Tag: Surges

Market Watch: Ripple (XRP) Surges 30% as Bitcoin Neared $38K

by CryptoPotato

Another day and another all-time high of bitcoin – this time, the cryptocurrency came just inches away from $38,000. The entire market also broke down a significant milestone by reaching $1T following impressive double-digit gains from Ripple, Chainlink, Cardano, Stellar, and more.

Bitcoin’s Latest ATH Nears $38K

It’s safe to say that BTC entered the new year with a bang. Apart from a brief slide beneath $28,000 in which the cryptocurrency filled a gap left opened on CME, bitcoin has been on a roll, tearing down record after record.

In the past 24 hours, the asset continued upwards and broke into uncharted territory once more. After enduring high volatility that drove it below $34,000, BTC initiated an impressive leg up that resulted in the latest all-time high – above $37,800.

Despite retracing slightly since then, bitcoin still trades north of $37,000.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Data from Santiment indicated that BTC’s surge to new highs had changed people’s opinion who are now “pumping the buy narrative,” while just yesterday, the number of “sell calls” dominated the social circles.

Crypto Crowds Buy Vs. Sell Sentiment. Source: Santiment
Crypto Crowds Buy Vs. Sell Sentiment. Source: Santiment

$1T Market Cap As Alts Explode

CryptoPotato reported yesterday yet another massive milestone reached by all cryptocurrency assets – the market capitalization breaking above $1 trillion for the first time.

This became possible as multiple altcoins mimicked BTC’s impressive performance as of late with notable gains. On a 24-hour scale, Ethereum has jumped by 7% to $1,120, Binance Coin (6%) to $44, Polkadot (2%) to $10, Litecoin (3.5%) to $168, and Bitcoin Cash (5.5%) to $450.

However, there’re even more remarkable gainers from the top ten, including the newest entrée – XLM.

Stellar has doubled-down on its recent bull run. XLM has surged by 60% since yesterday and 190% in a week to $0.36. This comes as the Foundation partnered with the Ukrainian government to develop a CBDC.

Ripple has surged by 30% to $0.30. Cardano’s 21% increase to $0.34 has helped ADA to overtake BCH in terms of market cap. Chainlink has added 16% and trades near $17.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

More gains are evident from Matic Network (23%), Kyber Network (23%), Decentraland (23%), NEM (22%), Siacoin (22%), Augur (20%), Qtum (17%), and more.

The rising altcoins have reduced BTC’s dominance to 68.3% from yesterday’s high at 69.5%.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.




Cryptocurrency charts by TradingView.





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Polkadot (DOT) Surges 60% Weekly as Binance Announced a $10M Support Fund

by CryptoPotato

The price of the Polkadot token (DOT) has skyrocketed by about 60% in a week to a new yearly high of $7.7. This development coincided with positive news from Binance as the leading crypto exchange announced a $10 million fund to support projects within the Polkadot ecosystem.

Binance’s $10M Fund For Polkadot

Launched via an ICO in 2017, Polkadot’s network allows interoperability and scalability for all protocols that employ it. The project’s popularity has skyrocketed since mid-2020 after several developments, including an entry in the DeFi field.

The Malta-based digital asset exchange Binance announced last week establishing a $10 million fund to “empower innovative projects to be built around the Polkadot ecosystem.”

Binance will also provide more of its resources to projects employing the Polkadot network. Namely, those are – media distribution, knowledge sharing, financing and financial management, derivatives, and access to millions of customers.

The exchange will prioritize the review of so-called “high-quality” Polkadot projects for the Binance Launchpool and Binance Launchpad platforms.

Binance also listed the selection criteria that DeFi protocols have to meet when submitting their proposals to take advantage of the fund.

These include “relatively maturity” of project development, readiness for large-scale adoption, a strong and committed team, and the potential to benefit the growth of the broader cryptocurrency ecosystem.

Binance’s endorsement included the listing of the recently launched Reef Finance project on its platform, which is built on the Polkadot blockchain.

DOT’s Involvement And Price Surge

Apart from setting up the $10 million fund, Binance added Polkadot’s native cryptocurrency (DOT) to the Launchpad token session and Launchpool pools. The popular exchange also briefly inserted the trading pair DOT/BUSD on the home page of its applications.

It seems that the fund’s announcement had a massive positive impact on the price of DOT. The token traded at $4.85 on December 23rd (the day Binance established the fund). In the following seven days, DOT has skyrocketed by about 60% to its new yearly high value of $7.68 registered earlier today.

DOT/USD. Source: TradingView
DOT/USD. Source: TradingView

It’s worth mentioning that Polkadot completed a DOT redenomination by a factor of 100 in August this year. This meant that for every one DOT token users held at the time, they received 100 new DOT coins.

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Charted: Polkadot (DOT) Surges 15%, Why Rally Isn’t Over Yet

by NEWSBTC

Polkadot’s DOT started a strong surge after it broke the $5.40 resistance against the US Dollar. It is up over 20% this week, and it even rallied above $7.00.

  • DOT gained pace above the $5.40 and $6.00 levels to start a fresh increase against the US dollar.

  • The price is now trading well above $7.00 and the 100 simple moving average (4-hours).

  • There was a break above a major bearish trend line with resistance near $5.40 on the 4-hours chart of the DOT/USD pair (data source from Kraken).

  • The pair traded as high as $7.68 and it is currently correcting lower.

Polkadot’s DOT Rallies Significantly

This week, DOT formed a strong support base above the $5.00 level. It started a steady increase and broke a couple of important hurdles near $5.40 to move into a bullish zone.

It even settled above the $5.50 level and 100 simple moving average (4-hours). More importantly, there was a break above a major bearish trend line with resistance near $5.40 on the 4-hours chart of the DOT/USD pair.

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There was a sharp upward move above the $6.00 and $7.00 levels. The price traded to a new monthly high above $7.50 at $7.68, and it outperformed bitcoin and ETH. It is currently correcting lower and trading below $7.50. It already tested the 23.6% Fib retracement level of the recent increase from the $6.25 swing low to $7.68 high.

Polkadot (DOT)

Polkadot (DOT)


The first major support on the downside is near the $7.00 zone. It is also close to the 50% Fib retracement level of the recent increase from the $6.25 swing low to $7.68 high.

On the upside, the $7.50 and $7.65 levels are important hurdles. A clear break above the $7.65 level could open the doors for a steady increase in the coming days towards $8.00 or $8.20.

Dips Supported?

If DOT price starts a downside correction below $7.20, it could find a strong buying interest near the $7.00 and $6.95 levels in the near term.

The next major support is near the $6.70 level (a multi-touch zone) and the recent breakout zone. Any more losses might call for a test of the $6.25 support zone.

Technical Indicators

4-Hours MACD – The MACD for DOT/USD is gaining momentum in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is now well above the 60 level.

Major Support Levels – $7.20, $7.00 and $6.95.

Major Resistance Levels – $7.50, $7.65 and $8.00.

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SushiSwap (SUSHI) Surges 35% Amid Yearn.finance (YFI) “Merger”

by NEWSBTC
SushiSwap’s native token, SUSHI, is in the midst of undergoing a massive surge higher. The coin is up 35% in the past 24 hours according to top data sources in the space such as CoinGecko. This performance makes it the best performing digital asset of the past 24 hours, strongly outperforming Bitcoin and Ethereum. BTC […]

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Bitcoin (BTC) $ 27,792.45 1.26%
Ethereum (ETH) $ 1,649.04 0.55%
Litecoin (LTC) $ 64.47 1.68%
Bitcoin Cash (BCH) $ 233.71 1.64%