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Altcoins Heat Up With AVAX and HNT Leading the Way
Money is flowing into more speculative names following bitcoin's big run higher.
Updated Mar 8, 2024, 6:20 p.m. Published Dec 6, 2023, 5:25 p.m.
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Following its roughly 15% move ahead over the past 72 hours, bitcoin is little changed Wednesday at $44,000. The speculative juices are flowing though, with a number of altcoins moving sharply higher.
Among the leaders is Avalanche’s AVAX token, whose 17% gain on Wednesday makes it the leader among those cryptocurrencies with a market value above $1 billion. This comes following the token's near-doubling in price in November.
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Another big mover is Helium, the crypto connectivity project that migrated from its own blockchain to layer-1 Solana last year. It's higher by 42% on the day after the company announced it launched a mobile phone plan in the U.S. with unlimited data, texts and calls for $20 a month.
Memecoins are moving too, led by dogecoin [DOGE], which is ahead 11% over the past 24 hours to rise past $0.10 for the first time since April.
Read more: Solana Hype Bumps BONK to Third-Largest Dog Token, Behind DOGE, SHIB
“The [bitcoin] rally has been quite extraordinary even by bitcoin's standards and highlights how excited the community is by the prospect of an ETF approval,” said Craig Erlam, a senior analyst at OANDA. Erlam said that lower interest rate expectations have also helped the cryptocurrency’s rise but he thinks the ETF hype is the primary driver.
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XRP falls 4% as network sees biggest realized loss spike since 2022
Past capitulation waves have preceded sharp recoveries, but this time price is still fighting technical resistance even as ledger activity surges.
What to know:
- XRP has recorded about $1.93 billion in weekly realized losses, its largest spike since 2022, signaling intense panic selling.
- Historically, similar capitulation events have marked market bottoms, as coins move from short-term traders to longer-term holders and create a more stable price base.
- While this loss spike raises the odds that sellers are exhausted, any durable rebound will depend on improving demand and easing sell pressure amid ongoing macro and regulatory uncertainty.
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