Altcoins
14 Fast Growing Cryptocurrencies to Invest in Today (May 4, 2024)
Last updated:
April 30, 2024 07:32 EDT
| 13 min read
Numerous crypto projects are added to the blockchain every day, but many fizzle out due to lacking utility. Some cryptocurrencies blossom because they provide real-world solutions and are accompanied by effective marketing campaigns.
We scoured the market and found the fastest growing cryptocurrency. Successful cryptocurrencies have provided significant returns to investors, so we highlighted some projects that may prove to be worthwhile investments.
Let’s analyze the different cryptos with fast growth and determine their potential.
- First truly multi-chain Doge token, promising interoperability across major blockchains
- Easy to buy and claim $DOGEVERSE tokens during presale phase
- Could be the next Doge-inspired coin to explode ahead of Doge Day
Project Launched
April 2024
Purchase Methods
ETH
usdt
- Brand new South Park-inspired seal-themed SOL meme coin
- Ideal coin to buy in presale ahead of the expected summer meme coin frenzy
- Thought to be by the team that was also behind the viral SLERF coin
Project Launched
May 2024
Purchase Methods
Solana
- Infinitely upgradeable AI meme coin, with modular technological capabilities.
- Huge staking rewards available everyday during presale.
- Presale price rises every two days – buy now to benefit from best price before listing.
Project Launched
April 2024
Purchase Methods
-
ETH
-
usdt
- First of its kind daily rewards based on the performance of Mega Dice Casino
- $DICE holders can enjoy 25% rev-share through the Mega Dice Referral Program
- $2,250,000+ USD airdrop for casino players
Project Launched
April 2024
- Learn-to-Earn platform that rewards users for learning about crypto
- Stake $99BTC tokens in secure smart contract to earn passive rewards
- Get the edge in fast-moving markets with expert crypto trading signals
Project Launched
April 2024
Purchase Methods
-
ETH
-
usdt
Bank Card
- +1 more
- Innovatives VR & AR Gaming Project
- Aiming to Raise $15M Across 12 Rounds
- Token Holders Get Lifetime Access to VR Content
Project Launched
January 2024
- Trending meme coin with P2E utility & staking rewards
- Price up 10x in past month, rumors of Binance listing
- 12k+ holders and growing
Project Launched
December 2023
- Buy and hold $SMOG to generate and earn airdrop points
- 35% of supply reserved for future airdrop rewards
- Viral potential after pumping over 1000%
Project Launched
February 2024
Purchase Methods
-
usdt
-
Solana
- Native BSC token
- Audited by Coinsult
- Long-term rewards for holders
- Access to huge fee revenue through staking
- 50% of 10bn token supply available at presale stage
- 85% of fees go back to the community
Project Launched
March 2024
- New meme coin offering an immersive experience via high-stakes battles
- Participants can buy and stake $SHIBASHOOT tokens for rewards in excess of 25,000% p/a
- Token holders can cast votes on key project decisions and try their luck in the ‘Lucky Lasso Lotteries’
Project Launched
April 2024
- First crypto-based lending platform, allowing loans up to 75% of the total Memereum assets.
- Comprehensive insurance coverage for digital coins and precious metals, including gold and silver.
- High-value holders get state-of-the-art NFTs, valued over $1,500 in the open market.
Project Launched
March 2024
- Innovative AI crypto casino offering staking, airdrops and custom games
- $HPLT presale has raised over $400k so far with +60M bets placed by +150k users
- Offers daily staking rewards, hype NFTs and is fully audited by Certik
Project Launched
March 2022
The Top Fastest Growing Cryptocurrencies Right Now
Our research has led us to conclude that the following cryptos have demonstrated tremendous growth:
- Dogeverse – User-friendly multi-chain token, over $4 million raised in presale.
- WienerAI – AI dog crypto coin with huge staking rewards for holders, over $650K raised in presale.
- Mega Dice Token – CasinoFi crypto offering in-game discounts and NFTs, over $640K raised in presale
- 99Bitcoins – Learn-to-earn crypto offers huge staking APYs, over $300K raised in hours.
- 5th Scape (5SCAPE) – VR-themed crypto ecosystem, token holders get discounts.
- Sponge V2 (SPONGE) – Upgraded token with P2E gaming, 100x price jump in 2023.
- Smog (SMOG) – Trending meme coin offers 42% staking APYs and a massive airdrop.
- eTukTuk – New crypto building EV charging stations, over $3 million raised in presale.
- Slothana – Solana-based meme coin, raised $10 million through the presale.
- Polygon (MATIC) – Ethereum-compatible network providing layer 2 scaling solutions.
- Solana (SOL) – Smart contract platform capable of handling 5,000-10,000 TPS.
- Decentraland (MANA) – Leading metaverse ecosystem, gives access to a DAO.
- Ripple (XRP) – An efficient cross-border payments solution partnering with banks.
- The Sandbox (SAND) – Popular metaverse and asset-building cryptocurrency game.
Fastest Growing Crypto Reviews
Most traders looking for ways to make money with cryptocurrency will be on the hunt for the fastest growing cryptos in 2024.
Now that we’ve listed the cryptos with the fastest growth, let’s get into their details to find out the mechanics behind the projects.
1. Sponge V2 – A Hot New Version Of Sponge With High Staking Rewards And A P2E Game
Sponge V2, following its predecessor’s success, is a highly promising meme coin with a history of massive growth.
Initially launched in early 2023, Sponge saw a meteoric rise in its market cap, achieving 100x gains and securing listings on top exchanges like Gate, MEXC, and Poloniex.
With a community of approximately 30,000 followers on X (Twitter) and an active Discord and Telegram group, Sponge V2 aims to increase engagement with better utility in 2024.
Key Developments:
- Stake-to-Bridge Model: Sponge V2 has a Stake-to-Bridge mechanism, allowing an easy transition from SPONGEV1 to SPONGEV2. This model involves staking SPONGEV1 tokens, which are locked and exchanged for SPONGEV2 tokens. This process is designed to create long-term community investment.
- Play-to-Earn Game: A key addition to the Sponge ecosystem is the Sponge Racer P2E game, leveraging the SPONGEV2 token for in-game transactions and earnings. This game development aims to improve the utility and appeal of the token.
- Community and Exchange Listings: Sponge V2’s strategy includes potential listings on Tier-1 exchanges such as Binance and OKX, a move that could replicate the success of other meme coins.
Sponge V2’s total token supply is capped at 150 billion, with a significant allocation for staking rewards and the P2E gaming ecosystem. This distribution strategy incentivizes active participation and increases the token’s utility.
Investors participating in the presale can double their holdings by purchasing SPONGEV1 tokens, which are automatically staked and converted to SPONGEV2, with staking rewards offered for four years.
| Presale Started | Dec 2023 |
| Purchase Methods | ETH, USDT, Card |
| Chain | Ethereum |
| Min Investment | None |
| Max Investment | None |
2. 5th Scape (5SCAPE) – VR an AR-Themed Cryptocurrency, Token Holders Get Discounts on All Products
5th Scape ($5SCAPE) offers a crypto gaming and learning ecosystem that uses augmented and virtual reality. The platform features gaming elements, educational resources, and gives access to blockbuster movies.
$5SCAPE token holders get lifetime access to a suite of VR gaming content. Some of the games within the 5th Scape universe include the ‘Epic Cricket Arena’ – allowing you to engage in live Cricketing action and take part in the matchday. Soccer and MMA-based VR games are also included in the ecosystem.
Token holders get free access to educational modules and seminars. You can also watch select blockbuster movies. To heighten realism, 5th Scape offers VR gaming headsets and chairs. These use precise motion tracking to offer hyper-realistic gameplay. All products are offered at discounted prices for token holders.
This cryptocurrency is currently priced at $0.00187 during the ongoing presale – which consists of 12 rounds. Over 4.1 billion tokens are available across the presale – accounting for 80% of the 5.21 billion supply.
So far, 5th Scape has raised nearly $1 million through the presale. The platform has set a presale hard cap target of $15 million. To learn more about this VR cryptocurrency, go through the 5th Scape whitepaper and join the Telegram channel.
| Presale Started | January 2024 |
| Purchase Methods | USDT, BNB |
| Chain | Ethereum |
| Min Investment | None |
| Max Investment | None |
3. Smog (SMOG) – New Meme Coin Offers 42% Staking APYs
Smog ($SMOG) is currently one of the fastest-growing crypto launched on the Jupiter DEX on 7th February. Its value surged from $2 million to $65 million in just one week, marking a growth of over 3000%.
The platform has gained much traction due to its attractive airdrop campaign and high staking options, offering a 42% APY with a 90-day lock-in period to encourage long-term holding.
Moreover, aiming to rival famous meme coins like Pepe and Bonk, Smog has launched the “Greatest SOL Airdrop” campaign, distributing 490 million of its 1.4 billion token supply as community rewards.
This encourages token holders to earn airdrop points through active engagement in social media and on-chain activities, ensuring fair token distribution.
Smog’s fair launch strategy without a presale ensures equal access for all investors, boosting its trustworthiness. With 50% of its supply allocated for marketing and 35% for airdrop rewards, Smog is focused on building a strong, active community.
The project’s plans for cross-chain expansion and upcoming exchange listings are expected to increase its accessibility and liquidity.
Users interested in Smog’s potential and high staking rewards can find detailed information in its whitepaper and stay updated through its Telegram group.
6. Polygon (MATIC) – Ethereum-compatible Network Providing Layer 2 Solution
Polygon’s platform connects Ethereum-compatible blockchain networks. Its key function solves problems regarding slow speeds and high gas fees, which many crypto projects have experienced.
The appealing factor of Polygon is that it solves the speed and fees issues many blockchain users experience without compromising security. The project’s founders built Polygon on top of the Ethereum blockchain, enabling it to process Ethereum-based transactions while offering scalability.
Polygon’s transactions are processed faster because it functions on a separate blockchain. And the best part is that Polygon’s transactions are cheaper than Ethereum’s.
One of the key reasons for this project’s adoption growth is the ability of developers to create decentralized applications. Polygon’s platform is also used for NFT launches and several big corporations have launched NFT collections and Web 3.0 projects on the Polygon network. Wondering where to buy MATIC in 2024? The best crypto apps offer the most popular digital assets as well as a secure crypto wallet.
7. Solana (SOL) – Smart Contract Platform Offering High Transaction Speeds
Solana is possibly the fastest growing crypto coin, having provided early investors with more than 20,000% returns. SOL’s hype isn’t merely based off celebrity endorsement, but the token solves a massive problem.
It provides high transaction speeds at a low cost. Investors use SOL to pay transaction fees on the network and enjoy smart contracts. Solana is an ever-expanding project, as it aims to improve blockchain scalability.
By using proof-of-stake and proof-of-history technology. Solana plans to develop its network to process more than 60,000 transactions per second. The fees for using Solana’s network are mere pennies.
Investors who buy Bitcoin can incur fees of more than $50 and wait several hours for the transfer to reflect, depending on network usage and other factors. The key advantage of using Solana is that investors enjoy fast, affordable and scalable transactions.
8. Decentraland (MANA) – Metaverse Gaming Platform with DAO Governance
Decentraland’s mission was to build the first ever virtual world owned by its users. Joining this game enables players to explore LANDs, divided into 90,000 parcels, to traverse through fascinating scenery and structures.
Players build up their lands as they please, and some of the interesting infrastructure found in Decentraland are medieval dungeon mazes and villages.
The game enables players to acquire more land with the platform’s native token, MANA. Players can also use the builder tool to create scenes, artworks and challenges – even charging a fee for other players to enter.
A key attraction of this NFT game is that a Decentralized Autonomous Organization (DAO) governs its policies, stipulating how the platform functions, and the demand for Decentraland’s parcels increased drastically in 2021.
It appears that the demand and growth of this platform are set to continue in 2023, where Decentraland has announced partnerships with big corporations, enabling them to purchase digital land and advertise their brand.
9. Ripple (XRP)- Efficient Cross-Border Payments Solution Partnering with Banks
Ripple is a fintech company based in San Francisco, determined to provide effective payment solutions to users globally. XRP, its native token, was designed to help people receive money efficiently and at a low cost.
It has managed to provide both, as XRP transactions take mere seconds to reflect on the other side of the world and cost pennies. Ripple’s goal of enabling peer-to-peer transacting has been achieved, but it has its sights on massive corporations.
Although Ripple’s community, referred to as the XRP Army, has a large influence on the coin’s price movement, it’s the partnership with banks that increased adoption.
Numerous Asian banks and payment providers have partnered with Ripple to use XRP as a means to send large blocks of transactions across the world at a minimal cost – XRP’s price has proven to react favorably to Ripple’s partnerships.
The hindrance in XRP’s price has been Ripple’s ongoing lawsuit with the SEC – the US Securities and Exchange Commission is suing Ripple for sales of unregistered securities and has claimed that XRP is a security.
But XRP’s support from the army has led to a significant price pump, resulting in more than 1,300% returns for investors who bought the coin in March 2020 and held it until April 2021. That rally proved even a lawsuit cannot prevent XRP’s price from pumping.
10. The Sandbox (SAND) – Asset-Building Game with Expanding User Base
Another Metaverse game that has made a lot of noise with the NFT community is The Sandbox. This crypto game enables players to monetize their piece of LAND and use avatars to turn their NFT collection into a life-like form.
Owning LAND enables players to build experiences, host events and invite friends and they can also increase the value of their land by adding infrastructure and then selling it for profit. Players need to own $SAND, the game’s token, to buy and sell assets and land in the Metaverse.
The Sandbox’s user base grew significantly in 2021, with a wallet database reaching 500,000 and several thousand users spending more than an hour in The Sandbox, developing their land.
Another key development has been this game’s partnership with big brands, making it a key crypto to watch in the future.
Some of the artists The Sandbox teamed up with are Snoop Dogg, DJ Richie Hawtin and Deadmau5. Another collaboration is with Adidas, which bought a piece of land on the platform to promote its brand.
How to Find the Fastest Growing Cryptocurrency
Research Market Trends
Start by researching current market trends and recent developments in the cryptocurrency space. Keep an eye on industry news, social media platforms, and cryptocurrency forums to identify emerging trends and potential investment opportunities. Look for cryptocurrencies that are gaining traction due to innovative technology, partnerships, or adoption by mainstream institutions.
Analyze Performance Metrics
Analyze performance metrics such as price movement, trading volume, market capitalization, and volatility of various cryptocurrencies. Use cryptocurrency tracking websites and platforms to compare the performance of different cryptocurrencies over different time periods. Look for cryptocurrencies with consistent growth patterns and increasing market demand.
Evaluate Fundamentals
Evaluate the fundamentals of the cryptocurrencies you’re interested in, including the technology behind them, the team of developers, the project’s roadmap, and its use case. Conduct thorough research to understand the problem the cryptocurrency aims to solve and assess its potential for long-term growth. Look for cryptocurrencies with strong fundamentals and a clear value proposition.
Assess Market Sentiment
Pay attention to market sentiment and investor behavior to gauge the potential for growth in a particular cryptocurrency. Monitor social media channels, cryptocurrency communities, and sentiment analysis tools to understand the prevailing sentiment towards different cryptocurrencies. Positive sentiment and growing investor interest can indicate potential for rapid growth.
Diversify Your Portfolio
Once you’ve identified potential fast-growing cryptocurrencies, consider diversifying your investment portfolio to manage risk. Invest in a mix of established cryptocurrencies and promising newcomers to spread your risk and maximize potential returns. Set clear investment goals and risk management strategies to ensure a balanced portfolio that aligns with your investment objectives and risk tolerance.
Methodology – How We Ranked the Fastest-Growing Cryptos
We ranked the fastest-growing cryptocurrencies based on the following methodology. By assigning weightings to each factor, we prioritized and focused on cryptocurrencies that scored higher based on the following criteria.
Biggest Growth in Last Week – 25%
Changes in the crypto sphere happen quickly, and what was true last week may not necessarily be so this week. We analyzed the percentage increase in price over the last week for each cryptocurrency. We gave higher weightage to cryptocurrencies that had experienced significant growth in a short period.
Surging Popularity on Social Media – 20%
We monitored social media platforms such as Twitter, Reddit, and Telegram for mentions, discussions, and sentiments surrounding different cryptocurrencies, giving preference to cryptocurrencies that were gaining traction and attention on social media platforms.
Upcoming Price Catalysts – 20%
We identified potential upcoming events or developments that could serve as catalysts for price appreciation. We considered factors such as project updates, partnerships, protocol upgrades, or listing on major exchanges.
Current Market Trends – 20%
We researched current market trends and developments in the cryptocurrency space. We assessed factors such as overall market sentiment, adoption by institutions, regulatory developments, and macroeconomic trends.
Circulating Supply – 15%
We evaluated the circulating supply of each cryptocurrency. Cryptocurrencies with lower circulating supply were given higher preference, since they may be more prone to price appreciation due to scarcity.
Conclusion
We’ve highlighted the key criteria for selecting the fastest-growing cryptocurrencies, and we applied them to all the cryptos featured in this guide.
One of the fastest-growing cryptos is Dogeverse ($DOGEVERSE). This is a hot new multichain meme coin that’s still in its presale phase, and that offers passive staking rewards for investors.
Fastest Growing Crypto FAQs
What qualifies as fast-growing crypto?
Cryptocurrencies that have experienced tremendous growth by raising large amounts of money during early funding, significant increases in wallet userbase, massive coin price spikes and transaction increases would make a crypto fast growing.
Which crypto is the fastest growing this year?
Dogeverse is the fastest growing crypto in 2024. It offers high staking yields and has enormous meme potential.
How do I know which cryptos will grow fast?
A good indication of a crypto coin that may grow fast is usually evidenced in its presale – Dogeverse and Slothana are clear examples of investors flocking to a presale.
What cryptocurrency on Coinbase is the fastest growing?
Several cryptocurrencies have provided massive returns for investors such as Bitcoin and Cardano. Solana is another coin that had a huge rally.
References
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The cryptocurrency market is full of potential, and two altcoins that have recently caught the attention of investors are Bonk (BONK) and Mpeppe (MPEPE)Both of these tokens offer unique features and promising growth prospects that set them apart in the crowded altcoin space. In this article, we will explore what makes Bonk (BONK) and Mpeppe (MPEPE) attractive investment opportunities and how they could shape the future of the cryptocurrency market.
Bonk (BONK): The viral sensation
Bonk (BONK) burst onto the scene with a playful and viral take on cryptocurrency. Here’s a closer look at what’s made Bonk (BONK) a sure bet in the altcoin space.
The Viral Marketing Strategy
Bonk (BONK) Bonk has harnessed the power of internet memes and viral marketing to quickly gain popularity. Its branding, which features a humorous and engaging mascot, has resonated with the crypto community and beyond. By harnessing the viral nature of meme culture, Bonk (BONK) has quickly established a strong presence and captured the imagination of a wide audience.
Merging meme culture and blockchain innovation
Mpeppe (MPEPE) is emerging as a new and exciting player in the altcoin market. With its unique blend of features and innovative approach, Mpeppe (MPEPE) is attracting the attention of investors and cryptocurrency enthusiasts.
Mpeppe (MPEPE) combines the fun and relatable aspects of meme culture with advanced blockchain technology. Inspired by football and blockchain innovation, Mpeppe (MPEPE) offers a distinctive brand identity that appeals to a wide audience. This fusion of entertainment and technology sets Mpeppe (MPEPE) apart from other altcoins and offers an attractive investment opportunity.
Community impact
The strength of each cryptocurrency’s community will play a vital role in its future trajectory. Bonk (BONK) and Mpeppe (MPEPE) Cryptocurrencies build strong, engaged communities, but how they foster and grow those communities will determine their long-term success. Active, supportive communities can generate lasting interest and value, making them essential to the future of every cryptocurrency.
Conclusion: Invest in Bonk and Mpeppe
Bonk (BONK) and Mpeppe (MPEPE) represent exciting opportunities in the altcoin market. While Bonk (BONK) has established itself through its viral marketing and strong community support, Mpeppe (MPEPE) offers a unique blend of meme culture and advanced blockchain features. Both coins have the potential to make a significant impact in the cryptocurrency space.
For investors looking to explore high-potential altcoins, keeping an eye on Bonk (BONK) and Mpeppe (MPEPE) offers interesting opportunities. As the market evolves, these tokens could play a significant role in the future of cryptocurrencies, making them attractive options for those looking for growth and innovation in the altcoin space.
For more information on the Mpeppe presale (MPEPE):
Visit Mpeppe (MPEPE)
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As we approach 2025, the cryptocurrency market is poised for a major shift. According to Austin, an analyst at Altcoin Daily, potential policy changes could trigger a major surge in altcoins. A potential change in the Federal Reserve’s policy rate in September could lead to substantial growth in the cryptocurrency market, benefiting Ethereum, Solana, and several promising new altcoins.
Here’s a look at some altcoins priced between $1 and $2 that could offer good returns during the current market downturn. Dive right in.
Top 6 Altcoins to Watch
Aethir: The Decentralized GPU Marketplace
Aethir is becoming a key player in decentralized cloud infrastructure for gaming and AI. With over $36 million in annual revenue, Aethir is meeting the growing demand for GPU computing from large tech companies like Google and Microsoft. By utilizing underutilized GPUs, Aethir is making a significant impact in the tech world. Current Price: $0.07176.
Ondo: The Best Bet in the RWA Sector
Ondo is transforming the way financial assets are tokenized with its real asset protocols. The ONDO token, used for Ondo DAO and Flux Finance, offers a 5.3% annual dividend in USDY. Despite a recent 35% price drop, ONDO’s price action suggests a potential breakout. With less selling pressure and an increase in off-exchange holdings, the outlook appears positive. Current price: $0.9251.
Lukso: Blockchain for Creators and Social Networks
Lukso is creating a unique blockchain focused on connecting creators, brands, and users. As an alternative to Ethereum, Lukso offers universal profiles and gasless transactions, making blockchain technology more accessible. With a strong vision and strong leadership, Lukso is poised for wider adoption. Current Price: $1.71.
AIT Protocol: Decentralized AI Data Annotation
The AIT protocol addresses the need for decentralization of work in AI data annotation. It connects human trainers with AI model owners through a decentralized marketplace, thereby improving AI models. Its growing adoption in Asia and strategic investments suggest that it could be a major disruptor in the AI space. Current price: $0.1169.
Foxy (Linea): A meme piece with level 2 potential
Foxy, a cryptocurrency associated with Linea’s Ethereum layer 2 scaling, has received support from ConsenSys. It stands out in Ethereum layer 2 due to its MetaMask integration and fast transactions. With Linea’s growing adoption and low transaction costs, Foxy is well-positioned for growth. Current price: $0.01116.
Off-grid: Emerging Altcoin in Video Gaming
Finally, Off The Grid, developed by Godzilla, is generating excitement in the crypto gaming sector. Although it has not yet launched, it has received positive feedback from industry experts, suggesting strong potential. Other infrastructure projects like Immutable and games such as Xers and Star Heroes are also worth considering for those interested in crypto gaming.
Who’s excited about the potential altcoin rally?
As Bitcoin dominance hits a three-year high of 56%, analysts are predicting the potential start of an altcoin season. Although Bitcoin’s current valuation has fallen below $63,600, the high dominance level suggests a significant shift in the market.
Experts point out that Bitcoin dominance is a key factor in predicting altcoin trends. If Bitcoin holds its price while its dominance declines, it could signal a flow of investment into altcoins. This triggers what many call an “altcoin season.”
Conversely, if Bitcoin price and dominance fall simultaneously, it usually indicates a broader market correction rather than an altcoin boom.
What Factors Suggest an Imminent Altcoin Season?
Markus Thielen of 10X Research noted that Bitcoin Price Tends to Stabilize in August. Therefore, a stable Bitcoin price, coupled with declining dominance, may create the ideal conditions for altcoins to thrive.
Learn more: Bitcoin Dominance Chart: What Is It and Why Does It Matter?
Bitcoin Domination. Source: TradingView
In addition, Ki Young Ju, founder of the chain analysis CryptoQuant platform has highlighted increasing activities by crypto whales that appear to be preparing for an altcoin rally.
“Limit buy order volume for altcoins, excluding Bitcoin and Ethereum, is increasing, indicating that strong buy walls are being put in place” said.
Ju explained that limit orders, which are preferred by institutions for large trades to minimize price impact, create “quote volume.” His analysis, which includes a graph of the 1-year normalized cumulative buy/sell volume difference, indicates that altcoins like Solana (SOL)Cosmos (ATOM) and Polygon (MATIC) experience significant accumulation activities.
“The indicator is calculated by taking the cumulative sum of the difference between the buy and sell quote volumes, using a one-year rolling window. If there is an upward trend, it means the buy volume of the quotes is increasing, indicating stronger buy walls,” Ju explained.
Normalized cumulative difference over 1 year between purchase and sale volumes. Source: CryptoQuant
This bullish sentiment is reflected in the trends following recent developments in crypto financial products. Crypto Vikings, a renowned analyst, suggests that current market conditions are conducive to altcoin season.
“Many alts are down 60-80% in the last couple of months, and many of them have already bottomed and are in a good buy zone. Bitcoin Domination is also facing major resistance relative to where the massive altcoin season began each cycle,” Crypto Vikings declared.
Sentiment is increasingly optimistic, as many believe that the disillusionment that follows periods of prolonged economic downturn opens the way to profitable investments.
Another trader, Mags, noted that altcoins are only up 58% after breaking a 525-day accumulation. Therefore, he predicts a possible continuation of the altcoin rally after a reaccumulation consolidation.
“Permanent bears will tell you that altcoins are done and in a distribution phase. But if you look at the chart, altcoins are only up 58% since they broke out after 525 days of accumulation. Do you really think a breakout after 525 days of consolidation will end after only a 58% move?” wrote on X (Twitter).
Learn more: 11 Cryptos to Add to Your Portfolio Before Altcoin Season
On the other hand, Brian Quinlivan, senior analyst at Santiment, told BeInCrypto that there is a lack of enthusiasm for the altcoin season due to the recent price drops.
“As far as mentions of altcoin season go, we’re not really seeing any significant enthusiasm from traders about it. Traders have at least been a little bit more vocal since we started seeing prices drop over the last three days,” Quinlivan told BeInCrypto.
Disclaimer
In accordance with the Trust Project This price analysis article is provided for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.
Ki Young Ju, CEO of analytics platform CryptoQuant, believes whales are preparing for an upcoming surge in altcoins.
In a recent revelation about X, Ju underlines that the volume of limit buy orders for altcoins, excluding Bitcoin and Ethereum, is increasing. This pattern suggests the formation of substantial buy walls, highlighting significant buying pressure from large-scale investors.
Ju’s chart identifies two main phases in limit order volume for altcoins: the limit sell phase and the limit buy phase. The limit sell phase saw a notable increase in cumulative sell orders in 2022, demonstrating strong selling pressure from whales and other market participants. This phase coincided with a period of falling altcoin prices due to unfavorable market conditions.
Then, the limit buying phase began, marked by a significant increase in cumulative buy orders. This indicates a period of strategic accumulation where whales establish substantial buy walls.
According to Ju, the increase in buying volume suggests confidence in the future conditions of the altcoin market. This buying pressure creates strong support levels, indicating that whales are preparing for a positive change in the market.
Buying pressure on specific altcoins
Ju also provided a heatmap of the 1-year normalized cumulative buy/sell volume difference for various altcoins, showing the buying and selling pressure over time. Solana (SOL) has seen alternating strong buying and selling phases, with recent activity showing increased buying interest. Cosmos (ATOM) and Polygon (MATIC) have also shown increased buying pressure despite mixed activity trends.
Cardano (ADA) and PancakeSwap (CAKE) have shown balanced buying and selling phases, with recent trends proving increased buying pressure. Coins like AMP and ANKR have also demonstrated increased buying activity. The heatmap reveals that most altcoins are seeing increased buying pressure as whales and large investors accumulate altcoins in anticipation of a rally.
Meanwhile, coins experiencing selling pressure, as indicated by the predominantly red areas on the heatmap, include DOGE, DASH, AXS, XRP, COMP, and AAVE, BNT.
Bitcoin whales are also buying
It is important to note that while whales are accumulating altcoins, Bitcoin whales are also active. Crypto Basic note an increase in buyer activity on Binance, which aligns with an increase in the buy/sell ratio of takers and whale movements. Analyst Ali Martinez highlighted the ratio fluctuations from below 0.8 to above 1.7 between July 27 and 31. Ratios above 1.0 indicate aggressive buying, often preceding price rallies.
From July 27 to July 28, the ratio remained mostly above 1.0, corresponding to the rise in Bitcoin price from around $66,500 to over $67,000. A spike to around 1.5 led to a sharp increase in price to around $68,500. However, on July 30 and 31, the ratio fell below 1.0 several times, corresponding to a drop in price to around $66,000, before a final spike to 1.7 indicated another slight increase in price.
Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinion of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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