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Following the Token 2049 Event, Will Altcoins Experience a Surge Again?
Following the Token 2049 Event, Will Altcoins Experience a Surge Again? Here’s What You Need to Know
Recent analysis suggests that the Token 2049 event has historically catalyzed gains within the altcoin market, influenced by the movements of leading cryptocurrencies.
Author:
Utku Yanık
23.09.2024 – 14:23
Update:
7 seconds ago
0
Recent data from Coincall indicates a renewed sense of optimism in the altcoin sector post-Token 2049, reminiscent of trends observed in previous years. Analysts note that this event tends to spark a rise in altcoin values, closely tied to shifts in major cryptocurrencies.
The data reveals a notable uptick in volatility for altcoin options, with the Put/Call ratio climbing from 0.42 to 0.86 over the past week. Additionally, trading volume has surged by an impressive 166%.
Among the top traded altcoins, Solana (SOL) stands out with a 76.04% implied volatility (IV), followed closely by ORDI at 107.13% and XRP at 71.55%.
As the overall cryptocurrency market experiences a rally, investor sentiment towards altcoins is becoming increasingly bullish. Options traders are opting for long-term call options, anticipating further price increases in the future. Meanwhile, some are also engaging in short-term put option sales, reflecting growing confidence in the market’s upward trajectory.
*This is not investment advice.
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