The crypto market has retraced in the last 24 hours with a 2.69% drop today, December 13. Also, Bitcoin is down by 1.7%, trading slightly above $41,000 as the slight price dips persist.
One of the major crypto exchanges, KuCoin, has agreed to pay $22 million to the State of New York and cut ties with users in the region.
These court proceedings are likely contributing to the price dip since KuCoin is a major crypto exchange with a large trading volume. Nevertheless, some altcoins still rank among the top gainers due to exciting developments in their ecosystem.
So, while there is a retracement today, the rally will likely resume in the next few days based on a generally positive sentiment.
Grab more details below.
BEAM (BEAM) – The Decentralized Finance Platform
BEAM’s price at 4:45 a.m. EST is $0.13, with a 2.55 increase in the last 24 hours. However, it has dipped by almost 20% in the previous seven days, showing price volatility.
BEAM’s ecosystem recorded impressive developments, such as the Ethereum to BEAM Bridge. This is likely driving the price of its token today, adding it to our top gainers list.
🚀2023 was a busy year at #Beam!
We deployed many new features to #Web3‘s leading privacy blockchain. Some highlights:
— BeamPrivacy (@beamprivacy) December 5, 2023
Due to this development, members of the Web3 community can quickly transfer crypto from Ethereum to the Beam blockchain, which is private. This transfer mechanism relies on smart contracts for cross-chain transactions.
These smart contracts lock bridged tokens securely on the beam blockchain and mint a wrapped copy on Ethereum.
This adds more utility to the ecosystem, boosting the overall value of $BEAM tokens. Also, Beam has upgraded their website to load five times faster and updated other features to make interactions more accessible for users.
Remarkably, Beam provides a censorship-resistant, privacy-focused platform for users and dApps hosted on the network.
Consequently, BEAM is bullish on the daily chart and will likely overcome its nearest resistance to record further price gains.
BEAM Finds Support At $0.0173, What Next?
BEAM is in an uptrend on the daily chart, breaking above the $0.0173 resistance level on December 10. After the decline on December 11, BEAM rallied again and attempted to break above the $0.0222 resistance level.
A break above this level will lead to further price increments for the token.
Given that the Relative Strength Index (RSI) is in the overbought region above 70, with a value of 86.21, there is massive pressure from the buyers for the asset today.
The Moving Average Convergence/Divergence (MACD) indicator is above its signal line, which is also a strong buy signal.
Furthermore, the green Histogram bars suggest that the buyers control the daily timeframe. All these indicators suggest that BEAM will likely break above the $0.0222 resistance level in the coming days if the buyers persist.
However, traders must watch out for a retracement below 70 from the RSI indicator to prevent liquidation of buy trades.
Cosmos Hub (ATOM) –The Interconnected Blockchain Network
ATOM is trading at $11.23, a 5.8% increase in 24 hours. Also, ATOM has gained 13.1% in the last seven days as the buyers accumulate the token.
One of the trending developments in the Cosmos ecosystem possibly driving this price gain is the rapid development of Polymer Labs.
But what does it mean for two leading ecosystems that share the goal of advancing blockchain tech yet operate independently?
Let’s unfold Polymer’s Cosmos/Ethereum merge thesis 🧵 pic.twitter.com/AIzunoZDEf
— Cosmos – The Interchain ⚛️ (@cosmos) December 11, 2023
Polymer Labs leverages the Cosmos SDK and hopes to become Ethereum’s top interoperability hub. Polymer brings a hybrid framework that changes the OP Stack and adds the Cosmos SDK data availability feature.
So, Polymer will become a bridge between Ethereum and Cosmos.
This will enable projects Cosmos to operate on the Ethereum blockchain efficiently. This merger will align the visions and goals of Ethereum and Cosmos in the long term, which will boost the value of ATOM tokens. Secondly, Cosmos has launched the latest version of its website product page.
Cosmos has over $2.5 billion worth of assets in its ecosystem and 180 validators securing the network. Furthermore, the ATOM Economic Zone scales thousands of contracts and aligns other blockchains with ATOM, the most adopted inter-chain DeFi asset.
Users can easily build on the Cosmos Inter-chain and benefit from its security updates. But even with the gains today, ATOM still faces pressure from the sellers as it attempts to overcome its nearest resistance level.
ATOM Retracing At The $11.74 Resistance Level: Is The Rally Over?
ATOM shows signs of retracement on the daily chart after forming a Bullish Engulfing Pattern on December 12. It overcame the $10.72 resistance level on December 12, with the buyers attempting to overcome the $11.74 resistance level.
However, the red candle formed today suggests rising pressure from the sellers, although the buyers still uphold ATOM’s gains. Also, the lower wick of today’s candle is approaching the median band of the Donchian Channel (DC).
A drop below this band will lead to a further decline in the asset in the coming days.
Additionally, the RSI indicator at 63.03 is dropping as the sellers pile pressure on the asset. If the RSI retraces to 50, then the bearish trend will likely continue. So, ATOM will likely retrace in the coming days to the $10.71 support. However, a rebound of $10.71 remains a possibility.
Aptos (APT) – The Layer-1 Blockchain For Safety And Scalability
APT price at 4:50 a.m. EST is $8.35, with a 2.7% increase in the last 24 hours. Additionally, APT has gained 10.6% in the last seven days. Aptos continues to record impressive developments in its ecosystem amid the recent rally in the crypto market.
This is likely driving its price gains today, coupled with the current bullish anticipation in the market. On December 8, Aptos launched the first edition of its Weekly Digest, which covers vital updates and developments in its ecosystem.
[1/4] 🗞️ Welcome to the first edition of the #AptosWeeklyDigest 🗞️ where we bring you the latest news on all things happening within the #Aptos ecosystem. This edition is brought to you in collaboration with the #AptosCollective. A Special shoutout to @neseliolfu2re and @yarhuter… pic.twitter.com/LT2q1XQkHw
— Alex | Aptos (@alex_aptos) December 8, 2023
The report revealed that the Aptos ecosystem recorded impressive improvements based on statistics taken in November. Presently, Aptos can handle 30,000 peer-to-peer (P2P) transactions per second (TPS). Also, it can process 2 billion transactions within 24 hours.
Additionally, Aptos minted over 1 million limited collection NFTs within 90 seconds! Also, the Aptos ecosystem is undergoing a test phase called Previewnet. The testing began on November 6 and ended on November 21.
These developments are attracting more investors to the ecosystem and boosting the value of APT tokens. However, the red candle formed on the daily chart shows a possible short-term retracement for APT.
APT Drops Below $8.49 Support, Will The Downtrend Persist?
APT formed a large green candle to break above the $8.49 resistance level and turn it into support. It attempted to overcome the $9.10 resistance level, but the sellers have regained control to force a decline below $8.49.
Also, the red candle formed today suggests that some traders are closing long positions, causing a price decline. Additionally, the RSI indicator echoes this bearish sentiment, dropping from the buy zone to 55.93.
Further decline for the RSI indicator will likely result in another red candle on the daily chart.
However, APT is still trading above the Parabolic SAR indicator, which is a bullish sentiment. This implies that the asset will likely recover in the weekly timeframe.
So, APT will likely decline further in the coming days to re-test old support levels before a retracement to the upside.
Bitcoin ETF Token – First Asset Linked to Bitcoin’s Real-Life Events
Cryptic whispers float on the crypto airwaves, speaking of a Bitcoin venture soon to emerge. Traders incline their ears, waiting for early hints of lucrative possibilities. Hints from regulatory chambers suggest the imminent approval of Bitcoin Spot ETFs by the venerable SEC.
Such a milestone could unlock the floodgates, allowing Bitcoin’s value to soar unfettered to previously unimaginable heights. In the shadows, the Bitcoin ETF Token stirs.
Closely intertwined with Bitcoin’s real-world trajectory, this fledgling token could ride the shockwaves of the SEC decision to prosperity.
The token is on its presale cocoon, ripe with nascent potential. For visionary traders, its status offers the chance for outsized gains should Bitcoin skyrocket. At present, the tokens sell for only $0.0066. But more than $3.7 million already made hints at simmering interest.
Opportunities for massive yields through staking further tantalize traders. If you join the presale early, an Annual Percentage Yield exceeding 135% becomes possible. However, time may soon run short.
The presale pace has already quickened, and the final 25% of tokens are soon to be sold out.
What Could Boost the Value of BTCETF?
The value of the Bitcoin ETF Token could surge upwards due to its strong ties to impending Bitcoin Spot ETF regulatory approval and presale dynamics.
Regulatory progress toward SEC authorization of Bitcoin ETFs may boost investor confidence and demand for the token.
As the presale advances, increased scarcity and decreasing token availability can intensify this price-appreciating scarcity effect. Positive market sentiment, endorsements by crypto leaders, and rising institutional investment may also feed an optimism-fueled rally.
Lucrative staking rewards, including yields over 135%, incentivize investors to hold massive tokens off the market, further constraining supply. Also, the token’s practical utility and applications in crypto-ETFs, along with broader crypto adoption trends, could also promote greater demand.
With other factors like regulatory milestones, presale tokenomics, market sentiment, staking incentives, and community backing all potentially driving buyer interest, BTCETF should soar.
As such, interested investors should act now before the price soars and supply depletes.
Despite the retracement in the crypto market, most altcoins still retained their gains in the past weeks. Also, further price increases are expected before the end of 2023 if Bitcoin rallies to $45,000.
While tokens like BTC and ETH might be out of reach for investors, they can invest in altcoins or presale tokens. However, the next price moves in the crypto market are quite speculative.
Also, all crypto investments require careful risk management and research since they are volatile.