Bitcoin (BTC) rebounded slightly to $49,306 on Dec. 11 after a three-day slide made its price touch the critical MA 200 support at $46,681. ”Extreme fear” remains the dominant short-term sentiment in the cryptocurrency market, as seen in the crypto fear and greed index. Meanwhile, Bitcoin’s price remains constricted between the $46,681 and $58,642 range, awaiting the next major move.
Ben Lilly, co-founder of Jarvis Labs opines Bitcoin might likely “to stay in this trading range until at least the end of the month,” mainly because Dec. 31st marks the options expiration with “the largest open interest in terms of open contracts.”
Exchange BTC Futures Open Interest, Courtesy: Espresso”What this tells us is we can expect to stay in this trading range until at least the end of the month. Why that timeline? Because the largest open interest in terms of open contracts is December 31st”. This he alludes to probably a lot of positions opened up near the selloff.
He continues ”Right now there is nearly 120k BTC in open interest, no expiration beforehand exceeds 20k of OI, a sign of how much attention the market is placing on this date”. According to Lilly, the market has typically taken some time to build momentum after most pullbacks, explaining why BTC may likely consolidate.
As indicated by on-chain analytics, Santiment, XRP whales have added nearly 6% to their holdings since September and are currently sitting on 3.31 billion XRP, which is worth approximately $2.6 billion at the current exchange rate.
”#XRPNetwork is currently sitting at about $0.81, but smart money whale millionaires have kept up their one-year trend of accumulating more supply. Addresses with 1M to 10M $XRP hold 3.31B, including a 6% increase to their holdings in the past 3 months.”
Courtesy: SantimentXRP ”smart money whale millionaires” started accumulating around a year ago when XRP steadily declined to lows around $0.16. This period coincided with when SEC unveiled its lawsuit against Ripple.
According to WhaleStats, dogecoin is seeing renewed interest from whales as it makes a comeback on ”Top 10 purchased tokens by 1000 biggest BSC wallets”. 
Asides from this, Dogecoin has seen remarkable growth in miner revenue this year, with the figure standing around $1.08 billion as of data from Coinmetrics.
Notably, the revenue mined has increased tenfold since January 1 when it was $108 million. The growth in miner revenue started gaining traction in April and May, which coincides with the surge in DOGE price across the wider market. This might suggest that miners saw dogecoin’s price increase as a chance to profit from the coin’s growing popularity.
Dogecoin consequently made it to the top ten trending news-related terms on Google Search in the year 2021. As indicated in a recent Grayscale report, investors are very much aware of digital assets whose profiles are on the rise, including Dogecoin, which was started as a joke, yet has since risen to fame.
More than half of the investors surveyed were aware of Dogecoin and Ethereum. Almost three-quarters (74%) of investors have heard of Dogecoin, surpassing the level of awareness around Ethereum (56%).
Image Credit: Espresso, Santiment, WhaleStats, Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
