Nearly 10% of the total supply of Aptos (APT) was unlocked over the weekend as 24.84 million tokens were distributed to four main groups in the ecosystem. As part of its scheduled unlocks, 1.33 million APT worth $10.72 million was given to the Aptos Foundation, 11.88 million tokens worth $95.47 million to the core contributors, […]
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The ninth-largest cryptocurrency by market cap is leading in terms of blockchain development activity, according to analytics platform Santiment. Santiment says that over a 30-day period, Cardano (ADA) is the top blockchain in terms of development activity with 502.57 GitHub commits over a 30-day period. Smart contract blockchain Polkadot (DOT) and its canary test network […]
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ETH rallied alongside Bitcoin as new spot ETF news emerged, and the altcoin could benefit from the failure of its layer-1 competitors.
Ether (ETH) price has declined by 14.7% since its peak at $2,120 on April 16, 2023. However, two derivatives metrics indicate that investors have not felt this bullish in over a year. This discrepancy warrants an investigation into whether the recent optimism is a broader response to Bitcoin (BTC) breaking above $34,000 on Oct. 24.
One possible reason for the surge in enthusiasm among investors using ETH derivatives is the overall market's excitement regarding the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States. According to analysts from Bloomberg, the ongoing amendments to the spot Bitcoin ETF proposals can be seen as a “good sign” of progress and impending approvals. This development is expected to drive the entire cryptocurrency market to higher price levels.
Interestingly, comments issued by the U.S. SEC Chair Gery Gensler's in 2019 reveal his perspective. During the 2019 MIT Bitcoin Expo, Gensler termed the SEC's position at the time as "inconsistent" because they had denied multiple spot Bitcoin ETF applications, while futures-based ETF products that do not involve physical Bitcoin had been in existence since December 2017.
Another potential factor in the optimism of Ethereum investors using derivatives may be the pricing of the Dencun upgrade scheduled for the first half of 2024. This upgrade is set to enhance data availability for layer-2 rollups, ultimately leading to reduced transaction costs. Moreover, the upgrade will prepare the network for the future implementation of sharding (parallel processing) as part of the blockchain's "Surge" roadmap.
Ethereum co-founder Vitalik Buterin highlighted in his Oct. 31 statement that independent layer-1 projects are gradually migrating and potentially integrating as Ethereum ecosystem layer-2 solutions. Buterin also noted that the current costs associated with rollup fees are not acceptable for most users, particularly for non-financial applications.
Ethereum competitors are facing challenges as software developers realize the associated costs of maintaining a complete record of a network's transactions. For instance, SnowTrace, a popular blockchain explorer tool for Avalanche (AVAX), announced its shutdown supposedly due to the high costs.
Phillip Liu Jr., head of strategy and operations at Ava Labs, pointed out the difficulties users face in self-validating and storing data on single-layer chains. Consequently, the substantial processing capacity required often leads to unexpected issues.
For example, on October 18, the Theta Network team encountered a "edge case bug" after a node upgrade, causing blocks on the main chain to halt production for several hours. Similarly, layer-1 blockchain Aptos Network (APT) experienced a five-hour outage on October 19, resulting in a halt in exchanges' deposits and withdrawals.
In essence, the Ethereum network may not currently offer a solution to its high fees and processing capacity bottlenecks. Still, it does have an eight-year track record of continuous upgrades and improvements toward that goal with few major disruptions.
After evaluating the fundamental factors surrounding the Ethereum network, it's essential to investigate the bullish sentiment among ETH traders in the derivatives markets, despite the negative performance of ETH, which has dropped 14.7% since its $2,120 peak in April.
The Ether futures premium, which measures the difference between two-month contracts and the spot price, has reached its highest level in over a year. In a healthy market, the annualized premium, or basis rate, should typically fall within the range of 5% to 10%.
Such data is indicative of the growing demand for leveraged ETH long positions, as the futures contract premium surged from 1% on Oct. 23 to 7.4% on Oct. 30, surpassing the neutral-to-bullish threshold of 5%. This surge in the metric follows a 15.7% rally in ETH's price over two weeks.
Analyzing the options markets provides further insight. The 25% delta skew in Ether options is a useful indicator of when arbitrage desks and market makers overcharge for upside or downside protection. When traders anticipate a drop in Ether's price, the skew metric rises above 7%. Conversely, phases of excitement tend to exhibit a negative 7% skew.
Related: 3 reasons why Ethereum price is down against Bitcoin
Notice how the Ether options 25% delta skew reached a negative 16% level on Oct. 27, the lowest in over 12 months. During this period, protective put (sell) options were trading at a discount, a characteristic of excessive optimism. Moreover, the current 8% discount for put options is a complete turnaround from the 7% or higher positive skew that persisted until Oct. 18.
In summary, the drivers behind the bullish sentiment among Ether investors in derivatives markets remain somewhat elusive. Traders may be expecting approval for Ether spot ETF instruments following Bitcoin's potential approval, or they may be banking on planned upgrades that aim to reduce transaction costs and eliminate the competitive advantage of other blockchain networks like Solana (SOL) and Tron (TRX).
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
BTC price advances toward $35,000, potentially opening the door for ETH, APT, QNT and RUNE to move higher.
Hopes of approval for a spot Bitcoin (BTC) exchange-traded fund by the United States Securities and Exchange Commission boosted Bitcoin’s price by 27% in October. This improved sentiment, attracting aggressive buying by crypto investors.
Bloomberg senior ETF analyst Eric Balchunas highlighted in a post on X (formerly Twitter) that ProShares Bitcoin Strategy ETF (BITO), the first futures-based ETF to get regulatory consent in the U.S. in 2021, saw its second biggest trading week ever at $1.7 billion. Similarly, Grayscale Bitcoin Trust (GBTC) recorded a volume of $800 million. The sharp uptick in volume in the existing instruments shows that spot Bitcoin ETFs are likely to witness huge volumes when they see the light of the day.
When the leader starts performing, it generally lifts the entire sector. That is seen in the strong performance of altcoins, which have risen sharply from their multi-year lows.
However, after the initial rally, some altcoins will struggle to maintain their up-move while a few will lead the markets higher. It is better to stick with the leaders as they are most likely to outperform during the next crypto bull phase.
Let’s look at the charts of the top-5 cryptocurrencies that may extend their rally in the next few days.
Bitcoin pulled back from $35,280 on Oct. 24, indicating that higher levels are attracting selling by traders. The bears tried to start a deeper pullback on Oct. 27 but the long tail on the candlestick shows solid buying at lower levels.
Although the rising moving averages indicate advantage to buyers, the overbought levels on the relative strength index (RSI) suggest that the BTC/USDT pair may spend some more time in consolidation.
The important level to watch out for on the downside is $32,400 and then $31,000. Sellers will have to pull the price below this zone to seize control.
Conversely, if the price turns up from the current level and breaks above $35,280, it will indicate the bulls are back in the driver’s seat. The pair may then surge to the next target objective at $40,000.
The 20-EMA is gradually flattening out, indicating that the bulls are losing their grip in the near term. That could keep the pair range-bound between $35,280 and $33,200 for some time. If the bears yank the price below $33,200, the pair may tumble to $32,400.
On the contrary, if the price turns up and rallies above $35,280, it will indicate that the current consolidation was a continuation pattern. The pair could then skyrocket toward $40,000.
Ether (ETH) climbed above the $1,746 resistance on Oct. 23 and reached $1,865 on Oct. 26. This level attracted selling by short-term traders which pulled the price back toward the breakout level of $1,746.
The bulls successfully defended the retest to $1,746, indicating that the level may act as a new floor. The rising 20-day EMA ($1,693) and the RSI near the overbought zone, indicate that the bulls are in command. Buyers will then strive to push the price above $1,865. If they succeed, the ETH/USDT pair could soar to $2,000.
If bears want to prevent the upside, they will have to yank and sustain the price below $1,746. That could open the doors for a fall to the 20-day EMA.
The 20-EMA on the 4-hour chart is flattening out and the RSI is near the midpoint, indicating a range-bound action in the near term. The pair may continue to swing between $1,746 and $1,865 for some time.
If bulls kick the price above $1,812, the likelihood of a rally to the overhead resistance of $1,865 increases. On the other hand, if the price maintains below the 20-EMA, the bears will attempt to tug the pair below $1,746. If that happens, the short-term trend will turn bearish.
Aptos (APT) rallied sharply in the past few days, indicating that the bulls are attempting to make a comeback.
The APT/USDT pair witnessed profit-booking near $7 but a minor positive is that the bulls did not give up much ground. This shows that every minor dip is being purchased. The bulls will again try to overcome the obstacle at $7. If they manage to do that, the pair may start its march toward $8.
Instead, if the price turns down from $7, it will suggest that the bears remain active at higher levels. The pair may then spend some more time inside a tight range between $7 and $6.20. A break below this support could signal the start of a deeper correction.
The pair has been finding support at the 20-EMA but the negative divergence on the RSI suggests that the bullish momentum may be slowing down. If the price breaks and sustains below the 20-EMA, it will indicate the start of a deeper correction to the 50-SMA.
This remains the key level to watch on the downside because if it cracks, the pair may slump to $5.80. On the upside, the bulls will have to thrust the price above $7.02 to indicate the start of the next leg of the recovery.
Related: Ripple CEO criticizes former SEC Chair Jay Clayton’s comments
Quant (QNT) rose above the breakdown level of $95 on Oct. 23, indicating that the markets have rejected the lower levels. The buying continued and the bulls propelled the price above the downtrend line on Oct. 25. This signals a potential trend change.
The short-term bulls seem to be booking profits after the recent rally. That may pull the price down to the downtrend line. This is an important level to keep an eye on because a drop below it may suggest that the rise above the downtrend line may have been a bull trap.
On the contrary, if the price snaps back from the downtrend line, it will suggest that the bulls have flipped the level into support. If buyers clear the hurdle at $110, it will indicate the resumption of the rally to $120 and then to $128.
The 4-hour chart shows that the QNT/USDT pair is facing selling near $108. The bears pulled the price below the 20-EMA, indicating that the short-term traders are booking profits. If the price slips below $103, the pair may drop to $100.
Instead, if bulls sustain the price above the 20-EMA, it will suggest that lower levels continue to attract buyers. The bulls will then make one more attempt to drive the price above $110 and start the next leg of the up-move.
THORChain (RUNE) broke and closed above the overhead resistance of $2 on Oct. 23, completing a bullish inverse head and shoulders pattern.
Both moving averages are sloping up and the RSI is in the overbought zone indicating that bulls remain in command. However, in the short term, the RUNE/USDT pair may enter a minor correction or consolidation.
If the pair does not give up much ground from the current level, it will suggest that the bulls are holding on to their positions. That may improve the prospects of a rally to $3 and subsequently to the pattern target of $3.23. If bears want to prevent this uptrend, they will have to pull and sustain the price below $2.
The pair has been in a strong uptrend with the bulls buying the dips to the 20-EMA. Although the upsloping moving averages indicate advantage to buyers, the negative divergence on the RSI suggests that the bullish momentum may be weakening.
If the price skids below the 20-EMA, it could tempt short-term traders to book profits. That could pull the price to the 50-SMA.
Contrarily, if the price rebounds off the 20-EMA with strength, it will signal that the sentiment remains positive. The bulls will then try to resume the up-move with a break and close above $2.57.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
The crypto analytics firm Santiment says that whales are showing significant interest in a red-hot Ethereum (ETH)-based Chainlink (LINK) rival. The native asset of decentralized oracle protocol Tellor (TRB) clocked 51 unique $100,000+ transactions on Monday, a new all-time high. TRB is trading at $91.66 at time of writing, up from around $9.83 two months […]
The post Whales Showing More Interest Than Ever in Ethereum-Based Altcoin Amid 832% Rally in Two Months: Santiment appeared first on The Daily Hodl.
Aptos suffered a five-hour outage, coincidentally in the same week that the network launched this time last year.
Layer-1 blockchain Aptos Network has managed to bring its network back to normal operations after a lengthy five-hour outage that saw transactions on its network “impacted."
According to the Aptoscan network tracker, on-chain transactions on the Move language-based blockchain were halted 11:11pm UTC on Oct. 18 at block 104621314 — down for more than five hours.
Aptos seemingly confirmed the outage with a post on X (formerly Twitter), noting:
“Your energy for Aptos One was so electric, you cut the lights!”
At the time, the team added that “transactions on the network have been impacted” and they were “working diligently” to resolve the issue.
Your energy for Aptos One was so electric, you cut the lights!
— Aptos (@Aptos_Network) October 19, 2023
What that means at the moment is that transactions on the network have been impacted. We are working diligently to resolve the issue and will keep you updated upon completion.
The outage then led crypto exchanges Upbit and OKX to alert users about maintenance for the Aptos network, adding that APT deposits and withdrawals were temporarily suspended.
Before the outage, Aptos Labs posted a birthday message saying, “It's been a year since Aptos Mainnet burst onto the scene.”
Aptos, a heavily VC-backed project that launched on Oct. 17, 2022, was built by former Meta employees who worked on Facebook’s Diem blockchain.
Related: Solana records 1 outage in first half of 2023, 100% uptime in Q2
It may be outage season as Aptos is not the only chain to go down recently.
On Oct. 19, the Theta Network team stated that a recent node upgrade created an “edge case bug” that caused blocks on the main chain to stop producing for several hours.
It added that a fix had been implemented and the network was operating normally again.
In September, the Coinbase layer-2 network Base suffered its first major outage since the launch in the previous month.
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The co-founder of Aptos (APT) is weighing in on what developments in the digital assets space could attract the next wave of mass adoption. In a new interview with crypto influencer Scott Melker, Aptos CEO and cofounder Mo Shaikh says that three main things could result in a billion new users flooding the space. The […]
The post Aptos (APT) Founder Names Three Things That Could Attract a Billion New Crypto Users appeared first on The Daily Hodl.
A top-50 altcoin by market cap could be on the verge of an upside move, according to blockchain analytics platform Santiment. The analytics platform says that the native token of smart contract-enabled blockchain Aptos (APT) could reach “another higher high” after partnering with software maker Microsoft on artificial intelligence (AI) and web3 projects. “Aptos has […]
The post One Mid-Cap Ethereum and Solana Rival Is Flashing a Bullish Signal, According to Crypto Analytics Firm Santiment appeared first on The Daily Hodl.
Solana (SOL) rival Aptos (APT) is reportedly partnering with tech giant Microsoft on a new push into artificial intelligence (AI) and web3 projects. According to a new TechCrunch report, Aptos Labs will integrate its blockchain technology with Microsoft’s Azure OpenAI Service to quicken web3 adoption. Says Mo Shaikh, co-founder of Aptos Labs, “The primary focus […]
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Chingari started the migration to Aptos in July, seeking an enhanced experience for users following Solana's network outages in 2022.
The Aptos blockchain has seen a surge of activity following its integration with Chingari, an India's social media platform previously powered by Solana. According to on-chain data, the number of new users jumped 900% over the previous month, up to nearly 90,000 daily on-chain onboarding.
Chingari started migrating to Aptos on July 6, seeking an enhanced user experience following Solana's network outages in 2022. "Solana's network downtime posed challenges, compelling us to schedule many transactions [...] Rather than allowing them to be instant, to mitigate the risk of failed transactions," Sumit Ghosh, co-founder and CEO of Chingari, told Cointelegraph.
According to Ghosh, the integration with Aptos has enabled instant on-chain features, such as virtual gifts, leading to a surge of new users on the social media platform in recent weeks. It also introduced Chingari's new wallet, which allows users to earn tokens through engagement and content creation on the platform. The earned tokens can then be used to tip creators, boost content visibility, and purchase virtual gifts and nonfungible tokens (NFTs).
Apart from the improved usability, Chingari's growth relies on India's 1.4 billion-people economy and the booming popularity of cryptocurrencies in the country. According to Chainalysis, India is at the forefront of crypto adoption in the South Asian region.
As of July 14, Chingari accounted for 80% of all daily active users on the Aptos blockchain and 50% of all gas fees paid on the network, up more than 500% from the previous month. The number of transactions had also risen 150%, reaching almost 2 million a day. Continuing at this pace, the company anticipates surpassing the lifetime total of Stepn, the second-largest DApp on Solana, in the coming days.
"If this growth continues [...] We project that Chingari will reach 1.25 million users by the end of July, which is 10x faster than on Solana, over 20 million on chain users by the end of the first year, and a cumulative total of more than 200,000 APT paid as gas fees by the end of Year 1," estimates Ghosh.
Aptos is not the only chain benefiting from DApps seeking better on-chain performance and usability across networks. Game publisher Mythical Games recently moved from the Ethereum blockchain to the Polkadot ecosystem, citing slow transaction speeds and high transaction costs on Ethereum.
Magazine: ‘Moral responsibility’ — Can blockchain really improve trust in AI?
