This Altcoin Outperforms Ethereum as US Elections Approach! Analysts Comment "Calm Before the Storm" for Bitcoin and Altcoins!
Wintermute said in his latest report that memecoins are leading the crypto rally and Bitcoin is stabilizing ahead of the US elections.
As Bitcoin and altcoins surge, investors are wondering whether this rise will continue.
At this point, crypto market maker Wintermute said in his current report that memecoins are leading the crypto rally and Bitcoin is stabilizing ahead of the US elections.
Stating that Bitcoin remained stable around $62,500 despite higher-than-expected inflation data, Wintermute analysts said that this situation points to BTC's strong fundamentals.
Analysts said that institutional investors' interest in Bitcoin has increased and that this situation is reflected as an inflow to spot Bitcoin ETFs.
Solana (SOL) Left Ethereum Behind!
Analysts who analyzed altcoins other than Bitcoin first addressed Solana (SOL). According to the report, Solana's trading volume increased by 50% to $51 billion, surpassing Ethereum's (ETH) trading volume of $46 billion.
The report stated that Solana-based memecoins contributed significantly to SOL’s growth, with 40% of SOL’s trading volume coming from memecoins.
Analysts cited Pump.fun alone accounting for 35% of SOL’s total DEX volume as an example.
Stating that memecoins have consistently led the market in almost every rise this year, analysts said that institutional interest in memecoins has increased and investors' perception has changed.
“Finally, despite these developments, the calm in Bitcoin and crypto markets could be a sign of a storm as the US elections approach.
As Bitcoin’s institutionalization progresses, Solana’s memecoin craze is injecting capital and participation into the ecosystem.
This increase in speculative interest could potentially fuel broader growth and upside for Bitcoin and the entire cryptocurrency sector.”
https://t.co/opFkcd7Ypu
— Wintermute (@wintermute_t) October 15, 2024
*This is not investment advice.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Indonesia’s crypto transactions rises with 350% increase
Chinese Giant Boyaa Converts $49M Ethereum to Bitcoin Holdings
Putin signs bill recognizing Bitcoin as property in Russia
However, mining facility operators must report client details to tax authorities or face fines of 40,000 rubles ($371).
Pump fun Hits All-Time High Revenue of $82.8M in November