On a positive day for cryptocurrency markets, traders turned to altcoins for top performers as Bitcoin remained relatively stable. Bitcoin traded between $58,000 and $60,000 on Monday, with traders awaiting the release of US CPI inflation data later in the week. If the data supports a larger rate cut from the Fed, it could act as a positive catalyst for Bitcoin and the overall crypto market. While Bitcoin stayed sideways, several altcoins saw significant gains. Ethereum rose over 6% in the past 24 hours, with other altcoins rallying even higher.
One of the top crypto performers on Monday was the meme coin 1000SATS (SATS), which gained over 20% in 24 hours, trading at $0.00000032 and aiming for a retest of resistance at $0.00000036. A break above this level could potentially send SATS back to its March highs above $0.00000080. Another top performer was the layer-1 protocol Sui (SUI), which continued to rise in anticipation of increased institutional investor interest following Grayscale’s launch of a SUI-linked investment product. SUI was up 17% in 24 hours, trading around $1.025 and breaking above its 50-day moving average, suggesting a possible rally to March highs near $2.20.
Bitcoin-based protocol Ordinal’s native token ORDI (ORDI) also performed well on Monday, gaining 16% according to CoinMarketCap. Despite this increase, ORDI is still in a long-term downtrend since its peak in early 2024 near $100. To initiate a longer-term bullish move, ORDI would need to convincingly break above its 50-day moving average at $34. The performance of these altcoins highlights the potential for gains beyond Bitcoin in the cryptocurrency market.
Overall, traders are closely monitoring the performance of various altcoins, as they continue to outperform Bitcoin on certain days. The volatility and potential for significant gains in altcoins have attracted the attention of investors looking for opportunities in the crypto market. With Bitcoin trading sideways, altcoins like Ethereum, 1000SATS (SATS), Sui (SUI), and ORDI are gaining traction and investor interest. The upcoming US CPI inflation data release could act as a catalyst for further movements in the crypto market, particularly for Bitcoin and altcoins.
As the cryptocurrency market remains dynamic and unpredictable, traders and investors are advised to conduct their own research and due diligence before making any investment decisions. Understanding the market trends, individual token performance, and potential catalysts such as inflation data releases can help traders navigate the volatile crypto landscape. With altcoins like 1000SATS (SATS), Sui (SUI), and ORDI showing strong performance, there may be opportunities for investors to diversify their portfolios and capitalize on potential gains beyond Bitcoin. The ongoing evolution of the crypto market presents both challenges and opportunities for market participants.
