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This season, cryptocurrencies have surged in response to Bitcoin’s recovery multiple times in a row. For example, at the time of writing, the likes of Solana, Polkadot, THETA, and KSM were soaring on the strength of Bitcoin’s sort-of price action. In the previous 24 hours, these cryptocurrencies have increased in market value and provided ROIs of up to 10%. Previous cryptocurrency rallies were generally driven by higher investment inflows, a growth in the number of active addresses, and on-chain activity.
In the case of Kusama, the price had risen up to the $524-level, based on data from CoinMarketCap. The trade volume was up over 17% and the market capitalization increased by over 20%. These changes occurred in the last 24 hours and the crowd loan race has led Kusama to its price rally.
Rather than relying on VCs, projects are starting from day 0 and raising funds in a single day. KSM’s ATH was hit 23 days ago and at press time, the price was just over 15% away from its ATH. In fact, Kusama is now ranked among the market’s top-30 projects, following crowd loan facilitation for several projects.
In less than 60 days, the price of KSM rebounded after a roughly 50% decrease. This was a pattern that reinforced the altcoin’s bullish thesis. While the lowest KSM price in the last 52 days has been $5.15, despite recent dips, it is not expected to go below this level again.
Furthermore, the increase in trading volume and on-chain activity are both expected to spark a further surge this week. For example, though SOL’s price has fallen, the decline in transaction volume suggests that SOL was undervalued at the time of publication. The first indicator of a bullish price shift is an increase in trading volume and an early surge in social media mentions.
Similarly, THETA’s market value increased by 12 percent, with a surge expected in the following week.
Updates and collaborations have played a critical role in the market’s altcoins like as DOT and MATIC, triggering significant accumulation or buying. For SOL, DOT, THETA, and KSM, there is a direct link between price and trade volume. Because liquidity influences price, a rise in liquidity and investment inflows are both favourable indications for these cryptocurrencies. Altcoins are expected to continue soaring until Bitcoin’s price or dominance changes significantly.