Cryptocurrencies Price Prediction: Bitcoin, ApeCoin & Optimism – European Wrap 13 November
|Week Ahead: Bitcoin ETF approval this week, yay or nay?
Bitcoin and Ethereum price rallies have paused over the weekend, allowing investors to take a step back and look at the big picture. So, let’s take a look at the big picture.
This week is extremely important for crypto investors for one singular reason – the Bitcoin spot ETF decision that the United States Securities and Exchange Commission (SEC) is set to take. As mentioned in the previous publication, the ETF window, extending from November 13 to 17, is when the SEC could batch-approve all 12 ETF applications. Hence, this event could serve as the biggest tailwind for the extension of this rally.
ApeCoin price gains at risk as on-chain metrics turn bearish
ApeCoin’s on-chain metrics reveal an underlying bearish divergence. APE price gains are therefore unsustainable and a correction in APE is likely in the short term. In the days leading up to the ApeCoin token unlock event on November 17, the asset’s price could rally, despite the bearish outlook from on-chain metrics.
An analysis of active addresses, trade volume and network growth of ApeCoin reveals an underlying bearish divergence. While APE price yielded in the region of 40% gains for holders over the past month, active addresses of the NFT token have dropped. This is a bearish divergence that points at an impending correction in APE.
Optimism price rally gets boost from OP token accumulation
Optimism, a Layer 2 protocol, noted a spike in its accumulation by digital asset firm, Amber Group. The token’s on-chain metrics support a bullish thesis for the asset. The token’s price climbed 50% over the past 30 days, yielding gains for the Layer 2 token’s holders.
The Layer 2 token noted accumulation by both institutional investors and traders. Based on data from on-chain tracker Data Nerd, a wallet address associated with the Amber Group, withdrew 2.84 million OP tokens from Binance. The Amber Group has accumulated a total of 5.37 million OP tokens, worth $9.37 million in the past three days.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.