Bitcoin (BTC) rose to highs of $59,445 on Nov. 25 to consolidate the last six days under the $60k resistance. The price is up about 3.42% over the past 24 hours to trade at $59,048 as of press time. The second-largest cryptocurrency, Ethereum was also up 6.25% at $4516 as a majority of Altcoin tokens traded in the green as of press time.
Selected tokens such as Shiba Inu (SHIB, +12.69%), Terra (LUNA, +12.17%), Gala (GALA, +26.74%), Zcash (ZEC, +15.60%), Kadena (KDA, +23.48%), Basic Attention Token (BAT, +29.00%), Livepeer (LPT, +32.41%), Hive (HIVE, +66.84%), Request (REQ, +234.25%), Hex (HEX, +13.33%) were up in the last 24 hours as Bitcoin sought to reclaim the $59k territory.
Giving impulse to Bitcoin bulls is increasing whales accumulation. On-chain data analytics, Santiment detected that Bitcoin whales added nearly 0.29% of the total supply to their portfolio.
”If you’ve been waiting for #Bitcoin whales to show signs of accumulation, our data indicates it’s happening once again. In the past week, a total of 59k $BTC has been added to addresses that hold between 100 to 10k $BTC. This is 0.29% of the total supply”.
Courtesy: SantimentBitcoin’s recent price action also points to the Nov. 26 options expiry. Data provided by Skew shows a total of 51,900 options contracts worth nearly $3 billion are due for expiry on Friday. About $2.5 billion worth of options will be settled by Deribit, the world’s largest crypto options exchange, at 08:00 am UTC.
According to analysts, the majority of open interest is concentrated in call options at strikes above Bitcoin’s record price. The max pain, or the price level at which option buyers would suffer the most loss on expiry, is $58,000.
The Request (REQ) utility token, launched in 2017, ensures the performance and stability of the Request Network. The Request Network itself is an Ethereum-based decentralized payment system where anyone can request payment and receive money while removing the requirement for third parties.
Request surged nearly 375% to highs of $0.97 on Nov. 25 following the announcement of Metaverse gaming leader, The Sandbox being the latest addition of high-profile blockchain companies using Request Finance
The Sandbox commenced using Request Finance’s invoicing app at the start of 2021. The blockchain-based Metaverse platform has continued to use Request Invoicing to manage its extensive fiat-crypto invoicing, payroll, and bookkeeping functions. Now, The Sandbox uses Request Invoicing to make all its payments in SAND.
The Sandbox, a metaverse platform, has recently drawn in millions in funding, including from backers like SoftBank, as it gears up to launch its play-to-earn metaverse capabilities. The Sandbox stated last week that its Alpha hub would go live on November 29 and would allow people to step into its metaverse for the first time and earn NFTs, as well as up to 1,000 SAND tokens.
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