Newton Gitonga
Bitcoin raised Uptober hopes as it approached the $73,949 ATH on 29 October, trading above $73,600 on leading exchanges.
Despite being less than $300 away from its all-time highs, Bitcoin experiences reduced investor interest, signaling a potential crash in the near term.
Bitcoin trades at $70,568 after dropping from its 24-hour high of $72,902.
Moreover, the 25% decline in active addresses within the BTC blockchain suggests bearish trends.
The asset’s correction from recent highs has seen most altcoins pausing their ongoing recoveries as bears resurfaced.
Uniswap, 1inch, and Tron are among the tokens displaying notable seller activities.
Uniswap plummets 6%
UNI trades at $7.70 after retracing from its daily peak of $8.3097.
The token flashes seller dominance, and the 10% plunge in 24-hour trading volume indicates more price dips.
Meanwhile, Uniswap mimics broad market performance, and its prevailing dip reflects the current bear actions in the cryptocurrency market.
Nevertheless, Uniswap exhibits robust long-term strength.
The protocol has seen magnified activity lately, with trading volumes skyrocketing past $18 billion in October.
Moreover, vital metrics such as exchange reserves, whale activity, and technical indicators support a swift double-digit rebound for UNI prices.
1NCH down 4%
1inch changes hands at $0.2485 following a swift plunge from the $0.2626 daily high.
The altcoin maintained downtrends within the past sessions, losing 6% and 8% in the past month and week.
The latest attack, which affected 1inch’s web decentralized application, added to the bearish momentum.
The prevailing sentiments suggest more declines for 1NCH prices before possible bounce-backs.
TRX weakens
TRON hovered at $0.1687, down 0.15% over the past day.
The dwindling 24-hour trading volume signals further plunges for the altcoin.
Meanwhile, Tron has emerged among the top blockchains in 2024, with meme coins taking its revenue to new peaks.
Tron remains a reputable project, and its latest collaboration with Chainlink underscored its dedication to democratizing the decentralized finance (DeFi) market.
Nevertheless, the altcoin market performance will depend on Bitcoin’s moves in the up-and-coming sessions.
Bitcoin to plunge again?
The current outlook signals potential crashes for BTC prices. The blockchain’s active addresses have dipped 25% from March 2024 all-time highs to 734K.
That signals faded investor interest and less money joining the Bitcoin network.
The bellwether crypto will hardly hold its recent gains amidst such indications.
Moreover, Bitcoin remains poised for increased volatility due to the November US elections.
Investors have also lost enthusiasm as the elections approach, with Polymarket indicating a only 6% probability for BTC reclaiming $80K before the upcoming presidential elections.
The daily chart signals possible dips toward the support at $68,958.
Failure to keep this barrier would trigger downsides to the value area at $63,000 – $59,300.
The post Altcoins wrap: UNI, 1NCH, TRX retrace as BTC dips on declined active addresses appeared first on Invezz
