Tag: positive

  • 17 straight days of positive realised profit for Bitcoin, the longest streak in a year

    17 straight days of positive realised profit for Bitcoin, the longest streak in a year

    • On-chain profit metrics have picked up as the Bitcoin price has risen
    • Net realised profits have been positive for 17 days, the longest streak in a year
    • 74% of the Bitcoin supply is in profit, three months after it dipped below 50% after FTX collapsed and the Bitcoin price fell towards $15,000
    • Volatility has picked up but it is the thin liquidity which is really helping Bitcoin make a run
    • It’s been a great quarter for investors, but there remains peril, writes our Analyst

    Bitcoin had an unforgettable year in 2022 for all the wrong reasons, a collapse in price coinciding with several ugly scandals that rocked the cryptocurrency market at large. 

    Thus far this year, however, it has been bouncing back. Up 71% as we close out Q1, it is trading north of $28,000 for the first time since June 2022. 

    Looking into on-chain metrics, the positive sentiment is clear.

    Net realised profit at one-year highs

    The net realised profit of all coins, that is the difference between the price at which a coin moves and the last price it moved at, is on its longest positive run since this time last year, in March 2022. 

    For seventeen days now, the net realised profit has been positive. In other words, coins are moving at prices higher than what they were bought at (or the price at which they last moved).

    There was an 18-day positive streak in late March / early April last year, and beyond that, we need to go back to Q4 of 2021 to see such a streak, when Bitcoin was trading at all-time highs. 

    Granted, the size of the profits over the last two weeks have not been as outsized as we have seen in previous periods, but the very fact that it is a positive run after the year Bitcoin has had is notable. 

    Three quarters of the supply is in profit

    Another way to see how much things have changed is that three-quarters of the total supply is currently in profit. 

    Just before Christmas, I reported when this figure dipped below 50%, meaning for the first time since the brief flash crash at the start of COVID in March 2020 when the financial markets all went bananas, the majority of the Bitcoin supply was loss-making. 

    Three months later, the picture is a lot brighter, with 74% of the total supply now in profit. 

    Liquidity remains low as stablecoins fly off exchanges

    Interestingly, this rise in prices and profit positions is all occurring at a time when liquidity is extremely low in the market. 

    In a deep dive yesterday, I compiled an analysis showing that the balance of stablecoins on exchanges has fallen 45% in the last four months and is currently the lowest since October 2021. 

    Perhaps that is not a coincidence. The markets are ultra-thin right now, and Bitcoin, which is volatile at the best of times, has found it easier to move aggressively as a result. This also helps explain why it has outperformed the stock market so significantly, despite being so tightly correlated with it recently (although some believers are arguing it is due to banking failures pushing people to Bitcoin, but that feels like a reach). 

    Then again, Bitcoin is going to Bitcoin, and its recent volatility is not anything to write home about when looking historically, even if it has picked up compared to the relatively serene period post FTX collapse

    To wrap this up, it’s been a superb few months to kick the year off for Bitcoin, which is a welcome reprieve for investors who got absolutely battered last year. On-chain profit metrics have come right up as sentiment improves and prices jump. 

    But there is also low liquidity which is helping it run-up, while the wider economy presents plenty of uncertainty. Sure, it’s a great start, but it’s not out of the woods yet. 

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  • Magic (MAGIC/USD) token soars on positive news

    Magic (MAGIC/USD) token soars on positive news

    • The magic token has doubled in price in the past week

    • The cryptocurrency has been boosted by potential listing by Coinbase

    • MAGIC is under correction as the cryptocurrency approaches the $0.7 resistance

    Ever heard of the Magic (MAGIC/USD) token? With a market cap of $103.31 million, the cryptocurrency is among the lowly ranked at #230. However, buyers are camping for this minor token on positive cryptocurrency news. As of press time, the cryptocurrency was up 10%, but it has more than doubled in price since the start of the month.

    The gains in MAGIC happened after US crypto exchange Coinbase said that the cryptocurrency was on its listing roadmap. Other tokens on the Coinbase listing target are Rocket Pool (RPL) and Aragon (ANT). But what is MAGIC?

    MAGIC is the native token of Treasure DAO, a project seeking to become a decentralised video game console. The DAO targets games and non-fungible tokens. Among the DAO’s infrastructure is an NFT marketplace Trover and gaming platform Bridgeworld.

    MAGIC corrects slightly below the resistance of $0.7

    MAGIC/USD Chart by TradingView

    A technical outlook shows MAGIC facing resistance as the cryptocurrency approached a key resistance at $0.7. The momentum is still bullish, although MAGIC is overbought, with an RSI reading of $75.

    The 20-day moving average is shifting above the 50-day MA, in line with the bullish momentum. Both moving averages offer MAGIC support.

    These key levels will be important to bulls

    $0.51 – This is the immediate support level for the cryptocurrency. The level has been tested and holds ground even as MAGIC corrects. If bulls defend this level, it will allow them to push higher and initiate a breakout at $0.70. The level is needed to hold for MAGIC to have a chance for further gains.

    $0.30 – This is the established support for the cryptocurrency. Although lying deep below, it could be hit if $0.51 fails to hold. That could push MAGIC back into consolidation and potentially wipe out the gains already made.

    Where to buy MAGIC

    As MAGIC is such a new asset, it’s yet to be listed on major exchanges. You can still purchase MAGIC using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy MAGIC right now, follow these steps:

    1. Buy ETH on a regulated exchange or broker, like eToro ›

    We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.

    2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

    You’ll need to create your wallet, grab your address, and send your coins there.

    3. Connect your wallet to the 1Inch DEX

    Head to 1Inch, and ‘connect’ your wallet to it.

    4. You can now swap your ETH for MAGIC

    Now that you’re connected, you’ll be able to swap for 100s of coins including MAGIC.

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  • Shiba Inu (SHIB/USD) surges 6% amid positive developments, metaverse prospects

    Shiba Inu (SHIB/USD) surges 6% amid positive developments, metaverse prospects

    • Shiba Inu token rose 6% on Monday amid listings on exchanges

    • The Shiba Inu team is expected to speak on the Metaverse project on December 5

    • The cryptocurrency faces rejection at the 50-day moving average

    Shiba Inu (SHIB/USD) rose more than 6% on Monday before sliding slightly. That comes even as Shiba Inu continues to get listed on major exchanges. The latest is the listing by Bitcastle Exchange. SHINB will join other altcoins Dogecoin, Solana, and XRP on Bitcastle.

    The cryptocurrency news followed another one at the end of November. That New York based Uphold will support Bone ShibaSwap. BONE is particularly important to the Shiba Inu ecosystem. It enables members to vote on new project proposals. Earlier, Indian-based platform SunCrypto also announced support for the Shiba Inu’s governance token. The support saw increased trading volume, with the token already growing in popularity.

    If you are wondering why there is increased social interest in BONE, here is the answer. The Shiba community continues to wait for the Shibarium update. That would see the shift from Ethereum’s ERC-20 token to an independent network. The end of Shiba Inu’s dependence on Ethereum is expected to boost the price of native tokens. Thus, investors are adding BONE in anticipation of a boom when the upgrade occurs.

    Shiba Inu metaverse is another much-anticipated development. On December 5, Shiba Inu is expected to present its Metaverse project at the Immerse Global Summit. The summit features top organisations such as Meta, Microsoft, and Walmart. The Shiba Inu community will want a peek at what the conference holds regarding the metaverse dream. But how bullish is SHIB after the latest gains?

    SHB shifts above the RSI midpoint

    SHIB/USD Chart by TradingView

    The RSI shifted above the neutral reading of 50 as buyers pushed the token’s price higher. The meme cryptocurrency has also recovered above the 20-day MA.

    However, from the daily chart outlook, bulls find it hard to break above the 50-day MA barrier. The rejection is confirmed by a slight correction in the price of SHIB as it surged.

    What next for SHIB?

    SHIB price could ride on the bullish momentum, but buyers must break the 50-day MA barrier first. The established resistance for the cryptocurrency lies at $0.000012.

    Where to buy SHIB

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy SHIB with eToro today

    Bitstamp

    Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.

    Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.


    Buy SHIB with Bitstamp today

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