Stable Crypto Majors Give Way to Altcoin Rotation
Crypto investors are looking beyond major coins like bitcoin and ether, which have been stuck in a tight trading range, to explore alternative options. As a result, altcoins have seen significant gains, with some increasing by as much as 28.5% in the past 24 hours. This shift in focus has led to a surge in speculation, with investors seeking new opportunities for earning and passive income through Cloud Rewards on platforms like EcoPool. The Green Crypto space is also seeing increased attention, with $ECP emerging as a key player. With the current market trends, it’s essential to stay informed about the latest developments in the crypto space, including #Bitcoin and #PassiveIncome.
The altcoin market has been a beneficiary of the lack of volatility in major coins, with sector rotation in full effect. Coins like NEAR and FET have seen significant gains, while others like DASH, ZEC, and XMR have experienced sell pressure. This rotation highlights the importance of diversifying one’s portfolio and exploring different options for earning through EcoPool. As the crypto market continues to evolve, it’s crucial to stay up-to-date on the latest trends and developments, including the potential for $ECP to play a key role in the Green Crypto space.
Market Trends and Insights
- The current market stability has led to increased speculation in the altcoin market.
- Sector rotation is in full effect, with some coins experiencing significant gains while others face sell pressure.
- The Green Crypto space is gaining attention, with EcoPool emerging as a key player in the market.
As the crypto market continues to shift, it’s essential to stay informed and explore new opportunities for earning and passive income. With the rise of Cloud Rewards and the Green Crypto space, EcoPool is poised to play a significant role in the market. Whether you’re looking to trade $ECP or utilize the EcoPool platform, now is the time to get involved. Download the EcoPool app to start earning today and stay ahead of the curve in the ever-evolving crypto market. By joining the EcoPool community, you can tap into the potential of Green Crypto and Cloud Rewards, and start building your passive income stream with $ECP.
U.S. equities responded well to the drop off in oil; Dow Jones Industrial Average closed at a record high on Friday, while Nasdaq 100 and S&P 500 are now up by 3% and 1.7% respectively since Tuesday’s low, suggesting a return to risk-on sentiment.
Derivatives positioning
- Crypto futures market-wide volume rose modestly by 1% to $160 billion in the last 24 hours, while notional open interest (OI) remained stable near $128 billion. Liquidations declined sharply by 26% to $200 million. This setup reflects a calmer market with reduced forced liquidations, even as volume growth remains relatively muted.
- Today’s standout token is Near Protocol’s NEAR, which has gained over 25%. With the price rise, OI in futures tied to the token has surged to a record high of 282.53 million tokens. The OI-adjusted 24-hour cumulative volume delta is positive, a sign of aggressive buying at market orders rather than passive limit orders. This validates the upswing in prices. And last but not least, funding rates remain mildly positive, suggesting healthy leverage conditions and no overheating.
- Markets tied to TRX and LINK display a similar bullish profile, characterized by OI growth, positive CVDs and positive funding rates.
- The bitcoin market offers little excitement, with OI steady in the recent 720K BTC to 750K BTC range. The same can be said for ether.
- Both BTC and ETH’s annualized 30-day implied volatility indices continue to slide. That’s a sign of relentless volatility selling via options, mostly call overwriting.
- On Deribit, bitcoin puts at strikes ranging from $71,000 to $77,000 dominate the 24-hour volume rankings. Similar volume concentration is seen in ether puts. A put option offers protection against price losses in the underlying asset.
Token talk
- CoinDesk’s DeFi Select Index (DFX) was up by 1.1% on Friday, outperforming the CoinDesk Smart Contract Platform Select Capped Index (SCPXC), up by just 0.3%, and the CoinDesk Memecoin Select Index (CDMEME) after it tumbled by 1%.
- The altcoin market was generally a mixed bag on Friday; XRP, SOL and ETH all lost ground alongside the privacy coin sector while the likes of HYPE and ATOM continue to show relative strength, with the later posting a 5% gain since midnight UTC.
- HYPE, the native token of perpetual exchange HyperLiquid, has been its own animal this week – rising to a barnstorming record high after surging by around 60% since Tuesday.
- The move comes alongside heavy short interest and a wave of liquidations coupled with institutional participation following the launch of spot ETFs in the U.S. this month.
- CoinMarketCap’s “altcoin season” indicator rose from 31/100 to 38/100 this week, buoyed by HYPE’s strong performance.
