The recent dip in altcoin prices had a negative impact on the portfolios of top traders. However, the comeback is offering opportunities to book unrealized profits. During this consolidation across altcoins in the top 100 based on data from coinmarketcap.com, the concentration by large HODLers has increased.
There is an increasing number of transactions and new users generating demand for altcoins like Stacks [STX], Dogecoin [DOGE], Flow [FLOW] and Siacoin [SC] across exchanges.
STX’s trade volume is increasing steadily. A three-digit increase in the last 24 hours was noted, this has had a positive impact on the altcoin’s price. It currently ranks 50 based on market capitalization however, that hasn’t limited STX from trading in high volume on top spot exchanges like Binance.
Binance markets of STX are bullish based on data from coinmarketcap.com. Based on Google Trends, the search volume for STX has climbed up since the beginning of April 2021. The price is 11% away from ATH, which was registered 15 days ago. The increasing trade volume signals that there is increased demand and higher number of STX users. In the past 90 days, ROI was 437.7% and it is still rallying. Given the increasing trade volume, it is likely the rally will continue.
STX’s Global Search Trends || Source: GoogleTrends
While STX made a comeback and is rallying forward, top altcoin DOGE’s 100% HODLers are profitable at the current price level. The on-chain sentiment is bearish and large value transactions dropped consistently over the past week. 59% of DOGE HODLers have held DOGE for a year. Over 50% of traders are currently selling, the price has resisted the selling pressure; it is still at $0.39. DOGE’s rally is likely to continue with the increasing trade volume.
DOGE’s price chart || Source: Coinmarketcap.com
Popular in top 100 altcoins, FLOW is an altcoin to watch out for because gaming and non-fungible token platform’s native asset FLOW is rallying with NFT’s mainstream adoption. Since demand for DApps and NFTs is increasing, and FLOW is supporting this demand, FLOW’s price is up 5.5% in the past 24 hours.
FLOW’s price rally is likely to continue based on the on-chain metrics. Trade volume is dropping for most altcoins ranking below 50 on coinmarketcap.com.
Siacoin is one such altcoin and after hitting a high of $0.05, the price has dropped to the $0.04 level. The asset’s price continues to remain over 60% away from the last bull run, Jan 2018’s high of $0.11. In the case of SC, there isn’t enough liquidity across top exchanges for volatility, and if liquidity increases in the short run there may be a comeback rally for Siacoin. These altcoins in top 100 are worth watching out for over the following weeks.
