Mooners and Shakers: ‘It’s mine’ – long-term Bitcoin holders remain strong; XRP and Lido DAO pump #Mooners #Shakers #longterm #Bitcoin #holders #remain #strong #XRP #Lido #DAO #pumpNews Headlines
The price of Bitcoin (BTC) is remaining pretty steady around US$23k for the moment, while long-term ‘hodlers’ have been keeping the faith.
Because of course, they have – that’s why they’re long-term hodlers… like, duh.
As the S&P 500, Nasdaq and Dow closed in the green again and the US Dollar Index looked a little shaky, Bitcoin and the crypto market continues to look pretty steady for now.
The widely used crypto analytics outfit Glassnode has some fresh data and analysis regarding BTC long-term holders in its The Week On-Chain newsletter:
“Analysis of cohort behavior shows that short-term holders and miners have been motivated by the opportunity to liquidate a portion of their holdings,” wrote the research firm. “On the contrary, the supply held by long-term holders continues to grow, which can be argued to be a signal of strength and conviction across this cohort.”
“Given the effect of long-term holders on the macro trend, watching their spending is likely a key toolset to track over the coming weeks,” it added.
For clarification, Glassnode considers long-term Bitcoin holders as those who’ve held the asset for at least 155 days.
The firm also notes that, thanks to the recent surge in price activity, short-term Bitcoin holders have largely seen “a dramatic increase in coins held in profit”.
Following the recent move higher in #Bitcoin prices, the Short-Term Holder (STH) cohort has seen a dramatic increase in coins held in profit.
The percentage of STH supply in profit has reached 92%, a level last seen during the May 2021 rounded top, and the Nov 2021 ATH. pic.twitter.com/moSM7lftJS
— glassnode (@glassnode) January 23, 2023
Top 10 overview
With the overall crypto market cap at US$1.09 trillion, up about 2% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.
Well, the OKB exchange coin foray back into the top 10 didn’t last too long. Despite Solana’s dreadful end to 2022 – largely thanks to it being one of FTX and SBF’s favourite projects – it’s up more than 100% so far this year and today it pokes its had back into the crypto majors chart. Polygon (MATIC) is not far behind it.
XRP is the biggest daily winner here, though – up around 7% over the past 24 hours. Why? It’s because the XRP Army expects, that’s why. They’re expecting a huge victory for the token’s founding company Ripple Labs this half year in its painfully long “You’re a Security, No I’m Not” lawsuit levelled at it by the SEC.
Ripple Labs CEO Brad Garlinghouse, meanwhile, made some notable comments on it all just recently while attending the World Economic Forum meet in Davos. Here’s part of what he said to CNBC:
“Judges take however long the judges will take. We’re optimistic that this will certainly be resolved in 2023, and maybe [in] the first half. So we’ll see how it plays out from here. But I feel very good about where we are relative to the law and the facts.”
— X-Comedy & Art ☀️ (@Dogeh8er) January 23, 2023
Uppers and downers: 11–100
Sweeping a market-cap range of about US$8.9 billion to about US$426 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)
• Lido DAO (LDO), (market cap: US$2.1 billion) +17%
• eCash (XEC), (mc: US$945 million) +10%
• GMX (GMX), (mc: US$463 million) +10%
• The Graph (GRT), (mc: US$790 million) +10%
• Polkadot (DOT), (mc: US$8 billion) +9%
The leading liquid staking derivative project by market share, Lido DAO (that is, its LDO token) is pumping again. It, along with Rocket Pool (RPL), has been going a bit nuts so far this year and is actually up more than 171% over the past 30 days.
We touch on why this narrative is surging in our latest chat with Apollo Crypto, which we’re due to publish later today.
For those in the know, though, it’s not exactly a spoiler to say that the reason can largely be attributed to the staking-withdrawals-enabling Shanghai upgrade to Ethereum, due for the end of March.
• Uniswap (UNI), (market cap: US$5 billion) -1%
• Aptos (APT), (market cap: US$2.1 billion) -1%
• Flare (FLR), (mc: US$433 million) -1%
• Hedera (HBAR), (mc: US$1.7 billion) -1%
• OKB (OKB), (mc: US$8.96 billion) -1%
Around the blocks
Some pertinence and randomness that stuck with us on our morning moves through the Crypto Twitterverse.
GM fam. ☕️
I’m sure it’s nothing, but $SPX is trading above its ATH trend line. 👀
— Justin Bennett (@JustinBennettFX) January 23, 2023
#Bitcoin dropped to $15.6K due to FTX and is currently trading at $23K.
The bottom is in.
— Michaël van de Poppe (@CryptoMichNL) January 23, 2023
I am starting to lean more macro bullish as the macro trends are changing, however, I’d like to see a break above 4100 and a break below 101 for more confirmation.#bitcoin #cryptocurrency #stocks pic.twitter.com/5WvKA9eYu8
— Roman (@Roman_Trading) January 23, 2023
— GURGAVIN (@gurgavin) January 23, 2023
— Brycent 🚀 (@brycent_) January 23, 2023