After a slight recovery yesterday, the crypto market today has incurred some correction by the bears. This time, the business’s market cap has taken a slight dip of 0.94% in the past 24 hours to $2.68 trillion. In the thick of these trends, the total volume has dropped by 10.15% to $90.36 billion. The Fear & Greed Index has now taken a plunge to extreme fear at 18, highlighting traders being extra cautious about their next move.
Bitcoin Price Drops Below $83k
Bitcoin price today has slashed by 1.42% to $82,004.85, this has come after a drop to its intraday low of $79,931.85. Betwixt the turn of events, trading volume of BTC also dropped steeply by 20.58% to $29.88 billion.
Ethereum is presently showing resilience against the broader market’s trends, with an intraday price spike of 1.57% to 1,897.27. Talking about other major altcoins, XRP posted a decent gain of 2.99%, rising to $2.30, while Solana traded in red, slipping by 1.17% to $125.03.
Sonic led the charge, by surging 13.32% to $0.5113. Trump token followed second with a 9.32% price jump, and KAVA registered an 8.82% gain. On the losing side, STORY IP led the losers with a 6.02% fall, while ENA and MOVE sank by 5.16% and 4.70%, respectively.
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FAQs
How much does 1 BTC cost today?
At the time of writing, Bitcoin is priced at $82,004.85.
Which altcoins are the top gainers today?
Sonic (+13.32%), Trump (+9.32%), and KAVA (+8.82%) are today’s top-performing altcoins.
How has Ethereum performed today?
Ethereum has gained 1.57% in the last 24 hours, currently trading at $1,897.27.
Bitcoin price has failed to break past $85,000 for more than a week as the crypto fear and greed index plunges into extreme fear. The choppy price moves have led to massive institutional outflows from spot Bitcoin ETFs this week. However, as Bitcoin sees steady outflows, investors are actively accumulating 3 altcoins, which may precede a massive price rally for these coins.
Top 3 Altcoins Investors Are Buying as Bitcoin Price Struggles
Crypto investors are turning towards altcoins to scoop profits as Bitcoin price struggles to reclaim its previous highs. CryptoQuant CEO has stated that the Bitcoin bull market is over and warned that the asset might experience 6 to 12 months of a bearish trend.
Popular analyst Julio Moreno also observed that US-based ETFs have recorded the fifth consecutive week of negative flows. This indicates a lack of interest from institutions.
However, as traders steer clear of Bitcoin, 3 altcoins have seen a rapid surge in exchange outflows, suggesting accumulating as investors anticipate gains. These altcoins include Ethena (ENA), Mantra (OM) and Maker (MKR).
Exchange Outflows
Ethena (ENA)
One of the altcoins that traders are rapidly accumulating is Ethena, which has fallen by 21% in one month. However, ENA exchange outflows have increased by more than 66%, suggesting a lack of intent to sell.
The main reason why traders may be accumulating ENA is because of a recent partnership between Ethena Labs and Securitize. The two institutions have launched the Converge layer-1 blockchain to merge traditional finance and decentralized finance.
Investors anticipate the launch to stir a bullish Ethena price prediction. ENA has also formed a rounding bottom pattern, and if it reverses to the neckline of $1.32, it could stir a 560% rally to $8.80.
ENA/USDT: 1-Week Chart
Mantra (OM)
Crypto traders are also accumulating Mantra (OM) after exchange outflows soared by 53% in the last 24 hours. Mantra is among the few altcoins that have not succumbed to bearish trends in the broader crypto market. At press time, OM trades at $7.04 after a 12% gain in one week.
The RSI on the token’s daily chart has risen to 55, and the volume histogram bars show that buying pressure has increased. After flipping the 61.8% Fibonacci level, Mantra price is eyeing another rally to the 123.6% Fib level of $10.53.
OM/USDT: 1-day Chart
Maker (MKR)
Maker price today trades at $1,222 with a marginal 1.2% rise. Exchange outflows for MKR tokens have surged by 51% in 24 hours, as traders move their altcoins from exchanges to hold for the long term.
Maker has been drawing attention since its rebrand to Sky as it expands its presence in the DeFi industry. The RSI on Maker’s daily chart has also made a bullish crossover after moving above the signal line. If it crosses above 50, it will confirm a shift in momentum, leading to a bullish Maker price prediction.
MKR/USDT: 1-day Chart
Final Thoughts on the Top Altcoins to Buy
Bitcoin price is experiencing choppy price moves amid surging outflows and fearful market sentiment. However as investors turn their attention away from BTC, 3 altcoins have much potential to rally as exchange outflows from exchanges increase significantly.
In comparison, Ethereum (ETH)generated 46.28 million in fees in February, with 7.49 million as of March 7. While these numbers suggest Solana is ahead, Michael Nadeau, the founder of The DeFi Report, claims this comparison may be misleading.
Although Nadeau acknowledges Solana’s impressive growth, he cautions that it might be less organic than it seems.
“But if you look under the hood, it looks like a house of cards,” he wrote.
According to Nadeau, over the past 30 days, 17.31% of addresses have contributed to 95% of the total fees generated on Ethereum. For Solana, the figure is strikingly small, only 1.26%.
Nadeau added that Wintermute, a prominent market-making firm, is the primary driver behind this fee generation. The rest of the fee is attributed to bots.
He claimed that these wallets drive the network’s activity through practices such as sandwich attacks and pumping meme coins. This often comes at the expense of retail investors.
For context, a sandwich attack is a front-running strategy in which an attacker exploits large trades. The attacker buys the asset before the large trade, anticipating a price increase, and sells afterward, profiting from the price movement while negatively impacting the original trader.
Nadeau cautioned that the reliance on a small subset of users for fee generation creates vulnerabilities. If retail traders become aware of the extent of bot-driven manipulation, they may withdraw from the ecosystem. This, in turn, could significantly impact Solana’s revenue projections.
“Nothing against Solana. Massive comeback story. But my sense tells me another period of “chewing glass” is yet to come,” he concluded.
Solana’s speed and cost efficiency have made it a favorite among developers and traders. However, this concentration of fees has raised concerns among market analysts.
“When 95% of fees come from 1.26% of users, it’s less “decentralized finance” and more “exclusive finance,” Superchargd co-founder wrote on X.
Another user also warned that Solana may not thrive well as the industry matures and free market forces fully take effect.
“Solana doesn’t have a future; it’s a Ponzi scheme designed for grifting,” he said.
“Solana is a complete house of cards built on wash trading bots and centralized control,” a user remarked.
He also emphasized that validators profiting from failed transactions and the rise of Solana meme coins have harmed the space.
The criticism comes just after financial giant Franklin Templeton predicted in a report that Solana’s DeFi ecosystem could rival—and even surpass—Ethereum’s market valuation. The firm highlighted Solana’s scalability, low fees, and surging user activity as key factors driving its potential.
Amid the mounting criticism, Solana faces a pivotal moment. While its technological advancements and cost-efficiency have earned it a loyal following, its centralized fee-generation model and reliance on market manipulation tactics could pose significant risks to its future. How Solana adapts to these concerns will determine whether it can sustain its growth or struggle to maintain relevance.
