Intent Project

• Bitcoin’s [BTC] dominance has grown by 5% since the start of the 2023 trading year.
• According to LunarCrush, there are now more people talking about Bitcoin than there were when its market cap was at its current level.
• The surge in Bitcoin’s dominance and price in the last 27 days has been accompanied by an increase in Open Interest of 63%.

The cryptocurrency market has been on a tear since the start of the 2023 trading year, and with it, the dominance of Bitcoin [BTC] has been on the rise. At the time of writing, Bitcoin’s dominance stands at 44.18%, up 5% since 1 January. This growth in Bitcoin’s dominance has been accompanied by a surge in its price and increased interest in the leading crypto asset.

Data from cryptocurrency social analytics platform LunarCrush revealed that the spike in BTC’s dominance and its price in the last 27 days has culminated in a spike in discussions around the king coin. According to LunarCrush, „there are actually more people talking about $BTC now than the last time it was at its current market cap.“ This suggests that the euphoric sentiment among investors and traders may be nearing a peak, and a drawdown in price may follow.

However, an assessment of BTC’s performance on the daily chart reveals that the uptrend remains strong. The Open Interest, which is a measure of how many traders hold open positions in Bitcoin, has been in an uptrend since the beginning of the year and has increased by 63% in the last month. This suggests that more traders are taking on long positions in the crypto asset, signalling a bullish sentiment in the market.

In addition to this, Bitcoin’s hash rate has also been steadily increasing since the start of the year. This suggests that miners are increasing their activity and that the network is still secure. All these signs point to a strong Bitcoin market, and it is likely that its dominance and price will continue to rise in the coming weeks.

• Algorand [ALGO] has posted impressive development activity since the start of the year, and could experience a 25% potential gain in the next few weeks.
• The recent U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) data suggested easing inflation that could tip the Fed to adopt a dovish approach in its next release.
• If the Fed’s approach is dovish, ALGO bulls target the $0.3034 resistance level, which would be a 25% potential gain in the next few weeks.

Recent developments in the crypto market have resulted in Algorand [ALGO] posting impressive development activity since the start of the year. This altcoin has seen a significant decline since the start of its rally, dropping from a pre-FTX level of $0.4500 to a low of $0.1616. However, ALGO could be set to experience a potential gain of 25% in the next few weeks.

A number of factors have led to this potential growth. First, the recent U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) data have suggested easing inflation, which could tip the Federal Reserve to adopt a dovish approach in its next release. If this is the case, the markets could be triggered positively, including the crypto sector. This could see ALGO bulls target the $0.3034 resistance level, resulting in a 25% potential gain in the next few weeks.

In order to reach this resistance level, ALGO bulls will have to overcome a number of hurdles. This includes the hurdle around $0.2612 – $0.2678 and the bearish order block at $0.2407. However, if the bulls are successful, they could potentially see a 25% gain in the next few weeks.

It is important to note that a break below the range support of $0.2081 – $0.1980 would invalidate the bullish bias. Therefore, traders and investors must take into account all the factors involved before making any investment decisions.

Overall, ALGO has seen impressive development activity since the start of the year and could experience a potential gain of 25% in the next few weeks. This is largely due to the recent U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) data suggesting easing inflation and the potential for the Fed to adopt a dovish approach in its next release. If this is the case, ALGO bulls could target the $0.3034 resistance level which, if successful, could result in a 25% potential gain. However, traders and investors must take into account all the factors involved before making any investment decisions.

• FTM has fallen from its recent high of $0.3577 and is currently trading at $0.3203.
• The Relative Strength Index (RSI) and On Balance Volume (OBV) point to a possible further downtrend if more bears come on board.
• Short-selling targets are $0.3128 and $0.2953; bulls could target $0.3462 and $0.3577 if the BTC uptrend continues.

Fantom [FTM] recently witnessed an impressive rally which resulted in prices climbing from $0.1940 to a high of $0.3577. This represented gains of over 80%, as the token benefited from the overall bullish sentiment that has been seen in the cryptocurrency market. However, the rally appears to have cooled off after FTM faced a price rejection at $0.3462. At the time of writing, FTM is trading at $0.3203, with a possibility of a further downtrend if more bears come on board.

The 12-hour chart of FTM shows that the Relative Strength Index (RSI) has sharply dropped but is still in the overbought zone. This indicates a sharp decline in buying pressure as holders sold off their holdings to lock in gains. Similarly, the On Balance Volume (OBV) has also exhibited a slight decline after a massive uptrend recently, showing that trading volume has dropped slightly after bears moved in. Given that an overbought condition typically makes an asset ripe for trend reversal, FTM’s current downtrend could continue. If this happens, bears could push it to retest the $0.3128 support. A break below this level could be possible if the BTC uptrend also reverses in the coming days. However, the downtrend momentum could be kept in check by the 61.8% Fib level of $0.2953. Therefore, $0.3128 and $0.2953 could be short-selling targets if the FTM downtrend continues.

On the other hand, bulls could push FTM above $0.3462 if the BTC uptrend continues. Such a move could allow bulls to target $0.3577. FTM’s weighted sentiment is currently positive, while open interest has fallen sharply, indicating a lack of buyers in the market.

All in all, FTM could continue with its downtrend momentum, with $0.3128 and $0.2953 as potential short-selling targets. However, a break above $0.3462 could invalidate the bearish bias and allow bulls to target $0.3577.

• Ethereum’s staking activity reached an all-time high, with the total value of ETH staked in the ETH 2.0 deposit contract reaching 16,042,407 ETH.
• The number of validators on ETH network increased by 0.61% over the seven-day period, while the revenue from transaction fees shot up by almost 24%.
• The percentage of eligible tokens that were being staked stood at 13.87%, significantly lower than other popular chains like Cardano [ADA] and Solana [SOL].

Ethereum’s staking activity has been on a steady rise, with the total value of ETH staked in the ETH 2.0 deposit contract reaching an all-time high of 16,042,407 ETH. This was revealed by data from Glassnode, indicating a substantial increase since 6 January when developers announced that the Shanghai Upgrade, which will enable the withdrawal of staked ETH, will go live in March 2023. Despite a 1.3% drop observed in ETH’s price at the time of writing, the king of altcoins has made a remarkable recovery since the FTX contagion hit the crypto market, sprinting towards its pre-FTX market cap levels.

The bullish cycle has also led to an increase in the number of validators on the ETH network, which grew by 0.61% over the seven-day period, as per data from Staking Rewards. The annualized reward rate, or the reward that validators can expect to earn per year was estimated at 3.8%. The revenue from transaction fees also shot up by almost 24%, further lending credence to the lucrativeness of ETH staking.

However, the percentage of eligible tokens that were being staked stood at 13.87%, significantly lower than other popular chains like Cardano [ADA] and Solana [SOL] which had a staking ratio of over 70%. This suggests that there is still room for growth in ETH staking, particularly since whales have shown interest in ETH as the number of transactions witnessed a surge.

Overall, Ethereum’s staking activity has seen a substantial increase, reaping the rewards of its impressive recovery. As the Shanghai Upgrade and other developments go live, the number of validators and the value of ETH staked are likely to continue to grow, as whales continue to show interest in the king of altcoins.