There has been a disturbance in the world of cryptocurrency. The giants are bleeding in value, and the altcoins are rising. Is this now a season of altcoin spending? As Bitcoin and Ethereum’s value drop, we’ll look at how this could benefit altcoins like Litecoin (LTC), Bitcoin Cash (BCH) and PAT WARS (PAW).
Decline In Bitcoin and Ethereum Value
Bitcoin and ether endured a fourth consecutive day of decline, tempering their impressive year-to-date gains of 66% and 53%, respectively. However, amidst this downturn, a couple of lesser-known altcoins managed to defy the trend and experienced notable increases in trading volume on Tuesday.
Bitcoin seems to have found some stability within a specific range, as it flirts with the $27,500 level. Analysis using the visible range volume profile (VRVP) tool indicates significant trading activity between 28,000 and 27,400. These levels, known as “high volume nodes,” often act as areas of price resistance, representing historical points of agreement between buyers and sellers.
The key factor to monitor is the spread between the upper and lower bands, as an expansion would signal heightened volatility and, in this case, potential downside risk. Recently, Bitcoin’s Bollinger Band spread increased by 5% after seven days of decline.
On the other hand, the Bollinger Bands for Ether have exhibited decreasing volatility over the past week, contracting by 3% most recently. This reduced volatility aligns with the presence of high volume nodes at $1,811, suggesting the existence of immediate support for ETH prices.
Litecoin And Bitcoin Cash Lead The Altcoin Charge
In contrast, less popular altcoins like Litecoin and Bitcoin Cash defied the prevailing trend and found themselves in positive territory, with gains exceeding 3% and 10%, respectively, over the previous 24 hours. Moreover, the trading volume for these assets more than doubled their respective 20-day averages.
Additionally, the trading volume of the ATOM token from the smart contracts platform Cosmos and the FIL token from the decentralized network Filecoin experienced significant spikes. This surge in activity can likely be attributed to network congestion on the Bitcoin and Ethereum blockchains, prompting investors to explore alternative options.
Altcoins, short for alternative cryptocurrencies, have taken the fintech world by storm, captivating investors and enthusiasts alike. These digital assets offer a compelling alternative to the established giant, Bitcoin. What makes altcoins so popular? For starters, their diverse range of functionalities and features set them apart. From privacy-focused coins like Monero to smart contract platforms like Ethereum, altcoins cater to specific niches within the crypto landscape.
Moreover, their lower entry barriers and potentially higher returns entice risk-takers seeking new investment opportunities. As the crypto market continues to evolve, altcoins remain an attractive option for those seeking to diversify their portfolios and explore the ever-expanding universe of digital assets.
PAT WARS Looking To Become One Of The Top Altcoins
Presales are a good place to locate new altcoin projects to invest into and PAT WARS is the latest crypto project that will have caught attention. If it establishes itself as one of the top presales, it could become an altcoin of high value. And with signs that Bitcoin and Ethereum values are in muddy waters, PAT WARS’ team will recognise that this is a good time to start amplifying its name and reach.
What is PAT WARS? It’s a decentralised and community-owned crypto asset that pays homage to Star Wars to construct a sci-fi identity of four cosmic cats that are prowling the galaxy for crypto supremacy.
Embracing the potential of blockchain technology, PAT WARS embarks on a mission to establish equilibrium through a decentralized platform that prioritizes the needs of its users. With inclusivity at its core, this innovative digital currency harnesses the power of non-fungible tokens (NFTs) to cultivate a vibrant and thriving community. As the story unfolds, exclusive PAT WARS NFTs will find their rightful place within the platform, enhancing its appeal and fostering a sense of belonging among its participants.
Under the guidance of the formidable PAT WARS DAO (Decentralized Autonomous Organization), users are empowered to shape the future of PAT WARS.
For more information on PAT WARS, please see below:
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