Home Bitcoin Altcoins Rally as Bitcoin Buyers Return

Altcoins Rally as Bitcoin Buyers Return

Over the last 24 hours, FTM, XLM, and SHIB have all increased by more than 10%, compared to BTC's 2% increase.

Altcoins Rally as Bitcoin Buyers Return iBase Trading.
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Over the last 24 hours, Altcoins like FTM, XLM, and SHIB have all increased by more than 10%, compared to BTC’s 2% increase.

On Wednesday, Bitcoin surpassed $43,000, indicating that it is on the mend after a two-month decline.


Alternative cryptocurrencies (altcoins) including FTM, XLM, and the popular dog-themed Shiba Inu (SHIB) token all rose more than 10% in the last 24 hours. In a rising market, altcoins often outperform bitcoin. Therefore, indicating that traders have a higher appetite for risk.

There are hints, though, that the boom in extremely speculative altcoins is about to halt. In research, Arcane Research stated, “In the layer 1 scene, both FTM and NEAR show an open interest-to-market capitalization ratio well above the large-cap tokens.”

“At current levels, the FTM trade is very crowded,” Arcane wrote. “FTM’s open interest growth has been accompanied by significant price movement and substantially favorable funding.”

Option traders, meanwhile, appear to be less pessimistic on bitcoin. According to statistics given by the crypto derivatives research firm Skew. The one-week put-call skew, measures the cost of puts – or bearish bets – relative to calls. It dropped from 17 percent to virtually 0 percent since late Monday.

Latest prices

  • Bitcoin (BTC): $43,905.25, +2.6%
  • Ether (ETH): $3381.68, +4.4%
  • S&P 500: $4762.35, 0.28%
  • Gold: $1827, +0.47%
  • 10-year Treasury yield daily close: $1.735

Some analysts believe BTC has a long-term optimistic outlook. The present sell-off is just a pause in a larger uptrend. For example, StackFunds, a crypto investment firm based in Singapore, has set a price goal of $120,000 BTC for this year.

Nonetheless, investors would have to prepare for volatility. In a paper, Lennard Neo, head of research at Stack Funds, stated, “We are anticipating crypto markets to be severely fragmented over the coming few months. This creates choppiness that overflows from equities, as investors navigate a new era of inflation.”

Is bitcoin entering a recovery phase?

In a blog post, crypto data firm Glassnode stated, “A result of repeated market downtrends is the liquidation of confident long traders seeking to catch a falling knife.” This could indicate that BTC is nearing a short-term bottom. This is when considering the recent price drop and consequent increase in liquidations.

Because of a partial or whole loss of the trader’s initial margin, an exchange will forcefully close a trader’s leveraged position as a safety mechanism. Futures trading is the most common example of this.

Altcoins Roundup

Near and other FOAN tokens are reaching an all-time high: On Wednesday, the prices of all major cryptocurrencies rose sharply, but a few popular coins stood out. Fantom (FTM), harmony (ONE), cosmos (ATOM), and near (NEAR) all saw significant increases of up to 21%. A group of tokens connected are referred to as “FOAN” by traders in the crypto community. The group are with layer 1 blockchains ready for decentralized finance (DeFi) activities with their inexpensive and fast networks.  According to Shaurya Malwa and Lyllah Ledesma, fundamentals for the FOAN basket indicate promise for traders.

Ethereum reaches a staking milestone: On the Ethereum 2.0 Beacon Chain, the top four staking entities now account for 47.5 percent of total deposits. Lido made a big jump. According to CoinDesk’s Edward Oosterbaan, decentralized staking providers like Lido and RocketPool have linked closely with the stability of Ethereum over time. It allows the protocols to choose a range of node operators who run diverse clients and distribute concentration risk.

Solana becoming Visa of the digital-asset world: Because of its focus on scalability, cheap transaction fees, and ease of usage, the Solana blockchain might become the “Visa of the digital asset ecosystem.” In a research report, Bank of America predicted that it would eventually eat into the Ethereum blockchain’s market share. Solana uses consumer-facing applications like micropayments and gaming.

“The views and opinions on this Crypto News Website are solely those of the authors and contributors. These views and opinions do not necessarily represent those of iBaseTrading or its partners.”

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Tanya Smith is an editor at iBaseTrading. With M.A. in Journalism and Mass Communication, she is pursuing her dream of creating a positive difference in the media industry. She also enjoys Fashion and Travelling.