The altcoin space is really shining in the crypto world's recent uptick, grabbing attention with its significant strides. The total crypto market cap, excluding Bitcoin (BTC), has recently exceeded a significant threshold of $675 billion. With this momentum, we're looking at a possible surge past the $1 trillion mark soon, maybe even reaching $1.25 trillion.
The altcoin market has successfully reclaimed the 200-week moving average, transforming the previous resistance around $675 billion into a support level. This shift has sparked an uptrend, aiming for resistance points near $1 trillion and $1.257 trillion.
Ethereum (ETH), the largest altcoin by market capitalization, has also made headlines by outperforming Bitcoin (BTC) for the first time since October 2022. The lively action of Ethereum (ETH) in the derivatives arena hints at investors changing their play, moving money within crypto's playing field.
Looking at the trends, it seems pretty clear that altcoins might just keep their momentum and score even more wins in the months ahead. In this evolving market, affordable tokens such as Sei (SEI), Optimism (OP) and Near protocol (NEAR) are attracting attention for their potential to create new crypto millionaires, thanks to their promising prospects.
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The team behind ScapesMania, with years of expertise, has crafted a robust post-listing marketing strategy. Buyback, burn, staking, and all the perks for holders keep attracting new adopters. Through DAO governance, backers will be able to influence and benefit from a multi-billion-dollar industry.
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ScapesMania, a player in the $376 billion gaming industry, leverages the market's growth potential. Post-exchange debut, holders can anticipate greater liquidity and easier trading.
The community's excitement about the project is evident so far, with $5,400,000+ collected to date from crowd/retail contributions alone. The follower count has reached 60K+ and showcases a weekly growth of 12%.
The growing interest from crypto whales with checks of $20,000+ might expedite ScapesMania's transition from niche to mainstream.
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Sei (SEI): A Surge in Value Amidst Bullish Trends
Sei (SEI) has made significant strides in the cryptocurrency market, hitting a new all-time high of $0.80 in 2024, marking a remarkable 700% increase from its 2023 low. With Sei (SEI) value now over $1.7 billion, it's clear this crypto has become a major player on the scene. Sei's (SEI) splash in the futures market was huge, with open interest hitting over $160 million right after its debut in August, showcasing some serious momentum.
Sei (SEI) has a price range between $0.308 and $0.723, with recent trends showing a 10-day moving average at $0.654, highlighting short-term bullish behavior. The longer-term trend is indicated by a 100-day moving average of $0.379. The support level is at $0.056, indicating potential volatility, while resistance levels are noted at $0.887 and $1.302, suggesting room for upward movement.
The Sei network, with its open-source Layer 1 blockchain designed for digital asset trading, supports decentralized exchanges (DEXes) by offering high speed, low fees, and maximum reliability. The Sei (SEI) network recently hit a major milestone with over a billion transactions, signaling not just swift growth but also paving the way for even more expansion. Planned upgrades for EVM compatibility are expected to attract more decentralized app developers, potentially extending the Sei (SEI) bullish run.
Optimism (OP): Navigating Unlock Events with Resilience
Optimism (OP), an Ethereum layer 2 scaling solution, is in the spotlight due to a significant unlock event where around $81 million worth of Optimism (OP) tokens will enter the market. This tactic aims to keep early backers from dumping their tokens en masse the moment they get them. Despite these unlocks, which can lead to apprehensions about potential price declines, Optimism (OP) recent upgrade, dubbed Canyon, focused on supporting major Ethereum hardforks along with several minor bug fixes. This upgrade marks another stride in the project's push to boost its system and play a bigger role in supporting Ethereum's growth.
The current price range for Optimism (OP) tokens is between $2.16 and $4.71, with the 10-day moving average at $3.01 and the 100-day moving average at $2.45. The market is observing significant support at the $0.62 level, while resistance levels are noted at $5.71 and $8.25.
Optimism (OP) faces a critical juncture with the upcoming unlock of $587 million worth of Optimism (OP) tokens, nearly doubling the circulating supply. As the floodgates open to nearly double Optimism (OP) tokens in circulation, eyes are on how this will shake up investor trust and the market's footing. Optimism (OP) isn't slowing down; with their latest Canyon upgrade and a hefty $30 million token giveaway for their community builders, they're really pushing the boundaries to keep their ecosystem buzzing with innovation.
Near Protocol (NEAR): Advancing Through Strategic Integrations
The NEAR Foundation announced the integration of NEAR DA with Polygon CDK, aiming to offer cost-effective data availability solutions for rollups. This collaboration seeks to simplify network structures for developers and reduce costs, leveraging NEAR DA's efficient data availability and Polygon CDK's developer-friendly tools. Despite market challenges, this integration marks a significant step towards enhancing blockchain interoperability and efficiency, with ongoing collaboration on zkWASM research for further innovation.
The current price range of Near Protocol (NEAR) is between $2.12 and $4.89, showing a significant level of volatility. The 10-day moving average stands at $2.83, and the 100-day moving average is at $2.48, indicating a recent upward trend in its price movement. The support level is identified at $0.60. Resistance levels at $6.14 and $8.90 represent potential future hurdles for price appreciation.
Given the integration of NEAR DA with Polygon CDK as announced by the NEAR Foundation, this development is poised to significantly bolster blockchain interoperability and efficiency. This collaboration will offer developers cost-effective data availability solutions for rollups, aiming to streamline network structures and reduce operational costs. The integration leverages Near Protocol (NEAR) efficient data availability and Polygon's developer-friendly tools, marking a pivotal step towards enhancing blockchain technology's capabilities. Additionally, the ongoing collaboration on zkWASM research promises further innovation in this space.
Conclusion
With the total crypto market cap, excluding Bitcoin (BTC), surpassing $675 billion, there is potential for further growth towards $1 trillion or even $1.25 trillion. This positive trend is supported by the altcoin market reclaiming the 200-week moving average and converting previous resistance levels into support.
Ethereum (ETH), as the largest altcoin by market cap, has outperformed Bitcoin (BTC) for the first time since October 2022 and is seeing increased activity in the derivatives market. Money's moving differently in the crypto world now, with Ethereum (BTC) snagging the spotlight from Bitcoin (BTC) and cheaper coins showing they've got game too. Amidst these developments, affordable tokens like Sei (SEI), Optimism (OP) and Near protocol (NEAR) are drawing attention for their potential to create new crypto millionaires.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
