With the crypto sentiment dial hitting “extreme fear” once again, uncertainty reigns for BTC, ETH and others as we stumble towards the end of the week.
At least Evmos (EVMOS) is still standing. More on that, below.
But if you’re a cryptocurrency investor and you’re listening to too much noise on Twitter and other areas of social media right now, it may not necessarily be as extremely fearful as the market leading sentiment tracker thinks you are…
…although, however, you may be sitting uncomfortably on the fence about the direction things will take…
The case of the bears
First off, given the previous forehead rub sentiment, here are two of the bearish themes we are hearing about, as is usual with Bitcoin being used as a broad and broad crypto market benchmark:
• Low volume price action, a favorite metric for bear traders. This one seems pretty consistent at the moment. Right, Roman Trading?
— Roman (@Roman_Trading) August 24, 2022
• The Bitcoin Triple MVRV tape. This fantastic and technically analytical metric is made up of three moving averages: 10, 15 and 20 days, which are used to get an idea of the predicted average price of BTC based on recent historical data.
If you’re interested, CryptoQuant can walk you through it in more detail, but the TLDR in it is the indicator you’re about to cross and, a bit like in Ghostbusters with his crossover schtick, that’s not a good sign anytime soon.
This event has previously suggested an average 30% decline, which, in this case, would drop BTC well below US$20k again.
But… now to the bulls
• Now, yesterday we actually pointed to those who are viewing MVRV performance more generally as a potentially bullish/bottoming signal, putting Bitcoin in a “generational buy zone”. So… it just goes to show that it’s all about perspective, really.
Maybe you’d better put some random prices on a board, have a few drinks, and throw some darts with your underdog.
• But those looking for upside potential have also been highlighting another indicator that, if you were to completely ignore macro events (which you probably shouldn’t) would also normally signal an outright buy. And that one, devised by the American cryptanalyst Charles Edwards, is known as the Bitcoin Hash Ribbon Buy Signal, which was activated a few days ago.
Hash Ribbon buy signal!
the #bitcoin The mining capitulation has officially ended today, making it the third longest capitulation in history at 71 days.
This capitulation zone was longer than 2021, and only two days shorter than 2018, where the price reached $3.1K pic.twitter.com/B3mMhKQPls
— Charles Edwards (@caprioleio) August 20, 2022
NewsBTC.com covers it well here, but the bottom line is… this “hash rate” metric indicates that Bitcoin miners have reached the end of their capitulation liquidation phase, which has likely contributed greatly to the asset’s recent price declines and prolonged suppression.
It seems that the markets are more eager to break up (crypto) than down.
Consolidation is happening, while some #altcoins they are already coming out of that construction.
— Michael van de Poppe (@CryptoMichNL) August 24, 2022
On daily price action…
Top 10 Summary
With the total crypto market capitalization at $1.08 trillion and up around 0.4% since yesterday, this is the current state of the top 10 tokens, according to CoinGecko.
Once again, the majors seem to be in a holding pattern right now. It’s almost as if everyone is waiting to hear what a neatly groomed guy in a suit and tie is going to say on Friday or Saturday in Wyoming, America’s Jackson Hole.
Wait though, here’s something else for BTC price bulls…
Historically, panic selling at a loss and low profit-taking heralded a rise in the price of #bitcoin
let’s see what happens this time pic.twitter.com/rzvM0YmGps
– whale map (@whale_map) August 24, 2022
The merger is coming…
Here are the best dashboards to follow the action 🍿
— Dune (@DuneAnalytics) August 23, 2022
Stimulants and tranquilizers: 11–100
Sweeping a market cap range from around US$8.8 billion to around US$459 million across the rest of the top 100, let’s find some of the biggest 24-hour winners and losers at press time. (Statistics accurate at time of publication, based on data from CoinGecko.com).
• evmos (EVMOS), (market capitalization: US$751 million) +31%
• Decred (DCR), (mc: US$510 million) +12%
• Cosmos Center (ATOM), (mc: US$3.8 billion) +9%
• Helium (HNT), (mc: US$905 million) +7%
• classic ethereal (FTE), (mc: US$4.9 billion) +6%
Evmos, the first EVM/Ethereum compatible chain built on top of Cosmos, is the clear market winner among the top 100 cryptos today.
It has been buzzing lately with news of an imminent network upgrade that will give it a new transaction fee model inspired by Ethereum’s EIP-1559 token.
This will see half of all transaction fees being paid to dApp developers that build on Evmos, with the rest going to validators that secure the Evmos blockchain.
🔥 $EVMOS IT’S EVOLVING, THE DAPP STORE IS HERE!
The network will update to v8.0.0 in 6 days and will implement the 𝐟𝐞𝐞𝐬𝐩𝐥𝐢𝐭 module and the 𝐃𝐚𝐩𝐩 𝐒𝐭𝐨𝐫𝐞 – a game changer! 🤯
Everything you need to know in this thread 👇 pic.twitter.com/Q2Ymsj9I1K
— Swiss Staking AG (@swiss_staking) August 23, 2022
• Celsius (CEL), (market capitalization: US$577 million) -17%
• Chili (CHZ), (mc: US$1.3 billion) -3%
• eos (EOS), (mc: US$1.72 billion) -3%
• TRON (TRON), (mc: US$6 billion) -1%
• String (XCN), (mc: US$1.8 billion) -1%
around the blocks
A selection of randomness and relevance that stuck with us on our morning moves through the Crypto Twitterverse…
💥 LAST MINUTE: #bitcoin is a leading indicator and may be maturing into a global guarantee – Bloomberg Intelligence
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) August 24, 2022
The IRS investigating all my crypto transactions: pic.twitter.com/HSHrZ0Reyb
— theweeknd.eth (@LilMoonLambo) August 24, 2022
Did someone say Stimiez? Everyone knows what this means… https://t.co/NVTfoq360L
—Arthur Hayes (@CryptoHayes) August 24, 2022
And completely oblivious to all of this…although cryptocurrencies are sometimes referred to as “magic internet money”…
“Fuck off my house.”
DAVID BLAINE scares HARRISON FORD in his own kitchen.
—Michael Warburton (@MichaelWarbur17) August 23, 2022