Binance faces its biggest challenge

October 24, 2024

Reading time: 5 minutes

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EVA Token Presale Achieves Massive Success!

  • EverValue token’s presale raises 75 BTC, exceeding the initial goal.

  • Over 313,000 tokens sold in just one hour on XT Launchpad.

Traditionally, Bitcoin staking has only been viable for users willing to lock their assets into centralized systems for minimal rewards. EverValue offers a game-changing alternative by allowing users to multiply their BTC holdings securely, without the need for staking or third-party custody. With EverValue, users retain full control of their assets, while benefiting from the continuous growth of their BTC through mining earnings.

The project’s presale has been a huge success, raising 75 BTC in its first week—more than double the initial goal of 35 BTC. By the end of the first month, that number had already surpassed 100 BTC. Additionally, EverValue performed exceptionally well on the XT Launchpad, raising 120,000 USDT and selling over 313,000 tokens in just one hour!

With a growing reserve of BTC from daily Bitcoin mining revenues and a fixed supply of 21 million tokens, EverValue is designed to continuously appreciate against BTC. To strengthen its deflationary nature, a burn of 250,000 tokens is scheduled for October 23, 2024. This burn will reduce the total supply of EVA in circulation without affecting the BTC backing, resulting in an immediate increase in the value of each EVA token in BTC.

Solana-Ethereum pair shows overbought signals; Bitcoin-Gold ratio stagnates

Key points:

  • The SOL/ETH pair has surged over 15% since 1 October, continuing a three-month rally.

  • The RSI has surpassed 70, indicating potential overbought conditions.

News - The Solana/Ether trading pair on Binance has continued its impressive surge, gaining over 15% since 1 October. However, as the price reaches new heights, concerns about an overbought market are growing.

What do technical indicators suggest? The pair's 14-day Relative Strength Index (RSI) has surpassed 70, indicating that the recent price increase may be unsustainable. While this doesn't necessarily signal an immediate reversal, it suggests that a correction could be on the horizon. A potential pullback might find support around the August high of 0.064.

Despite the overbought conditions, some traders remain optimistic about the long-term outlook for SOL/ETH. They argue that a strong RSI can persist for extended periods, especially in a bullish market.

BTC and Gold - Meanwhile, the ratio between Bitcoin's price and gold's price has declined after failing to break through a key resistance level. This suggests that Bitcoin may continue to underperform compared to gold in the near future.

Ethereum's upcoming upgrade, The Verge, to enable node operations on mobile devices

Key points:

  • The Verge upgrade will allow Ethereum nodes to run on smaller devices like phones and smartwatches.

  • Stateless verification aims to reduce the hardware requirements for node operation significantly.

News - Ethereum co-founder Vitalik Buterin has outlined plans for the network's next major upgrade, "The Verge." This upgrade aims to make Ethereum more secure and accessible by reducing hardware requirements for node operation.

One of the key features of The Verge is the introduction of stateless verification. This technology will allow nodes to verify blockchain blocks without storing large amounts of data, making it possible for devices as small as phones or smartwatches to run Ethereum nodes.

What’s more? Buterin believes that stateless verification will significantly reduce the technical barriers for users, including solo stakers, who currently face challenges due to the high storage requirements for running a node.

The Verge also includes proposed changes to the network's gas cost system, which aim to ensure network scalability and security while incorporating "multidimensional gas."

By making Ethereum more accessible and reducing hardware requirements, The Verge could potentially increase the number of participants in the network and strengthen its security.

Binance faces growing competition from smaller exchanges and DEXs

Key points:

  • Binance's market share in spot trading has decreased from 52.5% to 39.5% year-over-year.

  • The exchange’s crypto derivatives market share has dropped from 50.9% to 42.5%.

News - Binance, the world's largest cryptocurrency exchange, has experienced a decline in market share over the past year. Smaller exchanges like Bybit, Bitget, and OKX have gained ground, while decentralized exchanges (DEXs) have also seen significant growth.

Binance's spot and derivatives trading volumes have both decreased compared to the previous year. This decline has allowed smaller exchanges to increase their market share. Bybit, in particular, has made significant strides, doubling its market share in the past year.

Bitget has also seen growth, attributed to its focus on education, user-centric development, and strategic partnerships.

Despite the declining market share, Binance remains the largest centralized cryptocurrency exchange. However, DEXs are emerging as a growing threat to CEXs. DEX trading volumes have surpassed the $250 billion mark multiple times in the past year.

ApeCoin decline: Unrealized losses suggest weak market sentiment

Key points:

  • ApeCoin's price has dropped about 15% in the past 24 hours after a 100% surge earlier this month.

  • Many APE holders are experiencing unrealized losses, indicating weak sentiment.

News - ApeCoin has experienced a significant price decline in the past 24 hours, following a sharp increase earlier this week. The decline is accompanied by several technical indicators suggesting that a correction may continue.

The MVRV metric indicates that many APE holders are currently holding unrealized losses. This suggests weak market sentiment and could contribute to further downward pressure on the price.

The RSI has also shifted from overbought conditions, indicating that the bullish momentum may have weakened. While there are some signs of support, key levels and trend indicators suggest that the correction may not be over.

The negative 7D MVRV reading suggests that recent buyers of APE are likely underwater. However, historical data shows that APE tends to rebound strongly when the MVRV reaches the -13% level.

While there is potential for a rebound, the current MVRV value has not yet reached that level. This suggests that the correction may continue, and further downside movement is possible before any significant recovery.

Interesting facts

  • The decentralized physical infrastructure network (DePIN) sector is getting higher traction in 2024. DePINs are essentially networks of physical infrastructure built and managed in a decentralized way. Some famous DePIN projects are Filecoin, Arweave, Render and Internet Computer.

  • Bitcoin bulls like Michael Saylor, Former CEO of MicroStrategy, believe that the king coin will hit $100k by the end of 2024.

  • Even though meme coins are high-risk investments, they register huge demand and high trading volume in every bull run.

Top 3 coins of the day

Worldcoin (WLD)

Key points:

  • WLD’s trading volume since August has been quite low.

  • At press time, it was trading at $2.21.

What you should know - The chart displays a clear downtrend for WLD/USDT starting from mid-June, with consistent lower highs and lower lows, indicating strong bearish momentum. This downtrend persists until early August, at which point the price movement shifts to a more range-bound pattern. From August to mid-October, the price consolidates within a horizontal range between $1.50 and $2.50, suggesting a lack of directional momentum and indecisive market sentiment. The current price hovers around $2.19, still within the range's upper bounds. The MACD indicator at the bottom shows relatively low momentum. For a bullish breakout, a decisive close above $2.50 is needed, while a breakdown below $1.50 could trigger a resumption of the bearish trend.

Helium (HNT)

Key points:

  • HNT, at press time, was trading at $7.15.

  • It was up by about 20% over the past week.

What you should know - The HNT/USDT chart shows a descending wedge pattern forming since mid-September, indicating a potential bullish reversal. Despite the narrowing range, recent price action has seen HNT move towards the upper boundary of the wedge. This suggests renewed bullish momentum and could set the stage for a continued upward move, potentially aiming for the $8.00 resistance level. The RSI indicator at the bottom is trending upwards, currently near the 57 level, signaling increasing buying pressure and potential for further gains. However, if the price fails to go above the breakout point, there could be a risk of consolidating within the wedge structure. In that case, support levels at $6.50 and $5.50 could be revisited. Sustained volume is crucial for validating this breakout and maintaining the bullish trend.

Algorand (ALGO)

Key points:

  • ALGO was up by about 2.82% over the last seven days.

  • It was trading at $0.1222, at the time of writing.

What you should know - The Algorand price chart indicates a persistent downtrend, marked by a descending resistance line since mid-July. Currently trading around $0.122, ALGO is testing this trendline for a potential breakout. The immediate support level is evident at $0.110, suggesting a relatively narrow trading range. A breakout above $0.140 could confirm a bullish reversal, while failure to break past this resistance might lead to further declines. The Awesome Oscillator at the bottom shows weakening momentum, with fluctuating green and red bars signaling indecision. Bulls may need stronger volume to breach the descending resistance and sustain an uptrend. For now, traders should watch for a breakout or breakdown from this consolidation range to gauge the next move in ALGO’s price action.

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