Bitcoin and some large-cap altcoins have experienced significant resistance in the past few days pushing crypto traders to small-cap and meme coins’ speculation.
The crypto cash flow has been moving from Bitcoin (BTC) and large-cap altcoins like Ethereum (ETH), Solana (SOL), and Chainlink (LINK) to small-cap and meme coins as indicated by the traded volume. According to market data provided by Binance-backed Coinmarketcap, the daily average traded volume for meme coins was up approximately 121 percent to around $3.2 billion. On the other hand, Bitcoin and Ether’s trading volume had stalled despite the frenzy on-the-spot exchange-traded funds. For instance, Bitcoin price has dropped about 3 percent since Monday to trade around $36.6k on Tuesday.
The leading smart contract and DeFi ecosystem Witt about $25 billion in total value locked (TVL) and a stablecoins market cap of around $65 billion, Ethereum (ETH), has consolidated between $2k and $2,136 since the breakout induced by the spot ETF application by BlackRock Inc (NYSE: BLK). As of this report, Ether trades around $2,059, with a daily average traded volume of about $13.3 billion.
Solana (SOL), the only top-rated DeFi blockchain with a working smartphone dubbed Saga Mobile, has been consolidating since it hit a yearly high of around $63. Despite having dropped approximately 5 percent in the last 24 hours to trade around $55 on Tuesday, SOL price has gained around 150 percent in the past four weeks. The Solana rally has materialized despite the high liquidation of FTX assets to repay the creditors.
🚨 (Updated) #FTX further deposited $24M worth of 3 assets to #Kraken, and #OKX in the past 5 hours:
250K $SOL ($13.5M)
8.27M $MATIC ($7.41M)
1,500 $ETH ($3.1M)Overall, as of Nov 14, #FTX and #Alameda have transferred out $438M worth of 42 assets to exchanges.
Currently, #FTX… https://t.co/5dQextvsLY pic.twitter.com/1EaSFdUFlC
— Spot On Chain (@spotonchain) November 14, 2023
Altcoins to Keep an Eye on for Potential Profit-Booking
With notable cash flow recorded on low-cap altcoins, several breakouts have presented potentially profitable opportunities in the coming weeks. Furthermore, the Bitcoin dominance has been declining in the past few days suggesting the altcoin market has been gaining in favor. According to a popular crypto analyst alias Captain Faibik on the X platform, Bitcoin price is likely to range between $34l and $38k in the next two months before continuing with the uptrend, which will open a huge chance for most altcoins to rally.
Altcoins are set to Start Mooning soon.
Get your bags Ready and be Patient.#Crypto #Altcoins #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 in the past year and is currently retesting the logarithmic resistance hypotenuse that could yield a 200 percent spike from current prices. According to our latest market data, UNI price exchanges around $5.3, up approximately 30 percent in the past four weeks.
The other altcoins to pay attention to in the coming weeks include Filecoin (FIL), Polygon (MATIC), Cosmos (ATOM), VeChain (VET), and Litecoin (LTC). Additionally, top memecoins led by Dogecoin (DOGE), Shiba Inu (SHI), and Floli (FLOKI) have shown high potential for an imminent breakout.
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