With most altcoins rebounding at this point in the market cycle when Bitcoin is making a comeback, there are some altcoins that may have ended their price rally. Among these, LINK is among the top 10 cryptocurrencies based on market capitalization.
LINK’s oracles may have filled the void created by the removal of XRP from the Grayscale Fund. However, this does not appear to have had an impact that would last long enough to boost price on the spot exchanges. The asset is currently trading at the $ 32 level compared to its ATH. Although the price is expected to rise to its ATH, the falling volume of trading on the exchanges signals otherwise.
After the inclusion in the Grayscale fund, the price of LINK rose steadily. However, an increase in institutional demand may not be enough to boost the price of the asset. 93% of HODLers are profitable before the asset plunges into the current cycle
LINK’s institutional demand only had a partial impact on the price, and the turnaround depends on the profitability of the HODLers at the current price level and the ETH-led rally in altcoins. In the past, Bitcoin’s rally has had a negative impact on the price of LINK, and it remains to be seen this weekend as Bitcoin traders above $ 60,000.
Another top altcoin, Cardano, offered HODLers an ROI of over 440% in 2020. This altcoin has long been viewed as the one for HODL based on on-chain analysis and trader sentiment. In the current cycle, 65% of HODLers are profitable at a price level of USD 1.23. This is one of the top altcoins where the concentration of large owners is low, below 50%, currently at 24%.
In addition, at this point in the rally, there is a significant drop in ADA’s trading volume across the exchanges. This drop in liquidity can lead to a drop in prices in the following week. Although large transactions were over $ 30 billion in the past week, the volume is steadily declining.
In contrast to ADA and LINK, the price of NPXS is back at the level it was a month ago. The 24-hour trading volume is down almost 100% in a 24-hour period and this is a unique position in the NPXS price cycle. Additionally, the mood in the chain is bearish and this could be the ideal time to buy altcoins like these that are consolidating. Confidence in the top markets on the spot exchanges is consistently high, and the falling trading volume is a sign of consolidation.
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