Momentum dissipates
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. 22nd October 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
Aptos Rallies; Simon's Cat Still Climbing
Layer-1 blockchain Aptos stems from a project once known as Libra before it was rechristened Diem by tech giant Meta, formerly known as Facebook.
Let there be no confusion about what to call Aptos' native asset, APT: it's the best performer among Top 30 coins, as ranked by market capitalization, per CoinGecko.
APT gained 9% in the past 24 hours even as Bitcoin, Ethereum and the wider crypto market shed 2%-3%.
Aptos boasts a total value locked (TVL) of $2.15 billion, making it the seventh-largest blockchain in the DeFi sector, having surpassed Sui, according to DeFi Llama. Partnerships and promotional campaigns are being announced while technical indicators hint of more upside to come.
Meanwhile, Simon's Cat (CAT) is still in the green (+12%) after a raucous romp-about to kick off the week, with a new futures contract having been launched, catapulting the memecoin up by as much as 60% at one point late Sunday. Launched in August, running on the BNB chain, CAT is a collaboration involving the creators of the popular animated web series, "Simon's Cat," as well as a trading firm, DWF, and the Floki TokenFi launchpad. The highest price ever paid for CAT, 253rd-largest token, was $0.00004624, recorded one month ago. CAT is down 20% since then.
Lastly, do note there's a decent spurt turned in by Kaspa (KAS), up 4% in 24 hours.
What's down
BTC Starts Week Red, Rangebound
After bobbing above $69,000 on Sunday, Bitcoin has seen momentum vanish amidst a rapid-fire flushing of leveraged positions.
BTC, as of 7:30 a.m. (EST), sat near $67,300 on a loss of 1.3% since yesterday at this time. Wider crypto was down 3% earlier today.
New key resistance levels are proving particularly thorny, and so expect a rangebound week, analysts said (CoinDesk).
What's next
Easy Money Scenario Complicated
The near-term price foe for Bitcoin to conquer is $70K. It hasn't been reached since the start of summer.
A break above this level is likely to garner "massive retail attention,” said Singapore-based QCP Capital.
However, with the U.S. presidential election two weeks off and no other clear catalyst in view, QCP expects a choppy stretch of pre-Halloween days to come.
On the macro front, PMI numbers do come out on Thursday. That's a reference to the Manufacturing Purchasing Managers' Index, an indicator of the economic health of the U.S. manufacturing sector; a markedly cooling PMI could spook investors but at the same time bode well for the thesis that more rate cuts are coming, easing borrowing costs, stoking risk-on attitudes.
But a PMI uptick might further complicate assumptions about the coming prospect of easier money.
Bond prices around the globe already are slumping to start the week, Bloomberg pointed out, as investors confront the prospect of a slower pace of rate cuts going forward, upending debt positions currently.
