Altcoin
Top Altcoins Traders Are Bullish on Despite Price Stagnation
Despite recent price stagnation, crypto traders remain bullish on several prominent altcoins. Analysis from Santiment, a leading crypto market intelligence platform, reveals intriguing sentiment trends.
According to Brian Quinlivan, Lead Analyst at Santiment, the data measures positive and negative commentary ratios, providing valuable insights into market sentiment.
Altcoins Traders Remain Bullish
Solana, for instance, exhibits a remarkably high bullish sentiment with a 3.03:1 positive-to-negative comment ratio. This optimism persists even as Ethereum, its primary competitor, gains more attention.
Crypto traders continue to express confidence in Solana’s potential for another significant rally despite its recent lackluster price performance.
Similarly, XRP has shown a “lukewarm sentiment” with a 1.62:1 positive-to-negative ratio. This indicates that traders have grown somewhat impatient with its performance, much like with Cardano.
Although this ratio was lower earlier in the year, Quinlivan maintains that the reduced volume of discussions points to waning interest over time.
Read more: 12 Best Altcoin Exchanges for Crypto Trading in June 2024
Meanwhile, Dogecoin, the largest meme coin by market cap, maintains a 2.06:1 positive-to-negative ratio. Known for its volatility, Dogecoin’s sentiment often mirrors general attitudes towards meme coins rather than its own fundamentals.
Despite minor price climbs, the overall positive sentiment suggests continued altcoin trader interest.
In the case of Shiba Inu, trailing Dogecoin as the second-largest meme coin, there is a 2.09:1 positive-to-negative ratio. This sustained positive sentiment over seven weeks is notable, given the coin’s lack of price rebound since early March.
The recent passing of the real-life Shiba Inu, which inspired the coin, might have temporarily boosted sentiment.
Cardano presents another interesting case with a high bullish sentiment despite being one of the underperformers in 2024. With a 3.42:1 positive-to-negative ratio, traders remain hopeful about Cardano’s prospects, displaying what might be considered false optimism.
According to Quinlivan, this discrepancy between sentiment and performance raises questions about future price movements.
Read more: Which Are the Best Altcoins To Invest in June 2024?
Quinlivan emphasizes the importance of monitoring these sentiment trends, as they can signal potential price tops or bottoms. High ratios of positive to negative comments often precede sentiment-driven price tops, while lower ratios can indicate bottoms.
“The higher the ratio between positive and negative comments, the more likely we are about to see a sentiment-driven price top. And on the other end, a low ratio can cause a sentiment-driven bottom,” Quinlivan said.
In conclusion, despite price stagnation, traders remain optimistic about several altcoins. Solana, Dogecoin, and Shiba Inu, in particular, exhibit strong positive sentiment, while XRP and Cardano show more tempered yet still bullish outlooks.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Leading crypto exchange Binance has again sparked market optimism surrounding certain tokens, revealing enhanced offerings for investors on Monday. Notably, the exchange added new trading pairs for CATI, HBAR, OM, FDUSD, RAY, and TAO to its stockpile of offerings, magnetizing traders and investors globally. Meanwhile, with the tokens witnessing a highly turbulent movement, market watchers speculate about the potential impact of the enhanced listings on prices ahead.
Binance Expands Trade Offerings For CATI, HBAR, OM, & These 3 Tokens
In an official Binance announcement dated November 25, the crypto exchange revealed that it is adding new USDC-pegged cross and isolated margin pairs for CATI, HBAR, OM, FDUSD, RAY, and TAO. Per the exchange’s announcement, this mover is meant to enhance users’ trading experience and provide more stable and low-risk options for margin traders.
Notably, the exchange added in its announcement that users should refer to the latest margin data on the platform to stay informed of the most updated marginal assets and further information on specific limits, collateral ratios, and rates. Nevertheless, the enhanced offering paves the way for further trader and investor interaction with the asset, sparking optimism about future movements. Usual market sentiments convey optimism as one of the top crypto exchanges further expands support for the mentioned tokens.
Intriguingly, CoinGape Media reported the same tokens to be eyeing additional gains ahead as Binance also revealed another important update on them, enhancing market support with new trading pairs.
How Are The Tokens Performing?
Despite the enhanced trade offerings, the mentioned coins have witnessed a turbulent intraday movement, which is in sync with the broader market trend. Catizen (CATI) price slipped 4% over the past day, whereas it gained 15% weekly to reach $0.5599. Its intraday low and high were $0.5029 and $0.5947, respectively. Coinglass data pointed out a 1% increase in the cat-themed crypto’s futures OI to $56.29 million.
Simultaneously, Hedera (HBAR) price cracked 5% over the past day and gained 22% weekly to rest at $0.1445. Its intraday low and peak were $0.1365 and $0.1529, respectively. Coinglass data sparked slight concerns over the coin’s movements ahead as its futures OI slipped 11% to $139.17 million today.
Besides, MANTRA (OM) price tanked 11% in the past 24 hours and plunged 11% weekly to reach $3.68, raising uncertain investor sentiments despite the enhanced offerings by the leading crypto exchange. The coin’s 24-hour low and high were $3.53 and $3.85, respectively. MANTRA’s futures OI, per Coinglass data, was down 7% to $192.19 million.
RAY price soared 5% over the past day and 13% weekly to reach $6.34. The coin’s 24-hour low and high were $5.70 and $6.46, respectively. However, the token’s futures OI slipped 0.05% to $16.16 million, per Coinglass data.
Lastly, Bittensor (TAO) price tanked 2% over the past day, whereas it gained 7% weekly to trade at $529. The token’s 24-hour low and high were $487.63 and $542.81, respectively. Bittensor’s futures OI slipped 2% to $212.13 million today. Overall, despite the crypto exchange’s enhanced trade offerings, market watchers remain apprehensive over future movements amid the broader market’s recent turbulent action.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
South Korea’s second-largest crypto exchange Bithumb has launched KRW trading pairs for Biconomy and Puffer Finance. This marks a significant milestone for both projects. PUFFER price soared 40%, while BICO jumped nearly 20% following the listing.
Both tokens are available on the Ethereum network, with deposits and withdrawals now live today. This launch offers new governance and staking opportunities, further expanding Bithumb’s offerings in the growing DeFi space.
Bithumb Introduces Trading for Biconomy and Puffer Finance
Bithumb announced Biconomy and Puffer Finance listing on its platform on November 25. This launch marks a key milestone for both projects. Users now have seamless access to these tokens, offering governance, staking, and utility features.
The exchange has launched trading pairs for BICO and PUFFER in the KRW market. Both tokens will be supported on the Ethereum network, with deposits and withdrawals limited to Ethereum only. Biconomy token has a base price of 480 KRW, while Puffer Finance is listed at 422 KRW. The exchange has also outlined a five-minute restriction on buying orders after trading begins and a limitation on selling orders within a 12% price range to ensure smooth transactions.
Both tokens offer enhanced utility within their respective ecosystems. BICO supports smart account functionalities, staking, and transaction fees within Biconomy’s multi-chain relayer infrastructure. PUFFER, on the other hand, is a key component of Puffer Finance’s liquidity re-staking protocol, enabling users to easily stake ETH and earn rewards.
The launch of these tokens on Bithumb presents an excellent opportunity for investors seeking governance and staking utilities within the rapidly growing DeFi space.
Price Surges Following Exchange Listing
Listing on major cryptocurrency exchanges gives a significant boost to tokens, as seen with FLOKI’s surge after its listing on Coinbase. Similarly, the recent Bithumb listing has positively impacted PUFFER and BICO, driving up their prices and trading volumes.
Puffer price is currently trading at $0.39, with a 40% increase in the last 24 hours. Its 24-hour low and high are $0.26 and $0.422, respectively. Over the past month, PUFFER has gained 50%, and in the last week, it has risen by 36%. With a market cap of $38 million and a trading volume of $114 million, PUFFER price is seeing strong upward momentum.
BICO, the native token of Biconomy, is currently priced at $0.37, reflecting a 12% increase in the past 24 hours. Its 24-hour low and high range between $0.299 and $0.37. Over the last month it has surged by 110%, while in the past week, it has gained 27%. Biconomy market cap is at $329 million, with a 24-hour trading volume of $59 million.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The GameFi and Metaverse sectors have taken charge of the next leg of the crypto market rally with The Sandbox (SAND) price gaining almost 100% in the last 2 days. Apart from SAND, other market players like Decentraland (MANA), Gala (GALA), and Axie Infinity (AXS) have also staged strong gains over the past week.
The Sandbox (SAND) Price Revives GameFi, Metaverse Sectors
Metaverse platform The Sandbox has registered strong network activity with its native token SAND price gaining more than 100% in the last few days. As a result, it managed to outperform other top altcoins like XRP and Cardano.
Furthermore, on-chain metrics show that the SAND price rally can continue further. As per the CryptoQuant data, the daily transaction count for SAND has surged to 11,597 reaching the highest in the last seven days.
The surge in SAND’s transaction count shows that investors are bullish on the asset’s recent surge thereby signaling higher demand and participation. Furthermore, there’s also a surge in the exchange withdrawal transactions that hints at a bullish momentum ahead. It shows that long-term investors are moving SAND off the exchanges hinting at increased confidence in the asset.
On the technical chart, SAND price has given a breakout from the downward-trending pattern eyeing the next target of $1.40. Thus, investors are eyeing for another 75-80% rally ahead.
$SAND Breaking out , Ready for next leg-up🚀#Altseason pic.twitter.com/YVxrQtXl70
— Wallstreet Queen (@wsqofficial) November 24, 2024
MANA, GALA, and AXS Join the Party
Apart from The Sandbox (SAND) price rally, other GameFi and Metaverse tokens like Decentraland (MANA), Gala (GALA), and Axie Infinity (AXS) have also joined the party gaining 25-50% over the past week.
With more than 67% gains on the weekly chart, the MANA price is currently trading at $0.70 with its market cap crossing $1.3 billion. If the bulls manage to sustain past the $0.70 resistance, they can take MANA to $1.30 with another 100% gains in the making.
$MANA army, ready for a comeback?!📈🚀 pic.twitter.com/DCFSCKLXX4
— Solberg Invest (@SolbergInvest) November 24, 2024
Similarly, Axie Infinity (AXS) price is up 42% on the weekly chart and currently trading at $8.13 levels. Also, the daily trading volume for AXS has shot by 28% surging past more than $1.02 billion.
Axie Infinity, developed by Vietnam-based Sky Mavis, is a blockchain-based game that uses a “play-to-earn” model, enabling players to earn cryptocurrency through gameplay. The AXS price has bounced back after a double-bottom formation. As per the technical chart, the next subsequent targets for AXS could be $28, $45, and $69.
$axs is forming a possible double bottom structure. these are my targets for $axs coin pic.twitter.com/x36t11TNXk
— Vinci | DEEK (@Vince26king) November 24, 2024
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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