Onyxcoin price continued its strong recovery, reaching its highest point since Oct. 2. It has soared by nearly 200% from its lowest point this year, bringing its market cap to over $422 million.
Summary
Onyxcoin price has surged by ~200% from its lowest level this year. The futures open interest and volume in the spot market jumped to the highest level in months. The token’s funding rate has crashed, while oscillators show that it is highly overbought Onyxcoin (XCN) token jumped in a high-volume environment, a sign of strong investor demand. Its 24-hour volume rose to over $224 million, continuing a trend that has persisted this year.
Most importantly, activity in the derivatives market has surged in the past few days. CoinGlass data indicate that futures open interest rose to $5.8 million, its highest level since November 3. It has jumped from this year’s low of $1.2 million.
XCN’s surge has also led to a substantial increase in short liquidations, which is usually seen as a positive development. Short liquidations occur when crypto exchanges are forced to close bearish positions as losses escalate. Short positions worth over $343,000 were liquidated on Tuesday, higher than the previous day’s $127,000.
The risk, however, is that the token’s funding rate has plummeted to the lowest level since Oct. 10, it has remained in the red since Sunday this week.
Funding rate is an important metric that looks at the small fees that bulls and bears in the perpetual futures market pay each other to ensure that the spot and futures prices are not further apart. A negative funding rate indicates that most investors anticipate that the future price will be lower than the current price.
Onyxcoin is a cryptocurrency project that enables users to stake and earn returns, with data on its website indicating a staking yield of nearly 30%. According to DeFi Llama its ecosystem has not much going on, with Onyx having a total value locked of less than $100k.
Onyxcoin price technical analysis XCN price chart | Source: crypto.news The daily timeframe chart shows that the XCN price rebounded after finding substantial support at $0.00411. Its surge happened as investors bought the dip and as the crypto market rally continued.
A closer look shows that the coin has become highly overbought, with the Relative Strength Index and the Stochastic Oscillator reaching their highest levels in months.
Therefore, the price will likely retreat in the near term, potentially to the key support level at $0.00695, its highest swing on Dec. 11, which is 40% below the current level.
Onyxcoin [XCN] has rallied 4.4% in 24 hours and 27% over the past week. The token price gains came after a multi-week retracement from $0.013 to $0.0046.
At the beginning of the year, the altcoin 217% within a week, rallying from $0.0041 to $0.013.
It spent the rest of January and the first week of February retracing this sizeable move.
At the same time, Bitcoin [BTC] and the wider crypto market also saw a downturn in momentum.
The past week has been bullish for Bitcoin and many altcoins. This shift in short-term sentiment might have brought attention and capital to XCN. Can the bulls keep the rally going?
Warning signs from volume indicators Source: XCN/USD on TradingView The A/D indicator maintained its steady decline in recent months. The CMF was still at -0.06 despite the price bounce. Both the indicators showed that there has been no sustained buying pressure driving the past week’s rally.
This was a warning to swing traders that Onyxcoin might not be able to keep going higher. High buying pressure in the coming days would change this cautious outlook toward a more bullish view.
The price action perspective offered a more encouraging signal for buyers. The strong rally in January and the subsequent retracement were part of a healthy market.
Onyxcoin even saw a month of consolidation near the $0.005 lows before the recent breakout.
A strong rally, a sizeable retracement and consolidation before the next move is more reliable. The coin has spent time at the lows, confirming them as a steady demand zone.
The $0.0068-$0.0075 levels are the next resistances to watch out for.
Short-term XCN price trajectory Source: XCN/USD on TradingView In the short-term, a retracement toward $0.0057-$0.00545 was possible.
This conclusion was drawn based on the short-term Fibonacci retracement levels. The MACD formed a bearish crossover on Sunday, signaling that momentum has slowed down.
Such a retracement would offer swing traders an opportunity to go long. This idea would be invalidated if XCN falls back below the $0.005 level, which would mean the momentum has faded.
Final Summary Onyxcoin spent the past two months in a deep retracement phase, but has built up steam to attempt a recovery. A short-term retracement toward $0.00545 is possible before the upward momentum continues.
Onyxcoin (XCN) climbed to a 3-month high after South Korean exchange Upbit confirmed it will list the token today.
The altcoin saw a notable price surge after the announcement, reaching an intraday peak of $0.0086, its strongest level since mid-January.
Onyxcoin (XCN) Price Jumps to January Highs Ahead of Upbit DebutAt press time, XCN was trading at $0.0077, up 64.48% since the announcement. The sharp rally has propelled the token to the top of the gainers’ list among the 1,000 largest cryptocurrencies by market capitalization on CoinGecko.
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Onyxcoin (XCN) Price Performance. Source: TradingViewThe daily trading volume also jumped 629% to reach $37 million. South Korea’s second-largest crypto exchange accounted 25.45% of the total volume. Historically, Upbit listings have produced sharp short-term price reactions in newly listed altcoins.
Meanwhile, the exchange revealed that XCN trading will start at 16:00 Korean Standard Time (KST). The altcoin will be available to trade against two pairs: the Korean Won (KRW) and Tether (USDT).
“Please be sure to verify the network before depositing digital assets. Deposits and withdrawals through networks other than the one specified are not supported,” the notice read.
The exchange also noted that it will apply short-term trading restrictions. For the first five minutes after trading opens, traders will not be able to place buy orders, and sell orders priced more than 10% below the previous day’s closing value will be blocked.
Additionally, the exchange will permit only limit orders for approximately two hours after trading support begins. The temporary measures are meant to reduce volatility and ensure a fair, controlled start to XCN trading.
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Onyxcoin [XCN] emerged as one of the market’s top performers over the past 24 hours, posting gains of more than 50% as underlying fundamentals strengthened at press time.
In most cases, rallies backed by strong spot demand tend to draw alignment across the market, with derivatives traders reinforcing the move through long positioning. This time, however, that alignment has fractured, as perpetual traders increasingly position against further upside.
Spot demand underpins the rally XCN’s latest move appears rooted in aggressive accumulation within the spot market.
Over the past day, investors recorded one of their largest buying sprees in over a year, driving net inflows of approximately $1.74 million, according to CoinGlass.
Source: CoinGlass Such a surge in capital inflow, particularly after a prolonged lull, points to renewed conviction among market participants. Part of this demand may be linked to increased staking activity, with more than 6.3 billion XCN locked over the same period.
Sentiment indicators further reinforce this trend. Data from CoinMarketCap shows that 82% of tracked participants currently hold a bullish bias, up from 72% just a day earlier, reflecting a rapid shift in market outlook.
Holder growth signals sustained interest Accumulation trends are also evident in on-chain participation.
At the time of writing, the number of XCN holders has climbed to a new yearly high, surpassing 146,940 addresses, with most of the expansion occurring throughout April. This steady increase suggests broadening adoption and sustained investor interest.
Source: CoinMarketCap At the same time, the Accumulation/Distribution indicator continues to trend upward, highlighting persistent buying pressure over the past 24 hours.
Bears tighten grip in derivatives market Despite the strength in spot markets, derivatives traders are increasingly betting against the rally.
Funding Rates across perpetual contracts remain deeply negative at -4.5009% as of writing, indicating that short sellers are paying a premium to maintain their positions. This dynamic typically reflects dominant bearish sentiment.
At the same time, Open Interest (OI) has risen sharply, suggesting that traders are not only holding but actively adding to their short exposure.
Source: CoinGlass OI, which tracks total capital deployed in derivatives, has surged by more than 200% to $6.35 million. The parallel rise in OI and negative Funding Rates underscores strong conviction among bearish traders.
Still, the divergence between spot demand and derivatives positioning remains critical. Historically, strong fundamental backing can absorb selling pressure and limit downside, even when short interest builds aggressively.
Final Summary Spot-driven demand and improving fundamentals continue to support XCN’s upside momentum. Perpetual futures data shows a sharp increase in short positions, signaling growing bearish conviction.
While most networks saw their DeFi TVLs appreciate in October, newly-forked chain EthereumPoW [ETHW] led with the highest TVL hike. This, according to data from CryptoRank.
As per DefiLlama, at press time, 15 DeFi protocols were housed within the proof-of-work network with a TVL of $5.54 million. Towards the beginning of October, TVL on EthereumPoW stood at $1.42 million. However, as more DeFi protocols were launched on the chain within the 31-day period, its TVL grew by 365% to close the trading month with a TVL of $6.6 million.
Source: DeFiLlama Launched on 15 September following the Ethereum network’s successful Merge, the EthereumPoW ecosystem has since seen growth despite the general controversy surrounding how the POW network came to be.
For example, as of 22 October, four NFT marketplaces were operational on the chain with six native NFTs projects.
ETHPOW since launch According to data from OKLink, since ETHPOW network became operational on 15 September, transactions completed on it totalled 1.72 billion. Users have paid as transaction fees – 126.12 million – within the same period.
Furthermore, the count of total addresses on the network, at the time of writing, was 263 million addresses, with 262 million of those inactive. Also, the chain supports a number of Ethereum-based tokens issued according to the ERC-2 standard (528,689 tokens), the ERC-721 standard (137,591tokens), and the ERC-1155 standard (18,135 tokens).
As for its native token ETHW, since launch, its price has declined by 95%. Ranked 68th with a market capitalization of $670 million at press time, it was exchanging hands at $6.27.
What should you expect? ETHW’s price has been on a downtrend since 28 October, forming a falling wedge. However, the trading session on 3 November was marked by a bullish breakout, one indicating that a price reversal might be imminent.
A look at the asset’s MACD revealed that a bullish divergence had formed since 27 October. This meant that selling momentum had slowed and the downtrend was due for a reversal.
Source: TradingView While this is a good indication that ETHW might see some relief soon, it is not enough to conclude that this is bound to happen. A consideration of ETHW’s Relative Strength Index (RSI) showed that it rested below the 50-neutral spot at 33 at press time, heading to the oversold position.
The asset’s Directional Movement Index (DMI) also suggested that the sellers’ strength (red) at 21.77 was above the buyers’ (green) at 21.66, meaning that sellers had control of the market.
Onyxcoin led daily crypto gainers with a 100.5% surge, trading at $0.02 on April 11, 2025. Aergo, Swiftcoin, Orca, and WEMIX followed with strong 24-hour price gains and market activity. Top gainers traded on Binance, Coinbase, and Bybit, reflecting high liquidity and investor demand. On April 11, 2025, the crypto market witnessed a surge in select digital assets, with Onyxcoin (XCN) emerging as the top-performing token of the day. According to data from Phoenix Group, the daily market gainers list featured ten tokens that recorded price increases within 24 hours. These price movements reflected increased market activity, short-term bullish momentum, and potential project developments affecting investor sentiment.
The assets listed were traded across leading cryptocurrency platforms, including Binance, Coinbase, and Bybit, indicating high liquidity and accessibility for retail and institutional participants.
Onyxcoin Registers 100.5% Daily Price Surge Onyxcoin (XCN) led the daily gainers with a 100.5% price increase, making it the most performer on April 11. The asset was trading at $0.02, bringing its market capitalization to $749.8 million. This rise placed XCN ahead of other gainers, highlighting an increase in demand within a short time frame.
Aergo (AERGO) was next, increasing its trading value by 82.8% of its price. It was trading for $0.20 per token and had a total market cap of $109,800,000. Swiftcoin (SWFTC) held the third place on the list due to an increase of 48.6% in its price, now trading at $0.01. Its market capitalization was reported at $152.5 million.
Orca, ZircuIt, and WEMIX Show Notable Market Performance. Other tokens that showed good appreciation in the space are ORCA that appreciated by 44.7%. ORCA has been priced at $2.84, with the company achieving a market value of $158.6 million. AFL was up by 37.8%, it rising to $0.03 in the same period as ZircuIt (ZRC).
WEMIX (WEMIX) advanced by 26.4%, trading at $0.70. Despite a lower percentage increase than XCN and AERGO, WEMIX stood out with one of the highest market capitalizations among the listed assets, valued at $292.6 million.
Remaining Tokens Record Moderate Price Increases Spearx (SPA) gained 26% to trade at $0.01. XYO Network (XYO) recorded a 22.8% increase within the 24-hour window, also trading at $0.01. VIDT Datalink (VIDT) gained 20.1%, reaching a trading price of $0.01.
Curve (CRV) completed the list of daily gainers with an 18.4% increase in price. CRV traded at $0.59 and reported the largest market capitalization among the day’s top gainers, standing at $786.9 million.
Trading Platforms Support High Liquidity Across Gainers All ten assets listed as top gainers were actively traded across some of the industry’s most recognized centralized exchanges. The availability of these tokens on platforms like Coinbase, Binance, and Bybit contributed to increased liquidity and investor participation during the trading day.
This kind of movement, particularly in one direction in a single day, refers to movements of the short-term market, and high trading activities are usually experienced around certain assets. Due to broad market indicators, it was expected to be different in that the performance of the gains was inclined within some tokens, and each of them demonstrated different price actions within their trading index.
AUTHOR
Peter Mwangi is an accomplished crypto news writer with over three years of experience. He is recognized for producing insightful, well-researched content across major crypto publications. As an expert in blockchain technology, digital assets, and decentralized finance, he can uniquely simplify complex topics into engaging, accessible narratives. His strong storytelling and analytical skills, combined with a passion for continuous learning and collaboration, make him a valuable asset to the BlockchainReporter team.
