A company that is changing the way the world mines bitcoin

crypto.news 2025-01-10 12:54:39

SAFE rallies 20% on Bithumb listing

SAFE, the native token of Safe Wallet, surged 20% as Bithumb listed the token on its platform. Safe ( SAFE ) rose to $1.10 on Jan. 10, marking a 20% surge from its monthly low of $0.924 while bringing its market cap to nearly $600 million at the time of writing. The altcoin’s rally occurred in a high-volume environment. Its daily trading volume surged by 429%, climbing from $15 million early Thursday morning to over $80 million. Despite the recent rally, the altcoin still holds significant growth potential, considering that SAFE’s price remains 69% below its all-time high of $3.56 in April last year. SAFE rallied as Bithumb , a major South Korea-based crypto exchange, announced it would add a KRW trading pair for the SAFE token on Jan. 10, along with SONIC and AHT tokens. A SAFE/KRW trading pair will allow direct trading between the SAFE token and the South Korean won, making it more accessible to a wider audience, particularly in the South Korean market. Typically, a listing on a premier South Korean exchange such as Upbit or Bithumb results in a strong rally in the related token. One such instance was reported earlier in October last year when SAFE secured a listing on Upbit, leading to a 72% surge in just one day. You might also like: Is USDT losing ground? The EU’s MiCA rules and the rise of USDC and RLUSD SAFE also rallied as a result of increased demand among its derivatives traders. According to CoinGlass, open interest for SAFE in the futures market surged by 151% over the past day, reaching $19.5 million, much higher than the $5.5 million recorded at the beginning of the year. However, it’s important to note that rallies following exchange listings often face a reversal as investors sell their holdings to secure profits. Notably, data from CoinGlass shows that over $5.96 million SAFE was sent to centralized exchanges on Dec. 10, compared to the $5.65 million withdrawn. Additionally, the weighted funding rate for SAFE at press time was -0.6690%, which means short sellers were dominating the market, with more traders betting on its price to dip lower. Such levels also increase the possibility of a short squeeze if the price reverses upwards, potentially forcing short positions to close. At press time, SAFE had wiped most of its gains, falling 7% from its daily high, and was trading at $1.01 per coin. Read more: Ethereum price is slowly forming a rare pattern: is a surge coming?

Наиболее читаемые новости

Uniswap Teams with Venmo NEAR Price Rises Inv...
2025-01-10
Doge’s Alt Rally (DOGEALTS) Solana Memecoin W...
2025-01-10
Court Throws Out Welsh Bitcoin Miner’s Case T...
2025-01-10
XRP Price to Stall at $9 While Ripple Rival G...
2025-01-10
Rise of Lightchain AI- Understanding this Alt...
2025-01-10
Vitalik warns AI must empower humanity not di...
2025-01-10
Trader Turns $27 Into $52 Million With Pepe (...
2025-01-10
New Hampshire’s Proposal for a Bitcoin Treasu...
2025-01-10

Связанные новости

Прочтите Отказ от ответственности : Весь контент, представленный на нашем сайте, гиперссылки, связанные приложения, форумы, блоги, учетные записи социальных сетей и другие платформы («Сайт») предназначен только для вашей общей информации, приобретенной у сторонних источников. Мы не предоставляем никаких гарантий в отношении нашего контента, включая, но не ограничиваясь, точность и обновление. Никакая часть содержания, которое мы предоставляем, представляет собой финансовый совет, юридическую консультацию или любую другую форму совета, предназначенную для вашей конкретной опоры для любых целей. Любое использование или доверие к нашему контенту осуществляется исключительно на свой страх и риск. Вы должны провести собственное исследование, просмотреть, проанализировать и проверить наш контент, прежде чем полагаться на них. Торговля - очень рискованная деятельность, которая может привести к серьезным потерям, поэтому проконсультируйтесь с вашим финансовым консультантом, прежде чем принимать какие-либо решения. Никакое содержание на нашем Сайте не предназначено для запроса или предложения