NEAR, the token associated with Near Protocol, a layer one blockchain that aims to overcome the limitations of its competitors including slow transaction rates, surged as much as 20% in the past 24 hours.
Technical indicators point to additional price gains for bitcoin if buyers are able to maintain support above $37,000 over the weekend.
Over the past few weeks, several indicators such as the bitcoin Fear & Greed Index, relative strength index and a six-month high in the bitcoin options put/call ratio signaled bearish extremes in the crypto market.
Ether traders, who reacted to a larger price jump, exited short positions in greater numbers than bitcoin traders over the past 24 hours.
“Much of the momentum is likely due to $160 million of combined short liquidations for BTC and ETH over the past 24 hours,” FundStrat wrote in a Friday note.
And for bitcoin, some analysts are monitoring the cryptocurrency’s market-value-to-realized-value ratio , which compares the aggregate cost basis of BTC holders relative to the current market value.
The “MVRV ratio is currently hovering around 1.5, which does leave some room for it to fall further.
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Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis.
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