Status (SNT), the open source, decentralised cryptocurrency communication super app, has seen its 24-hour volume explode to $189 million.
This spike represents a more than tenfold increase from the previous day’s volume when the price of Status rose to highs of $0.026.
Status 24-hour volume spikes over 1,100%
The Status (SNT) protocol runs on the Ethereum blockchain and offers a decentralised mobile and desktop browser via which users can interact with any decentralised application (dApp) on Ethereum.
Status also integrates a messaging system and enables encrypted messages and interaction with cryptocurrency wallets.
Currently, Status has a circulating supply of 3,904,817,011 SNT and total supply of 6,804,870,175 SNT. Its market cap is $97.7 million while the fully diluted valuation is $170.3 million.
According to CoinMarketCap data, Status’ trading activity in the past 24 hours includes a 1,151% jump, with SNT price hovering near $0.025. SNT price had reached highs of $0.026 on Monday.
What could impact Status (SNT) price this week?
Spot Ethereum ETFs
As Bitcoin and Ethereum rose early Monday, the price of Status also climbed. Overall gains for altcoins followed market recalibration after slight fluctuations seen on Sunday and early Monday.
Singapore-based QCP Capital put the movement down to US President Joe Biden’s announcement that he would not be seeking reelection in the 2024 race.
On Tuesday, the market was largely muted ahead of Ethereum spot ETFs making their trading debut in the US.
“The market’s reaction to the ETH Spot ETF launch has been muted, with investors waiting to see if it follows the “buy the hype, sell the news” pattern,” QCP Capital wrote in a note.
Analysts are comparing the potential market reaction to ETH ETFs to what happened earlier this year when Bitcoin price dropped to lows of $38k in the days after its spot ETF launch. However, the flagship cryptocurrency bounced to reach a new all-time high above $73k two months later.
US government, Mt. Gox BTC selling
Other than spot Ether ETFs, the options market suggests investors are betting on potential downside action for cryptocurrencies in the near term. QCP analysts expect fresh sell-off pressure from Bitcoin selling by the US Government and Mt. Gox. However, they anticipate a flip in momentum ahead of the upcoming US elections.
“With the ETH Spot ETF potentially not impacting prices on the outset, coupled with potential selling pressure from the US Government and Mt Gox, prices may remain subdued until momentum builds up leading to the elections,” the analysts said.
SNT price key levels
If Ethereum mirrors Bitcoin price in the aftermath of BTC ETFs launch in January, it is possible SNT will drop before picking new upside momentum alongside ETH and other altcoins.
Key price levels will be $0.024 and $0.022 on the downside, and $0.1 to $0.3 on the upside.
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