XLM stays invigorated
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 25th November 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
XLM Crests Toward 50 Cents
Following a dicey weekend spent inducing anxiety and liquidating longs, Bitcoin spent early Monday battling to regain its footing. At about noon on Sunday, BTC slipped below $96K but boomeranged back toward $99K as of early today. At 7 a.m. (EST), the largest crypto was $98.3K, per CoinGecko. BTC's all-time high mark is $99.6K, according to CoinGecko. We've also seen references to BTC's ATH being $99.8K.
Most coins are in the green this last Monday of November. Metaverse tokens particularly seem in a world all their own. No. 72 The Sandbox (SAND) has gained 21% in 24 hours. SAND has more than doubled over the past week. Decentraland (MANA) has gained 60% over the same time period.
Looking at Top 100 coins on a weekly basis, the biggest surge was recorded by Stellar's native Lumen (XLM) which has reached $0.51. That represents a gain of 114% versus last Monday.
What's down
DOGE Confounds
The charts are largely devoid of red splotches, save for an XLM pullback over 24 hours (after a week-long spree, mentioned above) and we do spy some minor (-1%) slippage by a few assorted altcoins, including Hedera (HBAR) and Algorand (ALGO).
Dogecoin (DOGE) spent some time in the tumbler this past weekend as it pushed toward 50 cents only to teeter on the brink of losing its grip on 40 cents. But that was Saturday and Sunday. Today, DOGE is 42 cents. The original memecoin's biggest fan, Elon Musk, sparked Saturday's rally after teasing, via a cryptic X post, a coming payments service for the microblog platform formerly known as Twitter.
Meanwhile, there are early steps being taken by Department of Government Efficiency (DOGE), a proposed presidential advisory commission (and homage to Dogecoin) headed up by Musk and entrepreneur Vivek Ramaswamy. The co-leaders are said to be assembling a team to help execute the mission to streamline U.S. federal spending. And Musk confirms he has rewatched "Office Space" for a fifth time as part of his DOGE preparation.
What's next
Road To Untold Glory Could Be Bumpy
Some dubious market ploy might be standing in the way of Bitcoin's attempt to cross $100,000, Cointelegraph reports, citing a trader known as Skew.
In low liquidity conditions (say, during odd hours on the weekend), order book liquidity (on the "ask," or seller side, of the market) can sometimes suspiciously drop to artificially low levels. It's a tactic known as "spoofing" aimed at manipulating trading bots into forced selling, leading to lower prices. Skew flagged this phenomenon as blatantly evident this past weekend.
Although, if BTC retreats closer to $90K it won't be on account of chicanery. It'll be a profit-taking event. As of the other day, BTC holders were still in large part (about 60%) sitting pretty, in a state of profit, which isn't necessarily a beautiful thing. The last time unrealized profit levels were even close to being this elevated was back in March, signaling a possible correction is looming.
But BTC retracing does not spell the end of the quest to cross $100K or go even higher. Per The Crypto Basic, citing an X pundit/technical analyst, Egrag Crypto, BTC surging toward $170K remains a viable scenario coming down the holiday home stretch.
In Egrag Crypto's dramatic envisioning, BTC plummets to below $73K, retesting the breakout springboard, but then experiences a massive pump upwards of +150%, all in 50-60 days. "BTW, all of this played out in the 2017-2018 cycle," Egrag Crypto adds.
