The ongoing altcoin rally in the crypto market is seeing investors and traders leaving the ship of top cryptocurrencies to jump into some of the hot cryptos.
In the past 24 hours, the highest ‘real’ trading volume was recorded by popular stablecoin Tether (USDT) at over $2 billion, more than double bitcoin’s which is under $1 billion. Tether’s market cap, as per Tether Treasury, has also finally surpassed $10 billion.
It’s no surprise given that 2020 is more of a year of stablecoins than the leading digital currency. In a matter of four months, fiat pegged cryptos have doubled in market cap to $12 billion while it initially took five years to reach $6 billion.
A Giant Shift
So, it’s not the first two spots that are surprising rather the Chainlink, which is currently the third most heavily traded crypto. More than $450 million worth of LINK changed hands in the past 4 hours more than Ethereum’s $288 million, providing the liquidity behind the recent price spikes.
Moreover, the cryptocurrency is yet again on its way to make another all-time new high after making one just two days back. Currently, trading at $8.16, up 12%, LINK has also climbed one spot above to become the 9th largest cryptocurrency by market cap of $2.8 billion.
The Chainlink pump has made a bunch of 4channers millionaires. One can only speculate what the consequences of this will be
— so-called nic carter (@nic__carter) July 15, 2020
Meanwhile, exchange inflows continue to rise. On July 4th, LINK exchange deposits reached a peak with 5000 individuals depositing 4 million LINK, and then again, on July 13th, deposits spiked.
As LINK is becoming increasingly liquid, exchange withdrawals are also spiking. The number of new addresses acquiring LINK per day has also reached an all-time high.
“As such, while the waves of exchange deposits and high volumes signify that there is a significant market for trading LINK, it is clear that there is a meaningful contingent of LINK holders who intend to start and/or keep hodling for the time being,” noted Glassnode.
This is why some traders are talking about taking profits with “bearish divergences spotted all the way up to higher timeframes.”
It would be conservative even, considering we just broke out of a major range.
— Cantering Clark (@CanteringClark) July 15, 2020
Besides Chainlink, Cardano is also getting a lot of liquidity on exchanges. ADA has the fifth spot in terms of volume at $140 million thanks to the gains it has been recording this month. Tezos also records similar levels of liquidity as Cardano.
— Jonny Moe (@JonnyMoeTrades) July 14, 2020
Altcoins will continue to enjoy the greens and more liquidity as long as bitcoin trades sideways.