Altcoin
Toncoin (TON) v Cardano (ADA): On-chain Data Show Gains
The crypto market fluctuations continue to dominate the market while assets like Toncoin and Cardano move away from bearish sentiments. In the past week, most top assets traded sideways after exits recorded by institutional investors in the market. The status quo saw Bitcoin (BTC) price hovering around $61,000 before attempts at a rebound.
Toncoin and Cardano have shown promise ahead of the market outpacing top crypto assets by market capitalization. At press time, the market cap slumped 1.42% to $2.29 trillion with Bitcoin and Ethereum posting 24-hour losses. Major drivers of TON and ADA prices are bullish on-chain factors and key industry developments.
Toncoin Leads Asset Gainers
Toncoin soared 4.5% in the last 24 hours, leaving the wider market in the dust and adding to its recovery numbers. In the last seven days, TON moved up 8% wiping out previous losses. While most monthly numbers dropped for most assets, TON continued to soar hitting 22%. The asset flipped Dogecoin to become the 8th largest crypto by market cap inching closer to a new all-time high.
TON price stands at $8.05 taking its market cap to $19.8 billion while volumes are up 57% today. Last month, Toncoin tapped a new all-time high at $8.24 and remains 2.37% behind the mark. With rising bullish interest, some users expect the asset to break that level.
Toncoin recorded traction as Kazakhstan exchanges began trading the asset following regulatory approval. Similarly, Pantera Capital also increased its investment in Toncoin.
Cardano Attracts Growth
The community dubbed ETH killer jumped 3.5% to trade at $0.418 pushing its market capitalization to $14.9 billion. Weekly numbers were up 6% while daily trading volumes saw a slight increase. Overall, ADA’s recent bullish following anticipated network upgrades and a rise in on-chain volumes. The asset is tipped by bulls to breach the current resistance level despite market fluctuations.
Also Read: Why Are Ethereum Institutional Products Depleting Before ETF Launch?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In the background of the crypto market’s bearish movement today, a renowned XRP whale has continued selling significant amounts of XRP. Notably, on-chain insights by Whale Alert reveal nearly 71 million coins dumped to exchanges over the past day, setting off discussions surrounding XRP’s future price action across the crypto industry.
XRP price currently takes the heat of the broader crypto market trend, slipping as low as the $0.39 price level. So, let’s gauge in on the market statistics for Ripple-backed asset.
On-Chain Data Flags Whale Dumps
According to data by Whale Alert, 70.9 million XRP, worth $31.29 million, was shifted to two exchanges in a couple of transactions. As per the data, the whale address, …Rzn, was recorded as shifting the abovementioned amount.
…Rzn shifted 35.8 million coins, worth $15.80 million, to Bitso, a Mexico City-based CEX. Simultaneously, it transferred 35.1 million coins, worth $15.49 million, to Bitstamp, a Luxembourg city-based CEX.
These dumps have presented XRP with increased selling pressure amid a bearish market, causing further downside pressure on the asset. Intriguingly, CoinGape Media earlier reported that the same whale address has been repeatedly dumping XRP into the Bitstamp & Bitso crypto exchanges. Aligning with this, a negative market sentiment sparked by the whale dump engulfs XRP.
Meanwhile, despite Ripple rolling out upgrades for the network and strengthening its case against the U.S. SEC, the native token, XRP, has continued its sluggish movement.
Also Read: Leading Telecom Company Taiwan Mobile Gets Crypto Exchange License
XRP Price Correction?
At press time, the XRP price chart showed a 10.15% dip in value to trade at $0.4056. Its 24-hour lows and highs were $0.3977 and $0.4532, respectively.
Intriguingly, in a post by the crypto market analyst Dark Defender today, it was brought to attention that the $0.39 price level serves as POC (Point of Control). This is where most trades have taken place since 2014, making it a vital support as of the current trajectory.
Whereas, after consolidating over the past week, the crypto tanked forming resistance at $0.42. The RSI was moving along 22, signaled an oversold territory for the asset. This could mean a potential price rebound ahead as the market recovers.
Also, pro-XRP lawyer Bill Morgan took to X today, spotlighting his XRP purchase with a strategic buy-the-dip sentiment. This has added to optimism on a price rebound ahead.
Also Read: German Govt Moves 500 Bitcoin, Another BTC Dump Imminent?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bitcoin bears took control over bulls as investors panicked to sell BTC holdings amid Mt. Gox, US government and German government moves Bitcoin. BTC price has hit a low of $53,400, a fall to February levels. Bitcoin and Ethereum options expiry today to put further pressure on the crypto market as on-chain data indicate the real panic hasn’t started yet.
Bitcoin and Ethereum Set to Expire Today
The crypto market crash saw the global crypto market cap tumble by more than 13% in 48 hours, causing investors to over 250 billion.
Over 18,300 BTC options of notional value $1 billion are set to expire on Deribit, with a put-call ratio of 0.65. The max pain is at $61,500, sliding from $63,500 as Bitcoin remains under selling pressure. BTC price fell below $55k support and risks falling to $52k support if it fails to rebound.
Notably, the put/call ratio in the last 24 hours is 0.88 as put bets rose significantly in the crypto market crash. The 24-hour put volume is above 19,552 and the 24-hour call volume is near 22,088. Also, Historical Volatility and BTC Volatility Index (DVOL) witnessed a sharp 10% rise surge. This indicates options traders have turned highly bearish on Bitcoin.
Meanwhile, 163,170 ETH options of notional value $472 million are set to expire. The put-call ratio is 0.35 and the max pain price is $3,350, indicating massive losses for traders as ETH price fell below $2,890. In the last 24 hours, the put volume has increased to 98,643 and call volume remained higher at 126,788. The put-call ratio is 0.78.
$700 Million Liquidated From Crypto Market
According to a CryptoQuant verified on-chain analyst, the real panic hasn’t even started yet. He predicts it will start when orange bars appear on BTC Daily Realized Profit Loss Ratio 30DMA metric. “In the current situation, 47K doesn’t look as terrible as it did three weeks ago when we were at 70K,” he added.
The crypto market saw over $700 million in crypto liquidations, as per Coinglass data. Over 235k traders were liquidated, with the largest single liquidation order on crypto exchange Binance valued at $18.48 million as someone sold ETH.
The crypto market bleeds as over $600 million in long positions and $100 million in short positions were liquidated over the last 24 hours. Along with top altcoins, major liquidations were observed in PEPE, PEOPLE, ORDI, WLD, LTC, FIL, ADA, BCH, and others.
Beleaguered crypto exchange Mt. Gox has started $10 billion in BTC and BCH repayments, as per an official announcement on July 5. According to Arkham, Mt. Gox moved 47.229k BTC worth $2.97 billion today.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The largest meme cryptocurrency by market cap, Dogecoin, has birthed a tsunami of speculations across the global crypto landscape. Due to a ripple effect caused by the broader crypto market’s bearish movement today, the DOGE price has taken a substantial price fall in the past 24 hours.
Notably, a whale further dumped a staggering 400 million DOGE to Binance amid this fall, following which the DOGE price gradually lost its crucial support of $0.1. This has ignited immensely bearish market sentiments on the asset’s potential to offer gains ahead.
Whale Dumps $41M To Binance
In a post shared by the on-chain transaction tracker Whale Alert on X, it was brought to attention that 400 million DOGE, worth $41.08 million, was shifted to one of the globally leading CEXs, Binance, on July 5. This transfer was made by the Dogecoin whale address DU8gP.
Data by Blockchair showed that the whale address still held 379.80 million DOGE, valued at $36.59 million. Intriguingly, CoinGape Media reported the same address to have accumulated approximately 1 billion DOGE from Binance at the beginning of this year. It appears that the whale has strategically offloaded his holdings amid this year’s bull cycle.
Meanwhile, usual market sentiments have taken a paradigm bearish shift as the whale’s massive dump underscores a loss of confidence in the asset’s potential to offer gains in the near future. However, it’s worth mentioning that the address still holds considerable amounts of Dogecoin.
As in with the abovementioned transaction, the selling pressure encountered by DOGE appears to have caused a plunge below the $0.1 support.
Also Read: Labour Party Wins UK Election, What It Means For Crypto?
DOGE Price Dips
At press time, DOGE price crashed 16.20% to $0.09563. Its 24-hour lows and tops were $0.09379 and $0.1138, respectively.
Coinglass data illustrated a 14.88% decline in DOGE’s Futures OI to $503.97 million, aligning with the coin’s price fall. However, the derivative volume spiked 117.44% to $3.28 billion, fueling contrasting sentiments.
The RSI moved along 24, hinting that the asset is in an oversold territory. This could mean that a potential market recovery ahead could also see a possible DOGE price rebound. Nonetheless, current market sentiments remain bearish.
Also Read: Crypto Prices Today July 5: Bitcoin Tumbles To $53.6K Low, Altcoins Bleed
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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