It’s been more than a week that Bitcoin has been stuck around $7,500 and isn’t making any moves. Volume on spot exchanges is extremely low, fluctuating between $100 to $150 million while Bitcoin futures continue to attract investor attention.
On December 5th, the futures market recorded the busiest session in the last week with five venues, OKEx, BitMEX, Huobi, Binance, and bitFlyer, trading more than $1 billion in 24 hours.
While open internet on the CME BTC futures has dropped to 6 month low, Bakkt’s has been reaching to a new high.
In the meantime, we are less than 5 months away from the Bitcoin halving with prominent analyst Willy Woo saying, “Prep for halvening front running here on in.”
— Bitcoin (@Bitcoin) December 8, 2019
MATIC Moving Towards ATH
While Bitcoin is stuck, some altcoins are enjoying a good surge.
In past one week, among the top 10 cryptocurrencies, XRP surged 3.60%, the highest and is in green by 1% against BTC, though it is currently valued at $0.228.
MATIC, the Layer 2 scaling solution, is the top gainer with a 57% spike in the past 7 days at $0.0415 and 180% in just a month. The cryptocurrency’s move towards a new ATH coincides with the blockchain-based game Battle Racers launching its crypto collectible crates sale.
Interestingly, MATIC made its ATH at around $0.044 on May 21, the day Battle Racers launched its presale.
Deploying on @Matic allows our NFTs to be playable by our players without paying gas costs, and allows them to trade in the upcoming @decentraland marketplace as well. More than tech, Matic has great marketing and community which brings us more players into the game! #BR_AMA https://t.co/78Sgb1xciL
— Gabby Dizon (@gabusch) December 2, 2019
Baking & Shrinking Supply Pushing the Price of XTZ
The 11th largest cryptocurrency that has made its way up from below 20 spot is currently the hot one. Up 35.56%, Tezos is leading the pack.
Though still down 87% from an all-time high of $12.26, XTZ price increased by 340% in the past one year and is currently trading at $1.64.
Apart from XTZ getting listed on two prominent exchanges Binance and Coinbase, both the crypto exchanges are also offering Tezos staking. Coinbase announced staking rewards on Tezos last month while last week Binance announced zero fees XTZ staking.
As per Messari, 71.19% of XTZ supply is currently staked which means less than 30% of the coins are available in the market.
$XTZ real volume averaging $10.5M/day since November. It averaged $1.7M/day the rest of the year.
— Ceteris Paribus (@ceterispar1bus) December 8, 2019
Algorand 2.0: Smart Contract Execution
Algorand has increased 18% this past week as it trades at $0.321. Towards the end of last month, the Alogrand Foundation released its first upgrade of the Algorand protocol. Algorand 2.0 includes smart contract execution along with a new non-Turing complete scripting language TEAL, a token standard to enable the creation and issuance of tokens, and atomicity of token transfers.
This new release coincided with World Chess’ plan to hold a “hybrid initial public offering” and launch equity-backed security tokens on Algorand.
$Algo starting to fly.
Now I can share this, since it has moved well after I have entered and I am sure it’s quite obvious now. pic.twitter.com/ogrmAjhDk1
— Cantering Clark (@CanteringClark) December 9, 2019
Bitcoin Ends Reversal rally, Money Starts Flowing in Altcoins
With 13.36% gains, ZEC gets to see some moves as well. This cryptocurrency is crushed more than any other altcoin as it is down 99% from its ATH. But it is worth keeping an eye on because as trader Ceteris Paribus says, “if LTC history is worth anything, traders will try and front-run the halvening.” ZEC would be experiencing its first halving in 2020.
Zilliqa (ZIL) and Verge (XVG) also recorded a surprise increase in the price of just over 20% this past week.
On this surge in altcoins, analyst and trader CryptoWolf says once BTC ends its reversal rally money starts to gradually flow in the altcoins market.
Altcoins bottomed at the beginning of September and in the first phase they start gaining against BTC and the send phase sees them increasing against both BTC and USD.