Analysis FTT surges 48%; other bankrupt tokens also rise FTT surges 48%; other bankrupt tokens also rise Oluwapelumi Adejumo · 6 hours ago · 1 min read Several analysts within the crypto community are perplexed by FTT’s green run, with many wondering why top exchanges have not delisted the token.1 min read Updated: January 16, 2023 at 8:56 pm Cover art/illustration via CryptoSlate Bankrupt FTX’s native token FTT is one of the best-performing digital assets in the last 24 hours, surging by over 48% to $2.58, according to CryptoSlate’s data.The embattled exchange token has risen by more than 170% on the seven days metrics.The impressive price performance has pushed it to its highest level since FTX filed for bankruptcy in November 2022 –the token plunged below $1 in December 2022, trading at that level until Jan.
10 2023.Meanwhile, despite the rapid gain, the token is still 97% down from its all-time high of $84.Crypto community can’t explain FTT’s increase Several analysts within the crypto community are perplexed by FTT’s green run, with many wondering why top exchanges have not delisted the token.Crypto investor Mac said: “[There is] not a single other place in the world you will find stocks of businesses that committed fraud and went bankrupt pump several hundred %.
Meanwhile $FTT still not delisted from Binance and x3 from the lows.and you wonder why regulators hate us?” Another crypto trader Ran Neuner asked if there was no reason to short FTT now.According to Neuner, the token “surely has to go to zero.” Other embattled tokens rise Besides FTT, the native token of bankrupt crypto lenders Voyager’s VGX and Celsius’ CEL have also posted gains in the last 24 hours.Voyager’s VGX jumped 11% in the last 24 hours to $0.4247 as of press time.The beleaguered lender’s token has surged by over 37% on the seven-day metric and 41% in the last 30 days.On the other hand, Celsius’ CEL posted a meager gain of 1.28% in the last 24 hours.Compared to its rivals, CEL recorded a modest increase of 13.68% in the previous seven days and a 30% rise over the past month.Read Our Latest Market Report Recent FTX Stories Solana started the week trading near a two-month high, as momentum remained marginally bullish, despite market consolidation.
The global cryptocurrency market cap is currently trading 0.98% higher as of writing.Shiba inu also traded close to recent highs, despite declines on Monday.Solana (SOL) Solana (SOL) remained near a two-month high to start the week, despite crypto markets beginning to consolidate recent gains.SOL/USD hit an intraday high of $24.75 on Monday, which comes less than a day after falling to a bottom of $22.68.This move means that the token remains close to this weekend’s high of $25.03, which was the strongest point for SOL since November 8.
From the chart, it appears as sentiment in solana is still somewhat bullish, which comes as the 14-day relative strength index (RSI) continued to track above a support point at 80.00.As of writing, the index is tracking at 80.18, with solana trading at the $23.42 price point.Should the index remain about 80.00 in the coming days, it is likely that SOL could once again move toward $25.00.Shiba Inu (SHIB) Like SOL, shiba inu (SHIB) bypassed today’s price consolidation, maintaining recent highs in the process.
Following a low of $0.00001009 on Sunday, SHIB/USD climbed to a peak of $0.00001099 earlier today.Monday’s action has seen the meme coin continue to trade near the two-month high of $0.00001111, hit last Friday.Like many cryptocurrencies last week, prices of shiba inu were mostly overbought in recent days, with the RSI falling from a ceiling at 80.00.Currently, the index is tracking at 73.00, with a floor at the 70.00 mark a possible target for sellers.However, bulls seem to be rejecting this proposition on Monday, with some eyeing a rally back above $0.00001100 instead.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Could we see shiba inu hit a fresh two-month high this week? Let us know your thoughts in the comments.Eliman Dambell Eliman brings an eclectic point of view to market analysis.He was previously a brokerage director and online trading educator.Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.
It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Bitcoin consolidated on Jan.16, as U.S.
markets closed in celebration of the Martin Luther King Jr.Day holiday celebration.Traders have seemingly moved to secure recent gains, after the world’s largest cryptocurrency rose above $21,000 for the first time since November.Ethereum also retreated from recent highs in today’s session.
Bitcoin Bitcoin (BTC) consolidated to start the week, as prices failed to break out of a key resistance level.Following a high of $21,345.25 on Sunday, BTC/USD fell to an intraday low of $20,681.98 earlier in today’s session.This drop comes as the world’s largest cryptocurrency was unable to move beyond its long-term ceiling at $21,400.Looking at the chart, this was somewhat expected, due to the 14-day relative strength index (RSI) hovering in overbought territory.
As of writing, price strength is currently tracking at 86.65, after failing to move north of the 90.00 mark.It is likely that further declines could be on the cards this week, with a floor of $20,000 a potential target for sellers.Ethereum In addition to BTC, ethereum (ETH) also retreated from recent highs, which comes after a failed breakout of its own.ETH/USD dropped to a bottom of $1,529.79 earlier today, which comes after trading at a high of $1,579.48 on Sunday.Ethereum failed to sustain a move above a ceiling at $1,580, giving way to a resurgence of some bearish sentiment.Like with bitcoin, ethereum prices were significantly overbought, with the index at its highest point since January 2021.Now tracking at 83.46, the next visible floor seems to be at the 70.00 mark, which if hit, could see ETH trading near $1,475.Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Do you expect ethereum to fall lower in the coming days? Leave your thoughts in the comments below.
Eliman Dambell Eliman brings an eclectic point of view to market analysis.He was previously a brokerage director and online trading educator.Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Bitcoin moves toward neutral sentiment on Fear & Greed index Liam ‘Akiba’ Wright · 8 hours ago · 3 min read Market sentiment has moved away from ‘extreme fear’ as Bitcoin rallies toward $21,000.
3 min read Updated: January 16, 2023 at 12:28 pm Cover art/illustration via CryptoSlate For the first time since April 2022, the Bitcoin Fear & Greed Index (FGI) has moved out of the ‘fear’ zone and into ‘neutral.’ Over the weekend, Bitcoin reached a score of 52 on the index as Bitcoin pushed over $21,000.As of press time, the score has retraced slightly to the bottom end of the ‘fear’ scale at a rating of 45.The index started the year in the ‘extreme fear’ zone, indicating that bearish sentiment had control of the market at the start of January.However, as Bitcoin rallied from the $15,600 to $17,200 range held throughout November and December, the FGI moved away from extreme fear.Bitcoin went into free fall following the collapse of FTX.However, it appears to have recovered to pre-FTX-collapse levels within the past week.The top cryptocurrency by market cap was range bound for roughly 63 days before breaking resistance to break back above $20,000.Furthermore, while the FGI may have moved away from ‘fear,’ other global metrics have not shown a similar bullish trend.
For example, Google search traffic for the term ‘Bitcoin’ is still at its lowest since December 2020.Interest by region shows El Salvador as the most interested in Bitcoin by some margin, with Nigeria following behind before a large gap before European countries such as Netherlands, Switzerland, and Austria.Bitcoin is legal tender in El Salvador, while Nigeria utilizes BTC for peer-to-peer payments.Nigeria recently recognized crypto as an asset class alongside its CBDC, the e-Naira.However, Paxful CEO Ray Youssef attributed the rise in Bitcoin’s popularity to Nigeria’s youth culture by stating: “Nigeria is different, the youth were all about it, they were like bring in the Bitcoin, screw everything else let’s do this.” Aside from these outlier nations, interest in Bitcoin has undoubtedly waned during the bear market, and the recent rally has not led to a considerable increase in Bitcoin searches globally.Additionally, a review of sentiment analysis for popular videos, news, and blogs related to Bitcoin showed a peak in positive sentiment on Jan.15.However, there has been no apparent increase in either positive or negative views over the past 30 days.
Looking at the historical FGI data, it is clear that Bitcoin has broken the downward trendline which started in November 2021.However, other breakouts were supported by increased interest in Bitcoin, which is not evident as of press time.Potential negative catalysts remain at the forefront of investors’ minds as Digital Currency Group has failed to publicly sure up its business.As a result, the risk of further pain in the market remains high, with many pointing to the recent price action as indicative of a bull trap.However, Alistair Milne, chief investment officer at Altana Digital Currency, shared a popular graph that depicts the typical investor mentality at each stage of a price cycle.In the image shown below, the final stage of a bear market is described as ‘disbelief.’ Following the ‘disbelief’ phase, the market moves back into the bull territory.Such images are far from 100% accurate as there is no crystal ball to predict Bitcoin’s price.However, with falling inflation and little over one year until the next Bitcoin halving, there is finally some reason to hold out hope of a faster-than-expected return to the bull cycle.
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