Market Sentiments Shifting Back to Fundamentals: Here’s What to Expect from the Top Crypto Ahead of the Year-End
The post Market Sentiments Shifting Back to Fundamentals: Here’s What to Expect from the Top Crypto Ahead of the Year-End appeared first on Coinpedia Fintech News
The memecoins had gained huge attention for their short-term gains, which began with the PEPE price rally in the first few weeks of the year. Now that the markets are heading towards the end, the tokens with growing fundamentals have been gaining more importance. As a result, the tokens that thrived during the 2021 bull run, like the top 10, DeFis, are gaining momentum, suggesting the veterans and the pro-traders may have entered the ring.
Since the start of the year, whenever the BTC price registered a significant jump, the memecoins followed closely. This suggested a quick liquidity flow from the star token to the popular memecoins. However, these tokens have been ranging sideways since mid-November, while the other tokens are gaining strength. The GMI memecoin index, which measures the performance of memecoins, remains largely flat, suggesting a sideways trend of these tokens.
The volatility remained higher since the start of the year and after a steep rise from the levels around 257. Meanwhile, the GMCI has been stuck within a range-bound level between 485 and 530 since mid-November, which suggests a shift of focus to the other sectors. One of the major eyecatchers was the revival of the Defi space, which had been under shadows for quite a long time. The liquidity has flown back into ETH and DeFis projects like AAVE, ENS, & ENA.
On the other hand, AI tokens have also gained huge attention with a rise in social activity, which includes injective, Bittensor, Render, Fetch, Near Protocol, etc., and many more. With the rise of the tokens with strong fundamentals, the expectations of a strong and extended bull run have emerged. Therefore, in the upcoming days, if the top 10 tokens, along with the DeFi or AI space, gain the most attention instead of memecoins, then the markets can be considered to be on the path towards the peak of the upcoming bull run.
