After entering October 2024, the cryptocurrency market has been hyping up meme coins and "Solana alternatives" narratives, causing the prices of tokens like SUI and Turbo to rise steadily. However, there seem to be some new changes in the market regarding the hype of these narratives, and investors who grasp these new changes are likely to catch the next wave of the uptrend.
In addition, the price of Bitcoin has suddenly encountered a rapid plunge recently, leaving many investors puzzled as to whether the bull market can continue. This article will analyze these market hotspots one by one.
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ToggleThe price of Bitcoin still maintains an upward trend
On the evening of October 21st, the price of Bitcoin suddenly plummeted from the high of over $69k to the level of over $66k, causing some investors' unease. However, looking at various indicators and data, Bitcoin has not shown any black swan factors, so this drop is unlikely to continue. It is more likely that some institutions are concentrating on shorting Bitcoin in the short term, causing this rapid decline.
From on-chain data, many investors who held Bitcoin at the price level of over $68k have thrown out their positions due to this drop, while when the price fell to the level of over $66k, a lot of capital started to buy the dips of Bitcoin, in other words, the positions were turned over at these two different price levels. Furthermore, this drop has washed away some investors' positions, forcing some investors to exit, while some investors chose to seize the opportunity to get on board at this time. In the short term, if the price of Bitcoin stabilizes around $67k, it is still highly likely that Bitcoin will continue its upward trend before the US presidential election.
The Solana alternative narrative weakens
Previously, the market has been hyping up the "Solana alternative" narrative, with SUI being the first to be affected. The price of SUI once reached a rally of around 100% in 1 month. However, the rally of SUI has now gradually slowed down, and Aptos has taken over. With the stable increase in TVL, the price of Aptos has taken over the baton from SUI and started to continue its upward trend. However, similar to the previous issue with SUI, the "Solana alternative" narrative is not a worthwhile long-term investment track at this stage, and the current hype may stop at any time. Therefore, short-term trading may be more valuable than long-term investment in this track.
The reason why this narrative is not a long-term track is that Solana is currently performing well and has not shown any problems that need to be replaced. For example, the recently emerged meme coins on the Solana chain have been quite hot. The trading volume of Solana's Dex also outperforms the Dex data on Ethereum. Therefore, even if there is a "Solana alternative" narrative at the moment, the price of Solana may still maintain an upward trend.
AI+Meme becomes a new hype narrative
Another hot narrative at the moment is the concept of AI+Meme. The basic narrative is to have AI robots automatically create meme coins, or automatically analyze meme coins and take corresponding trading actions. Turbo is such a meme coin that has taken the lead. Subsequently, more similar meme coins, such as GOAT, GNON, have emerged one after another.
The hype of meme coins has actually been going on for more than half a year, which is not a good thing for the crypto market. First, the bloodsucking effect of meme coins on the crypto market is obvious, and a lot of capital has been absorbed into the meme coin track, which is not healthy for the development of the entire crypto market. Secondly, the rapid rise of meme coins often indicates that the last wave of the bull market is about to come to an end. In other words, although the price trend of Bitcoin is still maintaining an upward trend, will this wave of rise be the last wave of the bull market? Investors need to be cautious in maintaining their positions.
About BingX
BingX was established in 2018 and is the world's leading cryptocurrency exchange, providing over 10 million global users with a diverse range of products and services, including spot, derivatives, copy trading, and asset management, catering to the needs of beginners to professionals. BingX is committed to providing a trustworthy platform, empowering users with innovative tools and features to enhance their trading capabilities. In 2024, BingX proudly became the official partner of Chelsea Football Club, marking its exciting debut in the sports world.
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