AAVE and 1INCH make the most of Bitcoin’s price development
AAVE and 1INCH make the most of Bitcoin’s price development. The short-term re-entry of bitcoin price into the $ 60K region appears to be a boon for a number of altcoins. While the larger market has seen minor corrections in the past few days, the 1INCH and AAVE tokens buck the trend on Oct 27 with gains of 95% and nearly 37% respectively.
The price rose when the leading Korean exchange, Upbit, listed two tokens. As usual, listing events on famous stock exchanges help drive prices up sharply. In addition to the stock market euphoria, there are other factors that contribute to the price surge with mid-cap altcoins. But whether AAVE and 1INCH can remain profitable will be the more important question at the moment.
The indicators are rising
Notably, trading volume increased for both AAVE and 1INCH and was seeing large trades at the time of writing. This is a sign that your market is active. In addition, AAVE has a record number of active users as the number of active addresses has increased to 4,400 due to price increases.
AAVE price (green), volume (pink), number of 24-hour active addresses (red) | The source: Sanbase
However, the subsequent decrease in AAVE’s number of active addresses due to the 25% drop in price from $ 459 is cause for concern. 1INCH also shares a similar trend, with the number of active addresses on ATH rising above 7,000 on October 27, but has fallen more than 85% from that level at press time.
Price 1INCH (green), trading volume (pink), number of 24h active addresses (red) | The source: Sanbase
With both altcoins, however, the number of active addresses is kept at an average level. For AAVE, the age of the coins consumed has risen sharply as over 65 million days were consumed by long-term owners selling or moving coins on October 27th.
Despite the drastic decrease in the number of active addresses, the on-chain data is still showing good signs. The net transfer volume from / to exchanges has spent more time in negative territory in the past 2 weeks. This shows that the outflow of funds is higher than the inflow.
Network development activities
1INCH hit a new ATH when the stock market news hit, while AAVE rose more than 30%. It is worth noting, however, that after the big surge in one day, the price didn’t last too long. AAVE is 25% cheaper than its October 27 price, while 1INCH is 44% below ATH at press time.
One reason the price failed to hold the high could be that development activity in both is steadily declining and making lower lows.
Development activities 1INCH (green) and AAVE (pink) | The source: Sanbase
However, with the network growth rate still above average, the consolidation of BTC could bring further growth to these two altcoins in the near future.
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According to AMBCrypto