{"id":2098,"date":"2022-04-20T06:58:46","date_gmt":"2022-04-20T05:58:46","guid":{"rendered":"https:\/\/tradersofcrypto.com\/news\/?p=2098"},"modified":"2022-04-20T06:58:46","modified_gmt":"2022-04-20T05:58:46","slug":"what-the-altcoin-recovery-signals-about-the-market","status":"publish","type":"post","link":"https:\/\/tradersofcrypto.com\/news\/what-the-altcoin-recovery-signals-about-the-market\/","title":{"rendered":"What the Altcoin Recovery Signals About the Market"},"content":{"rendered":"\n<p>The altcoin recovery followed closely the rise of <a href=\"https:\/\/tradersofcrypto.com\/news\/bitcoin-btc-goes-for-flash-crash-fast-recovery\/\">Bitcoin (BTC) above $41,000<\/a>. After what looked like a deliberate move, BTC liquidated leveraged positions and set for a new market direction. BTC regained to $41,404.53, while Ethereum (ETH) broke above the $3,100 range.<\/p>\n\n\n\n<p>Among the most active gainers was once again Terra (LUNA), which has built a reputation of going against trends. LUNA added 17% at the peak of the rally, again trading above $97. Terra is a project closely watched for its moves of acquiring vast crypto reserves, with BTC a priority asset. DeFi platform assets were also among the biggest earners, while pure platform tokens and older coins kept stagnating.<\/p>\n\n\n\n<p>Recently, <a href=\"https:\/\/tradersofcrypto.com\/news\/how-terra-luna-is-becoming-the-biggest-holder\/\">Terra also acquired CVX tokens<\/a>, becoming the biggest DAO to join Coinvex Finance.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">0\/ Which DAO is currently the largest holder of CVX?<br><br>In today\u2019s Delphi Daily, we examined quantities of <a href=\"https:\/\/twitter.com\/search?q=%24CVX&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$CVX<\/a> held by DAOs, the dollar on breakout watch, and a podcast about <a href=\"https:\/\/twitter.com\/ZetaMarkets?ref_src=twsrc%5Etfw\">@zetamarkets<\/a>.<br><br>For more \ud83e\uddf5\ud83d\udc47 <a href=\"https:\/\/t.co\/rZMh3cUwDb\">pic.twitter.com\/rZMh3cUwDb<\/a><\/p>&mdash; Delphi Digital (@Delphi_Digital) <a href=\"https:\/\/twitter.com\/Delphi_Digital\/status\/1516186761105395714?ref_src=twsrc%5Etfw\">April 18, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>CVX responded to the news, by adding 5.9% overnight to $27.62. The Terra ecosystem has also bridged to several protocols running hot now, making their assets a potential collateral for UST minting.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">JUST IN: Terra ($Luna) Bridge has added support for <a href=\"https:\/\/twitter.com\/hashtag\/Solana?src=hash&amp;ref_src=twsrc%5Etfw\">#Solana<\/a>, <a href=\"https:\/\/twitter.com\/search?q=%24Avax&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$Avax<\/a>, <a href=\"https:\/\/twitter.com\/search?q=%24Osmo&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$Osmo<\/a>, <a href=\"https:\/\/twitter.com\/search?q=%24FTM&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$FTM<\/a>, and <a href=\"https:\/\/twitter.com\/hashtag\/Polkadot?src=hash&amp;ref_src=twsrc%5Etfw\">#Polkadot<\/a>.<\/p>&mdash; Watcher.Guru (@WatcherGuru) <a href=\"https:\/\/twitter.com\/WatcherGuru\/status\/1513946867016552452?ref_src=twsrc%5Etfw\">April 12, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>The aggressive policy of Terra also made Terra USD (UST) the third-largest stablecoin, surpassing Binance USD (BUSD). UST now carries more than 9.5% of the entire stablecoin market cap, with a supply of more than 17B. UST is still lagging behind USDC and Tether (USDT), which still provide the main sources of liquidity for centralized trading.&nbsp;<\/p>\n\n\n\n<p>UST is also instrumental to the decentralized ecosystem, as it can move between multiple protocols. While Terra is now a growing hub of value, it is also a risk point. To an extent, the price of LUNA may be regulated by using some of the UST, hence the skepticism that LUNA is fairly valued.&nbsp;<\/p>\n\n\n\n<p>Yet the protocol remains appealing to investors, as signaled by yet another rapid recovery.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>NFT Mania Returns: APE Moves Again<\/strong><\/h3>\n\n\n\n<p>ApeCoin (APE) is yet another piece of evidence of the exuberance of crypto markets. Half meme coin, half marketing brand, APE rides on the fame of <a href=\"https:\/\/tradersofcrypto.com\/school\/nfts\/\">Bored Ape Yacht Club (BAYC), one of the most valued NFT collections<\/a>.\u00a0<\/p>\n\n\n\n<p>APE rose by more than 14% on Tuesday, returning to $13.31. The project has many connections in both centralized hubs and decentralized projects, promising many future developments in gaming and collections.&nbsp;<\/p>\n\n\n\n<p>Apecoin is a project focusing on publicity and adoption from vendors. Similar to BAYC, Apecoin wants to bridge into the physical world community. In a recent partnership, Apecoin hinted at making a movie about the project, and is working on a blockchain game coming in Q3.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>What Made THORChain Rally<\/strong><\/h3>\n\n\n\n<p>RUNE, the native asset of THORChain, rallied above $9 after breaking out from one-month lows.&nbsp;<\/p>\n\n\n\n<p>The expansion of RUNE follows a recent liberalization of value protocols, raising the TVL above $1B.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">1\/ <a href=\"https:\/\/twitter.com\/THORChain?ref_src=twsrc%5Etfw\">@THORChain<\/a> recently reached a milestone of over $1B in TVL, composed of the assets in its liquidity pools &amp; the <a href=\"https:\/\/twitter.com\/search?q=%24RUNE&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$RUNE<\/a> bonded by nodes that provides security to the network. <br><br>Previously, the protocol had caps on its liquidity pools to protect the network and its users. <a href=\"https:\/\/t.co\/bc4jQS9dqm\">pic.twitter.com\/bc4jQS9dqm<\/a><\/p>&mdash; Messari (@MessariCrypto) <a href=\"https:\/\/twitter.com\/MessariCrypto\/status\/1514612235892449281?ref_src=twsrc%5Etfw\">April 14, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>THORChain is still a relatively small-scale decentralized protocol, getting a boost from an expected inflow of whale accounts. THORChain, which suffered a white hat attack against one of its bridge smart contracts, is careful to offer maximum security for its DeFi protocols.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Real Yield with Impermanent Loss Protection, when whales start getting into this RUNE will at least be at 140 or 7x from its ATH and this is just starting <a href=\"https:\/\/twitter.com\/terra_money?ref_src=twsrc%5Etfw\">@terra_money<\/a> <a href=\"https:\/\/twitter.com\/THORChain?ref_src=twsrc%5Etfw\">@THORChain<\/a> <a href=\"https:\/\/twitter.com\/Bitcoin?ref_src=twsrc%5Etfw\">@Bitcoin<\/a> <a href=\"https:\/\/twitter.com\/ChrisBlec?ref_src=twsrc%5Etfw\">@ChrisBlec<\/a> <a href=\"https:\/\/twitter.com\/stablekwon?ref_src=twsrc%5Etfw\">@stablekwon<\/a> <a href=\"https:\/\/twitter.com\/wolf_of_defi?ref_src=twsrc%5Etfw\">@wolf_of_defi<\/a> <a href=\"https:\/\/twitter.com\/ChadThoreau?ref_src=twsrc%5Etfw\">@ChadThoreau<\/a> <a href=\"https:\/\/twitter.com\/TheRuneRanger?ref_src=twsrc%5Etfw\">@TheRuneRanger<\/a> <a href=\"https:\/\/twitter.com\/THORmaximalist?ref_src=twsrc%5Etfw\">@THORmaximalist<\/a> <a href=\"https:\/\/twitter.com\/THORSwap?ref_src=twsrc%5Etfw\">@THORSwap<\/a> <a href=\"https:\/\/t.co\/sHLClQoHmP\">pic.twitter.com\/sHLClQoHmP<\/a><\/p>&mdash; ARPU (@AR__PU) <a href=\"https:\/\/twitter.com\/AR__PU\/status\/1516420333783420940?ref_src=twsrc%5Etfw\">April 19, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>THORChain also benefits from recent mentions on social media, but is yet to prove its power as a DeFi protocol. So far, the project is among the top 10 networks, but has to show its potential to resist market volatility.&nbsp;<\/p>\n\n\n\n<p>Waves (WAVES), a previous speedy winner, had a breakdown from its peak at $63, ending up at around $20. The rapid crash unraveled the basis for its stablecoin, USDN, raising skepticism about multiple startups attempting to push algorithmic dollar-pegged tokens.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>STEPN (GMT): Why This New Arrival is at ATH<\/strong><\/h3>\n\n\n\n<p>GMT, a token that started trading a week ago, made a series of all-time highs. GMT rallied by more than 22% in a single day at one point, to stand at $3.76. A new token is capable of such feats, but GMT also rose on volumes above $4.5B, unusual for a newly launched asset.&nbsp;<\/p>\n\n\n\n<p>The chief reason is that STEPN managed to assure an immediate <a href=\"https:\/\/tradersofcrypto.com\/exchanges\/binance\/\">Binance listing<\/a> with a 857 liquidity score on the GMT\/USDT pair.\u00a0<\/p>\n\n\n\n<p>STEPN extends the BAYC trend, advertising itself as a Web3 lifestyle app with gamified social media elements. GMT is the asset for a social running app, which also relies on NFTs of customizable sneaker models. GMT and other perks are awarded when the player goes outside and moves with their GPS turned on. The appeal of the game is in selling potentially unique sneakers to be shared as swag for the running achievement.<\/p>\n\n\n\n<p>GMT is yet another show of the exuberance of the crypto market. The asset is still in the price discovery stage, but has appeared as a fully formed opportunity to buy into a new type of play-to-earn game.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Specific platform projects rallied again, showing an advantage for DeFi and gaming assets.<\/p>\n","protected":false},"author":3,"featured_media":2099,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[12,157,492],"class_list":["post-2098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorised","tag-btc","tag-luna","tag-stepn","entry"],"_links":{"self":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts\/2098","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/comments?post=2098"}],"version-history":[{"count":0,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts\/2098\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/media\/2099"}],"wp:attachment":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/media?parent=2098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/categories?post=2098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/tags?post=2098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}