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  • Is This $100k Bitcoin's Top? The Weekend Altcoin Surge and the Revival of Forgotten Cryptos AND the ultimate top signal....

Is This $100k Bitcoin's Top? The Weekend Altcoin Surge and the Revival of Forgotten Cryptos AND the ultimate top signal....

How close are we to the ultimate TOP signal?

Author

Markus Thielen
November 24, 2024

👇1-14) As Bitcoin approaches the $100,000 milestone, we've received numerous questions, with the most pressing one addressed below. While we’ve been among the most bullish voices in crypto research, even we’ve been surprised by the scale of some altcoin rallies. While we successfully captured several trades, we inevitably missed others—it’s simply impossible to trade everything.

👇2-14) Ultimately, successful investing comes down to making informed, risk-adjusted decisions, with each individual determining their own tolerance for speculative risk. Our focus has been on monitoring these speculative excesses, employing tools such as global funding rate analysis and local retail trading volume trends, among other approaches, to navigate this dynamic market effectively.

Ripple XRP Funding Rate (LHS, %) vs. Korea Crypto Volumes (RHS, $13.7bn)

👇3-14) Two exchanges are emerging as leaders in retail activity, particularly in driving altcoin volumes. The Korean exchange UPbit, which commands 80% of the local market share, reported $14 billion in trading volume on both Saturday and Sunday—a remarkable +48% increase compared to its 7-day moving average, which typically includes higher weekday volumes. As a comparison, all Korean stocks trade $14 billion.

24-hour spot volumes vs. 7-day average: UPbit and Bitget notably strong

👇4-14) Similarly, Bitget experienced a +24% surge in trading activity over the same period. These figures highlight a clear trend of increasing retail participation, suggesting that having a trading account on one of these exchanges could be advantageous, particularly for accessing higher liquidity in certain altcoins.

Bitget currently offers exclusive benefits for 10x Research members, including reduced trading fees and a BTC/USDT trading position voucher. Given these perks, we believe it’s worth highlighting this opportunity for our community.

Sign up here

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