While the rise in Bitcoin and altcoins attracted investors globally to the market, the BTC price exceeded the $65,000 level and experienced a significant increase.
While altcoins also rose along with BTC, Ethereum (ETH), Solana (SOL), Dogecoin (DOGE) and XRP prices also increased by 2-5% per day in the last 24 hours.
As cryptocurrency prices have increased, so have their trading volumes. To this point, Santiment has listed the altcoins that have seen the biggest increases in trading volume among the top 200 cryptocurrencies by market cap.
“Trading volume is increasing rapidly amid the ongoing cryptocurrency rally. The biggest increases in volume over the past week were seen in:
1) Bitfinex -LEO 2) Bome -BOME 3-LidoFinance -WSTETH 4) MinaProtocol -MINA 5) Chiliz -CHZ 6) TurboToadToken -TURBO 7) Ethena labs -ENA 8) Brett- BRETT 9) Graph -GRT 10) Fasttoken – FTN”
Santiment concluded by saying that sudden increases are usually a sign of a price reversal, stating, “Increases in trading volume are traditionally an indication of increased crowd recognition and not necessarily a sign of more buyers or more sellers. Gradual growth is usually a sign of support that the coin’s price direction will continue. A sudden, isolated increase usually signals that a price reversal is expected.”
📈 Trading volume has been increasing quickly during crypto's continued rally. Among the top 200 market caps, these coins are seeing the largest rises in volume over the past week.
🪙 1) @Bitfinex $LEO
🪙 2) @Bome_ton $BOME
🪙 3) @LidoFinance $WSTETH
🪙 4) @MinaProtocol $MINA… pic.twitter.com/F2wZpy4qOP— Santiment (@santimentfeed) October 14, 2024
*This is not investment advice.
