Kategorie: Altcoin News

• NFT buyers last week rose to 348,426, about 41% up on the previuos week.
• NFT sales volume also rose, with more than $244 million in sales last week representing a 5.4% increase.
• Sales (USD) volume and buyers increased in tandem with Bitcoin price hitting levels above $23,000.

Non-fungible token (NFT) data from last week shows the market attracted 348,426 buyers, roughly 41% higher than the previous week.

According to NFT data platform CryptoSlam, the buyer count of nearly 350,000 corresponds to a 40.99% this past week. 

As of Tuesday morning, 24 January, 2023, there had been over 419,000 unique buyers year-to-date. The uptick coincides with a rally across crypto, with volatility pushing Bitcoin price above $23,000 and Ethereum above $1,600 for the first time since early November 2022.

Indeed, as data from CoinGecko shows, Bitcoin’s price is currently up more than 7% this past week. Over the last two weeks, the flagship cryptocurrency’s value has soared 35%. 

Among top blockchains with most buyers on the 7-day timeframe, Ethereum leads with 146,380 (36% increase) and Solana is second with over 89,800 NFT buyers at 73% increase this past week. Cardano is third while BNB Chain ranks 7th but with a 74% spike in buyer participation.

NFT sales jumped 5% last week

At the same time, the global NFT sales volume in the past seven days indicates a 5.4% increase, with more than $244 million worth of NFTs traded in that time. 

The most sales volume was on Ethereum at almost $200 million, while Solana, Cardano, Immutable X and Polygon complete the top five as of 24 January.

Among the top 10, the WAX blockchain saw the most increase in NFT sales with 82%. Meanwhile, Solana and BNB Chain recorded the largest decline over the past week as NFT sales on these blockchains fell 20% and 33% respectively.

NFTs sales stood at $623,439,866 for the month, data from CryptoSlam showed ( as of 24 January 2023), with total NFT transactions year-to-date at nearly 4.2 million (it was 4.7 million for December 2022).

While there has been a slight decline in the metric compared to the previous week, the statistics suggest the NFTs market has seen trading volume and buyer participation swing alongside movements in the broader crypto market.

The post Over 340,000 NFT buyers hit the market amid last week’s crypto rally appeared first on CoinJournal.

• Solana is currently changing hands at $23.26, about 137% up year-to-date.
• The coin’s price plummeted after FTX fell in November, ending the year below $10.
• SOL price has soared amid positive sentiment, broader market rally and meme coin-driven interest.

Solana traded below $10.00 on the first day of 2023, having plummeted more than 73% in a massive dump following the collapse of the FTX cryptocurrency exchange.

As was the case, Solana is a blockchain project with ties to disgraced crypto figure Sam Bankman-Fried – the founder of FTX and Alameda Research. After both companies filed for bankruptcy and Bankman-Fried found himself in custody, the native Solana token SOL took a nosedive.

Solana’s SOL soars 137% year-to-date

Having ended 2022 at around $9.66, SOL price has seen impressive bullish action over the past two weeks. The token’s price has rebounded strongly to currently trade more than 62% in the past week, according to crypto market data aggregator CoinGecko.

For its YTD price, SOL is up more than 137%, trading at $23.26 across major exchanges on Monday, 16 January, 2023.

A turnaround for SOL comes on the back of positive sentiment from across the crypto, including last month’s optimistic outlook for the Solana ecosystem from Ethereum founder Vitalik Buterin. 

A rebound in decentralised finance (DeFi) and meme coin craze-related activity is also leading to more buy Solana market action. Another factor driving SOL price in recent days has been the broader enthusiasm in the market after what was typically a suffocating run at the backend of last year.

On 12 January, crypto markets platform Messari highlighted that Solana was far from “dead.” According to the firm, on-chain data showed both transaction volumes and active accounts on the Solana blockchain had surged to levels last seen before the FTX collapse.

Is @solana dead? Its fundamentals might say otherwise.

Transaction volumes and active accounts both spiked back to pre-FTX levels.

While tweets and meme coins may have been the cause for recent activity, it is difficult to pinpoint the FTX collapse by looking at these metrics. pic.twitter.com/hL05ixfLVw

— Messari (@MessariCrypto) January 12, 2023

As CoinJournal previously covered, some of the uptick in activity followed the launch of meme coin Bonk (BONK), with significant spike in interest in Solana after the cryptocurrency’s airdrop to the community.

The post Solana continues comeback with 137% YTD price surge appeared first on CoinJournal.

• Bonk token launched on December 25, 2022

• The cryptocurrency rose by four-digit percentages after the launch

• BONK price has cooled and trades on a descent and could claim lower levels

Crypto has always treated its fans with twists, turns, and surprises. The crypto community loves it this way, for it becomes a time to make quick bucks as the rest of the market sleeps. In 2022, we were treated to a wild launch of the ApeCoin. Before the dust settled, Optimism airdrop came with a thud! The year couldn’t end in a better way for crypto fans than it did with the Bonk token (BONK/USD).

If you are a fan of meme tokens, then BONK does not miss your watchlist after a heroic entry into the crypto space. Launched on December 25, 2022, BONK has been a sensation, jumping by four digits percentage in price. The token also dominated social trading platforms. Analysts credited the popularity of the newly dog-themed token to the Solana community. The former is based on the Solana network.

Nonetheless, if history is indeed a good teacher, then we should learn that the gains may not last forever. We have seen highly hyped launches boosting token prices, only for them to crash thereafter. BONK may not be an exception. As of press time, the meme cryptocurrency had lost at least 50% of its value from its all-time high. Typical of the phrase, if you didn’t board early, don’t do it now. Technical pointers show BONK could fall further.

BONK on a decline as price finds minor support

BONK/USDT Chart by TradingView

From the 4-hour chart outlook, BONK trades nervously at a support zone. The highs to the upside have been lower, coinciding with a declining price. Buy-side volumes have improved slightly at the support, but not sufficient to boost BONK’s price.

BONK price prediction

As the hype around the BONK launch dies, the price could continue falling. Investors may look at BONK as an overvalued asset. Profit-taking and panic selling may also be at play and force a bearish breakout. 

Where to buy BONK

The post BONK price action spells trouble after becoming an overnight crypto sensation appeared first on CoinJournal.

• XRP accumulation intensified in the first week of the year

• Investors bank on Ripple’s win against the SEC

• XRP has gained stability above $0.31, and the price could surge from here

If you have been following Ripple (XRP/USD), you already know its case with the SEC continues to be important. Investors have priced XRP depending on the direction of the case. However, the latest CoinShares report shows that institutional investors are banking heavily on a Ripple win.

According to CoinShares, the first week of 2023 saw $3 million in inflows into XRP. On the other hand, investors exited $6.5 million and $3 million from Bitcoin and Ethereum, respectively. This could be positive news as it shows how much trust the market has developed in XRP. According to CoinShares, the inflows reflected improved clarity on Ripple’s case with the SEC. But despite this positive development, XRP-associated investment products recorded $9.7 million worth of outflows.

From a fundamental perspective, we could argue that it is still a double-edged sword for XRP as the case drags on. There are positives to pick from the latest institutional inflow, with the settlement expected in the current first quarter. The technical outlook also supports a potential XRP accumulation of around $0.31.

XRP gains stability above support at $0.31

XRP/USD Chart by TradingView

A price outlook shows XRP is pushing higher after settling and consolidating above $0.31. The momentum has improved but remains weak. The MACD indicator is yet to cross above the neutral zone.

However, the volume indicators would be a little bit exciting. A spike in buy-side volumes suggests that buying is ongoing for XRP above $0.31. The previous bullish pin bar acts as the buffer against the bear pressure for XRP.

Will XRP become bullish?

XRP has a chance to become bullish if the price holds steady at the current level. The upside is likely to continue in the short and medium term to the $0.4 resistance. The ongoing case with the SEC will determine if XRP price sustains the recoveries.

Where to buy XRP

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy XRP with eToro today Disclaimer

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy XRP with OKX today Disclaimer

The post XRP witnessing increased institutional inflows. Here is the most important level now appeared first on CoinJournal.

• Ethereum recovered by more than 4% on Monday

• The cryptocurrency has maintained an uptrend

• A break above $1,250 sets ETH to $16,000 with short-term corrections at $1,350 and $1,450

Relief rallies are here, and even before we go further, Ethereum (ETH/USD) is back above $1,300. To a crypto native, this price level should inform you that Ethereum has overcome a resistance hurdle at $1,250. We have seen it happen before, cryptocurrencies breaking key levels and crashing below them afterward. That’s when you recognise how volatile digital assets are. But of course, you do not want to miss on slight opportunities as they emerge, and Ethereum could be one of them.

Trading up 4.66% as of press time, Ethereum was again showing why investors should never lose hope. Ethereum has been regarded as the home of decentralised finance and non-fungible tokens. Analysts expect these two nascent sectors to continue growing despite getting it rough in 2022. So, timing your investment in Ethereum is all you need, both short and long-term. But is the recent rally an indication of the start of a bullish market?

We would be too cautious about calling a bullish market for Ethereum and any other crypto now. However, as ETH price action shows, $16,000 could be the inevitable target only if…

Ethereum price outlook and analysis

ETH/USD Chart by TradingView

Ethereum’s price outlook shows it has overcome resistance at $1,250. The momentum has increased significantly since the breakout. The moving averages now support the price, with the 20-day MA attempting to close above the 50-day MA. Ethereum has maintained movement above the short-term ascending trendline and trades with higher highs and higher lows.

What next for ETH?

Ethereum price is set for the $1,350 level in the current bullish run. A break above this zone will see buyers target $1,450 next. Still, we set a price target at or above $1,600, the established resistance. For ETH to hit the price level, bulls must keep price above the ascending trendline and moving averages. However, short-term corrections are expected at the near-term resistances of $1,350 and $1,450.

Where to buy ETH

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy ETH with eToro today Disclaimer

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy ETH with OKX today Disclaimer

The post Ethereum price heading to $16,000? What could happen next appeared first on CoinJournal.