The global crypto market holds slight gains today, September 12, at 6:39 am EST. However, volatility in the crypto market is rising due to factors such as FTX’s proposed $3.4 billion token sale.
According to a Bloomberg report, volatility in digital asset markets increased as traders weighed the possibility of crypto disposal by the defunct FTX group in its ongoing bankruptcy proceedings. According to this report, a court hearing is due on Wednesday, September 13, to consider plans to sell these tokens and repay creditors.
Volatility picked up in digital-asset markets as traders evaluated the prospect of crypto disposals by the defunct FTX exchange through its bankruptcy process https://t.co/gos7dyKYuw
— Bloomberg Crypto (@crypto) September 12, 2023
The news caused a decline in Bitcoin’s price and the general crypto market on Monday, September 11, before a slight recovery today.
Despite the negative news, today’s crypto market’s recovery has sent BTC back to the $26,000 price level, sparking a rally for some altcoins and moving them to rank among the top gainers. Below are the altcoins topping the charts today with their significant gains.
Trust Wallet Token (TWT) – The Secure Crypto Wallet Provider
At 7:00 am EST today, September 12, TWT’s price is $0.8, with a 9% increase in the last 24 hours. However, its price gains in the last seven days are minimal, indicating that the buyers are making a return today.
One of the factors driving TWT’s price gains today was a Tweet on September 9 on network security, giving assurance to users. According to the Tweet, TrustWallet’s security scanners prevented users from losing $10.4 million to scammers.
Good news! In the last 30 days, @trustwallet security scanner prevented users from losing $10.4M to scammers. 🎉🔒
That’s a lot of saved stress, sleepless nights, and awkward conversations at family dinners. #TrustIsEverything
— Eowync.eth (@EowynChen) September 9, 2023
This high-security framework drives more users to the TrustWallet network, boosting its adoption. Also, Trust Wallet is collaborating with Arkham to give their users an exclusive quest and a chance to win their share from the prize pool of $50,000 worth of ARKM tokens.
Users are required to complete certain tasks to qualify for this quest. The positive news has influenced the price on the daily chart, although it faces resistance from sellers.
TWT Approaching the $0.84 Resistance level
Source: Tradingview.com
TWT is trading slightly above the $0.78 support level, although the sellers are still limiting its price gains. It faces resistance at $0.84 as the buyers continue to force a recovery for TWT. Today’s candle is approaching the upper band of the Donchian Channel (DC).
This indicates a possible uptrend shortly for the asset. The Relative Strength Index (RSI) is in the neutral zone, moving sideways at 44.45, implying that the buyers and sellers are almost evenly matched. If the RSI rises to 50, it will serve as an entry indicator for new long positions.
The coin’s MACD moves upward, attempting to cross the signal line. Also, the red histogram bars are fading, confirming that the sellers are losing market control. TWT will likely sustain its price gains in the coming days if it can overcome the $0.84 resistance level.
Optimism (OP) – The Optimistic Rollup Network for Ethereum
At around 7:11 am EST today, OP price is $1.36, indicating a 9.6% increase in the past 24 hours. Also, its price gain in the last seven days is 2.2%, showing a gradual return of the buyers to force an uptrend for the asset.
On September 11, Optimism shared some insights on DAO research and governance within an ecosystem. This update is probably driving more interest and adoption of its native token.
Today we’re sharing the last instalment in our series on key findings from @lalalavendr’s DAO research!
It touches on the crucial topic of CONFLICT and how it often plays out in DAOs.
— Optimism (✨🔴_🔴✨) (@optimismFND) September 11, 2023
They talked about the issue of conflict and how it works in DAOs. According to the Optimism developers, the difference between crisis and collapse is legitimacy.
However, they believe that conflict does not determine a DAO’s success or failure, but how the leadership handles crisis is crucial. Furthermore, Optimism states that when a DAO loses its legitimacy, there is no external control to revive the system, leading to a potential collapse of the project.
Optimism reaffirmed that communication remains a crucial tool for the success of any DAO. These insights and more exciting developments will likely drive more crypto users to adopt Optimism, thus boosting the price of OP tokens.
OP price action on the daily chart shows buyers have the upper hand. After finding support at $1.2, the next target for the buyers will be to overcome the $1.4 resistance level. However, if traders profit too early, the rally will retrace into a downtrend.
OP Finds Support At $1.2
Source: Tradingview.com
OP is in an uptrend on the daily chart, forming a second consecutive green candle as the buyers begin to rally. It found support at $1.2 and is approaching the $1.4 resistance level as buying pressure increases.
A break above this level will send OP into the overbought region. Its RSI rises from the neutral zone with a value of 45.08 as it approaches the overbought region of 70. Also, the MACD is rising and will soon cross over the signal line to confirm the buy signal.
The fading red Histogram bars also confirm the bullish sentiment for the asset today. If the buyers sustain the rally, OP will likely hold onto its price gains in the coming days.
GMX (GMX) – The Spot and Perpetual Trading Platform
GMX’s price on September 12, at 7:15 a.m. EST, is $32.2, with a 5.6% increase in the past 24 hours. It shed some of its gains in the past week, indicating that sellers are still active.
According to GMX’s news outlet Blueberry Pulse‘s report on September 10, GMX’s weekly revenues dropped by 9.245 last week. The drop in revenue likely resulted from the general decline in the crypto market.
However, the buyers are making a return today, which will likely lead to positive price movement. Notably, the trading success some GMX users enjoyed recently may positively impact its price.
According to On-Chain Trader, an anonymous trader on GMX opened a short ETH position four months ago on GMX. Despite the open position suffering a drawdown (loss) of -61.6%, approximately -$36,738, the trader held on and received a large ROI of 255% ($155,286) as profit on the position.
📊 A fascinating insight from a trader on @GMX_IO !
This trader opened a SHORT ETH position 4 months ago and currently holds the highest PnL on #GMX .
Despite the position hitting its largest drawdown at -61.6% ($-36,738) on 07/14/2023, he has held it steadfast, achieving a… pic.twitter.com/j1E4RE1R9f
— On-chain Trader (@Onchain_Trader) September 12, 2023
This success story will likely drive more investors to the ecosystem and influence GMX’s price positively. GMX shows signs of a recovery on the daily chart in the last 24 hours as buyers return to boost its price.
GMX Shows Signs of Recovery
Source: Tradingview.com
GMX is in an uptrend on the daily chart, forming a second green candle to confirm the return of buyers to force a rally. Although it trades below the Parabolic SAR indicator, it might rise above it if the buyers open new long positions.
It found support at the $30.4 price level, leading to further gains for the asset. However, it faces resistance at $34.7. The RSI indicator rises from the oversold region with a value of 36.06 as it approaches the neutral zone.
If the RSI moves to 50, the bulls are in control and might force a break above the $34.7 resistance level. The MACD also confirms the bullish sentiment rising above its signal line with green Histogram bars indicating buyers’ dominance.
GMX will likely rally in the coming days but might retrace if the buyers cannot overcome the $34.7 resistance.
Bitcoin BSC (BTCBSC) – The Smart Staking Solution
Bitcoin BSC is an eco-friendly project hoping to replicate the early success of Bitcoin. Bitcoin BSC operates on the BNB Smart Chain and offers its token to users at $0.99, similar to Btcoin’s price in April 2011.
Visit Bitcoin BSC Presale
Despite the similarities, Bitcoin BSC is not affiliated with BTC but is a unique ecosystem that relies on staking to reward its holders.
Staking is eco-friendly and less energy intensive when compared to Proof-of-Work (PoW) ecosystems like Bitcoin, which consume large amounts of electricity and produce heat and noise during mining.
BTCBSC Presales Selling Out Fast
BTCBSC, the native token of this platform, is on presale with over $1.34 million raised out of its soft cap target of $ 4 million.
The presale has two stages, with the price of BTCBSC tokens at $0.99, offering investors the best chance to accumulate the tokens ahead of a potential price surge after listing.
🎉 A remarkable achievement for #BitcoinBSC!
Surpassing the $1.2 million mark!
We extend our gratitude to all who’ve shown their backing!
Participate in the #Presale today and become a vital part of the #Stake2Earn transformation! 🚀
https://t.co/oM0YP8IlbV pic.twitter.com/fFghs6jbPo
— Bitcoinbsc (@Bitcoinbsctoken) September 12, 2023
Users can purchase these tokens with ETH, USDT, or BNB once they connect a secure crypto wallet to the presale page.
Staking Rewards Driving Massive Adoption
BTCBSC’s presale has gone viral, and one of the factors driving its rapid increase is the buy and stake feature. Users who take advantage of the buy and stake feature earn a share of 69% of the total supply for staking rewards.
These rewards will be distributed over 120 years, showing the long-term vision of the developers. Over 659,000 tokens have been staked at an APY of 399% on September 12. Staking also serves as an anti-inflationary method limiting the total circulating supply of the token.
Exciting Roadmap Ahead Signifying Longevity
Bitcoin BSC developers have already created an exciting and detailed roadmap to achieve remarkable success in the coming months. Stage 1 handles the presale, where investors buy BTCBSC at $0.99. Stage 2 covers the Staking launch, the project’s foundation, with an audited and verified smart contract for staking.
Stage three focuses on launching BTCBSC tokens on a Smart Chain DEX, with 2% of the total supply set aside for DEX liquidity. Also, a liquidity pool will launch to ensure a fully decentralized and community-based project. Stage 4 will focus on distributing rewards to users who stake their tokens daily.
These rewards are calculated every 10 minutes, similar to the block time of Bitcoin, with the maximum supply attainable in 120 years. BTCBSC will likely succeed if its community continues to push for adoption and global expansion.
Wall Street Memes (WSM) – The Global Memecoin Revolution
Wall Street Memes is arguably the most successful crypto project of the year 2023 based on the massive success of its presale.
Visit Wall Street Memes Presale
It started as a meme coin revolution against capitalism but, based on its utility, has transitioned to an ecosystem built on the strength of a thriving community. With unlimited memes, staking, merchandise, and NFTs, the Wall Street Memes ecosystem is set to reward its investors.
WSM Presales Concluding in Two Weeks!
WSM’s presale has raised over $25 million, a testament to massive investor interest in the tokens. The WSM presale is 14 days from its conclusion and eventual listing on Tier-1 crypto exchanges, likely leading to a price surge.
Each token is worth $0.0337, and users can purchase these tokens by connecting a secure crypto wallet to the presale page and completing the purchase with ETH, USDT, BNB, or bank cards.
Staking For Additional Rewards
Visit Wall Street Memes Presale
Wall Street Memes supports a buy and stake feature for its WSM tokens. Users can stake their tokens to earn additional rewards based on their percentage in the WSM staking pool and the APY.
Over 315.76 million $WSM tokens have been staked, and the APY on September 12 is 63%. Also, staking will preserve the long-term value of WSM tokens and prevent users from dumping their tokens after listing.
WSM promotes equity and fairness; therefore, there are no specially reserved tokens for the development team, giving all users equal opportunities during the presales.
NFTs And Merchandise Add Value to the WSM Ecosystem
The Wall St Bulls collection is the NFT project of the ecosystem, boosting its utility and expanding its global reach. It is a collection of 10,000 unique NFTs hosted on the Ethereum blockchain.
Wall Street Bulls NFT holders will have automatic access to the upcoming options market, where these bulls can also be traded. Also, Wall St Bulls holders will get access to the other free NFT collections, such as Wall Street Interns and Wall Street Assets.
Also, Wall Street Memes plans to launch branded merchandise for its community, such as T-shirts, caps, and sweatshirts, to increase the brand’s visibility. According to this YouTube resource, Wall Street Memes (WSM) is the game changer likely to reward its early investors.
Conclusion
Today’s top gainers correlate to BTC’s price gains in the last 24 hours. Also, rising investor interest and positive developments within their ecosystem are driving these gains. Furthermore, some exciting presales are ongoing, granting investors opportunities to purchase tokens at affordable rates ahead of a potential price surge.
Despite the general improvement, the crypto market remains volatile and can deviate from predicted or past price action. Therefore, traders and investors must conduct proper research and manage risks and exposure of assets properly to avoid liquidation.
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