Markets Outlook: Bitcoin, Ether, Solana Stall After Epic Rally, SHIB Spikes 20% After Upbit Listing, Doge Up 4%
Bitcoin continued to trade upwards Friday, after growing over 21% in the past seven days and reaching levels not seen since the fall of FTX. At press time, the world’s most popular cryptocurrency was trading at $21,919, up 3.88% in the past 24 hours.
Likewise, nothing seemed to have changed for Ether (ETH), with the crypto asset barely adding or losing $50 in the past four days. In the past 24 hours, ETH grew by 4.71% and was exchanging hands at around $1,609 mid-day.
Other cryptos also remained hushed for most of the day, with BNB, XRP and Solana moving by a percentage point. Dogecoin, however, grew by over 4% in the past day to tap $0.088 before recoiling to $0.0857 at the time of this report.
Shiba Inu (SHIB) has been the biggest gainer among the top 15 cryptos by market cap, surging over 20% early Wednesday to tap $0.00001290. The so-called “Doge-Killer” spiked after Upbit, the largest crypto exchange in South Korea, announced that it had listed the meme token. According to a statement by the exchange, users will now be able to trade SHIB for the Korean Won. At press time, SHIB was trading at $0.00001290.
Overall, despite Wednesday’s gloom, last week’s surge helped boost most crypto prices, signalling investors have moved past the Fear, Uncertainty and Doubt (FUD) created by the FTX fallout and subsequent contagion.
“There’s no doubt that what’s gone on the last month has been a reputational killer for the industry,” said Jeffrey Howard, Head of North America business development and Institutional Sales at OSL, a Hong Kong-based digital assets trading platform. According to Howards, while the FTX collapse may have spooked many, institutional investors were “continuing to make new investments into their systems and into the market.”
Since Jan 1, the global crypto market cap has grown from $795.5B to $990.3B, marking a 24.4978% increase. On-chain, things also seem to be improving, suggesting that cryptocurrencies may push higher. Today, on-chain and social metrics platform Santiment noted that the top six crypto exchanges saw a substantial amount of bitcoin leaving to self-custody.
“The overall supply of Bitcoin on exchanges has dropped from 11.85% to 6.65% over the past year, a historic drop that illustrates the rise in interest in self-custody. Binance, Coinbase, Kraken, Kucoin, and Bitstamp all reflect this $BTC exodus.” Wrote Santiment.
Yesterday, Cryptoquant stated that there has been a significant increase in $ETH smart contracts in the last four months, adding that “this can be considered fundamental good news for Ethereum and the future of this blockchain.” Most investors look out for behavioural change in the two top cryptocurrencies to make decisions on the movement of the general crypto market.