Euphoria News

Cardano's euphoric run continues, but the local peak has been reached

Data shows that Bitcoin investors are showing a high amount of hype around the break above $30,000, something that may end up backfiring. Bitcoin Investors Are Showing High Levels Of Euphoria Currently According to data from the on-chain analytics firm Santiment, euphoria in the market is currently significantly more than what was observed following the break above the $25,000 level last month. The indicator of interest here is the “Social Volume,” which tells us about the degree of discussion that’s taking place around a specific topic (like Bitcoin or the cryptocurrency market in general). This metric makes this measurement by counting the total number of social media text documents that mention the given keyword. The social media text documents here refer to a collection of data sourced from social media websites like Twitter, Reddit, and Telegram. Related Reading: Chainlink Investors Show Pessimism, Break Incoming? Something to note about the indicator is that it doesn’t measure how many mentions the term is getting on social media, but rather how many of the text documents contain it at least once. For example, if a Reddit thread mentions “Bitcoin” five times, the post will still only contribute one unit towards BTC’s Social Volume. Now, here is a chart that shows the trend in the Social Volume for the cryptocurrency market specifically filtered for terms related to Bitcoin’s break above the $30,000 level: The value of the metric seems to have been quite high over the past day | Source: Santiment on Twitter As shown in the above graph, to get only the Social Volume for discussions related to the Bitcoin price breakout, these terms have been chosen by the analytics firm: $30k, 30k, $30,000, and 30,000. It looks like the indicator’s value has seen a massive spike for these terms during the last day. This obviously makes sense, as any sudden price movements such as the one being seen now generally get the asset under the spotlight, and with such attention naturally follow discussions on social media. Related Reading: How To Trade Bitcoin Ahead Of Tomorrow’s CPI Release? Analysts Weigh In The scale of the spike, however, is still extraordinarily large here and shows how hyped investors are about this rally. In the chart, Santiment has also displayed the Social Volume for $25,000-related terms, to showcase how the current spike compares with the earlier break above that level. It’s clearly visible that the Social Volume spike seen during the surge above $25,000 last month was quite a bit smaller than the one observed this time. Back then, the price continued to rise beyond the level for a while, but it eventually hit a local top and tumbled back down. Such a high amount of hype is usually a sign that euphoria is building up among the investors, which is something that has historically led to the cryptocurrency observing a pullback. As euphoria could be hitting the market once again right now, it’s possible that the coin may see a retreat below the $30,000 mark. However, a pullback, if one happens, doesn’t necessarily have to last for too long, as BTC was able to bounce back from the $25,000 hype top quickly enough. BTC Price At the time of writing, Bitcoin is trading around $30,100, up 7% in the last week. Looks like the value of the asset has rapidly risen today | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net

Bitcoin began the week climbing to its highest level in 2023. Against all odds, the largest cryptocurrency on the market reclaimed the $25,000 level for the first time since August 2022, only to be rejected hours after reaching the milestone. What looked like a full-throttle run to $27,000 has turned into fear. Coinglass data shows that investors experienced Fear of Missing Out (FOMO) liquidations in the last 24 hours, with $69 million liquidated in Bitcoin alone. Related Reading: Dogecoin Down 3%, Here’s The Metric That Signaled This Decline In Advance Can Bitcoin Continue Its Bull Run And Reach New Yearly Highs? With the Federal Reserve’s (Fed) efforts to control the pace of inflation not entirely successful, its policies could lead to another 50 basis points (bps) interest rate hikes and an extended period of the hawkish policy, which would hurt the crypto market. This could freeze Bitcoin’s uptrend price action and form a range at the $23,500 support line or a significant drop down to the $19,000 support for a retest of the level. Bitcoin is consolidating at the $23,500 level, representing a 2.5% drop in price over the past 24 hours. However, Bitcoin has remained in the green over the last seven days, with a gain of 9.2% after the recent spike to $25,000. The billionaire and Co-founder of the Gemini exchange Cameron Winklevoss, addressed the recent Bitcoin price performance and the spike to $25,000, well above the levels last seen when FTX collapsed. For Winklevoss, this signals that the crypto industry has moved beyond the painful chapter of the 2022 bear market and that the crypto space will “not be defined by it.” What Has Caused the Spike In The BTC Price? The recently increased Securities Exchange Commission (SEC) regulatory actions towards the crypto industry and the exchanges providing services in the U.S. jurisdiction caused capital to flee from the stablecoins into the top cryptocurrencies in the market. According to Bitazu Capital Co-founder Mohit Sorout, Bitcoin has triggered the Dollar Cost Average (DCA) indicator, which measures the performance of Bitcoin when investing on a dollar-cost averaging basis. Sorout states that this indicator has only flashed three times in the BTC market’s history. Each time this indicator signal flashed, the price of Bitcoin displayed massive rallies. In 2015, the price of Bitcoin jumped 7400%, in 2019 to 160%, and the last time this indicator flashed, the price of Bitcoin reached its new all-time high of $69,000 with a 640% rally. February 16 marked the 4th time this indicator signaled a possible start of a newly formed bull market. Some investors attribute the recent rally to a “short squeeze” and the fact that investors are regaining confidence in the crypto industry and the opportunities to make profits amid the current macroeconomic conditions. Related Reading: Bitcoin Price Gets Rejected At $25,000, But Is This The End? Bitcoin is trading at $23,800 at press time, testing the $23,500 support line; if it holds, the price action can retest the resistance level at $25,000. Despite the challenges the crypto industry has been experiencing, investors seem optimistic and hungry to gain exposure to risk assets. Featured Image from Unsplash, chart from TradingView.

The post XRP Whales Spark Euphoria with Millions in Shuffling appeared first on Coinpedia Fintech News Given the recent flurry of intraday whale moves, XRP whale activity is still showing little signs of calming down. At the moment when XRP is struggling to maintain a secure position above the $0.40 region, this wave of whale trades has taken place. Due to the ongoing legal dispute between Ripple and the United States …