The cryptocurrency market exhibited signs of recovery in the last 24 hours, with Bitcoin, the market leader, managing to sustain support levels around $112,000. Currently priced at $112,989.61, Bitcoin’s positioning remains below its 50-day simple moving average, which signals potential weaknesses in immediate price movements. This performance inadvertently influenced the wider market, as reflected in the CoinDesk 20 Index, which experienced an increase of over 1%.
Noteworthy performers included the OG token linked to the decentralized AI operating system 0G (Zero Gravity), which surged more than 50% following the launch of its Aristotle mainnet on September 18. This transition from testnet to a fully operational layer-1 blockchain has sparked excitement among investors. Avalanche’s AVAX also displayed a robust performance, rising by 10%, alongside other notable gainers such as MNT, ASTR, CRO, NEAR, and XLM.
In an innovative maneuver to bolster community engagement, 0G adopted a rewards-based launch strategy. Participants including early contributors, active Discord users, and holders of specific NFTs were eligible for airdrops, further amplifying interest in the token. With its modular architecture that integrates data availability, storage, and computation alongside dedicated chains for AI inference, the project has cultivated pledges and partnerships that have significantly added to its appeal, resulting in a remarkable 54% price increase over the past day. Currently, 0G boasts a market capitalization of approximately $1.23 billion, with daily trading volumes reaching $3.3 billion, according to CoinMarketCap.
Strategically, 0G’s tokenomics emphasizes a balance between short- and long-term incentives, operating under a fixed total supply of 1 billion tokens, of which 21.3% are immediately accessible. The project garnered substantial funding exceeding $350 million prior to or during its launch phase, including a notable $40 million seed round and a $250 million token purchase commitment. Prominent investors include Hack VC, OKX Ventures, Delphi Ventures, Samsung Next, and Animoca Brands. Following its release, 0G also achieved swift listings on major exchanges like Kraken and Binance, facilitating enhanced liquidity and visibility from the outset.
From a derivatives standpoint, the global notional futures open interest has seen a decline, dropping to $102 billion from a recent high of $110 billion, largely attributed to liquidations of over-leveraged positions. However, specific cryptocurrencies such as AVAX, MNT, NEAR, and XMR have defied this trend, demonstrating significant growth in open interest. Particularly, AVAX’s open interest surged by 25%, reinforcing positive momentum behind its price rise.
In contrast, exchanges such as XRP, BNB, ADA, and LINK continue to exhibit negative funding rates, indicating a predominance of bearish positions. This scenario presents a potential opportunity for a “short squeeze” should market conditions stabilize. The increase in CME-listed BTC futures open interest has stagnated, while options open interest has risen to 52.84K BTC—the highest level since April. In the realm of Ether, both futures and options open interest also linger near historic highs.
On platforms like Deribit, there has been an easing in put skews for BTC and ETH options, as traders actively sought bullish calls for Bitcoin. Additionally, significant activities were noted on the OTC desk Paradigm, which reported block flows characterized by BTC calendar spreads and the writing of Solana put options, indicating a complex and dynamic trading landscape.
