Mantra (OM) Hits New ATH On 132% Weekly Surge – Details

Christian Encila

6 months ago

3 mins read

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Analysts are confident that Mantra’s price could move upward as key indicators show a potential hike.

The cryptocurrency has become one of the top performers in the altcoin market as daily active addresses surged by 570% and hit an all-time high.

Active Addresses Soar

Analysts pointed out that there is a growing excitement among Mantra holders as they are anticipating a possible airdrop in the upcoming days. Cosmos Airdrops made the announcement as the coin recorded a new all-time high and experienced a surge in its daily active addresses.

Data showed that the cryptocurrency’s daily active addresses skyrocketed by 573% in the last three days, indicating that the digital asset has an increasing appeal to its holders resulting in higher trading activity.

$OM hits ATH again! 🚀

It’s one of the strongest players in the RWA section and a true point of pride for the Cosmos ecosystem ☄️

Plus, an airdrop is coming in the next days! 👀 🪂

Exciting growth! pic.twitter.com/YBFxnj6uQB

— Cosmos Airdrops 🪂 (@Cosmos_Airdrops) November 14, 2024

As of writing, OM is being traded at $3.35 per coin – a new all-time high – with a 24-hour trading volume of more than $674 million. In the last week, Mantra has sustained an impressive 132% price increase. Its total market capitalization is over $3 billion.

Moreover, whale activity is also moving upward due to the recent price hike. For instance, Spot On Chain revealed that a whale who owned a large volume of Mantra since December 2023 recently bought more coins to boost his OM holdings.

OM up 132% in the last week. Source: Coingecko

The whale purchased $2.62 million worth of OM tokens in addition to the 18.27 million coins the whale already owned.

Further, Mantra’s net inflows from whales or large holders surged to 2.39 million OM worth $5.75 million on November 15 from 716,040 tokens recorded on November 13. Analysts said that the growing interest of large investors is a sign that the OM market is bullish.

OM market cap currently at $2.8 billion. Chart: TradingView.com

OM Hits All-Time High

Market commentators said that Mantra’s price has increased by nearly 50% in the past 24 hours, to push the coin up to a new all-time high.

Analysts said that in the past 12 months, the cryptocurrency has increased by more than 10,000%, making it among the top-performing altcoins in the crypto market.

This milestone also established Mantra as the only RWA-focused digital asset to attain 100 times return this year. According to CoinGecko, Mantra ranked 44th in terms of total market capitalization.

In addition, analysts also saw a surge in the open interest in the coin’s futures market which went up 78.22% in the previous day hitting a new record of $115 million. This figure is a big leap from the $24.70 million in September.

Bullish Momentum

Analysts are predicting that Mantra will continue to have an upward trend as the price chart shows that the token is floating above the upper Bollinger Band at $2.0850.

This forecast was confirmed by data from the Average Directional Index reading wherein the token has recorded 35.96, adding that values beyond 25 usually indicate that the trend surrounding a digital asset is strong.

Market observers said that if investors look at the indicators, Mantra may continue to go up and may have another price rally in the short term.

Featured image from Pexels, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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