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.
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Tron founder Justin Sun has laid out an ambitious plan to drive Ethereum (ETH) price towards a $10,000 price point. Sun’s proposal includes halting ETH sales, taxing Layer 2 solutions, and focusing on Layer 1 development. These bold steps are designed to strengthen the token position in the crypto market and ensure long-term growth.
Sun’s strategy aims to not only optimize ETH supply but also create a deflationary system to build market confidence and attract further investments. His plan comes as the token market dynamics continue to evolve.
Justin Sun’s Bold Plan to Boost ETH Price
On January 22, Justin Sun shared his plan on X to push Ethereum price to $10,000. The Tron founder proposes ceasing Ethereum Foundation (EF) sales of ETH for the next three years. By halting the sale, Sun believes supply will remain stable, supporting a deflationary market model.
Additionally, Sun plans to leverage AAVE lending, staking yields, and stablecoin borrowing to cover operational costs, ensuring long-term sustainability. His vision includes restructuring the ecosystem and creating a more efficient system to fuel ETH’s price growth.
Justin Sun’s Vision for Ethereum and Layer 2 Solutions
Justin Sun has been vocal about his plan and making waves within the crypto community. He also expressed admiration for newly elected US President Donald Trump, highlighting the potential for crypto-friendly policies. Sun’s proposed tax on Layer 2 solutions is a key strategy, aiming to generate at least $5 billion annually.
President @realDonaldTrump consistently delivers remarkable results every day. We should strive to keep up and learn from his ability to achieve outcomes. 🫶
— H.E. Justin Sun 🍌 (@justinsuntron) January 22, 2025
All collected taxes will be used to repurchase and burn ETH, helping to drive the token’s deflationary nature. Tron founder plans to focus on bolstering Ethereum’s core development, ensuring its long-term scalability, and reinforcing its value proposition.
ETH Price Context and Market Update
Ethereum price has remained steady, trading within a range of $3,265 to $3,366 in the past 24 hours. Its 24-hour trading volume was $26 billion, reflecting a slump of 36%. Notably, Ether Futures Open Interest stayed near the flatline today.
However, despite the fluctuation, ETH remains a focal point for large investors. Recent Coingape reports indicate that whales have accumulated over $1 billion in ETH over the past few days.
Adding to the market dynamics, Tron founder Justin Sun has deposited a total of 227,000 ETH to the crypto exchange HTX over the past few months. This move by Sun, in conjunction with his ambitious plans for Ethereum, could further influence ETH’s price trajectory.
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.
Against the backdrop of a broader crypto market recovery on Wednesday, AI Coins like FET, RENDER, and TAO have stolen the spotlight by witnessing a considerable pump. Notably, these tokens are surging amid broader AI-related developments such as Donald Trump’s ‘Stargate’ formation and tech giants injecting massive investments in the industry.
As a result, the abovementioned AI coins witnessed remarkable intraday price gains worth 6%-12%. Here’s a collective overview of the potential factors driving a frenzy across the AI crypto industry.
AI Coins FET, RENDER, & Others Bullish As Donald Trump Announces ‘Stargate’ Formation
Notably, the 47th president of the U.S., Donald Trump, has unveiled plans to offer massive support to the broader artificial intelligence sector soon after his inauguration. Addressing the nation’s masses, Trump recently announced the formation of ‘Stargate,’ the largest AI infrastructure project in American history.
Intriguingly, this AI project is set to invest a staggering $500 billion into the U.S. economy and curate over 100,000 American jobs. Trump revealed that OpenAI, Softbank, and Oracle came together to announce the formation of this monumental feat. Overall, with the developmental saga weighing in, top AI Coins like FET and others also appear to be bullish as the broader sector’s outlook glimmers with hope for further growth.
Google Chimes In With Massive Investment In AI
Meanwhile, the tech behemoth Google has also revealed plans to invest heavily in the sector. According to a recent FT report, the tech giant is investing more than $1 billion in Anthropic, a prominent OpenAI rival.
Meanwhile, people familiar with the matter have also revealed that Google is set to invest about $2 billion in Anthropic. Further, Lightspeed Venture Partners emerged as another key backer for the OpenAI rival as it is expected to inject $2 billion into the entity. Overall, these massive investments in the AI sector have further glimmered hope for tokens FET, RENDER, and TAO, among many others.
AI Coins Rise In Sync With Broader Market Recovery
At the time of reporting, FET price witnessed gains worth 11% intraday and is currently trading at $1.30. The coin’s 24-hour low and high were $1.16 and $1.34, respectively. Further, RENDER price witnessed a 7% uptick in value and is currently resting at $7.09. The coin’s 24-hour low and high were $6.60 and $7.36, respectively.
Even TAO price pumped 6% intraday to reach $418.21. The coin’s 24-hour low and high were $391.79 and $433.29, respectively. As mentioned above, the AI tokens appear to be leveraging a positive market sentiment across the AI sector, primarily attributable to the massive investments. Further, it’s also worth mentioning that the broader crypto market recovered today, aligning with the upswing in the price of AI coins.
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.
VTHO price has skyrocketed 300% after Binance announced its support for VeThor Token. Simultaneously, the token’s trading volume also surged by an astonishing 86,000%, reaching $3 billion. This massive rally reflects the strong influence of the top crypto exchanges in the market and how the listing or any other positive developments impact the sentiments.
Notably, VTHO token is used as gas within the VeChainThor ecosystem, further driving the market’s enthusiasm.
VTHO Price Surge After Binance Announces Listing of Perpetual Contract
On January 22, Binance listing announcement showed that the exchange plans to list VTHOUSDT perpetual contract on its futures platform, offering a maximum leverage of 75x. This new trading option has caught the attention of traders, contributing to a massive spike in VTHO’s trading volume.
Meanwhile, VTHO is the secondary token in the VeChainThor ecosystem, primarily used as the gas for transactions within the network. This listing expands Binance’s support for the VeChainThor blockchain, enabling users to trade VTHO with increased leverage. The contract’s capped funding rate is set at +2.00% / -2.00%, with funding fees settled every four hours, giving traders more flexibility.
Notably, the 75x leverage allows traders to maximize their exposure to VTHO price movements, further intensifying the market’s focus on the VeThor Token. The move by the top crypto exchange to offer such high leverage and favorable funding rates is a clear indication of its confidence in VTHO’s potential.
Binance’s Multi-Assets Mode and Trading Rules
Binance’s Multi-Assets Mode allows users to trade the VeThor token perpetual contract across multiple margin assets. This feature enables traders to use other cryptocurrencies, such as BTC, as collateral when trading VTHO contracts.
Multi-Assets Mode supports greater flexibility, giving users the ability to diversify their margin options for more efficient trading strategies. Recently, Binance expanded support for TRUMP and several other tokens, fueling optimism about future price movements.
The rules for Multi-Assets Mode include applicable haircuts on collateral, ensuring the safety of user assets. It is particularly useful for those who hold large amounts of various cryptocurrencies and wish to leverage them for high-leverage trading opportunities.
VeChain and VTHO Price Surge
VeChain (VET), the blockchain powering VTHO, has experienced notable growth, rising by 11% in the past 24 hours. VET price now trades at $0.05, and its market cap has reached $4.06 billion. This rise is attributed to VeChain’s increasing adoption and its partnerships with major corporations, including Walmart China and BMW.
VTHO price today jumped 320% and exchanged hands at $0.0087, indicating a growing interest in the VeChainThor ecosystem. With a market cap of $744 million, VTHO has seen an 86,000% increase in trading volume, reaching $3.11 billion. As the blockchain industry continues to innovate, VeChain’s supply chain solutions and VTHO’s integral role are poised for continued success.
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.
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