MemeFi - BitMart Listing - 22 Nov 2024

The listing of FLOKI on Coinbase is a major event that could impact the asset's price significantly. Coinbase is a large exchange with many users, and when a coin is listed there, it often attracts new buyers, increasing demand. Increased demand can push prices higher. FLOKI being listed with the FLOKI/USD pair means traders can buy directly with dollars, making it more accessible. A wider audience and easier access usually lead to price movement. More details can be found on CoinbaseAssets.

The Morpho Swap Vote involves a decision to swap a part of the protocol's MORPHO tokens for WETH and create a new liquidity pool. This vote could lead to changes in how OGN is utilized within the platform, affecting its market activity. If the swap is approved, it might increase liquidity and trading activity, possibly impacting OGN's price. Such financial maneuvers can sometimes result in price swings due to increased speculation and trading volume. More details can be viewed on Snapshot.

As Bitcoin reaches a new all-time high (ATH), surpassing $96,000, the market has seen a resurgence in some of the old crypto tokens. These older coins, including Bitcoin hard forks, have outpaced top-performing tokens, indicating growing demand for BTC-affiliated assets despite the emergence of newer alternatives.

BeInCrypto has analyzed three of the best-performing legacy tokens, which shows that investors are looking for opportunities to capitalize on the Bitcoin hype.

Bitcoin Cash (BCH)

Bitcoin Cash surged by 17.84% in the past day, emerging as the top-performing token and trading at $527 at the time of writing. The rally has reignited investor interest in the altcoin, boosting optimism for further price gains.

The recent rally has propelled BCH to a seven-month high, positioning it near the resistance level of $529. This key level has not been breached since mid-April, making it a crucial target for sustained bullish momentum.

If BCH breaches the $529 resistance, the price could rise toward the next barrier at $593. However, failure to break this level might cause a decline to $501, with further losses invalidating the bullish outlook.

Bitcoin SV (BSV)

Bitcoin SV surged by 11% in the past 24 hours, climbing to a seven-month high of $76.67. The altcoin’s rally has reignited investor interest as it leads today’s crypto market gains.

Marking its first significant rally in over three months, Bitcoin SV is benefiting from BTC’s continued rise to new all-time highs. This momentum has positioned BSV as a top contender in the altcoin space.

To sustain its uptrend, BSV must breach the $77.49 resistance and aim for $80.00. However, losing the $72.42 support could trigger a drop to $65.05, with further declines invalidating the bullish outlook.

BitTorrent (BTT)

BitTorrent price increased by 12% today, reaching $0.000001204. Although it did not achieve any multi-month highs, the recovery mitigated recent losses, suggesting improved sentiment among investors. The uptrend shows potential for further growth.

BTT’s early November rally nearly broke the resistance at $0.000001252. However, its failure triggered corrections. Successfully breaching this barrier is critical for the altcoin to close above $0.000001300 and sustain its upward momentum in the near term.

If BTT faces another failed breach, it could experience further corrections, potentially dropping to $0.000001146. Losing this critical support level might push the altcoin down to $0.000001021, undermining bullish expectations.

On 19 November 2024, Nasdaq began listing options on BlackRock’s spot Bitcoin ETF (ticker: IBIT). According to a report by Bloomberg, this launch follows over 10 months of collaboration between Nasdaq, BlackRock, and regulators, including the Commodity Futures Trading Commission (CFTC) and the Options Clearing Corporation.

Alison Hennessy, Nasdaq’s Head of ETP Listings, confirmed the launch, highlighting strong demand from investors seeking greater flexibility in managing Bitcoin exposure. The iShares Bitcoin Trust (IBIT) has amassed over $30 billion in assets since its debut, making it the largest spot Bitcoin ETF in the market.

Eric Balchunas, an ETF analyst at Bloomberg Intelligence, noted that while spot Bitcoin ETFs like IBIT have succeeded on their own merits, the addition of options provides a significant tailwind. Options offer investors a way to express precise views on Bitcoin’s price movement, ultimately driving greater volumes and assets into the product.

In a recent blog post, Singapore-based crypto-focused proprietary trading firm and market maker QCP Capital emphasized the broader significance of this launch in their blog post, pointing out how institutional investors could benefit from regulated derivatives tied to IBIT. They noted that spot Bitcoin ETF options could attract a wave of institutions that face barriers to native crypto options platforms like Deribit.

QCP Capital said that derivatives in traditional markets often grow to 10-20 times the size of the underlying asset’s market capitalization, and a similar trend could unfold in Bitcoin. Institutions may use these options to generate yield on long-term holdings, potentially compressing implied volatility in Bitcoin markets.

Drawing parallels to the growing use of MicroStrategy as a Bitcoin proxy, QCP Capital cited Q3 2024 filings showing a surge in institutional holders of MicroStrategy from 667 to 738. Vanguard alone increased its holdings by nearly 16 million shares—a 1,000% jump.

QCP Capital noted that Bitcoin was stabilizing above $90,000, with the December 100k strike holding the highest open interest among IBIT options. Narrowing implied volatility spreads reflect growing confidence in Bitcoin’s trajectory, potentially setting the stage for upward momentum.

The firm also pointed to broader trends in institutional adoption, such as Goldman Sachs’ plans to spin off its digital asset platform, as further evidence of the integration of digital assets into traditional finance.

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Analyst Benjamin Cowen recently made a crucial prediction regarding Ethereum's future, sharing a logarithmic chart with a mysterious comment, "I want ETH to finally go home," and hinting at the target above $6,000, which would be a massive milestone to reach for the second-biggest cryptocurrency.

The chart analyzed suggests that Ethereum's price trajectory is somewhat aligning with overall growth, according to the logarithmic growth curve. That pattern defines the overall direction in which Ethereum is moving. For now, Ethereum is successfully bouncing from the middle range of the channel, and momentum will continue if upside remains. Chart by TradingView">

LHowever, reaching $6,000 is not an easy task; in order for it to happen, ETH must have these key factors aligned:

Market sentiment: The breakout and gaining a foothold above $3,000 will lead to a strong and sustained sentiment shift, increasing investors' confidence and creating a case for future growth. The institutional interest could also ramp up the asset's growth.

On-chain growth: While the market performance of Ethereum is important, it should also see growing adoption in order to regain its former glory. Layer-2 solutions, DeFi and other sectors of the network should enter the phase of active growth to see the price rally.

Technical situation: Ethereum has been reclaiming one resistance after another, Leveraging the strength of EMAs, showing its overall bullish tendency. Volume profiles also suggest that buyers are there, and the overall tendency for the asset looks more than bullish. However, maintaining that pace is the key for reaching higher targets.

Macroeconomics tendencies: The cryptocurrency market does not exist in a vacuum, so external factors have a massive effect on the market, and with the growth on the world market, we should not be too worried about ETH's future.

The amount of $6,000 marks 100% growth from current values – that does not happen overnight for assets with a massive market capitalization like Ethereum. Watching key levels like $3,500, $4,200 and $5,000 should be your guide when trying to evaluate current chances for Ethereum to rise to the long-desired $6,000 mark.

Monkey Tilt, a crypto casino gaming platform only launched in March, has raised $30 million in a Series A funding round led by prominent crypto VC firm Pantera Capital.

Polychain Capital, PokerGo, Hack VC, Dream Ventures, Accomplice, Mirana and Josh Hannah — the VC and co-founder of Flutter.com, which later merged with Betfair — also participated in the round. This latest funding brings Monkey Tilt’s total capital raised to more than $50 million, according to a statement. A valuation for the firm was not disclosed.

Monkey Tilt describes itself as an “entertainment-first company that combines traditional casino experiences with improved social and lifestyle integrations.” The platform offers a payment infrastructure that accommodates making bets in multiple cryptocurrencies, including bitcoin, ether, solana, dogecoin and stablecoins.

"The reality is this industry has failed to keep up with how people want to game, connect and interact," Monkey Tilt founder and CEO Sam Kiki said. "What we're creating is immersive, engaging and culturally relevant — and everyone is recognizing it."

In addition to its existing casino games and 24/7 sportsbook, Monkey Tilt is also planning to launch a new crypto-gamified product in Q1 2025. This feature will allow users to profit by correctly predicting whether selected players surpass or fall short of their statistical predictions.

"Monkey Tilt is pushing the online gaming world into a new era that's heads and shoulders above the rest of the market," Pantera Capital partner Ryan Barney said. "Sam has already proven to be an authoritative leader in this space, and we're so proud to back a platform that's genuinely shaping the future of entertainment."

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