There is  risen interest in BAND, MATIC, ENJ, MANA, and STORJ, here’s why

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According to CoinMarketCap, the present price of Bitcoin is $56225. The price is once again rangebound below $60000, which has boosted trading volume in the altcoin industry, with altcoins that were less common prior to the first quarter of 2021 seeing a rise in interest. According to the most recent Santiment price info, Band Protocol is up 13% against Bitcoin in the last 24 hours, and trade volume is increasing steadily. Unlike any other altcoins, the 24-hour trading rate has increased by 183 percent.

 

The quantity of BAND held by whales (HODLing more than $1.4 Million) since early February 2021 has increased consistently. The current increased activity is considered to be the whale’s inverse reflection against HODLers in the mid-tier, and this has impacted the HODLing pattern and distribution of BAND.

According to the above table, mid-tier shares are steadily dropping, while BAND whales are purchasing, with the coin’s concentration by big HODLers reaching a record 97 percent. The deposits vs. non-deposit activity model is another useful metric for monitoring the market patterns of altcoins such as ENJ, MANA, STORJ, and MATIC. According to Santiment info, most altcoins currently have a growing ratio of non-deposits vs. deposits. Many altcoins are surging against Bitcoin, but not for the same purposes.

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Volume has risen suddenly, with three-digit and two-digit increases in the last week and 24 hours. As the charts show, this is an alt rally; but, altcoins that did not see development in the fourth quarter of 2020 have seen it in 2021. Based on the map below, it is worth keeping an eye on ENJ, MANA, STORJ, and MATIC.

Why you need to keep an eye on BAND, ENJ, MANA, STORJ and MATIC

Deposit vs Non-deposit Activity for altcoins || Source: Twitter

According to the aforementioned table, the 7 days vs. 90 days active deposit ratio has risen by more than 50% for almost all altcoins on the chart, and by more than 100% for a few. This indicates that interest and investment inflows from both institutional and retail traders have peaked.

Investments are geared into altcoins with low market capitalisation, with little respect for liquidity or volatility, resulting in increased trading volume on spot exchanges. It is important to pay attention to shifting trader behaviour because it may be the precursor to a broader trend change away from Bitcoin and range-bound market behaviour and towards portfolio-focused double-digit growth. After the announcement of Grayscale’s altcoin funds, there has been heightened demand, and traders anticipate that most of the altcoins that debuted this quarter will soon see leverage pricing on spot markets, further enhancing the trend and conforming to the season’s prolonged altcoin rally.

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