Samuel Wan · 4 hours ago · 2 min read Terra Classic gets a price boost after Christmas as proposals to improve chain development are suggested.2 min read Updated: December 27, 2022 at 1:03 pm Cover art/illustration via CryptoSlate Terra Classic (LUNC) surged over Boxing Day, triggering a market cap spike above $1 billion.A local bottom in market cap valuation was found at $763 million on Dec.21.Since then, buying activity has led to an uptrend that accelerated into a sharp, near-vertical movement on Dec.26.The spike peaked at $1.09 billion, with profit taking causing a slight drop in valuation to $1.07 billion as of press time.The previous few weeks saw Terra Classic’s market cap move above and below the $1 billion threshold level on several occasions.
The last dip below $1 billion occurred on Dec.7.
Terra Classic Analysis of the accompanying trend in Terra Classic token price showed Boxing Day’s price action decisively breaking a six-week downtrend.The following day, on Dec.
27, bulls lifted the price to $0.00018775, marking a 25-day high.However, zooming out showed LUNC is still in a macro downtrend and has been since relaunching in May.Following the UST de-peg and subsequent Terra ecosystem implosion, the community accepted a proposal from founder Do Kwon to revive the chain.
This resulted in the Terra chain hard forking into two distinct chains, Terra Classic with the Luna Classic (LUNC) token, which is said to be community-led, and Terra 2.0 under the LUNA token.A new proposal on the table Back in September, LUNC was spiking hard off the back of proposals to revive the chain and restore its previous standing.This included token burning and attractive staking rewards.Market cap valuations were boosted to approximately 12x of Terra 2.0, or $3.3 billion versus $258 million.Three months on, and post-FTX collapse, Terra Classic’s revival ambitions have stalled amid wider market downtrends.
Currently, its $1.07 billion market cap valuation is a little over 5x the size of Terra 2.0’s $180.9 million valuation.
To resuscitate LUNC’s revival, Associate Professor of Computer Science at Drexel University, Edward Kim, who is now involved with developing the chain, introduced Proposal 11168 – Joint L1 Task Force.Kim called for funding to pay developers to “complete the required updates to upgrade and stabilize the L1 layer.” Although budget restraints limit hiring the same structure as before the implosion, Kim said 2 full-time and 2 part-time devs could feasibly achieve the required improvements within his proposed three-month timescale.“At the height of Terra, Terraform Labs had a team of 6-8 senior L1 blockchain developers.With this level of support, developers could focus on innovation in addition to security and maintenance.” Posted In: Terra, Analysis Bitcoin volatility index hits historic all-time low Zeynep Geylan · 6 hours ago · 1 min read The BTC volatility index stood at 11.46 as of press time — the lowest its ever been.
1 min read Updated: December 27, 2022 at 3:06 pm Cover art/illustration via CryptoSlate According to TradingView data analyzed by CryptoSlate, Bitcoin (BTC) volatility index fell to its all-time lowest on Dec.27.The chart above represents the BTC volatility index since February 2017.The metric fell to the level of 20.00 towards the end of 2022 and kept falling to see its lowest in BTC history at 11.46.Before 2022, the all-time low for this metric was recorded around just above 20.00 during late 2018 and early 2019.
The chart above demonstrates the same volatility index with a 7-day moving average.This chart shows that every time the BTC volatility index hits bottom, it records an aggressive spike afterward.450K BTC moved to cold storage in 2022 Zeynep Geylan · 8 hours ago · 2 min read Around 550,000 Bitcoin left the exchange reserves, shrinking the amount of Bitcoin held on exchanges to less than 12% of the total supply.2 min read Updated: December 26, 2022 at 11:30 pm Cover art/illustration via CryptoSlate Glassnode data analyzed by CryptoSlate shows that 450,000 Bitcoin (BTC) held on an exchange or a hot wallet before 2022 have been moved to cold storage throughout the year.In the last 12 months, the market has seen multiple black swan events that led to around 550,000 BTC abandoning exchanges’ reserves.
On more than one occasion, these reserves shrunk in big chunks.Binance, for example, lost 90,000 BTC in seven days in Dec, FTX lost 70,000 BTC in two weeks in June, and finally, Coinbase lost 200,000 BTC within four days in November.The orange line in the chart below represents the total BTC amount held on crypto exchanges since the beginning of the year.The exchanges started the year with just below $2.8 million in BTC and ended with around $2.25 million, which equals a drop of around 20%.The current BTC reserves held on exchanges equate to less than 12% of the total BTC supply.
Self custody This year also witnessed over a million BTC entering self-custody.The orange line on the chart below shows the illiquid BTC supply level, which draws an increasing line.Illiquid BTC supply was recorded as 14 million in January and above 15 million in December.This also indicates that 78% of the circulating BTC supply is held in cold storage.Considering that only 550,000 BTC left the exchanges throughout 2022, it can be said that the remaining 450,000 BTC was moved from exchanges or hot wallets to cold storage in 2021 and the years prior.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion – Higher timeframe market structure was firmly bearish for Chiliz – The 21-period moving average could prove pivotal once again Chiliz has shed 62% in the span of 50 days.Football fever was raging around the start of the FIFA World Cup, but this only served to trigger massive sell orders.Even though Bitcoin and Ethereum have traded within a range over the past month, Chiliz has been in a vicious downtrend.
Are your CHZ holdings flashing green? Check the Profit Calculator This highlighted the steady upper hand the sellers have enjoyed in recent weeks.Buyers can wait for a flip of the market structure to bullish alongside sustained demand before placing their bids.
December has seen multiple support levels broken and $0.105 could be next on the list From mid-August to early December, Chiliz traded within a range that extended from $0.1635 to $0.28.When the lows of this range were broken and retested as resistance earlier this month, it showed that sellers were dominant in the market.
The Relative Strength Index (RSI) fell beneath neutral 50 on 20 November, and the 21 and 55-period moving averages formed a bearish crossover on 21 November.The Chaikin Money Flow (CMF) also saw a sharp decline around that time.Together they highlighted the selling pressure CHZ faced in late November.At the time of writing as well, the RSI was at 28.9 to show oversold conditions.
The CMF also showed significant capital flow out of the market.The 23.6% Fibonacci extension level has acted as support in recent days, alongside the horizontal level at $0.105.The 21-period moving average (orange) has acted as resistance throughout December, and aggressive sellers can look to go short if CHZ tags the MA once more.They can target $0.085 and $0.069 as take-profit levels.Does the spike in dormant circulation indicate another wave of selling? The 30-day Market Value to Realized Value (MVRV) ratio has been in the red since mid-November.This showed that the token was likely undervalued on the shorter time scales.Yet, that did not mean CHZ flashed a buy signal.Instead, it reinforced the strength of the downtrend.
How many CHZs can you get for $1? With Bitcoin also showing weakness on the charts, investors can anticipate another move downward.Even though the funding rate was positive, the trend was certainly not bullish for CHZ, not even on lower timeframes such as H4 or H1.
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