When Bitcoin took the plunge and its price dropped below the $50,000-level, retail traders and HODLers turned to top-performing altcoins. Popular DeFi and NFT marketplace tokens and altcoins like ETH, BNB, FTT made it to HODLers’ portfolio based on on-chain data. Among the top gainers across spot exchanges, FTT, an altcoin that was ranked 31st based on market capitalization, had gained by 29.6% at press time.
The on-chain sentiment, however, was neutral for FTT, based on IntoTheBlock’s insights. Alas, among top DeFi tokens, FTT has enjoyed high bullish strength and momentum. Ergo, it is a bet for traders chasing high short-term ROIs. Further, for FTT, the concentration by large HODLers was as high as 99%. This may be the highest among top DeFi tokens since as the network growth is positive for FTT, the asset is likely to continue its price rally.
IEOs on FTX, the exchange behind the FTT token, have been one of the key factors driving the price higher since IEOs bring more volume to the platform. This allows higher profit-taking and burning of FTT.
While FTT’s price action has also grabbed the attention of most retail traders, the demand has been much lower when compared to the number one altcoin – Ethereum. Against Bitcoin’s price drop, Ethereum has made a comeback in terms of price and trade volume. While ETH’s price was around the $2,700-level at press time, the number of whale addresses had increased too, based on data from Santiment.
The whale movement on ETH’s network seemed to confirm the said bullish sentiment and the expectations that the price rally will continue. Accumulation by HODLers, increased concentration, and large transactions on the network make ETH a top pick for most trading portfolios.
Similarly, after flipping XRP, BNB’s price rally is not over yet. BNB is rallying to the $600-level yet again with trade volume up nearly 80% in the past 24 hours. BNB’s volatility hasn’t dropped to its pre-price rally levels either. The latest ATH of $637 was less than 10% away from its press time price level.
Since BNB has continued to rally despite a price drop after hitting an ATH, adding BNB to an altcoin portfolio while it’s still undervalued could be a good decision.
Ergo, in the battle of volatility v. hype, volatility is clearly the winner for altcoins like ETH, BNB, and FTT.
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