Cryptocurrencies are trading in a mixed mood, at the start of a new week. However, the strengthening U.S. dollar is not weighing very heavily on Bitcoin, which is still holding above $68,000. The value of 'open interest' i.e. open futures positions in BTC-based derivatives markets according to CoinGlass data rose to a record $40.5 billion. Chicago-based commodity exchange CME Group (CME.US) accounts now for almost 30.7% of the market share, compared to Binance's 20.4%.
- BTC is currently losing about 7% to all-time highs, and the record number of futures positions may suggest heightened volatility, a similar situation that occurred in August. Some investors are linking BTC's rise to Trump's potential win, with Polymarket giving him a 62.1% chance versus less than 38% for Harris (though it's clear that this is just a market prediction, not the final election result).
- Ethereum is trading flat slightly above $2,700, and attention has shifted to ApeCoin, which more than 20% rise driven by the launch of ApeChain, by YugaLabs, on Sunday. The emergence of the ApeChain blockchain network is accelerating demand for the project; the DAO voted to build the network in January this year.
- The resulting Layer 3 network developed on Arbitrum One is fully compatible with the APE token. The target is to facilitate minting of non-convertible tokens (NFTs), trading and decentralized applications on it.
- The prospect of increasing 'organic' and investment (staking) traffic and the renewed 'monkey memcoin fad' is accelerating ApeCoin's speculative growth today. With the launch of ApeChain, investors can switch to 'staking' allowing them to earn interest on APE, ETH and stablecoins. Markus Thielen of 10xResearch commented positively on the event.
Inflows into U.S. ETFs have been very solid in recent days, but fell slightly on Friday to a net of about $273 million. Source: XTB Research, Bloomberg Finance L.P.
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The price reacted with a slight decline at the level of $69,000, i.e. near the local peaks of late July. A breakout above it could open the way for the bulls to $73k, however, we currently see a downward doji candle being drawn.' A possible drop below the 15-day EMA, at $66k, could indicate another downward impulse.
Source: xStation5
ApeCoin has been making impressive gains since yesterday, and if the impulse approaches the scale of the last downward impulse, we can expect a test of the area around $2.3 per token. On the other hand, the RSI near 89 points illustrates record overbought conditions.
Source: xStation5
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