bitcoin Version 0.1 Codebase, Raw Code Contains Bitcoin Inventor’s Never-Before-Seen Personal Notations
On October 7, 2022, a bitcoin supporter named Jim Blasko explained that he discovered the oldest upload of Bitcoin’s version...
Bankruptcy Court Publishes 14,000 Pages Of Celsius Customer Usernames And Trade History
The crypto community is upset about a recent discovery stemming from the Celsius bankruptcy case as a court filing has...
Chiliz [CHZ] on-chain metrics to consider before going long this week
CHZ is among the cryptocurrencies that have delivered the most gains recovering from June lows. It just concluded a 25%...
EU Bans Crypto Services For Russians In New Sanctions Over Ukraine Escalation
An array of crypto-related services have been targeted in the latest round of sanctions on Russia approved by the EU....
The Hideaways Confirms Another Price Rise! Will Dogecoin Explode In 2023? Will LUNA Explode In 2023? We Take A Look At All 3 Projects.
The weekend was good so far for Dogecoin (DOGE) holders as DOGE price surged to make a new weekly high....
Why This Coin Is Still Attracting Terra (LUNA) And LUNA Classic (LUNC) Investors
Over the last few weeks, the performance of the Terra (LUNA) and LUNA Classic (LUNC) coins has been very volatile....
Will This Coin Be The Ethereum (ETH) And Ripple (XRP) Killer? Read More
If you have been around the crypto market for a while now, you must have come across Bitgert (BRISE). The...
Artificial Intelligence Market Size To Reach US$407 Billion By 2027
The artificial intelligence market size is driven by big data, cloud applications, and services Artificial Intelligence is inarguably the most...
Court filing ‘doxing’ Celsius users draws questions on KYC, bankruptcy processes
Court filing ‘doxing’ Celsius users draws questions on KYC, bankruptcy processes Samuel Wan · 26 seconds ago · 2 min...
Best New Crypto To Invest In? The Hideaways Up 450% And Going Strong As LUNA And LUNC Drop
LUNA and LUNC’s prices surged again recently, creating new weekly highs before the market experienced a pullback. Investors have been...
Mortgage Interest Rates Today, October 7, 2022 | Rates Go Up
Advertiser Disclosure Jason Stauffer Jason Stauffer Staff WriterAdvertisement Jason Stauffer is a personal finance reporter who previously covered the housing...
Binance resumes BSC bridge operation after 2M BNB exploit
Binance resumes BSC bridge operation after 2M BNB exploit Christian Nwobodo · 41 mins ago · 2 min read The...
Crypto Exchange Okx Blocked By Russia’s Telecom Watchdog
Russian media and communications regulator, Roskomnadzor, has restricted access to the website of a major cryptocurrency exchange, Okx. The trading...
Grifters rug over 60 ETH from spoof token created after Binance exploit
Grifters rug over 60 ETH from spoof token created after Binance exploit Oluwapelumi Adejumo · 3 hours ago · 2...
CryptoSlate Daily wMarket Update – Oct. 6: Market turns red as BTC dips below $20,000
CryptoSlate Daily wMarket Update – Oct. 6: Market turns red as BTC dips below $20,000 Monika Ghosh · 3 hours...
Scammers Are Targeting Cryptocurrency Scam Sites To Hijack Their Targeted Audience
Cryptocurrency scam sites are being targeted by other scammers to hijack their traffic and their possible earnings. A recently detected...
Fully funded Chevening Clore Leadership Scholarship 2023/2
A Fully funded Chevening Clore Leadership Scholarship 2023 is currently ongoing for qualified international students. This scholarship programme is aimed...
Fidelity Launches Ethereum Index Fund — Sees Client ‘Demand For Exposure To Digital Assets Beyond BTC’
A filing with the U.S. Securities and Exchange Commission has shown that Fidelity looks to launch an investment product known...
Wells4 days ago
Wells Fargo Savings And CD Rates Are On Par With Other Large National Banks — Very Low. These Options Can Help You Earn More
Altcoins5 days ago
Assessing the hype around LUNC if Coinbase, Robinhood listings go through
Celsius investors5 days ago
Celsius: A look into the crypto lender’s ex-CEO may solve the bankruptcy puzzle
Altcoins4 days ago
ETC investors on the fence will be pleased to read this about the altcoin
Fintech6 days ago
US Tennis Player Serena Williams’ VC Firm Leads Ugandan Fintech’s $12.3 Million Pre-Series A Funding Round
Doctoral Scholarship6 days ago
The University Of Tokyo Scholarship In Japan 2023 | Fully Funded
Altcoins5 days ago
Buyer confidence wanes as Axie Infinity [AXS] drops below $13
Ethereum5 days ago
Ethereum’s post-Merge blues: Will ETH finally be able to get out of it?