coinedition.com
According to the market tracking platform, CoinMarketCap, crypto enthusiasts have had their eyes in the past 24 hours on the meme token Shiba Inu (SHIB) and Solana (SOL), the coin most people predicted would crash in 2023.
While Bitcoin (BTC) topped CoinMarketCap’s ranking of the most viewed coins, a less popular token, FLOKI, featured on the list, with an astounding 202.8% growth in the past 30 days.
Similarly, Solana has grown by over 159% since last month, putting its value at $25.4. On the other hand, Bitcoin’s closest rival, Ethereum (ETH), topped the list of the most viewed coins under the seven days window.
Recently, a researcher at the data analytic firm CryptoQuant expressed that the current bull rally rocking the crypto market could end soon based on technical indicators.
The analyst first argued that the current Bitcoin rise was primarily driven by transaction volumes on the spot market rather than futures contracts. He then advised crypto traders to prioritize risk management by profiting at Bitcoin’s current price rather than opening new positions. The analyst said traders should consider a new entry in the event of a fall from $19,800 to $20,600.
Last week, Ki Young Ju, the CEO CryptoQuant, called on wealthy investors to rescue US-based Bitcoin mining first and their crypto holdings at a discount. Young Ju contended that US miners are struggling to repay the debt owed on equipment they leased by running mining rigs at their maximum capacity.
$BTC miner capitulation might play out differently this time.
— Ki Young Ju (@ki_young_ju) January 24, 2023
Less likely, but it could be bullish if someone(s) acquires US-based #Bitcoin mining companies and their crypto holdings at a significant discount this year.
Thread 🧵
According to the chart he shared, FoundryUSA took 42% of the total hash rate over a 24-hour period, representing the most extensive dominance since 2014.