The cryptocurrency market demonstrated resilience over the past 24 hours, with Bitcoin (BTC) successfully maintaining support at the $112,000 level. Despite this strength, the premier digital asset continues trading below its 50-day simple moving average, suggesting potential near-term price pressure.
Following Bitcoin's lead, the broader digital asset market showed positive momentum as the CoinDesk 20 Index climbed over 1%. Standout performers included Og AI's (Zero Gravity) OG token, which skyrocketed more than 50%, while Avalanche's AVAX registered a solid 10% gain.
Additional notable gainers featured MNT, ASTR, CRO, NEAR, and XLM tokens, indicating diversified strength across the altcoin market.
Token Analysis: 0G's Successful Launch
By Oliver Knight
- 0G (Zero Gravity) successfully launched its native token on September 18th alongside the Aristotle mainnet deployment, marking the project's transition from testnet to a fully operational AI-focused layer-1 blockchain network.
- The project implemented an extensive community rewards program as a core launch strategy, providing airdrops to early contributors, active community campaign participants, Discord members, specific NFT holders, and other grassroots supporters.
- 0G's innovative modular architecture integrates data availability, storage, computational resources, and dedicated AI inference capabilities, supported by strategic partnerships that contributed to the token's 54% surge in the past 24 hours.
- According to CoinMarketCap data, 0G currently commands a $1.23 billion market capitalization with daily trading volume reaching $3.3 billion.
- The tokenomics model balances short-term and long-term incentives through a total supply of 1 billion tokens, with 21.3% initially unlocked at launch.
- 0G Labs secured over $350 million in funding through seed rounds, token purchase commitments, and node sales prior to and during launch.
- Prominent investors include Hack VC, OKX Ventures, Delphi Ventures, Samsung Next, and Animoca Brands, providing substantial institutional backing.
- Immediate listings on major exchanges like Kraken and Binance facilitated early liquidity, visibility, and trading volume generation for the newly launched token.
Derivatives Market Overview
by Omkar Godbole
- Global futures open interest declined to $102 billion from last week's $110 billion peak, following Monday's significant liquidation events that cleared overleveraged positions.
- AVAX, MNT, NEAR, and XMR demonstrated exceptional open interest growth contrary to broader market trends. AVAX's 25% open interest surge confirms strong bullish momentum behind its price appreciation.
- ASTR open interest reached $12.63 million, hitting its highest level since January, as Hyperliquid faces increasing competition from emerging platforms like Aster and Lighter in the on-chain perpetuals market.
- XRP, BNB, ADA, LINK, and Binance's 1000SHIB perpetual futures continue showing negative funding rates, indicating predominant bearish short positioning that could trigger short squeezes if market conditions improve.
- CME-listed Bitcoin futures open interest growth has stalled, while options open interest increased to 52.84K BTC, reaching April's peak levels. Ethereum derivatives maintain near-record high open interest across both futures and options markets.
- Deribit data shows eased put skews for short-dated BTC and ETH options as traders accumulate bullish call options, while Paradigm OTC desk activity features Bitcoin calendar spreads and Solana put option writing.