Momentum (again) shifting
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. 10th January 2025.
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
Bullish Vibes Percolating
After sinking to as low as $91.25K, Bitcoin sharply reversed course yesterday. Hour by hour, and through the night, the largest crypto has steadily crept back toward $95K.
Checking on the Big Ten coins, Cardano (No. 9) has enjoyed the single-biggest advance (+5%) as of this frigid Friday morning on the East Coast of the U.S.
Meanwhile, social media sentiment surrounding a few select large-cap coins, such as XRP and Solana, is said to now be bullish or at least slightly bullish (CoinDesk).
What's down
Hey AI Agent, Find Us Some AI Agent Coins, Report Back, Thanks
The concept of AI agents (chatbot taskmasters) has taken on a life of its own. As a crypto category, AI Agents, per CoinGecko, looks overbought. The category (comprising nearly 200 coins) has declined 7% in the past week. This collection is dominated by a trio of multi-billion-dollar biggies (FET, VIRTUAL and AI16Z) each grappling with the kind of capricious volatility that can be a byproduct of hot air, mania, pullbacks and profit-taking.
Some smaller-cap AI agent projects, such as Cookie DAO (COOKIE) and ChainGPT (CGPT), have surged by double-digits (percentage-wise) in the past 24 hours. The latter, CGPT, which has a market cap of about $280 million, put on two-thirds of that weight in just the past 24 hours. The coin ranks No. 296 on the CoinGecko chart. Its all-time high of 56 cents came last March. CGPT is down 36% since then.
What's next
Weak Hands Give Bitcoin A Lift
Bitcoin's journey (starting Thursday and lasting into Friday morning) from $91,700 to $95,300 was marked by 14 green hourly candles, meaning that for 14 straight hours BTC notched gains in each hour, a strange and rare occurrence. But it's not as if similar streaks have never happened.
As it turns out, according to CoinDesk, citing K33 Research, three separate 11-hour-green-candle streaks were observed, first in January of 2023, then in February of 2024 and yet again this past November. The last streak of 14 hourly candles happened back in 2017.
Investor behavior, as tracked via wonky on-chain data metrics, indicates that BTC, when sitting in the low $90K region, was irresistible to bargain hunters, while proving indeed that one man's trash is another's treasure.
Based on a measurement of the movements of coins held for no more than six months, via a metric known as the Spent Output Profit Ratio (SOPR), it would appear come-lately investors are getting out at a loss in greater numbers. This type of selling scenario, CoinDesk said, citing CryptoQuant, often precedes price recoveries.
