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LOOM Defies Market Trends, 500% Growth In 30 Days

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In a meteoric surge, Loom Network (LOOM) has catapulted over 23% within the last 24 hours, propelling this cryptocurrency into the esteemed echelons of the top 100 by market capitalization. The rally marks a spectacular continuation of the remarkable buy pressure that has characterized the Network’s performance over the past month, boasting an awe-inspiring surge of over 500% in the last 30 days.

September witnessed a formidable surge of over 240% in Loom Network’s price, coinciding with its listing on the Gate.io crypto exchange. Despite a crypto landscape that has exhibited a degree of stagnation in recent weeks, this altcoin has boldly defied market expectations, embarking on an exhilarating parabolic trajectory.

According to on-chain data provider Santiment, LOOM achieved record highs, reaching $0.28 on Friday. The crypto community is abuzz with enthusiastic discussions, as the network has claimed the spotlight, surpassing notable figures such as Sam Bankman-Fried (SBF) and the enduring Bitcoin. This surge underscores LOOM’s growing importance in the crypto realm.

LOOM’s Potential Reversal Or Bullish Rally

The recent meteoric rise of Loom Network lacks a clear catalyst. Yet, analysts are eyeing heightened whale activity on Upbit, particularly in the LOOM/KRW pair, which has become a hotspot for buying. On-chain data shows a staggering $374 million 24-hour volume in this pair, propelling the network’s total trading volume to a remarkable $677 million, up over 209% in the last day.

As of writing, LOOM is currently trading at $0.2715, with a 24-hour trading volume of approximately $255,265,591. This reflects a 1.56% increase in price over the last 24 hours, following an impressive 77.58% surge in value over the past week.

Amid this exhilarating ascent, some analysts remain cautious, sounding the alarm for a potential sharp reversal. The absence of a definitive catalyst combined with an extreme overbought status, particularly underscored by the Relative Strength Index (RSI), portends a scenario ripe for a potential downturn.

A prominent crypto analyst, BitcoinHabebe, sounds cautionary, revealing that a single Upbit wallet currently cradles a staggering 653 million, roughly half of the supply. Should a sell-off be triggered, the magnitude could be seismic.

In anticipation of potential sell-offs and significant profit-taking moves, LOOM may face susceptibility to a bearish shift toward support levels at $0.16 or lower. Conversely, if the bulls resurgence, we may observe an upward surge towards the $0.30 range. Positive market sentiment in the coming weeks could enhance prospects, contingent on buyers effectively turning resistance into support.

Bitcoin Network Engagement Hits 5-Month Peak

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Bitcoin orchestrated a spectacular resurgence that caught the attention of investors and enthusiasts alike. Amidst the market volatility, BTC displayed unwavering price dominance by reclaiming its throne with an impressive climb to $26.5K. Intriguingly, the Bitcoin network has become a flurry of activity, with daily addresses interacting at a staggering rate of 1.1 million.

This surge represents a peak not witnessed in five months, underscoring the renewed interest and engagement within the Bitcoin community. As per data sourced from the prominent aggregator Santiment, traders have seized the opportunity to engage in profit-taking following the recent modest price hike.

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Bitcoin Network Engagement Hits 5-Month Peak 2

The week’s outset carried a touch of somberness as cryptocurrency markets experienced a sharp decline, setting off reverberations among traders who grew wary of escalating sell pressure, particularly in the wake of the news regarding the insolvent exchange FTX. Adding to the turmoil, this defunct exchange holds a substantial cache of $560 million in BTC, alongside significant sums invested in lesser-known and illiquid micro-cap tokens.

Against this backdrop of market turbulence, Bitcoin endured a slight dip, plummeting over 2% and momentarily brushing the $24,963 mark during the U.S. morning hours. This dip marked its first foray below the $25,000 threshold since the middle of June.

However, amidst the fluctuations, the latest resurgence in Bitcoin’s value can be attributed, in part, to a recent spate of BTC ETF applications, which injected renewed hope into the market. Just recently, Franklin Templeton entered the fray by submitting an application for a spot Bitcoin exchange-traded fund [ETF], joining the ranks of traditional asset management firms venturing into this competitive arena.

Franklin Templeton Files For Bitcoin ETF

In their filing with the U.S. Securities and Exchange Commission, Franklin Templeton introduced a novel concept—a Coinbase-custody ETF intended for trading on Cboe BZX Exchange, Inc. But the ticker symbol for the product has yet to be announced.

Franklin Templeton’s move mirrors the actions of financial juggernauts like BlackRock, signaling their belief that the SEC may, in the near future, permit or perhaps even be compelled by legal mandates to greenlight a spot Bitcoin ETF for public market access. Such a groundbreaking financial instrument would empower everyday investors, providing them with a convenient avenue to gain exposure to Bitcoin’s price within the familiar confines of their brokerage accounts, alongside more traditional asset classes like stocks and bonds.

Ethereum Records Biggest Whale Transfers Of 2023: What Does It Mean?

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Ethereum once again hogged the limelight as it witnessed not one but two significant whale transfers to Coinbase, each involving a whopping 150,000 ETH. According to crypto analytics platform Santiment, two massive whale transfers involving a total of roughly 300,000 ETH valued at $500 million were recorded, both making their way to the popular digital asset exchange, Coinbase. These transactions are significant for several reasons.

Firstly, the moves are one of the biggest on-chain transactions of the year. At the time of writing, Ethereum’s price hovers around $1626 per ETH. These huge amounts being shifted in a single transaction raise questions about the intentions of the involved parties.

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Ethereum Records Biggest Whale Transfers Of 2023: What Does It Mean? 4

Secondly, this spike in on-chain activity represents the highest transaction volume recorded since June 13, 2023. Such significant movements in the Ethereum network tend to attract attention and speculation within the crypto space. However, the reasons behind these transfers remain shrouded in mystery.

In the realm of cryptocurrency, investors and enthusiasts often utilize such blockchain data to gauge the intentions behind large transactions. However, in this case, the true purpose behind these moves remains unknown. It’s crucial to note that not all whale transfers are indicative of market manipulation or significant price movements. 

Large holders may choose to move their assets for various reasons, including portfolio rebalancing, diversification, or even security purposes. As such, these transactions may not necessarily have a direct impact on ETH’s price.

Ethereum’s Surge in Address Activity

While the whale transfers to Coinbase have captured the spotlight, Ethereum has been experiencing a surge in address activity, reaching over 467,000 unique address interactions in a single day. This milestone represents the highest level of network activity since the onset of ETF [Exchange-Traded Fund] announcements on June 16th, 2023.

Historically, an increase in address activity has been a key driver for the value of Ethereum and other digital assets. It reflects growing interest and utility within the Ethereum ecosystem, as more users and applications interact with the network. However, it’s important to note that while high address activity is a positive sign, it doesn’t guarantee price appreciation. 

Bitcoin’s Recent Price Drop Sparks Investor Hesitation Amid Ominous Predictions

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Although anticipated by many, the recent plunge of Bitcoin to the $25,000 mark has struck fear into the hearts of traders and investors, discouraging them from entering fresh positions. Across the cryptocurrency landscape, prevailing sentiment remains decidedly negative, exacerbated by predictions of an impending drop to $20,000 before any substantial reversal in BTC price trends materializes.

Amid this cautious atmosphere, the lack of proactive engagement often observed following downward slides has pinned Bitcoin’s value to a holding pattern of around $26,000. Endeavors to reclaim the $27,000 level proved futile, with the rally stalling at $26,282. Conversely, bullish players have stationed themselves at $25,000 to stave off the prospect of an extended descent.

As per DrProfitCrypto’s analysis, the most recent bullish rally towards the conclusion of 2020 began amid intense fear stemming from the Covid crisis and the resulting market crash.

The pandemic-induced selloff propelled Bitcoin into a parabolic ascent, culminating in an unprecedented peak of $69,044. “The inception of bull markets is invariably marked by intense fear, whereas bear markets tend to emerge amid euphoria,” the trader and analyst added.

However, timing is the critical divergence between investors who thrive during bull markets and those who enter at the market’s zenith (euphoria). Buying during market troughs has demonstrated its potency in accruing digital asset value over time. Nevertheless, only a few investors are convinced to seize opportunities during ongoing market downturns, such as the prevailing rout.

Santiment, a well-known platform for analyzing cryptocurrencies, aligns with this perspective, observing that while traders anticipate market downturns to attain Bitcoin at a reduced price, numerous individuals remain cautious when faced with the genuine opportunity to purchase during the dip.

Bitcoin’s Precarious Position

Bitcoin now teeters precariously at the $26,000 support level amidst ominous downward moves toward $20,000. Investors fear these troughs might jeopardize their holdings, particularly without guarantees against losses exceeding the $20,000 threshold.

The Moving Average Convergence Divergence (MACD) signals support for sellers to retain their positions as it dives further into the negative territory. This sell signal originated in early July when the blue MACD line intersected beneath the red signal line, a pattern reaffirmed the previous week, prompting the ongoing sell-off.

If bears continue to limit Bitcoin’s value to approximately $26,000, another decline is possible. However, there is a chance for a positive outcome as the chart shows support from the descending trendline, which could provide a way for bulls to avoid a significant drop to $20,000 and instead experience a rebound at $22,000.

Related Reading: | Bitcoin’s Wild Ride: Analyst Breaks Down Recent Sell-off Patterns and Potential Scenarios

XRP Display Resilience Amidst Whale Waves and Legal Currents

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XRP is showing signs of a gradual rebound, with a 4% surge in its price today, likely propelled by large-scale holders known as whales in its ecosystem. Among these are 221 addresses wielding between 10 million to 1 billion XRP tokens, collectively amassing 16.13 billion tokens valued at $8.71 billion.

Notably, recent data from Santiment also highlighted a similar surge in unusual whale activity for XRP, the fifth-largest crypto asset. This trend is part of a broader pattern across various assets, where these big holders seek to leverage the market’s discounted rates.

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XRP Display Resilience Amidst Whale Waves and Legal Currents 6

Following a landmark ruling on July 13, labeling XRP as a non-security for digital asset exchanges, the coin witnessed a peak of $0.947. Unfortunately, the bearish sentiment pervading the crypto market erased all the gains tied to this legal victory, causing XRP to plummet nearly 40% to reach a low of $0.57.

Even after a 2.71% uptick on August 19, the asset concluded the week with a 13.82% decline, settling at $0.5386. This unfortunately translated to a staggering loss of over $12 billion in market capitalization over the past month.

Interestingly, some cryptocurrency enthusiasts view the current $0.5 price level as an attractive entry point for long-term investors. Given the historical propensity of whales to capitalize on price dips for accumulation, a similar scenario might unfold for XRP.

Ripple/XRP Lawsuit: SEC Challenges Investment Contracts Determination

In the wake of Judge Analisa Torres’ July 13 ruling classifying XRP as a non-security on digital exchanges, the SEC countered with an appeal a few months later. This strategic maneuver by the US regulator reflects the broader implications of the Ripple case on ongoing lawsuits against other entities such as Coinbase and Dragonchain.

The SEC’s appeal targets specific legal determinations around investment contracts, building on undisputed facts. Ripple now holds the reins, facing a deadline of September 1, 2023, to respond to the SEC’s motion.

After Ripple’s response, the SEC has an additional week to counter-reply. If Judge Torres sanctions the SEC’s appeal, the next stage involves the regulator seeking a review of the case from the Second Circuit Court of Appeals.

Cardano’s Whales & Sharks Flock Amid Market Waves

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Cardano’s major investors, both those with substantial holdings [“whales”] and more active traders [“sharks”], have been engaged in a period of accumulation. Recent data brought attention to these trends, highlighting that the prominent layer-1 blockchain has a collection of wallets exceeding 25,000, each containing more than 100,000 ADA tokens.

This count of wallets possessing 100,000 or more ADA tokens is the highest observed in a span of 16 months, mirroring the situation last witnessed on April 20, 2022. Although the cryptocurrency’s market capitalization has experienced a decline of 35% since reaching its peak four months ago, institutional investors and significant traders remain optimistic about Cardano’s long-term potential. As a result, they are amassing ADA tokens at a reduced price.

However, retail investors do not share the same level of positivity. On-chain data from Coinglass illustrated that the number of addresses holding between 0 and 1,000 tokens either remained stagnant or decreased.

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Cardano's Whales & Sharks Flock Amid Market Waves 8

It is also important to note that the current downturn in price action is in tandem with the broader bear market in cryptocurrency. Nevertheless, the accumulation of sharks and whales is a positive sign for the long-term health of Cardano. It suggests that there is still demand for cryptocurrency, even in a bear market. Additionally, it shows that institutional investors are confident in the project’s future.

Development Activity Of Cardano Spikes

Although the perspectives of traders may vary across different groups, the rise of 98.12 in Cardano’s development activity indicates a strong dedication from developers to enhance the operational environment within the Cardano ecosystem.

Meanwhile, Charles Hoskinson, one of the co-founders of Cardano, introduced HoskSaid, a website designed to facilitate direct interaction between himself and users. Positioned as a platform to connect with him, it offers users the opportunity to ask questions and explore his previous live sessions. This innovation, considered unique in the blockchain sector, functions as a gateway for users to access videos, tweets, and public statements dating back to 2018.

In a video podcast, Hoskinson championed the concept of establishing a self-sustaining, decentralized community that can operate autonomously. He highlighted the fundamental value of accountability inherent in blockchain and Web3 technologies. Additionally, Hoskinson underscored the importance of political figures embracing similar accountability, aligning their actions with the principles of the blockchain realm.

Shiba Inu, The Social Media Sensation

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Shiba Inu dubbed the “Dogecoin Killer,” made its mark by leveraging social media platforms to an unprecedented level. With its updates on upcoming initiatives, virality, and community interaction, Shiba Inu has been able to hold investors’ attention when most mid- and small-caps are still finding it difficult to acquire any traction on a weekly timeline.

Data analytical platform Santiment has reported an increase of nearly 20% in SHIB’s social volume, a crucial metric that gauges public interest, sentiment, and engagement within the community. Social volume often spikes during significant events, announcements, or price fluctuations, acting as a barometer for the health of a cryptocurrency’s ecosystem.

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Shiba Inu, The Social Media Sensation 10

Given that the meme coin is only a few days away from releasing its eagerly anticipated layer-2 protocol, as well as the fact that social media sites like Reddit, Twitter, and Telegram played a pivotal role in spreading the word about SHIB, this has helped reinforce its image as a promising digital asset. The outcome was a meteoric social volume that resonated outside of the cryptocurrency sector, reaching general audiences and arousing interest.

An uptick in social volume has not only shaped public sentiment; it has also influenced market dynamics. The increased social chatter often correlates with price movements, as bullish sentiment can drive more investors to buy, while negative sentiment may trigger selling.

During periods of heightened social volume, Shiba Inu has experienced notable price surges, capturing the attention of traders, investors, and media outlets. SHIB’s price also jumped as the network’s Shiboshi NFTs witnessed higher demand with soaring transactions in the ecosystem.

Shiba Inu Project Lead’s New Tweet Is A Whole “MOOD”

Once again, the enigmatic co-founder of Shiba Inu, known as Shytoshi Kusama, has sparked excitement with a captivating tweet that showcased an anime-style GIF accompanied by the word “MOOD.” Following this, Lucie, a marketing specialist, shared Kusama’s latest updates on forthcoming initiatives within the Discord group.

The initial update revolved around the concept of “dry ink,” hinting at the completion of a contract. The subsequent update focused on technological advancements and the promotion of significant causes. The third update, expected to follow soon after, is said to be of great significance, warranting celebratory gestures. While the specific entities involved in these partnerships remain undisclosed, the news has undeniably stirred anticipation within the SHIB community.

Cardano’s Accumulation Hits 12-Month High Amidst Transaction Spike

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Sharks and whales have been persistent on Cardano as ADA accumulation has returned to its highest level since September 2022. According to Santiment data, individuals who own between 100,000 and $10 million worth of ADA tokens have added more than $116 million since its most recent peak on May 21.

The robust growth in accumulation came at the same time as a spectacular increase in its transaction volume, which has been growing exponentially virtually every week for the previous six months as the price approaches $0.30. The transaction volume saw over 67 billion in ADA in back-to-back weeks, as shown in the image displayed below, a feat last seen in September 2021.

The reason behind the surge has been attributed to several upgrades that were deployed earlier this year, attracting both users and developers to the Cardano network. This has been further corroborated by a study led by popular analytics firm Messari.

In the second quarter, the leading layer-1 blockchain experienced excellent growth in terms of value-locked and transactional metrics compared to the first quarter due to technical advancements and increased developer engagement.

The analysis commissioned by Input Output, the company behind Cardano, also noted that while transaction activity increased, the number of daily users dropped by 4%, marking the fourth reduction in address activity in the previous five quarters.

The ratio of transactions to active addresses has been growing steadily over the past five quarters, suggesting that the average user is more active now than they previously were. In Q2, the Transaction / Active Address ratio of 1.19 was up 6.1% QoQ and 13.2% YoY.

Furthermore, Cardano’s average daily dApp transactions have also increased for the third consecutive quarter. Dapp usage soared significantly in Q2 with a significant 49.0% rise from the prior quarter, maintaining an average of 57,900 daily transactions.

Meanwhile, Cardano became fertile ground for a groundbreaking non-financial utility in crypto.

Cardano Startups Release ADAmail

Prominent Swiss technology builders in the Cardano ecosystem, NMKR and IAMX have launched a new product called ADAmail. One can able to email every wallet address on Cardano as well as view received emails with ease, using this method, the blog read.

While the exact dates for the pre-sale of Access Passes and the official launch of ADAmail are currently under wraps, ADAmail promised to deliver a host of features designed to enhance the communication experience.

Bitcoin Traders Could Be In For A Little Surprise This Weekend

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Bitcoin has bounced back above $30k after a week of moving sideways, thanks to traders’ capitulation during the past week of price declines. According to Santiment’s recent insights, the king coin’s trading volume has picked up steam to reach the highest level in six weeks.

BTC has breached back above $30k once again, with assistance from the many traders who capitulated during the past week of price declines. Volume is rising to kick off August, & this psychological resistance cross may shift sentiment positively.

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Bitcoin Traders Could Be In For A Little Surprise This Weekend 12

The most popular cryptocurrency in the world also had price volatility at record lows, ranking second-lowest in yearly volatility ever. Many market participants in the digital asset world have observed this trend, including Crypto Con, who noted that in the past, low volatility has been a bullish indicator for Bitcoin.

Besides being a precursor to a price uptrend, low volatility is also a sign of stability and maturity for a cryptocurrency. It implies that less speculation is driving up and down price movements and that the market is becoming more efficient. For long-term investors, this may be encouraging news since it shows that cryptocurrencies are becoming more trustworthy as a store of wealth.

Most importantly, Bitcoin has performed well after periods of low volatility if we look at historical trends. Every time BTC’s volatility has dropped to similar levels in the past, it was followed by a significant price increase. This suggests that, while the current low volatility may be frustrating for traders looking for quick profits, it could be a positive sign for long-term investors.

Bitcoin Secures Bullish Momentum

Crypto Twitter was mired in doomsday predictions after the token was trapped between $31,500 and $29,500 for more than a month now. Many attributed BTC’s inability to break below the price range to a lack of positive stimuli. But the latest edition of Bitfinex Alpha said that we could still be in the early part of a bull market.

The research claimed that despite the protracted fall, Bitcoin’s market price is higher than its realized price of $20,361 at the moment. According to Bitfinex, this shows that market participants are making money and are therefore likely to keep their positions since overall, longer-term holders have been making money since the year’s beginning.

Shiba Inu Emerges As Top Gainer Among Crypto Assets With Massive Accumulation Trend

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Shiba Inu (SHIB) has captured the spotlight as it enters the list of top gainers among the 100 most considerable crypto assets over the past 24 hours. Since June, this bullish surge has come amidst a significant accumulation trend observed among shark and dolphin addresses in the SHIB ecosystem.

Leading crypto behavior analytics platform, Santiment, revealed shark and dolphin wallet addresses, holding 10 million to 1 billion SHIB, have accumulated a 1.11 trillion SHIB, currently valued at $9 million. The tweet contained an erroneous statement, suggesting these addresses held up to 100 billion SHIB.

The Journey Of Shiba Inu’s Accumulation Trend

The accumulation phenomenon began after a period of distribution when the price of Shiba Inu experienced fluctuations, dropping from the $0.00001 territory in mid-May. The decline led to a price range between $0.000008628 and $0.000009, sparking selloffs throughout the rest of May.

However, as the price of SHIB dipped below the $0.000008 threshold, it presented an opportunity for investors to accumulate the asset at discounted prices. This enticing prospect resulted in investors building up their holdings, marking the commencement of the accumulation spree in early June.

Despite further price drops, the buy-the-dip pattern persisted, with addresses amassing more SHIB tokens. Notably, the accumulation trend endured even as Shiba Inu’s price reached a record low of $0.00000543 on June 10, followed by a moderate recovery.

As a result of the sustained buying spree, addresses holding between 10 million and 1 billion Shiba Inu tokens now cumulatively possess a balance of 32.49 trillion SHIB, currently valued at a substantial $267 million.

Amid the ongoing accumulation, the market witnessed notable surges in large transactions on July 6 and mid-July, coinciding with price lows. Surprisingly, these whale transactions triggered remarkable comebacks, propelling SHIB to reach a high of $0.00000853 on July 15.

Shiba Inu’s Recent Performance

Subsequently, Shiba Inu experienced fluctuations below the July 15 high and remained consolidated below the $0.000008 price threshold until recently. Nevertheless, SHIB has demonstrated resilience against market bearishness, achieving significant gains while other assets trade flat.

SHIB exhibited a remarkable intraday gain of 4.73% yesterday, closing the day at $0.00000816. This marked the first time in nearly two weeks that the asset concluded above $0.000008 on the daily timeframe.

Shiba Inu is trading at $0.00000823, displaying a remarkable 5.52% surge over the past 24 hours and an impressive 4.97% gain over the last week. Consequently, SHIB is the fourth biggest gainer among the top 100 assets in the last 24 hours.

Related Reading: | Shiba Inu Price Forecast: Doubling the Value If Two Zeroes Are Eliminated