bitcoin and some large-cap altcoins have seen significant resistance in recent days, leading cryptocurrency traders to speculate in small-cap coins and memes.
crypto cash flow has moved from bitcoin (btc) and large-cap altcoins such as ethereum (eth), Solana (SOL), and Chainlink (LINK) to small-cap coins and memes, as indicated by trading volume. According to market data provided by Binance-backed Coinmarketcap, the average daily trading volume of meme coins increased by approximately 121 percent to around $3.2 billion. On the other hand, bitcoin and Ether trading volume had stagnated despite the frenzy on the exchange-traded fund field. For example, the price of bitcoin has fallen about 3 percent since Monday to trade around $36.6 thousand on Tuesday.
The leading smart contract and DeFi ecosystem with around $25 billion in total value locked (TVL) and a stablecoin market capitalization of around $65 billion, ethereum (eth), has consolidated between $2k and $2,136 since the breakout induced by the spot application of ETF by BlackRock Inc (NYSE: BLK). As of this report, Ether is trading around $2,059, with an average daily trading volume of around $13.3 billion.
Solana (SOL), the only top-rated DeFi blockchain with a functional smartphone called Saga Mobile, has been going from strength to strength since hitting a yearly high of around $63. Despite falling about 5 percent in the last 24 hours to trade around $55 on Tuesday, SOL price has gained about 150 percent in the last four weeks. Solana’s rally has materialized despite FTX’s high asset liquidation to pay creditors.
(Updated) #FTX He also deposited 24 million dollars in 3 assets for #krakenand #OKX in the last 5 hours:
250K $SOL ($13.5 million)
8.27 million $MATIC ($7.41 million)
1,500 $eth ($3.1 million)In general, as of November 14, #FTX and #mall They have transferred 438 million dollars in 42 assets to the exchanges.
At the moment, #FTX… https://t.co/5dQextvsLY pic.twitter.com/1EaSFdUFlC
– Spot on chain (@spotonchain) November 14, 2023
Altcoins to watch for potential profit bookings
With notable cash flow recorded in small-cap altcoins, several breakouts have presented potentially profitable opportunities in the coming weeks. Furthermore, bitcoin‘s dominance has been declining in recent days, suggesting that the altcoin market has been gaining popularity. According to a popular crypto analyst alias Captain Faibik on Platform most altcoins recover.
Altcoins will start to moon soon.
Pack your bags and be patient.crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto #Altcoins bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin pic.twitter.com/Mbf5G1fytM
– Captain Faibik (@CryptoFaibik) November 14, 2023
One of the top altcoins to keep an eye on is the leading DeFi platform, Uniswap (UNI). Notably, UNI price has consolidated over the past year and is currently retesting the log resistance hypotenuse that could lead to a 200 percent upside from current prices. According to our latest market data, UNI price is trading around $5.3, up approximately 30 percent in the last four weeks.
The other altcoins we will be paying attention to in the coming weeks include Filecoin (FIL), Polygon (MATIC), Cosmos (ATOM), VeChain (VET), and Litecoin (LTC). Additionally, major memecoins led by Dogecoin (DOGE), Shiba Inu (SHI), and Floli (FLOKI) have shown high potential for an imminent breakout.
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