With the crypto sentiment dial hitting “extreme fear” once again, uncertainty reigns for BTC, ETH and others as we wobble towards the end of the week.
At least Evmos (EVMOS) is still on a tear. More on that one, further below.
But if you’re a crypto investor and listening a bit too hard to the noise on Twitter and other areas of social media at the moment, you might not necessarily be as extremely fearful as the market’s leading sentiment tracker thinks you are …
… though you might nevertheless be sitting uncomfortably on the fence about which way things are about to turn …
The case for the bears
Firstly then, given the forehead-dabbing sentiment above, here are two of the bearish themes we’re hearing all about – as usual with Bitcoin used as a broad, sweeping, crypto-market benchmark:
PRICE action with low volume, one of the bearish traders’ favourite “told you so” metrics. This one seems pretty consistent right now. Right, Roman Trading?
BITCOIN’S Triple MVRV ribbon. This technically analytical-tastic metric is comprised of three moving averages – the 10-day, 15-day and 20-day, used for getting a sense of the predictive average BTC price based on recent historical data.
If you’re interested, CryptoQuant can steer you through it in more detail, but the TLDR on it is the indicator is on the verge of crossing over and, a bit like in Ghostbusters with their crossing-streams schtick, that ain’t a particularly good sign in the short term.
This event has previously suggested an average decline of 30%, which, in this case, would plummet BTC well below US$20k again.
But … now for the bulls
NOW, we did yesterday actually point to those who are seeing the performance of the MVRV more generally as a potentially bullish/bottoming out signal, placing Bitcoin in a “generational buy zone”. So … it just goes to show, it’s all about perspective, really.
Maybe you’re better off sticking some random prices on a board, having a few drinks and throwing some darts with your less-favoured hand. But …
THOSE looking for potential upside have also been highlighting another indicator that, if you were to completely ignore macro events (which you really, probably shouldn’t) would also normally indicate a screaming buy. And that one, devised by US crypto analyst Charles Edwards, is referred to as the Bitcoin Hash Ribbon Buy Signal, which triggered a few days ago.
NewsBTC.com covers it well here but the takeaway is … this “hashrate” metric is indicating Bitcoin miners have come to the end of their capitulation sell-off phase, which has likely hugely contributed to the asset’s recent price dumps and extended suppression.
On to some daily price action …
Top 10 overview
With the overall crypto market cap at US$1.08 trillion and up about 0.4% since yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.
Again, the majors seem in a holding pattern right now. It’s almost as if everyone’s waiting to hear what one neatly groomed bloke in a suit and tie is going to say on Friday or Saturday during a symposium in Wyoming, called Jackson Hole.
Hang on, here’s something else for BTC price optimists, though …
And Ethereum fans, don’t forget … “The Merge is coming” …
Uppers and downers: 11–100
Sweeping a market-cap range of about US$8.8 billion to about US$459 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)
• Evmos (EVMOS), (market cap: US$751 million) +31%
• Decred (DCR), (mc: US$510 million) +12%
• Cosmos Hub (ATOM), (mc: US$3.8 billion) +9%
• Helium (HNT), (mc: US$905 million) +7%
• Ethereum Classic (ETC), (mc: US$4.9 billion) +6%
Evmos, the first EVM/Ethereum-compatible chain built on Cosmos, is the clear market winner in the top 100 or so cryptos today.
It’s been pumping lately on the news of an impending network upgrade that will give it a new transaction-fee model inspired by Ethereum’s token-burning EIP-1559.
This will see half of all transaction fees paid to dApp developers building on Evmos, with the remainder going to validators securing the Evmos blockchain.
• Celsius (CEL), (market cap: US$577 million) -17%
• Chiliz (CHZ), (mc: US$1.3 billion) -3%
• EOS (EOS), (mc: US$1.72 billion) -3%
• TRON (TRON), (mc: US$6 billion) -1%
• Chain (XCN), (mc: US$1.8 billion) -1%
Around the blocks
A selection of randomness and pertinence that stuck with us on our morning moves through the Crypto Twitterverse …
And completely unrelated to any of all this … although crypto is sometimes referred to as “magic internet money” …
Mooners and Shakers is sponsored by Dacxi, the world’s first purpose-built Crypto Wealth platform.
This content first appeared on stockhead.com.au
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Originally published as Mooners and Shakers: Crypto sentiment dips back to extreme fear; Evmos soars