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With bitcoin flat and slightly down on the day, the same could be said of the altcoins, with the exception of just a few.
A flat bitcoin
Bitcoin remains in its sideways accumulation as it has done for the last three days. The market is waiting for that next big move, and whether this is to the upside or the downside is still to be decided.
The fact that the king of the cryptocurrencies made another higher high is all to the good, and even if there is a dip to $28,000 or thereabouts a higher low will have easily been put in.
The high end of the crypto market has had a flat day so far, but this is not the case for certain altcoins lower down. The Others.Dominance chart is the market cap of cryptos excluding the top ten cryptocurrencies.
This chart is 13.3% up for the day so far compared with slightly negative percentages for other Total market caps. So with such a good move to the upside for this section of the market, which were the alts that made the most percentage gains?
Sushi ($SUSHI), one of the main competitors to Uniswap, has put on 11.9% thus far. A double bottom looks to have been found at $0.48, and today’s rise to $0.76 has met $0.80 but has since returned to hopefully flip resistance into support at $0.76.
Celo ($CELO), the mobile, carbon negative, EVM-compatible blockchain ecosystem has also risen just over 11% up to now. The decent move upwards here is probably due to the announcement that Celo devs will migrate the blockchain from a layer1 to a layer2-based on OP stack, improving security and bringing more use cases to ethereum.
Celo has found its own double bottom which fell as far as $0.34. An uptrend has still not formed, but a range between $0.41 and $0.91 is currently being adhered to.
1inch ($1INCH), another decentralised swaps exchange like Sushi and Uniswap, was perhaps the biggest mover of the day, reaching $0.59, which equated to a 36.8% rise before retracing nearly all of those gains back down at $0.43. This surge came on the back of a 29% growth over the previous two days, so perhaps traders decided to take profits on this one.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.