Although the cryptocurrency market is still in crisis, the cryptocurrency activity analysis platform still praises the growth of counterfeit currency
Santiment, the encryption activity analysis platform, recently published a post on counterfeit coins and its views on Solana, BitDAO, Aptos, Lido DAO tokens and other projects representing the encryption community. It discussed how Bitcoin could not exceed $17000, and praised the impressive performance of Shanzhai coin. The platform has broken through in cryptocurrency for 7 days, which indicates good earnings in the medium term.
Solana is rising
The value of Solana (SOL) now shows a weekly growth rate of 49%, while the value of Lido (LDO), Bitdo (Bit) and Aptos (APT) has increased by 66%, 41% and 21% respectively. In addition, the document stressed that a specific historical high had been observed after November 21 last year, although traders believed that the favorable returns during this period were just another negative market week.
Many people think Solana is a dead project. However, it has recovered, decoupled from the market by 17%, and the trading volume has also increased. Solana now handles more transactions every day than any other blockchain, about 30 million transactions. SOL prices are currently rising due to a large number of short selling of permanent contracts. The article also mentions the expected rise of Solana in the social control line, which also indicates the recovery arc of Solana.
On the other hand, the traders of the exchange are shorting the Ethereum Classic in a large amount and have witnessed a huge trading volume. With the rise of cryptocurrencies, Santiment expects that the recovery trend of this alternative currency will continue and recommends users to be cautious about the market rise and "buy down" tendency.
XRP and ETH communities are very excited
According to statistics, XRP and ETH communities expect the price performance of their preferred assets to strengthen soon. Sadly, the other side of the market seems not so safe. As indicated by the data sources on the chain, the asset movement in the market is mainly independent at this time, which leads to the overall emotional imbalance. Every time the Bitcoin market community is destroyed, the overall power of the industry will be lost, and there will be no large-scale recovery.
The short-term success of Ethereum and several major strategic cooperation of XRP have increased investors' optimism, which may be attributed to people's enthusiasm for XRP and Ethereum. However, it is difficult to predict whether investors' short-term optimism will have a lasting impact. According to the official accounts of the platform, Bitcoin, BNB and Caldano received less attention. With the overall recovery of the industry, the value of the above assets has been increasing. Therefore, the current trend is expected to pass and change soon.
As at the time of publication of this article, none of the above asset pairs showed any major market changes that would happen soon, it is difficult to predict the market trend in the short term. In addition, the fact that Ethereum deflates again may have a significant impact on the network and the second largest cryptocurrency in the market. With the increase of network activities, most investors usually resume their normal work and traditional schedule.
Is there any potential in the counterfeit currency market?
The conditions that led the federal government to print dollars in the 19th century set a precedent for discussions on the future of alternative currencies and cryptocurrencies. In the United States, different regional currencies are used. Each has an independent tool support and unique quality.
In addition, local banks occasionally issue currencies backed by false reserves. The scope of money and financial instruments reflects the current situation of alternative money markets. There are dozens of different currencies in the market, all claiming to meet different needs and purposes.
Given the current situation, it is doubtful that the alternative money market will eventually merge into a single cryptocurrency. However, the vast majority of the tens of thousands of alternative currencies listed on the cryptocurrency exchange may also fail. When alternative currency markets begin to integrate around them, most alternative currencies with important uses, use cases and clear blockchain purposes may dominate the market.
If you want to invest in the cryptocurrency market, alternative currencies may be cheaper than Bitcoin. Nevertheless, the confidential market is still developing and unstable, regardless of the type of currency. As cryptocurrencies are still looking for their place in the global economy, it is wise to treat them with caution.