The cryptocurrency market has witnessed notable movements recently, and according to 10x Research Director Markus Thielen, seasoned crypto investors have shifted their focus from Bitcoin to altcoins. Changing market conditions are attracting investors who seek risky but potentially high-reward opportunities. As interest in altcoins like SUI Coin grows, the surge in trading volumes supports this trend.
Savvy Crypto Traders Are Betting on These Altcoins —Are You Missing Out?
Trading volumes for altcoins have surged, and there’s been a significant shift away from Bitcoin
👇1-12) One of the most crucial elements of successful investing is recognizing when market themes and…
— 10x Research (@10x_Research) September 25, 2024
Bitcoin’s Dominance Weakens
While Bitcoin has long dominated the crypto market, it has begun to lose its appeal to some investors. Since mid-March, Bitcoin has recorded four lower peaks, indicating a volatile correction. However, hope remains. Analysts suggest that if Bitcoin can surpass the $65,000 mark, it could signal a strong comeback. If such a scenario unfolds, Bitcoin may break $70,000 and potentially hit new highs by the end of the year.
Despite these optimistic predictions, Bitcoin’s market dominance continues to decline. Many investors who once focused solely on Bitcoin are now turning their attention to altcoins. These shifting dynamics suggest that investors are pursuing new opportunities outside of Bitcoin’s sphere.
Ethereum’s Rising Momentum
Alongside SUI Coin, Ethereum is another star among altcoins. Although Ethereum has faced some recent challenges, it has begun to show signs of recovery. Weekly revenues have reached $21 million, the highest level since June 2024. This trend could indicate upward movement in Ethereum’s price. Increased gas fees signal heavy network activity, reflecting continued interest in the Ethereum ecosystem. Both individual and institutional investors are showing increasing interest in Ethereum, with the network’s growing activity suggesting further value appreciation. Investors are now closely watching for opportunities to capitalize on this momentum.
Investors Eyeing SUI Coin and 6 Other Altcoins
As Bitcoin’s dominance fades, altcoins like Solana and DeFi tokens have caught the attention of investors. Positive movements in the crypto market, fueled by recent Federal Reserve decisions, have intensified interest in speculative altcoins. Markus Thielen notes that some altcoins are becoming hot commodities among investors.
Here are the altcoins that are gaining traction:
- TAO: A DeFi token, TAO has risen by 76% in the past week, trading at $562.
- Ethena (ENA): A synthetic dollar protocol on Ethereum, ENA, though currently down from its peak, shows long-term growth potential.
- SEI: SEI tokens are used for transaction fees on the Sei network, and have surged 70% in the past week to $0.46.
- APT (Aptos): A Layer 1 Proof-of-Stake blockchain, Aptos has seen a 4.5% rise in the past 24 hours, trading at $8.21.
- Sui Token (SUI): Sui Coin has risen 12.4% in the last 24 hours, making it one of the top gainers.
- NEAR Protocol: A blockchain network supporting decentralized applications (dApps), NEAR gained 30% last week, becoming a hot altcoin pick.
- The Graph (GRT): Used for querying and indexing data on Ethereum, The Graph is currently trading at $0.18, with a 2% increase in the past 24 hours.
These altcoins are quickly gaining attention as investors seek out new opportunities beyond Bitcoin and Ethereum.
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