Crypto: Up or down? Bitcoin can’t decide; DeSo has now doubled in a week
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Cryptos are in indecision mode today, dipping modestly nearly across the board.
Bitcoin was trading at US$42,748 midafternoon Sydney time, down 3.1 per cent from the same time yesterday.
Crypto analyst Mick Krypto posted that BTC was trading in a pennant pattern, which has a “continuation bias” as well as an “indication of indecision”.
“Although there is a statistically higher likelihood to break to the downside, there is still the possibility of a break to the upside,” he wrote.
But Sydney-based analyst Tony Sycamore wrote in his morning brief that as long as Bitcoin remained above last week’s US$39,573 low, the outlook was positive.
“A break and close above last week’s US$45,159 high and above the 200-day ma [moving average] at US$45,575 would indicate a retest and break of the $52,956 high is underway,” he wrote.
Meanwhile, Ethereum was changing hands at US$2,969, down 5.1 per cent from Monday, making it the worst-performing major coin in the past 24 hours.
All of the top 10 coins were in the red, although Avalanche, the No. 11, had crept slightly higher, gaining 0.4 per cent to US$69.
Overall, the total market dropped 3.0 per cent to US$1.97 trillion, according to Coingecko.
Decentralised Social, the project formerly known as Bitclout, was the biggest gainer in the top 100, rising 17 per cent to US$149.82.
DeSo has also been the best performer in the past seven days, with a 103 per cent gain – better than even dYdX‘s 70 per cent rise.
Founded by Nader Al-Naji, DeSo aims to be a platform for decentralised social media apps. (Bitclout, a Twitter-like project, is now an app on that platform).
DeSo, short for "decentralized social," is the first and only blockchain custom-built from the ground up to power and scale a new category of decentralized social applications to one billion users.
— Nader Al-Naji (@nadertheory) September 21, 2021
Fantom was up 13.1 per cent and OKB and Olympus DAO were both up a little more than 10 per cent.
Arweave was the biggest loser in the top 100, falling 10.2 per cent.
Those five coins were the only double-digit movers in the top 100, an unusual occurrence in the normally volatile crypto markets.
On the smaller end of the market, BNBPay, a Binance Smart Chain token focused on merchant adoption, was up 221 per cent on volume of US$1.9 million. The crypto has a market cap of $32 million, making it the No. 655 crypto, according to Coingecko.