The volume on Bitcoin really hasn't been impressive but the volumes coming in from stuff like Solana. It got up over $5 Billion in 24 hour trading volumes which is the most we have seen in a year since closer to the timeframe of when FTX imploded. Other stuff that was looking good with a lot of the layer 1 smart contract platforms. Avalanche, Fantom, Cosmos, Polkadot, Tron, and several others as well. Another thing I noticed were the farming tokens popping off as well and with everything elevating that actually makes the returns more lucrative if someone is participating in liquidity pools. When the returns get so low it suddenly isn't worth the contract risk and people start pulling their money. This will cause some people to flow back in I'm sure. Some of the NFT projects came out of the basement as well so all this spurs up a lot more activity.
On the negative side from a macro economic side of things people are tapped out on money. I can't tell you how many people I have seen working two or three jobs or basically just working 7 days a week to keep a very basic existence.
Overall though these were confirmed breakouts that from a lot of traders perspective sort of got on top of some of these moving averages and also when various bots trade on some of these conditions it could cause more money to flood out of stable coins or become more active again. In an interesting twist I thought the fees were going to be higher on the Binance Smart Chain with all the activity but it really wasn't. Not sure if there were some upgrades done to the protocol or the transaction volumes on that chain weren't crazy high.
#bitcoin #crypto #dogecoin #solana #icp #tron
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