NAIROBI (CoinChapter.com)— Bitcoin (BTC), Compound (COMP), and Pi Coin have captured market attention due to their recent price movements. Here’s a breakdown of their current trajectories based on the latest data and market trends.
Bitcoin Smashes $100K: What’s Fueling the Surge?
Bitcoin (BTC) has surged past $100,000, trading at $102,789.17 with a 6.21% daily gain and a $2.03 trillion market cap. The milestone reflects growing confidence from institutional investors and the impact of a pro-crypto shift in U.S. politics.
President-elect Donald Trump’s administration has reignited optimism in the crypto market, signaling a sharp departure from the regulatory stance under Gary Gensler’s SEC. The rally above $100,000 coincided with Trump’s announcement of Paul Atkins, a former SEC commissioner and crypto advocate, as the new SEC chair.
Trading expert Min Jung noted that Bitcoin’s surge is supported by growing institutional inflows, including $533 million into U.S.-based spot Bitcoin ETFs this week. He emphasized, “Bitcoin’s market cap growth is attracting large institutions that can now allocate meaningful capital.”
Meanwhile, April 2024’s halving, which reduced block rewards to 3.125 BTC, has strengthened Bitcoin’s scarcity narrative. While traders remain cautious about profit-taking near key resistance levels, the combined effect of institutional backing and political support suggests Bitcoin’s momentum could persist.
Is Compound the Next Stellar? Traders Eye a New ATH
Compound (COMP) surged 15.17% in the past day to $112.18, with a 59.49% weekly gain. One analyst compared its rise to Stellar (XLM), suggesting potential similarities in their trajectories.
According to Trading Soldier, a crypto trader, “COMP seems to be lagging behind XLM,” hinting at a potential breakout that could propel Compound toward a new all-time high (ATH).
The derivatives market reflects strong bullish sentiment for Compound (COMP), with trading volume soaring 557.80% to $1.24 billion and open interest climbing 75.11% to $66.13 million. Long positions dominate, with Binance’s long/short ratio at 2.19 and OKX showing an even higher bias at 3.13.
Top traders also favor longs, as Binance’s account ratio for COMP/USDT hit 2.81. Despite $4.26 million in liquidations over the past 24 hours, the nearly even split between longs and shorts highlights the token’s volatility.
Pi Coin Faces Bearish Pressure Amid Delays and Double-Top Formation
Pi Coin appears under growing bearish pressure, with its price chart forming a double-top pattern at the $92 resistance level. Adding to concerns, the price has slipped below the 50-day Exponential Moving Average (EMA), while the Moving Average Convergence Divergence (MACD) has crossed below the zero line, signaling weakening momentum.
Market sentiment around Pi Coin is also clouded by delays in its long-promised mainnet launch. The project, which celebrated 2,000 days since its launch on Sept. 4, 2024, has yet to deliver on its promise of mining crypto directly from smartphones. Despite reassurances from the team that the mainnet and token launch will occur by Dec. 31, skepticism is growing among its 14 million verified users, particularly following repeated extensions to the KYC application deadline.
Bitcoin’s push into six figures, Compound’s explosive rally, and Pi Coin’s bearish patterns underscore the diverse dynamics in the cryptocurrency market. While BTC and COMP exhibit strong bullish potential, Pi Coin faces looming bearish risks.
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