Kategorie: Altcoin News

• The MVRV metric suggests most altcoins are underbought and present a buying opportunity.
• A new leg down could however push some of the tokens into a danger zone.
• Crypto prices have decline alongside weaknesses stocks.

The total cryptocurrency market cap is down 1.7% at the time of writing as the broader crypto market battles yet another bout of heavy losses.

Bitcoin price fell below $21,700 again while Ethereum traded to lows of $1,530 on Thursday, with the leading crypto assets continuing the weakness we highlighted on 8 March. 

Santiment data signals “time to buy altcoins”

According to analysts at market intelligence firm Santiment, the “heavy bleeding” witnessed across the crypto market this week has many altcoins flashing buy signals. Many of the altcoins suggest an underbought outlook as traders realize losses, the firm noted in a tweet posted early Thursday.

One indicator pointing to current price levels as opportune buying zones is the Market Value Realized Value (MVRV) ratio. While prices could still fall, Santiment suggests most altcoins are trending in an opportunity zone where prices are likely to rebound higher.

Notably though, the market could still see a new leg down, pushing some of the coins into the danger zone.

“If you have been awaiting the time to buy altcoins when there is blood in the streets, our MVRV model indicates that this time has arrived. Prices can of course still fall further, but this is the most crypto assets have been in opportunity zones since early January” Santiment tweeted.

🤠📊 If you have been awaiting the time to buy #altcoins when there is blood in the streets, our MVRV model indicates that this time has arrived. Prices can of course still fall further, but this is the most #crypto assets have been in opportunity zones since early January. pic.twitter.com/LoM4ooiGUU

— Santiment (@santimentfeed) March 9, 2023

As CoinJournal reported earlier this week, the downside followed more negative news around crypto bank Silvergate and this week’s economic commentary from Fed Chair Jerome Powell.

In particular, the Fed’s hawkish outlook has the market anxious and that was visible as stocks also fell on Wednesday.

The post “Blood in the streets?” On-chain metric suggests it’s time to buy appeared first on CoinJournal.

• Sentiment is bullish for Syntropy ahead of its public network launch.

Cryptocurrencies are looking to end January on a winning note, with most digital assets rocking huge gains in a month that saw Bitcoin break above $23,000.

On 31 July, the total crypto market capitalization was above $1 trillion, helped by Bitcoin’s market cap rising to $446 billion to account for a market dominance of 40.9%. A similar upside trend has been observed across altcoins, led by Ethereum’s breakout from lows of $1,200 at the beginning of the month.

Analyst says NOIA could do another 2x

Perhaps notable is the bullish sentiment for Syntropy that has been increasing since the team updated the token’s circulating supply schedule and as the platform edges closer to its public launch.

Less than a week until our important launch 👀

With the public network launch and revised @SyntropyStack website, we will reveal a completely new Syntropy Knowledge Hub designed for novice and experienced individuals to learn everything about #Syntropy and $NOIA in one place. pic.twitter.com/AfGS5jrfIP

— Syntropy (@Syntropynet) January 31, 2023

While tokens like Aptos and dYdX continue to outperform, crypto analyst Rekt Capital is pointing to one other coin that could benefit from the recent bull run.

According to the crypto trader, Syntropy (NOIA) is likely to do a 2x if it holds a crucial price level on the monthly close. In a tweet early Tuesday, the highly respected analyst noted that NOIA’s 168% rally from its lows in December has the Syntropy token at a crucial area.

“NOIA enjoyed a +168% rally from December’s lows & is now approaching a crucial area. If NOIA is able to turn the green box top (~$0.068) into support on Monthly Close, Syntropy could be well-positioned for another 2x rally,” he suggested.

Syntropy (NOIA) price prediction chart. Source: Rekt Capital on Twitter.If bulls hold the highlighted price zone ($0.068), Rekt Capital sees a 135% or more rally towards $0.15. That could open up the NOIA price for a potential retest of its all-time high price near $0.20. However, a negative flip could see bears push for $0.030 or even target $0.020.

The Syntropy token was changing hands around $0.065 early afternoon on Tuesday, up 2.3% in the past 24 hours and 32% higher this past week.

The post Syntropy (NOIA) price: Analyst shares outlook after token gains 168% appeared first on CoinJournal.

• 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.