Category Archives: Altcoin
Greater Gains Than Bitcoin – InvestorPlace
Another moonshot prediction for the price of bitcoin todays prices could seem like bargains how elite altcoins could climb even higher
Mark Zuckerberg didnt want to be punched in the face by a six-foot-five Olympian.
Its 2008, and the Winklevoss twins are in mediation with Facebook founder, Zuckerberg.
You likely know the general story
While undergrads at Harvard, the Winklevoss brothers had an idea for a way for Harvard students to connect a social networking site initially called Harvard Connection, later renamed ConnectU.
They found Zuckerberg and tasked him with building the site. Instead, Zuckerberg morphed it into his own idea, called TheFacebook.
A handful of years later, Zuckerberg is a billionaire and the twins are pursuing legal action.
Back to mediation
With progress going nowhere, the Winklevoss twins suggest a sit-down with Zuckerberg. No lawyers, no mediators, just the original parties.
Zuckerberg has tentatively agreed but he has security concerns.
As the story goes, Zuckerberg is worried hes going to be beaten up by the six-foot-five, barrel-chested Winklevoss twins both of whom competed in the mens pair rowing event at the 2008 Beijing Olympics.
The solution?
A meeting with just one Winklevoss, in a glass conference room, with everyone else out in the hall, watching.
Absurd as it is, it works.
Zuckerberg offers a payoff of $65 million in cash. The Winklevosss lawyer is ecstatic and urges his clients to accept.
But in what would go down as possibly the Winklevosssecond-smartest moveof all-time, they instead negotiate a settlement of $20 million in cash, and the rest of the $65 million in Facebook stock.
The outcome of that decision?
According to the twins, that $45 million stock allocation went on to be worth close to $500 million.
Now, you might be wondering if thats the Winklevoss second-smartest decision, whats the smartest?
Putting $11 million of that settlement into bitcoin back in 2013.
***What $11 million invested in bitcoin in 2013 means today
The Winklevoss twins were early believers in bitcoin. And they went on to become pioneers in the crypto world.
They launched Gemini, which is a private, licensed digital asset exchange where investors can trade bitcoin, Ether, or other popular altcoins Theyve been trying to bring a bitcoin ETF to market for years, yet thwarted thus far by the SEC And they launched Winklevoss Capital, which has invested in a number of crypto startup ventures.
But lets circle back to the good stuff
What was the outcome of that $11 million bitcoin investment in 2013, when bitcoin was trading at a single-digit price?
FromFinancial Times:
Starting in 2011 they bought up 1 per cent of all the bitcoin in circulation for a total of $11m.
By late 2017, with the price of the cryptocurrency surging past $10,000, they were worth a combined $2bn
With bitcoin now flirting with $20,000, that puts the Winklevoss stake at nearly $4 billion.
But the twins believe bitcoins ascent and their wealth is nowhere near reaching its peak
***On Monday, the Winklevoss twins predicted bitcoin will hit $500,000 per coin
Appearing onCNBC, they called for an eventual price of half-a-million dollars with a market cap of $9 trillion, though they didnt predict when this may happen.
Part of the bullishness comes on the back of a weakening dollar.
From Tyler Winklevoss:
Cash is trash and [high-profile investors] realize it At some point, it is hard to look at those data points and say that bitcoin isnt an incredible store of value
On this cash is trash note, well add that inflation appears to be ticking up. Yesterday,Financial Timesran a piece titled U.S. inflation expectations hit 18-month high on vaccine hopes. And the U.S. Dollar Index is now at a multi-year low.
Well dive into more details on inflation in tomorrowsDigest, but returning to bitcoin, the Winklevoss twins arent the only experts predicting huge gains from here. We recently profiled billionaire cryptocurrency-investor and former hedge-fund manager, Mike Novogratz, who pegged bitcoin at $65,000 next year.
Closer to home, our own crypto expert, Matt McCall, has his own prediction
In a friendly wager with Louis Navellier about whether bitcoin or the Dow Jones Industrial Average will reach 40,000 first, Matt took bitcoin.
Keep in mind, this was back on July 31st, when bitcoin was trading under $11,500.
Given the cryptos meteoric rise since, you have to give the edge to Matt at the moment (but not by much, given the strength of todays stock market).
***But in all of this bitcoin hype, whats being discussed less is the wealth-building potential of altcoins
For any newerDigestreaders, altcoins are simply alternative cryptocurrencies beyond bitcoin.
Elite altcoins provide a unique twist on the crypto/blockchain/financial world that makes them truly unique and valuable.
They can also be explosive wealth-generators
As just one example, take the altcoin, Ripple (XRP).
For much of the year, it traded for less than $0.25.
Until November
As you can see below, on November 1, Ripple traded at $0.24. Just over three weeks later, it had tacked on roughly 185% gains, to $0.68.
So, how can a crypto investor distinguish between elite altcoins with major wealth-building potential versus the me-too coins which wont amount to anything?
Wed recommend turning to Matt and Charlie Shrem theyre the analysts behindCrypto Investor Network.
For newerDigestreaders, Shrem like the Winklevoss brothers was one of bitcoins early adopters.
He was one of the founding members of the Bitcoin Foundation in 2012, which aimed at bringing mainstream awareness to the digital currency world.
In the years since, hes advised and invested in more than two dozen digital currency companies, launched and managed numerous partnerships between crypto and non-crypto companies, and is now considered one of the most influential people in cryptocurrencies.
And yes, his early investments in bitcoin have made him a millionaire many, many times over.
***While bitcoin is getting the headlines today, Matt and Charlie believe theres a bigger story with certain altcoins
In short, Matt and Charlie believe that were at the beginning of the next crypto surge one that will take the strongest altcoins many times higher.
In a recent update to subscribers, Matt and Charlie noted that our broader culture is waking up to the fact that cryptocurrencies are one of the most valuable, revolutionary technologies ever created.
And as this awareness spreads, there will be an enormous rush into this asset class something they call The Awakening.
From Matt:
This awakening could singlehandedly drive the price of bitcoin and several other select cryptocurrencies to never-before-seen heights.
If you position yourself correctly, it could hand you a fortune that you could only previously dream of.
Now, one perspective for investors who might be cautious about the altcoin universe
Here in theDigest, weve written about something called an asymmetrical bet. In short, this is when the potential upside of a position is much greater than its potential downside.
In other words, theres no symmetry in the risk-to-reward profile. Instead of risking 1 to make 1, you risk 1 to make, potentially, 5 or 50 or 200.
If that tradeoff sounds too good to be true, consider some of the historical returns weve seen from altcoins
Back in 2012, Litecoin climbed 7,483% in five months.
During the crypto peak of 2017, Ethereum posted cumulative gains of over 10,000%. But that was nothing compared to Reddcoin up 132,712%, or Einsteinium at 262,195%.
To top it all off, theres Verge. In 2016, it shot up 1,362,400%.
***The safe way to speculate with altcoins
Lets be clear
Most altcoins wont see such explosive growth. And even though altcoins are an asymmetrical bet, theyre still a bet which means investors can lose money.
Given this, you should be wise about your investment amounts, as well as spreading your capital over a diversified portfolio of altcoins. Matt and Charlie preach these safety measures in theirCrypto Investor Networknewsletter.
But you should ask yourself is a small, reasonable investment amount worth the gamble, given how asymmetric these returns can be?
Say you had been a part of Verges 1,362,400% moonshot.
And your investment amount?
$150, which you got from skipping date night one week or that round of golf or dinner with your friends
That $150 would have turned into more than $2 million.
Thats the potential of an asymmetrical bet.
As we wrap up, some of the most notable investors in the world are seeing big things for bitcoin the Winklevoss twins, Paul Tudor Jones, Stanley Druckenmiller, Mike Novogratz, and Bill Miller, to name a few. But if Matt and Charlie are right,the truly huge money will be made with altcoins.
Have a good evening,
Jeff Remsburg
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Greater Gains Than Bitcoin - InvestorPlace
Three Altcoins Are Set to Erupt This Month, According to Crypto Trader Tyler Swope – The Daily Hodl
Crypto influencer and analyst Typer Swope says he believes one large-cap and two small-cap altcoins are primed to explode in value this month.
In a new video, Swope makes his December altcoin picks, predicting that Ethereum and two crypto assets, each with less than $90 million market caps, will shoot to the upside in the weeks ahead.
Swope first says that he is very bullish on Ethereum, highlighting the successful launch of its 2.0 beacon chain. Swope emphasizes that this is just Phase 0 of what he expects will be a continued successful rollout of Ethereum 2.0 in 2021.
Swopes first low-cap pick is Unibright (UBT), which is built by a German-based enterprise blockchain solution firm.
Swope notes that Coke One North America (CONA Services) launched a blockchain supply chain project over the summer with Unibright and the Baseline Protocol, an open-source initiative that Unibright plays a major role in developing.
Swope also points to an upcoming demo event that will take place on December 10th where Unibright will unveil progress on Baseline-related customer projects and showcase their unified technology stack, which the company says is nearing a general availability release candidate.
Says the analyst,
Without enterprise, DeFi has been able to grow to nearly $14.5 billion in total value locked (TVL). What do you think is going to happen when enterprise DeFi is unlocked? That TVL will look like peanuts.
Swope also mentions Morpheus.Network (MRPH), a supply chain optimization platform. The analyst points to multiple overlapping personal connections between the two companies, speculating that Morpheus will also form a partnership with Coca Cola.
Swope notes that Benjamin Smith, the Director of Business Development for Morpheus is the son of Coca-Cola president Brian Smith, questioning whether the family connection may result in a partnership between the two entities. Carl Wood, who has been an active contributor to the Mexican Finance Executive Institute (IMEF) and, according to Swope, has worked with Coca Cola FEMSA, has also joined the Morpheus team, linking the two firms even further.
The crypto analyst predicts the supply chain company will link up with Coca-Cola FEMSA, which operates throughout Latin America, while Unibright covers North America.
MRPH is trading around $0.389 at time of writing and UBT is trading around $0.594 at time of writing, both according to CoinMarketCap.
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Three Altcoins Are Set to Erupt This Month, According to Crypto Trader Tyler Swope - The Daily Hodl
Why This Trader is Optimistic That Ethereum Will Spark a Massive Altcoin Rally – NewsBTC
Altcoins have been closely tracking Bitcoin and Ethereums price action as of late, which is a positive sign showing just how far the markets have come over the past few weeks.
While in the past, Bitcoin rallies occurred independently from the rest of the market, with altcoins trailing it or rallying during consolidation phases, the entire market is now moving in tandem.
This trend has greatly favored altcoins, with many posting massive gains throughout the past few days and weeks as BTC navigates towards $20,000.
One trader is now offering a bullish outlook on altcoins, explaining that Ethereums ongoing upswing leads him to be optimistic on smaller digital assets outlook.
Ethereum is now trying to hold above $600 if it can flip this level into a strong support level, it could open the gates for the altcoin market to see significantly further upside in the days and weeks ahead.
This will hinge largely on Bitcoin, as the benchmark cryptocurrency is struggling to break above $20,000 despite being able to set fresh all-time highs earlier this morning.
If it continues extending this momentum and does break above $20,000, the entire market will likely see massive inflows of capital that leads altcoins to see parabolic, speculation-induced uptrends.
At the time of writing, Ethereum is trading up over 4% at its current price of $601. This marks a notable surge from its recent lows of $490 set at the bottom of the recent selloff.
The selloff seen last week by the entire market appears to have been a bear trap of epic proportion, with the strength seen in the time since ETH and BTC set their lows being quite impressive.
It does seem as though the rebound from these lows sparked the ongoing rally.
One trader believes that the strength seen by Ethereum as of late could be enough to spark a strong rally for altcoins.
He notes that he has added exposure to Chainlink and some Uniswap tokens to capture some of this potential upside.
Im 20% alts now, ETH popping makes me carefully optimistic. Aiming for 25% by mid december, and will ape stupidly, up to 50%, IF BTC goes to ATH and they capitulate simultaneously. 10% ETH, 5% LINK, 5% a basket of scams including uniswap coins.
Whether or not Ethereum can hold above $600 heading into its daily candle close should provide some serious insights into where it will trend in the days and weeks ahead.
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Why This Trader is Optimistic That Ethereum Will Spark a Massive Altcoin Rally - NewsBTC
Top Crypto Strategist Says One Altcoin Will Surpass $100,000 Alongside Bitcoin – The Daily Hodl
Crypto strategist Alex Saunders says he believes Bitcoin isnt the only crypto asset thats poised to cross the $100,000 mark.
Saunders recently updated his outlook for BTC, saying the leading cryptocurrency will breach the six-figure mark within the next five years.
Now, Saunders says he believes the decentralized finance (DeFi) movement will fuel the rise of another coin past $100,000. He tells his 55,000 followers on Twitter that yearn.finance (YFI) is firmly on a path towards the high-water mark.
YFI = $100k. SUSHI to make a big come back. Two of the most misunderstood, yet creative, innovative and driven protocols/teams/communities around.
Yearn.finance is designed to divert liquidity to various DeFi protocols such as Compound, Aave and dYdX and find the best returns.
YFI is the governance token that fuels the yield aggregation platform and is distributed to users who provide liquidity on the platform.
Saunders points to YFI creator Andre Cronjes leadership as the top reason hes bullish on the asset. Cronje just announced he has big plans for the coming v2 launch of the platform, which is designed to further integrate the platform with other leading DeFi protocols.
I have so much more planned for when v2 launches, custom money markets (yield & insurance), Cream will be a lending reserve into Aave, agnostic Cover for all aTokens, and we can finally put ytrade, yleverage, and leveraged stable coins into production!
YFI is one of the highest performing crypto assets of 2020. It burst on the scene in July and surgedfrom $31.65 to an all-time high of $43,678 on September 12th.
It is now valued at$25,922, up 3.4% in the last 24 hours, according to CoinGecko.
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Top Crypto Strategist Says One Altcoin Will Surpass $100,000 Alongside Bitcoin - The Daily Hodl
Experts say institutions drove Bitcoins rise to $19K and alt season is coming – Cointelegraph
Analysts are pointing to demand from financial institutions and publicly listed companies as the primary forces behind Bitcoins (BTC) sudden retest of its all-time highs.
The primary reason for the steady grind up in Bitcon has been the increased interest and aggressive buying activity from institutions, said Nick Cote of gamified trading platform Hxro Labs. A lot of investors are going through Grayscale.
Rising institutional demand can be seen in heavy accumulation by Grayscales Bitcoin Trust, with the funds BTC holdings exceeding 500,000 earlier this month.
Cote also said that top American companies like Square and Microstrategy are putting BTC on their books as a hedge against inflation and poor monetary policy management from the central banks. He described this behavior as driving a positive feedback loop in the markets:
NEM head of trading Nicholas Pelecanos agreed, stating that Bitcoins fundamentals are now stronger than ever before, pointing to post-halving supply dynamics, a rise in institutional adoption, and a number of publicly listed U.S. companies moving 10% of their balance sheet into the asset.
Pelecanos is now looking to a rise in the altcoin markets, stating, BTC is back at its all-time high levels, but what is worth noting is the valuation of the altcoins which are on average still 50% below their all-time highs.
Despite his bullish outlook for alts, Pelecanos warned that many alternative cryptocurrencies have failed to attract meaningful adoption, stating:
Analysts have also pointed to bullish signals coming from the mining markets, with Glassnode chief technical officer Rafael Schultze-Kraft noting that miners have hoarded an additional 10,000 BTC since March.
Miners revenues also recently posted new year-to-date highs after reclaiming pre-halving levels, with daily revenue exceeding $20 million.
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Experts say institutions drove Bitcoins rise to $19K and alt season is coming - Cointelegraph
Bitcoin And Dollar Dominance: Five Factors Behind The Current Altcoin Season – NewsBTC
Bitcoin price is nearly trading at its former all-time high, and at a price point that feels unreachable for many to own a full coin, interest has again turned toward altcoins. BTC dominance has sunk as a result, and at the same time, the dollar is breaking down from support.
The scenario in the past provided the perfect storm set up for the greatest altcoin season ever. Is this incredible burst of wealth generation about to strike for a second time?
During the month of November, Bitcoin set a higher high over its 2019 peak and surged another $5,000 beyond it. The rise up sucked capital out of altcoins, but now that full-blown FOMO has returned to crypto, profit-taking from BTC into alts is causing major altcoins to rip.
In November alone, Ethereum, XRP, and Litecoin are all up by 50% or more. Ripple, which has been the worst-performing over three years of a bear market, skyrocketed over 100%.
Crypto is back to a bull market, and while there will be strong corrections along the way, the direction for the mid-term is likely upward.
Related Reading | Heres Why Crypto Analysts Are Divided Over The Future Of Altcoins
Altcoins have had phases of overperformance compared to Bitcoin in the past, but what makes this time special, is due to the DXY dollar currency index dropping at the same time.
In the chart below, only one other time did BTC dominance and the DXY suffer an extended crash at the same time. The result was the 2017 crypto bubble and the greatest alt season ever. Is history about to repeat?
Beyond the technicals and the charts of the two most dominant forces altcoins contend with via trading pairs clearly showing the same set up as the last altcoin season, there are fundamental reasons for this shift in sentiment as well.
For one, the perception of the price per Bitcoin could be working against it in favor of altcoins. Expensive BTC pushes participants toward cheaper altcoins.
Related Reading | Bizarre Correlation Between Bitcoin Dominance And The Dollar Discovered
The dollar weakening is amplifying the impact of this action and causing a massive breakout in altcoins across the board. The assets have, like Bitcoin, been in a bear market, and after four years, could be returning to a bull trend.
If thats the truth, and the conditions are the same as last time around, another round of incredible wealth will come.
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Bitcoin And Dollar Dominance: Five Factors Behind The Current Altcoin Season - NewsBTC
Cubans Turn to Bitcoin, Ethereum and Dogecoin as US Sanctions Bite – Cryptonews
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Another report has exposed how Cubans are sidestepping United States sanctions by using bitcoin (BTC) and altcoin remittance solutions with conventional wire transfers all but impossible between USA-aligned nations and the communist state.
A report from Deutsche Welles Spanish-language service found that some Cubans are now turning to altcoins, too, with some remittance deals being carried out in ethereum (ETH) and dogecoin (DOGE). The outlet found that an estimated 10,000 people in Cuba now make use of cryptoassets.
The BitRemesas platform, which has grown out of nothing this year, has some 300-400 users, per its founder, who claims the platforms operators are working on ways to allow Cubans or perhaps more accurately their overseas-based family members to pay electricity and other utilities bills using crypto.
BitRemesas claims that it has a high volume of transfers, but often in small amounts of USD 10-20, with remittances in the USD 100 range more of a rarity.
Cryptonews.com has previously reported on the rise BitRemesas. The platform sees overseas Cubans convert their fiat earnings to bitcoin and essentially put their remittance requests up for negative auction allowing middlemen bitcoin enthusiasts base in Cuba to bid for the right to receive the BTC, convert it to fiat (or stump up the equivalent in fiat) and deliver the cash remittance by hand to family member recipients.
The catch, of course, is that the middlemen can bid to receive a chunk of the remittance as a commission fee, with charges of up to 25% common, and the BitRemesas platform also taking a cut.
Also, as reported last month, money transfer platforms such as Western Union have closed down their offices in the country following a spate of tit-for-tat sanctions imposed by leaders in Havana and Washington. This has hit some of Cubas poorest citizens in the pocket with many families in the country reliant for their livelihoods on remittances sent from relatives living and working overseas.
According to The Havana Consulting Group and Tech data, in the last 10 years, the Cuban population has received USD 29.95bn in cash remittances. 90% of this money came from the US. In 2018, the amount of cash remittances to Cuba was estimated at USD 3.69bn, a growth of 3.6% compared to 2017, the consulting firm said.___Learn more: Venezuela Expands Scope of its Remittance Platform With Bitcoin & LitecoinHow Gift Cards Fuelled P2P Bitcoin TradingMexico Receives 11% of All LATAM Retail Crypto Payments - ReportVillage in El Salvador Turns its Back on Fiat in Favor of Bitcoin
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Cubans Turn to Bitcoin, Ethereum and Dogecoin as US Sanctions Bite - Cryptonews
Five Altcoins that Agreed with Yearn Finance took off – Somag News
Collaborating with Yearn.finance (YFI), an Andre Cronje project, altcoin prices are bouncing. Shaking hands with YFI, Cream (CREAM), PowerPool Concentrated Voting Power (CVP), Pickle Finance (PICKLE), Acropolis (AKRO) and COVER Protocol (Cover) rose.
Yearn.finance, the first crypto currency to exceed the price of Bitcoin, attracted attention with its performance in the summer and managed to increase its price to over $ 43,000 in September. The Yearn.finance project by Andre Cronje was unable to sustain this performance amid wild price predictions, and as of October, YFI saw a big drop. The YFI price even fell below $ 10,000. The current price for YFI, which currently has a limited supply of 30,000, is above $ 26,000.
YFI, a decentralized finance (DeFi) project, has recently made a name for itself not only for its performance but also for the benefit it provides to other DeFi projects it collaborates with. ICO Analytics revealed the 24-hour price changes of projects that shake hands with YFI with a chart shared on his Twitter account.
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Five Altcoins that Agreed with Yearn Finance took off - Somag News
Institutional Participation Pushed BTC Price Close to $20K, Altcoin Season Expected… – Coinspeaker
Analysts are hopeful that Bitcoins and the overall cryptocurrency market fundamentals are more powerful than ever before. The latest market correction provides fresh opportunities for investors to take long-term positions.
Before the latest market correction, Bitcoins sudden surge close to its all-time high has captivated retail investors and institutions alike. One of the major driving forces behind BTCs rapid price surge has been massive institutional money inflow. In fact, in the month of November, theres been massive institutional accumulation for Bitcoin. However, its worth mentioning that the altcoin season has all chances to come quite soon too.
The Grayscale Bitcoin Trust (GBTC), a Bitcoin investment vehicle from digital asset manager Grayscale, hit major milestones in the last few weeks. The Grayscale Bitcoin Trust holds more than half-a-million BTC as of date, with total valuations over $10.1 billion. Nick Cote of gamified trading platform Hxro Labs told Cointelegraph:
The primary reason for the steady grind up in Bitcon has been the increased interest and aggressive buying activity from institutions. A lot of investors are going through Grayscale.
Cote also points at some of the top public-listed financial giants like MicroStrategy and Square who have millions-of-dollars in BTC. These companies have entered BTC as a potential inflation hedge against poor monetary policies by the central banks. Cote called this behavior the positive feedback loop for the crypto markets. He added:
There will be pullbacks of course, but as long as institutions believe in the narrative of Bitcoin being used as a store of value or hedge against inflation, it becomes a positive feedback loop.
NEM head of trading Nicholas Pelecanos said that Bitcoins fundamentals have turned stronger than ever before. He cites different reasons like public listed companies moving extra cash to BTC. Besides, some of the fundamental factors are also post-halving supply dynamics. Pelecanos next big bet is the altcoins market. He stated:
BTC is back at its all-time high levels, but what is worth noting is the valuation of the altcoins which are on average still 50% below their all-time highs.
However, he asks to be selective while picking altcoins. He notes that several altcoins have failed in attracting adoption. Some altcoins represent projects that are no longer functioning, yet other projects have seen tremendous development on both adoption and tech, explained the expert.
Well, Wednesdays crypto market correction has wiped out over $50 billion from the overall cryptocurrency market cap. The marketwide correction provides new opportunities to make a fresh entry.
On the other hand, crypto analyst Michal van de Poppe asks investors to maintain caution. At this point, dont feel FOMO on things like ETH or XRP. There will definitely be more bullish momentum in the coming months, but be protective of capital, he added.
More news from the crypto industry can be found here.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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Institutional Participation Pushed BTC Price Close to $20K, Altcoin Season Expected... - Coinspeaker
Sideways Bitcoin price allows DeFi, Ether and altcoins to rally higher – Cointelegraph
For the past two days, Bitcoin price has traded within the $14,800$15,500 range, but the top digital asset hasstruggled to flip $15,500 to support.
A positive is that Bitcoin (BTC) continues to make higher lows, and at the time of writing, the price is trying to break from the range but still encountering resistance at $15,500.
While BTC price has bounced back and forth, altcoins and select DeFi tokens have capitalized on the consolidation phase and turned bullish.
As Messari pointed out earlier today in a tweet, DeFi tokens such as Yearn.finance's YFI, Aave's AAVE, Balancer's BAL and Uniswap's UNI are all up by double digits. Most notably, YFI has gained roughly 160% after bottoming at $7,444 on Nov. 5, and in the past two days, AAVE went on an absolute tear as the token rallied 175% from $25.87 to $70.91.
Aside from these tokens, a handful of tokens with smaller market capitalizations on decentralized exchanges are also racking up gains, and data from Dune Analytics signals that investors are beginning to become more active in the DeFi space again.
As DEX volumes increase, so do the number of daily active users, and today, the sector reached a new record as DeFi Pulse noted that the total value locked in DEX platforms has surged to $12.87 billion.
While it is probably too early to call for an alt season, Ether (ETH) has turned bullish again, and within the last three hours, the altcoin broke through its pennant structure and rallied to $466.60.
Analysts have also noted that the ETH/BTC pair broke from its downtrend and is currently climbing higher toward the 0.32323 sats resistance.
Historically, altcoins tend to rally when Bitcoin price is sideways, and Ethers strengthening fundamentals could be a sign that DeFi and altcoins may be on the verge of a trend change.
For the short term, traders will be watching to see if BTC can turn the $15,500$16,000 level to support, as this is likely to pull a few bullish altcoins higher. Alternatively, if BTC price remains sideways over the coming days, there could be a continued advance from the top DeFi tokens and a handful of altcoins.
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Sideways Bitcoin price allows DeFi, Ether and altcoins to rally higher - Cointelegraph