Alephium (ALPH) has surged more than 78% in the past 24 hours, driven by the explosive news of ASICs (Application-Specific Integrated Circuits) being introduced for mining by @BITMAINtech.
@BITMAINtech is the leading manufacturer of high-performance cryptocurrency mining servers and hardware through its brand, ANTMINER. They are known for developing circuits, precisely ASICs, which offer more powerful and efficient mining than traditional methods.
Furthermore, ASICs specialized circuit devices that effectively enhance mining efficiency, offering higher hash rates, improved energy efficiency, and increased decentralization. These hardware used in the proof-of-work (PoW) mechanisms.
By introducing the ASICs for Alephium (ALPH), Bitmain seeks to enhance its blockchain network’s next efficiency, security, and sustainability level. This breakthrough positions Alephium (ALPH) for significant growth and market adoption, drawing parallels to the growth witnessed by Kaspa (KAS) with the assistance of ASIC mining.
Currently, its price is valued at $1.90. Alephium (ALPH) has the potential to reach $52-$55 if it matches the Kaspa (KAS) market cap of $4.404 Billion, which, as of writing, exceeds 2750% larger than ALPH’s $159.45 Million. It marks a momentous moment for Alephium (ALPH) in the blockchain space.
What Does Alephium (ALPH) TVL Signifies?
The Alephium (ALPH) signified that the TVL of the crypto has been moving up again after the decline noted on July 14th, 2024, up to $15.26 Million from the registered peak of $48.8 Million on February 26th, 2024.
The current total value locked (TVL) has reached $27.09 million in just a matter of days, which signified a nearly 80% surge, where the price noted a bullish spark too from the crucial support witnessed.
The rise in TVL in ALPH over time reflects the increase in the demand for the project, and this highlights that the more the TVL, the more reliable the asset and the less risky it is.
Does A Rising Curve In Tweets Mention Displays Popularity?
The Tweets chart displays the change in awareness and the popularity of the ALPH crypto among the users. The above data displays that the Alephium crypto gained traction among users starting from December 2023 and January 2024 and witnessed a massive rise in popularity among the X users
As of writing, the recent data shows a magnificent rising curve in the ALPH crypto cumulative tweet counts, surging from as low as 40-50 tweets to a massive number at 888 tweets. This much momentum shown in tweets highlights that it has grasped significant attention and may positively impact the ALPH price in the forthcoming sessions.
Similarly, this increasing number of tweets mentioning ALPH & Alephium highlights its growth and that it is among the bruited topics.
Alephium (ALPH) Statistics!
Alephium (ALPH) crypto optimized by 72.72% in market value and by huge gains of more than 232% in trading volume in the last 24 hours, as per the Coinmarketcap.
In terms of market cap, it ranks 272nd, and it’s gradually taking a pace, which has already reached $161.497 Million. Its trading volume amounted to $10.782 Million.
The liquidity appears moderate to good, as the 24-hour volume-to-market cap ratio stands at 6.47%. As per the tokenomics, it has a lifetime max supply capped at 1.0 Billion ALPH, where the total coin created counts the supply of 199.651 Million ALPHs.
83.934 Million ALPHs are circulating in people’s hands out of the total supply, which makes the total 8.39%, and its FDV stands at $1.927 Billion.
What Does Alephium (ALPH) Price Structure Highlights On the Daily Chart?
On July 30th, 2022, the Alephium (ALPH) had its all-time low ever, where it registered its price at $0.0466, and as of writing, the price traded comparatively 3350% higher than its all-time low.
Meanwhile, the ALPH registered its all-time high at $3.862 by February 25th, 2024, and comparatively, it has traded nearly 50% down from its peak.
On the daily chart, the indicators are all positive for the crypto, as the ALPH price thrust has already surpassed both EMAs. Likewise, the histogram of the MACD indicator stands at 0.0960, where the MACD line stays at 0.0236, and the signal line stands at -0.0723. The RSI has reached 71.82 and entrance to extremely overbought territory, which could be a point of concern. So investors and traders have advised DYOR.
Furthermore, proceeding with its price action, it has witnessed that the price has spiked from the historical crucial level, from where it last gave a massive return of more than 300% earlier in the start of 2024.
Similarly, from its price action, the formation appears to be a bullish pattern, precisely the falling wedge pattern, and in the past 24 hours, a witnessed surge appears as a breakout of this pattern. If the surge continues to pump upside, the resistance ahead is at $2.20 and $3.00, respectively.
However, in the contrary case of decline, the bears could have an eye towards the support at the $1.46 and $1.00 mark.
Summary
Alephium (ALPH) surged 78% on news of ASICs by Bitmain. The price could reach $52-$55 if it matches Kaspa’s market cap. Alephium’s TVL and trading volume also increased significantly. The technical analysis is positive, but RSI suggests caution.
