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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Here Are The Crypto That Kept Green During The Bloodbath

Reynaldo Marquez
Reynaldo Marquez
2 years ago
3 mins read
Crypto MKR MKRUSDT LUNCUSDT

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The crypto market is bouncing back from another sudden move into the lows with Bitcoin, Ethereum, and other major cryptocurrencies recording heavy losses. In this dangerous environment for risk, there are a select few tokens still in profit with the potential to continue swimming against the tide in the coming weeks.

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At the time of writing, Bitcoin is back in its range trading at $19,200 making a comeback after a quick revisit close to its yearly lows. Ethereum is following a similar trend but still maintains some losses in the last 24 hours with Cardano and Solana recording the worst performance.

On the higher timeframe, Cardano and Solana recorded a 14% and 12% loss over the past week, respectively. In particular, ADA has failed to fuel bullish momentum after the implementation of Hard Fork Combinator (HFC) “Vasil” which has led to a sustained negative price action below support previously established at around $0.40.

These Tokens Score Profits As Larger Crypto Trended Lower

Data from CoinGecko indicates that in a 7-day period, Huobi (HT), TerraClassicUSDC (USTC), Quant (QNT), and Maker (MKR) are the best-performing assets in the space. The first of these selected HT groups records a 74% profit over this period.

In the meantime, the algorithmic stablecoin of the failed Terra ecosystem experienced a 65% rally. While MKR and QNT have had modest gains north of 12% in the past week.

The former of these tokens, Huobi’s HT, is experiencing positive price performance due to a potential takeover from About Capital over the exchange’s assets. Speculators are jumping into the action based on the potential for the platform to see the implementation of the token in new use cases, and the onboarding of new users.

TRON Founder and diplomat Justin Sun, a member of the Houbi Global Advisory, hinted at this possibility via his official Twitter account. In that sense, and similar to USTC’s price action, these tokens are seeing positive price performance due to news-related events rather than fundamentals.

Of the crypto in the group above, MKR has the most potential to sustain its bullish momentum. The MakerDAO and the community of MKR holders have been implementing proposals, with the support of major names in the industry, to improve the platform and its treasury system.

Maker Governance voted in favor of changing the GUSD PSM parameters:

• Fee out from 0bps to 20bps.

• Maximum Debt Ceiling from 60 million DAI to 500 million DAI.

• Target Available Debt from 10 million DAI to 50 million DAI.

? https://t.co/JKbYTaltG2 pic.twitter.com/NC6EwJymic

— Maker (@MakerDAO) October 13, 2022 

Data from Material Indicators shows that almost every investor class bought into MKR’s price action during this trading session flash crash. This allowed the MKR price to bounce back from a low of $927 to its current level of $937.

Related Reading

Bitcoin Dominance Rises As Market Turns Red, What Does This Mean For Altcoins?

1 year ago

However, the cryptocurrency needs support from larger investors to extend its current bullish momentum. If the crypto market can hold off the bears from taking over the action during the weekend, MKR might make a run to the $1,000 price point.

Crypto MKR MKRUSDT
MKR’s price on a rally in the 4-hour chart. Source: MKRUSDT Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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