While bitcoin has reclaimed $62,000 after another nosedive yesterday, Solana and Shiba Inu have jumped by 12%.
After another price dip below $60,000, bitcoin went on the offensive again and surged to $62,000. Some altcoins, such as Polkadot, Solana, and Shiba Inu, have also charted impressive 24-hour gains, and SOL has even neared its ATH.
Bitcoin Reclaims $60K
The past few days didn’t go all that well for the primary cryptocurrency, even though it managed to recover from Thursday’s sudden crash to $58,500 almost immediately.
It jumped above $62,000 at the time and even tried its hand at $63,000 a day later but to no avail. The bulls intercepted the move and pushed it south, which resulted in a drop to $60,000 on Sunday.
Bitcoin even dropped below that coveted line to an intraday low of $59,500 hours ago. However, the bulls stepped up at this moment and drove the cryptocurrency up. BTC added nearly $3,000 of value and touched $62,500 before retracing slightly to its current level of around $62,000.
Bitcoin’s market capitalization has returned above $1.150 trillion, while the dominance over the altcoins stands still at 44%.
SOL and SHIB See Double-Digit Gains
Most of the altcoin space is also in the green today. Ethereum dropped to $4,200 yesterday, but a modest increase on a 24-hour scale has driven it back above $4,300.
Binance Coin is 2% up on the day and trades north of $530. A near 3% pump from Cardano has driven ADA to $2. More gains come from Dogecoin (5%), Terra (2.5%), Avalanche (3%), Chainlink (3.5%), and Litecoin (3%).
Polkadot has spiked by 6% and now stands above $44. Solana and Shiba Inu are the most significant gainers from the larger-cap alts. SOL has surged by nearly 12% to $210, which is close to the token’s ATH.
SHIB is up by a similar percentage and trades above $0.000073. As such, SHIB has reaffirmed its position above Dogecoin as the largest meme coin.
More fluctuations are evident from Qtum (36%), THORChain (24%), Holo (21%), Dogelon Mars (18%), XDC Network (16%), OMG Network (11%), The Graph (11%), and Huobi Token (10%).
The cryptocurrency market capitalization is up by approximately $50 billion in a day to $2.650 trillion.
The Magic of “Memeseason” Threatens to Outpower DOT and SOL Price!
The latest community-driven pump in the meme world has given rise to a surge in the chief meme tokens such as SHIB, DOGE, Floki Inu, Safemoon, and many others. Besides, fundamentally strong altcoins such as DOT, SOL, ADA, and other prime altcoins stand in awe of being dethroned by Dogecoin-inspired protocols.
On a strange note, the meme space solely holds over $70 billion in its custody among the $1.5 trillion total market cap of altcoins. Consequently, a trend reversal has brought forth the traders to search for Doge-inspired coins rather than looking out for fundamentally strong altcoins.
Meme Mania Versus Altseason!
While professional traders were awaiting Altseason after the bull run of primary coins, yet the outcomes appeared to have come out of the box. Despite cash-flow heading on to altcoins with a larger market cap or fundamentally strong coins, money has moved into meme-based tokens. It appears traders might be looking out for short-term gains, they aspire to become millionaires in the short run.
Interestingly, analytics from the coinmarketcap highlights massive growth in the meme space. Notably, Shiba Inu, Dogecoin Mars, Tiger King, SafeMoon Inu have surged by 59.40%, 287.93%, 221.18%, and 169.48% respectively over the last 7 days.
In contrast, despite parachain auctions scheduled for the next month, DOT price has surged only by 19.5% underperforming the aforementioned meme protocols. On the other hand, with no significant profits, top-tier altcoins such as Cardano, Solana, and XRP have almost remained stable with negative gains of -9.11%, -1.39%, and -0.26 respectively.
Traders crave big profits in the short term, hence they’re directly heading on to meme coins despite paying attention to altcoins with larger market cap. The potential reason for the move has been massive hype, low price, large circulating supply, and volatility associated with such coins.
Collectively, trading meme coins would be more beneficial for advanced traders rather than for newbies. Because of their high volatility, they would dump in a similar fashion where new traders would end up losing everything. For instance, the latest price action of Squid Game token has been the best example, where price rugged pull by almost 99.99% after the phenomenal surge. Hence, it is mandatory to be clear with research to avoid possible loss.
Solana (SOL) New Prediction Is Out: SOL To Outperform Bitcoin And Ethereum – How High Can It Go?
Amidst the booming crypto market, there are all kinds of bullish predictions and the latest one involves Solana (SOL).
It’s been recently revealed that an important crypto trader and an analyst said that Ethereum competitor Solana is gearing up to surge by more than four times from the current level.
Smart Contracter said the following:
The trader relies on the Elliot Wave theory.
eth/btc looks bullish, sol/btc looks bullish, but sol/eth also looks bullish, so naturally $sol is my largest bag and i believe it outperforms btc and eth. pic.twitter.com/gCSFAICpYk— Bluntz (@SmartContracter) October 20, 2021
It’s essential to note the fact that the Elliot Wave theory is a method of identifying where assets are heading; it does this by using crowd psychology, which tends to manifest itself on charts in a series of waves.
“Monthly reminder $900 Solana (SOL) is not a joke, it’s gonna happen…ETH/BTC looks bullish, SOL/BTC looks bullish, but SOL/ETH also looks bullish, so naturally SOL is my largest bag and I believe it outperforms BTC and ETH.”
More SOL predictions reveal new targets for price
It’s been just revealed that the prestigious analyst Michaël van de Poppe is currently analyzing the potential path ahead for Ethereum and Solana, as well as internet-scale blockchain Elrond.
The analyst is also analyzing Solana (SOL), and he is expecting the digital asset to continue its correction before it could restart its uptrend and print a new all-time high at $240.
“At this stage, jumping into Solana is quite tricky, to be honest. If you’re looking at the price action, you want to look at support levels to jump into.”
He also continued and explained:
“So you’re looking at those ranges ($122, $97 and $78) to potentially build your position towards the next run as the assumption is that we most likely are going to get run over it in the next phase of this bull cycle.”
SOL, AVAX, DYDX, REN set to soar high! Analyst predicts next levels
Following a week of huge market volatility caused by China’s crypto prohibition, Bitcoin’s value increased by 4.35 percent on Tuesday. As greens ruled most cryptos, Ether saw a 0.84 percent boost, while Dogecoin had a massive price surge of 11.19 percent.
Cardano, Tether, and Ripple are just a few of the major cryptocurrencies that have seen their prices rise.
Popular Analyst and trader pseudonymously known as “Altcoin Sherpa” on Twitter has predicted rallies for smart contracts platforms Solana and Avalanche. He also predicts next levels for DyDx and Ren
The analyst tells that the recent price spike in smart contract platform Terra (LUNA) has convinced him that Solana would break out sooner than he anticipated.
“$SOL: I Had An Idea That #Solana Would Range Between 130-175 For A While But Seeing What LUNA Just Did, I Think This Actually Breaks Out Sooner Rather Than Later.”
At the time of writing, SOL is trading at $168.77 down by 1.7% in the last 24 hours.
The Sherpa notes that while he took some profits on AVAX at $70, he still has a stake and expects another run up. He says,
With the success of NFTs, L1s have one more leg to go.
$AVAX: I still have a large bag of this; I took some profits at $70 but have mostly chilled in it the last few weeks. Playing some coins on the #AVAX ecosystem but thats about it. With NFTs doing well, I think L1s have 1 more leg to come. pic.twitter.com/q8UECtShwE— Altcoin Sherpa (@AltcoinSherpa) October 3, 2021
At the time of writing, AVAX is trading at $65.73 down by 2% in the last 24 hours.
The decentralised exchange dYdX (DYDX) is next, with a gain of 26% in the last week to $24.66 at the time of writing. After a small retreat, the trader predicts the coin will surpass all-time highs.
“$DYDX: This is what you want to see for continuation-consolidation at the .382.”
However, he also mentions that a small pullback can be seen at ATH levels but he expects this to break all time high levels.
$DYDX: This is what you want to see for continuation- consolidation at the .382. We may see a small pullback at ATH lvls but I expect this to break all time high levels. pic.twitter.com/zbpVVpAiCP— Altcoin Sherpa (@AltcoinSherpa) October 4, 2021
At the time of writing, DYDX is trading at $23.02 down by 7.3% in the last 24 hours.
Next up on the analysts watch is the digital asset transfer software Ren. Sherpa sees an upward trend with noticeable higher highs and lower lows on the chart. He further adds that a new low around $1 could be a solid buying area.
$REN: To me, the trend still looks really bullish. Clear highs and lows painted on the chart. A new low around $1 could be a solid buying area.
"highs and lows are obvious on the chart". It's a simple statement but it's true. These often take a while to form- @CryptoCred pic.twitter.com/id1k4QDWML— Altcoin Sherpa (@AltcoinSherpa) October 4, 2021
At the time of writing, REN is trading at $1.25 up by 5.3% in the last 24 hours.