Trending Crypto Gems on KuCoin: Altcoins Surge While Bitcoin Tops $37,000 and Ethereum Surpasses $2,000
After a slight correction that pushed Bitcoin’s price toward the $35,000 mark, the crypto market has rebounded higher once again. The Crypto Fear and Greed Index, a key indicator of investor sentiment toward cryptocurrencies, stays in the Green zone. With a score of 70, it indicates a feeling of Greed among investors, indicating bullish trends in the crypto market for now.
Crypto Fear & Greed Index | Source: Alternative
The global crypto market cap stands at $1.43 trillion after having dipped below the key $1.40 trillion mark earlier this week. The total crypto market cap is up by 4.63% since Wednesday. The gains haven’t been driven just by a rebound in Bitcoin and Ethereum prices but also by several leading altcoins marking double-digit gains. Let’s take a look at the biggest gainers and losers in the crypto market:
Top Gainers
1. Render (RNDR) - +33.76%
2. Kaspa (KAS) - +26.20%
3. Avalanche (AVAX) - +25.40%
4. Synthetix (SNX) - +21.06%
5. 0x Protocol (ZRX) - 19.03%
Top Losers
1. Arweave (AR) - -3.33%
2. Polygon (MATIC) - -2.67%
3. MultiversX (EGLD) - -1.69%
4. Monero (XMR) - -1.63%
5. UNUS SED LEO (LEO) - -0.49%
Amid these buoyant times, traders have been keeping themselves busy with the various crypto gems on the KuCoin exchange. Here are some of the top headlines from the world of cryptos moving the market and driving the bullish mood:
The Biggest Cryptos Moving the Market
1. Bitcoin: The Bitcoin blockchain has recorded over 40 million Ordinal inscriptions since launch, and touching a new record high of over 500,000 inscriptions being created on November 12, 2023. This development took Bitcoin’s daily transactions to over 700,000 for the day. The uptick in on-chain activity and an improvement in the risk sentiment is helping support the Bitcoin price in the market.
2. Ethereum: Ethereum regains the $2,000 level, supported by a steady increase in trading volume. The second-largest crypto by market cap enjoys bullish activity following BlackRock’s application for an Ethereum ETF in the US market. In more news to cheer for ETH investors, Consensys’s Infura is creating a decentralized infrastructure network with a federated group of partners that include Microsoft and Tencent.
3. Solana: The ultra-high-speed blockchain is enjoying the limelight once again, emerging from the shadows of FTX. ARK Invest CEO Cathie Wood praised Solana for being faster and more efficient than Ethereum as a blockchain infrastructure provider. In more good news for SOL HOLDers, US-based fintech firm CFX Labs raised $9.5 million in seed investments to expand its stablecoin payment and remittance network using Solana blockchain as its underlying infrastructure.
4. Avalanche: Another Layer-1 and leading altcoin that has posted strong gains lately, Avalanche has surged following a collaboration announcement between Onyx by JPMorgan and Apollo Global to utilize LayerZero Labs to link Onyx with a permissioned Avalanche Evergreen Subnet. This announcement is part of Project Guardian, which also includes Citi collaborating with T.Rowe Price and Fidelity International to develop a public blockchain FX solution using a permissioned instance of the Avalanche blockchain.
5. 0x Protocol: 0x Protocol is also enjoying increasing attention from whales, helping the ZRX price surge to highs not seen in almost 1.5 years. Analysis reveals that whales are rapidly building long positions on ZRX, contributing to its recent gains in the market.
Major Crypto Headlines
Here are some of the biggest updates from the crypto market today:
1. Bitcoin Ordinals and BRC-20 Tokens Trend: Bitcoin Ordinals and BRC-20 tokens have ignited excitement in the crypto market this week, with a surge in the minting of Ordinals Inscriptions reaching a record high of over 40 million. This enthusiasm is further amplified by the growing adoption of BRC-20 tokens, with ORDI and SATS trending in the market. Another notable development in this space is the Atomicals Protocols. This platform facilitates the creation and trading of unique digital assets, known as ARC20 tokens, which are akin to NFTs on the Bitcoin network.
2. SEC Delays Decision on Bitcoin ETFs: The U.S. Securities and Exchange Commission (SEC) has postponed its decision on the HashDex Bitcoin Spot ETF application and Grayscale Ether Futures ETF filing. This delay reflects the ongoing regulatory uncertainty in the crypto space.
3. Bitcoin's Price Movement: Bitcoin has shown a significant bounce, increasing by 6% and threatening to breach the $38,000 mark. This movement indicates a positive sentiment among investors and traders in the cryptocurrency market.
4. El Salvador's Bitcoin Strategy: Despite the country's pioneering move to make Bitcoin legal tender, El Salvador is currently facing losses on its Bitcoin holdings. However, these losses are reportedly narrowing, suggesting a potential turnaround in its Bitcoin investment strategy.
5. Hong Kong's Growing Crypto Ambitions: A Hong Kong gaming company, Boyaa Interactive, is seeking approval to invest $100 million in cryptocurrencies to enhance its web3 strategy. This move highlights Hong Kong's rising profile as a hub for digital assets.
6. Solana-Based Stablecoin Remittances: CFX Labs has raised $9.5 million to expand its Solana-based stablecoin remittance services globally. This development underscores the growing use of blockchain technology for fast and cost-effective cross-border transactions.
Top Trending Cryptos on KuCoin
Here are some of the most trending coins to watch on KuCoin:
Ordinals (ORDI)
Ordinals revolutionize the Bitcoin blockchain by enabling unique digital artifacts, akin to NFTs, to be inscribed directly onto individual satoshis. This innovation has garnered significant attention for bringing a new dimension of utility and collectibility to the traditionally transaction-focused Bitcoin network.
The ORDI price has strengthened by almost 20% in the past 24 hours, and its trading volume is up by over 37%. The ORDI token price is up by over 815% from its all-time low of $2.86 touched in September 2023.
Celestia (TIA)
Celestia stands out as a pioneering 'modular blockchain' platform designed to simplify the creation of decentralized applications by providing a scalable data availability layer. Its unique approach to decentralization and scalability has positioned it as a notable player in the evolving landscape of blockchain infrastructure.
The Celestia token price has gained over 133% in value over the past seven days. At the time of writing, the TIA price is up by over 195% from its ATL of $2.03 touched in October 2023.
Memecoin (MEME)
Memecoin taps into the viral and community-driven aspect of the crypto market, leveraging the popularity of internet memes to create a playful yet potentially lucrative trading environment. Its appeal lies in its ability to engage a broad, often younger audience, blending humor with investment in the dynamic world of cryptocurrencies.
The $MEME price has registered gains of over 60% in the past week. It currently trades at over 100% from its ATL of $0.017 from early November 2023.
Major Events to Watch This Week
1. Arbitrum Day (16 Nov to 18 Nov 2023): This event will be filled with keynotes, panel discussions, technical workshops, governance talks, and more.
2. Decentraland (MANA) - SmileyWorld Partnership (16 Nov 2023): Smiley, the renowned fashion and lifestyle brand, is entering the virtual streets of Decentraland.
3. Seedify.fund (SFUND) - PLEXUS IDO (16 Nov 2023): There's an Initial DEX Offering (IDO) for PLEXUS on Seedify.fund.
4. Meter Governance (MTRG) - New Launch Timelines (16 Nov 2023): Announcement of new launch timelines for $BOLT emissions and Phase 2 Airdrop.
5. Enjinstarter (EJS) - ZOGI Labs IDO (16 Nov 2023): Snapshot and registration interest for the ZOGI Labs IDO.
6. DAO Maker (DAO) - Rebase Refundable SHO (16 Nov 2023): A refundable SHO with DAO Holder Round for Rebase, an AR Adventure and Web3 app.
In addition to these events, keep an eye on the following as they could drive some volatility in the market too:
1. Dutch Blockchain Week (13 Nov to 17 Nov 2023)
2. AIBC Europe Summit (13 Nov to 17 Nov 2023)
3. Singapore Fintech Fest (15 Nov to 17 Nov 2023)
4. ETHGlobal Istanbul (17 Nov to 19 Nov 2023)
5. YGG Web3 Games Summit (18 Nov to 25 Nov 2023)
Closing Thoughts
Currently, everyone is looking toward the passing of Bitcoin Spot ETF. Though it's still pending, market sentiment is lifted. Bitcoin’s dominance is up by 0.26% to 51%, even as the altcoin season appears to be getting underway. As we look ahead, the scheduled events and ongoing developments in the sector promise to bring more excitement and opportunities for investors and enthusiasts alike. Stay tuned, and remember, always do your research before making any investment decisions.