The 24-hour volume of Status (SNT), an open-source, decentralised crypto communication app, exploded to $189 Million.
The spike is a ten-fold increase in volume compared to the day before, when Status reached peaks of $0.026.
Status 24-hour volume spikes over 1,100%
Status (SNT), a protocol that runs on Ethereum’s blockchain, offers users a mobile or desktop decentralised browser through which they can interact with decentralised applications (dApps) running on Ethereum.
Status integrates an encrypted messaging system, allowing users to interact with their cryptocurrency wallets and send messages.
Status currently has an circulating supply 3,904,817.011 SNT, and a total supply 6,804,870.175. The market capitalization of Status is $97.7m, while its fully-diluted valuation is 170.3m.
CoinMarketCap’s data shows that Status has seen a 11.51% increase in trading activity over the last 24 hours, and SNT is hovering around $0.025. On Monday, SNT reached a high of $0.026.
What is likely to impact the Status (SNT), price in this week?
Spot ETFs for Ethereum
Status’ price also rose on Monday morning, as Bitcoin and Ethereum prices rose. The overall gains in altcoins were a result of recalibrating the market after minor fluctuations on Sunday and Monday.
QCP Capital, based in Singapore, attributed the trend to US president Joe Biden’s recent announcement that he will not run for re-election again in 2024.
The market was relatively quiet on Tuesday ahead of the debut of Ethereum ETFs in the US.
QCP Capital published a report that stated, “The market has not reacted to the launch of the ETH Spot Exchange Traded Fund. Investors are waiting to see if the pattern “buy the hype and sell the news”, will be followed.
Analysts compare the possible market reaction to the ETH ETFs with what happened in early this year, when Bitcoin’s price fell to lows as low as $38k just days after the launch of its spot ETF. The flagship cryptocurrency rebounded two months later to reach an all-time high of $73k.
US Government, Mt. Gox BTC sales
The options market indicates that investors, other than Ether spot ETFs are betting against a potential decline in cryptocurrency prices over the short term. QCP analysts anticipate fresh pressure on the market from Bitcoin sales by both Mt. Gox. They do expect a change in the momentum before the US election.
Analysts said that the ETH Spot Exchange Traded Fund (ETF) may not have an immediate impact on prices, but could be a factor in the future.
SNT Price Key Levels
SNT could drop in price if Ethereum follows the Bitcoin ETF launch after BTC ETFs are launched in January. It is then possible that SNT gains new momentum along with ETH.
The key price levels are $0.024 to $0.022 at the bottom and $0.1 up to $0.3 at the top.
The post Is SNT bullish on Ethereum spot ETFs? This post may be updated as new information unfolds
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