- Altcoin market optimism surges post-Token 2049 event, with trading volume up 166%.
- Analysts predict altcoins could outperform Bitcoin, driven by bullish patterns and whale accumulation.
According to Coincall’s most recent data, the altcoin market had a substantial jump in optimism following the Token 2049 event, which is consistent with historical trends that have frequently witnessed positive momentum following such events.
According to Coincall, in recent years, the altcoin market has often seen potential gains following the 2049 event, influenced by major cryptocurrencies. Coincall data shows a slight rise in altcoin options implied volatility (IV), with the Put/Call ratio increasing from 0.42…
— Wu Blockchain (@WuBlockchain) September 23, 2024
This increased enthusiasm is reflected in the minor increase in implied volatility (IV) for crypto options, while the Put/Call ratio has risen significantly from 0.42 to 0.86 over the last week. Furthermore, trade volumes in the cryptocurrency market have increased by an amazing 166%, demonstrating the growing interest and activity among investors in this industry.
Growing Optimism in Altcoin Options Trading
Solana (SOL) leads the group in terms of trading volume, with an IV of 76.04%. Following closely are ORDI (107.13%) and XRP (71.55%), indicating a considerable interest in these specific altcoins.
This pattern implies that investors are becoming more optimistic about the altcoin market, particularly given the recent increase in the broader crypto market.
Many options traders are demonstrating their confidence by purchasing long-term call options, indicating that they expect additional profits in the coming months. Meanwhile, others are selling short-term put options, lending credence to the notion that market sentiment is shifting in favor of altcoins.
On the other hand, CNF previously noted that the overall cryptocurrency market cap has been showing bullish signals, implying the likelihood of an altcoin season on the way.
Analysts predict that altcoins will outperform Bitcoin in the foreseeable future, owing to growing bullish patterns and massive accumulation by whales—large investors that play a critical role in determining market trends.
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