Toncoins Risk Appetite At Historic High, Incoming Price Jump?
Crypto traders have increased risky acquisitions in Toncoin following resilient price corrections. Generally, large investors utilize a crash in prices during the dip to purchase tokens, leading to a redistribution between retail and institutional investors. TON price exchanges hands at $3.74, picking up a 0.5% gain as trading volume soars. Other altcoins also recorded similar hourly improvements, though bear sentiments remain.
Speculators Ramp Up TON Investment
A new CryptoQuant report shows a historic rise in investments, including derivatives and options on Toncoin. This signals an upward bull drive showing surging traders projections for the assets. This comes after a stretched market downturn after Bitcoins price dropped below $100k.
As trader sentiments weakened, initial outflows were recorded, with traders looking to take projects. This opened a new channel for Toncoin investors amid the trickling interests.
This suggests that speculative investors have increased their risk exposure to TON following the recent price drop. An increased risk appetite is often viewed as a bullish indicator, signaling an influx of liquidity into the TON ecosystem. However, it remains imperative to manage exposure meticulously and exercise caution, as heightened volatility is also likely to follow, CryptoQuant wrote.
Another point to note is the shift in layer 1 networks after the dip. In the last two weeks, the buzz recorded in meme coins has flowed into Bitcoin, Solana, Ethereum, Toncoin, etc. Meme coins typically garner momentum with the wider market, leading to sorts of correlations in bull cycles.
Crypto firm Santiment explained the communitys attention has shifted to layer 1 networks, with about 44% of conversations on certain coins. The meme coin market has lost billions this month, and top assets like DOGE and SHIB are under intense pressure.
Altcoins Notch Mixed Trading
Altcoins showed signs of a turnaround, although the markets downtrend quickly turned this around. Last month, an altcoin season was projected based on soaring bull cases, as seen in XRP and Solana. XRP topped USDT to become the third-largest crypto asset, and Solana saw increased activity.
However, the recent dip hit altcoins, wiping off previous gains. ETHs price stands at $2,632, up 1.1% today, while weekly exits drop to 3%. SOL still trades in the red zone, with 2% exits in the last seven days. Meanwhile, XRP and BNB have attracted inflows in the past 48 hours, signaling a positive trend.
Read more: https://zycrypto.com/toncoins-risk-appetite-at-historic-high-incoming-price-jump/
Text source: ZyCrypto
