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After hitting the $100,000 milestone, Bitcoin suffered a sudden price crash on Friday resulting in an estimated price loss of 7%. During this decline, the asset’s perpetual funding rates in the derivative markets took a hit. However, traders may yet retain enough leverage to strongly influence price volatility.
Bitcoin Short-Term Outlook Uncertain Due To Heightened Leverage
In an X post on December 6, blockchain analytics firm Glassnode expressed that Bitcoin’s perpetual funding rate may hold significant implications for the asset’s short-term price.
For context, perpetual funding rates are periodic payments made between traders in the perpetual futures market to ensure the contract price aligns with the spot price of Bitcoin. Positive funding rates indicate that long positions are paying shorts, which is bullish while negative funding rates represent the vice versa.
According to Glassnode, BTC’s perpetual funding rates initially showed signs of stabilization on its weekly frame amidst speculative demand. However, the asset’s surge to $100,000 on Thursday driven by increased market leverage saw these funding rates rise by 3.6x their weekly average.
Notably, Bitcoin’s perpetual funding rate hit a peak of 0.062, representing its highest value since April. Importantly, the analytics team at Glassnode notes that this rate spike suggests significant influence by the derivative market on Bitcoin’s ascent above $100,000.
However, Bitcoin’s flash price resulted in a major decline in its funding rates slightly above 0.024. Despite this fall, Glassnode states these rates are still relatively high compared to earlier this week, indicating the Bitcoin market still contains a significant level of leveraged positions.
This residual leverage in the market indicates a strong potential for increased price volatility. Therefore, Bitcoin’s price movement in the coming days appears unclear as a reversal on either side could trigger a significant level of liquidation, inducing a cascading effect.
STH Cost Basis Points To $112,000 Price Target
In other news, renowned analyst Ali Martinez has posted a Bitcoin price prediction based on the asset’s short-term holder (STH) cost basis i.e. the average price at which those who typically acquired BTC over the last 155 days. It indicates a break-even level for these investors.
According to Martinez, the STH behavior indicates that Bitcoin would reach a local top or $112,926 price based on a +1 standard deviation that adjusts the level of STH cost basis upward to account for price volatility and behavioral trends.
At press time, Bitcoin trades at $100,137 after its recovery from Friday’s crash faced a rejection at $102,000. Meanwhile, the asset’s trading volume is down by 42.46% and valued at $89.12 billion.
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TLDR
- Investors are impressed with Beam’s February recovery.
- Chiliz (CHZ) has also jumped to the $0.10 range.
- NuggetRush (NUGX) has sold nearly 200 million tokens as its presale glory continues.
Beam has launched its bridge to Ethereum. Paris Saint Germain (PSG) has joined Chiliz as a validator.
NuggetRush (NUGX) has also gone a step closer towards launching its mining game after selling over 199 million tokens. Its mining adventures will offer gold rewards to gamers once it goes live. Yet, can NUGX join the best cryptocurrency investments of 2024? Let’s discuss.
BeamPrivacy Records February Surge
Beam has enjoyed increased investor sentiment in mid-February, continuing its late 2023 surge. Like many top altcoins that rallied at the end of 2023, Beam recorded a price decline in January.
However, Beam has now recovered amid increased interest in its privacy tokens. BEAM traded at $0.09929 on January 15. It jumped by 3.9% to $0.1032 on February 9. BEAM fell by 5.4% to $0.09756 on February 12 before jumping by 14.5% to $0.1118 on February 23.
Analysts expect a jump in Beam’s services following the launch of its bridge to the Ethereum ecosystem. The bridge would enable smooth cross-chain transactions between both networks.
Furthermore, demand for privacy coins is rising, as evidenced by Litecoin’s launch of Mimblewimble. Such demand could increase FOMO around BEAM, potentially pushing its price up by 34.9% to $0.1509.
Chiliz Partners with PSG Soccer Team
Chiliz (CHZ) has announced that Paris Saint-Germain (PSG), a French soccer club, would join its network. PSG would become a validator on the Chiliz chain. Furthermore, PSG announced that it would spend its revenue from validating Chiliz on buying fan tokens. The move represents Chiliz’s (CHZ) plans for network expansion.
The excitement around the news could boost CHZ’s recent performance. CHZ traded at $0.07759 on January 8. Over two weeks later, CHZ jumped by 38.9% to $0.1078 on January 25. CHZ fell by 7.9% to $0.09923 on February 5 before a 27.1% increase to $0.1262.
Chiliz (CHZ) could jump further due to plans for its Tokenomics 2.0 model. The upgraded tokenomics model would include a gradual decline in its annual inflation rate and a perpetual token burn mechanism.
Increased token burns could boost demand for Chiliz, thus pushing CHZ’s value up by 23.2% to $0.1555. Furthermore, such price increase would boost its standing among other altcoins.
Experts Reveal Bewilderment as NuggetRush’s Presale Reaches New Highs
NuggetRush’s (NUGX) combination of valuable gaming rewards and challenging mining experiences will soon be available for crypto gamers. When it launches, gamers will easily set up mining gigs in its ecosystem, earning high-value rewards.
A key aspect of the gameplay on NuggetRush (NUGX) is equipping yourself to have a mining operation. This involves the purchase of machinery and workers from the game’s marketplace. Skillful selection of game assets is necessary. Characters possess different levels of skill, luck, and rarity.
NuggetRush’s (NUGX) NFT assets are also part of the valuable financial collectibles in the game. You can sell your NFT avatars to other gamers, earning money for your game collectibles. Players can also reap up to 20% APY if they stake their NuggetRush (NUGX) NFTs for a fixed period.
NuggetRush (NUGX) could be about to eclipse many other gaming altcoins. Its blockchain ICO has sold nearly 200 million NUGX tokens despite being less than two months away from the project’s official launch. Decentralized exchanges will list NUGX after a value pump to $0.020, a 5.2% increase from its current value of $0.019.
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Crypto News: Just as the XRP price briefly broke the $0.56 level, lawyer John Deaton said this level would be key depending on the Summary Judgement in the SEC lawsuit. The XRP token price has been on the rise in the last one week, despite a correction in the crypto market as Bitcoin price adjusted to the Binance CFTC lawsuit news. Meanwhile, Bitcoin (BTC) had on Wednesday recovered the $28,500 level. This is because of anticipation of the lawsuit verdict as soon as this week or the following week.
Also Read: Crypto Twitter, CEO “CZ” Refutes China-Binance Link After US CFTC Suit
XRP Lawyer: Ripple To Appeal If SEC Wins
XRP lawyer John Deaton said Ripple would appeal the verdict if the U.S. Securities and Exchange Commission (SEC) wins the case. He said XRP has the most attractive risk to reward ratio among all altcoins. The token took an impressive 23% jump compared to a week ago. CoinGape earlier reported that a bullish breakout from the $0.55 resistance to $0.57 set the XRP price for a potential 40% rally. Similarly, Deaton wondered what could be the upside to the token’s price if it Ripple wins the lawsuit.
“If the SEC wins, what’s the downside from .45 (Same applies at .56)? Ripple appeals and we get the status quo. Ripple wins and its made clear XRP isn’t a security?”
After breaching the resistance, the token’s next resistance level stands at $0.65 and $0.72. But, the crypto market could on the whole could benefit on a wider level of Ripple defeats the SEC, which accused the company of selling unregistered securities.
Also Read: Australia Introduces Crypto Market Regulation Bill In Parliament
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.