Bitcoin has continued to see declining performance in recent days with on-chain metrics offering valuable insights into market behavior. Among these metrics, the Spent Output Profit Ratio (SOPR) for long-term holders has particularly emerged as a critical tool for assessing investor sentiment and market resilience. Long-term holders, defined as investors holding Bitcoin for over 155 days, are often viewed as a stabilizing force in the market. Their selling patterns can significantly influence price trends, making SOPR an indicator worth watching. Related Reading: Bitcoin Market Leverage and Coinbase Premium: What Recent Data Reveals Long-Term Holder Trends And Market Sentiment Recent analysis from a CryptoQuant analyst known as Cryptoavails highlights that Bitcoin’s long-term holder SOPR metric continues to exhibit notable patterns as Bitcoin’s price trends upward. Historically, SOPR values above 1 indicate that long-term holders are selling at a profit, while values below 1 suggest they are offloading their holdings at a loss. This behavior reflects broader market confidence or capitulation during periods of price decline. Currently, the SOPR metric remains consistently above 1, signaling that long-term holders are selling profitably without adding significant downward pressure on Bitcoin’s price. The analysis from Cryptoavails tracks key phases in the Bitcoin market over the past two years, highlighting significant shifts in SOPR values. For instance, in early 2022, the SOPR metric showed high volatility with frequent spikes, suggesting intense profit-taking activity by long-term holders. Amid these sales, Bitcoin’s price experienced a downward trend, reflecting persistent selling pressure during that period. This trend gradually shifted in late 2022 and early 2023 when the SOPR metric mostly remained below 1, indicating that long-term holders were selling at a loss as the market sought to find stability. By mid-2023, the SOPR began trending upwards, signaling renewed confidence among long-term investors. The metric consistently moved closer to or above the critical level of 1, suggesting that long-term holders were once again selling at a profit while market confidence began to recover. This upward trend has remained intact into 2024, supported by Bitcoin’s rising price levels. Importantly, there have been no significant sell-offs by long-term holders, reinforcing the broader market’s stability, according to the crypto analyst. SOPR As A Forward Indicator For Market Growth Overall, Cryptoavails mentioned that the current state of Bitcoin’s SOPR suggests a healthy market dynamic, with long-term holders contributing to a stable price structure. Despite periodic corrections, the sustained presence of SOPR above 1 indicates that selling pressure remains controlled. Related Reading: What’s The Worst Case Scenario For Bitcoin Right Now? Analyst Explains The analyst also pointed out that this behavior reflects market maturity, where long-term investors are not rushing to offload their holdings despite Bitcoin’s price appreciation. Regardless, Bitcoin has continued to consistently decrease in price since its sharp drop below $100,000 last week. At the time of writing, Bitcoin trades at a price of $93,991 down by 1.6% in the past 24 hours. Featured image created with DALL-E, Chart from TradingView
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Bybit Champions Web3 Innovation and Strengthens Ties with Asia’s Crypto Community at Taipei Blockchain Week
DUBAI, UAE, Dec. 24, 2024 /PRNewswire/ — Bybit , the world’s second-largest cryptocurrency exchange, debuted at the Taipei Blockchain Week Dec. 12 to 14, 2024, spotlighting the vibrant Web3 innovations on its platform alongside a dynamic roster of its strategic Layer 1 ecosystem partners. Featuring side events in collaboration with the Solana Foundation, the Sui Foundation, and a dazzling lineup of multichain projects, Bybit Web3 dedicated the Taipei tour to building up communities and deepening connections with Web3 ecosystem partners. The Bybit delegation also took the stage to uncover the latest insights on Web3, building with a purpose, and the future of blockchain utilities and DeFi. Purpose, Innovation, and Partnerships Representing Bybit at the conference were MK Chin, Core Contributor for Blockchain for Good Alliance and Head of Marketing of Bybit Web3, and Angela Huang, Bybit VIP Relationship Manager, at various panels. Expanding on blockchain technology’s potential in building better realities for all, Chin joined as a panelist in the session Marketing Web3: Strategies to Engage and Onboard the Next Billion Users. Chin shared learnings and actionable insights from the Bybit-supported Blockchain for Good initiative (BGA), elaborating on both real-world utilities of blockchain technologies and the trickling down of benefits to grassroot communities. Meanwhile, Angela Huang moderated three sessions closely tied to Bybit’s mission, steering conversations on crucial industry topics: The panel Bridging TradFi and DeFi: The Exchange’s Role in User Onboarding on Dec. 12 examined how exchanges could elevate access to the digital economy for users at scale. On Dec. 13, Networked Intelligence: The Rise of Decentralized AI explored the intersection of blockchain and AI, showcasing their potential to transform and democratize finance. The Building for Impact: How Female Founders Drive Purpose-Driven Innovation panel on Dec. 14 highlighted the evolving role of women leaders in driving solution-oriented innovation. Another highlight at the event was amplified globally via Bybit Livestream . Collaborating with the Sui Foundation, Ondo, DeepBook, Scallop, NAVI, and other leading projects, Bybit Web3 led a critical debate on the future of Sui’s growth strategy: Sui Ecosystem Showdown: Mass Adoption vs. Native Growth . Hosted by Emily Bao, Head of Web3 and Spot at Bybit, the livestream attracted over 6,500 viewers live at the Taipei Blockchain Week and globally on Dec. 13. Deepening Bonds: Key Web3 Ecosystems and Communities Bybit Web3 brought the local community closer to its world-class ecosystem partners with engaging community events, co-hosting Taiwan DeFi Flow with Sui and Scallop on Dec. 12, and Solana Ecosystem Taipei Greetings with the Solana Foundation and Solar with the support of Orderly Network, Zetachain, Jupiter, and Sonic, on Dec. 14. Through collaborations and innovation, Bybit Web3 opens up new on-chain possibilities for partners and stakeholders to expand the Web3 universe. These relaxed evening gatherings provided a convivial backdrop for like-minded builders and entrepreneurs to network, exchange ideas, and celebrate their shared enthusiasm for DeFi and dApps in Asia’s growing Web3 innovation hub. “It’s been an incredible experience connecting with the builders, believers, users, creators, and supporters driving innovation on Solana and Sui. These moments remind us of the heart and spirit of Web3—a vibrant ecosystem shaped by collaboration and shared vision. I’m deeply proud to witness this growth, grateful for every connection made, and excited for the road ahead,” said MK Chin , Core Contributor for Blockchain for Good Alliance and Head of Marketing of Bybit Web3 . “Taipei Blockchain Week showcased the immense growth and potential of Web3 innovation in Asia. Representing Bybit, I had the honor to collaborate with industry leaders to explore Web3’s limitless possibilities, from DeFi and AI to real-world applications. Together, we are shaping a more inclusive global crypto community,” said Angela Huang, Bybit VIP Relationship Manager . In the past year, Bybit has seen exponential growth in its user base, surging to over 60 million by the end of 2024. It has also invested in vertical growth through community engagements across the world. Connected by the passion for the future of crypto, blockchain, and Web3, the Bybit family is on track to building an inclusive and sustainable path to growth for the industry. #Bybit / #TheCryptoArk / #BybitWeb3 About Bybit Web3 Bybit Web3 is redefining openness in the decentralized world, creating a simpler, open, and equal ecosystem for everyone. We are committed to welcoming builders, creators, and partners in the blockchain space, extending an invitation to both crypto enthusiasts and the curious, with a community of over 130 million wallet addresses across over 30 major ecosystem partners, and counting. Bybit Web3 provides a comprehensive suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Our wallets, marketplaces and platforms are all backed by the security and expertise that define Bybit as the world’s second-largest cryptocurrency exchange by trading volume, trusted by over 50 million users globally. Join the revolution now and open the door to your Web3 future with Bybit. For more details about Bybit Web3, please visit Bybit Web3. About Bybit Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com . For more details about Bybit, please visit Bybit Press For media inquiries, please contact: media@bybit.com For updates, please follow: Bybit’s Communities and Social Media Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube NewsBTC
Chainlink and Avalanche Decline as Investors Turn Toward 25,000% Growth Potential in Dogen
The post Chainlink and Avalanche Decline as Investors Turn Toward 25,000% Growth Potential in Dogen appeared first on Coinpedia Fintech News With established cryptocurrencies like Chainlink and Avalanche experiencing declines, attention is shifting to a new player promising extraordinary returns. Dogen, an emerging name in the crypto world, is attracting investors with its potential for massive growth. This trend could herald significant changes in the cryptocurrency market . DOGEN Rejoys Big Moment: Trump’s Victory Will Send It to the Moon Guess who is going to join Elon Musk’s moon mission soon? DOGEN, the boldest meme coin for alpha males, is gearing up for take-off as Trump’s victory in the recent US election has the entire market euphoric about the prospects of cryptocurrencies, especially meme coins. Donald and Elon are Best Buddies for Meme Coins Donald Trump’s love for crypto is no secret — he’s promised to make the U.S. the global crypto leader in his campaign. And joining him is none other than Elon Musk , the ultimate Dogecoin (DOGE) fan who’s backed the crypto movement and even aligned with Republicans earlier this year. With these two icons fueling the fire, meme coins are set for a wild ride! DOGE Soars 130% in Just One Week! DOGEN will be the Next Star with 500% Surge Following the US election results, Dogecoin (DOGE) has been on a steady rise: from $0.15 to $0.39 in just one week . DOGEN follows the same upward trend, starting at $0.0003 and now trading at $0.0013, a staggering 333% leap . With a total of 13 presale stages, DOGEN is set to rise to $0.0019 by the token generation event (TGE), which represents a 500% increase from its initial price. Like it DOGE style? Grab Some DOGEN Now and Watch It Soars 500% A Community-Driven Token with Referral Program The backbone of DOGEN is its strong and engaged community—an energetic group of investors ready to seize the next big opportunity. With nearly $4,000,000 already raised , DOGEN has proven its appeal among crypto enthusiasts. Adding to its allure is DOGEN’s unique multi-level referral program, which rewards community participation: 7% in USDT from direct referrals 2% from second-tier referrals 1% from third-tier referrals Wanna Surf this Bull Wave? Join the DOGEN Army! Step into the winner’s circle with DOGEN—where elite investors get access to exclusive campaigns, epic perks, and top-tier deals . Live the high life you deserve: luxury cars, stacks of cash , and unforgettable experiences await those who go all-in on DOGEN. Don’t settle for ordinary when you can have it all! Flex Hard, Earn Big – DOGEN is Your Power Move! AVAX Targets $59 Resistance as Altcoin Season Approaches Avalanche (AVAX) may be gearing up for a price surge after recent corrections. Despite a -28.84% drop in the last week, the coin has gained over 42% in the past 6 months, showing strong long-term potential. Technical indicators like RSI at 41.32 and Stochastic at 33.72 suggest that AVAX is nearing oversold levels, which could lead to increased buying interest. The price is close to the 10-day simple moving average of $36.59, and a break above the nearest resistance at $59 could signal a robust uptrend. If momentum continues, AVAX might target the second resistance at $77.40, offering significant upside from current levels. With altcoin season on the horizon, AVAX could be set for impressive growth. Chainlink Poised for Breakout Amid Bullish Market Signals Chainlink is showing promising signs in the market. Despite a recent weekly dip of over 23%, the coin has seen a strong monthly increase and an impressive rise over the past six months. The current price is close to its short-term and long-term moving averages, indicating potential stability before a move. The Relative Strength Index is around the middle range, suggesting the coin is neither overbought nor oversold. If Chainlink can surpass the nearest resistance level at $35, it may aim for the next resistance at $46, potentially doubling from current levels. These factors suggest a possible upward trend in the near future. Conclusion AVAX and LINK show less short-term potential, leading investors to DOGEN. This meme token for those seeking luxury and success expects 700% growth by presale’s end, with potential for huge returns this altcoin season. Following tokens like BONK and Popcat, DOGEN builds a community of alpha leaders, offering real benefits and perks for early adopters. Site: https://dogen.meme/ Twitter: https://x.com/dogenmeme Telegram: https://t.me/Dogen_Portal NewsBTC