As a seasoned crypto investor with a knack for spotting trends and navigating market volatility, I find Saturday’s performance intriguing. Bitcoin maintaining its $2.2 trillion cap while other risk assets waver is a testament to its resilience, although the recent triple-witching event seems to have played a role in the temporary dip.
Cryptocurrencies held steady on Saturday as the recent momentum among risky assets waned.
This week, Bitcoin (BTC) dropped from its peak of $64,000 down to $63,000, but the overall market value of all cryptocurrencies stayed steady at approximately $2.2 trillion.
In today’s trading, while the Dow Jones experienced a slight increase by 27 points, the S&P 500 and Nasdaq 100 indices saw decreases of 0.25% and 0.29%, respectively. As mentioned in our previous analysis on Friday, this price fluctuation is likely due to the triple-witching event, where a significant amount of options valued at over $5.1 trillion expired.
Loom Network led gains as open interest rose
Loom Network (LOOM), recently delisted from Binance, was one of the best-performing altcoins as it jumped to $0.0668, its highest swing since July 22 and up by 61% from its lowest point this year.
On Wednesday, Loom experienced a significant surge as its 24-hour trading volume surpassed $174 million, which exceeded its market capitalization of $80 million. Moreover, the open interest in the futures market reached over $27 million, marking its highest point since March 27 and outpacing this month’s low of $4.7 million.
On Saturday, Ontology Gas (ONG) was among the leading tokens, experiencing a five-day surge that took it back to its July high of $0.387, boosting its market cap to $142 million. Similarly to Loom Network, ONG’s open interest peaked at $15.7 million, a level not seen since June 7.
In essence, Ontology’s decentralized finance (DeFi) ecosystem has struggled over the past couple of years. The value locked within this ecosystem has significantly decreased, dropping from a peak of $374 million in 2021 to just $7.1 million as of recent times.
Simon’s Cat jumps to a record high
As an analyst, I’m excited to share that my focus token, Simon’s Cat (CAT), experienced a significant surge, reaching an all-time high of $0.000040. According to Nansen, this upward trend has resulted in a market capitalization exceeding $297 million—a remarkable milestone. Furthermore, the exchange volume for CAT tokens has risen to an impressive $168 million, marking its highest level since September 12.
As I monitored the situation, Simon’s Cat saw another leap as the count of token holders escalated to an impressive 217,680 within the past day. Concurrently, the number of tokens available on exchanges plummeted from a weekly high of 1.87 trillion to 1.85 trillion. This decrease in exchange-held tokens is indeed a promising sign, indicating that an increasing number of people are now storing their tokens securely in wallets.
Besides Bitcoin, other notable cryptocurrencies that experienced significant growth include ARK, surging by 23%, Powerledger increasing by 20%, and Theta Fuel climbing by 8%.
Mother Iggy, Neiro on ETH, Billy, and Cat In A Dogs World were the most notable laggards.
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2024-09-21 16:54