After a major sell-off during the week, Bitcoin and altcoins are posting slight gains. At the time of publication, bitcoin was trading marginally up at $20,512. The majority of altcoins were posting gains in the magnitude of 3% to 15%.
Revain is an online platform for Ethereum blockchain-based token reviews, designed to allow developers to receive constructive feedback about their projects. The protocol also incentivizes authors to provide high-quality reviews. Revain’s REV token is up 90% at $0.0018 in the last 24 hours, per coinmarketcap data. The review platform is also outperforming weekly; while most assets were down within this timeframe, REV is up 73%.
Reasons for the rise partly allude to the latest upgrade undergone by the network and previous competitions that rewarded users. On June 17, Revain announced that its smart search has seen a new update as search by category is now available. Also, category search is conducted only by the products and the companies that belong to the category.
Per Santiment, Bitcoin and altcoins may see a short-term rise as negative sentiment prevails. The onchain analytics firm wrote in a recent tweet, “Sentiment toward Bitcoin remains expectedly negative following the -30% price freefall over the past 30 days.” The last time there was such a long negative streak was from mid-June to late July of 2021 (7 straight weeks). Prices jumped +38% following that streak’’.
Investor sentiment soured following the latest happenings in the crypto space, beginning with the Terra implosion and most recently the uncertainty surrounding Singapore-based cryptocurrency fund Three Arrows Capital (3AC). The hedge fund could be the subject of a new scandal amid growing speculation about its possible bankruptcy. Babel Finance also responded to the market downturn by temporarily freezing withdrawals and redemptions.
Despite positive calls across the space, popular investor and “Shark Tank” star Kevin O’Leary said he isn’t ready to call a bottom in the crypto sector short of a major negative occurrence.
“You don’t get a bottom until you have an event,” O’Leary stated. “In the crypto world, we need someone to go to zero.” According to O’Leary, “panic events define bottoms” as markets collapse before crawling out of their lows and gradually rebounding.
According to the onchain analytics firm, Intotheblock, when market enthusiasm hits and the price starts to rise rapidly, addresses that have been holding for over a year (“Hodlers”) tend to sell some of their BTC. While they frequently continue to accumulate at even quicker rates once the frenzy has passed.
This trend was repeated in 2019 and is being repeated now. Normally, the transition from distribution to accumulation takes a few months, but eventually, the accumulation of spot BTC is reflected in the price. The bottom was reached in 2019 when the balance of these “hodlers” reached an all-time high, which is currently occurring.
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