Connect with us

Crptocurrency

BLUR Jumps 21%, Its Trigger Might Surprise You

Published

on

[ad_1]

BLUR, the original asset of the Non-Fungible Token (NFT) marketplace, is currently the clear market leader in the altcoin market. The token has risen by 21.77% in the last 24 hours to $0.3661, reaching its highest level in a month. According to CoinMarketCap, the latest rise comes in addition to the token’s monthly gain of 116%. 

Blur Price Chart | Source: Coinstats

 

Despite the fervent rise in the price of BLUR, one thing sticks out: the lack of an immediate substantial upgrade that is fueling the buying frenzy that has pushed it trading volume to $526,150,093, up 386% overnight. Given the hazy outlook of its main competition, OpenSea, this lends credence to the idea that buyers are enthusiastic. 

One of the most recent signals of trouble for OpenSea is the layoff of 50% of its workers as it seeks ways to preserve its traction. With general NFT trade volume declining, many industry insiders anticipate power will soon shift as BLUR gains popularity with its incentivization strategy. 

Read Also: Whale Withdraws Ethereum Worth $15.9M from Binance Amid Price Rally

When BLUR first appeared, it fascinated consumers since, unlike OpenSea, it offered to share earnings with users. After completing one of the largest airdrop programs earlier this year, traction increased significantly. 

Worthy Recovery for BLUR

BLUR’s current growth trend demonstrates its durability as a token with great intentions. After several price drops in recent months, BLUR may finally be making the push to return to profitability for the majority of its subscribers. While the airdrop effort accelerated the outfit’s journey toward decentralization, it also stressed it since most BLUR beneficiaries liquidated their holdings for a profit. BLUR may be making a good move to retest new highs, and present bullish traction may be critical in accomplishing this goal.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

[ad_2]

Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Crptocurrency

Binance Lists ChainGPT (CGPT): Unlocking a New Era for AI-Powered Blockchain Solutions

Published

on

By

[ad_1]








Binance Lists ChainGPT (CGPT): Unlocking a New Era for AI-Powered Blockchain Solutions – BitcoinWorld
































[ad_2]

Source link

Continue Reading

Crptocurrency

$88K Critical for Bitcoin Momentum

Published

on

By

[ad_1]

Bitcoin’s price trajectory is at a pivotal juncture, with $88,000 emerging as a key level for sustaining market momentum, according to on-chain analytics firm Glassnode. Using the UTXO Realized Price Distribution (URPD) metric, Glassnode emphasized the significance of the Short-Term Holder (STH) cost basis, noting minimal trading volume below this threshold.

The $88,000 level serves as a critical psychological and technical support, and a decisive loss could pave the way for further downside. This article explores the importance of this metric and what it could mean for Bitcoin’s future price movement.


Understanding Bitcoin’s STH Cost Basis

The Short-Term Holder (STH) cost basis represents the average price at which recently acquired Bitcoin has been purchased. This metric is essential for analyzing:

  • Price Momentum: Indicates the health of recent buyer confidence.
  • Support Levels: Highlights crucial price points where short-term investors are likely to defend positions.

At $88,000, the STH cost basis underscores its significance as a level where short-term traders might capitulate if breached, potentially triggering a larger sell-off.


The Role of the URPD Metric

Glassnode’s UTXO Realized Price Distribution (URPD) metric maps the distribution of Bitcoin trading volumes across different price levels. Key insights from the current analysis include:

1. Minimal Volume Below $88K

  • Glassnode’s data reveals limited trading activity beneath $88,000, suggesting weak historical support in this range.

2. Vulnerability to Downside Pressure

  • A breakdown below $88,000 could lead to accelerated selling, as short-term holders exit positions to minimize losses.

Why $88K Is Critical for Bitcoin

1. Psychological Benchmark

  • Round numbers like $88,000 hold psychological significance for traders, influencing decision-making and market sentiment.

2. Technical Relevance

  • The STH cost basis aligns closely with support and resistance levels derived from historical price action, making it a reliable marker.

3. Momentum Indicator

  • Holding above $88,000 would demonstrate resilience, while a breach could signal a shift in momentum toward bearish conditions.

Potential Scenarios Based on $88K Level

1. Holding Above $88K

  • Sustaining this level could reaffirm Bitcoin’s bullish momentum, encouraging accumulation by both short-term and long-term holders.
  • Positive macroeconomic news or institutional support could bolster price stability.

2. Breaching $88K

  • A decisive loss of $88,000 might lead to panic selling, increasing volatility and pushing Bitcoin toward lower support levels.
  • Traders may target $85,000 or lower as the next critical support zone.

Market Sentiment and Influences

1. Institutional Activity

  • Institutional investors closely monitor key levels like $88,000, adjusting strategies based on market strength or weakness.

2. Broader Economic Factors

  • Macroeconomic elements, including interest rate policies and inflation data, continue to impact risk assets like Bitcoin.

3. Short-Term Trader Behavior

  • As the primary holders at this cost basis, short-term traders play a pivotal role in determining Bitcoin’s near-term price movements.

How Traders Can Respond

1. Monitor Key Levels

  • Keep a close watch on Bitcoin’s behavior around $88,000, as this level is crucial for gauging momentum.

2. Set Stop Losses and Alerts

  • Traders should establish clear stop-loss levels to minimize risk in case of a breakdown.

3. Consider Accumulation Opportunities

  • If Bitcoin holds above $88,000, it could present a buying opportunity for those confident in a bullish continuation.

FAQs

1. Why is $88,000 significant for Bitcoin?
The $88,000 level represents the Short-Term Holder (STH) cost basis, a critical indicator of price momentum and market confidence.

2. What happens if Bitcoin drops below $88,000?
A loss of this level could trigger selling pressure, as short-term holders exit positions, potentially leading to further downside.

3. What is the URPD metric?
The UTXO Realized Price Distribution (URPD) metric tracks Bitcoin’s trading volume at different price levels, highlighting key areas of support and resistance.

4. How does $88K influence market sentiment?
Maintaining this level reinforces confidence in the market’s bullish momentum, while losing it could shift sentiment toward bearish expectations.

5. What should traders do at this level?
Traders should monitor Bitcoin’s performance around $88,000, set stop-loss levels, and consider accumulation if the level holds.


Conclusion

The $88,000 level is more than just a price point; it’s a pivotal marker for Bitcoin’s momentum and market sentiment. Glassnode’s analysis underscores its significance as the Short-Term Holder cost basis, with the potential to dictate Bitcoin’s next move.

Whether Bitcoin sustains this critical level or breaches it will determine its trajectory in the coming weeks. For traders and investors, staying vigilant and adapting strategies to this key metric will be essential in navigating Bitcoin’s dynamic market.

To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential.

Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

[ad_2]

Source link

Continue Reading

Crptocurrency

Mantra Partners with UAE Real Estate Giant Damac to Tokenize $1B in Assets

Published

on

By

[ad_1]









Mantra Partners with UAE Real Estate Giant Damac to Tokenize $1B in Assets – BitcoinWorld
































[ad_2]

Source link

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.