During the week when the cryptocurrency market is looking for a way out as Bitcoin (BTC) is priced below $30,000, investors continue to show interest in altcoins. Data provided by the crypto data platform CoinGecko and compiled by CryptoDep shows that investors have been searching for altcoins such as Litecoin (LTC), which is approaching the block reward halving, Curve Finance (CRV), and Optimism (OP) in addition to Bitcoin (BTC) in the past 24 hours. Here are those altcoins.
According to the data compiled by CryptoDep, investors have heavily searched for Akash Network (AKT), Curve Finance (CRV), Optimism (OP), Litecoin (LTC), Polygon (MATIC), Ethereum (ETH), XRP (XRP), Solana (SOL), and Synapse (SYN) on the crypto data platform CoinGecko in the past 24 hours, making them trending.
The data shows that AKT, trading at $0.57 at the time of writing, has decreased by 4.31% in the last 7 days, CRV, trading at $0.56, has decreased by 21.4%, MATIC, trading at $0.69, has decreased by 2.11%, XRP, trading at $0.69, has decreased by 1.31%, and SYN, trading at $0.62, has decreased by 2.81%. On the other hand, the data shows that OP, trading at $1.62, has increased by 10.7%, LTC, trading at $91.4, has increased by 2.21%, and ETH, the king of altcoins, trading at $1,858, has increased by 0.11% during the same time period.
Apart from Bitcoin, the most special member on the list of 9 altcoins is undoubtedly Litecoin Blockchain’s native asset LTC. As known, Litecoin Blockchain will experience its third block reward halving today. After the third block reward halving, the reward amount given to miners, currently 12.5 LTC per block, will be reduced by 50% to 6.25 LTC.
Market observers and analysts warn investors to be cautious, stating that the block reward halving could result in a trend where the “buy the rumor, sell the news” trading strategy is adopted.
For those who are unaware, the “buy the rumor, sell the news” trading strategy assumes buying the rumor (in the case of Litecoin, buying the rumor that the block reward halving will increase the price) and investing more in the asset. When the rumor is confirmed or realized and the price increases (as seen in Litecoin before the block reward halving), it is time to sell the news and take profits. Indeed, it is predicted that investors may sell the news for Litecoin before or after the block reward halving, which could cause a decrease in price.