The crypto king – Bitcoin has broken above its nearest resistance level to trade at $44,416, with a 3.9% increase today. The Fear and Greed Index displays greed, confirming that investors’ sentiment is largely positive.
Remarkably, the Bitcoin addresses holding over 1,000 BTC increased in the past two weeks, confirming an accumulation phase.
According to crypto analyst Ali Martinez, Bitcoin whales and large investors accumulated more tokens, leading to a 3.66% increase in two weeks. This increase improved altcoins‘ performance in the last 24 hours.
Some of the assets emerged as the top gainers today, benefiting from Bitcoin’s resurgence and exciting developments within their ecosystems this week.
More intriguing facts about the top gainers and their price performance are captured below.
BitTorrent (BTT) – The Decentralized Protocol and dApp Hub
BTT has recorded a massive surge of 36.6% in the past 24 hours to trade at $0.00000106 as the buyers continue to mount pressure. Also, BTT has gained 33.4% in the last seven days as the buyers enter an aggressive accumulation phase.
Remarkably, BitTorrent developers posted a weekly report confirming the growth and stellar performance of the ecosystem this week.
— BitTorrent (@BitTorrent) February 6, 2024
According to information from the BTF SCAN, the number of miners on BTFS has exceeded 7.9 million, and the total number of contracts on BTFS is 140 million. The market cap of BTT was $771 million this week, and the total trading volume was $142 million.
This confirms that more investors are buying the BTT tokens, hoping for an eventual price increase. The bullish pattern formed on the daily chart shows that the buyers are in control of the asset’s price.
BTT Testing The $0.00000105 Resistance Level: Will It Break Above?
BTT has formed a Maribouzu candle on the daily chart, which confirms strong buying pressure for the asset today. The upper wick of today’s candle is testing the $0,00000105 resistance level, and a break above it will lead to a sustained rally.
Also, BTT has found critical support at $0.00000081, recovering from its decline below the support level since January 31. Remarkably, BTT is touching the upper band of the Donchian Channel (DC), confirming strong bullish pressure.
Also, the Relative Strength Index (RSI) indicator is close to the overbought region with a value of 65.35.
The RSI indicator is rising, hinting at further increase ahead. Therefore, BTT will likely break above the $0.00000105 resistance level to enter the overbought zone if the buyers sustain the rally.
Kaspa (KAS) – PoW-Modelled Crypto with Wide-Spread Utility
Kaspa’s steady gains in the market so far have pushed it into the spotlight. It gained 20% today, hitting almost $0.13 as of 5:30 am. Its 24H trading volume also pumped 198.47% to $77.9 million.
Without a doubt, the crypto market oscillates, and thus, it’s volatile.
However, Kaspa’s pump today could be attributed to its availability on the revolutionary exchange CryptoWallet.com.
🎉New Wallet Integration for #Kaspa!$KAS is now available on @CryptoWalletcom!
“It’s a revolutionary crypto neo-bank that aims to bring the same level of mass adoption as fiat. Buy, sell, store, swap and spend crypto all in one platform.”
— Kaspa (@KaspaCurrency) February 5, 2024
The massive increase in trading activities shows optimism for the coin and interest as well. By being available on this exchange, more and more investors can easily acquire the KAS coin for trades, swaps, and exchanges in the crypto market.
In the coming days, Kaspa could hit new price levels, potentially enriching its investors and traders alike. Currently, the coin is trading at $0.1258, up by 16.58 as of 7:40 am.
But can it reach $0.13 by the weekend? Its technical analysis could hint at what to expect in the coming days.
KAS Shows Signs of Bullish Pressure, Will The Rally Continue?
In the chart above, KAS’s rally has pushed it above the 50-day Simple Moving Average, which served as a dynamic resistance. This breakout suggests that the coin will likely rally further before finding a new resistance level.
Also, its three consecutive green candlesticks on the chart show intense buying activities, indicating that the pressure from buyers is more impactful than the pressure from sellers.
This bullish sentiment could drive traders to make more BUY orders, thus pushing KAS’s price further in the long run.
Additionally, the coin has its Relative Strength Index (RSI) at 68.22, pointing upwards. This movement confirms the increase in BUY trades, suggesting that the market could hit the overbought region (above 70) in the coming days.
KAS is still trading above its 200-day SMA, an overall bullish market trend.
As such, traders and investors expect the coin to resume a new series of higher highs and higher lows in the coming days. As always, do not forget to implement strategic trade setups along with adequate risk management practices to make the most of this market movement.
Stacks (STX) – The Bitcoin L2 for Smart Contracts, DeFi and NFTs
The performance of Stacks (STX) so far in the market has raised eyebrows. Is the coin getting ready for another bull run? In the past couple of months, Stacks has been on a strong upward trend, gaining 160% since December.
But recently, it faced a bit of a setback, dropping 20% from its peak of around $2 to find support at $1.4. An investor, TangChan0x, believes that Stacks is gearing up for another upward surge and will be a leading Bitcoin layer 2 in terms of market capitalization till 2025.
Stacks as the Leading Bitcoin L2 🟧
– @TangChan0x highlights Stacks and his $90 billion opportunity thesis.
Read the full report below. pic.twitter.com/lsWNacwj5K
— stacks.btc (@Stacks) February 7, 2024
The next few days will show if buyers will break above KAS’s closest resistance level. If they do, it would confirm the bullish trend for Stacks. Meanwhile, today, February 8, the coin is up by 15.28% in the last 24 hours, sitting at $1.74.
Again, its 24-hour trading volume has jumped to over $197.29 million by 345.47%. As expected, if buyers push STX past its key resistance at $1.79, it could take off on a bull run.
STX’s Approaches Key Resistance At $1.79 – Can It Break Out?
Stack’s overall market trend is bullish in the short and long term based on the position of its 50-day and 200-day Simple Moving Average (SMA). As such, it’s likely going to attract buyers, facilitating its surge to the upside.
Furthermore, it formed an engulfing bullish candlestick on the last day, showing massive BUY trades in that period. If sellers can’t match the pressure of buyers, then STX could continue its rally upward.
Again, the Relative Strength Index (RSI) is at 63.46 and is moving up.
This shows the strong momentum of the bulls in the market. If buyers intensify their pressure, the RSI could hit the overbought market zone (above 70), triggering more rallies toward the resistance at $1.79.
If that happens, STX’s price could stall, causing a reversal on the RSI to the oversold region (below 30).
While this may happen, the bullish confluence supports the coin’s price could be strong enough to trigger a breakout. If that occurs, then STX will hit new prices, targeting the $1.9 level in the coming days.
Even gangsters love $SPONGE 🚀🧽
— $SPONGE (@spongeoneth) February 7, 2024
Sponge V2 is now one of the hottest topics in the crypto space. The project, which began as a memecoin with no real-world utility, enjoyed massive success in 2023.
However, Sponge has successfully transitioned from V1 to V2 but still relies on staking to reward users.
Version 1 launch price was $0.000025, while V2 is currently valued at $0.000928. This represents a price increase of 3713.18%.
Why Invest In SPONGEV2?
Some investors often miss the initial rallies of new coins, making their purchase after the early investors earn rewards. SPONGEV2 presents a second chance for investors to join this exciting project that will likely outstrip its past performance this time.
Also, Sponge V2 is set to launch amidst predictions of a bull market in 2024.
If this occurs, then the rewards will be massive for investors who purchase Sponge V2 and stake their tokens. Additionally, Sponge V2 offers massive staking rewards based on the APY value. Staking prevents the dumping of tokens when Sponge V2 lists on exchanges.
Also, Sponge V2 aims to list top exchanges based on the support of their loyal community. It is launching a weekly Play-to-Earn game mode to add extra utility to its ecosystem.
This game features both a free and premium mode. So, users can earn SPONGE V2 tokens directly from the game.
Meanwhile, investors who purchase the SPONGEV2 tokens now will benefit from the automatic staking feature to earn exciting rewards. The longer the staking period, the higher the rewards.
Users can swap MATIC, ETH, or USDT for SPONGEV2 tokens from their secure wallets.
Alternatively, they can opt to use a bank card to complete this purchase. Overall, SPONGEV2 will likely be one of the tokens to watch in the upcoming bull run if the Bitcoin halving has the desired positive effect.
The positive trend in the crypto market has resulted in optimism among investors, again leading to a rally. Some altcoins have posted even more impressive gains than BTC in the last 24 hours.
Various developments such as Decentralized Finance (DeFi), Gaming, Tokenization, and Governance support their price gains.
Also, community support remains vital to the long-term rally of all cryptocurrencies. However, investors must be wary of price volatility and manage risk and exposure properly.
If Bitcoin breaks above $45,000 in the coming weeks, then a sustained uptrend will likely begin. However, selling pressure could force the market into a sideways trend in the short term.
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