Top 3 Altcoin Winners Of The Day – Bitcoin Magazine

There are always two factors that make up the price of any altcoin. One of these are their distinctive traits like fundamentals, investor sentiment towards assets, liquidity and trading volume, among others. The other – the strong factor that often invalidates any altcoin-specific dynamic – is Bitcoin’s performance.

Like it or not, when King Coin has skyrocketed, there is room for altcoins to jump higher. When BTC falls, even the largest alts can be proportionally affected.

Many traders in the crypto market aren’t too concerned about a drop in the US dollar value of their holdings as they almost exclusively trade BTC pairs on major exchanges where their liquidity is limited.

And of course there are plenty of trading enthusiasts out there who have no intention of withdrawing anytime soon: they believe growing their Bitcoin portfolio is more important than switching to an inflationary US dollar or other fiat currency .

But it’s all interrelated, right?

While Bitcoin’s overwhelming influence may make it seem that the coin’s own terms are ineffective, in reality they make a difference. Assets with a healthy outlook are often among the top winners when things go up, and if there is a market-wide correction they can rebound faster and stronger than the rest of the altcoin group – and even Bitcoin.

So how do you know which coins are healthier than others when everything is bloodshot?

There are some very recent examples. When bitcoin fell below $ 30,000 on Tuesday after declining news from China, stablecoins remained the only digital asset class that didn’t dip deep into the red.

However, over the next 24 hours, BTC made up for many of its losses and bounced back above $ 33,000. Not all altcoins were able to replicate this rally quickly, but many of them were helped by historically favorable isolated conditions before a negative turnaround.

PARSIQ (PRQ)

PRQ has had a difficult week as its price fell to $ 0.56 from $ 0.88 on June 17th, just before the Bitcoin-induced market-wide downturn on May 22nd. 6. Then it fell further to $ 0.35.

Back then, the altcoin had market patterns and social conditions that became more and more similar to those of the past as the price rose significantly over a period of 12 to 72 hours. PRQ is ripe for a breakout – if and when bitcoin-fueled macro forces allow it.

Price change for 24 hours: + 18.83% against USD, + 2.21% against BTC

Source: Coinecko

Solana (SOL)

Despite the overall market decline during the recent downturn, SOL was one of the day’s biggest winners after a spectacular turnaround.

Price change for 24 hours: + 26.36% against USD, + 12.96% against BTC.

Source: TradingView

Enjin coin (ENJ)

As with PARSIQ, historical market conditions show ENJ stands firm as the crypto market pulls Bitcoin into a spiral. After the correction ended, ENJ price rebounded from a low of 79 cents to a high of $ 1.04 before falling slightly to current levels.

Price change for 24 hours: + 18.73% against USD, + 7.30% against BTC

Source: TradingView

You can see the coin prices here.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Annie

According to Cointelegraph

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