TL;DR
- Altcoins are gaining traction, outperforming $BTC and $ETH as market sentiment shifts toward risk-on investments, spurred by China's recent stimulus measures.
- The average altcoin premium on Korean exchanges has turned into a discount, suggesting profit-taking by traders, which may precede increased buying activity.
Altcoins have recently surged, driven by a risk-on sentiment in the markets. This uptick has seen major altcoins outperforming $BTC and $ETH, indicating a shift in investor focus. The Kaiko Top 15 market index has reached its highest level since late July, with altcoins like $SOL and $XRP making notable contributions.
Despite this positive performance, liquidity remains flat, with trading volumes not matching the highs seen earlier this year. Interestingly, the average altcoin premium on Korean exchanges has shifted into a discount, suggesting that traders may be taking profits after a period of declining prices. Historically, such trends often precede increases in buying activity.
China's recent stimulus measures may further enhance demand for altcoins, as they aim to bolster consumer confidence and domestic demand. This comes at a time when $BTC has lagged behind gold, closely following risk assets during recent selloffs. The growing interest in $BTC as a treasury asset is evident, with companies like Metaplanet and Semler Scientific adding $BTC to their balance sheets as a hedge against instability.
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Altcoins Surge as China Stimulus Sparks Market Optimism
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SOL
141.89
-3.93%
XRP
0.5345
-10.94%
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