Upside momentum continues…
Binance News Team
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- Following on from last week the market moved further to the upside briefly trading above $23k. Whilst the market has been trading in a range this week, the majority of flows has been selling volume for the major coins.
- However it's a different story for the altcoin market this week as coins such as; APT, FTM, APE and DYDX have seen a huge increase in buying volume followed by subsequent price increases.
- $APT continues to rip, currently up 124% in the last 7 days, following the momentum from the start of the year. Whilst $APT is still fairly new, it seems investors have got excited following a recent AMA with both co-founders as they shared upcoming developments and community outreach events during the session.
- As a result there has been an increased demand for Aptos NFT’s as both floor prices and trading volume increases.
- $DYDX has seen a huge increase in price, this comes after the Decentralised derivatives exchange delayed the unlocking of more than 150m tokens, which were likely to flood the market. The turnaround in decision is extremely bullish for the token, as circulating supply remains unchanged!
Trade our top 5 weekly coins of interest here!
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The Binance Convert Portal is a way for users to simply exchange one coin to another without working the orderbook. There are zero fees, slippage or risk of getting filled providing many benefits to both day traders and long term investors.
We break down the convert portal transactions to gauge where the market is each week. We notice a pattern with the top 3 consisting of; stable coin swaps, crypto to stablecoin and stablecoin to crypto. When the market is quiet, seeing extended movements stablecoin swaps usually top the list with users transacting between BUSD and USDT with tight spreads. On the flipside when the market has seen a period of expansion (up or down) we will usually see crypto to stablecoin or stablecoin to crypto transactions top the list as users will enter and exit positions.
Convert Portal Volume Breakdown
- The market is showing no signs of slowing down as BTC continues to break further to the upside. Our desk has seen some interesting flows this week, however the list order remains unchanged.
- Stablecoin swaps topped the list with a value 30.08%, decreasing 2.98% compared to last. Interestingly with the market rangebound for the week, all other transactions increased.
- Crypto to Stablecoin transactions placed 2nd this week increasing 1.01%, as expected when the market is rallying week to week speculators will look to take profits and move to sidelines waiting for the next move.
- Again, Stablecoin to Crypto transactions were 3rd this week with a value of 21.59%, an increase of 1.59% compared to last. During this week to week expansions, investors will continue to add to positions in anticipation of the trend continuing!
Overall market technicals
- Following on from last week our September high target was hit Friday during the US PM session as price continued to rally before heading into the weekend.
- Taking a look at the charts, BTC has formed another range this week trading between $23,400 and $22,350. At the moment it is currently trading around the midrange undecided about its next current move.
- If the momentum continues to the upside the next potential target will be the August high coinciding with the major level of $25k, which has not been traded to since last summer.
- Alternatively, if the new weekly range fails to hold, bears would likely see price break further down to last week's range looking to target the lower end and stop out any leveraged longs!
- APT is off to a flying start this year, the coin was recently on Binance back in November as the rest of the market was experiencing a dry spell.
- Looking at the chart we can see that each price expansion was followed by a period of consolidation. APT set its all-time-high yesterday at $20.37 against the BUSD pair.
- Currently it is trading in another period of consolidation, very similar to the pattern that is playing out on BTC at the moment.
- With APT currently in price discovery it is difficult to determine what the next possible upwards target will be, but it is safe to assume it will follow in the overall footsteps of BTC, which can be used to gauge pivot points.
Macro at a glance
The US equities market continues to the upside as the S&P 500 futures contract is trading around 4,065.
Bank of Canada raises the interest rate by 25bps to 4.50% on Tuesday as expected, and Governor Macklem said the central bank is going to “pause” for further rate hikes but highlighted it is “a conditional pause”.
US Treasury Secretary Janet Yellen announced that she is taking more extraordinary measures to avoid US debt default on Tuesday. Whilst the White House stands firm on the debt limit, not open to negotiating with House Republicans.
US reports 2.9% GDP growth in Q4 QoQ, stronger than the estimated 2.6%, but a slow down from last quarter’s 3.2% growth on Thursday. At the same time, the US reported 186k initial jobless claims, lower than the 205k estimation and the 192k reading reported last week. Both indicate the US economy is more resilient than estimated, and the job market is still hot.
Next week key events: CPI reading on the Eurozone, Federal Reserve and Bank of England rate hike decisions on Wednesday, and US nonfarm payroll report on Friday
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