The cryptocurrency market is continuing the solid bullish trend on August 11 as a majority of tokens have managed to maintain recent gains and Bitcoin price approaches the $47k mark. As of press time, Bitcoin was seen trading at $46,283 after hitting highs of $46,610 during today’s trade.
Crypto analyst, Rekt Capital ecstatically stated ”The new #BTC Golden Cross is only two days away”. Bitcoin’s bullish narrative seems to be lining up as data from on-chain analytics service CryptoQuant confirmed that as of August 10, derivatives reserves totaled 1.256 million BTC — the least since May 11.
This may suggest a rising institutional demand with derivatives platforms seeing a repeat of the trend last witnessed at the end of 2020. At the other end, selected Altcoins such as Holo (HOT, +34.45%) Polygon (MATIC, +19.02), Dent (DENT, +31.36%), Metal (MTL, +32.30%), WINklink (WIN, +46.03%), Request (REQ, +114.55%) racked up double-digit gains right as bulls pushed BTC price above $46,000.
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 a payment and receive money while removing the requirement for third parties.
IoTeX (IOTX), a platform focused on the decentralized internet of things, has been the best performer over the past 24-hours with a gain of 229% at $0.097. (seen at press time).
Data from TradingView shows that the price of IOTX rallied nearly 500% from a low of $0.0214 on Aug. 9 to reach all-time highs of $0.1248 on August 11. IoTeX subsequently made it into the top 100 crypto assets by market capitalization, ranking 87th at the time of writing.
Excitement for the project comes on the heels of a Coinbase pro listing and the Aug. 6 launch of ioTube v5 which includes a new cross-chain bridge with Polygon, an Ethereum (ETH) layer-two solution, that enables two-way token swaps between both protocols.
The IoTeX network announced on August 11 ”It’s official — $IOTX is listed on @CoinbasePro. As the first Blockchain + IoT project on Coinbase, IoTeX will reach millions of new users. More game-changing ecosystem announcements are coming soon. Get ready for hyper-growth!” According to the latest data, Coinbase now has 8.8 million monthly transacting users and 68 million total users.
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