Bitcoin turned 14 yesterday. Just a passing fad? Don’t know any fads that last 14 years, do you? Meanwhile, Chain’s XCN has been surging, and DOGE is still frenetically humping Elon Musk’s leg.

Let’s look at the birthday blockchain first. As usual, the main Crypto Twitter focus (and that of this column) is on price action, and speculation about which direction the leading digital asset is going to pull the market next.

But before we jump into that, just a quick reminder first about how it all began – with a whitepaper released to the world 14 years ago on Halloween as a response to the 2008 GFC, from someone or somebodies named Satoshi Nakamoto.

All these years later, and we reckon, yep, it’s fair to say that Bitcoin is indeed a revolution – one that’s helped spawn the wider crypto universe, good and bad.

Countries and nation states are adopting Bitcoin and other cryptocurrencies, massive institutions are buying in, and blockchain-based utility is slowly starting to creep its way into many aspects of society – payments, contracts, art, gaming, ticketing, and so on.

Anyhoo, where were we? Price action…

 

Top 10 overview

With the overall crypto market cap at US$1.05 trillion, down about 0.6% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

Yeah, we see you DOGE. Your Elon Musk-related narrative hasn’t changed since yesterday, in fact it only seems to have picked up more steam. Here’s hoping the billionaire’s Twitter buy proves to be a net positive for the crypto market as a whole.

Looking down the top list, BNB is also faring particularly well, with a 5% daily surge and almost 19% over the past week. It’s now trading above US$320 for the first time since the middle of August.

Perhaps, Binance’s support for the Elon Musk Twitter vision has something to do with the positive movement.

“We’re excited to be able to help Elon realize a new vision for Twitter,” Binance Founder and CEO Changpeng Zhao said in a statement on the weekend. “We aim to play a role in bringing social media and Web3 together in order to broaden the use and adoption of crypto and blockchain technology.”

Meanwhile, as for Bitcoin (BTC) – it’s pulled back a tad from where it was this time yesterday, but it’s managed to make a monthly close above US$20k for the first time in a couple of months. This is obvs a positive sign.

And some of the more bullish crypto analysts out there – Stockmoney Lizards for instance – are seeing something else that always makes them as excitable as a shiba inu on heat. A double bottom.

Interrupting sweet thoughts about double bottoms, though, are the more pessimistic short-term voices we’re hearing out there, including Roman Trading. He’s actually been noting the antithesis – a double top, which is a negative charting pattern. “Il Capo of Crypto”, is also in a bearish frame:

Crypto charting – conflicting as ever, then, especially in terms of which timeframes matter most. Perhaps, as trader/analyst Justin Bennett notes below, though, just keep an open mind in a week he describes as “pivotal”.

Here’s hoping the Fed, which meets on Wednesday to discuss and then reveal its next interest-rate hiking plans, regards it as pivotal, too.

 

Uppers and downers: 11–100

Sweeping a market-cap range of about US$7.98 billion to about US$429 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)

DAILY PUMPERS

• Chain (XCN), (market cap: US$1.43 billion) +34%

• Avalanche (AVAX), (mc: US$5.7 billion) +6%

• OKB (OKB), (mc: US$4.3 billion) +5%

• Shiba Inu (SHIB), (mc: US$7.3 billion) +4%

• Synthetix Network (SNX), (mc: US$604 million) +3%

Blockchain infrastructure company Chain (XCN), now ranked 41 on CoinGecko, has entered into an undisclosed-sum advertising and promotional deal with NBA team Miami Heat, which also happens to be sponsored by crypto exchange FTX.

The blockchain firm will become the Heat’s “official Web3 and blockchain infrastructure partner,” according to an announcement.

This follows Chain’s other big sporting partnership deal it secured in September – a four-year deal making it the official blockchain and Web3 sponsor for NFL team the New England Patriots and associated brands.

 

DAILY SLUMPERS

• Tokenize Xchange (TKX), (market cap: US$1.5 billion) -14%

• WhiteBIT Token (WBT), (mc: US$1.38 billion) -14%

• Klaytn (KLAY), (mc: US$787 million) -5%

• EthereumPoW (ETHW), (mc: US$707 billion) -3%

• Curve DAO (CRV), (mc: US$498 million) -3%

 

Lower-cap wrap

Time to put on the sewage suit for a tentative exploration deeper into “sh*tcoin” territory. Where high risk meets occasional reward and the odd gem. Here’s what’s catching our eye.

• Enecuum (ENQ), (market cap: US$10 million) +49%

• Groestlcoin (GRS), (mc: US$35 million) 37%

• Tamadoge (TAMA), (mc: US$34 million) +31%

• Propy (PRO), (mc: US$40 million) +115%

• Injective Protocol (INJ), (mc: US$189 million) +11%

 

DAILY SLUMPERS

• HUSD (HUSD), (market cap: US$60 million) -56%

• Dogechain (DC), (mc: US$66 million) -22%

• Rocket Pool (RPL), (mc: US$395 million) -15%

• Unizen (ZCX), (mc: US$36 million) -14%

• Cult DAO (CULT), (mc: US$27 million) -10%

 

Around the blocks

A selection of randomness and pertinence that stuck with us on our morning moves through the Crypto Twitterverse…

 

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