- Over $7 million flowed in Solana, Cardano and Polkadot products from institutional investors.
- Cardano added 100,000 new staking addresses over the past two months.
- Total volume locked in Polkadot crowdloans has crossed $1 billion alongside the first Parachain auction.
- $700 million in crypto long and short positions was liquidated in the past 24 hours, as Bitcoin price dropped by $6000.
Bitcoin price plunged, triggering cascading liquidations earlier today. Analysts expect altcoin season as layer one protocols, and Ethereum-killers Cardano, Solana and Polkadot gear up for a comeback.
Ethereum-killers prepare for second leg up
Alongside the cascading liquidation of Bitcoin's long and short positions, analysts expect altcoins to recover from the price drop. Institutional investors have injected over $7 million in Solana, Cardano and Polkadot products.
Analysts have a bullish outlook on layer one solutions with the rising capital inflow. Cardano's ecosystem has witnessed a spike in the number of staking addresses. Over 100,000 addresses were added over the past two months, reducing the circulating supply and creating a shortage. Historically, a supply shortage drives the asset's price higher; therefore, analysts are bullish on ADA.
Analysts expect the ADA price to make a comeback above $2.5 and continue an upward climb.
FXStreet analysts have evaluated the ADA price trend and predicted that Cardano has a massive pump to look forward to after a 9-week losing streak.
Polkadot, another Ethereum-killer, prepares for a comeback alongside the first parachain auction. Crowdloans on the network have exceeded $1 billion in total volume locked.
Pseudonymous cryptocurrency analyst @rektcapital analyzed ADA/USDT price trend and noted that the altcoin has successfully retested its all-time high as support.
$DOT / USDT - #DOT #DOTUSDT #Polkadot— Rekt Capital (@rektcapital) November 11, 2021
Polkadot has successfully retested its old All Time High as support
Positioning itself well for trend continuation
Discussed in Friday's Altcoin Newsletter
Sign up for $14 a month:https://t.co/6D0cB8N56X#Crypto pic.twitter.com/75516FwZgz
Historically, Bitcoin's dominance wanes as altcoins start rallying. Solana, Cardano and Polkadot's recovery could have a similar impact on Bitcoin's price this cycle.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.