Altcoins Exploded Higher With UNI And SNX Surging Over 20%

Altcoins exploded higher especially Uniswap’s UNI and the SNX token that surged over 20% which made analysts think that the altcoin season is coming with BTC and ETH taking the center stage. In today’s altcoin news, we are taking a closer look at the price analysis.

Most altcoins explode while being in the top 100 by market cap are up over the past 24hours. Ethereum started outpacing BTC once again and showed a lot of strength in the altcoin market as many believe that the profits that investors made out of BTC are cycling into altcoins which is why BTC stagnates. Altcoins saw some extreme strength over the past 48 hours.

The Syntehtix Network token is up by 30 percent over the past day and SNX surged past $10 for the first time ver. The cryptocurrency skyrocketing higher as there are high expectations for some new products and for the launch of a second-layer solution along with Optimistic Ethereum. UNI is also up by 21 percent over the past day and there are even more expectations that it will launch some sort of a second layer scaling solution in collaboration with Optimistic ETH but this has yet to be confirmed by the developers to see if the altcoin season is truly here.

Cardano is shooting higher too with the coin being up by 17% in one day. This movement could continue according to the prominent trader CL207 who commented that he just saw a spike of capital flow into DeFi via an over-the-counter transaction which suggests that there are large buyers expecting the decentralized finance market to gain strength in the weeks ahead:

 “OTC alarm just went off on a 3M buy on DeFiPERP, almost never seen this kind of OTC size on altcoin futures before, think we gana see a lot of defi coins start popping x2 x3 etc soon.”

OTC alarm just went off on a 3M buy on DeFiPERP, almost never seen this kind of OTC size on altcoin futures before, think we gana see a lot of defi coins start popping x2 x3 etc soon pic.twitter.com/aa71hjuMIP

— CL (@CL207) January 5, 2021

BTC could face resistance which could put the rally at risk. Michael Novogratz, the CEO of Galaxy Digital and former Goldman Sachs partner said that BTC is vulnerable to a stronger pullback after gaining 100% in the past weeks. Others shared his sentiment and cited the overbought nature of BTC and the crypto market at these levels.
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The slowdown in BTC will cause other altcoins to drop further than BTC as altcoins often act as a “high beta” version of the benchmark crypto in bear trends.