Altcoin
What kind of profits can traders book (this week) with Dogecoin, AAVE, Helium and Zilliqa
Posted:
| Last updated: January 30th, 2024
In the ongoing altcoin rally, the top gainers have emerged from the top 100 altcoins. Unlike ETH, XRP, LTC and ADA that led the price rally, the current rally is being led by lesser-known altcoins like Helium, Zilliqa, Dogecoin and AAVE. The 24 hour gain is double-digit; however, it is likely that DeFi tokens lead the rally in the following week, on account of the increasing TVL.
Helium is leading the rally currently since the trade volume is up over 80% within 24-hour window. Crypto Twitter is abuzz with tweets about mining using Helium miners. There are traders shorting at the current price level, however, the selling pressure has not affected the price yet.
The latest partnerships have contributed to the price rally. The arrival of decentralized 5G on The People’s Network and the pre-sale of 5G HNT-compatible gateways is a key factor. It is the second major 5G network on Helium and this makes Helium more popular in the trading community. Just as XRP, TRX and top projects that used partnerships to gain market capitalization and dominance in the previous bull runs, Heliums partnerships have lined up this alt season.
Helium Price vs Volatility || Source: Lunarcrush
In the case of Zilliqa, there was a comeback from the price drop and the altcoin was trading at the $0.1894 level. The trade volume has increased consistently, as in the case of Helium. The Zilliqa network has burnt over $410000 in the last 21 days and as the burn continues, so does the price. In the last 24 hours, ZIL’s social engagement stood at 58.4 Million based on data from Lunarcrush. Traders with ZIL in their portfolio are anticipating a higher price rally since total ZIL locked across different dApps has crossed $5 Billion.
ZIL Network usage || Source: Twitter
ZIL’s network usage has led to an increased market capitalization, up 6% in the last 24 hours. The market capitalization now stands at $2.08 Billion post the increase. Dogecoin is another top altcoin with increasing market capitalization. The price is up 23% in the last 24 hours and the rally has continued till the price hit $0.337.
Not all HODLers are profitable at the current price level, but 17% of DOGE’s HODLers have held DOGE for less than a month, and it has offered double-digit gains. Large transactions have dropped by 4%. Just as DOGE has several profitable HODLers, so does AAVE. 75% AAVE HODLers are profitable at the current price level.
The on-chain sentiment is bullish based on data from intotheblock. The network is growing based on the increasing activity and this is bullish for AAVE’s price in the short term. Traders with these altcoins in their portfolio are expecting to book double-digit unrealized profits this week.
