FLUX, SFP and Badger DAO surge even as Bitcoin price falls to $47K

BTC price continues to soften, but new exchange listings and protocol upgrades provided a much-needed boost for FLUX, SFP and BADGER.

The year-long mantra that the crypto market would see a blow-off top in December has proven to be a dud thus far and for the last week, most cryptocurrencies have been under sell pressure and Bitcoin (BTC) is encountering difficulty in trading above $47,000. 

That said, it’s not all bad news for cryptocurrency holders on Dec. 10 because several altcoins have managed to post double-digit gains due to new exchange listings and protocol upgrades.

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Flux (FLUX), SafePal (SFP) and Badger DAO (BADGER).

FLUX benefits from the “Binance bump”

Flux is a GPU mineable proof-of-work protocol aimed at creating a scalable decentralized cloud infrastructure for Web 3.0 applications.

VORTECSâ„¢ data and the NewsQuakesâ„¢ alerts from Cointelegraph Markets Pro began to detect a bullish outlook for FLUX on Dec. 9, prior to the recent price rise.

The VORTECSâ„¢ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECSâ„¢ Score (green) vs. FLUX price. Source: Cointelegraph Markets Pro

As seen in the chart above, the NewsQuakeâ„¢ system put out an alert for FLUX on Dec. 9, less than an hour before the price began to spike 150% over the next day.

The announcement that helped spark the rapid price rise in FLUX was a notification that Binance would be list FLUX token on its platform. Shortly after this announcement, FLUX price rallied to a new all-time high at $4.01.

SafePal adds support for nine new networks

The SafePal project is a cryptocurrency hardware and software wallet solution for investors who hold assets on the Ethereum, Binance Smart Chain and Tron networks.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $1.55 on Dec. 6, the price of SFP has climbed 45.84% to hit a daily high at $2.27 on Dec. 10 as its 24-hour trading volume spiked 50% to $158 million.

SFP/USDT 4-hour chart. Source: TradingView

The building strength for SFP comes as the project released an updated version of its wallet app and added support for Cardano, Nervos Network, Avalanche, Fantom, HECO Chain, Songbird, BOBA Network, Optimism and Arbitrum.

Related: Trader who called 2017 Bitcoin price crash raises concerns over ‘double top’

Badger DAO prepares to reactivate its smart contracts

Badger DAO is an open-source decentralized autonomous organization focused on building products and infrastructure that increase the utility of Bitcoin in the decentralized finance landscape.

VORTECSâ„¢ data from Cointelegraph Markets Pro began to detect a bullish outlook for BADGER on Dec. 9, prior to the recent price rise.

VORTECSâ„¢ Score (green) vs. BADGER price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECSâ„¢ Score for BADGER spiked into the green zone and hit a high of 75 on Dec. 9, around three hours before the price increased 48% over the day.

The positive price action for BADGER comes as the protocol tries to bounce back from a Dec. 2 exploit that resulted in the halting of the project’s smart contracts.

The overall cryptocurrency market cap now stands at $2.218 trillion and Bitcoin’s dominance rate is 40.7%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Analysts say Bitcoin’s behavior at $47.5K mirrors the pre-breakout 2017 market

Bitcoin price succumbed to another wave of selling, but analysts say the current market structure at $47,500 mirrors the early bull-market from 2017.

Crypto markets tanked again after Bitcoin (BTC) price slipped to $47,500 on Dec. 9, but most analysts agree that the price is destined to remain in the $40,000 to $55,000 range until the holiday season has passed.

BTC/USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView shows that the early morning defense of the $50,000 support level was overwhelmed by sellers and according to independent market analyst Ben Lilly, bids at underlying support levels are not inspiring much confidence from bulls.

Here’s a look at what analysts and traders are saying about the recent price action and whether BTC’s current downside is a signal that a bear market is in the making.

Bulls aim to hold the $47,000 support

Insight into the weekly price action was provided by analyst and pseudonymous Twitter user Rekt Capital, who posted the following chart, which outlines the levels of support and resistance that are currently relevant to the price action for BTC.

BTC/USDT 1-week chart. Source: Twitter

Rekt Capital said,

“BTC is threatening to lose this red support but no confirmed breakdown. Below red is the orange area, a strong support which ended two -25% corrections in February and September. Generally red needs to hold to avoid a drop to orange. Still holding here until further notice.”

Full-time trader and Cointelegraph contributor Michaël van de Poppe is also keeping an eye on the price action around these important support levels and posted the following chart outlining the “make it or break it” support level in the low $40,000s.

BTC/USD 1-day chart. Source Twitter

Poppe said,

“Chop, chop, chop it is for Bitcoin. A crucial area to hold is that region we’ve touched already at $42K. The close was above $46K–47K and I’d prefer not to lose that at all.”

Pennant formation hints at an eventual bounce

Further analysis of the weekly price action for BTC was provided by analyst and pseudonymous Twitter user TechDev, who posted the following tweet outlining the formation of pennants, which have proven to be followed by bullish breakouts in the past, on the Bitcoin chart.

As expressed by TechDev at the end of his tweet, nobody ever said that making money and holding firm on the long-term outlook for BTC was easy, and the biggest rewards are reserved for those that can persevere during times of struggle like that which the market is currently facing.

Related: Bitcoin could hit $100K, gold $2K in 2022 thanks to ‘deflationary forces’ — Bloomberg analyst

Bitcoin price action resembles the 2017 market

A final bit of insight was offered by the crypto trader and pseudonymous Twitter user Nunya Bizniz, who posted the following chart comparing the price action for BTC during the 2017 bull market cycle to the current chart and hinted at a possible breakout approaching for Bitcoin in the near future.

2017 BTC/USD price action vs. present-day BTC/USD price action. Source: Twitter

Nunya Bizniz said,

“Price action at a prior ATH that has been most similar to now was in 2017. Maybe?”

While what happens with Bitcoin price in the near future remains to be seen, it’s looking as if the handful of $100,000 predictions by the end of 2021 will fall short and possibly not occur until sometime in 2022, if at all.

The overall cryptocurrency market cap now stands at $2.25 trillion and Bitcoin’s dominance rate is 40.1%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

NFT partnerships and protocol integrations boost Tezos, WAX and Aleph.im

A slew of new NFT-related partnerships and integrations with DeFi platforms sparked a rally in XTZ, WAXP and ALEPH.

The roller coaster ride that is the cryptocurrency market continued its volatile ways on Dec. 8 as Bitcoin (BTC) price briefly slipped below the $49,000 level. Despite the setback, there are still clear signs that crypto mass adoption is taking place, a prime example being Visa’s announcement that it will launch crypto consulting and advisory services for merchants and banks. 

Analysts expect that Bitcoin will continue to search for firmer footing and while this process plays out, Ether and a handful of mid and low-cap altcoins are booking moderate gains.

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24 hours were Tezos (XTZ), WAX (WAXP) and Aleph.im (ALEPH).

Ubisoft launches NFTs on Tezos

Tezos is a layer-one blockchain protocol that includes a built-in mechanism that allows the network to evolve and upgrade over time without the need for hard forks.

VORTECSâ„¢ data from Cointelegraph Markets Pro began to detect a bullish outlook for XTZ on Dec. 5, prior to the recent price rise.

The VORTECSâ„¢ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECSâ„¢ Score (green) vs. XTZ price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECSâ„¢ Score for XTZ began to pick up on Dec. 4 and climbed to a high of 87 on Dec. 5, around 21 hours before the price increased 60.5% over the next two days.

The surge in XTZ price took place after Ubisoft, one of the top three video game companies, announced that it would be releasing its first line of in-game playable NFTs on the Tezos network, beginning with Ghost Recon: Breakpoint.

WAX welcomes Amazon and Mattel to its ecosystem

WAX is a purpose-built NFT blockchain designed to provide brands with all the tools necessary to launch a NFT collection and make e-commerce transactions faste and more secure for all parties involved.

VORTECSâ„¢ data from Cointelegraph Markets Pro began to detect a bullish outlook for WAXP on Dec. 4, prior to the recent price rise.

VORTECSâ„¢ Score (green) vs. WAXP price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECSâ„¢ Score for WAX spiked into the green zone on Dec. 4 and reached a high of 81 around 40 hours before the price increased 84.8% over the next two days.

The spike in momentum for WAXP comes as it was announced that Amazon had entered the WAX ecosystem after making an investment in the collectible marketplace Dibbs while it was also announced that three leading toy companies, Funko, Mattel and Hasbro, have partnered with WAX for “Sellout Collections.”

Related: Bitcoin rebounds on Wall Street open as exchange BTC reserves plunge after $42K dip

Aleph provides analytics support for Serum

Aleph.im is a cross-chain protocol focused on the creation of a decentralized database including file storage, computing and a decentralized identity (DID) framework.

VORTECSâ„¢ data from Cointelegraph Markets Pro began to detect a bullish outlook for ALEPH on Dec. 5, prior to the recent price rise.

VORTECSâ„¢ Score (green) vs. ALEPH price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECSâ„¢ Score for ALEPH hit a high score of 80 on Dec. 5, around 31 hours before the price increased 38% over the next two days.

The climbing price of ALEPH comes after the protocol announced that it is now providing its indexing solution to the Solana-based decentralized exchange Serum, a move which should help to increase the ability to obtain DeFi analytics on the Solana network.

The overall cryptocurrency market cap now stands at $2.373 trillion and Bitcoin’s dominance rate is 40.1%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Exchange listings and mainnet launch boost SUPER, PBR and BTT price

Bitcoin is struggling to hold $50,000, but that’s not stopping SUPER, PBR and BTT from tacking down double-digit gains.

The cryptocurrency market is back in high spirits on Dec. 7 after the wider market bounced back from the Dec. 3 downturn in Bitcoin (BTC) price. Currently, bulls are aiming to send the price of BTC above the $52,000 support/resistance level and Ether (ETH) is trying to reclaim $4,400 but both assets are encountering push back at overhead resistance. 

Even with BTC and ETH consolidating, traders’ change of sentiment has been a boon for altcoins and many have seen gains in excess of 50% within the past 24-hours.

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView shows that a few of the biggest gainers over the past 24 hours were SuperFarm (SUPER), PolkaBridge (PBR) and BitTorrent (BTT).

SuperFarm lists on Coinbase

SuperFarm is a cross-chain protocol that combines decentralized finance (DeFi) and nonfungible tokens (NFTs) to create an ecosystem where NFT creators, collectors and traders can interact in an open marketplace.

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $1.02 on Dec. 6, the price of SUPER surged 81% to a daily high at $1.81 on Dec. 7 as its 24-hour trading volume spiked 500% to $323 million.

SUPER/USDT 4-hour chart. Source: TradingView

The run-up in the price of SUPER comes after the token listed on Coinbase alongside PolkaStarter (POLS) and Spell Token (SPELL).

Related: Coinbase adds ‘ETH2’ despite tomorrow’s Ethereum upgrade postponing difficulty bomb

PolkaBridge opens registration for IDOs

PolkaBridge is a decentralized multichain protocol designed to work as the primary bridge between Polkadot and other networks. The platform also supports an all-in-one platform that includes an automated market maker (AMM) with farming, lending, token launchpads, prediction markets and an NFT marketplace.

Data from Cointelegraph Markets Pro and TradingView shows that after reaching a low of $0.85 on Dec. 6, the price of PBR catapulted 99.4% to reach a daily high of $1.71 on Dec. 7 as its 24-hour trading volume increased 80% to $10.2 million.

The quick turnaround in PBR price comes as the platform opened registration for several upcoming initial decentralized exchange offerings that require users to stake at least 10,000 PBR tokens to qualify for an allocation.

BitTorrent prepares for its mainnet launch

BitTorrent is an established peer-to-peer file sharing and torrent platform that has been making a shift toward a more decentralized design over the past couple of years after being integrated with the Tron ecosystem.

VORTECSâ„¢ data from Cointelegraph Markets Pro began to detect a bullish outlook for BTT on Dec. 4, prior to the recent price rise.

The VORTECSâ„¢ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECSâ„¢ Score (green) vs. BTT price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECSâ„¢ Score for BTT climbed into the green zone on Dec. 4 and reached a high of 82 around 29 hours before the price increased 75% over the next day.

The building momentum for BTT comes as the project is making its final preparations for the launch of the BitTorrent Chain mainnet, which will include a token redenomination plan where current BTT holders will receive 1,000 new BTT tokens for each old BTT held in their wallet.

The overall cryptocurrency market cap now stands at $2.384 trillion and Bitcoin’s dominance rate is 40.7%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.