The market has been sideways for more than ten days with low volatility. In a bull market, the volatility period should not exceed 20 days, and the longest period is one month. If it exceeds this time frame, it may face risks. It is expected that the market will restart its rise before December 15. If there is still no breakthrough after December 15, the risk will increase, especially the long-term high consolidation and the on-chain LTR distribution signal, which may mean that the top is formed, although the probability of this is currently low.
Looking back at 2021 and 2023, the top usually fell below the trend line after a large range of consolidation, marking the end of the bull market. Let's take a look at several mainstream old-fashioned currencies that hit new highs in this wave of bulls:
SOL In 2021, the "Alt L1" track was extremely hot, and EVM-compatible L1s such as Fantom and NEAR successfully received Ethereum's overflow traffic. Solana, on the other hand, has taken its own path. With its unique ecology outside of EVM and the support of FTX founder SBF, the price of SOL has soared from less than $1 to more than $200. However, as the market calmed down and FTX collapsed, Solana lost its important supporter SBF, and SOL fell to as low as $7. Many people thought that Solana's story was over. But in this cycle, Solana has regained its vitality with the rise of the Meme project and the success of the re-staking project Jito. The price of SOL has been rising all the way and has broken through the 2021 high of $260 in the past week.
BNB
As the only exchange platform currency that achieves ecological diversification, BNB has performed very well in both bear and bull markets. In the 2022 bear market, BNB fell from US$660 to around US$200. Although the decline was significant, BNB still maintained a high "value preservation rate" compared to the more than 90% decline of other tokens.
As the market recovered and Binance frequently launched Launchpool and Launchpad projects, BNB prices rebounded rapidly and broke through the historical high in June this year, reaching over $700. Unlike the exit of HECO Network, BNB still has great potential both on exchanges and on BNB Chain.
TRX
Tron (TRX) has hit a new high in this cycle, which is unexpected but reasonable. The issuance of USDT is close to 140 billion, and Tron has long been the preferred platform for USDT transfers. Although Ethereum has surpassed Tron in USDT issuance and its application scenarios are not as good as Ethereum, Tron is still the first choice for USDT holders in terms of capital flow.
According to DefiLlama data, the TVL on Tron is currently about $7.555 billion, having exceeded $10 billion in March of this year. The TRX price reached a high of $0.18 in April 2021, and three and a half years later, it hit a new high on November 12, and then rose to more than $0.22.
DONE
Fetch.ai, as one of the early blockchain+ projects, successfully survived the market downturn and ushered in the AI boom. Although many early projects have disappeared, Fetch.ai and IoTeX have persisted to this day and witnessed the revival of the industry. This year, Fetch.ai jointly established the Super AI Alliance with SingularityNET and Ocean Protocol and successfully merged tokens.
The price of FET was close to US$1.2 in September 2021. With the AI trend led by OpenAI, FET has exceeded US$3.5 this year, nearly doubling from the high point of the previous bull market.
TON
The history of TON can be traced back to the ICO era. Telegram raised $1.7 billion through ICO to launch Grams and planned to build The Open Network (TON), but the SEC's lawsuit shelved the plan. After reaching a settlement in 2020, Telegram had to abandon the development of TON.
Although TON continues to operate with the support of the community, it has not been able to make a big splash in the industry. At the end of 2021, TON hit a high of $4.4 and then fell back. In 2022, the TON Foundation and several institutions launched an ecological fund worth hundreds of millions of dollars to promote the rapid expansion of the TON ecosystem, and through integration with Telegram, it quickly attracted a large number of users. In June 2023, the price of TON exceeded $8, nearly doubling from its historical high.
STX
Stacks, as an early attempt of Web3 to use the Bitcoin network to establish a smart contract platform, has been reborn in this round of the market. Its unique design allows Bitcoin holders to obtain Stacks block rewards through bidding, while the block packaging is completed by STX pledgers and the status information is confirmed through the Bitcoin network, which can be called "Bitcoin L2".
With the help of the inscription craze, Stacks' long-term efforts in the Bitcoin ecosystem have finally paid off. The price of STX soared to $3.85 in April this year, breaking through the historical high of $3.6 in November 2021.
Today's article ends here. We are currently in a bull market, and the situation is turbulent. We share passwords every day. If you don't know what to do in a bull market, welcome to follow us. Bull market spot passwords and layout strategies can be shared free of charge.
