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| The latest moves in crypto markets, in context By the CoinDesk Markets Team Edited by Lawrence Lewitinn, Managing Editor, Global Capital Markets September 3, 2021 Sponsored by Bitcoin (BTC) -0.5% $49,778 Ether (ETH) +5.0% $3,947 (Price data as of September 3 @ 11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
Good morning, and welcome to First Mover. Here's what's happening this morning: Technician's Take: And check out the CoinDesk TV show "First Mover," hosted by Christine Lee at 9:00 a.m. U.S. Eastern time. Today the show will feature guests: Sam Bankman-Fried, FTX & Alameda Research– Lawrence Lewitinn
Note: There will be no First Mover email or show on Monday in observance of Labor Day.
Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:
Gainers: Chainlink (LINK): +5.1% Ethereumn (ETH): +5.0%Algorand (ALGO): +4.7% Litecoin (LTC): +3.1%
Losers: Cardano (ADA): -2.9% Polygon (POLY): -2.3% The Graph (GRT): -2.2% Dogecoin (DOGE): -1.9%The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.
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Market Moves by Omkar Godbole Solana’s SOL Replaces Dogecoin as 7th Largest Cryptocurrency Programmable blockchain Solana’s SOL token rallied to a new high on Friday, replacing the meme-focused cryptocurrency dogecoin as the seventh-largest coin by market value.
SOL climbed 12% to $145, establishing a foothold above Tuesday’s record of $130, data from Messari show. The cryptocurrency’s market capitalization jumped to $42 billion, surpassing dogecoin’s $38 billion.
Since Solana launched the non-fungible tokens (NFT) project Degenerate Ape Academy on Aug. 15, the SOL token has tripled in price. The timing couldn’t have been better, given the ongoing NFT sugar rush. Solana prices over the past month on FTX (Source: TradingView) “Solana’s popularity, already boosted by Sam Bankman-Fried’s support, has seen unprecedented price action on the back of strong mindshare growth, a flurry of decentralized application launches and, most recently, the frenzy around their Kaiju cards NFT launch,” Jehan Chu, co-founder, and managing partner at Keneti Capital, a blockchain investment and trading firm, told CoinDesk.
Kaiju Cards is a collectibles card game built on Solana’s blockchain and modeled along classic styles like Yugioh, Pokemon and MTG.
“Kaiju Cards NFTs are serialized, not generative. Think Pokemon or MTG, but with serial numbers on the blockchain,” the official blog says. “Each character is created and hand-drawn by one of our four industry-artists who have done original work for Adult Swim, Apple, Nickelodeon, Netflix, and other places you may recognize. There are 23 original characters contained in the Alpha Series.”
The presale of the Alpha Series aimed at giving early supporters and community members access to cards at a lower price took place on Aug. 20. The final distribution occurred Wednesday and was met with high demand. That may have boosted SOL’s price: The cards were priced at 5 SOL and 8 SOL.
“I believe there were way above 10,000 people online on their Discord,” one trader told CoinDesk in a Discord chat. “But only 3.5k NFT to mint – and only 1 card per wallet was allowed. So yes, demand was more than reasonable.”
Another trader said the latest leg higher in SOL could be related to Friday’s launch of Solsea, the first open NFT marketplace on Solana.
Solana’s ecosystem is booming, and the blockchain has garnered the support of major investors, thanks to its perceived scalability, relatively low transaction costs and fast processing speed.
Still, SOL now looks overbought with the 14-day relative strength index (RSI) hovering well above 70, indicating the pace of the rally may slow. “With volatility this high, SOL calls might be a decent sell,” QCP Capital said in its latest market analysis. Investors typically sell calls when the asset is expected to consolidate or move lower. Traders sell options when volatility is expected to drop. That’s because volatility has a positive impact on options’ prices.
Kaiju Cards is a collectibles card game built on Solana’s blockchain and modeled along classic styles like Yugioh, Pokemon and MTG.
“Kaiju Cards NFTs are serialized, not generative. Think Pokemon or MTG, but with serial numbers on the blockchain,” the official blog says. “Each character is created and hand-drawn by one of our four industry-artists who have done original work for Adult Swim, Apple, Nickelodeon, Netflix, and other places you may recognize. There are 23 original characters contained in the Alpha Series.”
The presale of the Alpha Series aimed at giving early supporters and community members access to cards at a lower price took place on Aug. 20. The final distribution occurred Wednesday and was met with high demand. That may have boosted SOL’s price: The cards were priced at 5 SOL and 8 SOL.
“I believe there were way above 10,000 people online on their Discord,” one trader told CoinDesk in a Discord chat. “But only 3.5k NFT to mint – and only 1 card per wallet was allowed. So yes, demand was more than reasonable.”
Another trader said the latest leg higher in SOL could be related to Friday’s launch of Solsea, the first open NFT marketplace on Solana.
Solana’s ecosystem is booming, and the blockchain has garnered the support of major investors, thanks to its perceived scalability, relatively low transaction costs and fast processing speed.
Still, SOL now looks overbought with the 14-day relative strength index (RSI) hovering well above 70, indicating the pace of the rally may slow. “With volatility this high, SOL calls might be a decent sell,” QCP Capital said in its latest market analysis. Investors typically sell calls when the asset is expected to consolidate or move lower. Traders sell options when volatility is expected to drop. That’s because volatility has a positive impact on options’ prices.
Read the original story here: Solana’s SOL Replaces Dogecoin as 7th Largest Cryptocurrency
Technician's Take by Damanick Dantes, CMT Bitcoin Returns Near $50K; Next Resistance at $55K Bitcoin (BTC) buyers are making another attempt at the $50,000 resistance level. A breakout would yield further upside towards $55,000 as momentum improves. Lower support is seen at the 200-day moving average around $46,000.
The short-squeeze rally that began in July has been well supported on pullbacks. Signs of upside exhaustion and overbought signals led to a weeklong consolidation phase, which could resolve to the upside. Bitcoin daily price chart. (Source: TradingView) The relative strength index (RSI) on the daily chart is declining from overbought levels and should stabilize around the neutral mark at 50.Bitcoin is trading above the upward sloping 50-day and 200-day moving averages, signaling improving trend strength after a sharp correction earlier this year. Bulls could remain active into the weekend, albeit limited towards $55,000 resistance over the short-term.
Read the original story here: Bitcoin Returns Near $50K; Next Resistance at $55K
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BOLO Be on the look out for some of these upcoming events: 12:30 UTC (8:30 a.m. ET):Unemployment rate (Aug). Est: 5.2% Nonfarm payroll (Aug). Est: 720,000 Avg hourly earnings (Aug). Est: +0.3%
ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
What’s Next After Bitcoin Breaks $50K? Binance.US Reportedly Is Going Public in 3 Years "First Mover" talks to Bittrex Global CEO Stephen Stonberg for his analysis on the crypto markets as bitcoin breaks $50,000. Beryl Li, co-founder of Yield Guild Games, and Miko Matsumura, general partner for Gumi Cryptos Capital, share insights into the "play to earn" gaming model and why it's popular in the Philippines. Plus, regulatory headlines from Coindesk Managing Editor for Global Policy & Regulation Nikhilesh De.
A Message from CoinDesk Introducing Crypto for Advisors, a weekly newsletter built specifically for financial advisors (FAs) and registered investment advisors (RIAs). Crypto for Advisors, delivered every Thursday, is designed to inform and educate financial professionals who seek to incorporate this rapidly moving asset class into their work. Subscribe today.
Latest Headlines Cryptocurrencies ‘Concern’ Argentina’s Central Bank PresidentMiguel Pesce said that Argentina’s central bank is monitoring cryptocurrencies to ensure they’re not being used to avoid exchange controls. Japan’s SBI Holdings to Launch Crypto Fund: Report The fund could reach several hundred million dollars and include bitcoin, ether and other cryptocurrencies.What Apple’s Settling App Store Lawsuit Means for Crypto’s NFTs Apple has agreed to loosen App Store restrictions on small developers in a move that could impact the NFT market.Most Salvadorans Do Not Want Bitcoin, Poll Shows: Report More than two-thirds of people in a survey disagreed or strongly disagreed with using bitcoin as legal tender.GameFi: How to Earn Crypto Playing Games Online Online gaming is no longer just a pastime.Hodl Hodl Explains August Security Issues, Puts Lending on Hold The peer-to-peer bitcoin lending platform is closed for new deals until the planned relaunch in September.Nigeria SEC Establishes Specialist Division to Study Crypto Investments: Report The country’s markets regulator will step in with regulations once crypto is allowed within Nigeria’s banking system, the SEC head said.
Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
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