While Speculators Believe Bitcoin’s Third-Largest Wallet Is a Mystery Whale, Onchain Data Suggests It’s an Exchange

November 20, 2021 Bitcoin.com

While the Value Locked in Defi Soars, Dozens of Dapps Leverage Cross-Chain Support

November 7, 2021 Bitcoin.com

Elon Musk-named meme token ‘Dogelon Mars’ gains nearly 4000% in October

October 30, 2021 Coin Telegraph

Bitcoin

The humongous bull run appeared in sync with similar price rallies across Dogecoin-inspired joke cryptocurrencies, notably Shiba Inu.

A so-called meme cryptocurrency named after Tesla and SpaceX CEO Elon Musk is rising in value, namely by a whopping 3,780% in October.

Dubbed Dogelon Mars (ELON), the cryptocurrency reached $0.00000233 Saturday—its highest level since May 13—after opening the month at $0.00000005 (data from Poloniex).

The massive upside move pushed Dogelon Mars' market cap from around $26 million on Oct. 1 to as high as $1.19 billion on Oct. 30, thus making MUSK the 92nd-largest cryptocurrency in the world by market capitalization.

*ELON/USDT daily price chart featuring its all-time high. Source: TradingView*

What launched ELON price to the moon?

A major portion of ELON's October gains came from its performance on Oct. 29 and 30, when the token rallied by more than 200% alongside a listing on OKEx and Crypto.com on Oct. 29.

Thank you Martians for all of your overwhelming support to get us listed on OKEx. It is only one of many stops on our intergalactic mission. $ELON emissions are being transported to your wallets right now!
— Dogelon Mars (@DogelonMars) October 28, 2021

ELON's impressive gains come amid an ongoing retail mania across Dogecoin-like meme cryptocurrencies.

Most notable is Shiba Inu (SHIB), a Dogecoin-inspired joke cryptocurrency, which rose by more than 850% in October to attain a market cap of around $38.50 billion and even surpassing Dogecoin itself.

*Top meme cryptocurrencies by market cap. Source: CoinMarketCap*

Similarly, Samoyedcoin (SAMO) surged by around 2,925% to reach a market valuation of around $458 million. Hoge Finance's (HOGE) rallied by 2,923% in October to become a $458 million asset in comparison to $15 million at the beginning of this month.

“Whenever one of these coins starts to pump a little bit, everyone starts to think this could be the next nonsensical rally,” Eric Wall, chief investment officer of cryptocurrency investment firm Arcane Assets, told the Wall Street Journal.

“It’s a casino, and it’s more fun than a roulette table.”

Bull Flag in play

The Dogelon Mars price corrected by almost 30% after topping out for the year at $0.00000233. In doing so, it formed a parallel descending channel that appeared like a Bull Flag, a bullish continuation indicator.

*ELON/USDT hourly price chart featuring Bull Flag. Source: TradingView*

Bull Flags appear as the price consolidates lower after a strong move upside, known as Flagpole. Typically, traders anticipate the price to break above the Flag's upper trendline and rise by as much as the Flagpole's height afterward.

The Flagpole's height in ELON's case is around $0.00000102.

Conversely, if the price breaks below the Flag's lower trendline, accompanied by strong volumes, then it risks invalidating the entire bullish setup. Should it happen, ELON may fall towards its 50-hour exponential moving average (the velvet wave) around $0.00000140.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Altcoins breakout even as Bitcoin price falls to $60,000

October 22, 2021 Coin Telegraph

Altcoins breakout even as Bitcoin price falls to ,000

Coin Telegraph

RUNE, OKB and MOVR pressed higher even as traders continue to pull profits from Ether and BTC.

Today Bitcoin price and Ether (ETH) price pulled back to lower support levels after an exciting week that saw BTC soar to a new all-time high after the successful launch of two exchange-traded funds.

While much of the focus has been on BTC and Ether, multiple altcoins have racked up notable gains on as some traders appear be preparing for a possible altseason run.

*Top 7 coins with the highest 24-hour price change. Source:* *Cointelegraph Markets Pro*

Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were THORChain (RUNE), Moonriver (MOVR) and OKB (OKB).

THORChain resumes trading on the Ethereum network

THORChain is a decentralized liquidity protocol that offers cross-chain asses to different blockchain networks and lets users retain full custody of their assets while transacting between networks.

According to data from Cointelegraph Markets Pro, market conditions for RUNE have been favorable for some time.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

*VORTECS™ Score (green) vs. RUNE price. Source:* *Cointelegraph Markets Pro*

As seen in the chart above, the VORTECS™ Score for RUNE has been elevated in the green zone for the majority of the past week and reached a high of 74 on Oct. 18, around 19 hours before its price increased 60% over the next two days.

The renewed momentum for RUNE comes following the resumption of trading on the Ethereum network, which had been halted since the protocol suffered an $8 million hack back in July of 2021.

Moonriver expands its ecosystem

Moonriver is one of the newly launched Kusama parachain protocols that is an Ethereum-compatible smart-contract platform that provides a permanently incentivized canary network.

Data from Cointelegraph Markets Pro and TradingView show that after hitting a low of $234 on Oct. 19, the price of MOVR has surged 75% to an intraday high at $410 on Oct. 22 as its 24-hour trading volume climbed above $59 million.

*MOVR/USDT 4-hour chart. Source: TradingView*

The rally seen in the price of MOVR comes as the project has established new partnerships across the cryptocurrency ecosystem, including a collaboration with The Graph protocol and an integration with SushiSwap.

OKEx launches a meme-coin campaign

OKB is the native token of the Malta-based cryptocurrency exchange OKEx and it functions as the utility token for the OKEx ecosystem.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for OKB on Oct. 21, prior to the recent price rise.

*VORTECS™ Score (green) vs. OKB price. Source:* *Cointelegraph Markets Pro*

As seen in the chart above, the VORTECS™ Score for OKB began to rise into the green on Oct. 21 and reached a high of 76, around nine hours before its price increased 25% over the next day.

According to the NewsQuakes™ service from Cointelegraph Markets Pro, the rally in OKB came after the exchange enabled one-click staking for USD Coin (USDC) which offers a return of 20% as well as the launch of a meme-coin campaign where users can compete to have their favorite meme coins listed on the exchange.

The overall cryptocurrency market cap now stands at $2.51 trillion and Bitcoin’s dominance rate is 45.5%.

As the Crypto Economy Nears $3 Trillion, Top 10 Crypto Exchanges Hold Over $206B, More Than 7%

October 21, 2021 Bitcoin.com

BTC Futures Open Interest Soars Leading up to Bitcoin ETF’s Official Launch

October 19, 2021 Bitcoin.com

Investors Sell Huobi and OKEx’s Tokens After PBOC Statement

September 24, 2021 The Crypto Briefing

Traders buy the Bitcoin dip even as Evergrande’s implosion rocks stock markets

September 20, 2021 Coin Telegraph

basis

The Evergrande fiasco appears to be driving the correction in global stock markets, but data shows this isn't deterring pro traders from buying the BTC dip.

Bitcoin (BTC) investors seem concerned about the increasing speculation that China's second-largest property developer, Evergrande Group, will default on its $300 billion in debts. These fears manifest in global equities markets which saw a 1.5% to 3% drop at this morning's market open.

Despite the price move, the BTC outflow (net withdrawals) from exchanges has continued a multi-month trend, particularly on Coinbase Pro.

Traders also know that every exchange has a different user profile. For example, liquidations on Bybit tend to be more extreme when compared to FTX, which is known for having more conservative clients.

Take, for example, today's drop below $43,000, which caused a $1 billion long contracts liquidation led by Bybit even though there was $2.34 billion in futures open interest. This number is lower than Binance's $3.66 billion and FTX's $2.51 billion liquidations.

*Bitcoin futures liquidations past 24 hours, Sept. 20. Source: Bybt.com*

The data above shows that Bybit traders are more risk-takers, typically using higher leverage. Meanwhile, Binance and FTX derivatives investors were proportionately less impacted by the 11% daily negative move.

Pro traders remain neutral-to-bullish

To understand how bullish or bearish professional traders are leaning, one should analyze the futures premium (or basis rate). This indicator measures the difference between longer-term futures contracts and the current spot market levels.

In healthy markets, a 5% to 15% annualized premium is expected, which is a situation known as contango. This price gap is caused by sellers demanding more money to withhold settlement longer.

A red alert would emerge whenever this indicator fades or turns negative, known as "backwardation."

*Bitcoin 3-month futures annualized basis. Source: Laevitas.ch*

As depicted above, the current 7% annualized premium is neutral but in line with the previous month's average. Had pro traders become worried or bearish, this indicator would have flipped below 5%.

Top traders long-to-short ratio shows buying activity

Investors should monitor the top traders' long-to-short ratio at leading crypto exchanges to precisely measure how professional traders are positioned. This metric provides a complete view of the traders' effective net position by gathering data from multiple futures and margin markets.

*OKEx and Binance top traders Bitcoin long-to-short ratio. Source: Bybt.com*

It is worth highlighting that each exchange gathers data on top traders differently because there are multiple ways to measure a clients' net exposure. Therefore, any comparison between multiple providers should be made on percentage changes instead of absolute numbers.

OKEx top traders long-to-short ratio hiked from an 8% position favoring longs to the current 54%, the highest level in ten days. Binance derivatives traders, on the other hand, held a consistently 10% ratio favoring longs despite the Bitcoin price correction.

Both data confirm that retail traders were likely the ones more impacted due to high-leverage bullish positions. Meanwhile, pro traders either kept their positions or took advantage of the discounted price to add long positions.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.