 | One thing I've noticed in watching the crypto market over the last several years is that there are usually a handful of tokens that drive increased interest across the space. That increased interest seems to start in one area, and start to consolidate as a broader trend in the market as time goes by. So I thought it'd be interesting to evaluate - Where did the renewed interest begin? What's the driving force in the top cryptocurrencies by market cap? You can't just look at % growth in the last 1, 7, or 30 day periods, because an overnight run could impact the price greatly over the time period, without there actually being meaningful interest. I also only looked at the Top 15 cryptos by market cap, because everyone knows shitcoins can grow 200% over night due to the high volume, low market cap. So which projects were the leaders? Spoiler Alert - even BTC and ETH followed their price action. First up XMR (Monero), which was building since mid-July to early August at a stable rate and seems to be the first to take off in this recent run at least in the top 15 cryptos by market cap. Next Up, Chainlink. LINK started showing new signs of life as early as August 5th, but didn't truly take off until August 14th. Since then it's actually displaced XMR (Monero) in market cap and is the biggest winner of this August run so far. TRON seems to border the leader/follower categorization. It's had some growth recently, but it comes and goes. Both XMR and LINK have had steady and consistent growth in August without the dips. Now For the followers: BTC - while it may still be the king in terms of cryptos, it was very much a follower in the recent run up, beginning on August 19th, which you'll see repeated through this analysis. ETH - Appears to be a follower as well, mimicking the August 19th trend. SOL - in the same boat. Kind of a mixed bag until the August 19 ramp up XRP- Another August 19th baby, more pronounced considering the downtrending line before the ramp HYPE - HyperLiquid following the same trends on August 19th. DOGE was a little late to the party, but being a memecoin, not surprising it was also following suit on August 19th. [link] [comments] |
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